UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file
number 811-04986
Franklin Investors
Securities Trust
(Exact name of registrant as specified in charter)
One Franklin Parkway, San
Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
Alison Baur, One
Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant's telephone
number, including area code: 650 312-2000
Date
of fiscal year end: 10/31
Date
of reporting period: 4/30/23
Item
1. Reports to Stockholders.
a.)
The
following is a copy of the report transmitted to shareholders pursuant to
Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”)
(17 CFR 270.30e-1.)
b.)
Include
a copy of each notice transmitted to stockholders in reliance on Rule 30e-3
under the Act (17 CFR 270.30e-3) that contains disclosures specified by
paragraph (c)(3) of that rule.
Not Applicable
.
Semiannual
Report
and
Shareholder
Letter
Franklin
Investors
Securities
Trust
April
30,
2023
Sign
up
for
electronic
delivery
at
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Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
SHAREHOLDER
LETTER
Dear
Shareholder:
During
the
six
months
ended
April
30,
2023,
the
U.S.
economy
remained
out
of
recessionary
territory,
with
gross
domestic
product
(GDP)
advancing
2.6%,
annualized,
in
the
fourth
quarter
of
2022
and
another
1.1%
in
the
first
quarter
of
2023.
The
latter
figure
included
significant
gains
in
consumer
consumption,
which
held
up
well
over
the
period
under
review.
The
U.S.
job
market,
albeit
slowing
as
the
period
progressed,
continued
to
add
jobs
with
an
average
of
315,000
new
positions
created
each
month
for
the
period
under
review.
The
unemployment
rate
hovered
around
50-
year
lows,
reaching
3.5%
in
March
2023.
Inflation
was
still
a
main
concern
for
both
central
bank
officials
and
market
participants.
The
12-month
change
in
the
Consumer
Price
Index
(CPI)
dropped
from
7.7%
in
October
2022
to
5.0%
in
March
2023,
but
a
good
portion
of
the
change
was
due
to
lower
energy
prices.
Core
CPI,
which
excludes
the
more
volatile
energy
and
food
sectors,
saw
a
smaller
decline
of
0.7
percentage
point
(pp)
over
the
same
period
to
5.6%.
The
U.S.
Federal
Reserve
(Fed)
slowed
its
path
of
federal
funds
rate
hikes
from
75
basis
points
(bps)
per
meeting
to
25
bps,
bringing
the
rate
to
4.75%–5.00%
by
the
end
of
the
period.
U.S.
regional
banks
came
under
stress
in
March
and
April
2023,
with
several
failures
requiring
regulatory
intervention.
The
Fed
acknowledged
that
it
expected
credit
lending
standards
would
likely
tighten,
which
would
have
similar
effects
to
further
rate
hikes,
lessening
the
need
for
the
Fed
to
make
additional
rate
increases
in
the
future.
The
Fed
continued
to
message
that
it
does
not
foresee
any
rate
cuts
over
the
course
of
2023;
however,
it
did
state
that
its
decisions
will
be
data
dependent
over
the
course
of
the
next
few
meetings.
Despite
continued
challenges
from
elevated
inflation,
higher
interest
rates
and
several
well-publicized
failures
in
the
banking
sector
near
period-end,
U.S.
stocks,
as
measured
by
the
Standard
&
Poor’s
®
500
Index
(S&P
500
®
),
posted
a
+8.63%
total
return
amid
signs
of
resilience
in
the
U.S.
economy.
1
The
10-year
U.S.
Treasury
(UST)
note’s
yield
(which
moves
inversely
to
price)
fell
over
the
period
to
recognize
the
Fed’s
aggressive
actions
toward
reducing
overall
inflation.
The
yield
curve
for
all
USTs
remained
inverted
during
the
period,
at
one
point
reaching
the
largest
inversion
in
more
than
four
decades,
as
investors
became
increasingly
concerned
about
the
economic
outlook.
In
this
falling
rate
environment,
investment-grade
bonds,
as
measured
by
the
Bloomberg
U.S.
Aggregate
Bond
Index,
posted
a
+6.91%
total
return.
1
While
uneven
economic
conditions
are
a
concern
for
many
investors,
we
remain
committed
to
our
long-term
perspective
and
disciplined
investment
approach
as
we
conduct
a
rigorous,
fundamental
analysis
of
securities,
which
balances
long-term
opportunities
and
risk
management.
We
believe
active,
professional
investment
management
serves
investors
well.
We
also
recognize
the
important
role
of
financial
professionals
in
today’s
markets
and
encourage
investors
to
continue
to
seek
their
advice.
Amid
changing
markets
and
economic
conditions,
we
are
confident
investors
with
a
well-diversified
portfolio
and
a
patient,
long-term
outlook
should
be
well-positioned
for
the
years
ahead.
Franklin
Investors
Securities
Trust’s
semiannual
report,
covering
Franklin
Convertible
Securities
Fund,
Franklin
Equity
Income
Fund
and
Franklin
Managed
Income
Fund,
includes
more
detail
about
investment
decisions
during
the
period.
All
securities
markets
fluctuate
in
value,
as
do
mutual
fund
share
prices.
We
thank
you
for
investing
with
Franklin,
welcome
your
questions
and
comments,
and
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Gregory
E.
Johnson
Chairman
Franklin
Investors
Securities
Trust
This
letter
reflects
our
analysis
and
opinions
as
of
April
30,
2023,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Semiannual
Report
2
Contents
Semiannual
Report
Economic
and
Market
Overview
3
Franklin
Convertible
Securities
Fund
4
Franklin
Equity
Income
Fund
11
Franklin
Managed
Income
Fund
16
Financial
Highlights
and
Schedules
of
Investments
22
Financial
Statements
54
Notes
to
Financial
Statements
60
Shareholder
Information
78
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
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SEMIANNUAL
REPORT
Economic
and
Market
Overview
U.S.
equities,
as
measured
by
the
Standard
&
Poor’s
®
500
Index,
posted
a
+8.63%
total
return
for
the
six
months
ended
April
30,
2023.
1
Despite
continued
challenges
from
elevated
inflation,
higher
interest
rates
and
the
failure
of
several
U.S.
banks
in
March
2023,
stocks,
led
by
the
information
technology
sector,
gained
amid
signs
of
resilience
in
the
U.S.
economy.
U.S.
gross
domestic
product
growth
slowed
in
2023’s
first
quarter
as
the
pace
of
business
investment
eased,
inventories
declined
and
the
housing
market
weakened.
Although
consumer
spending
continued
to
rise,
deteriorating
financial
conditions
kept
consumer
sentiment
at
historically
low
levels.
Meanwhile,
inflation,
which
remained
heightened
relative
to
recent
decades,
showed
signs
of
easing.
The
annual
inflation
rate,
as
measured
by
the
Consumer
Price
Index,
slowed
to
5.0%
in
March
2023,
the
lowest
rate
since
May
2021,
as
energy
costs
declined
sharply,
used
car
prices
fell
and
food
prices
grew
at
a
slower
rate.
The
U.S.
unemployment
rate
remained
at
historically
low
levels
during
the
period,
briefly
hitting
a
54-year
low
of
3.4%
in
January
2023
before
rising
marginally
to
3.5%
in
March.
Wage
growth
eased
toward
the
end
of
the
period,
raising
market
expectations
that
the
U.S.
Federal
Reserve
(Fed)
would
slow
its
rate
of
increasing
interest
rates.
Rising
interest
rates
translated
to
higher
borrowing
costs
for
individuals
and
businesses,
which
discouraged
some
economic
activity.
Despite
interest-rate
increases,
bank
failures
contributed
to
lower
mortgage
rates
toward
the
end
of
the
period.
In
an
effort
to
control
inflation,
the
Fed
raised
the
federal
funds
target
rate
four
times
during
the
period
to
end
at
a
range
of
4.75%–5.00%.
The
Fed
stepped
down
the
pace
of
its
interest-rate
hikes
from
75
basis
points
(bps)
at
its
November
2022
meeting
to
50
bps
in
December,
followed
by
25-bp
increases
in
February
and
March
2023.
At
its
March
2023
meeting,
the
Fed
said
it
would
continue
to
reduce
bond
holdings,
but
it
departed
from
previous
statements
by
softening
its
firm
outlook
on
future
rate
hikes.
Additionally,
Fed
Chair
Jerome
Powell
said
the
central
bank
most
likely
would
not
cut
rates
in
2023.
The
foregoing
information
reflects
our
analysis
and
opinions
as
of
April
30,
2023.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
4
franklintempleton.com
Semiannual
Report
Franklin
Convertible
Securities
Fund
This
semiannual
report
for
Franklin
Convertible
Securities
Fund
covers
the
period
ended
April
30,
2023.
The
Fund
closed
to
new
investors
with
limited
exceptions
on
August
29,
2018.
Existing
investors
may
continue
to
purchase
additional
shares
of
the
Fund.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
maximize
total
return,
consistent
with
reasonable
risk,
by
seeking
to
optimize
capital
appreciation
and
high
current
income
under
varying
market
conditions.
The
Fund
normally
invests
at
least
80%
of
its
net
assets
in
convertible
securities
and
common
stock
received
upon
conversion
of
convertible
securities.
Performance
Overview
For
the
six
months
under
review,
the
Fund’s
Class
A
shares
posted
a
+4.88%
cumulative
total
return.
In
comparison,
the
Fund’s
benchmark,
the
ICE
BofA
All
Alternatives
U.S.
Convertibles
Index,
which
tracks
the
domestic
convertible
securities
market,
posted
a
-2.82%
cumulative
total
return.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
8
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Investment
Strategy
When
choosing
convertible
securities
for
the
Fund,
we
attempt
to
maintain
a
balance
in
the
portfolio
between
the
equity
and
debt
characteristics
of
convertible
securities
with
an
emphasis
on
the
equity
features.
We
also
consider
the
company’s
long-term
earnings,
asset
value
and
cash
flow
potential.
By
investing
in
convertible
securities,
the
Fund
seeks
the
opportunity
to
participate
in
the
capital
appreciation
of
underlying
stocks,
while
at
the
same
time
relying
on
the
fixed
income
aspect
of
the
convertible
securities
to
provide
current
income
and
reduced
price
volatility,
which
can
limit
the
risk
of
loss
in
a
down
equity
market.
Some
of
the
convertible
securities
in
which
the
Fund
may
invest
have
been
structured
to
provide
enhanced
yield,
increased
equity
exposure
or
enhanced
downside
protection.
These
securities,
generally
referred
to
as
enhanced
convertible
securities,
typically
provide
a
benefit
to
the
issuer
in
exchange
for
the
enhanced
features,
such
as
a
conversion
premium
that
is
paid
by
the
Fund.
We
may
invest
in
convertible
securities
of
companies
of
any
capitalization
size,
but
we
generally
seek
to
make
the
portfolio
representative
of
the
entire
convertible
securities
market.
Manager’s
Discussion
In
absolute
terms,
the
Fund
saw
a
positive
turnaround
from
weak
results
in
the
latter
half
of
2022
as
all
11
of
its
sector
allocations
added
to
returns
during
the
six
months
under
review,
led
by
health
care,
information
technology
(IT),
financials
and
consumer
discretionary
holdings.
Mixed
results
in
the
health
care
sector
were
buoyed
foremost
by
sharp
rallies
in
Insulet,
PTC
Therapeutics
and
Revance
Therapeutics.
Diabetes-care
technology
company
Insulet
specializes
in
customizable,
non-injection,
automated
insulin
delivery
systems.
Our
convertible
bond
position
shadowed
a
steady
move
up
in
Insulet’s
underlying
share
price
powered
by
the
U.S.
launch
of
its
next-generation
insulin
pump
device,
Omnipod
5,
and
the
potential
for
accelerating
growth
in
the
coming
months
and
years.
Omnipod
5
is
a
tubeless
insulin
pump
that
seamlessly
integrates
with
Dexcom’s
continuous
glucose
monitoring
devices
to
form
a
so-called
“artificial
pancreas”
(Dexcom
is
also
held
by
the
Fund).
Insulet
reported
strong
sales
and
anticipates
beginning
the
launch
of
Omnipod
5
outside
the
U.S.
in
mid-2023
and
has
also
completed
its
U.S.
Food
and
Drug
Administration
(FDA)
application
for
approval
of
a
pump
for
basal-only
insulin
users,
which
would
increase
Insulet’s
U.S.
addressable
market
by
about
75%,
according
to
our
analysis.
PTC,
meanwhile,
is
a
U.S.
pharmaceutical
company
focused
on
the
development
of
orally
administered
small
molecule
drugs
and
gene
therapy
that
regulates
gene
expression
by
targeting
post-transcriptional
control
mechanisms
in
rare
diseases,
and
which
has
been
making
headway
in
Portfolio
Composition
4/30/23
%
of
Total
Net
Assets
Convertible
Bonds
82.6%
Convertible
Preferred
Stocks
11.7%
Common
Stocks
1.5%
Short-Term
Investments
&
Other
Net
Assets
4.2%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
26
.
Franklin
Convertible
Securities
Fund
5
franklintempleton.com
Semiannual
Report
recent
clinical
trials
in
the
therapeutic
areas
of
metabolism,
neurology
and
oncology.
IT
continued
to
be
the
Fund’s
largest
sector
allocation,
though
the
weighting
was
trimmed
down
to
less
than
a
quarter
of
the
overall
portfolio
by
period-end.
Multiple
IT
holdings
advanced,
none
more
so
than
business
spending
management
platform
provider
Coupa
Software
(sold
by
period-end),
which
was
also
the
biggest
contributor
across
the
portfolio.
During
the
current
phase
of
business
consolidation
and
spending
restraint
in
a
weak
economy,
Coupa
enjoyed
a
rise
in
its
subscriber
base
and
greater
adoption
of
its
artificial
intelligence
(AI)-driven
data
sets,
which
offer
high-value
insights
on
business
transactions,
spending
and
confidence
globally.
That
said,
the
primary
catalyst
for
the
strong
performance
in
Coupa’s
underlying
securities
came
from
its
eventual
acquisition
by
Thoma
Bravo
(not
held
by
the
Fund),
a
private
equity
and
growth
capital
firm
known
for
being
particularly
active
in
acquiring
software
companies.
The
other
notable
IT
contributors
included
customer
relationship
management
platform
provider
HubSpot,
Envestnet
(fintech
platform
for
financial
advisors
in
wealth
management)
and
Silicon
Laboratories.
In
particular,
Silicon
Labs,
which
designs
and
develops
proprietary,
analog-
intensive,
mixed-signal
integrated
circuits
(semiconductors)
for
a
broad
range
of
applications
and
has
a
strong
foothold
as
an
Internet
of
Things
(IoT)
components
maker,
was
also
our
largest
position
in
IT
(on
average
for
the
period).
The
company’s
December
2022
quarter
financials
generally
topped
consensus
estimates,
as
did
management’s
guidance
for
the
first
quarter
of
2023;
overall,
this
was
a
rare
“beat
and
raise”
in
the
current
IT
business
environment,
on
the
back
of
low
expectations.
In
particular,
Silicon
Labs’
sales
were
up
23%
year-over-year
to
US$257.3
million,
which
beat
Wall
Street’s
consensus
estimate
of
US$250.3
million.
According
to
Silicon
Labs’
CEO
(chief
executive
officer),
the
strength
of
the
company’s
opportunity
funnel
and
design-win
pipeline
bolstered
confidence
in
its
ability
to
continue
carving
out
a
leadership
position
in
IoT
while
navigating
the
current
economic
uncertainty.
The
Fund’s
financial
services
holdings
all
traded
higher,
none
more
so
than
Shift4
Payments,
which
was
also
our
largest
position
in
the
sector.
Shift4
is
a
fintech
providing
secure
end-to-end
(integrated)
payment
processing
solutions.
In
early
2023,
the
company
announced
quarterly
earnings
results
for
the
fourth
quarter
of
2022;
while
earnings
missed
consensus
estimates,
revenues
beat
them
slightly,
and
the
company
provided
strong
guidance
for
the
rest
of
2023.
Shift4’s
payments
technology
has
created
a
niche
among
restaurants,
hotels,
complex
retail,
and
sports
and
entertainment
venues,
and
the
company
has
been
showing
momentum
in
a
difficult
economic
environment.
Consumer
discretionary
holdings
generally
began
to
stage
a
comeback
in
the
first
quarter
of
2023
following
weakness
in
2022.
Most
of
the
Fund’s
related
convertibles
appreciated,
including
standout
contributor
Burlington
Stores,
an
American
national
off-price
department
store
retailer.
The
Fund
also
saw
strong
results
in
the
utilities
sector,
in
which
PG&E
was
a
key
contributor.
After
emerging
from
bankruptcy
two
years
ago,
the
company
has
moved
forward
following
a
spate
of
wildfire-related
liabilities
and
claims
while
focusing
on
reducing
further
environmental
and
regulatory
risks.
PG&E
also
produced
better-than-expected
earnings
in
its
latest
quarterly
financials.
In
communication
services,
mixed
results
were
supported
foremost
by
Cable
ONE.
When
compared
to
the
sectors
mentioned
above,
the
Fund
held
much
smaller
allocations
in
the
other
five
that
added
incrementally
to
the
Fund’s
overall
gain
(in
descending
order
of
positive
impact):
materials,
industrials,
consumer
staples,
real
estate
and
energy.
Among
these
holdings,
the
standout
contributors
included
Ivanhoe
Mines
in
materials,
Axon
Enterprise
in
industrials,
and
Freshpet
in
consumer
staples.
In
contrast,
within
IT,
our
overall
gains
were
reduced
primarily
by
double-digit
percentage
losses
in
Wolfspeed,
Viavi
Solutions
and
BILL
Holdings.
Wolfspeed—the
Fund’s
largest
overall
detractor
for
the
period—operates
in
semiconductor
manufacturing
and
specializes
in
power
and
radio
frequency
(RF)
semiconductors,
with
product
families
Top
10
Holdings
4/30/23
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Insulet
Corp.
2.6%
Health
Care
Equipment
&
Supplies,
United
States
Ivanhoe
Mines
Ltd.
2.5%
Metals
&
Mining,
Canada
Jazz
Investments
I
Ltd.
2.5%
Pharmaceuticals,
United
States
Shift4
Payments,
Inc.
2.5%
Financial
Services,
United
States
Envestnet,
Inc.
2.4%
Software,
United
States
Dexcom,
Inc.
2.4%
Health
Care
Equipment
&
Supplies,
United
States
Cable
One,
Inc.
2.4%
Media,
United
States
PG&E
Corp.
2.2%
Electric
Utilities,
United
States
Etsy,
Inc.
2.2%
Broadline
Retail,
United
States
BILL
Holdings,
Inc.
2.2%
Software,
United
States
Franklin
Convertible
Securities
Fund
6
franklintempleton.com
Semiannual
Report
that
include
silicon
carbide
materials,
power-switching
devices
and
RF
devices
targeted
for
applications
such
as
electric
vehicles,
fast-charging
inverters,
power
supplies,
telecom,
military
and
aerospace.
While
we
received
multiple
indications
that
the
macro
environment
was
negatively
impacting
semiconductor
demand
and
enterprise
software
investment
in
2022,
the
fourth-quarter
2022
earnings
season
surprised
to
the
downside
in
terms
of
the
pace
of
deceleration,
which
had
a
negative
impact
on
Wolfspeed
and
others.
Nonetheless,
Wolfspeed’s
revenues
greatly
beat
consensus
expectations.
It
has
been
ramping
up
production
of
its
carbide
chips
and
benefits
from
government
subsidies
stemming
from
the
passing
of
the
US
Semiconductor
CHIPS
Act,
which
sets
aside
US$52
billion
to
boost
domestic
semiconductor
research
and
production.
Today,
the
U.S.
represents
only
a
small
portion
of
global
semiconductor
manufacturing
capacity,
despite
the
technology
being
invented
in
the
country.
The
worldwide
semiconductor
market
expanded
rapidly
with
a
second
consecutive
year
of
double-digit
growth
in
2022.
Global
demand
for
chips
is
growing
at
an
accelerated
rate,
and
we
think
it
will
only
accelerate
further
as
more
and
more
devices
are
designed
to
be
“smart”
and
connected.
Despite
the
recent
bout
of
volatility,
we
believe
Wolfspeed
looks
set
to
grow
rapidly
for
years
to
become
a
key
player
in
the
electric
vehicle
market.
In
the
health
care
sector,
overall
gains
were
trimmed
by
selloffs
in
Neurocrine
Biosciences,
Ascendis
Pharma
and
a
few
other,
much
smaller
detractors
that
had
a
limited
impact
on
returns.
Neurocrine,
which
specializes
in
treatments
for
neurological
and
endocrine
related
diseases
and
disorders,
announced
it
had
re-entered
into
a
strategic
collaboration
with
Voyager
(not
owned
by
the
Fund)
to
co-develop
and
commercialize
Voyager's
GBA1
gene
replacement
program
and
three
other
gene
therapy
programs
focused
on
central
nervous
system
and
neurological
targets.
Neurocrine’s
equity
value
fell
on
the
news
as
many
investors
questioned
the
partnership,
given
that
Neurocrine
had
previously
partnered
with
Voyager
years
ago
in
a
program
that
was
terminated
due
to
poor
efficacy
and
a
concerning
adverse
event
profile.
Perhaps
more
importantly,
in
our
view,
this
and
other
company
activity—including
its
ongoing
investments
in
medical
technology
company
Becton
Dickinson
(not
held
by
the
Fund)—signaled
to
investors
that
Neurocrine
has
potentially
become
less
interested
in
any
merger-and-
acquisition
deals
than
it
was
last
year.
We
are
also
waiting
to
see
if
there
is
a
meaningful
inflection
in
the
2023
sales
of
Ingrezza,
which
belongs
to
a
class
of
medications
called
vesicular
monoamine
transporter
2
(VMAT2)
inhibitors
and
is
used
to
treat
an
uncontrollable
movement
disorder
called
tardive
dyskinesia,
following
the
company’s
aggressive
sales
force
expansion.
Most
of
Ascendis
Pharma’s
decline
occurred
in
April
2023,
though
our
convertible
position
suffered
only
about
half
of
the
decline
seen
in
its
common
stock.
Nonetheless,
the
company
showed
weakness
based
on
uncertainty
around
one
of
its
key
drug
candidates.
Ascendis
received
a
letter
from
the
FDA
stating
that
it
had
“identified
deficiencies”
in
the
company’s
NDA
(new
drug
application)
for
TransCon-
PTH
for
hypoparathyroidism,
which
is
also
awaiting
approval
by
the
European
Medicines
Agency
later
this
year.
The
deficiencies
were
not
disclosed
and
had
not
been
brought
up
in
any
previous
discussions.
Ascendis
was
in
talks
with
the
FDA
to
learn
more
about
the
issues
before
addressing
them
publicly,
but
this
event
likely
pushed
the
approval
timeline
forward.
Toward
the
end
of
April,
the
base
case
assumption
was
that
the
company
will
soon
receive
a
complete
response
letter,
as
the
FDA
hasn’t
made
a
final
decision
on
the
application
for
the
experimental
drug.
In
the
meantime,
Ascendis
will
continue
giving
TransCon-PTH
to
patients
enrolled
in
ongoing
clinical
studies;
notably,
there
haven’t
been
any
new
safety
issues
identified
with
the
drug
in
those
trials.
We
expect
FDA
approval
at
some
point
in
the
near
future,
albeit
delayed.
We
also
contacted
Ascendis
management
to
gather
details
and
assess
exactly
how
long
this
delay
will
take.
Our
analysis
suggests
the
deficiencies
are
manufacturing
or
device
related;
company
management
continued
to
assert
that
the
deficiencies
are
not
related
to
efficacy,
safety
or
any
preclinical
findings,
and
pointed
to
the
fact
that
such
deficiencies
are
common
with
drug-device
combination
products
like
TransCon-PTH.
Other
detractors
included
designer
luxury
goods
and
consignment
reseller
The
RealReal
in
the
consumer
discretionary
sector,
wireless
telecommunication
services
provider
T-Mobile
US
in
communication
services,
and
precision
ball
and
roller
bearing
manufacturer
RBC
Bearings
in
the
industrials
sector.
Thank
you
for
your
continued
participation
in
Franklin
Convertible
Securities
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Alan
E.
Muschott,
CFA
Lead
Portfolio
Manager
Eric
Webster,
CFA
Portfolio
Manager
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Franklin
Convertible
Securities
Fund
7
franklintempleton.com
Semiannual
Report
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
April
30,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
April
30,
2023
Franklin
Convertible
Securities
Fund
8
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
+4.88%
-0.90%
1-Year
-0.47%
-5.95%
5-Year
+68.09%
+9.70%
10-Year
+169.05%
+9.78%
Advisor
6-Month
+5.01%
+5.01%
1-Year
-0.21%
-0.21%
5-Year
+70.17%
+11.22%
10-Year
+176.01%
+10.69%
30-Day
Standardized
Yield
6
Share
Class
Distribution
Rate
5
(with
fee
waiver)
(without
fee
waiver)
A
0.71%
0.90%
0.89%
Advisor
1.01%
1.20%
1.19%
See
page
9
for
Performance
Summary
footnotes.
Franklin
Convertible
Securities
Fund
Performance
Summary
9
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Convertible
securities
are
subject
to
the
risks
of
stocks
when
the
underlying
stock
price
is
high
relative
to
the
conversion
price
(because
more
of
the
security’s
value
resides
in
the
conversion
feature)
and
debt
securities
when
the
underlying
stock
price
is
low
relative
to
the
conversion
price
(because
the
conversion
feature
is
less
valuable).
A
convertible
security
is
not
as
sensitive
to
interest
rate
changes
as
a
similar
non-convertible
debt
security,
and
generally
has
less
potential
for
gain
or
loss
than
the
underlying
stock.
The
Fund
may
invest
in
high-yielding,
fixed
income
securities.
High
yields
reflect
the
higher
credit
risk
associated
with
these
lower-rated
securities
and,
in
some
cases,
the
lower
market
prices
for
these
in-
struments.
Interest
rate
movements
may
affect
the
Fund’s
share
price
and
yield.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
As
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
The
Fund
may
also
invest
in
foreign
securities,
which
involve
special
risks,
including
political
uncertainty
and
currency
volatility.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
fees
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/29/24
without
Board
consent.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
past
four
quarterly
dividends
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
4/30/23.
6.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
7.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(11/1/22–4/30/23)
Share
Class
Net
Investment
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
Total
A
$0.0791
$0.0839
$1.4460
$1.6090
C
$0.0076
$0.0839
$1.4460
$1.5375
R6
$0.1130
$0.0839
$1.4460
$1.6429
Advisor
$0.1040
$0.0839
$1.4460
$1.6339
Total
Annual
Operating
Expenses
7
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.83%
0.84%
Advisor
0.58%
0.59%
Your
Fund’s
Expenses
Franklin
Convertible
Securities
Fund
10
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/22
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,048.80
$4.20
$1,020.69
$4.15
0.83%
C
$1,000
$1,044.60
$8.00
$1,016.97
$7.89
1.58%
R6
$1,000
$1,050.60
$2.52
$1,022.33
$2.49
0.50%
Advisor
$1,000
$1,050.10
$2.94
$1,021.93
$2.90
0.58%
11
franklintempleton.com
Semiannual
Report
Franklin
Equity
Income
Fund
This
semiannual
report
for
Franklin
Equity
Income
Fund
covers
the
period
ended
April
30,
2023.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
maximize
total
return
by
emphasizing
high
current
income
and
long-term
capital
appreciation,
consistent
with
reasonable
risk,
by
normally
investing
at
least
80%
of
its
net
assets
in
equity
securities,
including
securities
convertible
into
common
stocks.
The
Fund
generally
invests
predominantly
in
common
stocks,
and
the
remainder
of
its
assets
in
other
equity-related
instruments
such
as
convertible
securities
and
equity-linked
notes
(ELNs)
and
may
also
invest
in
foreign
securities.
Performance
Overview
For
the
six
months
under
review,
the
Fund’s
Class
A
shares
posted
a
+5.20%
cumulative
total
return.
In
comparison,
the
Fund’s
primary
benchmark,
the
Russell
1000
®
Value
Index,
which
measures
performance
of
those
Russell
1000
®
Index
companies
with
relatively
lower
price-to-book
ratios
and
lower
forecasted
growth
rates,
posted
a
+4.54%
cumulative
total
return.
1
The
Fund’s
secondary
benchmark,
the
Standard
&
Poor's
®
500
Index
(S&P
500
®
),
which
is
designed
to
measure
total
U.S.
equity
market
performance,
posted
a
+8.63%
cumulative
total
return.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
13
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Investment
Strategy
We
seek
to
invest
in
a
broadly
diversified
portfolio
of
equity
securities
that
we
consider
to
be
financially
strong,
with
a
focus
on
blue
chip
companies.
We
apply
a
bottom-up
approach
to
investing
in
individual
securities.
We
will
assess
the
market
price
of
a
company’s
securities
relative
to
our
evaluation
of
the
company’s
long-term
earnings,
cash
flow
potential
and
balance
sheet
strength.
We
also
consider
a
company’s
price/earnings
ratio,
return
on
capital,
profit
margins
and
asset
value.
We
consider
dividend
yield
and
the
opportunity
for
dividend
growth
in
selecting
stocks
for
the
Fund
because
we
believe
that,
over
time,
dividend
income
can
contribute
significantly
to
total
return
and
can
be
a
more
consistent
source
of
investment
return
than
capital
appreciation.
We
seek
to
take
advantage
of
price
dislocations
that
result
from
the
market’s
short-term
focus
and
choose
to
invest
in
those
companies
that,
in
our
opinion,
offer
the
best
trade-off
between
growth
opportunity,
business
and
financial
risk,
and
valuation.
*Categories
within
the
Other
category
are
listed
in
full
in
the
Fund's
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
Manager’s
Discussion
Franklin
Equity
Income
Fund
performance
was
positive
for
the
six
months
under
review
and
outpaced
that
of
its
primary
benchmark,
the
Russell
1000
®
Value
Index.
Most
sectors
contributed
to
absolute
returns,
with
information
technology
(IT)
and
consumer
staples
driving
results.
Broadcom
and
Oracle
were
top
contributors
in
the
IT
sector.
Broadcom
is
a
designer
and
developer
of
a
wide
range
of
semiconductor
and
infrastructure
software
products.
We
believe
Broadcom
is
well-positioned
for
several
secular
tailwinds,
Portfolio
Composition
4/30/23
%
of
Total
Net
Assets
Oil,
Gas
&
Consumable
Fuels
10.4%
Banks
7.6%
Capital
Markets
7.4%
Pharmaceuticals
6.5%
Electric
Utilities
6.2%
Health
Care
Equipment
&
Supplies
5.1%
Health
Care
Providers
&
Services
4.7%
Beverages
3.8%
Aerospace
&
Defense
3.6%
Life
Sciences
Tools
&
Services
3.4%
Semiconductors
&
Semiconductor
Equipment
3.1%
Household
Products
3.0%
Chemicals
2.9%
Consumer
Staples
Distribution
&
Retail
2.7%
Other*
26.6%
Short-Term
Investments
&
Other
Net
Assets
3.0%
1.
Source:
Morningstar.
Frank
Russell
Company
is
the
source
and
owner
of
the
trademarks,
service
marks
and
copyrights
related
to
the
Russell
Indexes.
Russell
®
is
a
trademark
of
Frank
Russell
Company.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
They
do
not
include
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
35
.
Franklin
Equity
Income
Fund
12
franklintempleton.com
Semiannual
Report
including
the
rollout
of
generative
artificial
intelligence
and
infrastructure
upgrades
for
the
next-generation
internet.
Enterprise
software
company
Oracle
has
shown
resilience
in
its
database
franchise
and
solid
growth
of
its
back-
office
enterprise
applications
businesses.
The
company
continues
to
realize
growth
in
its
cloud
computing
offering
as
customers
work
in
new
and
powerful
ways
to
accelerate
their
business.
In
the
consumer
staples
sector,
price
increases
to
offset
inflation
boosted
revenue
growth
for
Procter
&
Gamble.
The
company
benefits
from
a
robust
product
portfolio,
new
innovations
and
customer
loyalty.
In
the
financials
sector,
a
strong,
diversified
revenue
base
helped
provide
some
protection
from
economic
headwinds
for
JPMorgan
Chase.
The
financial
services
company
has
been
able
to
expand
its
net
interest
margins,
and
its
key
capital
ratios
remain
strong.
The
company
also
saw
an
inflow
of
customer
deposits
during
the
recent
regional
banking
crisis
in
March
2023,
an
indication
of
how
many
consumers
view
the
company
as
one
of
the
strongest
financial
institutions.
Conversely,
recession
fears
and
the
regional
banking
crisis
weighed
on
the
shares
of
Bank
of
America
and
Truist
Financial,
which
dampened
Fund
performance.
The
health
care
sector
was
another
top
weighting
in
the
Fund
and
an
area
of
high
conviction
for
us.
HCA
Healthcare
was
a
leading
contributor
for
the
period.
The
nation’s
largest
hospital
operator
has
seen
improvements
in
its
key
business
drivers,
including
admissions
volume,
pricing,
reimbursement,
and
labor
expenses.
In
contrast,
health
insurer
UnitedHealth
Group
detracted
from
Fund
performance
for
the
period
as
growing
inflation
pressured
profit
margins
for
many
companies
in
the
health
care
sector.
Railroads
finished
a
difficult
2022
and
underperformed
the
broader
industrials
sector
on
the
back
of
weaker
intermodal
volumes,
deteriorating
service,
and
lowered
expectations.
Our
position
in
Norfolk
Southern
was
among
the
railroad
companies
that
struggled
over
the
period.
Elsewhere,
while
oil
prices
remained
elevated,
they
fell
from
historical
highs
amid
concerns
that
a
possible
recession
would
weigh
on
energy
demand.
As
a
result,
the
shares
of
oil
producers,
such
as
Chevron,
declined
and
hampered
Fund
performance.
Thank
you
for
your
continued
participation
in
Franklin
Equity
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Matthew
D.
Quinlan
Lead
Portfolio
Manager
Alan
E.
Muschott,
CFA
Todd
Brighton,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
April
30,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Top
10
Holdings
4/30/23
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
JPMorgan
Chase
&
Co.
4.0%
Banks,
United
States
Johnson
&
Johnson
3.7%
Pharmaceuticals,
United
States
Chevron
Corp.
3.6%
Oil,
Gas
&
Consumable
Fuels,
United
States
Morgan
Stanley
3.4%
Capital
Markets,
United
States
Procter
&
Gamble
Co.
(The)
3.0%
Household
Products,
United
States
Raytheon
Technologies
Corp.
2.9%
Aerospace
&
Defense,
United
States
HCA
Healthcare,
Inc.
2.9%
Health
Care
Providers
&
Services,
United
States
Bank
of
America
Corp.
2.6%
Banks,
United
States
Oracle
Corp.
2.6%
Software,
United
States
Duke
Energy
Corp.
2.5%
Electric
Utilities,
United
States
Performance
Summary
as
of
April
30,
2023
Franklin
Equity
Income
Fund
13
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
+5.20%
-0.58%
1-Year
+2.84%
-2.82%
5-Year
+53.26%
+7.69%
10-Year
+144.15%
+8.72%
Advisor
6-Month
+5.32%
+5.32%
1-Year
+3.06%
+3.06%
5-Year
+55.14%
+9.18%
10-Year
+150.47%
+9.62%
30-Day
Standardized
Yield
6
Share
Class
Distribution
Rate
5
(with
fee
waiver)
(without
fee
waiver)
A
2.19%
1.83%
1.82%
Advisor
2.56%
2.19%
2.18%
See
page
14
for
Performance
Summary
footnotes.
Franklin
Equity
Income
Fund
Performance
Summary
14
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Stock
prices
fluctuate,
sometimes
rapidly
and
dramatically,
due
to
factors
affecting
individual
companies,
particular
industries
or
sectors,
or
general
market
conditions.
The
Fund's
distributions
to
shareholders
may
decline
when
prevailing
interest
rates
fall,
when
the
Fund
experiences
defaults
on
debt
securities
it
holds
or
when
the
Fund
realizes
a
loss
upon
the
sale
of
a
debt
security.
Investments
in
equity-linked
notes
often
have
risks
similar
to
their
underlying
securities,
which
could
include
management
risk,
market
risk
and,
as
applicable,
foreign
securities
and
cur-
rency
risks.
Convertible
securities
are
subject
to
the
risks
of
stocks
when
the
underlying
stock
price
is
high
relative
to
the
conversion
price
and
debt
securities
when
the
underlying
stock
price
is
low
relative
to
the
conversion
price.
The
Fund's
investment
in
foreign
securities
also
involves
special
risks,
including
curren-
cy
fluctuations
and
economic
as
well
as
political
uncertainty.
These
and
other
risks
are
described
more
fully
in
the
Fund's
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
fees
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/29/24
without
Board
consent.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
current
quarterly
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
4/30/23.
6.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
7.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(11/1/22–4/30/23)
Share
Class
Net
Investment
Income
Long-Term
Capital
Gain
Total
A
$0.3486
$0.9002
$1.2488
C
$0.2430
$0.9002
$1.1432
R
$0.3149
$0.9002
$1.2151
R6
$0.3954
$0.9002
$1.2956
Advisor
$0.3835
$0.9002
$1.2837
Total
Annual
Operating
Expenses
7
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.83%
0.84%
Advisor
0.58%
0.59%
Your
Fund’s
Expenses
Franklin
Equity
Income
Fund
15
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/22
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,052.00
$4.21
$1,020.69
$4.14
0.83%
C
$1,000
$1,048.10
$8.01
$1,016.97
$7.89
1.58%
R
$1,000
$1,050.70
$5.48
$1,019.45
$5.39
1.08%
R6
$1,000
$1,053.70
$2.54
$1,022.32
$2.50
0.50%
Advisor
$1,000
$1,053.20
$2.94
$1,021.93
$2.89
0.58%
16
franklintempleton.com
Semiannual
Report
Franklin
Managed
Income
Fund
This
semiannual
report
for
Franklin
Managed
Income
Fund
covers
the
period
ended
April
30,
2023.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
maximize
income
to
support
monthly
distributions,
while
maintaining
the
prospects
for
capital
appreciation
by
investing,
under
normal
market
conditions,
in
a
diversified
portfolio
of
stocks
(substantially
dividend
paying)
and
debt
securities.
The
Fund
normally
invests
at
least
25%
of
its
total
assets
in
debt
securities,
including
bonds,
notes,
debentures
and
money
market
securities,
and
at
least
25%
of
its
total
assets
in
equity
securities,
primarily
common
and
preferred
stock.
Performance
Overview
For
the
six
months
under
review,
the
Fund’s
Class
A
shares
posted
a
cumulative
total
return
of
+7.19%.
In
comparison,
the
Fund’s
primary
benchmark,
the
Bloomberg
U.S.
Aggregate
Bond
Index,
which
measures
the
performance
of
the
investment-grade,
U.S.
dollar-denominated,
fixed-
rate
taxable
bond
market,
posted
a
+6.91%
cumulative
total
return.
1
The
Fund’s
secondary
benchmark,
the
blended
50%
MSCI
USA
High
Dividend
Yield
Index,
25%
ICE
BofA
U.S.
Corporate
&
High
Yield
Index
and
25%
Bloomberg
U.S.
Aggregate
Bond
Index
(Blended
Benchmark),
which
is
a
combination
of
leading
stock
and
bond
indexes,
posted
a
+5.73%
cumulative
total
return.
2
The
MSCI
USA
High
Dividend
Yield
Index
is
designed
to
reflect
the
performance
of
equities
in
the
MSCI
USA
Index
(excluding
REITs)
with
higher
dividend
income
and
quality
characteristics
than
average
dividend
yields
that
are
both
sustainable
and
persistent.
The
MSCI
USA
Index
is
designed
to
measure
the
performance
of
the
large-
and
mid-capitalization
segments
of
the
U.S.
market.
The
ICE
BofA
U.S.
Corporate
&
High
Yield
Index
tracks
the
performance
of
U.S.
dollar-denominated
investment-grade
corporate
debt
publicly
issued
in
the
U.S.
domestic
market,
and
below
investment
grade,
but
not
in
default,
U.S.
dollar-denominated
corporate
bonds
publicly
issued
in
the
U.S.
domestic
market
and
includes
issues
with
a
credit
rating
of
BBB
or
below,
as
rated
by
credit
rating
agencies
Moody’s
and
Standard
&
Poor’s.
The
Fund’s
third
benchmark,
the
Standard
&
Poor’s
®
500
Index
(S&P
500
®
),
which
is
designed
to
measure
total
U.S.
equity
market
performance,
posted
a
+8.63%
cumulative
total
return.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
19
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Investment
Strategy
We
apply
a
bottom-up
approach
to
investing
in
individual
securities.
We
will
assess
the
market
price
of
a
company’s
securities
relative
to
our
evaluation
of
the
company’s
long-
term
earnings,
asset
value
and
cash
flow
potential.
We
also
consider
a
company’s
price/earnings
ratio,
profit
margins
and
liquidation
value.
In
determining
an
optimal
mix
of
equity
and
fixed
income
investments
for
the
Fund,
we
assess
changing
economic,
market
and
industry
conditions.
The
Fund
seeks
income
by
investing
in
a
combination
of
corporate,
agency
and
government
bonds
issued
in
the
U.S.
and
other
countries,
as
well
as
common
stocks
of
companies
in
any
market
capitalization
range
and
convertible
securities.
The
Fund
seeks
capital
appreciation
by
investing
in
equity
securities
and
convertible
securities
of
companies
from
a
variety
of
industries.
The
Fund
also
invests
in
equity-linked
notes,
which
are
hybrid
derivative-type
instruments
designed
to
combine
the
characteristics
of
one
or
more
securities
(usually
a
single
stock,
a
stock
index
or
a
basket
of
stocks)
and
a
related
equity
derivative.
We
may,
from
time
to
time,
use
for
various
purposes
equity-related
derivatives,
including
call
and
put
options
and
futures
on
equity
securities
and
equity
indexes,
options
on
equity
index
futures,
as
well
Portfolio
Composition
4/30/23
%
of
Total
Net
Assets
Corporate
Bonds
52.7%
Common
Stocks
27.9%
Equity-Linked
Securities
9.1%
U.S.
Government
and
Agency
Securities
5.1%
Management
Investment
Companies
1.7%
Other
0.7%
Short-Term
Investments
&
Other
Net
Assets
2.8%
1.
Source:
Morningstar.
2.
Source:
FactSet.
The
Blended
Benchmark
was
calculated
internally.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
44
.
Franklin
Managed
Income
Fund
17
franklintempleton.com
Semiannual
Report
as
interest-rate,
currency
and
credit-related
derivatives.
These
purposes
include
enhancing
Fund
returns,
increasing
liquidity,
gaining
exposure
to
securities
or
markets
in
more
efficient
or
less
expensive
ways
and/or
hedging
risks.
Manager’s
Discussion
The
Fund
generated
positive
returns
during
the
period,
with
strong
performance
from
both
equity
and
fixed
income
holdings.
The
Fund
meaningfully
shifted
its
asset
allocation
over
the
period
to
favor
an
overweight
allocation
to
fixed
income
over
equities.
An
overweight
allocation
to
corporate
credit
broadly
led
to
strong
performance
relative
to
the
Fund’s
blended
benchmark.
The
Fund
entered
the
period
with
an
equity
weighting
of
55.1%
and
a
fixed
income
weighting
of
44.7%
(while
holding
0.2%
in
cash
equivalents),
with
the
Fund
actively
adjusting
its
asset
allocation
near
the
beginning
of
the
period
under
review.
The
Fund
ended
the
period
with
an
equity
weighting
of
38.8%
and
fixed
income
exposure
of
59.2%
(while
holding
2.0%
in
cash
equivalents).
Dividend
stocks,
particularly
value-oriented
sectors,
underperformed
growth-oriented
sectors
during
the
period
under
review.
The
equity
component
of
the
Fund’s
blended
benchmark
advanced,
with
the
MSCI
USA
High
Dividend
Yield
Index
posting
positive
returns
for
the
six-month
period.
The
Fund’s
equity
positions
outperformed
the
Fund’s
blended
benchmark.
Corporate
credit
spreads
tightened
during
the
period
under
review
as
inflationary
pressures
started
to
abate
and
expectations
for
further
central
bank
tightening
decreased
during
the
period.
In
addition
to
tightening
credit
spreads,
interest
rates
broadly
decreased
during
the
period,
which
benefited
the
more
duration
sensitive
positions
in
the
Fund.
Fixed
income
returns
for
the
Fund
outperformed
the
Fund’s
blended
benchmark.
The
Bloomberg
U.S.
Aggregate
Bond
Index
posted
positive
returns,
while
ICE
BofAML
US
Corporate
&
High
Yield
Index
also
posted
positive
returns
during
the
period.
Fixed
Income
Fixed
income
holdings
posted
positive
returns
during
the
period,
with
outperformance
relative
to
the
Fund’s
blended
fixed
income
benchmark.
As
an
asset
class,
fixed
income
outperformed
the
equity
asset
class.
The
Fund’s
duration
positioning
was
relatively
in-line
with
the
Fund’s
benchmark
during
the
period.
The
Fund
had
an
overweight
position
in
corporate
credit
during
the
period
as
corporate
credit
spreads
within
both
investment-grade
and
subinvestment-
grade
issues
tightened,
which
contributed
to
the
outperformance
relative
to
the
Fund’s
benchmark.
Every
corporate
credit
sector
generated
positive
absolute
returns
during
the
period
under
review.
Relative
to
the
Fund’s
blended
benchmark,
the
leading
sector
contributors
were
health
care,
materials
and
information
technology
(IT).
Our
holdings
in
U.S.
Treasuries
contributed
to
absolute
and
relative
results.
The
Fund's
lack
of
exposure
to
agency
mortgage-backed
securities
detracted
from
performance
relative
to
its
benchmark
during
the
period.
The
largest
contributors
to
performance
were
found
in
the
health
care
sector,
with
bonds
of
hospital
peers
Community
Health
Systems
and
Tenet
Healthcare
producing
strong
returns.
Outside
of
health
care,
JBS
SA
within
the
consumer
staples
sector,
as
well
as
Broadcom
and
Oracle
within
the
IT
sector,
generated
strong
returns.
U.S.
Treasuries
were
also
a
key
contributor
during
the
period.
In
contrast,
high-yield
health
care
holding
Emergent
BioSolutions
(not
held
at
period-end)
was
one
of
only
a
few
fixed
income
detractors.
Equity
The
Fund's
allocation
to
equity
holdings
decreased
over
the
period.
As
an
asset
class,
equities
underperformed
fixed
income
during
the
period.
The
Fund
actively
trimmed
its
equity
overweight
during
the
period
under
review.
IT,
utilities,
consumer
staples
and
materials
were
the
notable
positive
absolute
contributors
during
the
period,
with
financials,
consumer
discretionary
and
health
care
as
absolute
detractors
from
performance
during
the
period.
Relative
to
the
Fund’s
benchmark,
the
largest
sector
contributors
were
financials
and
IT,
while
the
largest
detractors
were
consumer
discretionary
and
consumer
staples.
Absolute
returns
in
IT
were
led
by
semiconductor
peers
Broadcom
and
Microchip
Technology,
while
consumer
staples
company
Procter
&
Gamble
was
a
key
contributor
as
well.
Within
the
utilities
sector,
peers
Southern
Company
and
Top
Five
Fixed
Income
Holdings
4/30/23
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
U.S.
Treasury
Notes
3.1%
Financial
Services
,
United
States
U.S.
Treasury
Bonds
2.0%
Financial
Services
,
United
States
CHS/Community
Health
Systems,
Inc.
1.7%
Health
Care
Providers
&
Services
,
United
States
BAT
Capital
Corp.
1.1%
Tobacco
,
United
Kingdom
Barclays
plc
1.1%
Banks
,
United
Kingdom
Franklin
Managed
Income
Fund
18
franklintempleton.com
Semiannual
Report
Edison
International
were
key
performers,
while
Rio
Tinto
and
Air
Products
and
Chemicals
were
large
contributors
within
the
materials
sector.
JPMorgan
Chase
and
Morgan
Stanley
were
also
two
of
the
largest
contributors
to
absolute
Fund
performance
during
the
period,
despite
the
financials
sector
as
a
whole
being
a
detractor
during
the
period.
At
the
individual
security
level,
the
largest
detractors
from
absolute
performance
during
the
period
came
from
financial
peers
Bank
of
America,
Truist
Financial
and
US
Bancorp.
Outside
of
these,
utility
company
Dominion
Energy
weighed
on
results.
During
the
period,
the
Fund
used
derivatives
such
as
equity
call
and
put
options
to
sell
and
reduce
positions
and/or
to
initiate
and
add
to
positions
which
generated
gains
during
the
period
under
review.
Edward
D.
Perks,
CFA
Co-Lead
Portfolio
Manager
Brendan
Circle,
CFA
Co-Lead
Portfolio
Manager
Todd
Brighton,
CFA
Portfolio
Manager
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
April
30,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Top
Five
Equity
Holdings
4/30/23
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
JPMorgan
Chase
&
Co.
2.6%
Banks,
United
States
Chevron
Corp.
2.0%
Oil,
Gas
&
Consumable
Fuels
,
United
States
Texas
Instruments,
Inc.
1.5%
Semiconductors
&
Semiconductor
Equipment
,
United
States
Bank
of
America
Corp.
1.5%
Banks,
United
States
Morgan
Stanley
1.4%
Capital
Markets,
United
States
Performance
Summary
as
of
April
30,
2023
Franklin
Managed
Income
Fund
19
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
+7.19%
+1.31%
1-Year
+2.00%
-3.59%
5-Year
+35.42%
+5.05%
10-Year
+80.93%
+5.51%
Advisor
6-Month
+7.40%
+7.40%
1-Year
+2.37%
+2.37%
5-Year
+37.30%
+6.55%
10-Year
+85.99%
+6.40%
30-Day
Standardized
Yield
6
Share
Class
Distribution
Rate
5
(with
fee
waiver)
(without
fee
waiver)
A
4.24%
3.44%
3.43%
Advisor
4.73%
3.89%
3.88%
See
page
20
for
Performance
Summary
footnotes.
Franklin
Managed
Income
Fund
Performance
Summary
20
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
The
Fund's
share
price
and
yield
will
be
affected
by
interest
rate
movements.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
As
the
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund's
share
price
may
decline.
Stock
prices
fluctuate,
sometimes
rapidly
and
dramatically,
due
to
factors
affecting
individual
companies,
particular
industries
or
sectors,
or
general
market
conditions.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
perfor-
mance.
The
Fund's
prospectus
also
includes
a
description
of
the
main
investment
risks.
The
Fund
is
not
guaranteed
to
achieve
its
investment
goal
of
making
monthly
distributions
while
maintaining
prospects
for
capital
appreciation
nor
is
there
any
guarantee
that
the
Fund
will
provide
sufficient
income
at
or
through
the
investor's
retirement.
In
addition,
some
of
its
distributions
may
be
treated
in
part
as
a
return
of
capital
which
will
decrease
shareholders'
cost
basis
in
the
Fund
and
affect
the
amount
of
any
capital
gain
or
loss
that
they
realize
when
selling
or
exchanging
Fund
shares.
The
annual
payout
rate
may
be
adjusted
higher
or
lower
from
year
to
year
and
could
vary
substantially
over
time.
It
is
possible
for
the
Fund
to
suffer
substantial
investment
losses
and
simultaneously
experience
additional
asset
reductions
as
a
result
of
its
distributions
to
shareholders
under
the
managed
distribution
policy.
Investors
who
hold
the
Fund
within
a
tax-advantaged
retirement
account
should
consult
their
tax
advisors
to
discuss
tax
consequences
of
receiving
cash
distributions.
In
addition,
use
of
the
Fund
or
election
of
the
option
to
receive
distribution
payments
in
cash
may
be
restricted
in
certain
retirement
plans
by
the
terms
of
the
governing
plan
documents
and/or
the
discretion
of
the
plan
administrator.
Investors
are
strongly
advised
to
consult
with
their
financial
advisor
for
assistance
before
selecting
the
appropriate
Fund,
based
on
their
goals
and
personal
situations,
including
time
horizon,
retirement
income
needs,
risk
tolerance,
and
tax
bracket.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
fees
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/29/24
without
Board
consent.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
April
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
4/30/23.
6.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
7.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Net
Asset
Value
Share
Class
(Symbol)
4/30/23
10/31/22
Change
A
(FBLAX)
$12.30
$11.73
+$0.57
C
(FBMCX)
$12.17
$11.61
+$0.56
R
(FBFQX)
$12.34
$11.77
+$0.57
R6
(FBFRX)
$12.34
$11.77
+$0.57
Advisor
(FBFZX)
$12.34
$11.76
+$0.58
Distributions
(11/1/22–4/30/23)
Share
Class
Net
Investment
Income
A
$0.2688
C
$0.2196
R
$0.2542
R6
$0.2906
Advisor
$0.2852
Total
Annual
Operating
Expenses
7
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.91%
0.92%
C
0.66%
0.67%
Your
Fund’s
Expenses
Franklin
Managed
Income
Fund
21
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/22
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,071.90
$4.62
$1,020.34
$4.50
0.90%
C
$1,000
$1,067.40
$8.45
$1,016.62
$8.24
1.65%
R
$1,000
$1,070.30
$5.90
$1,019.10
$5.75
1.15%
R6
$1,000
$1,073.50
$3.00
$1,021.90
$2.92
0.58%
Advisor
$1,000
$1,074.00
$3.34
$1,021.57
$3.26
0.65%
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Convertible
Securities
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
o
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$20.43
$31.15
$27.11
$22.13
$20.65
$20.68
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.08
0.14
0.19
0.22
0.21
0.16
Net
realized
and
unrealized
gains
(losses)
0.88
(5.47)
7.01
6.67
2.47
1.35
Total
from
investment
operations
........
0.96
(5.33)
7.20
6.89
2.68
1.51
Less
distributions
from:
Net
investment
income
..............
(0.08)
(0.15)
(0.23)
(0.30)
(0.45)
(0.49)
Net
realized
gains
.................
(1.53)
(5.24)
(2.93)
(1.61)
(0.75)
(1.05)
Total
distributions
...................
(1.61)
(5.39)
(3.16)
(1.91)
(1.20)
(1.54)
Net
asset
value,
end
of
period
..........
$19.78
$20.43
$31.15
$27.11
$22.13
$20.65
Total
return
c
.......................
4.88%
(19.94)%
27.98%
33.49%
13.84%
7.65%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.84%
0.83%
0.83%
0.83%
0.85%
0.86%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.83%
0.83%
f
0.82%
0.83%
f
0.83%
0.84%
Net
investment
income
...............
0.85%
0.61%
0.64%
0.96%
0.97%
0.76%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,009,403
$1,067,202
$1,621,832
$1,385,821
$1,169,928
$1,153,875
Portfolio
turnover
rate
................
10.59%
6.64%
32.67%
32.46%
26.83%
35.90%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Convertible
Securities
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$19.92
$30.53
$26.66
$21.77
$20.31
$20.37
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.01
(0.03)
(0.03)
0.05
0.04
(—)
c
Net
realized
and
unrealized
gains
(losses)
0.85
(5.34)
6.89
6.56
2.45
1.33
Total
from
investment
operations
........
0.86
(5.37)
6.86
6.61
2.49
1.33
Less
distributions
from:
Net
investment
income
..............
(0.01)
—
(0.06)
(0.11)
(0.28)
(0.34)
Net
realized
gains
.................
(1.53)
(5.24)
(2.93)
(1.61)
(0.75)
(1.05)
Total
distributions
...................
(1.54)
(5.24)
(2.99)
(1.72)
(1.03)
(1.39)
Net
asset
value,
end
of
period
..........
$19.24
$19.92
$30.53
$26.66
$21.77
$20.31
Total
return
d
.......................
4.46%
(20.53)%
27.04%
32.48%
13.03%
6.84%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.59%
1.58%
1.57%
1.59%
1.60%
1.61%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.58%
1.57%
1.57%
g
1.58%
1.58%
1.59%
Net
investment
income
(loss)
..........
0.10%
(0.15)%
(0.10)%
0.21%
0.22%
0.01%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$85,531
$100,936
$198,611
$233,295
$256,075
$299,716
Portfolio
turnover
rate
................
10.59%
6.64%
32.67%
32.46%
26.83%
35.90%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Convertible
Securities
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$20.62
$31.39
$27.29
$22.28
$20.78
$20.79
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.12
0.22
0.29
0.31
0.28
0.24
Net
realized
and
unrealized
gains
(losses)
0.88
(5.52)
7.07
6.69
2.50
1.36
Total
from
investment
operations
........
1.00
(5.30)
7.36
7.00
2.78
1.60
Less
distributions
from:
Net
investment
income
..............
(0.11)
(0.23)
(0.33)
(0.38)
(0.53)
(0.56)
Net
realized
gains
.................
(1.53)
(5.24)
(2.93)
(1.61)
(0.75)
(1.05)
Total
distributions
...................
(1.64)
(5.47)
(3.26)
(1.99)
(1.28)
(1.61)
Net
asset
value,
end
of
period
..........
$19.98
$20.62
$31.39
$27.29
$22.28
$20.78
Total
return
c
.......................
5.06%
(19.65)%
28.43%
33.89%
14.26%
8.07%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.52%
0.51%
0.53%
0.55%
0.54%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.50%
0.48%
0.50%
0.50%
0.49%
0.49%
Net
investment
income
...............
1.18%
0.95%
0.97%
1.30%
1.31%
1.11%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$92,232
$95,418
$127,846
$113,642
$51,791
$57,824
Portfolio
turnover
rate
................
10.59%
6.64%
32.67%
32.46%
26.83%
35.90%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Convertible
Securities
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$20.43
$31.16
$27.11
$22.14
$20.65
$20.68
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.11
0.20
0.26
0.28
0.26
0.21
Net
realized
and
unrealized
gains
(losses)
0.87
(5.48)
7.03
6.66
2.49
1.35
Total
from
investment
operations
........
0.98
(5.28)
7.29
6.94
2.75
1.56
Less
distributions
from:
Net
investment
income
..............
(0.10)
(0.21)
(0.31)
(0.36)
(0.51)
(0.54)
Net
realized
gains
.................
(1.53)
(5.24)
(2.93)
(1.61)
(0.75)
(1.05)
Total
distributions
...................
(1.63)
(5.45)
(3.24)
(1.97)
(1.26)
(1.59)
Net
asset
value,
end
of
period
..........
$19.78
$20.43
$31.16
$27.11
$22.14
$20.65
Total
return
c
.......................
5.01%
(19.75)%
28.34%
33.80%
14.18%
7.91%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.59%
0.58%
0.58%
0.58%
0.60%
0.61%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.58%
0.58%
f
0.57%
0.58%
f
0.58%
0.59%
Net
investment
income
...............
1.11%
0.85%
0.89%
1.20%
1.22%
1.01%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,686,728
$1,894,863
$3,355,546
$2,773,524
$2,379,435
$2,189,462
Portfolio
turnover
rate
................
10.59%
6.64%
32.67%
32.46%
26.83%
35.90%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
Franklin
Convertible
Securities
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
1.5%
Electric
Utilities
1.5%
NextEra
Energy,
Inc.
...................................
United
States
554,360
$
42,480,607
Total
Common
Stocks
(Cost
$40,480,902)
......................................
42,480,607
Convertible
Preferred
Stocks
11.7%
Automobile
Components
1.7%
a
Aptiv
plc,
5.5%,
A
.....................................
United
States
430,000
48,671,700
Capital
Markets
2.1%
KKR
Group
Co.,
Inc.,
6%,
C
.............................
United
States
960,000
61,315,200
Electric
Utilities
3.3%
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
600,000
30,504,000
PG&E
Corp.,
5.5%
....................................
United
States
430,000
64,452,700
94,956,700
Machinery
1.0%
RBC
Bearings,
Inc.,
5%,
A
...............................
United
States
250,000
27,622,500
Multi-Utilities
1.7%
b
NiSource,
Inc.,
7.75%
..................................
United
States
450,000
47,713,500
Wireless
Telecommunication
Services
1.9%
c
2020
Cash
Mandatory
Exchangeable
Trust,
144A,
5.25%
.......
United
States
48,000
56,018,880
Total
Convertible
Preferred
Stocks
(Cost
$276,576,363)
..........................
336,298,480
Principal
Amount
*
Convertible
Bonds
82.6%
Aerospace
&
Defense
1.8%
c
Axon
Enterprise,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
12/15/27
.......
United
States
45,000,000
50,850,000
Biotechnology
7.7%
Ascendis
Pharma
A/S
,
Senior
Note
,
2.25
%
,
4/01/28
...........
Denmark
32,500,000
27,096,875
Insmed,
Inc.
,
Senior
Note
,
0.75
%
,
6/01/28
...................
United
States
46,000,000
38,182,779
Intercept
Pharmaceuticals,
Inc.
,
Senior
Note
,
2
%
,
5/15/26
.......
United
States
21,000,000
17,624,148
c
Mirum
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/29
....
United
States
16,500,000
18,884,250
Neurocrine
Biosciences,
Inc.
,
Senior
Note
,
2.25
%
,
5/15/24
......
United
States
44,750,000
60,323,000
PTC
Therapeutics,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/26
............
United
States
48,000,000
58,680,000
220,791,052
Broadline
Retail
4.0%
Etsy,
Inc.
,
Senior
Note
,
0.125
%
,
9/01/27
....................
United
States
72,500,000
63,931,885
PDD
Holdings,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/01/25
..........
China
55,000,000
52,195,000
116,126,885
Communications
Equipment
2.1%
Viavi
Solutions,
Inc.
,
Senior
Note,
1.75%,
6/01/23
...........................
United
States
40,969,000
40,948,515
c
Senior
Note,
144A,
1.625%,
3/15/26
.....................
United
States
20,709,000
20,178,332
61,126,847
Consumer
Staples
Distribution
&
Retail
0.7%
c
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
144A,
2.375
%
,
12/15/28
United
States
21,000,000
21,236,248
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Convertible
Securities
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Energy
Equipment
&
Services
1.0%
Oil
States
International,
Inc.
,
Senior
Note
,
4.75
%
,
4/01/26
.......
United
States
28,000,000
$
29,303,600
Financial
Services
4.9%
Block,
Inc.
,
Senior
Note,
Zero
Cpn.,
5/01/26
........................
United
States
24,500,000
20,224,750
Senior
Note,
0.25%,
11/01/27
..........................
United
States
45,000,000
34,875,000
c
Repay
Holdings
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
2/01/26
....
United
States
19,000,000
14,373,500
Shift4
Payments,
Inc.
,
Senior
Note,
Zero
Cpn.,
12/15/25
.......................
United
States
36,000,000
39,438,000
Senior
Note,
0.5%,
8/01/27
............................
United
States
35,000,000
31,325,000
140,236,250
Food
Products
2.5%
c
Freshpet,
Inc.
,
Senior
Note
,
144A,
3
%
,
4/01/28
...............
United
States
27,000,000
32,555,250
c
Post
Holdings,
Inc.
,
Senior
Note
,
144A,
2.5
%
,
8/15/27
..........
United
States
36,000,000
37,882,800
70,438,050
Ground
Transportation
2.8%
Lyft,
Inc.
,
Senior
Note
,
1.5
%
,
5/15/25
.......................
United
States
61,000,000
54,351,000
Uber
Technologies,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/15/25
......
United
States
30,000,000
26,242,578
80,593,578
Health
Care
Equipment
&
Supplies
7.3%
Dexcom,
Inc.
,
Senior
Note
,
0.25
%
,
11/15/25
.................
United
States
63,000,000
69,062,375
Haemonetics
Corp.
,
Senior
Note
,
Zero
Cpn.,
3/01/26
...........
United
States
37,500,000
32,133,683
Insulet
Corp.
,
Senior
Note
,
0.375
%
,
9/01/26
.................
United
States
50,000,000
74,875,000
c
Integer
Holdings
Corp.
,
Senior
Note
,
144A,
2.125
%
,
2/15/28
.....
United
States
30,000,000
34,200,000
210,271,058
Health
Care
Providers
&
Services
1.3%
Accolade,
Inc.
,
Senior
Note
,
0.5
%
,
4/01/26
..................
United
States
19,000,000
15,382,779
Guardant
Health,
Inc.
,
Senior
Note
,
Zero
Cpn.,
11/15/27
........
United
States
20,000,000
13,510,173
NeoGenomics,
Inc.
,
Senior
Note
,
0.25
%
,
1/15/28
.............
United
States
9,500,000
6,869,687
35,762,639
Hotel
&
Resort
REITs
0.8%
Pebblebrook
Hotel
Trust
,
Senior
Note
,
1.75
%
,
12/15/26
.........
United
States
26,000,000
22,483,819
Hotels,
Restaurants
&
Leisure
2.5%
Booking
Holdings,
Inc.
,
Senior
Note
,
0.75
%
,
5/01/25
...........
United
States
19,000,000
28,414,346
Vail
Resorts,
Inc.
,
Senior
Note
,
Zero
Cpn.,
1/01/26
............
United
States
48,000,000
43,650,000
72,064,346
Interactive
Media
&
Services
2.1%
Snap,
Inc.
,
Senior
Note,
Zero
Cpn.,
5/01/27
........................
United
States
41,000,000
29,930,000
Senior
Note,
0.125%,
3/01/28
..........................
United
States
43,000,000
29,777,500
59,707,500
IT
Services
5.2%
Cloudflare,
Inc.
,
Senior
Note
,
Zero
Cpn.,
8/15/26
..............
United
States
66,200,000
54,946,000
Okta,
Inc.
,
Senior
Note
,
0.125
%
,
9/01/25
....................
United
States
53,000,000
47,488,000
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Convertible
Securities
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
IT
Services
(continued)
Wix.com
Ltd.
,
Senior
Note,
Zero
Cpn.,
7/01/23
........................
Israel
34,800,000
$
34,328,612
Senior
Note,
Zero
Cpn.,
8/15/25
........................
Israel
15,400,000
13,451,900
150,214,512
Life
Sciences
Tools
&
Services
0.9%
Illumina,
Inc.
,
Senior
Note
,
Zero
Cpn.,
8/15/23
................
United
States
25,750,000
25,441,527
Media
5.3%
Cable
One,
Inc.
,
Senior
Note,
Zero
Cpn.,
3/15/26
........................
United
States
48,750,000
40,121,250
Senior
Note,
1.125%,
3/15/28
..........................
United
States
36,250,000
27,966,875
c
Liberty
Broadband
Corp.
,
Senior
Bond
,
144A,
3.125
%
,
3/31/53
...
United
States
62,000,000
61,566,000
c
Liberty
Media
Corp.
,
Senior
Note
,
144A,
3.75
%
,
3/15/28
........
United
States
23,000,000
23,345,000
152,999,125
Metals
&
Mining
2.5%
c
Ivanhoe
Mines
Ltd.
,
Senior
Note
,
144A,
2.5
%
,
4/15/26
..........
Canada
55,000,000
73,122,500
Pharmaceuticals
3.6%
Jazz
Investments
I
Ltd.
,
Senior
Note,
1.5%,
8/15/24
............................
United
States
34,750,000
33,327,867
Senior
Note,
2%,
6/15/26
.............................
United
States
35,000,000
38,193,750
Revance
Therapeutics,
Inc.
,
Senior
Note
,
1.75
%
,
2/15/27
.......
United
States
27,000,000
32,940,000
104,461,617
Professional
Services
1.2%
Upwork,
Inc.
,
0.25
%
,
8/15/26
.............................
United
States
44,000,000
34,892,000
Real
Estate
Management
&
Development
1.1%
Zillow
Group,
Inc.
,
Senior
Note
,
2.75
%
,
5/15/25
...............
United
States
31,500,000
32,130,000
Semiconductors
&
Semiconductor
Equipment
4.8%
MACOM
Technology
Solutions
Holdings,
Inc.
,
Senior
Note
,
0.25
%
,
3/15/26
...........................................
United
States
31,000,000
29,914,290
Silicon
Laboratories,
Inc.
,
Senior
Note
,
0.625
%
,
6/15/25
........
United
States
49,000,000
58,988,142
Wolfspeed,
Inc.
,
Senior
Note,
0.25%,
2/15/28
...........................
United
States
29,900,000
21,813,246
c
Senior
Note,
144A,
1.875%,
12/01/29
....................
United
States
35,000,000
26,022,500
136,738,178
Software
11.1%
BILL
Holdings,
Inc.
,
Zero
Cpn.,
4/01/27
..................................
United
States
37,000,000
29,304,000
Senior
Note,
Zero
Cpn.,
12/01/25
.......................
United
States
37,500,000
34,425,000
Blackline,
Inc.
,
Senior
Note
,
0.125
%
,
8/01/24
.................
United
States
9,500,000
9,612,301
Envestnet,
Inc.
,
Senior
Note,
1.75%,
6/01/23
...........................
United
States
12,500,000
12,578,125
Senior
Note,
0.75%,
8/15/25
...........................
United
States
4,900,000
4,569,250
c
Senior
Note,
144A,
2.625%,
12/01/27
....................
United
States
47,500,000
52,060,000
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
3/15/25
.........
United
States
44,000,000
42,526,000
HubSpot,
Inc.
,
Senior
Note
,
0.375
%
,
6/01/25
.................
United
States
37,500,000
58,331,250
Palo
Alto
Networks,
Inc.
,
Senior
Note
,
0.75
%
,
7/01/23
..........
United
States
12,000,000
24,588,000
Splunk,
Inc.
,
Senior
Note
,
1.125
%
,
9/15/25
..................
United
States
22,500,000
21,285,000
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Convertible
Securities
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
See
Abbreviations
on
page
77
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Software
(continued)
Workiva,
Inc.
,
Senior
Note
,
1.125
%
,
8/15/26
.................
United
States
22,000,000
$
29,164,568
318,443,494
Specialty
Retail
5.4%
Burlington
Stores,
Inc.
,
Senior
Note
,
2.25
%
,
4/15/25
...........
United
States
53,000,000
59,956,250
RealReal,
Inc.
(The)
,
Senior
Note
,
1
%
,
3/01/28
...............
United
States
30,000,000
11,907,000
RH
,
Senior
Note
,
Zero
Cpn.,
9/15/24
.......................
United
States
24,000,000
32,016,000
c
Wayfair,
Inc.
,
Senior
Note
,
144A,
3.25
%
,
9/15/27
..............
United
States
60,000,000
50,700,000
154,579,250
Total
Convertible
Bonds
(Cost
$2,436,352,176)
..................................
2,374,014,075
Total
Long
Term
Investments
(Cost
$2,753,409,441)
.............................
2,752,793,162
a
Short
Term
Investments
4.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
4.1%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
118,127,441
118,127,441
Total
Money
Market
Funds
(Cost
$118,127,441)
.................................
118,127,441
a
a
a
f
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
34,000
34,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$34,000)
...............................................................
34,000
Total
Short
Term
Investments
(Cost
$118,161,441
)
...............................
118,161,441
a
Total
Investments
(Cost
$2,871,570,882)
99.9%
..................................
$2,870,954,603
Other
Assets,
less
Liabilities
0.1%
.............................................
2,940,466
Net
Assets
100.0%
...........................................................
$2,873,895,069
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
A
portion
or
all
of
the
security
is
on
loan
at
April
30,
2023.
See
Note
1(f).
b
See
Note
9
regarding
holdings
of
5%
voting
securities.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2023,
the
aggregate
value
of
these
securities
was
$572,995,260,
representing
19.9%
of
net
assets.
d
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
f
See
Note
1(f)
regarding
securities
on
loan.
Franklin
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Trust
Financial
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$28.35
$33.10
$24.22
$26.23
$24.86
$25.06
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.29
0.49
0.44
0.49
0.46
0.42
Net
realized
and
unrealized
gains
(losses)
1.15
(2.94)
9.26
(1.11)
2.49
0.58
Total
from
investment
operations
........
1.44
(2.45)
9.70
(0.62)
2.95
1.00
Less
distributions
from:
Net
investment
income
..............
(0.35)
(0.63)
(0.60)
(0.63)
(0.58)
(0.57)
Net
realized
gains
.................
(0.90)
(1.67)
(0.22)
(0.76)
(1.00)
(0.63)
Total
distributions
...................
(1.25)
(2.30)
(0.82)
(1.39)
(1.58)
(1.20)
Net
asset
value,
end
of
period
..........
$28.54
$28.35
$33.10
$24.22
$26.23
$24.86
Total
return
c
.......................
5.20%
(7.84)%
40.58%
(2.43)%
12.73%
3.98%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.84%
0.83%
0.85%
0.86%
0.86%
0.85%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.83%
0.82%
0.85%
f
0.85%
0.85%
0.84%
Net
investment
income
...............
2.05%
1.64%
1.47%
1.98%
1.85%
1.66%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,946,935
$2,841,036
$2,952,462
$1,953,985
$2,017,910
$1,752,181
Portfolio
turnover
rate
................
14.97%
25.41%
25.49%
26.90%
23.23%
28.40%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
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Income
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part
of
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statements.
Semiannual
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31
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$28.11
$32.83
$24.03
$26.01
$24.64
$24.86
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.18
0.26
0.22
0.30
0.28
0.26
Net
realized
and
unrealized
gains
(losses)
1.14
(2.91)
9.17
(1.10)
2.47
0.53
Total
from
investment
operations
........
1.32
(2.65)
9.39
(0.80)
2.75
0.79
Less
distributions
from:
Net
investment
income
..............
(0.24)
(0.40)
(0.37)
(0.42)
(0.38)
(0.38)
Net
realized
gains
.................
(0.90)
(1.67)
(0.22)
(0.76)
(1.00)
(0.63)
Total
distributions
...................
(1.14)
(2.07)
(0.59)
(1.18)
(1.38)
(1.01)
Net
asset
value,
end
of
period
..........
$28.29
$28.11
$32.83
$24.03
$26.01
$24.64
Total
return
c
.......................
4.81%
(8.53)%
39.51%
(3.19)%
11.91%
3.16%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.59%
1.58%
1.60%
1.61%
1.61%
1.60%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.58%
1.57%
1.60%
f
1.60%
1.60%
1.59%
Net
investment
income
...............
1.30%
0.89%
0.73%
1.23%
1.10%
0.91%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$180,383
$181,548
$202,148
$161,707
$208,734
$204,402
Portfolio
turnover
rate
................
14.97%
25.41%
25.49%
26.90%
23.23%
28.40%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
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The
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of
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financial
statements.
32
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$28.37
$33.12
$24.24
$26.23
$24.85
$25.05
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.25
0.42
0.36
0.43
0.41
0.36
Net
realized
and
unrealized
gains
(losses)
1.15
(2.94)
9.27
(1.10)
2.49
0.58
Total
from
investment
operations
........
1.40
(2.52)
9.63
(0.67)
2.90
0.94
Less
distributions
from:
Net
investment
income
..............
(0.31)
(0.56)
(0.53)
(0.56)
(0.52)
(0.51)
Net
realized
gains
.................
(0.90)
(1.67)
(0.22)
(0.76)
(1.00)
(0.63)
Total
distributions
...................
(1.21)
(2.23)
(0.75)
(1.32)
(1.52)
(1.14)
Net
asset
value,
end
of
period
..........
$28.56
$28.37
$33.12
$24.24
$26.23
$24.85
Total
return
c
.......................
5.07%
(8.07)%
40.22%
(2.62)%
12.50%
3.75%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.09%
1.08%
1.09%
1.08%
1.09%
1.08%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.08%
1.07%
1.09%
f
1.08%
f
1.08%
1.07%
Net
investment
income
...............
1.80%
1.40%
1.22%
1.75%
1.62%
1.43%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$10,598
$9,580
$9,426
$5,795
$7,284
$6,750
Portfolio
turnover
rate
................
14.97%
25.41%
25.49%
26.90%
23.23%
28.40%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Equity
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$28.40
$33.17
$24.27
$26.29
$24.91
$25.11
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.34
0.59
0.54
0.57
0.54
0.50
Net
realized
and
unrealized
gains
(losses)
1.16
(2.95)
9.27
(1.11)
2.50
0.59
Total
from
investment
operations
........
1.50
(2.36)
9.81
(0.54)
3.04
1.09
Less
distributions
from:
Net
investment
income
..............
(0.40)
(0.74)
(0.69)
(0.72)
(0.66)
(0.66)
Net
realized
gains
.................
(0.90)
(1.67)
(0.22)
(0.76)
(1.00)
(0.63)
Total
distributions
...................
(1.30)
(2.41)
(0.91)
(1.48)
(1.66)
(1.29)
Net
asset
value,
end
of
period
..........
$28.60
$28.40
$33.17
$24.27
$26.29
$24.91
Total
return
c
.......................
5.37%
(7.53)%
41.02%
(2.07)%
13.12%
4.35%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.51%
0.51%
0.53%
0.52%
0.53%
0.52%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.50%
0.49%
0.51%
0.51%
0.51%
0.50%
Net
investment
income
...............
2.38%
1.97%
1.80%
2.32%
2.19%
2.00%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$169,938
$159,953
$150,328
$97,565
$96,406
$81,171
Portfolio
turnover
rate
................
14.97%
25.41%
25.49%
26.90%
23.23%
28.40%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Equity
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$28.40
$33.16
$24.26
$26.27
$24.90
$25.10
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.33
0.56
0.51
0.55
0.50
0.46
Net
realized
and
unrealized
gains
(losses)
1.14
(2.94)
9.28
(1.11)
2.51
0.60
Total
from
investment
operations
........
1.47
(2.38)
9.79
(0.56)
3.01
1.06
Less
distributions
from:
Net
investment
income
..............
(0.38)
(0.71)
(0.67)
(0.69)
(0.64)
(0.63)
Net
realized
gains
.................
(0.90)
(1.67)
(0.22)
(0.76)
(1.00)
(0.63)
Total
distributions
...................
(1.28)
(2.38)
(0.89)
(1.45)
(1.64)
(1.26)
Net
asset
value,
end
of
period
..........
$28.59
$28.40
$33.16
$24.26
$26.27
$24.90
Total
return
c
.......................
5.32%
(7.62)%
40.94%
(2.18)%
13.04%
4.22%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.59%
0.58%
0.60%
0.61%
0.61%
0.60%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.58%
0.57%
0.60%
f
0.60%
0.60%
0.59%
Net
investment
income
...............
2.31%
1.89%
1.70%
2.21%
2.10%
1.91%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$377,877
$382,893
$378,891
$219,362
$173,739
$109,435
Portfolio
turnover
rate
................
14.97%
25.41%
25.49%
26.90%
23.23%
28.40%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
Franklin
Equity
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
82.3%
Aerospace
&
Defense
3.6%
L3Harris
Technologies,
Inc.
..............................
United
States
85,000
$
16,587,750
Lockheed
Martin
Corp.
.................................
United
States
16,700
7,756,315
Raytheon
Technologies
Corp.
............................
United
States
1,085,000
108,391,500
132,735,565
Air
Freight
&
Logistics
2.5%
United
Parcel
Service,
Inc.,
B
............................
United
States
501,500
90,174,715
Banks
7.0%
Bank
of
America
Corp.
.................................
United
States
2,565,000
75,103,200
JPMorgan
Chase
&
Co.
.................................
United
States
1,077,500
148,953,600
Truist
Financial
Corp.
..................................
United
States
1,000,000
32,580,000
256,636,800
Beverages
3.8%
Coca-Cola
Co.
(The)
...................................
United
States
906,000
58,119,900
PepsiCo,
Inc.
........................................
United
States
430,000
82,082,700
140,202,600
Capital
Markets
6.3%
Ares
Management
Corp.
................................
United
States
665,000
58,247,350
BlackRock,
Inc.
.......................................
United
States
74,000
49,668,800
Morgan
Stanley
.......................................
United
States
1,382,500
124,383,525
232,299,675
Chemicals
1.4%
BASF
SE
...........................................
Germany
620,000
32,071,873
Huntsman
Corp.
......................................
United
States
715,000
19,154,850
51,226,723
Commercial
Services
&
Supplies
0.2%
Republic
Services,
Inc.
.................................
United
States
50,000
7,231,000
Communications
Equipment
2.1%
Cisco
Systems,
Inc.
...................................
United
States
1,630,000
77,017,500
Consumer
Finance
0.4%
American
Express
Co.
.................................
United
States
98,000
15,811,320
Consumer
Staples
Distribution
&
Retail
2.7%
Target
Corp.
.........................................
United
States
317,000
50,006,750
Walmart,
Inc.
........................................
United
States
335,000
50,574,950
100,581,700
Diversified
Telecommunication
Services
0.3%
TELUS
Corp.
........................................
Canada
459,000
9,731,640
Electric
Utilities
5.4%
Duke
Energy
Corp.
....................................
United
States
945,000
93,441,600
Entergy
Corp.
........................................
United
States
155,000
16,674,900
Evergy,
Inc.
..........................................
United
States
475,000
29,502,250
NextEra
Energy,
Inc.
...................................
United
States
775,500
59,426,565
199,045,315
Electrical
Equipment
1.7%
Eaton
Corp.
plc
.......................................
United
States
295,000
49,300,400
Emerson
Electric
Co.
..................................
United
States
160,000
13,321,600
62,622,000
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Equity
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
1.9%
Apollo
Global
Management,
Inc.
..........................
United
States
1,090,000
$
69,095,100
Food
Products
1.0%
Mondelez
International,
Inc.,
A
............................
United
States
502,500
38,551,800
Ground
Transportation
1.1%
Norfolk
Southern
Corp.
.................................
United
States
195,500
39,692,365
Health
Care
Equipment
&
Supplies
2.3%
Medtronic
plc
........................................
United
States
950,000
86,402,500
Health
Care
Providers
&
Services
3.9%
HCA
Healthcare,
Inc.
...................................
United
States
269,000
77,291,770
UnitedHealth
Group,
Inc.
................................
United
States
131,500
64,709,835
142,001,605
Health
Care
REITs
0.9%
Healthpeak
Properties,
Inc.
..............................
United
States
1,430,000
31,417,100
Hotels,
Restaurants
&
Leisure
1.2%
McDonald's
Corp.
.....................................
United
States
153,500
45,397,625
Household
Products
3.0%
Procter
&
Gamble
Co.
(The)
.............................
United
States
710,000
111,029,800
Industrial
REITs
0.1%
Prologis,
Inc.
.........................................
United
States
30,000
3,757,500
Insurance
0.2%
Arthur
J
Gallagher
&
Co.
................................
United
States
35,000
7,282,100
Life
Sciences
Tools
&
Services
1.9%
Danaher
Corp.
.......................................
United
States
110,000
26,060,100
Thermo
Fisher
Scientific,
Inc.
............................
United
States
80,500
44,669,450
70,729,550
Machinery
0.9%
Caterpillar,
Inc.
.......................................
United
States
66,500
14,550,200
Illinois
Tool
Works,
Inc.
.................................
United
States
80,000
19,355,200
33,905,400
Media
1.1%
Comcast
Corp.,
A
.....................................
United
States
967,500
40,025,475
Oil,
Gas
&
Consumable
Fuels
9.7%
Canadian
Natural
Resources
Ltd.
.........................
Canada
410,000
24,997,700
Chevron
Corp.
.......................................
United
States
795,000
134,021,100
EOG
Resources,
Inc.
..................................
United
States
610,000
72,876,700
Shell
plc,
ADR
........................................
Netherlands
1,210,000
74,995,800
Suncor
Energy,
Inc.
....................................
Canada
1,560,000
48,859,200
355,750,500
Pharmaceuticals
6.5%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
610,000
44,664,200
Bristol-Myers
Squibb
Co.
................................
United
States
420,000
28,043,400
Johnson
&
Johnson
...................................
United
States
830,000
135,871,000
Pfizer,
Inc.
...........................................
United
States
830,000
32,278,700
240,857,300
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Equity
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Residential
REITs
1.2%
Mid-America
Apartment
Communities,
Inc.
..................
United
States
290,000
$
44,602,000
Semiconductors
&
Semiconductor
Equipment
3.1%
Broadcom,
Inc.
.......................................
United
States
136,500
85,517,250
Texas
Instruments,
Inc.
.................................
United
States
175,000
29,260,000
114,777,250
Software
2.6%
Oracle
Corp.
.........................................
United
States
1,012,500
95,904,000
Specialized
REITs
0.1%
Public
Storage
.......................................
United
States
14,000
4,127,620
Specialty
Retail
1.5%
Lowe's
Cos.,
Inc.
......................................
United
States
137,500
28,576,625
Tractor
Supply
Co.
....................................
United
States
115,000
27,416,000
55,992,625
Water
Utilities
0.7%
Essential
Utilities,
Inc.
..................................
United
States
641,294
27,383,254
Total
Common
Stocks
(Cost
$2,171,217,841)
....................................
3,033,999,022
a
Equity-Linked
Securities
10.0%
Banks
0.6%
b
UBS
AG
into
Bank
of
America
Corp.,
144A,
7%,
11/22/23
.......
United
States
677,000
20,811,810
Broadline
Retail
0.8%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Amazon.com,
Inc.,
144A,
6.25%,
5/12/23
.....................................
United
States
13,000
27,984,459
Chemicals
1.5%
b,c
Citigroup
Global
Markets
Holdings,
Inc.
into
Huntsman
Corp.,
144A,
8%,
5/09/24
........................................
United
States
894,000
23,865,189
b
Royal
Bank
of
Canada
into
Linde
plc,
144A,
6.5%,
11/29/23
......
United
States
83,500
30,779,833
54,645,022
Consumer
Finance
0.7%
b
BofA
Finance
LLC
into
American
Express
Co.,
144A,
7.25%,
2/12/24
United
States
160,000
25,922,493
Electrical
Equipment
0.7%
b
Royal
Bank
of
Canada
into
Eaton
Corp.
plc,
144A,
6.25%,
9/15/23
United
States
169,100
27,223,155
Health
Care
Providers
&
Services
0.8%
b
Royal
Bank
of
Canada
into
HCA
Healthcare,
Inc.,
144A,
7.25%,
8/09/23
...........................................
United
States
112,700
27,916,808
Industrial
REITs
0.6%
b
Barclays
Bank
plc
into
Prologis,
Inc.,
144A,
7.5%,
12/29/23
......
United
States
191,800
23,607,872
Interactive
Media
&
Services
0.8%
b
Goldman
Sachs
International
Bank
into
Alphabet,
Inc.,
144A,
6.25%,
3/28/24
...........................................
United
States
279,500
29,839,078
Life
Sciences
Tools
&
Services
1.5%
b
Goldman
Sachs
International
Bank
into
Thermo
Fisher
Scientific,
Inc.,
144A,
6.25%,
9/25/23
.............................
United
States
44,500
25,021,792
b
Merrill
Lynch
International
&
Co.
CV
into
Danaher
Corp.,
144A,
5.5%,
4/30/24
...........................................
United
States
120,000
28,807,562
53,829,354
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Equity
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
a
a
Country
Shares
a
Value
a
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Machinery
0.7%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Caterpillar,
Inc.,
144A,
8.5%,
10/17/23
.....................................
United
States
123,500
$
25,039,368
Oil,
Gas
&
Consumable
Fuels
0.7%
b
BNP
Paribas
Issuance
BV
into
Canadian
Natural
Resources
Ltd.,
144A,
9.5%,
1/12/24
.................................
Canada
452,000
27,441,122
Specialty
Retail
0.6%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Tractor
Supply
Co.,
144A,
7.25%,
6/09/23
.................................
United
States
102,500
22,658,379
Total
Equity-Linked
Securities
(Cost
$354,306,110)
..............................
366,918,920
Convertible
Preferred
Stocks
4.7%
Capital
Markets
1.1%
KKR
Group
Co.,
Inc.,
6%,
C
.............................
United
States
630,000
40,238,100
Electric
Utilities
0.8%
NextEra
Energy,
Inc.,
6.926%
............................
United
States
665,000
31,481,100
Health
Care
Equipment
&
Supplies
2.8%
Becton
Dickinson
&
Co.,
6%,
B
...........................
United
States
600,000
30,336,000
Boston
Scientific
Corp.,
5.5%,
A
..........................
United
States
572,500
71,980,425
102,316,425
Total
Convertible
Preferred
Stocks
(Cost
$175,319,067)
..........................
174,035,625
Total
Long
Term
Investments
(Cost
$2,700,843,018)
.............................
3,574,953,567
a
Short
Term
Investments
3.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.1%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
115,563,792
115,563,792
Total
Money
Market
Funds
(Cost
$115,563,792)
.................................
115,563,792
Total
Short
Term
Investments
(Cost
$115,563,792
)
...............................
115,563,792
a
Total
Investments
(Cost
$2,816,406,810)
100.1%
................................
$3,690,517,359
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(4,786,330)
Net
Assets
100.0%
...........................................................
$3,685,731,029
See
Abbreviations
on
page
77
.
a
See
Note
1(e)
regarding
equity-linked
securities.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2023,
the
aggregate
value
of
these
securities
was
$366,918,920,
representing
10.0%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
d
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
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part
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Semiannual
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39
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.73
$13.83
$11.73
$12.80
$11.89
$12.36
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.22
0.35
0.30
0.31
0.29
0.27
Net
realized
and
unrealized
gains
(losses)
0.62
(1.46)
2.36
(0.44)
1.17
(0.16)
Total
from
investment
operations
........
0.84
(1.11)
2.66
(0.13)
1.46
0.11
Less
distributions
from:
Net
investment
income
..............
(0.27)
(0.50)
(0.47)
(0.46)
(0.41)
(0.38)
Net
realized
gains
.................
—
(0.49)
(0.09)
(0.48)
(0.14)
(0.20)
Total
distributions
...................
(0.27)
(0.99)
(0.56)
(0.94)
(0.55)
(0.58)
Net
asset
value,
end
of
period
..........
$12.30
$11.73
$13.83
$11.73
$12.80
$11.89
Total
return
c
.......................
7.19%
(8.52)%
23.01%
(1.06)%
12.64%
0.89%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.91%
0.91%
0.92%
0.93%
0.96%
1.02%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.90%
0.90%
0.91%
0.91%
0.94%
1.01%
Net
investment
income
...............
3.64%
2.72%
2.27%
2.55%
2.36%
2.22%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$3,222,995
$3,102,045
$3,523,379
$2,860,390
$2,966,899
$2,586,246
Portfolio
turnover
rate
................
45.35%
75.02%
39.64%
64.69%
53.02%
63.64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
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Managed
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financial
statements.
40
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.61
$13.68
$11.61
$12.67
$11.78
$12.25
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.17
0.25
0.20
0.22
0.20
0.19
Net
realized
and
unrealized
gains
(losses)
0.61
(1.43)
2.34
(0.43)
1.15
(0.17)
Total
from
investment
operations
........
0.78
(1.18)
2.54
(0.21)
1.35
0.02
Less
distributions
from:
Net
investment
income
..............
(0.22)
(0.40)
(0.38)
(0.37)
(0.32)
(0.29)
Net
realized
gains
.................
—
(0.49)
(0.09)
(0.48)
(0.14)
(0.20)
Total
distributions
...................
(0.22)
(0.89)
(0.47)
(0.85)
(0.46)
(0.49)
Net
asset
value,
end
of
period
..........
$12.17
$11.61
$13.68
$11.61
$12.67
$11.78
Total
return
c
.......................
6.74%
(9.15)%
22.07%
(1.79)%
11.79%
0.14%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.66%
1.66%
1.66%
1.68%
1.71%
1.76%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.65%
1.65%
1.65%
1.66%
1.69%
1.75%
Net
investment
income
...............
2.89%
1.94%
1.54%
1.84%
1.61%
1.48%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$150,556
$168,085
$259,206
$341,521
$491,751
$493,762
Portfolio
turnover
rate
................
45.35%
75.02%
39.64%
64.69%
53.02%
63.64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
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Managed
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financial
statements.
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a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.77
$13.88
$11.76
$12.84
$11.92
$12.39
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.21
0.32
0.27
0.28
0.26
0.26
Net
realized
and
unrealized
gains
(losses)
0.61
(1.47)
2.38
(0.45)
1.18
(0.18)
Total
from
investment
operations
........
0.82
(1.15)
2.65
(0.17)
1.44
0.08
Less
distributions
from:
Net
investment
income
..............
(0.25)
(0.47)
(0.44)
(0.43)
(0.38)
(0.35)
Net
realized
gains
.................
—
(0.49)
(0.09)
(0.48)
(0.14)
(0.20)
Total
distributions
...................
(0.25)
(0.96)
(0.53)
(0.91)
(0.52)
(0.55)
Net
asset
value,
end
of
period
..........
$12.34
$11.77
$13.88
$11.76
$12.84
$11.92
Total
return
c
.......................
7.03%
(8.79)%
22.84%
(1.38)%
12.43%
0.63%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.16%
1.16%
1.16%
1.18%
1.21%
1.27%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.15%
1.15%
1.15%
1.16%
1.19%
1.26%
Net
investment
income
...............
3.39%
2.47%
2.03%
2.33%
2.11%
1.97%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$3,360
$2,976
$3,435
$3,093
$4,081
$3,371
Portfolio
turnover
rate
................
45.35%
75.02%
39.64%
64.69%
53.02%
63.64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
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Managed
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The
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42
`
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.77
$13.88
$11.76
$12.85
$11.93
$12.39
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.24
0.39
0.34
0.35
0.33
0.31
Net
realized
and
unrealized
gains
(losses)
0.62
(1.46)
2.39
(0.45)
1.18
(0.14)
Total
from
investment
operations
........
0.86
(1.07)
2.73
(0.10)
1.51
0.17
Less
distributions
from:
Net
investment
income
..............
(0.29)
(0.55)
(0.52)
(0.51)
(0.45)
(0.43)
Net
realized
gains
.................
—
(0.49)
(0.09)
(0.48)
(0.14)
(0.20)
Total
distributions
...................
(0.29)
(1.04)
(0.61)
(0.99)
(0.59)
(0.63)
Net
asset
value,
end
of
period
..........
$12.34
$11.77
$13.88
$11.76
$12.85
$11.93
Total
return
c
.......................
7.35%
(8.23)%
23.52%
(0.86)%
13.14%
1.23%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.59%
0.60%
0.60%
0.60%
0.63%
0.68%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.58%
0.59%
0.59%
0.58%
0.61%
0.66%
Net
investment
income
...............
3.96%
3.05%
2.59%
2.87%
2.69%
2.56%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$189,917
$169,511
$184,084
$155,563
$159,877
$138,923
Portfolio
turnover
rate
................
45.35%
75.02%
39.64%
64.69%
53.02%
63.64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
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Securities
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Managed
Income
Fund
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The
accompanying
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part
of
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financial
statements.
Semiannual
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a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.76
$13.87
$11.76
$12.84
$11.92
$12.39
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.24
0.38
0.34
0.34
0.32
0.30
Net
realized
and
unrealized
gains
(losses)
0.63
(1.46)
2.37
(0.44)
1.18
(0.16)
Total
from
investment
operations
........
0.87
(1.08)
2.71
(0.10)
1.50
0.14
Less
distributions
from:
Net
investment
income
..............
(0.29)
(0.54)
(0.51)
(0.50)
(0.44)
(0.41)
Net
realized
gains
.................
—
(0.49)
(0.09)
(0.48)
(0.14)
(0.20)
Total
distributions
...................
(0.29)
(1.03)
(0.60)
(0.98)
(0.58)
(0.61)
Net
asset
value,
end
of
period
..........
$12.34
$11.76
$13.87
$11.76
$12.84
$11.92
Total
return
c
.......................
7.40%
(8.31)%
23.34%
(0.86)%
12.96%
1.14%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.66%
0.66%
0.67%
0.68%
0.71%
0.77%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.65%
0.65%
0.66%
0.66%
0.69%
0.76%
Net
investment
income
...............
3.89%
2.98%
2.52%
2.79%
2.61%
2.47%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$228,392
$203,346
$228,617
$166,947
$180,882
$124,265
Portfolio
turnover
rate
................
45.35
%
75.02%
39.64%
64.69%
53.02%
63.64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
Franklin
Managed
Income
Fund
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44
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
27.9%
Aerospace
&
Defense
1.3%
Lockheed
Martin
Corp.
.................................
United
States
75,000
$
34,833,750
Raytheon
Technologies
Corp.
............................
United
States
155,000
15,484,500
50,318,250
Air
Freight
&
Logistics
0.5%
United
Parcel
Service,
Inc.,
B
............................
United
States
100,000
17,981,000
Banks
4.4%
a
Bank
of
America
Corp.
.................................
United
States
1,450,000
42,456,000
Citigroup,
Inc.
........................................
United
States
550,000
25,888,500
JPMorgan
Chase
&
Co.
.................................
United
States
440,000
60,825,600
Truist
Financial
Corp.
..................................
United
States
500,000
16,290,000
US
Bancorp
.........................................
United
States
650,000
22,282,000
167,742,100
Beverages
0.5%
Coca-Cola
Co.
(The)
...................................
United
States
300,000
19,245,000
Biotechnology
0.9%
a
AbbVie,
Inc.
.........................................
United
States
125,000
18,890,000
Amgen,
Inc.
.........................................
United
States
60,000
14,384,400
33,274,400
Capital
Markets
1.4%
Morgan
Stanley
.......................................
United
States
600,000
53,982,000
Chemicals
0.3%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
43,000
12,657,480
Communications
Equipment
0.5%
a
Cisco
Systems,
Inc.
...................................
United
States
400,000
18,900,000
Consumer
Staples
Distribution
&
Retail
0.4%
Target
Corp.
.........................................
United
States
100,000
15,775,000
Diversified
Telecommunication
Services
0.7%
Verizon
Communications,
Inc.
............................
United
States
700,000
27,181,000
Electric
Utilities
2.7%
a
American
Electric
Power
Co.,
Inc.
.........................
United
States
160,000
14,787,200
Duke
Energy
Corp.
....................................
United
States
250,000
24,720,000
Edison
International
...................................
United
States
350,000
25,760,000
a
Southern
Co.
(The)
....................................
United
States
500,000
36,775,000
102,042,200
Ground
Transportation
0.8%
a
Union
Pacific
Corp.
....................................
United
States
150,000
29,355,000
Health
Care
Providers
&
Services
0.8%
CVS
Health
Corp.
.....................................
United
States
400,000
29,324,000
Household
Products
0.8%
Procter
&
Gamble
Co.
(The)
.............................
United
States
200,000
31,276,000
Industrial
Conglomerates
0.5%
Honeywell
International,
Inc.
.............................
United
States
100,000
19,984,000
Media
0.5%
Comcast
Corp.,
A
.....................................
United
States
425,000
17,582,250
Metals
&
Mining
0.7%
Rio
Tinto
plc,
ADR
.....................................
Australia
400,000
25,596,000
Multi-Utilities
1.7%
Dominion
Energy,
Inc.
..................................
United
States
500,000
28,570,000
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
45
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Multi-Utilities
(continued)
DTE
Energy
Co.
......................................
United
States
150,000
$
16,861,500
Sempra
Energy
.......................................
United
States
125,000
19,436,250
64,867,750
Oil,
Gas
&
Consumable
Fuels
2.9%
a
Chevron
Corp.
.......................................
United
States
450,000
75,861,000
Exxon
Mobil
Corp.
.....................................
United
States
300,000
35,502,000
111,363,000
Pharmaceuticals
1.3%
Johnson
&
Johnson
...................................
United
States
150,000
24,555,000
Pfizer,
Inc.
...........................................
United
States
600,000
23,334,000
47,889,000
Semiconductors
&
Semiconductor
Equipment
2.6%
Broadcom,
Inc.
.......................................
United
States
62,000
38,843,000
Texas
Instruments,
Inc.
.................................
United
States
350,000
58,520,000
97,363,000
Specialty
Retail
1.2%
Home
Depot,
Inc.
(The)
.................................
United
States
150,000
45,081,000
Tobacco
0.5%
Philip
Morris
International,
Inc.
...........................
United
States
200,000
19,994,000
Total
Common
Stocks
(Cost
$861,367,439)
.....................................
1,058,773,430
Management
Investment
Companies
1.7%
Capital
Markets
1.7%
b
Franklin
Systematic
Style
Premia
ETF
......................
United
States
840,000
18,068,400
b,c
Franklin
U.S.
Low
Volatility
ETF
...........................
United
States
840,000
40,108,320
b
Western
Asset
Diversified
Income
Fund
.....................
United
States
500,905
6,682,073
64,858,793
Total
Management
Investment
Companies
(Cost
$59,370,544)
....................
64,858,793
d
Equity-Linked
Securities
9.1%
Aerospace
&
Defense
1.1%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Northrop
Grumman
Corp.,
144A,
7.5%,
10/06/23
...........................
United
States
45,000
21,219,710
e
Merrill
Lynch
International
&
Co.
CV
into
Raytheon
Technologies
Corp.,
144A,
7.5%,
5/08/24
............................
United
States
200,000
20,166,671
41,386,381
Automobiles
0.2%
e
Barclays
Bank
plc
into
Ford
Motor
Co.,
144A,
12%,
2/09/24
......
United
States
725,000
9,063,665
Banks
1.4%
e
Barclays
Bank
plc
into
JPMorgan
Chase
&
Co.,
144A,
8%,
9/08/23
United
States
275,000
37,113,739
e
JPMorgan
Chase
Bank
NA
into
Bank
of
America
Corp.,
144A,
9%,
2/02/24
...........................................
United
States
450,000
14,007,834
51,121,573
Biotechnology
0.5%
e
BNP
Paribas
Issuance
BV
into
AbbVie,
Inc.,
144A,
8%,
3/12/24
...
United
States
130,000
20,234,052
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
46
a
a
Country
Shares
a
Value
a
a
a
a
a
a
d
Equity-Linked
Securities
(continued)
Containers
&
Packaging
0.4%
e
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.,
144A,
10.5%,
12/15/23
.....................................
United
States
400,000
$
13,738,384
Electric
Utilities
0.5%
e
Mizuho
Markets
Cayman
LP
into
NextEra
Energy,
Inc.,
144A,
8%,
3/19/24
...........................................
United
States
275,000
20,576,707
Ground
Transportation
0.5%
e
UBS
AG
into
Union
Pacific
Corp.,
144A,
8%,
3/13/24
...........
United
States
100,000
19,769,390
Machinery
0.3%
e
National
Bank
of
Canada
into
Cummins,
Inc.,
144A,
8.5%,
2/13/24
United
States
45,000
10,978,438
Media
0.1%
e
BNP
Paribas
Issuance
BV
into
Comcast
Corp.,
144A,
8.5%,
8/10/23
United
States
100,000
4,269,986
Oil,
Gas
&
Consumable
Fuels
0.3%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Exxon
Mobil
Corp.,
144A,
9.5%,
2/22/24
.................................
United
States
100,000
11,898,725
Pharmaceuticals
0.6%
e
Mizuho
Markets
Cayman
LP
into
Bristol-Myers
Squibb
Co.,
144A,
8.5%,
12/04/23
.....................................
United
States
300,000
21,086,525
Semiconductors
&
Semiconductor
Equipment
1.9%
e
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
10%,
6/26/23
.......................................
United
States
629,300
46,512,397
e
Royal
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
10%,
5/19/23
United
States
145,000
25,650,748
72,163,145
Software
1.3%
e
Mizuho
Markets
Cayman
LP
into
Workday,
Inc.,
144A,
10%,
8/03/23
United
States
289,000
49,273,604
Total
Equity-Linked
Securities
(Cost
$334,196,100)
..............................
345,560,575
Convertible
Preferred
Stocks
0.3%
Electric
Utilities
0.3%
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
200,000
10,168,000
Total
Convertible
Preferred
Stocks
(Cost
$10,637,061)
...........................
10,168,000
Principal
Amount
*
Corporate
Bonds
52.7%
Aerospace
&
Defense
0.9%
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
............................
United
States
15,000,000
13,743,577
Senior
Note,
5.04%,
5/01/27
...........................
United
States
5,000,000
5,026,248
Senior
Note,
5.15%,
5/01/30
...........................
United
States
15,000,000
15,122,306
33,892,131
Automobile
Components
0.2%
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5.25
%
,
7/15/31
..
United
States
7,500,000
6,475,500
Automobiles
0.8%
Ford
Motor
Co.
,
Senior
Bond
,
6.1
%
,
8/19/32
.................
United
States
15,000,000
14,319,163
General
Motors
Co.
,
Senior
Bond
,
5.6
%
,
10/15/32
.............
United
States
15,000,000
14,706,170
29,025,333
Banks
4.4%
Bank
of
America
Corp.
,
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
10,000,000
9,291,214
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
47
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.,
(continued)
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
15,000,000
$
14,319,423
L,
Sub.
Bond,
4.183%,
11/25/27
........................
United
States
10,000,000
9,654,213
Barclays
plc
,
Senior
Bond,
4.337%,
1/10/28
..........................
United
Kingdom
15,000,000
14,479,543
Senior
Bond,
5.746%
to
8/08/32,
FRN
thereafter,
8/09/33
.....
United
Kingdom
10,000,000
9,850,013
Senior
Note,
7.385%
to
11/01/27,
FRN
thereafter,
11/02/28
....
United
Kingdom
15,000,000
15,986,209
Citigroup,
Inc.
,
Senior
Bond,
3.668%
to
7/23/27,
FRN
thereafter,
7/24/28
.....
United
States
20,000,000
18,945,388
Senior
Bond,
6.27%
to
11/16/32,
FRN
thereafter,
11/17/33
.....
United
States
10,000,000
10,819,865
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
.......................
United
States
10,000,000
10,478,479
Truist
Bank
,
Sub.
Bond
,
2.636%
to
9/16/24,
FRN
thereafter
,
9/17/29
United
States
10,000,000
9,375,059
Truist
Financial
Corp.
,
Senior
Bond
,
6.123%
to
10/27/32,
FRN
thereafter
,
10/28/33
..................................
United
States
10,000,000
10,409,499
US
Bancorp
,
Senior
Bond,
5.85%
to
10/20/32,
FRN
thereafter,
10/21/33
....
United
States
10,000,000
10,302,240
Senior
Note,
4.548%
to
7/21/27,
FRN
thereafter,
7/22/28
......
United
States
10,000,000
9,729,321
Wells
Fargo
&
Co.
,
Senior
Bond
,
4.478%
to
4/03/30,
FRN
thereafter
,
4/04/31
...........................................
United
States
15,000,000
14,450,085
168,090,551
Biotechnology
1.1%
AbbVie,
Inc.
,
Senior
Bond,
4.55%,
3/15/35
...........................
United
States
15,000,000
14,699,228
Senior
Bond,
4.5%,
5/14/35
............................
United
States
10,000,000
9,737,089
Amgen,
Inc.
,
Senior
Bond
,
5.25
%
,
3/02/33
...................
United
States
15,000,000
15,439,667
39,875,984
Broadline
Retail
0.3%
Amazon.com,
Inc.
,
Senior
Bond
,
3.6
%
,
4/13/32
...............
United
States
10,000,000
9,512,605
Capital
Markets
1.6%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
2.615%
to
4/21/31,
FRN
thereafter,
4/22/32
.....
United
States
10,000,000
8,351,166
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
....
United
States
15,000,000
12,488,923
Morgan
Stanley
,
Senior
Bond,
2.699%
to
1/21/30,
FRN
thereafter,
1/22/31
.....
United
States
10,000,000
8,636,106
Senior
Bond,
6.342%
to
10/17/32,
FRN
thereafter,
10/18/33
...
United
States
15,000,000
16,320,316
Sub.
Bond,
4.35%,
9/08/26
............................
United
States
15,000,000
14,682,083
60,478,594
Chemicals
2.4%
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.33
%
,
7/15/29
.......
United
States
20,000,000
20,275,696
CF
Industries,
Inc.
,
Senior
Bond
,
5.15
%
,
3/15/34
..............
United
States
12,500,000
12,161,955
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3
%
,
3/15/33
..........
United
States
10,000,000
11,004,368
DuPont
de
Nemours,
Inc.
,
Senior
Note
,
4.493
%
,
11/15/25
.......
United
States
10,000,000
9,976,069
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.......
United
States
20,000,000
18,812,046
e
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3
%
,
11/01/30
..........................................
United
States
10,000,000
8,133,614
e
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
...........................................
United
States
10,000,000
9,013,255
89,377,003
Communications
Equipment
0.2%
e
CommScope
Technologies
LLC
,
Senior
Bond
,
144A,
6
%
,
6/15/25
.
United
States
10,000,000
9,413,128
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
48
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
2.7%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
20,000,000
$
16,093,181
Capital
One
Financial
Corp.
,
Senior
Bond,
2.618%
to
11/01/31,
FRN
thereafter,
11/02/32
....
United
States
10,000,000
7,768,011
Senior
Bond,
5.268%
to
5/09/32,
FRN
thereafter,
5/10/33
.....
United
States
10,000,000
9,546,601
Senior
Note,
3.273%
to
2/28/29,
FRN
thereafter,
3/01/30
......
United
States
15,000,000
13,020,196
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
7.35%,
11/04/27
..........................
United
States
15,000,000
15,462,030
Senior
Note,
3.625%,
6/17/31
..........................
United
States
15,000,000
12,383,705
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
6.4%,
1/09/33
............................
United
States
10,000,000
10,290,216
Senior
Note,
4.3%,
4/06/29
............................
United
States
20,000,000
18,653,042
103,216,982
Consumer
Staples
Distribution
&
Retail
0.3%
Target
Corp.
,
Senior
Bond
,
4.5
%
,
9/15/32
...................
United
States
10,000,000
10,077,224
Containers
&
Packaging
1.1%
e
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
............................
United
States
25,000,000
21,408,984
e
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/27
.....................................
United
States
20,000,000
19,003,374
40,412,358
Diversified
REITs
0.5%
e
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Bond
,
144A,
4.625
%
,
12/01/29
..........................................
United
States
20,000,000
18,599,392
Diversified
Telecommunication
Services
0.5%
Verizon
Communications,
Inc.
,
Senior
Note
,
2.355
%
,
3/15/32
....
United
States
25,000,000
20,532,149
Electric
Utilities
2.7%
Edison
International
,
Senior
Note
,
6.95
%
,
11/15/29
............
United
States
20,000,000
21,740,820
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
4.55%,
7/01/30
...........................
United
States
25,000,000
23,252,549
Senior
Bond,
6.15%,
1/15/33
...........................
United
States
10,000,000
10,155,863
Southern
Co.
(The)
,
Senior
Bond
,
5.7
%
,
10/15/32
.............
United
States
15,000,000
15,851,890
e
Vistra
Operations
Co.
LLC
,
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
...........................................
United
States
36,000,000
33,266,538
104,267,660
Electrical
Equipment
0.5%
e
Regal
Rexnord
Corp.
,
Senior
Note
,
144A,
6.05
%
,
4/15/28
.......
United
States
20,000,000
20,206,391
Electronic
Equipment,
Instruments
&
Components
1.2%
Flex
Ltd.
,
Senior
Bond,
4.875%,
5/12/30
..........................
United
States
20,000,000
19,496,571
Senior
Note,
6%,
1/15/28
.............................
United
States
10,000,000
10,221,571
Jabil,
Inc.
,
Senior
Bond
,
3
%
,
1/15/31
.......................
United
States
20,000,000
17,068,517
46,786,659
Entertainment
0.5%
e
Warnermedia
Holdings,
Inc.
,
Senior
Bond
,
144A,
4.279
%
,
3/15/32
.
United
States
20,000,000
17,777,317
Financial
Services
0.5%
Fiserv,
Inc.
,
Senior
Bond
,
3.5
%
,
7/01/29
....................
United
States
20,000,000
18,636,544
Food
Products
1.5%
e
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Bond,
144A,
5.5%,
1/15/30
.......................
United
States
5,000,000
4,779,825
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
49
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Food
Products
(continued)
e
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.,
(continued)
Senior
Bond,
144A,
3.75%,
12/01/31
.....................
United
States
5,000,000
$
4,167,769
Senior
Note,
144A,
3.625%,
1/15/32
.....................
United
States
20,000,000
16,809,600
Pilgrim's
Pride
Corp.
,
Senior
Note
,
4.25
%
,
4/15/31
............
United
States
21,000,000
18,285,979
e
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
12/15/29
........
United
States
15,000,000
14,280,622
58,323,795
Ground
Transportation
1.1%
e
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
8/11/32
........
United
Kingdom
25,000,000
24,731,220
Union
Pacific
Corp.
,
Senior
Bond
,
4.5
%
,
1/20/33
..............
United
States
15,000,000
15,115,568
39,846,788
Health
Care
Equipment
&
Supplies
1.3%
Edwards
Lifesciences
Corp.
,
Senior
Bond
,
4.3
%
,
6/15/28
.......
United
States
9,700,000
9,711,807
e
GE
HealthCare
Technologies,
Inc.
,
Senior
Bond
,
144A,
5.905
%
,
11/22/32
..........................................
United
States
15,000,000
16,066,009
e
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
10,000,000
8,659,481
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
15,000,000
13,137,798
47,575,095
Health
Care
Providers
&
Services
5.4%
Centene
Corp.
,
Senior
Note
,
4.625
%
,
12/15/29
...............
United
States
25,000,000
23,585,000
e
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
20,000,000
14,252,428
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
40,000,000
39,696,468
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
10,000,000
9,919,642
CVS
Health
Corp.
,
Senior
Bond,
3.25%,
8/15/29
...........................
United
States
15,000,000
13,825,463
Senior
Bond,
3.75%,
4/01/30
...........................
United
States
10,000,000
9,370,523
e
DaVita,
Inc.
,
Senior
Bond,
144A,
3.75%,
2/15/31
......................
United
States
10,500,000
8,464,828
Senior
Note,
144A,
4.625%,
6/01/30
.....................
United
States
16,000,000
13,951,504
e
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond
,
144A,
3
%
,
12/01/31
..........................................
Germany
20,000,000
15,797,964
HCA,
Inc.
,
Senior
Bond,
4.125%,
6/15/29
..........................
United
States
10,000,000
9,485,662
e
Senior
Bond,
144A,
3.625%,
3/15/32
.....................
United
States
15,000,000
13,296,001
Humana,
Inc.
,
Senior
Bond
,
5.875
%
,
3/01/33
.................
United
States
15,000,000
16,164,631
Tenet
Healthcare
Corp.
,
Senior
Note,
6.125%,
10/01/28
.........................
United
States
10,000,000
9,714,083
Senior
Secured
Note,
4.375%,
1/15/30
...................
United
States
10,000,000
9,200,538
206,724,735
Hotels,
Restaurants
&
Leisure
1.7%
Expedia
Group,
Inc.
,
Senior
Bond,
3.8%,
2/15/28
............................
United
States
15,000,000
14,168,628
c
Senior
Note,
5%,
2/15/26
.............................
United
States
10,000,000
10,005,011
e
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
1/15/27
...
United
States
10,000,000
9,516,900
Starbucks
Corp.
,
Senior
Bond
,
3
%
,
2/14/32
..................
United
States
10,000,000
8,934,002
e
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
4,000,000
3,949,318
Senior
Bond,
144A,
5.25%,
5/15/27
......................
United
States
20,000,000
19,258,088
65,831,947
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
50
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Household
Durables
0.3%
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
4.35
%
,
2/15/28
.......
United
States
10,000,000
$
9,586,178
Insurance
1.2%
Brown
&
Brown,
Inc.
,
Senior
Bond
,
2.375
%
,
3/15/31
...........
United
States
31,000,000
25,419,057
e
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
United
States
10,000,000
10,238,418
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
...............
United
States
10,000,000
10,042,650
45,700,125
Interactive
Media
&
Services
0.2%
Meta
Platforms,
Inc.
,
Senior
Note
,
3.85
%
,
8/15/32
.............
United
States
10,000,000
9,446,486
Metals
&
Mining
2.5%
e
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
.
United
States
15,000,000
13,637,248
ArcelorMittal
SA
,
c
Senior
Bond,
4.25%,
7/16/29
...........................
Luxembourg
7,700,000
7,350,585
Senior
Note,
6.55%,
11/29/27
..........................
Luxembourg
25,000,000
26,131,271
e
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
4/15/30
...........................................
Australia
15,000,000
14,561,229
Freeport-McMoRan,
Inc.
,
Senior
Bond,
4.625%,
8/01/30
..........................
United
States
15,000,000
14,309,922
Senior
Note,
4.125%,
3/01/28
..........................
United
States
5,000,000
4,726,725
e
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
4.875
%
,
3/12/29
.....
Australia
15,000,000
14,873,664
95,590,644
Multi-Utilities
0.4%
Dominion
Energy,
Inc.
,
A
,
Senior
Note
,
4.35
%
,
8/15/32
.........
United
States
15,000,000
14,459,461
Oil,
Gas
&
Consumable
Fuels
2.4%
BP
Capital
Markets
America,
Inc.
,
Senior
Bond
,
3.633
%
,
4/06/30
..
United
States
10,000,000
9,585,768
e
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
11
%
,
4/15/25
........................
United
States
15,000,000
15,428,529
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note
,
3.7
%
,
11/15/29
..........................................
United
States
10,000,000
9,364,931
Energy
Transfer
LP
,
Senior
Bond
,
5.75
%
,
2/15/33
.............
United
States
15,000,000
15,312,870
Occidental
Petroleum
Corp.
,
Senior
Note
,
6.375
%
,
9/01/28
......
United
States
10,000,000
10,439,633
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
4.65%,
8/15/32
...........................
United
States
20,000,000
19,417,144
Senior
Bond,
5.65%,
3/15/33
...........................
United
States
10,000,000
10,367,218
89,916,093
Passenger
Airlines
1.0%
e
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
25,000,000
24,291,866
e
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
12,750,000
12,744,905
37,036,771
Personal
Care
Products
0.6%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.........
United
States
25,000,000
22,966,524
Pharmaceuticals
2.1%
e
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
5,454,000
5,405,541
e
Bausch
Health
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
5.5
%
,
11/01/25
..........................................
United
States
30,000,000
26,189,107
e
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
15,000,000
14,712,090
Mylan,
Inc.
,
Senior
Note
,
4.55
%
,
4/15/28
....................
United
States
19,000,000
18,210,229
Royalty
Pharma
plc
,
Senior
Bond
,
2.15
%
,
9/02/31
.............
United
States
20,000,000
15,963,878
80,480,845
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
51
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
1.8%
Broadcom,
Inc.
,
Senior
Bond,
4.3%,
11/15/32
...........................
United
States
10,000,000
$
9,173,355
e
Senior
Bond,
144A,
3.469%,
4/15/34
.....................
United
States
30,000,000
24,797,579
Intel
Corp.
,
Senior
Bond
,
5.2
%
,
2/10/33
.....................
United
States
10,000,000
10,216,447
Microchip
Technology,
Inc.
,
Senior
Note
,
4.25
%
,
9/01/25
........
United
States
5,000,000
4,911,224
Micron
Technology,
Inc.
,
Senior
Bond,
4.663%,
2/15/30
..........................
United
States
15,000,000
14,381,956
Senior
Bond,
5.875%,
2/09/33
..........................
United
States
5,000,000
5,044,791
68,525,352
Software
1.3%
Oracle
Corp.
,
Senior
Bond,
6.25%,
11/09/32
..........................
United
States
10,000,000
10,800,798
Senior
Bond,
3.9%,
5/15/35
............................
United
States
20,000,000
17,566,003
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
25,000,000
22,828,649
51,195,450
Specialized
REITs
0.8%
American
Tower
Corp.
,
Senior
Bond
,
3.8
%
,
8/15/29
............
United
States
25,000,000
23,499,581
Crown
Castle,
Inc.
,
Senior
Bond
,
2.5
%
,
7/15/31
...............
United
States
10,000,000
8,394,785
31,894,366
Specialty
Retail
0.7%
Lowe's
Cos.,
Inc.
,
Senior
Bond,
3.75%,
4/01/32
...........................
United
States
20,000,000
18,563,222
Senior
Note,
1.7%,
10/15/30
...........................
United
States
10,000,000
8,165,053
26,728,275
Technology
Hardware,
Storage
&
Peripherals
0.9%
c
Apple,
Inc.
,
Senior
Bond
,
3.35
%
,
8/08/32
....................
United
States
10,000,000
9,494,608
HP,
Inc.
,
Senior
Bond
,
5.5
%
,
1/15/33
.......................
United
States
25,000,000
24,817,020
34,311,628
Tobacco
1.7%
Altria
Group,
Inc.
,
Senior
Bond
,
2.45
%
,
2/04/32
...............
United
States
15,000,000
11,943,611
BAT
Capital
Corp.
,
Senior
Bond,
4.742%,
3/16/32
..........................
United
Kingdom
15,000,000
14,026,848
Senior
Bond,
7.75%,
10/19/32
..........................
United
Kingdom
25,000,000
27,728,331
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
....
United
States
10,000,000
10,109,190
63,807,980
Trading
Companies
&
Distributors
0.6%
e
United
Rentals
North
America,
Inc.
,
Senior
Secured
Note
,
144A,
6
%
,
12/15/29
..........................................
United
States
22,500,000
22,855,252
Wireless
Telecommunication
Services
0.8%
Sprint
LLC
,
Senior
Note
,
7.625
%
,
2/15/25
...................
United
States
10,000,000
10,313,879
e
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
,
Senior
Secured
Note
,
144A,
4.738
%
,
3/20/25
...........................................
United
States
3,750,000
3,726,139
T-Mobile
USA,
Inc.
,
Senior
Bond
,
3.5
%
,
4/15/31
..............
United
States
20,000,000
18,085,664
32,125,682
Total
Corporate
Bonds
(Cost
$1,936,622,588)
...................................
2,001,582,977
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
52
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
5.1%
U.S.
Treasury
Bonds
,
3%,
8/15/52
........................................
United
States
27,500,000
$
24,165,625
4%,
11/15/52
.......................................
United
States
50,000,000
53,101,562
U.S.
Treasury
Notes
,
4%,
10/31/29
.......................................
United
States
50,000,000
51,425,781
4.125%,
11/15/32
....................................
United
States
60,000,000
63,337,500
Total
U.S.
Government
and
Agency
Securities
(Cost
$186,577,176)
................
192,030,468
Asset-Backed
Securities
0.4%
Passenger
Airlines
0.4%
United
Airlines
Pass-Through
Trust
,
2020-1,
A,
5.875%,
10/15/27
...........................
United
States
7,186,833
7,195,194
2020-1,
B,
4.875%,
7/15/27
............................
United
States
8,220,000
7,976,983
15,172,177
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$15,406,833)
...............................
15,172,177
Mortgage-Backed
Securities
0.0%
†
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
1,076,206
1,046,478
Total
Mortgage-Backed
Securities
(Cost
$1,140,106)
.............................
1,046,478
Total
Long
Term
Investments
(Cost
$3,405,317,847)
.............................
3,689,192,898
a
Short
Term
Investments
2.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.0%
b,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
73,768,131
73,768,131
Total
Money
Market
Funds
(Cost
$73,768,131)
..................................
73,768,131
a
a
a
g
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
b,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
5,015,000
5,015,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$5,015,000)
............................................................
5,015,000
Total
Short
Term
Investments
(Cost
$78,783,131
)
................................
78,783,131
a
Total
Investments
(Cost
$3,484,100,978)
99.3%
..................................
$3,767,976,029
Options
Written
(0.0)%
†
......................................................
(488,250)
Other
Assets,
less
Liabilities
0.7%
.............................................
27,731,977
Net
Assets
100.0%
...........................................................
$3,795,219,756
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
53
At
April
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1(d).
See
Abbreviations
on
page
77
.
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
h
Options
Written
(0.0)%
†
Calls
-
Exchange-Traded
Equity
Options
AbbVie,
Inc.,
May
Strike
Price
$165.00,
Expires
5/19/23
........
1,250
18,890,000
$
(6,250)
American
Electric
Power
Co.,
Inc.,
May
Strike
Price
$100.00,
Expires
5/19/23
...........................................
1,600
14,787,200
(8,000)
Bank
of
America
Corp.,
May
Strike
Price
$40.00,
Expires
5/19/23
.
4,500
13,176,000
(4,500)
Chevron
Corp.,
June
Strike
Price
$185.00,
Expires
6/16/23
......
2,500
42,145,000
(142,500)
Cisco
Systems,
Inc.,
June
Strike
Price
$55.00,
Expires
6/16/23
...
2,000
9,450,000
(12,000)
Southern
Co.
(The),
May
Strike
Price
$75.00,
Expires
5/19/23
....
2,000
14,710,000
(120,000)
Union
Pacific
Corp.,
June
Strike
Price
$215.00,
Expires
6/16/23
..
1,000
19,570,000
(68,000)
(361,250)
Puts
-
Exchange-Traded
Equity
Options
International
Business
Machines
Corp.,
June
Strike
Price
$120.00,
Expires
6/16/23
.....................................
1,000
12,641,000
(127,000)
(127,000)
Total
Options
Written
(Premiums
received
$1,780,709)
...........................
$
(488,250)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
b
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
c
A
portion
or
all
of
the
security
is
on
loan
at
April
30,
2023.
See
Note
1(f).
d
See
Note
1(e)
regarding
equity-linked
securities.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2023,
the
aggregate
value
of
these
securities
was
$956,579,600,
representing
25.2%
of
net
assets.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
g
See
Note
1(f)
regarding
securities
on
loan.
h
See
Note
1(d)
regarding
written
options.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Long
1,000
$
115,203,125
6/21/23
$
3,444,697
U.S.
Treasury
Ultra
Bonds
......................
Long
200
28,281,250
6/21/23
1,502,344
Total
Futures
Contracts
......................................................................
$4,947,041
*
As
of
period
end.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
April
30,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
54
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
.................................
$2,708,409,441
$2,700,843,018
$3,345,947,303
Cost
-
Controlled
affiliates
(Not
e
3f)
..........................
—
—
52,168,200
Cost
-
Non-controlled
affiliates
(Note
3
f
and
9
)
..................
163,161,441
115,563,792
85,985,475
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$33,957,
$—
and
$4,898,640
respectively)
..............................
$2,705,079,662
$3,574,953,567
$3,624,334,105
Value
-
Controlled
affiliates
(Not
e
3f)
.........................
—
—
58,176,720
Value
-
Non-controlled
affiliates
(Note
3
f
and
9
)
.................
165,874,941
115,563,792
85,465,204
Cash
..................................................
199,276
94,430
1,523,871
Receivables:
Investment
securities
sold
.................................
—
18,982,702
1,421,798
Capital
shares
sold
......................................
2,019,307
1,360,423
1,856,419
Dividends
and
interest
...................................
6,618,450
5,067,831
29,284,502
European
Union
tax
reclaims
(Not
e
1g)
.......................
—
510,393
731,125
Deposits
with
brokers
for:
Futures
contracts
......................................
—
—
3,550,000
Variation
margin
on
futures
contracts
.........................
—
—
850,000
Total
assets
........................................
2,879,791,636
3,716,533,138
3,807,193,744
Liabilities:
Payables:
Investment
securities
purchased
............................
401,270
24,406,926
188,859
Capital
shares
redeemed
.................................
2,567,021
3,199,211
2,663,751
Management
fees
.......................................
1,079,579
1,361,503
1,756,775
Distribution
fees
........................................
281,447
754,742
789,590
Transfer
agent
fees
......................................
1,276,123
949,756
807,280
Trustees'
fees
and
expenses
...............................
905
68
16
Options
written,
at
value
(premiums
received
$–,
$–
and
$1,780,709
respectively)
............................................
—
—
488,250
Payable
upon
return
of
securities
loaned
(Not
e
1f)
................
34,000
—
5,015,000
Accrued
expenses
and
other
liabilities
.........................
256,222
129,903
264,467
Total
liabilities
.......................................
5,896,567
30,802,109
11,973,988
Net
assets,
at
value
...............................
$2,873,895,069
$3,685,731,029
$3,795,219,756
Net
assets
consist
of:
Paid-in
capital
...........................................
$2,922,353,184
$2,743,370,330
$3,471,589,622
Total
distributable
earnings
(losses)
...........................
(48,458,115)
942,360,699
323,630,134
Net
assets,
at
value
...............................
$2,873,895,069
$3,685,731,029
$3,795,219,756
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
55
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Class
A:
Net
assets,
at
value
.....................................
$1,009,403,294
$2,946,935,394
$3,222,995,350
Shares
outstanding
......................................
51,029,767
103,264,486
261,958,179
Net
asset
value
per
share
a
................................
$19.78
$28.54
$12.30
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%,
94.50%
and
94.50%,
respectively)
..........................
$20.93
$30.20
$13.02
Class
C:
Net
assets,
at
value
.....................................
$85,531,329
$180,383,084
$150,556,093
Shares
outstanding
......................................
4,445,432
6,375,652
12,368,931
Net
asset
value
and
maximum
offering
price
per
share
a
...........
$19.24
$28.29
$12.17
Class
R:
Net
assets,
at
value
.....................................
$—
$10,598,029
$3,359,706
Shares
outstanding
......................................
—
371,149
272,174
Net
asset
value
and
maximum
offering
price
per
share
...........
$—
$28.56
$12.34
Class
R6:
Net
assets,
at
value
.....................................
$92,232,005
$169,937,990
$189,916,688
Shares
outstanding
......................................
4,617,316
5,941,552
15,389,590
Net
asset
value
and
maximum
offering
price
per
share
...........
$19.98
$28.60
$12.34
Advisor
Class:
Net
assets,
at
value
.....................................
$1,686,728,441
$377,876,532
$228,391,919
Shares
outstanding
......................................
85,266,249
13,216,935
18,514,305
Net
asset
value
and
maximum
offering
price
per
share
...........
$19.78
$28.59
$12.34
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Operations
for
the
six
months
ended
April
30,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
56
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$–,
$689,278
and
$0,
respectively)
Unaffiliated
issuers
......................................
$7,427,240
$49,950,408
$20,108,902
Controlled
affiliates
(Not
e
3f)
...............................
—
—
851,242
Non-controlled
affiliates
(Note
3
f
and
9
)
.......................
3,255,637
2,433,922
1,140,594
Interest:
Unaffiliated
issuers
......................................
14,135,694
783
63,099,261
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
...................
57,475
—
1,874
Non-controlled
affiliates
(Note
3
f
)
...........................
181,596
5
110,830
Other
income
(Not
e
1g)
....................................
—
4,186
10,889
Total
investment
income
.................................
25,057,642
52,389,304
85,323,592
Expenses:
Management
fees
(Note
3
a
)
.................................
6,826,009
8,462,266
10,298,107
Distribution
fees:
(Note
3c
)
Class
A
..............................................
1,296,526
3,631,367
3,991,223
Class
C
..............................................
463,338
914,016
808,633
Class
R
..............................................
—
25,335
7,905
Transfer
agent
fees:
(Note
3e
)
Class
A
..............................................
575,729
1,584,978
1,489,903
Class
C
..............................................
51,570
99,761
75,591
Class
R
..............................................
—
5,527
1,475
Class
R6
.............................................
21,267
27,409
24,837
Advisor
Class
..........................................
973,882
205,454
101,797
Custodian
fees
(Note
4
)
....................................
7,379
14,842
7,356
Reports
to
shareholders
fees
................................
89,853
97,150
100,024
Registration
and
filing
fees
..................................
66,890
99,559
85,258
Professional
fees
.........................................
37,378
30,294
37,791
Trustees'
fees
and
expenses
................................
19,872
22,836
23,525
Other
..................................................
48,128
29,839
55,164
Total
expenses
.......................................
10,477,821
15,250,633
17,108,589
Expense
reductions
(Note
4
)
.............................
(2,114)
(6,823)
5,394
Expenses
waived/paid
by
affiliates
(Not
e
3
f
and
3
g
)
............
(160,747)
(235,093)
(167,698)
Net
expenses
.......................................
10,314,960
15,008,717
16,946,285
Net
investment
income
..............................
14,742,682
37,380,587
68,377,307
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Operations
(continued)
for
the
six
months
ended
April
30,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
57
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
....................................
(46,378,704)
71,495,315
52,290,335
Controlled
affiliates
(Note
3
f
)
.............................
—
—
(1,281,860)
Non-controlled
affiliates
(Note
3
f
and
9
)
.....................
—
—
(1,132,862)
Written
options
.........................................
—
—
4,189,121
Foreign
currency
transactions
..............................
—
(6,656)
10,639
Futures
contracts
.......................................
—
—
(1,630,927)
Net
realized
gain
(loss)
................................
(46,378,704)
71,488,659
52,444,446
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
....................................
176,117,650
75,071,937
128,686,855
Controlled
affiliates
(Note
3
f
)
.............................
—
—
2,905,361
Non-controlled
affiliates
(Note
3
f
and
9
)
.....................
1,827,000
—
1,847,791
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
...........................................
—
95,675
140,574
Written
options
.........................................
—
—
1,292,459
Futures
contracts
.......................................
—
—
4,979,081
Net
change
in
unrealized
appreciation
(depreciation)
..........
177,944,650
75,167,612
139,852,121
Net
realized
and
unrealized
gain
(loss)
..........................
131,565,946
146,656,271
192,296,567
Net
increase
(decrease)
in
net
assets
resulting
from
operations
........
$146,308,628
$184,036,858
$260,673,874
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
58
E
3
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$14,742,682
$29,502,249
$37,380,587
$59,250,450
Net
realized
gain
(loss)
............
(46,378,704)
262,990,651
71,488,659
147,407,120
Net
change
in
unrealized
appreciation
(depreciation)
.................
177,944,650
(1,257,833,160)
75,167,612
(507,120,265)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
146,308,628
(965,340,260)
184,036,858
(300,462,695)
Distributions
to
shareholders:
Class
A
........................
(81,689,034)
(278,593,942)
(126,396,553)
(210,401,246)
Class
C
........................
(7,294,932)
(32,745,743)
(7,312,794)
(12,966,193)
Class
R
........................
—
—
(425,963)
(656,640)
Class
R6
.......................
(7,355,401)
(27,438,151)
(7,377,038)
(11,606,633)
Advisor
Class
...................
(141,035,977)
(574,322,200)
(16,982,622)
(27,731,038)
Total
distributions
to
shareholders
.....
(237,375,344)
(913,100,036)
(158,494,970)
(263,361,750)
Capital
share
transactions:
(Note
2
)
Class
A
........................
(26,488,496)
30,184,007
85,703,905
337,706,025
Class
C
........................
(12,433,374)
(29,126,451)
(2,553,522)
10,731,937
Class
R
........................
—
—
945,071
1,653,180
Class
R6
.......................
(530,219)
22,030,422
8,650,313
33,598,030
Advisor
Class
...................
(154,005,239)
(290,064,516)
(7,567,298)
61,890,454
Total
capital
share
transactions
.......
(193,457,328)
(266,976,538)
85,178,469
445,579,626
Net
increase
(decrease)
in
net
assets
.....................
(284,524,044)
(2,145,416,834)
110,720,357
(118,244,819)
Net
assets:
Beginning
of
period
................
3,158,419,113
5,303,835,947
3,575,010,672
3,693,255,491
End
of
period
.....................
$2,873,895,069
$3,158,419,113
$3,685,731,029
$3,575,010,672
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
59
Franklin
Managed
Income
Fund
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$68,377,307
$108,053,686
Net
realized
gain
(loss)
.................................................
52,444,446
51,199,736
Net
change
in
unrealized
appreciation
(depreciation)
...........................
139,852,121
(511,711,146)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
260,673,874
(352,457,724)
Distributions
to
shareholders:
Class
A
.............................................................
(70,666,030)
(257,376,941)
Class
C
.............................................................
(2,908,968)
(15,769,507)
Class
R
.............................................................
(66,433)
(231,881)
Class
R6
............................................................
(4,359,337)
(14,138,484)
Advisor
Class
........................................................
(5,155,057)
(17,188,220)
Total
distributions
to
shareholders
..........................................
(83,155,825)
(304,705,033)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(29,721,641)
133,628,627
Class
C
.............................................................
(25,647,089)
(55,136,786)
Class
R
.............................................................
236,098
55,797
Class
R6
............................................................
11,962,537
14,741,171
Advisor
Class
........................................................
14,908,303
11,116,066
Total
capital
share
transactions
............................................
(28,261,792)
104,404,875
Net
increase
(decrease)
in
net
assets
...................................
149,256,257
(552,757,882)
Net
assets:
Beginning
of
period
.....................................................
3,645,963,499
4,198,721,381
End
of
period
..........................................................
$3,795,219,756
$3,645,963,499
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
60
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Investors
Securities
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of
seven
separate
funds,
three
of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
classes
of
shares
offered
within
each
of
the
Funds
are
indicated
below.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Franklin
Convertible
Securities
Fund
closed
to
new
investors
with
limited
exceptions
on
August
29,
2018.
Class
A,
Class
C,
Class
R,
Class
R6
&
Advisor
Class
Franklin
Managed
Income
Fund
Franklin
Equity
Income
Fund
Class
A,
Class
C,
Class
R6
&
Advisor
Class
Franklin
Convertible
Securities
Fund
The
following
summarizes
the Funds'
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The Funds'
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The Funds calculate the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities,
exchange
traded
funds,
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-
counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
and
certain
preferred
securities
generally
trade
in
the
OTC
market rather
than
on
a
securities
exchange.
The
Funds'
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily
employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
61
franklintempleton.com
Semiannual
Report
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds'
business
day.
Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Funds.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds'
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
April
30,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds'
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds'
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Funds
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statements
of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Purchased
on
a
Delayed
Delivery
Basis
Franklin
Equity
Income
Fund
purchases
securities
on
a
delayed
delivery
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
it
may
sell
the
securities
before
the
settlement
date.
d.
Derivative
Financial
Instruments
Certain
or
all
Funds
invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
62
franklintempleton.com
Semiannual
Report
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statements
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statements
of
Operations.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
Certain
or
all
Funds
entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statements
of
Assets
and
Liabilities.
At
April
30,
2023, Franklin
Convertible
Securities
Fund
and
Franklin
Equity
Income
Fund
had
no
futures
contracts.
Certain
or
all
Funds
purchased
or
wrote
exchange
traded
option
contracts
primarily
to
manage
and/or
gain
exposure
to
equity
volatility
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
At
April
30,
2023,
Franklin
Convertible
Securities
Fund
and
Franklin
Equity
Income
Fund
had
no
options.
See
Note
8 regarding
other
derivative
information.
e.
Equity-Linked
Securities
Certain
or
all
Funds
invest in
equity-linked
securities.
Equity-linked
securities
are
hybrid
financial
instruments
that
generally
combine
both
debt
and
equity
characteristics
into
a
single
note
form.
Income
received
from
equity-linked
securities
is
recorded
as
realized
gains
in
the
Statements
of
Operations
and
may
be
based
on
the
performance
of
an
underlying
equity
security,
an
equity
index,
or
an
option
position.
The
risks
of
investing
in
equity-linked
securities
include
unfavorable
price
movements
in
the
underlying
security
and
the
credit
risk
of
the
issuing
financial
institution.
There
may
be
no
guarantee
of
a
return
of
principal
with
equity-linked
securities
and
the
appreciation
potential
may
be
limited.
Equity-linked
securities
may
be
more
volatile
and
less
liquid
than
other
investments
held
by
the
Funds.
f.
Securities
Lending
Certain
or
all
Funds
participate
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the
Funds,
and/
or
a
joint
repurchase
agreement.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Statements
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower. At
April
30,
2023,
Franklin
Equity
Income
Fund
had
no
securities
on
loan.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
63
franklintempleton.com
Semiannual
Report
g.
Income
and
Deferred
Taxes
It
is each
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. Each
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Funds
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
the
Funds
invest.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Funds
invest.
When
a
capital
gain
tax
is
determined
to
apply,
certain
or
all
Funds
record
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union,
certain
or
all
Funds
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
countries
(EU
reclaims). Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Statements of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statements
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statements
of
Operations.
When
uncertainty
exists
as
to
the
ultimate
resolution
of
these
proceedings,
the
likelihood
of
receipt
of
these
EU
reclaims,
and
the
potential
timing
of
payment,
no
amounts
are
reflected
in
the
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Funds,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their income
tax
returns.
Each
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
April
30,
2023, each
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
h.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income
on
the
Statements
of
Operations.
Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Funds.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
Franklin
Managed
Income
Fund
employs
a
managed
distribution
policy.
Under
this
policy,
the
fund
will
distribute
level
monthly
distributions
in
any
given
year
regardless
of
the
performance
of
the
fund;
however,
the
twelfth
monthly
payment
may
be
greater
than
the
initially
anticipated
amount
if
additional
income
or
capital
gains
are
required
to
be
distributed.
These
distributions
may
include
income
and
capital
gains
generated
by
the
Fund,
as
well
as
a
possible
return
of
capital
component,
if
necessary,
to
meet
the
annual
distribution
rate.
The
annual
payout
rate
may
be
adjusted
higher
or
lower
from
year
to
year
in
response
to
market
conditions.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
64
franklintempleton.com
Semiannual
Report
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
i.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
j.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Funds,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
April
30,
2023,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Funds'
shares
were
as
follows:
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
a
...................................
1,445,233
$28,980,861
6,419,262
$183,128,374
Shares
issued
in
reinvestment
of
distributions
..........
3,962,812
76,919,733
4,422,225
123,852,509
Shares
redeemed
...............................
(6,612,873)
(132,389,090)
(7,785,993)
(221,276,978)
Net
increase
(decrease)
..........................
(1,204,828)
$(26,488,496)
3,055,494
$85,703,905
Year
ended
October
31,
2022
Shares
sold
a
...................................
3,528,462
$81,704,017
17,185,498
$514,155,522
Shares
issued
in
reinvestment
of
distributions
..........
10,751,868
263,621,337
6,724,965
206,017,007
Shares
redeemed
...............................
(14,108,546)
(315,141,347)
(12,900,507)
(382,466,504)
Net
increase
(decrease)
..........................
171,784
$30,184,007
11,009,956
$337,706,025
Class
C
1.
Organization
and
Significant
Accounting
Policies
(continued)
h.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
65
franklintempleton.com
Semiannual
Report
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Shares
Amount
Shares
Amount
Class
C
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
50,141
$978,980
784,240
$22,131,429
Shares
issued
in
reinvestment
of
distributions
..........
374,391
7,061,367
261,314
7,266,047
Shares
redeemed
a
..............................
(1,047,258)
(20,473,721)
(1,127,365)
(31,950,998)
Net
increase
(decrease)
..........................
(622,726)
$(12,433,374)
(81,811)
$(2,553,522)
Year
ended
October
31,
2022
Shares
sold
...................................
179,088
$4,186,946
1,834,865
$55,546,358
Shares
issued
in
reinvestment
of
distributions
..........
1,295,654
31,121,593
420,769
12,876,801
Shares
redeemed
a
..............................
(2,912,500)
(64,434,990)
(1,955,137)
(57,691,222)
Net
increase
(decrease)
..........................
(1,437,758)
$(29,126,451)
300,497
$10,731,937
Class
R
Class
R
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
—
$—
33,457
$955,651
Shares
issued
in
reinvestment
of
distributions
..........
—
—
15,172
425,332
Shares
redeemed
...............................
—
—
(15,181)
(435,912)
Net
increase
(decrease)
..........................
—
$—
33,448
$945,071
Year
ended
October
31,
2022
Shares
sold
...................................
—
$—
82,686
$2,467,955
Shares
issued
in
reinvestment
of
distributions
..........
—
—
21,378
656,122
Shares
redeemed
...............................
—
—
(51,002)
(1,470,897)
Net
increase
(decrease)
..........................
—
$—
53,062
$1,653,180
Class
R6
Class
R6
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
552,650
$11,127,110
838,660
$23,791,168
Shares
issued
in
reinvestment
of
distributions
..........
373,018
7,314,346
204,124
5,726,400
Shares
redeemed
...............................
(936,310)
(18,971,675)
(730,778)
(20,867,255)
Net
increase
(decrease)
..........................
(10,642)
$(530,219)
312,006
$8,650,313
Year
ended
October
31,
2022
Shares
sold
...................................
1,766,270
$47,640,387
1,888,227
$56,835,158
Shares
issued
in
reinvestment
of
distributions
..........
1,097,271
27,093,993
296,335
9,065,202
Shares
redeemed
...............................
(2,308,082)
(52,703,958)
(1,086,998)
(32,302,330)
Net
increase
(decrease)
..........................
555,459
$22,030,422
1,097,564
$33,598,030
Advisor
Class
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
66
franklintempleton.com
Semiannual
Report
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Shares
Amount
Shares
Amount
Advisor
Class
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
9,105,356
$182,786,626
1,570,530
$44,884,504
Shares
issued
in
reinvestment
of
distributions
..........
6,224,085
120,864,268
584,339
16,392,542
Shares
redeemed
...............................
(22,801,966)
(457,656,133)
(2,419,410)
(68,844,344)
Net
increase
(decrease)
..........................
(7,472,525)
$(154,005,239)
(264,541)
$(7,567,298)
Year
ended
October
31,
2022
Shares
sold
...................................
22,514,113
$514,171,857
4,809,064
$143,377,165
Shares
issued
in
reinvestment
of
distributions
..........
19,812,549
485,167,624
870,642
26,624,989
Shares
redeemed
...............................
(57,281,750)
(1,289,403,997)
(3,625,874)
(108,111,700)
Net
increase
(decrease)
..........................
(14,955,088)
$(290,064,516)
2,053,832
$61,890,454
Franklin
Managed
Income
Fund
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
a
...................................
12,280,249
$150,080,405
Shares
issued
in
reinvestment
of
distributions
..........
5,619,685
68,697,144
Shares
redeemed
...............................
(20,346,411)
(248,499,190)
Net
increase
(decrease)
..........................
(2,446,477)
$(29,721,641)
Year
ended
October
31,
2022
Shares
sold
a
...................................
28,573,160
$366,266,017
Shares
issued
in
reinvestment
of
distributions
..........
19,338,624
250,731,226
Shares
redeemed
...............................
(38,189,802)
(483,368,616)
Net
increase
(decrease)
..........................
9,721,982
$133,628,627
Class
C
Class
C
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
830,718
$10,037,731
Shares
issued
in
reinvestment
of
distributions
..........
236,578
2,862,057
Shares
redeemed
a
..............................
(3,181,282)
(38,546,877)
Net
increase
(decrease)
..........................
(2,113,986)
$(25,647,089)
Year
ended
October
31,
2022
Shares
sold
...................................
1,985,417
$25,675,886
Shares
issued
in
reinvestment
of
distributions
..........
1,202,978
15,555,196
Shares
redeemed
a
..............................
(7,646,748)
(96,367,868)
Net
increase
(decrease)
..........................
(4,458,353)
$(55,136,786)
Class
R
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
67
franklintempleton.com
Semiannual
Report
Franklin
Managed
Income
Fund
Shares
Amount
Class
R
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
17,833
$217,399
Shares
issued
in
reinvestment
of
distributions
..........
5,390
66,110
Shares
redeemed
...............................
(3,896)
(47,411)
Net
increase
(decrease)
..........................
19,327
$236,098
Year
ended
October
31,
2022
Shares
sold
...................................
20,379
$262,738
Shares
issued
in
reinvestment
of
distributions
..........
17,776
231,450
Shares
redeemed
...............................
(32,885)
(438,391)
Net
increase
(decrease)
..........................
5,270
$55,797
Class
R6
Class
R6
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
2,196,912
$26,793,434
Shares
issued
in
reinvestment
of
distributions
..........
353,731
4,337,393
Shares
redeemed
...............................
(1,563,949)
(19,168,290)
Net
increase
(decrease)
..........................
986,694
$11,962,537
Year
ended
October
31,
2022
Shares
sold
...................................
2,936,983
$37,459,817
Shares
issued
in
reinvestment
of
distributions
..........
1,085,405
14,091,202
Shares
redeemed
...............................
(2,881,346)
(36,809,848)
Net
increase
(decrease)
..........................
1,141,042
$14,741,171
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
3,392,391
$41,583,969
Shares
issued
in
reinvestment
of
distributions
..........
377,769
4,629,792
Shares
redeemed
...............................
(2,542,183)
(31,305,458)
Net
increase
(decrease)
..........................
1,227,977
$14,908,303
Year
ended
October
31,
2022
Shares
sold
...................................
6,285,500
$79,520,077
Shares
issued
in
reinvestment
of
distributions
..........
1,192,389
15,470,720
Shares
redeemed
...............................
(6,672,248)
(83,874,731)
Net
increase
(decrease)
..........................
805,641
$11,116,066
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
68
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Trust
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
Franklin
Managed
Income
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
Franklin
Convertible
Securities
Fund
and
Franklin
Equity
Income
Fund
pay
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
each
of
the
Funds
as
follows:
For
the
period
ended
April
30,
2023,
each
Fund's
annualized
gross
effective
investment
management
fee
rate
based
on
average
daily
net
assets
was
as
follows:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.620%
Up
to
and
including
$250
million
0.595%
Over
$250
million,
up
to
and
including
$500
million
0.570%
Over
$500
million,
up
to
and
including
$1
billion
0.545%
Over
$1
billion,
up
to
and
including
$2.5
billion
0.520%
Over
$2.5
billion,
up
to
and
including
$5
billion
0.495%
Over
$5
billion,
up
to
and
including
$10
billion
0.470%
Over
$10
billion,
up
to
and
including
$15
billion
0.445%
Over
$15
billion,
up
to
and
including
$20
billion
0.420%
In
excess
of
$20
billion
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
Over
$20
billion,
up
to
and
including
$35
billion
0.355%
Over
$35
billion,
up
to
and
including
$50
billion
0.350%
In
excess
of
$50
billion
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
69
franklintempleton.com
Semiannual
Report
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Funds.
The
fee
is
paid
by
Advisers
based
on
each
of
the
Funds'
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Funds.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Funds’
Class
A
reimbursement
distribution
plans,
the
Funds
reimburse
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of each
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Funds’
Class
C
and
R
compensation
distribution
plans,
the
Funds
pay
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
each
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31
for
each
Fund.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
For
Franklin
Managed
Income
Fund,
the
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Funds.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Funds
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Funds'
shares
for
the
period:
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Gross
effective
investment
management
fee
rate
........
0.459%
0.465%
0.548%
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Class
A
...............................
0.25%
0.25%
0.35%
Class
C
...............................
1.00%
1.00%
1.00%
Class
R
...............................
—%
0.50%
0.50%
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$5,530
$208,983
$136,179
CDSC
retained
...........................
$1,648
$22,472
$7,866
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
70
franklintempleton.com
Semiannual
Report
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class
reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
April
30,
2023,
the
Funds
paid
transfer
agent
fees
as
noted
in
the
Statements
of
Operations
of
which
the
following
amounts
were
retained
by
Investor
Services:
f.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Funds
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statements
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
April
30,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows:
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Transfer
agent
fees
........................
$402,673
$628,248
$586,907
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Convertible
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
$
32,225,199
$
584,008,746
$
(498,106,504)
$
—
$
—
$
118,127,441
118,127,441
$
1,511,887
Total
Non-Controlled
Affiliates
$32,225,199
$584,008,746
$(498,106,504)
$
—
$
—
$118,127,441
$
1,511,887
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
$16,573,000
$48,231,000
$(64,770,000)
$—
$—
$34,000
34,000
$181,596
Total
Affiliated
Securities
...
$48,798,199
$632,239,746
$(562,876,504)
$—
$—
$118,161,441
$1,693,483
3.
Transactions
with
Affiliates
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
71
franklintempleton.com
Semiannual
Report
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,
4.483%
$
130,310,388
$
309,586,155
$
(324,332,751)
$
—
$
—
$
115,563,792
115,563,792
$
2,433,922
Total
Non-Controlled
Affiliates
$130,310,388
$309,586,155
$(324,332,751)
$
—
$
—
$115,563,792
$
2,433,922
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
$—
$2,000
$(2,000)
$—
$—
$—
—
$5
Total
Affiliated
Securities
...
$130,310,388
$309,588,155
$(324,334,751)
$—
$—
$115,563,792
$2,433,927
Franklin
Managed
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Systematic
Style
Premia
ETF
...................
$
25,286,000
$
—
$
(7,058,217)
$
(1,483,446)
$
1,324,063
$
18,068,400
840,000
$
515,592
Franklin
U.S.
Low
Volatility
ETF
39,259,172
—
(933,736)
201,586
1,581,298
40,108,320
840,000
335,650
Total
Controlled
Affiliates
...
$64,545,172
$—
$(7,991,953)
$
(1,281,860)
$
2,905,361
$58,176,720
$
851,242
Non-Controlled
Affiliates
Dividends
Franklin
FTSE
United
Kingdom
ETF
...................
$
26,243,750
$
—
$
(26,699,013)
$
(1,132,862)
$
1,588,125
$
—
—
$
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
7,831,637
589,789,864
(523,853,370)
—
—
73,768,131
73,768,131
786,877
Western
Asset
Diversified
Income
Fund
.............
3,105,000
3,317,407
—
—
259,666
6,682,073
500,905
353,717
Total
Non-Controlled
Affiliates
$37,180,387
$593,107,271
$(550,552,383)
$
(1,132,862)
$
1,847,791
$80,450,204
$
1,140,594
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
$9,298,000
$36,379,000
$(40,662,000)
$—
$—
$5,015,000
5,015,000
$110,830
Total
Affiliated
Securities
...
$111,023,559
$629,486,271
$(599,206,336)
$(2,414,722)
$4,753,152
$143,641,924
$2,102,666
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
72
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
respective
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
Franklin
Managed
Income
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
distribution
fees,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
and
acquired
fund
fees
and
expenses
for
each
class
of
the
Fund
does
not
exceed
0.68%
based
on
the
average
net
assets
of
each
class
until
February
29,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
February
29,
2024.
4.
Expense
Offset
Arrangement
The
Funds
have entered
into
an
arrangement
with
their
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Funds'
custodian
expenses. During
the period
ended
April
30,
2023, the
custodian
fees
were
reduced
as
noted
in
the
Statements
of
Operations.
5.
Income
Taxes
At
April
30,
2023,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
convertible
securities,
contingent
securities,
equity-linked
securities
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
April
30,
2023,
were
as
follows:
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
a
a
a
a
Cost
of
investments
.......................
$2,875,966,654
$2,818,883,468
$3,487,296,366
Unrealized
appreciation
.....................
$237,134,094
$946,724,059
$341,299,080
Unrealized
depreciation
.....................
(242,146,145)
(75,090,168)
(56,160,626)
Net
unrealized
appreciation
(depreciation)
.......
$(5,012,051)
$871,633,891
$285,138,454
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Purchases
..............................
$311,202,279
$531,921,608
$1,685,755,579
Sales
..................................
$846,839,726
$534,537,858
$1,794,912,886
3.
Transactions
with
Affiliates
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
73
franklintempleton.com
Semiannual
Report
At
April
30,
2023,
in
connection
with
securities
lending
transactions,
certain
or
all
Funds
loaned
investments
and
received
cash
collateral
as
follows:
7.
Credit Risk
At
April
30,
2023,
Franklin
Convertible
Securities
Fund
and
Franklin
Managed
Income
Fund
had
80.8%
and
9.1%,
respectively,
of
their
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities
rated
below
investment
grade and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
8.
Other
Derivative
Information
At
April
30,
2023,
investments
in
derivative
contracts
are
reflected
in
the
Statements
of
Assets
and
Liabilities
as
follows:
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Securities
lending
transactions
a
:
Equity
investments
b
........................
$34,000
$—
$5,015,000
a
The
agreements
can
be
terminated
at
any
time.
b
The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statements
of
Assets
and
Liabilities.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Franklin
Managed
Income
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
4,947,041
a
Variation
margin
on
futures
contracts
$
—
Equity
contracts
...........
Investments
in
securities,
at
value
—
Options
written,
at
value
488,250
Total
....................
$4,947,041
$488,250
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
6.
Investment
Transactions
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
74
franklintempleton.com
Semiannual
Report
For
the
period
ended
April
30,
2023,
the
effect
of
derivative
contracts
in
the
Statements
of
Operations
was
as
follows:
For
the
period
ended
April
30,
2023,
the
average
month
end
notional
amount
of
futures
contracts
and
options
represented
$103,687,946
and
2,392,286
shares,
respectively.
See
Note
1(d) regarding
derivative
financial
instruments.
9.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
April
30,
2023
,
investments
in
“affiliated
companies”
were
as
follows:
10.
Credit
Facility
The
Funds,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
2,
2024.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Franklin
Managed
Income
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
$(1,630,927)
Futures
contracts
$4,979,081
Equity
Contracts
..............
Written
options
4,189,121
Written
options
1,292,459
Total
.......................
$2,558,194
$6,271,540
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
at
End
of
Period
Investment
Income
Franklin
Convertible
Securities
Fund
Non-Controlled
Affiliates
Dividends
NiSource
,
Inc
.,
7.75%
..
$
45,886,500
$
—
$
—
$
—
$
1,827,000
$
47,713,500
450,000
$
1,743,750
Total
Affiliated
Securities
(Value
is
1.7%
of
Net
Assets)
..........
$45,886,500
$—
$—
$
—
$
1,827,000
$47,713,500
$1,743,750
8.
Other
Derivative
Information
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
75
franklintempleton.com
Semiannual
Report
Under
the
terms
of
the
Global
Credit
Facility,
the
Funds
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Funds
and
other
costs
incurred
by
the
Funds,
pay
their
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
their
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statements
of
Operations.
During
the
period ended
April
30,
2023,
the
Funds
did
not
use
the
Global
Credit
Facility.
11.
Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
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
April
30,
2023,
in
valuing
the
Funds’
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Convertible
Securities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
42,480,607
$
—
$
—
$
42,480,607
Convertible
Preferred
Stocks
:
Automobile
Components
.................
48,671,700
—
—
48,671,700
Capital
Markets
........................
61,315,200
—
—
61,315,200
Electric
Utilities
........................
94,956,700
—
—
94,956,700
Machinery
............................
27,622,500
—
—
27,622,500
Multi-Utilities
..........................
47,713,500
—
—
47,713,500
Wireless
Telecommunication
Services
.......
—
56,018,880
—
56,018,880
Convertible
Bonds
.......................
—
2,374,014,075
—
2,374,014,075
Short
Term
Investments
...................
118,161,441
—
—
118,161,441
Total
Investments
in
Securities
...........
$440,921,648
$2,430,032,955
$—
$2,870,954,603
Franklin
Equity
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
132,735,565
—
—
132,735,565
Air
Freight
&
Logistics
...................
90,174,715
—
—
90,174,715
Banks
...............................
256,636,800
—
—
256,636,800
Beverages
...........................
140,202,600
—
—
140,202,600
Capital
Markets
........................
232,299,675
—
—
232,299,675
Chemicals
...........................
19,154,850
32,071,873
—
51,226,723
Commercial
Services
&
Supplies
...........
7,231,000
—
—
7,231,000
Communications
Equipment
..............
77,017,500
—
—
77,017,500
Consumer
Finance
.....................
15,811,320
—
—
15,811,320
Consumer
Staples
Distribution
&
Retail
......
100,581,700
—
—
100,581,700
10.
Credit
Facility
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
76
franklintempleton.com
Semiannual
Report
Level
1
Level
2
Level
3
Total
Franklin
Equity
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Diversified
Telecommunication
Services
.....
$
9,731,640
$
—
$
—
$
9,731,640
Electric
Utilities
........................
199,045,315
—
—
199,045,315
Electrical
Equipment
....................
62,622,000
—
—
62,622,000
Financial
Services
......................
69,095,100
—
—
69,095,100
Food
Products
........................
38,551,800
—
—
38,551,800
Ground
Transportation
..................
39,692,365
—
—
39,692,365
Health
Care
Equipment
&
Supplies
.........
86,402,500
—
—
86,402,500
Health
Care
Providers
&
Services
..........
142,001,605
—
—
142,001,605
Health
Care
REITs
.....................
31,417,100
—
—
31,417,100
Hotels,
Restaurants
&
Leisure
.............
45,397,625
—
—
45,397,625
Household
Products
....................
111,029,800
—
—
111,029,800
Industrial
REITs
.......................
3,757,500
—
—
3,757,500
Insurance
............................
7,282,100
—
—
7,282,100
Life
Sciences
Tools
&
Services
............
70,729,550
—
—
70,729,550
Machinery
............................
33,905,400
—
—
33,905,400
Media
...............................
40,025,475
—
—
40,025,475
Oil,
Gas
&
Consumable
Fuels
.............
355,750,500
—
—
355,750,500
Pharmaceuticals
.......................
240,857,300
—
—
240,857,300
Residential
REITs
......................
44,602,000
—
—
44,602,000
Semiconductors
&
Semiconductor
Equipment
.
114,777,250
—
—
114,777,250
Software
.............................
95,904,000
—
—
95,904,000
Specialized
REITs
......................
4,127,620
—
—
4,127,620
Specialty
Retail
........................
55,992,625
—
—
55,992,625
Water
Utilities
.........................
27,383,254
—
—
27,383,254
Equity-Linked
Securities
...................
—
366,918,920
—
366,918,920
Convertible
Preferred
Stocks
................
174,035,625
—
—
174,035,625
Short
Term
Investments
...................
115,563,792
—
—
115,563,792
Total
Investments
in
Securities
...........
$3,291,526,566
$398,990,793
a
$—
$3,690,517,359
Franklin
Managed
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
1,058,773,430
—
—
1,058,773,430
Management
Investment
Companies
.........
64,858,793
—
—
64,858,793
Equity-Linked
Securities
...................
—
345,560,575
—
345,560,575
Convertible
Preferred
Stocks
................
10,168,000
—
—
10,168,000
Corporate
Bonds
........................
—
2,001,582,977
—
2,001,582,977
U.S.
Government
and
Agency
Securities
.......
—
192,030,468
—
192,030,468
Asset-Backed
Securities
...................
—
15,172,177
—
15,172,177
Mortgage-Backed
Securities
................
—
1,046,478
—
1,046,478
Short
Term
Investments
...................
78,783,131
—
—
78,783,131
Total
Investments
in
Securities
...........
$1,212,583,354
$2,555,392,675
$—
$3,767,976,029
Other
Financial
Instruments:
Futures
contracts
........................
$
4,947,041
$
—
$
—
$
4,947,041
Total
Other
Financial
Instruments
.........
$4,947,041
$—
$—
$4,947,041
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
488,250
$
—
$
—
$
488,250
a
Includes
foreign
securities
valued
at
$32,071,873,
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.
11.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
77
franklintempleton.com
Semiannual
Report
12.
New
Accounting
Pronouncements
In June
2022,
the FASB
issued
Accounting
Standards
Update
(ASU)
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
has
reviewed
the
requirements
and
believes
that
the
adoption
of
the
ASU
will
not
have
a
material
impact
on
the
financial
statements.
13.
Subsequent
Events
The
Funds
have
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
Franklin
Investors
Securities
Trust
Shareholder
Information
78
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Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
FRANKLIN
INVESTORS
SECURITIES
TRUST
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
(each
a
Fund)
At
a
meeting
held
on
March
27,
2023
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Investors
Securities
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Trust,
on
behalf
of
each
Fund
(each
a
Management
Agreement)
for
the
period
May
1,
2023
through
June
30,
2023
(Stub
Period).
The
Independent
Trustees
noted
that
the
Fund’s
annual
contract
review
was
historically
held
at
the
February
Board
meeting
and
that
management
proposed
to
move
the
contract
review
to
the
May
Board
meeting.
The
Independent
Trustees
further
noted
management’s
explanation
that,
to
effect
this
change,
the
Board
needed
to
consider
the
renewal
of
the
Fund’s
Management
Agreement
prior
to
its
current
April
30,
2023
expiration
date.
The
Independent
Trustees
also
noted
that
management
would
ask
them
to
consider
the
continuation
of
the
Management
Agreement
again
at
the
May
Board
meeting
for
the
12-month
period
beginning
July
1,
2023.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
each
Management
Agreement
for
the
Stub
Period.
Although
the
Management
Agreements
for
the
Funds
were
considered
at
the
same
Board
meeting,
the
Board
considered
the
information
provided
to
it
about
the
Funds
together
and
with
respect
to
each
Fund
separately
as
the
Board
deemed
appropriate.
In
considering
the
continuation
of
each
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
each
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
each
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
each
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
each
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
applicable
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Funds
and
their
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
each
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Funds
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-
party
servicing
arrangements.
The
Board
acknowledged
Franklin
Investors
Securities
Trust
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management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Funds
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Funds
and
their
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
each
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
each
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
each
Fund’s
performance
results
is
below.
Franklin
Convertible
Securities
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
convertible
securities
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Franklin
Equity
Income
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
equity
income
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
and
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
were
above
the
medians
of
its
Performance
Universe.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Franklin
Managed
Income
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
allocation
moderate
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
and
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
were
above
the
medians
of
its
Performance
Universe.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
each
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
each
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
Franklin
Investors
Securities
Trust
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80
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analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
each
Fund
and
for
each
of
the
other
funds
in
each
Fund’s
respective
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
Franklin
Convertible
Securities
Fund
and
Franklin
Equity
Income
Fund
–
The
Expense
Group
for
the
Franklin
Convertible
Securities
Fund
included
the
Fund
and
nine
other
convertible
securities
funds.
The
Expense
Group
for
the
Franklin
Equity
Income
Fund
included
the
Fund
and
16
other
equity
income
funds.
The
Board
noted
that
the
Management
Rates
and
actual
total
expense
ratios
for
the
Funds
were
below
the
medians
of
their
respective
Expense
Groups.
The
Board
concluded
that
the
Management
Rates
charged
to
the
Funds
are
reasonable.
Franklin
Managed
Income
Fund
–
The
Expense
Group
for
the
Fund
included
the
Fund
and
12
other
mixed-asset
target
allocation
moderate
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
above
the
median
of
its
Expense
Group.
The
Board
also
noted
that
the
actual
total
expense
ratio
for
the
Fund
was
below
the
median
and
in
the
second
quintile
of
its
Expense
Group.
The
Board
further
noted
that
the
actual
total
expense
ratio
for
the
Fund
reflected
a
fee
waiver
from
management.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
each
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2022,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Funds’
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Funds’
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
each
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Funds,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
each
Fund
was
not
excessive
in
view
of
the
nature,
extent,
and
quality
of
services
provided
to
each
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
each
Fund
grows
larger
and
whether
each
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
a
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
concluded
Franklin
Investors
Securities
Trust
Shareholder
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81
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that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
each
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
each
Management
Agreement
for
the
Stub
Period.
Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Trust’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
six-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
each
Fund's
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
FIST1
S
06/23
©
2023
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
and
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Letter
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April
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2023
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Franklin
Low
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franklintempleton.com
Semiannual
Report
1
SHAREHOLDER
LETTER
Dear
Shareholder:
In
the
six
months
ended
April
30,
2023,
the
U.S.
economy
remained
out
of
recessionary
territory,
with
gross
domestic
product
(GDP)
advancing
2.6%,
annualized,
in
the
fourth
quarter
of
2022
and
another
1.1%
in
the
first
quarter
of
2023.
The
latter
figure
included
significant
gains
in
consumer
consumption,
which
held
up
well
over
the
period
under
review.
The
U.S.
job
market,
albeit
slowing
as
the
period
progressed,
continued
to
add
jobs
with
an
average
of
315,000
new
positions
created
each
month
for
the
period
under
review.
The
unemployment
rate
hovered
around
50-
year
lows,
reaching
3.5%
in
March
2023.
Inflation
was
still
a
main
concern
for
both
central
bank
officials
and
market
participants.
The
12-month
change
in
the
Consumer
Price
Index
(CPI)
dropped
from
7.7%
in
October
2022
to
5.0%
in
March
2023,
but
a
good
portion
of
the
change
was
due
to
lower
energy
prices.
Core
CPI,
which
excludes
the
more
volatile
energy
and
food
sectors,
saw
a
smaller
decline
of
0.7
percentage
point
(pp)
over
the
same
period
to
5.6%.
The
U.S.
Federal
Reserve
(Fed)
slowed
its
path
of
federal
funds
rate
hikes
from
75
basis
points
(bps),
per
meeting
to
25
bps
bringing
the
rate
to
4.75%-5.00%
by
the
end
of
the
period.
U.S.
regional
banks
came
under
stress
in
March
and
April
2023,
with
several
failures
requiring
regulatory
intervention.
The
Fed
acknowledged
that
it
expected
credit
lending
standards
would
likely
tighten
which
would
have
similar
effects
to
further
rate
hikes,
lessening
the
need
for
the
Fed
to
make
additional
rate
increases
in
the
future.
The
Fed
continued
to
message
that
it
does
not
foresee
any
rate
cuts
over
the
course
of
2023;
however,
it
did
state
that
its
decisions
will
be
data
dependent
over
the
course
of
the
next
few
meetings.
Despite
continued
challenges
from
elevated
inflation,
higher
interest
rates
and
several
well-publicized
failures
in
the
banking
sector
near
period-end,
U.S.
stocks,
as
measured
by
the
Standard
&
Poor’s
®
500
Index
(S&P
500
®
),
posted
a
+8.63%
total
return
amid
signs
of
resilience
in
the
U.S.
economy.
1
The
10-year
U.S.
Treasury
(UST)
note’s
yield
(which
moves
inversely
to
price)
fell
over
the
period
to
recognize
the
Fed’s
aggressive
actions
toward
reducing
overall
inflation.
The
yield
curve
for
all
USTs
remained
inverted
during
the
period,
at
one
point
reaching
the
largest
inversion
in
more
than
four
decades,
as
investors
became
increasingly
concerned
about
the
economic
outlook.
In
this
falling
rate
environment,
investment-grade
bonds,
as
measured
by
the
Bloomberg
U.S.
Aggregate
Bond
Index,
posted
a
+6.91%
total
return.
1
While
uneven
economic
conditions
are
a
concern
for
many
investors,
we
remain
committed
to
our
long-term
perspective
and
disciplined
investment
approach
as
we
conduct
a
rigorous,
fundamental
analysis
of
securities,
which
balances
long-term
opportunities
and
risk
management.
We
believe
active,
professional
investment
management
serves
investors
well.
We
also
recognize
the
important
role
of
financial
professionals
in
today’s
markets
and
encourage
investors
to
continue
to
seek
their
advice.
Amid
changing
markets
and
economic
conditions,
we
are
confident
investors
with
a
well-diversified
portfolio
and
a
patient,
long-term
outlook
should
be
well-positioned
for
the
years
ahead.
Franklin
Investors
Securities
Trust’s
semiannual
report,
covering
Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Low
Duration
Total
Return
Fund,
Franklin
Low
Duration
U.S.
Government
Securities
Fund,
and
Franklin
Total
Return
Fund,
includes
more
detail
about
investment
decisions
during
the
period.
All
securities
markets
fluctuate
in
value,
as
do
mutual
fund
share
prices.
We
thank
you
for
investing
with
Franklin,
welcome
your
questions
and
comments,
and
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Gregory
E.
Johnson
Chairman
Franklin
Investors
Securities
Trust
This
letter
reflects
our
analysis
and
opinions
as
of
April
30,
2023,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Semiannual
Report
2
Contents
Semiannual
Report
Economic
and
Market
Overview
3
Franklin
Floating
Rate
Daily
Access
Fund
4
Franklin
Low
Duration
Total
Return
Fund
10
Franklin
Low
Duration
U.S.
Government
Securities
Fund
15
Franklin
Total
Return
Fund
20
Financial
Highlights
and
Schedules
of
Investments
25
Financial
Statements
316
Notes
to
Financial
Statements
323
Special
Shareholder
Meeting
355
Shareholder
Information
356
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Economic
and
Market
Overview
The
U.S.
bond
market,
as
measured
by
the
Bloomberg
U.S.
Aggregate
Bond
Index,
posted
a
+6.91%
total
return
for
the
six-month
period
ended
April
30,
2023.
1
While
inflation
remained
elevated,
it
showed
signs
of
decelerating
and
investors
began
to
anticipate
easing
of
the
current
monetary
tightening
cycle,
boosting
bond
prices
(which
move
inversely
to
yields).
Prominent
bank
failures
late
in
the
period
also
benefited
bond
prices,
as
investors
sought
relative
stability
in
an
uncertain
market.
The
yield
curve
for
all
U.S.
Treasury
(UST)
maturities
inverted
further
during
the
period,
at
one
point
reaching
the
largest
inversion
in
more
than
four
decades,
as
investors
became
increasingly
concerned
about
the
economic
outlook.
In
an
effort
to
control
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
the
federal
funds
target
rate
four
times,
ending
the
period
at
a
range
of
4.75%–5.00%.
The
Fed
noted
in
its
March
2023
meeting
that
inflation
remained
elevated
amid
robust
job
growth
and
low
unemployment.
Despite
its
goal
of
2%
long-run
inflation,
the
Fed
softened
its
firm
outlook
on
future
rate
hikes.
Furthermore,
the
Fed
indicated
it
would
continue
to
reduce
its
UST
and
agency
debt
and
mortgage-
backed
security
holdings.
UST
bonds,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
+5.78%
total
return
for
the
six-month
period.
1
Longer-term
bond
yields,
which
move
inversely
to
price,
declined
notably
while
short-term
bond
yields
grew.
The
10-year
UST
note’s
yield
fell
despite
tightening
monetary
policy,
as
inflation
continued
to
slow.
Mortgage-backed
securities
(MBS),
as
measured
by
the
Bloomberg
U.S.
MBS
Fixed
Rate
Index,
posted
a
+6.78%
total
return
for
the
period
despite
mortgage
rates
that
touched
20-year
highs.
1
Corporate
bond
prices
also
rose,
as
higher
yields
attracted
investors
despite
concerns
about
the
impact
of
elevated
interest
rates
on
corporate
profits
and
borrowing
costs.
In
this
environment,
investment-grade
corporate
bonds,
as
represented
by
the
Bloomberg
U.S.
Corporate
Investment
Grade
Index,
posted
a
+9.21%
total
return.
1
High-yield
corporate
bonds,
as
represented
by
the
Bloomberg
U.S.
Corporate
High
Yield
Index,
posted
a
+6.21%
total
return
as
the
continued
resilience
of
the
U.S.
economy
eased
solvency
concerns.
1
The
foregoing
information
reflects
our
analysis
and
opinions
as
of
April
30,
2023.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund's
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
4
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Daily
Access
Fund
This
semiannual
report
for
Franklin
Floating
Rate
Daily
Access
Fund
covers
the
period
ended
April
30,
2023.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
a
high
level
of
current
income.
A
secondary
goal
is
preservation
of
capital
by
investing
at
least
80%
of
its
net
assets
in
income-producing
floating
interest-
rate
corporate
loans
and
corporate
debt
securities
made
to
or
issued
by
U.S.
companies,
non-U.S.
entities
and
U.S.
subsidiaries
of
non-U.S.
entities.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+7.24%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Credit
Suisse
Leveraged
Loan
Index
(CS
LLI),
which
is
designed
to
mirror
the
investable
universe
of
the
U.S.
dollar-denominated
leveraged
loan
market,
posted
a
+5.62%
cumulative
total
return.
1
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
7
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Corporate
Loan
Market
Overview
As
markets
focused
on
slowing
inflation
data,
investors
grappled
with
the
potential
timing
of
the
transition
from
rate
hikes
to
a
pause
and
subsequent
easing.
While
U.S.
Federal
Reserve
(Fed)
guidance
remained
hawkish,
loan
prices
rallied
along
with
broader
credit
markets
amid
expectations
that
the
Fed
would
end
rate
hiking
and
pause
or
pivot
in
the
medium
term.
While
turmoil
in
the
financial
sector
pared
gains
toward
the
end
of
the
period,
technical
conditions
overall
were
supported
by
more
moderate
outflows
from
loan
retail
vehicles
and
low
new
issuance.
B-rated
loans
trading
at
discounts
to
par
outperformed
higher-rated
loans
that
had
been
trading
closer
to
par
and
that
had
outperformed
in
prior
periods.
Outflows
from
retail
flows
continued
amid
heightened
“risk-
off”
sentiment
in
addition
to
expectations
of
weaker
interest
coverage.
Additionally,
expectations
of
a
potential
pivot
in
the
rate-hiking
cycle
lowered
investor
expectations
regarding
the
income-generating
potential
of
the
loan
asset
class.
While
redemption
activity
was
steady,
cash
balances
among
investors
remained
relatively
high,
which
helped
to
prevent
forced
selling.
Collateralized
loan
obligation
(CLO)
demand
also
helped
to
support
loan
prices,
especially
for
higher-
quality
loans
trading
at
discounted
levels.
Loan
new
issuance
remained
subdued
for
much
of
the
period
amid
higher
yields
and
risk-off
sentiment.
Loans
that
did
come
to
the
market
included
issuers
that
needed
to
complete
acquisition-related
financing.
While
a
handful
of
the
new
deals
garnered
strong
interest
and
were
able
to
tighten
pricing,
most
new
deals
were
forced
to
clear
at
meaningful
discounts.
However,
as
the
secondary
market
strengthened
toward
the
end
of
the
period,
more
issuers
approached
the
primary
market
to
refinance
near-term
maturities,
and
refinancing
activity
comprised
the
majority
of
total
volume
in
the
latter
part
of
the
period.
While
refinancing
in
the
prior
period
was
primarily
restricted
to
higher-rated
loans,
a
larger
portion
of
volume
in
the
current
period
was
B-rated.
As
some
issuers
sought
to
access
lower
yields
in
the
high-yield
bond
market,
more
loan
principal
was
paid
down
by
newly
issued
bonds.
The
loan
market
also
continued
its
transition
to
the
Secured
Overnight
Financing
Rate
(SOFR)
2
from
the
London
Interbank
Offered
Rate
(LIBOR)
3
as
new
loans
were
based
on
the
new
benchmark
rate,
while
other
issuers
completed
amendments
to
change
rates.
Portfolio
Composition
4/30/23
%
of
Total
Net
Assets
Senior
Floating
Rate
Interests
77.2%
Common
Stocks
6.8%
Corporate
Bonds
5.4%
Management
Investment
Companies
3.3%
Other
0.7%
Short-Term
Investments
&
Other
Net
Assets
6.6%
1.
Source:
Morningstar.
2.
The
Secured
Overnight
Financing
Rate
(SOFR)
is
the
interest
rate
used
for
intrabank
overnight
lending
and
is
intended
to
replace
the
London
Interbank
Offered
Rate
(LI-
BOR)
as
the
benchmark
for
short-term
interest
rates.
SOFR
differs
from
LIBOR
in
that
it
is
a
secured
borrowing
rate
(U.S.
Treasury
bonds
are
posted
as
collateral)
compared
to
the
LIBOR,
where
no
collateral
is
posted.
3.
The
London
Interbank
Offered
Rate
(LIBOR)
is
the
interest
rate
banks
charge
each
other
for
loans.
LIBOR
is
a
widely
used
benchmark
for
short-term
interest
rates.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
29
.
Franklin
Floating
Rate
Daily
Access
Fund
5
franklintempleton.com
Semiannual
Report
The
default
rate
steadily
climbed
higher
after
reaching
a
record
low
in
the
prior
period.
Despite
the
average
loan
price
increasing,
expectations
of
an
economic
slowdown
contributed
to
continued
bifurcation
between
issuers
and
an
elevated
number
trading
at
distressed
levels.
The
pace
of
credit
rating
downgrades
also
increased
and
outnumbered
rating
upgrades.
Investment
Strategy
We
use
a
detailed
credit
analysis
process
to
select
corporate
loan
and
corporate
debt
securities
that
meet
our
criteria.
We
conduct
ongoing
credit
monitoring
of
our
investments.
To
help
manage
the
credit
risk
associated
with
investing
in
securities
rated
below
investment
grade
(or
if
unrated,
of
comparable
quality),
we
seek
to
diversify
the
Fund
by
investing
in
a
large
number
of
loans
of
companies
that
we
have
identified
as
having
attractive
risk/reward
profiles,
favorable
capital
structures,
strong
asset
coverage
and
dominant
market
shares.
This
diversification
potentially
reduces
credit
risk
by
spreading
assets
across
many
different
industries.
Manager’s
Discussion
During
the
six-month
period
under
review,
the
Fund
outperformed
its
benchmark,
the
CS
LLI.
The
largest
contributors
to
performance
during
the
period
included
investments
received
in
prior
restructurings,
including
Onsite
Rental
(a
rental
equipment
company
based
in
Australia)
and
Quarternorth
Energy
(a
producer
of
oil
and
gas).
Onsite
Rental
contributed
to
performance
as
the
company
entered
into
a
definitive
agreement
to
be
sold
at
a
premium
to
its
trading
levels.
The
equity
shares
of
Quarternorth
Energy
moved
higher
as
the
company
posted
continued
strong
performance
and
disclosed
further
details
around
developments
that
would
increase
production.
The
Fund’s
underweight
in
higher-rated
loans
and
lower-rated
loans
also
contributed
to
relative
performance
as
middle
tier
(B-rated)
loans
outperformed
upper
tier
(BB-rated)
loans
during
the
period.
While
the
market
experienced
stronger
demand
for
discounted
loans,
the
top
individual
detractors
from
performance
included
issuers
with
weaker
credit
profiles
facing
operational
challenges,
downgrade
risk,
and/or
a
potential
slowdown
in
demand.
The
term
loan
of
City
Brewing
(a
beverage
co-manufacturer)
declined
after
the
company
posted
worse-than-expected
results
due
to
weaker
volumes
and
was
further
downgraded
from
B3
to
Caa2.
Utex
Industries
(a
manufacturer
of
sealing
products
for
the
oil
and
gas
industry)
saw
its
equity
shares
decline
due
to
share
price
volatility
in
its
publicly
traded
peers
in
the
oil
and
gas
market.
During
the
period,
we
increased
our
weighting
in
BB-
rated
loans,
while
reducing
our
weighting
in
the
middle
tier,
including
loans
that
we
expected
would
be
negatively
impacted
by
an
elevated
rate
environment
due
to
weaker
interest
coverage.
We
increased
our
weightings
in
the
chemicals
and
service
sectors,
while
our
weightings
in
the
energy
and
retail
industries
declined.
We
pared
our
position
in
Quarternorth
Energy
by
selling
our
position
in
the
exit
term
loan
near
par.
While
we
continued
to
add
higher-rated
secured
high-yield
bonds,
the
weighting
in
high-yield
bond
investments
declined
after
our
Onsite
Rental
note
was
repaid
following
the
acquisition
of
the
company.
We
maintained
the
Fund’s
investments
in
the
Franklin
Floating
Rate
Income
Fund
and
the
Invesco
Senior
Loan
ETF
for
continued
exposure
to
credit
and
improved
settlement
liquidity.
The
Fund
had
no
exposure
to
derivatives
during
the
period.
Thank
you
for
your
continued
participation
in
Franklin
Floating
Rate
Daily
Access
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Reema
Agarwal,
CFA
Judy
Sher
Justin
Ma,
CFA
Margaret
Chiu,
CFA
Portfolio
Management
Team
Top
10
Holdings
4/30/23
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Quarternorth
Energy
Holding,
Inc.
5.3%
Oil,
Gas
&
Consumable
Fuels,
United
States
Franklin
Floating
Rate
Income
Fund
2.9%
Capital
Markets,
United
States
UTEX
Industries,
Inc.
1.4%
Machinery,
United
States
DCert
Buyer,
Inc.
1.4%
Software,
United
States
Asurion
LLC
1.3%
Insurance,
United
States
Global
Tel*Link
Corp.
1.3%
Diversified
Telecommunication
Services,
United
States
First
Brands
Group
LLC
1.2%
Automobile
Components,
United
States
GNC
Holdings,
Inc.
1.2%
Consumer
Staples
Distribution
&
Retail,
United
States
Waystar
Technologies,
Inc.
1.1%
Health
Care
Providers
&
Services,
United
States
Pitney
Bowes,
Inc.
1.1%
Commercial
Services
&
Supplies,
United
States
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Franklin
Floating
Rate
Daily
Access
Fund
6
franklintempleton.com
Semiannual
Report
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
April
30,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
April
30,
2023
Franklin
Floating
Rate
Daily
Access
Fund
7
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
2.25%
and
the
minimum
is
0%.
Class
A:
2.25%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
6-Month
+7.24%
+4.79%
1-Year
+2.56%
+0.26%
5-Year
+9.67%
+1.41%
10-Year
+27.94%
+2.26%
Advisor
6-Month
+7.37%
+7.37%
1-Year
+2.81%
+2.81%
5-Year
+10.91%
+2.09%
10-Year
+31.14%
+2.75%
30-Day
Standardized
Yield
5
Share
Class
Distribution
Rate
4
(with
fee
waiver)
(without
fee
waiver)
A
6.85%
7.32%
7.28%
Advisor
7.25%
7.75%
7.71%
See
page
8
for
Performance
Summary
footnotes.
Franklin
Floating
Rate
Daily
Access
Fund
Performance
Summary
8
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
loss
of
principal.
Investors
should
be
aware
that
the
Fund’s
share
price
and
yield
will
fluctuate
with
market
conditions.
The
Fund
should
not
be
considered
alternative
to
money
market
funds
or
certificates
of
deposit
(CDs).
The
floating-rate
loans
and
debt
securities
in
which
the
Fund
invests
tend
to
be
rated
below
investment
grade
and
may
be
subject
to
resale
restrictions.
Investing
in
higher-yielding,
lower-rated,
floating-rate
loans
and
debt
securities
involves
greater
risk
of
default,
which
could
result
in
loss
of
principal—a
risk
that
may
be
heightened
in
a
slowing
economy.
Interest
earned
on
floating-rate
loans
varies
with
changes
in
prevailing
interest
rates.
Therefore,
while
floating-rate
loans
offer
higher
interest
income
when
interest
rates
rise,
they
will
also
generate
less
income
when
interest
rates
decline.
Changes
in
the
financial
strength
of
a
bond
issuer
or
in
a
bond’s
credit
rating
may
affect
its
value.
The
fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager’s
investment
decisions
will
produce
the
desired
results.
Events
such
as
the
spread
of
dead-
ly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/29/24
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Distribution
rate
is
based
on
an
annualization
of
the
sum
of
the
respective
class’s
past
month’s
daily
distributions
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
4/30/23.
5.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
6.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(11/1/22–4/30/23)
Share
Class
Net
Investment
Income
A
$0.289104
C
$0.274214
R6
$0.303335
Advisor
$0.298341
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.95%
0.98%
Advisor
0.70%
0.73%
Your
Fund’s
Expenses
Franklin
Floating
Rate
Daily
Access
Fund
9
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/22
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,072.40
$4.97
$1,020.00
$4.85
0.97%
C
$1,000
$1,070.20
$7.02
$1,018.02
$6.84
1.37%
R6
$1,000
$1,074.30
$3.01
$1,021.89
$2.94
0.59%
Advisor
$1,000
$1,073.70
$3.68
$1,021.25
$3.58
0.72
%
10
franklintempleton.com
Semiannual
Report
Franklin
Low
Duration
Total
Return
Fund
This
semiannual
report
for
Franklin
Low
Duration
Total
Return
Fund
covers
the
period
ended
April
30,
2023
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
a
high
level
of
current
income
as
is
consistent
with
prudent
investing,
while
seeking
preservation
of
capital.
Under
normal
market
conditions,
the
Fund
invests
primarily
in
investment-grade
debt
securities
and
investments,
including
government
and
corporate
debt
securities
and
mortgage-
and
asset-backed
securities,
floating
interest-rate
corporate
loans,
debt
securities
and
municipal
securities
targeting
an
estimated
average
portfolio
duration
of
three
years
or
less.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+3.91%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
benchmark,
the
Bloomberg
U.S.
Government/Credit
Index:
1-3
Year
Component,
posted
a
+2.89%
cumulative
total
return.
1
The
index
measures
the
performance
of
investment-grade,
U.S.
dollar-denominated,
fixed-rate
Treasuries,
government-related
and
corporate
securities
with
at
least
one
year
up
to,
but
not
including,
three
years
to
final
maturity.
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
12
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Investment
Strategy
We
seek
to
invest
in
a
combination
of
fixed
income
securities,
primarily
from
across
the
investment-grade
debt
universe.
We
analyze
securities
using
proprietary
and
nonproprietary
research
to
help
us
identify
attractive
investment
opportunities
across
the
entire
fixed
income
opportunity
set,
on
a
relative
basis.
When
making
investment
decisions,
we
evaluate
business
cycles,
yield
curves,
and
values
between
and
within
markets.
Through
a
low
duration
portfolio,
we
seek
to
position
the
Fund
to
be
less
affected
by
interest-rate
changes
than
a
fund
with
a
higher
duration.
In
addition,
we
may
use
derivative
transactions,
such
as
forwards,
currency,
interest
rate/bond
futures
contracts
and
options
on
exchange-traded
funds,
and
swap
agreements
to
obtain
net
long
or
short
exposures
to
select
currencies,
interest
rates,
countries,
duration
or
credit
risks.
Manager’s
Discussion
The
U.S.
Federal
Reserve
(Fed)
has
continued
its
aggressive
action
to
address
the
decades-high
levels
of
inflation
in
the
U.S.,
raising
the
federal
funds
rate
by
175
basis
points
(bps)
over
the
period
under
review.
Volatility
in
U.S.
Treasury
(UST)
yields
and
credit
spreads
increased
significantly
as
investor
sentiment
experienced
both
“risk-
on”
and
“risk-off”
episodes,
which
were
heavily
influenced
by
macroeconomic
factors,
Fed
policy
adjustments,
and
emerging
U.S.
banking
turmoil.
Fixed
income
sectors
generally
posted
positive
total
returns,
mainly
due
to
falling
intermediate-,
and
long-maturity
UST
yields.
During
the
period,
the
portfolio’s
short
U.S.
duration
exposure
relative
to
the
benchmark,
primarily
in
the
two-year
part
of
the
curve,
contributed
to
performance.
Exposure
to
collateralized
loan
obligations
(CLOs),
marketplace
loans
and
senior
secured
floating-rate
bank
loans
was
a
significant
contributor
to
results.
An
allocation
to
high-yield
(HY)
corporate
bonds
benefited
performance,
as
did
security
selection
in
HY
and
investment-grade
(IG)
corporate
bonds.
Exposure
to
non-agency
residential
mortgage-backed
Portfolio
Composition
4/30/23
%
of
Total
Net
Assets
U.S.
Government
and
Agency
Securities
34.4%
Corporate
Bonds
26.8%
Asset-Backed
Securities
*
16.8%
Residential
Mortgage-Backed
Securities
4.3%
Management
Investment
Companies
4.2%
Marketplace
Loans
2.8%
Foreign
Government
and
Agency
Securities
2.3%
Commercial
Mortgage-Backed
Securities
2.1%
Municipal
Bonds
1.5%
Mortgage-Backed
Securities
1.2%
Other
†
0.0%
Short-Term
Investments
&
Other
Net
Assets
3.6%
*
Includes
non-agency
residential
mortgage
backed
securities,
collateralized
loan
obligations
and
consumer
loan
certificates.
†
Rounds
to
less
than
0.1%.
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
49
.
Franklin
Low
Duration
Total
Return
Fund
11
franklintempleton.com
Semiannual
Report
securities
(RMBS),
commercial
mortgage-backed
securities
(CMBS)
and
asset-backed
securities
(ABS)
contributed
to
returns.
Exposure
to
sovereign
developed
market
and
emerging
market
(EM)
securities
contributed
to
results.
Similarly,
exposure
to
taxable
municipal
bonds
benefited
performance,
while
exposure
to
U.S.
Treasury
Inflation
Protected
Securities
(TIPS)
slightly
hindered
results.
Foreign
currency
exposure
detracted
modestly
from
performance,
primarily
from
our
short
euro
positions.
USTs
were
the
Fund’s
largest
absolute
allocation
at
period-
end—although
we
maintained
our
UST
allocation,
the
portfolio
remained
underweight
the
sector
relative
to
the
benchmark
given
our
expectation
for
further
increases
in
UST
yields.
IG
was
also
one
of
the
Fund’s
largest
allocations,
and
we
increased
exposure
over
the
period.
We
pared
our
exposures
to
CLOs,
senior
secured
floating-rate
bank
loans,
HY
corporate
bonds,
RMBS
and
EM
debt.
We
maintained
our
CMBS
and
TIPS
exposures.
Thank
you
for
your
continued
participation
in
Franklin
Low
Duration
Total
Return
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Sonal
Desai,
Ph.D.
Patrick
Klein,
Ph.D.
Tina
Chou
Kent
Burns,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
April
30,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
April
30,
2023
Franklin
Low
Duration
Total
Return
Fund
12
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
2.25%
and
the
minimum
is
0%.
Class
A
:
2.25%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
6-Month
+3.91%
+1.58%
1-Year
+1.12%
-1.16%
5-Year
+6.99%
+0.91%
10-Year
+11.90%
+0.90%
Advisor
6-Month
+4.02%
+4.02%
1-Year
+1.36%
+1.36%
5-Year
+8.28%
+1.60%
10-Year
+14.74%
+1.38%
30-Day
Standardized
Yield
5
Share
Class
Distribution
Rate
4
(with
fee
waiver)
(without
fee
waiver)
A
3.12%
3.74%
3.39%
Advisor
3.38%
4.05%
3.69%
See
page
13
for
Performance
Summary
footnotes.
Franklin
Low
Duration
Total
Return
Fund
Performance
Summary
13
franklintempleton.com
Semiannual
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Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Interest
rate
movements
and
mortgage
prepayments
will
affect
the
Fund’s
share
price
and
yield.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
the
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Changes
in
the
financial
strength
of
a
bond
issuer
or
in
a
bond’s
credit
rating
may
affect
its
value.
The
risks
associated
with
higher-yielding,
lower-rated
securities
include
higher
risk
of
default
and
loss
of
principal.
Investment
in
foreign
securities
also
involves
special
risks,
including
currency
fluctuations,
and
political
and
economic
uncertainty.
Derivatives,
including
currency
management
strategies,
involve
costs
and
can
create
economic
leverage
in
the
portfolio
which
may
result
in
significant
volatility
and
cause
the
Fund
to
participate
in
losses
(as
well
as
gains)
on
an
amount
that
exceeds
the
Fund’s
initial
investment.
The
Fund
may
not
achieve
the
anticipated
benefits,
and
may
realize
losses
when
a
counterparty
fails
to
perform.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/29/24
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Distribution
rate
is
based
on
an
annualization
of
the
sum
of
the
respective
class’s
past
month’s
daily
distributions
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
4/30/23.
5.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
6.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(11/1/22–4/30/23)
Share
Class
Net
Investment
Income
A
$0.167856
C
$0.150497
R
$0.157103
R6
$0.183807
Advisor
$0.178756
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.72%
0.96%
Advisor
0.47%
0.70%
Your
Fund’s
Expenses
Franklin
Low
Duration
Total
Return
Fund
14
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/22
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,039.10
$3.36
$1,021.50
$3.33
0.66%
C
$1,000
$1,036.10
$5.38
$1,019.51
$5.33
1.07%
R
$1,000
$1,036.70
$4.63
$1,020.25
$4.59
0.92%
R6
$1,000
$1,040.70
$1.50
$1,023.32
$1.49
0.30%
Advisor
$1,000
$1,040.20
$2.09
$1,022.75
$2.07
0.41%
15
franklintempleton.com
Semiannual
Report
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Formerly,
Franklin
Adjustable
U.S.
Government
Securities
Fund
This
semiannual
report
for
Franklin
Low
Duration
U.S.
Government
Securities
Fund
covers
the
period
ended
April
30,
2023.
Effective
March
1,
2023,
Franklin
Adjustable
U.S.
Government
Securities
Fund
changed
its
name
to
Franklin
Low
Duration
U.S.
Government
Securities
Fund.
The
Fund
also
changed
its
investment
goal,
investment
strategy
and
benchmark.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
a
high
level
of
current
income,
consistent
with
preservation
of
capital
by
normally
investing
at
least
80%
of
its
net
assets
in
U.S.
government
securities,
which
are
issued
or
guaranteed
by
the
U.S.
government,
its
agencies
or
instrumentalities.
1
The
Fund’s
investments
may
include
securities
issued
by
Ginnie
Mae
(GNMA)
and
government-sponsored
entities,
such
as
Fannie
Mae
(FNMA)
and
Freddie
Mac
(FHLMC).
2
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+1.38%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
primary
benchmark,
the
Bloomberg
U.S.
Government
Index:
1-3
Year
Component,
which
is
an
index
of
U.S.
dollar-
denominated,
fixed-rate,
nominal
U.S.
Treasuries
and
U.S.
agency
debentures
(securities
issued
by
U.S.
government-
owned
or
government-sponsored
entities,
and
debt
explicitly
guaranteed
by
the
U.S.
government)
with
at
least
one
year
up
to,
but
not
including,
three
years
to
final
maturity,
posted
a
+2.71%
cumulative
total
return,
3
while
its
old
primary
benchmark,
the
Bloomberg
U.S.
Government
Index:
1-2
Year
Component,
posted
a
+2.33%
cumulative
total
return
for
the
same
period.
The
Bloomberg
U.S.
Government
Index:
1-3
Year
Component
is
replacing
the
Bloomberg
U.S.
Government
Index:
1-2
Year
Component
as
the
Fund’s
primary
benchmark
because
the
investment
manager
believes
that
the
benchmark
better
reflects
the
Fund’s
investment
strategies.
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
17
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Investment
Strategy
We
employ
a
conservative
investment
strategy
as
we
strive
to
produce
solid
performance
in
a
variety
of
interest-rate
climates.
We
choose
securities
using
a
value-oriented
approach,
emphasizing
the
bonds’
economic
fundamentals
in
relation
to
comparable
securities,
as
well
as
their
historical
prepayment
performance.
Manager’s
Discussion
The
Fund
remains
a
conservative
strategy
that
invests
primarily
in
high-quality
agency
adjustable-rate
mortgages
(ARMs)
that
are
either
explicitly
or
implicitly
backed
by
the
U.S.
government.
1
During
the
period,
the
Fund
invested
predominantly
in
securities
issued
or
guaranteed
by
FNMA
and
FHLMC.
The
Fund
took
a
collateral-intensive
research
approach
to
analyze
the
prepayment
behavior
of
individual
ARMs
to
identify
those
with
the
most
attractive
prepayment
profiles
and
focused
on
seasoned
ARMs.
Such
securities
have
typically
been
through
several
interest-rate
cycles
and
therefore
tend
to
be
less
sensitive
to
changes
in
interest
rates,
compared
to
newer
issued
counterparts.
We
have
found
such
securities
historically
to
have
experienced
lower
volatility
than
comparable
maturity
Treasuries
and
have
provided
consistent
income.
Portfolio
Composition
4/30/23
%
of
Total
Net
Assets
Mortgage-Backed
Securities
64.5%
Commercial
Mortgage-Backed
Securities
20.2%
U.S.
Government
and
Agency
Securities
11.0%
Short-Term
Investments
&
Other
Net
Assets
4.3%
1.
Securities
owned
by
the
Fund,
but
not
shares
of
the
Fund,
are
issued
or
guaranteed
by
the
U.S.
government,
its
agencies
or
instrumentalities,
including
government
sponsored
entities,
as
to
timely
payment
of
principal
and
interest.
2.
Although
U.S.
government-sponsored
entities
may
be
chartered
by
acts
of
Congress,
their
securities
are
neither
issued
nor
guaranteed
by
the
U.S.
Government.
Please
see
the
Fund’s
prospectus
for
a
detailed
discussion
regarding
various
levels
of
credit
support
for
government
agency
or
instrumentality
securities.
The
Fund’s
yield
and
share
price
are
not
guaranteed
and
will
vary
with
market
conditions.
3.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
159
.
Franklin
Low
Duration
U.S.
Government
Securities
Fund
16
franklintempleton.com
Semiannual
Report
Although
the
Fund
expanded
its
opportunity
set
and
added
to
agency
and
U.S.
Treasury
securities,
it
remained
invested
in
seasoned,
shorter-maturity,
high-quality
ARMs
that
tend
to
be
less
sensitive
to
interest-rate
changes,
which
benefited
performance.
We
continued
to
focus
on
diverse,
seasoned,
post-reset
FNMA
and
FHLMC
ARMs
with
larger
loan
counts
as
well
as
sequential
CMO
floaters
backed
by
seasoned
hybrid
ARM
collateral.
Secondary
activity
remained
fairly
muted
in
post
reset
hybrids,
with
CMO
desks
being
better
buyers
of
the
underlying
collateral.
We
have
also
reduced
our
exposure
to
fixed-rate
mortgages
as
the
U.S.
Federal
Reserve
(Fed)
embarks
on
its
quantitative
tightening
program.
Underlying
coupons
continued
to
reset
higher,
with
London
Interbank
Offered
Rate
(LIBOR)
4
increasing
over
the
period.
With
the
rise
in
mortgage
rates,
prepayment
risk
has
declined
quite
significantly
for
both
the
fixed
rate
and
ARM
markets,
mitigating
the
risk
of
premium
dollar
prices.
We
expect
prepayment
levels
will
remain
subdued
given
the
uptick
in
mortgage
rates.
The
market
has
adjusted
to
the
Secured
Overnight
Financing
Rate
(SOFR)
5
in
the
primary
markets
for
ARMs
with
minimal
disruption.
Effective
March
2023,
Neil
Dhruv
was
added
as
a
portfolio
manager
of
the
Fund.
Thank
you
for
your
continued
participation
in
Franklin
Low
Duration
U.S.
Government
Securities
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Paul
Varunok
Lead
Portfolio
Manager
Neil
Dhruv
Portfolio
Manager
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
April
30,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
4.
The
London
Interbank
Offered
Rate
(LIBOR)
is
the
interest
rate
banks
charge
each
other
for
loans.
LIBOR
is
a
widely
used
benchmark
for
short-term
interest
rates.
5.
The
Secured
Overnight
Financing
Rate
(SOFR)
is
the
interest
rate
used
for
intrabank
overnight
lending
and
is
intended
to
replace
the
London
Interbank
Offered
Rate
(LIBOR)
as
the
benchmark
for
short-term
interest
rates.
SOFR
differs
from
LIBOR
in
that
it
is
a
secured
borrowing
rate
(U.S.
Treasury
bonds
are
posted
as
collateral)
com-
pared
to
the
LIBOR,
where
no
collateral
is
posted.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Performance
Summary
as
of
April
30,
2023
Franklin
Low
Duration
U.S.
Government
Securities
Fund
17
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
2.25%
and
the
minimum
is
0%.
Class
A:
2.25%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
6-Month
+1.38%
-0.87%
1-Year
-0.53%
-2.81%
5-Year
+1.16%
-0.23%
10-Year
+0.67%
-0.16%
Advisor
6-Month
+1.38%
+1.38%
1-Year
-0.28%
-0.28%
5-Year
+2.29%
+0.45%
10-Year
+3.09%
+0.30%
30-Day
Standardized
Yield
5
Share
Class
Distribution
Rate
4
(with
fee
waiver)
(without
fee
waiver)
A
3.07%
2.52%
2.32%
Advisor
3.37%
2.83%
2.63%
See
page
18
for
Performance
Summary
footnotes.
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Performance
Summary
18
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
The
Fund's
share
price
and
yield
will
be
affected
by
interest
rate
movements
and
mortgage
prepayments.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
the
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund's
share
price
may
decline.
Changes
in
an
issuer's
financial
strength
or
in
a
security's
or
government's
credit
rating
may
affect
a
security's
value.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/29/24
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Distribution
rate
is
based
on
an
annualization
of
the
sum
of
the
respective
class’s
past
month’s
daily
distributions
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
4/30/23.
5.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
6.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(11/1/22–4/30/23)
Share
Class
Net
Investment
Income
A
$0.103217
A1
$0.108765
C
$0.087733
R6
$0.116854
Advisor
$0.113030
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.84%
0.94%
Advisor
0.59%
0.68%
Your
Fund’s
Expenses
Franklin
Low
Duration
U.S.
Government
Securities
Fund
19
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/22
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,013.80
$4.21
$1,020.61
$4.23
0.84%
A1
$1,000
$1,013.20
$3.47
$1,021.35
$3.48
0.70%
C
$1,000
$1,010.40
$6.20
$1,018.63
$6.22
1.24%
R6
$1,000
$1,014.30
$2.81
$1,022.00
$2.82
0.56%
Advisor
$1,000
$1,013.80
$2.96
$1,021.86
$2.97
0.59%
20
franklintempleton.com
Semiannual
Report
Franklin
Total
Return
Fund
This
semiannual
report
for
Franklin
Total
Return
Fund
covers
the
period
ended
April
30,
2023.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
high
current
income,
consistent
with
preservation
of
capital.
As
a
secondary
goal,
capital
appreciation
over
the
long
term.
The
Fund
invests
primarily
in
investment
grade
debt
securities
(including
unrated
securities
of
comparable
quality)
and
other
investments
that
provide
exposure
to
such
securities.
The
Fund
currently
focuses
on
government
and
corporate
debt
securities
and
mortgage-
and
asset-backed
securities,
but
may
invest
in
other
securities
and
investments,
such
as
floating-rate
corporate
loans
and
securities
and
municipal
securities.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+7.94%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
benchmark,
the
Bloomberg
U.S.
Aggregate
Bond
Index,
posted
a
+6.91%
cumulative
total
return.
1
The
index
measures
the
U.S.
investment-grade,
fixed-rate,
taxable
bond
market
with
index
components
for
government
and
corporate,
mortgage
pass
through
and
asset-backed
securities.
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
22
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Investment
Strategy
We
seek
to
invest
in
a
combination
of
fixed
income
securities,
primarily
from
across
the
investment-grade
debt
universe.
We
analyze
securities
using
proprietary
and
nonproprietary
research
to
help
us
identify
attractive
investment
opportunities,
across
the
entire
fixed
income
opportunity
set,
on
a
relative
basis.
The
Fund
may
also
invest
up
to
20%
of
its
total
assets
in
noninvestment-
grade
debt
securities.
In
addition,
we
may
use
derivative
transactions,
such
as
currency
and
currency
forwards,
interest
rate/bond
futures
contracts,
options
on
exchange-
traded
funds
and
swap
agreements,
to
obtain
net
long
or
short
exposures
to
select
currencies,
interest
rates,
countries,
duration
or
credit
risks.
*Includes
non-agency
residential
mortgage
backed
securities,
collateralized
loan
obligations
and
consumer
loan
certificates.
Manager’s
Discussion
The
U.S.
Federal
Reserve
(Fed)
has
continued
its
aggressive
action
to
address
the
decades-high
levels
of
inflation
in
the
U.S.,
raising
the
federal
funds
rate
by
175
basis
points
(bps)
over
the
period
under
review.
Volatility
in
U.S.
Treasury
(UST)
yields
and
credit
spreads
increased
significantly
as
investor
sentiment
experienced
both
“risk-
on”
and
“risk-off”
episodes,
which
were
heavily
influenced
by
macro
economic
factors,
Fed
policy
adjustments,
and
emerging
US
banking
turmoil.
Fixed
income
sectors
generally
posted
positive
total
returns,
mainly
due
to
falling
intermediate-
and
long-maturity
UST
yields.
During
the
six-month
period,
the
Fund’s
overall
duration
exposure
contributed
to
returns,
led
by
our
positioning
in
the
two-year
portion
of
the
yield
curve.
Out-of-index
allocations
in
collateralized
loan
obligations
(CLOs),
floating-rate
bank
loans,
and
non-agency
residential
mortgage-backed
securities
(RMBS)
were
strong
contributors
to
returns.
Positive
performance
contributions
also
came
from
our
overweight
allocation
relative
to
the
benchmark
in
taxable
municipal
bonds
(munis)
and
sovereign
emerging
market
(EM)
debt.
In
contrast,
our
overweight
to
investment-grade
(IG)
corporate
bonds
and
underweight
to
agency
mortgage-
Portfolio
Composition
4/30/23
%
of
Total
Net
Assets
U.S.
Government
and
Agency
Securities
28.6%
Mortgage-Backed
Securities
24.6%
Corporate
Bonds
17.1%
Management
Investment
Companies
14.2%
Asset-Backed
Securities
*
10.1%
Residential
Mortgage-Backed
Securities
3.9%
Municipal
Bonds
3.8%
Foreign
Government
and
Agency
Securities
2.1%
Marketplace
Loans
1.9%
Commercial
Mortgage-Backed
Securities
1.3%
Other
0.1%
Short-Term
Investments
&
Other
Net
Assets
-7.7%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
167
.
Franklin
Total
Return
Fund
21
franklintempleton.com
Semiannual
Report
backed
securities
(MBS)
hurt
relative
results.
Security
selection
was
another
strong
driver
of
outperformance,
led
by
a
significant
contribution
from
selection
in
high-yield
(HY)
corporate
bonds,
which
was
only
partially
offset
by
negative
returns
from
selection
in
MBS.
The
Fund
remained
positioned
conservatively,
with
a
bias
to
higher
quality
and
more
liquid
securities.
We
added
to
USTs,
which
were
the
Fund’s
largest
absolute
allocation
at
period-end,
but
the
Fund
remained
significantly
underweight
the
sector
relative
to
the
benchmark
given
our
expectation
for
further
increases
in
UST
yields
and
better
relative
opportunities
in
other
asset
classes.
IG
was
the
Fund’s
second
largest
allocation
at
period-end,
and
we
modestly
increased
the
allocation
over
the
period,
moving
from
an
underweight
to
a
neutral
allocation
relative
to
the
benchmark.
We
also
added
to
agency
MBS
while
paring
our
exposure
to
CLOs,
floating-rate
bank
loans,
and
EM
debt.
Effective
March
2023,
Josh
Lohmeier
was
added
as
a
portfolio
manager
of
the
Fund.
Thank
you
for
your
continued
participation
in
Franklin
Total
Return
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Sonal
Desai,
Ph.D.
Patrick
Klein,
Ph.D.
Tina
Chou
Thomas
Runkel,
CFA
Josh
Lohmeier,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
April
30,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
April
30,
2023
Franklin
Total
Return
Fund
22
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
3.75%
and
the
minimum
is
0%.
Class
A:
3.75%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
+7.94%
+3.88%
1-Year
-1.61%
-5.25%
5-Year
+3.48%
-0.08%
10-Year
+9.08%
+0.48%
Advisor
6-Month
+8.02%
+8.02%
1-Year
-1.36%
-1.36%
5-Year
+4.62%
+0.91%
10-Year
+11.68%
+1.11%
30-Day
Standardized
Yield
6
Share
Class
Distribution
Rate
5
(with
fee
waiver)
(without
fee
waiver)
A
2.99%
3.30%
3.16%
Advisor
3.29%
3.65%
3.51%
See
page
23
for
Performance
Summary
footnotes.
Franklin
Total
Return
Fund
Performance
Summary
23
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
loss
of
principal.
Interest
rate
movements
and
mortgage
prepayments
will
affect
the
Fund’s
share
price
and
yield.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
the
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Changes
in
the
financial
strength
of
a
bond
issuer
or
in
a
bond’s
credit
rating
may
affect
its
value.
The
risks
associated
with
higher-yielding,
low-
er-rated
securities
include
higher
risk
of
default
and
loss
of
principal.
Investment
in
foreign
securities
also
involves
special
risks,
including
currency
fluctuations,
and
political
and
economic
uncertainty.
Derivatives,
including
currency
management
strategies,
involve
costs
and
can
create
economic
leverage
in
the
portfolio
which
may
result
in
significant
volatility
and
cause
the
Fund
to
participate
in
losses
(as
well
as
gains)
on
an
amount
that
exceeds
the
Fund’s
initial
investment.
The
Fund
may
not
achieve
the
anticipated
benefits,
and
may
realize
losses
when
a
counterparty
fails
to
perform
as
promised.
Events
such
as
the
spread
of
dead-
ly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/29/24
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
3/1/19,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
4.25%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
3.75%.
5.
Distribution
rate
is
based
on
an
annualization
of
the
sum
of
the
respective
class’s
past
month’s
daily
distributions
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
4/30/23.
6.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
7.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(11/1/22–4/30/23)
Share
Class
Net
Investment
Income
A
$0.137466
C
$0.121290
R
$0.127327
R6
$0.152336
Advisor
$0.147787
Total
Annual
Operating
Expenses
7
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.91%
1.00%
Advisor
0.66%
0.74%
Your
Fund’s
Expenses
Franklin
Total
Return
Fund
24
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/22
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
Ending
Account
Value
4/30/23
Expenses
Paid
During
Period
11/1/22–4/30/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,079.40
$4.28
$1,020.68
$4.16
0.83%
C
$1,000
$1,077.90
$6.35
$1,018.68
$6.17
1.23%
R
$1,000
$1,078.50
$5.57
$1,019.43
$5.41
1.08%
R6
$1,000
$1,080.70
$2.40
$1,022.48
$2.34
0.47%
Advisor
$1,000
$1,080.20
$2.97
$1,021.94
$2.89
0.58%
Franklin
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Trust
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an
integral
part
of
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financial
statements.
Semiannual
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25
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.28
$7.89
$7.35
$8.18
$8.70
$8.83
Income
from
investment
operations
a
:
Net
investment
income
..............
0.295
b
0.359
b
0.296
b
0.332
b
0.441
b
0.396
Net
realized
and
unrealized
gains
(losses)
0.224
(0.607)
0.545
(0.808)
(0.515)
(0.129)
Total
from
investment
operations
........
0.519
(0.248)
0.841
(0.476)
(0.074)
0.267
Less
distributions
from:
Net
investment
income
..............
(0.289)
(0.362)
(0.301)
(0.355)
(0.446)
(0.397)
Net
asset
value,
end
of
period
..........
$7.51
$7.28
$7.89
$7.35
$8.18
$8.70
Total
return
c
.......................
7.24%
(3.25)%
11.79%
(6.00)%
(0.88)%
2.97%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.00%
0.95%
1.00%
0.96%
0.89%
0.87%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.97%
0.92%
0.98%
0.93%
0.86%
0.81%
Net
investment
income
...............
8.01%
4.68%
3.86%
4.33%
5.21%
4.53%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$828,261
$828,324
$803,542
$717,021
$1,049,359
$1,344,473
Portfolio
turnover
rate
................
7.68%
37.05%
66.03%
32.39%
23.23%
f
58.07%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
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The
accompanying
notes
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of
these
financial
statements.
26
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.28
$7.89
$7.36
$8.18
$8.70
$8.83
Income
from
investment
operations
a
:
Net
investment
income
..............
0.280
b
0.325
b
0.268
b
0.306
b
0.407
b
0.364
Net
realized
and
unrealized
gains
(losses)
0.224
(0.604)
0.532
(0.804)
(0.514)
(0.131)
Total
from
investment
operations
........
0.504
(0.279)
0.800
(0.498)
(0.107)
0.233
Less
distributions
from:
Net
investment
income
..............
(0.274)
(0.331)
(0.270)
(0.323)
(0.413)
(0.363)
Net
asset
value,
end
of
period
..........
$7.51
$7.28
$7.89
$7.36
$8.18
$8.70
Total
return
c
.......................
7.02%
(3.63)%
11.34%
(6.39)%
(1.39)%
2.68%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.40%
1.35%
1.40%
1.36%
1.29%
1.27%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.37%
1.32%
1.38%
1.33%
1.26%
1.21%
Net
investment
income
...............
7.60%
4.24%
3.50%
3.98%
4.81%
4.13%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$80,040
$89,383
$100,317
$160,194
$296,134
$438,480
Portfolio
turnover
rate
................
7.68%
37.05%
66.03%
32.39%
23.23%
f
58.07%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
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accompanying
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part
of
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statements.
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a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.29
$7.90
$7.37
$8.19
$8.71
$8.84
Income
from
investment
operations
a
:
Net
investment
income
..............
0.309
b
0.446
b
0.317
b
0.363
b
0.463
b
0.427
Net
realized
and
unrealized
gains
(losses)
0.224
(0.668)
0.541
(0.804)
(0.508)
(0.130)
Total
from
investment
operations
........
0.533
(0.222)
0.858
(0.441)
(0.045)
0.297
Less
distributions
from:
Net
investment
income
..............
(0.303)
(0.388)
(0.328)
(0.380)
(0.475)
(0.427)
Net
asset
value,
end
of
period
..........
$7.52
$7.29
$7.90
$7.37
$8.19
$8.71
Total
return
c
.......................
7.43%
(2.92)%
12.15%
(5.69)%
(0.54)%
3.43%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.62%
0.67%
0.72%
0.69%
0.57%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.59%
0.58%
0.63%
0.59%
0.53%
0.48%
Net
investment
income
...............
8.34%
5.96%
4.09%
4.71%
5.54%
4.86%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$128,116
$201,719
$24,999
$9,568
$18,764
$142,075
Portfolio
turnover
rate
................
7.68%
37.05%
66.03%
32.39%
23.23%
f
58.07%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
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financial
statements.
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a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.28
$7.89
$7.36
$8.18
$8.71
$8.84
Income
from
investment
operations
a
:
Net
investment
income
..............
0.304
b
0.365
b
0.315
b
0.358
b
0.463
b
0.418
Net
realized
and
unrealized
gains
(losses)
0.224
(0.594)
0.535
(0.806)
(0.525)
(0.129)
Total
from
investment
operations
........
0.528
(0.229)
0.850
(0.448)
(0.062)
0.289
Less
distributions
from:
Net
investment
income
..............
(0.298)
(0.381)
(0.320)
(0.373)
(0.468)
(0.419)
Net
asset
value,
end
of
period
..........
$7.51
$7.28
$7.89
$7.36
$8.18
$8.71
Total
return
c
.......................
7.37%
(3.01)%
12.06%
(5.78)%
(0.74)%
3.35%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.75%
0.70%
0.75%
0.71%
0.64%
0.62%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.72%
0.67%
0.73%
0.68%
0.61%
0.56%
Net
investment
income
...............
8.23%
4.74%
4.09%
4.65%
5.46%
4.78%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$210,116
$300,958
$434,688
$376,997
$858,071
$1,743,880
Portfolio
turnover
rate
................
7.68
%
37.05%
66.03%
32.39%
23.23%
f
58.07%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
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part
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statements.
Semiannual
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29
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
6.8%
Ground
Transportation
0.1%
a,b,c
Onsite
Rental
Group
Operations
Pty.
Ltd.
...................
Australia
11,563,612
$
1,157,357
Hotels,
Restaurants
&
Leisure
0.0%
†
b
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
287,830
61,883
Machinery
1.4%
b,c
UTEX
Industries,
Inc.
..................................
United
States
261,340
17,030,744
Oil,
Gas
&
Consumable
Fuels
5.3%
c
Quarternorth
Energy
Holding,
Inc.
.........................
United
States
475,746
66,445,779
Total
Common
Stocks
(Cost
$84,385,406)
......................................
84,695,763
Management
Investment
Companies
3.3%
Capital
Markets
3.3%
d
Franklin
Floating
Rate
Income
Fund
.......................
United
States
4,630,114
36,161,189
e
Invesco
Senior
Loan
ETF
...............................
United
States
280,416
5,855,086
42,016,275
Total
Management
Investment
Companies
(Cost
$51,562,905)
....................
42,016,275
Preferred
Stocks
0.0%
†
Hotels,
Restaurants
&
Leisure
0.0%
†
b
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
681,685
13,634
b
Total
Preferred
Stocks
(Cost
$919,936)
.........................................
13,634
Warrants
Warrants
0.0%
†
Machinery
0.0%
†
a,b,c
UTEX
Industries,
Inc.,
2/20/49
............................
United
States
634
2,137
Total
Warrants
(Cost
$–)
......................................................
2,137
Principal
Amount
*
Corporate
Bonds
5.4%
Capital
Markets
0.1%
f
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
1,600,000
1,433,542
Chemicals
0.4%
f
ASP
Unifrax
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
9/30/28
...........................................
United
States
1,935,400
1,596,705
f
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
...........................................
United
States
3,900,000
3,515,169
5,111,874
Commercial
Services
&
Supplies
0.4%
f
GFL
Environmental,
Inc.
,
Senior
Secured
Note
,
144A,
3.5
%
,
9/01/28
Canada
2,300,000
2,093,140
Pitney
Bowes,
Inc.
,
Senior
Bond
,
4.625
%
,
3/15/24
.............
United
States
881,000
869,138
f
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
4/15/24
.....................
United
States
2,500,000
2,491,434
5,453,712
Communications
Equipment
0.1%
f
CommScope,
Inc.
,
Senior
Secured
Note
,
144A,
4.75
%
,
9/01/29
...
United
States
2,019,200
1,632,414
Franklin
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Schedule
of
Investments
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financial
statements.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Construction
Materials
0.3%
f
Cemex
SAB
de
CV
,
Senior
Bond
,
144A,
5.2
%
,
9/17/30
.........
Mexico
3,875,000
$
3,610,072
Containers
&
Packaging
0.6%
f
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Secured
Note
,
144A,
4.125
%
,
8/15/26
....................
United
States
3,800,000
3,585,581
f
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Secured
Note
,
144A,
7.875
%
,
8/15/26
................................
United
States
694,400
705,031
f
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
1,125,000
991,749
f
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
2,500,000
2,253,138
7,535,499
Diversified
Consumer
Services
0.2%
f
WW
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
4/15/29
United
States
3,500,000
2,236,850
Diversified
Telecommunication
Services
0.4%
f
Altice
France
SA
,
Senior
Secured
Note,
144A,
5.125%,
7/15/29
..............
France
2,000,000
1,480,501
Senior
Secured
Note,
144A,
5.5%,
10/15/29
...............
France
3,730,000
2,795,563
4,276,064
Energy
Equipment
&
Services
0.1%
f
Weatherford
International
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/15/28
...........................................
United
States
714,300
715,061
Entertainment
0.2%
f
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
1,900,000
1,854,857
Ground
Transportation
0.0%
†
f
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
500,000
433,889
Health
Care
Providers
&
Services
0.1%
f
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
5.5
%
,
9/01/28
...........................................
United
States
1,334,000
1,021,111
Hotels,
Restaurants
&
Leisure
0.2%
f
International
Game
Technology
plc
,
Senior
Secured
Note
,
144A,
5.25
%
,
1/15/29
.....................................
United
States
2,300,000
2,208,080
Independent
Power
and
Renewable
Electricity
Producers
0.3%
f
Calpine
Corp.
,
Senior
Secured
Note
,
144A,
4.5
%
,
2/15/28
.......
United
States
4,400,000
4,104,773
Insurance
0.1%
f
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.25
%
,
2/15/29
.....................................
United
States
1,470,600
1,232,325
Media
0.5%
f
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
4,300,000
3,778,280
f
Radiate
Holdco
LLC
/
Radiate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
9/15/26
.................................
United
States
1,600,000
1,246,877
f
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
5.125
%
,
2/15/25
.....................................
United
States
1,555,556
1,533,716
6,558,873
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
0.2%
Cheniere
Energy,
Inc.
,
Senior
Note
,
4.625
%
,
10/15/28
..........
United
States
2,400,000
$
2,289,841
Passenger
Airlines
1.0%
f
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
5,800,000
5,702,234
f
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
5,000,000
4,905,196
f
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
2,485,000
2,376,217
12,983,647
Specialty
Retail
0.1%
f
99
Escrow
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/15/26
United
States
2,419,355
948,157
Wireless
Telecommunication
Services
0.1%
f
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
144A,
4.25
%
,
1/31/31
...........................................
United
Kingdom
1,430,000
1,186,957
Total
Corporate
Bonds
(Cost
$73,835,328)
......................................
66,827,598
g
Senior
Floating
Rate
Interests
77.2%
Aerospace
&
Defense
0.8%
h,i
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
14
%
,
PIK,
(
3-month
USD
LIBOR
+
0.5
%
),
3/06/25
......................................
United
Kingdom
12,093,404
10,519,750
i
Air
Freight
&
Logistics
1.1%
Kenan
Advantage
Group,
Inc.
(The)
,
U.S.
Term
Loan,
B1
,
8.775
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/24/26
..................
United
States
6,474,191
6,462,052
Rand
Parent
LLC
,
First
Lien,
CME
Term
Loan,
B
,
9.127
%
,
(
3-month
SOFR
+
4.25
%
),
3/17/30
..............................
United
States
7,918,907
7,446,267
13,908,319
a
a
a
a
a
a
Automobile
Components
2.6%
i
Adient
US
LLC
,
CME
Term
Loan,
B1
,
8.347
%
,
(
1-month
SOFR
+
3.25
%
),
4/10/28
.....................................
United
States
4,531,863
4,538,231
Clarios
Global
LP
,
i
First
Lien,
Amendment
No.
1
Dollar
Term
Loan,
8.275%,
(1-month
USD
LIBOR
+
3.25%),
4/30/26
..........................
United
States
3,815,638
3,812,853
j,k
Incremental
CME
Term
Loan,
TBD,
4/20/30
................
United
States
2,035,807
2,034,952
i
DexKo
Global,
Inc.
,
First
Lien,
Closing
Date
Term
Loan
,
8.909
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/04/28
.................
United
States
3,619,020
3,452,111
i
First
Brands
Group
LLC
,
2022-II
Incremental
CME
Term
Loan,
10.253%,
(6-month
SOFR
+
5%;
6-month
SOFR
+
5%),
3/30/27
......................
United
States
4,558,750
4,387,797
First
Lien,
2021
CME
Term
Loan,
10.252%,
(6-month
SOFR
+
5%),
3/30/27
...........................................
United
States
7,641,117
7,421,434
Second
Lien,
2021
Term
Loan,
13.602%,
(3-month
USD
LIBOR
+
8.5%),
3/30/28
......................................
United
States
4,220,469
3,747,439
i
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
9.525
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
11/09/27
............
United
States
623,558
602,319
i
TI
Group
Automotive
Systems
LLC
,
Refinancing
U.S.
Term
Loan
,
8.409
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/16/26
...........
United
States
2,153,955
2,149,916
32,147,052
a
a
a
a
a
a
Automobiles
0.6%
i
American
Trailer
World
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.657
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
................
United
States
8,139,039
7,070,790
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
Banks
0.2%
i,k
Finastra
Ltd.
,
First
Lien,
Dollar
Term
Loan
,
8.611
%
,
(
2-month
USD
LIBOR
+
3.5%;
3-month
USD
LIBOR
+
3.5%
),
6/13/24
........
United
Kingdom
3,000,000
$
2,867,445
i
Beverages
0.7%
City
Brewing
Co.
LLC
,
First
Lien,
Closing
Date
Term
Loan
,
8.76
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
4/05/28
...................
United
States
3,950,721
1,642,038
Naked
Juice
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
8.248
%
,
(
3-month
SOFR
+
3.25
%
),
1/24/29
.......................
United
States
1,758,499
1,573,250
k
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.659
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
3/31/28
...................
United
States
5,184,670
4,926,733
8,142,021
a
a
a
a
a
a
i
Building
Products
0.2%
Cornerstone
Building
Brands,
Inc.
,
CME
Term
Loan,
B
,
8.24
%
,
(
1-month
SOFR
+
3.25
%
),
4/12/28
.......................
United
States
2,910,374
2,647,713
Quikrete
Holdings,
Inc.
,
First
Lien,
Fourth
Amendment
Term
Loan,
B1
,
8.025
%
,
(
1-month
USD
LIBOR
+
3
%
),
3/19/29
...........
United
States
9,900
9,873
2,657,586
a
a
a
a
a
a
i
Capital
Markets
1.8%
Citadel
Securities
LP
,
2021
CME
Term
Loan,
7.597%,
(1-month
SOFR
+
2.5%),
2/02/28
United
States
4,524,510
4,500,462
CME
Term
Loan,
B1,
8.097%,
(1-month
SOFR
+
3%),
2/02/28
..
United
States
1,353,200
1,351,509
Deerfield
Dakota
Holding
LLC
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.557
%
,
(
1-month
SOFR
+
3.75
%
),
4/09/27
...........
United
States
2,741,556
2,655,238
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
Term
Loan
,
8.775
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
4/07/28
...
United
States
4,175,042
4,046,409
Jane
Street
Group
LLC
,
Dollar
Term
Loan
,
7.775
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/26/28
..............................
United
States
3,486,579
3,478,141
k
Osmosis
Buyer
Ltd.
,
2022
Refinancing
CME
Term
Loan,
B
,
8.584
%
,
(
1-month
SOFR
+
3.75
%
),
7/31/28
.......................
United
Kingdom
6,209,577
6,055,921
Russell
Investments
US
Institutional
Holdco,
Inc.
,
2025
CME
Term
Loan
,
8.407
%
,
(
1-month
SOFR
+
3.5
%
),
5/30/25
............
United
States
993,130
968,768
23,056,448
a
a
a
a
a
a
i
Chemicals
4.6%
k
ASP
Unifrax
Holdings,
Inc.
,
First
Lien,
USD
CME
Term
Loan
,
8.909
%
,
(
3-month
SOFR
+
3.75
%
),
12/12/25
...............
United
States
9,375,169
8,673,672
CPC
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
8.91
%
,
(
3-month
SOFR
+
3.75
%
),
12/29/27
.............................
United
States
2,696,726
2,069,738
Cyanco
Intermediate
2
Corp.
,
First
Lien,
Initial
Term
Loan
,
8.525
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/16/25
...................
United
States
7,082,039
6,975,809
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan,
9.454%,
(3-month
SOFR
+
4.5%),
3/15/29
......................................
United
States
6,749,000
6,069,882
Second
Lien,
Initial
CME
Term
Loan,
12.502%,
(1-month
SOFR
+
7.438%),
3/15/30
....................................
United
States
2,093,023
1,740,694
Ineos
Quattro
Holdings
UK
Ltd.
,
2030
Dollar
CME
Term
Loan,
B
,
8.832
%
,
(
1-month
SOFR
+
3.75
%
),
3/14/30
................
United
Kingdom
1,739,130
1,739,130
INEOS
Styrolution
Group
GmbH
,
2026
Dollar
Term
Loan,
B
,
7.847
%
,
(
1-month
SOFR
+
2.75
%
),
1/29/26
.......................
United
Kingdom
4,247,777
4,236,096
INEOS
US
Finance
LLC
,
2027-II
Dollar
CME
Term
Loan
,
8.657
%
,
(
1-month
SOFR
+
3.75
%
),
11/08/27
......................
Luxembourg
1,480,000
1,480,000
LSF11
A5
Holdco
LLC
,
CME
Term
Loan
,
8.597
%
,
(
1-month
SOFR
+
3.5
%
),
10/15/28
.....................................
United
States
4,464,690
4,334,098
Lummus
Technology
Holdings
V
LLC
,
2021
Refinancing
Term
Loan,
B
,
8.525
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
6/30/27
..........
United
States
3,124,503
3,094,118
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
i
Chemicals
(continued)
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.304
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................................
United
States
13,240,178
$
11,645,001
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
Term
Loan,
B1
,
9.025
%
,
(
1-month
USD
LIBOR
+
4
%
),
3/16/27
..............
United
States
5,166,639
5,068,550
Sparta
U.S.
Holdco
LLC
,
First
Lien,
Initial
Term
Loan
,
8.098
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
8/02/28
..................
United
States
7,784
7,699
57,134,487
a
a
a
a
a
a
i
Commercial
Services
&
Supplies
4.7%
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
CME
Term
Loan
,
8.832
%
,
(
1-month
SOFR
+
3.75
%
),
5/12/28
................
United
States
4,053,040
3,915,703
Amentum
Government
Services
Holdings
LLC
,
First
Lien,
CME
Term
Loan,
3
,
8.906
%
,
(
3-month
SOFR
+
4%;
3-month
SOFR
+
4%
),
2/15/29
...........................................
United
States
12,043,948
11,592,300
APX
Group,
Inc.
,
Initial
Term
Loan
,
8.25
%
,
(
3-month
USD
LIBOR
+
2.25%;
3-month
USD
LIBOR
+
3.25%
),
7/10/28
.............
United
States
3,117,097
3,119,638
CCI
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.898
%
,
(
3-month
SOFR
+
4
%
),
12/17/27
................................
United
States
5,454,160
5,370,656
Indicor
LLC
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
9.398
%
,
(
3-month
SOFR
+
4.5
%
),
11/22/29
.......................
United
States
1,941,748
1,932,651
Madison
IAQ
LLC
,
Term
Loan
,
8.302
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
6/21/28
.....................................
United
States
6,502,441
6,271,539
k
Pitney
Bowes,
Inc.
,
Refinancing
CME
Term
Loan,
B
,
9.097
%
,
(
1-month
SOFR
+
4
%
),
3/17/28
.........................
United
States
12,773,703
12,270,802
Prime
Security
Services
Borrower
LLC
,
First
Lien,
2021
Refinancing
Term
Loan,
B1
,
7.608
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
9/23/26
United
States
6,665,419
6,662,286
Spin
Holdco,
Inc.
,
Initial
Term
Loan
,
8.986
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/04/28
.......................................
United
States
8,809,132
7,294,358
58,429,933
a
a
a
a
a
a
Communications
Equipment
0.2%
i
CommScope,
Inc.
,
Initial
Term
Loan
,
8.275
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/06/26
...................................
United
States
2,681,947
2,491,528
i
Construction
&
Engineering
0.7%
USIC
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.34
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/12/28
...........................
United
States
5,358,918
5,267,951
Zekelman
Industries,
Inc.
,
2020
Term
Loan
,
7.018
%
,
(
3-month
USD
LIBOR
+
2
%
),
1/24/27
................................
United
States
3,373,833
3,343,856
8,611,807
a
a
a
a
a
a
i
Consumer
Staples
Distribution
&
Retail
1.3%
GNC
Holdings,
Inc.
,
Second
Lien,
Term
Loan
,
11.01
%
,
(
1-month
USD
LIBOR
+
6
%
),
10/07/26
...........................
United
States
15,816,557
14,709,398
Shearer's
Foods
LLC
,
First
Lien,
Refinancing
CME
Term
Loan
,
8.597
%
,
(
1-month
SOFR
+
3.5
%
),
9/23/27
.................
United
States
1,642,865
1,610,262
16,319,660
a
a
a
a
a
a
i
Containers
&
Packaging
1.5%
Charter
Next
Generation,
Inc.
,
First
Lien,
2021
Initial
Term
Loan
,
8.672
%
,
(
1-month
SOFR
+
3.75
%
),
12/01/27
...............
United
States
5,377,720
5,315,957
Kleopatra
Finco
SARL
,
USD
CME
Term
Loan,
B
,
10.129
%
,
(
6-month
SOFR
+
4.75
%
),
2/12/26
..............................
Luxembourg
4,364,045
4,031,286
Mauser
Packaging
Solutions
Holding
Co.
,
Initial
CME
Term
Loan
,
8.803
%
,
(
1-month
SOFR
+
4
%
),
8/14/26
..................
United
States
8,000,000
7,986,880
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
i
Containers
&
Packaging
(continued)
Pactiv
Evergreen,
Inc.
,
U.S.
CME
Term
Loan,
B3
,
8.347
%
,
(
1-month
SOFR
+
3.25
%
),
9/24/28
..............................
United
States
1,541,951
$
1,528,752
18,862,875
a
a
a
a
a
a
i
Diversified
Consumer
Services
1.7%
KUEHG
Corp.
,
Term
Loan,
B3
,
8.909
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/21/25
.....................................
United
States
4,485,069
4,460,266
Learning
Care
Group
(US)
No.
2,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.441
%
,
(
1-month
USD
LIBOR
+
3.25%;
3-month
USD
LIBOR
+
3.25%
),
3/13/25
.....................................
United
States
5,768,979
5,723,895
Pre-Paid
Legal
Services,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.775
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
12/15/28
.................
United
States
1,430,854
1,411,051
Sedgwick
Claims
Management
Services,
Inc.
,
2023
CME
Term
Loan
,
8.732
%
,
(
1-month
SOFR
+
3.75
%
),
2/24/28
................
United
States
7,853,798
7,779,619
WW
International,
Inc.
,
Initial
Term
Loan
,
8.53
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/13/28
...............................
United
States
2,181,981
1,497,384
20,872,215
a
a
a
a
a
a
i
Diversified
Telecommunication
Services
1.4%
Global
Tel*Link
Corp.
,
First
Lien,
CME
Term
Loan,
9.332%,
(1-month
SOFR
+
4.25%),
11/29/25
..........................................
United
States
11,849,751
10,423,159
Second
Lien,
CME
Term
Loan,
15.082%,
(1-month
SOFR
+
10%),
11/29/26
..........................................
United
States
7,895,149
5,950,969
Zayo
Group
Holdings,
Inc.
,
Initial
Dollar
Term
Loan
,
8.025
%
,
(
1-month
USD
LIBOR
+
3
%
),
3/09/27
.....................
United
States
1,755,569
1,432,729
17,806,857
a
a
a
a
a
a
Electrical
Equipment
0.2%
i
AZZ,
Inc.
,
Initial
CME
Term
Loan
,
9.332
%
,
(
1-month
SOFR
+
4.25
%
),
5/13/29
...........................................
United
States
1,924,172
1,925,375
i
Entertainment
0.9%
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan,
B1
,
7.946
%
,
(
1-month
USD
LIBOR
+
3
%
),
4/22/26
............................
United
States
1,959,184
1,507,122
Banijay
Entertainment
SAS
,
USD
Term
Loan,
B
,
8.598
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/01/25
..........................
France
1,938,153
1,932,096
Playtika
Holding
Corp.
,
Term
Loan,
B1
,
7.775
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
3/13/28
..............................
United
States
5,205,282
5,176,002
William
Morris
Endeavor
Entertainment
LLC
(IMG
Worldwide
Holdings
LLC)
,
First
Lien,
Term
Loan,
B1
,
7.78
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
5/18/25
..............................
United
States
2,092,655
2,090,039
10,705,259
a
a
a
a
a
a
i
Financial
Services
1.4%
k
Belfor
Holdings,
Inc.
,
First
Lien,
CME
Term
Loan,
B2
,
9.232
%
,
(
1-month
SOFR
+
4.25
%
),
4/06/26
.......................
United
States
698,113
698,113
Mercury
Borrower,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.563
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
8/02/28
...................
United
States
5,909,483
5,794,987
Red
Planet
Borrower
LLC
,
Initial
CME
Term
Loan
,
8.832
%
,
(
1-month
SOFR
+
3.75
%
),
10/02/28
.............................
United
States
3,423,914
2,336,821
Verscend
Holding
Corp.
,
Term
Loan,
B1
,
9.025
%
,
(
1-month
USD
LIBOR
+
4
%
),
8/27/25
................................
United
States
8,887,294
8,890,093
17,720,014
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
Food
Products
0.2%
i
Primary
Products
Finance
LLC
,
CME
Term
Loan,
B
,
9.04
%
,
(
3-month
SOFR
+
4
%
),
4/01/29
.................................
United
States
1,988,058
$
1,969,112
i
Ground
Transportation
0.6%
Avis
Budget
Car
Rental
LLC
,
CME
Term
Loan,
C,
8.582%,
(1-month
SOFR
+
3.5%),
3/16/29
..
United
States
1,683,000
1,686,678
New
CME
Term
Loan,
B,
6.847%,
(1-month
SOFR
+
1.75%),
8/06/27
...........................................
United
States
1,276,415
1,267,773
PECF
USS
Intermediate
Holding
III
Corp.
,
Initial
Term
Loan
,
9.522
%
,
(
1-month
USD
LIBOR
+
4.25%;
6-month
USD
LIBOR
+
4.25%
),
12/15/28
..........................................
United
States
5,471,756
4,534,444
7,488,895
a
a
a
a
a
a
i
Health
Care
Equipment
&
Supplies
0.7%
Medline
Borrower
LP
,
Initial
Dollar
Term
Loan
,
8.275
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
10/23/28
.........................
United
States
7,532,427
7,321,631
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
Term
Loan
,
10.332
%
,
(
1-month
SOFR
+
5.25
%
),
12/15/27
....................................
United
States
1,615,468
1,497,676
8,819,307
a
a
a
a
a
a
i
Health
Care
Providers
&
Services
6.5%
ADMI
Corp.
,
Amendment
No.
4
Refinancing
Term
Loan,
8.4%,
(1-month
USD
LIBOR
+
3.375%),
12/23/27
............................
United
States
5,073,324
4,795,889
Amendment
No.
5
Incremental
Term
Loan,
8.775%,
(1-month
USD
LIBOR
+
3.75%),
12/23/27
.............................
United
States
929,714
881,681
Aveanna
Healthcare
LLC
,
First
Lien,
2021
Extended
Term
Loan
,
8.703
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
7/17/28
............
United
States
4,423,181
3,833,659
Charlotte
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
10.084
%
,
(
1-month
SOFR
+
5.25
%
),
2/11/28
.......................
United
States
1,608,871
1,550,147
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.459
%
,
(
3-month
SOFR
+
3.5
%
),
11/08/27
.......................
United
States
5,971,934
5,922,965
eResearchTechnology,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.34
%
,
(
1-month
SOFR
+
4.5
%
),
2/04/27
..................
United
States
2,935,697
2,785,242
FINThrive
Software
Intermediate
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
9.025%,
(1-month
USD
LIBOR
+
4%),
12/18/28
..........................................
United
States
3,315,455
2,865,813
Second
Lien,
Initial
Term
Loan,
11.775%,
(1-month
USD
LIBOR
+
6.75%),
12/17/29
....................................
United
States
779,707
557,978
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.24
%
,
(
3-month
SOFR
+
3.25
%
),
11/01/28
......................
United
States
8,454,059
8,160,281
MPH
Acquisition
Holdings
LLC
,
Initial
Term
Loan
,
9.203
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
9/01/28
..........................
United
States
4,836,176
4,167,188
National
Mentor
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
8.815%,
(1-month
SOFR
+
3.75%;
3-month
SOFR
+
3.75%),
3/02/28
.......................
United
States
8,626,223
6,642,192
First
Lien,
Initial
Term
Loan,
C,
8.748%,
(3-month
SOFR
+
3.75%),
3/02/28
...........................................
United
States
279,919
215,537
Pacific
Dental
Services
LLC
,
Term
Loan
,
8.51
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
...............................
United
States
2,638,794
2,633,292
Pathway
Vet
Alliance
LLC
,
First
Lien,
2021
Replacement
Term
Loan
,
8.775
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/31/27
............
United
States
4,190,837
3,900,098
Phoenix
Guarantor,
Inc.
,
First
Lien,
Term
Loan,
B3
,
8.525
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/05/26
...................
United
States
4,622,775
4,564,990
Phoenix
Newco,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.09
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
11/15/28
.........................
United
States
6,223,332
6,125,719
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
i
Health
Care
Providers
&
Services
(continued)
Radiology
Partners,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
9.347
%
,
(
1-month
SOFR
+
4.25
%
),
7/09/25
.......................
United
States
5,575,184
$
4,134,919
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.098
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
10/01/28
.................
United
States
3,598,797
3,425,605
Waystar
Technologies,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.025
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/22/26
....................
United
States
13,726,143
13,715,437
80,878,632
a
a
a
a
a
a
Health
Care
Technology
1.0%
i
athenahealth
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.464
%
,
(
1-month
SOFR
+
3.5
%
),
2/15/29
...............................
United
States
13,179,345
12,393,263
i
Hotels,
Restaurants
&
Leisure
5.1%
h
24
Hour
Fitness
Worldwide,
Inc.
,
Tranche
1
Term
Loan
,
10.143
%
,
PIK,
(
3-month
USD
LIBOR
+
5
%
),
12/29/25
................
United
States
22,951,705
1,955,217
Bally's
Corp.
,
Term
Loan,
B
,
8.198
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
10/02/28
....................................
United
States
9,960,397
9,618,506
Caesars
Entertainment,
Inc.
,
2023
Incremental
CME
Term
Loan,
B
,
8.332
%
,
(
1-month
SOFR
+
3.25
%
),
2/06/30
................
United
States
2,739,699
2,733,795
Fertitta
Entertainment
LLC
,
Initial
CME
Term
Loan,
B
,
8.982
%
,
(
1-month
SOFR
+
4
%
),
1/27/29
.........................
United
States
6,232,181
6,076,408
Flutter
Entertainment
plc
,
Third
Amendment
CME
Term
Loan,
2028
B
,
8.41
%
,
(
3-month
SOFR
+
3.25
%
),
7/22/28
...............
Ireland
1,082,133
1,085,093
Flynn
Restaurant
Group
LP
,
First
Lien,
2021
CME
Term
Loan
,
9.347
%
,
(
1-month
SOFR
+
4.25
%
),
11/22/28
...............
United
States
5,899,621
5,743,281
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
Term
Loan
,
8.025
%
,
(
1-month
USD
LIBOR
+
3
%
),
8/02/28
.....................
United
States
6,737,231
6,717,390
IRB
Holding
Corp.
,
2022
Replacement
CME
Term
Loan,
B
,
8.082
%
,
(
1-month
SOFR
+
3
%
),
12/15/27
........................
United
States
3,641,759
3,588,516
Penn
National
Gaming,
Inc.
,
CME
Term
Loan,
B
,
7.657
%
,
(
1-month
SOFR
+
2.75
%
),
5/03/29
..............................
United
States
3,559,585
3,548,907
Raptor
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
8.947
%
,
(
3-month
USD
LIBOR
+
4
%
),
11/01/26
...........................
United
States
7,372,389
7,327,860
Scientific
Games
Holdings
LP
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.421
%
,
(
3-month
SOFR
+
3.5
%
),
4/04/29
............
United
States
7,221,090
7,126,313
Scientific
Games
International,
Inc.
,
Initial
CME
Term
Loan,
B
,
7.981
%
,
(
1-month
SOFR
+
3
%
),
4/14/29
..................
United
States
4,364,692
4,360,000
Whatabrands
LLC
,
Initial
Term
Loan,
B
,
8.275
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
8/03/28
..............................
United
States
4,180,657
4,138,850
64,020,136
a
a
a
a
a
a
i
Household
Durables
0.3%
Astro
One
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
10.663
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
9/15/28
...................
United
States
3,829,306
2,548,882
Hunter
Douglas
Holding
BV
,
CME
Term
Loan,
B1
,
8.373
%
,
(
3-month
SOFR
+
3.5
%
),
2/26/29
...............................
Netherlands
1,885,750
1,716,032
4,264,914
a
a
a
a
a
a
Household
Products
0.1%
i
Energizer
Holdings,
Inc.
,
2020
Term
Loan
,
7.329
%
,
(
1-month
SOFR
+
2.25
%
),
12/22/27
..................................
United
States
1,597,671
1,592,183
Independent
Power
and
Renewable
Electricity
Producers
0.1%
j
Talen
Energy
Supply
LLC
,
CME
Term
Loan,
B,
TBD,
12/31/30
.......................
United
States
613,757
595,344
CME
Term
Loan,
C,
TBD,
12/31/30
......................
United
States
497,355
482,434
1,077,778
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
i
Insurance
3.6%
Acrisure
LLC
,
First
Lien,
2020
Term
Loan,
8.525%,
(1-month
USD
LIBOR
+
3.5%),
2/15/27
......................................
United
States
5,938,776
$
5,692,316
First
Lien,
2021-1
Additional
Term
Loan,
8.775%,
(1-month
USD
LIBOR
+
3.75%),
2/15/27
..............................
United
States
2,248,370
2,159,840
First
Lien,
2021-2
Additional
Term
Loan,
9.275%,
(1-month
USD
LIBOR
+
4.25%),
2/15/27
..............................
United
States
1,657,343
1,609,694
Alliant
Holdings
Intermediate
LLC
,
New
CME
Term
Loan,
B5,
8.376%,
(1-month
SOFR
+
3.5%),
11/05/27
..........................................
United
States
2,009,897
1,996,079
New
Term
Loan,
B4,
8.51%,
(1-month
USD
LIBOR
+
3.5%),
11/05/27
..........................................
United
States
4,669,257
4,635,802
AssuredPartners,
Inc.
,
2020
CME
Term
Loan,
8.482%,
(1-month
SOFR
+
3.5%),
2/12/27
United
States
1,280,470
1,260,200
2020
February
Refinancing
Term
Loan,
8.525%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
...............................
United
States
8,864,275
8,727,633
2022-2
CME
Term
Loan,
9.232%,
(1-month
SOFR
+
4.25%),
2/12/27
...........................................
United
States
785,526
785,035
Asurion
LLC
,
New
CME
Term
Loan,
B10,
8.907%,
(3-month
SOFR
+
4%),
8/19/28
...........................................
United
States
2,294,236
2,138,962
New
CME
Term
Loan,
B11,
9.332%,
(1-month
SOFR
+
4.25%),
8/19/28
...........................................
United
States
1,034,483
965,172
New
Term
Loan,
B8,
8.275%,
(1-month
USD
LIBOR
+
3.25%),
12/23/26
..........................................
United
States
2,665,746
2,497,471
New
Term
Loan,
B9,
8.275%,
(1-month
USD
LIBOR
+
3.25%),
7/31/27
...........................................
United
States
8,294
7,686
Second
Lien,
New
Term
Loan,
B3,
10.275%,
(1-month
USD
LIBOR
+
5.25%),
1/31/28
...................................
United
States
6,496,342
5,459,655
Second
Lien,
New
Term
Loan,
B4,
10.275%,
(1-month
USD
LIBOR
+
5.25%),
1/20/29
...................................
United
States
6,752,294
5,626,214
HUB
International
Ltd.
,
2022
Incremental
CME
Term
Loan
,
8.728
%
,
(
3-month
SOFR
+
4
%
),
11/10/29
........................
United
States
954,504
953,803
44,515,562
a
a
a
a
a
a
i
IT
Services
4.0%
Aptean
Acquiror,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.157
%
,
(
1-month
SOFR
+
4.25
%
),
4/23/26
.......................
United
States
3,345,813
3,236,739
Arches
Buyer,
Inc.
,
Refinancing
CME
Term
Loan
,
8.332
%
,
(
1-month
SOFR
+
3.25
%
),
12/06/27
.............................
United
States
2,699,830
2,513,096
Aventiv
Technologies
LLC
,
First
Lien,
Initial
Term
Loan,
9.659%,
(3-month
USD
LIBOR
+
4.5%),
11/01/24
.....................................
United
States
11,119,560
8,012,422
Second
Lien,
Initial
Term
Loan,
13.275%,
(1-month
USD
LIBOR
+
8.25%),
11/01/25
....................................
United
States
375,000
207,187
Barracuda
Parent
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.545
%
,
(
3-month
SOFR
+
4.5
%
),
8/15/29
........................
United
States
3,245,971
3,157,210
Gainwell
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
8.998
%
,
(
3-month
SOFR
+
4
%
),
10/01/27
........................
United
States
11,033,437
10,661,114
Go
Daddy
Operating
Co.
LLC
(GD
Finance
Co.,
Inc.)
,
Amendment
No.
6
CME
Term
Loan
,
8.232
%
,
(
1-month
SOFR
+
3.25
%
),
11/09/29
..........................................
United
States
696,667
698,252
Hunter
Holdco
3
Ltd.
,
First
Lien,
Initial
Dollar
Term
Loan
,
9.409
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
8/19/28
..................
United
Kingdom
2,541,520
2,531,989
Peraton
Corp.
,
First
Lien,
Term
Loan,
B
,
8.832
%
,
(
1-month
SOFR
+
3.75
%
),
2/01/28
.....................................
United
States
12,770,646
12,535,156
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
i
IT
Services
(continued)
Sitel
Worldwide
Corp.
,
Initial
Dollar
Term
Loan
,
8.6
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
8/28/28
..............................
France
4,064,813
$
4,056,785
Thrasio
LLC
,
Initial
Term
Loan
,
12.159
%
,
(
3-month
USD
LIBOR
+
7
%
),
12/18/26
......................................
United
States
2,456,030
2,167,447
49,777,397
a
a
a
a
a
a
i
Leisure
Products
0.3%
Hercules
Achievement,
Inc.
(Varsity
Brands
Holding
Co.,
Inc.)
,
First
Lien,
Initial
Term
Loan
,
8.07
%
,
(
1-month
SOFR
+
3.5
%
),
12/16/24
United
States
1,745,790
1,655,594
Motion
Acquisition
Ltd.
,
Term
Loan,
B1,
8.409%,
(3-month
USD
LIBOR
+
3.25%),
11/12/26
United
Kingdom
1,679,878
1,659,795
Term
Loan,
B2,
8.409%,
(3-month
USD
LIBOR
+
3.25%),
11/12/26
United
Kingdom
239,487
236,624
3,552,013
a
a
a
a
a
a
Life
Sciences
Tools
&
Services
0.4%
i
ICON
plc
,
CME
Term
Loan,
7.41%,
(3-month
SOFR
+
2.25%),
7/03/28
....
United
States
4,098,658
4,102,039
U.S.
CME
Term
Loan,
7.41%,
(3-month
SOFR
+
2.25%),
7/03/28
United
States
1,021,183
1,022,026
5,124,065
a
a
a
a
a
a
i
Machinery
1.4%
k
ASP
Blade
Holdings,
Inc.
,
Initial
Term
Loan
,
9.159
%
,
(
3-month
USD
LIBOR
+
4
%
),
10/13/28
...............................
United
States
8,327,060
7,108,062
k
Tiger
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
8.332
%
,
(
1-month
SOFR
+
3.25
%
),
6/01/28
.......................
United
States
7,094,577
6,903,450
TK
Elevator
Midco
GmbH
,
USD
Term
Loan,
B1
,
8.602
%
,
(
6-month
USD
LIBOR
+
3.5
%
),
7/30/27
...........................
Germany
4,007,446
3,918,120
17,929,632
a
a
a
a
a
a
i
Media
4.8%
Cengage
Learning,
Inc.
,
First
Lien,
Term
Loan,
B
,
9.88
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/14/26
..........................
United
States
12,076,928
11,811,900
Clear
Channel
Outdoor
Holdings,
Inc.
,
Term
Loan,
B
,
8.75
%
,
(
1-month
SOFR
+
3.5%;
3-month
SOFR
+
3.5%
),
8/21/26
.....
United
States
6,170,659
5,824,207
k
CSC
Holdings
LLC
,
March
2017
Refinancing
Term
Loan
,
7.198
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
7/17/25
..................
United
States
9,069,314
8,678,200
Gray
Television,
Inc.
,
Term
Loan,
D
,
7.918
%
,
(
1-month
SOFR
+
3
%
),
12/01/28
..........................................
United
States
4,436,872
4,349,510
iHeartCommunications,
Inc.
,
New
Term
Loan
,
8.025
%
,
(
1-month
USD
LIBOR
+
3
%
),
5/01/26
............................
United
States
2,166,667
1,877,839
k
McGraw-Hill
Education,
Inc.
,
Initial
Term
Loan
,
9.823
%
,
(
3-month
USD
LIBOR
+
4.75%;
6-month
USD
LIBOR
+
4.75%
),
7/28/28
..
United
States
8,182,011
7,905,009
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2020
June
New
Term
Loan,
8.775%,
(1-month
USD
LIBOR
+
3.75%),
9/13/24
..............................
United
States
1,576,715
1,571,590
First
Lien,
Amendment
No.
2
Initial
Term
Loan,
8.775%,
(1-month
USD
LIBOR
+
3.75%),
9/13/24
..........................
United
States
3,047,088
3,038,830
Nexstar
Media,
Inc.
,
Term
Loan,
B4
,
7.525
%
,
(
1-month
USD
LIBOR
+
2.5
%
),
9/18/26
....................................
United
States
944,699
944,014
Radiate
Holdco
LLC
,
Amendment
No.
6
Term
Loan
,
8.275
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/25/26
..................
United
States
7,719,015
6,411,646
Univision
Communications,
Inc.
,
First
Lien,
Initial
Term
Loan,
B
,
8.275
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
1/31/29
............
United
States
3,051,451
3,008,548
Virgin
Media
Bristol
LLC
,
Term
Loan,
Q
,
8.198
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
1/31/29
..............................
United
States
4,555,393
4,516,809
59,938,102
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
i
Passenger
Airlines
2.2%
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
Term
Loan
,
10
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
4/20/28
.........
United
States
4,054,364
$
4,087,569
Air
Canada
,
Term
Loan
,
8.369
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/11/28
...........................................
Canada
6,277,410
6,274,491
Kestrel
Bidco,
Inc.
,
Term
Loan
,
8.064
%
,
(
1-month
SOFR
+
3
%
),
12/11/26
..........................................
Canada
9,751,683
9,254,640
United
AirLines,
Inc.
,
Term
Loan,
B
,
8.77
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
4/21/28
.....................................
United
States
8,244,193
8,231,291
27,847,991
a
a
a
a
a
a
i
Personal
Care
Products
1.6%
Conair
Holdings
LLC
,
First
Lien,
Initial
Term
Loan
,
8.909
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
5/17/28
..........................
United
States
10,564,707
9,908,850
Sunshine
Luxembourg
VII
SARL
,
Term
Loan,
B3
,
8.909
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/01/26
.........................
Luxembourg
9,503,531
9,412,107
19,320,957
a
a
a
a
a
a
i
Pharmaceuticals
1.9%
Bausch
Health
Cos.,
Inc.
,
Second
Amendment
CME
Term
Loan
,
10.24
%
,
(
1-month
SOFR
+
5.25
%
),
2/01/27
................
United
States
1,634,278
1,324,321
Grifols
Worldwide
Operations
Ltd.
,
Dollar
Tranche
Term
Loan,
B
,
7.025
%
,
(
1-month
USD
LIBOR
+
2
%
),
11/15/27
.............
Spain
2,000,000
1,950,000
Jazz
Pharmaceuticals
plc
,
Initial
Dollar
Term
Loan
,
8.525
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
...........................
United
States
7,516,452
7,515,099
Organon
&
Co.
,
Dollar
Term
Loan
,
8
%
,
(
3-month
USD
LIBOR
+
3
%
),
6/02/28
...........................................
United
States
3,857,082
3,856,291
Perrigo
Co.
plc
,
Initial
CME
Term
Loan,
B
,
7.332
%
,
(
1-month
SOFR
+
2.25
%
),
4/20/29
...................................
United
States
3,197,594
3,186,946
PetVet
Care
Centers
LLC
,
First
Lien,
2021
First
Lien
Replacement
Term
Loan
,
8.525
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
2/14/25
....
United
States
5,729,471
5,527,736
23,360,393
a
a
a
a
a
a
i
Professional
Services
1.2%
CCRR
Parent,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.78
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/06/28
..........................
United
States
6,219,729
6,017,588
CHG
Healthcare
Services,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.275
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/29/28
..................
United
States
5,568,975
5,543,219
Dun
&
Bradstreet
Corp.
(The)
,
Initial
Term
Loan
,
8.268
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
2/06/26
..........................
United
States
3,836,966
3,836,371
15,397,178
a
a
a
a
a
a
Real
Estate
Management
&
Development
0.0%
†
i
Cushman
&
Wakefield
US
Borrower
LLC
,
Replacement
Term
Loan
,
7.775
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
8/21/25
............
United
States
8,769
8,622
i
Software
8.9%
Atlas
Purchaser,
Inc.
,
First
Lien,
Initial
Term
Loan
,
10.385
%
,
(
3-month
USD
LIBOR
+
5.25
%
),
5/08/28
..................
United
States
1,908,202
1,348,459
Central
Parent,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.148
%
,
(
3-month
SOFR
+
4.25
%
),
7/06/29
..............................
United
States
1,539,000
1,539,408
Cloudera,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
8.832%,
(1-month
SOFR
+
3.75%),
10/08/28
....................................
United
States
6,018,300
5,826,467
Second
Lien,
Initial
CME
Term
Loan,
11.082%,
(1-month
SOFR
+
6%),
10/08/29
......................................
United
States
2,723,141
2,428,129
Cornerstone
OnDemand,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.775
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
10/16/28
.................
United
States
2,236,464
2,006,287
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
i
Software
(continued)
DCert
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
8.696%,
(6-month
SOFR
+
4%),
10/16/26
..........................................
United
States
12,120,776
$
12,029,265
Second
Lien,
First
Amendment
Refinancing
Term
Loan,
11.696%,
(3-month
USD
LIBOR
+
7%),
2/19/29
.....................
United
States
5,168,879
4,798,968
ECI
Macola/MAX
Holding
LLC
,
First
Lien,
Initial
Term
Loan
,
8.909
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
11/09/27
..................
United
States
3,758,946
3,719,402
Epicor
Software
Corp.
,
Term
Loan,
C
,
8.275
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
7/30/27
...................................
United
States
8,166,990
8,077,072
Genesys
Cloud
Services
Holdings
I
LLC
,
2020
Initial
Dollar
Term
Loan
,
9.025
%
,
(
1-month
USD
LIBOR
+
4
%
),
12/01/27
........
United
States
12,314,025
12,219,145
GoTo
Group,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.59
%
,
(
1-month
USD
LIBOR
+
4.75
%
),
8/31/27
..............................
United
States
5,833,014
3,609,177
Hyland
Software,
Inc.
,
First
Lien,
2018
Refinancing
Term
Loan,
8.525%,
(1-month
USD
LIBOR
+
3.5%),
7/01/24
...............................
United
States
5,032,490
5,006,800
Second
Lien,
2021
Refinancing
Term
Loan,
11.275%,
(1-month
USD
LIBOR
+
6.25%),
7/07/25
..........................
United
States
4,056,061
3,907,568
Idera,
Inc.
,
First
Lien,
CME
Term
Loan,
B1
,
8.653
%
,
(
1-month
SOFR
+
3.75
%
),
3/02/28
...................................
United
States
3,664,534
3,547,269
IGT
Holding
IV
AB
,
CME
Term
Loan,
B2
,
8.462
%
,
(
1-month
SOFR
+
3.4
%
),
3/31/28
......................................
Sweden
1,283,957
1,283,154
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
Term
Loan,
9.212%,
(3-month
USD
LIBOR
+
4.25%),
12/01/27
.................
United
States
5,030,304
4,066,900
First
Lien,
First
Amendment
Term
Loan,
8.984%,
(3-month
USD
LIBOR
+
4%),
12/01/27
...............................
United
States
300,278
240,739
McAfee
Corp.
,
CME
Term
Loan,
B1
,
8.653
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
.....................................
United
States
8,001,263
7,564,074
Mitchell
International,
Inc.
,
First
Lien,
Initial
Term
Loan,
8.76%,
(1-month
USD
LIBOR
+
3.75%),
10/15/28
....................................
United
States
5,570,868
5,366,696
Second
Lien,
Initial
Term
Loan,
11.525%,
(1-month
USD
LIBOR
+
6.5%),
10/15/29
.....................................
United
States
428,571
367,033
Polaris
Newco
LLC
,
First
Lien,
Dollar
Term
Loan
,
9.159
%
,
(
3-month
USD
LIBOR
+
4
%
),
6/02/28
............................
United
States
4,815,214
4,475,476
Quest
Software
US
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.076
%
,
(
3-month
SOFR
+
4.25
%
),
2/01/29
................
United
States
4,383,209
3,772,058
Rocket
Software,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.275
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
11/28/25
.........................
United
States
9,110
9,041
Sovos
Compliance
LLC
,
First
Lien,
Initial
Term
Loan
,
9.525
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
8/11/28
...................
United
States
2,135,001
2,073,320
UKG,
Inc.
,
First
Lien,
2021-2
Incremental
CME
Term
Loan,
8.271%,
(3-month
SOFR
+
3.25%),
5/04/26
..............................
United
States
4,684,095
4,568,585
First
Lien,
Initial
CME
Term
Loan,
8.895%,
(3-month
SOFR
+
3.75%),
5/04/26
.....................................
United
States
4,218,844
4,156,996
Vision
Solutions,
Inc.
(Precisely
Software,
Inc.)
,
First
Lien,
Third
Amendment
Term
Loan
,
9.255
%
,
(
3-month
USD
LIBOR
+
4
%
),
4/24/28
...........................................
United
States
2,933,086
2,616,723
110,624,211
a
a
a
a
a
a
i
Specialty
Retail
3.6%
k
Evergreen
AcqCo
1
LP
,
Initial
CME
Term
Loan
,
10.66
%
,
(
3-month
SOFR
+
5.5
%
),
4/26/28
...............................
United
States
4,827,178
4,760,804
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
41
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
i
Specialty
Retail
(continued)
Great
Outdoors
Group
LLC
,
Term
Loan,
B2
,
8.775
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/06/28
..............................
United
States
3,650,656
$
3,627,857
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
9.409
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
4/15/28
..............................
United
States
3,849,078
3,538,554
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.522
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/28/27
.................
United
States
1,189,194
1,114,656
Petco
Health
&
Wellness
Co.,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.41
%
,
(
3-month
SOFR
+
3.25
%
),
3/03/28
.................
United
States
5,239,449
5,173,642
PetSmart
LLC
,
Initial
CME
Term
Loan
,
8.832
%
,
(
1-month
SOFR
+
3.75
%
),
2/11/28
.....................................
United
States
5,822,723
5,804,527
RealTruck
Group,
Inc.
,
Initial
Term
Loan
,
8.775
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
1/31/28
..............................
United
States
8,504,857
7,745,841
Restoration
Hardware,
Inc.
,
2022
Incremental
CME
Term
Loan
,
8.332
%
,
(
1-month
SOFR
+
3.25
%
),
10/20/28
...............
United
States
2,137,629
1,994,942
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
9.814
%
,
(
3-month
USD
LIBOR
+
5
%
),
4/16/26
.....................
United
States
3,017,660
2,733,155
White
Cap
Supply
Holdings
LLC
,
Initial
Closing
Date
CME
Term
Loan
,
8.732
%
,
(
1-month
SOFR
+
3.75
%
),
10/19/27
..........
United
States
2,925,469
2,905,356
Woof
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.76
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
12/21/27
.........................
United
States
5,971,195
5,792,060
45,191,394
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
0.5%
i
Magenta
Buyer
LLC
,
First
Lien,
Initial
Term
Loan
,
9.58
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/27/28
..........................
United
States
6,803,397
5,757,375
i
Textiles,
Apparel
&
Luxury
Goods
0.5%
Champ
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
10.71
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
12/19/25
..................
United
States
4,781,373
4,790,936
Tory
Burch
LLC
,
Initial
Term
Loan,
B
,
8.525
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/16/28
....................................
United
States
1,499,749
1,396,334
6,187,270
a
a
a
a
a
a
i
Transportation
Infrastructure
1.1%
First
Student
Bidco,
Inc.
,
Incremental
CME
Term
Loan,
B,
8.998%,
(3-month
SOFR
+
4%),
7/21/28
...........................................
United
States
1,865,455
1,836,885
Incremental
CME
Term
Loan,
C,
8.998%,
(3-month
SOFR
+
4%),
7/21/28
...........................................
United
States
129,870
127,881
Initial
Term
Loan,
B,
8.143%,
(3-month
USD
LIBOR
+
3%),
7/21/28
United
States
4,401,484
4,203,704
Initial
Term
Loan,
C,
8.143%,
(3-month
USD
LIBOR
+
3%),
7/21/28
United
States
1,645,318
1,571,386
LaserShip,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.659
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
5/07/28
...............................
United
States
6,916,410
5,987,017
13,726,873
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$1,018,680,807)
........................
962,012,676
Asset-Backed
Securities
0.7%
Financial
Services
0.7%
f,i
Alinea
CLO
Ltd.
,
2018-1A
,
C
,
144A,
FRN
,
7.15
%
,
(
3-month
USD
LIBOR
+
1.9
%
),
7/20/31
.
..............................
United
States
7,000,000
6,721,212
f,i
Dryden
40
Senior
Loan
Fund
,
2015-40A
,
CR
,
144A,
FRN
,
6.964
%
,
(
3-month
USD
LIBOR
+
2.1
%
),
8/15/31
.
...................
United
States
2,000,000
1,931,148
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
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Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
42
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
f,i
Galaxy
XXV
CLO
Ltd.
,
2018-25A
,
C
,
144A,
FRN
,
7.255
%
,
(
3-month
USD
LIBOR
+
2
%
),
10/25/31
.
...........................
United
States
500,000
$
475,762
9,128,122
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$9,500,000)
................................
9,128,122
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,b
Millennium
Corporate
Claim
Trust,
Escrow
Account
............
United
States
13,585,837
—
a,b
Millennium
Lender
Claim
Trust,
Escrow
Account
..............
United
States
13,585,837
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$1,238,884,382)
.............................
1,164,696,205
a
Short
Term
Investments
7.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
5.0%
d,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
62,110,444
62,110,444
Total
Money
Market
Funds
(Cost
$62,110,444)
..................................
62,110,444
Principal
Amount
*
a
a
a
Repurchase
Agreements
2.0%
m
Joint
Repurchase
Agreement,
4.693%,
5/01/23
(Maturity
Value
$24,219,960)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$12,213,642)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$4,678,327)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$7,327,991)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2%
-
5.5%,
9/6/24
-
10/15/57;
U.S.
Treasury
Bonds,
Index
Linked,
2%
-
2.38%,
1/15/25
-
1/15/26;
and
U.S.
Treasury
Notes,
0.38%,
7/31/27
(valued
at
$24,708,072)
.........................
24,210,491
24,210,491
Total
Repurchase
Agreements
(Cost
$24,210,491)
...............................
24,210,491
Shares
n
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.4%
Money
Market
Funds
0.4%
d,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
5,424,000
5,424,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$5,424,000)
............................................................
5,424,000
Total
Short
Term
Investments
(Cost
$91,744,935
)
................................
91,744,935
a
Total
Investments
(Cost
$1,330,629,317)
100.8%
................................
$1,256,441,140
Other
Assets,
less
Liabilities
(0.8)%
...........................................
(9,906,931)
Net
Assets
100.0%
...........................................................
$1,246,534,209
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
43
See
Abbreviations
on
page
354
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
13
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
11
regarding
holdings
of
5%
voting
securities.
d
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
e
A
portion
or
all
of
the
security
is
on
loan
at
April
30,
2023.
See
Note
1(f).
f
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2023,
the
aggregate
value
of
these
securities
was
$72,796,741,
representing
5.8%
of
net
assets.
g
See
Note
1(h)
regarding
senior
floating
rate
interests.
h
Income
may
be
received
in
additional
securities
and/or
cash.
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
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(d).
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
m
See
Note
1(c)
regarding
joint
repurchase
agreement.
n
See
Note
1(f)
regarding
securities
on
loan.
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notes
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financial
statements.
44
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.70
$9.55
$9.54
$9.65
$9.60
$9.84
Income
from
investment
operations
a
:
Net
investment
income
..............
0.139
b
0.162
b
0.105
b
0.244
b
0.290
0.237
Net
realized
and
unrealized
gains
(losses)
0.199
(0.735)
0.170
(0.079)
0.068
(0.185)
Total
from
investment
operations
........
0.338
(0.573)
0.275
0.165
0.358
0.052
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.168)
(0.277)
(0.265)
(0.275)
(0.308)
(0.292)
Net
asset
value,
end
of
period
..........
$8.87
$8.70
$9.55
$9.54
$9.65
$9.60
Total
return
c
.......................
3.91%
(6.09)%
2.90%
1.77%
3.78%
0.54%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.95%
0.93%
0.94%
0.94%
0.94%
0.96%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.66%
0.67%
0.67%
0.67%
0.68%
0.72%
Net
investment
income
...............
3.18%
1.77%
1.09%
2.58%
2.99%
2.43%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,628,133
$1,726,461
$1,915,410
$1,778,666
$1,631,123
$1,499,579
Portfolio
turnover
rate
................
13.54%
66.75%
85.02%
f
93.23%
51.93%
f
56.12%
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
g
........................
13.54%
55.24%
56.22%
f
67.97%
51.93%
f
44.01%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
g
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
45
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.66
$9.51
$9.50
$9.61
$9.56
$9.80
Income
from
investment
operations
a
:
Net
investment
income
..............
0.121
b
0.120
b
0.068
b
0.205
b
0.251
0.168
Net
realized
and
unrealized
gains
(losses)
0.189
(0.730)
0.169
(0.074)
0.068
(0.155)
Total
from
investment
operations
........
0.310
(0.610)
0.237
0.131
0.319
0.013
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.150)
(0.240)
(0.227)
(0.242)
(0.269)
(0.253)
Net
asset
value,
end
of
period
..........
$8.82
$8.66
$9.51
$9.50
$9.61
$9.56
Total
return
c
.......................
3.61%
(6.49)%
2.50%
1.42%
3.38%
0.14%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.36%
1.33%
1.35%
1.34%
1.34%
1.36%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.07%
1.07%
1.08%
1.07%
1.08%
1.12%
Net
investment
income
...............
2.79%
1.31%
0.71%
2.18%
2.59%
2.03%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$52,964
$62,457
$99,990
$117,893
$135,372
$130,206
Portfolio
turnover
rate
................
13.54%
66.75%
85.02%
f
93.23%
51.93%
f
56.12%
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
g
........................
13.54%
55.24%
56.22%
f
67.97%
51.93%
f
44.01%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
g
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
46
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
Year
Ended
October
31,
2019
a
2022
2021
2020
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.................
$8.70
$9.55
$9.54
$9.65
$9.65
Income
from
investment
operations
b
:
Net
investment
income
..........................
0.131
c
0.138
c
0.077
c
0.219
c
0.012
Net
realized
and
unrealized
gains
(losses)
...........
0.186
(0.734)
0.174
(0.073)
0.001
Total
from
investment
operations
....................
0.317
(0.596)
0.251
0.146
0.013
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
..
(0.157)
(0.254)
(0.241)
(0.256)
(0.013)
Net
asset
value,
end
of
period
......................
$8.86
$8.70
$9.55
$9.54
$9.65
Total
return
d
...................................
3.67%
(6.33)%
2.64%
1.57%
0.14%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
......
1.22%
1.18%
1.17%
1.17%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
f
......
0.92%
0.92%
0.92%
0.90%
0.93%
Net
investment
income
...........................
3.04%
1.51%
0.81%
2.33%
2.73%
Supplemental
data
Net
assets,
end
of
period
(000’s)
....................
$328
$175
$198
$95
$18
Portfolio
turnover
rate
............................
13.54%
66.75%
85.02%
g
93.23%
51.93%
g
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
....
13.54%
55.24%
56.22%
g
67.97%
51.93%
g
a
For
the
period
October
15,
2019
(effective
date)
to
October
31,
2019.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
h
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
47
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.76
$9.61
$9.61
$9.71
$9.66
$9.90
Income
from
investment
operations
a
:
Net
investment
income
..............
0.155
b
0.198
b
0.141
b
0.277
b
0.326
0.271
Net
realized
and
unrealized
gains
(losses)
0.199
(0.738)
0.159
(0.071)
0.071
(0.178)
Total
from
investment
operations
........
0.354
(0.540)
0.300
0.206
0.397
0.093
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.184)
(0.310)
(0.300)
(0.306)
(0.347)
(0.333)
Net
asset
value,
end
of
period
..........
$8.93
$8.76
$9.61
$9.61
$9.71
$9.66
Total
return
c
.......................
4.07%
(5.71)%
3.15%
2.20%
4.17%
0.96%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.61%
0.58%
0.58%
0.58%
0.56%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.30%
0.30%
0.30%
0.30%
0.30%
0.31%
Net
investment
income
...............
3.53%
2.15%
1.46%
2.92%
3.37%
2.84%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$568,515
$601,379
$543,485
$553,603
$1,003,208
$1,017,856
Portfolio
turnover
rate
................
13.54%
66.75%
85.02%
f
93.23%
51.93%
f
56.12%
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
g
........................
13.54%
55.24%
56.22%
f
67.97%
51.93%
f
44.01%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
g
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
48
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.75
$9.60
$9.60
$9.70
$9.65
$9.89
Income
from
investment
operations
a
:
Net
investment
income
..............
0.150
b
0.182
b
0.128
b
0.269
b
0.315
0.264
Net
realized
and
unrealized
gains
(losses)
0.199
(0.732)
0.161
(0.073)
0.069
(0.187)
Total
from
investment
operations
........
0.349
(0.550)
0.289
0.196
0.384
0.077
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.179)
(0.300)
(0.289)
(0.297)
(0.334)
(0.317)
Net
asset
value,
end
of
period
..........
$8.92
$8.75
$9.60
$9.60
$9.70
$9.65
Total
return
c
.......................
4.02%
(5.83)%
3.03%
2.10%
4.04%
0.80%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.70%
0.67%
0.69%
0.69%
0.69%
0.71%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.41%
0.41%
0.42%
0.42%
0.43%
0.47%
Net
investment
income
...............
3.41%
1.98%
1.33%
2.83%
3.24%
2.68%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$191,554
$198,526
$251,429
$229,233
$254,314
$214,339
Portfolio
turnover
rate
................
13.54%
66.75%
85.02%
f
93.23%
51.93%
f
56.12%
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
g
........................
13.54%
55.24%
56.22%
f
67.97%
51.93%
f
44.01%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
g
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
Franklin
Low
Duration
Total
Return
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
49
,
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
Broadline
Retail
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
.........................
South
Africa
12,326,925
$
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
.........................
South
Africa
1,226,701
—
—
Total
Common
Stocks
(Cost
$92,988)
..........................................
—
Management
Investment
Companies
4.2%
Capital
Markets
4.2%
d
Franklin
Floating
Rate
Income
Fund
.......................
United
States
13,061,900
102,013,439
Total
Management
Investment
Companies
(Cost
$107,664,756)
...................
102,013,439
Principal
Amount
*
Corporate
Bonds
26.8%
Aerospace
&
Defense
0.6%
Boeing
Co.
(The)
,
Senior
Note
,
2.196
%
,
2/04/26
..............
United
States
10,400,000
9,671,371
General
Dynamics
Corp.
,
Senior
Note
,
3.25
%
,
4/01/25
.........
United
States
4,000,000
3,901,202
e
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
3/15/26
....
United
States
1,500,000
1,509,438
15,082,011
Air
Freight
&
Logistics
0.1%
e
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
1,700,000
1,609,184
Automobile
Components
0.0%
†
e
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
4.75
%
,
10/01/27
..
United
States
1,200,000
1,145,142
Automobiles
0.3%
e
Mercedes-Benz
Finance
North
America
LLC
,
Senior
Note
,
144A,
4.95
%
,
3/30/25
.....................................
Germany
7,100,000
7,111,971
Banks
9.5%
Bank
of
America
Corp.
,
Senior
Note,
3.864%
to
7/22/23,
FRN
thereafter,
7/23/24
......
United
States
11,000,000
10,953,045
Senior
Note,
2.015%
to
2/12/25,
FRN
thereafter,
2/13/26
......
United
States
3,500,000
3,293,473
Senior
Note,
3.384%
to
4/01/25,
FRN
thereafter,
4/02/26
......
United
States
8,300,000
8,008,201
Bank
of
Montreal
,
H
,
Senior
Note
,
4.25
%
,
9/14/24
.............
Canada
9,850,000
9,724,667
Bank
of
Nova
Scotia
(The)
,
Senior
Note
,
2.951
%
,
3/11/27
.......
Canada
7,000,000
6,581,217
e
BNP
Paribas
SA
,
Senior
Note
,
144A,
2.819%
to
11/18/24,
FRN
thereafter
,
11/19/25
..................................
France
5,700,000
5,446,361
e
BPCE
SA
,
Senior
Note
,
144A,
2.375
%
,
1/14/25
...............
France
7,000,000
6,620,081
Citigroup,
Inc.
,
Senior
Note,
4.044%
to
5/31/23,
FRN
thereafter,
6/01/24
......
United
States
11,000,000
10,984,202
Senior
Note,
3.29%
to
3/16/25,
FRN
thereafter,
3/17/26
.......
United
States
8,200,000
7,916,231
Senior
Note,
3.106%
to
4/07/25,
FRN
thereafter,
4/08/26
......
United
States
6,500,000
6,256,605
Sub.
Bond,
4.6%,
3/09/26
.............................
United
States
2,600,000
2,571,339
HSBC
Holdings
plc
,
Senior
Bond,
4.3%,
3/08/26
............................
United
Kingdom
800,000
785,992
Senior
Note,
4.18%
to
12/08/24,
FRN
thereafter,
12/09/25
.....
United
Kingdom
6,000,000
5,863,806
Senior
Note,
2.013%
to
9/21/27,
FRN
thereafter,
9/22/28
......
United
Kingdom
7,600,000
6,620,265
Huntington
National
Bank
(The)
,
Senior
Note
,
5.699%
to
11/17/24,
FRN
thereafter
,
11/18/25
..............................
United
States
7,900,000
7,718,174
JPMorgan
Chase
&
Co.
,
Senior
Note,
3.845%
to
6/13/24,
FRN
thereafter,
6/14/25
......
United
States
5,400,000
5,303,414
Senior
Note,
2.083%
to
4/21/25,
FRN
thereafter,
4/22/26
......
United
States
18,200,000
17,156,719
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
50
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
JPMorgan
Chase
&
Co.,
(continued)
Sub.
Bond,
3.875%,
9/10/24
...........................
United
States
8,400,000
$
8,259,262
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
5,400,000
5,173,805
Manufacturers
&
Traders
Trust
Co.
,
Senior
Note
,
5.4
%
,
11/21/25
..
United
States
7,900,000
7,722,142
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note,
5.063%
to
9/11/24,
FRN
thereafter,
9/12/25
......
Japan
10,700,000
10,648,890
f
Senior
Note,
FRN,
5.719%,
(1-year
CMT
T-Note
+
1.08%),
2/20/26
...........................................
Japan
1,000,000
1,005,777
National
Bank
of
Canada
,
Senior
Note
,
3.75%
to
6/08/24,
FRN
thereafter
,
6/09/25
...................................
Canada
6,600,000
6,476,548
e
Nordea
Bank
Abp
,
Senior
Note
,
144A,
4.75
%
,
9/22/25
..........
Finland
3,800,000
3,779,661
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
5,900,000
5,169,376
e
Shinhan
Bank
Co.
Ltd.
,
Senior
Note
,
144A,
1.375
%
,
10/21/26
....
South
Korea
6,500,000
5,803,284
e
Societe
Generale
SA
,
Senior
Note,
144A,
2.226%
to
1/20/25,
FRN
thereafter,
1/21/26
.
France
6,600,000
6,156,706
Senior
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
.
France
3,900,000
3,428,291
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.285
%
,
9/13/24
.....
Canada
13,900,000
13,747,666
Truist
Financial
Corp.
,
Senior
Note
,
5.9%
to
10/27/25,
FRN
thereafter
,
10/28/26
..................................
United
States
6,800,000
6,836,113
Wells
Fargo
&
Co.
,
Senior
Note,
1.654%
to
6/01/23,
FRN
thereafter,
6/02/24
......
United
States
9,800,000
9,767,470
Senior
Note,
2.188%
to
4/29/25,
FRN
thereafter,
4/30/26
......
United
States
13,400,000
12,628,686
Sub.
Bond,
4.1%,
6/03/26
.............................
United
States
3,000,000
2,925,840
231,333,309
Beverages
0.5%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Note
,
3.65
%
,
2/01/26
...........................
Belgium
8,000,000
7,867,619
e
Coca-Cola
Europacific
Partners
plc
,
Senior
Note
,
144A,
1.5
%
,
1/15/27
...........................................
United
Kingdom
4,400,000
3,940,093
11,807,712
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Bond,
3.6%,
5/14/25
............................
United
States
810,000
791,593
Senior
Note,
3.8%,
3/15/25
............................
United
States
600,000
590,070
Senior
Note,
2.95%,
11/21/26
..........................
United
States
500,000
474,814
Amgen,
Inc.
,
Senior
Note
,
5.15
%
,
3/02/28
...................
United
States
5,700,000
5,836,144
7,692,621
Broadline
Retail
0.0%
a,e,g
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
1,068,278
—
a,e,g
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
470,581
—
—
Capital
Markets
2.7%
Bank
of
New
York
Mellon
(The)
,
Senior
Note
,
5.224%
to
11/20/24,
FRN
thereafter
,
11/21/25
..............................
United
States
7,900,000
7,916,575
Credit
Suisse
Group
AG
,
Senior
Note,
4.55%,
4/17/26
...........................
Switzerland
5,100,000
4,750,395
e
Senior
Note,
144A,
6.373%
to
7/14/25,
FRN
thereafter,
7/15/26
.
Switzerland
500,000
487,340
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
51
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Deutsche
Bank
AG
,
Senior
Note,
2.222%
to
9/17/23,
FRN
thereafter,
9/18/24
......
Germany
7,000,000
$
6,857,624
Senior
Note,
4.162%,
5/13/25
..........................
Germany
6,600,000
6,375,837
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.75%,
2/25/26
...........................
United
States
6,500,000
6,338,179
Senior
Note,
5.7%,
11/01/24
...........................
United
States
5,400,000
5,450,260
Senior
Note,
4.387%
to
6/14/26,
FRN
thereafter,
6/15/27
......
United
States
2,700,000
2,655,208
Senior
Note,
2.64%
to
2/23/27,
FRN
thereafter,
2/24/28
.......
United
States
5,500,000
5,038,159
Morgan
Stanley
,
Senior
Bond,
3.7%,
10/23/24
...........................
United
States
1,400,000
1,373,434
Senior
Note,
2.188%
to
4/27/25,
FRN
thereafter,
4/28/26
......
United
States
3,800,000
3,578,891
Sub.
Bond,
4.35%,
9/08/26
............................
United
States
7,800,000
7,634,683
e,f
UBS
Group
AG
,
Senior
Note
,
144A,
FRN
,
5.711
%
,
(
1-year
CMT
T-Note
+
1.55
%
),
1/12/27
..............................
Switzerland
6,500,000
6,485,813
64,942,398
Communications
Equipment
0.0%
†
e
CommScope
Technologies
LLC
,
Senior
Bond
,
144A,
6
%
,
6/15/25
.
United
States
900,000
847,182
Consumer
Finance
0.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
3
%
,
10/29/28
..................................
Ireland
3,000,000
2,613,902
Capital
One
Financial
Corp.
,
Senior
Bond
,
3.8
%
,
1/31/28
........
United
States
7,000,000
6,544,107
Caterpillar
Financial
Services
Corp.
,
Senior
Note
,
1.45
%
,
5/15/25
.
United
States
1,100,000
1,036,939
10,194,948
Consumer
Staples
Distribution
&
Retail
0.1%
e
Cencosud
SA
,
Senior
Bond
,
144A,
4.375
%
,
7/17/27
...........
Chile
2,900,000
2,808,657
Containers
&
Packaging
0.0%
†
e
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
8/15/23
...........................................
United
States
297,000
297,043
Diversified
Consumer
Services
0.1%
Grand
Canyon
University
,
Secured
Note
,
4.125
%
,
10/01/24
......
United
States
1,900,000
1,810,510
Diversified
Telecommunication
Services
0.7%
e
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
6.5
%
,
10/15/26
..
France
2,000,000
1,926,220
Verizon
Communications,
Inc.
,
Senior
Note
,
1.45
%
,
3/20/26
.....
United
States
15,700,000
14,468,420
16,394,640
Electric
Utilities
1.4%
Exelon
Corp.
,
Senior
Bond
,
3.4
%
,
4/15/26
...................
United
States
7,000,000
6,765,975
e
Korea
East-West
Power
Co.
Ltd.
,
Senior
Note,
144A,
3.875%,
7/19/23
.....................
South
Korea
4,800,000
4,790,262
Senior
Note,
144A,
1.75%,
5/06/25
......................
South
Korea
8,500,000
7,987,028
Senior
Note,
144A,
3.6%,
5/06/25
.......................
South
Korea
4,700,000
4,577,865
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
United
States
2,700,000
2,746,236
Southern
Co.
(The)
,
Senior
Bond
,
3.25
%
,
7/01/26
.............
United
States
6,850,000
6,568,437
33,435,803
Entertainment
0.8%
e
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
2,500,000
2,440,601
Netflix,
Inc.
,
Senior
Bond,
5.75%,
3/01/24
...........................
United
States
1,800,000
1,809,072
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
52
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Entertainment
(continued)
Netflix,
Inc.,
(continued)
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
3,100,000
$
3,080,845
e
Senior
Note,
144A,
3.625%,
6/15/25
.....................
United
States
3,100,000
3,008,832
Walt
Disney
Co.
(The)
,
Senior
Note
,
1.75
%
,
1/13/26
...........
United
States
6,600,000
6,200,459
e
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
144A,
3.428
%
,
3/15/24
.
United
States
2,250,000
2,201,190
18,740,999
Financial
Services
0.5%
a,f
Cia
Securitizadora
de
Creditos
Financeiros
Vert-Fintech
,
12
,
Senior
Secured
Note
,
FRN
,
14.9
%
,
(
BZDIOVRA
+
5.75
%
),
2/14/24
....
Brazil
8,489,727
BRL
947,824
e
EDP
Finance
BV
,
Senior
Note
,
144A,
1.71
%
,
1/24/28
..........
Portugal
6,500,000
5,638,238
Fiserv,
Inc.
,
Senior
Note
,
2.25
%
,
6/01/27
....................
United
States
5,200,000
4,736,877
11,322,939
Food
Products
0.1%
e
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note
,
144A,
2.5
%
,
1/15/27
.......................
United
States
3,700,000
3,297,736
Health
Care
Equipment
&
Supplies
0.1%
Edwards
Lifesciences
Corp.
,
Senior
Bond
,
4.3
%
,
6/15/28
.......
United
States
300,000
300,365
e
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
144A,
5.55
%
,
11/15/24
..........................................
United
States
2,800,000
2,813,117
3,113,482
Health
Care
Providers
&
Services
0.6%
Centene
Corp.
,
Senior
Note
,
3.375
%
,
2/15/30
................
United
States
2,700,000
2,386,422
Cigna
Group
(The)
,
Senior
Note
,
1.25
%
,
3/15/26
..............
United
States
8,300,000
7,577,928
Providence
St
Joseph
Health
Obligated
Group
,
H
,
2.746
%
,
10/01/26
United
States
15,000
14,036
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
3.45
%
,
6/01/26
..........
United
States
4,150,000
4,016,092
13,994,478
Health
Care
REITs
0.2%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5
%
,
10/15/27
.......................................
United
States
6,900,000
5,788,820
Hotels,
Restaurants
&
Leisure
0.2%
Sands
China
Ltd.
,
Senior
Note
,
2.8
%
,
3/08/27
................
Macau
3,400,000
2,970,880
e
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
6
%
,
7/15/25
.......
Macau
2,700,000
2,485,161
5,456,041
Insurance
1.6%
e
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
.....................
United
States
2,000,000
1,999,643
e
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
3.85
%
,
4/11/25
...
United
States
11,300,000
10,883,046
e
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
4.05%,
8/25/25
.....................
United
States
7,000,000
6,856,858
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
4,100,000
4,172,075
e
New
York
Life
Global
Funding
,
Secured
Note
,
144A,
3.6
%
,
8/05/25
United
States
10,700,000
10,420,388
e
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
3.218
%
,
3/28/25
...........................................
United
States
4,000,000
3,851,848
38,183,858
Interactive
Media
&
Services
0.1%
e
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
1.81
%
,
1/26/26
.......
China
3,000,000
2,769,846
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
53
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Life
Sciences
Tools
&
Services
0.2%
Bio-Rad
Laboratories,
Inc.
,
Senior
Note
,
3.3
%
,
3/15/27
.........
United
States
900,000
$
854,308
Illumina,
Inc.
,
Senior
Note
,
5.8
%
,
12/12/25
..................
United
States
4,000,000
4,066,517
4,920,825
Machinery
0.2%
Parker-Hannifin
Corp.
,
Senior
Note
,
3.65
%
,
6/15/24
...........
United
States
4,700,000
4,630,964
Media
0.6%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Note
,
4.908
%
,
7/23/25
.....
United
States
8,000,000
7,927,520
e
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.25
%
,
12/01/26
...
United
States
2,600,000
1,990,839
Fox
Corp.
,
Senior
Note
,
3.05
%
,
4/07/25
.....................
United
States
2,000,000
1,929,724
e
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
3.125
%
,
9/01/26
......
United
States
2,000,000
1,792,060
13,640,143
Metals
&
Mining
0.0%
†
e
Novelis
Corp.
,
Senior
Note
,
144A,
3.25
%
,
11/15/26
............
United
States
1,000,000
916,559
Multi-Utilities
0.1%
Dominion
Energy,
Inc.
,
D
,
Senior
Bond
,
2.85
%
,
8/15/26
.........
United
States
1,300,000
1,225,806
Oil,
Gas
&
Consumable
Fuels
1.8%
BP
Capital
Markets
America,
Inc.
,
Senior
Note
,
3.41
%
,
2/11/26
...
United
States
7,000,000
6,859,303
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note
,
5.875
%
,
3/31/25
.....................................
United
States
5,800,000
5,847,011
Chevron
Corp.
,
Senior
Note
,
1.554
%
,
5/11/25
................
United
States
4,500,000
4,255,372
e
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
2,000,000
1,992,554
Energy
Transfer
LP
,
Senior
Bond
,
4.75
%
,
1/15/26
.............
United
States
5,200,000
5,158,254
EnLink
Midstream
Partners
LP
,
Senior
Bond
,
4.85
%
,
7/15/26
.....
United
States
3,900,000
3,802,500
e
Harvest
Operations
Corp.
,
Senior
Note
,
144A,
4.2
%
,
6/01/23
.....
South
Korea
2,900,000
2,897,273
MPLX
LP
,
Senior
Note
,
4.875
%
,
12/01/24
...................
United
States
6,800,000
6,776,187
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note,
5.75%,
5/15/24
....................
United
States
2,000,000
2,000,444
Senior
Secured
Note,
5.625%,
3/01/25
...................
United
States
2,000,000
2,010,330
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
4
%
,
9/15/25
...........
United
States
2,300,000
2,253,539
43,852,767
Passenger
Airlines
0.2%
e
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
1,300,000
1,278,087
e
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
3,836,000
3,763,267
e
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
300,000
286,867
5,328,221
Personal
Care
Products
0.5%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.........
United
States
3,700,000
3,534,025
e
Kenvue,
Inc.
,
Senior
Note
,
144A,
5.05
%
,
3/22/28
..............
United
States
7,500,000
7,770,674
e
Oriflame
Investment
Holding
plc
,
Senior
Secured
Note
,
144A,
5.125
%
,
5/04/26
.....................................
Switzerland
600,000
358,800
11,663,499
Pharmaceuticals
0.9%
AstraZeneca
plc
,
Senior
Note
,
0.7
%
,
4/08/26
.................
United
Kingdom
6,300,000
5,719,665
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
54
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
(continued)
e
Bayer
US
Finance
II
LLC
,
Senior
Note,
144A,
3.875%,
12/15/23
....................
Germany
5,800,000
$
5,741,065
Senior
Note,
144A,
4.25%,
12/15/25
.....................
Germany
4,600,000
4,511,707
Bristol-Myers
Squibb
Co.
,
Senior
Note
,
2.9
%
,
7/26/24
..........
United
States
2,551,000
2,499,066
Royalty
Pharma
plc
,
Senior
Note
,
1.75
%
,
9/02/27
.............
United
States
700,000
614,158
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
4.75
%
,
5/09/27
.....................................
Israel
2,200,000
2,063,129
21,148,790
Real
Estate
Management
&
Development
0.0%
†
e
Vivion
Investments
SARL
,
Senior
Note
,
Reg
S,
3
%
,
8/08/24
.....
Luxembourg
700,000
EUR
565,155
Semiconductors
&
Semiconductor
Equipment
0.4%
e
Analog
Devices,
Inc.
,
Senior
Note
,
144A,
3.45
%
,
6/15/27
.......
United
States
800,000
777,052
e
SK
Hynix,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
1/19/26
.............
South
Korea
9,900,000
8,758,787
9,535,839
Specialty
Retail
0.0%
†
Advance
Auto
Parts,
Inc.
,
Senior
Note,
5.9%,
3/09/26
............................
United
States
600,000
616,238
Senior
Note,
5.95%,
3/09/28
...........................
United
States
500,000
516,400
e,f,h
Party
City
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
FRN
,
10.13
%
,
(
6-month
USD
LIBOR
+
5
%
),
7/15/25
.....................
United
States
565,890
79,225
1,211,863
Technology
Hardware,
Storage
&
Peripherals
0.2%
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
5.9
%
,
10/01/24
....
United
States
5,690,000
5,752,016
Tobacco
0.7%
Altria
Group,
Inc.
,
Senior
Note
,
2.35
%
,
5/06/25
...............
United
States
4,200,000
4,005,222
e
Imperial
Brands
Finance
plc
,
Senior
Bond,
144A,
4.25%,
7/21/25
......................
United
Kingdom
5,495,000
5,333,988
Senior
Note,
144A,
3.125%,
7/26/24
.....................
United
Kingdom
700,000
677,172
Philip
Morris
International,
Inc.
,
Senior
Note
,
4.875
%
,
2/15/28
....
United
States
7,700,000
7,771,446
17,787,828
Wireless
Telecommunication
Services
0.1%
e
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
,
Senior
Secured
Note
,
144A,
4.738
%
,
3/20/25
...........................................
United
States
400,001
397,456
T-Mobile
USA,
Inc.
,
Senior
Note
,
2.25
%
,
2/15/26
..............
United
States
2,900,000
2,701,436
3,098,892
Total
Corporate
Bonds
(Cost
$689,098,326)
.....................................
654,460,497
i
Marketplace
Loans
2.8%
a
Financial
Services
2.8%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$73,749,481)
....................................
67,525,545
Foreign
Government
and
Agency
Securities
2.3%
e
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
j
3,900,000
3,613,857
Colombia
Government
Bond
,
Senior
Bond
,
8.125
%
,
5/21/24
.....
Colombia
5,300,000
5,415,736
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
55
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
e
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
4.75
%
,
2/23/27
...........................................
Mexico
6,300,000
$
6,067,341
e,k
Electricite
de
France
SA
,
Junior
Sub.
Bond
,
144A,
5.625%
to
1/21/24,
FRN
thereafter
,
Perpetual
.......................
France
2,200,000
2,126,709
Equinor
ASA
,
Senior
Note,
2.875%,
4/06/25
...........................
Norway
15,300,000
14,844,929
Senior
Note,
1.75%,
1/22/26
...........................
Norway
5,400,000
5,051,040
Export-Import
Bank
of
Korea
,
Senior
Bond
,
2.875
%
,
1/21/25
.....
South
Korea
2,000,000
1,941,060
e
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
2,800,000
2,837,450
Peru
Government
Bond
,
Senior
Bond,
7.35%,
7/21/25
...........................
Peru
3,300,000
3,484,613
Senior
Bond,
2.783%,
1/23/31
..........................
Peru
800,000
694,862
Petroleos
Mexicanos
,
Senior
Note
,
6.875
%
,
10/16/25
..........
Mexico
990,000
975,947
Philippines
Government
Bond
,
Senior
Bond
,
4.2
%
,
1/21/24
......
Philippines
1,600,000
1,593,184
e
Romania
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/22/24
.
Romania
6,500,000
6,499,597
Total
Foreign
Government
and
Agency
Securities
(Cost
$58,254,510)
..............
55,146,325
U.S.
Government
and
Agency
Securities
34.4%
U.S.
Treasury
Notes
,
0.125%,
10/15/23
....................................
United
States
110,000,000
107,639,121
2.875%,
10/31/23
....................................
United
States
52,000,000
51,489,375
2.875%,
11/30/23
....................................
United
States
130,000,000
128,536,075
0.375%,
8/15/24
.....................................
United
States
85,000,000
80,607,226
1.875%,
8/31/24
.....................................
United
States
120,000,000
115,973,437
0.375%,
9/15/24
.....................................
United
States
60,000,000
56,776,172
1%,
12/15/24
.......................................
United
States
94,000,000
89,210,039
0.25%,
7/31/25
.....................................
United
States
27,000,000
24,879,551
2.875%,
7/31/25
.....................................
United
States
52,000,000
50,817,812
l
Index
Linked,
0.125%,
4/15/26
..........................
United
States
23,400,000
25,722,323
0.75%,
8/31/26
.....................................
United
States
87,000,000
79,083,340
1.25%,
12/31/26
.....................................
United
States
31,400,000
28,854,270
Total
U.S.
Government
and
Agency
Securities
(Cost
$848,773,370)
................
839,588,741
Asset-Backed
Securities
16.8%
Banks
0.7%
Capital
One
Multi-Asset
Execution
Trust
,
2022-A2
,
A
,
3.49
%
,
5/15/27
.
...........................................
United
States
9,780,000
9,589,657
Chase
Issuance
Trust
,
2022-A1
,
A
,
3.97
%
,
9/15/27
.
............
United
States
6,794,000
6,715,202
16,304,859
a
a
a
a
a
a
Commercial
Services
&
Supplies
0.5%
e,m
Armada
Euro
CLO
IV
DAC
,
4A
,
B
,
144A,
FRN
,
4.877
%
,
7/15/33
.
..
Ireland
12,400,000
EUR
13,067,674
Consumer
Finance
1.5%
American
Express
Credit
Account
Master
Trust
,
2022-3
,
A
,
3.75
%
,
8/15/27
.
...........................................
United
States
18,235,000
17,968,596
Discover
Card
Execution
Note
Trust
,
2022-A3
,
A3
,
3.56
%
,
7/15/27
.
United
States
18,930,000
18,563,159
36,531,755
a
a
a
a
a
a
Financial
Services
14.1%
e,n
Adagio
CLO
VIII
DAC
,
VIII-A
,
B1
,
144A,
FRN
,
4.827
%
,
(
3-month
EURIBOR
+
1.65
%
),
4/15/32
.
...........................
Ireland
500,000
EUR
525,430
e
American
Homes
4
Rent
Trust
,
2014-SFR3,
A,
144A,
3.678%,
12/17/36
...................
United
States
683,389
665,477
2015-SFR1,
A,
144A,
3.467%,
4/17/52
....................
United
States
5,220,134
5,052,416
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
56
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
e,n
Apidos
CLO
XXXV
,
2021-35A
,
A
,
144A,
FRN
,
6.3
%
,
(
3-month
USD
LIBOR
+
1.05
%
),
4/20/34
.
.............................
United
States
19,306,000
$
18,937,474
e,n
Ares
European
CLO
VIII
DAC
,
8A
,
BR
,
144A,
FRN
,
4.777
%
,
(
3-month
EURIBOR
+
1.6
%
),
4/17/32
.
....................
Ireland
700,000
EUR
739,319
BA
Credit
Card
Trust
,
2022-A1
,
A1
,
3.53
%
,
11/15/27
.
...........
United
States
3,870,000
3,795,767
e,n
Bain
Capital
Credit
CLO
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
6.233
%
,
(
3-month
USD
LIBOR
+
0.96
%
),
4/23/31
.
..................
United
States
2,000,000
1,971,071
e,n
Blackrock
European
CLO
IX
DAC
,
9A
,
A
,
144A,
FRN
,
3.857
%
,
(
3-month
EURIBOR
+
0.9
%
),
12/15/32
.
...................
Ireland
3,300,000
EUR
3,536,296
e,n
BlueMountain
CLO
XXXI
Ltd.
,
2021-31A
,
A1
,
144A,
FRN
,
6.415
%
,
(
3-month
USD
LIBOR
+
1.15
%
),
4/19/34
.
..................
United
States
3,130,000
3,071,209
e,n
BlueMountain
Fuji
EUR
CLO
V
DAC
,
5A
,
B
,
144A,
FRN
,
4.727
%
,
(
3-month
EURIBOR
+
1.55
%
),
1/15/33
.
...................
Ireland
4,550,000
EUR
4,742,692
e,n
Carlyle
Direct
Lending
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
7.46
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
10/15/31
.
..................
United
States
7,300,000
6,866,972
e,n
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2016-1A
,
A1R2
,
144A,
FRN
,
6.39
%
,
(
3-month
USD
LIBOR
+
1.14
%
),
4/20/34
.
........
United
States
2,000,000
1,960,000
e,n
Carlyle
US
CLO
Ltd.
,
2021-1A,
A1,
144A,
FRN,
6.4%,
(3-month
USD
LIBOR
+
1.14%),
4/15/34
...........................................
United
States
17,876,000
17,624,711
2021-6A,
A1,
144A,
FRN,
6.42%,
(3-month
USD
LIBOR
+
1.16%),
7/15/34
...........................................
United
States
7,750,000
7,598,875
e
CF
Hippolyta
Issuer
LLC
,
2020-1
,
A1
,
144A,
1.69
%
,
7/15/60
.
.....
United
States
3,291,994
2,990,710
m
Conseco
Finance
Securitizations
Corp.
,
2002-2
,
M1
,
FRN
,
7.424
%
,
3/01/33
.
...........................................
United
States
111,250
110,935
e,m
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2018-29,
PT,
144A,
FRN,
19.087%,
12/15/43
...............
United
States
18,142
16,974
2019-26,
PT,
144A,
FRN,
18.556%,
8/15/44
................
United
States
183,070
173,252
2019-31,
PT,
144A,
FRN,
16.995%,
9/15/44
................
United
States
149,911
139,924
2019-37,
PT,
144A,
FRN,
18.427%,
10/17/44
...............
United
States
162,490
154,899
2019-42,
PT,
144A,
FRN,
18.313%,
11/15/44
...............
United
States
147,155
138,448
2019-51,
PT,
144A,
FRN,
16.752%,
1/15/45
................
United
States
378,523
357,232
2019-52,
PT,
144A,
FRN,
15.723%,
1/15/45
................
United
States
498,550
473,427
2019-S1,
PT,
144A,
FRN,
12.091%,
4/15/44
................
United
States
47,428
45,709
2019-S2,
PT,
144A,
FRN,
12.22%,
5/16/44
.................
United
States
44,656
40,979
2019-S3,
PT,
144A,
FRN,
11.788%,
6/15/44
................
United
States
41,245
38,121
2019-S4,
PT,
144A,
FRN,
11.746%,
8/15/44
................
United
States
100,920
97,315
2019-S5,
PT,
144A,
FRN,
13.333%,
9/15/44
................
United
States
102,173
96,151
2019-S6,
PT,
144A,
FRN,
10.797%,
10/17/44
...............
United
States
116,850
108,856
2019-S7,
PT,
144A,
FRN,
11.696%,
12/15/44
...............
United
States
175,948
163,793
2019-S8,
PT,
144A,
FRN,
10.185%,
1/15/45
................
United
States
221,627
205,762
2020-2,
PT,
144A,
FRN,
14.271%,
3/15/45
.................
United
States
465,812
440,263
2020-7,
PT,
144A,
FRN,
15.764%,
4/17/45
.................
United
States
253,919
236,142
e,n
Cook
Park
CLO
Ltd.
,
2018-1A
,
A2
,
144A,
FRN
,
6.38
%
,
(
3-month
USD
LIBOR
+
1.12
%
),
4/17/30
.
.........................
United
States
1,000,000
966,412
n
Countrywide
Asset-Backed
Certificates
Trust
,
2002-3
,
1A1
,
FRN
,
5.76
%
,
(
1-month
USD
LIBOR
+
0.74
%
),
5/25/32
.
............
United
States
428
425
n
CWABS,
Inc.
,
2004-1
,
M1
,
FRN
,
5.77
%
,
(
1-month
USD
LIBOR
+
0.75
%
),
3/25/34
.
....................................
United
States
27,094
26,455
e,n
Dryden
44
Euro
CLO
DAC
,
2015-44A
,
A1RR
,
144A,
FRN
,
4.057
%
,
(
3-month
EURIBOR
+
0.88
%
),
4/15/34
.
...................
Ireland
20,020,000
EUR
21,372,462
e,n
Dryden
85
CLO
Ltd.
,
2020-85A
,
AR
,
144A,
FRN
,
6.41
%
,
(
3-month
USD
LIBOR
+
1.15
%
),
10/15/35
.
........................
United
States
2,110,000
2,061,470
e,n
Ellington
CLO
III
Ltd.
,
2018-3A
,
A1
,
144A,
FRN
,
6.9
%
,
(
3-month
USD
LIBOR
+
1.65
%
),
7/20/30
.
.............................
United
States
3,134,586
3,110,166
e
FirstKey
Homes
Trust
,
2020-SFR2
,
A
,
144A,
1.266
%
,
10/19/37
.
...
United
States
4,174,723
3,801,481
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
57
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
e,n
Galaxy
XXVII
CLO
Ltd.
,
2018-27A
,
A
,
144A,
FRN
,
5.892
%
,
(
3-month
USD
LIBOR
+
1.02
%
),
5/16/31
.
.........................
United
States
1,500,000
$
1,486,621
e,n
GoldenTree
Loan
Management
US
CLO
1
Ltd.
,
2021-9A
,
A
,
144A,
FRN
,
6.32
%
,
(
3-month
USD
LIBOR
+
1.07
%
),
1/20/33
.
........
United
States
15,731,000
15,526,497
e,n
Holland
Park
CLO
DAC
,
1A
,
A1RR
,
144A,
FRN
,
3.541
%
,
(
3-month
EURIBOR
+
0.92
%
),
11/14/32
.
..........................
Ireland
15,000,000
EUR
16,095,193
e
Home
Partners
of
America
Trust
,
2021-3
,
B
,
144A,
2.649
%
,
1/17/41
.
United
States
1,394,676
1,220,824
e,n
Madison
Park
Euro
Funding
VIII
DAC
,
8A
,
ARR
,
144A,
FRN
,
3.997
%
,
(
3-month
EURIBOR
+
0.82
%
),
4/15/32
.
.............
Ireland
17,600,000
EUR
18,905,554
e,n
Madison
Park
Funding
L
Ltd.
,
2021-50A
,
A
,
144A,
FRN
,
6.429
%
,
(
3-month
SOFR
+
1.402
%
),
4/19/34
.
.....................
United
States
8,850,000
8,788,588
e,n
Magnetite
XXIX
Ltd.
,
2021-29A
,
A
,
144A,
FRN
,
6.25
%
,
(
3-month
USD
LIBOR
+
0.99
%
),
1/15/34
.
.........................
United
States
21,809,000
21,533,775
e,n
Magnetite
XXVI
Ltd.
,
2020-26A
,
A1R
,
144A,
FRN
,
6.375
%
,
(
3-month
USD
LIBOR
+
1.12
%
),
7/25/34
.
.........................
United
States
20,000,000
19,627,564
e,n
Neuberger
Berman
CLO
XVIII
Ltd.
,
2014-18A
,
A1BR
,
144A,
FRN
,
6.661
%
,
(
3-month
USD
LIBOR
+
1.4
%
),
10/21/30
.
...........
United
States
2,295,000
2,258,519
e,n
Neuberger
Berman
CLO
XVI-S
Ltd.
,
2017-16SA
,
AR
,
144A,
FRN
,
6.3
%
,
(
3-month
USD
LIBOR
+
1.04
%
),
4/15/34
.
.............
United
States
15,000,000
14,682,130
e
New
Economy
Assets
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
....................................
United
States
13,870,000
12,068,333
e,n
Octagon
56
Ltd.
,
2021-1A
,
A
,
144A,
FRN
,
6.42
%
,
(
3-month
USD
LIBOR
+
1.16
%
),
10/15/34
.
............................
United
States
15,000,000
14,679,628
e,n
Octagon
Investment
Partners
18-R
Ltd.
,
2018-18A
,
A1A
,
144A,
FRN
,
6.22
%
,
(
3-month
USD
LIBOR
+
0.96
%
),
4/16/31
.
............
United
States
1,000,000
989,000
e,n
Octagon
Investment
Partners
35
Ltd.
,
2018-1A
,
A1B
,
144A,
FRN
,
6.35
%
,
(
3-month
USD
LIBOR
+
1.1
%
),
1/20/31
.
.............
United
States
2,000,000
1,956,625
e,n
Octagon
Investment
Partners
46
Ltd.
,
2020-2A
,
AR
,
144A,
FRN
,
6.42
%
,
(
3-month
USD
LIBOR
+
1.16
%
),
7/15/36
.
............
United
States
17,400,000
16,973,700
e,n
OHA
Credit
Funding
3
Ltd.
,
2019-3A
,
AR
,
144A,
FRN
,
6.39
%
,
(
3-month
USD
LIBOR
+
1.14
%
),
7/02/35
.
..................
United
States
9,500,000
9,354,783
e,n
OHA
Credit
Partners
VII
Ltd.
,
2012-7A
,
AR3
,
144A,
FRN
,
5.985
%
,
(
3-month
USD
LIBOR
+
1.07
%
),
2/20/34
.
..................
United
States
17,876,000
17,490,047
e,n
OHA
Credit
Partners
XIII
Ltd.
,
2016-13A
,
AR
,
144A,
FRN
,
6.431
%
,
(
3-month
USD
LIBOR
+
1.17
%
),
10/25/34
.
.................
United
States
5,800,000
5,692,237
e,n
Palmer
Square
CLO
Ltd.
,
2021-2A
,
A
,
144A,
FRN
,
6.41
%
,
(
3-month
USD
LIBOR
+
1.15
%
),
7/15/34
.
.........................
United
States
3,863,000
3,793,814
e,m
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
15.626%,
3/15/26
................
United
States
244,389
238,522
2020-PT2,
A,
144A,
FRN,
16.315%,
4/15/26
................
United
States
297,141
284,236
2020-PT3,
A,
144A,
FRN,
9.626%,
5/15/26
.................
United
States
108,193
101,510
n
RAAC
Trust
,
2004-SP1
,
AII
,
FRN
,
5.72
%
,
(
1-month
USD
LIBOR
+
0.7
%
),
3/25/34
.
.....................................
United
States
77,581
75,987
e,n
RR
14
Ltd.
,
2021-14A
,
A1
,
144A,
FRN
,
6.38
%
,
(
3-month
USD
LIBOR
+
1.12
%
),
4/15/36
.
...................................
United
States
23,418,000
22,931,803
e,m
Upgrade
Master
Pass-Thru
Trust
,
2019-PT1,
A,
144A,
FRN,
12.609%,
6/15/25
................
United
States
37,646
34,026
2019-PT2,
A,
144A,
FRN,
15.864%,
2/15/26
................
United
States
250,623
245,665
e,n
Voya
CLO
Ltd.
,
2018-2A
,
A2
,
144A,
FRN
,
6.51
%
,
(
3-month
USD
LIBOR
+
1.25
%
),
7/15/31
.
.............................
United
States
2,500,000
2,446,258
343,936,911
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
35,975
32,924
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
58
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Passenger
Airlines
(continued)
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
..
United
States
308,250
$
299,137
332,061
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$422,144,312)
..............................
410,173,260
Commercial
Mortgage-Backed
Securities
2.1%
Financial
Services
2.1%
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
A4
,
3.705
%
,
9/15/48
.....................................
United
States
100,000
95,717
e,n
BX
Commercial
Mortgage
Trust
,
2019-XL,
A,
144A,
FRN,
5.924%,
(1-month
SOFR
+
1.034%),
10/15/36
..........................................
United
States
10,077,438
9,976,008
2021-VOLT,
A,
144A,
FRN,
5.648%,
(1-month
USD
LIBOR
+
0.7%),
9/15/36
......................................
United
States
5,430,000
5,247,056
e,n
BX
Mortgage
Trust
,
2021-PAC
,
A
,
144A,
FRN
,
5.637
%
,
(
1-month
USD
LIBOR
+
0.689
%
),
10/15/36
........................
United
States
7,517,000
7,263,810
e,n
BX
Trust
,
2022-IND
,
A
,
144A,
FRN
,
6.381
%
,
(
1-month
SOFR
+
1.491
%
),
4/15/37
....................................
United
States
9,111,806
8,998,946
e
BXP
Trust
,
2017-GM
,
A
,
144A,
3.379
%
,
6/13/39
..............
United
States
2,000,000
1,789,391
m
Commercial
Mortgage
Trust
,
2006-GG7
,
AJ
,
FRN
,
6.214
%
,
7/10/38
United
States
836,002
544,703
e,n
DBCG
Mortgage
Trust
,
2017-BBG
,
A
,
144A,
FRN
,
5.648
%
,
(
1-month
USD
LIBOR
+
0.7
%
),
6/15/34
...........................
United
States
9,145,000
9,030,678
e,m
Eleven
Madison
Mortgage
Trust
,
2015-11MD
,
A
,
144A,
FRN
,
3.673
%
,
9/10/35
.....................................
United
States
2,005,000
1,828,800
e,n
GS
Mortgage
Securities
Corp.
Trust
,
2022-SHIP
,
A
,
144A,
FRN
,
5.621
%
,
(
1-month
SOFR
+
0.731
%
),
8/15/36
...............
United
States
1,850,000
1,838,390
GS
Mortgage
Securities
Trust
,
2016-GS3,
A4,
2.85%,
10/10/49
.........................
United
States
600,000
554,915
2017-GS6,
A3,
3.433%,
5/10/50
.........................
United
States
2,000,000
1,878,025
JPMBB
Commercial
Mortgage
Securities
Trust
,
2015-C30,
A5,
3.822%,
7/15/48
.........................
United
States
1,500,000
1,440,326
2016-C1,
A5,
3.576%,
3/17/49
..........................
United
States
1,500,000
1,429,970
51,916,735
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$53,179,090)
................
51,916,735
Mortgage-Backed
Securities
1.2%
o
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
4.044%
-
4.14%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
10/01/36
-
6/01/37
...................................
United
States
592,264
596,077
596,077
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.0%
FHLMC
Gold
Pool,
15
Year,
5%,
10/01/23
...................
United
States
1,158
1,164
FHLMC
Gold
Pool,
30
Year,
5%,
1/01/39
....................
United
States
47,058
48,003
FHLMC
Pool,
15
Year,
3%,
10/01/37
.......................
United
States
12,173,408
11,573,784
FHLMC
Pool,
15
Year,
3.5%,
10/01/37
......................
United
States
13,052,303
12,639,942
24,262,893
o
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.2%
FNMA,
2.895%
-
5%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
3/01/24
-
4/01/40
..........................................
United
States
778,710
768,993
FNMA,
5.1%,
(5-year
CMT
T-Note
+/-
MBS
Margin),
2/01/30
.....
United
States
18,305
18,317
FNMA,
3.205%
-
5.26%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
11/01/32
-
2/01/44
...................................
United
States
3,598,144
3,603,718
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
59
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,
2.462%
-
5.342%,
(3-year
CMT
T-Note
+/-
MBS
Margin),
2/01/26
-
6/01/34
....................................
United
States
20,109
$
19,877
FNMA,
5.375%,
(6-month
H15BDI
+/-
MBS
Margin),
8/01/32
.....
United
States
22,829
22,362
FNMA,
2.945%
-
5.6%,
(COFI
11th
District
+/-
MBS
Margin),
12/01/25
-
12/01/36
..................................
United
States
39,153
38,269
FNMA,
5.705%
-
5.85%,
(1-month
USD
LIBOR
+/-
MBS
Margin),
4/01/28
-
7/01/34
....................................
United
States
40,628
40,627
FNMA,
4.665%
-
5.939%,
(12-month
average
of
1-year
CMT
+/-
MBS
Margin),
11/01/30
-
10/01/44
.......................
United
States
157,924
154,882
FNMA,
3.16%
-
6.566%,
(6-month
USD
LIBOR
+/-
MBS
Margin),
1/01/25
-
8/01/37
....................................
United
States
419,741
412,103
5,079,148
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
15
Year,
3.5%,
10/01/25
...........................
United
States
137,529
135,011
FNMA,
15
Year,
4%,
12/01/25
............................
United
States
171,654
170,106
FNMA,
15
Year,
4.5%,
5/01/23
-
6/01/25
....................
United
States
50,944
50,899
FNMA,
30
Year,
5%,
3/01/38
.............................
United
States
6,398
6,520
362,536
o
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.0%
†
GNMA
II,
2.625%
-
2.875%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
4/20/26
-
9/20/26
....................................
United
States
4,829
4,721
4,721
Total
Mortgage-Backed
Securities
(Cost
$30,126,644)
............................
30,305,375
Municipal
Bonds
1.5%
California
0.3%
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.............................
United
States
6,420,000
5,887,937
San
Jose
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Senior
Lien
,
2017
A-T
,
Refunding
,
3.226
%
,
8/01/27
..........
United
States
190,000
180,495
6,068,432
Colorado
0.5%
Board
of
Governors
of
Colorado
State
University
System
,
Revenue
,
2015
E-2
,
5
%
,
3/01/25
................................
United
States
100,000
103,732
Colorado
Bridge
Enterprise
,
Kiewit
Meridiam
Partners
LLC
,
Revenue
,
2021
B
,
0.923
%
,
12/31/23
.....................
United
States
13,400,000
13,041,578
13,145,310
Hawaii
0.1%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue
,
2019
B
,
Refunding
,
2.233
%
,
7/01/24
............................
United
States
2,470,000
2,394,785
Massachusetts
0.1%
Massachusetts
State
College
Building
Authority
,
Revenue
,
2019
C
,
Refunding
,
2.256
%
,
5/01/26
............................
United
States
2,635,000
2,486,468
New
York
0.3%
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Sales
Tax
,
Revenue
,
2019
B
,
Refunding
,
2.25
%
,
3/15/26
...........
United
States
8,750,000
8,245,775
Ohio
0.0%
†
City
of
Cincinnati
,
GO,
2015
A,
5%,
12/01/25
.............................
United
States
60,000
62,489
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
60
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
City
of
Cincinnati,
(continued)
GO,
2015
A,
Pre-Refunded,
5%,
12/01/25
.................
United
States
40,000
$
41,774
Teays
Valley
Local
School
District
,
GO
,
2015
,
Refunding
,
4
%
,
12/01/26
..........................................
United
States
100,000
100,755
205,018
Texas
0.2%
Texas
State
University
System
,
Revenue
,
2019
B
,
Refunding
,
2.351
%
,
3/15/26
.....................................
United
States
4,825,000
4,577,855
Total
Municipal
Bonds
(Cost
$38,699,863)
......................................
37,123,643
Residential
Mortgage-Backed
Securities
4.3%
Capital
Markets
0.0%
†
n
Merrill
Lynch
Mortgage
Investors
Trust
,
2003-A,
1A,
FRN,
5.76%,
(1-month
USD
LIBOR
+
0.74%),
3/25/28
United
States
64,978
60,886
2003-E,
A1,
FRN,
5.64%,
(1-month
USD
LIBOR
+
0.62%),
10/25/28
..........................................
United
States
158,647
146,853
207,739
a
a
a
a
a
a
Financial
Services
4.3%
n
American
Home
Mortgage
Investment
Trust
,
2005-1
,
6A
,
FRN
,
7.143
%
,
(
6-month
USD
LIBOR
+
2
%
),
6/25/45
..............
United
States
171,977
169,932
e,m
BRAVO
Residential
Funding
Trust
,
2019-2
,
A3
,
144A,
FRN
,
3.5
%
,
10/25/44
..........................................
United
States
3,363,081
3,200,498
m
CHL
Mortgage
Pass-Through
Trust
,
2004-11
,
2A1
,
FRN
,
3.403
%
,
7/25/34
...........................................
United
States
578,466
536,897
e,m
CIM
Trust
,
2019-INV1
,
A1
,
144A,
FRN
,
4
%
,
2/25/49
...........
United
States
97,543
93,619
e,m
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
2,968,148
2,894,285
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
,
2004-6
,
3A1
,
5
%
,
1/25/38
........................................
Switzerland
103,779
63,350
e,m
CSMC
Trust
,
2014-IVR3
,
A1
,
144A,
FRN
,
3.5
%
,
7/25/44
........
United
States
344,101
321,592
n
FHLMC
STACR
Debt
Notes
,
2014-DN3,
M3,
FRN,
9.02%,
(1-month
USD
LIBOR
+
4%),
8/25/24
United
States
694,852
703,643
2014-DN4,
M3,
FRN,
9.57%,
(1-month
USD
LIBOR
+
4.55%),
10/25/24
..........................................
United
States
1,254,251
1,279,515
2014-HQ2,
M3,
FRN,
8.77%,
(1-month
USD
LIBOR
+
3.75%),
9/25/24
...........................................
United
States
5,368,866
5,498,793
2016-DNA2,
M3,
FRN,
9.67%,
(1-month
USD
LIBOR
+
4.65%),
10/25/28
..........................................
United
States
6,143,200
6,438,560
2016-HQA2,
M3,
FRN,
10.17%,
(1-month
USD
LIBOR
+
5.15%),
11/25/28
..........................................
United
States
4,574,371
4,840,053
n
FNMA
Connecticut
Avenue
Securities
,
2013-C01,
M2,
FRN,
10.27%,
(1-month
USD
LIBOR
+
5.25%),
10/25/23
..........................................
United
States
3,609,001
3,678,364
2014-C01,
M2,
FRN,
9.42%,
(1-month
USD
LIBOR
+
4.4%),
1/25/24
...........................................
United
States
983,573
1,001,057
2014-C02,
2M2,
FRN,
7.62%,
(1-month
USD
LIBOR
+
2.6%),
5/25/24
...........................................
United
States
720,630
726,263
2014-C03,
2M2,
FRN,
7.92%,
(1-month
USD
LIBOR
+
2.9%),
7/25/24
...........................................
United
States
3,259,508
3,293,154
2014-C04,
1M2,
FRN,
9.92%,
(1-month
USD
LIBOR
+
4.9%),
11/25/24
..........................................
United
States
4,034,783
4,240,906
2014-C04,
2M2,
FRN,
10.02%,
(1-month
USD
LIBOR
+
5%),
11/25/24
..........................................
United
States
162,788
164,411
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
61
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
n
FNMA
Connecticut
Avenue
Securities,
(continued)
2015-C01,
1M2,
FRN,
9.32%,
(1-month
USD
LIBOR
+
4.3%),
2/25/25
...........................................
United
States
1,896,115
$
1,967,064
2015-C02,
1M2,
FRN,
9.02%,
(1-month
USD
LIBOR
+
4%),
5/25/25
...........................................
United
States
2,630,414
2,745,395
2015-C03,
1M2,
FRN,
10.02%,
(1-month
USD
LIBOR
+
5%),
7/25/25
...........................................
United
States
2,743,599
2,921,090
2016-C01,
1M2,
FRN,
11.77%,
(1-month
USD
LIBOR
+
6.75%),
8/25/28
...........................................
United
States
611,070
660,757
2016-C01,
2M2,
FRN,
11.97%,
(1-month
USD
LIBOR
+
6.95%),
8/25/28
...........................................
United
States
2,137,279
2,259,760
m
GSR
Mortgage
Loan
Trust
,
2005-AR1
,
1A1
,
FRN
,
4.367
%
,
1/25/35
United
States
87,620
79,814
m
J.P.
Morgan
Mortgage
Trust
,
2004-A1,
5A1,
FRN,
4.24%,
2/25/34
......................
United
States
17,903
17,523
e
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
11,074,200
9,742,139
e
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
2,181,895
1,910,833
e,m
Mill
City
Mortgage
Loan
Trust
,
2018-1,
A1,
144A,
FRN,
3.25%,
5/25/62
...................
United
States
3,536,537
3,423,739
2018-4,
A1B,
144A,
FRN,
3.5%,
4/25/66
...................
United
States
4,825,810
4,662,605
n
New
York
Mortgage
Trust
,
2005-3
,
M1
,
FRN
,
5.695
%
,
(
1-month
USD
LIBOR
+
0.675
%
),
2/25/36
.............................
United
States
54,452
52,142
e
OBX
Trust
,
n
2018-1,
A2,
144A,
FRN,
5.67%,
(1-month
USD
LIBOR
+
0.65%),
6/25/57
...........................................
United
States
830,275
786,702
m
2021-J3,
A4,
144A,
FRN,
2.5%,
10/25/51
..................
United
States
1,911,446
1,678,083
e,m
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
7,283,746
6,378,867
e,m
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
11,035,127
9,864,791
n
Thornburg
Mortgage
Securities
Trust
,
2004-3
,
A
,
FRN
,
5.76
%
,
(
1-month
USD
LIBOR
+
0.74
%
),
9/25/34
..................
United
States
256,374
232,926
e,m
Towd
Point
Mortgage
Trust
,
2017-1,
A1,
144A,
FRN,
2.75%,
10/25/56
..................
United
States
1,051,008
1,034,165
2018-4,
A1,
144A,
FRN,
3%,
6/25/58
.....................
United
States
8,666,553
8,097,472
2019-1,
A1,
144A,
FRN,
3.75%,
3/25/58
...................
United
States
6,668,612
6,380,636
104,041,395
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$114,011,026)
................
104,249,134
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
..............
South
Africa
60,686
—
b
Mesquite
Energy,
Inc.,
Escrow
Account
.....................
United
States
1,900,000
14,250
Total
Escrows
and
Litigation
Trusts
(Cost
$1,838,967)
...........................
14,250
Total
Long
Term
Investments
(Cost
$2,437,633,333)
.............................
2,352,516,944
a
Short
Term
Investments
3.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
1.2%
p
Japan
Treasury
Bills,
6/20/23
............................
Japan
3,726,000,000
JPY
27,356,402
Total
Foreign
Government
and
Agency
Securities
(Cost
$27,282,604)
..............
27,356,402
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
62
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.0%
d,q
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
48,909,523
$
48,909,523
Total
Money
Market
Funds
(Cost
$48,909,523)
..................................
48,909,523
Principal
Amount
*
a
a
a
Repurchase
Agreements
0.0%
†
r
Joint
Repurchase
Agreement,
4.693%,
5/01/23
(Maturity
Value
$1,037,141)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$523,010)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$200,334)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$313,797)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2%
-
5.5%,
9/6/24
-
10/15/57;
U.S.
Treasury
Bonds,
Index
Linked,
2%
-
2.38%,
1/15/25
-
1/15/26;
and
U.S.
Treasury
Notes,
0.38%,
7/31/27
(valued
at
$1,058,043)
..........................
1,036,735
1,036,735
Total
Repurchase
Agreements
(Cost
$1,036,735)
................................
1,036,735
Total
Short
Term
Investments
(Cost
$77,228,862
)
................................
77,302,660
a
Total
Investments
(Cost
$2,514,862,195)
99.6%
..................................
$2,429,819,604
Other
Assets,
less
Liabilities
0.4%
.............................................
11,673,732
Net
Assets
100.0%
...........................................................
$2,441,493,336
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
13
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
8
regarding
restricted
securities.
d
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2023,
the
aggregate
value
of
these
securities
was
$670,067,863,
representing
27.4%
of
net
assets.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
Income
may
be
received
in
additional
securities
and/or
cash.
h
See
Note
7
regarding
credit
risk
and
defaulted
securities.
i
See
Note
1(i)
regarding
Marketplace
Lending.
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
j
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
k
Perpetual
security
with
no
stated
maturity
date.
l
Principal
amount
of
security
is
adjusted
for
inflation.
See
Note
1(k).
m
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
n
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
o
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
p
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
q
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
r
See
Note
1(c)
regarding
joint
repurchase
agreement.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
Franklin
Low
Duration
Total
Return
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
63
,
At
April
30,
2023,
the
Fund
had
the
following
marketplace
loans
outstanding.
See
Note
1(i).
Description
Principal
Amount
Value
Marketplace
Loans
-
2.8%
Block,
Inc.
4789346.SQ.FTS.B,
Zero
Cpn,
5/29/23
...
$
6,004
$
1,189
4790074.SQ.FTS.B,
Zero
Cpn,
5/29/23
...
1,864
426
4790139.SQ.FTS.B,
Zero
Cpn,
5/29/23
...
1,165
610
4794467.SQ.FTS.B,
Zero
Cpn,
5/30/23
...
116
47
4795042.SQ.FTS.B,
Zero
Cpn,
5/30/23
...
207
53
4795965.SQ.FTS.B,
Zero
Cpn,
5/30/23
...
142
61
4796271.SQ.FTS.B,
Zero
Cpn,
5/30/23
...
2,362
870
4799750.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
3,222
1,271
4799793.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
5,445
787
4809823.SQ.FTS.B,
Zero
Cpn,
6/02/23
...
196
88
4810478.SQ.FTS.B,
Zero
Cpn,
6/03/23
...
14,769
3,872
4812032.SQ.FTS.B,
Zero
Cpn,
6/03/23
...
308
59
4812628.SQ.FTS.B,
Zero
Cpn,
6/03/23
...
7,404
1,533
4814186.SQ.FTS.B,
Zero
Cpn,
6/03/23
...
3,604
610
4817063.SQ.FTS.B,
Zero
Cpn,
6/06/23
...
19,394
6,263
4819764.SQ.FTS.B,
Zero
Cpn,
6/07/23
...
1,187
333
4819908.SQ.FTS.B,
Zero
Cpn,
6/07/23
...
1,489
430
4821196.SQ.FTS.B,
Zero
Cpn,
6/07/23
...
3,303
1,174
4829812.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
563
72
4829826.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
2,529
711
4831455.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
1,185
177
4832246.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
58
33
4834515.SQ.FTS.B,
Zero
Cpn,
6/12/23
...
733
349
4839177.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
1,366
124
4839467.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
1,586
500
4840100.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
1,543
303
4848330.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
28,214
5,789
4860368.SQ.FTS.B,
Zero
Cpn,
6/17/23
...
989
368
4862382.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
5,131
478
4862453.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
2,320
1,214
4862500.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
1,859
707
4863124.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
682
456
4863679.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
16,205
2,618
4864955.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
7,356
2,396
4866679.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
1,660
595
4867369.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
774
273
4867627.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
2,052
634
4867691.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
43
28
4868123.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
536
92
4868571.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
1,897
960
4868930.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
1,648
394
4871945.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
5,985
965
4871988.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
1,773
1,366
4872471.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
1,391
227
4872677.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
3,424
1,384
4872979.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
1,188
759
4873083.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
9,479
2,163
4873181.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
315
146
4873268.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
6,701
2,726
4873395.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
816
484
4873945.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
3,094
339
4874117.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
7,527
2,528
4874185.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
107
87
4875505.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
876
280
4877302.SQ.FTS.B,
Zero
Cpn,
6/25/23
...
624
137
4877319.SQ.FTS.B,
Zero
Cpn,
6/25/23
...
1,558
377
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4877812.SQ.FTS.B,
Zero
Cpn,
6/26/23
...
$
2,316
$
633
4878083.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
1,064
627
4878164.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
2,972
854
4879426.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
5,723
4,862
4879470.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
7,569
3,834
4879704.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
2,687
1,756
4880047.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
132
41
4880109.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
11,934
3,789
4880571.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
14,651
4,825
4881599.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
3,436
425
4881617.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
1,646
330
4881988.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
41,908
11,751
4882243.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
273
94
4882388.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
2,668
1,308
4882604.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
4,323
1,061
4884730.SQ.FTS.B,
Zero
Cpn,
6/29/23
...
1,682
957
4886936.SQ.FTS.B,
Zero
Cpn,
6/30/23
...
29,822
2,996
4887776.SQ.FTS.B,
Zero
Cpn,
6/30/23
...
7,028
2,903
4888984.SQ.FTS.B,
Zero
Cpn,
6/30/23
...
2,562
2,056
4889578.SQ.FTS.B,
Zero
Cpn,
7/01/23
...
6,235
1,892
4889959.SQ.FTS.B,
Zero
Cpn,
7/02/23
...
4,290
772
4890877.SQ.FTS.B,
Zero
Cpn,
7/03/23
...
5,698
4,242
4891549.SQ.FTS.B,
Zero
Cpn,
7/03/23
...
3,364
643
4891653.SQ.FTS.B,
Zero
Cpn,
7/03/23
...
307
224
4892791.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
325
260
4893163.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
12,426
2,837
4893412.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
2,909
1,550
4893551.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
387
48
4900969.SQ.FTS.B,
Zero
Cpn,
7/07/23
...
3,523
1,207
4901122.SQ.FTS.B,
Zero
Cpn,
7/07/23
...
611
90
4902587.SQ.FTS.B,
Zero
Cpn,
7/07/23
...
4,894
772
4904451.SQ.FTS.B,
Zero
Cpn,
7/10/23
...
3,360
1,161
4905226.SQ.FTS.B,
Zero
Cpn,
7/10/23
...
847
209
4905832.SQ.FTS.B,
Zero
Cpn,
7/10/23
...
8,409
2,111
4907134.SQ.FTS.B,
Zero
Cpn,
7/11/23
...
207
197
4907500.SQ.FTS.B,
Zero
Cpn,
7/11/23
...
4,190
939
4908035.SQ.FTS.B,
Zero
Cpn,
7/11/23
...
5,837
588
4908081.SQ.FTS.B,
Zero
Cpn,
7/11/23
...
7,326
3,662
4908604.SQ.FTS.B,
Zero
Cpn,
7/12/23
...
2,567
407
4908999.SQ.FTS.B,
Zero
Cpn,
7/12/23
...
190
44
4909783.SQ.FTS.B,
Zero
Cpn,
7/12/23
...
144
50
4922859.SQ.FTS.B,
Zero
Cpn,
7/14/23
...
1,173
854
4923842.SQ.FTS.B,
Zero
Cpn,
7/16/23
...
1,929
398
4924187.SQ.FTS.B,
Zero
Cpn,
7/17/23
...
357
133
4925184.SQ.FTS.B,
Zero
Cpn,
7/18/23
...
2,723
1,141
4925548.SQ.FTS.B,
Zero
Cpn,
7/18/23
...
19,089
8,655
4925972.SQ.FTS.B,
Zero
Cpn,
7/18/23
...
7,444
3,721
4926169.SQ.FTS.B,
Zero
Cpn,
7/18/23
...
261
187
4926818.SQ.FTS.B,
Zero
Cpn,
7/19/23
...
208
156
4927104.SQ.FTS.B,
Zero
Cpn,
7/19/23
...
7,625
2,952
4932557.SQ.FTS.B,
Zero
Cpn,
7/20/23
...
625
337
4934870.SQ.FTS.B,
Zero
Cpn,
7/21/23
...
3,518
1,681
4935141.SQ.FTS.B,
Zero
Cpn,
7/22/23
...
886
443
4937154.SQ.FTS.B,
Zero
Cpn,
7/24/23
...
2,729
1,578
4937358.SQ.FTS.B,
Zero
Cpn,
7/24/23
...
640
95
4938018.SQ.FTS.B,
Zero
Cpn,
7/24/23
...
107
56
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
64
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
4938983.SQ.FTS.B,
Zero
Cpn,
7/25/23
...
$
1,318
$
267
4942412.SQ.FTS.B,
Zero
Cpn,
7/26/23
...
13,011
2,701
4954891.SQ.FTS.B,
Zero
Cpn,
7/28/23
...
106
58
4955142.SQ.FTS.B,
Zero
Cpn,
7/28/23
...
497
419
4955556.SQ.FTS.B,
Zero
Cpn,
7/29/23
...
1,374
133
4955815.SQ.FTS.B,
Zero
Cpn,
7/29/23
...
422
273
4955840.SQ.FTS.B,
Zero
Cpn,
7/29/23
...
146
112
4956027.SQ.FTS.B,
Zero
Cpn,
7/30/23
...
649
444
4956138.SQ.FTS.B,
Zero
Cpn,
7/30/23
...
204
168
4960204.SQ.FTS.B,
Zero
Cpn,
7/31/23
...
466
198
4964441.SQ.FTS.B,
Zero
Cpn,
8/01/23
...
1,438
693
4965912.SQ.FTS.B,
Zero
Cpn,
8/01/23
...
12,530
5,742
4967772.SQ.FTS.B,
Zero
Cpn,
8/02/23
...
7,951
2,904
4968011.SQ.FTS.B,
Zero
Cpn,
8/02/23
...
732
408
4968065.SQ.FTS.B,
Zero
Cpn,
8/02/23
...
9,113
3,554
4975394.SQ.FTS.B,
Zero
Cpn,
8/05/23
...
1,503
343
4975732.SQ.FTS.B,
Zero
Cpn,
8/06/23
...
314
213
4975986.SQ.FTS.B,
Zero
Cpn,
8/06/23
...
1,390
849
4977296.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
44
40
4978753.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
192
59
4981564.SQ.FTS.B,
Zero
Cpn,
8/09/23
...
474
273
4981810.SQ.FTS.B,
Zero
Cpn,
8/09/23
...
1,655
393
4989575.SQ.FTS.B,
Zero
Cpn,
8/11/23
...
1,283
355
4990427.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
646
193
4990812.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
3,319
673
4991412.SQ.FTS.B,
Zero
Cpn,
8/13/23
...
1,244
550
4992493.SQ.FTS.B,
Zero
Cpn,
8/14/23
...
1,319
453
4993188.SQ.FTS.B,
Zero
Cpn,
8/14/23
...
339
228
4993580.SQ.FTS.B,
Zero
Cpn,
8/14/23
...
600
273
5006161.SQ.FTS.B,
Zero
Cpn,
8/16/23
...
331
240
5006216.SQ.FTS.B,
Zero
Cpn,
8/16/23
...
523
245
5006802.SQ.FTS.B,
Zero
Cpn,
8/16/23
...
7,127
2,602
5019192.SQ.FTS.B,
Zero
Cpn,
8/17/23
...
10,195
3,241
5026306.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
5,011
2,836
5026534.SQ.FTS.B,
Zero
Cpn,
8/20/23
...
402
258
5026883.SQ.FTS.B,
Zero
Cpn,
8/20/23
...
6,739
3,116
5026993.SQ.FTS.B,
Zero
Cpn,
8/21/23
...
5,715
2,522
5027172.SQ.FTS.B,
Zero
Cpn,
8/21/23
...
156
93
5031525.SQ.FTS.B,
Zero
Cpn,
8/22/23
...
625
501
5034894.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
93
72
5042184.SQ.FTS.B,
Zero
Cpn,
8/25/23
...
686
444
5044115.SQ.FTS.B,
Zero
Cpn,
8/27/23
...
1,033
306
5044278.SQ.FTS.B,
Zero
Cpn,
8/27/23
...
5,451
648
5047301.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
4,140
1,051
5047438.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
6,121
3,393
5053049.SQ.FTS.B,
Zero
Cpn,
9/02/23
...
110
102
5057829.SQ.FTS.B,
Zero
Cpn,
9/03/23
...
981
135
5058089.SQ.FTS.B,
Zero
Cpn,
9/03/23
...
14,656
7,085
5059764.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
353
315
5060384.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
182
141
5062108.SQ.FTS.B,
Zero
Cpn,
9/05/23
...
2,002
195
5064256.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
139
121
5065553.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
11,144
1,116
5065961.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
627
396
5065983.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
900
492
5073687.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
3,910
1,302
5075271.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
1,903
397
5075710.SQ.FTS.B,
Zero
Cpn,
9/11/23
...
2,580
1,842
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5075922.SQ.FTS.B,
Zero
Cpn,
9/11/23
...
$
476
$
145
5082270.SQ.FTS.B,
Zero
Cpn,
9/15/23
...
1,154
1,007
5083204.SQ.FTS.B,
Zero
Cpn,
9/15/23
...
6,174
2,878
5084881.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
2,472
1,156
5090985.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
597
197
5094121.SQ.FTS.B,
Zero
Cpn,
9/19/23
...
1,891
1,061
5094327.SQ.FTS.B,
Zero
Cpn,
9/19/23
...
1,375
610
5094655.SQ.FTS.B,
Zero
Cpn,
9/20/23
...
3,042
1,130
5096024.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
9,453
3,347
5096286.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
1,680
1,137
5097330.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
15,418
5,540
5099070.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
659
413
5102362.SQ.FTS.B,
Zero
Cpn,
9/23/23
...
26,662
7,714
5109707.SQ.FTS.B,
Zero
Cpn,
9/25/23
...
912
549
5110232.SQ.FTS.B,
Zero
Cpn,
9/26/23
...
4,917
1,621
5110354.SQ.FTS.B,
Zero
Cpn,
9/26/23
...
1,660
1,200
5110450.SQ.FTS.B,
Zero
Cpn,
9/26/23
...
4,298
1,331
5110550.SQ.FTS.B,
Zero
Cpn,
9/26/23
...
108
93
5114631.SQ.FTS.B,
Zero
Cpn,
9/29/23
...
2,038
564
5117843.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
857
284
5118658.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
879
558
5122398.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
5,431
1,378
5123250.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
2,259
715
5123870.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
1,315
1,145
5128373.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
1,046
946
5128536.SQ.FTS.B,
Zero
Cpn,
10/03/23
..
645
623
5130538.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
2,193
377
5130975.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
739
544
5131522.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
646
497
5132890.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
30,012
11,662
5134488.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
1,144
242
5135982.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
11,822
4,397
5136603.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
3,676
1,794
5138301.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
2,419
1,315
5139670.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
377
317
5142732.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
204
86
5144732.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
2,684
630
5146188.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
6,782
2,522
5146412.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
541
512
5149047.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
525
486
5149203.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
964
387
5152039.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
2,706
1,020
5153658.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,893
1,621
5154060.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
494
450
5154965.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,911
1,542
5155680.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
521
194
5156338.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
3,089
1,615
5156676.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,284
296
5157032.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
936
730
5160593.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
14,723
4,164
5162594.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
617
91
5162690.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
464
437
5163078.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
418
415
5163731.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
7,841
5,213
5164639.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
1,405
668
5169690.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
422
378
5171609.SQ.FTS.B,
Zero
Cpn,
10/16/23
..
2,819
2,456
5171784.SQ.FTS.B,
Zero
Cpn,
10/16/23
..
3,650
3,216
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
65
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5172784.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
$
6,176
$
2,875
5175595.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
1,254
747
5178912.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
371
231
5179416.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
2,654
814
5179923.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
1,877
1,425
5181201.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
6,478
2,020
5183474.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
1,204
973
5184429.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
1,319
1,067
5185761.SQ.FTS.B,
Zero
Cpn,
10/20/23
..
1,073
632
5190095.SQ.FTS.B,
Zero
Cpn,
10/20/23
..
11,711
5,923
5207329.SQ.FTS.B,
Zero
Cpn,
10/22/23
..
3,440
2,809
5210392.SQ.FTS.B,
Zero
Cpn,
10/23/23
..
2,424
517
5219088.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
1,943
1,368
5220601.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
868
365
5220660.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
1,756
984
5233596.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
4,036
2,922
5235135.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
331
304
5238450.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
1,203
585
5239973.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
2,484
930
5241436.SQ.FTS.B,
Zero
Cpn,
11/01/23
..
3,606
933
5243291.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
222
65
5243505.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
20,719
8,181
5244949.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
2,287
1,296
5245623.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
4,047
1,573
5245808.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
89
82
5247166.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
250
198
5250245.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
1,051
335
5250706.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
1,546
862
5250769.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
1,742
171
5254509.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
437
237
5254554.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
5,092
734
5254769.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
1,097
1,027
5255302.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
19,141
5,624
5262459.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
220
135
5263778.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
840
642
5263936.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
293
264
5265964.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
394
287
5266447.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
520
237
5266476.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
4,839
687
5266837.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
3,783
1,030
5273592.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
1,316
1,282
5273907.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
1,161
1,051
5281083.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
538
337
5281103.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
8,490
1,977
5289282.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
744
696
5291747.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
1,193
1,120
5293954.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
1,066
300
5293978.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
409
402
5294259.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
734
656
5294291.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
1,197
752
5294371.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
780
266
5294935.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
3,063
2,909
5296287.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
404
126
5298323.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
584
385
5305068.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
77,744
22,186
5313405.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
546
415
5313809.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
895
823
5316290.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
1,073
558
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5317547.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
$
30
$
27
5317552.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
311
211
5318924.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
164
150
5318956.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
2,340
2,112
5320657.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
1,747
1,456
5321514.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
1,050
1,004
5321872.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
2,673
1,147
5322693.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
397
292
5324332.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
457
436
5325004.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
1,379
640
5325344.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
5,453
5,260
5325652.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
659
280
5328822.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
2,356
966
5328895.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
2,371
1,206
5329650.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
1,730
751
5329785.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
1,806
745
5330101.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
11,954
6,131
5330339.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
2,512
2,434
5331262.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
9,359
1,355
5333764.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
287
277
5338362.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
1,229
795
5359729.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,063
1,023
5362532.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
477
435
5363132.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
7,301
1,994
5364036.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,827
1,583
5372948.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
7,104
2,591
5374200.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
7,532
3,382
5378646.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
4,613
4,190
5380422.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
12,758
2,481
5381629.SQ.FTS.B,
Zero
Cpn,
11/28/23
..
605
486
5381740.SQ.FTS.B,
Zero
Cpn,
11/29/23
..
901
183
5381781.SQ.FTS.B,
Zero
Cpn,
11/29/23
..
3,487
3,443
5382702.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
54
51
5382818.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
469
197
5394107.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
488
246
5397942.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
862
490
5400388.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
3,988
1,608
5410951.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,433
1,415
5411337.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
856
615
5411468.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,976
1,503
5412099.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
6,943
6,838
5414116.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
15,698
5,439
5414769.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
2,337
235
5447439.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
4,207
1,835
5455396.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
7,052
6,212
5462926.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
3,148
327
5469109.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
305
294
5472389.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
2,109
830
5473249.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
792
752
5473313.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
683
167
5473776.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
3,083
1,537
5474055.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
2,687
1,870
5481590.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
1,291
323
5498961.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,035
738
5500907.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,774
1,734
5501757.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,054
1,000
5502908.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
3,244
2,944
5507161.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
8,476
2,820
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
66
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5510904.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
$
1,449
$
1,414
5516038.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
369
362
5516456.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
316
315
5518301.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
22,861
14,068
5528060.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
1,130
1,002
5528209.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
40,987
25,325
5531222.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
9,485
8,957
5532399.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
1,906
457
5533324.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
2,857
2,700
5534237.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
6,656
1,803
5537587.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
2,687
788
5540468.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
1,805
504
5540573.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
934
827
5540876.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
556
542
5542247.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
1,851
1,566
5545368.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
192
112
5550397.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
20,058
8,795
5552696.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
9,318
3,926
5553980.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
115
98
5554476.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
3,800
2,230
5554806.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
1,418
493
5554848.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
2,673
2,623
5557327.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
299
287
5557572.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
1,381
257
5557933.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
1,777
1,438
5558599.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
190
154
5558623.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
2,525
700
5561345.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
493
482
5561681.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
213
113
5562881.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
10,046
9,465
5563818.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
905
596
5563833.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
4,317
3,578
5564544.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
1,912
751
5564661.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
3,579
1,759
5565100.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
1,810
1,765
5565348.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
8,568
2,860
5565902.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
8,288
7,762
5567009.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
416
192
5567027.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
455
453
5567837.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
705
395
5568047.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
25,893
18,159
5568680.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
1,215
1,129
5569241.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
1,218
808
5571102.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
4,315
4,145
5571589.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
1,792
1,120
5571676.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
2,873
913
5575001.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
359
356
5575033.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
1,578
1,006
5575246.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
156
149
5575348.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
3,647
3,087
5575988.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
526
494
5576017.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
1,478
1,333
5576429.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
161
156
5576519.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
6,885
4,084
5576667.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
866
824
5577616.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
1,284
909
5578059.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
2,942
2,750
5578593.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
581
457
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5581276.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
$
1,491
$
638
5581687.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
983
626
5584492.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
5,260
4,881
5584721.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
2,474
2,062
5584916.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
3,578
2,353
5585270.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
486
348
5585302.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
457
445
5585838.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
1,183
1,133
5586926.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
155
132
5587848.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
160
151
5588007.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
17,691
3,753
5588118.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
609
572
5588164.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,141
1,086
5588372.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
8,728
3,674
5588652.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,273
524
5588819.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
1,504
423
5588829.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
11,602
8,667
5589223.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
930
827
5593339.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
326
322
5593642.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
327
324
5593739.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
1,346
1,279
5594146.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
3,596
3,139
5595402.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
1,234
697
5595419.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
2,419
875
5596745.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,614
474
5597324.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,753
559
5597532.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
842
360
5597616.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
10,276
6,966
5598446.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
607
108
5598511.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
827
785
5600022.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
2,097
1,355
5600114.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,201
1,190
5600473.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
503
331
5600497.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
130
120
5600512.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
8,852
1,966
5608901.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
140
100
5609899.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
1,742
1,651
5610840.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
7,754
794
5611660.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
342
287
5612626.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
1,369
1,335
5615388.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
1,129
1,010
5615484.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
9,295
2,987
5616014.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
9,963
9,605
5617879.SQ.FTS.B,
Zero
Cpn,
1/02/24
...
4,562
4,215
5618540.SQ.FTS.B,
Zero
Cpn,
1/02/24
...
599
580
5618906.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
2,590
754
5621982.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
330
328
5622466.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
1,406
316
5624747.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
1,492
906
5624912.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
672
481
5624998.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
445
426
5625032.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
407
394
5626304.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
1,701
1,647
5627076.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
13,440
5,954
5627452.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
3,477
3,306
5627773.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
1,198
1,036
5627835.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
807
798
5628145.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
2,717
2,501
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
67
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5628531.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
$
2,028
$
1,651
5628952.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
5,557
2,987
5629401.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
884
873
5629638.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
647
521
5630143.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
730
400
5630388.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
965
810
5640772.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
2,322
490
5640933.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
328
310
5641323.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
152
141
5641349.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,084
254
5641411.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
3,113
2,775
5642051.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
2,753
1,986
5644232.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
690
638
5647798.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,395
1,183
5649190.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
172
150
5651306.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
239
159
5651368.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
782
472
5654580.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
2,606
2,319
5654769.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
606
593
5655533.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
511
501
5656415.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
1,146
489
5661709.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
906
775
5662108.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
6,816
2,029
5662396.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
879
748
5664680.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
772
746
5665385.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
353
351
5667327.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
22,164
11,610
5669316.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
86
77
5670788.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
124
121
5670816.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
1,469
1,298
5670931.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
163
162
5671837.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
1,405
927
5675355.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
6,408
4,918
5676060.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
1,460
1,381
5676191.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
387
304
5678542.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
3,893
3,590
5692954.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
3,235
2,571
5694516.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
45,616
18,694
5695841.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
6,234
5,807
5701725.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
227
226
5702814.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
2,458
2,397
5703159.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
222
196
5707091.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
478
430
5707166.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
3,516
2,456
5707356.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
5,520
5,402
5709256.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
1,191
1,112
5709366.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
497
391
5709941.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
117
116
5710093.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
526
513
5710725.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
1,159
1,113
5712540.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
1,607
1,578
5712977.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
2,588
1,549
5714794.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
17,437
15,611
5716150.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
3,751
3,689
5716269.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
101
87
5718687.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,215
485
5718884.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
12,925
12,100
5719802.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
746
665
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5719839.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
$
7,877
$
6,974
5720322.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,279
1,219
5720730.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,353
1,327
5720918.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
3,761
1,909
5720997.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,586
1,226
5728808.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
991
984
5729103.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
4,274
3,270
5729235.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
7,467
6,100
5730123.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,618
739
5730184.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
851
741
5730596.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,130
645
5730607.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
716
685
5730698.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
21
21
5731798.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
233
226
5731830.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
12,733
7,783
5732468.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
677
337
5732580.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,119
386
5733280.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
455
419
5733330.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
36,256
34,286
5734394.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
815
798
5734450.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,728
1,668
5734498.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
2,363
1,558
5734810.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
281
275
5735541.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
7,813
7,715
5736514.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
1,565
1,447
5737829.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
1,580
1,189
5738195.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
854
744
5738445.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
544
465
5739159.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
13,484
8,411
5739949.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
4,646
4,576
5740514.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,290
1,218
5740833.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
970
762
5741211.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,610
1,590
5741356.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,619
190
5741376.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
709
661
5741716.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
642
634
5742221.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
545
534
5742284.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
7,377
3,381
5744108.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
8,016
7,733
5746328.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,985
1,951
5746774.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
239
234
5746775.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
109
102
5746817.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
6,752
4,693
5749227.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
921
821
5749299.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
392
382
5749332.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
4,445
4,379
5750540.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
564
547
5751069.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
320
318
5751485.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
638
577
5751638.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
5,746
5,225
5752173.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
4,329
3,752
5752919.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
2,212
2,112
5753136.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
2,068
2,054
5753332.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
3,510
2,086
5753519.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
279
237
5754314.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
3,906
3,588
5754537.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
930
631
5754674.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
2,696
417
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
68
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5754782.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
$
7,618
$
7,558
5756655.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
4,458
4,355
5757275.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
841
793
5757339.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
1,125
932
5757816.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
1,505
1,477
5762467.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
2,052
937
5762525.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
2,525
1,924
5763893.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
2,033
1,990
5764032.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
3,127
3,029
5765340.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
3,486
3,331
5765516.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
453
420
5768439.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
10,351
8,272
5768898.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
2,506
2,076
5771796.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
4,206
2,043
5771987.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
34,678
30,078
5774005.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
1,473
534
5774288.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
1,656
1,497
5775185.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
4,083
3,918
5775433.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
1,067
823
5775512.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
4,476
4,348
5775835.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
465
361
5775860.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
9,163
8,137
5776412.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,022
1,991
5776734.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
5,503
5,212
5776969.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
589
574
5777310.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
43,115
27,939
5778747.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,296
2,067
5778969.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
3,741
3,619
5779421.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
1,903
1,307
5779587.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
969
123
5779612.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
3,348
2,053
5779947.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
1,920
1,870
5780350.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
968
948
5781083.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
752
664
5781236.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
1,526
1,391
5781374.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
2,578
2,386
5781987.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
2,884
2,826
5782256.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
6,169
5,890
5783333.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
3,177
3,084
5783939.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
1,245
975
5784284.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
5,640
2,815
5785396.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
8,887
7,926
5786664.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
416
397
5787095.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
554
469
5787138.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
177
170
5787194.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
6,275
2,918
5787332.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
4,948
4,781
5788353.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
3,547
2,729
5788511.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
1,060
1,052
5788688.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
33,658
23,526
5790063.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
294
212
5790156.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
1,741
1,360
5790251.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
2,713
778
5796051.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
222
219
5796321.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
12,702
12,128
5801823.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
903
668
5802108.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
523
518
5802372.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
5,979
3,960
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5803073.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
$
1,859
$
1,442
5803238.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,052
1,037
5803772.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,258
1,162
5804809.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,380
1,355
5804906.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
2,262
2,220
5805116.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,587
1,549
5805272.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
2,719
2,663
5806574.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
6,525
4,993
5806812.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,725
1,176
5807048.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
956
571
5807339.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
11,826
9,763
5810175.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
2,086
2,031
5811499.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
2,490
2,230
5811792.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
14,342
13,037
5812422.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
3,318
2,926
5812463.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
7,123
6,203
5813279.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
2,311
1,685
5813408.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
2,603
2,556
5813539.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
2,491
2,158
5813757.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
1,327
1,029
5813805.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
766
361
5813883.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
2,591
2,554
5814132.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
3,535
3,466
5814343.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
2,263
2,222
5814693.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
17,757
16,104
5816727.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
179
169
5818190.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
2,718
2,679
5819441.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,454
1,438
5819637.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,408
1,345
5819722.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
953
935
5820067.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
7,787
7,268
5820502.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
2,596
494
5820697.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,220
176
5820735.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
167
163
5821128.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
3,041
2,973
5821573.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,346
289
5821609.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
4,045
3,856
5821868.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,200
1,034
5821903.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
3,398
3,351
5822374.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
599
292
5822383.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
15,440
15,274
5823675.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
750
740
5823793.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,753
1,725
5823925.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,536
1,375
5823975.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,894
1,849
5824131.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
5,046
4,548
5824293.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
7,555
7,402
5825210.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,108
1,081
5827253.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
8,315
7,646
5828734.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
7,786
7,444
5829589.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
3,025
2,959
5829933.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
2,685
2,642
5830050.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
3,087
2,783
5830227.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
441
288
5830235.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
14,677
10,246
5831651.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,112
1,079
5831885.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,497
2,441
5832072.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
5,185
4,963
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
69
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5832308.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
$
17,020
$
14,520
5832721.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,955
1,711
5833207.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,843
1,804
5833277.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,687
1,599
5833344.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
7,043
6,833
5833512.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,446
1,361
5833649.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
15,811
13,654
5833923.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
3,357
2,719
5833955.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
109
106
5833980.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
813
724
5834006.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,829
2,499
5834289.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
913
775
5834331.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
1,775
1,739
5834772.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
730
715
5835666.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
480
472
5835687.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
1,224
1,181
5836241.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
4,993
849
5836547.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
648
628
5836746.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,216
886
5836841.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
12,530
12,115
5837495.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,695
1,668
5837597.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,358
1,155
5837692.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
2,096
1,334
5837836.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
4,096
2,855
5838132.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
672
334
5839976.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
4,311
4,239
5841300.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
763
737
5841337.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
13,349
12,200
5842117.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
392
383
5842217.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
755
301
5842255.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
991
853
5843365.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
931
921
5843467.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
37
36
5843502.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
4,282
4,168
5843755.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
6,330
4,777
5844836.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
596
594
5845026.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
722
212
5845038.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
3,007
1,717
5845421.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
3,567
3,402
5845764.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
4,171
3,895
5845994.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
689
683
5846114.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
6,186
4,748
5848218.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
3,808
3,634
5848448.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,351
811
5848518.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,368
1,184
5848592.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
3,851
3,673
5848801.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,221
2,151
5849047.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
708
607
5849069.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
8,275
5,717
5849735.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,350
2,295
5849905.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
20,182
19,293
5850752.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,025
982
5850828.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
861
840
5851164.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
26,208
12,903
5851830.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
470
467
5851918.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
619
587
5851930.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
5,595
5,516
5852404.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
649
643
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5852595.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
$
2,540
$
2,052
5852732.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
6,024
2,905
5852875.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,860
1,807
5853025.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,177
1,137
5853092.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
2,526
2,262
5853179.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,564
1,486
5853867.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
9,438
1,605
5854074.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,462
1,439
5854112.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,608
1,588
5854302.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
3,611
2,518
5855036.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
19
19
5855340.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
455
353
5855348.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
2,754
2,696
5855427.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
1,185
1,167
5855467.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
5,986
5,216
5855566.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
682
662
5855594.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
196
195
5855657.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
873
858
5855717.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
1,319
758
5855735.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
842
835
5855781.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
144
143
5855904.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
333
306
5856081.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,281
1,208
5856105.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
986
272
5856160.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,000
984
5856241.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
11,241
10,700
5856526.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
939
911
5856552.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,728
1,571
5856582.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
838
812
5856953.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
437
429
5857103.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
928
905
5857372.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,391
2,166
5860492.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,028
2,993
5860712.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
5,077
4,972
5861010.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,665
1,567
5861074.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,179
1,434
5861164.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
6,305
4,394
5861325.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
968
953
5861387.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
908
279
5861406.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,602
3,234
5862421.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,402
3,249
5862598.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,021
1,974
5862719.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,110
747
5863525.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
17,805
17,151
5864291.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,855
2,618
5864418.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
11,242
10,433
5866049.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,766
2,718
5866215.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,191
1,134
5867005.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,623
3,989
5867168.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,693
3,620
5867284.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,814
1,898
5870551.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
4,134
4,076
5871081.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
7,476
7,155
5871974.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
526
360
5872504.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
911
895
5872536.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
492
321
5873421.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
112
111
5873637.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
5,460
5,053
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
70
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5873832.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
$
2,252
$
2,178
5873969.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
14,463
13,988
5874911.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
4,879
3,823
5875203.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,331
1,160
5875736.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
8,551
8,297
5876337.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
2,139
231
5876358.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
966
937
5876700.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
6,435
6,029
5876808.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
3,607
3,116
5877622.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
1,737
1,037
5877646.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
724
714
5877698.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
5,089
4,988
5877866.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
1,617
1,400
5877980.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
1,557
1,525
5878236.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
1,161
1,057
5878316.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
2,957
2,801
5878513.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
630
625
5878573.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
13,877
12,717
5878970.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
1,142
1,130
5879115.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
584
580
5879343.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
4,263
4,082
5881097.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
4,383
3,161
5881305.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
517
488
5881974.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
2,669
2,620
5882264.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
8,318
8,074
5882903.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
1,076
1,050
5882979.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
4,412
4,273
5883448.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
8,694
8,544
5884195.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
12,094
11,551
5884585.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
10,210
8,910
5885576.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
9,260
8,412
5888259.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,623
1,587
5888961.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
4,780
4,637
5889200.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,051
232
5889269.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,285
1,172
5889661.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
6,510
5,370
5889820.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,516
1,471
5889950.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,001
885
5889977.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
24,229
21,011
5890509.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,606
1,540
5890652.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
6,624
3,369
5890829.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,769
1,705
5890859.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
467
455
5891152.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,036
1,910
5891224.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,845
1,814
5891588.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,039
994
5891730.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
4,184
3,748
5891958.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
701
483
5893134.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
16,449
12,362
5893733.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
876
835
5893764.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
830
824
5893812.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
393
391
5893913.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,259
1,225
5894039.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
5,569
5,129
5894262.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
6,464
5,637
5894539.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
220
207
5894648.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
696
659
5894801.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
3,682
3,571
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5894927.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
$
1,729
$
1,426
5894989.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
1,858
1,765
5895166.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
7,501
6,673
5895413.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
267
259
5895434.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
613
551
5895466.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
5,760
5,414
5895727.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
1,713
1,679
5896009.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
536
504
5896051.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
2,629
2,513
5897863.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
3,440
3,378
5898172.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
9,367
8,681
5898468.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
10,115
9,974
5899328.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
19,821
18,899
5900201.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
4,752
4,611
5900851.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,004
990
5901096.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
18,524
8,600
5901560.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
8,618
7,257
5901715.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
491
468
5901781.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
2,224
2,048
5902121.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
512
499
5902132.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
665
624
5902140.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,073
1,049
5902170.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
221
217
5902509.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
3,479
3,416
5903054.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,311
2,243
5903177.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
914
886
5903227.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
564
553
5903375.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
931
886
5903588.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,912
2,173
5903831.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
9,652
8,585
5904398.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,083
1,026
5904610.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,989
1,896
5904672.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
807
781
5906756.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
1,362
1,027
5906795.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
6,537
6,401
5907158.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
1,604
1,477
5908063.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
4,469
2,590
5908142.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
28,082
19,124
5908682.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
1,720
1,271
5908719.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
488
471
5908735.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
21,043
16,078
5909211.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
24,467
20,544
5909995.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
1,194
1,090
5910071.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,179
2,140
5910313.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,164
2,115
5910420.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,087
1,029
5910477.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
197
195
5910492.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
3,012
2,120
5910566.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
4,661
4,436
5910810.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,086
1,005
5910870.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
5,051
4,977
5911537.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
4,205
4,149
5911907.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,533
1,407
5912027.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
627
625
5912351.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
489
444
5912373.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,164
1,527
5912773.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
13,179
6,079
5913027.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
3,383
2,603
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
71
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5913061.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
$
3,788
$
3,622
5913320.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,284
1,100
5914110.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
2,472
2,299
5914159.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
3,665
3,618
5914297.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
8,125
5,170
5914472.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,178
1,165
5914709.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
2,396
2,147
5914920.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,622
1,597
5915164.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
2,902
2,080
5915449.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,956
1,864
5915684.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
643
630
5915732.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,017
784
5916065.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
6,196
3,539
5916181.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
22,359
20,527
5917323.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,399
1,340
5917574.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
3,370
3,332
5917935.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
4,510
4,385
5918273.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
3,248
3,207
5918667.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
5,989
5,829
5919183.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
8,638
8,330
5919557.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
4,670
4,527
5919675.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,238
1,167
5919779.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
7,194
7,061
5920757.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
16,714
16,439
5921351.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
975
939
5921423.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
13,164
12,768
5922314.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,384
2,309
5922450.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,344
1,313
5922492.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
353
334
5922519.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,205
2,142
5922617.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
3,852
3,754
5922749.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
3,077
3,034
5922874.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
9,877
6,549
5924079.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
576
564
5924092.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
643
527
5924109.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
730
720
5924210.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
28,966
26,318
5925093.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
4,222
4,125
5925246.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
4,098
3,963
5925367.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
484
474
5925434.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
505
499
5927186.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
6,998
5,764
5927376.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
6,070
5,990
5927899.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
1,897
1,845
5928123.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
5,712
5,635
5928651.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
11,414
10,679
5929107.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
4,507
2,503
5929445.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
2,137
2,103
5929675.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
667
505
5929692.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
4,460
4,161
5929878.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
4,296
4,199
5930081.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
1,383
513
5930245.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
1,595
1,566
5930491.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
3,589
3,520
5930561.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
2,965
2,883
5930637.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
927
922
5930749.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
3,711
3,598
5930797.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
7,750
7,517
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5930999.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
$
7,224
$
6,946
5931697.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
645
638
5931748.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
4,777
4,677
5932661.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
764
662
5932683.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,071
1,978
5932792.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
269
259
5932816.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
4,795
1,667
5933003.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,087
1,059
5933037.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
289
277
5933293.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,538
1,594
5933634.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,753
1,715
5933928.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
2,715
2,053
5933962.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
1,037
1,013
5934135.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
11,425
11,027
5934389.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
1,560
1,480
5934475.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
561
544
5934510.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
1,276
163
5934520.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
2,963
2,764
5934643.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
453
445
5934667.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
10,548
6,541
5934877.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
714
651
5934905.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
7,526
7,309
5937097.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
3,770
3,688
5937552.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
519
507
5937710.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
9,403
6,834
5938050.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,413
2,366
5938186.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
3,433
3,231
5938544.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
8,920
5,741
5939025.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,623
2,588
5939094.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
2,111
1,809
5939538.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
726
717
5939563.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,561
1,498
5939607.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
228
201
5939612.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,675
1,311
5939678.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
2,646
2,471
5939729.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
4,354
4,255
5939909.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
11,837
10,418
5940198.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
5,089
4,967
5940430.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,355
1,325
5940471.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
4,079
3,909
5940651.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
977
916
5940685.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
4,219
3,672
5940724.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
19,013
18,624
5941018.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
11,113
10,276
5941408.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
4,618
2,712
5943139.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
367
350
5943191.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,064
941
5943314.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,520
1,389
5943409.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,616
1,502
5943531.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,150
906
5943690.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,759
2,128
5943972.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
15,574
11,347
5944452.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
11,169
11,063
5945131.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,155
4,032
5945228.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
9,630
8,274
5945422.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
239
213
5945430.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,685
2,450
5945603.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,175
2,075
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
72
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5945657.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
$
2,883
$
2,839
5945731.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,594
2,500
5945779.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
635
602
5945826.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
614
561
5948324.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
4,193
3,679
5948394.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
2,933
2,883
5948585.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
13,123
12,788
5949113.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
6,978
5,061
5949246.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
2,392
1,345
5949611.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
3,207
2,649
5949681.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
456
403
5949698.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
11,213
10,041
5949995.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
4,235
4,092
5950189.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
1,180
1,146
5950233.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
8,966
8,357
5950325.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
1,266
425
5950783.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
29,671
22,667
5951102.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
2,249
2,109
5951157.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
3,232
2,137
5951263.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
421
396
5951713.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
2,396
1,415
5951743.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
15,886
7,477
5951912.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
1,645
1,602
5952038.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,429
3,282
5952257.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
277
275
5952438.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
6,378
5,659
5952643.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,611
3,081
5952776.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
6,773
5,624
5952928.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,297
621
5952946.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
181
162
5953015.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
4,532
3,781
5953085.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,793
2,726
5953162.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,063
1,049
5953249.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,784
2,768
5953433.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,546
2,497
5953560.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,652
1,491
5953614.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
16,787
16,600
5954049.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
680
617
5954057.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
24,282
13,575
5954398.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
8,076
7,943
5954749.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,117
3,022
5954826.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,873
2,495
5954949.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,652
2,610
5955026.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,052
2,905
5955147.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,616
1,533
5955192.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,113
3,013
5955329.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,432
2,380
5955436.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
628
618
5955467.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
5,529
3,052
5955582.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
6,431
6,170
5955715.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
4,013
3,894
5955780.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
261
250
5955838.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
5,860
5,788
5956036.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
4,738
4,362
5956156.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
5,831
2,674
5956226.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
7,337
6,877
5956344.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
7,012
6,804
5956647.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
1,582
1,554
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5956723.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
$
5,820
$
5,455
5956922.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
6,714
6,373
5957607.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
316
301
5957636.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,925
1,823
5957727.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
20,452
19,156
5958877.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,415
1,355
5959066.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
5,555
4,899
5959502.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
4,418
4,284
5959631.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,171
1,151
5959659.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
6,569
4,951
5959894.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
8,476
7,526
5960072.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
707
648
5960098.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
3,623
3,526
5960219.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
12,975
12,106
5960475.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
5,272
5,183
5960644.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
880
577
5960662.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
23,049
21,535
5961053.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
3,084
3,046
5961476.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
2,366
1,873
5961512.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
857
568
5961519.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,451
1,410
5961717.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
750
742
5961735.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
422
400
5961771.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
6,064
5,539
5961882.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,065
1,046
5961920.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
18,828
16,700
5962171.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
6,600
6,461
5962303.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
2,252
2,213
5962393.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,714
1,677
5962639.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
3,931
3,798
5962689.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
923
774
5962702.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
11,585
11,093
5963650.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
7,264
6,988
5963722.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,744
1,533
5964030.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,276
1,144
5964065.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
3,186
3,132
5964142.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
39,591
37,910
5964951.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,174
1,115
5965095.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
4,894
4,793
5965204.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
7,293
7,000
5965394.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,030
2,005
5965480.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
5,943
3,113
5965565.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,879
2,836
5965612.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,536
706
5965640.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
5,488
5,142
5965875.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
199
198
5965888.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
4,796
4,625
5966004.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
30,770
19,464
5966438.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,263
1,244
5966970.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
6,042
5,903
5971088.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
3,759
3,176
5971156.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
21,052
20,291
5971548.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
3,264
3,212
5971656.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
6,650
5,919
5971834.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
1,146
1,130
5971902.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
651
598
5971953.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
2,102
1,967
5972193.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
4,209
2,563
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
73
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5972257.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
$
3,501
$
3,297
5972318.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
1,916
1,874
5972346.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
4,437
3,033
5972484.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
21,177
19,925
5973011.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
17,231
16,836
5973413.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
4,464
1,804
5973438.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
11,973
11,491
5973590.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
3,413
3,254
5973733.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
5,725
5,414
5973810.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
2,594
2,517
5973834.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
491
473
5973933.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
2,911
2,757
5974000.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
5,875
5,785
5974110.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
764
487
5974178.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
92
91
5974867.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
461
446
5974884.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
11,038
9,976
5975492.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
5,018
4,683
5975637.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
2,345
2,289
5976074.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
3,943
3,888
5976305.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
3,271
3,091
5976344.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
7,070
6,936
5976566.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
381
335
5976576.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
10,017
9,877
5976797.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
7,444
7,387
5977278.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
3,886
3,714
5977432.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
6,096
6,022
5977610.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
3,712
3,590
5977673.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
453
442
5977722.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
3,692
3,075
5977756.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
12,285
6,905
5978067.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
124
122
5978086.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
9,080
8,818
5978241.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
2,783
2,660
5978395.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
5,654
3,381
5978518.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
10,022
9,101
5979047.SQ.FTS.B,
Zero
Cpn,
4/09/24
...
897
881
5979120.SQ.FTS.B,
Zero
Cpn,
4/09/24
...
424
403
5979225.SQ.FTS.B,
Zero
Cpn,
4/09/24
...
2,510
2,465
5979445.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
298
291
5979476.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
1,786
1,693
5979530.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
3,133
2,964
5979621.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
3,964
3,734
5979752.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
1,717
1,646
5979926.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
604
583
5979961.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
209
203
5980004.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
14,671
8,844
5980736.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
1,993
1,942
5980834.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
2,059
774
5980855.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
4,428
4,202
5980967.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
838
685
5981046.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
1,419
1,395
5981103.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
142
141
5981118.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
3,475
2,432
5981203.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
16,660
10,307
5982095.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
9,283
9,051
5983416.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
1,497
1,450
5983511.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
272
268
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5983544.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
$
1,760
$
1,729
5983711.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
236
216
5983727.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
2,937
2,617
5983808.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
1,942
1,592
5983865.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
11,855
9,910
5984682.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
629
151
5984705.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
12,109
11,838
5984944.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,670
1,622
5985004.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
119
117
5985033.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
2,681
2,562
5985085.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
6,202
3,768
5985149.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
2,046
974
5985182.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
386
367
5985195.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
18,175
17,365
5985756.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
9,676
8,540
5985876.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
6,972
5,570
5985942.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
10,342
10,024
5986057.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
32,076
30,394
5986413.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
2,347
407
5986436.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
4,298
4,162
5986609.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
3,987
3,915
5986689.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
4,909
4,363
5986730.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
472
436
5986742.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,424
1,063
5986839.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
12,210
11,834
5989440.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
2,532
2,464
5989477.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,908
1,864
5989592.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
12,050
11,606
5989761.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
125
113
5989771.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
673
629
5989789.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
947
570
5990243.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
2,125
2,074
5990349.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
2,064
2,021
5990408.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
8,386
8,136
5990620.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
4,099
4,030
5990718.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
64,804
55,834
5991348.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,160
1,131
5991501.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,416
820
5991559.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
5,962
4,032
5991665.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
3,081
2,809
5991962.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
7,760
7,550
5992073.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
377
372
5992140.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
609
568
5992175.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,030
657
5992210.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
14,417
13,501
5992946.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
58
58
5993125.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
2,693
2,646
5993240.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
13,935
13,162
5993773.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,284
1,216
5993992.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
5,296
5,261
5994594.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
2,756
2,721
5994719.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
4,826
4,458
5994814.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
22,032
21,718
5995614.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
3,730
3,634
5995625.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
4,376
4,251
5995642.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
2,473
2,397
5995745.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
510
502
5995767.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
4,747
4,384
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
74
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5995826.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
$
791
$
746
5995839.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
2,335
2,202
5995861.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
3,520
3,335
5995929.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,038
1,024
5995967.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,489
1,475
5996104.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,804
1,602
5996138.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
3,512
2,177
5996159.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,537
1,475
5996201.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
5,356
5,194
5996327.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
2,469
2,437
5996444.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
839
769
5996458.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
22,992
14,113
5996618.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
1,917
1,878
5996647.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
2,862
2,434
5996671.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
10,670
10,093
5996769.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
1,787
1,775
5996828.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
1,859
1,810
5996858.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
3,532
3,454
5996918.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
2,748
2,700
5997093.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
13,622
9,690
5997272.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
1,600
1,504
5997292.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
438
428
5997297.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
5,500
5,384
5997392.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
482
475
5997398.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
2,645
2,570
5997442.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
1,128
1,089
5997500.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
989
953
5997527.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
2,720
2,671
5997595.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
1,302
1,216
5997613.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
655
601
5997621.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
2,321
649
5997641.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
8,451
8,294
5998066.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
1,262
1,222
5998187.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
487
460
5998208.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
14,101
13,701
5998598.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
2,011
1,994
5998676.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
2,438
2,166
6000204.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
175
165
6000206.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
3,691
3,579
6000271.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
134
133
6001427.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
2,408
2,373
6001531.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
2,080
2,053
6001625.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
238
144
6001627.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
137
125
6001639.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
5,373
4,937
6001752.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
13,181
12,455
6002205.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
1,936
1,080
6002305.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
2,794
2,641
6002691.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
880
873
6002821.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
8,885
8,700
6003010.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
1,747
798
6003035.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
40,734
32,399
6004389.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
1,397
1,325
6004423.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
661
623
6004445.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
35,910
33,717
6004957.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
3,811
3,643
6005126.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
8,098
7,746
6005453.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,889
2,854
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6005761.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
$
1,021
$
697
6005771.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
863
833
6005795.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
1,824
1,672
6005828.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
3,339
3,211
6006074.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,290
1,953
6006167.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
23,127
20,882
6006556.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
12,030
11,788
6006837.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
11,360
7,299
6006972.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
842
522
6007073.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
468
439
6007120.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
3,456
3,335
6007285.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
543
538
6007318.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
445
435
6007321.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
1,690
1,601
6007508.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
604
597
6007604.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
4,181
4,086
6007679.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,522
1,597
6007695.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
6,437
6,067
6009911.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
8,471
7,959
6010152.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
9,207
7,678
6010579.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,855
1,546
6010663.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
3,125
2,935
6010968.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
4,889
4,829
6011160.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,859
1,733
6011214.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,594
2,485
6011305.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,400
1,355
6011328.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
6,475
6,346
6011444.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,090
2,041
6011497.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,079
1,702
6011521.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
511
305
6011551.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
41,051
39,975
6011965.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,967
1,895
6011985.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
4,309
4,224
6012042.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,175
1,812
6012051.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
4,846
4,629
6012102.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
14,798
13,644
6012348.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,381
2,302
6012409.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
3,163
3,092
6012618.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
7,871
5,523
6012726.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,047
1,023
6012799.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
7,438
7,164
6012890.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,651
1,549
6012912.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
12,325
11,913
6013057.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
4,783
4,679
6013254.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,515
3,396
6013361.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
11,433
11,205
6013787.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
645
515
6013827.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
5,594
5,468
6014043.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,228
1,985
6014086.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,430
3,262
6014176.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
968
592
6014188.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
6,984
6,813
6014276.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
26,869
26,029
6014769.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
643
635
6014790.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
4,256
4,124
6014841.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,839
3,624
6014884.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,043
2,007
6014932.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
518
512
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
75
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6014944.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
$
1,986
$
1,950
6015012.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
6,424
6,327
6015166.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
23,722
23,224
6015613.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
5,495
5,425
6015922.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
2,821
1,382
6015940.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
1,645
1,618
6015967.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
5,000
4,873
6016010.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
6,988
6,684
6016088.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
6,481
6,271
6016164.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
2,629
2,463
6016187.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
1,660
1,560
6016264.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
3,715
3,532
6016316.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
3,353
3,258
6016357.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
3,966
3,609
6016488.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
644
630
6016597.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
1,759
1,709
6016618.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
994
964
6016747.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
415
388
6016754.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
12,395
11,868
6016880.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
2,044
1,980
6016912.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
10,730
10,065
6017007.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
649
638
6017408.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
1,920
1,885
6017519.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
588
565
6017526.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
719
694
6017546.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
2,523
2,394
6017671.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
1,167
714
6017704.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
3,362
3,297
6017854.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
7,189
6,586
6020766.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
1,786
729
6020776.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
2,101
2,051
6020853.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
1,770
1,410
6020889.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
854
783
6020901.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
5,979
5,719
6020961.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
5,816
5,541
6021180.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
1,931
1,776
6021205.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
2,605
2,562
6021277.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
4,902
2,866
6022191.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
6,275
6,072
6022307.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
2,662
2,630
6022441.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
3,079
2,887
6022461.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
580
516
6022466.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
10,616
10,085
6022726.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
3,165
2,641
6022779.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
1,583
1,546
6022808.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
149
148
6022824.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
438
341
6022838.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
3,632
3,577
6023717.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
21,020
20,569
6024147.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
1,263
1,239
6024182.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
1,624
1,593
6024384.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
3,562
3,484
6024536.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
2,225
2,158
6024595.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,366
1,351
6024680.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,628
1,612
6024779.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
3,060
1,240
6024860.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
721
697
6024871.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
2,266
2,227
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6024969.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
$
1,474
$
803
6025042.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
5,031
4,933
6025535.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
497
451
6025558.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
833
452
6025648.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
804
464
6025673.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
9,377
9,260
6025908.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
30,503
29,634
6026347.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
223
210
6026353.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
3,037
2,940
6026398.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
2,307
1,773
6026839.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
2,409
2,345
6026925.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
7,232
6,473
6026979.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
2,923
2,881
6027119.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
25,617
23,528
6027446.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
420
404
6029248.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
7,436
7,022
6029424.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
10,634
7,843
6029772.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
2,011
1,906
6029827.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
37
37
6029869.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
12,402
11,887
6030375.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
5,247
4,903
6030495.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
988
889
6030515.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
5,660
5,447
6030645.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
657
631
6031890.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,247
1,219
6031936.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
4,298
4,049
6032055.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
3,159
3,056
6032149.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
13,208
7,137
6032302.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
729
706
6032312.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
2,926
2,823
6032594.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,582
1,566
6032665.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
7,581
7,474
6033262.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
305
287
6033308.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
3,552
3,347
6033376.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
5,641
5,537
6033788.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
8,680
8,411
6033984.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
3,699
3,614
6034065.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
18,141
17,576
6034780.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
5,145
5,025
6034937.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
1,213
1,177
6034996.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
5,320
4,746
6035132.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
1,054
976
6035165.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
536
510
6035186.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
37
37
6035358.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
12,733
7,935
6035602.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
2,708
2,665
6035687.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
8,842
8,641
6035822.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
16,005
10,482
6036706.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
276
273
6036744.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
2,710
2,528
6036798.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
8,068
6,029
6036964.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
6,794
6,664
6037072.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
7,307
7,198
6037187.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
9,023
8,785
6037303.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
17,063
15,604
6037477.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
5,796
5,544
6037518.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
2,393
1,956
6037541.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
27,220
24,545
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
76
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6037797.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
$
2,351
$
2,316
6037916.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
6,564
6,374
6038073.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
18,749
18,263
6038304.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
632
612
6038307.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
11,023
6,682
6038616.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,300
1,269
6038663.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
4,480
3,615
6038817.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
2,265
2,226
6038918.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,377
1,343
6038964.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
3,033
2,886
6039096.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
5,447
5,219
6039261.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,131
1,092
6039335.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,441
1,330
6039378.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
807
785
6039406.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
415
395
6041030.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
11,123
9,941
6041628.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,513
1,493
6041701.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
6,983
1,279
6041791.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,795
1,560
6041836.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
3,669
3,602
6041970.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,298
1,258
6041983.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
40,970
25,214
6042828.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
2,495
2,087
6042869.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
2,574
2,497
6042950.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
7,183
7,071
6043439.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
594
582
6043481.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
825
711
6043503.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
4,529
4,206
6043577.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
3,779
3,705
6043659.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
532
525
6043686.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
2,728
2,537
6043719.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
5,543
5,413
6043853.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
869
555
6043865.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
2,329
2,287
6043964.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
5,795
5,598
6044092.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
29,510
28,821
6044632.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
40,298
36,958
6045158.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,246
741
6045306.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,147
1,126
6045346.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,364
1,306
6045594.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
17,736
17,390
6046270.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,930
1,124
6046321.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
4,007
2,206
6046375.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
3,159
993
6046403.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
4,003
3,721
6046463.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,002
966
6046484.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
4,756
4,271
6046663.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
2,862
2,777
6046727.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
3,223
3,101
6046961.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
3,205
2,981
6047020.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
5,417
5,150
6047198.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
6,571
6,465
6047353.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,503
1,477
6047382.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
2,174
2,134
6047441.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
493
477
6047443.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
6,724
6,535
6047527.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
429
187
6047533.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
2,581
2,383
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6047559.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
$
6,434
$
6,074
6047635.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
3,410
3,313
6047690.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
783
765
6047714.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
6,250
6,111
6047820.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,818
1,740
6047837.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
2,176
2,104
6047891.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
60,030
50,765
6048369.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
811
767
6048400.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,383
1,117
6048429.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
9,310
7,403
6048564.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
2,350
914
6050998.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
10,265
9,675
6051092.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
1,010
993
6051129.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
6,120
5,184
6051212.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,258
2,200
6051266.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
4,992
4,679
6051389.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
11,668
11,309
6051791.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
6,740
6,528
6051987.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
3,571
3,421
6052126.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
28,873
27,260
6052702.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
3,049
2,661
6052829.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
505
492
6053001.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
6,460
6,283
6053084.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,140
2,082
6053242.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
5,000
4,919
6053668.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
4,071
3,824
6053744.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
3,244
3,160
6053795.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,853
2,761
6053874.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
6,575
6,175
6053997.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
7,431
7,170
6054276.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
4,166
4,099
6054350.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
21,894
21,037
6054694.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
44,356
43,312
6056014.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
21,452
20,690
6056380.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
1,482
1,467
6056458.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
6,889
6,241
6056540.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
903
850
6056545.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
14,974
12,946
6056808.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
14,904
12,840
6057020.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
4,969
4,354
6057138.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
4,217
4,038
6057211.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
8,054
7,832
6057313.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
511
505
6057362.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
673
646
6057386.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
5,612
5,420
6057508.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
191
186
6057513.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
167
164
6057528.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
371
369
6057566.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
2,116
2,041
6057597.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
222
218
6057613.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
1,028
969
6057635.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
1,816
1,769
6057689.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
572
435
6057699.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
8,164
5,674
6057791.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
9,244
8,847
6057856.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
4,257
3,270
6057877.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
5,063
4,846
6057913.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
3,546
3,490
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
77
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6058044.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
$
1,153
$
1,097
6058355.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
327
307
6058394.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
2,973
2,384
6058411.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
2,356
2,055
6058430.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
3,209
3,120
6058471.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
5,358
5,164
6058619.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
185
182
6058669.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
9,919
9,616
6058820.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
2,843
2,801
6058916.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
7,127
6,607
6059039.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
811
646
6059055.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
4,847
4,744
6059151.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
3,299
3,066
6059209.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
774
767
6059249.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
2,757
2,703
6059314.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
9,639
8,651
6059813.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
6,787
3,512
6060095.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
921
863
6060119.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
486
474
6060147.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
6,841
6,756
6060861.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
683
658
6060894.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
914
870
6060944.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
8,774
8,259
6061453.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
9,408
8,676
6061656.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
1,184
1,165
6061863.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
5,629
5,525
6062168.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
399
376
6062226.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
11,114
10,702
6062383.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
6,065
5,891
6062536.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
6,121
3,623
6062586.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
991
969
6062602.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
9,170
8,815
6062856.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
5,473
5,299
6062959.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
970
664
6062963.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
2,421
2,389
6063053.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
1,065
1,043
6063093.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
3,406
2,102
6063137.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
410
401
6064114.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,842
1,802
6064603.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,065
1,029
6064621.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
12,482
12,101
6064734.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
9,149
8,311
6064881.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
9,715
9,032
6065601.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
5,369
5,277
6065870.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
3,296
3,109
6065954.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
2,096
1,913
6066079.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,045
1,013
6066142.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
8,144
8,009
6066329.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
3,449
3,372
6066392.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
2,888
2,680
6066430.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
15,258
14,937
6066715.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
977
920
6066738.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
3,181
2,955
6066772.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
4,411
4,248
6066897.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
884
853
6066918.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,287
1,246
6066955.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
3,485
3,045
6067036.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
136
134
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6105817.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
$
1,632
$
1,574
6105927.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
1,075
1,051
6105938.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
9,105
8,739
6107220.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
2,852
2,779
6107259.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
139
113
6107267.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
24,206
20,098
6108713.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
153
151
6109460.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
15,897
12,240
6112012.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
1,846
1,667
6112312.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
13,151
13,002
6120514.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
7,883
7,412
6120608.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
553
541
6120750.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
816
414
6120756.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
1,091
979
6120807.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
7,065
6,347
6120908.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
2,002
1,945
6120938.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
19,846
9,354
6121015.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
7,083
6,849
6121153.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
7,525
7,332
6121267.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
37,675
35,965
6121689.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
13,885
13,080
6122160.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
3,487
3,336
6122211.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
4,684
4,563
6122300.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
3,272
3,210
6122433.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
1,766
1,735
6122490.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
2,510
2,374
6122591.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
90
89
6122611.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
4,018
3,786
6122715.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
45,745
41,339
6123286.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
6,178
5,536
6123399.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
8,254
7,870
6123545.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
3,187
3,088
6123580.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
7,857
4,218
6123680.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
49,729
41,904
6124653.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
617
606
6124687.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
15,207
13,831
6125075.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
4,618
4,414
6125171.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
1,784
1,706
6125197.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
3,087
3,021
6125282.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
1,130
1,044
6125412.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
5,084
4,917
6125490.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
4,099
4,037
6125604.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
2,829
2,705
6125634.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
4,360
4,230
6125695.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
13,200
12,301
6126071.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
2,609
2,528
6126100.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
5,528
5,330
6126162.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
4,038
3,959
6126232.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
3,431
2,634
6126259.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
2,263
2,192
6126281.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
7,202
5,581
6126348.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
1,634
1,543
6126363.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
3,863
3,450
6126401.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
1,178
1,146
6126455.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
11,252
10,978
6126608.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
4,911
3,961
6126676.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
24,515
23,679
6126999.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
1,333
1,213
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
78
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6127003.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
$
1,685
$
1,644
6127025.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
357
347
6127037.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
1,465
1,445
6127060.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
5,078
4,915
6127124.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
6,022
5,590
6127192.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,624
2,161
6127227.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
3,563
3,478
6127261.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
224
219
6127273.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
4,768
2,832
6127330.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
1,148
1,120
6127374.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,574
896
6127385.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
3,309
3,263
6127431.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
590
554
6127456.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
447
428
6131276.SQ.FTS.B,
Zero
Cpn,
5/14/24
...
2,148
1,856
6131346.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
8,677
8,348
6131484.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
1,425
1,338
6131552.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
7,115
6,890
6131860.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
4,782
4,671
6131952.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
1,527
1,511
6132104.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
7,936
7,574
6132304.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
4,292
4,247
6132801.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
19,118
18,684
6133232.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
21,694
20,908
6133707.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
11,499
6,904
6134305.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
36,070
33,828
6134623.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
32,159
31,144
6134839.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
5,075
4,964
6134865.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
12,947
12,556
6135022.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
5,434
5,119
6135101.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
7,922
7,533
6135248.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
8,060
6,065
6135471.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
8,271
7,968
6135577.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,440
3,343
6135702.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,371
1,285
6135709.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
18,124
17,398
6136070.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,707
1,674
6136113.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
7,271
6,919
6136255.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
698
673
6136349.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
367
335
6136357.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
715
671
6136375.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
5,550
5,363
6136481.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
4,428
1,898
6136552.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
9,527
9,212
6136771.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
15,028
14,574
6136924.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,953
2,895
6136959.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,422
2,853
6137004.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
4,878
4,681
6137076.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,816
3,307
6137107.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
15,963
15,574
6137296.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,814
2,714
6137336.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
12,935
12,273
6137520.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
434
388
6137535.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
15,406
14,728
6137611.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
844
657
6137633.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,450
2,204
6137703.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,110
684
6137742.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
526
509
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6139559.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
$
10,459
$
9,949
6139733.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
10,607
10,363
6139899.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
5,390
4,127
6139927.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
6,333
6,264
6140062.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
3,989
3,843
6140154.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,017
950
6140483.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,094
2,027
6140551.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
8,191
7,963
6140944.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
344
327
6140955.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,717
1,664
6141331.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,831
2,714
6141382.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
3,324
3,206
6141442.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,400
1,383
6141502.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
3,396
3,219
6141598.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
8,126
7,826
6141802.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,048
949
6141840.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
3,383
2,434
6141876.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,015
991
6141891.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
10,885
10,427
6142103.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
6,515
6,297
6142310.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
776
744
6142329.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,171
2,074
6142347.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,178
2,148
6143025.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,929
1,902
6143101.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,455
1,405
6143125.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,877
2,802
6143288.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
357
346
6143372.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
30,263
29,333
6143896.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
2,873
2,813
6144045.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
1,196
802
6144424.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
22,494
21,246
6144839.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
9,539
7,838
6145011.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
4,690
4,535
6145086.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
3,981
3,731
6145148.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
4,449
3,897
6145203.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
10,474
9,860
6145483.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
5,672
5,522
6145586.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
8,257
7,921
6145716.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
12,572
10,890
6145876.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
2,747
1,342
6145927.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
2,413
944
6145953.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
7,965
7,719
6146126.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
1,072
990
6146154.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
4,967
4,806
6146248.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
8,487
7,358
6146325.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
5,476
5,419
6146548.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
315
251
6146549.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
6,183
5,610
6146779.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
5,104
5,013
6146896.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
2,014
1,964
6146945.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
1,064
1,013
6146964.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
620
600
6146983.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
4,774
4,321
6147026.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
11,450
10,571
6147217.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
511
420
6147230.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
6,102
5,744
6147337.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
5,041
4,812
6147426.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
3,887
3,646
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
79
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6147492.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
$
631
$
543
6147555.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
5,341
5,133
6147656.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,641
1,253
6147679.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
7,679
6,245
6147770.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
2,916
2,655
6147853.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
2,354
2,281
6147917.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,436
1,403
6147968.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
3,097
3,013
6148012.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,874
1,787
6148056.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
16,456
16,144
6149301.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
9,834
9,501
6149689.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
4,184
4,073
6149785.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,329
1,211
6149841.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,567
2,523
6150045.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,793
2,360
6150098.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
139
137
6150165.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
855
834
6150201.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,057
746
6150337.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,211
1,189
6150365.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
3,216
2,750
6150428.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
9,166
8,887
6150725.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
334
326
6150742.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,811
2,727
6150877.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
9,975
9,642
6151073.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
696
672
6151184.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,595
1,496
6151232.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
797
573
6151236.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
755
731
6151254.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
39,594
33,751
6151807.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,439
2,355
6151834.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,258
1,112
6152831.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
22,670
22,238
6153090.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
8,723
8,190
6153219.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
3,034
2,666
6153275.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
4,438
3,494
6153346.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,955
2,769
6153445.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,425
2,153
6153478.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
4,914
4,447
6153575.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,805
1,717
6153645.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
16,985
16,583
6153972.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,701
1,624
6154028.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,885
1,755
6154042.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
32,545
23,384
6154403.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
632
620
6154428.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,339
1,317
6154525.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,015
1,953
6154559.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
19,386
19,184
6155562.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,094
1,041
6155706.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,512
2,427
6155725.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
9,195
8,979
6155859.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,720
1,586
6155893.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,353
1,387
6155930.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
9,003
3,572
6157428.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,179
2,127
6157474.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,169
1,138
6157489.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
726
656
6157493.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
12,619
11,683
6157535.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,768
3,634
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6157569.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
$
2,452
$
2,397
6157589.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
5,541
5,409
6157641.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,280
1,240
6157661.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,213
1,002
6157670.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,047
1,608
6157710.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
10,461
10,120
6157860.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,480
2,164
6157893.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
262
249
6157970.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
4,699
4,408
6158051.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
7,643
7,378
6158178.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,369
1,324
6158234.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,708
3,571
6158330.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,346
1,309
6158349.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,323
3,217
6158426.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,344
2,243
6158539.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,151
1,093
6158854.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
5,119
4,851
6158976.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
940
725
6159006.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,734
3,381
6159420.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
10,184
9,914
6159621.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
32,723
31,949
6160013.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
4,456
4,371
6160115.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
4,809
4,639
6160213.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
18,834
18,543
6160815.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
38,198
36,875
6161004.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
4,819
4,681
6161145.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
386
380
6161169.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
1,933
938
6161181.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
4,690
4,508
6161316.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
30,158
28,665
6161545.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
6,528
6,148
6161916.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
3,028
1,500
6161952.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
2,497
2,336
6162019.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
6,526
6,287
6162241.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
6,951
6,608
6162520.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
3,681
3,607
6162742.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
8,512
8,045
6162901.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
155
154
6162963.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
9,069
7,749
6163115.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
10,642
9,287
6163558.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
1,364
506
6163573.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
2,237
2,174
6163637.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
1,333
1,272
6163673.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
4,192
3,817
6163704.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
1,383
1,320
6163740.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
3,836
3,725
6163820.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
4,414
4,214
6163875.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
3,298
3,223
6164012.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
641
637
6164110.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
3,408
3,196
6164186.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
1,882
1,708
6164310.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
2,343
2,253
6164424.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
4,113
1,318
6164486.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
7,805
7,642
6164800.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
1,105
1,046
6164813.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
1,475
1,441
6164849.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
3,205
3,117
6164887.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
15,574
15,093
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
80
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6165145.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
$
1,443
$
1,403
6165157.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
5,849
5,678
6165237.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
5,132
5,019
6165295.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
9,573
9,166
6165396.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
1,994
1,936
6165420.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
8,285
7,870
6165497.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
13,783
13,461
6165646.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
1,715
1,673
6165678.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
4,327
2,393
6165705.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
3,205
3,086
6165762.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
3,515
3,427
6165798.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
2,173
2,072
6165818.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
6,534
6,374
6165938.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
861
842
6165971.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
1,290
1,224
6165977.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
2,385
2,181
6165997.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
4,163
4,050
6166228.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
2,036
1,802
6166264.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
2,192
2,018
6166335.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
23,949
22,421
6168722.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
5,818
5,576
6168927.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
28,842
27,977
6169562.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
1,776
1,627
6169587.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
5,587
4,231
6169658.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
1,004
969
6169746.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
447
434
6169978.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,172
2,063
6170049.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
5,091
4,920
6170250.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
616
599
6170286.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
14,460
13,836
6170777.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,141
2,088
6170891.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
3,957
3,748
6170990.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
3,953
3,651
6171045.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
650
525
6171064.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,952
2,708
6171117.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
7,048
6,417
6171260.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
666
657
6171294.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
1,436
936
6171310.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,479
2,280
6171346.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
1,382
1,057
6171381.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
17,886
17,388
6171732.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
265
257
6171786.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
1,786
1,686
6171823.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
3,249
3,155
6171902.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
4,344
4,253
6171974.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
3,371
3,205
6172045.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,647
2,116
6172533.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,404
2,275
6172552.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
11,822
11,246
6172736.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
39,620
38,118
6173113.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
3,022
2,916
6173144.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
856
699
6173147.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
8,943
3,154
6173185.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
1,577
1,408
6173207.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
4,201
3,998
6173301.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
571
453
6173346.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
569
564
6173390.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
364
347
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6173413.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
$
1,761
$
1,726
6173433.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
6,305
5,867
6173483.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
1,210
1,191
6173644.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
19,779
14,848
6173987.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
4,303
3,369
6174052.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
733
710
6174077.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,370
2,164
6174099.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
1,207
1,120
6174136.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
699
688
6174153.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
3,680
3,613
6174395.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
666
613
6174416.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
1,173
983
6174644.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,203
2,060
6174665.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,192
2,104
6174704.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
1,473
1,439
6174746.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,714
2,669
6174823.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
18,617
17,266
6175042.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
19,873
18,562
6175277.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
1,075
1,037
6175348.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
52,789
50,132
6175891.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
34,818
32,861
6178370.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
41,401
35,320
6178990.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
3,736
3,493
6179171.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
3,766
3,685
6179370.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
3,217
2,868
6179556.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,855
1,820
6179623.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
3,320
3,134
6179723.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
12,658
12,133
6179908.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,080
1,752
6179958.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,869
2,794
6179999.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,397
2,335
6180061.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
582
559
6180067.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
6,760
6,492
6180164.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,349
2,078
6180181.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,944
1,894
6180212.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
3,048
2,987
6180254.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
8,879
8,565
6180482.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
9,266
8,915
6180657.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,071
1,026
6180663.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
9,833
9,675
6180897.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,440
2,308
6181329.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,716
1,652
6181344.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,606
1,550
6181401.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
905
834
6181414.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
410
399
6181421.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,437
2,398
6181479.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,543
1,488
6181969.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
18,376
16,800
6182221.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
3,145
3,014
6182309.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
3,904
3,578
6182359.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
4,044
3,724
6182473.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
4,494
4,439
6182768.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
14,295
14,065
6183450.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
9,809
9,429
6183669.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
11,925
10,872
6183857.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
839
820
6183874.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
357
353
6183889.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
18,432
17,629
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
81
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6184697.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
$
12,748
$
10,591
6184876.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
7,857
5,293
6184984.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
9,188
8,661
6185162.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
2,119
2,004
6185182.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
30,788
30,069
6185658.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
787
744
6185675.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
3,053
2,957
6185694.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
10,858
10,355
6185723.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
1,430
1,400
6185788.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
7,744
7,279
6185855.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
4,513
3,427
6185898.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
3,068
2,828
6185944.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
10,927
10,509
6186156.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
2,130
2,031
6186244.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
1,570
1,516
6186637.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
1,738
1,678
6186726.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
2,782
2,706
6186773.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
4,742
4,105
6186836.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
6,402
3,348
6186999.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
3,936
2,415
6187069.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
1,589
1,487
6187090.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
2,298
2,224
6187189.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
2,255
2,211
6187243.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
5,757
5,650
6187336.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
15,546
14,681
6188618.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
4,854
4,667
6188752.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
2,346
2,254
6188810.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
21,235
19,267
6189311.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
338
333
6189329.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
40,742
37,045
6190102.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
1,665
1,034
6190157.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
117
115
6190213.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
1,762
1,477
6190783.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
1,090
398
6190797.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
1,474
1,437
6190859.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
1,669
1,436
6190889.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
4,185
4,056
6190985.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
15,444
14,821
6191151.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
7,415
7,219
6191317.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,052
2,869
6191418.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
17,869
17,601
6192067.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
497
457
6192084.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
437
394
6192133.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
4,310
4,175
6192283.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,352
2,955
6192415.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,669
1,611
6192538.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
7,490
7,268
6192696.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,094
1,048
6192723.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,172
1,053
6192730.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
50,265
47,133
6194715.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
872
861
6194735.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,139
1,993
6194754.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,555
2,246
6194770.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,152
2,120
6194832.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
16,751
15,954
6195042.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,343
2,183
6195067.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
23,040
21,976
6195469.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
3,870
3,092
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6195533.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
$
647
$
462
6195557.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
8,583
7,987
6195687.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,627
2,599
6195754.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
21,624
20,760
6196302.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,716
1,674
6196374.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
5,256
5,082
6196500.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
5,094
4,654
6196554.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
8,177
6,182
6196628.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
5,233
4,934
6196734.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,235
903
6196764.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
517
512
6196818.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
5,010
4,764
6196936.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,154
793
6196940.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,375
2,270
6197006.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
8,289
7,611
6199424.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,480
2,415
6199760.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
37,230
31,907
6200086.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
20,251
18,893
6200609.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,532
941
6200631.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
917
658
6200641.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,250
1,190
6200672.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
5,309
5,127
6200834.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
14,293
13,462
6202752.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
228
225
6202799.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
453
450
6202866.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
813
798
6202896.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,295
971
6202908.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
3,129
2,781
6202946.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
658
631
6203100.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
15,472
14,870
6203181.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
26,990
26,079
6203333.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,719
1,659
6203355.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
203
201
6203362.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
44,221
36,734
6204171.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,284
1,250
6204228.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
2,909
2,772
6204357.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
28,864
22,811
6204748.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,179
1,161
6204820.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
2,008
1,165
6204876.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
23,754
23,098
6205355.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
7,635
7,556
6205761.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
709
676
6205792.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
14
14
6205796.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
804
758
6205858.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
8,896
6,968
6206030.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
3,413
3,337
6206170.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
493
464
6206242.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
4,032
2,692
6206325.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
22,905
21,642
6206428.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
8,594
7,972
6206617.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
684
661
6206628.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
3,939
3,863
6206729.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
5,684
5,464
6206838.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
3,175
3,116
6206931.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
1,201
1,130
6206955.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
13,439
12,749
6207369.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
1,622
1,545
6207402.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
14,307
13,767
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
82
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6207861.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
$
37,929
$
17,510
6208274.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
33,827
33,083
6208894.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
5,113
4,896
6208972.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
5,130
5,001
6209054.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
8,199
7,810
6209217.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
32,778
31,865
6209701.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
6,064
5,358
6209779.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
3,469
3,371
6209863.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
1,181
1,107
6209884.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
3,432
3,123
6209925.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
585
579
6209940.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
982
957
6209971.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
3,544
3,343
6210022.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
8,547
7,978
6210226.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
82
82
6210233.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
602
561
6210266.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
2,343
2,286
6210327.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
1,830
1,776
6210365.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
9,645
9,312
6210632.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
2,461
2,145
6210677.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
1,878
1,788
6210738.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
12,823
12,573
6211080.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
10,482
10,143
6211657.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
7,851
7,341
6212151.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
1,370
1,344
6212231.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
4,162
3,991
6212386.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
2,713
2,612
6212509.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
1,494
1,429
6212563.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
1,316
1,298
6212601.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
18,485
17,429
6213059.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
3,729
3,583
6213146.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
1,566
1,496
6213199.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
768
716
6213242.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
1,194
1,169
6213281.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
849
764
6213304.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
2,746
2,618
6213350.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
1,888
1,826
6213383.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
2,341
2,127
6213422.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
4,231
4,063
6213638.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
873
856
6213656.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
3,472
3,199
6213725.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
4,295
4,137
6213794.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
4,035
3,575
6213875.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
4,070
3,971
6214034.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
20,328
19,473
6214394.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
2,795
2,683
6214438.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
790
620
6214456.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
8,306
7,978
6214651.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
47,649
44,934
6214923.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,659
1,603
6214958.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
3,511
3,453
6215032.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
4,648
4,451
6215164.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
5,385
4,858
6215215.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
56,567
53,385
6216350.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,441
1,420
6216442.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
4,019
3,808
6216579.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
860
708
6216601.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
2,696
2,492
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6216641.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
$
15,843
$
15,280
6216993.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
4,718
4,361
6217064.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
10,039
8,494
6217197.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
51,654
49,755
6217865.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
40,225
37,447
6218166.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
33,776
32,730
6218970.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
437
433
6219118.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
4,587
4,452
6219277.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,670
2,893
6219730.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
11,934
11,545
6220076.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,725
1,905
6220117.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
345
322
6220131.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
37,197
35,599
6220614.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
6,347
6,209
6220695.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
25,280
24,802
6221174.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
5,743
5,550
6221216.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
2,361
2,292
6221336.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
15,635
15,255
6221570.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
9,186
8,910
6223645.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
4,145
4,021
6223791.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
5,138
4,887
6223854.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
4,968
3,661
6224598.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
2,284
2,176
6224651.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
1,239
1,160
6224683.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
5,724
3,192
6224797.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
12,281
11,911
6225147.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
4,740
4,644
6225285.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
4,299
4,007
6225427.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
7,193
6,776
6225623.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
834
809
6225651.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
4,379
4,232
6225760.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
33,066
32,357
6226446.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
7,541
7,231
6226503.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
12,756
11,647
6226809.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
9,531
9,304
6226978.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,138
1,087
6227138.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
812
780
6227170.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,262
1,214
6227211.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
5,779
5,524
6227347.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,478
1,445
6227432.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
4,408
4,009
6227620.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
7,287
5,804
6227804.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
2,515
1,816
6227841.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,776
1,706
6227879.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
6,561
6,217
6228008.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
2,297
2,225
6228049.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
8,029
7,773
6228263.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
5,588
5,368
6228415.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
4,168
3,366
6228503.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
14,387
13,241
6228842.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
519
365
6228852.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
455
400
6228859.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
5,251
5,089
6229047.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,941
1,858
6229080.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
6,565
6,364
6229129.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
47,107
41,687
6234441.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
7,401
6,961
6234555.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,770
1,539
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
83
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6234577.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
$
18,471
$
17,593
6234915.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,840
1,813
6234992.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
8,936
8,521
6235102.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
699
680
6235160.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
6,442
2,981
6235217.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
2,520
1,616
6235237.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
8,812
7,808
6235328.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
4,070
3,885
6235374.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
11,415
10,750
6235489.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
17,551
16,071
6235701.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
5,957
5,715
6235761.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
1,133
1,125
6235797.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
5,020
1,255
6235824.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
2,078
1,451
6235843.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
11,810
11,347
6236009.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
5,821
5,546
6236068.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
17,219
12,346
6236218.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
9,725
9,363
6236308.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
1,692
1,542
6236331.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
7,843
7,589
6236408.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
1,723
929
6236427.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
10,363
5,405
6236513.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
332
326
6236539.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
14,863
14,329
6236717.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
1,057
963
6236739.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
6,007
5,556
6237052.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,681
1,595
6237318.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,587
1,503
6237359.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,988
1,948
6237557.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,501
1,299
6237605.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
747
698
6237640.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
3,796
3,662
6237922.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,403
2,253
6237968.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,336
1,216
6238000.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,089
1,044
6238048.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,108
1,054
6238068.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
7,904
7,327
6238258.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
6,690
6,509
6238472.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,595
2,550
6238700.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
958
674
6238744.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,068
599
6238757.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,268
2,150
6238815.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
23,909
22,854
6239434.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
278
270
6239452.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
6,120
5,921
6239533.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,054
2,026
6239610.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,649
1,500
6239632.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
290
284
6239643.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
12,619
12,381
6239939.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
7,996
7,724
6240085.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,814
1,672
6240119.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
334
332
6240141.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
459
442
6240143.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
5,711
5,143
6240208.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
5,830
4,253
6240317.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
9,954
9,369
6240461.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,315
1,046
6240483.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
14,045
10,952
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6240973.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
$
14,297
$
13,968
6241424.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,551
1,486
6241486.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,457
1,148
6241523.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
3,049
2,903
6241607.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,937
1,526
6241717.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
2,413
2,335
6241758.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,169
1,128
6241782.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
3,037
2,970
6241838.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
15,763
10,568
6241994.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
2,833
2,754
6242026.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,145
1,092
6242045.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
27,149
26,100
6242397.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,403
1,349
6242415.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
22,920
21,980
6242677.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
8,394
8,327
6243216.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
10,493
9,748
6243323.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
386
350
6243330.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
734
707
6243340.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
7,857
7,605
6243470.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
459
444
6243528.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
10,047
9,783
6243689.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
2,382
2,348
6243803.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,345
1,284
6243822.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
17,022
16,448
6244032.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
678
646
6244041.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,638
1,553
6244049.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
6,964
6,714
6244129.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
32,944
29,719
6244810.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
2,899
2,759
6244848.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
2,378
2,270
6244887.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,836
1,803
6244924.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,761
1,384
6244975.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
3,390
2,713
6245007.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
3,933
3,599
6245050.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
6,693
5,879
6245977.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
425
390
6245981.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
6,599
6,289
6246041.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
24,476
23,070
6246195.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
8,097
7,786
6246292.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
43,686
41,599
6248717.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
13,484
12,796
6248864.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
9,485
9,119
6248904.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
3,039
2,968
6249326.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
9,590
8,742
6249598.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
740
723
6249623.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,710
1,614
6249640.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,506
1,373
6249668.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
12,757
12,098
6249869.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,579
1,512
6250117.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
3,764
2,679
6250187.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
4,045
3,794
6250257.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
2,319
2,119
6250307.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
4,892
4,659
6250370.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
6,971
6,800
6250491.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
2,846
2,760
6250786.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
3,668
3,462
6250833.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
4,010
3,768
6250884.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
6,409
5,988
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
84
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6250983.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
$
18,410
$
16,533
6251253.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
4,263
3,960
6251321.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
9,976
9,678
6251584.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,253
1,223
6251637.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
8,597
8,421
6251808.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
18,589
17,852
6252047.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
16,922
15,712
6252168.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
7,199
6,953
6252438.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
2,269
2,162
6252495.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
25,710
24,135
6252835.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
5,495
5,284
6252928.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
3,694
3,657
6253095.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
8,656
8,386
6253254.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
3,905
2,778
6253322.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
9,367
9,198
6253534.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
5,813
5,564
6253588.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
8,940
8,445
6253727.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
5,890
5,617
6253833.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
29,731
28,563
6254273.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
8,331
8,051
6254431.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
5,940
5,627
6254570.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
4,564
4,470
6254727.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
483
467
6254742.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
41,150
37,872
6255001.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
17,183
16,721
6255232.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
273
264
6255247.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
1,864
1,826
6255283.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
2,386
2,282
6255303.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
4,724
4,408
6255357.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
1,320
525
6255368.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
815
795
6255377.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
2,437
2,144
6255416.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
15,823
14,523
6255542.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
593
448
6255552.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
2,751
2,650
6255617.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
4,421
3,464
6255649.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
654
639
6255656.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
11,421
10,820
6255832.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
1,991
1,911
6255853.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
4,086
3,935
6255909.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
975
670
6255918.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
5,673
5,446
6255981.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
2,170
1,315
6255997.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
1,357
485
6256008.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
11,716
11,397
6256121.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,466
1,438
6256139.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,225
1,136
6256148.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
7,621
6,562
6256236.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
7,019
6,725
6256316.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,873
1,796
6256347.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
653
613
6256361.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
744
736
6256373.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
2,199
2,030
6256384.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
19,171
16,454
6256511.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
16,961
15,887
6256670.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
402
388
6256691.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,684
1,594
6256721.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
717
669
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6256728.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
$
710
$
623
6256740.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,550
1,346
6256791.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
390
385
6256848.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
13,761
12,852
6257098.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
441
435
6257106.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
5,877
5,764
6257326.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
33,534
32,186
6258122.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
8,992
8,288
6258244.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
31,034
29,659
6258680.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
734
580
6258697.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
998
921
6258721.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
687
667
6258746.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
921
904
6258767.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
32,151
31,404
6259224.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
11,971
11,883
6259726.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
653
620
6259771.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
9,464
9,011
6259919.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
3,433
2,891
6260133.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,559
1,475
6260192.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
9,188
8,858
6260233.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
24,914
23,478
6260361.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
7,673
7,188
6260506.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
18,154
17,644
6260925.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
10,353
9,865
6261029.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,992
1,905
6261070.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
26,288
25,178
6261373.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
16,047
15,192
6261563.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
923
889
6261576.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
248
241
6261583.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
5,758
5,605
6261636.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
6,563
6,326
6261670.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
10,121
9,591
6261747.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
5,703
5,424
6261880.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
78,376
75,122
6262497.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
8,184
7,178
6262558.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
5,864
5,313
6262613.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
447
436
6265126.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
944
930
6265139.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
2,136
2,031
6265146.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
2,815
2,461
6265155.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
7,855
6,936
6265294.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
8,774
8,056
6265321.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
23,712
23,385
6265932.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
2,551
2,508
6266043.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
421
315
6266047.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
6,586
5,119
6266129.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
10,730
10,037
6266305.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
7,880
7,320
6266429.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
1,461
1,418
6266462.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
439
392
6266463.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
11,666
11,089
6266683.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
42,661
41,530
6267698.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
6,936
6,839
6267922.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
5,780
3,830
6267958.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
3,728
3,597
6268002.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
4,775
4,172
6268033.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
6,109
5,884
6268091.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
27,783
26,390
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
85
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6268128.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
$
1,614
$
1,590
6268181.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
9,609
9,166
6268444.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,796
2,737
6268562.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
486
463
6268566.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
4,914
4,303
6268655.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,418
857
6268677.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
5,710
5,542
6268899.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
597
558
6268913.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,937
2,778
6268996.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
3,783
3,682
6269131.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
34,572
33,347
6269919.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
731
603
6269933.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,830
2,165
6269972.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
20,848
19,714
6270448.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,705
2,220
6270456.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
666
518
6270473.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
3,312
1,126
6270529.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,004
972
6270582.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
4,541
4,444
6270706.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
11,292
10,755
6270822.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,734
2,697
6270876.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
3,843
3,739
6270933.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
14,084
13,303
6271056.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
934
916
6271065.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
12,153
11,509
6271196.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
6,113
5,906
6271267.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
188
186
6271274.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
1,067
818
6271283.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
2,950
2,790
6271327.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
375
371
6271338.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
852
813
6271350.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
9,603
8,736
6271437.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
641
631
6271445.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
12,177
12,015
6271712.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
10,264
9,948
6271872.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
17,590
17,092
6272091.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
3,817
3,490
6272108.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
7,241
7,032
6272162.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
2,150
2,085
6272180.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
2,997
2,955
6272223.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
1,151
1,054
6272241.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
3,469
3,307
6272267.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
91,042
76,636
6273334.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
507
485
6273365.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
28,791
27,958
6274001.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
7,016
6,375
6274063.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
1,986
1,913
6274141.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
6,325
6,155
6274238.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
22,749
22,302
6274675.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
2,608
2,538
6275081.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
37,076
35,228
6275849.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
37,433
32,721
6276359.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
9,725
7,430
6276535.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,139
1,123
6276631.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,772
2,661
6276701.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,484
1,445
6276763.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
5,220
5,046
6276874.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
3,893
3,055
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6276932.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
$
20,050
$
19,273
6277188.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,821
2,756
6277246.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,985
1,727
6277279.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
10,513
9,926
6277404.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
3,450
3,323
6277480.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,629
1,454
6277501.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
789
770
6277528.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
31,462
30,946
6278058.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
9,193
8,743
6278166.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
10,657
10,483
6278372.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
28,721
27,948
6279862.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
17,133
12,950
6280040.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
5,776
5,556
6280119.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
3,920
3,777
6280187.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
1,241
1,221
6280212.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
28,516
27,783
6280574.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
1,519
1,461
6280608.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
1,224
1,199
6280657.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
3,727
3,637
6280779.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
2,369
2,342
6280869.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
5,683
5,225
6281158.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
79,261
64,826
6282086.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
1,340
946
6282110.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
17,445
16,519
6282247.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
839
809
6282272.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
371
356
6282285.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
1,885
1,845
6282365.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
32,803
31,431
6282806.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
5,739
5,532
6282948.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
1,408
1,364
6282969.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
20,409
19,839
6283126.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
23,108
19,893
6283474.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
2,128
1,840
6283511.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
495
487
6283515.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
2,056
2,018
6283561.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
3,464
3,367
6283638.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
3,489
3,336
6283793.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
9,229
8,989
6284075.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
588
554
6284087.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
16,930
16,095
6284249.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
34,775
32,924
6284839.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
2,041
1,852
6284870.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
11,605
10,736
6285052.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
78,887
74,132
6285816.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
83,193
74,055
6286530.SQ.FTS.B,
Zero
Cpn,
7/08/24
...
841
798
6286541.SQ.FTS.B,
Zero
Cpn,
7/08/24
...
2,934
2,823
6286581.SQ.FTS.B,
Zero
Cpn,
7/08/24
...
7,192
7,000
6286798.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
4,349
4,141
6286967.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,720
1,662
6287005.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
657
635
6287026.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,592
1,506
6287076.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
12,045
9,902
6287495.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
6,055
5,843
6287618.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
25,700
24,539
6288005.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
5,207
5,057
6288106.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
3,744
3,664
6288212.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
6,613
6,324
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
86
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6288309.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
$
6,771
$
6,606
6288398.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
6,212
5,764
6288461.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
32,071
30,648
6288968.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
898
840
6288972.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
13,549
12,891
6289101.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,687
1,587
6289126.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,037
974
6289142.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
2,252
2,228
6289202.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
7,005
6,666
6289285.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
4,962
4,648
6289373.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,418
1,380
6289390.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
21,379
20,950
6289495.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
11,102
10,770
6289638.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
21,441
18,045
6289912.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
10,954
10,566
6290043.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
1,602
1,539
6290073.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
7,904
7,417
6290212.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
8,381
7,842
6290401.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
7,781
7,327
6290598.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
25,530
24,302
6290930.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
4,558
3,971
6290969.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
3,814
3,118
6291009.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
6,998
6,689
6291067.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
1,136
1,094
6291078.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
17,057
16,238
6291341.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
2,611
2,372
6291374.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
10,151
9,338
6291486.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
8,487
8,146
6291577.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
434
412
6291578.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
7,901
7,541
6291702.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
7,354
7,060
6291843.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
15,749
14,922
6292028.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
12,480
12,212
6292274.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
59,612
57,416
6293418.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
18,741
17,477
6293554.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
7,887
7,647
6293641.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
4,514
4,347
6293751.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
13,966
13,615
6293949.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
1,169
1,107
6293963.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
5,657
5,402
6294021.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
75,434
69,009
6297772.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
4,876
4,781
6297951.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
43,327
41,862
6299081.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
593
562
6299231.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
2,849
2,671
6299302.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
32,720
31,858
6300054.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
5,521
5,147
6300193.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
14,109
13,858
6300581.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
3,001
2,865
6300719.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
22,927
21,924
6301188.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,945
1,848
6301243.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,008
971
6301266.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
41,814
39,240
6302033.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
7,447
7,271
6302250.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
704
682
6302279.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
10,677
10,286
6302602.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
3,199
3,043
6302656.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
2,988
2,889
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6302702.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
$
1,786
$
1,600
6302745.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,662
1,536
6302866.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
2,029
1,966
6302938.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
464
351
6302943.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
598
591
6302977.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
3,888
3,825
6303108.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
13,118
12,699
6303276.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
6,623
6,343
6303349.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
7,655
7,343
6303407.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
5,131
4,961
6303448.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
14,438
13,981
6303578.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
12,280
11,352
6303667.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
2,408
2,297
6303681.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
250
245
6303685.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
30,155
25,168
6303864.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
10,293
10,013
6303939.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
8,477
8,095
6303999.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
2,619
2,356
6304010.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
14,269
13,784
6304069.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
1,423
1,370
6304080.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
1,231
1,201
6304097.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
6,473
6,318
6304147.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
3,521
3,217
6304171.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
838
696
6304176.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
22,372
21,765
6304347.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
12,732
12,049
6304488.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
466
446
6304502.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
13,047
12,659
6304658.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
1,713
1,688
6304677.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
18,152
17,703
6304870.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
8,116
8,054
6305129.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
4,888
4,552
6305181.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
4,436
4,340
6305217.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
8,262
8,043
6305291.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
1,484
1,418
6305304.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
9,684
9,217
6305409.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
6,422
6,010
6305441.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
6,285
6,066
6305505.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
7,997
7,823
6305624.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
10,207
9,877
6305766.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
4,935
4,708
6305807.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
2,258
1,875
6305828.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
943
922
6305901.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
3,718
3,571
6305985.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,040
1,013
6305994.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
14,268
13,697
6306228.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
5,858
5,582
6306477.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
896
866
6306494.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
17,633
16,531
6306997.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,960
1,887
6307006.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
27,529
25,207
6307596.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
31,223
28,301
6307908.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
4,018
3,768
6307949.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
3,104
2,860
6308011.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
9,973
9,108
6308161.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
7,442
6,795
6308277.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,911
1,844
6308299.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
11,590
11,062
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
87
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6308429.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
$
4,961
$
4,673
6308505.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
7,041
6,828
6308611.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
13,413
13,014
6308725.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
4,481
4,407
6308849.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
4,662
3,890
6308976.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,197
2,370
6309043.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
4,754
4,519
6309207.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
8,476
8,138
6309422.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
863
849
6309447.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
18,398
17,871
6309799.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,700
1,663
6309845.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
2,440
2,373
6309897.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
2,275
1,894
6309929.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
913
799
6309956.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,402
1,345
6309981.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,573
1,198
6309987.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,509
1,445
6310012.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
4,243
4,166
6310378.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
33,393
28,943
6310692.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,825
3,345
6310752.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
488
461
6310796.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
5,303
4,413
6310895.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
15,119
14,075
6310988.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
25,635
24,022
6313192.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
81,010
77,940
6314510.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
1,234
1,175
6314524.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
12,171
9,865
6314730.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
3,672
3,544
6314771.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
11,443
10,996
6314884.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
6,897
6,463
6314964.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
488
461
6314969.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
4,768
3,849
6315031.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
8,412
7,973
6315256.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
3,856
2,569
6315381.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
3,959
3,806
6315476.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
3,418
3,323
6315790.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
11,568
11,079
6316163.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
70,123
64,371
6317824.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
2,539
2,300
6317841.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
4,910
4,763
6317947.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
7,218
6,911
6318048.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
15,632
12,135
6318267.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
2,138
2,006
6318325.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
376
371
6318340.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
1,314
1,273
6318353.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
2,292
2,208
6318378.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
101,754
80,972
6318972.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
6,300
6,110
6319058.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
236
220
6319060.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
12,500
11,409
6319126.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
3,050
3,001
6319160.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
4,680
4,497
6319194.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,325
1,295
6319207.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
7,154
7,091
6319487.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
21,361
20,375
6319630.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
3,563
3,361
6319653.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
4,681
4,100
6319699.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
367
355
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6319714.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
$
5,341
$
5,053
6319744.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,963
1,751
6319764.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
8,072
7,651
6319833.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
2,684
2,551
6319872.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
2,894
2,642
6319900.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,222
1,197
6319919.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
2,620
1,478
6319933.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
14,196
13,526
6320071.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
1,445
1,249
6320082.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
3,447
2,806
6320125.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
5,933
5,682
6320178.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
3,255
2,129
6320198.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
765
749
6320235.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
4,979
4,814
6320305.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
5,792
5,662
6320408.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
2,608
2,490
6320433.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
6,468
6,187
6320497.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
3,918
3,780
6320548.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
1,739
1,660
6320582.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
5,321
4,949
6320664.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
3,611
3,303
6320700.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
9,997
9,703
6321129.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
11,148
10,808
6321539.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
5,375
5,251
6321655.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,320
1,104
6321669.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
4,815
4,470
6321758.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
9,266
8,210
6321916.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
3,558
3,356
6322025.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
5,184
4,963
6322084.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
7,089
6,940
6326567.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
4,767
4,474
6328384.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,528
1,488
6328930.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
36,282
27,865
6344025.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
14,822
14,483
6351239.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
22,101
21,511
6351454.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
6,661
6,424
6351582.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
3,331
3,250
6351613.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
3,510
3,080
6351662.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
18,017
17,284
6351811.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
26,056
18,530
6351969.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
16,249
15,411
6352137.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
7,653
7,393
6352257.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
1,542
1,478
6352284.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
2,422
2,295
6352358.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
4,311
3,990
6352430.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
659
623
6352460.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
17,541
17,001
6352812.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
1,001
984
6352827.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
4,572
4,305
6352903.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
3,312
2,936
6352934.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
9,911
9,439
6353035.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
25,495
24,840
6353428.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
11,831
11,283
6353560.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
12,215
11,714
6353710.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
8,076
7,857
6353899.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
44,270
36,492
6354414.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
37,418
35,804
6354857.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
1,985
1,839
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
88
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6354906.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
$
1,181
$
1,176
6354944.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
13,627
13,143
6355005.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
21,499
21,021
6355353.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
11,375
8,369
6355701.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
684
667
6355727.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
4,901
4,698
6355822.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
5,781
5,695
6355955.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
1,977
1,642
6355976.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
1,188
823
6355988.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
13,593
13,069
6356205.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
1,908
1,847
6356218.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
9,563
8,647
6356384.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
16,554
13,079
6356653.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
2,403
2,283
6356687.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
9,759
9,303
6356831.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
10,271
9,823
6356954.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
3,591
3,194
6357249.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
15,037
13,724
6357416.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
2,082
1,997
6357432.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
16,396
15,362
6359293.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
3,626
3,554
6359467.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
74,174
65,160
6360918.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
11,828
11,287
6361045.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
6,212
5,997
6361114.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
4,046
3,868
6361182.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
6,784
6,610
6361391.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
2,622
2,499
6361496.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
22,288
21,169
6361924.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
10,210
7,198
6361981.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
5,130
4,888
6362029.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
34,404
31,266
6362545.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
4,614
4,297
6362613.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
518
510
6362639.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
2,926
2,780
6362699.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
50,879
47,471
6363683.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
3,730
2,493
6363762.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
3,190
3,043
6363828.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
1,526
1,288
6363841.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
1,213
1,182
6363853.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
2,414
2,288
6363908.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
7,562
6,907
6364035.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
5,406
4,587
6364124.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
7,866
7,575
6364264.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
1,195
1,147
6364283.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
34,746
33,707
6364879.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
5,743
5,395
6364953.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
10,327
9,671
6365044.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
784
708
6365066.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
2,743
2,609
6365129.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
47,623
40,720
6365648.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
2,586
2,492
6365756.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
74,372
65,895
6366333.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
9,260
8,691
6366412.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
5,685
5,395
6366452.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
6,194
5,816
6366503.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
6,307
5,530
6366870.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
2,164
2,081
6366902.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
4,905
4,691
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6366960.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
$
690
$
669
6366974.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
3,178
2,994
6367021.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
3,820
3,678
6367078.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
3,369
3,072
6367371.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,698
1,597
6367506.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
4,385
4,237
6367707.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
5,094
4,803
6368120.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
3,954
3,733
6368193.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,198
1,158
6368239.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
3,586
3,432
6368321.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,675
1,509
6368348.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
2,255
2,174
6368431.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
7
7
6368467.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,022
989
6368508.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
7,086
6,882
6368614.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
5,950
5,704
6368722.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,582
1,553
6368752.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
2,576
2,460
6368778.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
16,024
15,380
6369119.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
2,311
2,231
6369186.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
2,346
2,260
6369227.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
10,005
9,584
6369384.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
3,934
3,752
6369458.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
62,016
60,185
6370416.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,176
1,147
6370458.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,060
1,026
6370471.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
3,439
3,280
6370530.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
2,790
2,719
6370659.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,888
1,767
6370707.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
2,105
2,030
6370729.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
5,440
5,140
6370849.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
1,542
1,392
6370882.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
4,091
3,932
6370979.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
6,149
5,990
6371084.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
531
511
6371119.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
1,911
1,875
6371241.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
2,222
2,117
6371322.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
4,712
3,493
6371417.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
2,842
2,596
6371519.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
8,811
8,471
6371707.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
3,008
2,896
6371769.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
12,103
11,656
6371984.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
859
829
6372028.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
7,035
6,712
6372136.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
3,518
3,315
6372222.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
44,898
43,215
6372748.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
3,745
3,567
6372802.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
4,749
4,481
6372856.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
2,627
2,526
6372921.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
2,311
2,127
6372946.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
5,904
5,660
6373045.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
3,848
3,722
6373174.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
1,164
1,130
6373205.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
24,282
23,526
6373526.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
48,110
46,518
6373846.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
10,316
9,627
6373911.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
1,637
1,579
6373969.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
25,524
24,546
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
89
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6374519.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
$
11,820
$
11,313
6374873.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
2,905
2,499
6374971.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
303
291
6374973.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
18,755
18,156
6375222.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
3,482
3,270
6375270.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
4,609
4,456
6375361.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
58,774
54,611
6376101.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
2,927
2,751
6376124.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
1,742
1,587
6376136.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
17,349
15,920
6376370.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
4,054
3,907
6376440.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
49,949
48,112
6378468.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
4,137
4,005
6378691.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
39,629
28,974
6379319.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
2,761
2,621
6379485.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,612
1,529
6379558.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
2,145
2,071
6379646.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
2,429
2,340
6379736.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
20,554
19,469
6380167.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
18,603
17,474
6380466.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
50,584
48,411
6381041.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
6,999
6,733
6381146.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
2,937
2,860
6381205.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
22,931
21,763
6381485.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
30,315
29,346
6382125.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
22,687
21,314
6382369.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
852
829
6382402.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
1,213
1,169
6382412.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
1,972
1,820
6382458.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
19,066
18,297
6382908.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
14,250
13,649
6383269.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
3,249
2,912
6383327.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
16,698
16,192
6383571.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
199
196
6383602.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
1,446
1,397
6383625.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
4,245
4,049
6383696.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
9,833
9,376
6383916.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
15,174
14,648
6384297.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
7,713
7,439
6384427.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
4,441
4,008
6384482.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
21,792
21,016
6384775.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
40,740
36,863
6385054.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
9,495
8,660
6385213.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
2,415
2,342
6385234.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
3,404
3,200
6385279.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
12,265
11,476
6385396.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
6,059
5,289
6385452.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
2,560
2,424
6385485.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
10,574
10,030
6385609.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
2,530
2,279
6385633.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
3,147
2,993
6385666.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
2,134
2,023
6385689.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
7,792
7,417
6385770.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
2,957
2,865
6385812.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
2,380
2,287
6385845.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
554
480
6385850.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
1,224
1,142
6385873.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
12,077
11,555
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6385979.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
$
4,346
$
4,164
6386030.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
830
791
6386046.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
17,812
17,131
6386334.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
3,609
3,444
6386379.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
9,365
8,968
6386481.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
3,745
3,432
6386508.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
6,959
6,725
6386579.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
2,885
2,798
6386625.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
2,646
2,547
6386653.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
8,658
8,221
6387032.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
3,351
3,202
6387091.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
4,277
4,076
6387129.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
1,713
1,640
6387200.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
21,487
20,794
6388040.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
1,100
1,044
6388059.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
4,605
4,414
6388111.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
22,706
21,639
6388413.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
22,035
20,620
6388693.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
16,288
15,677
6388925.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
1,963
1,807
6388961.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
11,281
10,254
6389102.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
580
561
6389106.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
3,538
3,363
6389151.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
2,020
1,611
6389172.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
44,148
38,968
6389637.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
692
671
6389644.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
3,134
3,008
6389688.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
1,621
1,542
6389705.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
7,659
7,205
6389753.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
5,135
4,925
6389810.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
1,218
1,112
6389871.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
7,623
7,099
6389974.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
2,064
2,000
6390012.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
12,112
11,561
6390221.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
4,795
4,615
6390336.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
9,021
8,660
6390421.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
5,856
5,602
6390489.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
14,415
12,647
6390840.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
4,140
3,824
6390920.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
2,365
2,272
6391017.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
5,685
5,503
6391172.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
3,363
3,122
6391232.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
3,895
3,604
6391321.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
6,239
5,872
6391370.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
4,215
4,010
6391423.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
11,723
11,083
6391644.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
5,077
4,816
6391712.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
12,753
11,877
6391857.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
7,352
6,828
6391960.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
11,996
11,329
6392049.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
5,890
5,759
6392143.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
2,888
2,777
6392166.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
12,303
11,624
6392265.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
5,188
4,962
6392341.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
1,762
1,712
6392377.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
21,917
21,070
6392722.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
12,499
12,150
6392807.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
384
377
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
90
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6392812.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
$
40,458
$
38,574
6393237.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
14,834
14,096
6393406.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
56,383
52,362
6394150.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
4,211
4,038
6394237.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
3,300
3,100
6394288.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
6,551
6,170
6394386.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
823
770
6394397.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
35,280
33,567
6394860.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
13,039
12,456
6395104.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
18,623
16,354
6395219.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
2,007
1,767
6395239.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
60,682
58,143
6395806.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
34,946
33,632
6397754.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
7,942
7,627
6397884.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
3,894
3,619
6397918.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
12,424
11,908
6398071.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
7,169
6,616
6398124.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
3,110
3,023
6398199.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
5,825
5,623
6398313.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
3,846
3,724
6398429.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
5,268
5,065
6398627.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
20,991
19,027
6399140.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
4,165
3,975
6399219.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
12,073
11,589
6399538.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
5,983
5,683
6399617.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
3,639
3,373
6399658.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
1,142
1,082
6399663.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
2,363
2,112
6399687.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
6,082
5,644
6399770.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
4,748
4,602
6399810.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
2,817
2,675
6399871.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
55,283
53,047
6400681.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
28,949
27,760
6400929.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
415
402
6400939.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
14,355
12,194
6401059.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,363
2,271
6401145.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,801
1,705
6401165.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,742
2,543
6401192.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,907
1,508
6401242.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
3,832
3,380
6401276.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,325
2,267
6401417.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
5,985
5,580
6401525.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,084
1,982
6401558.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
4,168
3,881
6401620.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,034
946
6401627.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
6,808
6,390
6401767.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
8,207
7,907
6401953.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
992
972
6401970.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
5,358
4,846
6402039.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
4,346
3,711
6402119.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
23,421
22,551
6402538.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
546
493
6402558.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
12,847
12,565
6402902.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
35,240
34,347
6403317.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
4,120
3,970
6403349.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,737
2,560
6403368.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,058
1,013
6403391.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
8,227
7,959
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6403479.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
$
13,852
$
12,172
6403647.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,707
1,644
6403657.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
17,271
16,314
6403873.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
12,540
11,039
6404001.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
942
909
6404028.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
1,384
1,292
6404052.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
1,320
1,256
6404068.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
9,474
7,792
6404139.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
16,487
15,498
6404249.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
19,148
18,463
6404445.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
1,821
1,639
6404456.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
1,610
1,524
6404554.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
1,875
1,526
6404609.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
5,744
5,228
6404685.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
12,148
9,569
6404787.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
11,325
10,625
6404893.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
22,036
20,788
6405066.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
3,625
3,292
6405087.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
2,920
2,805
6405107.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
6,312
5,695
6405166.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
19,814
18,698
6405296.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
14,447
13,933
6405831.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,357
2,242
6405891.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
740
722
6405910.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
19,922
18,697
6406305.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
443
368
6406313.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
18,059
17,371
6406563.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
509
495
6406593.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
454
425
6406598.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,511
2,040
6406621.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
1,567
1,502
6406636.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,884
2,817
6406724.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
4,530
4,330
6406778.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,140
2,010
6406838.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
49,511
44,595
6407446.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
568
505
6407461.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
7,521
7,201
6407516.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
768
715
6407524.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
19,119
18,633
6407824.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
806
774
6407848.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
17,291
16,595
6408022.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
4,296
4,085
6408049.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
3,313
3,221
6408129.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
4,728
4,527
6408194.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,522
2,388
6408225.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
8,161
7,766
6408336.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
10,971
10,526
6408433.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
4,383
4,189
6408489.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,338
2,258
6408514.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
1,044
1,016
6408523.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
13,129
12,705
6408656.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
10,373
9,692
6408789.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
23,558
22,157
6409097.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
11,073
10,331
6409218.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
5,519
4,731
6409279.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
4,636
4,451
6409486.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
10,685
10,230
6409813.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
3,087
2,917
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
91
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6409863.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
$
8,041
$
7,618
6409932.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
8,445
7,821
6410019.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
21,018
20,249
6410247.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
12,831
12,242
6410422.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
3,628
3,393
6410466.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
7,098
6,061
6410538.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
2,126
2,047
6410566.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
4,770
4,584
6410635.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
5,586
4,790
6410702.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
12,963
11,786
6410835.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
9,991
9,441
6410910.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
6,468
6,143
6410956.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
1,314
1,197
6410965.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
3,689
3,575
6411053.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
4,962
4,739
6411105.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
2,728
2,632
6411150.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
10,805
7,919
6411217.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
13,632
13,151
6411484.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
14,070
13,510
6411642.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
9,674
9,348
6411720.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
2,716
2,357
6411768.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
1,164
1,103
6411819.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
1,961
1,459
6411826.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
3,351
3,200
6411855.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
9,142
8,775
6412032.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
12,576
11,467
6412243.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
6,193
4,281
6412321.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
8,665
8,280
6412510.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
28,582
27,655
6412937.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,755
1,601
6412978.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
2,523
2,450
6413000.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
3,709
3,515
6413035.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
16,808
15,722
6413294.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,479
1,278
6413323.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
5,007
4,801
6413396.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
2,738
2,648
6413433.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
771
727
6413440.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,779
1,621
6413464.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
5,408
4,901
6413572.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
2,413
2,013
6413606.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
12,449
11,863
6413752.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
495
473
6413781.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
3,691
3,523
6413892.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
2,871
2,745
6413920.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
17,410
16,502
6414098.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
3,987
3,274
6414147.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
3,162
3,029
6414183.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
9,322
8,941
6414273.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
14,553
13,559
6414393.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
4,400
4,108
6414405.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,715
1,294
6414413.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,221
1,188
6414436.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
40,523
39,386
6417880.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
29,943
28,166
6418258.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
18,891
18,061
6418490.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
2,054
1,940
6418545.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
1,432
1,385
6418579.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
12,999
12,310
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6418836.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
$
2,816
$
2,561
6418931.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
12,681
12,143
6419172.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
1,993
1,927
6419201.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
10,258
9,639
6419322.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
15,086
14,444
6419560.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
999
935
6419592.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
3,521
3,066
6419614.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
8,988
8,723
6419756.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
5,890
5,664
6419873.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
1,067
973
6419881.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
3,061
2,854
6419910.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
5,599
5,373
6420013.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
5,822
5,575
6420091.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
6,999
6,684
6420149.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
14,585
12,754
6420303.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
29,680
28,293
6420697.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
33,790
32,495
6421268.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
12,906
12,402
6421640.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,263
2,112
6421679.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,155
1,761
6421701.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
3,397
3,297
6421778.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
3,699
3,522
6421844.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
4,990
4,809
6421968.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
3,552
3,460
6422054.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
938
913
6422135.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
4,123
3,814
6422227.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
780
741
6422256.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,850
2,708
6422311.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
9,485
7,708
6422447.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
17,553
16,815
6422706.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
9,154
8,829
6422830.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
13,144
12,630
6422990.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
13,538
12,516
6423221.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
8,732
8,447
6423311.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
773
742
6423315.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
27,621
26,167
6423636.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
4,857
4,652
6423702.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
20,645
18,469
6424002.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
365
347
6424012.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
1,888
1,804
6424034.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,587
2,429
6424082.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
15,624
14,597
6424172.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
10,181
9,782
6424251.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
1,511
1,458
6424267.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
19,553
10,716
6424416.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
8,059
7,881
6424547.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
1,537
1,452
6424566.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
5,451
5,307
6424619.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
2,634
2,534
6424637.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
6,390
6,166
6424696.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
2,597
1,770
6424724.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
4,871
4,492
6424772.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
25,552
24,772
6425149.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
11,576
11,213
6425248.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
13,091
12,288
6425357.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
6,085
5,903
6425412.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
23,027
21,974
6425633.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
1,795
1,736
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
92
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6425653.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
$
18,413
$
17,609
6425796.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
3,510
3,346
6425842.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
11,655
11,121
6425927.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
12,871
12,370
6426098.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
5,698
5,459
6426138.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
4,256
4,081
6426196.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
18,798
17,779
6426349.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
29,280
28,242
6426587.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
10,164
9,664
6426694.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
14,362
13,753
6426793.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
1,504
1,192
6426797.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
12,013
11,404
6427081.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
3,486
3,305
6427104.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
13,514
13,010
6427509.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
6,528
6,291
6427748.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
4,926
4,299
6427815.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
12,195
11,683
6427990.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
12,702
12,301
6428249.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
13,081
12,506
6428407.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
8,162
6,101
6428491.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
12,729
11,901
6428601.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
44,228
40,925
6429149.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
10,137
9,702
6429285.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
3,212
3,044
6429349.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
19,417
17,450
6429640.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
5,813
5,687
6429702.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
4,568
4,350
6429724.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
38,454
36,381
6430068.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
21,172
20,065
6430339.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
6,426
6,163
6430390.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,024
1,002
6430407.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,090
1,055
6430423.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
9,873
7,933
6430566.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
26,481
25,233
6431026.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,313
1,247
6431063.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,779
1,634
6431083.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
6,952
6,654
6431202.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
4,856
4,582
6431315.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
8,086
7,789
6431459.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
5,176
4,855
6431554.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
920
816
6431582.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
3,867
3,330
6431623.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
53,724
51,045
6432590.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
3,310
3,222
6432607.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
56,529
54,050
6433318.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,337
1,295
6433370.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
45,332
41,856
6435221.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
13,132
12,384
6435329.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
5,193
4,481
6435408.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
21,890
21,103
6435551.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
1,348
1,261
6435555.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
1,053
1,022
6435568.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
633
549
6435571.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
36,116
33,289
6436173.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
7,797
7,444
6436391.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
484
467
6436397.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
3,014
2,848
6436495.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
38,350
31,282
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6438782.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
$
3,845
$
3,602
6439279.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
2,728
2,530
6439293.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
13,926
13,541
6439475.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
3,768
3,628
6439499.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
706
644
6439504.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
18,549
17,904
6439719.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
22,346
20,734
6439943.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
1,920
1,829
6439961.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
5,007
4,272
6440001.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
3,815
3,722
6440058.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
3,044
2,898
6440069.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
7,069
6,719
6440133.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
25,129
21,412
6440328.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
2,350
2,086
6440404.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
6,180
5,766
6440478.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
754
648
6440495.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
1,402
1,351
6440508.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
1,719
1,523
6440533.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
25,108
24,186
6440963.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
4,478
3,813
6441111.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
2,340
2,145
6441135.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
1,000
959
6441146.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
11,323
10,842
6441255.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
4,728
4,499
6441336.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
5,345
5,120
6441443.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
9,649
9,252
6441614.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
23,285
20,759
6442083.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
4,303
4,132
6442174.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
1,107
1,075
6442204.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
6,317
6,139
6442344.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
5,375
4,865
6442428.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
22,418
19,194
6442775.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
1,216
1,080
6442783.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
85,187
81,585
6443666.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
2,798
2,686
6443696.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
1,720
1,544
6443707.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
35,661
32,303
6444072.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
8,017
7,702
6444161.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
1,341
1,309
6444180.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
22,948
20,366
6444379.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
2,865
2,668
6444404.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
5,587
5,187
6444427.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
3,005
2,833
6444455.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
2,595
2,476
6444474.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
34,636
32,566
6444762.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
15,847
15,216
6445162.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
9,461
7,963
6445263.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
839
785
6445387.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
4,617
4,431
6445431.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
3,269
3,155
6445475.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
1,698
1,623
6445506.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
3,604
3,421
6445564.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
15,468
14,030
6445760.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
2,563
2,492
6446004.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
6,052
5,712
6446268.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
3,879
3,748
6446399.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
9,964
9,416
6446762.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
4,283
4,136
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
93
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6446898.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
$
3,586
$
3,327
6446971.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
6,313
6,021
6447179.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
2,818
2,441
6447243.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
9,537
9,056
6447474.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
4,951
4,506
6447640.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
3,280
2,947
6447752.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
6,824
6,550
6447919.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
1,223
1,146
6447940.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
3,802
3,628
6448059.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
6,676
5,790
6448201.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
572
552
6448205.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
11,108
10,027
6448382.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
8,423
6,969
6448554.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
4,251
2,951
6448627.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
2,596
2,409
6448675.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
24,533
23,508
6449096.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
7,362
7,129
6449218.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
3,443
3,190
6449276.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
4,842
4,701
6449381.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
797
717
6449390.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
1,499
1,422
6449422.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,829
1,713
6449480.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
46,677
44,392
6450169.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
5,520
5,299
6450278.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
960
906
6450293.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
2,543
2,424
6450376.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
19,298
18,409
6450774.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
3,246
3,075
6450848.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,165
802
6450862.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
8,284
7,901
6450991.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
5,445
5,123
6451099.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
3,113
2,971
6451120.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
2,830
2,711
6451161.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
31,210
30,073
6451622.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
6,508
5,999
6451690.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
6,172
5,687
6451773.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
23,328
22,110
6452048.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
5,142
5,018
6452120.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,417
1,364
6452135.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
22,987
21,992
6452425.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,962
1,873
6452451.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
12,605
11,555
6452582.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
4,249
4,052
6452618.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
12,560
12,074
6452758.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
11,177
10,648
6452825.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
866
838
6452841.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
82,898
79,442
6453845.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
1,412
1,362
6453876.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
13,903
13,301
6453977.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
4,467
4,248
6454032.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
972
939
6454041.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
2,129
1,817
6454074.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
19,378
18,532
6454218.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
7,313
7,100
6454278.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
1,229
1,177
6454295.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
9,395
9,040
6454361.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
12,064
11,573
6454507.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
30,103
28,842
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6454737.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
$
2,150
$
2,096
6454786.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
544
527
6454802.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
66,366
63,547
6455374.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
1,800
1,751
6455408.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
9,685
9,226
6457321.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
1,893
1,839
6457374.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
5,632
5,338
6457423.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
49,920
48,481
6457946.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
42,505
40,290
6458517.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
5,670
5,430
6458609.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
6,443
6,161
6458653.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
26,932
25,821
6459039.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
3,506
3,327
6459072.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
9,058
8,698
6459181.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
5,391
5,063
6459223.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
56,338
53,130
6460018.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
4,081
3,012
6460067.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
4,205
3,925
6460119.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
8,982
8,597
6460315.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
9,425
9,072
6460506.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
2,601
2,473
6460528.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
3,730
3,575
6460577.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
2,698
2,360
6460606.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
5,173
4,910
6460735.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
567
545
6460793.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
1,711
1,621
6460866.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
47,603
45,429
6461869.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
2,960
2,809
6461894.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
1,382
1,328
6461915.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
30,453
29,093
6462296.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
12,679
11,889
6462424.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
3,616
3,484
6462554.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
22,074
21,301
6462726.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
10,552
10,058
6463003.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
24,234
22,933
6463454.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
2,051
1,861
6463490.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
32,994
29,552
6463654.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
11,134
10,115
6463733.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
2,197
1,875
6463754.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
602
583
6463758.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
4,311
4,127
6463789.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,301
1,263
6463796.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
7,361
7,095
6463889.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
16,331
13,663
6464011.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,271
1,199
6464023.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
6,248
5,413
6464067.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
7,637
6,853
6464134.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
9,597
9,250
6464220.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
13,835
13,156
6464362.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
4,537
4,012
6464408.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
627
608
6464415.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
2,634
2,443
6464433.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
37,386
29,902
6464784.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
12,414
9,630
6464915.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
14,586
13,986
6465052.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
7,098
6,707
6465118.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
8,614
8,203
6465209.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
4,815
4,589
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
94
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6465262.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
$
24,372
$
22,941
6466816.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
3,662
3,540
6466888.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
4,250
3,945
6466953.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
14,995
14,510
6467210.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,182
2,078
6467263.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
1,063
1,030
6467294.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
3,288
3,197
6467340.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
10,528
9,333
6467536.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
1,644
1,580
6467579.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
3,303
2,954
6467627.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
29,871
28,562
6467915.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
5,709
5,398
6467957.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
10,896
10,211
6468063.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,657
2,544
6468149.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
1,196
1,157
6468184.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
7,679
7,332
6468311.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,921
2,847
6468352.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
891
847
6468386.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
6,371
6,126
6468495.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
3,357
3,037
6468533.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
6,196
5,576
6468636.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
10,670
9,921
6468778.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
8,177
7,389
6468879.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
1,999
1,481
6468933.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,527
2,415
6468994.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
7,544
7,293
6469183.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
7,958
7,532
6469290.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
12,597
12,163
6469492.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
8,523
7,687
6469681.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
5,526
5,312
6469822.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
2,077
1,892
6469888.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
7,315
6,553
6470083.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
3,960
3,703
6470176.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
19,007
17,982
6470553.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
6,627
6,370
6470745.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
5,695
5,421
6470844.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
14,805
13,333
6471008.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
1,201
866
6471031.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
3,264
3,150
6471061.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
52,470
49,331
6471595.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
5,961
5,539
6471693.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
8,746
8,439
6471840.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
8,163
7,562
6471925.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
80,311
70,716
6472588.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
2,179
2,077
6472601.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
9,747
9,124
6472637.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
9,912
9,394
6472795.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
10,738
9,775
6472869.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
1,698
1,625
6472874.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
11,422
10,316
6472974.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
13,525
12,779
6473176.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
6,034
5,773
6473253.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
4,374
4,212
6473304.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
8,146
7,867
6473393.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
3,684
3,507
6473454.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
609
593
6473478.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
2,117
2,029
6473565.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
1,503
1,400
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6473660.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
$
1,181
$
1,043
6473680.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
3,518
3,348
6473791.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
961
875
6473799.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
497
465
6473813.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
32,929
30,697
6474266.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
1,020
974
6474295.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
80,556
75,299
6475769.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
1,988
1,930
6475823.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
5,237
5,015
6477767.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
7,462
7,144
6477840.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
3,492
3,331
6477864.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
26,281
25,255
6478203.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
806
788
6478293.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
4,141
3,997
6478345.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
1,166
1,113
6478362.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
9,239
8,927
6478505.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
4,851
4,681
6478663.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
2,308
2,148
6478752.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
3,563
3,372
6478840.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
3,203
3,064
6478924.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
4,748
4,543
6479042.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
2,532
2,391
6479093.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
2,803
2,662
6479204.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
4,935
4,758
6479348.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
3,359
3,036
6479396.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
8,239
7,649
6479532.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
13,227
12,490
6479709.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
5,403
5,140
6479758.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
6,942
6,626
6479835.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
1,034
801
6479843.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
14,804
12,850
6479965.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
1,092
1,054
6479984.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
2,842
2,554
6480002.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
11,798
11,299
6480086.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
1,381
1,310
6480105.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
20,205
18,216
6480311.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
26,305
24,068
6480583.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
6,902
5,965
6480757.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
2,723
2,612
6480811.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
7,766
7,381
6480903.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
41,567
38,753
6481451.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
54,033
49,596
6482433.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
10,931
10,459
6482688.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
2,754
2,608
6482763.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
7,586
7,205
6482925.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
13,980
12,887
6483172.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
9,276
8,946
6483301.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
2,944
2,486
6483344.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
13,859
13,327
6483485.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
6,672
6,400
6483587.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
21,466
20,124
6483765.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
4,156
3,953
6483803.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
4,428
4,220
6483827.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
2,603
2,494
6483849.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
28,843
25,144
6484119.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
27,946
26,397
6484438.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
3,442
3,275
6484471.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
9,101
8,655
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
95
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6484618.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
$
8,790
$
8,370
6484688.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
5,637
4,652
6484730.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
39,880
37,557
6484981.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
2,154
2,082
6485016.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
20,972
16,065
6485138.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
6,541
6,050
6485184.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
2,072
1,982
6485200.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
7,691
6,715
6485262.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
5,246
5,002
6485310.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
5,719
5,455
6485387.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
898
805
6485393.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
12,031
11,324
6485498.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
4,101
3,941
6485565.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
29,545
27,688
6485862.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
33,126
29,299
6486219.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
2,742
2,075
6486247.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
6,240
5,922
6486317.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
1,726
1,478
6486337.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
3,684
3,033
6486381.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
2,665
2,372
6486429.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
21,351
20,455
6486836.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
1,642
1,584
6486910.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
707
688
6486939.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
963
806
6486969.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
3,556
3,325
6487050.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
918
889
6487077.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
2,423
2,272
6487145.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
9,611
8,953
6487391.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
7,527
7,202
6487587.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
1,351
787
6487635.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
968
934
6487659.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
2,001
1,916
6487689.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
801
560
6487697.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
7,711
6,226
6487849.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
6,985
6,616
6487959.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
1,168
1,079
6487981.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
1,760
1,642
6488012.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
15,938
14,399
6488324.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
8,560
8,185
6488459.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
15,270
12,036
6488723.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
7,810
7,211
6488938.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
40,636
38,855
6489464.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
20,176
18,920
6489672.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
6,985
6,679
6489755.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
2,446
2,336
6489796.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
7,340
7,041
6489884.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
7,998
7,604
6490006.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
3,927
3,774
6490379.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
13,242
12,772
6490633.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
10,015
9,248
6490839.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
8,135
7,845
6491130.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,119
1,083
6491158.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
5,811
5,632
6491324.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
5,525
5,284
6491434.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,470
3,301
6491491.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
21,115
20,140
6491762.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,044
1,002
6491770.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
18,101
17,172
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6492050.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
$
2,543
$
2,405
6492096.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
2,856
2,775
6492133.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,938
3,439
6492186.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,207
954
6492212.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
12,468
10,777
6492407.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
2,668
2,570
6492471.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
24,773
23,559
6492759.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,584
1,488
6492780.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
29,401
27,184
6493113.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
9,987
9,538
6493205.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,782
3,599
6493279.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
70,730
66,448
6493789.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
590
576
6493842.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
5,498
4,726
6493919.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
5,297
5,074
6493976.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
3,386
3,290
6494028.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
687
636
6494041.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
4,024
3,792
6494136.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
3,013
2,881
6494237.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
24,837
23,383
6494744.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,811
2,674
6494808.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,954
1,870
6494843.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
19,395
17,499
6495065.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
3,137
2,914
6495095.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,545
2,377
6495121.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,307
2,075
6495150.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
943
913
6495159.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,487
1,441
6495170.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
11,371
10,858
6495247.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,348
1,285
6495262.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
4,818
4,332
6495762.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
7,973
7,579
6495835.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
6,874
6,539
6495894.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
655
610
6495901.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
74,053
67,806
6496439.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
5,573
5,268
6496489.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
15,014
14,211
6496646.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
4,174
4,001
6496704.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
4,446
4,230
6496765.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
858
830
6496776.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
16,978
16,226
6496902.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
11,491
11,004
6497094.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
4,468
3,673
6497150.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
35,694
34,169
6499048.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
11,857
11,416
6499196.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
16,134
15,298
6499389.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
10,064
8,995
6499544.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
20,762
18,894
6499971.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
2,673
2,521
6499996.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
2,814
2,728
6500081.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
29,857
28,657
6500592.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
2,443
2,364
6500681.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
10,282
9,801
6500852.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
1,161
1,119
6500866.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
7,906
7,211
6500985.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
11,478
11,030
6501171.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
17,168
16,022
6501401.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
34,966
32,814
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
96
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6501820.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
$
2,081
$
2,010
6502338.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
27,083
25,753
6502591.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
13,464
12,965
6502829.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
1,011
599
6502832.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,767
2,277
6502874.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
5,157
4,850
6502939.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
7,525
7,171
6503073.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
14,134
13,479
6503388.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
7,740
7,438
6503528.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
14,000
13,207
6503716.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
8,566
8,215
6503847.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
20,704
19,493
6504092.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
15,106
14,503
6504270.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
8,142
7,412
6504358.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,614
2,495
6504395.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,416
2,325
6504422.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
11,151
10,645
6504551.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
20,569
19,199
6504715.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
9,214
8,738
6504825.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
3,872
3,672
6504890.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
27,880
26,752
6505262.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
1,929
1,879
6505264.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,261
1,437
6505270.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,516
2,331
6505309.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
5,492
5,298
6505368.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
9,860
8,830
6505487.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
22,440
21,670
6505683.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
10,915
10,197
6505793.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
2,757
2,379
6505809.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
1,565
1,517
6505823.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
8,425
8,002
6505894.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
8,058
7,804
6506022.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
3,468
3,253
6506054.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
4,825
4,692
6506138.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
13,975
12,947
6506265.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
7,678
7,345
6506338.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
16,727
15,854
6506509.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
828
788
6506517.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
4,247
4,066
6506563.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
1,176
1,108
6506583.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
3,509
3,384
6506622.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
6,283
6,080
6506690.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
15,547
13,900
6506830.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
4,781
4,467
6506866.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
864
823
6506887.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
9,250
8,845
6506952.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
28,223
26,145
6507647.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
7,606
7,241
6507835.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,550
973
6507877.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
993
966
6507919.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
750
716
6507929.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
2,720
2,510
6507977.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
2,158
2,110
6508048.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
8,477
8,091
6508171.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
22,195
20,673
6508452.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,417
1,313
6508469.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
3,628
3,489
6508525.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
15,281
14,751
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6508778.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
$
2,007
$
1,820
6508799.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
4,013
3,805
6508841.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
2,393
2,264
6508893.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,733
1,631
6508922.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,562
1,407
6508942.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
7,105
6,705
6509053.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
6,198
5,991
6509144.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
25,257
24,190
6509397.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
5,193
4,622
6509445.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
815
779
6509458.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
580
542
6509479.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
2,604
2,474
6509505.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
6,657
6,393
6509569.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
7,997
6,595
6509694.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
3,945
3,820
6509738.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,775
1,717
6509756.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
7,586
7,013
6509840.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,808
1,733
6509861.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
2,418
2,305
6509896.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
4,282
4,056
6509952.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
13,639
13,151
6510179.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
25,524
22,061
6510418.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
9,518
8,243
6510608.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
11,485
10,972
6510705.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
5,117
4,836
6510743.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
2,388
2,227
6510817.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
1,133
1,087
6510863.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
20,526
19,455
6511193.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
2,943
2,784
6511230.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
3,852
3,488
6511300.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
7,432
6,890
6511415.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
7,472
6,765
6511559.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
11,546
10,978
6511726.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
2,442
2,342
6511759.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
1,997
1,889
6511808.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
29,045
27,891
6512222.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
4,065
3,786
6512323.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
24,819
23,364
6512589.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
18,461
16,574
6512730.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
18,490
17,642
6512922.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
22,015
20,578
6513165.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
13,868
13,252
6513378.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
41,807
37,561
6513835.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
10,911
10,446
6513909.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
8,133
7,792
6513960.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
6,498
6,211
6514008.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
3,277
3,087
6514021.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
10,288
9,597
6514121.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
4,033
2,648
6514208.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
15,764
13,658
6514372.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
5,066
4,679
6514455.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
2,922
2,753
6514522.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
2,954
2,766
6514565.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
2,563
2,454
6514608.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
17,518
16,525
6514892.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
4,698
4,508
6514949.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
8,991
8,626
6515070.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,847
1,777
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
97
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6515114.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
$
2,598
$
2,212
6515139.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,441
3,249
6515225.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,202
1,135
6515238.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,252
1,102
6515251.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,669
1,592
6515275.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
2,216
2,133
6515308.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
14,528
14,086
6515558.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
29,380
27,728
6515705.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
50,447
48,415
6516032.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
54,238
51,330
6516655.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
4,218
3,928
6516690.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,661
3,417
6516725.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
7,184
6,819
6516766.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,896
1,838
6516785.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
4,848
4,631
6516858.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,836
1,775
6516868.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
8,994
8,499
6516901.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
4,817
4,190
6516919.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,296
1,247
6516931.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
7,257
7,027
6516978.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
4,581
4,350
6516997.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
2,564
2,336
6517017.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,544
3,400
6517071.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
2,702
2,592
6518769.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
7,653
7,167
6518875.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
13,602
12,661
6519045.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,153
1,058
6519064.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
4,930
4,631
6519155.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
6,129
5,706
6519286.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,533
1,414
6519301.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
7,378
6,910
6519513.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
6,927
6,385
6519669.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
3,310
3,066
6519764.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
2,823
2,651
6519830.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
2,896
2,692
6519874.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
12,074
11,186
6520101.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,138
1,050
6520131.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
15,593
14,546
6520367.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
8,610
8,085
6520448.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
8,415
7,875
6520552.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
35,809
33,422
6520875.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
4,102
3,817
6520939.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
3,217
2,924
6520983.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
11,249
10,495
6521150.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
7,530
6,922
6521195.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
4,471
4,093
6521243.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
7,428
6,832
6521314.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
13,489
12,449
6521453.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
22,832
21,276
6521642.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
11,391
10,520
6521763.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
2,381
2,185
6521795.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
31,565
29,194
6522220.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
24,537
22,875
6522466.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
4,609
4,273
6522541.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
2,686
2,502
6522670.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
16,565
15,422
6523018.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
23,911
22,458
6523451.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
25,116
23,349
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6523859.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
$
653
$
591
6523872.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,283
1,190
6523892.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,906
1,757
6523935.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
4,536
4,179
6523985.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
8,035
7,374
6524095.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
21,213
19,868
6524312.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
2,988
2,797
6524355.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
7,061
6,198
6524530.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
44,840
42,088
6524949.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
2,240
2,018
6524998.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,510
1,396
6525021.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
8,769
8,114
6525097.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,511
1,368
6525114.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
4,221
3,881
6525132.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,455
1,347
6525155.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
11,950
11,192
6525421.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
690
631
6525438.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,092
1,003
6525476.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,758
1,611
6525510.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,983
1,849
6525524.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
2,704
2,492
6525603.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
7,507
6,981
6525621.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
2,078
1,951
6525663.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
3,444
3,208
6525698.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
3,826
3,568
6525729.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
4,402
4,131
6525772.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
6,787
6,318
6525840.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
4,115
3,770
6525874.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
20,842
19,230
6526020.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
5,347
4,965
6526050.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
1,888
1,731
6526070.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
7,090
6,594
6526134.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
1,075
989
6526147.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
1,364
1,247
6526162.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
2,515
2,361
6526180.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
1,649
1,530
6526192.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
986
909
6526196.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
736
673
6526201.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
5,625
5,158
6526239.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
30,898
28,767
6526477.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,695
1,572
6526493.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,611
1,486
6526509.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
4,261
4,010
6526542.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
14,489
13,562
6526624.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
3,898
3,581
6526649.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
10,210
9,613
6526727.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,073
992
6526731.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
3,774
3,480
6526766.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
11,501
10,774
6526856.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
4,817
4,449
6526916.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
4,731
4,329
6527010.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,558
1,432
6527022.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
4,975
4,624
6527252.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
3,081
2,846
6527322.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
2,420
2,259
6527389.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
1,035
951
6527420.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
12,745
11,963
6527667.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
3,916
3,595
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
98
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6527741.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
$
9,824
$
9,069
6527951.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
14,443
13,384
6528195.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
8,677
8,147
6528332.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
22,795
21,119
6528593.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
6,710
6,233
6528654.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
4,189
3,909
6528685.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
15,845
14,877
6528883.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
9,174
8,498
6528987.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
2,759
2,573
6529012.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
10,420
9,700
6529126.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
854
776
6529130.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
1,870
1,703
6529157.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
4,120
3,868
6529197.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
3,651
3,439
6529240.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
14,136
13,152
6529369.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
5,164
4,798
6529400.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
3,838
3,465
6529459.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
5,794
5,242
6529506.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
2,212
2,057
6529515.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
11,968
11,173
6529613.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
16,366
15,372
6529930.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
1,140
1,046
6530827.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
57,758
54,062
6531669.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,035
961
6531686.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
7,201
6,661
6531847.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
8,697
8,164
6531978.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
6,564
6,138
6532099.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
7,590
7,118
6532262.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
10,501
9,631
6532425.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,963
1,812
6532434.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
16,583
15,342
6532568.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
8,421
7,665
6532694.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
5,493
5,162
6532739.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,813
1,624
6532768.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
7,322
6,646
6532858.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
9,047
8,407
6532955.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
15,197
14,177
6533109.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
9,051
8,356
6533237.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
7,233
6,794
6533285.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
21,336
19,538
6533589.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
2,885
2,674
6533643.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
8,043
7,554
6533721.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,201
1,127
6533732.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
982
902
6533741.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
480
400
6533762.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
5,147
4,802
6533795.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,477
1,378
6533807.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,612
1,477
6533833.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
17,241
16,082
6533974.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,239
1,148
6533996.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
27,855
25,900
6534157.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
7,019
6,457
6534197.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,163
1,068
6534255.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
2,693
2,464
6534277.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
64,995
60,087
6535332.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
2,306
2,114
6535364.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
18,586
17,157
6535616.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
3,153
2,922
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6535641.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
$
4,136
$
3,794
6536231.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
7,611
7,117
6536312.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
3,548
3,262
6536352.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
27,096
25,277
6536590.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
9,106
8,503
6536665.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
545
504
6536674.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
4,426
4,063
6536717.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
4,632
4,276
6536733.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
51,112
47,470
6537306.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
3,640
3,418
6537336.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
5,015
4,705
6537417.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
5,213
4,852
6537471.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
15,070
14,014
6537646.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
13,200
12,321
6537754.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
915
814
6537783.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
11,540
10,557
6537839.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
11,647
10,849
6537901.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
23,325
21,541
6539693.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
4,761
4,370
6539808.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
20,753
19,443
6540169.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
557
514
6540177.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,755
1,617
6540251.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
8,558
7,949
6540528.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
11,366
10,604
6540805.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,707
3,436
6540841.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
18,909
17,519
6541091.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
7,714
7,085
6541176.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
795
731
6541188.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
7,768
7,214
6541337.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
55,370
51,639
6541957.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
10,376
9,707
6542030.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
24,481
23,046
6542531.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,814
3,510
6542573.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
64,072
60,141
6543152.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,332
1,230
6543240.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
51,627
48,297
6544544.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
4,456
4,192
6544612.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
6,652
6,206
6544718.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
4,829
4,519
6544848.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
6,098
5,651
6544934.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
568
530
6544949.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
2,375
2,175
6544969.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,018
946
6545000.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
2,232
2,078
6545018.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
11,038
10,358
6545177.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
57,946
53,911
6545807.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
7,729
7,070
6545917.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
468
383
6545925.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
2,380
2,188
6545947.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
24,825
23,050
6546231.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
7,317
6,737
6546299.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,092
1,007
6546312.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
22,070
20,639
6546561.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,962
1,831
6546599.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,894
1,764
6546633.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,445
1,314
6546666.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
5,450
5,115
6546793.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
2,280
2,139
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
99
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6546843.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
$
1,455
$
1,350
6546881.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
4,595
4,309
6546916.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
6,528
6,028
6546981.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
5,976
5,543
6547042.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
6,508
6,045
6547102.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
3,034
2,803
6547132.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
15,008
14,058
6547288.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
8,457
7,875
6547379.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
9,582
8,936
6547450.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
4,071
3,737
6547481.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
6,258
5,873
6547547.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
3,938
3,619
6547586.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
1,435
1,311
6547604.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
40,658
38,081
6547951.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
1,306
1,173
6547967.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
9,486
8,749
6548052.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
4,259
3,909
6548112.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
6,052
5,696
6548169.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
1,160
1,066
6548187.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
2,197
2,027
6548202.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
3,701
3,423
6548243.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
2,045
1,846
6548463.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
6,182
5,757
6548568.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
11,626
10,910
6548857.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
2,955
2,715
6548912.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
18,517
16,984
6549315.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
2,115
1,960
6549336.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
12,688
11,908
6549512.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
2,407
2,236
6549544.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
2,080
1,952
6549559.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
2,277
2,082
6549597.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,598
1,500
6549643.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,473
1,346
6549671.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
11,458
10,682
6549985.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
919
825
6550039.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
651
597
6550072.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
8,979
8,452
6550183.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
6,194
5,713
6550263.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
6,649
6,207
6550356.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
6,415
6,021
6550403.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
8,218
7,686
6550459.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
528
451
6550460.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
12,622
11,652
6550667.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,682
1,536
6550689.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
13,032
12,077
6550798.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,192
1,102
6550814.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
5,508
5,157
6550864.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
3,919
3,597
6550914.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
11,557
10,803
6551033.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
12,171
11,427
6551208.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
21,165
19,921
6551421.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
13,275
12,362
6551528.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
15,143
13,981
6551701.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,825
2,608
6551813.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
5,385
5,054
6551948.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
3,812
3,573
6551997.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
10,548
9,897
6552128.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,183
2,035
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6552142.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
$
12,596
$
11,853
6552251.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,216
1,114
6552263.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
3,216
3,017
6552296.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,288
1,192
6552306.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
4,926
4,510
6552346.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
3,136
2,929
6552432.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
952
882
6552468.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,642
2,480
6552507.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
5,650
5,185
6552610.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,411
1,291
6552648.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
7,007
6,593
6552740.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,850
2,628
6552779.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,516
2,341
6552823.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
7,099
6,608
6552931.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
23,013
21,282
6553212.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
11,447
10,593
6553291.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
42,306
39,449
6553682.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,566
2,405
6553721.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,144
1,968
6553746.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
3,233
2,970
6553775.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
766
703
6553779.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
5,039
4,634
6553822.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,623
1,509
6553839.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
4,434
4,052
6553889.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
4,424
4,120
6553959.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
455
419
6553971.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
3,670
3,453
6554013.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
11,736
11,013
6554172.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,753
1,615
6554182.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
4,015
3,721
6554223.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,019
940
6554237.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
18,959
17,717
6554530.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
22,538
20,969
6554721.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
14,819
13,384
6554887.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,756
2,536
6554904.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
16,544
15,410
6555048.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
6,003
5,613
6555069.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
57,931
53,774
6555336.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
960
874
6555384.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,315
1,219
6555404.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
11,648
10,928
6555512.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
6,884
6,379
6555631.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
681
633
6555651.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
9,381
8,689
6555809.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
4,244
3,929
6555898.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
3,009
2,760
6555951.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,274
1,153
6555961.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
5,175
4,826
6556061.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,530
1,419
6556092.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
8,449
7,927
6556197.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,247
1,153
6556234.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
11,465
10,722
6556350.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
6,427
5,992
6556423.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
12,805
11,831
6556561.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
71,263
66,141
6557433.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,659
1,525
6557456.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
13,242
12,424
6557661.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
16,211
14,835
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
100
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6557802.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
$
2,305
$
2,168
6557827.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
44,429
41,379
6559548.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,621
1,512
6559680.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
17,878
16,551
6559837.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
5,679
5,260
6559912.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
884
811
6559922.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,839
4,432
6559998.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,218
2,957
6560070.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,522
1,389
6560096.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
2,008
1,851
6560133.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,733
3,445
6560216.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
14,054
13,044
6560454.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
2,205
2,061
6560501.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,955
1,789
6560556.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,648
1,523
6560566.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
8,660
8,122
6560718.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,324
4,069
6560794.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
26,504
24,830
6561367.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
12,224
11,472
6561534.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,705
4,401
6561598.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
2,372
2,167
6561632.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,829
1,698
6561666.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
868
800
6561685.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,100
2,864
6561726.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,761
3,462
6561786.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,026
3,713
6561851.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,093
2,852
6561905.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,688
3,439
6561946.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
16,080
14,917
6562144.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,405
4,094
6562223.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
8,003
7,387
6562377.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
12,380
11,586
6562511.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
7,633
7,020
6562625.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
30,309
27,881
6563045.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
636
583
6563085.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
27,138
25,409
6563707.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
6,519
6,133
6563830.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
9,585
8,915
6564022.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
13,662
12,739
6564281.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
8,735
8,167
6564407.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
3,264
3,018
6564446.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
12,922
11,952
6564615.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
70,002
65,257
6565305.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
18,859
17,686
6565581.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
9,613
8,931
6565683.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
1,472
1,354
6565688.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
7,630
7,055
6565784.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
8,616
8,056
6565853.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
12,883
11,964
6566055.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
16,219
14,988
6566173.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
5,343
4,922
6566218.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,622
1,495
6566223.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
960
881
6566230.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
2,043
1,871
6566249.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
4,658
4,306
6566270.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
2,974
2,739
6566278.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,748
1,601
6566297.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,769
1,618
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6566309.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
$
3,127
$
2,916
6566330.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
5,529
5,185
6566378.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
2,668
2,501
6566401.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
2,649
2,461
6566431.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
11,976
11,213
6566527.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,394
1,250
6566541.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
3,097
2,901
6566563.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,992
1,840
6566576.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
19,763
18,163
6566694.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,366
1,257
6566709.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,651
1,522
6566719.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,690
1,494
6566732.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
5,725
5,334
6566782.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,291
1,187
6566797.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,610
1,476
6566804.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
2,646
2,387
6566829.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
7,822
7,324
6566878.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
3,097
2,837
6566900.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
3,959
3,696
6566932.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
25,396
23,205
6567114.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
2,342
2,178
6567137.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
10,925
10,248
6567230.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
986
909
6567237.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
22,388
20,959
6567416.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
8,722
8,127
6567597.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
2,668
2,479
6567620.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
6,630
6,135
6567779.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
7,240
6,755
6567996.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,940
1,786
6568019.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
4,835
4,421
6568099.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
14,911
13,702
6568305.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
2,683
2,469
6568362.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
5,531
5,118
6568423.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
14,114
13,276
6568668.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,803
1,673
6568686.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
21,320
19,675
6568971.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
3,143
2,906
6569001.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
7,580
7,073
6569065.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
15,080
14,185
6569241.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
6,344
5,858
6569303.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
656
605
6569324.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
48,194
45,142
6569746.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
33,327
30,832
6570147.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
2,684
2,517
6570160.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
39,542
36,755
6570553.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
7,862
7,324
6570601.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
869
800
6570604.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
11,470
10,628
6570707.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
5,376
5,043
6570734.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
2,465
2,305
6570746.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
21,681
20,399
6570919.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
7,812
7,218
6570986.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
15,542
14,493
6571241.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,287
1,175
6571288.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,010
921
6571313.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
4,900
4,523
6571387.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
2,940
2,719
6571419.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
3,183
2,968
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
101
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6571478.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
$
4,683
$
4,343
6571593.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
24,406
22,447
6572066.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
7,089
6,648
6572155.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
21,768
20,349
6572465.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,492
1,361
6572506.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
15,233
14,026
6572722.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
7,804
7,299
6572822.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
3,950
3,648
6572904.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
10,973
10,164
6573078.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
27,145
25,532
6573292.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
8,643
7,951
6573424.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
11,597
10,806
6573521.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,886
1,757
6573531.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
10,667
9,855
6573708.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
3,719
3,434
6573774.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
18,772
17,222
6573997.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
634
583
6574009.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,020
924
6574021.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
2,557
2,373
6574042.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
5,312
4,943
6574088.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
4,639
4,299
6574116.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,936
1,786
6574130.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
2,115
1,958
6574151.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,800
1,664
6574171.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
5,399
5,054
6574227.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
50,734
47,291
6574582.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
3,805
3,461
6574672.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
8,821
8,257
6575174.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
5,573
5,099
6575263.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
4,533
4,189
6575291.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
93,984
87,429
6576291.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
63,633
59,365
6576916.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
16,256
15,172
6577200.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
6,012
5,538
6577258.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
16,708
15,637
6577445.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
454
420
6577450.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
15,293
13,986
6577574.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
6,376
5,925
6577689.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
1,306
1,208
6577708.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
7,137
6,714
6577778.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
11,644
10,923
6577886.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
5,978
5,588
6577941.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
1,159
1,076
6577950.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
10,810
10,073
6578011.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
2,087
1,964
6578017.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
8,924
8,322
6579828.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
9,897
9,278
6579993.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
5,206
4,792
6580056.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
7,535
6,974
6580156.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
12,006
11,039
6580331.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
7,620
7,023
6580517.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
5,435
5,065
6580594.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
5,580
5,154
6580695.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
27,491
25,770
6581129.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
5,546
5,190
6581222.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,189
1,093
6581234.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,131
1,051
6581252.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
7,426
6,879
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6581382.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
$
6,711
$
6,273
6581418.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
5,492
5,016
6581507.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
7,146
6,582
6581595.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
32,990
30,535
6581927.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
10,335
9,686
6582053.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
38,612
36,198
6582526.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
3,414
3,119
6582550.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
2,097
1,899
6582560.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
5,688
5,270
6582618.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
7,189
6,679
6582645.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
3,365
3,099
6582657.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,010
923
6582678.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
827
770
6582691.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
83,243
77,159
6583415.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
7,205
6,638
6583567.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
27,354
25,557
6584019.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
4,131
3,810
6584142.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
880
807
6584163.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
3,325
3,065
6584205.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,571
1,447
6584221.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
7,791
7,291
6584335.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,349
1,245
6584354.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
17,760
16,633
6584551.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
2,310
2,139
6584584.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
3,719
3,430
6584614.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
5,554
5,174
6584701.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
25,477
23,593
6584979.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
33,113
30,846
6585355.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
8,808
8,256
6585396.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
2,993
2,772
6585418.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
16,817
15,677
6585683.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
7,637
7,146
6585824.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
3,050
2,833
6585859.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
4,572
4,260
6585907.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,841
1,679
6585939.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
2,745
2,565
6585989.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
95,900
89,344
6586582.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
4,800
4,473
6586640.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
2,263
2,092
6586659.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
3,706
3,433
6586692.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
2,696
2,505
6586702.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
16,825
15,583
6586838.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
5,534
5,177
6586889.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
1,476
1,379
6586899.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
5,085
4,704
6586939.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
2,565
2,371
6586950.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
15,738
14,662
6587060.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
12,587
11,781
6587169.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
11,987
11,142
6587248.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
1,133
1,031
6587255.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
5,331
4,924
6587293.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
11,826
10,868
6587383.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
986
901
6587392.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
747
690
6587400.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
1,245
1,138
6587407.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
6,716
6,161
6587454.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
8,177
7,480
6587513.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
5,512
5,156
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
102
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6587551.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
$
11,673
$
10,840
6587639.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
25,188
23,455
6587829.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
3,570
3,298
6587857.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
1,618
1,498
6587871.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
4,301
3,943
6587905.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
5,704
5,318
6587941.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
3,441
3,171
6588177.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,697
3,456
6588201.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,052
960
6588213.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
775
716
6588219.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,621
3,335
6588282.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,705
1,569
6588322.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,568
1,451
6588338.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
14,079
13,013
6588601.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
16,647
15,576
6588929.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,109
1,040
6588941.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
22,629
20,938
6589164.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
16,458
15,374
6589334.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
24,128
22,480
6589629.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
4,199
3,853
6589674.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
28,928
27,066
6589887.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
45,726
42,478
6590265.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
6,127
5,661
6590308.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,336
1,231
6590318.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
11,288
10,444
6590389.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,854
3,578
6590435.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,262
1,153
6590442.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
12,103
11,126
6590561.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
15,137
13,910
6590671.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
11,766
10,825
6590770.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
11,263
10,435
6590844.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
4,119
3,770
6590879.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
46,927
43,578
6591240.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,537
1,437
6591265.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
2,396
2,200
6591293.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
5,136
4,736
6591343.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
2,997
2,778
6591376.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
11,839
10,912
6591440.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
7,566
7,009
6591580.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
11,478
10,692
6591733.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
3,162
2,890
6591780.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
12,081
11,302
6591946.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
19,044
17,819
6592252.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
1,249
1,164
6592268.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
1,146
1,059
6592285.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
28,124
25,941
6592595.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
13,927
12,866
6592742.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
9,482
8,731
6592821.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
28,562
26,515
6593140.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
6,101
5,636
6593169.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
1,066
982
6593179.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
14,732
13,502
6593307.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
27,852
25,987
6593557.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
94,248
88,169
6594291.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
10,613
9,713
6594349.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
3,397
3,115
6594369.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
2,228
2,088
6594381.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
3,546
3,247
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6594394.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
$
14,892
$
13,799
6594512.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
21,788
20,385
6594525.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,959
1,790
6594588.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
3,825
3,577
6594650.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
3,396
3,145
6594726.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
11,003
10,249
6594855.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
26,239
24,152
6595284.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
8,913
8,207
6595407.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,374
1,276
6595434.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
998
926
6595445.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
2,366
2,211
6595480.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
17,097
15,838
6595631.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
2,258
2,084
6595647.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
4,486
4,146
6595699.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
14,081
13,185
6595866.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
5,272
4,871
6595929.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
7,303
6,749
6596012.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
811
754
6596021.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
3,437
3,184
6596053.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,424
1,311
6596074.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
3,074
2,831
6596096.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
3,897
3,630
6596107.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
6,635
6,185
6596159.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
2,009
1,839
6596176.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
2,623
2,423
6596218.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
79,477
74,025
6596797.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
22,628
21,172
6596989.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
568
528
6596999.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
5,971
5,507
6597055.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
3,402
3,157
6597081.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,305
1,215
6597102.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
799
731
6597108.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
11,866
10,980
6598676.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,879
2,652
6598755.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
754
697
6598771.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
3,228
3,007
6598822.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
5,967
5,513
6598899.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
9,376
8,658
6599059.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,782
2,552
6599139.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
1,416
1,306
6599158.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
3,852
3,576
6599296.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,219
2,049
6599318.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
6,635
6,204
6599432.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
1,025
955
6599454.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
11,385
10,607
6599686.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
3,626
3,390
6599731.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
33,762
31,110
6600248.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
33,135
30,504
6600579.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
3,154
2,894
6600609.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
4,647
4,279
6600642.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
1,336
1,235
6600675.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,197
2,000
6600732.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,256
2,110
6600754.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
3,579
3,322
6600797.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
9,205
8,575
6600882.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
13,344
12,435
6601025.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
4,531
4,230
6601067.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
15,328
14,115
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
103
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6601167.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
$
36,904
$
34,471
6601613.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
3,778
3,489
6601639.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
4,506
4,198
6601677.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
6,811
6,345
6601735.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
5,977
5,569
6601754.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,879
1,750
6601795.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
4,840
4,422
6601829.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
4,256
3,949
6601863.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
42,165
39,269
6602383.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
14,138
13,219
6602634.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
4,714
4,317
6602676.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
2,497
2,269
6602728.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
739
683
6602747.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
4,897
4,560
6602803.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
10,784
9,983
6602942.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,198
1,103
6602960.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
10,738
9,854
6603091.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
5,797
5,361
6603177.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,545
1,438
6603190.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,642
1,498
6603202.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,360
1,267
6603224.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
7,128
6,565
6603315.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
6,267
5,795
6603347.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
8,446
7,897
6603465.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
2,119
1,941
6603476.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
8,012
7,492
6603580.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
18,042
16,869
6603782.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
2,783
2,573
6603824.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,671
1,533
6603848.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
4,853
4,475
6603884.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
9,413
8,801
6603985.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,367
1,264
6604005.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
3,438
3,203
6604042.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
3,322
3,105
6604049.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
14,364
13,411
6604286.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,241
1,158
6604310.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
6,407
5,847
6604381.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
5,792
5,279
6604427.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
3,302
3,055
6604438.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
1,759
1,632
6604448.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
6,468
6,022
6604504.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
908
848
6604509.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
3,078
2,842
6604527.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
2,379
2,196
6604538.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
1,944
1,773
6604547.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
1,464
1,336
6604559.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
906
826
6604565.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
3,433
3,186
6604591.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
5,898
5,524
6604631.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
35,944
33,471
6604837.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
5,575
5,175
6604872.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
8,348
7,688
6604938.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
3,918
3,626
6604965.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
22,930
21,221
6605116.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
1,589
1,453
6605126.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
12,149
11,107
6605199.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
2,898
2,709
6605212.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
21,723
19,936
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6605316.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
$
12,206
$
11,412
6605376.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
6,766
6,326
6605415.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
3,290
3,029
6605433.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
5,760
5,285
6605594.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
2,889
2,672
6605651.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
3,699
3,383
6605723.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,044
954
6605742.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,170
1,081
6605771.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
4,528
4,234
6605873.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
39,930
37,058
6606495.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
2,812
2,628
6606538.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
4,435
4,061
6606586.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,743
1,599
6606635.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
33,799
31,472
6607019.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
11,415
10,594
6607146.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
11,174
10,330
6607275.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
5,897
5,514
6607305.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,635
1,527
6607321.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
6,234
5,781
6607373.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
3,359
3,117
6607401.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
29,775
27,489
6607632.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
30,440
27,986
6607852.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
4,813
4,467
6607860.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
7,983
7,369
6607903.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
7,354
6,876
6607977.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
2,297
2,124
6608000.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
35,164
32,545
6608190.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
5,505
5,108
6608224.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
7,801
7,264
6608297.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
16,578
15,204
6608389.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
6,466
5,970
6608420.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
14,989
13,751
6608464.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
52,230
48,348
6608746.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
3,652
3,340
6608828.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
51,102
47,583
6609525.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
6,349
5,924
6609650.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
6,443
5,948
6609737.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
3,776
3,530
6609775.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,051
1,903
6609785.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
15,919
14,731
6609985.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,708
1,590
6609998.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
12,587
11,768
6610108.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,010
1,834
6610119.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
4,543
4,230
6610150.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,712
2,481
6610173.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
5,670
5,301
6610210.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,297
2,121
6610214.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
20,788
19,190
6610450.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
10,767
9,913
6610640.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
3,717
3,403
6610657.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
14,402
13,464
6610806.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,155
2,014
6610843.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
5,778
5,301
6610856.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
5,407
5,004
6610883.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
14,572
13,623
6610999.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
23,927
22,369
6611194.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
8,140
7,527
6611284.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
9,242
8,640
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
104
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6611358.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
$
6,760
$
6,181
6611457.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
15,329
14,311
6611585.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
7,611
6,944
3210332.SQ.FTS.B,
Zero
Cpn,
3/18/32
...
4,369
–
3212181.SQ.FTS.B,
Zero
Cpn,
3/18/32
...
380
–
3232249.SQ.FTS.B,
Zero
Cpn,
3/25/32
...
828
–
3233993.SQ.FTS.B,
Zero
Cpn,
3/26/32
...
428
–
3234758.SQ.FTS.B,
Zero
Cpn,
3/28/32
...
637
–
3238373.SQ.FTS.B,
Zero
Cpn,
3/29/32
...
870
–
3255010.SQ.FTS.B,
Zero
Cpn,
4/07/32
...
1,659
–
3260194.SQ.FTS.B,
Zero
Cpn,
4/09/32
...
204
–
3297660.SQ.FTS.B,
Zero
Cpn,
4/24/32
...
556
–
3311752.SQ.FTS.B,
Zero
Cpn,
4/30/32
...
252
–
3320535.SQ.FTS.B,
Zero
Cpn,
5/05/32
...
13,177
–
3336181.SQ.FTS.B,
Zero
Cpn,
5/12/32
...
7,935
4
3336690.SQ.FTS.B,
Zero
Cpn,
5/12/32
...
486
–
3344944.SQ.FTS.B,
Zero
Cpn,
5/17/32
...
877
2
3361155.SQ.FTS.B,
Zero
Cpn,
5/19/32
...
1,466
1
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
1
3401486.SQ.FTS.B,
Zero
Cpn,
6/02/32
...
263
–
3407926.SQ.FTS.B,
Zero
Cpn,
6/03/32
...
1,511
2
3411766.SQ.FTS.B,
Zero
Cpn,
6/04/32
...
5,695
18
3414237.SQ.FTS.B,
Zero
Cpn,
6/05/32
...
2,276
8
3415734.SQ.FTS.B,
Zero
Cpn,
6/07/32
...
4,366
10
3419699.SQ.FTS.B,
Zero
Cpn,
6/08/32
...
10,480
39
3425756.SQ.FTS.B,
Zero
Cpn,
6/10/32
...
1,231
4
3428606.SQ.FTS.B,
Zero
Cpn,
6/11/32
...
2,118
9
3432767.SQ.FTS.B,
Zero
Cpn,
6/14/32
...
1,841
4
3433089.SQ.FTS.B,
Zero
Cpn,
6/14/32
...
396
1
3434383.SQ.FTS.B,
Zero
Cpn,
6/14/32
...
11,741
25
3435958.SQ.FTS.B,
Zero
Cpn,
6/15/32
...
2,155
8
3436460.SQ.FTS.B,
Zero
Cpn,
6/15/32
...
585
3
3436486.SQ.FTS.B,
Zero
Cpn,
6/15/32
...
376
2
3437194.SQ.FTS.B,
Zero
Cpn,
6/15/32
...
1,490
7
3437850.SQ.FTS.B,
Zero
Cpn,
6/16/32
...
4,084
18
3452149.SQ.FTS.B,
Zero
Cpn,
6/21/32
...
969
5
3463095.SQ.FTS.B,
Zero
Cpn,
6/23/32
...
11,405
79
3472489.SQ.FTS.B,
Zero
Cpn,
6/26/32
...
2,604
6
3487584.SQ.FTS.B,
Zero
Cpn,
6/30/32
...
2,184
17
3510070.SQ.FTS.B,
Zero
Cpn,
7/06/32
...
25,800
176
3513483.SQ.FTS.B,
Zero
Cpn,
7/07/32
...
4,792
26
3516078.SQ.FTS.B,
Zero
Cpn,
7/08/32
...
8,033
62
3521469.SQ.FTS.B,
Zero
Cpn,
7/08/32
...
3,422
32
3559884.SQ.FTS.B,
Zero
Cpn,
7/19/32
...
616
4
3566831.SQ.FTS.B,
Zero
Cpn,
7/20/32
...
2,799
25
3572652.SQ.FTS.B,
Zero
Cpn,
7/21/32
...
758
12
3573904.SQ.FTS.B,
Zero
Cpn,
7/21/32
...
2,469
24
3612013.SQ.FTS.B,
Zero
Cpn,
7/29/32
...
3,513
42
3612313.SQ.FTS.B,
Zero
Cpn,
7/30/32
...
3,994
32
3616837.SQ.FTS.B,
Zero
Cpn,
8/01/32
...
1,256
6
3622745.SQ.FTS.B,
Zero
Cpn,
8/03/32
...
5,722
72
3629212.SQ.FTS.B,
Zero
Cpn,
8/05/32
...
316
3
3631012.SQ.FTS.B,
Zero
Cpn,
8/07/32
...
702
6
3693768.SQ.FTS.B,
Zero
Cpn,
8/20/32
...
1,735
34
3700150.SQ.FTS.B,
Zero
Cpn,
8/22/32
...
3,008
37
3760407.SQ.FTS.B,
Zero
Cpn,
9/01/32
...
3,543
46
Description
Principal
Amount
Value
Block,
Inc.
(continued)
3820662.SQ.FTS.B,
Zero
Cpn,
9/07/32
...
$
734
$
15
3842781.SQ.FTS.B,
Zero
Cpn,
9/11/32
...
10,067
89
3849054.SQ.FTS.B,
Zero
Cpn,
9/12/32
...
679
12
3849313.SQ.FTS.B,
Zero
Cpn,
9/12/32
...
204
4
3849333.SQ.FTS.B,
Zero
Cpn,
9/12/32
...
8,085
113
3869455.SQ.FTS.B,
Zero
Cpn,
9/17/32
...
7,514
152
3877914.SQ.FTS.B,
Zero
Cpn,
9/18/32
...
1,608
43
3908447.SQ.FTS.B,
Zero
Cpn,
9/24/32
...
608
19
3944713.SQ.FTS.B,
Zero
Cpn,
9/30/32
...
16,717
361
3948363.SQ.FTS.B,
Zero
Cpn,
9/30/32
...
386
9
3953673.SQ.FTS.B,
Zero
Cpn,
9/30/32
...
673
16
3953788.SQ.FTS.B,
Zero
Cpn,
9/30/32
...
6,116
164
3988483.SQ.FTS.B,
Zero
Cpn,
10/06/32
..
6,804
132
3995187.SQ.FTS.B,
Zero
Cpn,
10/07/32
..
966
36
4006108.SQ.FTS.B,
Zero
Cpn,
10/08/32
..
3,609
123
4012864.SQ.FTS.B,
Zero
Cpn,
10/08/32
..
422
5
4027848.SQ.FTS.B,
Zero
Cpn,
10/13/32
..
13,882
507
4030312.SQ.FTS.B,
Zero
Cpn,
10/13/32
..
596
14
4039216.SQ.FTS.B,
Zero
Cpn,
10/15/32
..
645
13
4042564.SQ.FTS.B,
Zero
Cpn,
10/15/32
..
379
5
4044447.SQ.FTS.B,
Zero
Cpn,
10/16/32
..
14,344
356
4049053.SQ.FTS.B,
Zero
Cpn,
10/18/32
..
3,993
86
4077814.SQ.FTS.B,
Zero
Cpn,
10/23/32
..
2,357
86
4079086.SQ.FTS.B,
Zero
Cpn,
10/23/32
..
3,779
100
4079838.SQ.FTS.B,
Zero
Cpn,
10/23/32
..
6,825
267
4080547.SQ.FTS.B,
Zero
Cpn,
10/24/32
..
1,952
25
4095538.SQ.FTS.B,
Zero
Cpn,
10/28/32
..
3,487
139
4125734.SQ.FTS.B,
Zero
Cpn,
11/05/32
..
4,285
84
4138127.SQ.FTS.B,
Zero
Cpn,
11/09/32
..
2,987
152
4142060.SQ.FTS.B,
Zero
Cpn,
11/10/32
..
1,222
61
4147030.SQ.FTS.B,
Zero
Cpn,
11/11/32
..
346
6
4163065.SQ.FTS.B,
Zero
Cpn,
11/14/32
..
1,168
63
4171680.SQ.FTS.B,
Zero
Cpn,
11/17/32
..
3,222
190
4171907.SQ.FTS.B,
Zero
Cpn,
11/17/32
..
4,783
248
4186988.SQ.FTS.B,
Zero
Cpn,
11/20/32
..
375
17
4189414.SQ.FTS.B,
Zero
Cpn,
11/20/32
..
259
8
4197129.SQ.FTS.B,
Zero
Cpn,
11/21/32
..
38
1
4199800.SQ.FTS.B,
Zero
Cpn,
11/22/32
..
23
1
4200379.SQ.FTS.B,
Zero
Cpn,
11/23/32
..
1,103
32
4207561.SQ.FTS.B,
Zero
Cpn,
11/25/32
..
1,742
74
4229796.SQ.FTS.B,
Zero
Cpn,
11/27/32
..
2,213
57
4236597.SQ.FTS.B,
Zero
Cpn,
11/30/32
..
6,208
231
4246370.SQ.FTS.B,
Zero
Cpn,
12/02/32
..
11,311
650
4267608.SQ.FTS.B,
Zero
Cpn,
12/04/32
..
4,641
322
4271659.SQ.FTS.B,
Zero
Cpn,
12/04/32
..
970
30
4280865.SQ.FTS.B,
Zero
Cpn,
12/07/32
..
7,991
380
4309215.SQ.FTS.B,
Zero
Cpn,
12/10/32
..
2,829
104
4309887.SQ.FTS.B,
Zero
Cpn,
12/10/32
..
3,248
245
4314394.SQ.FTS.B,
Zero
Cpn,
12/11/32
..
4,763
316
4315019.SQ.FTS.B,
Zero
Cpn,
12/11/32
..
1,296
87
4315085.SQ.FTS.B,
Zero
Cpn,
12/11/32
..
753
40
4333949.SQ.FTS.B,
Zero
Cpn,
12/17/32
..
1,348
68
4342268.SQ.FTS.B,
Zero
Cpn,
12/20/32
..
3,769
243
4345972.SQ.FTS.B,
Zero
Cpn,
12/21/32
..
2,285
65
4352084.SQ.FTS.B,
Zero
Cpn,
12/22/32
..
1,688
116
4352239.SQ.FTS.B,
Zero
Cpn,
12/22/32
..
620
54
4383604.SQ.FTS.B,
Zero
Cpn,
12/30/32
..
2,916
218
4390373.SQ.FTS.B,
Zero
Cpn,
1/02/33
...
527
27
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
105
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
4390406.SQ.FTS.B,
Zero
Cpn,
1/02/33
...
$
950
$
96
4394687.SQ.FTS.B,
Zero
Cpn,
1/06/33
...
867
38
4406025.SQ.FTS.B,
Zero
Cpn,
1/13/33
...
1,627
120
4409278.SQ.FTS.B,
Zero
Cpn,
1/14/33
...
386
23
4413064.SQ.FTS.B,
Zero
Cpn,
1/15/33
...
980
112
4413957.SQ.FTS.B,
Zero
Cpn,
1/16/33
...
356
17
4430691.SQ.FTS.B,
Zero
Cpn,
1/22/33
...
968
77
4431496.SQ.FTS.B,
Zero
Cpn,
1/22/33
...
432
29
4434260.SQ.FTS.B,
Zero
Cpn,
1/24/33
...
455
46
4438299.SQ.FTS.B,
Zero
Cpn,
1/27/33
...
2,530
197
4438563.SQ.FTS.B,
Zero
Cpn,
1/27/33
...
14,155
1,325
4450419.SQ.FTS.B,
Zero
Cpn,
2/02/33
...
4,134
371
4452962.SQ.FTS.B,
Zero
Cpn,
2/03/33
...
8,915
994
4455128.SQ.FTS.B,
Zero
Cpn,
2/04/33
...
2,253
209
4457642.SQ.FTS.B,
Zero
Cpn,
2/05/33
...
3,469
331
4463189.SQ.FTS.B,
Zero
Cpn,
2/09/33
...
2,140
117
4463847.SQ.FTS.B,
Zero
Cpn,
2/09/33
...
556
43
4465207.SQ.FTS.B,
Zero
Cpn,
2/10/33
...
3,432
233
4468040.SQ.FTS.B,
Zero
Cpn,
2/11/33
...
288
29
4469186.SQ.FTS.B,
Zero
Cpn,
2/12/33
...
1,905
192
4475919.SQ.FTS.B,
Zero
Cpn,
2/16/33
...
488
60
4481855.SQ.FTS.B,
Zero
Cpn,
2/19/33
...
1,079
114
4481874.SQ.FTS.B,
Zero
Cpn,
2/19/33
...
1,551
232
4483852.SQ.FTS.B,
Zero
Cpn,
2/19/33
...
12,274
1,344
4484475.SQ.FTS.B,
Zero
Cpn,
2/20/33
...
3,439
342
4484542.SQ.FTS.B,
Zero
Cpn,
2/20/33
...
6,016
598
4488928.SQ.FTS.B,
Zero
Cpn,
2/23/33
...
703
50
4488941.SQ.FTS.B,
Zero
Cpn,
2/23/33
...
1,139
103
4489974.SQ.FTS.B,
Zero
Cpn,
2/24/33
...
4,041
445
4499783.SQ.FTS.B,
Zero
Cpn,
2/28/33
...
2,186
358
4508723.SQ.FTS.B,
Zero
Cpn,
3/02/33
...
6,372
1,044
4510936.SQ.FTS.B,
Zero
Cpn,
3/03/33
...
4,640
705
4513287.SQ.FTS.B,
Zero
Cpn,
3/04/33
...
12,361
1,859
4514072.SQ.FTS.B,
Zero
Cpn,
3/05/33
...
1,866
309
4516974.SQ.FTS.B,
Zero
Cpn,
3/07/33
...
88
12
4519611.SQ.FTS.B,
Zero
Cpn,
3/08/33
...
12,933
1,573
4532062.SQ.FTS.B,
Zero
Cpn,
3/14/33
...
3,825
620
4532929.SQ.FTS.B,
Zero
Cpn,
3/14/33
...
2,327
431
4534513.SQ.FTS.B,
Zero
Cpn,
3/15/33
...
304
32
4535094.SQ.FTS.B,
Zero
Cpn,
3/15/33
...
3,360
461
4540937.SQ.FTS.B,
Zero
Cpn,
3/17/33
...
6,282
332
4546342.SQ.FTS.B,
Zero
Cpn,
3/20/33
...
3,208
174
4548999.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
4,823
860
4549725.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
3,736
236
4549873.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
201
30
4549880.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
3,819
208
4549903.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
876
128
4550163.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
1,397
192
4550265.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
545
79
4555245.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
7,327
1,527
4556429.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
3,512
425
4556489.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
4,026
545
4556569.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
18,356
3,384
4557410.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
5,012
485
4558347.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
1,070
146
4561168.SQ.FTS.B,
Zero
Cpn,
3/24/33
...
715
40
4561400.SQ.FTS.B,
Zero
Cpn,
3/25/33
...
18,791
4,298
4561751.SQ.FTS.B,
Zero
Cpn,
3/25/33
...
3,074
172
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4562273.SQ.FTS.B,
Zero
Cpn,
3/26/33
...
$
3,405
$
699
4562746.SQ.FTS.B,
Zero
Cpn,
3/27/33
...
743
158
4563389.SQ.FTS.B,
Zero
Cpn,
3/27/33
...
3,392
213
4565857.SQ.FTS.B,
Zero
Cpn,
3/27/33
...
14,859
2,696
4566912.SQ.FTS.B,
Zero
Cpn,
3/28/33
...
3,622
792
4579623.SQ.FTS.B,
Zero
Cpn,
4/01/33
...
30,289
5,126
4580785.SQ.FTS.B,
Zero
Cpn,
4/01/33
...
822
160
4581333.SQ.FTS.B,
Zero
Cpn,
4/02/33
...
3,759
624
4581555.SQ.FTS.B,
Zero
Cpn,
4/02/33
...
12,644
2,924
4582331.SQ.FTS.B,
Zero
Cpn,
4/03/33
...
5,425
769
4585539.SQ.FTS.B,
Zero
Cpn,
4/04/33
...
643
94
4586510.SQ.FTS.B,
Zero
Cpn,
4/04/33
...
6,337
900
4589242.SQ.FTS.B,
Zero
Cpn,
4/05/33
...
488
52
4600950.SQ.FTS.B,
Zero
Cpn,
4/07/33
...
936
64
4601418.SQ.FTS.B,
Zero
Cpn,
4/08/33
...
4,582
510
4601908.SQ.FTS.B,
Zero
Cpn,
4/08/33
...
835
145
4603785.SQ.FTS.B,
Zero
Cpn,
4/08/33
...
2,545
288
4604781.SQ.FTS.B,
Zero
Cpn,
4/09/33
...
302
73
4606149.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
2,129
381
4606526.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
462
53
4607817.SQ.FTS.B,
Zero
Cpn,
4/12/33
...
768
206
4609191.SQ.FTS.B,
Zero
Cpn,
4/12/33
...
3,877
740
4610483.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
25,632
6,209
4612864.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
831
57
4612909.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
12,441
1,939
4618545.SQ.FTS.B,
Zero
Cpn,
4/14/33
...
2,720
480
4618572.SQ.FTS.B,
Zero
Cpn,
4/14/33
...
927
159
4620208.SQ.FTS.B,
Zero
Cpn,
4/14/33
...
2,314
269
4621187.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
310
23
4622912.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
12,026
2,105
4623698.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
4,549
568
4625409.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
1,903
334
4626052.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
3,539
472
4626904.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
4,667
355
4627946.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
4,103
1,138
4628916.SQ.FTS.B,
Zero
Cpn,
4/19/33
...
1,032
257
4630150.SQ.FTS.B,
Zero
Cpn,
4/19/33
...
4,493
894
4630473.SQ.FTS.B,
Zero
Cpn,
4/19/33
...
336
74
4631665.SQ.FTS.B,
Zero
Cpn,
4/20/33
...
4,254
842
4635804.SQ.FTS.B,
Zero
Cpn,
4/21/33
...
353
113
4637259.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
146
24
4639123.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
1,166
163
4639291.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
2,843
778
4639511.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
1,924
352
4641955.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
13,703
3,122
4645543.SQ.FTS.B,
Zero
Cpn,
4/26/33
...
371
93
4645672.SQ.FTS.B,
Zero
Cpn,
4/26/33
...
10,185
2,460
4645843.SQ.FTS.B,
Zero
Cpn,
4/26/33
...
780
212
4646107.SQ.FTS.B,
Zero
Cpn,
4/26/33
...
2,393
719
4646691.SQ.FTS.B,
Zero
Cpn,
4/26/33
...
582
145
4650952.SQ.FTS.B,
Zero
Cpn,
4/28/33
...
2,708
671
4652170.SQ.FTS.B,
Zero
Cpn,
4/28/33
...
3,326
707
4654347.SQ.FTS.B,
Zero
Cpn,
4/29/33
...
37
9
4654724.SQ.FTS.B,
Zero
Cpn,
4/29/33
...
439
103
4655105.SQ.FTS.B,
Zero
Cpn,
4/29/33
...
1,842
376
4656767.SQ.FTS.B,
Zero
Cpn,
4/30/33
...
2,269
509
4660577.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
5,607
1,336
4660611.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
2,800
609
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
106
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
4662056.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
$
40,082
$
10,141
4664050.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
386
124
4665723.SQ.FTS.B,
Zero
Cpn,
5/03/33
...
813
84
4668525.SQ.FTS.B,
Zero
Cpn,
5/04/33
...
412
39
4669203.SQ.FTS.B,
Zero
Cpn,
5/04/33
...
309
30
4669930.SQ.FTS.B,
Zero
Cpn,
5/04/33
...
1,076
253
4679063.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
2,470
610
4681090.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
1,211
338
4682306.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
19,587
4,485
4684103.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
761
99
4684220.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
372
121
4689501.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
79
30
4704761.SQ.FTS.B,
Zero
Cpn,
5/10/33
...
1,417
289
4706260.SQ.FTS.B,
Zero
Cpn,
5/10/33
...
3,411
1,178
4708711.SQ.FTS.B,
Zero
Cpn,
5/11/33
...
326
103
4710517.SQ.FTS.B,
Zero
Cpn,
5/12/33
...
3,424
1,193
4717011.SQ.FTS.B,
Zero
Cpn,
5/15/33
...
8,731
2,365
4717850.SQ.FTS.B,
Zero
Cpn,
5/15/33
...
2,133
279
4718203.SQ.FTS.B,
Zero
Cpn,
5/15/33
...
61
31
4719485.SQ.FTS.B,
Zero
Cpn,
5/15/33
...
1,274
280
4722278.SQ.FTS.B,
Zero
Cpn,
5/16/33
...
421
204
4723323.SQ.FTS.B,
Zero
Cpn,
5/16/33
...
761
215
4724436.SQ.FTS.B,
Zero
Cpn,
5/16/33
...
7,611
2,045
4724687.SQ.FTS.B,
Zero
Cpn,
5/16/33
...
2,745
1,077
4728302.SQ.FTS.B,
Zero
Cpn,
5/17/33
...
30,610
9,580
4746441.SQ.FTS.B,
Zero
Cpn,
5/19/33
...
1,301
560
4750892.SQ.FTS.B,
Zero
Cpn,
5/21/33
...
328
227
4761481.SQ.FTS.B,
Zero
Cpn,
5/23/33
...
4,254
1,059
4763575.SQ.FTS.B,
Zero
Cpn,
5/23/33
...
1,784
480
4773719.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
2,129
772
30,701,638
Freedom
Financial
Asset
Management
LLC
APP-11694723.FP.FTS.B,
5.99%,
12/17/23
3,636
3,666
APP-11740309.FP.FTS.B,
5.99%,
12/20/23
3,809
3,841
APP-11877787.FP.FTS.B,
5.99%,
1/08/24
.
2,914
2,937
APP-11878440.FP.FTS.B,
5.99%,
1/08/24
.
2,055
2,061
APP-12286984.FP.FTS.B,
5.99%,
1/24/24
.
3,140
3,169
APP-12246415.FP.FTS.B,
5.99%,
1/28/24
.
3,211
3,234
APP-12386826.FP.FTS.B,
23.99%,
2/01/24
5,110
5,135
APP-11693652.FP.FTS.B,
5.99%,
2/05/24
.
5,805
5,851
APP-11929185.FP.FTS.B,
18.49%,
2/20/24
7,979
3,038
APP-11877563.FP.FTS.B,
5.99%,
2/21/24
.
3,379
3,406
APP-11798519.FP.FTS.B,
5.99%,
2/22/24
.
4,602
4,644
APP-12388609.FP.FTS.B,
17.99%,
3/07/24
4,936
4,983
APP-12343461.FP.FTS.B,
5.99%,
3/15/24
.
3,243
3,271
APP-12287371.FP.FTS.B,
5.99%,
3/17/24
.
3,764
3,799
APP-11595183.FP.FTS.B,
5.99%,
3/22/24
.
4,746
4,792
APP-13914145.FP.FTS.B,
5.99%,
4/18/24
.
2,045
2,055
APP-14217946.FP.FTS.B,
5.99%,
5/06/24
.
6,116
6,173
APP-13741737.FP.FTS.B,
5.99%,
5/16/24
.
5,148
5,200
APP-13628198.FP.FTS.B,
5.99%,
5/20/24
.
5,057
5,110
APP-14866497.FP.FTS.B,
5.99%,
5/24/24
.
6,180
6,247
APP-13746596.FP.FTS.B,
5.99%,
5/29/24
.
5,640
5,686
APP-13715084.FP.FTS.B,
17.49%,
5/29/24
4,829
2,906
APP-14939093.FP.FTS.B,
5.99%,
6/01/24
.
4,476
4,518
APP-14129567.FP.FTS.B,
5.99%,
6/10/24
.
5,851
5,910
APP-14038696.FP.FTS.B,
16.49%,
6/10/24
8,767
8,854
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14317523.FP.FTS.B,
17.49%,
6/12/24
$
4,617
$
4,657
APP-14689106.FP.FTS.B,
5.99%,
6/15/24
.
6,040
6,096
APP-14190363.FP.FTS.B,
5.99%,
6/16/24
.
5,584
5,644
APP-14178961.FP.FTS.B,
5.99%,
6/17/24
.
4,794
4,838
APP-14184679.FP.FTS.B,
23.99%,
6/17/24
7,614
2,689
APP-14057537.FP.FTS.B,
5.99%,
6/20/24
.
6,427
6,500
APP-14304559.FP.FTS.B,
5.99%,
6/20/24
.
4,700
4,752
APP-14343981.FP.FTS.B,
5.99%,
6/20/24
.
6,145
6,213
APP-15398343.FP.FTS.B,
5.99%,
6/20/24
.
6,981
7,059
APP-15532550.FP.FTS.B,
5.99%,
6/30/24
.
6,722
6,791
APP-15485069.FP.FTS.B,
19.24%,
6/30/24
11,694
2,536
APP-15654646.FP.FTS.B,
19.74%,
7/05/24
7,977
8,026
APP-14867047.FP.FTS.B,
5.99%,
7/08/24
.
6,691
6,756
APP-14918054.FP.FTS.B,
14.99%,
7/08/24
11,164
11,273
APP-15601576.FP.FTS.B,
16.49%,
7/08/24
5,227
5,273
APP-14886138.FP.FTS.B,
5.99%,
7/16/24
.
5,994
6,061
APP-15145416.FP.FTS.B,
5.99%,
7/16/24
.
4,450
4,499
APP-15110089.FP.FTS.B,
5.99%,
7/30/24
.
6,007
6,071
APP-15573525.FP.FTS.B,
23.99%,
8/01/24
11,448
11,464
APP-15556796.FP.FTS.B,
5.99%,
8/05/24
.
5,757
5,816
APP-17023826.FP.FTS.B,
5.99%,
8/06/24
.
6,932
7,006
APP-15420537.FP.FTS.B,
23.99%,
8/12/24
25,353
25,583
APP-15754991.FP.FTS.B,
5.99%,
8/13/24
.
5,430
5,491
APP-15869410.FP.FTS.B,
5.99%,
8/14/24
.
7,668
7,754
APP-16050735.FP.FTS.B,
5.99%,
8/14/24
.
6,390
6,463
APP-16062858.FP.FTS.B,
23.99%,
8/14/24
6,933
6,976
APP-15705062.FP.FTS.B,
5.99%,
8/15/24
.
7,211
7,297
APP-16033053.FP.FTS.B,
5.99%,
8/15/24
.
3,879
3,923
APP-15525886.FP.FTS.B,
13.49%,
8/15/24
8,950
9,075
APP-15705719.FP.FTS.B,
17.74%,
8/20/24
6,730
6,827
APP-15602269.FP.FTS.B,
17.74%,
8/21/24
6,703
6,787
APP-15870402.FP.FTS.B,
5.99%,
8/28/24
.
8,187
8,278
APP-17083152.FP.FTS.B,
5.99%,
9/06/24
.
5,269
5,326
APP-17218556.FP.FTS.B,
5.99%,
9/09/24
.
8,157
8,248
APP-17481705.FP.FTS.B,
15.99%,
9/13/24
9,594
9,677
APP-17098600.FP.FTS.B,
5.99%,
9/14/24
.
10,588
1,308
APP-17230704.FP.FTS.B,
5.99%,
9/23/24
.
6,822
6,911
APP-10830803.FP.FTS.B,
23.49%,
11/30/24
7,428
7,311
APP-11741918.FP.FTS.B,
16.49%,
12/15/24
10,606
10,638
APP-11673054.FP.FTS.B,
18.99%,
12/16/24
7,443
7,445
APP-11740833.FP.FTS.B,
23.99%,
12/22/24
11,367
11,376
APP-11745688.FP.FTS.B,
23.99%,
12/23/24
8,589
1,916
APP-11877979.FP.FTS.B,
7.49%,
1/06/25
.
17,237
17,377
APP-11798664.FP.FTS.B,
17.99%,
1/07/25
5,129
5,128
APP-11942701.FP.FTS.B,
9.49%,
1/08/25
.
24,663
24,867
APP-11729669.FP.FTS.B,
10.74%,
1/08/25
8,902
8,964
APP-11749892.FP.FTS.B,
25.49%,
2/01/25
6,842
6,712
APP-11694772.FP.FTS.B,
11.99%,
2/03/25
10,373
10,453
APP-12331634.FP.FTS.B,
7.74%,
2/04/25
.
10,523
10,608
APP-11751656.FP.FTS.B,
9.74%,
2/05/25
.
11,202
11,295
APP-11878238.FP.FTS.B,
9.74%,
2/11/25
.
8,675
8,752
APP-11912407.FP.FTS.B,
15.99%,
2/15/25
13,991
13,996
APP-11872506.FP.FTS.B,
19.49%,
2/15/25
11,718
11,654
APP-11694780.FP.FTS.B,
18.99%,
2/16/25
7,068
7,074
APP-11934547.FP.FTS.B,
18.49%,
2/21/25
8,123
8,136
APP-11210558.FP.FTS.B,
11.49%,
2/22/25
8,057
8,139
APP-12271842.FP.FTS.B,
11.99%,
3/07/25
9,607
9,677
APP-11767452.FP.FTS.B,
13.49%,
3/08/25
10,427
10,491
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
107
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12399141.FP.FTS.B,
25.49%,
3/08/25
$
7,574
$
2,746
APP-12418924.FP.FTS.B,
7.74%,
3/15/25
.
7,678
7,752
APP-12050640.FP.FTS.B,
12.24%,
3/15/25
18,992
19,163
APP-12033288.FP.FTS.B,
14.49%,
3/15/25
13,319
13,344
APP-11949006.FP.FTS.B,
9.74%,
3/17/25
.
9,716
9,817
APP-12270565.FP.FTS.B,
16.49%,
3/17/25
20,180
20,012
APP-12351684.FP.FTS.B,
7.49%,
3/18/25
.
12,379
12,505
APP-12270708.FP.FTS.B,
9.49%,
3/20/25
.
15,794
15,968
APP-12420138.FP.FTS.B,
17.99%,
3/20/25
6,799
6,829
APP-12418031.FP.FTS.B,
13.99%,
3/22/25
16,115
16,277
APP-12287521.FP.FTS.B,
16.49%,
3/22/25
9,532
9,579
APP-13752242.FP.FTS.B,
10.09%,
4/01/25
8,046
8,092
APP-13628972.FP.FTS.B,
17.49%,
4/06/25
9,188
1,790
APP-13961297.FP.FTS.B,
17.49%,
4/16/25
5,737
5,769
APP-13951296.FP.FTS.B,
17.24%,
4/26/25
17,869
17,843
APP-14058368.FP.FTS.B,
12.49%,
5/01/25
17,125
17,215
APP-14113024.FP.FTS.B,
11.59%,
5/03/25
8,101
8,172
APP-14094552.FP.FTS.B,
17.74%,
5/03/25
28,864
28,667
APP-14082686.FP.FTS.B,
15.99%,
5/04/25
21,608
2,326
APP-14304933.FP.FTS.B,
14.99%,
5/12/25
8,882
8,897
APP-13745262.FP.FTS.B,
12.84%,
5/16/25
35,124
35,455
APP-13550190.FP.FTS.B,
24.99%,
5/16/25
11,790
11,653
APP-13415402.FP.FTS.B,
19.49%,
5/17/25
11,714
11,620
APP-13512883.FP.FTS.B,
9.84%,
5/20/25
.
28,117
28,460
APP-13608232.FP.FTS.B,
9.84%,
5/20/25
.
15,019
15,187
APP-13608873.FP.FTS.B,
9.84%,
5/20/25
.
3,389
3,395
APP-13060190.FP.FTS.B,
10.24%,
5/20/25
20,237
20,463
APP-13501448.FP.FTS.B,
22.74%,
5/20/25
19,831
2,271
APP-13805924.FP.FTS.B,
24.99%,
5/20/25
11,855
11,747
APP-14987484.FP.FTS.B,
15.99%,
5/22/25
7,900
7,946
APP-14613251.FP.FTS.B,
10.49%,
5/25/25
6,104
6,133
APP-13824334.FP.FTS.B,
22.99%,
5/25/25
10,626
10,565
APP-13938404.FP.FTS.B,
12.24%,
5/26/25
28,256
28,522
APP-13957398.FP.FTS.B,
14.49%,
6/01/25
15,607
15,700
APP-15038181.FP.FTS.B,
25.49%,
6/01/25
8,536
8,329
APP-13768213.FP.FTS.B,
14.49%,
6/03/25
4,729
4,734
APP-13914811.FP.FTS.B,
15.09%,
6/03/25
7,516
7,582
APP-14959860.FP.FTS.B,
19.74%,
6/03/25
38,601
38,263
APP-13821733.FP.FTS.B,
22.99%,
6/03/25
10,570
10,346
APP-13609952.FP.FTS.B,
10.09%,
6/04/25
30,492
30,771
APP-13818738.FP.FTS.B,
10.84%,
6/04/25
32,597
32,953
APP-13848567.FP.FTS.B,
25.49%,
6/04/25
7,759
1,685
APP-14919947.FP.FTS.B,
16.24%,
6/05/25
24,246
24,102
APP-14179362.FP.FTS.B,
17.49%,
6/05/25
7,557
7,605
APP-15039073.FP.FTS.B,
23.49%,
6/05/25
8,235
5,155
APP-14196847.FP.FTS.B,
20.49%,
6/06/25
8,196
4,844
APP-14194688.FP.FTS.B,
25.49%,
6/06/25
3,393
3,309
APP-13901500.FP.FTS.B,
19.49%,
6/07/25
11,257
11,132
APP-13913960.FP.FTS.B,
25.49%,
6/07/25
7,099
6,965
APP-13968504.FP.FTS.B,
19.49%,
6/08/25
11,419
11,299
APP-14166988.FP.FTS.B,
17.49%,
6/09/25
7,496
7,552
APP-14104273.FP.FTS.B,
18.49%,
6/11/25
13,159
13,128
APP-14165903.FP.FTS.B,
19.24%,
6/12/25
37,759
37,462
APP-14337562.FP.FTS.B,
11.24%,
6/13/25
36,471
36,843
APP-14058139.FP.FTS.B,
11.84%,
6/15/25
9,705
9,798
APP-14058182.FP.FTS.B,
18.49%,
6/15/25
5,769
5,790
APP-14134773.FP.FTS.B,
21.99%,
6/15/25
7,705
7,662
APP-14319615.FP.FTS.B,
18.49%,
6/16/25
16,565
16,544
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-13822936.FP.FTS.B,
9.34%,
6/17/25
.
$
21,960
$
22,220
APP-14057042.FP.FTS.B,
7.84%,
6/18/25
.
14,180
14,315
APP-14176007.FP.FTS.B,
7.84%,
6/18/25
.
18,051
18,264
APP-14182518.FP.FTS.B,
7.84%,
6/18/25
.
15,807
15,993
APP-14189826.FP.FTS.B,
9.34%,
6/18/25
.
21,809
22,072
APP-14107541.FP.FTS.B,
10.09%,
6/18/25
11,725
3,541
APP-14058031.FP.FTS.B,
16.49%,
6/18/25
7,550
7,579
APP-14147815.FP.FTS.B,
19.99%,
6/18/25
10,680
10,542
APP-14145063.FP.FTS.B,
20.49%,
6/18/25
5,602
5,607
APP-14118175.FP.FTS.B,
10.09%,
6/19/25
13,138
13,302
APP-14058272.FP.FTS.B,
12.59%,
6/19/25
20,479
20,723
APP-14181617.FP.FTS.B,
18.49%,
6/19/25
12,044
12,081
APP-14153697.FP.FTS.B,
20.49%,
6/19/25
8,346
1,733
APP-14188793.FP.FTS.B,
25.49%,
6/19/25
6,803
6,739
APP-14194578.FP.FTS.B,
25.49%,
6/19/25
5,969
5,910
APP-14057653.FP.FTS.B,
10.09%,
6/20/25
13,111
13,277
APP-14215775.FP.FTS.B,
16.49%,
6/20/25
14,581
14,731
APP-14192654.FP.FTS.B,
19.49%,
6/20/25
11,796
11,816
APP-14309929.FP.FTS.B,
25.49%,
6/20/25
2,220
2,197
APP-15761876.FP.FTS.B,
18.24%,
6/25/25
13,054
13,146
APP-14318446.FP.FTS.B,
23.49%,
6/25/25
19,380
19,267
APP-14349793.FP.FTS.B,
16.24%,
6/26/25
24,041
24,019
APP-15705647.FP.FTS.B,
18.74%,
6/30/25
12,153
12,117
APP-15602534.FP.FTS.B,
17.24%,
7/02/25
16,307
16,200
APP-15754423.FP.FTS.B,
25.49%,
7/04/25
9,054
8,879
APP-14867025.FP.FTS.B,
8.24%,
7/06/25
.
17,462
17,631
APP-14874396.FP.FTS.B,
11.24%,
7/06/25
37,733
38,094
APP-15716641.FP.FTS.B,
25.49%,
7/06/25
8,154
8,008
APP-14907939.FP.FTS.B,
17.49%,
7/07/25
17,196
16,948
APP-14925295.FP.FTS.B,
10.24%,
7/08/25
28,594
28,880
APP-15017105.FP.FTS.B,
22.49%,
7/11/25
7,808
7,731
APP-14864961.FP.FTS.B,
22.74%,
7/11/25
5,628
5,499
APP-15025145.FP.FTS.B,
25.49%,
7/12/25
8,217
3,045
APP-15033224.FP.FTS.B,
25.49%,
7/12/25
7,134
7,019
APP-15041755.FP.FTS.B,
25.49%,
7/12/25
10,913
1,022
APP-16047052.FP.FTS.B,
20.74%,
7/13/25
32,168
31,961
APP-15043725.FP.FTS.B,
12.74%,
7/15/25
10,699
10,801
APP-14877854.FP.FTS.B,
14.99%,
7/15/25
5,577
5,587
APP-14866721.FP.FTS.B,
17.49%,
7/15/25
6,605
6,594
APP-14887227.FP.FTS.B,
17.49%,
7/15/25
9,319
9,348
APP-14890683.FP.FTS.B,
17.49%,
7/15/25
9,536
9,463
APP-15129611.FP.FTS.B,
10.49%,
7/16/25
9,038
9,140
APP-14867122.FP.FTS.B,
14.99%,
7/16/25
15,460
15,460
APP-14748673.FP.FTS.B,
10.74%,
7/17/25
11,353
11,479
APP-14866669.FP.FTS.B,
17.49%,
7/17/25
10,784
10,777
APP-14522319.FP.FTS.B,
10.24%,
7/20/25
21,468
21,753
APP-14854614.FP.FTS.B,
14.99%,
7/21/25
13,108
13,262
APP-14927595.FP.FTS.B,
14.99%,
7/21/25
4,320
4,329
APP-14909153.FP.FTS.B,
16.74%,
7/21/25
24,880
24,963
APP-14957730.FP.FTS.B,
16.99%,
7/21/25
19,222
19,276
APP-14920948.FP.FTS.B,
10.49%,
7/22/25
15,639
15,816
APP-14987575.FP.FTS.B,
19.99%,
7/22/25
12,276
12,262
APP-15015830.FP.FTS.B,
25.49%,
7/22/25
8,008
7,932
APP-15036503.FP.FTS.B,
25.49%,
7/22/25
11,372
11,264
APP-15010755.FP.FTS.B,
25.49%,
7/23/25
18,370
18,212
APP-15038725.FP.FTS.B,
23.49%,
7/24/25
8,255
8,059
APP-17010427.FP.FTS.B,
8.74%,
7/25/25
.
12,165
12,291
APP-14867189.FP.FTS.B,
17.49%,
7/26/25
12,120
12,200
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
108
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15050243.FP.FTS.B,
18.99%,
7/26/25
$
7,845
$
7,900
APP-14543407.FP.FTS.B,
10.49%,
7/29/25
15,655
15,805
APP-15143633.FP.FTS.B,
10.49%,
7/30/25
12,006
12,141
APP-17096241.FP.FTS.B,
13.99%,
8/01/25
24,731
24,843
APP-17491589.FP.FTS.B,
11.49%,
8/03/25
22,182
22,359
APP-15593139.FP.FTS.B,
25.49%,
8/04/25
12,282
12,051
APP-16899367.FP.FTS.B,
25.49%,
8/04/25
7,269
7,251
APP-15235015.FP.FTS.B,
8.74%,
8/05/25
.
16,947
17,099
APP-15602610.FP.FTS.B,
16.49%,
8/05/25
8,131
8,116
APP-15739609.FP.FTS.B,
8.74%,
8/07/25
.
22,834
23,073
APP-17496469.FP.FTS.B,
14.99%,
8/10/25
12,593
12,710
APP-15464138.FP.FTS.B,
10.99%,
8/12/25
13,470
13,641
APP-15032228.FP.FTS.B,
23.49%,
8/12/25
8,275
8,161
APP-15537240.FP.FTS.B,
25.49%,
8/12/25
10,413
10,280
APP-15567566.FP.FTS.B,
16.74%,
8/13/25
6,307
6,395
APP-15576269.FP.FTS.B,
25.49%,
8/13/25
10,328
10,202
APP-15715162.FP.FTS.B,
16.74%,
8/14/25
12,806
12,840
APP-15222033.FP.FTS.B,
22.24%,
8/14/25
26,213
25,991
APP-16065337.FP.FTS.B,
23.49%,
8/14/25
9,495
9,376
APP-15259729.FP.FTS.B,
25.49%,
8/14/25
9,015
8,912
APP-16046235.FP.FTS.B,
25.49%,
8/14/25
5,609
5,544
APP-13337231.FP.FTS.B,
8.99%,
8/15/25
.
13,353
13,517
APP-15399078.FP.FTS.B,
20.99%,
8/15/25
40,753
40,803
APP-15754329.FP.FTS.B,
22.24%,
8/15/25
8,947
8,949
APP-15584390.FP.FTS.B,
25.49%,
8/15/25
4,357
4,307
APP-16002031.FP.FTS.B,
11.49%,
8/19/25
17,545
17,767
APP-10173660.FP.FTS.B,
14.49%,
8/19/25
32,545
33,057
APP-15744848.FP.FTS.B,
25.49%,
8/20/25
10,670
10,587
APP-15705051.FP.FTS.B,
11.74%,
8/21/25
34,680
35,139
APP-14371156.FP.FTS.B,
20.49%,
8/22/25
6,556
6,530
APP-15524582.FP.FTS.B,
10.49%,
8/25/25
11,731
11,897
APP-16072062.FP.FTS.B,
25.49%,
8/26/25
5,180
5,136
APP-16069326.FP.FTS.B,
25.49%,
8/27/25
3,618
3,539
APP-16077556.FP.FTS.B,
14.99%,
8/28/25
33,463
33,771
APP-16638019.FP.FTS.B,
15.24%,
9/13/25
11,356
11,445
APP-16609197.FP.FTS.B,
12.99%,
9/15/25
14,214
14,381
APP-17493794.FP.FTS.B,
19.99%,
9/15/25
8,682
8,627
APP-17495780.FP.FTS.B,
20.49%,
9/15/25
12,273
12,250
APP-16701971.FP.FTS.B,
24.99%,
9/15/25
23,760
2,293
APP-16928712.FP.FTS.B,
17.99%,
9/17/25
14,225
14,304
APP-16931630.FP.FTS.B,
17.99%,
9/17/25
16,158
16,261
APP-17510658.FP.FTS.B,
16.24%,
9/18/25
12,836
12,944
APP-17058236.FP.FTS.B,
9.74%,
9/19/25
.
12,885
13,057
APP-16725749.FP.FTS.B,
13.99%,
9/20/25
16,509
16,702
APP-13608599.FP.FTS.B,
11.49%,
9/23/25
26,766
27,167
APP-16554677.FP.FTS.B,
13.24%,
9/25/25
32,578
32,975
APP-16806126.FP.FTS.B,
20.24%,
9/26/25
15,426
15,512
APP-17492407.FP.FTS.B,
20.99%,
9/27/25
5,944
5,944
APP-10482527.FP.FTS.B,
10.99%,
10/26/25
..........................
13,783
13,946
APP-10846360.FP.FTS.B,
11.49%,
11/30/25
23,249
23,579
APP-11672772.FP.FTS.B,
13.99%,
12/01/25
21,480
21,671
APP-11657253.FP.FTS.B,
16.99%,
12/20/25
36,443
36,989
APP-11733135.FP.FTS.B,
20.99%,
12/22/25
7,528
7,679
APP-08649280.FP.FTS.B,
9.99%,
12/23/25
15,256
15,489
APP-11750254.FP.FTS.B,
22.49%,
12/23/25
6,156
653
APP-11461331.FP.FTS.B,
8.99%,
12/25/25
21,886
22,177
APP-10224409.FP.FTS.B,
10.24%,
1/04/26
9,964
10,085
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11461158.FP.FTS.B,
7.99%,
1/26/26
.
$
29,044
$
29,486
APP-11727451.FP.FTS.B,
19.49%,
2/01/26
6,168
6,231
APP-11740312.FP.FTS.B,
20.49%,
2/03/26
14,947
15,060
APP-12270370.FP.FTS.B,
8.99%,
2/04/26
.
37,153
37,620
APP-11693759.FP.FTS.B,
13.99%,
2/05/26
17,422
17,641
APP-11750555.FP.FTS.B,
19.49%,
2/06/26
9,321
9,479
APP-11750277.FP.FTS.B,
20.99%,
2/06/26
5,909
5,979
APP-11872702.FP.FTS.B,
7.99%,
2/20/26
.
17,536
17,799
APP-15727324.FP.FTS.B,
25.49%,
2/20/26
9,278
9,168
APP-11878157.FP.FTS.B,
13.99%,
2/21/26
17,385
17,650
APP-11880862.FP.FTS.B,
17.99%,
2/21/26
9,197
9,340
APP-11877630.FP.FTS.B,
18.24%,
2/21/26
25,274
5,305
APP-11934555.FP.FTS.B,
19.49%,
2/22/26
11,982
12,168
APP-12409087.FP.FTS.B,
7.99%,
3/08/26
.
18,507
18,757
APP-12287223.FP.FTS.B,
19.99%,
3/08/26
13,253
13,376
APP-12415046.FP.FTS.B,
16.49%,
3/10/26
15,617
15,726
APP-12410099.FP.FTS.B,
10.24%,
3/15/26
12,394
12,573
APP-12357846.FP.FTS.B,
16.99%,
3/19/26
10,142
10,286
APP-12417109.FP.FTS.B,
15.49%,
3/21/26
7,801
7,927
APP-12270589.FP.FTS.B,
10.24%,
3/22/26
13,998
14,224
APP-13789676.FP.FTS.B,
20.99%,
4/16/26
8,912
1,001
APP-14057607.FP.FTS.B,
13.99%,
4/30/26
16,392
16,502
APP-14153218.FP.FTS.B,
17.99%,
5/01/26
22,905
23,024
APP-14176796.FP.FTS.B,
10.34%,
5/06/26
20,218
20,490
APP-14308214.FP.FTS.B,
17.49%,
5/06/26
11,384
11,445
APP-13754165.FP.FTS.B,
8.34%,
5/16/26
.
28,618
29,017
APP-13539948.FP.FTS.B,
21.74%,
5/18/26
16,660
16,791
APP-12270410.FP.FTS.B,
8.34%,
5/20/26
.
20,944
21,239
APP-13700095.FP.FTS.B,
21.74%,
5/20/26
21,003
21,183
APP-12032996.FP.FTS.B,
12.34%,
5/22/26
9,598
9,750
APP-13485505.FP.FTS.B,
15.74%,
5/22/26
25,130
25,472
APP-13608775.FP.FTS.B,
13.49%,
5/26/26
22,073
22,435
APP-13956248.FP.FTS.B,
18.99%,
5/27/26
10,929
1,466
APP-13847680.FP.FTS.B,
12.59%,
6/01/26
26,318
26,683
APP-14866693.FP.FTS.B,
14.99%,
6/01/26
11,120
11,225
APP-13826786.FP.FTS.B,
16.49%,
6/03/26
9,984
10,124
APP-13823472.FP.FTS.B,
17.24%,
6/03/26
31,717
31,938
APP-14175261.FP.FTS.B,
20.49%,
6/05/26
26,152
26,275
APP-14058279.FP.FTS.B,
21.74%,
6/10/26
17,146
17,161
APP-14988815.FP.FTS.B,
26.49%,
6/10/26
6,793
1,440
APP-14297747.FP.FTS.B,
22.99%,
6/12/26
8,443
8,473
APP-14338698.FP.FTS.B,
14.74%,
6/13/26
37,275
37,751
APP-14057255.FP.FTS.B,
12.34%,
6/15/26
11,311
11,481
APP-14222736.FP.FTS.B,
12.84%,
6/15/26
15,509
15,726
APP-14174847.FP.FTS.B,
16.49%,
6/15/26
22,816
23,063
APP-14058114.FP.FTS.B,
16.99%,
6/15/26
15,738
15,945
APP-14057971.FP.FTS.B,
17.99%,
6/15/26
12,347
12,373
APP-14331555.FP.FTS.B,
20.49%,
6/15/26
7,081
6,992
APP-14191932.FP.FTS.B,
20.99%,
6/15/26
9,961
1,118
APP-14185776.FP.FTS.B,
18.49%,
6/16/26
10,799
10,916
APP-14085492.FP.FTS.B,
9.84%,
6/17/26
.
25,447
25,846
APP-11443413.FP.FTS.B,
10.59%,
6/17/26
29,429
29,853
APP-14181485.FP.FTS.B,
11.34%,
6/17/26
40,648
41,294
APP-14058166.FP.FTS.B,
18.99%,
6/17/26
13,073
4,061
APP-14329008.FP.FTS.B,
19.49%,
6/17/26
21,840
21,942
APP-14176550.FP.FTS.B,
10.34%,
6/18/26
28,374
28,838
APP-14057334.FP.FTS.B,
17.49%,
6/18/26
19,140
19,362
APP-14192027.FP.FTS.B,
9.84%,
6/19/26
.
24,953
25,351
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
109
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-07740556.FP.FTS.B,
12.59%,
6/19/26
$
20,329
$
20,665
APP-13767318.FP.FTS.B,
13.34%,
6/19/26
34,769
35,345
APP-13768624.FP.FTS.B,
16.99%,
6/19/26
16,564
2,993
APP-13963648.FP.FTS.B,
17.24%,
6/19/26
27,004
27,328
APP-13768424.FP.FTS.B,
17.49%,
6/19/26
21,205
21,465
APP-14057973.FP.FTS.B,
17.99%,
6/19/26
15,414
15,480
APP-14214629.FP.FTS.B,
10.34%,
6/20/26
23,666
24,034
APP-14193365.FP.FTS.B,
21.49%,
6/20/26
15,297
15,429
APP-14178499.FP.FTS.B,
26.49%,
6/21/26
6,466
6,513
APP-14325259.FP.FTS.B,
15.99%,
6/24/26
21,351
21,623
APP-15602395.FP.FTS.B,
17.24%,
6/24/26
18,794
18,983
APP-14329001.FP.FTS.B,
23.49%,
6/24/26
6,413
6,488
APP-14280430.FP.FTS.B,
20.49%,
6/25/26
15,068
15,219
APP-15479960.FP.FTS.B,
24.74%,
6/29/26
9,178
9,138
APP-15673409.FP.FTS.B,
17.24%,
7/01/26
6,934
7,005
APP-14548332.FP.FTS.B,
16.49%,
7/05/26
21,864
21,990
APP-16068283.FP.FTS.B,
20.74%,
7/05/26
22,123
22,192
APP-15676938.FP.FTS.B,
14.49%,
7/06/26
8,533
8,645
APP-14933900.FP.FTS.B,
13.74%,
7/08/26
35,468
6,465
APP-14801281.FP.FTS.B,
14.99%,
7/08/26
13,215
13,373
APP-14689091.FP.FTS.B,
17.49%,
7/09/26
9,754
1,898
APP-14943051.FP.FTS.B,
17.99%,
7/09/26
16,933
17,042
APP-14522661.FP.FTS.B,
15.99%,
7/10/26
22,528
22,797
APP-16070360.FP.FTS.B,
20.74%,
7/10/26
36,607
36,831
APP-15869429.FP.FTS.B,
21.99%,
7/10/26
7,829
7,845
APP-15045798.FP.FTS.B,
17.74%,
7/12/26
34,933
35,135
APP-15054747.FP.FTS.B,
21.49%,
7/12/26
22,498
22,544
APP-16085008.FP.FTS.B,
18.49%,
7/14/26
16,417
16,556
APP-14920803.FP.FTS.B,
16.99%,
7/15/26
13,222
13,412
APP-14921360.FP.FTS.B,
16.99%,
7/15/26
12,189
12,365
APP-14865932.FP.FTS.B,
17.49%,
7/15/26
22,903
23,058
APP-14689124.FP.FTS.B,
10.99%,
7/17/26
15,758
16,004
APP-14882473.FP.FTS.B,
12.99%,
7/17/26
34,409
34,885
APP-14688569.FP.FTS.B,
17.74%,
7/17/26
30,406
30,694
APP-14816252.FP.FTS.B,
10.74%,
7/18/26
17,461
17,738
APP-14688717.FP.FTS.B,
10.99%,
7/18/26
10,552
10,720
APP-14870900.FP.FTS.B,
17.49%,
7/19/26
16,798
17,071
APP-14905708.FP.FTS.B,
16.99%,
7/20/26
10,628
10,803
APP-14820629.FP.FTS.B,
17.24%,
7/20/26
34,041
34,268
APP-15020361.FP.FTS.B,
26.49%,
7/20/26
6,558
6,575
APP-14907389.FP.FTS.B,
8.74%,
7/21/26
.
17,374
17,652
APP-14902088.FP.FTS.B,
11.24%,
7/22/26
13,094
13,300
APP-15025202.FP.FTS.B,
23.74%,
7/22/26
15,544
15,619
APP-14865904.FP.FTS.B,
15.74%,
7/23/26
32,946
33,402
APP-14980679.FP.FTS.B,
17.99%,
7/23/26
11,379
11,499
APP-14964964.FP.FTS.B,
18.99%,
7/23/26
22,059
22,239
APP-13767438.FP.FTS.B,
10.74%,
7/25/26
29,059
29,536
APP-15048537.FP.FTS.B,
20.99%,
7/25/26
21,558
21,722
APP-17114653.FP.FTS.B,
18.74%,
8/01/26
6,999
7,007
APP-17112981.FP.FTS.B,
10.74%,
8/03/26
14,492
14,648
APP-16811535.FP.FTS.B,
21.74%,
8/03/26
35,450
35,409
APP-14371743.FP.FTS.B,
12.24%,
8/05/26
16,837
17,047
APP-17117415.FP.FTS.B,
11.24%,
8/06/26
25,288
25,613
APP-15727191.FP.FTS.B,
15.74%,
8/07/26
18,835
18,962
APP-17510305.FP.FTS.B,
18.49%,
8/07/26
21,539
21,712
APP-15603934.FP.FTS.B,
24.74%,
8/07/26
9,503
5,639
APP-15747301.FP.FTS.B,
26.49%,
8/07/26
6,968
1,462
APP-15589148.FP.FTS.B,
14.49%,
8/08/26
9,019
9,155
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10219598.FP.FTS.B,
15.49%,
8/11/26
$
12,142
$
6,870
APP-15594842.FP.FTS.B,
17.24%,
8/12/26
17,334
17,486
APP-16036383.FP.FTS.B,
20.24%,
8/13/26
10,413
10,495
APP-15327014.FP.FTS.B,
9.24%,
8/14/26
.
28,735
29,213
APP-15585646.FP.FTS.B,
9.49%,
8/14/26
.
11,623
11,807
APP-15594751.FP.FTS.B,
10.74%,
8/14/26
26,790
27,225
APP-15585110.FP.FTS.B,
11.49%,
8/14/26
16,104
16,367
APP-16050065.FP.FTS.B,
23.99%,
8/14/26
7,019
7,020
APP-15872822.FP.FTS.B,
19.24%,
8/15/26
10,969
11,054
APP-15449600.FP.FTS.B,
20.74%,
8/15/26
21,608
21,767
APP-15763520.FP.FTS.B,
20.74%,
8/15/26
22,658
22,825
APP-15526039.FP.FTS.B,
21.74%,
8/15/26
12,286
12,344
APP-15529270.FP.FTS.B,
24.74%,
8/15/26
6,668
6,705
APP-16072518.FP.FTS.B,
12.49%,
8/16/26
42,459
43,075
APP-10235724.FP.FTS.B,
15.49%,
8/20/26
37,254
37,892
APP-15493477.FP.FTS.B,
16.74%,
8/20/26
16,412
16,687
APP-15602180.FP.FTS.B,
18.74%,
8/20/26
13,915
14,151
APP-15747887.FP.FTS.B,
18.74%,
8/20/26
10,405
10,540
APP-15743821.FP.FTS.B,
26.49%,
8/20/26
9,838
9,901
APP-15757972.FP.FTS.B,
18.24%,
8/21/26
13,523
13,762
APP-15750146.FP.FTS.B,
19.24%,
8/21/26
10,492
10,637
APP-15467456.FP.FTS.B,
26.49%,
8/21/26
9,458
9,540
APP-13200176.FP.FTS.B,
16.49%,
8/24/26
11,794
12,001
APP-12414817.FP.FTS.B,
15.24%,
8/26/26
16,812
17,110
APP-12674952.FP.FTS.B,
15.24%,
8/26/26
14,138
14,284
APP-16078255.FP.FTS.B,
19.24%,
8/26/26
23,144
23,486
APP-16046150.FP.FTS.B,
21.74%,
8/26/26
5,360
5,273
APP-16051271.FP.FTS.B,
21.74%,
8/27/26
13,215
13,361
APP-15951898.FP.FTS.B,
16.49%,
8/28/26
26,644
26,982
APP-15872992.FP.FTS.B,
19.24%,
8/28/26
16,991
17,083
APP-16947974.FP.FTS.B,
13.24%,
9/06/26
15,596
15,700
APP-17143594.FP.FTS.B,
9.99%,
9/07/26
.
13,563
13,735
APP-17156366.FP.FTS.B,
11.24%,
9/07/26
20,089
20,326
APP-16728029.FP.FTS.B,
26.49%,
9/09/26
7,208
7,195
APP-15043711.FP.FTS.B,
26.49%,
9/12/26
8,976
8,941
APP-17115080.FP.FTS.B,
15.24%,
9/13/26
9,827
9,951
APP-16681815.FP.FTS.B,
8.24%,
9/16/26
.
22,554
22,892
APP-16637553.FP.FTS.B,
24.49%,
9/17/26
9,979
10,013
APP-16640720.FP.FTS.B,
9.99%,
9/18/26
.
43,127
43,804
APP-16637870.FP.FTS.B,
12.49%,
9/18/26
13,896
14,120
APP-17100593.FP.FTS.B,
9.49%,
9/20/26
.
17,182
17,457
APP-17124398.FP.FTS.B,
9.74%,
9/20/26
.
43,106
43,782
APP-16119643.FP.FTS.B,
12.24%,
9/20/26
25,797
26,232
APP-17439783.FP.FTS.B,
10.74%,
9/25/26
5,184
5,269
APP-17331723.FP.FTS.B,
16.99%,
9/25/26
24,635
24,905
APP-17501525.FP.FTS.B,
10.49%,
9/26/26
16,961
4,885
APP-15458893.FP.FTS.B,
20.74%,
10/15/26
..........................
19,749
19,838
APP-16067938.FP.FTS.B,
18.74%,
10/24/26
..........................
19,497
19,733
APP-10745954.FP.FTS.B,
12.74%,
11/30/26
28,549
28,905
APP-11742538.FP.FTS.B,
16.49%,
12/15/26
20,874
21,127
APP-11603796.FP.FTS.B,
20.99%,
12/15/26
12,343
12,520
APP-11741994.FP.FTS.B,
18.99%,
12/16/26
13,814
13,976
APP-11695022.FP.FTS.B,
16.49%,
12/17/26
19,876
20,168
APP-11737893.FP.FTS.B,
25.49%,
12/18/26
9,057
9,155
APP-11743333.FP.FTS.B,
16.49%,
12/19/26
12,093
12,261
APP-11021819.FP.FTS.B,
20.49%,
12/20/26
21,016
6,944
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
110
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11694428.FP.FTS.B,
14.49%,
12/22/26
$
7,457
$
7,570
APP-11742165.FP.FTS.B,
18.49%,
12/22/26
9,777
9,924
APP-11739845.FP.FTS.B,
19.99%,
12/22/26
11,022
11,185
APP-11751120.FP.FTS.B,
8.99%,
12/23/26
30,882
31,361
APP-11694004.FP.FTS.B,
11.74%,
12/23/26
39,069
39,668
APP-11755141.FP.FTS.B,
17.99%,
12/23/26
6,779
6,857
APP-11749943.FP.FTS.B,
18.49%,
12/23/26
10,925
11,095
APP-11708423.FP.FTS.B,
20.99%,
12/23/26
29,703
30,158
APP-11743539.FP.FTS.B,
21.74%,
12/23/26
20,696
21,010
APP-11752109.FP.FTS.B,
22.49%,
12/23/26
8,724
8,855
APP-10229823.FP.FTS.B,
25.49%,
12/26/26
..........................
8,360
8,469
APP-11938966.FP.FTS.B,
16.49%,
1/01/27
327
327
APP-11940969.FP.FTS.B,
13.99%,
1/05/27
18,168
18,170
APP-15432708.FP.FTS.B,
24.74%,
1/05/27
6,943
6,945
APP-11890774.FP.FTS.B,
8.99%,
1/06/27
.
31,556
31,953
APP-11920032.FP.FTS.B,
19.99%,
1/07/27
20,806
20,857
APP-11909846.FP.FTS.B,
23.74%,
1/07/27
23,658
23,505
APP-11939491.FP.FTS.B,
15.49%,
1/08/27
12,638
12,734
APP-11795112.FP.FTS.B,
19.99%,
1/08/27
12,364
12,363
APP-11929275.FP.FTS.B,
19.99%,
1/08/27
8,319
8,366
APP-11934748.FP.FTS.B,
22.49%,
1/08/27
8,518
8,518
APP-12270584.FP.FTS.B,
10.49%,
1/25/27
7,758
7,773
APP-11749683.FP.FTS.B,
16.74%,
1/25/27
23,075
23,396
APP-11704729.FP.FTS.B,
16.99%,
1/25/27
16,410
16,666
APP-11752310.FP.FTS.B,
25.49%,
1/28/27
1,914
1,866
APP-12268807.FP.FTS.B,
10.99%,
2/01/27
21,654
21,893
APP-11022562.FP.FTS.B,
11.74%,
2/01/27
8,131
8,219
APP-11753946.FP.FTS.B,
8.99%,
2/03/27
.
22,128
22,427
APP-12396734.FP.FTS.B,
11.74%,
2/03/27
40,693
41,158
APP-11732843.FP.FTS.B,
14.74%,
2/03/27
40,933
41,430
APP-11712261.FP.FTS.B,
18.49%,
2/03/27
13,186
13,160
APP-11745377.FP.FTS.B,
21.49%,
2/04/27
13,384
13,369
APP-11612708.FP.FTS.B,
22.99%,
2/04/27
13,592
13,604
APP-11752870.FP.FTS.B,
16.49%,
2/05/27
9,928
10,060
APP-12293217.FP.FTS.B,
17.49%,
2/05/27
20,886
20,976
APP-11742593.FP.FTS.B,
17.99%,
2/05/27
8,576
4,932
APP-11703116.FP.FTS.B,
19.49%,
2/05/27
10,082
10,119
APP-11750448.FP.FTS.B,
18.99%,
2/06/27
13,693
2,757
APP-11754451.FP.FTS.B,
19.49%,
2/06/27
14,677
3,287
APP-11693729.FP.FTS.B,
22.99%,
2/06/27
14,861
3,195
APP-11923623.FP.FTS.B,
18.99%,
2/11/27
8,280
867
APP-11799159.FP.FTS.B,
11.49%,
2/15/27
13,062
13,236
APP-11926207.FP.FTS.B,
16.49%,
2/15/27
12,345
12,498
APP-11922307.FP.FTS.B,
20.49%,
2/15/27
10,064
10,079
APP-11919163.FP.FTS.B,
10.99%,
2/17/27
22,189
22,511
APP-11904406.FP.FTS.B,
11.24%,
2/19/27
15,339
15,571
APP-11942494.FP.FTS.B,
18.99%,
2/19/27
15,828
15,969
APP-11940530.FP.FTS.B,
13.49%,
2/20/27
15,086
15,313
APP-11942190.FP.FTS.B,
18.49%,
2/20/27
10,609
10,709
APP-11509327.FP.FTS.B,
18.99%,
2/20/27
26,588
26,803
APP-11923837.FP.FTS.B,
19.74%,
2/20/27
34,353
34,384
APP-11944817.FP.FTS.B,
20.49%,
2/20/27
6,363
6,304
APP-11810142.FP.FTS.B,
10.99%,
2/21/27
20,466
20,783
APP-11878337.FP.FTS.B,
11.24%,
2/21/27
10,148
10,308
APP-11937475.FP.FTS.B,
16.49%,
2/21/27
20,809
21,011
APP-11928189.FP.FTS.B,
18.49%,
2/21/27
6,144
2,358
APP-11942720.FP.FTS.B,
18.49%,
2/21/27
12,269
12,268
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11939575.FP.FTS.B,
22.49%,
2/21/27
$
7,708
$
7,777
APP-11927887.FP.FTS.B,
9.24%,
2/22/27
.
10,269
10,439
APP-11861145.FP.FTS.B,
13.24%,
2/22/27
16,907
17,135
APP-11941579.FP.FTS.B,
16.49%,
2/22/27
16,426
16,609
APP-11872292.FP.FTS.B,
19.99%,
2/22/27
11,782
11,870
APP-12361627.FP.FTS.B,
8.99%,
3/07/27
.
20,106
20,364
APP-12232977.FP.FTS.B,
14.74%,
3/07/27
41,332
41,765
APP-12389833.FP.FTS.B,
16.49%,
3/07/27
9,996
10,039
APP-12183710.FP.FTS.B,
22.99%,
3/07/27
5,827
5,659
APP-12410874.FP.FTS.B,
10.99%,
3/08/27
20,319
20,582
APP-12418857.FP.FTS.B,
11.24%,
3/08/27
11,392
11,540
APP-12405015.FP.FTS.B,
13.24%,
3/08/27
16,676
16,876
APP-12415944.FP.FTS.B,
13.24%,
3/08/27
21,036
21,369
APP-12412062.FP.FTS.B,
16.49%,
3/08/27
22,506
22,746
APP-12308786.FP.FTS.B,
19.99%,
3/08/27
12,689
12,694
APP-12416735.FP.FTS.B,
11.24%,
3/15/27
10,718
10,874
APP-12032886.FP.FTS.B,
16.99%,
3/16/27
8,956
9,021
APP-12270423.FP.FTS.B,
22.49%,
3/16/27
6,455
6,465
APP-12384050.FP.FTS.B,
13.74%,
3/17/27
22,568
22,890
APP-12397582.FP.FTS.B,
19.99%,
3/18/27
21,984
22,029
APP-12408565.FP.FTS.B,
17.99%,
3/19/27
19,569
19,678
APP-12408445.FP.FTS.B,
20.99%,
3/19/27
11,361
11,351
APP-12270281.FP.FTS.B,
10.99%,
3/20/27
16,590
16,848
APP-11947650.FP.FTS.B,
15.49%,
3/20/27
13,375
13,494
APP-12270508.FP.FTS.B,
8.99%,
3/21/27
.
17,659
17,864
APP-11694093.FP.FTS.B,
13.49%,
3/21/27
15,752
15,997
APP-12402081.FP.FTS.B,
18.49%,
3/21/27
24,300
24,405
APP-11940575.FP.FTS.B,
25.49%,
3/21/27
7,630
7,673
APP-12409854.FP.FTS.B,
10.99%,
3/22/27
26,752
27,184
APP-12412441.FP.FTS.B,
11.24%,
3/22/27
32,745
33,247
APP-12421438.FP.FTS.B,
11.24%,
3/22/27
9,768
9,931
APP-12412264.FP.FTS.B,
19.99%,
3/22/27
11,976
12,038
APP-11749955.FP.FTS.B,
19.99%,
4/05/27
13,185
7,832
APP-13642414.FP.FTS.B,
17.99%,
4/11/27
22,016
22,117
APP-11877626.FP.FTS.B,
13.59%,
4/14/27
33,990
34,409
APP-13682302.FP.FTS.B,
18.49%,
4/15/27
8,890
8,926
APP-13824171.FP.FTS.B,
20.24%,
4/15/27
33,771
33,714
APP-13744711.FP.FTS.B,
26.49%,
4/15/27
7,408
2,633
APP-12119826.FP.FTS.B,
12.09%,
4/16/27
42,068
42,549
APP-13846094.FP.FTS.B,
19.49%,
4/16/27
6,500
6,536
APP-13767273.FP.FTS.B,
11.59%,
4/18/27
13,907
14,094
APP-13929153.FP.FTS.B,
9.59%,
4/20/27
.
11,400
11,550
APP-14057284.FP.FTS.B,
13.59%,
4/23/27
33,299
33,662
APP-13920277.FP.FTS.B,
17.99%,
4/24/27
18,993
19,152
APP-13899643.FP.FTS.B,
12.09%,
4/28/27
42,379
42,954
APP-14059320.FP.FTS.B,
16.99%,
4/30/27
21,797
21,949
APP-14099769.FP.FTS.B,
20.49%,
4/30/27
17,592
17,428
APP-14169390.FP.FTS.B,
22.24%,
4/30/27
21,332
7,206
APP-14199304.FP.FTS.B,
13.59%,
5/01/27
30,154
30,439
APP-14146465.FP.FTS.B,
17.99%,
5/01/27
4,403
4,339
APP-14187476.FP.FTS.B,
17.99%,
5/01/27
23,339
23,330
APP-14176600.FP.FTS.B,
22.99%,
5/01/27
10,123
10,031
APP-14087177.FP.FTS.B,
18.99%,
5/02/27
14,489
14,379
APP-14289803.FP.FTS.B,
22.49%,
5/02/27
8,382
8,327
APP-14041540.FP.FTS.B,
11.59%,
5/03/27
18,032
18,222
APP-14129708.FP.FTS.B,
11.34%,
5/05/27
28,913
29,285
APP-14179808.FP.FTS.B,
17.99%,
5/05/27
24,540
24,580
APP-14119402.FP.FTS.B,
18.49%,
5/05/27
9,787
1,955
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
111
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14172338.FP.FTS.B,
18.49%,
5/05/27
$
11,285
$
11,198
APP-14163190.FP.FTS.B,
18.74%,
5/05/27
29,164
29,082
APP-14172523.FP.FTS.B,
26.49%,
5/05/27
10,238
2,216
APP-13965445.FP.FTS.B,
20.24%,
5/08/27
17,844
11,119
APP-14263477.FP.FTS.B,
21.99%,
5/10/27
15,965
15,862
APP-13484916.FP.FTS.B,
14.99%,
5/12/27
18,011
18,215
APP-14330285.FP.FTS.B,
11.74%,
5/13/27
22,730
23,018
APP-13484260.FP.FTS.B,
20.99%,
5/14/27
15,299
15,298
APP-13720484.FP.FTS.B,
11.34%,
5/15/27
33,699
34,136
APP-13483981.FP.FTS.B,
16.99%,
5/15/27
10,926
10,969
APP-13485148.FP.FTS.B,
18.49%,
5/15/27
26,068
26,117
APP-13526490.FP.FTS.B,
20.24%,
5/15/27
37,694
12,417
APP-13694672.FP.FTS.B,
24.99%,
5/15/27
26,611
26,491
APP-13725984.FP.FTS.B,
13.59%,
5/17/27
25,978
26,308
APP-13302047.FP.FTS.B,
13.74%,
5/17/27
9,109
9,233
APP-13417402.FP.FTS.B,
17.99%,
5/18/27
12,841
12,846
APP-12287013.FP.FTS.B,
18.24%,
5/18/27
28,003
28,112
APP-13849753.FP.FTS.B,
9.34%,
5/20/27
.
26,733
27,097
APP-13484281.FP.FTS.B,
11.34%,
5/20/27
10,067
10,114
APP-13547748.FP.FTS.B,
12.09%,
5/20/27
42,512
43,205
APP-13485093.FP.FTS.B,
13.84%,
5/20/27
12,708
12,909
APP-13800465.FP.FTS.B,
18.49%,
5/20/27
10,393
10,399
APP-13529032.FP.FTS.B,
18.74%,
5/20/27
30,638
30,850
APP-13628826.FP.FTS.B,
19.49%,
5/20/27
23,914
24,059
APP-13705972.FP.FTS.B,
26.49%,
5/20/27
8,959
8,962
APP-13542298.FP.FTS.B,
11.34%,
5/21/27
21,717
22,082
APP-13811007.FP.FTS.B,
11.34%,
5/21/27
22,177
22,484
APP-13827996.FP.FTS.B,
13.84%,
5/21/27
16,688
16,906
APP-13848454.FP.FTS.B,
16.09%,
5/21/27
9,821
9,949
APP-13767415.FP.FTS.B,
19.49%,
5/21/27
16,664
16,749
APP-13675017.FP.FTS.B,
20.49%,
5/21/27
13,164
13,189
APP-13826410.FP.FTS.B,
20.49%,
5/21/27
18,011
17,995
APP-13838022.FP.FTS.B,
22.49%,
5/21/27
7,030
7,053
APP-13660286.FP.FTS.B,
22.99%,
5/21/27
8,538
8,552
APP-13840262.FP.FTS.B,
23.49%,
5/21/27
11,022
11,009
APP-11743712.FP.FTS.B,
21.49%,
5/22/27
12,828
12,889
APP-13921670.FP.FTS.B,
18.49%,
5/24/27
3,604
3,588
APP-13828766.FP.FTS.B,
21.99%,
5/25/27
12,913
12,902
APP-13942898.FP.FTS.B,
16.74%,
5/26/27
32,711
32,915
APP-13628676.FP.FTS.B,
16.99%,
5/27/27
10,830
11,008
APP-13485109.FP.FTS.B,
20.49%,
5/27/27
10,580
10,639
APP-13724215.FP.FTS.B,
10.09%,
5/28/27
40,873
41,408
APP-13751462.FP.FTS.B,
11.59%,
5/28/27
32,619
33,005
APP-13574037.FP.FTS.B,
15.24%,
5/28/27
39,707
40,125
APP-13628755.FP.FTS.B,
19.49%,
5/28/27
9,370
9,381
APP-13521024.FP.FTS.B,
20.99%,
5/28/27
14,325
14,188
APP-13696300.FP.FTS.B,
13.84%,
5/29/27
13,050
13,215
APP-13932583.FP.FTS.B,
15.49%,
5/30/27
6,941
6,836
APP-13836108.FP.FTS.B,
13.59%,
5/31/27
34,712
35,130
APP-13852222.FP.FTS.B,
26.49%,
5/31/27
8,673
8,516
APP-11021518.FP.FTS.B,
11.34%,
6/01/27
23,599
23,885
APP-14965459.FP.FTS.B,
17.24%,
6/01/27
26,472
26,631
APP-15037607.FP.FTS.B,
20.99%,
6/01/27
10,064
9,991
APP-13819936.FP.FTS.B,
13.59%,
6/02/27
19,393
9,834
APP-13623936.FP.FTS.B,
9.34%,
6/03/27
.
34,137
34,592
APP-13816811.FP.FTS.B,
18.99%,
6/03/27
17,756
17,746
APP-14795053.FP.FTS.B,
26.99%,
6/03/27
8,114
7,967
APP-13628843.FP.FTS.B,
16.99%,
6/04/27
11,146
11,244
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14115625.FP.FTS.B,
16.99%,
6/04/27
$
20,759
$
2,190
APP-14688354.FP.FTS.B,
17.49%,
6/04/27
22,759
22,932
APP-14057755.FP.FTS.B,
19.49%,
6/05/27
10,246
1,032
APP-15009891.FP.FTS.B,
20.74%,
6/05/27
27,862
27,576
APP-13965578.FP.FTS.B,
22.49%,
6/05/27
3,549
3,477
APP-14190918.FP.FTS.B,
9.59%,
6/06/27
.
7,381
7,415
APP-14191584.FP.FTS.B,
11.34%,
6/06/27
31,987
32,426
APP-14200239.FP.FTS.B,
11.34%,
6/06/27
33,955
34,376
APP-14177752.FP.FTS.B,
11.59%,
6/06/27
22,203
22,440
APP-14165096.FP.FTS.B,
14.74%,
6/06/27
26,195
26,471
APP-14192451.FP.FTS.B,
17.99%,
6/06/27
25,871
25,886
APP-14083608.FP.FTS.B,
20.49%,
6/06/27
10,740
10,563
APP-14192777.FP.FTS.B,
20.49%,
6/06/27
13,263
13,158
APP-13961157.FP.FTS.B,
12.09%,
6/07/27
42,229
42,715
APP-14143499.FP.FTS.B,
17.24%,
6/07/27
29,115
29,148
APP-14225512.FP.FTS.B,
20.49%,
6/07/27
8,833
8,819
APP-14212766.FP.FTS.B,
26.49%,
6/07/27
8,984
8,882
APP-13969567.FP.FTS.B,
20.49%,
6/09/27
18,746
2,103
APP-14925385.FP.FTS.B,
15.49%,
6/10/27
13,319
13,429
APP-13914635.FP.FTS.B,
20.99%,
6/10/27
17,724
17,636
APP-15045243.FP.FTS.B,
21.49%,
6/10/27
17,421
17,292
APP-14179267.FP.FTS.B,
17.24%,
6/11/27
42,480
42,904
APP-14197185.FP.FTS.B,
20.49%,
6/12/27
18,241
18,140
APP-14221142.FP.FTS.B,
24.24%,
6/12/27
20,798
20,634
APP-14324970.FP.FTS.B,
24.74%,
6/12/27
12,633
12,604
APP-14189919.FP.FTS.B,
20.49%,
6/13/27
14,087
14,041
APP-14217163.FP.FTS.B,
11.34%,
6/14/27
17,718
4,901
APP-14226274.FP.FTS.B,
10.84%,
6/15/27
25,703
26,048
APP-14176860.FP.FTS.B,
20.24%,
6/15/27
26,681
26,708
APP-14227617.FP.FTS.B,
20.99%,
6/15/27
8,876
8,849
APP-14265655.FP.FTS.B,
21.99%,
6/15/27
10,864
10,815
APP-14197537.FP.FTS.B,
22.99%,
6/15/27
9,249
9,230
APP-14128298.FP.FTS.B,
23.99%,
6/15/27
13,291
13,243
APP-14219059.FP.FTS.B,
11.34%,
6/16/27
17,176
17,413
APP-15597460.FP.FTS.B,
16.49%,
6/16/27
27,757
27,950
APP-14301553.FP.FTS.B,
22.49%,
6/16/27
16,347
16,276
APP-14046117.FP.FTS.B,
9.59%,
6/17/27
.
13,929
14,135
APP-14151947.FP.FTS.B,
10.84%,
6/17/27
25,751
26,138
APP-14138938.FP.FTS.B,
11.59%,
6/17/27
14,474
14,694
APP-14194032.FP.FTS.B,
13.59%,
6/17/27
21,705
22,020
APP-14104736.FP.FTS.B,
15.49%,
6/17/27
5,213
5,197
APP-14188906.FP.FTS.B,
16.99%,
6/17/27
17,598
17,837
APP-14171682.FP.FTS.B,
20.49%,
6/17/27
19,136
2,175
APP-14160914.FP.FTS.B,
20.99%,
6/17/27
16,356
16,342
APP-14200894.FP.FTS.B,
23.49%,
6/17/27
12,163
12,123
APP-14243912.FP.FTS.B,
26.49%,
6/17/27
7,692
7,668
APP-14301044.FP.FTS.B,
26.49%,
6/17/27
8,152
8,119
APP-13921051.FP.FTS.B,
14.74%,
6/18/27
34,964
35,445
APP-14154320.FP.FTS.B,
15.49%,
6/18/27
16,950
3,195
APP-14057201.FP.FTS.B,
15.99%,
6/18/27
10,549
10,618
APP-13986857.FP.FTS.B,
20.49%,
6/18/27
13,392
13,432
APP-14108165.FP.FTS.B,
20.49%,
6/18/27
16,272
16,283
APP-14152014.FP.FTS.B,
20.49%,
6/18/27
9,359
9,384
APP-14180533.FP.FTS.B,
20.99%,
6/18/27
16,934
1,951
APP-13710175.FP.FTS.B,
22.24%,
6/18/27
22,092
2,310
APP-14181527.FP.FTS.B,
22.49%,
6/18/27
13,504
13,484
APP-14066107.FP.FTS.B,
9.34%,
6/19/27
.
34,138
34,655
APP-14157257.FP.FTS.B,
11.34%,
6/19/27
17,218
17,489
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
112
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14170154.FP.FTS.B,
11.59%,
6/19/27
$
10,341
$
10,505
APP-14194451.FP.FTS.B,
16.99%,
6/19/27
7,486
2,555
APP-14165192.FP.FTS.B,
17.99%,
6/19/27
17,585
17,701
APP-14159215.FP.FTS.B,
18.49%,
6/19/27
9,844
9,994
APP-14191093.FP.FTS.B,
18.99%,
6/19/27
17,756
17,854
APP-14190473.FP.FTS.B,
19.49%,
6/19/27
8,895
8,962
APP-14195378.FP.FTS.B,
19.49%,
6/19/27
25,436
25,570
APP-14025039.FP.FTS.B,
20.49%,
6/19/27
11,607
11,609
APP-14034800.FP.FTS.B,
22.24%,
6/19/27
17,923
17,862
APP-14326267.FP.FTS.B,
23.74%,
6/19/27
27,079
27,042
APP-14194801.FP.FTS.B,
11.34%,
6/20/27
17,224
17,500
APP-14202174.FP.FTS.B,
11.59%,
6/20/27
11,208
11,388
APP-14202404.FP.FTS.B,
12.09%,
6/20/27
43,198
43,901
APP-14077334.FP.FTS.B,
13.59%,
6/20/27
25,421
25,779
APP-14188625.FP.FTS.B,
13.59%,
6/20/27
17,364
17,611
APP-14162980.FP.FTS.B,
16.74%,
6/20/27
32,846
32,969
APP-14057492.FP.FTS.B,
16.99%,
6/20/27
13,018
13,110
APP-14066475.FP.FTS.B,
17.99%,
6/20/27
23,287
23,467
APP-14194952.FP.FTS.B,
17.99%,
6/20/27
17,713
17,854
APP-14198467.FP.FTS.B,
18.99%,
6/20/27
23,278
23,286
APP-14221223.FP.FTS.B,
19.24%,
6/20/27
42,598
42,771
APP-14172834.FP.FTS.B,
20.99%,
6/20/27
10,272
10,281
APP-14159440.FP.FTS.B,
21.99%,
6/20/27
13,926
13,903
APP-14195756.FP.FTS.B,
22.49%,
6/20/27
14,246
14,258
APP-14199815.FP.FTS.B,
22.49%,
6/20/27
10,051
10,098
APP-08640096.FP.FTS.B,
11.34%,
6/21/27
24,106
24,473
APP-14317227.FP.FTS.B,
20.74%,
6/21/27
33,856
33,880
APP-14278564.FP.FTS.B,
20.49%,
6/24/27
11,152
11,180
APP-14292674.FP.FTS.B,
21.99%,
6/25/27
15,441
15,457
APP-14215379.FP.FTS.B,
17.49%,
6/26/27
15,794
16,045
APP-14353491.FP.FTS.B,
22.74%,
6/26/27
11,056
3,921
APP-14178588.FP.FTS.B,
22.99%,
6/26/27
2,293
2,249
APP-13787332.FP.FTS.B,
11.34%,
6/27/27
21,961
22,330
APP-14044460.FP.FTS.B,
13.34%,
6/27/27
10,970
11,151
APP-14178884.FP.FTS.B,
17.49%,
6/27/27
21,243
11,078
APP-14346063.FP.FTS.B,
18.49%,
6/27/27
22,168
22,395
APP-14335387.FP.FTS.B,
19.49%,
6/27/27
18,640
18,801
APP-14335800.FP.FTS.B,
19.99%,
6/27/27
13,141
13,259
APP-14341730.FP.FTS.B,
20.99%,
6/27/27
12,980
13,037
APP-13695730.FP.FTS.B,
26.49%,
6/28/27
6,847
6,751
APP-15557986.FP.FTS.B,
10.99%,
6/30/27
37,059
37,491
APP-15494302.FP.FTS.B,
12.24%,
6/30/27
35,562
36,019
APP-15748724.FP.FTS.B,
12.49%,
7/01/27
21,228
21,423
APP-15753390.FP.FTS.B,
26.99%,
7/01/27
9,159
9,012
APP-15425472.FP.FTS.B,
18.99%,
7/02/27
27,914
27,866
APP-15635946.FP.FTS.B,
24.74%,
7/03/27
14,811
14,735
APP-15718781.FP.FTS.B,
26.74%,
7/03/27
4,978
4,849
APP-15653357.FP.FTS.B,
21.24%,
7/04/27
7,252
7,245
APP-15686162.FP.FTS.B,
25.24%,
7/05/27
17,831
17,632
APP-14883847.FP.FTS.B,
17.24%,
7/06/27
6,646
6,715
APP-15716454.FP.FTS.B,
20.24%,
7/06/27
16,572
16,499
APP-14197811.FP.FTS.B,
20.49%,
7/06/27
17,563
17,456
APP-15556990.FP.FTS.B,
21.24%,
7/06/27
9,079
9,081
APP-14902078.FP.FTS.B,
11.74%,
7/07/27
21,697
21,960
APP-14904704.FP.FTS.B,
13.99%,
7/07/27
33,351
33,716
APP-14911217.FP.FTS.B,
13.99%,
7/07/27
21,138
21,392
APP-15744265.FP.FTS.B,
14.49%,
7/07/27
10,472
10,495
APP-14935613.FP.FTS.B,
11.99%,
7/08/27
11,379
11,518
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14923950.FP.FTS.B,
13.74%,
7/08/27
$
11,366
$
11,493
APP-14844069.FP.FTS.B,
16.49%,
7/08/27
24,971
24,957
APP-14917832.FP.FTS.B,
16.49%,
7/08/27
13,829
2,717
APP-14923618.FP.FTS.B,
16.49%,
7/08/27
13,278
13,283
APP-14840263.FP.FTS.B,
17.49%,
7/08/27
23,832
24,042
APP-14921328.FP.FTS.B,
17.24%,
7/10/27
35,489
35,825
APP-14530395.FP.FTS.B,
17.49%,
7/10/27
21,754
11,285
APP-14994439.FP.FTS.B,
19.99%,
7/10/27
16,219
16,302
APP-15007157.FP.FTS.B,
20.99%,
7/11/27
10,742
10,671
APP-15024354.FP.FTS.B,
24.24%,
7/11/27
12,271
1,296
APP-14991877.FP.FTS.B,
26.99%,
7/11/27
9,570
835
APP-14868239.FP.FTS.B,
11.99%,
7/12/27
10,572
10,714
APP-15042164.FP.FTS.B,
13.99%,
7/12/27
18,422
18,621
APP-14709072.FP.FTS.B,
17.49%,
7/12/27
18,273
18,468
APP-15039779.FP.FTS.B,
17.49%,
7/12/27
19,510
19,681
APP-15008780.FP.FTS.B,
19.99%,
7/12/27
15,458
15,355
APP-14313248.FP.FTS.B,
22.99%,
7/12/27
7,559
7,496
APP-15023218.FP.FTS.B,
23.99%,
7/12/27
24,385
24,185
APP-15042638.FP.FTS.B,
26.99%,
7/12/27
9,101
9,009
APP-16045778.FP.FTS.B,
22.49%,
7/13/27
9,562
9,586
APP-15056624.FP.FTS.B,
22.99%,
7/13/27
9,921
9,879
APP-14930206.FP.FTS.B,
14.49%,
7/14/27
10,022
10,166
APP-14689546.FP.FTS.B,
11.74%,
7/15/27
25,443
25,804
APP-14818480.FP.FTS.B,
11.74%,
7/15/27
34,957
35,457
APP-14821859.FP.FTS.B,
11.74%,
7/15/27
18,241
18,497
APP-14914496.FP.FTS.B,
11.74%,
7/15/27
34,957
35,456
APP-15114820.FP.FTS.B,
11.74%,
7/15/27
17,446
17,674
APP-13767685.FP.FTS.B,
11.99%,
7/15/27
17,764
17,995
APP-14996949.FP.FTS.B,
11.99%,
7/15/27
13,706
13,896
APP-15137192.FP.FTS.B,
11.99%,
7/15/27
15,345
15,550
APP-15037710.FP.FTS.B,
18.99%,
7/15/27
12,942
12,868
APP-15040717.FP.FTS.B,
20.99%,
7/15/27
8,109
8,108
APP-15041101.FP.FTS.B,
20.99%,
7/15/27
15,834
3,316
APP-15039028.FP.FTS.B,
22.99%,
7/16/27
7,230
7,214
APP-14843307.FP.FTS.B,
11.99%,
7/17/27
13,132
13,328
APP-14866235.FP.FTS.B,
12.74%,
7/17/27
43,314
43,842
APP-14906097.FP.FTS.B,
16.74%,
7/18/27
42,918
43,109
APP-14108410.FP.FTS.B,
17.49%,
7/18/27
25,146
8,051
APP-14882502.FP.FTS.B,
11.74%,
7/19/27
21,008
21,334
APP-14811744.FP.FTS.B,
13.99%,
7/19/27
30,897
31,355
APP-14688586.FP.FTS.B,
17.49%,
7/19/27
24,047
24,381
APP-14058557.FP.FTS.B,
22.99%,
7/19/27
9,468
9,460
APP-14174912.FP.FTS.B,
22.99%,
7/19/27
28,752
28,685
APP-14160424.FP.FTS.B,
23.99%,
7/19/27
15,681
15,446
APP-14175358.FP.FTS.B,
26.49%,
7/19/27
7,069
1,603
APP-14057681.FP.FTS.B,
11.99%,
7/20/27
10,580
10,749
APP-14766983.FP.FTS.B,
13.99%,
7/20/27
35,327
35,865
APP-14859116.FP.FTS.B,
13.99%,
7/20/27
7,203
7,203
APP-14911982.FP.FTS.B,
15.99%,
7/20/27
17,136
17,373
APP-14902830.FP.FTS.B,
16.24%,
7/20/27
35,620
35,832
APP-14191366.FP.FTS.B,
22.49%,
7/20/27
5,383
5,238
APP-15056862.FP.FTS.B,
22.99%,
7/20/27
18,135
18,055
APP-14688432.FP.FTS.B,
9.99%,
7/21/27
.
10,882
11,050
APP-14865961.FP.FTS.B,
11.74%,
7/21/27
31,361
31,867
APP-14931619.FP.FTS.B,
11.99%,
7/21/27
31,152
31,617
APP-14937680.FP.FTS.B,
11.99%,
7/21/27
15,155
15,390
APP-14938376.FP.FTS.B,
11.99%,
7/21/27
13,352
13,568
APP-14881643.FP.FTS.B,
17.49%,
7/21/27
19,422
19,710
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
113
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14877061.FP.FTS.B,
9.99%,
7/22/27
.
$
14,371
$
14,597
APP-14728435.FP.FTS.B,
11.99%,
7/22/27
11,404
11,592
APP-14688218.FP.FTS.B,
13.99%,
7/22/27
21,988
22,270
APP-15046782.FP.FTS.B,
17.74%,
7/22/27
45,233
45,804
APP-15030718.FP.FTS.B,
18.24%,
7/22/27
36,139
36,341
APP-14917772.FP.FTS.B,
19.99%,
7/22/27
7,218
7,277
APP-16899204.FP.FTS.B,
16.24%,
7/23/27
26,716
26,997
APP-14529813.FP.FTS.B,
18.24%,
7/23/27
34,101
34,382
APP-14859157.FP.FTS.B,
19.24%,
7/24/27
36,046
36,304
APP-15030457.FP.FTS.B,
22.99%,
7/24/27
7,499
757
APP-14078519.FP.FTS.B,
24.24%,
7/24/27
19,115
18,975
APP-15044155.FP.FTS.B,
20.99%,
7/25/27
18,095
18,100
APP-15024147.FP.FTS.B,
22.99%,
7/25/27
6,791
6,814
APP-14314279.FP.FTS.B,
23.49%,
7/25/27
6,950
6,977
APP-15048932.FP.FTS.B,
11.99%,
7/26/27
14,901
15,142
APP-16899254.FP.FTS.B,
21.74%,
7/26/27
8,530
986
APP-15053109.FP.FTS.B,
11.74%,
7/29/27
17,785
18,034
APP-16318783.FP.FTS.B,
18.99%,
7/30/27
16,771
16,729
APP-15578753.FP.FTS.B,
11.74%,
8/01/27
26,542
26,849
APP-15576948.FP.FTS.B,
12.24%,
8/01/27
31,072
31,433
APP-16690743.FP.FTS.B,
18.49%,
8/01/27
7,293
7,359
APP-15361603.FP.FTS.B,
19.74%,
8/01/27
16,415
16,395
APP-15584134.FP.FTS.B,
12.99%,
8/03/27
23,388
23,640
APP-16724945.FP.FTS.B,
13.99%,
8/03/27
45,970
23,178
APP-16827842.FP.FTS.B,
16.24%,
8/03/27
21,755
22,007
APP-16934495.FP.FTS.B,
13.99%,
8/05/27
14,302
14,284
APP-17031491.FP.FTS.B,
13.99%,
8/05/27
45,337
45,814
APP-17503110.FP.FTS.B,
15.99%,
8/05/27
45,149
45,465
APP-17272402.FP.FTS.B,
21.24%,
8/05/27
29,203
28,944
APP-15682350.FP.FTS.B,
22.24%,
8/05/27
19,053
18,883
APP-15713621.FP.FTS.B,
12.49%,
8/06/27
15,268
15,452
APP-15751991.FP.FTS.B,
12.49%,
8/07/27
13,686
13,852
APP-15422820.FP.FTS.B,
19.24%,
8/07/27
25,054
5,206
APP-15738510.FP.FTS.B,
21.99%,
8/07/27
37,470
37,278
APP-15580065.FP.FTS.B,
25.24%,
8/07/27
13,906
8,693
APP-15763190.FP.FTS.B,
22.24%,
8/08/27
23,154
22,964
APP-15743089.FP.FTS.B,
16.74%,
8/10/27
22,447
22,671
APP-15600789.FP.FTS.B,
22.24%,
8/10/27
6,879
6,888
APP-17112059.FP.FTS.B,
15.24%,
8/11/27
21,149
21,354
APP-15575823.FP.FTS.B,
26.99%,
8/11/27
9,872
2,190
APP-17457181.FP.FTS.B,
16.24%,
8/12/27
9,069
9,169
APP-15231441.FP.FTS.B,
16.99%,
8/12/27
42,515
43,061
APP-17422584.FP.FTS.B,
18.49%,
8/12/27
18,522
18,531
APP-15558741.FP.FTS.B,
19.49%,
8/12/27
34,597
34,748
APP-15307313.FP.FTS.B,
22.24%,
8/12/27
14,630
14,602
APP-15594246.FP.FTS.B,
25.49%,
8/12/27
24,475
24,308
APP-16035258.FP.FTS.B,
13.24%,
8/13/27
11,273
1,296
APP-15576373.FP.FTS.B,
19.24%,
8/13/27
14,060
14,122
APP-15302717.FP.FTS.B,
20.24%,
8/13/27
19,367
19,289
APP-15437840.FP.FTS.B,
20.24%,
8/13/27
14,428
14,370
APP-16046092.FP.FTS.B,
20.49%,
8/13/27
20,252
6,357
APP-16055829.FP.FTS.B,
12.99%,
8/14/27
10,657
10,764
APP-15595170.FP.FTS.B,
15.24%,
8/14/27
45,000
45,684
APP-15805332.FP.FTS.B,
18.74%,
8/14/27
22,351
22,571
APP-15398570.FP.FTS.B,
18.99%,
8/14/27
43,149
43,816
APP-16079598.FP.FTS.B,
20.49%,
8/14/27
18,140
18,182
APP-15459856.FP.FTS.B,
20.74%,
8/14/27
18,676
6,368
APP-16063371.FP.FTS.B,
20.99%,
8/14/27
22,700
22,752
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15638158.FP.FTS.B,
21.24%,
8/14/27
$
8,739
$
8,760
APP-15526033.FP.FTS.B,
21.74%,
8/14/27
18,848
18,767
APP-14058523.FP.FTS.B,
21.99%,
8/14/27
30,106
30,190
APP-15802156.FP.FTS.B,
22.24%,
8/14/27
13,663
13,634
APP-15356967.FP.FTS.B,
22.49%,
8/14/27
46,036
46,085
APP-15460819.FP.FTS.B,
23.24%,
8/14/27
7,074
6,893
APP-15525700.FP.FTS.B,
10.24%,
8/15/27
23,202
23,558
APP-15578534.FP.FTS.B,
11.74%,
8/15/27
27,370
27,737
APP-15398960.FP.FTS.B,
12.99%,
8/15/27
38,281
38,903
APP-15709743.FP.FTS.B,
14.49%,
8/15/27
35,820
36,314
APP-15299307.FP.FTS.B,
14.99%,
8/15/27
26,630
27,042
APP-11750409.FP.FTS.B,
17.99%,
8/15/27
16,236
16,241
APP-15544956.FP.FTS.B,
18.74%,
8/15/27
14,117
14,324
APP-15710954.FP.FTS.B,
18.99%,
8/15/27
28,147
28,270
APP-15598006.FP.FTS.B,
19.74%,
8/15/27
27,409
27,576
APP-15570179.FP.FTS.B,
19.99%,
8/15/27
41,174
41,226
APP-15574568.FP.FTS.B,
20.24%,
8/15/27
27,179
27,207
APP-15702332.FP.FTS.B,
20.24%,
8/15/27
9,113
9,230
APP-15681530.FP.FTS.B,
20.49%,
8/15/27
33,800
3,276
APP-15744959.FP.FTS.B,
20.49%,
8/15/27
32,048
32,194
APP-15585228.FP.FTS.B,
22.24%,
8/15/27
21,177
21,130
APP-15869507.FP.FTS.B,
22.99%,
8/15/27
9,848
9,765
APP-16074588.FP.FTS.B,
23.49%,
8/15/27
13,710
13,644
APP-16075494.FP.FTS.B,
23.49%,
8/15/27
7,315
7,322
APP-15763149.FP.FTS.B,
26.99%,
8/15/27
9,654
9,595
APP-15868809.FP.FTS.B,
12.99%,
8/16/27
30,546
30,960
APP-13337190.FP.FTS.B,
18.99%,
8/16/27
13,217
13,361
APP-13754354.FP.FTS.B,
11.34%,
8/17/27
28,306
28,691
APP-15684113.FP.FTS.B,
20.74%,
8/18/27
20,121
20,206
APP-15602475.FP.FTS.B,
12.49%,
8/19/27
15,800
16,053
APP-15591313.FP.FTS.B,
20.74%,
8/19/27
12,523
12,583
APP-15601188.FP.FTS.B,
21.24%,
8/19/27
44,277
44,510
APP-15697643.FP.FTS.B,
19.24%,
8/20/27
18,293
18,423
APP-15811836.FP.FTS.B,
19.74%,
8/20/27
22,722
22,852
APP-15742698.FP.FTS.B,
20.74%,
8/20/27
18,144
18,151
APP-15745396.FP.FTS.B,
21.24%,
8/20/27
24,620
24,751
APP-15764379.FP.FTS.B,
22.24%,
8/20/27
22,790
7,581
APP-15741986.FP.FTS.B,
12.49%,
8/21/27
28,007
28,438
APP-15737768.FP.FTS.B,
17.74%,
8/21/27
16,090
16,206
APP-15671359.FP.FTS.B,
20.24%,
8/21/27
4,605
1,679
APP-15741019.FP.FTS.B,
20.74%,
8/21/27
18,985
3,965
APP-15602128.FP.FTS.B,
21.74%,
8/21/27
12,319
12,365
APP-15663958.FP.FTS.B,
22.24%,
8/21/27
12,890
12,940
APP-15745269.FP.FTS.B,
22.24%,
8/21/27
14,270
14,275
APP-16024812.FP.FTS.B,
12.99%,
8/22/27
10,694
10,849
APP-15037668.FP.FTS.B,
26.99%,
8/23/27
9,699
9,668
APP-15006613.FP.FTS.B,
23.49%,
8/25/27
7,762
7,760
APP-15038278.FP.FTS.B,
25.99%,
8/25/27
6,361
6,294
APP-14178173.FP.FTS.B,
15.24%,
8/26/27
19,337
19,656
APP-15871509.FP.FTS.B,
20.49%,
8/26/27
16,553
16,676
APP-16071674.FP.FTS.B,
22.49%,
8/26/27
9,660
9,755
APP-15043328.FP.FTS.B,
22.74%,
8/26/27
12,293
12,289
APP-14920951.FP.FTS.B,
23.49%,
8/26/27
7,229
7,233
APP-14977194.FP.FTS.B,
26.99%,
8/26/27
11,071
11,050
APP-16053754.FP.FTS.B,
10.99%,
8/27/27
29,123
29,609
APP-15234987.FP.FTS.B,
16.74%,
8/27/27
26,443
26,859
APP-16061296.FP.FTS.B,
23.49%,
8/27/27
12,928
12,974
APP-16074435.FP.FTS.B,
23.49%,
8/27/27
22,162
22,309
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
114
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12674078.FP.FTS.B,
20.24%,
8/28/27
$
28,262
$
28,281
APP-16019364.FP.FTS.B,
20.99%,
8/28/27
26,769
26,792
APP-16813915.FP.FTS.B,
19.99%,
9/04/27
18,361
18,514
APP-16893024.FP.FTS.B,
19.99%,
9/04/27
14,909
7,713
APP-17103722.FP.FTS.B,
9.74%,
9/06/27
.
4,462
4,514
APP-17244225.FP.FTS.B,
9.49%,
9/09/27
.
18,783
19,019
APP-17250115.FP.FTS.B,
9.74%,
9/09/27
.
6,697
6,781
APP-17398424.FP.FTS.B,
18.24%,
9/12/27
9,057
9,004
APP-17433516.FP.FTS.B,
20.49%,
9/12/27
22,943
22,934
APP-14346312.FP.FTS.B,
11.74%,
9/13/27
19,195
19,441
APP-17455190.FP.FTS.B,
12.74%,
9/13/27
44,975
45,463
APP-17430483.FP.FTS.B,
12.99%,
9/13/27
23,797
24,082
APP-17450366.FP.FTS.B,
21.24%,
9/13/27
10,945
10,922
APP-16817244.FP.FTS.B,
18.24%,
9/14/27
45,917
46,521
APP-15589159.FP.FTS.B,
26.74%,
9/14/27
16,107
15,995
APP-17144021.FP.FTS.B,
12.99%,
9/15/27
20,719
20,981
APP-16652517.FP.FTS.B,
14.24%,
9/15/27
18,138
18,372
APP-16847088.FP.FTS.B,
18.24%,
9/15/27
9,189
9,213
APP-17462032.FP.FTS.B,
20.49%,
9/15/27
14,486
14,616
APP-15593379.FP.FTS.B,
24.74%,
9/15/27
7,513
7,497
APP-15584156.FP.FTS.B,
26.99%,
9/15/27
10,720
10,750
APP-17507239.FP.FTS.B,
16.24%,
9/16/27
19,994
20,223
APP-16120987.FP.FTS.B,
17.99%,
9/16/27
14,230
14,307
APP-16896117.FP.FTS.B,
23.99%,
9/16/27
8,403
8,387
APP-16906029.FP.FTS.B,
17.74%,
9/17/27
9,661
9,821
APP-16901085.FP.FTS.B,
22.49%,
9/17/27
16,753
16,836
APP-14132105.FP.FTS.B,
22.99%,
9/17/27
27,942
27,846
APP-16806378.FP.FTS.B,
23.49%,
9/17/27
25,663
25,725
APP-16119812.FP.FTS.B,
21.74%,
9/18/27
21,113
21,177
APP-15651111.FP.FTS.B,
24.99%,
9/18/27
22,135
22,074
APP-16599721.FP.FTS.B,
13.49%,
9/19/27
17,165
17,415
APP-17029315.FP.FTS.B,
14.49%,
9/19/27
28,706
29,158
APP-16335329.FP.FTS.B,
11.24%,
9/20/27
16,801
17,064
APP-17023882.FP.FTS.B,
13.24%,
9/20/27
12,923
13,131
APP-14122876.FP.FTS.B,
23.49%,
9/20/27
32,573
32,500
APP-15706743.FP.FTS.B,
24.24%,
9/20/27
9,254
9,285
APP-15738048.FP.FTS.B,
24.99%,
9/20/27
19,515
19,456
APP-15718443.FP.FTS.B,
26.99%,
9/20/27
23,315
23,254
APP-17185981.FP.FTS.B,
11.99%,
9/21/27
30,721
3,357
APP-17104731.FP.FTS.B,
13.49%,
9/21/27
17,230
17,493
APP-15601763.FP.FTS.B,
24.24%,
9/21/27
10,691
10,733
APP-15754577.FP.FTS.B,
24.24%,
9/21/27
11,017
1,039
APP-15757316.FP.FTS.B,
24.99%,
9/21/27
19,539
19,516
APP-15593978.FP.FTS.B,
26.74%,
9/21/27
14,674
14,645
APP-15723564.FP.FTS.B,
26.99%,
9/21/27
7,452
7,437
APP-15725666.FP.FTS.B,
26.99%,
9/21/27
7,001
6,997
APP-15758289.FP.FTS.B,
26.99%,
9/21/27
9,801
9,784
APP-17193229.FP.FTS.B,
11.99%,
9/22/27
13,545
13,751
APP-17221012.FP.FTS.B,
15.24%,
9/22/27
23,432
23,767
APP-15432924.FP.FTS.B,
18.99%,
9/23/27
21,350
21,471
APP-13628761.FP.FTS.B,
20.99%,
9/23/27
16,635
16,735
APP-17458369.FP.FTS.B,
14.49%,
9/25/27
8,467
8,604
APP-17362213.FP.FTS.B,
18.49%,
9/25/27
18,379
18,502
APP-17450170.FP.FTS.B,
20.24%,
9/25/27
40,346
40,550
APP-17482899.FP.FTS.B,
20.49%,
9/25/27
16,154
16,329
APP-17493809.FP.FTS.B,
20.49%,
9/25/27
16,362
16,591
APP-17329208.FP.FTS.B,
20.99%,
9/25/27
16,329
16,444
APP-17418426.FP.FTS.B,
18.99%,
9/26/27
22,794
22,960
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-17489430.FP.FTS.B,
8.49%,
9/27/27
.
$
23,489
$
23,857
APP-15069494.FP.FTS.B,
11.99%,
9/27/27
14,559
14,816
APP-17458150.FP.FTS.B,
18.99%,
9/27/27
36,854
37,409
APP-16932202.FP.FTS.B,
25.49%,
10/17/27
..........................
9,812
960
APP-14057430.FP.FTS.B,
14.09%,
10/29/27
..........................
24,388
24,713
APP-15576572.FP.FTS.B,
20.74%,
11/11/27
18,723
11,598
APP-15634817.FP.FTS.B,
25.24%,
11/12/27
16,174
16,100
APP-14194987.FP.FTS.B,
20.49%,
11/18/27
23,156
23,192
APP-15589795.FP.FTS.B,
18.74%,
12/15/27
..........................
18,990
19,183
APP-16637613.FP.FTS.B,
19.99%,
12/16/27
..........................
12,929
12,976
APP-15590969.FP.FTS.B,
20.49%,
2/29/28
30,147
30,118
15,329,838
LendingClub
Corp.
140563373.LC.FTS.B,
19.92%,
9/19/23
...
2,835
2,839
139794780.LC.FTS.B,
20.89%,
10/01/23
..
1,830
1,832
141248487.LC.FTS.B,
22.35%,
10/02/23
..
1,137
1,130
141355465.LC.FTS.B,
12.73%,
10/04/23
..
2,615
2,585
140103085.LC.FTS.B,
Zero
Cpn,
10/05/23
2,827
–
141403690.LC.FTS.B,
18.94%,
10/05/23
..
4,480
4,459
141374572.LC.FTS.B,
27.27%,
10/05/23
..
2,044
2,049
141363707.LC.FTS.B,
12.73%,
10/15/23
..
3,138
3,103
142148879.LC.FTS.B,
20.89%,
10/18/23
..
3,432
3,457
142086634.LC.FTS.B,
12.73%,
10/19/23
..
4,551
4,501
142075506.LC.FTS.B,
26.31%,
10/19/23
..
4,023
4,043
141783977.LC.FTS.B,
12.73%,
10/20/23
..
4,054
4,010
142298949.LC.FTS.B,
14.47%,
10/24/23
..
4,735
4,716
141649491.LC.FTS.B,
19.92%,
10/24/23
..
5,245
5,281
141082564.LC.FTS.B,
11.06%,
10/25/23
..
2,531
2,498
142149600.LC.FTS.B,
11.06%,
10/25/23
..
1,898
1,876
142527519.LC.FTS.B,
16.91%,
10/25/23
..
4,965
4,933
141269019.LC.FTS.B,
19.92%,
10/25/23
..
2,247
2,264
141422940.LC.FTS.B,
20.89%,
10/25/23
..
3,355
3,388
142579027.LC.FTS.B,
16.14%,
10/26/23
..
1,676
1,669
142829106.LC.FTS.B,
10.08%,
10/30/23
..
2,881
2,843
142225547.LC.FTS.B,
20.89%,
10/30/23
..
3,747
3,744
142579350.LC.FTS.B,
20.89%,
10/30/23
..
1,763
1,764
142456892.LC.FTS.B,
11.55%,
11/02/23
..
5,282
5,196
143063671.LC.FTS.B,
10.72%,
11/13/23
..
2,507
2,475
143378025.LC.FTS.B,
8.81%,
11/14/23
...
5,620
5,576
143428192.LC.FTS.B,
11.8%,
11/14/23
...
1,788
1,764
142640425.LC.FTS.B,
10.47%,
11/16/23
..
2,469
2,436
143835362.LC.FTS.B,
18.94%,
11/19/23
..
4,771
4,781
142526281.LC.FTS.B,
14.47%,
11/21/23
..
6,915
5,584
143411489.LC.FTS.B,
Zero
Cpn,
11/23/23
6,903
–
143453403.LC.FTS.B,
10.33%,
11/26/23
..
2,317
2,291
144173279.LC.FTS.B,
10.72%,
11/28/23
..
4,282
4,228
144230589.LC.FTS.B,
12.98%,
11/28/23
..
5,202
5,122
144195034.LC.FTS.B,
19.92%,
11/28/23
..
2,359
2,352
144228163.LC.FTS.B,
14.47%,
11/29/23
..
3,565
3,524
143073416.LC.FTS.B,
19.92%,
11/29/23
..
4,322
4,302
144128930.LC.FTS.B,
10.72%,
11/30/23
..
2,158
2,125
144026346.LC.FTS.B,
17.97%,
11/30/23
..
5,190
5,230
144280900.LC.FTS.B,
17.97%,
12/04/23
..
5,000
4,977
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
115
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
(continued)
144473095.LC.FTS.B,
18.94%,
12/04/23
..
$
2,373
$
1,000
144492132.LC.FTS.B,
18.94%,
12/06/23
..
3,164
3,147
144556102.LC.FTS.B,
18.94%,
12/06/23
..
1,482
1,474
143737299.LC.FTS.B,
15.02%,
12/18/23
..
4,743
3,816
145295088.LC.FTS.B,
10.72%,
12/21/23
..
1,860
1,833
145216495.LC.FTS.B,
11.8%,
12/21/23
...
1,696
1,670
145263254.LC.FTS.B,
11.8%,
12/21/23
...
2,289
2,254
145296187.LC.FTS.B,
12.98%,
12/21/23
..
3,745
3,694
145611420.LC.FTS.B,
10.72%,
12/31/23
..
3,716
3,653
145280246.LC.FTS.B,
20.89%,
12/31/23
..
2,225
2,224
145642678.LC.FTS.B,
Zero
Cpn,
1/02/24
.
4,225
–
145183021.LC.FTS.B,
10.33%,
1/03/24
...
4,616
4,541
145710063.LC.FTS.B,
10.72%,
1/03/24
...
4,093
4,030
146037087.LC.FTS.B,
12.98%,
1/10/24
...
2,911
2,864
144986124.LC.FTS.B,
17.97%,
1/14/24
...
4,243
4,248
146449830.LC.FTS.B,
11.8%,
1/23/24
....
2,278
2,238
146360497.LC.FTS.B,
12.98%,
1/23/24
...
6,054
5,960
146570696.LC.FTS.B,
14.47%,
1/23/24
...
3,917
3,867
145950191.LC.FTS.B,
18.94%,
1/23/24
...
4,639
4,641
146382976.LC.FTS.B,
16.91%,
1/24/24
...
4,166
4,119
146822604.LC.FTS.B,
17.97%,
1/25/24
...
2,130
2,134
146347023.LC.FTS.B,
Zero
Cpn,
1/29/24
.
6,174
–
146986250.LC.FTS.B,
10.72%,
1/29/24
...
5,144
5,042
146951890.LC.FTS.B,
12.98%,
1/30/24
...
2,572
2,522
146832728.LC.FTS.B,
15.02%,
1/30/24
...
2,223
2,179
146154250.LC.FTS.B,
17.97%,
1/30/24
...
3,350
3,315
147059235.LC.FTS.B,
15.02%,
1/31/24
...
4,442
4,355
146171882.LC.FTS.B,
17.97%,
2/05/24
...
2,950
2,931
144718606.LC.FTS.B,
17.97%,
2/10/24
...
8,207
8,160
147312249.LC.FTS.B,
11.8%,
2/18/24
....
8,396
8,236
147424780.LC.FTS.B,
19.92%,
2/20/24
...
1,969
1,968
145533215.LC.FTS.B,
11.8%,
2/29/24
....
5,038
4,910
148255751.LC.FTS.B,
12.4%,
3/05/24
...
3,484
3,416
148398539.LC.FTS.B,
15.57%,
3/05/24
...
884
873
148465404.LC.FTS.B,
17.97%,
3/06/24
...
5,114
5,074
148594665.LC.FTS.B,
17.19%,
3/11/24
...
2,778
2,726
148704813.LC.FTS.B,
13.9%,
3/12/24
...
8,347
8,219
148710415.LC.FTS.B,
20%,
3/12/24
.....
9,251
9,201
148165215.LC.FTS.B,
15.57%,
3/15/24
...
8,433
6,644
148285066.LC.FTS.B,
17.97%,
3/15/24
...
8,844
8,831
143646902.LC.FTS.B,
13.56%,
3/16/24
...
3,470
3,439
148729378.LC.FTS.B,
15.57%,
3/16/24
...
3,103
3,066
148686543.LC.FTS.B,
16.4%,
3/16/24
...
6,255
6,144
146454152.LC.FTS.B,
16.14%,
3/18/24
...
3,678
3,599
148912242.LC.FTS.B,
20%,
3/18/24
.....
7,400
7,399
148124381.LC.FTS.B,
16.4%,
3/23/24
...
9,309
9,155
149314316.LC.FTS.B,
10.33%,
3/26/24
...
2,947
2,881
149281358.LC.FTS.B,
12.4%,
3/26/24
...
5,651
5,546
149315507.LC.FTS.B,
13.08%,
3/26/24
...
4,701
4,616
149128960.LC.FTS.B,
10.33%,
4/01/24
...
6,077
5,948
148529602.LC.FTS.B,
15.57%,
4/01/24
...
2,680
2,618
149673312.LC.FTS.B,
14.74%,
4/03/24
...
2,624
2,573
150025532.LC.FTS.B,
15.57%,
4/10/24
...
7,983
7,835
150130575.LC.FTS.B,
13.9%,
4/12/24
...
10,348
10,169
150116474.LC.FTS.B,
20%,
4/12/24
.....
3,646
3,634
150114171.LC.FTS.B,
16.4%,
4/15/24
....
6,470
6,356
150196309.LC.FTS.B,
17.97%,
4/15/24
...
3,876
3,864
150114686.LC.FTS.B,
13.9%,
4/16/24
....
2,587
2,543
Description
Principal
Amount
Value
LendingClub
Corp.
(continued)
150302648.LC.FTS.B,
15.57%,
4/17/24
...
$
5,322
$
5,230
142542297.LC.FTS.B,
11.55%,
4/21/24
...
4,837
3,872
150457673.LC.FTS.B,
20%,
4/22/24
.....
5,720
5,717
150622391.LC.FTS.B,
13.9%,
4/23/24
...
6,467
6,367
150627709.LC.FTS.B,
20%,
4/23/24
.....
4,290
4,290
150850415.LC.FTS.B,
12.4%,
4/30/24
...
4,364
4,258
150851475.LC.FTS.B,
20%,
5/08/24
.....
7,072
2,870
151444001.LC.FTS.B,
14.74%,
5/09/24
...
3,391
3,321
151467501.LC.FTS.B,
20%,
5/09/24
.....
6,539
6,496
150332126.LC.FTS.B,
16.4%,
5/10/24
...
5,862
5,725
151545441.LC.FTS.B,
17.97%,
5/10/24
...
612
606
151690420.LC.FTS.B,
17.97%,
5/23/24
...
5,148
5,118
152159254.LC.FTS.B,
Zero
Cpn,
5/24/24
.
10,969
–
152303972.LC.FTS.B,
Zero
Cpn,
5/24/24
.
14,069
–
151495173.LC.FTS.B,
12.4%,
5/24/24
...
6,183
6,052
151810309.LC.FTS.B,
13.08%,
5/24/24
...
5,497
5,380
151897315.LC.FTS.B,
20%,
5/25/24
.....
5,627
5,602
151979821.LC.FTS.B,
13.9%,
5/28/24
...
5,995
5,832
147890443.LC.FTS.B,
11.02%,
6/05/24
...
12,370
12,015
152765318.LC.FTS.B,
17.19%,
6/11/24
...
4,718
4,609
152970058.LC.FTS.B,
13.08%,
6/12/24
...
11,190
10,922
153172761.LC.FTS.B,
16.12%,
6/12/24
...
6,186
6,060
143514004.LC.FTS.B,
11.8%,
6/14/24
....
3,249
3,160
149882426.LC.FTS.B,
12.4%,
6/15/24
...
6,326
6,151
150392604.LC.FTS.B,
17.97%,
6/18/24
...
10,854
10,688
153720322.LC.FTS.B,
12.4%,
6/20/24
...
6,115
5,972
153211777.LC.FTS.B,
15.24%,
6/20/24
...
3,202
3,134
153987117.LC.FTS.B,
12.4%,
6/24/24
....
6,129
5,987
152550358.LC.FTS.B,
14.74%,
6/24/24
...
4,538
4,446
153754650.LC.FTS.B,
16.95%,
6/27/24
...
6,962
6,826
154462977.LC.FTS.B,
16.12%,
7/01/24
...
3,292
3,211
154940690.LC.FTS.B,
16.12%,
7/09/24
...
8,750
8,547
150616815.LC.FTS.B,
17.97%,
7/09/24
...
4,597
4,501
154267934.LC.FTS.B,
14.3%,
7/15/24
...
12,261
11,964
155232104.LC.FTS.B,
17.74%,
7/15/24
...
3,375
3,300
154935107.LC.FTS.B,
20%,
7/15/24
.....
3,361
3,325
150328755.LC.FTS.B,
13.08%,
7/17/24
...
3,413
3,313
155164991.LC.FTS.B,
15.24%,
7/18/24
...
12,976
12,702
148905494.LC.FTS.B,
16.4%,
7/18/24
...
6,975
848
155579797.LC.FTS.B,
17.74%,
7/19/24
...
7,448
7,269
154020911.LC.FTS.B,
16.95%,
7/22/24
...
6,669
6,532
155717890.LC.FTS.B,
15.24%,
7/23/24
...
3,247
3,181
154994847.LC.FTS.B,
14.3%,
7/25/24
...
3,494
3,416
151707588.LC.FTS.B,
14.74%,
7/29/24
...
7,476
7,218
155334080.LC.FTS.B,
16.12%,
7/29/24
...
14,143
13,729
155246628.LC.FTS.B,
17.74%,
7/30/24
...
3,925
3,808
156078988.LC.FTS.B,
17.74%,
7/30/24
...
8,934
8,692
156134234.LC.FTS.B,
17.74%,
7/30/24
...
3,573
3,476
155823373.LC.FTS.B,
15.24%,
7/31/24
...
10,595
10,310
155931737.LC.FTS.B,
17.74%,
8/01/24
...
9,124
8,879
148318987.LC.FTS.B,
10%,
8/07/24
.....
4,119
3,238
156198752.LC.FTS.B,
16.95%,
8/10/24
...
5,373
5,238
156287957.LC.FTS.B,
14.3%,
8/11/24
....
12,879
12,533
156793211.LC.FTS.B,
16.95%,
8/12/24
...
7,772
7,580
157194796.LC.FTS.B,
15.24%,
8/19/24
...
13,772
13,452
157178824.LC.FTS.B,
16.12%,
8/20/24
...
4,187
4,090
146385161.LC.FTS.B,
18.94%,
8/22/24
...
9,015
8,828
153537119.LC.FTS.B,
16.12%,
8/25/24
...
3,383
3,307
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
116
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
(continued)
157513361.LC.FTS.B,
12.4%,
8/26/24
...
$
9,884
$
9,622
157472465.LC.FTS.B,
16.12%,
8/26/24
...
4,187
4,095
156805347.LC.FTS.B,
17.74%,
8/26/24
...
6,124
5,977
156982194.LC.FTS.B,
14.3%,
8/27/24
...
5,341
5,227
157328472.LC.FTS.B,
14.3%,
8/27/24
...
7,748
7,514
157585737.LC.FTS.B,
15.24%,
8/28/24
...
5,936
5,790
157148290.LC.FTS.B,
14.3%,
8/29/24
...
8,973
8,693
157600114.LC.FTS.B,
16.95%,
8/29/24
...
3,733
3,616
156938647.LC.FTS.B,
16.12%,
8/31/24
...
12,456
12,061
158081866.LC.FTS.B,
16.12%,
9/05/24
...
10,314
10,026
158175447.LC.FTS.B,
17.74%,
9/10/24
...
13,200
12,841
157148207.LC.FTS.B,
17.74%,
9/11/24
...
6,035
5,881
157912310.LC.FTS.B,
17.74%,
9/16/24
...
6,838
6,647
158272069.LC.FTS.B,
17.74%,
9/18/24
...
7,162
6,963
159010378.LC.FTS.B,
17.74%,
9/19/24
...
9,024
8,778
154841821.LC.FTS.B,
16.12%,
9/22/24
...
7,936
7,678
157396742.LC.FTS.B,
15.24%,
9/23/24
...
12,877
12,534
155360790.LC.FTS.B,
15.24%,
9/25/24
...
6,059
5,866
157742410.LC.FTS.B,
6%,
9/28/24
......
4,457
4,163
150551318.LC.FTS.B,
20%,
9/29/24
.....
11,122
10,984
159435722.LC.FTS.B,
12.4%,
9/30/24
...
7,338
7,106
159372853.LC.FTS.B,
13.08%,
10/01/24
..
7,785
7,537
150161543.LC.FTS.B,
14.74%,
10/11/24
..
9,230
8,901
156927320.LC.FTS.B,
16.12%,
10/16/24
..
8,821
1,576
160079994.LC.FTS.B,
13.08%,
10/17/24
..
11,170
10,816
150241560.LC.FTS.B,
20%,
10/21/24
....
4,059
3,992
160529999.LC.FTS.B,
16.95%,
10/22/24
..
4,913
3,803
160490410.LC.FTS.B,
15.24%,
10/25/24
..
15,306
14,909
142083793.LC.FTS.B,
24.37%,
10/25/24
..
6,347
6,161
148711863.LC.FTS.B,
16.4%,
10/27/24
...
3,984
3,860
161573592.LC.FTS.B,
12.4%,
11/07/24
...
8,142
7,872
154797502.LC.FTS.B,
16.12%,
11/09/24
..
5,663
5,477
161593900.LC.FTS.B,
13.08%,
11/12/24
..
2,059
1,989
161740410.LC.FTS.B,
17.74%,
11/14/24
..
8,365
8,112
158052058.LC.FTS.B,
14.3%,
11/18/24
...
4,623
4,450
162085568.LC.FTS.B,
16.95%,
11/19/24
..
8,225
7,965
161519546.LC.FTS.B,
13.08%,
11/20/24
..
16,752
2,900
162054102.LC.FTS.B,
14.3%,
11/20/24
...
9,530
9,232
162329802.LC.FTS.B,
20.55%,
11/26/24
..
6,473
6,396
155404759.LC.FTS.B,
12.4%,
11/29/24
...
3,986
3,844
161925646.LC.FTS.B,
Zero
Cpn,
11/30/24
8,261
–
144940694.LC.FTS.B,
11.8%,
11/30/24
...
7,918
7,586
158914371.LC.FTS.B,
16.12%,
11/30/24
..
12,755
12,130
162770667.LC.FTS.B,
11.02%,
12/04/24
..
10,923
10,541
162767538.LC.FTS.B,
12.4%,
12/04/24
...
6,056
5,843
161969346.LC.FTS.B,
20.55%,
12/05/24
..
4,506
4,406
162981224.LC.FTS.B,
20.55%,
12/10/24
..
6,308
6,177
145998409.LC.FTS.B,
12.98%,
12/14/24
..
6,278
6,042
148849654.LC.FTS.B,
Zero
Cpn,
12/15/24
6,346
6,121
163112532.LC.FTS.B,
14.3%,
12/16/24
...
6,673
6,443
163046946.LC.FTS.B,
15.24%,
12/16/24
..
8,401
8,130
163060788.LC.FTS.B,
13.08%,
12/17/24
..
8,152
7,875
153895344.LC.FTS.B,
13.08%,
12/20/24
..
11,868
11,452
163411239.LC.FTS.B,
13.08%,
12/20/24
..
6,114
5,908
163604356.LC.FTS.B,
16.95%,
12/20/24
..
11,425
11,067
151324492.LC.FTS.B,
20%,
12/20/24
....
6,626
6,473
163583417.LC.FTS.B,
20.55%,
12/23/24
..
4,208
4,134
162845037.LC.FTS.B,
17.74%,
12/24/24
..
7,442
7,175
Description
Principal
Amount
Value
LendingClub
Corp.
(continued)
160896111.LC.FTS.B,
14.3%,
12/25/24
...
$
2,267
$
2,231
148932528.LC.FTS.B,
17.19%,
12/25/24
..
9,508
9,184
164220289.LC.FTS.B,
16.95%,
1/02/25
...
9,116
8,777
161662827.LC.FTS.B,
20.55%,
1/12/25
...
3,086
3,031
164731071.LC.FTS.B,
18.62%,
1/13/25
...
4,582
4,480
165056556.LC.FTS.B,
20.55%,
1/17/25
...
7,487
7,334
164591978.LC.FTS.B,
12.4%,
1/21/25
...
10,545
10,171
165397300.LC.FTS.B,
14.3%,
1/22/25
...
4,599
4,447
165469392.LC.FTS.B,
14.3%,
1/23/25
...
4,273
4,134
164059283.LC.FTS.B,
17.74%,
1/23/25
...
2,707
2,652
165808132.LC.FTS.B,
20.55%,
1/29/25
...
5,252
5,091
165938778.LC.FTS.B,
20.55%,
2/03/25
...
5,854
5,688
165780834.LC.FTS.B,
13.08%,
2/05/25
...
6,387
6,143
155027113.LC.FTS.B,
17.97%,
2/10/25
...
9,135
8,832
166250533.LC.FTS.B,
17.74%,
2/15/25
...
4,729
4,547
166781902.LC.FTS.B,
13.08%,
2/18/25
...
6,656
6,408
166943124.LC.FTS.B,
15.24%,
2/20/25
...
4,470
4,312
165810247.LC.FTS.B,
18.62%,
2/24/25
...
6,828
6,593
166773880.LC.FTS.B,
10.33%,
2/28/25
...
8,978
8,609
167785877.LC.FTS.B,
15.24%,
3/04/25
...
14,234
13,612
168256441.LC.FTS.B,
17.74%,
3/13/25
...
14,680
14,101
167908793.LC.FTS.B,
14.3%,
3/16/25
...
5,584
5,361
168305153.LC.FTS.B,
13.08%,
3/20/25
...
11,501
1,379
167744357.LC.FTS.B,
14.3%,
3/23/25
...
7,851
7,517
165296350.LC.FTS.B,
13.08%,
3/27/25
...
20,972
3,679
143917879.LC.FTS.B,
16.91%,
3/29/25
...
12,748
–
149957207.LC.FTS.B,
17.19%,
4/09/25
...
15,000
14,239
162782888.LC.FTS.B,
16.95%,
5/25/25
...
17,708
16,945
164040576.LC.FTS.B,
13.08%,
7/12/25
...
14,467
1,693
159782705.LC.FTS.B,
17.74%,
8/13/25
...
19,726
18,638
165650569.LC.FTS.B,
13.08%,
9/30/25
...
17,071
754
149399946.LC.FTS.B,
20%,
10/09/25
....
17,018
16,086
154080835.LC.FTS.B,
16.95%,
10/15/25
..
12,887
–
158336156.LC.FTS.B,
17.74%,
9/23/32
...
1,778
1,750
160928296.LC.FTS.B,
17.74%,
10/29/32
..
1,544
1,552
162174058.LC.FTS.B,
18.62%,
11/20/32
..
4,345
4,317
162565626.LC.FTS.B,
16.95%,
12/27/32
..
1,961
850
163835974.LC.FTS.B,
20.55%,
12/27/32
..
903
881
166686897.LC.FTS.B,
12.4%,
2/14/33
...
4,236
334
166785571.LC.FTS.B,
11.71%,
2/18/33
...
3,325
3,269
162767581.LC.FTS.B,
Zero
Cpn,
4/04/33
.
337
16
167581364.LC.FTS.B,
17.74%,
5/12/33
...
551
548
165101135.LC.FTS.B,
16.95%,
5/22/33
...
82
82
166629231.LC.FTS.B,
Zero
Cpn,
5/26/33
.
336
32
1,367,190
LendingClub
Corp.
-
LCX
166112715.LC.FTS.B,
16.95%,
10/20/23
..
4,233
3,345
151384503.LC.FTS.B,
Zero
Cpn,
5/10/24
.
12,529
–
151548915.LC.FTS.B,
10.33%,
5/10/24
...
2,622
2,580
151286105.LC.FTS.B,
11.71%,
5/10/24
...
8,057
7,928
151948521.LC.FTS.B,
17.97%,
5/31/24
...
3,815
3,834
155815338.LC.FTS.B,
14.3%,
7/25/24
...
3,551
3,518
155872968.LC.FTS.B,
14.3%,
7/25/24
...
4,800
4,758
155883207.LC.FTS.B,
15.24%,
7/25/24
...
4,140
4,105
155893259.LC.FTS.B,
15.24%,
7/25/24
...
11,367
11,269
155929091.LC.FTS.B,
15.24%,
7/25/24
...
4,871
4,829
155673715.LC.FTS.B,
16.12%,
7/25/24
...
11,202
11,106
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
117
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
(continued)
156008127.LC.FTS.B,
14.3%,
7/26/24
...
$
12,800
$
12,692
155501571.LC.FTS.B,
16.95%,
7/26/24
...
12,005
11,904
155931876.LC.FTS.B,
16.95%,
7/26/24
...
8,749
365
156010180.LC.FTS.B,
17.74%,
7/26/24
...
5,882
5,814
153882991.LC.FTS.B,
14.3%,
7/31/24
...
6,518
6,384
155970724.LC.FTS.B,
16.95%,
7/31/24
...
4,291
4,202
156540264.LC.FTS.B,
14.3%,
9/06/24
...
9,248
3,508
156777322.LC.FTS.B,
16.12%,
9/09/24
...
4,879
872
158294506.LC.FTS.B,
16.12%,
9/09/24
...
4,420
4,353
158749928.LC.FTS.B,
15.24%,
9/24/24
...
4,020
3,963
158302406.LC.FTS.B,
17.74%,
9/25/24
...
9,391
9,283
158297432.LC.FTS.B,
15.24%,
11/09/24
..
9,309
9,096
158338447.LC.FTS.B,
16.12%,
11/17/24
..
14,527
14,179
162127861.LC.FTS.B,
12.4%,
11/19/24
...
4,047
3,812
155887487.LC.FTS.B,
15.24%,
12/25/24
..
5,257
453
154670467.LC.FTS.B,
16.12%,
12/31/24
..
4,714
4,579
153303203.LC.FTS.B,
28.8%,
1/09/25
...
7,497
(128)
156001816.LC.FTS.B,
16.12%,
1/12/25
...
6,511
6,372
163084513.LC.FTS.B,
18.62%,
1/21/25
...
4,583
4,501
165130966.LC.FTS.B,
20.55%,
1/21/25
...
2,347
2,315
165148027.LC.FTS.B,
20.55%,
1/21/25
...
9,411
9,283
165276233.LC.FTS.B,
20.55%,
1/21/25
...
9,861
9,692
165396953.LC.FTS.B,
11.02%,
1/22/25
...
13,198
12,757
164959517.LC.FTS.B,
18.62%,
1/25/25
...
4,623
4,525
164300242.LC.FTS.B,
16.12%,
1/31/25
...
17,176
16,526
165919458.LC.FTS.B,
15.24%,
2/03/25
...
18,261
17,580
165905919.LC.FTS.B,
16.12%,
2/03/25
...
12,888
12,402
166100453.LC.FTS.B,
14.3%,
2/05/25
...
18,038
17,375
166217551.LC.FTS.B,
8.19%,
2/07/25
...
13,274
12,553
166045110.LC.FTS.B,
Zero
Cpn,
2/19/25
.
15,190
1,446
167192844.LC.FTS.B,
23.05%,
2/24/25
...
11,891
11,355
167466474.LC.FTS.B,
11.02%,
2/27/25
...
9,925
9,143
167085834.LC.FTS.B,
12.4%,
2/28/25
...
10,521
9,448
163582275.LC.FTS.B,
16.12%,
2/28/25
...
10,180
8,924
166101353.LC.FTS.B,
20.55%,
2/28/25
...
3,036
2,666
168045027.LC.FTS.B,
14.3%,
3/15/25
...
6,561
6,033
168273324.LC.FTS.B,
18.62%,
3/17/25
...
7,888
7,220
164935272.LC.FTS.B,
20.55%,
3/21/25
...
18,067
17,483
168585809.LC.FTS.B,
15.24%,
3/24/25
...
5,041
4,575
167746704.LC.FTS.B,
16.12%,
3/28/25
...
15,243
13,950
165378648.LC.FTS.B,
11.02%,
3/31/25
...
18,303
17,472
167808300.LC.FTS.B,
13.08%,
4/14/25
...
6,228
5,576
166908304.LC.FTS.B,
15.24%,
4/18/25
...
13,236
11,743
166949020.LC.FTS.B,
16.12%,
4/19/25
...
8,917
6,244
165108708.LC.FTS.B,
20.55%,
10/15/25
..
15,908
12,177
155128973.LC.FTS.B,
15.24%,
10/25/25
..
16,154
15,455
167601650.LC.FTS.B,
16.12%,
2/02/26
...
9,021
7,945
164610022.LC.FTS.B,
5%,
1/17/33
......
3,287
2,554
166140806.LC.FTS.B,
Zero
Cpn,
2/05/33
.
3,114
288
167087629.LC.FTS.B,
16.95%,
2/28/33
...
5,084
4,845
166083169.LC.FTS.B,
Zero
Cpn,
4/27/33
.
2,521
230
167427040.LC.FTS.B,
10.33%,
4/27/33
...
540
537
167476094.LC.FTS.B,
17.74%,
4/28/33
...
1,231
1,214
155983239.LC.FTS.B,
14.3%,
5/09/33
...
14,360
14,008
161665297.LC.FTS.B,
11.71%,
5/12/33
...
582
29
166679234.LC.FTS.B,
15.24%,
5/14/33
...
572
567
166931707.LC.FTS.B,
15.24%,
5/19/33
...
381
379
164999071.LC.FTS.B,
18.62%,
5/22/33
...
177
179
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
(continued)
163851574.LC.FTS.B,
16.12%,
5/25/33
...
$
1,330
$
1,312
473,481
LendingClub
Corp.
-
LCX
PM
188248955.LC.FTS.B,
19.49%,
4/12/25
...
15,933
15,724
188123636.LC.FTS.B,
20.79%,
4/13/25
...
15,230
14,735
188396824.LC.FTS.B,
23.99%,
4/18/25
...
5,055
4,024
188336152.LC.FTS.B,
23.99%,
4/19/25
...
14,840
14,674
188581186.LC.FTS.B,
14.49%,
4/21/25
...
17,121
16,769
187760587.LC.FTS.B,
15.99%,
4/21/25
...
9,334
9,300
188588570.LC.FTS.B,
16.29%,
4/21/25
...
3,235
3,190
188585972.LC.FTS.B,
19.44%,
4/21/25
...
13,826
13,663
188593902.LC.FTS.B,
21.49%,
4/21/25
...
14,693
14,680
188611568.LC.FTS.B,
23.99%,
4/21/25
...
2,374
2,392
188686293.LC.FTS.B,
15%,
4/22/25
.....
7,894
6,543
188631141.LC.FTS.B,
18.19%,
4/22/25
...
28,989
28,987
188664382.LC.FTS.B,
21.49%,
4/22/25
...
8,816
8,810
188534183.LC.FTS.B,
22.99%,
4/22/25
...
2,592
2,602
188654930.LC.FTS.B,
24.79%,
4/22/25
...
4,466
4,504
188635054.LC.FTS.B,
16.99%,
4/24/25
...
8,466
8,439
188592862.LC.FTS.B,
20.49%,
4/24/25
...
5,257
5,238
188595363.LC.FTS.B,
20.99%,
4/27/25
...
10,997
10,964
188053341.LC.FTS.B,
6%,
4/08/27
......
5,413
5,372
187991007.LC.FTS.B,
17.19%,
4/08/27
...
5,171
5,038
188037917.LC.FTS.B,
22.49%,
4/08/27
...
11,590
11,135
188072484.LC.FTS.B,
22.49%,
4/08/27
...
6,761
6,577
187457590.LC.FTS.B,
26.79%,
4/08/27
...
5,334
5,379
187514926.LC.FTS.B,
23.49%,
4/11/27
...
6,992
6,915
188122973.LC.FTS.B,
23.49%,
4/11/27
...
29,074
28,391
188256153.LC.FTS.B,
18.99%,
4/12/27
...
5,205
5,114
188186124.LC.FTS.B,
21.49%,
4/12/27
...
6,126
5,803
188268197.LC.FTS.B,
Zero
Cpn,
4/13/27
.
9,624
–
188277181.LC.FTS.B,
23.49%,
4/13/27
...
30,833
29,779
188110736.LC.FTS.B,
23.99%,
4/13/27
...
8,824
8,629
188229601.LC.FTS.B,
22.49%,
4/14/27
...
17,529
16,863
188318575.LC.FTS.B,
22.99%,
4/14/27
...
6,156
6,027
188277503.LC.FTS.B,
23.19%,
4/14/27
...
8,801
8,580
187819805.LC.FTS.B,
25.99%,
4/14/27
...
2,800
2,773
188308390.LC.FTS.B,
25.99%,
4/14/27
...
5,328
5,239
188316633.LC.FTS.B,
25.99%,
4/14/27
...
8,524
8,382
188149297.LC.FTS.B,
27.79%,
4/14/27
...
7,525
7,582
188093276.LC.FTS.B,
Zero
Cpn,
4/15/27
.
8,547
804
188352437.LC.FTS.B,
23.99%,
4/15/27
...
27,026
21,376
188439698.LC.FTS.B,
Zero
Cpn,
4/18/27
.
6,152
–
188437817.LC.FTS.B,
18.19%,
4/18/27
...
5,190
5,108
188225211.LC.FTS.B,
20.99%,
4/18/27
...
13,104
12,377
188142269.LC.FTS.B,
27.79%,
4/18/27
...
8,487
8,544
187933932.LC.FTS.B,
25.99%,
4/19/27
...
9,189
1,147
187548960.LC.FTS.B,
20.49%,
4/20/27
...
16,319
15,218
188580819.LC.FTS.B,
21.49%,
4/20/27
...
15,800
15,635
188535698.LC.FTS.B,
21.99%,
4/20/27
...
13,849
13,294
188575003.LC.FTS.B,
22.49%,
4/20/27
...
6,212
6,153
188415292.LC.FTS.B,
22.99%,
4/20/27
...
26,395
25,210
188261615.LC.FTS.B,
23.99%,
4/20/27
...
19,412
19,272
188400737.LC.FTS.B,
23.99%,
4/20/27
...
26,471
25,628
188452079.LC.FTS.B,
23.99%,
4/20/27
...
31,570
24,389
188450442.LC.FTS.B,
15.19%,
4/21/27
...
23,952
22,254
188527493.LC.FTS.B,
16.19%,
4/21/27
...
22,620
17,121
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
118
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
188615522.LC.FTS.B,
16.19%,
4/21/27
...
$
13,739
$
13,319
188223031.LC.FTS.B,
18.99%,
4/21/27
...
26,026
25,436
188623242.LC.FTS.B,
19.41%,
4/21/27
...
15,639
15,559
188593509.LC.FTS.B,
19.44%,
4/21/27
...
6,256
6,224
188582913.LC.FTS.B,
20.49%,
4/21/27
...
19,196
18,930
188303635.LC.FTS.B,
20.99%,
4/21/27
...
9,865
9,729
188516416.LC.FTS.B,
20.99%,
4/21/27
...
10,622
8,402
188594404.LC.FTS.B,
20.99%,
4/21/27
...
26,311
26,057
188494026.LC.FTS.B,
21.99%,
4/21/27
...
16,655
16,554
188619005.LC.FTS.B,
23.99%,
4/21/27
...
5,052
4,988
188048788.LC.FTS.B,
25.99%,
4/21/27
...
21,970
17,202
188353998.LC.FTS.B,
25.99%,
4/21/27
...
14,286
14,007
188633218.LC.FTS.B,
28.99%,
4/21/27
...
10,752
10,902
188476890.LC.FTS.B,
17.49%,
4/22/27
...
6,903
6,804
188541138.LC.FTS.B,
20.49%,
4/22/27
...
6,643
6,581
188630360.LC.FTS.B,
20.49%,
4/22/27
...
19,187
19,015
188087453.LC.FTS.B,
23.99%,
4/22/27
...
7,158
7,112
188631251.LC.FTS.B,
23.99%,
4/22/27
...
17,835
17,715
188260791.LC.FTS.B,
23.99%,
4/24/27
...
8,424
8,260
187548690.LC.FTS.B,
23.49%,
4/25/27
...
12,983
12,906
188528665.LC.FTS.B,
23.99%,
4/25/27
...
6,211
6,072
188348987.LC.FTS.B,
23.99%,
4/26/27
...
6,664
6,629
188400206.LC.FTS.B,
23.19%,
4/27/27
...
11,690
11,535
187899660.LC.FTS.B,
23.99%,
4/29/27
...
18,204
17,576
188543660.LC.FTS.B,
25.99%,
4/29/27
...
22,264
8,651
188557045.LC.FTS.B,
18.99%,
4/30/27
...
23,362
22,397
188405983.LC.FTS.B,
20.49%,
4/30/27
...
952
941
188590730.LC.FTS.B,
20.49%,
4/30/27
...
35,919
35,500
188352447.LC.FTS.B,
21.49%,
4/30/27
...
8,579
8,478
186780718.LC.FTS.B,
22.49%,
4/30/27
...
36,003
12,908
188574271.LC.FTS.B,
22.49%,
4/30/27
...
25,110
24,633
188575150.LC.FTS.B,
22.99%,
4/30/27
...
20,661
20,269
188573063.LC.FTS.B,
Zero
Cpn,
5/04/27
.
22,874
1,117
188494060.LC.FTS.B,
Zero
Cpn,
2/20/28
.
8,000
751
1,035,505
Prosper
Funding
LLC
1654956.PS.FTS.B,
13.2%,
10/26/24
....
3,170
3,091
1648237.PS.FTS.B,
15.1%,
10/26/24
....
4,555
4,441
1645289.PS.FTS.B,
15.29%,
10/27/24
...
3,503
3,467
1645544.PS.FTS.B,
15.5%,
10/27/24
....
9,938
9,837
1649764.PS.FTS.B,
10.6%,
10/28/24
....
8,503
8,202
1646276.PS.FTS.B,
13.36%,
10/28/24
...
7,788
7,511
1657152.PS.FTS.B,
14.49%,
10/29/24
...
5,510
5,313
1657446.PS.FTS.B,
14.79%,
10/29/24
...
11,640
11,334
1649248.PS.FTS.B,
16.6%,
10/29/24
....
14,722
14,314
1647314.PS.FTS.B,
20.01%,
10/29/24
...
9,010
8,763
1651390.PS.FTS.B,
12%,
11/01/24
......
2,859
2,760
1648712.PS.FTS.B,
12.4%,
11/02/24
....
6,879
6,641
1660875.PS.FTS.B,
12%,
11/05/24
......
1,144
1,105
1654675.PS.FTS.B,
12.15%,
11/05/24
....
9,847
–
1660866.PS.FTS.B,
15.1%,
11/05/24
....
7,871
7,597
1660872.PS.FTS.B,
19.71%,
11/05/24
....
4,495
4,386
1651670.PS.FTS.B,
11.4%,
11/08/24
.....
3,703
3,580
1664688.PS.FTS.B,
11.4%,
11/08/24
.....
7,121
6,884
1657969.PS.FTS.B,
11.88%,
11/08/24
....
17,656
17,070
1657975.PS.FTS.B,
13.05%,
11/08/24
....
11,513
11,130
1658476.PS.FTS.B,
13.6%,
11/08/24
....
4,621
4,466
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1651664.PS.FTS.B,
13.87%,
11/08/24
....
$
6,943
$
6,710
1665222.PS.FTS.B,
20.46%,
11/08/24
....
12,041
11,765
1653485.PS.FTS.B,
10.8%,
11/09/24
....
4,553
4,409
1658923.PS.FTS.B,
14.39%,
11/09/24
....
5,787
5,595
1653425.PS.FTS.B,
17.8%,
11/09/24
....
1,185
1,159
1666974.PS.FTS.B,
11.7%,
11/10/24
.....
4,566
4,417
1667316.PS.FTS.B,
15.4%,
11/10/24
....
5,818
5,626
1660087.PS.FTS.B,
16.02%,
11/10/24
....
2,920
2,857
1667154.PS.FTS.B,
17.8%,
11/15/24
....
1,538
1,505
1655232.PS.FTS.B,
11.5%,
11/20/24
.....
9,835
9,537
1649773.PS.FTS.B,
15.1%,
11/21/24
....
4,399
4,224
1644782.PS.FTS.B,
15%,
11/25/24
......
4,144
4,020
1661316.PS.FTS.B,
14.09%,
11/29/24
....
6,148
5,906
1656467.PS.FTS.B,
17.8%,
12/08/24
....
497
488
1686279.PS.FTS.B,
10.8%,
12/15/24
....
2,677
2,589
1686276.PS.FTS.B,
13.9%,
12/15/24
....
3,636
3,515
1686264.PS.FTS.B,
14.11%,
12/15/24
....
14,804
14,317
1686609.PS.FTS.B,
11.16%,
12/16/24
....
5,962
5,768
1673615.PS.FTS.B,
13.96%,
12/16/24
...
2,728
2,639
1680019.PS.FTS.B,
13.96%,
12/16/24
...
11,437
11,072
1686630.PS.FTS.B,
15.1%,
12/16/24
....
3,661
3,541
1686963.PS.FTS.B,
16%,
12/16/24
......
5,521
5,404
1680844.PS.FTS.B,
15.29%,
12/17/24
...
6,414
6,206
1687257.PS.FTS.B,
16%,
12/17/24
......
7,364
7,125
1687224.PS.FTS.B,
19.6%,
12/17/24
....
3,130
3,064
1674899.PS.FTS.B,
13.8%,
12/20/24
....
15,141
14,661
1689444.PS.FTS.B,
11.79%,
12/21/24
....
8,977
8,695
1676741.PS.FTS.B,
21.45%,
12/22/24
...
6,609
6,486
1679401.PS.FTS.B,
18.11%,
12/24/24
....
1,249
1,204
1659661.PS.FTS.B,
18.6%,
12/26/24
....
5,135
4,988
1673252.PS.FTS.B,
16.3%,
12/29/24
....
9,715
9,436
1683619.PS.FTS.B,
12.33%,
12/30/24
...
22,025
21,260
1690636.PS.FTS.B,
17%,
1/07/25
.......
6,431
6,247
1694140.PS.FTS.B,
12.3%,
1/12/25
.....
10,658
10,290
1701024.PS.FTS.B,
15.1%,
1/12/25
.....
9,549
9,203
1693717.PS.FTS.B,
15.7%,
1/12/25
.....
9,584
9,236
1700814.PS.FTS.B,
16.6%,
1/12/25
.....
9,626
9,276
1693750.PS.FTS.B,
19.3%,
1/12/25
.....
3,254
3,169
1695016.PS.FTS.B,
12.2%,
1/13/25
.....
11,906
11,497
1688477.PS.FTS.B,
17.59%,
1/13/25
....
1,884
1,812
1701786.PS.FTS.B,
20.01%,
1/13/25
....
1,960
1,909
1689320.PS.FTS.B,
12%,
1/14/25
.......
12,498
12,072
1689317.PS.FTS.B,
13.4%,
1/14/25
.....
14,192
13,689
1695328.PS.FTS.B,
13.6%,
1/14/25
.....
2,526
2,436
1695337.PS.FTS.B,
13.6%,
1/14/25
.....
1,261
1,218
1695322.PS.FTS.B,
13.7%,
1/14/25
.....
2,211
2,136
1695349.PS.FTS.B,
14.39%,
1/14/25
....
4,778
4,599
1702131.PS.FTS.B,
14.49%,
1/14/25
....
10,152
9,792
1689350.PS.FTS.B,
14.89%,
1/14/25
....
3,179
3,066
1689689.PS.FTS.B,
15.1%,
1/14/25
.....
4,974
4,797
1702164.PS.FTS.B,
16.2%,
1/14/25
.....
1,345
1,302
1695730.PS.FTS.B,
16.6%,
1/14/25
.....
5,236
5,039
1696453.PS.FTS.B,
14.39%,
1/18/25
....
3,805
3,676
1702737.PS.FTS.B,
15.1%,
1/18/25
.....
6,366
6,149
1704912.PS.FTS.B,
12.3%,
1/19/25
.....
6,270
6,063
1692299.PS.FTS.B,
21.5%,
1/19/25
.....
2,666
2,595
1705407.PS.FTS.B,
13.5%,
1/20/25
.....
6,291
6,081
1706154.PS.FTS.B,
15.29%,
1/20/25
....
5,735
5,544
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
119
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1695325.PS.FTS.B,
18.09%,
1/20/25
....
$
6,489
$
6,302
1693714.PS.FTS.B,
22.6%,
1/20/25
.....
6,182
6,062
1698682.PS.FTS.B,
22.6%,
1/20/25
.....
3,971
3,920
1693753.PS.FTS.B,
24.4%,
1/21/25
.....
2,211
2,168
1702071.PS.FTS.B,
25.99%,
1/22/25
....
897
879
1706943.PS.FTS.B,
17.7%,
1/24/25
.....
12,910
12,652
1690034.PS.FTS.B,
11.6%,
1/25/25
.....
3,447
3,330
1702114.PS.FTS.B,
16%,
1/25/25
.......
1,763
1,708
1700610.PS.FTS.B,
22.6%,
1/26/25
.....
3,467
3,391
1711818.PS.FTS.B,
17.8%,
1/31/25
.....
17,092
8,849
1693775.PS.FTS.B,
22.6%,
2/01/25
.....
3,475
3,404
1702474.PS.FTS.B,
22%,
2/02/25
.......
17,269
16,806
1700598.PS.FTS.B,
14.74%,
2/05/25
....
2,570
2,497
1702146.PS.FTS.B,
13.2%,
2/09/25
.....
2,659
2,564
1721664.PS.FTS.B,
11.4%,
2/15/25
.....
4,553
4,395
1708013.PS.FTS.B,
11.7%,
2/15/25
.....
4,560
4,402
1721415.PS.FTS.B,
11.7%,
2/15/25
.....
6,188
5,974
1715365.PS.FTS.B,
11.79%,
2/15/25
....
8,058
7,789
1708001.PS.FTS.B,
11.89%,
2/15/25
....
6,520
6,294
1708025.PS.FTS.B,
12.3%,
2/15/25
.....
3,124
3,018
1721412.PS.FTS.B,
13.9%,
2/15/25
.....
6,587
6,359
1721877.PS.FTS.B,
14.39%,
2/15/25
....
6,543
6,302
1721856.PS.FTS.B,
14.6%,
2/15/25
.....
7,602
7,321
1720959.PS.FTS.B,
16.6%,
2/15/25
.....
6,676
6,428
1715137.PS.FTS.B,
16.7%,
2/15/25
.....
8,349
8,122
1708886.PS.FTS.B,
17.4%,
2/15/25
.....
16,756
16,298
1714681.PS.FTS.B,
22.6%,
2/15/25
.....
5,514
5,383
1720995.PS.FTS.B,
25.4%,
2/15/25
.....
2,783
2,729
1722456.PS.FTS.B,
14.09%,
2/16/25
....
3,627
3,495
1715824.PS.FTS.B,
17%,
2/16/25
.......
1,995
1,941
1715869.PS.FTS.B,
23.13%,
2/16/25
....
3,442
3,348
1722855.PS.FTS.B,
14.6%,
2/17/25
.....
6,610
6,371
1721859.PS.FTS.B,
15.4%,
2/17/25
.....
12,296
11,841
1716898.PS.FTS.B,
21%,
2/17/25
.......
6,818
6,698
1708889.PS.FTS.B,
12.97%,
2/20/25
....
13,801
13,318
1700725.PS.FTS.B,
18.4%,
2/20/25
.....
10,521
8,793
1693661.PS.FTS.B,
21.69%,
2/20/25
....
2,507
2,447
1708019.PS.FTS.B,
14.2%,
2/23/25
.....
3,279
3,158
1712990.PS.FTS.B,
17%,
2/23/25
.......
3,679
3,594
1720297.PS.FTS.B,
18.6%,
2/23/25
.....
4,097
3,988
1714675.PS.FTS.B,
24.5%,
2/23/25
.....
11,701
3,080
1720956.PS.FTS.B,
15.1%,
2/28/25
.....
8,709
8,356
1722244.PS.FTS.B,
17.54%,
2/28/25
....
17,406
16,729
1724746.PS.FTS.B,
22.6%,
3/03/25
.....
9,303
209
1749364.PS.FTS.B,
13.1%,
4/05/25
.....
1,690
1,640
1752441.PS.FTS.B,
13.7%,
4/05/25
.....
5,332
5,132
1749358.PS.FTS.B,
18.09%,
4/05/25
....
1,449
1,394
1742756.PS.FTS.B,
18.6%,
4/05/25
.....
2,904
2,794
1749697.PS.FTS.B,
13.7%,
4/06/25
.....
10,682
10,285
1749733.PS.FTS.B,
13.9%,
4/06/25
.....
4,270
4,086
1749727.PS.FTS.B,
18.11%,
4/06/25
....
14,492
13,863
1744490.PS.FTS.B,
12.3%,
4/07/25
.....
7,066
6,803
1751011.PS.FTS.B,
14.09%,
4/07/25
....
10,683
10,226
1753725.PS.FTS.B,
14.6%,
4/07/25
.....
3,136
3,002
1750519.PS.FTS.B,
15.1%,
4/07/25
.....
4,274
4,109
1743983.PS.FTS.B,
15.86%,
4/07/25
....
3,088
2,952
1753728.PS.FTS.B,
16.8%,
4/07/25
.....
1,441
1,379
1750543.PS.FTS.B,
17%,
4/07/25
.......
6,851
6,599
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1752462.PS.FTS.B,
17%,
4/07/25
.......
$
3,970
$
3,808
1744487.PS.FTS.B,
18.09%,
4/07/25
....
14,708
14,165
1744493.PS.FTS.B,
19.3%,
4/07/25
.....
14,564
14,025
1743971.PS.FTS.B,
22.9%,
4/07/25
.....
11,084
10,693
1744373.PS.FTS.B,
23.13%,
4/07/25
....
2,959
2,839
1745288.PS.FTS.B,
15.9%,
4/08/25
.....
1,436
1,375
1755081.PS.FTS.B,
16.06%,
4/08/25
....
4,374
4,191
1745372.PS.FTS.B,
18.41%,
4/08/25
....
3,337
3,195
1752910.PS.FTS.B,
10.5%,
4/11/25
.....
7,026
6,774
1752838.PS.FTS.B,
14.6%,
4/11/25
.....
3,569
3,422
1755426.PS.FTS.B,
19.83%,
4/11/25
....
546
536
1754245.PS.FTS.B,
16%,
4/12/25
.......
10,772
10,404
1757928.PS.FTS.B,
22.6%,
4/13/25
.....
2,952
2,872
1757895.PS.FTS.B,
24.4%,
4/13/25
.....
7,434
7,199
1750528.PS.FTS.B,
21.5%,
4/15/25
.....
3,674
3,527
1757065.PS.FTS.B,
22.06%,
4/15/25
....
8,838
8,571
1750469.PS.FTS.B,
19.5%,
4/17/25
.....
3,991
3,860
1753737.PS.FTS.B,
19.6%,
4/17/25
.....
2,213
2,125
1762446.PS.FTS.B,
25.4%,
4/19/25
.....
7,714
6,484
1745342.PS.FTS.B,
13.9%,
4/20/25
.....
8,591
8,218
1751899.PS.FTS.B,
22.6%,
4/20/25
.....
5,236
5,058
1755585.PS.FTS.B,
17.84%,
4/25/25
....
13,162
12,603
1755967.PS.FTS.B,
22.6%,
4/26/25
.....
1,944
1,885
1744502.PS.FTS.B,
20.46%,
4/30/25
....
5,368
5,141
1743599.PS.FTS.B,
24.3%,
4/30/25
.....
4,684
4,523
1700571.PS.FTS.B,
18.11%,
11/26/25
....
8,484
4,587
1745207.PS.FTS.B,
13.7%,
2/16/26
.....
4,311
4,199
1744778.PS.FTS.B,
18.09%,
3/08/26
....
7,189
3,818
1655640.PS.FTS.B,
16.33%,
10/27/26
...
17,091
16,478
1648879.PS.FTS.B,
16.63%,
10/27/26
...
11,914
11,869
1648717.PS.FTS.B,
17.5%,
10/27/26
....
3,363
3,288
1655235.PS.FTS.B,
24.03%,
10/27/26
...
11,537
11,828
1649857.PS.FTS.B,
10.5%,
10/28/26
....
11,509
11,044
1656498.PS.FTS.B,
10.9%,
10/28/26
....
5,768
5,535
1649350.PS.FTS.B,
18.78%,
10/28/26
...
10,844
10,445
1657464.PS.FTS.B,
10.5%,
10/29/26
....
6,881
6,613
1646555.PS.FTS.B,
10.9%,
10/29/26
....
19,227
18,454
1646513.PS.FTS.B,
13.2%,
10/29/26
....
11,691
11,147
1646915.PS.FTS.B,
16.1%,
10/29/26
....
11,880
11,455
1656576.PS.FTS.B,
16.18%,
10/29/26
...
27,732
26,431
1648681.PS.FTS.B,
12.21%,
11/01/26
....
4,661
4,499
1658775.PS.FTS.B,
12.5%,
11/02/26
....
27,009
25,938
1658586.PS.FTS.B,
23.64%,
11/02/26
....
16,790
16,062
1651286.PS.FTS.B,
24.33%,
11/05/26
....
12,490
12,253
1664685.PS.FTS.B,
11.79%,
11/08/26
....
15,461
14,868
1665042.PS.FTS.B,
14.68%,
11/08/26
....
11,787
11,332
1658917.PS.FTS.B,
10.7%,
11/09/26
....
10,754
10,344
1666464.PS.FTS.B,
15.29%,
11/09/26
....
7,884
7,542
1654475.PS.FTS.B,
10.8%,
11/10/26
....
11,529
11,092
1660093.PS.FTS.B,
10.9%,
11/10/26
....
3,549
3,418
1666896.PS.FTS.B,
11.7%,
11/10/26
.....
18,572
17,947
1654034.PS.FTS.B,
13.6%,
11/10/26
....
7,811
7,476
1653758.PS.FTS.B,
13.75%,
11/10/26
....
33,876
–
1665225.PS.FTS.B,
19.53%,
11/11/26
....
5,657
5,453
1654907.PS.FTS.B,
16%,
11/12/26
......
8,203
6,816
1652072.PS.FTS.B,
11.1%,
11/15/26
.....
7,723
7,424
1667685.PS.FTS.B,
17.1%,
11/15/26
....
19,939
19,270
1660869.PS.FTS.B,
19%,
11/16/26
......
7,636
1,041
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
120
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1660267.PS.FTS.B,
14%,
11/24/26
......
$
22,106
$
21,148
1664865.PS.FTS.B,
14.29%,
12/01/26
...
10,500
10,008
1673249.PS.FTS.B,
10.7%,
12/15/26
....
14,091
13,569
1679392.PS.FTS.B,
13.8%,
12/15/26
....
5,573
5,335
1673255.PS.FTS.B,
17.01%,
12/15/26
...
11,331
10,976
1673258.PS.FTS.B,
18.48%,
12/15/26
...
6,778
6,559
1686267.PS.FTS.B,
21.18%,
12/15/26
...
8,257
7,990
1679752.PS.FTS.B,
10.71%,
12/16/26
...
11,744
11,311
1686606.PS.FTS.B,
10.8%,
12/16/26
....
27,415
26,405
1686618.PS.FTS.B,
11.7%,
12/16/26
....
15,744
15,163
1679995.PS.FTS.B,
12.7%,
12/16/26
....
2,992
2,943
1673606.PS.FTS.B,
16.33%,
12/16/26
...
6,251
5,985
1686612.PS.FTS.B,
16.8%,
12/16/26
....
20,090
19,233
1679746.PS.FTS.B,
16.93%,
12/16/26
...
12,136
11,618
1673612.PS.FTS.B,
19.3%,
12/16/26
....
4,911
4,757
1674065.PS.FTS.B,
27.18%,
12/16/26
...
12,711
12,551
1674635.PS.FTS.B,
13.77%,
12/17/26
...
13,532
12,964
1681444.PS.FTS.B,
9.81%,
12/20/26
....
15,579
15,019
1681423.PS.FTS.B,
10.08%,
12/20/26
...
11,719
11,295
1688043.PS.FTS.B,
10.5%,
12/20/26
....
9,384
9,046
1681000.PS.FTS.B,
11.6%,
12/20/26
....
10,924
8,781
1681408.PS.FTS.B,
14.7%,
12/20/26
....
7,999
7,671
1675322.PS.FTS.B,
21.09%,
12/20/26
...
12,380
12,275
1676714.PS.FTS.B,
12.62%,
12/21/26
...
27,690
26,698
1673600.PS.FTS.B,
11.6%,
12/25/26
....
7,893
7,600
1680814.PS.FTS.B,
16.5%,
12/28/26
....
27,666
3,656
1682491.PS.FTS.B,
18.48%,
12/29/26
...
11,255
10,950
1687683.PS.FTS.B,
11.61%,
1/02/27
....
14,510
13,971
1693747.PS.FTS.B,
10.9%,
1/12/27
.....
4,204
518
1694158.PS.FTS.B,
12.54%,
1/12/27
....
4,828
4,644
1687826.PS.FTS.B,
12.6%,
1/12/27
.....
9,659
9,291
1688138.PS.FTS.B,
13.6%,
1/12/27
.....
28,312
27,038
1700574.PS.FTS.B,
14%,
1/12/27
.......
7,700
7,353
1700562.PS.FTS.B,
15.18%,
1/12/27
....
18,538
17,854
1693702.PS.FTS.B,
18.33%,
1/12/27
....
14,766
14,221
1688201.PS.FTS.B,
24.03%,
1/12/27
....
8,475
8,314
1694581.PS.FTS.B,
10.5%,
1/13/27
.....
11,945
11,494
1686624.PS.FTS.B,
11.2%,
1/13/27
.....
3,843
3,712
1701357.PS.FTS.B,
11.7%,
1/13/27
.....
8,013
7,710
1694575.PS.FTS.B,
11.99%,
1/13/27
....
16,851
16,214
1688543.PS.FTS.B,
16.18%,
1/13/27
....
12,308
11,738
1689314.PS.FTS.B,
10.26%,
1/14/27
....
27,949
26,901
1689533.PS.FTS.B,
10.5%,
1/14/27
.....
4,380
4,216
1695334.PS.FTS.B,
15.1%,
1/14/27
.....
8,963
8,564
1689353.PS.FTS.B,
16%,
1/14/27
.......
3,992
–
1702050.PS.FTS.B,
18.78%,
1/14/27
....
8,288
7,992
1689323.PS.FTS.B,
26.88%,
1/14/27
....
2,571
2,523
1689608.PS.FTS.B,
28.23%,
1/14/27
....
12,920
12,674
1700580.PS.FTS.B,
25.4%,
1/15/27
.....
12,820
12,499
1689992.PS.FTS.B,
11.7%,
1/18/27
.....
24,840
23,929
1696093.PS.FTS.B,
16%,
1/18/27
.......
12,275
11,869
1691645.PS.FTS.B,
22.9%,
1/19/27
.....
1,687
1,663
1705371.PS.FTS.B,
12.62%,
1/20/27
....
24,150
23,274
1692635.PS.FTS.B,
14.7%,
1/20/27
.....
20,332
19,470
1705833.PS.FTS.B,
18.48%,
1/20/27
....
3,311
3,203
1693711.PS.FTS.B,
21.63%,
1/25/27
....
8,468
8,269
1688975.PS.FTS.B,
12.4%,
1/27/27
.....
18,089
17,607
1689341.PS.FTS.B,
11.7%,
1/28/27
.....
12,297
11,834
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1704399.PS.FTS.B,
13.8%,
2/03/27
.....
$
29,008
$
27,701
1689626.PS.FTS.B,
19%,
2/07/27
.......
8,493
8,288
1689947.PS.FTS.B,
18.2%,
2/11/27
.....
4,837
4,671
1693040.PS.FTS.B,
15.29%,
2/13/27
....
12,569
12,006
1715428.PS.FTS.B,
9.99%,
2/15/27
.....
4,043
3,892
1708010.PS.FTS.B,
10.5%,
2/15/27
.....
8,510
8,193
1714702.PS.FTS.B,
11.6%,
2/15/27
.....
2,852
2,745
1720965.PS.FTS.B,
11.7%,
2/15/27
.....
20,379
19,618
1708892.PS.FTS.B,
11.79%,
2/15/27
....
16,310
15,701
1714669.PS.FTS.B,
11.79%,
2/15/27
....
10,602
10,206
1708910.PS.FTS.B,
12.5%,
2/15/27
.....
4,461
4,331
1707998.PS.FTS.B,
13.5%,
2/15/27
.....
14,796
14,129
1708442.PS.FTS.B,
13.5%,
2/15/27
.....
5,879
5,663
1714684.PS.FTS.B,
14.53%,
2/15/27
....
12,367
11,903
1720971.PS.FTS.B,
14.7%,
2/15/27
.....
16,778
16,019
1720962.PS.FTS.B,
15.1%,
2/15/27
.....
8,050
7,685
1707995.PS.FTS.B,
15.7%,
2/15/27
.....
29,992
5,923
1715584.PS.FTS.B,
16.33%,
2/15/27
....
5,827
5,562
1708445.PS.FTS.B,
16.63%,
2/15/27
....
1,588
1,525
1708439.PS.FTS.B,
16.7%,
2/15/27
.....
4,859
4,670
1714666.PS.FTS.B,
18.13%,
2/15/27
....
21,616
5,021
1715575.PS.FTS.B,
18.59%,
2/15/27
....
8,221
7,899
1708043.PS.FTS.B,
19%,
2/15/27
.......
1,881
1,803
1715572.PS.FTS.B,
21.5%,
2/15/27
.....
12,755
12,484
1720989.PS.FTS.B,
23.3%,
2/15/27
.....
3,002
2,875
1715140.PS.FTS.B,
24.03%,
2/15/27
....
2,524
2,433
1708028.PS.FTS.B,
28.23%,
2/15/27
....
364
357
1715893.PS.FTS.B,
10.8%,
2/16/27
.....
6,494
6,253
1702128.PS.FTS.B,
13.4%,
2/16/27
.....
12,178
11,720
1722345.PS.FTS.B,
15.7%,
2/16/27
.....
25,735
24,576
1709228.PS.FTS.B,
18.48%,
2/16/27
....
11,761
11,314
1709420.PS.FTS.B,
21.18%,
2/16/27
....
9,257
8,900
1716991.PS.FTS.B,
13.7%,
2/17/27
.....
20,569
19,655
1709807.PS.FTS.B,
15.1%,
2/17/27
.....
14,910
14,240
1710296.PS.FTS.B,
21.18%,
2/17/27
....
8,493
8,169
1709822.PS.FTS.B,
26.2%,
2/17/27
.....
12,980
12,702
1711007.PS.FTS.B,
18.78%,
2/18/27
....
14,131
13,607
1710686.PS.FTS.B,
19%,
2/18/27
.......
8,419
8,106
1723455.PS.FTS.B,
19%,
2/18/27
.......
4,270
3,552
1724112.PS.FTS.B,
11.2%,
2/25/27
......
14,492
13,977
1721862.PS.FTS.B,
12.3%,
2/28/27
.....
8,355
8,046
1720876.PS.FTS.B,
18.4%,
2/28/27
.....
15,557
14,928
1717768.PS.FTS.B,
26.51%,
2/28/27
....
1,831
1,143
1725226.PS.FTS.B,
11.5%,
3/03/27
.....
8,293
7,969
1710332.PS.FTS.B,
16.18%,
3/10/27
....
12,864
12,267
1749361.PS.FTS.B,
10.5%,
4/05/27
.....
11,753
11,298
1742753.PS.FTS.B,
11.7%,
4/05/27
.....
11,812
11,354
1749355.PS.FTS.B,
12.7%,
4/05/27
.....
29,638
28,489
1742750.PS.FTS.B,
16.18%,
4/05/27
....
7,299
6,934
1752456.PS.FTS.B,
16.18%,
4/05/27
....
5,152
4,893
1752438.PS.FTS.B,
18.13%,
4/05/27
....
8,649
8,213
1749730.PS.FTS.B,
11.6%,
4/06/27
.....
12,358
11,885
1752882.PS.FTS.B,
12.4%,
4/06/27
.....
4,231
4,067
1752861.PS.FTS.B,
12.5%,
4/06/27
.....
8,465
8,138
1750048.PS.FTS.B,
13.13%,
4/06/27
....
12,729
12,099
1750153.PS.FTS.B,
16.9%,
4/06/27
.....
7,749
7,372
1750045.PS.FTS.B,
29.69%,
4/06/27
....
8,979
8,603
1750531.PS.FTS.B,
10.5%,
4/07/27
.....
9,995
9,631
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
121
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1743968.PS.FTS.B,
11.2%,
4/07/27
.....
$
14,326
$
13,788
1744484.PS.FTS.B,
11.2%,
4/07/27
.....
29,469
28,341
1754274.PS.FTS.B,
11.6%,
4/07/27
.....
2,952
2,839
1754268.PS.FTS.B,
13.4%,
4/07/27
.....
8,495
8,078
1751020.PS.FTS.B,
14.49%,
4/07/27
....
5,005
4,759
1753719.PS.FTS.B,
14.68%,
4/07/27
....
13,661
13,136
1750933.PS.FTS.B,
18.48%,
4/07/27
....
3,048
2,911
1744412.PS.FTS.B,
19%,
4/07/27
.......
11,279
10,700
1745348.PS.FTS.B,
10.4%,
4/08/27
.....
25,175
24,218
1745183.PS.FTS.B,
10.5%,
4/08/27
.....
7,136
6,864
1745378.PS.FTS.B,
12.2%,
4/08/27
.....
12,682
12,198
1745375.PS.FTS.B,
17.1%,
4/08/27
.....
672
656
1749376.PS.FTS.B,
19.06%,
4/10/27
....
4,790
4,539
1755504.PS.FTS.B,
10.29%,
4/11/27
....
7,549
7,267
1745708.PS.FTS.B,
11.79%,
4/11/27
.....
2,530
2,435
1752913.PS.FTS.B,
15.5%,
4/11/27
.....
8,565
8,152
1755513.PS.FTS.B,
21%,
4/11/27
.......
5,242
5,048
1754277.PS.FTS.B,
25.9%,
4/11/27
.....
3,098
2,986
1756335.PS.FTS.B,
18.33%,
4/12/27
....
20,341
19,349
1755102.PS.FTS.B,
15.29%,
4/13/27
....
25,729
24,464
1759314.PS.FTS.B,
10.8%,
4/14/27
.....
8,406
8,097
1742747.PS.FTS.B,
14.38%,
4/15/27
....
8,997
8,655
1760241.PS.FTS.B,
15%,
4/15/27
.......
12,872
12,270
1742765.PS.FTS.B,
18%,
4/15/27
.......
5,218
4,946
1762938.PS.FTS.B,
16.83%,
4/20/27
....
14,518
13,910
1752091.PS.FTS.B,
13.2%,
4/22/27
.....
29,905
28,439
1750289.PS.FTS.B,
15%,
4/22/27
.......
17,630
16,858
1744499.PS.FTS.B,
18.48%,
4/30/27
....
7,857
7,455
1693289.PS.FTS.B,
12.9%,
12/21/27
....
8,431
3,902
2,846,136
Upgrade,
Inc.
UG23037218UG,
25.26%,
6/10/23
......
181
181
UG24491583UG,
25.26%,
11/18/23
......
1,302
1,307
UG25041265UG,
23.3%,
12/14/23
......
1,502
1,512
UG24996014UG,
25.26%,
1/21/24
......
4,706
4,666
UG22753947UG,
28.99%,
9/16/24
......
8,395
8,900
UG22724262UG,
29.69%,
9/17/24
......
11,049
11,774
UG22728779UG,
15.62%,
9/20/24
......
4,753
4,941
UG23038391UG,
26.77%,
9/26/24
......
5,327
5,621
UG23059552UG,
29.69%,
9/26/24
......
15,469
16,549
UG22932098UG,
28.71%,
10/01/24
.....
9,146
9,621
UG22732959UG,
28.71%,
10/03/24
.....
11,432
12,034
UG23786228UG,
29.69%,
10/28/24
.....
5,644
6,039
UG24184289UG,
27.74%,
11/06/24
......
6,398
6,659
UG24800940UG,
25.82%,
11/27/24
......
13,838
14,578
UG24350329UG,
27.74%,
11/29/24
......
5,899
6,179
UG24595955UG,
29.69%,
11/29/24
......
1,494
1,489
UG24938220UG,
26.77%,
12/03/24
.....
9,686
10,139
UG25206108UG,
25.82%,
12/20/24
.....
7,214
7,563
UG24763225UG,
27.74%,
12/24/24
.....
18,993
20,066
UG25561593UG,
21.93%,
12/27/24
.....
9,946
10,393
UG25820593UG,
26.77%,
1/17/25
......
6,478
6,783
UG25702486UG,
29.69%,
1/17/25
......
8,850
9,437
UG25774878UG,
29.69%,
1/25/25
......
20,508
21,653
UG22783150UG,
23.3%,
9/20/27
.......
130
130
UG24590722UG,
25.26%,
11/19/27
......
11
11
UG25181624UG,
Zero
Cpn,
12/19/27
....
1,224
94
Description
Principal
Amount
Value
Upgrade,
Inc.
(continued)
UG25501555UG,
25.26%,
12/30/27
.....
$
51
$
–
198,319
Upgrade,
Inc.
-
Card
UG991805005UG,
29.49%,
11/14/23
.....
43
3
UG991778146UG,
18.71%,
2/10/24
.....
139
139
UG991813036UG,
29.49%,
2/10/24
.....
562
575
UG991858193UG,
29.49%,
2/10/24
.....
105
106
UG991808167UG,
Zero
Cpn,
2/11/24
....
128
9
UG991820873UG,
29.48%,
2/11/24
......
120
123
UG991812184UG,
29.49%,
2/11/24
......
14
14
UG991812643UG,
29.49%,
2/11/24
......
61
62
UG991812846UG,
29.49%,
2/11/24
......
21
21
UG991855737UG,
Zero
Cpn,
2/12/24
....
323
23
UG991811276UG,
21.48%,
2/12/24
......
190
192
UG991798559UG,
22.47%,
2/12/24
.....
106
106
UG991806903UG,
23.45%,
2/12/24
.....
36
36
UG991819802UG,
26.44%,
2/12/24
.....
37
37
UG991831361UG,
28.48%,
2/12/24
.....
90
91
UG991837602UG,
28.48%,
2/12/24
.....
5
5
UG991840432UG,
28.48%,
2/12/24
.....
79
80
UG991857933UG,
28.48%,
2/12/24
.....
268
274
UG991848000UG,
29.48%,
2/12/24
.....
53
54
UG991850943UG,
29.48%,
2/12/24
.....
45
46
UG991803198UG,
29.49%,
2/12/24
.....
–
–
UG991803397UG,
29.49%,
2/12/24
.....
93
14
UG991805497UG,
29.49%,
2/12/24
.....
14
14
UG991807617UG,
29.49%,
2/12/24
.....
304
85
UG991813205UG,
29.49%,
2/12/24
.....
618
634
UG991819265UG,
29.49%,
2/12/24
.....
75
77
UG991821292UG,
29.49%,
2/12/24
.....
19
19
UG991822089UG,
29.49%,
2/12/24
.....
8
8
UG991824044UG,
29.49%,
2/12/24
.....
62
63
UG991833480UG,
29.49%,
2/12/24
.....
629
645
UG991835219UG,
29.49%,
2/12/24
.....
147
151
UG991847036UG,
29.49%,
2/12/24
.....
14
14
UG991849905UG,
29.49%,
2/12/24
.....
22
22
UG991855248UG,
29.49%,
2/12/24
.....
245
251
UG991855877UG,
29.49%,
2/12/24
.....
57
18
UG991856774UG,
29.49%,
2/12/24
.....
131
10
UG991823139UG,
Zero
Cpn,
2/13/24
....
218
15
UG991840249UG,
Zero
Cpn,
2/13/24
....
70
5
UG991846608UG,
Zero
Cpn,
2/13/24
....
7
1
UG991843314UG,
18.47%,
2/13/24
.....
278
281
UG991762858UG,
19.3%,
2/13/24
......
67
67
UG991825297UG,
19.99%,
2/13/24
.....
5
5
UG991802789UG,
20.47%,
2/13/24
.....
203
204
UG991823885UG,
22.45%,
2/13/24
.....
99
99
UG991815791UG,
25.45%,
2/13/24
.....
134
135
UG991802844UG,
28.48%,
2/13/24
.....
148
151
UG991813666UG,
28.48%,
2/13/24
.....
59
61
UG991826346UG,
28.48%,
2/13/24
.....
13
13
UG991834075UG,
28.48%,
2/13/24
.....
265
220
UG991840302UG,
28.48%,
2/13/24
.....
40
40
UG991847628UG,
28.48%,
2/13/24
.....
54
15
UG991852216UG,
28.48%,
2/13/24
.....
25
25
UG991856699UG,
28.48%,
2/13/24
.....
86
88
UG991760964UG,
29.48%,
2/13/24
.....
33
33
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
122
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991762577UG,
29.48%,
2/13/24
.....
$
16
$
16
UG991809378UG,
29.48%,
2/13/24
.....
47
48
UG991803760UG,
29.49%,
2/13/24
.....
14
14
UG991804307UG,
29.49%,
2/13/24
.....
106
7
UG991807707UG,
29.49%,
2/13/24
.....
84
86
UG991808245UG,
29.49%,
2/13/24
.....
59
59
UG991814627UG,
29.49%,
2/13/24
.....
419
427
UG991815439UG,
29.49%,
2/13/24
.....
56
58
UG991818894UG,
29.49%,
2/13/24
.....
95
97
UG991825123UG,
29.49%,
2/13/24
.....
46
48
UG991825647UG,
29.49%,
2/13/24
.....
37
38
UG991828989UG,
29.49%,
2/13/24
.....
344
353
UG991830056UG,
29.49%,
2/13/24
.....
39
38
UG991832221UG,
29.49%,
2/13/24
.....
140
143
UG991835549UG,
29.49%,
2/13/24
.....
18
18
UG991837737UG,
29.49%,
2/13/24
.....
45
46
UG991838509UG,
29.49%,
2/13/24
.....
76
78
UG991838791UG,
29.49%,
2/13/24
.....
50
52
UG991842746UG,
29.49%,
2/13/24
.....
45
46
UG991843833UG,
29.49%,
2/13/24
.....
68
69
UG991853606UG,
29.49%,
2/13/24
.....
130
(5)
UG991854419UG,
29.49%,
2/13/24
.....
127
21
UG991805184UG,
Zero
Cpn,
2/14/24
....
–
–
UG991806806UG,
Zero
Cpn,
2/14/24
....
208
14
UG991809986UG,
Zero
Cpn,
2/14/24
....
61
4
UG991828159UG,
Zero
Cpn,
2/14/24
....
143
10
UG991837093UG,
Zero
Cpn,
2/14/24
....
84
6
UG991844597UG,
Zero
Cpn,
2/14/24
....
601
42
UG991825384UG,
19.96%,
2/14/24
.....
93
93
UG991835702UG,
19.99%,
2/14/24
.....
211
214
UG991840652UG,
19.99%,
2/14/24
.....
66
66
UG991851736UG,
22.47%,
2/14/24
.....
64
64
UG991811392UG,
28.48%,
2/14/24
......
91
93
UG991812386UG,
28.48%,
2/14/24
.....
45
46
UG991831703UG,
28.48%,
2/14/24
.....
57
(1)
UG991835889UG,
28.48%,
2/14/24
.....
72
73
UG991847502UG,
28.48%,
2/14/24
.....
39
39
UG991821791UG,
29.48%,
2/14/24
.....
58
59
UG991842427UG,
29.48%,
2/14/24
.....
44
46
UG991777332UG,
29.49%,
2/14/24
.....
53
54
UG991794402UG,
29.49%,
2/14/24
.....
19
19
UG991802654UG,
29.49%,
2/14/24
.....
114
116
UG991804214UG,
29.49%,
2/14/24
.....
–
–
UG991807223UG,
29.49%,
2/14/24
.....
69
70
UG991807331UG,
29.49%,
2/14/24
.....
53
55
UG991811416UG,
29.49%,
2/14/24
......
99
101
UG991811679UG,
29.49%,
2/14/24
......
32
(1)
UG991819107UG,
29.49%,
2/14/24
.....
93
7
UG991820078UG,
29.49%,
2/14/24
.....
47
48
UG991824942UG,
29.49%,
2/14/24
.....
19
19
UG991826591UG,
29.49%,
2/14/24
.....
113
115
UG991827030UG,
29.49%,
2/14/24
.....
54
55
UG991829905UG,
29.49%,
2/14/24
.....
28
28
UG991839021UG,
29.49%,
2/14/24
.....
98
97
UG991841194UG,
29.49%,
2/14/24
......
–
–
UG991843509UG,
29.49%,
2/14/24
.....
60
61
UG991851816UG,
29.49%,
2/14/24
.....
142
145
UG991857188UG,
29.49%,
2/14/24
.....
376
386
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991857248UG,
29.49%,
2/14/24
.....
$
14
$
14
UG991857920UG,
29.49%,
2/14/24
.....
176
14
UG991857984UG,
29.49%,
2/14/24
.....
63
64
UG991825377UG,
Zero
Cpn,
2/15/24
....
58
4
UG991828490UG,
Zero
Cpn,
2/15/24
....
169
12
UG991841269UG,
Zero
Cpn,
2/15/24
....
125
9
UG991844063UG,
Zero
Cpn,
2/15/24
....
725
51
UG991846935UG,
Zero
Cpn,
2/15/24
....
562
39
UG991841512UG,
16.49%,
2/15/24
.....
27
4
UG991853079UG,
18.47%,
2/15/24
.....
202
203
UG991803737UG,
18.71%,
2/15/24
.....
44
44
UG991857528UG,
19.3%,
2/15/24
......
36
36
UG991843097UG,
20.47%,
2/15/24
.....
62
62
UG991805838UG,
21.47%,
2/15/24
.....
116
9
UG991815047UG,
21.47%,
2/15/24
.....
8
–
UG991850875UG,
23.45%,
2/15/24
.....
340
340
UG991809041UG,
28.48%,
2/15/24
.....
59
60
UG991811127UG,
28.48%,
2/15/24
......
1,224
1,249
UG991812203UG,
28.48%,
2/15/24
.....
553
564
UG991815578UG,
28.48%,
2/15/24
.....
8
8
UG991845273UG,
28.48%,
2/15/24
.....
245
251
UG991814618UG,
29.48%,
2/15/24
.....
71
5
UG991819327UG,
29.48%,
2/15/24
.....
48
8
UG991830580UG,
29.48%,
2/15/24
.....
27
27
UG991777925UG,
29.49%,
2/15/24
.....
35
36
UG991808840UG,
29.49%,
2/15/24
.....
79
81
UG991812295UG,
29.49%,
2/15/24
.....
98
100
UG991812557UG,
29.49%,
2/15/24
.....
82
82
UG991813506UG,
29.49%,
2/15/24
.....
64
65
UG991814696UG,
29.49%,
2/15/24
.....
131
135
UG991816140UG,
29.49%,
2/15/24
.....
264
268
UG991817664UG,
29.49%,
2/15/24
.....
133
11
UG991831448UG,
29.49%,
2/15/24
.....
97
99
UG991834770UG,
29.49%,
2/15/24
.....
31
32
UG991835844UG,
29.49%,
2/15/24
.....
61
63
UG991842522UG,
29.49%,
2/15/24
.....
155
156
UG991842689UG,
29.49%,
2/15/24
.....
114
17
UG991848451UG,
29.49%,
2/15/24
.....
73
74
UG991857458UG,
29.49%,
2/15/24
.....
47
48
UG991823874UG,
17.47%,
2/16/24
.....
237
238
UG991849830UG,
17.49%,
2/16/24
.....
313
316
UG991943688UG,
29.49%,
2/16/24
.....
361
32
UG991847729UG,
Zero
Cpn,
2/17/24
....
120
8
UG991920721UG,
28.48%,
2/17/24
.....
83
86
UG991827738UG,
29.49%,
2/17/24
.....
18
18
UG991849598UG,
29.49%,
2/17/24
.....
54
55
UG991997607UG,
29.49%,
2/17/24
.....
123
126
UG991342732UG,
29.49%,
12/23/24
....
253
272
UG991715757UG,
15.97%,
2/08/25
.....
444
454
UG991740852UG,
15.97%,
2/08/25
.....
135
48
UG991724808UG,
17.99%,
2/08/25
.....
535
531
UG991735248UG,
17.99%,
2/08/25
.....
299
297
UG991732442UG,
14.98%,
2/10/25
.....
630
635
UG991733275UG,
14.98%,
2/10/25
.....
259
265
UG991732663UG,
15%,
2/10/25
........
113
114
UG991742845UG,
15.97%,
2/10/25
.....
23
23
UG991776139UG,
15.97%,
2/10/25
.....
831
849
UG991839233UG,
15.97%,
2/10/25
.....
96
96
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
123
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991883759UG,
15.97%,
2/10/25
.....
$
912
$
921
UG991922584UG,
15.97%,
2/10/25
.....
10
10
UG991734362UG,
16.99%,
2/10/25
.....
876
895
UG991758232UG,
16.99%,
2/10/25
.....
265
271
UG991771576UG,
16.99%,
2/10/25
.....
664
678
UG991799804UG,
16.99%,
2/10/25
.....
204
1
UG991940443UG,
16.99%,
2/10/25
.....
2,834
2,876
UG991767919UG,
17.99%,
2/10/25
.....
314
313
UG991802234UG,
17.99%,
2/10/25
.....
3,385
3,459
UG991910229UG,
17.99%,
2/10/25
.....
393
401
UG991963090UG,
17.99%,
2/10/25
.....
1,121
1,118
UG991761364UG,
28.98%,
2/10/25
.....
259
271
UG991812249UG,
28.98%,
2/10/25
.....
149
148
UG991822498UG,
28.98%,
2/10/25
.....
71
70
UG991827179UG,
28.98%,
2/10/25
.....
198
206
UG991854247UG,
28.98%,
2/10/25
.....
292
73
UG991736378UG,
29.49%,
2/10/25
.....
2,650
2,082
UG991812244UG,
Zero
Cpn,
2/11/25
....
117
8
UG991753557UG,
15.97%,
2/11/25
......
6
6
UG991740362UG,
16.99%,
2/11/25
......
1,010
1,032
UG991747996UG,
16.99%,
2/11/25
......
538
549
UG991755840UG,
16.99%,
2/11/25
......
396
402
UG991810427UG,
18.97%,
2/11/25
......
15
14
UG991778952UG,
28.98%,
2/11/25
......
1,039
1,032
UG991851331UG,
28.98%,
2/11/25
......
1,890
1,933
UG991857312UG,
28.98%,
2/11/25
......
273
(8)
UG991745632UG,
29.49%,
2/11/25
......
98
102
UG991804723UG,
29.49%,
2/11/25
......
109
113
UG991809668UG,
29.49%,
2/11/25
......
310
317
UG991815191UG,
29.49%,
2/11/25
......
105
108
UG991815738UG,
29.49%,
2/11/25
......
90
93
UG991829840UG,
29.49%,
2/11/25
......
269
279
UG991836539UG,
Zero
Cpn,
2/12/25
....
466
32
UG991849987UG,
Zero
Cpn,
2/12/25
....
290
20
UG991858756UG,
Zero
Cpn,
2/12/25
....
501
35
UG991922196UG,
Zero
Cpn,
2/12/25
....
323
23
UG991974835UG,
Zero
Cpn,
2/12/25
....
1,240
86
UG991810022UG,
14%,
2/12/25
........
1,621
334
UG991758225UG,
14.98%,
2/12/25
.....
52
52
UG991769361UG,
14.98%,
2/12/25
.....
274
274
UG991772549UG,
15%,
2/12/25
........
668
683
UG991915264UG,
15%,
2/12/25
........
2,088
2,134
UG991777650UG,
15.97%,
2/12/25
.....
54
55
UG991797856UG,
15.97%,
2/12/25
.....
66
66
UG991898060UG,
15.97%,
2/12/25
.....
247
250
UG991750465UG,
16.99%,
2/12/25
.....
1,256
821
UG991758319UG,
16.99%,
2/12/25
.....
1,141
1,166
UG991769114UG,
17.99%,
2/12/25
......
445
454
UG991807436UG,
17.99%,
2/12/25
.....
267
273
UG991884753UG,
17.99%,
2/12/25
.....
28
28
UG991941107UG,
17.99%,
2/12/25
......
277
277
UG991827757UG,
18.97%,
2/12/25
.....
150
153
UG991872148UG,
18.97%,
2/12/25
.....
3,522
745
UG991926314UG,
18.97%,
2/12/25
.....
861
873
UG991816619UG,
19.21%,
2/12/25
.....
609
622
UG991864191UG,
19.21%,
2/12/25
.....
1,016
1,038
UG991840163UG,
19.8%,
2/12/25
......
518
526
UG991760875UG,
19.99%,
2/12/25
.....
113
118
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991786840UG,
19.99%,
2/12/25
.....
$
220
$
230
UG991799677UG,
19.99%,
2/12/25
.....
680
146
UG991805953UG,
19.99%,
2/12/25
.....
49
50
UG991816211UG,
19.99%,
2/12/25
......
119
125
UG991826760UG,
19.99%,
2/12/25
.....
99
101
UG991838152UG,
19.99%,
2/12/25
.....
6
6
UG991752839UG,
20.46%,
2/12/25
.....
2,825
2,858
UG991785806UG,
20.46%,
2/12/25
.....
183
186
UG991852722UG,
20.46%,
2/12/25
.....
528
540
UG992003412UG,
20.46%,
2/12/25
.....
203
206
UG991871804UG,
20.97%,
2/12/25
.....
322
328
UG991883284UG,
20.97%,
2/12/25
.....
17
16
UG991957028UG,
20.97%,
2/12/25
.....
105
106
UG991802583UG,
21.46%,
2/12/25
.....
179
179
UG991806756UG,
21.46%,
2/12/25
.....
71
72
UG991821559UG,
21.98%,
2/12/25
.....
533
536
UG991863804UG,
21.98%,
2/12/25
.....
964
984
UG991833350UG,
22.97%,
2/12/25
.....
1,314
1,340
UG991820674UG,
23.95%,
2/12/25
.....
173
176
UG991849884UG,
27.99%,
2/12/25
.....
617
643
UG991753187UG,
28.98%,
2/12/25
.....
216
224
UG991782001UG,
28.98%,
2/12/25
.....
20
20
UG991786749UG,
28.98%,
2/12/25
.....
363
370
UG991801416UG,
28.98%,
2/12/25
.....
501
526
UG991803393UG,
28.98%,
2/12/25
.....
561
588
UG991803553UG,
28.98%,
2/12/25
.....
449
61
UG991804110UG,
28.98%,
2/12/25
......
122
128
UG991806309UG,
28.98%,
2/12/25
.....
138
145
UG991808773UG,
28.98%,
2/12/25
.....
134
140
UG991809238UG,
28.98%,
2/12/25
.....
177
13
UG991810584UG,
28.98%,
2/12/25
.....
787
56
UG991811876UG,
28.98%,
2/12/25
......
272
185
UG991812552UG,
28.98%,
2/12/25
.....
70
73
UG991817723UG,
28.98%,
2/12/25
.....
112
26
UG991817728UG,
28.98%,
2/12/25
.....
166
173
UG991818557UG,
28.98%,
2/12/25
.....
101
104
UG991820783UG,
28.98%,
2/12/25
.....
26
26
UG991823389UG,
28.98%,
2/12/25
.....
250
262
UG991829022UG,
28.98%,
2/12/25
.....
73
73
UG991830871UG,
28.98%,
2/12/25
.....
272
283
UG991832753UG,
28.98%,
2/12/25
.....
363
378
UG991836990UG,
28.98%,
2/12/25
.....
84
85
UG991838664UG,
28.98%,
2/12/25
.....
1,244
1,235
UG991838703UG,
28.98%,
2/12/25
.....
94
99
UG991839992UG,
28.98%,
2/12/25
.....
33
33
UG991841608UG,
28.98%,
2/12/25
.....
241
252
UG991843868UG,
28.98%,
2/12/25
.....
212
222
UG991807146UG,
29.46%,
2/12/25
.....
283
298
UG991753952UG,
29.49%,
2/12/25
.....
463
474
UG991762228UG,
29.49%,
2/12/25
.....
111
116
UG991777163UG,
29.49%,
2/12/25
.....
44
45
UG991790482UG,
29.49%,
2/12/25
.....
175
181
UG991798251UG,
29.49%,
2/12/25
.....
92
94
UG991802896UG,
29.49%,
2/12/25
.....
49
16
UG991803191UG,
29.49%,
2/12/25
.....
229
240
UG991803804UG,
29.49%,
2/12/25
.....
52
4
UG991804775UG,
29.49%,
2/12/25
.....
456
483
UG991805631UG,
29.49%,
2/12/25
.....
117
28
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
124
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991806948UG,
29.49%,
2/12/25
.....
$
130
$
137
UG991809346UG,
29.49%,
2/12/25
.....
211
221
UG991809887UG,
29.49%,
2/12/25
.....
167
175
UG991811105UG,
29.49%,
2/12/25
......
60
61
UG991813309UG,
29.49%,
2/12/25
.....
139
145
UG991814010UG,
29.49%,
2/12/25
.....
4
4
UG991814338UG,
29.49%,
2/12/25
.....
14
13
UG991814464UG,
29.49%,
2/12/25
.....
28
28
UG991815155UG,
29.49%,
2/12/25
.....
75
56
UG991819588UG,
29.49%,
2/12/25
.....
601
175
UG991821193UG,
29.49%,
2/12/25
......
166
22
UG991821588UG,
29.49%,
2/12/25
.....
200
201
UG991825037UG,
29.49%,
2/12/25
.....
61
63
UG991826473UG,
29.49%,
2/12/25
.....
62
64
UG991828550UG,
29.49%,
2/12/25
.....
460
487
UG991828740UG,
29.49%,
2/12/25
.....
253
182
UG991829556UG,
29.49%,
2/12/25
.....
46
48
UG991833915UG,
29.49%,
2/12/25
.....
79
83
UG991834980UG,
29.49%,
2/12/25
.....
4
4
UG991836274UG,
29.49%,
2/12/25
.....
382
51
UG991837472UG,
29.49%,
2/12/25
.....
122
129
UG991841177UG,
29.49%,
2/12/25
......
287
75
UG991843673UG,
29.49%,
2/12/25
.....
166
(11)
UG991846043UG,
29.49%,
2/12/25
.....
101
107
UG991847529UG,
29.49%,
2/12/25
.....
26
26
UG991849938UG,
29.49%,
2/12/25
.....
109
115
UG991850187UG,
29.49%,
2/12/25
.....
48
19
UG991850254UG,
29.49%,
2/12/25
.....
35
35
UG991850275UG,
29.49%,
2/12/25
.....
245
255
UG991853347UG,
29.49%,
2/12/25
.....
2,282
2,394
UG991854668UG,
29.49%,
2/12/25
.....
1,780
1,871
UG991761973UG,
Zero
Cpn,
2/13/25
....
212
15
UG991782009UG,
Zero
Cpn,
2/13/25
....
199
14
UG991804596UG,
Zero
Cpn,
2/13/25
....
117
8
UG991804919UG,
Zero
Cpn,
2/13/25
....
208
14
UG991827841UG,
Zero
Cpn,
2/13/25
....
80
5
UG991828506UG,
Zero
Cpn,
2/13/25
....
196
14
UG991834798UG,
Zero
Cpn,
2/13/25
....
63
4
UG991839486UG,
Zero
Cpn,
2/13/25
....
127
9
UG991848713UG,
Zero
Cpn,
2/13/25
....
243
17
UG991770961UG,
14.97%,
2/13/25
.....
7
7
UG991759353UG,
14.98%,
2/13/25
.....
97
99
UG991834929UG,
14.98%,
2/13/25
.....
333
340
UG991761161UG,
15%,
2/13/25
........
439
445
UG991837288UG,
15%,
2/13/25
........
71
73
UG991838768UG,
15%,
2/13/25
........
300
303
UG991897034UG,
15%,
2/13/25
........
49
49
UG991951153UG,
15%,
2/13/25
........
172
174
UG991900934UG,
15.97%,
2/13/25
.....
187
190
UG991995168UG,
15.97%,
2/13/25
.....
100
101
UG991772971UG,
16.99%,
2/13/25
.....
1,270
1,276
UG991789526UG,
16.99%,
2/13/25
.....
609
622
UG991851687UG,
16.99%,
2/13/25
.....
75
77
UG991863444UG,
16.99%,
2/13/25
.....
115
115
UG991898765UG,
16.99%,
2/13/25
.....
4,026
4,115
UG991917280UG,
16.99%,
2/13/25
.....
1,341
1,371
UG991944781UG,
16.99%,
2/13/25
.....
154
11
UG991964092UG,
16.99%,
2/13/25
.....
1,100
1,117
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991991790UG,
16.99%,
2/13/25
.....
$
56
$
57
UG991764232UG,
17.99%,
2/13/25
.....
115
118
UG991764725UG,
17.99%,
2/13/25
.....
155
159
UG991765109UG,
17.99%,
2/13/25
.....
61
61
UG991770734UG,
17.99%,
2/13/25
.....
173
177
UG991790361UG,
17.99%,
2/13/25
.....
66
67
UG991762564UG,
18.97%,
2/13/25
.....
314
320
UG991796484UG,
18.97%,
2/13/25
.....
67
68
UG991836240UG,
18.97%,
2/13/25
.....
21
21
UG991860430UG,
18.97%,
2/13/25
.....
56
56
UG991888359UG,
19.21%,
2/13/25
.....
64
64
UG991994001UG,
19.21%,
2/13/25
.....
472
479
UG991763007UG,
19.8%,
2/13/25
......
78
78
UG991806983UG,
19.8%,
2/13/25
......
117
118
UG991807781UG,
19.8%,
2/13/25
......
41
41
UG991820791UG,
19.8%,
2/13/25
......
976
27
UG991821308UG,
19.8%,
2/13/25
......
13
13
UG991858233UG,
19.8%,
2/13/25
......
2,084
2,118
UG991804993UG,
19.99%,
2/13/25
.....
390
409
UG991806621UG,
19.99%,
2/13/25
.....
18
16
UG991815843UG,
19.99%,
2/13/25
.....
554
565
UG991816388UG,
19.99%,
2/13/25
.....
54
55
UG991828017UG,
19.99%,
2/13/25
.....
56
57
UG991831745UG,
19.99%,
2/13/25
.....
246
255
UG991834564UG,
19.99%,
2/13/25
.....
1,693
1,755
UG991849814UG,
19.99%,
2/13/25
.....
402
50
UG991820645UG,
20.46%,
2/13/25
.....
118
117
UG991832645UG,
20.46%,
2/13/25
.....
1,570
(9)
UG991835719UG,
20.46%,
2/13/25
.....
2,227
2,274
UG991851215UG,
20.46%,
2/13/25
.....
70
71
UG991810702UG,
20.97%,
2/13/25
.....
1,032
1,054
UG991804184UG,
21.46%,
2/13/25
.....
222
221
UG991826312UG,
21.46%,
2/13/25
.....
676
681
UG991844908UG,
21.46%,
2/13/25
.....
1,928
1,968
UG991867322UG,
21.46%,
2/13/25
.....
233
236
UG991835728UG,
21.98%,
2/13/25
.....
1,063
1,082
UG991838484UG,
21.98%,
2/13/25
.....
361
364
UG991884233UG,
21.98%,
2/13/25
.....
99
101
UG991964103UG,
21.98%,
2/13/25
.....
213
215
UG991845521UG,
22.95%,
2/13/25
.....
3,119
3,181
UG991836654UG,
23.95%,
2/13/25
.....
1,388
1,416
UG991874122UG,
25.95%,
2/13/25
.....
249
254
UG991817461UG,
27.99%,
2/13/25
.....
377
391
UG991832074UG,
27.99%,
2/13/25
.....
101
105
UG991762295UG,
28.98%,
2/13/25
.....
108
8
UG991773511UG,
28.98%,
2/13/25
......
178
187
UG991777156UG,
28.98%,
2/13/25
.....
1,055
1,096
UG991778042UG,
28.98%,
2/13/25
.....
48
7
UG991794293UG,
28.98%,
2/13/25
.....
949
131
UG991795226UG,
28.98%,
2/13/25
.....
156
158
UG991804663UG,
28.98%,
2/13/25
.....
123
129
UG991805844UG,
28.98%,
2/13/25
.....
438
448
UG991807185UG,
28.98%,
2/13/25
.....
65
67
UG991808120UG,
28.98%,
2/13/25
.....
194
(7)
UG991808321UG,
28.98%,
2/13/25
.....
421
441
UG991808486UG,
28.98%,
2/13/25
.....
200
205
UG991808933UG,
28.98%,
2/13/25
.....
155
163
UG991809700UG,
28.98%,
2/13/25
.....
537
557
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
125
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991811977UG,
28.98%,
2/13/25
......
$
126
$
17
UG991814474UG,
28.98%,
2/13/25
.....
35
35
UG991816221UG,
28.98%,
2/13/25
.....
157
165
UG991817001UG,
28.98%,
2/13/25
.....
541
74
UG991817771UG,
28.98%,
2/13/25
.....
97
102
UG991822597UG,
28.98%,
2/13/25
.....
192
202
UG991823378UG,
28.98%,
2/13/25
.....
634
665
UG991826741UG,
28.98%,
2/13/25
.....
241
32
UG991828499UG,
28.98%,
2/13/25
.....
63
66
UG991832349UG,
28.98%,
2/13/25
.....
128
133
UG991833018UG,
28.98%,
2/13/25
.....
809
(31)
UG991833309UG,
28.98%,
2/13/25
.....
202
14
UG991837084UG,
28.98%,
2/13/25
.....
26
27
UG991840865UG,
28.98%,
2/13/25
.....
202
212
UG991844003UG,
28.98%,
2/13/25
.....
328
344
UG991844836UG,
28.98%,
2/13/25
.....
142
149
UG991845546UG,
28.98%,
2/13/25
.....
357
374
UG991849019UG,
28.98%,
2/13/25
.....
256
261
UG991849383UG,
28.98%,
2/13/25
.....
798
837
UG991853522UG,
28.98%,
2/13/25
.....
1,781
1,851
UG991854829UG,
28.98%,
2/13/25
.....
1,427
1,497
UG991857566UG,
28.98%,
2/13/25
.....
12
12
UG991830446UG,
29.45%,
2/13/25
.....
353
25
UG991762706UG,
29.49%,
2/13/25
.....
92
97
UG991794448UG,
29.49%,
2/13/25
.....
100
106
UG991802525UG,
29.49%,
2/13/25
.....
945
994
UG991803467UG,
29.49%,
2/13/25
.....
496
517
UG991805134UG,
29.49%,
2/13/25
.....
660
88
UG991806325UG,
29.49%,
2/13/25
.....
19
19
UG991807992UG,
29.49%,
2/13/25
.....
140
142
UG991808763UG,
29.49%,
2/13/25
.....
467
474
UG991810935UG,
29.49%,
2/13/25
.....
195
206
UG991811705UG,
29.49%,
2/13/25
......
191
26
UG991812601UG,
29.49%,
2/13/25
.....
372
389
UG991813160UG,
29.49%,
2/13/25
.....
108
113
UG991814314UG,
29.49%,
2/13/25
.....
879
919
UG991814587UG,
29.49%,
2/13/25
.....
239
244
UG991816392UG,
29.49%,
2/13/25
.....
90
94
UG991820548UG,
29.49%,
2/13/25
.....
1,392
1,420
UG991820840UG,
29.49%,
2/13/25
.....
190
200
UG991821533UG,
29.49%,
2/13/25
.....
37
38
UG991822593UG,
29.49%,
2/13/25
.....
156
158
UG991824463UG,
29.49%,
2/13/25
.....
107
108
UG991825720UG,
29.49%,
2/13/25
.....
1,603
1,685
UG991827070UG,
29.49%,
2/13/25
.....
18
18
UG991828091UG,
29.49%,
2/13/25
.....
10
10
UG991848153UG,
29.49%,
2/13/25
.....
46
48
UG991851569UG,
29.49%,
2/13/25
.....
50
42
UG991856005UG,
29.49%,
2/13/25
.....
37
37
UG991857159UG,
29.49%,
2/13/25
.....
560
588
UG991857606UG,
29.49%,
2/13/25
.....
148
156
UG991859063UG,
29.49%,
2/13/25
.....
1,536
115
UG991785193UG,
Zero
Cpn,
2/14/25
....
721
50
UG991804176UG,
Zero
Cpn,
2/14/25
....
2
–
UG991807957UG,
Zero
Cpn,
2/14/25
....
514
35
UG991809816UG,
Zero
Cpn,
2/14/25
....
194
13
UG991809954UG,
Zero
Cpn,
2/14/25
....
600
41
UG991810494UG,
Zero
Cpn,
2/14/25
....
305
21
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991815841UG,
Zero
Cpn,
2/14/25
....
$
259
$
18
UG991828158UG,
Zero
Cpn,
2/14/25
....
726
51
UG991836363UG,
Zero
Cpn,
2/14/25
....
2,004
140
UG991848162UG,
Zero
Cpn,
2/14/25
....
76
5
UG991975102UG,
Zero
Cpn,
2/14/25
....
321
23
UG991865402UG,
14.97%,
2/14/25
.....
293
34
UG991955469UG,
15%,
2/14/25
........
650
659
UG991773058UG,
15.97%,
2/14/25
.....
200
205
UG991856650UG,
15.97%,
2/14/25
.....
373
250
UG991963236UG,
15.97%,
2/14/25
.....
173
177
UG991770123UG,
16.99%,
2/14/25
.....
859
871
UG991784739UG,
16.99%,
2/14/25
.....
1,721
1,759
UG991844428UG,
16.99%,
2/14/25
.....
389
46
UG991939974UG,
16.99%,
2/14/25
.....
422
432
UG991962430UG,
16.99%,
2/14/25
.....
199
202
UG991767560UG,
17.99%,
2/14/25
.....
287
287
UG991772757UG,
17.99%,
2/14/25
.....
5,304
5,381
UG991775466UG,
17.99%,
2/14/25
.....
366
367
UG991813547UG,
17.99%,
2/14/25
.....
55
55
UG991813569UG,
17.99%,
2/14/25
.....
476
487
UG991830188UG,
18.97%,
2/14/25
.....
823
841
UG991836509UG,
19.21%,
2/14/25
.....
537
548
UG991871714UG,
19.21%,
2/14/25
.....
227
226
UG991871531UG,
19.8%,
2/14/25
......
204
208
UG991873354UG,
19.8%,
2/14/25
......
62
63
UG991804998UG,
19.99%,
2/14/25
.....
69
71
UG991805685UG,
19.99%,
2/14/25
.....
173
181
UG991820154UG,
19.99%,
2/14/25
.....
65
68
UG991842185UG,
19.99%,
2/14/25
.....
173
177
UG991825048UG,
20.97%,
2/14/25
.....
189
191
UG991854398UG,
20.97%,
2/14/25
.....
333
340
UG991900726UG,
20.97%,
2/14/25
.....
290
296
UG991889627UG,
21.46%,
2/14/25
.....
161
164
UG991897328UG,
21.46%,
2/14/25
.....
50
50
UG991910744UG,
21.46%,
2/14/25
.....
78
79
UG991870073UG,
21.98%,
2/14/25
.....
52
53
UG991809915UG,
22.97%,
2/14/25
.....
654
(9)
UG991811355UG,
22.97%,
2/14/25
......
761
524
UG991827100UG,
23.95%,
2/14/25
.....
229
229
UG991833971UG,
23.95%,
2/14/25
.....
1,110
1,128
UG991841722UG,
23.95%,
2/14/25
.....
99
1
UG991806406UG,
25.94%,
2/14/25
.....
151
119
UG991842393UG,
25.95%,
2/14/25
.....
55
55
UG991805856UG,
27.99%,
2/14/25
.....
22
22
UG991764741UG,
28.98%,
2/14/25
.....
2,780
2,818
UG991802904UG,
28.98%,
2/14/25
.....
254
263
UG991806111UG,
28.98%,
2/14/25
......
14
14
UG991806712UG,
28.98%,
2/14/25
.....
110
115
UG991807226UG,
28.98%,
2/14/25
.....
142
147
UG991807412UG,
28.98%,
2/14/25
.....
650
674
UG991807486UG,
28.98%,
2/14/25
.....
174
182
UG991814585UG,
28.98%,
2/14/25
.....
738
769
UG991815145UG,
28.98%,
2/14/25
.....
136
143
UG991818104UG,
28.98%,
2/14/25
.....
243
247
UG991818687UG,
28.98%,
2/14/25
.....
4
4
UG991820882UG,
28.98%,
2/14/25
.....
629
651
UG991823151UG,
28.98%,
2/14/25
.....
256
266
UG991823684UG,
28.98%,
2/14/25
.....
183
183
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
126
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991824915UG,
28.98%,
2/14/25
.....
$
97
$
102
UG991826791UG,
28.98%,
2/14/25
.....
1,905
1,998
UG991830152UG,
28.98%,
2/14/25
.....
235
245
UG991835570UG,
28.98%,
2/14/25
.....
143
150
UG991835935UG,
28.98%,
2/14/25
.....
320
336
UG991837382UG,
28.98%,
2/14/25
.....
318
333
UG991838203UG,
28.98%,
2/14/25
.....
97
101
UG991841375UG,
28.98%,
2/14/25
.....
396
89
UG991841496UG,
28.98%,
2/14/25
.....
118
122
UG991847760UG,
28.98%,
2/14/25
.....
80
84
UG991764780UG,
29.49%,
2/14/25
.....
85
88
UG991777555UG,
29.49%,
2/14/25
.....
133
138
UG991787306UG,
29.49%,
2/14/25
.....
89
93
UG991792923UG,
29.49%,
2/14/25
.....
101
107
UG991793202UG,
29.49%,
2/14/25
.....
390
26
UG991800343UG,
29.49%,
2/14/25
.....
75
78
UG991801930UG,
29.49%,
2/14/25
.....
1,141
(44)
UG991802829UG,
29.49%,
2/14/25
.....
22
22
UG991803107UG,
29.49%,
2/14/25
.....
146
155
UG991803647UG,
29.49%,
2/14/25
.....
7
7
UG991805019UG,
29.49%,
2/14/25
.....
87
91
UG991806368UG,
29.49%,
2/14/25
.....
30
–
UG991806920UG,
29.49%,
2/14/25
.....
67
69
UG991807783UG,
29.49%,
2/14/25
.....
41
41
UG991808473UG,
29.49%,
2/14/25
.....
1,267
1,329
UG991809713UG,
29.49%,
2/14/25
.....
103
109
UG991810685UG,
29.49%,
2/14/25
.....
160
22
UG991811157UG,
29.49%,
2/14/25
......
180
189
UG991811373UG,
29.49%,
2/14/25
......
502
529
UG991811441UG,
29.49%,
2/14/25
......
1,313
87
UG991812058UG,
29.49%,
2/14/25
.....
148
153
UG991812461UG,
29.49%,
2/14/25
.....
1,697
1,748
UG991814129UG,
29.49%,
2/14/25
.....
29
29
UG991815619UG,
29.49%,
2/14/25
.....
45
46
UG991817021UG,
29.49%,
2/14/25
.....
87
91
UG991818882UG,
29.49%,
2/14/25
.....
279
285
UG991818945UG,
29.49%,
2/14/25
.....
264
269
UG991819000UG,
29.49%,
2/14/25
.....
118
122
UG991820047UG,
29.49%,
2/14/25
.....
717
755
UG991821673UG,
29.49%,
2/14/25
.....
33
34
UG991822073UG,
29.49%,
2/14/25
.....
290
302
UG991822173UG,
29.49%,
2/14/25
.....
168
178
UG991823710UG,
29.49%,
2/14/25
.....
288
302
UG991825101UG,
29.49%,
2/14/25
.....
679
714
UG991825782UG,
29.49%,
2/14/25
.....
80
82
UG991826429UG,
29.49%,
2/14/25
.....
34
34
UG991826813UG,
29.49%,
2/14/25
.....
93
91
UG991829241UG,
29.49%,
2/14/25
.....
13
13
UG991831048UG,
29.49%,
2/14/25
.....
1,089
1,134
UG991832048UG,
29.49%,
2/14/25
.....
100
105
UG991832343UG,
29.49%,
2/14/25
.....
175
182
UG991834001UG,
29.49%,
2/14/25
.....
215
226
UG991835429UG,
29.49%,
2/14/25
.....
719
754
UG991836066UG,
29.49%,
2/14/25
.....
3,411
3,612
UG991837815UG,
29.49%,
2/14/25
.....
16
16
UG991838877UG,
29.49%,
2/14/25
.....
464
63
UG991840916UG,
29.49%,
2/14/25
.....
106
15
UG991842038UG,
29.49%,
2/14/25
.....
125
132
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991842597UG,
29.49%,
2/14/25
.....
$
346
$
49
UG991843173UG,
29.49%,
2/14/25
.....
96
98
UG991843756UG,
29.49%,
2/14/25
.....
1,884
1,866
UG991844460UG,
29.49%,
2/14/25
.....
36
37
UG991844683UG,
29.49%,
2/14/25
.....
24
24
UG991845578UG,
29.49%,
2/14/25
.....
217
228
UG991846435UG,
29.49%,
2/14/25
.....
680
91
UG991847323UG,
29.49%,
2/14/25
.....
104
108
UG991849155UG,
29.49%,
2/14/25
.....
233
246
UG991850312UG,
29.49%,
2/14/25
.....
37
38
UG991852753UG,
29.49%,
2/14/25
.....
133
140
UG991852815UG,
29.49%,
2/14/25
.....
21
21
UG991855825UG,
29.49%,
2/14/25
.....
1,147
1,214
UG991792838UG,
Zero
Cpn,
2/15/25
....
683
47
UG991803750UG,
Zero
Cpn,
2/15/25
....
219
15
UG991815080UG,
Zero
Cpn,
2/15/25
....
402
28
UG991817668UG,
Zero
Cpn,
2/15/25
....
415
29
UG991818158UG,
Zero
Cpn,
2/15/25
....
143
10
UG991819395UG,
Zero
Cpn,
2/15/25
....
95
7
UG991821958UG,
Zero
Cpn,
2/15/25
....
116
8
UG991823354UG,
Zero
Cpn,
2/15/25
....
503
35
UG991823651UG,
Zero
Cpn,
2/15/25
....
35
3
UG991830523UG,
Zero
Cpn,
2/15/25
....
837
58
UG991831792UG,
Zero
Cpn,
2/15/25
....
382
27
UG991841901UG,
Zero
Cpn,
2/15/25
....
123
8
UG991848229UG,
Zero
Cpn,
2/15/25
....
164
11
UG991867337UG,
14.98%,
2/15/25
.....
513
525
UG991789128UG,
15%,
2/15/25
........
981
996
UG991808536UG,
15.97%,
2/15/25
.....
130
130
UG991851600UG,
15.97%,
2/15/25
.....
276
282
UG991781788UG,
15.99%,
2/15/25
.....
447
457
UG991818245UG,
15.99%,
2/15/25
.....
339
345
UG991774883UG,
16.99%,
2/15/25
.....
851
579
UG991849835UG,
16.99%,
2/15/25
.....
431
440
UG991885852UG,
16.99%,
2/15/25
.....
107
109
UG991967241UG,
16.99%,
2/15/25
.....
154
156
UG991784876UG,
17.99%,
2/15/25
.....
748
764
UG991808185UG,
17.99%,
2/15/25
.....
806
502
UG991897877UG,
17.99%,
2/15/25
.....
1,025
1,039
UG992001641UG,
17.99%,
2/15/25
.....
216
26
UG991838452UG,
18.97%,
2/15/25
.....
782
794
UG991853538UG,
18.97%,
2/15/25
.....
831
848
UG991842168UG,
19.21%,
2/15/25
.....
420
426
UG991860520UG,
19.21%,
2/15/25
.....
1,011
1,033
UG991872897UG,
19.21%,
2/15/25
.....
343
(1)
UG991885352UG,
19.8%,
2/15/25
......
81
83
UG991776382UG,
19.99%,
2/15/25
.....
1,572
1,608
UG991777402UG,
19.99%,
2/15/25
.....
71
74
UG991784969UG,
19.99%,
2/15/25
.....
1,224
1,252
UG991802931UG,
19.99%,
2/15/25
.....
107
112
UG991811839UG,
19.99%,
2/15/25
......
43
45
UG991829098UG,
19.99%,
2/15/25
.....
490
514
UG991830107UG,
19.99%,
2/15/25
.....
3,571
450
UG991831697UG,
19.99%,
2/15/25
.....
211
217
UG991848172UG,
19.99%,
2/15/25
.....
7
7
UG991812531UG,
20.97%,
2/15/25
.....
50
51
UG991839957UG,
21.46%,
2/15/25
.....
516
526
UG991841309UG,
21.97%,
2/15/25
.....
331
330
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
127
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991826445UG,
21.98%,
2/15/25
.....
$
159
$
160
UG991835552UG,
21.98%,
2/15/25
.....
346
353
UG991857809UG,
21.98%,
2/15/25
.....
83
6
UG991840733UG,
22.95%,
2/15/25
.....
42
42
UG991946872UG,
23.95%,
2/15/25
.....
263
256
UG991807279UG,
27.99%,
2/15/25
.....
127
133
UG991779814UG,
28.98%,
2/15/25
.....
688
723
UG991804378UG,
28.98%,
2/15/25
.....
23
23
UG991806632UG,
28.98%,
2/15/25
.....
211
222
UG991806791UG,
28.98%,
2/15/25
.....
138
138
UG991808277UG,
28.98%,
2/15/25
.....
270
284
UG991808466UG,
28.98%,
2/15/25
.....
165
173
UG991808666UG,
28.98%,
2/15/25
.....
146
146
UG991811774UG,
28.98%,
2/15/25
......
162
170
UG991816146UG,
28.98%,
2/15/25
.....
17
17
UG991817978UG,
28.98%,
2/15/25
.....
717
745
UG991818026UG,
28.98%,
2/15/25
.....
137
142
UG991818637UG,
28.98%,
2/15/25
.....
7
7
UG991820317UG,
28.98%,
2/15/25
.....
401
420
UG991822271UG,
28.98%,
2/15/25
.....
230
231
UG991822996UG,
28.98%,
2/15/25
.....
52
53
UG991823702UG,
28.98%,
2/15/25
.....
345
358
UG991825566UG,
28.98%,
2/15/25
.....
94
99
UG991830158UG,
28.98%,
2/15/25
.....
79
11
UG991835626UG,
28.98%,
2/15/25
.....
241
170
UG991836573UG,
28.98%,
2/15/25
.....
1,181
81
UG991836944UG,
28.98%,
2/15/25
.....
66
(1)
UG991840458UG,
28.98%,
2/15/25
.....
47
47
UG991843119UG,
28.98%,
2/15/25
......
194
203
UG991843450UG,
28.98%,
2/15/25
.....
210
154
UG991844759UG,
28.98%,
2/15/25
.....
250
262
UG991852017UG,
28.98%,
2/15/25
.....
185
194
UG991852088UG,
28.98%,
2/15/25
.....
41
42
UG991853669UG,
28.98%,
2/15/25
.....
1,069
1,121
UG991855575UG,
28.98%,
2/15/25
.....
156
158
UG991778437UG,
29.49%,
2/15/25
.....
231
244
UG991794398UG,
29.49%,
2/15/25
.....
245
252
UG991803200UG,
29.49%,
2/15/25
.....
388
408
UG991803612UG,
29.49%,
2/15/25
.....
85
90
UG991803666UG,
29.49%,
2/15/25
.....
5
5
UG991803753UG,
29.49%,
2/15/25
.....
98
101
UG991804151UG,
29.49%,
2/15/25
.....
83
87
UG991806032UG,
29.49%,
2/15/25
.....
106
107
UG991806084UG,
29.49%,
2/15/25
.....
65
65
UG991806704UG,
29.49%,
2/15/25
.....
600
589
UG991807047UG,
29.49%,
2/15/25
.....
25
25
UG991807392UG,
29.49%,
2/15/25
.....
48
50
UG991808149UG,
29.49%,
2/15/25
.....
94
98
UG991808383UG,
29.49%,
2/15/25
.....
91
92
UG991808493UG,
29.49%,
2/15/25
.....
127
134
UG991811260UG,
29.49%,
2/15/25
......
369
388
UG991811830UG,
29.49%,
2/15/25
......
277
20
UG991811888UG,
29.49%,
2/15/25
......
50
51
UG991812152UG,
29.49%,
2/15/25
.....
5
5
UG991814443UG,
29.49%,
2/15/25
.....
245
258
UG991816017UG,
29.49%,
2/15/25
.....
94
95
UG991816717UG,
29.49%,
2/15/25
.....
245
257
UG991816760UG,
29.49%,
2/15/25
.....
14
14
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991818267UG,
29.49%,
2/15/25
.....
$
75
$
78
UG991819412UG,
29.49%,
2/15/25
.....
169
177
UG991820526UG,
29.49%,
2/15/25
.....
300
315
UG991822516UG,
29.49%,
2/15/25
.....
4
3
UG991824951UG,
29.49%,
2/15/25
.....
142
148
UG991825651UG,
29.49%,
2/15/25
.....
671
695
UG991825953UG,
29.49%,
2/15/25
.....
2,078
2,161
UG991826189UG,
29.49%,
2/15/25
.....
18
18
UG991826550UG,
29.49%,
2/15/25
.....
87
88
UG991830568UG,
29.49%,
2/15/25
.....
237
251
UG991832219UG,
29.49%,
2/15/25
.....
78
82
UG991833396UG,
29.49%,
2/15/25
.....
425
451
UG991834132UG,
29.49%,
2/15/25
.....
143
151
UG991834349UG,
29.49%,
2/15/25
.....
107
112
UG991835600UG,
29.49%,
2/15/25
.....
60
62
UG991836999UG,
29.49%,
2/15/25
.....
39
40
UG991838702UG,
29.49%,
2/15/25
.....
17
18
UG991839738UG,
29.49%,
2/15/25
.....
22
22
UG991839928UG,
29.49%,
2/15/25
.....
666
699
UG991839939UG,
29.49%,
2/15/25
.....
526
548
UG991840852UG,
29.49%,
2/15/25
.....
27
25
UG991841673UG,
29.49%,
2/15/25
.....
10
10
UG991842134UG,
29.49%,
2/15/25
.....
276
286
UG991842634UG,
29.49%,
2/15/25
.....
54
56
UG991842993UG,
29.49%,
2/15/25
.....
141
149
UG991843227UG,
29.49%,
2/15/25
.....
197
207
UG991843712UG,
29.49%,
2/15/25
.....
198
(2)
UG991846268UG,
29.49%,
2/15/25
.....
390
(4)
UG991846709UG,
29.49%,
2/15/25
.....
154
161
UG991848073UG,
29.49%,
2/15/25
.....
318
318
UG991849202UG,
29.49%,
2/15/25
.....
344
365
UG991851480UG,
29.49%,
2/15/25
.....
666
663
UG991853701UG,
29.49%,
2/15/25
.....
2,149
2,240
UG991854942UG,
29.49%,
2/15/25
.....
543
408
UG991855015UG,
29.49%,
2/15/25
.....
130
136
UG991857058UG,
29.49%,
2/15/25
.....
1,141
1,204
UG991795872UG,
14.97%,
2/16/25
.....
227
231
UG991808441UG,
14.97%,
2/16/25
.....
110
112
UG991823722UG,
14.97%,
2/16/25
.....
581
595
UG991797926UG,
14.98%,
2/16/25
.....
194
197
UG991826430UG,
14.98%,
2/16/25
.....
68
69
UG991953998UG,
14.98%,
2/16/25
.....
11
11
UG991982440UG,
14.98%,
2/16/25
.....
55
56
UG991801116UG,
15%,
2/16/25
........
2,338
2,393
UG991844330UG,
15%,
2/16/25
........
169
137
UG991824562UG,
15.97%,
2/16/25
.....
53
54
UG991848121UG,
15.97%,
2/16/25
.....
431
437
UG991865373UG,
15.97%,
2/16/25
.....
13
13
UG991787407UG,
16.99%,
2/16/25
.....
364
240
UG991854632UG,
16.99%,
2/16/25
.....
337
345
UG991856762UG,
16.99%,
2/16/25
.....
97
99
UG991902815UG,
16.99%,
2/16/25
.....
145
148
UG991929151UG,
16.99%,
2/16/25
.....
39
39
UG991937144UG,
16.99%,
2/16/25
.....
1,878
1,922
UG991941145UG,
16.99%,
2/16/25
......
251
256
UG991959965UG,
16.99%,
2/16/25
.....
–
–
UG991964791UG,
16.99%,
2/16/25
.....
1,339
1,371
UG991847924UG,
17.97%,
2/16/25
.....
145
147
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
128
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991851044UG,
17.97%,
2/16/25
.....
$
233
$
233
UG991862779UG,
17.99%,
2/16/25
.....
1,029
2
UG991868894UG,
17.99%,
2/16/25
.....
702
718
UG991921494UG,
17.99%,
2/16/25
.....
3,886
3,962
UG991856214UG,
29.49%,
2/16/25
.....
154
161
UG991956251UG,
29.49%,
2/16/25
.....
41
41
UG991818263UG,
Zero
Cpn,
2/17/25
....
2,653
186
UG991854974UG,
19.99%,
2/17/25
.....
171
180
UG991924629UG,
19.99%,
2/17/25
.....
10
10
UG991793801UG,
28.98%,
2/17/25
.....
76
79
UG991802308UG,
28.98%,
2/17/25
.....
3,741
279
UG991804304UG,
28.98%,
2/17/25
.....
202
213
UG991806681UG,
28.98%,
2/17/25
.....
662
693
UG991822283UG,
28.98%,
2/17/25
.....
1,609
111
UG991843418UG,
28.98%,
2/17/25
.....
186
195
UG991878584UG,
28.98%,
2/17/25
.....
278
292
UG991937848UG,
28.98%,
2/17/25
.....
1,266
1,324
UG991976569UG,
28.98%,
2/17/25
.....
1,025
1,075
UG991985560UG,
28.98%,
2/17/25
.....
354
372
UG991995440UG,
28.98%,
2/17/25
.....
260
268
UG991806949UG,
29.49%,
2/17/25
.....
97
102
UG991807261UG,
29.49%,
2/17/25
.....
19
19
UG991829765UG,
29.49%,
2/17/25
.....
198
208
UG991830438UG,
29.49%,
2/17/25
.....
186
196
UG991831432UG,
29.49%,
2/17/25
.....
111
117
UG991854422UG,
29.49%,
2/17/25
.....
857
885
UG991867715UG,
29.49%,
2/17/25
.....
217
218
UG991924634UG,
29.49%,
2/17/25
.....
31
32
UG992003670UG,
29.49%,
2/17/25
.....
340
359
UG992008864UG,
29.49%,
2/17/25
.....
154
159
UG991821694UG,
29.49%,
6/14/25
.....
378
273
UG991809320UG,
19.99%,
7/14/25
.....
115
83
UG991844308UG,
27.99%,
8/15/25
.....
1,138
807
UG991763663UG,
16.99%,
9/13/25
.....
339
224
UG991872326UG,
17.99%,
10/16/25
....
3,969
2,618
UG991850891UG,
29.49%,
8/13/26
.....
442
282
UG991830452UG,
18.97%,
9/12/27
.....
–
–
UG991830633UG,
29.49%,
10/12/27
....
–
–
UG991803773UG,
28.98%,
12/11/27
.....
–
–
UG991820879UG,
29.49%,
1/14/28
.....
–
–
UG991807941UG,
Zero
Cpn,
2/12/28
....
10
1
UG991831543UG,
28.98%,
2/12/28
.....
4
4
UG991873234UG,
Zero
Cpn,
2/13/28
....
15
1
UG991833347UG,
29.49%,
2/14/28
.....
4
–
UG991819353UG,
Zero
Cpn,
3/12/28
....
17
1
UG991832331UG,
Zero
Cpn,
3/12/28
....
51
4
UG991852690UG,
28.98%,
3/14/28
.....
12
–
UG991852711UG,
29.49%,
3/14/28
......
5
–
UG991820905UG,
Zero
Cpn,
3/15/28
....
20
1
UG991818422UG,
29.49%,
4/12/28
.....
16
(1)
UG991853519UG,
29.49%,
4/12/28
.....
20
3
UG991855573UG,
29.49%,
4/12/28
.....
2
2
UG991821331UG,
Zero
Cpn,
4/13/28
....
25
2
UG991777586UG,
28.98%,
4/13/28
.....
15
1
UG991819564UG,
Zero
Cpn,
4/15/28
....
19
1
UG991843448UG,
Zero
Cpn,
4/17/28
....
23
2
UG991818449UG,
Zero
Cpn,
5/12/28
....
43
3
UG991878878UG,
22.97%,
5/12/28
.....
3
3
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991826796UG,
29.49%,
5/12/28
.....
$
–
$
–
UG991857359UG,
29.49%,
5/13/28
.....
2
2
UG991805363UG,
29.49%,
5/14/28
.....
–
–
UG991820788UG,
29.49%,
5/14/28
.....
3
3
UG991851352UG,
29.49%,
5/14/28
.....
4
4
UG991806308UG,
Zero
Cpn,
5/15/28
....
31
2
UG991893267UG,
16.99%,
5/15/28
.....
2
2
UG991827844UG,
28.48%,
5/15/28
.....
9
9
UG991822688UG,
29.49%,
5/15/28
.....
2
1
UG991855065UG,
29.49%,
5/15/28
.....
3
3
234,313
Upstart
Network,
Inc.
L1714497.UP.FTS.B,
5.26%,
9/15/24
....
5,195
4,901
L1716943.UP.FTS.B,
9.3%,
9/15/24
.....
5,047
5,019
L1715024.UP.FTS.B,
9.8%,
9/15/24
.....
1,521
1,513
L1717347.UP.FTS.B,
10.59%,
9/15/24
....
2,532
2,518
L1716025.UP.FTS.B,
10.69%,
9/15/24
....
2,559
2,548
L1715704.UP.FTS.B,
11.53%,
9/15/24
....
7,724
7,690
L1717926.UP.FTS.B,
11.94%,
9/15/24
....
2,555
2,543
L1716380.UP.FTS.B,
13.61%,
9/15/24
....
1,045
1,041
L1717607.UP.FTS.B,
13.74%,
9/15/24
....
5,230
5,208
L1716238.UP.FTS.B,
14.13%,
9/15/24
....
2,415
2,414
L1714869.UP.FTS.B,
15.65%,
9/15/24
....
6,638
6,631
L1715589.UP.FTS.B,
16.64%,
9/15/24
....
8,004
8,021
L1716811.UP.FTS.B,
16.92%,
9/15/24
....
868
828
L1716828.UP.FTS.B,
17.26%,
9/15/24
....
1,608
1,611
L1716921.UP.FTS.B,
23.03%,
9/15/24
....
2,794
2,778
L1716020.UP.FTS.B,
23.35%,
9/15/24
....
1,004
1,007
L1715151.UP.FTS.B,
23.45%,
9/15/24
....
1,133
1,127
L1712382.UP.FTS.B,
23.73%,
9/15/24
....
6,637
6,590
L1715219.UP.FTS.B,
24.66%,
9/15/24
....
6,084
923
L1717684.UP.FTS.B,
25.05%,
9/15/24
....
1,327
1,323
FW1717945.UP.FTS.B,
25.32%,
9/15/24
..
3,617
3,609
FW1717862.UP.FTS.B,
25.93%,
9/15/24
..
1,121
1,118
FW1714926.UP.FTS.B,
28.33%,
9/15/24
..
3,026
2,876
FW1717064.UP.FTS.B,
29.03%,
9/15/24
..
1,884
1,790
FW1715798.UP.FTS.B,
29.92%,
9/15/24
..
814
812
L1885954.UP.FTS.B,
10.47%,
10/20/24
...
2,843
2,689
L1884096.UP.FTS.B,
13.31%,
10/20/24
...
3,831
3,814
L1886505.UP.FTS.B,
13.79%,
10/20/24
...
551
552
L1886677.UP.FTS.B,
13.95%,
10/20/24
...
1,505
1,496
L1888623.UP.FTS.B,
13.96%,
10/20/24
...
1,655
1,649
L1887864.UP.FTS.B,
14.09%,
10/20/24
...
1,105
1,100
L1885127.UP.FTS.B,
15.93%,
10/20/24
...
3,462
252
L1887716.UP.FTS.B,
16.64%,
10/20/24
...
2,246
2,251
L1885599.UP.FTS.B,
18.65%,
10/20/24
...
569
570
L1885749.UP.FTS.B,
20.4%,
10/20/24
....
2,292
338
L1884376.UP.FTS.B,
20.79%,
10/20/24
...
11,056
10,518
L1889126.UP.FTS.B,
20.94%,
10/20/24
...
6,019
6,005
FW1885604.UP.FTS.B,
21.27%,
10/20/24
.
17,560
17,509
L1885440.UP.FTS.B,
22.25%,
10/20/24
...
465
464
L1889255.UP.FTS.B,
22.61%,
10/20/24
...
2,701
2,568
FW1886997.UP.FTS.B,
26.23%,
10/20/24
.
300
296
FW1885395.UP.FTS.B,
26.24%,
10/20/24
.
1,788
1,784
FW1880410.UP.FTS.B,
27.93%,
10/20/24
.
2,408
2,403
FW1886414.UP.FTS.B,
28.39%,
10/20/24
.
1,214
1,208
FW1889076.UP.FTS.B,
30.32%,
10/20/24
.
2,152
2,142
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
129
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2037773.UP.FTS.B,
5.25%,
11/15/24
....
$
4,400
$
4,354
L2046679.UP.FTS.B,
6.86%,
11/15/24
....
5,534
5,474
L2039391.UP.FTS.B,
7.16%,
11/15/24
....
693
686
L2047798.UP.FTS.B,
7.62%,
11/15/24
....
2,779
2,760
L2049330.UP.FTS.B,
8.87%,
11/15/24
....
5,569
5,529
L2047834.UP.FTS.B,
9.02%,
11/15/24
....
1,791
1,778
L2047596.UP.FTS.B,
10.13%,
11/15/24
...
6,554
6,508
L2048001.UP.FTS.B,
10.35%,
11/15/24
...
2,829
2,809
L2047620.UP.FTS.B,
10.51%,
11/15/24
...
1,705
1,690
L2048059.UP.FTS.B,
10.92%,
11/15/24
...
2,169
2,147
L2047919.UP.FTS.B,
10.97%,
11/15/24
...
9,681
9,598
L2047014.UP.FTS.B,
11.93%,
11/15/24
...
5,587
5,549
L2046828.UP.FTS.B,
12.17%,
11/15/24
...
2,862
2,842
L2049398.UP.FTS.B,
12.72%,
11/15/24
...
1,030
1,022
L2048381.UP.FTS.B,
12.98%,
11/15/24
...
2,100
2,084
L2047190.UP.FTS.B,
13.12%,
11/15/24
...
2,303
2,289
L2048784.UP.FTS.B,
13.49%,
11/15/24
...
1,731
1,721
L2047467.UP.FTS.B,
14.6%,
11/15/24
....
4,686
4,666
FW2048031.UP.FTS.B,
14.7%,
11/15/24
..
4,362
4,334
L2047716.UP.FTS.B,
15.83%,
11/15/24
...
5,102
5,093
L2049293.UP.FTS.B,
16.54%,
11/15/24
...
2,942
2,938
FW2047086.UP.FTS.B,
16.6%,
11/15/24
..
2,353
2,350
L2048520.UP.FTS.B,
16.63%,
11/15/24
...
14,397
1,045
L2047759.UP.FTS.B,
17.02%,
11/15/24
...
649
648
L2032354.UP.FTS.B,
18.46%,
11/15/24
...
1,009
1,008
L2049049.UP.FTS.B,
18.57%,
11/15/24
...
4,168
4,162
L2047756.UP.FTS.B,
18.93%,
11/15/24
...
3,580
3,575
FW2047783.UP.FTS.B,
19.18%,
11/15/24
.
426
422
L2048756.UP.FTS.B,
19.75%,
11/15/24
...
3,597
3,592
L2048019.UP.FTS.B,
19.76%,
11/15/24
...
1,019
1,018
FW2047227.UP.FTS.B,
19.97%,
11/15/24
.
840
839
FW2047688.UP.FTS.B,
20.13%,
11/15/24
.
3,789
3,587
L2047831.UP.FTS.B,
20.33%,
11/15/24
...
3,932
3,915
L2048741.UP.FTS.B,
20.49%,
11/15/24
...
2,108
2,105
FW2049144.UP.FTS.B,
20.94%,
11/15/24
.
2,931
212
L2047733.UP.FTS.B,
21.64%,
11/15/24
...
2,304
669
L2046773.UP.FTS.B,
21.75%,
11/15/24
...
1,017
962
L2048157.UP.FTS.B,
21.93%,
11/15/24
...
2,133
55
L2048597.UP.FTS.B,
22.48%,
11/15/24
...
3,045
3,027
L2047942.UP.FTS.B,
23.17%,
11/15/24
...
2,547
2,418
FW2048332.UP.FTS.B,
26.99%,
11/15/24
.
1,250
1,243
L2096245.UP.FTS.B,
7.08%,
11/22/24
....
3,492
3,457
L2094775.UP.FTS.B,
7.57%,
11/22/24
....
2,778
2,761
L2095323.UP.FTS.B,
10.22%,
11/22/24
...
848
843
L2096413.UP.FTS.B,
11.37%,
11/22/24
...
11,391
11,322
L2094380.UP.FTS.B,
14.25%,
11/22/24
...
2,657
2,653
L2096824.UP.FTS.B,
14.34%,
11/22/24
...
4,642
4,646
L2095963.UP.FTS.B,
14.96%,
11/22/24
...
1,162
1,157
L2096695.UP.FTS.B,
15.09%,
11/22/24
...
1,379
70
FW2095095.UP.FTS.B,
15.88%,
11/22/24
.
1,312
1,309
FW2095845.UP.FTS.B,
15.91%,
11/22/24
.
3,223
3,225
L2095754.UP.FTS.B,
16.91%,
11/22/24
...
2,927
2,929
FW2096312.UP.FTS.B,
17.78%,
11/22/24
.
2,491
2,493
L2094961.UP.FTS.B,
18.66%,
11/22/24
...
596
596
FW2091484.UP.FTS.B,
19.01%,
11/22/24
.
3,146
3,133
FW2094863.UP.FTS.B,
19.11%,
11/22/24
.
597
598
FW2094110.UP.FTS.B,
19.91%,
11/22/24
.
600
601
L2095891.UP.FTS.B,
20.05%,
11/22/24
...
2,098
2,100
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2094197.UP.FTS.B,
24.43%,
11/22/24
.
$
1,561
$
111
FW2095652.UP.FTS.B,
28.05%,
11/22/24
.
6,625
6,570
FW2096872.UP.FTS.B,
28.81%,
11/22/24
.
4,696
4,648
FW2094168.UP.FTS.B,
28.88%,
11/22/24
.
1,650
1,642
L2292994.UP.FTS.B,
5.09%,
12/21/24
....
1,723
1,706
L2294913.UP.FTS.B,
5.24%,
12/21/24
....
1,265
1,252
FW2294665.UP.FTS.B,
5.75%,
12/21/24
..
1,154
1,142
L2295367.UP.FTS.B,
5.78%,
12/21/24
....
1,269
1,256
FW2293946.UP.FTS.B,
6.19%,
12/21/24
..
4,590
4,545
FW2294211.UP.FTS.B,
6.31%,
12/21/24
..
4,493
4,231
L2295100.UP.FTS.B,
7.19%,
12/21/24
....
636
630
FW2294439.UP.FTS.B,
7.72%,
12/21/24
..
6,195
6,142
L2294814.UP.FTS.B,
7.77%,
12/21/24
....
2,747
2,595
L2293479.UP.FTS.B,
7.9%,
12/21/24
....
584
580
L2294775.UP.FTS.B,
8.85%,
12/21/24
....
1,764
1,751
L2293437.UP.FTS.B,
11.78%,
12/21/24
...
2,968
2,947
L2294851.UP.FTS.B,
13.12%,
12/21/24
...
1,210
1,200
L2294095.UP.FTS.B,
13.3%,
12/21/24
....
725
719
L2296216.UP.FTS.B,
13.69%,
12/21/24
...
2,147
2,134
L2294949.UP.FTS.B,
13.95%,
12/21/24
...
2,425
2,422
L2295222.UP.FTS.B,
15.07%,
12/21/24
...
2,135
2,133
FW2295530.UP.FTS.B,
15.84%,
12/21/24
.
3,789
3,779
L2294127.UP.FTS.B,
16.18%,
12/21/24
...
3,070
3,067
L2293039.UP.FTS.B,
16.32%,
12/21/24
...
2,710
761
L2293609.UP.FTS.B,
16.79%,
12/21/24
...
3,335
3,329
L2294084.UP.FTS.B,
17.86%,
12/21/24
...
930
929
L2294351.UP.FTS.B,
19.21%,
12/21/24
...
1,691
1,683
L2285455.UP.FTS.B,
19.28%,
12/21/24
...
1,250
1,248
L2295474.UP.FTS.B,
19.79%,
12/21/24
...
2,507
2,504
FW2295741.UP.FTS.B,
20.38%,
12/21/24
.
298
21
L2294199.UP.FTS.B,
20.47%,
12/21/24
...
1,887
1,877
FW2296126.UP.FTS.B,
21.1%,
12/21/24
..
657
626
L2295046.UP.FTS.B,
21.11%,
12/21/24
...
3,156
3,139
L2296169.UP.FTS.B,
21.4%,
12/21/24
....
3,092
3,086
L2295180.UP.FTS.B,
22.24%,
12/21/24
...
2,858
2,842
FW2294007.UP.FTS.B,
24.91%,
12/21/24
.
767
758
FW2295790.UP.FTS.B,
25.57%,
12/21/24
.
1,422
1,415
FW2295751.UP.FTS.B,
26.57%,
12/21/24
.
3,249
3,231
FW2294187.UP.FTS.B,
27.27%,
12/21/24
.
3,043
3,014
FW2294163.UP.FTS.B,
27.62%,
12/21/24
.
714
708
FW2295991.UP.FTS.B,
29.39%,
12/21/24
.
2,986
2,977
L2296625.UP.FTS.B,
5.45%,
12/22/24
....
2,878
2,850
L2297554.UP.FTS.B,
5.64%,
12/22/24
....
3,169
3,139
L2296988.UP.FTS.B,
5.71%,
12/22/24
....
4,032
3,994
FW2297899.UP.FTS.B,
6.12%,
12/22/24
..
316
313
L2297459.UP.FTS.B,
6.46%,
12/22/24
....
2,890
2,862
FW2297489.UP.FTS.B,
6.61%,
12/22/24
..
396
392
L2299060.UP.FTS.B,
6.81%,
12/22/24
....
608
602
L2297555.UP.FTS.B,
6.86%,
12/22/24
....
2,323
2,301
FW2298048.UP.FTS.B,
7.04%,
12/22/24
..
8,141
8,059
L2297930.UP.FTS.B,
7.09%,
12/22/24
....
1,915
1,896
L2299053.UP.FTS.B,
7.5%,
12/22/24
....
3,498
3,474
L2298344.UP.FTS.B,
7.65%,
12/22/24
....
4,619
4,587
FW2300636.UP.FTS.B,
7.72%,
12/22/24
..
1,797
132
L2298178.UP.FTS.B,
7.89%,
12/22/24
....
3,507
3,483
FW2298854.UP.FTS.B,
8.03%,
12/22/24
..
1,464
1,452
L2298428.UP.FTS.B,
8.15%,
12/22/24
....
3,745
3,720
FW2298230.UP.FTS.B,
8.66%,
12/22/24
..
587
583
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
130
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2298269.UP.FTS.B,
8.91%,
12/22/24
....
$
11,762
$
11,683
FW2300410.UP.FTS.B,
8.97%,
12/22/24
..
2,424
2,398
FW2299098.UP.FTS.B,
9.21%,
12/22/24
..
877
871
L2294325.UP.FTS.B,
9.41%,
12/22/24
....
3,531
3,508
L2296700.UP.FTS.B,
9.69%,
12/22/24
....
2,955
2,935
L2298627.UP.FTS.B,
10.13%,
12/22/24
...
2,963
2,943
L2298051.UP.FTS.B,
10.22%,
12/22/24
...
2,953
2,933
L2298036.UP.FTS.B,
10.46%,
12/22/24
...
4,156
4,129
L2296736.UP.FTS.B,
10.73%,
12/22/24
...
1,942
1,929
L2297100.UP.FTS.B,
11.43%,
12/22/24
...
1,198
1,189
L2298636.UP.FTS.B,
11.78%,
12/22/24
...
2,095
2,083
FW2295900.UP.FTS.B,
12.11%,
12/22/24
.
2,398
2,385
L2289317.UP.FTS.B,
12.5%,
12/22/24
....
4,204
4,181
L2297999.UP.FTS.B,
13.52%,
12/22/24
...
605
601
L2296920.UP.FTS.B,
13.62%,
12/22/24
...
4,239
4,209
L2298784.UP.FTS.B,
14.44%,
12/22/24
...
6,079
6,076
L2298193.UP.FTS.B,
14.62%,
12/22/24
...
2,434
2,433
FW2297351.UP.FTS.B,
16.06%,
12/22/24
.
1,600
1,596
L2299210.UP.FTS.B,
16.21%,
12/22/24
...
672
669
L2297197.UP.FTS.B,
17.21%,
12/22/24
...
1,236
1,235
FW2299381.UP.FTS.B,
17.29%,
12/22/24
.
1,949
1,938
L2300066.UP.FTS.B,
17.65%,
12/22/24
...
1,239
1,235
L2297395.UP.FTS.B,
17.85%,
12/22/24
...
6,347
6,341
L2300339.UP.FTS.B,
18.46%,
12/22/24
...
622
622
L2298393.UP.FTS.B,
19.2%,
12/22/24
....
5,252
5,225
L2286362.UP.FTS.B,
19.22%,
12/22/24
...
4,861
4,849
FW2298373.UP.FTS.B,
19.34%,
12/22/24
.
1,875
1,875
L2299094.UP.FTS.B,
19.48%,
12/22/24
...
738
737
FW2299910.UP.FTS.B,
19.59%,
12/22/24
.
3,106
3,104
FW2296618.UP.FTS.B,
19.77%,
12/22/24
.
601
599
L2298513.UP.FTS.B,
20.02%,
12/22/24
...
13,148
865
L2296192.UP.FTS.B,
20.3%,
12/22/24
....
625
625
L2296465.UP.FTS.B,
21.24%,
12/22/24
...
3,159
3,145
FW2300328.UP.FTS.B,
21.6%,
12/22/24
..
13,131
13,096
L2297511.UP.FTS.B,
21.76%,
12/22/24
...
6,335
6,307
FW2299932.UP.FTS.B,
21.85%,
12/22/24
.
6,972
6,970
FW2300114.UP.FTS.B,
21.91%,
12/22/24
.
3,170
3,156
L2300171.UP.FTS.B,
22.14%,
12/22/24
...
1,229
1,227
L2296425.UP.FTS.B,
22.43%,
12/22/24
...
4,768
4,747
L2299865.UP.FTS.B,
22.56%,
12/22/24
...
940
933
L2296417.UP.FTS.B,
22.8%,
12/22/24
....
6,816
6,815
L2296476.UP.FTS.B,
22.83%,
12/22/24
...
4,218
4,187
L2299850.UP.FTS.B,
23.44%,
12/22/24
...
3,138
3,135
L2298515.UP.FTS.B,
23.69%,
12/22/24
...
6,401
6,373
L2299432.UP.FTS.B,
24.17%,
12/22/24
...
2,183
2,174
FW2296846.UP.FTS.B,
24.39%,
12/22/24
.
1,438
220
FW2299096.UP.FTS.B,
24.52%,
12/22/24
.
1,093
1,088
FW2296692.UP.FTS.B,
24.93%,
12/22/24
.
967
962
FW2296914.UP.FTS.B,
26.15%,
12/22/24
.
713
710
FW2296909.UP.FTS.B,
29.46%,
12/22/24
.
4,840
4,795
L2426414.UP.FTS.B,
5.26%,
1/13/25
....
15,010
14,855
L2424056.UP.FTS.B,
5.61%,
1/13/25
....
2,414
2,389
L2423394.UP.FTS.B,
6.27%,
1/13/25
....
6,058
5,996
L2425497.UP.FTS.B,
7.24%,
1/13/25
....
12,203
12,071
L2425329.UP.FTS.B,
7.75%,
1/13/25
....
3,045
3,017
L2427993.UP.FTS.B,
7.96%,
1/13/25
....
6,972
960
L2425262.UP.FTS.B,
8.32%,
1/13/25
....
3,985
3,952
L2425211.UP.FTS.B,
8.5%,
1/13/25
......
4,516
4,256
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2424171.UP.FTS.B,
9.46%,
1/13/25
....
$
6,170
$
6,120
L2428185.UP.FTS.B,
9.7%,
1/13/25
.....
6,179
6,128
FW2428576.UP.FTS.B,
10.33%,
1/13/25
..
5,859
5,807
L2423475.UP.FTS.B,
10.43%,
1/13/25
....
2,172
2,154
L2427021.UP.FTS.B,
11.18%,
1/13/25
....
3,115
3,090
L2398504.UP.FTS.B,
11.71%,
1/13/25
....
625
620
L2428568.UP.FTS.B,
12.86%,
1/13/25
....
4,402
4,369
L2405416.UP.FTS.B,
12.97%,
1/13/25
....
1,985
1,961
L2428590.UP.FTS.B,
12.98%,
1/13/25
....
2,517
2,498
FW2419292.UP.FTS.B,
13.72%,
1/13/25
..
1,271
1,259
L2423989.UP.FTS.B,
13.92%,
1/13/25
....
1,961
1,952
L2426394.UP.FTS.B,
14.04%,
1/13/25
....
4,440
4,399
FW2423167.UP.FTS.B,
15.7%,
1/13/25
...
2,217
2,206
L2425994.UP.FTS.B,
15.97%,
1/13/25
....
640
637
L2426530.UP.FTS.B,
15.97%,
1/13/25
....
2,558
2,547
L2424008.UP.FTS.B,
18.11%,
1/13/25
....
3,235
3,221
FW2426314.UP.FTS.B,
18.24%,
1/13/25
..
1,651
1,565
L2416454.UP.FTS.B,
20%,
1/13/25
......
4,008
3,801
L2426497.UP.FTS.B,
20.53%,
1/13/25
....
4,325
4,307
L2425046.UP.FTS.B,
20.89%,
1/13/25
....
2,626
2,602
L2424244.UP.FTS.B,
21.43%,
1/13/25
....
4,590
4,547
L2423182.UP.FTS.B,
21.65%,
1/13/25
....
1,421
408
L2416312.UP.FTS.B,
22.24%,
1/13/25
....
1,842
273
FW2423092.UP.FTS.B,
22.82%,
1/13/25
..
6,229
6,203
L2425291.UP.FTS.B,
23.25%,
1/13/25
....
3,984
3,948
FW2426646.UP.FTS.B,
25.03%,
1/13/25
..
2,010
1,992
FW2422846.UP.FTS.B,
26.62%,
1/13/25
..
4,399
4,356
FW2423280.UP.FTS.B,
26.88%,
1/13/25
..
4,440
4,389
FW2426742.UP.FTS.B,
27.82%,
1/13/25
..
719
680
FW2423178.UP.FTS.B,
28.33%,
1/13/25
..
1,101
1,089
L2434116.UP.FTS.B,
4.81%,
1/14/25
.....
3,904
3,864
L2418575.UP.FTS.B,
5.02%,
1/14/25
....
24,030
23,785
FW2435057.UP.FTS.B,
5.13%,
1/14/25
...
1,984
1,964
L2430348.UP.FTS.B,
5.31%,
1/14/25
....
3,856
3,816
L2434822.UP.FTS.B,
5.8%,
1/14/25
.....
3,202
3,169
L2435457.UP.FTS.B,
5.9%,
1/14/25
.....
1,511
1,496
L2421481.UP.FTS.B,
5.96%,
1/14/25
....
1,512
1,496
FW2429485.UP.FTS.B,
6.09%,
1/14/25
...
7,804
7,717
L2428662.UP.FTS.B,
6.19%,
1/14/25
....
1,211
1,199
L2428904.UP.FTS.B,
6.39%,
1/14/25
....
3,031
3,000
L2434626.UP.FTS.B,
6.42%,
1/14/25
....
10,399
10,292
FW2432338.UP.FTS.B,
6.53%,
1/14/25
...
7,273
7,200
L2430005.UP.FTS.B,
6.62%,
1/14/25
....
1,214
1,202
L2433602.UP.FTS.B,
6.82%,
1/14/25
....
3,167
2,981
L2431355.UP.FTS.B,
6.97%,
1/14/25
....
1,271
1,196
FW2433653.UP.FTS.B,
7.07%,
1/14/25
...
5,173
5,121
L2432222.UP.FTS.B,
7.3%,
1/14/25
.....
3,047
3,022
L2432554.UP.FTS.B,
7.39%,
1/14/25
....
9,756
9,676
L2429588.UP.FTS.B,
8.57%,
1/14/25
....
13,508
13,398
FW2428881.UP.FTS.B,
8.87%,
1/14/25
...
6,150
6,100
FW2433698.UP.FTS.B,
9.22%,
1/14/25
...
615
610
FW2430664.UP.FTS.B,
9.41%,
1/14/25
...
3,084
3,059
L2429304.UP.FTS.B,
9.92%,
1/14/25
....
6,806
6,751
FW2430961.UP.FTS.B,
10.21%,
1/14/25
..
1,920
1,905
L2435242.UP.FTS.B,
10.25%,
1/14/25
....
1,939
1,830
L2432996.UP.FTS.B,
11.65%,
1/14/25
....
4,998
4,961
L2432213.UP.FTS.B,
12.69%,
1/14/25
....
1,948
1,933
FW2428995.UP.FTS.B,
13.01%,
1/14/25
..
2,518
2,499
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
131
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2434209.UP.FTS.B,
14.25%,
1/14/25
..
$
6,662
$
6,308
L2429660.UP.FTS.B,
15.34%,
1/14/25
....
637
635
L2431105.UP.FTS.B,
16.43%,
1/14/25
....
1,283
1,277
L2433771.UP.FTS.B,
16.58%,
1/14/25
....
6,372
6,345
L2432759.UP.FTS.B,
18.08%,
1/14/25
....
905
902
L2435184.UP.FTS.B,
18.26%,
1/14/25
....
6,474
6,448
FW2435471.UP.FTS.B,
19.27%,
1/14/25
..
1,302
1,296
L2431902.UP.FTS.B,
19.35%,
1/14/25
....
1,628
1,621
L2406011.UP.FTS.B,
20.17%,
1/14/25
....
3,596
3,582
L2429273.UP.FTS.B,
22.43%,
1/14/25
....
662
656
L2435303.UP.FTS.B,
22.6%,
1/14/25
....
5,296
5,249
L2435145.UP.FTS.B,
23.16%,
1/14/25
....
3,319
3,290
L2430162.UP.FTS.B,
23.44%,
1/14/25
....
3,161
3,144
FW2435279.UP.FTS.B,
23.88%,
1/14/25
..
2,267
648
FW2431859.UP.FTS.B,
24.16%,
1/14/25
..
3,592
1,030
FW2430909.UP.FTS.B,
27.26%,
1/14/25
..
1,847
273
L2435114.UP.FTS.B,
28.47%,
1/14/25
....
9,798
2,835
FW2423306.UP.FTS.B,
29.18%,
1/15/25
..
4,570
4,529
L2437836.UP.FTS.B,
5.32%,
1/18/25
....
6,310
5,937
L2439151.UP.FTS.B,
5.81%,
1/18/25
....
2,285
2,260
L2437139.UP.FTS.B,
5.87%,
1/18/25
....
632
595
L2436421.UP.FTS.B,
5.98%,
1/18/25
....
4,214
4,171
FW2437692.UP.FTS.B,
6.91%,
1/18/25
...
3,649
3,612
L2437624.UP.FTS.B,
7.39%,
1/18/25
....
2,134
2,113
L2439324.UP.FTS.B,
8.14%,
1/18/25
....
3,062
3,037
L2436879.UP.FTS.B,
8.26%,
1/18/25
....
1,440
100
L2436647.UP.FTS.B,
8.52%,
1/18/25
....
1,896
1,881
FW2439168.UP.FTS.B,
8.76%,
1/18/25
...
3,069
3,044
L2439081.UP.FTS.B,
9.27%,
1/18/25
....
6,168
6,109
L2436781.UP.FTS.B,
9.67%,
1/18/25
....
6,178
6,128
L2438341.UP.FTS.B,
10.14%,
1/18/25
....
929
922
L2437491.UP.FTS.B,
10.26%,
1/18/25
....
1,167
1,156
L2436150.UP.FTS.B,
10.72%,
1/18/25
....
2,796
2,776
FW2437841.UP.FTS.B,
10.83%,
1/18/25
..
783
773
L2437166.UP.FTS.B,
11.13%,
1/18/25
....
1,868
1,853
L2406128.UP.FTS.B,
11.74%,
1/18/25
....
1,250
1,241
L2436162.UP.FTS.B,
11.76%,
1/18/25
....
6,248
6,202
FW2436511.UP.FTS.B,
13.11%,
1/18/25
..
2,519
2,501
FW2438258.UP.FTS.B,
13.5%,
1/18/25
...
1,885
1,871
L2436007.UP.FTS.B,
16.06%,
1/18/25
....
947
943
L2435690.UP.FTS.B,
16.27%,
1/18/25
....
23,334
22,059
FW2439200.UP.FTS.B,
18.01%,
1/18/25
..
1,293
1,288
L2438734.UP.FTS.B,
18.88%,
1/18/25
....
3,238
3,226
FW2436576.UP.FTS.B,
19.32%,
1/18/25
..
2,604
2,594
L2438042.UP.FTS.B,
20.46%,
1/18/25
....
987
980
L2435933.UP.FTS.B,
21.5%,
1/18/25
....
1,618
1,604
L2437623.UP.FTS.B,
21.63%,
1/18/25
....
1,944
1,927
L2436538.UP.FTS.B,
21.66%,
1/18/25
....
4,479
4,233
FW2435735.UP.FTS.B,
22.33%,
1/18/25
..
6,522
6,464
FW2436494.UP.FTS.B,
22.91%,
1/18/25
..
1,179
85
L2435694.UP.FTS.B,
23.43%,
1/18/25
....
927
919
L2438018.UP.FTS.B,
23.78%,
1/18/25
....
3,748
567
L2436892.UP.FTS.B,
24.08%,
1/18/25
....
2,906
2,752
FW2439251.UP.FTS.B,
24.63%,
1/18/25
..
3,191
3,022
FW2437239.UP.FTS.B,
25.2%,
1/18/25
...
2,385
360
L2608076.UP.FTS.B,
6.4%,
2/10/25
.....
2,475
2,449
L2603419.UP.FTS.B,
6.97%,
2/10/25
....
4,647
2,559
L2608607.UP.FTS.B,
7.29%,
2/10/25
....
6,364
6,297
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2605161.UP.FTS.B,
8.41%,
2/10/25
....
$
1,281
$
1,269
L2602588.UP.FTS.B,
8.74%,
2/10/25
....
6,402
6,343
L2604174.UP.FTS.B,
9.25%,
2/10/25
....
3,945
3,906
L2606577.UP.FTS.B,
9.95%,
2/10/25
....
3,873
3,837
FW2602705.UP.FTS.B,
10.63%,
2/10/25
..
1,909
1,891
FW2604002.UP.FTS.B,
11.31%,
2/10/25
..
21,909
21,698
FW2607521.UP.FTS.B,
11.42%,
2/10/25
..
1,226
1,214
L2607713.UP.FTS.B,
11.85%,
2/10/25
....
3,246
3,216
FW2604412.UP.FTS.B,
12.03%,
2/10/25
..
1,305
1,293
L2603571.UP.FTS.B,
13.11%,
2/10/25
....
892
883
L2604194.UP.FTS.B,
14.5%,
2/10/25
....
2,313
2,292
L2605323.UP.FTS.B,
14.99%,
2/10/25
....
662
658
L2605799.UP.FTS.B,
15.28%,
2/10/25
....
3,316
3,293
L2605631.UP.FTS.B,
15.37%,
2/10/25
....
7,584
4,310
L2603338.UP.FTS.B,
15.54%,
2/10/25
....
10,057
9,966
L2607606.UP.FTS.B,
16.31%,
2/10/25
....
4,078
4,034
L2602759.UP.FTS.B,
17.08%,
2/10/25
....
8,695
8,634
FW2605911.UP.FTS.B,
17.81%,
2/10/25
..
3,382
3,349
L2607677.UP.FTS.B,
18.39%,
2/10/25
....
13,554
13,423
FW2606706.UP.FTS.B,
19.04%,
2/10/25
..
1,013
1,006
FW2607831.UP.FTS.B,
19.55%,
2/10/25
..
677
672
L2605312.UP.FTS.B,
20.16%,
2/10/25
....
3,396
3,372
L2606380.UP.FTS.B,
21.09%,
2/10/25
....
3,412
3,371
L2605050.UP.FTS.B,
21.65%,
2/10/25
....
1,238
1,219
L2604748.UP.FTS.B,
22.74%,
2/10/25
....
3,047
434
L2600924.UP.FTS.B,
23.41%,
2/10/25
....
13,455
236
FW2607727.UP.FTS.B,
24.64%,
2/10/25
..
1,002
72
FW2602040.UP.FTS.B,
24.72%,
2/10/25
..
3,192
3,153
FW2604398.UP.FTS.B,
25.04%,
2/10/25
..
695
686
FW2602438.UP.FTS.B,
25.48%,
2/10/25
..
3,916
576
FW2607797.UP.FTS.B,
28.06%,
2/10/25
..
2,464
2,434
FW2608083.UP.FTS.B,
29.04%,
2/10/25
..
2,596
2,560
L2559948.UP.FTS.B,
6.36%,
2/11/25
.....
31,750
31,397
L2614008.UP.FTS.B,
6.72%,
2/11/25
.....
6,345
6,278
L2612506.UP.FTS.B,
6.79%,
2/11/25
.....
5,074
5,021
FW2610553.UP.FTS.B,
7.05%,
2/11/25
...
3,814
3,774
L2611637.UP.FTS.B,
7.21%,
2/11/25
.....
4,127
4,083
L2613730.UP.FTS.B,
7.75%,
2/11/25
.....
17,818
17,654
L2610192.UP.FTS.B,
7.76%,
2/11/25
.....
5,672
5,603
FW2615331.UP.FTS.B,
10.38%,
2/11/25
..
970
962
L2611481.UP.FTS.B,
10.47%,
2/11/25
....
7,603
7,525
FW2609609.UP.FTS.B,
11.5%,
2/11/25
...
1,952
1,935
L2613972.UP.FTS.B,
11.67%,
2/11/25
....
3,908
3,873
FW2613275.UP.FTS.B,
11.71%,
2/11/25
..
1,822
1,801
L2612036.UP.FTS.B,
13.32%,
2/11/25
....
3,547
3,516
FW2613797.UP.FTS.B,
13.33%,
2/11/25
..
1,980
1,960
L2607238.UP.FTS.B,
13.47%,
2/11/25
....
1,972
1,959
FW2611811.UP.FTS.B,
13.7%,
2/11/25
...
1,316
1,304
L2614740.UP.FTS.B,
14.28%,
2/11/25
....
7,194
7,145
L2610928.UP.FTS.B,
15.17%,
2/11/25
....
2,658
2,632
L2613761.UP.FTS.B,
15.3%,
2/11/25
.....
998
988
FW2615429.UP.FTS.B,
17.03%,
2/11/25
..
2,342
2,326
L2615117.UP.FTS.B,
17.61%,
2/11/25
....
508
501
FW2610423.UP.FTS.B,
17.65%,
2/11/25
..
2,684
2,666
L2615349.UP.FTS.B,
17.97%,
2/11/25
....
1,146
1,135
L2614223.UP.FTS.B,
18.74%,
2/11/25
....
3,036
3,015
L2612860.UP.FTS.B,
19.65%,
2/11/25
....
4,760
4,715
FW2614854.UP.FTS.B,
20.12%,
2/11/25
..
1,008
1,001
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
132
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2611111.UP.FTS.B,
20.83%,
2/11/25
....
$
1,773
$
1,749
L2614362.UP.FTS.B,
21%,
2/11/25
......
1,952
49
L2610485.UP.FTS.B,
21.72%,
2/11/25
....
6,870
6,771
L2615784.UP.FTS.B,
22.11%,
2/11/25
....
3,072
30
FW2613906.UP.FTS.B,
22.85%,
2/11/25
..
688
680
L2613386.UP.FTS.B,
22.9%,
2/11/25
.....
6,191
6,149
L2615495.UP.FTS.B,
24.65%,
2/11/25
....
5,841
5,770
FW2615176.UP.FTS.B,
25.3%,
2/11/25
...
1,391
1,375
FW2611527.UP.FTS.B,
26.67%,
2/11/25
..
13,992
13,828
FW2611646.UP.FTS.B,
26.71%,
2/11/25
..
2,405
2,367
FW2610708.UP.FTS.B,
31.36%,
2/11/25
..
2,286
2,259
L2616863.UP.FTS.B,
8.18%,
2/14/25
....
1,404
1,388
L2617531.UP.FTS.B,
9.41%,
2/14/25
....
8,372
8,297
L2616546.UP.FTS.B,
9.84%,
2/14/25
....
7,741
7,671
L2618393.UP.FTS.B,
12.87%,
2/14/25
....
3,276
3,248
FW2616160.UP.FTS.B,
13.5%,
2/14/25
...
1,236
1,224
L2616391.UP.FTS.B,
13.87%,
2/14/25
....
1,646
1,632
L2617225.UP.FTS.B,
15.71%,
2/14/25
....
7,304
6,910
L2618286.UP.FTS.B,
16.38%,
2/14/25
....
2,001
1,988
L2617246.UP.FTS.B,
16.8%,
2/14/25
....
6,348
6,291
FW2616262.UP.FTS.B,
17.76%,
2/14/25
..
1,745
1,726
L2584870.UP.FTS.B,
18.22%,
2/14/25
....
1,342
1,333
L2616222.UP.FTS.B,
19.49%,
2/14/25
....
1,153
1,145
L2617430.UP.FTS.B,
20.47%,
2/14/25
....
10,883
10,760
L2615004.UP.FTS.B,
20.75%,
2/14/25
....
1,362
1,353
L2615804.UP.FTS.B,
23.22%,
2/14/25
....
10,333
10,265
FW2615790.UP.FTS.B,
25.6%,
2/14/25
...
1,741
1,721
FW2617005.UP.FTS.B,
25.65%,
2/14/25
..
1,393
1,377
FW2616085.UP.FTS.B,
27.69%,
2/14/25
..
2,320
2,294
FW2617024.UP.FTS.B,
28.53%,
2/14/25
..
3,527
3,486
L1716455.UP.FTS.B,
14.23%,
2/15/25
....
548
543
L1715893.UP.FTS.B,
19.55%,
2/15/25
....
1,889
1,877
L1888732.UP.FTS.B,
18.47%,
3/20/25
....
2,980
2,961
FW1884445.UP.FTS.B,
29.15%,
3/20/25
..
806
797
L2949337.UP.FTS.B,
6.16%,
4/14/25
....
3,697
3,656
L2950073.UP.FTS.B,
6.9%,
4/14/25
.....
7,220
7,145
L2949006.UP.FTS.B,
7.34%,
4/14/25
....
5,112
5,060
FW2950302.UP.FTS.B,
8.61%,
4/14/25
...
2,993
2,960
L2950690.UP.FTS.B,
9.45%,
4/14/25
....
3,767
3,728
L2949710.UP.FTS.B,
9.46%,
4/14/25
....
6,113
5,754
L2950058.UP.FTS.B,
9.46%,
4/14/25
....
1,527
1,513
FW2950661.UP.FTS.B,
9.55%,
4/14/25
...
2,439
2,416
L2950499.UP.FTS.B,
10.1%,
4/14/25
....
3,138
3,105
L2948915.UP.FTS.B,
10.51%,
4/14/25
....
17,509
17,346
L2949804.UP.FTS.B,
11.24%,
4/14/25
....
1,547
1,531
L2951809.UP.FTS.B,
11.3%,
4/14/25
.....
21,628
21,428
L2950816.UP.FTS.B,
11.31%,
4/14/25
....
1,196
1,185
L2949385.UP.FTS.B,
11.88%,
4/14/25
....
7,547
7,469
L2951900.UP.FTS.B,
12.02%,
4/14/25
....
4,938
4,893
L2950678.UP.FTS.B,
12.4%,
4/14/25
....
1,546
1,532
FW2950475.UP.FTS.B,
12.78%,
4/14/25
..
779
772
FW2951887.UP.FTS.B,
13.49%,
4/14/25
..
1,066
1,055
L2951520.UP.FTS.B,
13.5%,
4/14/25
....
2,841
2,816
L2950266.UP.FTS.B,
13.94%,
4/14/25
....
1,566
1,550
L2951348.UP.FTS.B,
13.94%,
4/14/25
....
1,412
1,399
FW2950043.UP.FTS.B,
14.04%,
4/14/25
..
2,428
641
L2949379.UP.FTS.B,
14.06%,
4/14/25
....
1,068
1,057
FW2951735.UP.FTS.B,
15.61%,
4/14/25
..
3,948
3,905
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2950382.UP.FTS.B,
15.7%,
4/14/25
....
$
715
$
709
L2950290.UP.FTS.B,
15.94%,
4/14/25
....
3,590
3,550
L2951331.UP.FTS.B,
16.4%,
4/14/25
....
733
725
L2951781.UP.FTS.B,
16.49%,
4/14/25
....
3,238
3,203
L2950169.UP.FTS.B,
16.64%,
4/14/25
....
14,402
14,244
L2949827.UP.FTS.B,
18.88%,
4/14/25
....
851
839
L2950254.UP.FTS.B,
18.93%,
4/14/25
....
1,091
1,079
L2942398.UP.FTS.B,
18.94%,
4/14/25
....
2,898
2,874
FW2949345.UP.FTS.B,
19.25%,
4/14/25
..
2,986
2,955
FW2951691.UP.FTS.B,
20.36%,
4/14/25
..
4,023
3,979
L2950233.UP.FTS.B,
20.55%,
4/14/25
....
1,318
1,303
FW2943510.UP.FTS.B,
20.7%,
4/14/25
...
7,583
7,153
L2949677.UP.FTS.B,
21.51%,
4/14/25
....
9,405
9,262
L2950045.UP.FTS.B,
22.15%,
4/14/25
....
671
663
FW2951504.UP.FTS.B,
22.69%,
4/14/25
..
1,348
389
FW2951494.UP.FTS.B,
23.09%,
4/14/25
..
2,239
2,206
L2950329.UP.FTS.B,
23.25%,
4/14/25
....
1,850
1,830
L2949880.UP.FTS.B,
23.36%,
4/14/25
....
4,754
268
L2951079.UP.FTS.B,
23.91%,
4/14/25
....
2,819
2,777
FW2949287.UP.FTS.B,
25.31%,
4/14/25
..
4,028
3,968
FW2950219.UP.FTS.B,
25.83%,
4/14/25
..
1,851
1,827
FW2951574.UP.FTS.B,
27.02%,
4/14/25
..
2,644
187
FW2951404.UP.FTS.B,
29.21%,
4/14/25
..
1,005
990
FW2949932.UP.FTS.B,
30.42%,
4/14/25
..
3,807
3,751
L2047934.UP.FTS.B,
23.08%,
4/15/25
....
2,548
2,526
FW2048331.UP.FTS.B,
23.57%,
4/15/25
..
2,031
2,001
FW2096042.UP.FTS.B,
25.59%,
4/22/25
..
2,559
2,521
FW2095533.UP.FTS.B,
26.09%,
4/22/25
..
3,322
3,272
L2294977.UP.FTS.B,
13.32%,
5/21/25
....
3,669
3,626
FW2294687.UP.FTS.B,
28.91%,
5/21/25
..
710
674
L2270088.UP.FTS.B,
15.26%,
5/22/25
....
3,458
3,447
L2298532.UP.FTS.B,
17.26%,
5/22/25
....
1,447
1,432
FW2298127.UP.FTS.B,
18.19%,
5/22/25
..
1,368
1,352
L2299568.UP.FTS.B,
21.13%,
5/22/25
....
8,164
8,081
L2427013.UP.FTS.B,
6.64%,
6/13/25
....
3,470
253
L2394315.UP.FTS.B,
7.03%,
6/13/25
....
3,324
3,283
FW2428510.UP.FTS.B,
11.44%,
6/13/25
..
7,970
2,087
L2427527.UP.FTS.B,
22.56%,
6/13/25
....
1,150
1,130
FW2428770.UP.FTS.B,
24.12%,
6/13/25
..
3,830
3,778
FW2423658.UP.FTS.B,
27.05%,
6/13/25
..
1,644
1,626
L2435059.UP.FTS.B,
7.82%,
6/14/25
....
1,854
1,749
FW2428851.UP.FTS.B,
10.68%,
6/14/25
..
2,572
184
L2432621.UP.FTS.B,
21.66%,
6/14/25
....
3,104
2,915
L2435061.UP.FTS.B,
23.28%,
6/14/25
....
1,212
1,196
L2436629.UP.FTS.B,
13.84%,
6/18/25
....
840
830
FW2436263.UP.FTS.B,
29.06%,
6/18/25
..
4,429
(195)
FW2603194.UP.FTS.B,
9.76%,
7/10/25
...
3,495
3,447
L2607508.UP.FTS.B,
19.36%,
7/10/25
....
8,497
8,390
FW2607955.UP.FTS.B,
23.75%,
7/10/25
..
3,017
2,957
FW2604902.UP.FTS.B,
24.34%,
7/10/25
..
986
590
FW2618494.UP.FTS.B,
29.21%,
7/14/25
..
10,382
10,175
L1716662.UP.FTS.B,
18.68%,
7/15/25
....
292
289
FW1885149.UP.FTS.B,
25.87%,
8/20/25
..
1,556
1,536
L2950494.UP.FTS.B,
7.36%,
9/14/25
....
1,566
1,549
L2950178.UP.FTS.B,
20.99%,
9/14/25
....
5,525
5,452
L2048994.UP.FTS.B,
24.16%,
9/15/25
....
1,603
1,579
FW2047561.UP.FTS.B,
27.77%,
9/15/25
..
5,121
5,035
FW2428997.UP.FTS.B,
8.05%,
11/14/25
..
2,292
2,269
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
133
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2431318.UP.FTS.B,
21.26%,
11/14/25
.
$
8,560
$
619
L2436181.UP.FTS.B,
20.04%,
11/18/25
...
3,680
3,633
L2949028.UP.FTS.B,
21.29%,
2/14/26
....
3,041
2,994
L1714660.UP.FTS.B,
8.12%,
9/15/26
....
25,131
24,933
L1717453.UP.FTS.B,
9.3%,
9/15/26
.....
36,581
36,299
FW1716114.UP.FTS.B,
10.5%,
9/15/26
...
733
728
L1712309.UP.FTS.B,
10.63%,
9/15/26
....
2,953
2,929
L1714525.UP.FTS.B,
12.1%,
9/15/26
....
37,996
35,747
L1715513.UP.FTS.B,
13.27%,
9/15/26
....
23,236
21,856
L1716286.UP.FTS.B,
13.58%,
9/15/26
....
11,287
11,196
L1715370.UP.FTS.B,
14.13%,
9/15/26
....
7,704
7,243
L1694887.UP.FTS.B,
15.52%,
9/15/26
....
4,570
4,533
L1715015.UP.FTS.B,
15.83%,
9/15/26
....
3,816
3,785
L1718329.UP.FTS.B,
15.98%,
9/15/26
....
3,055
3,029
L1714475.UP.FTS.B,
16.18%,
9/15/26
....
5,353
5,311
FW1701600.UP.FTS.B,
18.45%,
9/15/26
..
4,650
4,605
L1714417.UP.FTS.B,
19.34%,
9/15/26
....
2,574
381
L1715411.UP.FTS.B,
19.4%,
9/15/26
.....
857
849
L1716175.UP.FTS.B,
19.72%,
9/15/26
....
7,807
7,731
L1714787.UP.FTS.B,
19.9%,
9/15/26
....
1,420
1,414
L1716305.UP.FTS.B,
19.95%,
9/15/26
....
3,864
3,824
L1715815.UP.FTS.B,
21.76%,
9/15/26
....
31,267
31,254
L1692458.UP.FTS.B,
22.21%,
9/15/26
....
3,720
3,710
L1713636.UP.FTS.B,
22.84%,
9/15/26
....
3,482
3,475
L1716174.UP.FTS.B,
24.2%,
9/15/26
....
14,884
14,859
L1717152.UP.FTS.B,
24.37%,
9/15/26
....
5,124
5,125
L1716875.UP.FTS.B,
24.44%,
9/15/26
....
2,420
2,416
L1717659.UP.FTS.B,
24.51%,
9/15/26
....
2,407
2,379
L1716148.UP.FTS.B,
25%,
9/15/26
......
964
956
L1716674.UP.FTS.B,
25.03%,
9/15/26
....
803
803
L1715732.UP.FTS.B,
25.07%,
9/15/26
....
11,925
175
L1714798.UP.FTS.B,
25.5%,
9/15/26
....
4,108
4,108
L1717974.UP.FTS.B,
25.5%,
9/15/26
....
2,255
2,255
L1712708.UP.FTS.B,
25.51%,
9/15/26
....
4,329
310
L1715574.UP.FTS.B,
25.72%,
9/15/26
....
5,482
5,482
L1713640.UP.FTS.B,
26.25%,
9/15/26
....
3,447
3,287
FW1717121.UP.FTS.B,
26.43%,
9/15/26
..
2,024
2,024
L1715518.UP.FTS.B,
26.49%,
9/15/26
....
6,636
6,636
L1705442.UP.FTS.B,
26.69%,
9/15/26
....
5,674
5,675
FW1718296.UP.FTS.B,
26.73%,
9/15/26
..
6,045
6,038
FW1718853.UP.FTS.B,
27.42%,
9/15/26
..
5,732
5,467
FW1714570.UP.FTS.B,
27.72%,
9/15/26
..
6,464
6,462
FW1717010.UP.FTS.B,
28.17%,
9/15/26
..
12,083
12,073
FW1714502.UP.FTS.B,
28.45%,
9/15/26
..
6,782
6,782
FW1715883.UP.FTS.B,
28.82%,
9/15/26
..
8,536
1,271
FW1718307.UP.FTS.B,
30.23%,
9/15/26
..
5,278
5,278
FW1718304.UP.FTS.B,
30.56%,
9/15/26
..
2,310
2,310
FW1717776.UP.FTS.B,
30.58%,
9/15/26
..
2,080
2,077
FW1713484.UP.FTS.B,
30.9%,
9/15/26
...
5,710
5,671
FW1687695.UP.FTS.B,
31.01%,
9/15/26
..
1,034
1,018
FW1680820.UP.FTS.B,
31.24%,
9/15/26
..
9,105
9,105
FW1708223.UP.FTS.B,
31.43%,
9/15/26
..
3,148
3,148
FW1712750.UP.FTS.B,
31.43%,
9/15/26
..
14,911
14,911
FW1715615.UP.FTS.B,
31.45%,
9/15/26
..
4,356
4,351
FW1718952.UP.FTS.B,
31.98%,
9/15/26
..
6,477
6,477
FW1718497.UP.FTS.B,
32.01%,
9/15/26
..
1,910
1,910
FW1717605.UP.FTS.B,
32.67%,
9/15/26
..
1,916
1,916
FW1886121.UP.FTS.B,
7.36%,
10/20/26
..
2,950
2,929
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1888552.UP.FTS.B,
7.94%,
10/20/26
....
$
22,209
$
22,044
L1888883.UP.FTS.B,
8.11%,
10/20/26
....
9,578
9,506
L1882812.UP.FTS.B,
8.28%,
10/20/26
....
22,259
22,084
L1886838.UP.FTS.B,
9.58%,
10/20/26
....
6,734
6,685
L1885593.UP.FTS.B,
10.23%,
10/20/26
...
33,511
33,251
L1888179.UP.FTS.B,
11.03%,
10/20/26
...
873
864
L1886082.UP.FTS.B,
11.37%,
10/20/26
...
32,539
32,288
FW1885766.UP.FTS.B,
12.47%,
10/20/26
.
24,330
24,143
L1885346.UP.FTS.B,
12.58%,
10/20/26
...
2,287
2,270
L1886564.UP.FTS.B,
13.29%,
10/20/26
...
2,680
2,660
L1885846.UP.FTS.B,
13.96%,
10/20/26
...
19,220
19,074
L1888251.UP.FTS.B,
14.9%,
10/20/26
....
2,344
2,210
L1884125.UP.FTS.B,
14.92%,
10/20/26
...
8,106
7,646
L1883791.UP.FTS.B,
16%,
10/20/26
.....
8,686
8,192
L1887062.UP.FTS.B,
16.6%,
10/20/26
....
3,888
3,852
L1889326.UP.FTS.B,
16.75%,
10/20/26
...
3,908
3,871
FW1887343.UP.FTS.B,
17.02%,
10/20/26
.
2,175
2,153
L1882034.UP.FTS.B,
17.06%,
10/20/26
...
3,914
3,878
FW1886267.UP.FTS.B,
17.53%,
10/20/26
.
8,163
8,088
L1884411.UP.FTS.B,
17.65%,
10/20/26
...
5,026
4,980
L1886663.UP.FTS.B,
17.66%,
10/20/26
...
627
619
L1888992.UP.FTS.B,
17.92%,
10/20/26
...
3,933
3,896
L1884412.UP.FTS.B,
17.98%,
10/20/26
...
5,508
5,457
FW1885521.UP.FTS.B,
18.95%,
10/20/26
.
2,215
2,197
L1883366.UP.FTS.B,
19.16%,
10/20/26
...
3,492
3,464
FW1885177.UP.FTS.B,
19.83%,
10/20/26
.
4,768
4,772
L1888979.UP.FTS.B,
20.2%,
10/20/26
....
14,337
14,348
L1886466.UP.FTS.B,
20.85%,
10/20/26
...
11,143
11,149
L1885611.UP.FTS.B,
20.87%,
10/20/26
...
7,801
7,723
L1889370.UP.FTS.B,
21.62%,
10/20/26
...
8,023
7,949
L1886870.UP.FTS.B,
21.7%,
10/20/26
....
13,644
13,655
L1888822.UP.FTS.B,
21.71%,
10/20/26
...
2,809
2,812
L1887570.UP.FTS.B,
22.24%,
10/20/26
...
2,576
2,578
FW1885835.UP.FTS.B,
22.35%,
10/20/26
.
2,577
2,579
FW1884796.UP.FTS.B,
22.4%,
10/20/26
..
5,639
5,643
L1886214.UP.FTS.B,
22.83%,
10/20/26
...
1,610
1,611
FW1884970.UP.FTS.B,
22.98%,
10/20/26
.
4,040
4,044
L1887186.UP.FTS.B,
23.15%,
10/20/26
...
1,617
1,618
FW1888999.UP.FTS.B,
23.52%,
10/20/26
.
4,052
4,047
L1886386.UP.FTS.B,
23.7%,
10/20/26
....
4,379
4,382
L1887521.UP.FTS.B,
24.21%,
10/20/26
...
2,400
2,374
L1882558.UP.FTS.B,
25.08%,
10/20/26
...
1,307
1,306
FW1887450.UP.FTS.B,
25.16%,
10/20/26
.
12,250
12,260
FW1885417.UP.FTS.B,
25.25%,
10/20/26
.
4,085
4,089
L1888117.UP.FTS.B,
25.32%,
10/20/26
...
3,351
3,354
L1865153.UP.FTS.B,
25.42%,
10/20/26
...
5,969
5,973
L1885219.UP.FTS.B,
25.47%,
10/20/26
...
818
818
L1888296.UP.FTS.B,
25.48%,
10/20/26
...
7,034
7,040
L1888453.UP.FTS.B,
25.56%,
10/20/26
...
13,092
13,103
FW1886975.UP.FTS.B,
25.84%,
10/20/26
.
1,774
1,690
FW1882972.UP.FTS.B,
25.9%,
10/20/26
..
1,476
1,477
L1885428.UP.FTS.B,
25.94%,
10/20/26
...
11,721
11,731
L1862311.UP.FTS.B,
26.09%,
10/20/26
...
6,560
6,565
L1885011.UP.FTS.B,
26.84%,
10/20/26
...
6,775
1,995
FW1889085.UP.FTS.B,
27.59%,
10/20/26
.
872
8
FW1886962.UP.FTS.B,
27.78%,
10/20/26
.
8,267
8,274
FW1886539.UP.FTS.B,
27.96%,
10/20/26
.
5,793
5,798
FW1885667.UP.FTS.B,
29.34%,
10/20/26
.
22,727
22,675
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
134
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1885184.UP.FTS.B,
29.51%,
10/20/26
.
$
11,166
$
11,175
FW1886872.UP.FTS.B,
30.11%,
10/20/26
.
1,565
239
FW1884150.UP.FTS.B,
30.85%,
10/20/26
.
1,136
1,129
FW1886189.UP.FTS.B,
30.94%,
10/20/26
.
2,938
2,935
FW1886998.UP.FTS.B,
30.95%,
10/20/26
.
1,586
(3)
FW1885617.UP.FTS.B,
31.09%,
10/20/26
.
42,030
40,105
FW1889257.UP.FTS.B,
31.11%,
10/20/26
.
2,352
2,349
FW1888148.UP.FTS.B,
31.17%,
10/20/26
.
2,794
2,790
FW1888248.UP.FTS.B,
31.19%,
10/20/26
.
11,221
11,200
FW1888517.UP.FTS.B,
31.21%,
10/20/26
.
1,679
1,680
FW1886514.UP.FTS.B,
31.22%,
10/20/26
.
5,787
401
FW1886674.UP.FTS.B,
31.35%,
10/20/26
.
3,936
3,933
FW1888130.UP.FTS.B,
31.35%,
10/20/26
.
1,092
1,093
FW1887695.UP.FTS.B,
31.4%,
10/20/26
..
6,470
6,475
FW1886614.UP.FTS.B,
31.93%,
10/20/26
.
4,884
4,888
L2049051.UP.FTS.B,
7.06%,
11/15/26
....
22,536
22,349
L2047884.UP.FTS.B,
7.92%,
11/15/26
....
11,620
11,520
L2049043.UP.FTS.B,
8.02%,
11/15/26
....
12,847
12,741
L2048411.UP.FTS.B,
8.56%,
11/15/26
....
3,020
2,995
L2048206.UP.FTS.B,
8.69%,
11/15/26
....
900
59
L2047237.UP.FTS.B,
9.32%,
11/15/26
....
5,332
5,288
FW2046704.UP.FTS.B,
9.53%,
11/15/26
..
11,442
11,347
L2048415.UP.FTS.B,
9.54%,
11/15/26
....
12,205
12,105
L2048218.UP.FTS.B,
10.37%,
11/15/26
...
23,294
23,102
L2039266.UP.FTS.B,
10.56%,
11/15/26
...
3,471
3,435
L2047893.UP.FTS.B,
10.71%,
11/15/26
...
3,839
3,804
L2041972.UP.FTS.B,
10.92%,
11/15/26
...
38,455
38,100
L2049374.UP.FTS.B,
10.93%,
11/15/26
...
866
62
L2047021.UP.FTS.B,
10.99%,
11/15/26
...
28,624
28,359
L2047044.UP.FTS.B,
11.1%,
11/15/26
....
11,548
11,442
L2048072.UP.FTS.B,
11.58%,
11/15/26
...
9,283
9,191
L2047288.UP.FTS.B,
11.81%,
11/15/26
...
1,005
997
L2048116.UP.FTS.B,
12.09%,
11/15/26
...
929
921
FW2047068.UP.FTS.B,
12.14%,
11/15/26
.
888
878
L2048395.UP.FTS.B,
12.59%,
11/15/26
...
2,358
2,334
L2048098.UP.FTS.B,
12.76%,
11/15/26
...
4,664
4,621
L2048156.UP.FTS.B,
13.55%,
11/15/26
...
5,197
4,882
L2046597.UP.FTS.B,
14.02%,
11/15/26
...
15,658
15,513
L2047243.UP.FTS.B,
14.23%,
11/15/26
...
14,110
13,979
FW2047393.UP.FTS.B,
14.85%,
11/15/26
.
7,865
7,780
L2048500.UP.FTS.B,
14.96%,
11/15/26
...
19,724
19,529
FW2049034.UP.FTS.B,
15.15%,
11/15/26
.
5,091
5,035
L2049134.UP.FTS.B,
15.26%,
11/15/26
...
19,585
19,401
L2049297.UP.FTS.B,
15.42%,
11/15/26
...
1,578
1,563
L2048596.UP.FTS.B,
15.55%,
11/15/26
...
4,737
4,694
L2048855.UP.FTS.B,
15.99%,
11/15/26
...
7,613
7,523
FW2048646.UP.FTS.B,
16.12%,
11/15/26
.
5,544
5,484
FW2047282.UP.FTS.B,
16.13%,
11/15/26
.
3,683
3,645
L2048113.UP.FTS.B,
16.14%,
11/15/26
...
3,485
3,447
FW2048861.UP.FTS.B,
16.4%,
11/15/26
..
37,055
36,676
L2045526.UP.FTS.B,
16.56%,
11/15/26
...
15,876
15,680
FW2046700.UP.FTS.B,
16.57%,
11/15/26
.
6,509
6,115
L2048386.UP.FTS.B,
16.67%,
11/15/26
...
8,152
7,663
L2048811.UP.FTS.B,
16.74%,
11/15/26
...
790
783
L2046948.UP.FTS.B,
17.39%,
11/15/26
...
11,962
11,833
FW2049100.UP.FTS.B,
17.84%,
11/15/26
.
51
51
L2046932.UP.FTS.B,
17.96%,
11/15/26
...
15,981
15,833
L2048201.UP.FTS.B,
18%,
11/15/26
.....
20,998
20,787
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2046867.UP.FTS.B,
18.23%,
11/15/26
...
$
5,335
$
5,014
FW2048881.UP.FTS.B,
18.48%,
11/15/26
.
5,632
205
L2048349.UP.FTS.B,
19.37%,
11/15/26
...
6,323
1,764
L2048896.UP.FTS.B,
19.39%,
11/15/26
...
1,227
1,154
L2049268.UP.FTS.B,
19.7%,
11/15/26
....
5,648
5,578
L2047722.UP.FTS.B,
19.71%,
11/15/26
...
8,038
7,949
L2049153.UP.FTS.B,
19.94%,
11/15/26
...
8,078
8,054
L2048873.UP.FTS.B,
20.43%,
11/15/26
...
3,887
3,844
FW2049180.UP.FTS.B,
20.6%,
11/15/26
..
24,214
24,136
L2047238.UP.FTS.B,
20.7%,
11/15/26
....
8,120
8,006
L2048946.UP.FTS.B,
20.7%,
11/15/26
....
13,086
12,907
FW2047226.UP.FTS.B,
20.73%,
11/15/26
.
4,055
4,004
L2047279.UP.FTS.B,
20.87%,
11/15/26
...
7,304
7,282
FW2048990.UP.FTS.B,
20.89%,
11/15/26
.
2,535
2,501
L2049423.UP.FTS.B,
21.02%,
11/15/26
...
6,443
6,421
L2047474.UP.FTS.B,
21.16%,
11/15/26
...
9,732
9,702
L2046907.UP.FTS.B,
21.17%,
11/15/26
...
2,967
2,790
L2046992.UP.FTS.B,
21.33%,
11/15/26
...
5,539
5,463
L2048370.UP.FTS.B,
21.39%,
11/15/26
...
16,273
16,068
L2046780.UP.FTS.B,
21.44%,
11/15/26
...
4,128
4,070
L2048606.UP.FTS.B,
21.48%,
11/15/26
...
8,163
8,124
FW2047914.UP.FTS.B,
21.49%,
11/15/26
.
20,349
20,093
L2047175.UP.FTS.B,
21.59%,
11/15/26
...
985
980
L2047629.UP.FTS.B,
21.75%,
11/15/26
...
1,261
353
L2047532.UP.FTS.B,
21.84%,
11/15/26
...
4,077
4,065
L2047358.UP.FTS.B,
21.89%,
11/15/26
...
4,078
4,065
L2047197.UP.FTS.B,
21.93%,
11/15/26
...
8,892
8,780
FW2047187.UP.FTS.B,
22.1%,
11/15/26
..
13,062
13,022
FW2047897.UP.FTS.B,
22.1%,
11/15/26
..
1,633
1,628
L2047144.UP.FTS.B,
22.18%,
11/15/26
...
15,348
1,101
FW2049063.UP.FTS.B,
22.49%,
11/15/26
.
22,903
22,614
L2048823.UP.FTS.B,
22.5%,
11/15/26
....
8,921
8,890
FW2047777.UP.FTS.B,
22.57%,
11/15/26
.
2,782
2,773
L2047210.UP.FTS.B,
23.31%,
11/15/26
...
7,390
7,367
L2047211.UP.FTS.B,
23.39%,
11/15/26
...
5,723
413
L2047678.UP.FTS.B,
23.49%,
11/15/26
...
3,781
3,590
L2048190.UP.FTS.B,
23.66%,
11/15/26
...
10,692
10,658
L2048627.UP.FTS.B,
23.71%,
11/15/26
...
3,651
3,617
FW2047866.UP.FTS.B,
23.86%,
11/15/26
.
4,521
4,471
L2046912.UP.FTS.B,
23.87%,
11/15/26
...
2,750
411
FW2049383.UP.FTS.B,
23.93%,
11/15/26
.
5,353
5,336
FW2047813.UP.FTS.B,
24.09%,
11/15/26
.
2,322
167
L2048336.UP.FTS.B,
24.12%,
11/15/26
...
3,335
3,170
FW2049072.UP.FTS.B,
24.18%,
11/15/26
.
1,564
1,555
L2049272.UP.FTS.B,
24.23%,
11/15/26
...
1,219
1,203
FW2047542.UP.FTS.B,
24.24%,
11/15/26
.
7,950
7,912
FW2034466.UP.FTS.B,
24.37%,
11/15/26
.
2,310
2,303
L2047240.UP.FTS.B,
24.44%,
11/15/26
...
6,631
6,593
L2047586.UP.FTS.B,
24.7%,
11/15/26
....
1,901
1,895
L2019591.UP.FTS.B,
24.92%,
11/15/26
...
7,478
7,372
L2047926.UP.FTS.B,
25.21%,
11/15/26
...
11,360
11,319
L2047674.UP.FTS.B,
25.3%,
11/15/26
....
3,315
3,304
L2048978.UP.FTS.B,
25.37%,
11/15/26
...
8,289
8,262
L2049419.UP.FTS.B,
25.38%,
11/15/26
...
982
975
L2040394.UP.FTS.B,
25.47%,
11/15/26
...
2,275
341
L2048909.UP.FTS.B,
25.5%,
11/15/26
....
2,157
2,150
L2049148.UP.FTS.B,
25.5%,
11/15/26
....
1,934
1,838
L2043947.UP.FTS.B,
25.57%,
11/15/26
...
1,991
1,985
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
135
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2049037.UP.FTS.B,
25.72%,
11/15/26
.
$
4,259
$
4,046
FW2046927.UP.FTS.B,
25.78%,
11/15/26
.
6,410
1,855
FW2047316.UP.FTS.B,
25.83%,
11/15/26
.
3,855
588
FW2027220.UP.FTS.B,
25.94%,
11/15/26
.
1,413
1,408
FW2047100.UP.FTS.B,
26.77%,
11/15/26
.
2,502
2,494
FW2049190.UP.FTS.B,
26.92%,
11/15/26
.
3,121
223
FW2045584.UP.FTS.B,
27.07%,
11/15/26
.
5,426
5,408
FW2046988.UP.FTS.B,
27.85%,
11/15/26
.
6,963
2,026
FW2048599.UP.FTS.B,
28.16%,
11/15/26
.
798
793
FW2047988.UP.FTS.B,
29.5%,
11/15/26
..
7,037
7,010
FW2048743.UP.FTS.B,
29.66%,
11/15/26
.
8,681
2,530
FW2014368.UP.FTS.B,
29.7%,
11/15/26
..
4,223
4,208
FW2047661.UP.FTS.B,
29.89%,
11/15/26
.
4,228
4,214
FW2047676.UP.FTS.B,
29.96%,
11/15/26
.
22,685
1,582
FW2048362.UP.FTS.B,
30.1%,
11/15/26
..
734
723
FW2047468.UP.FTS.B,
30.8%,
11/15/26
..
1,801
1,782
FW2049349.UP.FTS.B,
30.81%,
11/15/26
.
1,357
1,353
FW2025322.UP.FTS.B,
30.89%,
11/15/26
.
3,602
15
FW2046973.UP.FTS.B,
31.05%,
11/15/26
.
2,947
2,935
FW2049409.UP.FTS.B,
31.09%,
11/15/26
.
8,639
8,202
FW2047660.UP.FTS.B,
31.1%,
11/15/26
..
2,204
2,196
FW2047739.UP.FTS.B,
31.1%,
11/15/26
..
7,134
7,109
FW1979816.UP.FTS.B,
31.12%,
11/15/26
.
2,389
2,377
FW2046950.UP.FTS.B,
31.12%,
11/15/26
.
6,371
6,348
FW2048800.UP.FTS.B,
31.12%,
11/15/26
.
2,571
2,558
FW2048749.UP.FTS.B,
31.13%,
11/15/26
.
2,195
2,186
FW2047818.UP.FTS.B,
31.21%,
11/15/26
.
2,722
2,712
FW2047594.UP.FTS.B,
31.24%,
11/15/26
.
1,445
1,440
FW2044634.UP.FTS.B,
31.42%,
11/15/26
.
3,061
3,051
FW2048610.UP.FTS.B,
31.92%,
11/15/26
.
5,538
5,519
FW2096102.UP.FTS.B,
7.51%,
11/22/26
..
6,404
6,355
L2094728.UP.FTS.B,
10%,
11/22/26
.....
3,060
3,035
L2096355.UP.FTS.B,
11.72%,
11/22/26
...
7,728
7,666
L2094764.UP.FTS.B,
11.93%,
11/22/26
...
2,321
2,303
FW2094906.UP.FTS.B,
12.24%,
11/22/26
.
2,093
2,076
FW2083090.UP.FTS.B,
12.64%,
11/22/26
.
752
745
L2094888.UP.FTS.B,
12.99%,
11/22/26
...
1,168
1,158
L2095193.UP.FTS.B,
13.04%,
11/22/26
...
5,445
5,401
L2094418.UP.FTS.B,
13.53%,
11/22/26
...
3,905
3,874
L2095349.UP.FTS.B,
13.57%,
11/22/26
...
3,280
3,254
L2096451.UP.FTS.B,
13.69%,
11/22/26
...
950
69
FW2094706.UP.FTS.B,
14.02%,
11/22/26
.
14,321
1,150
FW2094373.UP.FTS.B,
14.38%,
11/22/26
.
8,239
8,174
L2092869.UP.FTS.B,
15.96%,
11/22/26
...
9,496
9,421
L2094766.UP.FTS.B,
16.38%,
11/22/26
...
3,173
3,144
FW2096834.UP.FTS.B,
16.52%,
11/22/26
.
2,381
2,360
L2094403.UP.FTS.B,
16.85%,
11/22/26
...
5,537
5,487
FW2095326.UP.FTS.B,
16.9%,
11/22/26
..
3,977
3,941
L2095314.UP.FTS.B,
17.06%,
11/22/26
...
21,535
1,548
L2096303.UP.FTS.B,
17.14%,
11/22/26
...
6,476
6,421
L2095105.UP.FTS.B,
17.31%,
11/22/26
...
17,231
17,047
FW2094890.UP.FTS.B,
17.34%,
11/22/26
.
11,957
11,851
FW2096292.UP.FTS.B,
18.39%,
11/22/26
.
6,893
6,823
L2094851.UP.FTS.B,
18.61%,
11/22/26
...
36,846
36,518
FW2096280.UP.FTS.B,
19.26%,
11/22/26
.
8,003
7,999
L2096899.UP.FTS.B,
19.33%,
11/22/26
...
12,885
12,756
L2096144.UP.FTS.B,
19.54%,
11/22/26
...
12,043
11,920
L2095820.UP.FTS.B,
19.69%,
11/22/26
...
8,832
8,741
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2093917.UP.FTS.B,
19.94%,
11/22/26
...
$
9,694
$
9,596
FW2096158.UP.FTS.B,
19.95%,
11/22/26
.
4,039
3,999
FW2094159.UP.FTS.B,
20.44%,
11/22/26
.
7,612
7,536
L2094528.UP.FTS.B,
21.15%,
11/22/26
...
6,697
479
FW2096571.UP.FTS.B,
21.28%,
11/22/26
.
2,440
2,440
L2095646.UP.FTS.B,
21.32%,
11/22/26
...
1,253
1,240
L2096760.UP.FTS.B,
21.84%,
11/22/26
...
8,969
8,968
L2096857.UP.FTS.B,
21.9%,
11/22/26
....
29,120
28,749
FW2095752.UP.FTS.B,
22.05%,
11/22/26
.
12,839
12,690
L2094894.UP.FTS.B,
22.2%,
11/22/26
....
1,181
1,168
L2096134.UP.FTS.B,
22.43%,
11/22/26
...
5,315
5,262
L2096800.UP.FTS.B,
22.67%,
11/22/26
...
16,626
16,595
FW2095579.UP.FTS.B,
22.78%,
11/22/26
.
20,476
20,294
FW2095395.UP.FTS.B,
22.89%,
11/22/26
.
1,474
1,459
FW2096115.UP.FTS.B,
23.24%,
11/22/26
.
2,627
2,626
FW2095271.UP.FTS.B,
23.29%,
11/22/26
.
14,521
14,495
FW2024402.UP.FTS.B,
24.5%,
11/22/26
..
9,907
9,905
L2096773.UP.FTS.B,
24.83%,
11/22/26
...
2,491
2,487
L2094789.UP.FTS.B,
24.85%,
11/22/26
...
16,485
16,479
L2094507.UP.FTS.B,
25.13%,
11/22/26
...
1,092
1,079
L2094312.UP.FTS.B,
25.16%,
11/22/26
...
25,007
25,001
L2094838.UP.FTS.B,
25.25%,
11/22/26
...
3,487
3,480
L2096356.UP.FTS.B,
25.27%,
11/22/26
...
829
828
L2093956.UP.FTS.B,
25.33%,
11/22/26
...
2,821
2,815
L2096178.UP.FTS.B,
25.35%,
11/22/26
...
14,657
14,637
L2096755.UP.FTS.B,
25.38%,
11/22/26
...
12,271
12,230
L2094965.UP.FTS.B,
25.66%,
11/22/26
...
3,444
3,437
FW2095277.UP.FTS.B,
25.75%,
11/22/26
.
12,455
12,452
FW2094367.UP.FTS.B,
25.82%,
11/22/26
.
4,154
4,153
L2094270.UP.FTS.B,
25.87%,
11/22/26
...
2,658
2,658
FW2096631.UP.FTS.B,
26.76%,
11/22/26
.
3,336
3,335
FW2095637.UP.FTS.B,
26.8%,
11/22/26
..
3,266
3,261
FW2095720.UP.FTS.B,
27.1%,
11/22/26
..
9,006
641
FW2094585.UP.FTS.B,
27.16%,
11/22/26
.
4,218
4,210
FW2094718.UP.FTS.B,
27.18%,
11/22/26
.
8,355
8,353
FW2073665.UP.FTS.B,
27.21%,
11/22/26
.
3,420
3,409
L2096054.UP.FTS.B,
27.38%,
11/22/26
...
2,760
2,759
L2096384.UP.FTS.B,
27.83%,
11/22/26
...
7,709
7,706
FW2095268.UP.FTS.B,
28.13%,
11/22/26
.
4,516
320
FW2095190.UP.FTS.B,
28.27%,
11/22/26
.
2,817
437
FW2096342.UP.FTS.B,
28.48%,
11/22/26
.
4,201
4,199
FW2094419.UP.FTS.B,
28.57%,
11/22/26
.
841
840
FW2094402.UP.FTS.B,
28.65%,
11/22/26
.
2,906
860
FW2096376.UP.FTS.B,
29.09%,
11/22/26
.
4,699
4,696
FW2095953.UP.FTS.B,
29.33%,
11/22/26
.
4,198
4,190
FW2094834.UP.FTS.B,
29.86%,
11/22/26
.
4,225
4,224
FW2071752.UP.FTS.B,
30.07%,
11/22/26
.
5,120
361
FW2095758.UP.FTS.B,
30.37%,
11/22/26
.
10,010
9,983
FW2094263.UP.FTS.B,
30.68%,
11/22/26
.
3,402
518
FW2096286.UP.FTS.B,
30.75%,
11/22/26
.
2,892
203
FW2096279.UP.FTS.B,
30.8%,
11/22/26
..
1,018
1,017
FW2096578.UP.FTS.B,
30.87%,
11/22/26
.
2,194
2,188
FW2096310.UP.FTS.B,
31%,
11/22/26
...
2,507
2,490
FW2094909.UP.FTS.B,
31.13%,
11/22/26
.
8,371
1,304
FW2093970.UP.FTS.B,
31.15%,
11/22/26
.
1,957
1,953
FW2094919.UP.FTS.B,
31.15%,
11/22/26
.
3,342
231
FW2094058.UP.FTS.B,
31.18%,
11/22/26
.
1,349
1,348
FW2094660.UP.FTS.B,
31.22%,
11/22/26
.
9,192
9,184
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
136
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2096663.UP.FTS.B,
31.48%,
11/22/26
.
$
4,351
$
4,336
FW2089645.UP.FTS.B,
31.75%,
11/22/26
.
8,089
8,086
FW2295931.UP.FTS.B,
5.9%,
12/21/26
...
11,432
11,352
FW2293082.UP.FTS.B,
6.16%,
12/21/26
..
3,533
3,509
FW2293764.UP.FTS.B,
6.23%,
12/21/26
..
17,088
16,051
L2296513.UP.FTS.B,
7.11%,
12/21/26
....
2,850
2,829
FW2293501.UP.FTS.B,
7.39%,
12/21/26
..
5,684
5,640
FW2293852.UP.FTS.B,
7.5%,
12/21/26
...
22,354
1,934
L2292686.UP.FTS.B,
7.74%,
12/21/26
....
2,310
2,291
L2295874.UP.FTS.B,
7.93%,
12/21/26
....
5,587
5,543
L2293167.UP.FTS.B,
8.19%,
12/21/26
....
6,174
6,126
L2295697.UP.FTS.B,
8.34%,
12/21/26
....
927
920
FW2294735.UP.FTS.B,
8.57%,
12/21/26
..
3,077
3,053
L2295880.UP.FTS.B,
8.72%,
12/21/26
....
2,322
2,304
L2295428.UP.FTS.B,
9.02%,
12/21/26
....
15,509
15,389
L2295310.UP.FTS.B,
9.3%,
12/21/26
....
6,040
5,991
L2296054.UP.FTS.B,
9.4%,
12/21/26
....
7,151
7,092
FW2294010.UP.FTS.B,
9.53%,
12/21/26
..
12,966
945
L2294640.UP.FTS.B,
9.73%,
12/21/26
....
2,498
2,475
L2293293.UP.FTS.B,
10.2%,
12/21/26
....
11,731
11,637
L2295873.UP.FTS.B,
11.31%,
12/21/26
...
23,565
23,384
FW2294642.UP.FTS.B,
11.72%,
12/21/26
.
4,808
4,522
L2294345.UP.FTS.B,
12.41%,
12/21/26
...
6,717
6,659
L2292250.UP.FTS.B,
12.42%,
12/21/26
...
9,294
8,736
L2293790.UP.FTS.B,
12.43%,
12/21/26
...
4,231
236
L2288385.UP.FTS.B,
12.86%,
12/21/26
...
3,961
3,927
L2295080.UP.FTS.B,
13.33%,
12/21/26
...
5,956
5,905
L2294220.UP.FTS.B,
13.69%,
12/21/26
...
4,774
4,733
L2294373.UP.FTS.B,
13.7%,
12/21/26
....
4,217
4,181
L2294790.UP.FTS.B,
13.78%,
12/21/26
...
5,015
4,970
FW2294402.UP.FTS.B,
13.84%,
12/21/26
.
15,124
1,087
L2296399.UP.FTS.B,
14.35%,
12/21/26
...
7,985
7,916
L2295213.UP.FTS.B,
14.68%,
12/21/26
...
4,068
3,825
L2258143.UP.FTS.B,
14.69%,
12/21/26
...
103
101
FW2293923.UP.FTS.B,
16.04%,
12/21/26
.
3,662
3,617
L2294540.UP.FTS.B,
16.91%,
12/21/26
...
4,045
4,004
L2293185.UP.FTS.B,
17.25%,
12/21/26
...
12,461
11,729
FW2293821.UP.FTS.B,
17.3%,
12/21/26
..
1,423
1,369
L2296049.UP.FTS.B,
17.33%,
12/21/26
...
4,053
4,013
FW2293524.UP.FTS.B,
17.65%,
12/21/26
.
26,631
1,926
L2293602.UP.FTS.B,
17.68%,
12/21/26
...
8,519
8,434
L2293520.UP.FTS.B,
17.78%,
12/21/26
...
4,062
4,016
L2295430.UP.FTS.B,
18.6%,
12/21/26
....
11,929
11,776
L2293291.UP.FTS.B,
18.66%,
12/21/26
...
2,191
598
L2295608.UP.FTS.B,
18.98%,
12/21/26
...
8,169
8,075
FW2293617.UP.FTS.B,
19.06%,
12/21/26
.
5,722
5,665
FW2294886.UP.FTS.B,
19.07%,
12/21/26
.
1,649
1,552
L2295776.UP.FTS.B,
19.35%,
12/21/26
...
1,247
1,174
FW2293806.UP.FTS.B,
19.41%,
12/21/26
.
6,513
6,446
L2296294.UP.FTS.B,
19.65%,
12/21/26
...
1,385
1,332
FW2289691.UP.FTS.B,
20.05%,
12/21/26
.
4,107
4,099
L2293347.UP.FTS.B,
20.07%,
12/21/26
...
24,642
24,358
L2293707.UP.FTS.B,
21.03%,
12/21/26
...
6,189
6,117
L2295159.UP.FTS.B,
21.2%,
12/21/26
....
2,725
2,720
L2294842.UP.FTS.B,
21.22%,
12/21/26
...
4,129
4,121
L2296434.UP.FTS.B,
21.52%,
12/21/26
...
2,068
2,044
L2293516.UP.FTS.B,
21.61%,
12/21/26
...
1,468
106
FW2292759.UP.FTS.B,
21.98%,
12/21/26
.
21,135
20,923
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2296031.UP.FTS.B,
22.11%,
12/21/26
.
$
3,942
$
1,152
L2295422.UP.FTS.B,
22.2%,
12/21/26
....
3,199
229
L2296037.UP.FTS.B,
22.38%,
12/21/26
...
4,099
4,087
L2286942.UP.FTS.B,
22.51%,
12/21/26
...
1,884
1,879
L2293386.UP.FTS.B,
22.55%,
12/21/26
...
6,647
6,634
L2294387.UP.FTS.B,
22.74%,
12/21/26
...
3,326
3,320
L2294767.UP.FTS.B,
23.15%,
12/21/26
...
2,175
2,168
FW2296289.UP.FTS.B,
23.69%,
12/21/26
.
6,793
6,769
L2296095.UP.FTS.B,
23.73%,
12/21/26
...
8,278
8,257
FW2295460.UP.FTS.B,
23.88%,
12/21/26
.
22,922
21,577
L2295502.UP.FTS.B,
23.94%,
12/21/26
...
8,329
7,919
FW2289917.UP.FTS.B,
24.12%,
12/21/26
.
4,034
4,007
L2295515.UP.FTS.B,
24.19%,
12/21/26
...
12,553
12,528
L2295990.UP.FTS.B,
24.34%,
12/21/26
...
3,633
3,623
L2293012.UP.FTS.B,
24.54%,
12/21/26
...
2,514
2,485
L2293989.UP.FTS.B,
24.69%,
12/21/26
...
2,516
2,511
L2294601.UP.FTS.B,
24.7%,
12/21/26
....
41,932
41,848
FW2296310.UP.FTS.B,
24.81%,
12/21/26
.
2,519
2,509
FW2295879.UP.FTS.B,
25.12%,
12/21/26
.
18,468
18,430
L2246443.UP.FTS.B,
25.23%,
12/21/26
...
938
892
L2295322.UP.FTS.B,
25.28%,
12/21/26
...
3,665
3,656
L2295069.UP.FTS.B,
25.39%,
12/21/26
...
1,813
1,807
L2294834.UP.FTS.B,
25.4%,
12/21/26
....
834
237
L2293969.UP.FTS.B,
25.41%,
12/21/26
...
11,268
10,718
L2296171.UP.FTS.B,
25.41%,
12/21/26
...
1,935
1,931
L2294392.UP.FTS.B,
25.44%,
12/21/26
...
16,247
16,185
L2295431.UP.FTS.B,
25.44%,
12/21/26
...
11,437
182
L2287500.UP.FTS.B,
25.45%,
12/21/26
...
5,450
5,438
L2292073.UP.FTS.B,
25.46%,
12/21/26
...
2,524
2,519
L2296315.UP.FTS.B,
25.46%,
12/21/26
...
4,174
4,163
L2295101.UP.FTS.B,
25.65%,
12/21/26
...
2,278
2,216
FW2294336.UP.FTS.B,
25.77%,
12/21/26
.
3,825
3,814
FW2293250.UP.FTS.B,
26.48%,
12/21/26
.
1,726
1,642
FW2295132.UP.FTS.B,
26.71%,
12/21/26
.
29,943
29,881
L2289495.UP.FTS.B,
27.03%,
12/21/26
...
4,404
4,353
FW2296329.UP.FTS.B,
27.9%,
12/21/26
..
3,107
3,098
FW2294924.UP.FTS.B,
28.38%,
12/21/26
.
4,939
4,928
L2296578.UP.FTS.B,
28.56%,
12/21/26
...
4,175
4,166
FW2294602.UP.FTS.B,
28.58%,
12/21/26
.
2,940
206
FW2294247.UP.FTS.B,
28.6%,
12/21/26
..
5,328
5,070
FW2296510.UP.FTS.B,
28.63%,
12/21/26
.
5,712
5,700
FW2295693.UP.FTS.B,
29.44%,
12/21/26
.
2,002
1,989
FW2292307.UP.FTS.B,
29.55%,
12/21/26
.
12,662
12,634
FW2294300.UP.FTS.B,
29.67%,
12/21/26
.
4,280
4,270
FW2296196.UP.FTS.B,
29.85%,
12/21/26
.
938
936
FW2293867.UP.FTS.B,
30.1%,
12/21/26
..
8,804
8,368
FW2293261.UP.FTS.B,
30.26%,
12/21/26
.
943
941
FW2294598.UP.FTS.B,
30.58%,
12/21/26
.
2,748
2,742
FW2295156.UP.FTS.B,
30.61%,
12/21/26
.
1,803
1,799
FW2295730.UP.FTS.B,
30.86%,
12/21/26
.
518
510
FW2296110.UP.FTS.B,
30.89%,
12/21/26
.
968
921
FW2296255.UP.FTS.B,
30.89%,
12/21/26
.
1,165
1,160
FW2294105.UP.FTS.B,
30.94%,
12/21/26
.
11,184
11,155
FW2295248.UP.FTS.B,
30.94%,
12/21/26
.
3,391
3,222
FW2295082.UP.FTS.B,
31.01%,
12/21/26
.
862
858
FW2293727.UP.FTS.B,
31.05%,
12/21/26
.
1,290
1,288
FW2295721.UP.FTS.B,
31.1%,
12/21/26
..
1,839
129
FW2293310.UP.FTS.B,
31.11%,
12/21/26
.
1,549
1,546
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
137
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2293588.UP.FTS.B,
31.17%,
12/21/26
.
$
902
$
139
FW2295496.UP.FTS.B,
31.18%,
12/21/26
.
2,324
2,319
FW2294223.UP.FTS.B,
31.19%,
12/21/26
.
20,833
20,787
FW2292945.UP.FTS.B,
31.23%,
12/21/26
.
2,298
2,184
FW2293724.UP.FTS.B,
31.23%,
12/21/26
.
3,339
995
FW2293684.UP.FTS.B,
31.29%,
12/21/26
.
2,583
2,578
FW2293376.UP.FTS.B,
31.54%,
12/21/26
.
32,583
32,510
FW2295529.UP.FTS.B,
32.21%,
12/21/26
.
5,656
5,637
FW2295899.UP.FTS.B,
32.71%,
12/21/26
.
3,966
3,956
L2298042.UP.FTS.B,
5.42%,
12/22/26
....
7,591
7,541
FW2296838.UP.FTS.B,
5.56%,
12/22/26
..
9,118
9,056
L2300162.UP.FTS.B,
5.78%,
12/22/26
....
1,141
1,134
L2298149.UP.FTS.B,
5.81%,
12/22/26
....
35,764
35,525
L2298867.UP.FTS.B,
6.47%,
12/22/26
....
11,080
11,006
L2298677.UP.FTS.B,
6.71%,
12/22/26
....
2,781
668
FW2298647.UP.FTS.B,
6.85%,
12/22/26
..
38,282
38,034
L2296512.UP.FTS.B,
6.86%,
12/22/26
....
22,972
22,823
FW2299026.UP.FTS.B,
7.03%,
12/22/26
..
3,833
3,804
L2299006.UP.FTS.B,
7.25%,
12/22/26
....
12,445
12,350
L2298624.UP.FTS.B,
7.52%,
12/22/26
....
26,887
26,688
L2298372.UP.FTS.B,
7.96%,
12/22/26
....
16,659
16,530
L2300059.UP.FTS.B,
7.96%,
12/22/26
....
3,844
3,816
L2275604.UP.FTS.B,
8%,
12/22/26
......
7,698
7,641
FW2297741.UP.FTS.B,
8.43%,
12/22/26
..
4,637
4,603
L2296751.UP.FTS.B,
9.09%,
12/22/26
....
4,655
4,621
L2299887.UP.FTS.B,
9.18%,
12/22/26
....
7,762
7,705
L2297168.UP.FTS.B,
9.21%,
12/22/26
....
3,880
3,852
FW2300319.UP.FTS.B,
9.33%,
12/22/26
..
3,263
3,239
L2275171.UP.FTS.B,
9.45%,
12/22/26
....
1,943
1,929
L2299890.UP.FTS.B,
9.98%,
12/22/26
....
4,678
4,640
FW2275119.UP.FTS.B,
10.09%,
12/22/26
.
23,406
23,237
L2261699.UP.FTS.B,
10.41%,
12/22/26
...
3,126
3,104
FW2298451.UP.FTS.B,
10.42%,
12/22/26
.
9,380
9,304
L2299578.UP.FTS.B,
10.73%,
12/22/26
...
3,445
3,417
L2296896.UP.FTS.B,
10.8%,
12/22/26
....
2,350
2,331
L2296884.UP.FTS.B,
10.85%,
12/22/26
...
7,835
7,773
FW2300491.UP.FTS.B,
11.05%,
12/22/26
.
2,196
2,178
L2300049.UP.FTS.B,
11.22%,
12/22/26
...
19,628
19,471
L2299084.UP.FTS.B,
11.37%,
12/22/26
...
6,286
6,236
L2299517.UP.FTS.B,
11.74%,
12/22/26
...
10,206
2,614
L2299162.UP.FTS.B,
11.99%,
12/22/26
...
9,402
9,325
L2296860.UP.FTS.B,
12.01%,
12/22/26
...
9,129
9,041
L2288091.UP.FTS.B,
12.04%,
12/22/26
...
7,887
7,824
L2296913.UP.FTS.B,
12.48%,
12/22/26
...
8,772
8,693
FW2296819.UP.FTS.B,
12.8%,
12/22/26
..
792
786
L2297301.UP.FTS.B,
13.19%,
12/22/26
...
3,944
3,913
L2297394.UP.FTS.B,
13.43%,
12/22/26
...
3,178
3,153
FW2295002.UP.FTS.B,
13.45%,
12/22/26
.
1,351
1,340
L2299489.UP.FTS.B,
13.74%,
12/22/26
...
23,877
23,689
L2298273.UP.FTS.B,
13.81%,
12/22/26
...
21,977
21,781
FW2297621.UP.FTS.B,
13.91%,
12/22/26
.
1,838
1,822
FW2297887.UP.FTS.B,
14.01%,
12/22/26
.
6,868
6,809
L2297583.UP.FTS.B,
14.22%,
12/22/26
...
14,925
14,808
FW2296544.UP.FTS.B,
14.31%,
12/22/26
.
3,992
3,960
L2296958.UP.FTS.B,
14.87%,
12/22/26
...
7,038
6,960
L2296665.UP.FTS.B,
14.98%,
12/22/26
...
5,998
5,914
L2272259.UP.FTS.B,
15.03%,
12/22/26
...
3,243
3,210
L2296608.UP.FTS.B,
15.19%,
12/22/26
...
13,552
13,447
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2298101.UP.FTS.B,
15.46%,
12/22/26
...
$
3,811
$
3,764
FW2298689.UP.FTS.B,
15.52%,
12/22/26
.
14,058
13,930
FW2298989.UP.FTS.B,
15.65%,
12/22/26
.
6,147
6,078
L2300266.UP.FTS.B,
15.81%,
12/22/26
...
17,457
17,321
L2297545.UP.FTS.B,
16.01%,
12/22/26
...
3,221
3,196
L2296898.UP.FTS.B,
16.28%,
12/22/26
...
8,790
8,710
FW2298789.UP.FTS.B,
16.35%,
12/22/26
.
6,695
1,819
FW2297895.UP.FTS.B,
16.41%,
12/22/26
.
2,462
2,435
L2297702.UP.FTS.B,
16.54%,
12/22/26
...
1,211
1,200
FW2296844.UP.FTS.B,
16.78%,
12/22/26
.
1,999
1,980
L2296757.UP.FTS.B,
16.99%,
12/22/26
...
4,934
4,892
L2299229.UP.FTS.B,
17.12%,
12/22/26
...
5,281
382
FW2242642.UP.FTS.B,
17.23%,
12/22/26
.
5,643
5,591
FW2297226.UP.FTS.B,
17.41%,
12/22/26
.
10,665
10,555
L2297622.UP.FTS.B,
17.73%,
12/22/26
...
4,868
4,831
FW2298313.UP.FTS.B,
17.76%,
12/22/26
.
12,348
12,237
L2297195.UP.FTS.B,
18.28%,
12/22/26
...
21,176
21,014
L2263482.UP.FTS.B,
18.35%,
12/22/26
...
12,801
1,913
FW2299062.UP.FTS.B,
18.65%,
12/22/26
.
3,845
575
L2297949.UP.FTS.B,
18.76%,
12/22/26
...
3,265
3,231
FW2298046.UP.FTS.B,
19.21%,
12/22/26
.
8,182
8,097
FW2299900.UP.FTS.B,
19.29%,
12/22/26
.
41,580
41,043
FW2297186.UP.FTS.B,
19.59%,
12/22/26
.
8,196
8,122
FW2299680.UP.FTS.B,
19.7%,
12/22/26
..
5,740
5,680
L2296627.UP.FTS.B,
19.74%,
12/22/26
...
4,101
4,065
FW2235699.UP.FTS.B,
19.99%,
12/22/26
.
6,045
324
FW2299670.UP.FTS.B,
20.32%,
12/22/26
.
8,947
642
L2298737.UP.FTS.B,
20.98%,
12/22/26
...
4,125
4,082
L2297546.UP.FTS.B,
21.15%,
12/22/26
...
1,549
1,543
L2300374.UP.FTS.B,
21.31%,
12/22/26
...
2,463
2,460
L2296777.UP.FTS.B,
21.4%,
12/22/26
....
8,265
8,260
FW2298033.UP.FTS.B,
21.61%,
12/22/26
.
13,651
13,509
L2296567.UP.FTS.B,
21.87%,
12/22/26
...
1,675
1,671
L2299056.UP.FTS.B,
22%,
12/22/26
.....
4,807
4,804
L2298829.UP.FTS.B,
22.17%,
12/22/26
...
5,299
5,241
FW2297460.UP.FTS.B,
22.74%,
12/22/26
.
41,731
41,639
L2296427.UP.FTS.B,
22.94%,
12/22/26
...
2,248
2,222
L2300367.UP.FTS.B,
22.94%,
12/22/26
...
1,665
1,647
L2296515.UP.FTS.B,
22.98%,
12/22/26
...
2,497
2,496
FW2297374.UP.FTS.B,
23.21%,
12/22/26
.
1,878
1,872
L2298974.UP.FTS.B,
23.47%,
12/22/26
...
1,502
1,486
FW2300425.UP.FTS.B,
23.57%,
12/22/26
.
8,346
8,341
L2289378.UP.FTS.B,
23.7%,
12/22/26
....
4,608
4,593
L2296775.UP.FTS.B,
23.9%,
12/22/26
....
3,761
3,759
L2298860.UP.FTS.B,
23.92%,
12/22/26
...
12,537
12,529
L2296638.UP.FTS.B,
23.96%,
12/22/26
...
835
834
L2297921.UP.FTS.B,
24.04%,
12/22/26
...
5,018
5,015
L2300131.UP.FTS.B,
24.08%,
12/22/26
...
11,636
11,591
L2297604.UP.FTS.B,
24.33%,
12/22/26
...
1,256
1,255
L2277340.UP.FTS.B,
24.46%,
12/22/26
...
3,684
3,677
FW2296565.UP.FTS.B,
24.56%,
12/22/26
.
1,928
1,927
L2297696.UP.FTS.B,
24.62%,
12/22/26
...
1,252
1,239
L2299447.UP.FTS.B,
24.64%,
12/22/26
...
1,677
1,676
L2296874.UP.FTS.B,
24.85%,
12/22/26
...
924
922
FW2295512.UP.FTS.B,
25.12%,
12/22/26
.
8,791
8,703
L2296994.UP.FTS.B,
25.2%,
12/22/26
....
3,043
3,037
L2299952.UP.FTS.B,
25.26%,
12/22/26
...
3,216
230
L2282956.UP.FTS.B,
25.27%,
12/22/26
...
773
766
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
138
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2300125.UP.FTS.B,
25.27%,
12/22/26
...
$
3,023
$
–
FW2297623.UP.FTS.B,
25.32%,
12/22/26
.
3,027
3,000
L2299789.UP.FTS.B,
25.32%,
12/22/26
...
1,262
1,261
L2292373.UP.FTS.B,
25.33%,
12/22/26
...
1,430
1,415
L2297988.UP.FTS.B,
25.38%,
12/22/26
...
910
905
L2299918.UP.FTS.B,
25.41%,
12/22/26
...
1,633
255
L2297428.UP.FTS.B,
25.42%,
12/22/26
...
8,759
1,347
L2298851.UP.FTS.B,
25.44%,
12/22/26
...
1,262
1,261
L2297598.UP.FTS.B,
25.45%,
12/22/26
...
1,051
162
L2296962.UP.FTS.B,
25.46%,
12/22/26
...
2,862
2,860
L2298544.UP.FTS.B,
25.47%,
12/22/26
...
4,205
4,202
L2298179.UP.FTS.B,
25.49%,
12/22/26
...
3,871
3,868
L2297223.UP.FTS.B,
25.61%,
12/22/26
...
2,548
2,525
L2297795.UP.FTS.B,
26.01%,
12/22/26
...
10,795
10,789
L2296379.UP.FTS.B,
26.17%,
12/22/26
...
8,439
8,434
FW2299410.UP.FTS.B,
26.2%,
12/22/26
..
5,064
5,061
FW2300548.UP.FTS.B,
26.24%,
12/22/26
.
3,377
3,343
FW2298545.UP.FTS.B,
26.68%,
12/22/26
.
11,501
11,495
FW2297229.UP.FTS.B,
26.75%,
12/22/26
.
10,942
10,921
FW2298735.UP.FTS.B,
26.94%,
12/22/26
.
12,445
12,305
FW2299436.UP.FTS.B,
27.39%,
12/22/26
.
3,531
3,527
FW2298369.UP.FTS.B,
27.48%,
12/22/26
.
15,694
15,624
FW2296934.UP.FTS.B,
28.08%,
12/22/26
.
4,848
4,845
FW2299110.UP.FTS.B,
28.13%,
12/22/26
.
12,780
12,752
FW2297196.UP.FTS.B,
28.3%,
12/22/26
..
8,513
8,508
FW2298568.UP.FTS.B,
28.54%,
12/22/26
.
6,476
6,473
FW2297945.UP.FTS.B,
28.62%,
12/22/26
.
7,925
7,911
FW2297303.UP.FTS.B,
28.74%,
12/22/26
.
9,325
9,293
FW2296796.UP.FTS.B,
29.02%,
12/22/26
.
21,856
(192)
FW2297886.UP.FTS.B,
29.13%,
12/22/26
.
2,646
2,644
FW2296331.UP.FTS.B,
29.64%,
12/22/26
.
2,567
2,566
FW2297392.UP.FTS.B,
29.67%,
12/22/26
.
1,787
1,782
FW2298522.UP.FTS.B,
29.71%,
12/22/26
.
2,997
2,996
FW2296795.UP.FTS.B,
30.46%,
12/22/26
.
1,288
1,287
FW2299972.UP.FTS.B,
30.53%,
12/22/26
.
1,610
22
FW2299999.UP.FTS.B,
30.69%,
12/22/26
.
1,722
1,716
FW2298365.UP.FTS.B,
30.7%,
12/22/26
..
3,253
229
FW2296458.UP.FTS.B,
30.75%,
12/22/26
.
7,390
7,386
FW2299169.UP.FTS.B,
30.82%,
12/22/26
.
3,525
3,524
FW2281021.UP.FTS.B,
30.86%,
12/22/26
.
4,806
4,803
FW2298599.UP.FTS.B,
30.89%,
12/22/26
.
1,275
88
FW2299939.UP.FTS.B,
30.93%,
12/22/26
.
946
945
FW2297499.UP.FTS.B,
30.95%,
12/22/26
.
946
946
FW2296542.UP.FTS.B,
31%,
12/22/26
...
4,994
4,983
FW2298270.UP.FTS.B,
31%,
12/22/26
...
1,344
1,342
FW2300108.UP.FTS.B,
31.04%,
12/22/26
.
1,119
1,118
FW2298345.UP.FTS.B,
31.12%,
12/22/26
.
1,397
1,393
FW2298159.UP.FTS.B,
31.15%,
12/22/26
.
2,496
2,495
FW2296911.UP.FTS.B,
31.17%,
12/22/26
.
1,083
1,080
FW2299655.UP.FTS.B,
31.17%,
12/22/26
.
3,443
3,441
FW2294359.UP.FTS.B,
31.33%,
12/22/26
.
43,074
43,052
FW2300018.UP.FTS.B,
31.65%,
12/22/26
.
4,743
4,740
FW2296208.UP.FTS.B,
31.74%,
12/22/26
.
5,915
5,905
FW2296337.UP.FTS.B,
33.15%,
12/22/26
.
5,172
5,149
FW2296980.UP.FTS.B,
33.56%,
12/22/26
.
1,291
1,280
FW2293338.UP.FTS.B,
11.67%,
1/05/27
..
14,422
14,289
L2293224.UP.FTS.B,
25.74%,
1/05/27
....
1,537
1,531
L2428799.UP.FTS.B,
4.81%,
1/13/27
....
10,034
9,966
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2424153.UP.FTS.B,
4.86%,
1/13/27
....
$
38,178
$
37,917
L2426247.UP.FTS.B,
4.87%,
1/13/27
....
12,046
11,964
L2417962.UP.FTS.B,
5.74%,
1/13/27
....
3,872
3,846
L2424670.UP.FTS.B,
5.86%,
1/13/27
....
7,376
7,327
L2421701.UP.FTS.B,
5.91%,
1/13/27
....
18,668
18,542
L2425940.UP.FTS.B,
5.96%,
1/13/27
....
15,494
15,389
L2427954.UP.FTS.B,
5.98%,
1/13/27
....
23,311
23,155
FW2427065.UP.FTS.B,
6.14%,
1/13/27
...
6,547
6,503
L2428807.UP.FTS.B,
6.19%,
1/13/27
....
5,835
5,796
L2425627.UP.FTS.B,
6.24%,
1/13/27
....
21,141
21,000
FW2418004.UP.FTS.B,
6.27%,
1/13/27
...
23,102
22,947
FW2426682.UP.FTS.B,
6.38%,
1/13/27
...
11,706
11,627
L2424813.UP.FTS.B,
6.62%,
1/13/27
....
14,037
13,943
L2425395.UP.FTS.B,
7.04%,
1/13/27
....
26,036
1,915
L2426387.UP.FTS.B,
7.28%,
1/13/27
....
3,522
3,499
FW2427607.UP.FTS.B,
7.35%,
1/13/27
...
12,450
12,350
L2423321.UP.FTS.B,
7.44%,
1/13/27
....
6,274
6,222
L2425992.UP.FTS.B,
7.55%,
1/13/27
....
4,154
4,127
L2426489.UP.FTS.B,
7.81%,
1/13/27
....
9,420
9,344
L2428326.UP.FTS.B,
7.87%,
1/13/27
....
7,729
7,666
L2427644.UP.FTS.B,
7.93%,
1/13/27
....
1,964
1,948
FW2427445.UP.FTS.B,
7.98%,
1/13/27
...
6,286
6,235
L2424761.UP.FTS.B,
8.01%,
1/13/27
....
4,617
4,579
FW2423719.UP.FTS.B,
8.04%,
1/13/27
...
12,092
11,355
L2426445.UP.FTS.B,
8.42%,
1/13/27
....
2,287
2,268
FW2426523.UP.FTS.B,
8.45%,
1/13/27
...
3,463
3,431
L2427091.UP.FTS.B,
8.49%,
1/13/27
....
5,515
5,471
L2400286.UP.FTS.B,
8.75%,
1/13/27
....
5,819
5,772
L2424441.UP.FTS.B,
8.96%,
1/13/27
....
1,269
1,256
FW2426991.UP.FTS.B,
9.24%,
1/13/27
...
4,746
4,709
L2427316.UP.FTS.B,
9.44%,
1/13/27
....
20,893
2,798
L2427076.UP.FTS.B,
9.69%,
1/13/27
....
6,668
6,614
L2427657.UP.FTS.B,
9.7%,
1/13/27
.....
3,960
3,929
FW2424161.UP.FTS.B,
9.93%,
1/13/27
...
1,835
246
L2425208.UP.FTS.B,
9.97%,
1/13/27
....
5,559
5,515
FW2423329.UP.FTS.B,
10.39%,
1/13/27
..
796
790
L2428214.UP.FTS.B,
10.52%,
1/13/27
....
2,150
2,134
L2423738.UP.FTS.B,
10.57%,
1/13/27
....
2,390
2,367
L2423014.UP.FTS.B,
10.64%,
1/13/27
....
21,515
21,347
FW2425927.UP.FTS.B,
10.97%,
1/13/27
..
40,623
38,163
L2400391.UP.FTS.B,
11.4%,
1/13/27
.....
2,316
2,290
L2427738.UP.FTS.B,
11.82%,
1/13/27
....
7,920
2,011
FW2425681.UP.FTS.B,
11.84%,
1/13/27
..
24,856
24,624
L2423675.UP.FTS.B,
12.15%,
1/13/27
....
5,220
5,171
L2424123.UP.FTS.B,
12.83%,
1/13/27
....
10,512
760
L2426699.UP.FTS.B,
13.25%,
1/13/27
....
9,701
9,605
L2426346.UP.FTS.B,
13.31%,
1/13/27
....
4,469
4,413
FW2426553.UP.FTS.B,
14.04%,
1/13/27
..
5,267
5,218
FW2426488.UP.FTS.B,
14.89%,
1/13/27
..
5,668
5,615
L2428411.UP.FTS.B,
15.14%,
1/13/27
....
3,912
3,867
FW2398372.UP.FTS.B,
15.37%,
1/13/27
..
9,627
9,516
FW2425483.UP.FTS.B,
15.58%,
1/13/27
..
8,984
8,880
L2424270.UP.FTS.B,
15.87%,
1/13/27
....
4,088
4,041
FW2412323.UP.FTS.B,
15.91%,
1/13/27
..
8,180
8,105
FW2423910.UP.FTS.B,
15.96%,
1/13/27
..
6,541
6,465
L2406518.UP.FTS.B,
16%,
1/13/27
......
4,092
4,044
FW2426856.UP.FTS.B,
16.14%,
1/13/27
..
8,189
8,095
L2426798.UP.FTS.B,
16.24%,
1/13/27
....
13,109
12,989
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
139
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2423259.UP.FTS.B,
16.37%,
1/13/27
....
$
17,683
$
1,278
L2426649.UP.FTS.B,
16.44%,
1/13/27
....
925
909
L2428444.UP.FTS.B,
16.71%,
1/13/27
....
4,926
4,870
L2428347.UP.FTS.B,
16.79%,
1/13/27
....
5,787
5,732
FW2428748.UP.FTS.B,
17.09%,
1/13/27
..
8,225
8,130
L2425118.UP.FTS.B,
17.11%,
1/13/27
....
5,758
5,680
FW2423151.UP.FTS.B,
17.2%,
1/13/27
...
3,621
3,572
L2424529.UP.FTS.B,
17.26%,
1/13/27
....
8,287
8,209
L2428394.UP.FTS.B,
17.4%,
1/13/27
....
4,778
4,719
FW2425055.UP.FTS.B,
17.43%,
1/13/27
..
13,510
13,327
L2426279.UP.FTS.B,
17.73%,
1/13/27
....
3,382
3,343
L2424817.UP.FTS.B,
17.78%,
1/13/27
....
10,727
10,581
L2423964.UP.FTS.B,
18.15%,
1/13/27
....
5,785
5,707
L2428498.UP.FTS.B,
18.5%,
1/13/27
....
4,167
4,107
L2428454.UP.FTS.B,
18.63%,
1/13/27
....
6,248
6,157
L2422983.UP.FTS.B,
19.45%,
1/13/27
....
23,444
23,175
L2424684.UP.FTS.B,
20.1%,
1/13/27
....
4,969
4,944
L2423758.UP.FTS.B,
20.41%,
1/13/27
....
1,670
1,647
L2405396.UP.FTS.B,
20.43%,
1/13/27
....
6,056
5,968
L2426770.UP.FTS.B,
20.84%,
1/13/27
....
12,545
12,489
FW2426815.UP.FTS.B,
21.17%,
1/13/27
..
11,945
1,772
FW2425922.UP.FTS.B,
21.25%,
1/13/27
..
1,497
1,480
L2425214.UP.FTS.B,
21.28%,
1/13/27
....
4,792
1,342
L2427912.UP.FTS.B,
21.34%,
1/13/27
....
838
834
FW2424710.UP.FTS.B,
21.52%,
1/13/27
..
13,918
13,071
FW2427047.UP.FTS.B,
22.2%,
1/13/27
...
18,339
18,258
L2428658.UP.FTS.B,
22.41%,
1/13/27
....
9,415
8,930
L2395761.UP.FTS.B,
22.53%,
1/13/27
....
25,272
25,160
L2398543.UP.FTS.B,
22.71%,
1/13/27
....
2,338
2,299
L2425900.UP.FTS.B,
23.2%,
1/13/27
....
7,434
7,401
L2422984.UP.FTS.B,
23.24%,
1/13/27
....
11,323
3,280
L2424344.UP.FTS.B,
23.87%,
1/13/27
....
847
843
L2426951.UP.FTS.B,
24.27%,
1/13/27
....
4,798
1,389
L2425886.UP.FTS.B,
24.76%,
1/13/27
....
4,250
4,231
L2404751.UP.FTS.B,
24.81%,
1/13/27
....
15,304
15,237
FW2427848.UP.FTS.B,
24.93%,
1/13/27
..
2,817
2,673
L2428382.UP.FTS.B,
25.1%,
1/13/27
....
1,191
86
L2422250.UP.FTS.B,
25.13%,
1/13/27
....
2,639
2,627
L2423497.UP.FTS.B,
25.16%,
1/13/27
....
1,362
1,356
L2399706.UP.FTS.B,
25.18%,
1/13/27
....
12,270
12,216
L2419915.UP.FTS.B,
25.22%,
1/13/27
....
1,755
88
FW2428740.UP.FTS.B,
25.25%,
1/13/27
..
3,406
3,391
L2425660.UP.FTS.B,
25.25%,
1/13/27
....
1,618
1,600
L2427647.UP.FTS.B,
25.29%,
1/13/27
....
4,940
4,918
L2426521.UP.FTS.B,
25.33%,
1/13/27
....
2,982
2,969
L2427874.UP.FTS.B,
25.33%,
1/13/27
....
862
829
L2425390.UP.FTS.B,
25.36%,
1/13/27
....
2,660
398
L2426044.UP.FTS.B,
25.4%,
1/13/27
....
1,875
1,866
L2426848.UP.FTS.B,
25.4%,
1/13/27
....
7,704
7,653
L2424212.UP.FTS.B,
25.42%,
1/13/27
....
895
9
L2425077.UP.FTS.B,
25.43%,
1/13/27
....
7,818
7,774
L2423795.UP.FTS.B,
25.46%,
1/13/27
....
6,051
6,025
L2424946.UP.FTS.B,
25.46%,
1/13/27
....
1,818
1,793
L2425747.UP.FTS.B,
25.48%,
1/13/27
....
11,934
11,774
L2424771.UP.FTS.B,
25.96%,
1/13/27
....
1,878
1,870
FW2424834.UP.FTS.B,
26.08%,
1/13/27
..
4,614
4,594
FW2425245.UP.FTS.B,
26.25%,
1/13/27
..
1,368
1,362
FW2423361.UP.FTS.B,
26.6%,
1/13/27
...
2,911
2,894
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2426259.UP.FTS.B,
26.65%,
1/13/27
..
$
4,283
$
4,264
FW2428725.UP.FTS.B,
26.68%,
1/13/27
..
2,314
2,300
FW2428287.UP.FTS.B,
26.84%,
1/13/27
..
5,205
4,945
FW2425746.UP.FTS.B,
27.06%,
1/13/27
..
7,719
7,685
FW2425948.UP.FTS.B,
27.28%,
1/13/27
..
6,008
5,982
FW2424326.UP.FTS.B,
27.8%,
1/13/27
...
8,514
8,473
FW2422977.UP.FTS.B,
28.17%,
1/13/27
..
17,054
16,968
FW2423642.UP.FTS.B,
28.44%,
1/13/27
..
3,448
3,433
FW2424974.UP.FTS.B,
28.61%,
1/13/27
..
14,728
14,646
FW2427295.UP.FTS.B,
28.62%,
1/13/27
..
1,397
1,327
FW2423517.UP.FTS.B,
29.09%,
1/13/27
..
5,466
818
FW2422891.UP.FTS.B,
29.39%,
1/13/27
..
1,694
1,685
FW2425791.UP.FTS.B,
29.41%,
1/13/27
..
2,715
2,575
FW2426907.UP.FTS.B,
29.43%,
1/13/27
..
35,861
35,644
FW2425524.UP.FTS.B,
29.54%,
1/13/27
..
19,472
19,387
FW2427306.UP.FTS.B,
29.68%,
1/13/27
..
1,227
1,221
FW2423451.UP.FTS.B,
30.19%,
1/13/27
..
867
864
FW2426985.UP.FTS.B,
30.26%,
1/13/27
..
28,837
28,690
FW2427875.UP.FTS.B,
30.3%,
1/13/27
...
868
864
FW2423548.UP.FTS.B,
30.41%,
1/13/27
..
2,257
2,247
FW2425371.UP.FTS.B,
30.51%,
1/13/27
..
1,737
1,729
FW2423407.UP.FTS.B,
30.57%,
1/13/27
..
1,998
1,989
FW2424742.UP.FTS.B,
30.86%,
1/13/27
..
1,302
1,289
FW2425795.UP.FTS.B,
30.94%,
1/13/27
..
3,521
3,503
FW2425961.UP.FTS.B,
31.09%,
1/13/27
..
957
953
FW2427636.UP.FTS.B,
31.15%,
1/13/27
..
5,044
4,788
FW2426510.UP.FTS.B,
31.33%,
1/13/27
..
3,305
3,290
FW2424349.UP.FTS.B,
31.49%,
1/13/27
..
2,702
2,690
FW2423715.UP.FTS.B,
32.57%,
1/13/27
..
875
871
FW2432124.UP.FTS.B,
5.02%,
1/14/27
...
38,641
38,381
L2429437.UP.FTS.B,
5.17%,
1/14/27
....
9,282
9,220
L2435082.UP.FTS.B,
5.24%,
1/14/27
....
20,970
20,829
L2429367.UP.FTS.B,
5.33%,
1/14/27
....
11,612
11,534
L2435136.UP.FTS.B,
5.4%,
1/14/27
.....
8,132
8,077
L2435334.UP.FTS.B,
5.79%,
1/14/27
....
2,406
2,390
L2431631.UP.FTS.B,
5.94%,
1/14/27
....
2,952
2,933
L2428794.UP.FTS.B,
5.98%,
1/14/27
....
11,655
11,577
L2434119.UP.FTS.B,
5.98%,
1/14/27
.....
765
759
L2432641.UP.FTS.B,
5.99%,
1/14/27
....
7,771
7,719
FW2431037.UP.FTS.B,
6.01%,
1/14/27
...
3,109
3,088
FW2434481.UP.FTS.B,
6.18%,
1/14/27
...
7,388
7,339
L2434868.UP.FTS.B,
6.25%,
1/14/27
....
8,560
8,504
L2433278.UP.FTS.B,
6.42%,
1/14/27
....
10,904
10,831
L2434814.UP.FTS.B,
6.49%,
1/14/27
....
2,026
2,013
L2432301.UP.FTS.B,
6.51%,
1/14/27
....
3,897
3,871
L2431798.UP.FTS.B,
6.68%,
1/14/27
....
11,055
10,981
FW2429354.UP.FTS.B,
6.79%,
1/14/27
...
38,796
38,539
FW2430872.UP.FTS.B,
6.87%,
1/14/27
...
2,728
2,710
L2432901.UP.FTS.B,
6.93%,
1/14/27
....
14,831
14,733
FW2430681.UP.FTS.B,
7.21%,
1/14/27
...
25,021
24,857
L2431865.UP.FTS.B,
7.24%,
1/14/27
....
13,303
13,216
L2429292.UP.FTS.B,
7.41%,
1/14/27
....
9,399
9,324
L2432353.UP.FTS.B,
7.41%,
1/14/27
....
15,665
15,540
L2430454.UP.FTS.B,
7.62%,
1/14/27
....
10,842
10,754
L2433097.UP.FTS.B,
7.62%,
1/14/27
....
30,380
30,136
L2434635.UP.FTS.B,
7.74%,
1/14/27
....
16,634
16,502
FW2429026.UP.FTS.B,
7.87%,
1/14/27
...
2,634
193
L2433991.UP.FTS.B,
7.94%,
1/14/27
....
5,349
5,305
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
140
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2435013.UP.FTS.B,
8.08%,
1/14/27
....
$
7,861
$
7,799
L2429715.UP.FTS.B,
8.3%,
1/14/27
.....
3,148
3,123
L2434529.UP.FTS.B,
8.37%,
1/14/27
....
5,511
5,468
L2430462.UP.FTS.B,
8.4%,
1/14/27
.....
19,688
19,532
L2435208.UP.FTS.B,
8.4%,
1/14/27
.....
35,372
35,091
L2432009.UP.FTS.B,
8.47%,
1/14/27
....
16,290
3,976
L2435422.UP.FTS.B,
8.9%,
1/14/27
.....
8,481
548
L2429477.UP.FTS.B,
8.93%,
1/14/27
....
10,977
10,891
L2429964.UP.FTS.B,
9.01%,
1/14/27
....
3,950
3,919
L2429979.UP.FTS.B,
9.08%,
1/14/27
....
2,371
2,352
L2432951.UP.FTS.B,
9.1%,
1/14/27
.....
12,667
11,898
L2429404.UP.FTS.B,
9.12%,
1/14/27
....
39,527
39,216
L2430465.UP.FTS.B,
9.43%,
1/14/27
....
11,879
11,786
L2432796.UP.FTS.B,
9.5%,
1/14/27
.....
1,981
1,965
L2432514.UP.FTS.B,
9.62%,
1/14/27
....
27,743
27,526
L2434796.UP.FTS.B,
9.68%,
1/14/27
....
19,821
19,666
L2434345.UP.FTS.B,
9.69%,
1/14/27
....
7,380
7,318
L2434787.UP.FTS.B,
9.78%,
1/14/27
....
2,307
2,288
FW2431901.UP.FTS.B,
9.92%,
1/14/27
...
9,094
9,003
L2434222.UP.FTS.B,
9.93%,
1/14/27
....
8,515
519
L2434832.UP.FTS.B,
9.93%,
1/14/27
....
5,330
1,321
L2435424.UP.FTS.B,
10.13%,
1/14/27
....
3,947
3,909
L2435560.UP.FTS.B,
10.15%,
1/14/27
....
21,472
21,298
FW2433055.UP.FTS.B,
10.82%,
1/14/27
..
2,792
2,766
L2403095.UP.FTS.B,
10.86%,
1/14/27
....
6,764
6,701
L2431423.UP.FTS.B,
11.01%,
1/14/27
....
2,395
2,373
L2430601.UP.FTS.B,
11.3%,
1/14/27
.....
13,995
13,866
FW2432645.UP.FTS.B,
11.94%,
1/14/27
..
5,215
5,167
FW2433730.UP.FTS.B,
12.25%,
1/14/27
..
43,470
3,319
L2435214.UP.FTS.B,
12.31%,
1/14/27
....
5,074
698
L2431712.UP.FTS.B,
12.53%,
1/14/27
....
1,299
94
FW2433199.UP.FTS.B,
12.56%,
1/14/27
..
2,414
2,392
L2431067.UP.FTS.B,
12.57%,
1/14/27
....
4,822
4,777
L2429992.UP.FTS.B,
12.6%,
1/14/27
....
4,149
4,109
L2434462.UP.FTS.B,
12.63%,
1/14/27
....
1,610
1,595
FW2432090.UP.FTS.B,
12.83%,
1/14/27
..
5,238
5,190
L2435380.UP.FTS.B,
12.98%,
1/14/27
....
4,406
4,365
FW2434494.UP.FTS.B,
12.99%,
1/14/27
..
4,032
3,995
L2432680.UP.FTS.B,
13.04%,
1/14/27
....
4,033
3,996
L2430844.UP.FTS.B,
13.1%,
1/14/27
....
13,309
12,501
FW2430692.UP.FTS.B,
13.13%,
1/14/27
..
7,263
7,197
L2434966.UP.FTS.B,
13.37%,
1/14/27
....
8,250
7,750
L2434354.UP.FTS.B,
13.48%,
1/14/27
....
4,042
4,006
L2433923.UP.FTS.B,
13.81%,
1/14/27
....
8,053
7,979
L2430593.UP.FTS.B,
13.89%,
1/14/27
....
8,287
7,786
L2435102.UP.FTS.B,
15.04%,
1/14/27
....
12,232
12,115
FW2429622.UP.FTS.B,
15.13%,
1/14/27
..
4,172
3,920
L2434928.UP.FTS.B,
15.16%,
1/14/27
....
4,075
4,039
L2432300.UP.FTS.B,
15.27%,
1/14/27
....
457
451
L2431842.UP.FTS.B,
15.8%,
1/14/27
....
33,677
8,660
FW2435291.UP.FTS.B,
16.08%,
1/14/27
..
36,554
36,219
FW2428845.UP.FTS.B,
16.32%,
1/14/27
..
8,687
1,250
L2429267.UP.FTS.B,
16.52%,
1/14/27
....
8,232
8,132
FW2435527.UP.FTS.B,
16.65%,
1/14/27
..
14,939
14,770
FW2430915.UP.FTS.B,
16.81%,
1/14/27
..
8,840
8,739
L2429626.UP.FTS.B,
16.81%,
1/14/27
....
3,286
3,249
L2434502.UP.FTS.B,
17.17%,
1/14/27
....
13,789
12,955
L2435410.UP.FTS.B,
17.3%,
1/14/27
....
10,186
9,578
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2432699.UP.FTS.B,
17.44%,
1/14/27
....
$
4,531
$
4,480
L2434046.UP.FTS.B,
17.57%,
1/14/27
....
7,831
7,762
L2432494.UP.FTS.B,
18.24%,
1/14/27
....
3,460
494
L2426379.UP.FTS.B,
19.1%,
1/14/27
....
4,565
4,514
L2429755.UP.FTS.B,
19.15%,
1/14/27
....
12,453
12,402
L2435425.UP.FTS.B,
19.56%,
1/14/27
....
5,070
4,762
FW2428166.UP.FTS.B,
19.59%,
1/14/27
..
10,570
324
FW2430438.UP.FTS.B,
20.15%,
1/14/27
..
3,258
3,211
L2430606.UP.FTS.B,
20.16%,
1/14/27
....
10,925
10,780
L2434674.UP.FTS.B,
20.19%,
1/14/27
....
33,564
33,259
L2430735.UP.FTS.B,
20.49%,
1/14/27
....
5,930
5,633
L2434166.UP.FTS.B,
20.69%,
1/14/27
....
33,431
32,989
L2428990.UP.FTS.B,
21.05%,
1/14/27
....
16,742
16,673
L2431627.UP.FTS.B,
21.05%,
1/14/27
....
8,371
8,278
L2434076.UP.FTS.B,
21.06%,
1/14/27
....
8,490
8,066
FW2431803.UP.FTS.B,
21.19%,
1/14/27
..
3,267
3,223
L2435241.UP.FTS.B,
21.3%,
1/14/27
....
6,162
6,104
L2433980.UP.FTS.B,
21.4%,
1/14/27
....
3,353
3,309
L2429653.UP.FTS.B,
21.57%,
1/14/27
....
5,689
849
L2434141.UP.FTS.B,
21.61%,
1/14/27
....
3,273
3,230
L2433810.UP.FTS.B,
21.65%,
1/14/27
....
15,121
14,982
L2434159.UP.FTS.B,
21.72%,
1/14/27
....
1,260
1,255
L2432761.UP.FTS.B,
21.77%,
1/14/27
....
2,099
2,076
L2434330.UP.FTS.B,
21.77%,
1/14/27
....
7,557
7,473
L2432647.UP.FTS.B,
21.91%,
1/14/27
....
3,029
2,985
L2433080.UP.FTS.B,
22.02%,
1/14/27
....
13,281
13,227
L2433930.UP.FTS.B,
22.17%,
1/14/27
....
9,083
9,046
L2428923.UP.FTS.B,
22.2%,
1/14/27
....
9,206
8,744
L2433523.UP.FTS.B,
22.41%,
1/14/27
....
11,808
11,741
L2433884.UP.FTS.B,
22.52%,
1/14/27
....
4,200
4,144
L2432854.UP.FTS.B,
22.72%,
1/14/27
....
10,116
9,982
L2432010.UP.FTS.B,
22.75%,
1/14/27
....
25,297
25,194
FW2433245.UP.FTS.B,
22.87%,
1/14/27
..
5,768
1,663
FW2434152.UP.FTS.B,
22.94%,
1/14/27
..
13,584
13,528
FW2429090.UP.FTS.B,
23%,
1/14/27
....
2,581
743
L2433122.UP.FTS.B,
23.25%,
1/14/27
....
8,449
8,414
L2429502.UP.FTS.B,
23.45%,
1/14/27
....
1,871
1,860
L2429998.UP.FTS.B,
23.47%,
1/14/27
....
21,260
19,992
L2429608.UP.FTS.B,
24.17%,
1/14/27
....
7,010
505
L2430627.UP.FTS.B,
24.59%,
1/14/27
....
8,390
8,351
L2435514.UP.FTS.B,
24.62%,
1/14/27
....
8,497
8,462
FW2434137.UP.FTS.B,
24.72%,
1/14/27
..
24,122
23,987
L2429435.UP.FTS.B,
24.72%,
1/14/27
....
10,199
10,065
L2429892.UP.FTS.B,
24.74%,
1/14/27
....
1,615
1,608
L2430498.UP.FTS.B,
25.11%,
1/14/27
....
936
932
L2432911.UP.FTS.B,
25.19%,
1/14/27
....
4,533
4,511
L2434103.UP.FTS.B,
25.19%,
1/14/27
....
1,022
1,017
L2429348.UP.FTS.B,
25.22%,
1/14/27
....
4,425
1,283
L2428592.UP.FTS.B,
25.23%,
1/14/27
....
2,129
2,101
L2431333.UP.FTS.B,
25.27%,
1/14/27
....
973
964
L2434126.UP.FTS.B,
25.3%,
1/14/27
....
2,347
167
L2432337.UP.FTS.B,
25.36%,
1/14/27
....
11,003
10,875
L2428819.UP.FTS.B,
25.51%,
1/14/27
....
7,929
7,897
L2430801.UP.FTS.B,
25.58%,
1/14/27
....
621
44
L2429739.UP.FTS.B,
25.61%,
1/14/27
....
2,269
2,255
L2430189.UP.FTS.B,
25.96%,
1/14/27
....
5,473
5,445
L2434122.UP.FTS.B,
25.98%,
1/14/27
....
3,407
3,362
FW2427919.UP.FTS.B,
26.2%,
1/14/27
...
8,548
8,513
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
141
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2429601.UP.FTS.B,
26.35%,
1/14/27
..
$
7,535
$
7,160
FW2433321.UP.FTS.B,
26.46%,
1/14/27
..
1,711
1,704
FW2430722.UP.FTS.B,
26.47%,
1/14/27
..
10,097
10,056
FW2434298.UP.FTS.B,
26.5%,
1/14/27
...
2,796
2,783
FW2433285.UP.FTS.B,
26.57%,
1/14/27
..
6,597
6,558
FW2433372.UP.FTS.B,
26.59%,
1/14/27
..
5,403
5,376
FW2428882.UP.FTS.B,
27.27%,
1/14/27
..
5,142
5,121
FW2434057.UP.FTS.B,
27.5%,
1/14/27
...
2,692
785
FW2430797.UP.FTS.B,
27.91%,
1/14/27
..
20,289
19,283
FW2435389.UP.FTS.B,
28.43%,
1/14/27
..
862
859
FW2435458.UP.FTS.B,
28.74%,
1/14/27
..
4,261
4,240
FW2429440.UP.FTS.B,
28.89%,
1/14/27
..
4,778
4,705
FW2429972.UP.FTS.B,
28.92%,
1/14/27
..
1,727
1,720
FW2428964.UP.FTS.B,
29.05%,
1/14/27
..
8,197
582
FW2432969.UP.FTS.B,
29.06%,
1/14/27
..
8,640
8,605
FW2431137.UP.FTS.B,
29.79%,
1/14/27
..
4,331
4,314
FW2435220.UP.FTS.B,
30.47%,
1/14/27
..
2,648
2,634
FW2429314.UP.FTS.B,
30.55%,
1/14/27
..
1,327
1,319
FW2431660.UP.FTS.B,
30.55%,
1/14/27
..
10,192
10,133
FW2434437.UP.FTS.B,
30.78%,
1/14/27
..
1,738
1,732
FW2432136.UP.FTS.B,
30.97%,
1/14/27
..
1,025
1,020
FW2434353.UP.FTS.B,
30.98%,
1/14/27
..
1,021
72
FW2425278.UP.FTS.B,
31%,
1/14/27
....
1,066
1,050
FW2431224.UP.FTS.B,
31.01%,
1/14/27
..
1,752
1,664
FW2429458.UP.FTS.B,
31.02%,
1/14/27
..
1,472
102
FW2434725.UP.FTS.B,
31.06%,
1/14/27
..
2,788
2,778
FW2431217.UP.FTS.B,
31.18%,
1/14/27
..
5,136
5,116
FW2434470.UP.FTS.B,
31.22%,
1/14/27
..
2,035
126
FW2431321.UP.FTS.B,
31.23%,
1/14/27
..
2,446
173
FW2432104.UP.FTS.B,
31.23%,
1/14/27
..
1,456
(10)
FW2430090.UP.FTS.B,
31.24%,
1/14/27
..
509
501
FW2435248.UP.FTS.B,
31.26%,
1/14/27
..
4,657
4,634
FW2434228.UP.FTS.B,
31.29%,
1/14/27
..
3,128
217
FW2434302.UP.FTS.B,
31.74%,
1/14/27
..
3,053
3,041
FW2430671.UP.FTS.B,
32%,
1/14/27
....
1,902
283
FW2432424.UP.FTS.B,
32.08%,
1/14/27
..
2,622
388
FW2430067.UP.FTS.B,
32.35%,
1/14/27
..
4,283
4,266
FW2433366.UP.FTS.B,
32.7%,
1/14/27
...
1,648
1,636
FW2435168.UP.FTS.B,
33.41%,
1/14/27
..
1,584
466
FW2429192.UP.FTS.B,
34.62%,
1/14/27
..
5,811
5,788
L2435572.UP.FTS.B,
5.11%,
1/18/27
.....
6,188
6,145
L2437289.UP.FTS.B,
5.21%,
1/18/27
....
15,472
15,366
L2438850.UP.FTS.B,
5.32%,
1/18/27
....
10,217
10,134
FW2437117.UP.FTS.B,
5.57%,
1/18/27
...
9,301
9,237
L2435960.UP.FTS.B,
5.66%,
1/18/27
....
3,102
3,081
L2437744.UP.FTS.B,
5.82%,
1/18/27
....
2,712
2,694
L2436076.UP.FTS.B,
6.4%,
1/18/27
.....
7,789
7,736
L2436314.UP.FTS.B,
6.73%,
1/18/27
....
6,591
6,545
L2437712.UP.FTS.B,
7.07%,
1/18/27
....
4,433
4,402
L2436166.UP.FTS.B,
7.3%,
1/18/27
.....
7,828
7,774
L2437375.UP.FTS.B,
7.41%,
1/18/27
....
11,749
11,669
FW2435037.UP.FTS.B,
7.47%,
1/18/27
...
10,874
10,786
FW2435774.UP.FTS.B,
7.71%,
1/18/27
...
2,354
2,335
L2437526.UP.FTS.B,
8.11%,
1/18/27
.....
4,246
4,212
L2435968.UP.FTS.B,
8.28%,
1/18/27
....
39,348
39,030
L2437670.UP.FTS.B,
8.31%,
1/18/27
....
3,930
3,898
L2435758.UP.FTS.B,
8.38%,
1/18/27
....
5,118
5,077
FW2437100.UP.FTS.B,
8.44%,
1/18/27
...
4,726
4,688
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2435979.UP.FTS.B,
8.48%,
1/18/27
...
$
14,798
$
1,996
L2438360.UP.FTS.B,
8.62%,
1/18/27
....
13,397
13,288
FW2436679.UP.FTS.B,
8.8%,
1/18/27
....
3,946
3,914
FW2436617.UP.FTS.B,
8.87%,
1/18/27
...
4,385
320
L2436019.UP.FTS.B,
8.91%,
1/18/27
....
4,343
4,308
FW2436236.UP.FTS.B,
9.07%,
1/18/27
...
1,818
1,803
L2436597.UP.FTS.B,
9.15%,
1/18/27
....
3,953
3,922
L2439024.UP.FTS.B,
9.19%,
1/18/27
....
39,403
39,082
FW2437428.UP.FTS.B,
9.23%,
1/18/27
...
3,305
3,278
FW2438526.UP.FTS.B,
9.32%,
1/18/27
...
4,836
4,541
L2439293.UP.FTS.B,
9.38%,
1/18/27
....
3,958
3,926
L2436825.UP.FTS.B,
9.41%,
1/18/27
....
34,837
34,556
L2435641.UP.FTS.B,
9.42%,
1/18/27
....
11,878
11,782
FW2437343.UP.FTS.B,
9.49%,
1/18/27
...
4,753
4,714
L2437642.UP.FTS.B,
9.64%,
1/18/27
....
989
980
L2436109.UP.FTS.B,
9.68%,
1/18/27
....
39,498
39,176
L2438805.UP.FTS.B,
9.71%,
1/18/27
....
9,120
9,047
L2438298.UP.FTS.B,
9.72%,
1/18/27
....
11,905
11,805
L2438087.UP.FTS.B,
9.91%,
1/18/27
....
37,310
37,010
L2405316.UP.FTS.B,
10.34%,
1/18/27
....
1,579
1,564
L2435766.UP.FTS.B,
10.44%,
1/18/27
....
9,154
9,081
L2435811.UP.FTS.B,
10.45%,
1/18/27
....
32,568
30,582
L2435930.UP.FTS.B,
10.61%,
1/18/27
....
717
689
FW2435900.UP.FTS.B,
11.42%,
1/18/27
..
4,321
4,280
L2437164.UP.FTS.B,
11.6%,
1/18/27
.....
4,805
4,760
L2437916.UP.FTS.B,
11.63%,
1/18/27
....
4,005
3,968
L2435975.UP.FTS.B,
12.06%,
1/18/27
....
4,954
4,655
L2431628.UP.FTS.B,
12.97%,
1/18/27
....
12,094
11,981
L2437498.UP.FTS.B,
13%,
1/18/27
......
40,328
39,951
FW2436712.UP.FTS.B,
13.19%,
1/18/27
..
22,604
22,392
L2436053.UP.FTS.B,
13.19%,
1/18/27
....
36,327
35,987
L2435800.UP.FTS.B,
13.45%,
1/18/27
....
1,406
1,387
FW2438200.UP.FTS.B,
13.65%,
1/18/27
..
697
689
L2436944.UP.FTS.B,
13.68%,
1/18/27
....
24,278
24,051
L2438233.UP.FTS.B,
13.97%,
1/18/27
....
40,522
40,143
FW2435953.UP.FTS.B,
14.04%,
1/18/27
..
2,837
2,811
FW2386556.UP.FTS.B,
14.67%,
1/18/27
..
21,874
21,669
L2435828.UP.FTS.B,
15.11%,
1/18/27
....
8,149
8,073
L2436170.UP.FTS.B,
15.51%,
1/18/27
....
4,282
617
FW2437715.UP.FTS.B,
16.25%,
1/18/27
..
20,336
20,098
L2436120.UP.FTS.B,
16.49%,
1/18/27
....
2,461
2,433
FW2437419.UP.FTS.B,
16.93%,
1/18/27
..
12,328
12,213
L2437345.UP.FTS.B,
17.3%,
1/18/27
....
9,075
8,962
L2436235.UP.FTS.B,
19.1%,
1/18/27
....
3,716
3,666
FW2433283.UP.FTS.B,
19.48%,
1/18/27
..
4,155
4,107
L2431623.UP.FTS.B,
19.58%,
1/18/27
....
32,114
31,746
L2437522.UP.FTS.B,
20.01%,
1/18/27
....
1,250
1,233
L2436835.UP.FTS.B,
20.74%,
1/18/27
....
12,540
12,490
L2437784.UP.FTS.B,
21.86%,
1/18/27
....
8,465
1,246
L2438983.UP.FTS.B,
22.44%,
1/18/27
....
33,283
33,128
L2438751.UP.FTS.B,
22.96%,
1/18/27
....
5,043
5,021
L2438096.UP.FTS.B,
23.15%,
1/18/27
....
1,959
74
L2436458.UP.FTS.B,
23.16%,
1/18/27
....
1,677
1,670
L2435681.UP.FTS.B,
23.28%,
1/18/27
....
1,708
1,622
FW2436112.UP.FTS.B,
23.4%,
1/18/27
...
2,959
2,946
FW2436384.UP.FTS.B,
23.41%,
1/18/27
..
6,986
503
L2436533.UP.FTS.B,
23.74%,
1/18/27
....
10,158
10,116
L2435597.UP.FTS.B,
23.94%,
1/18/27
....
4,402
314
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
142
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2439317.UP.FTS.B,
24.04%,
1/18/27
....
$
859
$
807
L2437454.UP.FTS.B,
24.13%,
1/18/27
....
1,786
36
L2435765.UP.FTS.B,
24.15%,
1/18/27
....
1,357
1,351
L2437360.UP.FTS.B,
24.68%,
1/18/27
....
1,204
1,185
L2438451.UP.FTS.B,
24.73%,
1/18/27
....
6,082
6,044
L2438797.UP.FTS.B,
24.88%,
1/18/27
....
1,007
72
L2436225.UP.FTS.B,
25.02%,
1/18/27
....
1,276
1,271
L2437383.UP.FTS.B,
25.04%,
1/18/27
....
10,211
10,168
L2435949.UP.FTS.B,
25.18%,
1/18/27
....
1,229
1,210
L2438923.UP.FTS.B,
25.2%,
1/18/27
....
1,703
1,696
L2435111.UP.FTS.B,
25.27%,
1/18/27
....
1,703
1,696
L2437834.UP.FTS.B,
25.39%,
1/18/27
....
9,544
8,963
FW2437643.UP.FTS.B,
25.44%,
1/18/27
..
15,307
15,239
L2435585.UP.FTS.B,
25.45%,
1/18/27
....
1,089
1,080
L2435792.UP.FTS.B,
25.45%,
1/18/27
....
2,131
2,102
L2435644.UP.FTS.B,
25.47%,
1/18/27
....
10,739
10,694
L2435936.UP.FTS.B,
25.47%,
1/18/27
....
1,705
1,697
L2436279.UP.FTS.B,
25.97%,
1/18/27
....
3,375
3,355
FW2435607.UP.FTS.B,
26.08%,
1/18/27
..
2,129
2,066
FW2439188.UP.FTS.B,
26.09%,
1/18/27
..
7,547
7,475
FW2436593.UP.FTS.B,
26.2%,
1/18/27
...
12,729
903
FW2437462.UP.FTS.B,
26.24%,
1/18/27
..
42,747
42,563
FW2435944.UP.FTS.B,
26.26%,
1/18/27
..
3,347
3,328
L2436823.UP.FTS.B,
26.4%,
1/18/27
....
3,336
3,322
FW2435703.UP.FTS.B,
27.19%,
1/18/27
..
1,287
1,270
FW2438660.UP.FTS.B,
27.49%,
1/18/27
..
3,437
3,422
FW2436155.UP.FTS.B,
27.89%,
1/18/27
..
7,939
7,539
FW2437301.UP.FTS.B,
28.28%,
1/18/27
..
24,649
24,489
FW2436660.UP.FTS.B,
28.46%,
1/18/27
..
3,454
3,433
FW2435922.UP.FTS.B,
28.48%,
1/18/27
..
3,449
3,434
FW2435640.UP.FTS.B,
28.51%,
1/18/27
..
4,450
4,224
FW2438088.UP.FTS.B,
28.61%,
1/18/27
..
4,140
4,122
FW2435573.UP.FTS.B,
28.71%,
1/18/27
..
8,208
7,798
FW2437152.UP.FTS.B,
29.32%,
1/18/27
..
6,567
6,538
FW2438725.UP.FTS.B,
29.91%,
1/18/27
..
5,594
395
FW2438349.UP.FTS.B,
30.51%,
1/18/27
..
1,373
1,363
FW2436417.UP.FTS.B,
30.84%,
1/18/27
..
5,216
5,193
FW2438913.UP.FTS.B,
30.85%,
1/18/27
..
1,589
79
FW2437431.UP.FTS.B,
30.95%,
1/18/27
..
1,559
1,552
FW2438777.UP.FTS.B,
30.99%,
1/18/27
..
1,379
96
FW2437637.UP.FTS.B,
31.11%,
1/18/27
..
1,480
1,473
FW2437597.UP.FTS.B,
31.16%,
1/18/27
..
1,104
77
FW2435617.UP.FTS.B,
31.17%,
1/18/27
..
5,056
5,015
FW2438645.UP.FTS.B,
31.19%,
1/18/27
..
2,787
2,774
FW2437702.UP.FTS.B,
31.33%,
1/18/27
..
876
862
FW2437284.UP.FTS.B,
31.34%,
1/18/27
..
1,333
393
FW2438118.UP.FTS.B,
31.57%,
1/18/27
..
7,148
7,115
FW2438330.UP.FTS.B,
31.74%,
1/18/27
..
3,140
3,125
FW2437025.UP.FTS.B,
32.34%,
1/18/27
..
4,249
641
L2604537.UP.FTS.B,
4.81%,
2/10/27
....
17,166
17,049
L2607506.UP.FTS.B,
5.59%,
2/10/27
....
39,533
39,264
FW2607187.UP.FTS.B,
7.26%,
2/10/27
...
31,903
31,633
L2528315.UP.FTS.B,
7.51%,
2/10/27
....
9,184
9,106
L2604772.UP.FTS.B,
7.89%,
2/10/27
....
21,684
21,500
L2604123.UP.FTS.B,
8.47%,
2/10/27
....
7,222
7,161
L2608785.UP.FTS.B,
8.52%,
2/10/27
....
11,639
11,541
L2609006.UP.FTS.B,
8.83%,
2/10/27
....
7,220
7,158
FW2594995.UP.FTS.B,
9.66%,
2/10/27
...
23,410
23,213
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2607571.UP.FTS.B,
9.71%,
2/10/27
....
$
16,148
$
16,013
L2606288.UP.FTS.B,
9.78%,
2/10/27
....
6,003
5,949
L2604523.UP.FTS.B,
10.02%,
2/10/27
....
14,151
14,033
L2608678.UP.FTS.B,
11.38%,
2/10/27
....
3,667
3,628
L2608808.UP.FTS.B,
11.45%,
2/10/27
....
1,621
1,599
L2603278.UP.FTS.B,
11.56%,
2/10/27
....
4,737
4,686
L2606699.UP.FTS.B,
11.87%,
2/10/27
....
19,561
19,360
L2608120.UP.FTS.B,
12.12%,
2/10/27
....
21,972
21,747
L2607500.UP.FTS.B,
12.17%,
2/10/27
....
15,020
14,860
L2606144.UP.FTS.B,
12.19%,
2/10/27
....
3,756
3,707
L2602160.UP.FTS.B,
13.05%,
2/10/27
....
6,973
6,901
L2606798.UP.FTS.B,
13.38%,
2/10/27
....
8,249
8,161
L2605310.UP.FTS.B,
13.4%,
2/10/27
....
5,505
5,449
L2604725.UP.FTS.B,
13.41%,
2/10/27
....
2,716
2,687
L2608712.UP.FTS.B,
13.54%,
2/10/27
....
3,289
3,255
L2607120.UP.FTS.B,
13.67%,
2/10/27
....
14,325
14,171
L2607960.UP.FTS.B,
13.74%,
2/10/27
....
6,172
6,109
FW2604743.UP.FTS.B,
13.75%,
2/10/27
..
10,698
10,589
L2581968.UP.FTS.B,
13.8%,
2/10/27
....
9,064
8,969
FW2606882.UP.FTS.B,
13.95%,
2/10/27
..
6,590
6,522
FW2605016.UP.FTS.B,
14.07%,
2/10/27
..
13,276
956
L2560503.UP.FTS.B,
14.15%,
2/10/27
....
20,611
20,401
FW2608211.UP.FTS.B,
14.17%,
2/10/27
..
24,735
24,482
L2603024.UP.FTS.B,
14.31%,
2/10/27
....
5,757
5,697
L2607639.UP.FTS.B,
14.65%,
2/10/27
....
26,359
26,091
L2603034.UP.FTS.B,
14.68%,
2/10/27
....
8,595
8,481
FW2606203.UP.FTS.B,
14.78%,
2/10/27
..
2,646
2,619
FW2602616.UP.FTS.B,
14.79%,
2/10/27
..
41,068
40,645
L2603660.UP.FTS.B,
14.88%,
2/10/27
....
7,194
7,116
FW2608870.UP.FTS.B,
15.02%,
2/10/27
..
12,372
12,244
FW2607554.UP.FTS.B,
15.11%,
2/10/27
..
4,347
2,413
L2602863.UP.FTS.B,
15.13%,
2/10/27
....
3,312
3,269
FW2602511.UP.FTS.B,
15.19%,
2/10/27
..
23,358
23,120
L2605446.UP.FTS.B,
15.44%,
2/10/27
....
3,648
3,600
L2599419.UP.FTS.B,
15.54%,
2/10/27
....
14,933
14,736
L2608264.UP.FTS.B,
15.55%,
2/10/27
....
20,741
20,468
L2606023.UP.FTS.B,
15.7%,
2/10/27
....
3,321
3,287
L2602901.UP.FTS.B,
15.85%,
2/10/27
....
6,374
6,284
L2609082.UP.FTS.B,
16.06%,
2/10/27
....
17,533
17,354
L2609598.UP.FTS.B,
16.23%,
2/10/27
....
12,481
12,316
L2603136.UP.FTS.B,
17.13%,
2/10/27
....
16,708
16,488
L2606954.UP.FTS.B,
17.42%,
2/10/27
....
2,927
2,889
FW2602895.UP.FTS.B,
17.44%,
2/10/27
..
8,796
8,672
L2604751.UP.FTS.B,
17.73%,
2/10/27
....
837
826
FW2609494.UP.FTS.B,
18.3%,
2/10/27
...
4,197
4,142
FW2607843.UP.FTS.B,
18.35%,
2/10/27
..
6,603
3,688
FW2606517.UP.FTS.B,
18.44%,
2/10/27
..
6,788
6,695
FW2604508.UP.FTS.B,
18.54%,
2/10/27
..
4,599
335
FW2603450.UP.FTS.B,
19.07%,
2/10/27
..
10,021
9,889
FW2606893.UP.FTS.B,
19.31%,
2/10/27
..
4,196
4,130
FW2604033.UP.FTS.B,
19.37%,
2/10/27
..
8,262
8,134
FW2607400.UP.FTS.B,
19.48%,
2/10/27
..
1,713
979
L2608142.UP.FTS.B,
19.78%,
2/10/27
....
7,347
7,296
L2609196.UP.FTS.B,
20.26%,
2/10/27
....
5,078
4,999
FW2608136.UP.FTS.B,
20.57%,
2/10/27
..
3,625
260
L2607782.UP.FTS.B,
20.62%,
2/10/27
....
2,671
2,647
L2604705.UP.FTS.B,
20.86%,
2/10/27
....
6,011
437
L2607501.UP.FTS.B,
20.9%,
2/10/27
....
5,090
5,055
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
143
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2580476.UP.FTS.B,
20.98%,
2/10/27
....
$
2,249
$
2,206
FW2607597.UP.FTS.B,
21.25%,
2/10/27
..
1,869
1,840
L2604520.UP.FTS.B,
21.28%,
2/10/27
....
819
808
FW2601053.UP.FTS.B,
21.37%,
2/10/27
..
1,275
1,255
L2609346.UP.FTS.B,
21.52%,
2/10/27
....
17,858
17,579
L2603922.UP.FTS.B,
21.73%,
2/10/27
....
4,681
4,649
L2608576.UP.FTS.B,
21.77%,
2/10/27
....
3,575
3,550
FW2603891.UP.FTS.B,
21.96%,
2/10/27
..
14,558
2,125
L2608126.UP.FTS.B,
22.06%,
2/10/27
....
4,117
4,083
L2607211.UP.FTS.B,
22.39%,
2/10/27
....
2,567
2,545
FW2607078.UP.FTS.B,
22.55%,
2/10/27
..
2,647
2,628
FW2608208.UP.FTS.B,
22.58%,
2/10/27
..
9,393
9,327
L2604735.UP.FTS.B,
22.59%,
2/10/27
....
15,746
15,497
L2602916.UP.FTS.B,
22.8%,
2/10/27
....
4,191
301
L2602456.UP.FTS.B,
22.85%,
2/10/27
....
6,838
6,790
L2608552.UP.FTS.B,
22.9%,
2/10/27
....
2,565
2,547
L2608111.UP.FTS.B,
23.17%,
2/10/27
....
13,779
13,682
FW2603295.UP.FTS.B,
23.18%,
2/10/27
..
8,558
8,498
L2605681.UP.FTS.B,
23.22%,
2/10/27
....
4,280
4,250
L2603641.UP.FTS.B,
23.37%,
2/10/27
....
3,255
3,232
L2606964.UP.FTS.B,
23.53%,
2/10/27
....
857
851
L2606750.UP.FTS.B,
23.58%,
2/10/27
....
1,791
257
L2606747.UP.FTS.B,
23.7%,
2/10/27
....
8,499
8,435
FW2609091.UP.FTS.B,
23.84%,
2/10/27
..
4,339
2,564
L2604424.UP.FTS.B,
24.29%,
2/10/27
....
8,452
8,381
L2604262.UP.FTS.B,
24.39%,
2/10/27
....
4,299
4,268
FW2605000.UP.FTS.B,
24.47%,
2/10/27
..
4,730
4,696
L2609347.UP.FTS.B,
24.63%,
2/10/27
....
7,620
7,553
L2601898.UP.FTS.B,
24.69%,
2/10/27
....
1,205
1,197
L2608693.UP.FTS.B,
24.99%,
2/10/27
....
1,379
1,369
L2608510.UP.FTS.B,
25%,
2/10/27
......
1,723
1,711
L2605594.UP.FTS.B,
25.02%,
2/10/27
....
2,413
2,396
L2603615.UP.FTS.B,
25.04%,
2/10/27
....
19,114
18,851
L2603919.UP.FTS.B,
25.13%,
2/10/27
....
975
574
L2603328.UP.FTS.B,
25.17%,
2/10/27
....
862
856
FW2603122.UP.FTS.B,
25.21%,
2/10/27
..
4,631
331
L2604053.UP.FTS.B,
25.25%,
2/10/27
....
1,652
1,639
L2606928.UP.FTS.B,
25.27%,
2/10/27
....
1,811
1,783
L2607974.UP.FTS.B,
25.3%,
2/10/27
....
8,022
7,965
L2609551.UP.FTS.B,
25.3%,
2/10/27
....
2,243
2,227
FW2604982.UP.FTS.B,
25.32%,
2/10/27
..
13,100
7,750
FW2608965.UP.FTS.B,
25.39%,
2/10/27
..
6,484
466
FW2609019.UP.FTS.B,
25.41%,
2/10/27
..
4,730
4,696
L2572476.UP.FTS.B,
25.45%,
2/10/27
....
12,155
12,068
L2608845.UP.FTS.B,
25.47%,
2/10/27
....
2,934
208
L2609282.UP.FTS.B,
25.49%,
2/10/27
....
5,899
22
L2608348.UP.FTS.B,
25.54%,
2/10/27
....
5,181
5,145
L2603713.UP.FTS.B,
25.81%,
2/10/27
....
2,995
2,972
FW2604813.UP.FTS.B,
25.83%,
2/10/27
..
6,049
6,006
L2586417.UP.FTS.B,
25.9%,
2/10/27
....
8,385
8,326
FW2609054.UP.FTS.B,
25.93%,
2/10/27
..
8,764
5,188
FW2606426.UP.FTS.B,
26.19%,
2/10/27
..
2,993
2,970
L2605322.UP.FTS.B,
26.41%,
2/10/27
....
15,675
15,564
FW2604860.UP.FTS.B,
26.47%,
2/10/27
..
4,764
4,730
FW2607306.UP.FTS.B,
26.66%,
2/10/27
..
2,600
2,582
FW2608671.UP.FTS.B,
26.81%,
2/10/27
..
8,965
5,324
FW2607888.UP.FTS.B,
27.06%,
2/10/27
..
11,223
11,138
L2604862.UP.FTS.B,
27.57%,
2/10/27
....
8,869
8,805
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2605155.UP.FTS.B,
27.62%,
2/10/27
..
$
2,321
$
348
FW2603425.UP.FTS.B,
27.81%,
2/10/27
..
3,016
2,993
FW2607049.UP.FTS.B,
28.08%,
2/10/27
..
1,655
1,643
FW2608113.UP.FTS.B,
28.22%,
2/10/27
..
2,861
2,826
FW2605555.UP.FTS.B,
29.52%,
2/10/27
..
2,013
1,999
FW2607032.UP.FTS.B,
29.66%,
2/10/27
..
25,400
1,803
FW2602228.UP.FTS.B,
30.45%,
2/10/27
..
6,636
254
FW2607282.UP.FTS.B,
30.52%,
2/10/27
..
5,372
5,324
FW2607815.UP.FTS.B,
31.17%,
2/10/27
..
2,218
2,199
FW2606754.UP.FTS.B,
31.29%,
2/10/27
..
3,345
3,321
FW2606293.UP.FTS.B,
31.31%,
2/10/27
..
4,402
4,370
FW2607854.UP.FTS.B,
31.49%,
2/10/27
..
5,285
5,247
FW2602032.UP.FTS.B,
31.57%,
2/10/27
..
4,710
2,810
FW2604730.UP.FTS.B,
31.73%,
2/10/27
..
6,810
6,752
L2610465.UP.FTS.B,
5.18%,
2/11/27
.....
19,724
19,590
L2612729.UP.FTS.B,
6.04%,
2/11/27
.....
11,766
11,686
L2570795.UP.FTS.B,
6.48%,
2/11/27
.....
7,945
7,892
L2610259.UP.FTS.B,
6.78%,
2/11/27
.....
4,933
4,900
FW2614143.UP.FTS.B,
6.93%,
2/11/27
...
3,185
3,163
L2588879.UP.FTS.B,
7.55%,
2/11/27
.....
1,198
1,190
L2611556.UP.FTS.B,
8.27%,
2/11/27
.....
7,420
7,349
L2610842.UP.FTS.B,
9.27%,
2/11/27
.....
9,024
8,948
L2613434.UP.FTS.B,
9.37%,
2/11/27
.....
12,071
11,969
L2610221.UP.FTS.B,
9.67%,
2/11/27
.....
873
63
FW2610585.UP.FTS.B,
9.75%,
2/11/27
...
20,161
19,993
L2614166.UP.FTS.B,
10.03%,
2/11/27
....
2,830
2,807
L2611172.UP.FTS.B,
10.14%,
2/11/27
....
2,427
2,403
FW2612347.UP.FTS.B,
10.88%,
2/11/27
..
32,598
32,252
L2611011.UP.FTS.B,
11.03%,
2/11/27
....
13,159
13,026
FW2613043.UP.FTS.B,
11.2%,
2/11/27
...
10,409
10,304
L2610880.UP.FTS.B,
11.35%,
2/11/27
....
8,138
8,056
L2615397.UP.FTS.B,
11.54%,
2/11/27
....
5,702
5,644
L2615183.UP.FTS.B,
12.14%,
2/11/27
....
9,802
9,703
FW2614588.UP.FTS.B,
12.34%,
2/11/27
..
6,530
891
L2615652.UP.FTS.B,
12.4%,
2/11/27
.....
3,435
3,400
FW2612477.UP.FTS.B,
12.41%,
2/11/27
..
12,269
12,145
L2612452.UP.FTS.B,
12.6%,
2/11/27
.....
9,005
8,914
L2614372.UP.FTS.B,
12.82%,
2/11/27
....
13,268
13,134
L2614583.UP.FTS.B,
12.97%,
2/11/27
....
9,020
8,929
FW2604554.UP.FTS.B,
13.07%,
2/11/27
..
16,473
16,300
FW2615345.UP.FTS.B,
13.1%,
2/11/27
...
8,418
8,323
L2615756.UP.FTS.B,
13.21%,
2/11/27
....
3,813
3,773
L2614367.UP.FTS.B,
13.3%,
2/11/27
.....
5,258
5,205
L2612579.UP.FTS.B,
13.46%,
2/11/27
....
4,071
4,029
L2612166.UP.FTS.B,
13.67%,
2/11/27
....
5,545
5,485
L2615304.UP.FTS.B,
13.86%,
2/11/27
....
32,037
8,178
L2615143.UP.FTS.B,
13.89%,
2/11/27
....
3,541
3,505
L2614922.UP.FTS.B,
13.97%,
2/11/27
....
9,081
8,985
FW2612651.UP.FTS.B,
14.21%,
2/11/27
..
20,267
20,058
L2612964.UP.FTS.B,
14.24%,
2/11/27
....
9,897
9,798
L2614986.UP.FTS.B,
14.63%,
2/11/27
....
4,131
4,090
L2613480.UP.FTS.B,
14.65%,
2/11/27
....
9,756
9,655
L2615636.UP.FTS.B,
14.73%,
2/11/27
....
23,353
23,038
L2612790.UP.FTS.B,
14.98%,
2/11/27
....
13,075
12,944
L2612114.UP.FTS.B,
14.99%,
2/11/27
....
7,117
7,046
L2614045.UP.FTS.B,
15.28%,
2/11/27
....
4,972
4,922
L2615153.UP.FTS.B,
15.28%,
2/11/27
....
9,943
9,815
L2610220.UP.FTS.B,
15.29%,
2/11/27
....
6,629
6,543
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
144
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2610243.UP.FTS.B,
15.41%,
2/11/27
....
$
7,626
$
4,241
FW2615365.UP.FTS.B,
15.66%,
2/11/27
..
7,885
7,806
L2539854.UP.FTS.B,
15.78%,
2/11/27
....
3,737
3,689
FW2613396.UP.FTS.B,
15.97%,
2/11/27
..
1,828
1,805
L2614929.UP.FTS.B,
16.21%,
2/11/27
....
3,745
3,707
FW2612990.UP.FTS.B,
16.24%,
2/11/27
..
7,907
7,804
L2611366.UP.FTS.B,
16.4%,
2/11/27
.....
4,163
4,109
L2610647.UP.FTS.B,
16.52%,
2/11/27
....
6,649
6,582
L2613656.UP.FTS.B,
16.55%,
2/11/27
....
1,000
982
L2609633.UP.FTS.B,
17.1%,
2/11/27
.....
4,594
4,523
L2611260.UP.FTS.B,
17.12%,
2/11/27
....
17,709
17,477
L2613654.UP.FTS.B,
17.15%,
2/11/27
....
6,787
6,698
L2612163.UP.FTS.B,
17.53%,
2/11/27
....
2,822
1,570
FW2611103.UP.FTS.B,
17.75%,
2/11/27
..
4,188
4,133
L2615159.UP.FTS.B,
17.82%,
2/11/27
....
4,608
4,537
L2610018.UP.FTS.B,
17.84%,
2/11/27
....
1,840
1,816
L2611326.UP.FTS.B,
18.28%,
2/11/27
....
8,381
8,252
L2613884.UP.FTS.B,
18.39%,
2/11/27
....
3,361
3,310
FW2610493.UP.FTS.B,
18.4%,
2/11/27
...
1,039
1,020
L2605567.UP.FTS.B,
18.46%,
2/11/27
....
4,537
4,478
FW2614597.UP.FTS.B,
18.7%,
2/11/27
...
8,402
8,293
L2609725.UP.FTS.B,
18.91%,
2/11/27
....
42,079
41,436
FW2609511.UP.FTS.B,
18.92%,
2/11/27
..
10,996
10,846
FW2610980.UP.FTS.B,
18.94%,
2/11/27
..
8,417
8,308
L2614124.UP.FTS.B,
18.99%,
2/11/27
....
6,419
6,312
L2614413.UP.FTS.B,
19.06%,
2/11/27
....
22,781
22,543
L2601501.UP.FTS.B,
19.21%,
2/11/27
....
4,129
4,066
L2614334.UP.FTS.B,
19.21%,
2/11/27
....
14,745
14,648
L2609505.UP.FTS.B,
19.3%,
2/11/27
.....
1,602
1,586
FW2613564.UP.FTS.B,
19.34%,
2/11/27
..
5,945
431
L2611253.UP.FTS.B,
19.34%,
2/11/27
....
8,430
8,321
L2612816.UP.FTS.B,
19.36%,
2/11/27
....
16,863
16,605
FW2611297.UP.FTS.B,
19.83%,
2/11/27
..
12,802
12,630
L2600626.UP.FTS.B,
19.96%,
2/11/27
....
42,583
41,899
L2612449.UP.FTS.B,
20.03%,
2/11/27
....
8,436
8,306
FW2614605.UP.FTS.B,
20.34%,
2/11/27
..
3,784
3,757
L2613825.UP.FTS.B,
20.6%,
2/11/27
.....
2,069
2,036
L2609761.UP.FTS.B,
20.76%,
2/11/27
....
4,239
4,211
L2615540.UP.FTS.B,
20.79%,
2/11/27
....
5,088
5,010
L2610020.UP.FTS.B,
20.86%,
2/11/27
....
5,089
5,055
L2612113.UP.FTS.B,
20.93%,
2/11/27
....
7,224
7,111
L2613671.UP.FTS.B,
21.11%,
2/11/27
....
7,245
7,187
FW2612614.UP.FTS.B,
21.12%,
2/11/27
..
8,321
8,265
FW2612937.UP.FTS.B,
21.48%,
2/11/27
..
21,253
21,112
L2612062.UP.FTS.B,
21.51%,
2/11/27
....
1,582
1,557
L2611316.UP.FTS.B,
21.54%,
2/11/27
....
17,014
16,901
L2611816.UP.FTS.B,
21.62%,
2/11/27
....
2,552
2,535
L2605257.UP.FTS.B,
21.7%,
2/11/27
.....
851
846
L2615221.UP.FTS.B,
21.7%,
2/11/27
.....
8,510
8,454
L2610270.UP.FTS.B,
21.86%,
2/11/27
....
5,322
785
L2615421.UP.FTS.B,
22.2%,
2/11/27
.....
9,295
9,171
FW2611510.UP.FTS.B,
22.45%,
2/11/27
..
9,319
9,242
L2612478.UP.FTS.B,
22.55%,
2/11/27
....
1,366
1,357
L2610047.UP.FTS.B,
22.57%,
2/11/27
....
2,732
2,714
L2610189.UP.FTS.B,
23.14%,
2/11/27
....
9,170
9,105
L2612720.UP.FTS.B,
23.21%,
2/11/27
....
856
843
L2614552.UP.FTS.B,
23.24%,
2/11/27
....
4,667
4,632
L2612674.UP.FTS.B,
23.33%,
2/11/27
....
1,693
1,681
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2613747.UP.FTS.B,
23.43%,
2/11/27
..
$
8,563
$
8,506
L2611969.UP.FTS.B,
23.47%,
2/11/27
....
3,438
3,410
L2610518.UP.FTS.B,
23.54%,
2/11/27
....
26,139
25,964
L2611149.UP.FTS.B,
23.94%,
2/11/27
....
17,165
17,050
L2579723.UP.FTS.B,
23.99%,
2/11/27
....
12,877
12,790
L2615317.UP.FTS.B,
24.12%,
2/11/27
....
6,441
6,358
L2614419.UP.FTS.B,
24.18%,
2/11/27
....
2,405
2,389
L2612809.UP.FTS.B,
24.27%,
2/11/27
....
1,203
1,195
FW2611588.UP.FTS.B,
24.58%,
2/11/27
..
8,390
8,324
L2613285.UP.FTS.B,
24.59%,
2/11/27
....
5,914
5,841
FW2611057.UP.FTS.B,
24.84%,
2/11/27
..
21,839
366
FW2610552.UP.FTS.B,
24.93%,
2/11/27
..
3,445
3,422
L2613569.UP.FTS.B,
25.13%,
2/11/27
....
862
856
L2610541.UP.FTS.B,
25.14%,
2/11/27
....
862
849
FW2613750.UP.FTS.B,
25.19%,
2/11/27
..
2,242
2,207
L2613208.UP.FTS.B,
25.22%,
2/11/27
....
1,293
1,285
L2612096.UP.FTS.B,
25.23%,
2/11/27
....
1,725
1,713
L2613943.UP.FTS.B,
25.28%,
2/11/27
....
3,364
3,341
FW2613609.UP.FTS.B,
25.31%,
2/11/27
..
8,626
8,493
L2608705.UP.FTS.B,
25.34%,
2/11/27
....
9,921
9,855
FW2609818.UP.FTS.B,
25.35%,
2/11/27
..
1,483
1,470
L2612020.UP.FTS.B,
25.35%,
2/11/27
....
691
682
FW2614897.UP.FTS.B,
25.36%,
2/11/27
..
2,933
2,914
L2614702.UP.FTS.B,
25.37%,
2/11/27
....
3,733
3,704
L2614470.UP.FTS.B,
25.38%,
2/11/27
....
8,803
1,296
L2611708.UP.FTS.B,
25.41%,
2/11/27
....
6,126
6,081
L2611511.UP.FTS.B,
25.43%,
2/11/27
....
5,520
5,476
L2612279.UP.FTS.B,
25.43%,
2/11/27
....
10,949
10,875
L2613393.UP.FTS.B,
25.43%,
2/11/27
....
1,294
1,286
L2610473.UP.FTS.B,
25.47%,
2/11/27
....
3,280
3,258
L2611698.UP.FTS.B,
25.48%,
2/11/27
....
1,208
1,200
L2615261.UP.FTS.B,
25.48%,
2/11/27
....
2,043
2,021
L2611590.UP.FTS.B,
25.53%,
2/11/27
....
6,427
1,865
L2615219.UP.FTS.B,
25.79%,
2/11/27
....
9,332
9,269
L2613952.UP.FTS.B,
25.83%,
2/11/27
....
3,974
2,357
FW2614021.UP.FTS.B,
25.84%,
2/11/27
..
9,568
1,406
L2610715.UP.FTS.B,
26.1%,
2/11/27
.....
12,979
12,780
L2612621.UP.FTS.B,
26.12%,
2/11/27
....
5,111
5,070
FW2612923.UP.FTS.B,
26.13%,
2/11/27
..
4,325
4,296
L2611604.UP.FTS.B,
26.15%,
2/11/27
....
4,326
4,297
L2611846.UP.FTS.B,
26.23%,
2/11/27
....
15,940
2,394
FW2611751.UP.FTS.B,
26.28%,
2/11/27
..
3,248
233
FW2608384.UP.FTS.B,
26.32%,
2/11/27
..
4,328
4,299
L2611375.UP.FTS.B,
26.37%,
2/11/27
....
866
860
FW2611559.UP.FTS.B,
26.48%,
2/11/27
..
3,042
3,017
FW2612288.UP.FTS.B,
26.6%,
2/11/27
...
8,666
8,607
L2614297.UP.FTS.B,
26.71%,
2/11/27
....
3,430
3,404
FW2610030.UP.FTS.B,
27.01%,
2/11/27
..
3,082
3,054
FW2611293.UP.FTS.B,
27.26%,
2/11/27
..
4,293
4,261
FW2615414.UP.FTS.B,
27.43%,
2/11/27
..
4,867
4,834
FW2614602.UP.FTS.B,
27.68%,
2/11/27
..
17,411
17,219
FW2609816.UP.FTS.B,
27.78%,
2/11/27
..
12,804
12,699
FW2615245.UP.FTS.B,
27.79%,
2/11/27
..
6,961
6,913
FW2615845.UP.FTS.B,
27.84%,
2/11/27
..
8,338
587
FW2612642.UP.FTS.B,
27.88%,
2/11/27
..
1,821
1,805
FW2613189.UP.FTS.B,
27.88%,
2/11/27
..
26,119
25,942
FW2613392.UP.FTS.B,
27.98%,
2/11/27
..
10,448
10,377
FW2614513.UP.FTS.B,
28.27%,
2/11/27
..
1,394
1,385
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
145
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2614302.UP.FTS.B,
28.4%,
2/11/27
...
$
8,492
$
1,252
FW2608240.UP.FTS.B,
28.43%,
2/11/27
..
9,593
9,528
FW2608822.UP.FTS.B,
28.45%,
2/11/27
..
7,462
7,403
FW2575001.UP.FTS.B,
28.46%,
2/11/27
..
1,883
281
FW2614134.UP.FTS.B,
28.75%,
2/11/27
..
8,730
8,670
FW2615423.UP.FTS.B,
28.85%,
2/11/27
..
13,107
13,017
FW2614677.UP.FTS.B,
28.98%,
2/11/27
..
4,791
4,758
FW2612178.UP.FTS.B,
28.99%,
2/11/27
..
2,265
2,224
FW2612243.UP.FTS.B,
29.25%,
2/11/27
..
1,566
1,555
FW2612629.UP.FTS.B,
29.49%,
2/11/27
..
718
705
FW2615061.UP.FTS.B,
29.68%,
2/11/27
..
1,753
1,741
FW2610875.UP.FTS.B,
29.89%,
2/11/27
..
7,561
536
FW2611777.UP.FTS.B,
30.11%,
2/11/27
..
2,737
(24)
FW2611171.UP.FTS.B,
30.34%,
2/11/27
..
1,755
1,743
FW2611548.UP.FTS.B,
30.39%,
2/11/27
..
1,229
1,220
FW2613551.UP.FTS.B,
30.41%,
2/11/27
..
1,817
529
FW2609716.UP.FTS.B,
30.54%,
2/11/27
..
1,493
1,483
FW2613443.UP.FTS.B,
30.65%,
2/11/27
..
817
809
FW2607135.UP.FTS.B,
30.71%,
2/11/27
..
2,372
2,356
FW2615716.UP.FTS.B,
30.71%,
2/11/27
..
2,372
2,356
FW2614995.UP.FTS.B,
30.8%,
2/11/27
...
168
165
FW2606538.UP.FTS.B,
30.84%,
2/11/27
..
879
873
FW2610775.UP.FTS.B,
30.87%,
2/11/27
..
1,231
1,222
FW2611696.UP.FTS.B,
30.9%,
2/11/27
...
1,758
1,746
FW2612001.UP.FTS.B,
30.9%,
2/11/27
...
2,196
2,181
FW2537180.UP.FTS.B,
30.91%,
2/11/27
..
1,195
(11)
FW2609619.UP.FTS.B,
30.92%,
2/11/27
..
2,496
2,474
FW2615294.UP.FTS.B,
30.92%,
2/11/27
..
967
960
FW2610795.UP.FTS.B,
30.98%,
2/11/27
..
967
961
FW2609734.UP.FTS.B,
31%,
2/11/27
....
1,149
1,140
FW2612663.UP.FTS.B,
31.02%,
2/11/27
..
2,992
2,972
FW2610734.UP.FTS.B,
31.08%,
2/11/27
..
1,251
363
FW2609546.UP.FTS.B,
31.1%,
2/11/27
...
1,056
1,048
FW2611533.UP.FTS.B,
31.12%,
2/11/27
..
3,749
3,714
FW2610616.UP.FTS.B,
31.16%,
2/11/27
..
9,464
1,382
FW2614591.UP.FTS.B,
31.17%,
2/11/27
..
1,088
(20)
FW2611339.UP.FTS.B,
31.23%,
2/11/27
..
2,394
346
FW2613645.UP.FTS.B,
31.4%,
2/11/27
...
1,588
1,570
FW2610773.UP.FTS.B,
31.41%,
2/11/27
..
12,679
12,592
FW2611159.UP.FTS.B,
31.78%,
2/11/27
..
5,693
5,650
FW2612349.UP.FTS.B,
31.97%,
2/11/27
..
5,822
5,781
FW2610510.UP.FTS.B,
33.6%,
2/11/27
...
1,507
1,497
FW2613644.UP.FTS.B,
33.97%,
2/11/27
..
6,587
454
FW2614310.UP.FTS.B,
33.97%,
2/11/27
..
1,930
1,915
FW2610903.UP.FTS.B,
34.14%,
2/11/27
..
19,119
18,973
FW2615534.UP.FTS.B,
34.51%,
2/11/27
..
4,355
4,325
L2617298.UP.FTS.B,
5.1%,
2/14/27
.....
8,675
8,615
L2618466.UP.FTS.B,
5.11%,
2/14/27
.....
18,140
18,015
L2617141.UP.FTS.B,
5.84%,
2/14/27
....
5,999
5,957
L2616590.UP.FTS.B,
7.87%,
2/14/27
....
21,199
21,020
FW2617554.UP.FTS.B,
9.01%,
2/14/27
...
3,529
3,498
L2616809.UP.FTS.B,
11.55%,
2/14/27
....
4,873
4,823
L2618109.UP.FTS.B,
12.08%,
2/14/27
....
27,900
26,190
L2616387.UP.FTS.B,
12.27%,
2/14/27
....
5,722
5,663
L2618980.UP.FTS.B,
12.97%,
2/14/27
....
13,941
13,799
L2617640.UP.FTS.B,
13%,
2/14/27
......
12,074
11,937
FW2616181.UP.FTS.B,
13.1%,
2/14/27
...
5,362
5,305
L2616333.UP.FTS.B,
13.75%,
2/14/27
....
28,807
28,513
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2617800.UP.FTS.B,
13.82%,
2/14/27
....
$
4,377
$
4,330
L2617493.UP.FTS.B,
13.84%,
2/14/27
....
17,794
17,612
L2615653.UP.FTS.B,
14.07%,
2/14/27
....
2,456
2,431
L2618908.UP.FTS.B,
14.12%,
2/14/27
....
24,041
23,786
L2610061.UP.FTS.B,
14.43%,
2/14/27
....
20,640
20,429
FW2616422.UP.FTS.B,
14.55%,
2/14/27
..
4,460
4,415
L2616226.UP.FTS.B,
14.8%,
2/14/27
....
4,962
4,898
L2615988.UP.FTS.B,
15.04%,
2/14/27
....
11,285
1,618
L2617062.UP.FTS.B,
15.98%,
2/14/27
....
6,234
6,170
L2616432.UP.FTS.B,
16.81%,
2/14/27
....
6,673
6,587
FW2616510.UP.FTS.B,
17.3%,
2/14/27
...
3,845
3,787
FW2616193.UP.FTS.B,
17.47%,
2/14/27
..
1,255
1,238
L2617103.UP.FTS.B,
18.14%,
2/14/27
....
6,292
6,196
L2616245.UP.FTS.B,
18.36%,
2/14/27
....
16,687
16,466
L2616168.UP.FTS.B,
18.99%,
2/14/27
....
11,786
11,607
L2616269.UP.FTS.B,
19.1%,
2/14/27
....
21,021
20,700
L2616072.UP.FTS.B,
19.58%,
2/14/27
....
3,455
3,402
L2616722.UP.FTS.B,
19.8%,
2/14/27
....
4,899
4,867
L2616852.UP.FTS.B,
19.82%,
2/14/27
....
5,913
5,823
L2616174.UP.FTS.B,
20.55%,
2/14/27
....
1,183
1,165
FW2618465.UP.FTS.B,
20.69%,
2/14/27
..
8,492
8,377
FW2615937.UP.FTS.B,
21.82%,
2/14/27
..
8,505
8,449
L2616825.UP.FTS.B,
22.66%,
2/14/27
....
4,954
4,922
L2618824.UP.FTS.B,
22.89%,
2/14/27
....
3,963
286
FW2617069.UP.FTS.B,
23.16%,
2/14/27
..
25,693
25,525
FW2616143.UP.FTS.B,
23.3%,
2/14/27
...
6,018
336
L2617672.UP.FTS.B,
23.43%,
2/14/27
....
6,853
6,807
L2616450.UP.FTS.B,
23.7%,
2/14/27
....
8,575
8,462
L2615942.UP.FTS.B,
23.87%,
2/14/27
....
15,873
15,767
L2616204.UP.FTS.B,
24.08%,
2/14/27
....
3,613
64
L2617402.UP.FTS.B,
24.27%,
2/14/27
....
2,986
2,939
L2612509.UP.FTS.B,
24.31%,
2/14/27
....
5,157
5,122
L2616368.UP.FTS.B,
24.5%,
2/14/27
....
9,288
9,226
FW2616861.UP.FTS.B,
24.71%,
2/14/27
..
4,523
70
L2617237.UP.FTS.B,
25.14%,
2/14/27
....
3,966
3,904
L2616717.UP.FTS.B,
25.42%,
2/14/27
....
2,157
2,143
L2617627.UP.FTS.B,
25.47%,
2/14/27
....
1,467
1,457
L2616342.UP.FTS.B,
25.49%,
2/14/27
....
1,793
267
L2615878.UP.FTS.B,
25.5%,
2/14/27
....
7,331
7,275
L2617283.UP.FTS.B,
25.65%,
2/14/27
....
4,837
4,804
L2617648.UP.FTS.B,
25.74%,
2/14/27
....
8,632
8,567
FW2617973.UP.FTS.B,
26.17%,
2/14/27
..
6,576
6,531
L2616653.UP.FTS.B,
26.28%,
2/14/27
....
3,070
11
FW2617548.UP.FTS.B,
27.57%,
2/14/27
..
4,546
4,465
FW2616127.UP.FTS.B,
27.61%,
2/14/27
..
3,478
3,454
FW2617029.UP.FTS.B,
27.81%,
2/14/27
..
1,907
134
FW2616788.UP.FTS.B,
28.08%,
2/14/27
..
10,637
10,564
FW2617614.UP.FTS.B,
28.35%,
2/14/27
..
18,074
5,293
FW2618814.UP.FTS.B,
28.99%,
2/14/27
..
5,744
5,444
FW2616093.UP.FTS.B,
29.88%,
2/14/27
..
6,293
5,955
FW2617595.UP.FTS.B,
30.34%,
2/14/27
..
1,762
1,747
FW2616525.UP.FTS.B,
30.65%,
2/14/27
..
6,080
429
FW2617952.UP.FTS.B,
30.8%,
2/14/27
...
1,123
79
FW2618539.UP.FTS.B,
30.94%,
2/14/27
..
5,272
5,234
FW2618159.UP.FTS.B,
31.09%,
2/14/27
..
5,388
5,343
FW2616218.UP.FTS.B,
31.14%,
2/14/27
..
1,144
1,136
FW2616908.UP.FTS.B,
31.23%,
2/14/27
..
4,576
4,543
FW2618241.UP.FTS.B,
31.49%,
2/14/27
..
7,927
7,870
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
146
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1716066.UP.FTS.B,
21%,
2/15/27
......
$
2,144
$
598
L1717984.UP.FTS.B,
22.49%,
2/15/27
....
3,005
216
L1716537.UP.FTS.B,
25.41%,
2/15/27
....
1,676
1,658
L1712773.UP.FTS.B,
26.27%,
2/15/27
....
2,888
2,748
FW2617490.UP.FTS.B,
27.91%,
2/21/27
..
28,004
27,820
FW2612944.UP.FTS.B,
29.57%,
2/24/27
..
6,478
6,433
FW1887715.UP.FTS.B,
13.02%,
3/20/27
..
7,140
6,714
L1884335.UP.FTS.B,
22.8%,
3/20/27
....
11,867
11,761
FW1884837.UP.FTS.B,
25.6%,
3/20/27
...
30,498
30,514
FW1886213.UP.FTS.B,
26.39%,
3/20/27
..
6,534
989
FW1884398.UP.FTS.B,
30.02%,
3/20/27
..
4,591
4,576
FW1884144.UP.FTS.B,
31.17%,
3/20/27
..
21,697
(1,727)
FW1884662.UP.FTS.B,
31.19%,
3/20/27
..
2,414
2,410
FW2949972.UP.FTS.B,
5.25%,
4/14/27
...
4,923
4,893
L2949814.UP.FTS.B,
5.88%,
4/14/27
....
7,014
6,970
L2950297.UP.FTS.B,
6.09%,
4/14/27
....
3,541
3,520
L2949364.UP.FTS.B,
6.36%,
4/14/27
....
1,814
1,803
L2949121.UP.FTS.B,
6.79%,
4/14/27
....
14,127
14,044
L2950010.UP.FTS.B,
6.8%,
4/14/27
.....
5,783
5,749
L2949215.UP.FTS.B,
6.84%,
4/14/27
....
15,948
15,854
L2951687.UP.FTS.B,
7.49%,
4/14/27
....
11,603
11,535
L2951012.UP.FTS.B,
7.81%,
4/14/27
....
9,912
9,854
L2951121.UP.FTS.B,
7.86%,
4/14/27
.....
13,464
13,357
L2949243.UP.FTS.B,
7.9%,
4/14/27
.....
5,313
5,283
L2950930.UP.FTS.B,
9.09%,
4/14/27
....
5,341
5,300
L2949685.UP.FTS.B,
9.14%,
4/14/27
....
3,339
3,313
L2949220.UP.FTS.B,
9.21%,
4/14/27
....
6,788
6,733
L2949833.UP.FTS.B,
9.25%,
4/14/27
....
18,121
17,983
L2949108.UP.FTS.B,
9.33%,
4/14/27
....
13,449
13,347
FW2951315.UP.FTS.B,
9.91%,
4/14/27
...
5,360
5,318
L2951245.UP.FTS.B,
9.94%,
4/14/27
....
8,376
8,311
L2950563.UP.FTS.B,
10.38%,
4/14/27
....
8,322
606
L2949486.UP.FTS.B,
10.53%,
4/14/27
....
21,015
20,854
L2934626.UP.FTS.B,
10.81%,
4/14/27
....
5,868
5,812
FW2951659.UP.FTS.B,
10.85%,
4/14/27
..
7,232
7,159
L2948956.UP.FTS.B,
10.94%,
4/14/27
....
22,457
22,231
L2951595.UP.FTS.B,
10.95%,
4/14/27
....
5,383
5,329
L2950964.UP.FTS.B,
11.19%,
4/14/27
....
8,397
8,315
L2950306.UP.FTS.B,
11.59%,
4/14/27
....
20,525
20,320
L2928558.UP.FTS.B,
11.88%,
4/14/27
....
9,035
8,945
FW2950525.UP.FTS.B,
11.91%,
4/14/27
..
42,239
41,819
L2950021.UP.FTS.B,
11.97%,
4/14/27
....
8,446
8,362
L2944042.UP.FTS.B,
12.19%,
4/14/27
....
15,556
15,401
L2942764.UP.FTS.B,
12.22%,
4/14/27
....
11,414
11,305
L2950992.UP.FTS.B,
12.3%,
4/14/27
....
10,698
10,619
L2950027.UP.FTS.B,
12.33%,
4/14/27
....
36,373
36,012
L2950333.UP.FTS.B,
12.69%,
4/14/27
....
3,389
3,355
FW2951712.UP.FTS.B,
12.87%,
4/14/27
..
4,463
4,409
L2951152.UP.FTS.B,
13.05%,
4/14/27
....
22,611
3,136
FW2948780.UP.FTS.B,
13.13%,
4/14/27
..
12,729
12,604
L2949635.UP.FTS.B,
13.18%,
4/14/27
....
3,310
3,278
L2948733.UP.FTS.B,
13.2%,
4/14/27
....
5,942
5,883
FW2949810.UP.FTS.B,
13.53%,
4/14/27
..
10,795
10,688
L2950093.UP.FTS.B,
13.53%,
4/14/27
....
1,700
1,683
FW2949125.UP.FTS.B,
13.6%,
4/14/27
...
3,656
3,620
L2951842.UP.FTS.B,
13.62%,
4/14/27
....
38,006
37,647
L2950742.UP.FTS.B,
13.63%,
4/14/27
....
8,503
8,419
L2951001.UP.FTS.B,
14.01%,
4/14/27
....
7,249
7,179
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2951854.UP.FTS.B,
14.02%,
4/14/27
..
$
16,181
$
16,022
L2950227.UP.FTS.B,
14.3%,
4/14/27
....
7,247
7,176
L2949763.UP.FTS.B,
14.31%,
4/14/27
....
5,539
5,487
FW2951175.UP.FTS.B,
14.6%,
4/14/27
...
1,878
1,860
L2949275.UP.FTS.B,
14.68%,
4/14/27
....
3,242
3,212
FW2949070.UP.FTS.B,
14.69%,
4/14/27
..
22,820
22,602
L2949907.UP.FTS.B,
14.84%,
4/14/27
....
3,246
3,216
FW2949368.UP.FTS.B,
15%,
4/14/27
....
2,394
2,362
L2949507.UP.FTS.B,
15.04%,
4/14/27
....
9,424
9,333
L2948932.UP.FTS.B,
15.2%,
4/14/27
....
1,283
1,271
FW2949221.UP.FTS.B,
15.23%,
4/14/27
..
9,315
621
L2951339.UP.FTS.B,
15.29%,
4/14/27
....
14,938
14,034
FW2950466.UP.FTS.B,
15.31%,
4/14/27
..
1,433
1,419
L2951714.UP.FTS.B,
15.35%,
4/14/27
....
11,899
11,784
L2950927.UP.FTS.B,
15.36%,
4/14/27
....
3,253
3,221
L2949017.UP.FTS.B,
15.76%,
4/14/27
....
2,059
2,039
L2950524.UP.FTS.B,
15.81%,
4/14/27
....
3,233
3,036
FW2949910.UP.FTS.B,
15.84%,
4/14/27
..
8,495
8,382
L2950042.UP.FTS.B,
16.06%,
4/14/27
....
1,459
1,441
L2949733.UP.FTS.B,
16.07%,
4/14/27
....
2,720
2,694
L2950095.UP.FTS.B,
16.16%,
4/14/27
....
17,691
4,545
FW2946278.UP.FTS.B,
16.33%,
4/14/27
..
11,942
11,788
L2949405.UP.FTS.B,
16.41%,
4/14/27
....
17,189
17,030
L2949640.UP.FTS.B,
16.6%,
4/14/27
....
3,501
3,287
L2949916.UP.FTS.B,
16.64%,
4/14/27
....
21,505
21,298
L2951791.UP.FTS.B,
16.65%,
4/14/27
....
7,400
7,329
L2948755.UP.FTS.B,
16.72%,
4/14/27
....
7,486
7,387
FW2950896.UP.FTS.B,
16.97%,
4/14/27
..
8,879
8,345
L2950072.UP.FTS.B,
17.03%,
4/14/27
....
4,306
4,252
FW2951535.UP.FTS.B,
17.04%,
4/14/27
..
17,402
17,172
L2951449.UP.FTS.B,
17.19%,
4/14/27
....
25,496
25,257
FW2948748.UP.FTS.B,
17.23%,
4/14/27
..
4,310
4,254
L2948803.UP.FTS.B,
17.33%,
4/14/27
....
3,765
3,717
L2949925.UP.FTS.B,
17.43%,
4/14/27
....
8,627
8,519
L2951584.UP.FTS.B,
17.47%,
4/14/27
....
6,168
6,076
L2950883.UP.FTS.B,
17.71%,
4/14/27
....
12,918
12,798
L2951624.UP.FTS.B,
17.77%,
4/14/27
....
18,878
17,727
FW2949561.UP.FTS.B,
17.84%,
4/14/27
..
18,144
17,857
L2951172.UP.FTS.B,
17.98%,
4/14/27
....
10,373
10,218
L2951603.UP.FTS.B,
18.15%,
4/14/27
....
33,073
32,631
L2950543.UP.FTS.B,
18.25%,
4/14/27
....
4,586
4,543
L2950603.UP.FTS.B,
18.38%,
4/14/27
....
18,441
18,198
L2950280.UP.FTS.B,
18.73%,
4/14/27
....
3,787
3,739
FW2950372.UP.FTS.B,
18.88%,
4/14/27
..
7,892
7,789
FW2951515.UP.FTS.B,
19.12%,
4/14/27
..
15,373
1,109
L2950089.UP.FTS.B,
19.5%,
4/14/27
....
10,489
9,850
L2949923.UP.FTS.B,
19.64%,
4/14/27
....
870
858
L2948840.UP.FTS.B,
19.72%,
4/14/27
....
13,032
12,836
L2951216.UP.FTS.B,
19.73%,
4/14/27
....
2,001
1,969
L2948841.UP.FTS.B,
20.18%,
4/14/27
....
2,875
2,832
L2950334.UP.FTS.B,
20.22%,
4/14/27
....
3,818
3,770
L2949824.UP.FTS.B,
20.3%,
4/14/27
....
1,918
1,894
L2947365.UP.FTS.B,
20.51%,
4/14/27
....
17,096
16,885
L2951305.UP.FTS.B,
20.52%,
4/14/27
....
3,228
3,177
L2950858.UP.FTS.B,
20.56%,
4/14/27
....
4,349
4,309
L2951820.UP.FTS.B,
20.59%,
4/14/27
....
28,094
27,729
L2948718.UP.FTS.B,
20.71%,
4/14/27
....
7,773
2,240
FW2950639.UP.FTS.B,
20.74%,
4/14/27
..
1,920
1,895
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
147
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2949198.UP.FTS.B,
20.86%,
4/14/27
....
$
5,742
$
5,656
FW2949268.UP.FTS.B,
20.97%,
4/14/27
..
3,844
3,787
FW2951370.UP.FTS.B,
20.97%,
4/14/27
..
8,767
8,631
L2949973.UP.FTS.B,
20.99%,
4/14/27
....
5,242
5,160
FW2949197.UP.FTS.B,
21%,
4/14/27
....
1,932
44
L2951029.UP.FTS.B,
21.05%,
4/14/27
....
19,052
18,752
L2951142.UP.FTS.B,
21.23%,
4/14/27
....
6,606
6,506
FW2950781.UP.FTS.B,
21.26%,
4/14/27
..
9,708
9,121
L2950447.UP.FTS.B,
21.39%,
4/14/27
....
11,286
11,109
L2949588.UP.FTS.B,
21.43%,
4/14/27
....
699
688
FW2948170.UP.FTS.B,
21.44%,
4/14/27
..
7,342
7,228
L2951654.UP.FTS.B,
21.51%,
4/14/27
....
14,354
14,129
FW2950815.UP.FTS.B,
21.64%,
4/14/27
..
1,568
44
L2948968.UP.FTS.B,
21.84%,
4/14/27
....
18,317
5,024
L2949488.UP.FTS.B,
22.01%,
4/14/27
....
815
803
L2950367.UP.FTS.B,
22.21%,
4/14/27
....
9,563
9,439
L2951265.UP.FTS.B,
22.27%,
4/14/27
....
17,007
16,798
FW2951375.UP.FTS.B,
22.32%,
4/14/27
..
2,896
2,873
L2951308.UP.FTS.B,
22.4%,
4/14/27
....
966
951
FW2949464.UP.FTS.B,
22.55%,
4/14/27
..
2,899
2,875
L2950443.UP.FTS.B,
22.7%,
4/14/27
....
874
868
L2951415.UP.FTS.B,
22.76%,
4/14/27
....
27,063
7,809
FW2950348.UP.FTS.B,
22.92%,
4/14/27
..
15,045
14,929
FW2948734.UP.FTS.B,
22.93%,
4/14/27
..
8,724
8,615
FW2950859.UP.FTS.B,
23.11%,
4/14/27
..
2,298
2,280
L2948750.UP.FTS.B,
23.24%,
4/14/27
....
722
711
FW2951662.UP.FTS.B,
23.32%,
4/14/27
..
6,608
477
FW2946360.UP.FTS.B,
23.4%,
4/14/27
...
6,606
6,553
L2951812.UP.FTS.B,
23.47%,
4/14/27
....
2,467
2,450
FW2950779.UP.FTS.B,
23.54%,
4/14/27
..
2,908
2,885
L2951427.UP.FTS.B,
23.72%,
4/14/27
....
5,819
5,772
FW2950826.UP.FTS.B,
23.81%,
4/14/27
..
19,890
18,851
L2950202.UP.FTS.B,
24.01%,
4/14/27
....
19,063
18,891
L2950839.UP.FTS.B,
24.02%,
4/14/27
....
22,587
21,234
L2942546.UP.FTS.B,
24.28%,
4/14/27
....
28,288
2,016
FW2950242.UP.FTS.B,
24.53%,
4/14/27
..
2,470
2,453
FW2950500.UP.FTS.B,
24.57%,
4/14/27
..
6,262
5,939
L2948992.UP.FTS.B,
24.59%,
4/14/27
....
27,631
26,182
FW2951123.UP.FTS.B,
24.74%,
4/14/27
..
17,701
17,560
L2949050.UP.FTS.B,
24.74%,
4/14/27
....
13,269
13,163
L2950134.UP.FTS.B,
24.82%,
4/14/27
....
1,314
1,295
L2949079.UP.FTS.B,
24.97%,
4/14/27
....
11,066
10,894
FW2950489.UP.FTS.B,
25.02%,
4/14/27
..
19,478
19,323
L2950895.UP.FTS.B,
25.02%,
4/14/27
....
885
878
FW2950387.UP.FTS.B,
25.03%,
4/14/27
..
8,854
8,784
L2950602.UP.FTS.B,
25.04%,
4/14/27
....
1,505
1,493
L2949682.UP.FTS.B,
25.05%,
4/14/27
....
1,240
1,229
L2914578.UP.FTS.B,
25.07%,
4/14/27
....
1,367
1,356
L2943365.UP.FTS.B,
25.08%,
4/14/27
....
1,080
1,023
L2950811.UP.FTS.B,
25.09%,
4/14/27
....
976
968
L2951247.UP.FTS.B,
25.15%,
4/14/27
....
974
959
FW2951030.UP.FTS.B,
25.2%,
4/14/27
...
3,366
3,340
L2950173.UP.FTS.B,
25.21%,
4/14/27
....
1,506
1,487
L2951862.UP.FTS.B,
25.21%,
4/14/27
....
1,490
1,480
L2942965.UP.FTS.B,
25.22%,
4/14/27
....
8,860
8,789
L2949738.UP.FTS.B,
25.23%,
4/14/27
....
1,772
1,758
L2951261.UP.FTS.B,
25.24%,
4/14/27
....
1,595
1,570
FW2949983.UP.FTS.B,
25.28%,
4/14/27
..
32,608
9,457
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2951439.UP.FTS.B,
25.31%,
4/14/27
....
$
1,368
$
1,344
L2951410.UP.FTS.B,
25.32%,
4/14/27
....
1,598
1,585
L2950105.UP.FTS.B,
25.33%,
4/14/27
....
1,507
1,495
L2951170.UP.FTS.B,
25.33%,
4/14/27
....
1,242
1,177
L2948820.UP.FTS.B,
25.35%,
4/14/27
....
3,084
202
L2949673.UP.FTS.B,
25.36%,
4/14/27
....
11,523
11,431
L2950776.UP.FTS.B,
25.38%,
4/14/27
....
3,368
3,341
L2945700.UP.FTS.B,
25.39%,
4/14/27
....
5,585
5,540
L2949137.UP.FTS.B,
25.4%,
4/14/27
....
2,105
150
L2951160.UP.FTS.B,
25.41%,
4/14/27
....
2,319
2,284
L2951384.UP.FTS.B,
25.41%,
4/14/27
....
2,305
2,287
L2950090.UP.FTS.B,
25.42%,
4/14/27
....
1,330
1,309
L2951363.UP.FTS.B,
25.42%,
4/14/27
....
11,414
149
L2948963.UP.FTS.B,
25.46%,
4/14/27
....
30,020
2,139
L2950063.UP.FTS.B,
25.46%,
4/14/27
....
5,700
5,657
L2949492.UP.FTS.B,
25.47%,
4/14/27
....
4,079
4,046
L2951548.UP.FTS.B,
25.47%,
4/14/27
....
2,217
2,182
L2949815.UP.FTS.B,
25.48%,
4/14/27
....
10,204
10,124
L2950216.UP.FTS.B,
25.49%,
4/14/27
....
4,877
4,838
L2951869.UP.FTS.B,
25.5%,
4/14/27
....
6,196
6,142
FW2950277.UP.FTS.B,
25.52%,
4/14/27
..
2,927
2,904
L2950310.UP.FTS.B,
25.62%,
4/14/27
....
2,994
2,960
FW2950451.UP.FTS.B,
25.69%,
4/14/27
..
2,484
2,468
L2950664.UP.FTS.B,
25.75%,
4/14/27
....
4,061
4,011
FW2950748.UP.FTS.B,
25.82%,
4/14/27
..
12,533
1,854
L2951153.UP.FTS.B,
25.85%,
4/14/27
....
2,680
2,660
L2949868.UP.FTS.B,
25.87%,
4/14/27
....
7,717
2,249
FW2950220.UP.FTS.B,
26.02%,
4/14/27
..
1,776
1,762
L2951255.UP.FTS.B,
26.02%,
4/14/27
....
7,372
7,313
FW2951228.UP.FTS.B,
26.2%,
4/14/27
...
3,201
3,176
FW2944032.UP.FTS.B,
26.21%,
4/14/27
..
3,111
3,087
FW2950959.UP.FTS.B,
26.22%,
4/14/27
..
6,552
469
FW2949721.UP.FTS.B,
26.35%,
4/14/27
..
4,919
1,429
FW2949934.UP.FTS.B,
26.46%,
4/14/27
..
1,418
413
FW2948732.UP.FTS.B,
26.54%,
4/14/27
..
47,436
3,391
FW2948824.UP.FTS.B,
27.37%,
4/14/27
..
4,982
742
L2949711.UP.FTS.B,
27.49%,
4/14/27
....
2,230
2,215
FW2951725.UP.FTS.B,
27.54%,
4/14/27
..
3,569
3,541
FW2948773.UP.FTS.B,
27.56%,
4/14/27
..
4,108
4,076
FW2948716.UP.FTS.B,
27.71%,
4/14/27
..
8,035
7,972
FW2951423.UP.FTS.B,
27.85%,
4/14/27
..
4,077
4,048
FW2949765.UP.FTS.B,
28.19%,
4/14/27
..
8,943
8,873
FW2949299.UP.FTS.B,
28.46%,
4/14/27
..
3,771
3,742
FW2948843.UP.FTS.B,
28.64%,
4/14/27
..
8,952
8,882
FW2951454.UP.FTS.B,
28.72%,
4/14/27
..
23,939
1,701
FW2949602.UP.FTS.B,
28.78%,
4/14/27
..
7,187
504
FW2950395.UP.FTS.B,
28.88%,
4/14/27
..
16,572
16,443
FW2950464.UP.FTS.B,
29.27%,
4/14/27
..
3,582
3,558
FW2948980.UP.FTS.B,
29.3%,
4/14/27
...
1,619
113
FW2950133.UP.FTS.B,
29.38%,
4/14/27
..
6,725
6,681
FW2948847.UP.FTS.B,
29.81%,
4/14/27
..
928
66
FW2949532.UP.FTS.B,
29.81%,
4/14/27
..
945
65
FW2950554.UP.FTS.B,
30.11%,
4/14/27
..
3,559
(12)
FW2949467.UP.FTS.B,
30.27%,
4/14/27
..
3,148
3,123
FW2950428.UP.FTS.B,
30.3%,
4/14/27
...
4,457
662
FW2950412.UP.FTS.B,
30.37%,
4/14/27
..
1,007
995
FW2951435.UP.FTS.B,
30.37%,
4/14/27
..
1,782
1,769
FW2950357.UP.FTS.B,
30.48%,
4/14/27
..
9,915
9,840
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
148
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2951407.UP.FTS.B,
30.65%,
4/14/27
..
$
390
$
27
FW2949817.UP.FTS.B,
30.78%,
4/14/27
..
901
894
FW2950165.UP.FTS.B,
30.83%,
4/14/27
..
1,041
72
FW2949044.UP.FTS.B,
30.94%,
4/14/27
..
4,083
4,053
FW2932125.UP.FTS.B,
30.95%,
4/14/27
..
8,191
8,133
FW2950648.UP.FTS.B,
30.95%,
4/14/27
..
1,081
1,073
FW2949727.UP.FTS.B,
30.99%,
4/14/27
..
1,802
1,789
FW2950633.UP.FTS.B,
31.02%,
4/14/27
..
12,814
1,959
FW2950635.UP.FTS.B,
31.02%,
4/14/27
..
3,605
3,577
FW2950575.UP.FTS.B,
31.06%,
4/14/27
..
2,434
2,415
FW2950882.UP.FTS.B,
31.06%,
4/14/27
..
1,172
1,163
FW2948863.UP.FTS.B,
31.07%,
4/14/27
..
1,395
207
FW2949627.UP.FTS.B,
31.09%,
4/14/27
..
1,352
1,342
FW2951097.UP.FTS.B,
31.1%,
4/14/27
...
1,442
1,431
FW2951059.UP.FTS.B,
31.12%,
4/14/27
..
17,304
17,183
FW2951198.UP.FTS.B,
31.12%,
4/14/27
..
4,451
309
FW2950728.UP.FTS.B,
31.15%,
4/14/27
..
1,434
101
FW2949803.UP.FTS.B,
31.16%,
4/14/27
..
2,074
2,058
FW2950561.UP.FTS.B,
31.2%,
4/14/27
...
1,353
1,342
FW2950061.UP.FTS.B,
31.21%,
4/14/27
..
1,426
1,416
FW2950478.UP.FTS.B,
31.23%,
4/14/27
..
2,770
195
FW2950268.UP.FTS.B,
31.44%,
4/14/27
..
1,920
1,903
FW2949585.UP.FTS.B,
31.61%,
4/14/27
..
6,060
6,016
FW2949894.UP.FTS.B,
31.82%,
4/14/27
..
3,342
3,317
FW2949051.UP.FTS.B,
32.15%,
4/14/27
..
4,361
4,135
FW2950185.UP.FTS.B,
32.24%,
4/14/27
..
5,016
4,973
FW2950232.UP.FTS.B,
32.3%,
4/14/27
...
25,825
25,584
FW2949959.UP.FTS.B,
33.64%,
4/14/27
..
2,541
2,522
L2047779.UP.FTS.B,
8.03%,
4/15/27
....
17,105
4,160
L2047868.UP.FTS.B,
10.51%,
4/15/27
....
30,691
30,439
L2048360.UP.FTS.B,
14.07%,
4/15/27
....
5,082
4,763
L2047708.UP.FTS.B,
16.09%,
4/15/27
....
9,426
2,532
L2048877.UP.FTS.B,
16.73%,
4/15/27
....
8,596
8,471
FW2046887.UP.FTS.B,
17.65%,
4/15/27
..
9,318
8,749
L2046952.UP.FTS.B,
18.41%,
4/15/27
....
2,597
2,560
L2049386.UP.FTS.B,
19.96%,
4/15/27
....
4,977
4,898
L2047848.UP.FTS.B,
20.77%,
4/15/27
....
30,702
2,216
L2048375.UP.FTS.B,
21.41%,
4/15/27
....
5,758
843
L2023190.UP.FTS.B,
22.35%,
4/15/27
....
28,053
27,599
L2047421.UP.FTS.B,
22.37%,
4/15/27
....
6,311
6,296
L2048530.UP.FTS.B,
24.05%,
4/15/27
....
26,956
7,636
L2048482.UP.FTS.B,
25.39%,
4/15/27
....
27,579
27,503
L2047847.UP.FTS.B,
25.96%,
4/15/27
....
6,404
6,356
L2047192.UP.FTS.B,
26.58%,
4/15/27
....
8,414
2,390
FW2049296.UP.FTS.B,
30.21%,
4/15/27
..
6,462
6,410
FW2047989.UP.FTS.B,
31.24%,
4/15/27
..
17,971
5,148
L2096414.UP.FTS.B,
14.36%,
4/22/27
....
6,036
5,979
L2095546.UP.FTS.B,
17.27%,
4/22/27
....
2,536
2,514
L2088829.UP.FTS.B,
21.32%,
4/22/27
....
8,697
8,563
L2096815.UP.FTS.B,
21.75%,
4/22/27
....
33,491
33,493
L2096905.UP.FTS.B,
22.44%,
4/22/27
....
21,871
6,182
FW2096628.UP.FTS.B,
22.48%,
4/22/27
..
3,045
3,007
L2096046.UP.FTS.B,
25.18%,
4/22/27
....
877
63
L2096715.UP.FTS.B,
25.36%,
4/22/27
....
30,012
29,968
L2095545.UP.FTS.B,
25.48%,
4/22/27
....
2,341
671
FW2094908.UP.FTS.B,
29.15%,
4/22/27
..
44,765
44,511
FW2096022.UP.FTS.B,
29.48%,
4/22/27
..
13,876
13,852
FW2094693.UP.FTS.B,
30.21%,
4/22/27
..
2,944
857
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2094704.UP.FTS.B,
30.41%,
4/22/27
..
$
1,368
$
1,366
FW2083347.UP.FTS.B,
31.08%,
4/22/27
..
10,955
3,252
FW2096662.UP.FTS.B,
31.94%,
4/22/27
..
10,305
10,259
FW2950926.UP.FTS.B,
33.78%,
4/26/27
..
7,747
7,692
FW2095121.UP.FTS.B,
24.32%,
5/05/27
..
6,133
6,113
L2288895.UP.FTS.B,
8.82%,
5/21/27
....
2,671
2,649
FW2292661.UP.FTS.B,
10.72%,
5/21/27
..
13,359
12,539
FW2295605.UP.FTS.B,
11.71%,
5/21/27
..
4,419
4,375
L2294758.UP.FTS.B,
17.93%,
5/21/27
....
45,727
3,278
L2294636.UP.FTS.B,
21.75%,
5/21/27
....
27,732
27,342
FW2295227.UP.FTS.B,
22.11%,
5/21/27
..
4,708
709
L2295258.UP.FTS.B,
23.19%,
5/21/27
....
5,060
760
FW2294358.UP.FTS.B,
24.02%,
5/21/27
..
2,057
2,050
L2295630.UP.FTS.B,
25.47%,
5/21/27
....
6,022
5,986
L2293794.UP.FTS.B,
25.5%,
5/21/27
....
1,960
1,942
FW2295890.UP.FTS.B,
25.77%,
5/21/27
..
8,418
8,359
L2295504.UP.FTS.B,
26%,
5/21/27
......
7,670
(82)
L2295478.UP.FTS.B,
26.3%,
5/21/27
....
3,894
3,837
FW2272171.UP.FTS.B,
26.33%,
5/21/27
..
23,222
(461)
L2294417.UP.FTS.B,
26.45%,
5/21/27
....
27,110
26,358
FW2296545.UP.FTS.B,
28.87%,
5/21/27
..
5,453
5,416
FW2294527.UP.FTS.B,
29.54%,
5/21/27
..
377
372
FW2293618.UP.FTS.B,
29.66%,
5/21/27
..
1,920
567
FW2292873.UP.FTS.B,
31.09%,
5/21/27
..
954
(25)
FW2294827.UP.FTS.B,
31.11%,
5/21/27
..
1,749
1,738
FW2293069.UP.FTS.B,
31.16%,
5/21/27
..
1,715
1,655
L2298796.UP.FTS.B,
7.68%,
5/22/27
....
1,635
1,622
L2299805.UP.FTS.B,
8.23%,
5/22/27
....
1,954
1,936
L2299170.UP.FTS.B,
10.02%,
5/22/27
....
6,436
1,585
L2299498.UP.FTS.B,
12.01%,
5/22/27
....
6,740
6,683
L2298756.UP.FTS.B,
12.5%,
5/22/27
....
42,484
42,077
L2286999.UP.FTS.B,
18.31%,
5/22/27
....
34,429
34,097
L2297088.UP.FTS.B,
20.56%,
5/22/27
....
28,062
27,883
L2298303.UP.FTS.B,
22.22%,
5/22/27
....
5,508
5,431
FW2297340.UP.FTS.B,
22.67%,
5/22/27
..
4,558
81
L2299809.UP.FTS.B,
24.98%,
5/22/27
....
26,051
25,874
L2300368.UP.FTS.B,
25.11%,
5/22/27
....
1,885
1,882
L2300474.UP.FTS.B,
25.38%,
5/22/27
....
2,122
2,115
L2295070.UP.FTS.B,
26.38%,
5/22/27
....
7,988
7,961
FW2297812.UP.FTS.B,
27.74%,
5/22/27
..
4,055
4,032
FW2297380.UP.FTS.B,
30.57%,
5/22/27
..
5,700
5,680
FW2296256.UP.FTS.B,
30.68%,
5/22/27
..
3,010
2,998
FW2298675.UP.FTS.B,
31.12%,
5/22/27
..
6,887
1,956
FW2298853.UP.FTS.B,
33.16%,
5/22/27
..
4,102
282
FW2299990.UP.FTS.B,
31.19%,
6/05/27
..
15,678
15,618
L2427221.UP.FTS.B,
9.21%,
6/13/27
....
2,871
2,846
FW2427741.UP.FTS.B,
9.76%,
6/13/27
...
6,958
6,532
L2426893.UP.FTS.B,
11.99%,
6/13/27
....
1,300
1,286
L2426437.UP.FTS.B,
13.53%,
6/13/27
....
8,098
1,105
L2422943.UP.FTS.B,
17.4%,
6/13/27
....
5,555
5,471
L2427766.UP.FTS.B,
22.36%,
6/13/27
....
5,007
4,698
L2427827.UP.FTS.B,
23.01%,
6/13/27
....
11,189
795
L2422890.UP.FTS.B,
23.18%,
6/13/27
....
3,071
3,051
FW2424596.UP.FTS.B,
23.51%,
6/13/27
..
1,846
1,827
FW2424610.UP.FTS.B,
24.07%,
6/13/27
..
8,191
2,363
L2427070.UP.FTS.B,
25.42%,
6/13/27
....
2,977
2,953
L2424490.UP.FTS.B,
25.49%,
6/13/27
....
6,773
6,684
FW2427001.UP.FTS.B,
25.82%,
6/13/27
..
9,083
8,995
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
149
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2425689.UP.FTS.B,
27.43%,
6/13/27
..
$
8,830
$
8,755
FW2427523.UP.FTS.B,
29.85%,
6/13/27
..
2,823
824
FW2422585.UP.FTS.B,
30.74%,
6/13/27
..
3,294
3,123
FW2426089.UP.FTS.B,
30.97%,
6/13/27
..
5,904
1,671
FW2424580.UP.FTS.B,
31.2%,
6/13/27
...
18,043
17,920
L2432199.UP.FTS.B,
7.42%,
6/14/27
....
3,567
3,538
FW2429579.UP.FTS.B,
8.83%,
6/14/27
...
5,244
5,199
L2430869.UP.FTS.B,
9.13%,
6/14/27
....
9,344
9,262
L2433061.UP.FTS.B,
9.38%,
6/14/27
....
6,884
6,831
FW2429553.UP.FTS.B,
9.84%,
6/14/27
...
8,690
8,158
L2431725.UP.FTS.B,
12.26%,
6/14/27
....
33,536
33,172
FW2432260.UP.FTS.B,
13.46%,
6/14/27
..
4,488
4,443
L2432731.UP.FTS.B,
13.82%,
6/14/27
....
20,085
19,900
L2432687.UP.FTS.B,
18.15%,
6/14/27
....
901
887
L2431586.UP.FTS.B,
18.56%,
6/14/27
....
8,974
8,832
L2435110.UP.FTS.B,
20.58%,
6/14/27
....
1,568
1,473
L2429021.UP.FTS.B,
22.9%,
6/14/27
....
5,341
5,063
FW2418141.UP.FTS.B,
24.21%,
6/14/27
..
7,827
2,250
L2400561.UP.FTS.B,
25.15%,
6/14/27
....
1,490
429
FW2432066.UP.FTS.B,
25.64%,
6/14/27
..
12,675
12,614
FW2434573.UP.FTS.B,
26.92%,
6/14/27
..
8,677
8,626
FW2432748.UP.FTS.B,
28.28%,
6/14/27
..
2,847
425
FW2432960.UP.FTS.B,
30.52%,
6/14/27
..
1,561
1,476
FW2434043.UP.FTS.B,
30.96%,
6/14/27
..
28,587
(2,602)
FW2429109.UP.FTS.B,
31.06%,
6/14/27
..
2,112
2,103
FW2412469.UP.FTS.B,
31.07%,
6/14/27
..
2,120
2,113
FW2429288.UP.FTS.B,
33.13%,
6/14/27
..
1,254
1,245
L2438839.UP.FTS.B,
7.09%,
6/18/27
....
16,418
16,305
L2437298.UP.FTS.B,
12.04%,
6/18/27
....
5,263
5,206
FW2436806.UP.FTS.B,
12.34%,
6/18/27
..
8,624
8,532
L2439073.UP.FTS.B,
13.38%,
6/18/27
....
11,220
1,551
L2436245.UP.FTS.B,
17.45%,
6/18/27
....
6,323
6,245
L2437183.UP.FTS.B,
19.56%,
6/18/27
....
4,971
89
L2437520.UP.FTS.B,
19.6%,
6/18/27
....
4,720
4,643
FW2436856.UP.FTS.B,
21.01%,
6/18/27
..
9,880
712
L2413076.UP.FTS.B,
22.22%,
6/18/27
....
9,010
8,944
L2437879.UP.FTS.B,
24.72%,
6/18/27
....
1,226
1,219
FW2436713.UP.FTS.B,
26.86%,
6/18/27
..
8,873
8,819
L2437504.UP.FTS.B,
27.79%,
6/18/27
....
1,624
244
FW2437190.UP.FTS.B,
29.17%,
6/18/27
..
3,327
236
FW2435140.UP.FTS.B,
30.13%,
6/18/27
..
8,411
1,245
L2603677.UP.FTS.B,
14.69%,
7/10/27
....
12,804
12,664
L2607609.UP.FTS.B,
15.09%,
7/10/27
....
2,882
2,850
L2607076.UP.FTS.B,
16.42%,
7/10/27
....
21,582
21,341
FW2605836.UP.FTS.B,
20.24%,
7/10/27
..
1,765
1,006
L2604242.UP.FTS.B,
21.11%,
7/10/27
....
4,738
4,661
L2608553.UP.FTS.B,
23.5%,
7/10/27
....
8,245
8,174
FW2608779.UP.FTS.B,
24.99%,
7/10/27
..
8,979
8,895
FW2606616.UP.FTS.B,
26.25%,
7/10/27
..
1,759
1,742
FW2608836.UP.FTS.B,
27.23%,
7/10/27
..
4,793
4,756
FW2607742.UP.FTS.B,
28.79%,
7/10/27
..
20,748
1,457
FW2603300.UP.FTS.B,
29.62%,
7/10/27
..
13,523
(1,363)
FW2605866.UP.FTS.B,
29.72%,
7/10/27
..
1,131
674
FW2607425.UP.FTS.B,
30.29%,
7/10/27
..
1,888
132
FW2603700.UP.FTS.B,
31.08%,
7/10/27
..
1,873
1,857
FW2603079.UP.FTS.B,
31.33%,
7/10/27
..
5,857
408
FW2613876.UP.FTS.B,
15.29%,
7/11/27
..
2,684
2,644
L2611504.UP.FTS.B,
16.36%,
7/11/27
....
5,249
5,191
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2612042.UP.FTS.B,
19.42%,
7/11/27
....
$
17,979
$
17,669
L2612995.UP.FTS.B,
19.69%,
7/11/27
....
8,810
8,679
FW2614489.UP.FTS.B,
21.78%,
7/11/27
..
2,811
(13)
FW2610184.UP.FTS.B,
23.94%,
7/11/27
..
19,980
19,756
FW2610639.UP.FTS.B,
24.2%,
7/11/27
...
10,596
764
L2614217.UP.FTS.B,
24.23%,
7/11/27
....
2,187
2,166
L2583854.UP.FTS.B,
24.88%,
7/11/27
....
6,320
6,268
L2612180.UP.FTS.B,
25.49%,
7/11/27
....
7,719
(88)
FW2612768.UP.FTS.B,
25.53%,
7/11/27
..
6,859
6,785
L2613244.UP.FTS.B,
25.74%,
7/11/27
....
18,745
5,388
L2614101.UP.FTS.B,
26.5%,
7/11/27
.....
13,762
13,603
FW2613347.UP.FTS.B,
26.68%,
7/11/27
..
1,305
1,294
FW2613777.UP.FTS.B,
27.07%,
7/11/27
..
1,772
1,754
FW2610027.UP.FTS.B,
28.67%,
7/11/27
..
4,679
2,768
FW2614159.UP.FTS.B,
29.19%,
7/11/27
..
2,476
(158)
FW2611463.UP.FTS.B,
30.57%,
7/11/27
..
960
138
FW2610223.UP.FTS.B,
30.62%,
7/11/27
..
2,894
2,876
FW2613911.UP.FTS.B,
30.67%,
7/11/27
..
9,133
9,059
FW2610193.UP.FTS.B,
30.94%,
7/11/27
..
9,413
5,557
FW2614988.UP.FTS.B,
31.1%,
7/11/27
...
18,391
5,246
FW2614136.UP.FTS.B,
31.2%,
7/11/27
...
12,690
3,650
FW2613463.UP.FTS.B,
31.43%,
7/11/27
..
8,463
598
FW2611798.UP.FTS.B,
31.65%,
7/11/27
..
7,945
7,878
L2617675.UP.FTS.B,
16.73%,
7/14/27
....
9,022
8,894
L2615821.UP.FTS.B,
16.82%,
7/14/27
....
3,597
3,544
L2615913.UP.FTS.B,
19.56%,
7/14/27
....
5,482
5,388
L2616155.UP.FTS.B,
19.61%,
7/14/27
....
14,459
13,558
L2614826.UP.FTS.B,
22.6%,
7/14/27
....
4,792
4,740
L2616634.UP.FTS.B,
24.08%,
7/14/27
....
6,295
6,182
L2618649.UP.FTS.B,
24.27%,
7/14/27
....
9,898
9,790
L2616398.UP.FTS.B,
25.45%,
7/14/27
....
2,227
(136)
L2605072.UP.FTS.B,
25.64%,
7/14/27
....
2,421
698
FW2616467.UP.FTS.B,
26.53%,
7/14/27
..
14,600
14,514
L2616680.UP.FTS.B,
26.86%,
7/14/27
....
1,257
1,247
FW2618197.UP.FTS.B,
27.81%,
7/14/27
..
16,246
16,127
FW2615990.UP.FTS.B,
30.24%,
7/14/27
..
2,862
2,745
FW2618031.UP.FTS.B,
31.37%,
7/14/27
..
25,602
24,524
FW1716481.UP.FTS.B,
26.69%,
7/15/27
..
21,334
21,026
L1718145.UP.FTS.B,
26.73%,
7/15/27
....
8,993
634
FW1882891.UP.FTS.B,
25.65%,
8/20/27
..
1,756
1,734
FW1889091.UP.FTS.B,
29.67%,
8/20/27
..
2,934
207
FW2950750.UP.FTS.B,
18.33%,
9/14/27
..
31,573
63
FW2949403.UP.FTS.B,
20.67%,
9/14/27
..
6,793
6,380
L2949533.UP.FTS.B,
20.93%,
9/14/27
....
1,596
27
L2948936.UP.FTS.B,
21.98%,
9/14/27
....
5,156
4,841
L2949402.UP.FTS.B,
22.02%,
9/14/27
....
10,249
10,139
L2951399.UP.FTS.B,
22.65%,
9/14/27
....
10,075
9,919
L2949419.UP.FTS.B,
23.06%,
9/14/27
....
2,591
2,563
FW2951000.UP.FTS.B,
23.87%,
9/14/27
..
25,886
24,304
FW2949083.UP.FTS.B,
24.84%,
9/14/27
..
5,318
378
L2949947.UP.FTS.B,
25.29%,
9/14/27
....
2,009
1,992
L2950538.UP.FTS.B,
25.32%,
9/14/27
....
1,670
247
L2949603.UP.FTS.B,
25.51%,
9/14/27
....
4,717
4,473
L2950727.UP.FTS.B,
25.55%,
9/14/27
....
4,773
338
FW2948974.UP.FTS.B,
29.39%,
9/14/27
..
8,447
8,379
FW2950998.UP.FTS.B,
31.04%,
9/14/27
..
6,546
6,203
FW2948818.UP.FTS.B,
31.09%,
9/14/27
..
3,724
259
FW2950983.UP.FTS.B,
31.18%,
9/14/27
..
2,211
2,196
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
150
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2047067.UP.FTS.B,
21.22%,
9/15/27
....
$
19,645
$
19,315
FW2049311.UP.FTS.B,
21.75%,
9/15/27
..
4,568
4,512
L2094100.UP.FTS.B,
16.83%,
9/22/27
....
13,656
3,716
L2293030.UP.FTS.B,
8.8%,
10/21/27
....
2,384
2,364
L2298368.UP.FTS.B,
11.21%,
10/22/27
...
3,690
3,657
L2300702.UP.FTS.B,
15.45%,
10/22/27
...
28,688
28,423
L2298508.UP.FTS.B,
19.73%,
10/22/27
...
4,649
4,584
L2297370.UP.FTS.B,
21.38%,
10/22/27
...
11,031
(127)
L2297484.UP.FTS.B,
25.49%,
10/22/27
...
21,851
6,442
L2424838.UP.FTS.B,
19.97%,
11/13/27
...
9,216
663
FW2430164.UP.FTS.B,
9.11%,
11/14/27
..
4,717
4,679
FW2435246.UP.FTS.B,
14.6%,
11/18/27
..
1,935
1,914
FW2436414.UP.FTS.B,
31.16%,
11/18/27
.
644
45
FW2439101.UP.FTS.B,
32.41%,
11/18/27
.
4,454
307
L2607851.UP.FTS.B,
13.68%,
12/10/27
...
32,018
31,667
FW2606361.UP.FTS.B,
25.37%,
12/10/27
.
10,218
6,058
FW2606463.UP.FTS.B,
28.58%,
12/10/27
.
17,244
(168)
FW2605935.UP.FTS.B,
31.23%,
12/10/27
.
5,762
5,686
L2613209.UP.FTS.B,
14.38%,
12/11/27
...
6,903
500
L2614621.UP.FTS.B,
23.29%,
12/11/27
...
23,346
13,809
L2611597.UP.FTS.B,
25.33%,
12/11/27
...
11,948
11,792
FW2613805.UP.FTS.B,
31%,
12/11/27
...
8,986
635
FW2617504.UP.FTS.B,
30.27%,
12/14/27
.
17,704
17,445
L2950570.UP.FTS.B,
25.3%,
2/14/28
....
3,696
263
FW2951084.UP.FTS.B,
30.63%,
2/14/28
..
14,156
14,030
L1718966.UP.FTS.B,
18.89%,
9/15/28
....
8,722
8,689
L1718702.UP.FTS.B,
26.02%,
9/15/28
....
4,500
4,514
L1886617.UP.FTS.B,
19.5%,
10/20/28
....
8,827
8,802
L1887293.UP.FTS.B,
25.85%,
10/20/28
...
9,785
9,757
L2608032.UP.FTS.B,
17.27%,
2/10/29
....
3,886
3,862
L2607986.UP.FTS.B,
25.66%,
2/10/29
....
19,109
10,839
L2607288.UP.FTS.B,
27.03%,
2/10/29
....
11,601
805
L2605139.UP.FTS.B,
28.33%,
2/10/29
....
2,350
2,338
L1718819.UP.FTS.B,
23.98%,
2/15/29
....
2,811
2,798
L2601951.UP.FTS.B,
26.3%,
7/10/29
....
5,821
5,793
15,339,125
Total
Marketplace
Loans
(Cost
$73,749,481)
....
$67,525,545
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
Franklin
Low
Duration
Total
Return
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
151
At
April
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1
(
e
).
At
April
30,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1
(
e
).
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
30-day
Federal
Funds
.........................
Short
543
$
215,848,454
12/29/23
$
732,319
U.S.
Treasury
10
Year
Notes
....................
Short
420
48,385,312
6/21/23
(1,680,596)
U.S.
Treasury
2
Year
Notes
.....................
Long
4,485
924,645,818
6/30/23
7,610,384
U.S.
Treasury
5
Year
Notes
.....................
Short
383
42,031,258
6/30/23
(1,137,517)
Total
Futures
Contracts
......................................................................
$5,524,590
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Brazilian
Real
......
JPHQ
Sell
7,200,000
1,388,943
5/08/23
$
—
$
(52,676)
Euro
.............
JPHQ
Sell
75,020,407
79,983,757
5/30/23
—
(2,835,067)
Japanese
Yen
......
JPHQ
Sell
3,730,702,212
28,331,578
7/03/23
681,975
—
Total
Forward
Exchange
Contracts
...................................................
$681,975
$(2,887,743)
Net
unrealized
appreciation
(depreciation)
............................................
$(2,205,768)
*
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)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
152
At
April
30,
2023,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1(e).
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Buy
Protection
(c)
Traded
Index
CDX.NA.EM.38
.
(1.00)%
Quarterly
12/20/27
6,835,000
$
353,668
$
506,408
$
(152,740)
CDX.NA.HY.40
.
(5.00)%
Quarterly
6/20/28
45,650,000
(900,245)
5,380
(905,625)
Total
Centrally
Cleared
Swap
Contracts
.....................................
$(546,577)
$511,788
$(1,058,365)
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Carnival
Corp.
..
1.00%
Quarterly
CITI
6/20/27
5,500,000
(1,462,927)
(824,971)
(637,956)
B-
Traded
Index
(e)
BNP
Paribas
Bespoke
Haverhill
Index,
Mezzanine
Tranche
5-10%
4.10%
Quarterly
BNDP
12/20/23
2,300,000
EUR
29,028
—
29,028
Non-
Investment
Grade
CDX.NA.HY.31
.
5.00%
Quarterly
CITI
12/20/23
20,400,000
697,316
(371,129)
1,068,445
Non-
Investment
Grade
CDX.NA.HY.33
.
5.00%
Quarterly
CITI
12/20/24
12,600,000
(187,352)
(246,363)
59,011
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kenai
Index,
Equity
Tranche
0-5%
—%
Quarterly
CITI
12/20/23
13,550,000
(3,661,382)
(1,326,877)
(2,334,505)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Rotorua
Index,
Mezzanine
Tranche
5-10%
3.60%
Quarterly
CITI
12/20/23
5,000,000
38,786
—
38,786
Non-
Investment
Grade
MCDX.
NA.MAIN.31
.
1.00%
Quarterly
CITI
12/20/23
12,200,000
53,778
16,055
37,723
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(4,492,753)
$(2,753,285)
$(1,739,468)
Total
Credit
Default
Swap
Contracts
....................................
$(5,039,330)
$
(2,241,497)
$(2,797,833)
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
(e)
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
153
At
April
30,
2023,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Note
1(e).
See
Note
10
regarding
other
derivative
information.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Short
(a)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
BZWS
6/20/23
16,400,000
$
(405,308)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
6/20/23
9,125,000
(548,864)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
6/20/23
9,125,000
(488,527)
Total
Return
Swap
Contracts
....................................................................
$(1,442,699)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Abbreviations
on
page
354
.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Low
Duration
U.S.
Government
Securities
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
154
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.48
$7.89
$7.95
$8.02
$8.10
$8.24
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.076
0.017
(0.006)
0.125
0.140
0.088
Net
realized
and
unrealized
gains
(losses)
0.027
(0.340)
0.022
(0.025)
0.021
(0.035)
Total
from
investment
operations
........
0.103
(0.323)
0.016
0.100
0.161
0.053
Less
distributions
from:
Net
investment
income
..............
(0.103)
(0.087)
(0.076)
(0.170)
(0.241)
(0.193)
Net
asset
value,
end
of
period
..........
$7.48
$7.48
$7.89
$7.95
$8.02
$8.10
Total
return
c
.......................
1.38%
(4.11)%
0.20%
1.26%
2.01%
0.65%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.01%
0.93%
0.97%
0.97%
0.95%
0.96%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.84%
e
0.87%
0.91%
0.96%
e
0.94%
e
0.95%
e
Net
investment
income
(loss)
..........
2.04%
0.22%
(0.07)%
1.57%
1.73%
1.07%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$310,801
$353,584
$432,447
$460,621
$393,736
$419,055
Portfolio
turnover
rate
................
16.53%
15.99%
68.61%
35.03%
12.72%
11.39%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
155
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.48
$7.88
$7.95
$8.02
$8.09
$8.24
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.082
0.029
0.006
0.137
0.151
0.100
Net
realized
and
unrealized
gains
(losses)
0.017
(0.330)
0.012
(0.024)
0.031
(0.044)
Total
from
investment
operations
........
0.099
(0.301)
0.018
0.113
0.182
0.056
Less
distributions
from:
Net
investment
income
..............
(0.109)
(0.099)
(0.088)
(0.182)
(0.252)
(0.206)
Net
asset
value,
end
of
period
..........
$7.47
$7.48
$7.88
$7.95
$8.02
$8.09
Total
return
c
.......................
1.32%
(3.85)%
0.23%
1.41%
2.29%
0.68%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.86%
0.78%
0.82%
0.82%
0.80%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.70%
e
0.72%
0.77%
0.81%
e
0.79%
e
0.79%
e
Net
investment
income
...............
2.20%
0.37%
0.08%
1.72%
1.88%
1.23%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$51,555
$55,048
$66,942
$77,910
$86,471
$100,477
Portfolio
turnover
rate
................
16.53%
15.99%
68.61%
35.03%
12.72%
11.39%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
156
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.48
$7.88
$7.95
$8.02
$8.09
$8.24
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.061
(0.017)
(0.035)
0.093
0.106
0.054
Net
realized
and
unrealized
gains
(losses)
0.017
(0.326)
0.010
(0.024)
0.032
(0.044)
Total
from
investment
operations
........
0.078
(0.343)
(0.025)
0.069
0.138
0.010
Less
distributions
from:
Net
investment
income
..............
(0.088)
(0.057)
(0.045)
(0.138)
(0.208)
(0.160)
Net
asset
value,
end
of
period
..........
$7.47
$7.48
$7.88
$7.95
$8.02
$8.09
Total
return
c
.......................
1.04%
(4.37)%
(0.32)%
0.86%
1.73%
0.13%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.41%
1.34%
1.38%
1.37%
1.35%
1.36%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.24%
e
1.27%
1.33%
1.36%
e
1.34%
e
1.35%
e
Net
investment
income
(loss)
..........
1.63%
(0.22)%
(0.45)%
1.16%
1.33%
0.67%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$16,718
$21,568
$36,318
$71,212
$84,685
$126,585
Portfolio
turnover
rate
................
16.53%
15.99%
68.61%
35.03%
12.72%
11.39%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
157
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.50
$7.90
$7.97
$8.03
$8.11
$8.25
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.086
0.040
0.021
0.154
0.169
0.121
Net
realized
and
unrealized
gains
(losses)
0.021
(0.331)
0.014
(0.014)
0.021
(0.037)
Total
from
investment
operations
........
0.107
(0.291)
0.035
0.140
0.190
0.084
Less
distributions
from:
Net
investment
income
..............
(0.117)
(0.109)
(0.105)
(0.199)
(0.270)
(0.224)
Net
asset
value,
end
of
period
..........
$7.49
$7.50
$7.90
$7.97
$8.03
$8.11
Total
return
c
.......................
1.43%
(3.71)%
0.44%
1.75%
2.39%
1.03%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.67%
0.59%
0.63%
0.64%
0.62%
0.62%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.56%
e
0.56%
0.55%
0.60%
e
0.58%
e
0.57%
e
Net
investment
income
...............
2.31%
0.52%
0.27%
1.93%
2.09%
1.45%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$24,096
$29,513
$41,913
$33,530
$31,953
$36,026
Portfolio
turnover
rate
................
16.53%
15.99%
68.61%
35.03%
12.72%
11.39%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
158
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.49
$7.89
$7.96
$8.03
$8.10
$8.25
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.085
0.040
0.014
0.146
0.160
0.108
Net
realized
and
unrealized
gains
(losses)
0.018
(0.334)
0.012
(0.025)
0.031
(0.044)
Total
from
investment
operations
........
0.103
(0.294)
0.026
0.121
0.191
0.064
Less
distributions
from:
Net
investment
income
..............
(0.113)
(0.106)
(0.096)
(0.190)
(0.261)
(0.214)
Net
asset
value,
end
of
period
..........
$7.48
$7.49
$7.89
$7.96
$8.03
$8.10
Total
return
c
.......................
1.38%
(3.76)%
0.33%
1.51%
2.39%
0.78%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.76
%
0.67%
0.72%
0.72%
0.70%
0.71%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.59%
e
0.62%
0.66%
0.71%
e
0.69%
e
0.70%
e
Net
investment
income
...............
2.28%
0.52%
0.18%
1.82%
1.98%
1.32%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$81,819
$99,817
$86,615
$98,851
$103,639
$112,441
Portfolio
turnover
rate
................
16.53%
15.99%
68.61%
35.03%
12.72%
11.39%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
Franklin
Low
Duration
U.S.
Government
Securities
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
159
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
11.0%
FHLB,
5.5%,
4/01/24
.................................................
$
5,000,000
$
4,991,072
U.S.
Treasury
Notes
,
2.375%,
8/15/24
...................................................
5,000,000
4,866,211
2%,
2/15/25
......................................................
10,000,000
9,627,344
2%,
8/15/25
......................................................
5,000,000
4,790,820
2.625%,
1/31/26
...................................................
10,000,000
9,697,265
2.5%,
2/28/26
....................................................
10,162,000
9,817,048
2.25%,
3/31/26
...................................................
10,000,000
9,595,703
Total
U.S.
Government
and
Agency
Securities
(Cost
$53,398,506)
.................
53,385,463
Commercial
Mortgage-Backed
Securities
20.2%
Financial
Services
20.2%
a
FHLMC
,
4988,
AF,
FRN,
4.979%,
(1-month
USD
LIBOR
+
0.35%),
10/15/37
.............
5,056,902
4,917,567
4891,
AF,
FRN,
3.886%,
(1-month
USD
LIBOR
+
0.4%),
7/15/42
..............
7,932,308
7,719,067
343,
F4,
FRN,
5.012%,
Strip,
(1-month
USD
LIBOR
+
0.35%),
10/15/37
.........
4,739,281
4,672,144
4989,
FA,
FRN,
3.802%,
(1-month
USD
LIBOR
+
0.35%),
8/15/40
.............
6,093,039
5,918,817
4915,
FE,
FRN,
3.953%,
(1-month
USD
LIBOR
+
0.4%),
2/15/38
..............
9,180,927
8,932,905
4895,
GF,
FRN,
3.814%,
(1-month
USD
LIBOR
+
0.4%),
11/15/43
.............
7,366,548
7,153,898
4197,
KF,
FRN,
3.887%,
(1-month
USD
LIBOR
+
0.3%),
9/15/37
..............
2,366,876
2,335,725
4107,
KF,
FRN,
3.928%,
(1-month
USD
LIBOR
+
0.39%),
6/15/38
.............
2,373,091
2,311,157
4215,
KF,
FRN,
4.199%,
(1-month
USD
LIBOR
+
0.3%),
2/15/40
..............
2,129,429
2,068,250
4730,
WF,
FRN,
4.002%,
(1-month
USD
LIBOR
+
0.35%),
8/15/38
.............
4,362,929
4,249,442
4794,
WF,
FRN,
3.897%,
(1-month
USD
LIBOR
+
0.35%),
3/15/43
.............
4,559,495
4,416,738
a
FNMA
,
2019-38,
AF,
FRN,
3.997%,
(1-month
USD
LIBOR
+
0.4%),
7/25/49
............
5,078,487
4,945,153
2019-59,
BF,
FRN,
3.981%,
(1-month
USD
LIBOR
+
0.4%),
10/25/49
...........
7,279,240
7,093,139
2019-38,
CF,
FRN,
5.47%,
(1-month
USD
LIBOR
+
0.45%),
7/25/49
............
1,501,173
1,462,586
2021-44,
FA,
FRN,
3.872%,
(30-day
SOFR
Average
+
0.2%),
6/25/45
...........
6,423,718
6,269,123
2020-54,
WF,
FRN,
3.154%,
(1-month
USD
LIBOR
+
0.45%),
8/25/50
..........
4,595,511
4,355,252
2021-8,
YF,
FRN,
3.984%,
(30-day
SOFR
Average
+
0.2%),
3/25/61
............
12,749,836
12,332,363
2021-36,
YF,
FRN,
3.986%,
(30-day
SOFR
Average
+
0.2%),
6/25/61
...........
6,270,733
6,059,661
a
GNMA
,
2010-12
,
FD
,
FRN
,
5.548
%
,
(
1-month
USD
LIBOR
+
0.6
%
),
1/16/40
.......
611,926
613,080
97,826,067
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$100,817,057)
...............
97,826,067
Mortgage-Backed
Securities
64.5%
b
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
20.2%
FHLMC,
3.709%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
6/01/47
..............
7,339,316
7,401,940
FHLMC,
3.802%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
10/01/46
.............
4,859,367
4,888,066
FHLMC,
3.808%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
8/01/47
..............
6,466,627
6,576,251
FHLMC,
3.868%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
7/01/46
..............
10,344,977
10,429,217
FHLMC,
3.938%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
11/01/46
.............
6,927,948
6,983,547
FHLMC,
3.959%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
5/01/45
..............
2,148,155
2,166,012
FHLMC,
4.009%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
7/01/43
..............
2,459,079
2,485,424
FHLMC,
4.014%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
7/01/35
..............
2,375,567
2,413,009
FHLMC,
4.014%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
7/01/43
..............
2,648,605
2,686,085
FHLMC,
4.024%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
11/01/46
.............
5,043,801
5,101,814
FHLMC,
4.027%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
9/01/37
..............
5,314,983
5,388,490
FHLMC,
4.036%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
10/01/43
.............
2,545,791
2,570,196
FHLMC,
4.044%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
6/01/37
..............
2,339,661
2,381,069
FHLMC,
4.197%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
1/01/44
..............
2,748,028
2,789,662
FHLMC,
3.235%
-
4.875%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
8/01/34
-
11/01/41
24,831,114
24,856,199
FHLMC,
4.079%
-
5.273%,
(6-month
USD
LIBOR
+/-
MBS
Margin),
4/01/36
-
1/01/37
302,218
299,031
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
160
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,
3.963%
-
5.52%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
8/01/33
-
6/01/37
..
$
8,432,905
$
8,541,728
97,957,740
b
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
38.1%
FNMA,
3.954%,
(COFI
11th
District
+/-
MBS
Margin),
4/01/34
..................
6,034,864
5,841,528
FNMA,
4.054%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
7/01/42
...............
3,374,431
3,440,589
FNMA,
4.069%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
4/01/47
...............
12,716,311
12,959,130
FNMA,
4.085%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
4/01/40
...............
3,392,371
3,446,778
FNMA,
4.089%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
4/01/44
...............
22,159,536
22,569,361
FNMA,
4.116%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
9/01/38
...............
8,928,044
9,118,020
FNMA,
4.167%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/36
.................
5,903,303
6,036,611
FNMA,
4.257%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
9/01/45
...............
3,848,083
3,912,767
FNMA,
4.327%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
3/01/35
...............
2,665,383
2,696,652
FNMA,
4.858%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
5/01/47
...............
5,913,470
6,020,979
FNMA,
2.945%
-
5%,
(COFI
11th
District
+/-
MBS
Margin),
11/01/23
-
12/01/37
.....
3,069,961
2,986,477
FNMA,
3.564%
-
5.1%,
(5-year
CMT
T-Note
+/-
MBS
Margin),
4/01/27
-
2/01/30
....
31,656
31,598
FNMA,
2.615%
-
5.319%,
(3-year
CMT
T-Note
+/-
MBS
Margin),
9/01/24
-
7/01/34
...
156,144
154,542
FNMA,
3.037%
-
5.405%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
4/01/32
-
5/01/48
67,732,008
67,705,814
FNMA,
5.842%,
(1-month
USD
LIBOR
+/-
MBS
Margin),
8/01/27
................
110,143
110,023
FNMA,
4.853%
-
6.31%,
(6-month
H15BDI
+/-
MBS
Margin),
7/01/24
-
11/01/34
.....
49,049
49,693
FNMA,
2.925%
-
6.521%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
9/01/23
-
12/01/40
..
19,897,632
19,837,168
FNMA,
3.534%
-
6.635%,
(12-month
average
of
1-year
CMT
+/-
MBS
Margin),
12/01/26
-
11/01/44
................................................
3,487,959
3,416,887
FNMA,
3.095%
-
7.045%,
(6-month
USD
LIBOR
+/-
MBS
Margin),
9/01/23
-
12/01/37
14,810,709
14,802,857
185,137,474
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
6.1%
FNMA,
30
Year,
5.5%,
4/01/53
.........................................
14,316,213
14,441,660
FNMA,
30
Year,
6%,
4/01/53
...........................................
14,735,073
15,017,322
29,458,982
b
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.1%
GNMA
II,
2.625%
-
3.625%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
9/20/33
-
5/20/36
.
313,339
307,680
307,680
Total
Mortgage-Backed
Securities
(Cost
$324,487,656)
...........................
312,861,876
Total
Long
Term
Investments
(Cost
$478,703,219)
...............................
464,073,406
a
a
a
a
a
Short
Term
Investments
3.4%
Shares
a
Money
Market
Funds
3.4%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
..................
16,553,762
16,553,762
Total
Money
Market
Funds
(Cost
$16,553,762)
..................................
16,553,762
Total
Short
Term
Investments
(Cost
$16,553,762
)
................................
16,553,762
a
Total
Investments
(Cost
$495,256,981)
99.1%
...................................
$480,627,168
Other
Assets,
less
Liabilities
0.9%
.............................................
4,360,876
Net
Assets
100.0%
...........................................................
$484,988,044
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
161
At
April
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1(e).
See
Note 10 regarding
other
derivative
information.
a
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
b
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
c
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
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
87
$
10,566,422
6/21/23
$
(493,577)
U.S.
Treasury
2
Year
Notes
.....................
Long
300
61,849,219
6/30/23
869,642
U.S.
Treasury
5
Year
Notes
.....................
Short
68
7,462,469
6/30/23
(225,336)
Total
Futures
Contracts
......................................................................
$150,729
*
As
of
period
end.
See
Abbreviations
on
page
354
.
Franklin
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Securities
Trust
Financial
Highlights
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The
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of
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statements.
162
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021*
2020
a
2019
a
2018
a
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.94
$9.98
$10.04
$9.92
$9.31
$9.84
Income
from
investment
operations
b
:
Net
investment
income
..............
0.140
c
0.229
c
0.176
c
0.257
c
0.302
c
0.269
Net
realized
and
unrealized
gains
(losses)
0.487
(2.006)
0.036
0.170
0.618
(0.518)
Total
from
investment
operations
........
0.627
(1.777)
0.212
0.427
0.920
(0.249)
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.137)
(0.260)
(0.272)
(0.306)
(0.310)
(0.275)
Tax
return
of
capital
................
—
(0.003)
—
—
—
(0.006)
Total
distributions
...................
(0.137)
(0.263)
(0.272)
(0.306)
(0.310)
(0.281)
Net
asset
value,
end
of
period
..........
$8.43
$7.94
$9.98
$10.04
$9.92
$9.31
Total
return
d
.......................
7.94%
(18.06)%
2.12%
4.38%
10.01%
(2.57)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.95%
0.92%
0.89%
0.90%
0.90%
0.91%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.83%
f
0.82%
f
0.83%
0.85%
f
0.86%
f
0.88%
f
Net
investment
income
...............
3.41%
2.52%
1.75%
2.59%
3.12%
2.91%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,769,706
$2,716,548
$3,876,156
$4,031,242
$3,422,747
$2,763,774
Portfolio
turnover
rate
................
58.65%
197.26%
184.44%
g
228.24%
169.95%
g
151.77%
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
30.01%
105.09%
59.70%
g
137.82%
98.83%
g
84.86%
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I
from
November
1,
2020
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
le
ss
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
h
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
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Securities
Trust
Financial
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Franklin
Total
Return
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(continued)
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accompanying
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an
integral
part
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statements.
Semiannual
Report
163
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021*
2020
a
2019
a
2018
a
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.88
$9.90
$9.97
$9.85
$9.25
$9.77
Income
from
investment
operations
b
:
Net
investment
income
..............
0.124
c
0.193
c
0.137
c
0.216
c
0.262
c
0.183
Net
realized
and
unrealized
gains
(losses)
0.487
(1.985)
0.025
0.171
0.609
(0.457)
Total
from
investment
operations
........
0.611
(1.792)
0.162
0.387
0.871
(0.274)
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.121)
(0.225)
(0.232)
(0.267)
(0.271)
(0.241)
Tax
return
of
capital
................
—
(0.003)
—
—
—
(0.005)
Total
distributions
...................
(0.121)
(0.228)
(0.232)
(0.267)
(0.271)
(0.246)
Net
asset
value,
end
of
period
..........
$8.37
$7.88
$9.90
$9.97
$9.85
$9.25
Total
return
d
.......................
7.79%
(18.33)%
1.63%
4.01%
9.52%
(2.84)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.36%
1.32%
1.30%
1.30%
1.30%
1.31%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.23%
f
1.23%
f
1.24%
1.25%
f
1.26%
f
1.28%
f
Net
investment
income
...............
3.04%
2.14%
1.37%
2.20%
2.72%
2.51%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$87,050
$91,669
$141,309
$208,947
$236,838
$243,068
Portfolio
turnover
rate
................
58.65%
197.26%
184.44%
g
228.24%
169.95%
g
151.77%
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
30.01%
105.09%
59.70%
g
137.82%
98.83%
g
84.86%
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I
from
November
1,
2020
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions
h
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
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Securities
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part
of
these
financial
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164
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021*
2020
a
2019
a
2018
a
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.90
$9.94
$10.00
$9.88
$9.27
$9.80
Income
from
investment
operations
b
:
Net
investment
income
..............
0.130
c
0.206
c
0.152
c
0.232
c
0.277
c
0.182
Net
realized
and
unrealized
gains
(losses)
0.487
(2.005)
0.035
0.171
0.619
(0.453)
Total
from
investment
operations
........
0.617
(1.799)
0.187
0.403
0.896
(0.271)
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.127)
(0.238)
(0.247)
(0.282)
(0.286)
(0.253)
Tax
return
of
capital
................
—
(0.003)
—
—
—
(0.006)
Total
distributions
...................
(0.127)
(0.241)
(0.247)
(0.282)
(0.286)
(0.259)
Net
asset
value,
end
of
period
..........
$8.39
$7.90
$9.94
$10.00
$9.88
$9.27
Total
return
d
.......................
7.85%
(18.34)%
1.87%
4.14%
9.66%
(2.70)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.20%
1.17%
1.14%
1.15%
1.15%
1.16%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.08%
f
1.08%
f
1.09%
1.10%
f
1.11%
f
1.13%
f
Net
investment
income
...............
3.18%
2.29%
1.52%
2.36%
2.87%
2.66%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$8,779
$8,827
$12,623
$17,274
$21,223
$23,620
Portfolio
turnover
rate
................
58.65%
197.26%
184.44%
g
228.24%
169.95%
g
151.77%
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
30.01%
105.09%
59.70%
g
137.82%
98.83%
g
84.86%
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I
from
November
1,
2020
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions
h
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
165
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021*
2020
a
2019
a
2018
a
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.00
$10.05
$10.11
$9.99
$9.38
$9.90
Income
from
investment
operations
b
:
Net
investment
income
..............
0.155
c
0.263
c
0.213
c
0.294
c
0.340
c
0.308
Net
realized
and
unrealized
gains
(losses)
0.487
(2.017)
0.035
0.168
0.617
(0.512)
Total
from
investment
operations
........
0.642
(1.754)
0.248
0.462
0.957
(0.204)
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.152)
(0.293)
(0.308)
(0.341)
(0.347)
(0.309)
Tax
return
of
capital
................
—
(0.003)
—
—
—
(0.007)
Total
distributions
...................
(0.152)
(0.296)
(0.308)
(0.341)
(0.347)
(0.316)
Net
asset
value,
end
of
period
..........
$8.49
$8.00
$10.05
$10.11
$9.99
$9.38
Total
return
d
.......................
8.07%
(17.74)%
2.47%
4.72%
10.35%
(2.10)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.59%
0.56%
0.52%
0.54%
0.53%
0.54%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.47%
f
0.44%
f
0.46%
0.48%
f
0.49%
f
0.49%
f
Net
investment
income
...............
3.74%
2.89%
2.10%
2.95%
3.49%
3.30%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$459,236
$434,834
$601,624
$547,075
$481,399
$430,637
Portfolio
turnover
rate
................
58.65%
197.26%
184.44%
g
228.24%
169.95%
g
151.77%
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
30.01%
105.09%
59.70%
g
137.82%
98.83%
g
84.86%
*Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I
from
November
1,
2020
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
h
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
166
a
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
2021*
2020
a
2019
a
2018
a
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.99
$10.04
$10.10
$9.98
$9.37
$9.89
Income
from
investment
operations
b
:
Net
investment
income
..............
0.151
c
0.251
c
0.202
c
0.281
c
0.328
c
0.291
Net
realized
and
unrealized
gains
(losses)
0.487
(2.015)
0.035
0.169
0.618
(0.507)
Total
from
investment
operations
........
0.638
(1.764)
0.237
0.450
0.946
(0.216)
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.148)
(0.283)
(0.297)
(0.329)
(0.336)
(0.297)
Tax
return
of
capital
................
—
(0.003)
—
—
—
(0.007)
Total
distributions
...................
(0.148)
(0.286)
(0.297)
(0.329)
(0.336)
(0.304)
Net
asset
value,
end
of
period
..........
$8.48
$7.99
$10.04
$10.10
$9.98
$9.37
Total
return
d
.......................
8.02%
(17.86)%
2.36%
4.60%
10.23%
(2.22)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.70%
0.66%
0.64%
0.64%
0.65%
0.66%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.58%
f
0.57%
f
0.58%
0.60%
f
0.61%
f
0.63%
f
Net
investment
income
...............
3.64%
2.76%
2.00%
2.84%
3.37%
3.16%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$173,987
$175,044
$232,016
$293,080
$863,516
$620,803
Portfolio
turnover
rate
................
58.65%
197.26%
184.44%
g
228.24%
169.95%
g
151.77%
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
30.01%
105.09%
59.70%
g
137.82%
98.83%
g
8.49%
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I
from
November
1,
2020
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
h
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
Franklin
Total
Return
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
167
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
Broadline
Retail
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
.........................
South
Africa
28,762,824
$
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
.........................
South
Africa
2,862,311
—
—
Energy
Equipment
&
Services
0.0%
†
b
Valaris
Ltd.
..........................................
United
States
2,435
146,100
b
Weatherford
International
plc
.............................
United
States
34,108
2,204,400
2,350,500
Total
Common
Stocks
(Cost
$1,643,717)
.......................................
2,350,500
Management
Investment
Companies
14.2%
Capital
Markets
14.2%
d
Franklin
Floating
Rate
Income
Fund
.......................
United
States
14,064,953
109,847,282
d
Franklin
Investment
Grade
Corporate
ETF
...................
United
States
16,060,000
346,093,000
d
Franklin
Senior
Loan
ETF
...............................
United
States
1,737,400
41,159,006
497,099,288
Total
Management
Investment
Companies
(Cost
$560,132,238)
...................
497,099,288
Preferred
Stocks
0.1%
Banks
0.1%
Citigroup
Capital
XIII,
11.643%
...........................
United
States
93,000
2,712,810
Total
Preferred
Stocks
(Cost
$2,325,000)
.......................................
2,712,810
Principal
Amount
*
Corporate
Bonds
17.1%
Aerospace
&
Defense
0.5%
Boeing
Co.
(The)
,
Senior
Note
,
5.15
%
,
5/01/30
...............
United
States
13,500,000
13,610,076
Northrop
Grumman
Corp.
,
Senior
Bond
,
5.25
%
,
5/01/50
........
United
States
3,500,000
3,615,846
17,225,922
Air
Freight
&
Logistics
0.1%
e
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
3,300,000
3,123,711
Banks
4.7%
e
Banco
de
Chile
,
Senior
Bond
,
144A,
2.99
%
,
12/09/31
..........
Chile
5,700,000
4,911,833
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
...........
Spain
3,600,000
2,858,706
Bank
of
America
Corp.
,
Senior
Bond,
2.592%
to
4/28/30,
FRN
thereafter,
4/29/31
.....
United
States
6,700,000
5,679,017
Senior
Note,
3.864%
to
7/22/23,
FRN
thereafter,
7/23/24
......
United
States
14,700,000
14,637,252
e
BNP
Paribas
SA
,
Senior
Note
,
144A,
2.819%
to
11/18/24,
FRN
thereafter
,
11/19/25
..................................
France
3,200,000
3,057,606
e
BPCE
SA
,
Senior
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
..........................................
France
9,500,000
8,405,079
Citigroup,
Inc.
,
Senior
Bond,
2.572%
to
6/02/30,
FRN
thereafter,
6/03/31
.....
United
States
8,000,000
6,774,181
Senior
Bond,
3.057%
to
1/24/32,
FRN
thereafter,
1/25/33
.....
United
States
8,600,000
7,338,313
Senior
Note,
4.044%
to
5/31/23,
FRN
thereafter,
6/01/24
......
United
States
14,600,000
14,579,032
HSBC
Holdings
plc
,
Senior
Note,
0.976%
to
5/23/24,
FRN
thereafter,
5/24/25
......
United
Kingdom
10,500,000
9,936,377
Senior
Note,
1.589%
to
5/23/26,
FRN
thereafter,
5/24/27
......
United
Kingdom
11,200,000
9,986,132
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
168
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
JPMorgan
Chase
&
Co.
,
Senior
Bond,
4.493%
to
3/23/30,
FRN
thereafter,
3/24/31
.....
United
States
17,100,000
$
16,674,231
Sub.
Bond,
4.95%,
6/01/45
............................
United
States
1,600,000
1,528,632
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
6,200,000
5,940,295
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.063%
to
9/11/24,
FRN
thereafter
,
9/12/25
.........................
Japan
11,100,000
11,046,980
e
Nordea
Bank
Abp
,
Senior
Note
,
144A,
4.75
%
,
9/22/25
..........
Finland
5,200,000
5,172,168
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
6,500,000
5,695,075
e
Societe
Generale
SA
,
Senior
Note
,
144A,
1.792%
to
6/08/26,
FRN
thereafter
,
6/09/27
...................................
France
10,800,000
9,493,727
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
.....
Canada
12,000,000
11,946,351
US
Bancorp
,
Senior
Note
,
5.727%
to
10/20/25,
FRN
thereafter
,
10/21/26
..........................................
United
States
4,300,000
4,332,621
Wells
Fargo
&
Co.
,
Senior
Note
,
4.54%
to
8/14/25,
FRN
thereafter
,
8/15/26
...........................................
United
States
4,000,000
3,942,524
163,936,132
Beverages
0.2%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
4.7%,
2/01/36
............................
Belgium
1,800,000
1,812,380
Senior
Bond,
4.9%,
2/01/46
............................
Belgium
3,400,000
3,373,133
5,185,513
Biotechnology
0.5%
AbbVie,
Inc.
,
Senior
Bond
,
4.7
%
,
5/14/45
...................
United
States
3,200,000
3,004,386
Amgen,
Inc.
,
Senior
Bond
,
5.25
%
,
3/02/33
...................
United
States
7,800,000
8,028,627
Biogen,
Inc.
,
Senior
Bond
,
2.25
%
,
5/01/30
...................
United
States
6,900,000
5,874,235
16,907,248
Broadline
Retail
0.0%
a,e,f
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
2,492,650
—
a,e,f
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
1,098,025
—
—
Capital
Markets
1.4%
Credit
Suisse
Group
AG
,
Senior
Note,
4.55%,
4/17/26
...........................
Switzerland
3,400,000
3,166,930
e
Senior
Note,
144A,
2.193%
to
6/04/25,
FRN
thereafter,
6/05/26
.
Switzerland
1,000,000
900,016
e
Senior
Note,
144A,
6.373%
to
7/14/25,
FRN
thereafter,
7/15/26
.
Switzerland
2,300,000
2,241,765
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
9,500,000
9,424,746
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
....
United
States
15,000,000
12,488,924
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
9,700,000
8,692,793
Morgan
Stanley
,
Senior
Bond
,
1.928%
to
4/27/31,
FRN
thereafter
,
4/28/32
...........................................
United
States
15,200,000
12,100,649
49,015,823
Chemicals
0.2%
e
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
9,300,000
6,661,125
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
169
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
0.3%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
14,600,000
$
11,748,022
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
2,072,886
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
4,700,000
3,845,539
5,918,425
Diversified
REITs
0.0%
†
Simon
Property
Group
LP
,
Senior
Bond
,
3.25
%
,
9/13/49
........
United
States
2,400,000
1,646,114
Electric
Utilities
1.2%
Commonwealth
Edison
Co.
,
Senior
Bond
,
6.45
%
,
1/15/38
.......
United
States
700,000
814,460
Duke
Energy
Corp.
,
Senior
Bond
,
3.75
%
,
9/01/46
.............
United
States
2,000,000
1,574,467
Duke
Energy
Florida
LLC
,
Senior
Bond
,
6.4
%
,
6/15/38
.........
United
States
1,300,000
1,483,258
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
..........
United
States
1,300,000
1,350,629
e
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
6.8
%
,
9/15/37
.
Italy
3,000,000
3,220,060
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
..................
United
States
8,400,000
8,074,985
Georgia
Power
Co.
,
Senior
Bond
,
4.3
%
,
3/15/42
..............
United
States
9,000,000
8,002,435
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
United
States
3,700,000
3,763,361
Southern
Co.
(The)
,
Senior
Bond,
4.4%,
7/01/46
............................
United
States
2,000,000
1,760,542
A,
Senior
Bond,
3.7%,
4/30/30
.........................
United
States
10,500,000
9,840,022
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
...
United
States
520,000
584,326
40,468,545
Electrical
Equipment
0.1%
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
3/15/33
...................
United
States
2,400,000
2,310,298
Electronic
Equipment,
Instruments
&
Components
0.2%
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
....................
United
States
7,500,000
7,311,214
Financial
Services
0.3%
Fiserv,
Inc.
,
Senior
Bond
,
2.65
%
,
6/01/30
...................
United
States
9,100,000
7,936,512
Shell
International
Finance
BV
,
Senior
Bond
,
4.55
%
,
8/12/43
.....
Netherlands
1,700,000
1,620,169
9,556,681
Food
Products
0.4%
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
.............
United
States
1,900,000
1,901,569
e
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note,
144A,
2.5%,
1/15/27
.......................
United
States
8,200,000
7,308,496
Senior
Note,
144A,
3.625%,
1/15/32
.....................
United
States
2,500,000
2,101,200
Kraft
Heinz
Foods
Co.
,
Senior
Note
,
3.75
%
,
4/01/30
...........
United
States
4,000,000
3,800,521
15,111,786
Ground
Transportation
0.0%
†
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
4.9
%
,
4/01/44
...
United
States
1,600,000
1,580,926
Health
Care
Equipment
&
Supplies
0.2%
e
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
144A,
5.6
%
,
11/15/25
..........................................
United
States
5,700,000
5,775,730
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
170
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
(continued)
STERIS
Irish
FinCo.
UnLtd.
Co.
,
Senior
Note
,
2.7
%
,
3/15/31
.....
United
States
2,400,000
$
2,016,885
7,792,615
Health
Care
Providers
&
Services
0.8%
Centene
Corp.
,
Senior
Bond
,
3
%
,
10/15/30
..................
United
States
2,500,000
2,133,163
CVS
Health
Corp.
,
Senior
Bond,
4.78%,
3/25/38
...........................
United
States
3,200,000
3,057,941
Senior
Bond,
2.7%,
8/21/40
............................
United
States
2,000,000
1,434,814
e
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,900,000
1,656,741
Elevance
Health,
Inc.
,
Senior
Bond
,
4.65
%
,
1/15/43
...........
United
States
3,100,000
2,919,949
Kaiser
Foundation
Hospitals
,
2019
,
Senior
Bond
,
3.266
%
,
11/01/49
United
States
11,270,000
8,761,630
Providence
St
Joseph
Health
Obligated
Group
,
H
,
2.746
%
,
10/01/26
United
States
8,875,000
8,304,995
28,269,233
Health
Care
REITs
0.0%
†
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
3.5
%
,
3/15/31
......................................
United
States
1,400,000
958,591
Hotels,
Restaurants
&
Leisure
0.3%
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
2,000,000
1,826,825
e
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
13,000,000
10,185,500
12,012,325
Independent
Power
and
Renewable
Electricity
Producers
0.2%
e
Colbun
SA
,
Senior
Bond
,
144A,
3.15
%
,
3/06/30
...............
Chile
4,400,000
3,872,919
e,g
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
5/15/27
...........................................
United
States
2,000,000
2,090,030
5,962,949
Insurance
0.5%
e
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
...........
Hong
Kong
3,900,000
3,954,172
e
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
10,300,000
10,481,066
Secured
Note,
144A,
4.3%,
8/25/29
......................
United
States
3,700,000
3,610,088
18,045,326
Interactive
Media
&
Services
0.2%
e
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
2.39
%
,
6/03/30
......
China
10,000,000
8,467,701
Life
Sciences
Tools
&
Services
0.0%
†
PerkinElmer,
Inc.
,
Senior
Bond
,
2.25
%
,
9/15/31
...............
United
States
1,800,000
1,463,870
Media
0.6%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.......
United
States
12,500,000
10,093,970
Fox
Corp.
,
Senior
Bond
,
5.476
%
,
1/25/39
...................
United
States
4,800,000
4,553,482
Time
Warner
Cable
LLC
,
Senior
Secured
Bond
,
6.55
%
,
5/01/37
..
United
States
5,700,000
5,560,286
20,207,738
Multi-Utilities
0.2%
Berkshire
Hathaway
Energy
Co.
,
Senior
Bond
,
6.125
%
,
4/01/36
..
United
States
2,700,000
3,029,193
Dominion
Energy,
Inc.
,
C
,
Senior
Note
,
3.375
%
,
4/01/30
........
United
States
4,351,000
3,972,961
7,002,154
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
171
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
1.4%
e
Aker
BP
ASA
,
Senior
Bond
,
144A,
4
%
,
1/15/31
...............
Norway
5,400,000
$
4,938,051
Boardwalk
Pipelines
LP
,
Senior
Bond
,
3.4
%
,
2/15/31
...........
United
States
6,275,000
5,514,983
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note
,
5.875
%
,
3/31/25
.....................................
United
States
1,600,000
1,612,968
Cheniere
Energy,
Inc.
,
Senior
Note
,
4.625
%
,
10/15/28
..........
United
States
1,700,000
1,621,971
e
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/29
....................
United
States
3,000,000
2,830,410
Energy
Transfer
LP
,
Senior
Bond,
4.75%,
1/15/26
...........................
United
States
4,500,000
4,463,873
Senior
Note,
3.9%,
5/15/24
............................
United
States
3,600,000
3,539,581
Enterprise
Products
Operating
LLC
,
Senior
Bond
,
3.125
%
,
7/31/29
United
States
2,000,000
1,842,399
Exxon
Mobil
Corp.
,
Senior
Bond
,
3.452
%
,
4/15/51
.............
United
States
2,000,000
1,605,549
e
Harvest
Operations
Corp.
,
Senior
Note
,
144A,
4.2
%
,
6/01/23
.....
South
Korea
3,800,000
3,796,427
e
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Note
,
144A,
6
%
,
4/15/30
...........................................
United
States
2,300,000
2,145,732
MPLX
LP
,
Senior
Note
,
4.875
%
,
6/01/25
....................
United
States
4,500,000
4,486,245
Phillips
66
,
Senior
Bond
,
2.15
%
,
12/15/30
...................
United
States
4,900,000
4,091,760
TransCanada
PipeLines
Ltd.
,
Senior
Bond
,
4.25
%
,
5/15/28
......
Canada
3,400,000
3,327,371
e
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
1,000,000
887,037
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
500,000
449,652
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
3.5
%
,
11/15/30
.........
United
States
3,200,000
2,930,476
50,084,485
Paper
&
Forest
Products
0.1%
Suzano
Austria
GmbH
,
DM3N
,
Senior
Bond
,
3.125
%
,
1/15/32
....
Brazil
2,300,000
1,830,398
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
1,522,520
e
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
10,334,000
10,138,059
11,660,579
Personal
Care
Products
0.4%
e
Kenvue,
Inc.
,
Senior
Note
,
144A,
5.05
%
,
3/22/28
..............
United
States
10,500,000
10,878,944
e
Oriflame
Investment
Holding
plc
,
Senior
Secured
Note
,
144A,
5.125
%
,
5/04/26
.....................................
Switzerland
2,600,000
1,554,800
12,433,744
Pharmaceuticals
0.3%
Royalty
Pharma
plc
,
Senior
Bond
,
2.15
%
,
9/02/31
.............
United
States
11,800,000
9,418,688
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
.....................................
Israel
2,000,000
1,857,651
11,276,339
Real
Estate
Management
&
Development
0.1%
e
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
.....................................
China
3,200,000
1,664,422
e
Vivion
Investments
SARL
,
Senior
Note
,
Reg
S,
3
%
,
8/08/24
.....
Luxembourg
1,700,000
EUR
1,372,518
3,036,940
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
172
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialty
Retail
0.0%
†
Advance
Auto
Parts,
Inc.
,
Senior
Note,
5.9%,
3/09/26
............................
United
States
800,000
$
821,650
Senior
Note,
5.95%,
3/09/28
...........................
United
States
750,000
774,601
1,596,251
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.
,
Senior
Bond
,
2.65
%
,
5/11/50
....................
United
States
3,000,000
2,132,799
Tobacco
0.8%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
5/06/30
................
United
States
15,000,000
13,385,070
e
Imperial
Brands
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
7/21/25
.
United
Kingdom
4,000,000
3,882,794
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
....
United
States
8,800,000
8,981,425
26,249,289
Wireless
Telecommunication
Services
0.3%
T-Mobile
USA,
Inc.
,
Senior
Note
,
3.875
%
,
4/15/30
.............
United
States
10,000,000
9,421,128
Total
Corporate
Bonds
(Cost
$662,980,455)
.....................................
597,611,939
h
Marketplace
Loans
1.9%
a
Financial
Services
1.9%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$72,319,866)
....................................
65,202,173
Foreign
Government
and
Agency
Securities
2.1%
e
African
Export-Import
Bank
(The)
,
Senior
Bond,
144A,
3.994%,
9/21/29
.....................
Supranational
i
1,400,000
1,189,846
Senior
Bond,
144A,
3.798%,
5/17/31
.....................
Supranational
i
11,600,000
9,479,520
e
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
i
10,700,000
9,914,941
Colombia
Government
Bond
,
Senior
Bond
,
5
%
,
6/15/45
........
Colombia
8,800,000
5,941,938
e
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
12,200,000
9,732,794
e
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
144A,
3.75
%
,
1/15/31
...........................................
Chile
6,500,000
6,009,868
e
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
3,900,000
3,952,162
e
Panama
Government
Bond
,
Senior
Note
,
144A,
3.75
%
,
4/17/26
..
Panama
5,700,000
5,441,448
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.........
Peru
8,000,000
6,948,626
Petroleos
Mexicanos
,
Senior
Bond
,
6.625
%
,
6/15/35
...........
Mexico
6,000,000
4,173,977
e
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
.
Romania
9,500,000
9,170,017
Total
Foreign
Government
and
Agency
Securities
(Cost
$89,377,348)
..............
71,955,137
U.S.
Government
and
Agency
Securities
28.6%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
9,300,000
7,100,078
U.S.
Treasury
Bonds
,
1.125%,
5/15/40
.....................................
United
States
4,000,000
2,682,734
1.125%,
8/15/40
.....................................
United
States
28,600,000
19,022,910
1.75%,
8/15/41
.....................................
United
States
145,700,000
106,050,818
3.125%,
11/15/41
....................................
United
States
11,300,000
10,339,279
2.5%,
5/15/46
......................................
United
States
9,000,000
7,171,524
2.25%,
8/15/46
.....................................
United
States
28,800,000
21,809,250
2.75%,
11/15/47
.....................................
United
States
25,500,000
21,257,637
3.125%,
5/15/48
.....................................
United
States
16,500,000
14,752,031
3%,
8/15/48
........................................
United
States
17,000,000
14,870,352
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
173
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Bonds,
(continued)
2.875%,
5/15/49
.....................................
United
States
14,000,000
$
12,003,906
2.25%,
8/15/49
.....................................
United
States
39,000,000
29,384,063
1.25%,
5/15/50
.....................................
United
States
13,300,000
7,758,160
2.375%,
5/15/51
.....................................
United
States
5,800,000
4,462,488
1.875%,
11/15/51
....................................
United
States
76,200,000
51,946,969
U.S.
Treasury
Notes
,
3.875%,
3/31/25
.....................................
United
States
77,000,000
76,693,203
0.25%,
9/30/25
.....................................
United
States
107,000,000
98,264,454
0.375%,
11/30/25
....................................
United
States
128,000,000
117,249,999
0.375%,
12/31/25
....................................
United
States
41,000,000
37,529,414
j
Index
Linked,
0.625%,
1/15/26
..........................
United
States
35,400,000
43,701,032
0.75%,
5/31/26
.....................................
United
States
2,000,000
1,828,437
2.75%,
4/30/27
.....................................
United
States
138,300,000
133,932,205
3.25%,
6/30/27
.....................................
United
States
18,100,000
17,865,619
3.125%,
8/31/27
.....................................
United
States
67,000,000
65,836,660
3.625%,
3/31/28
.....................................
United
States
17,000,000
17,093,633
1.875%,
2/15/32
.....................................
United
States
5,200,000
4,596,922
2.875%,
5/15/32
.....................................
United
States
49,700,000
47,580,955
3.5%,
2/15/33
......................................
United
States
9,000,000
9,054,141
Total
U.S.
Government
and
Agency
Securities
(Cost
$1,085,156,952)
..............
1,001,838,873
Asset-Backed
Securities
10.1%
Commercial
Services
&
Supplies
0.2%
e,k
Armada
Euro
CLO
IV
DAC
,
4A
,
B
,
144A,
FRN
,
4.877
%
,
7/15/33
.
..
Ireland
5,100,000
EUR
5,374,608
Financial
Services
9.9%
e,l
Adagio
CLO
VIII
DAC
,
VIII-A
,
B1
,
144A,
FRN
,
4.827
%
,
(
3-month
EURIBOR
+
1.65
%
),
4/15/32
.
...........................
Ireland
2,050,000
EUR
2,154,261
e,l
Antares
CLO
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
6.9
%
,
(
3-month
USD
LIBOR
+
1.65
%
),
4/20/31
.
.............................
United
States
12,900,000
12,330,790
e,l
Ares
European
CLO
VIII
DAC
,
8A
,
BR
,
144A,
FRN
,
4.777
%
,
(
3-month
EURIBOR
+
1.6
%
),
4/17/32
.
....................
Ireland
2,900,000
EUR
3,062,895
e,l
Bain
Capital
Credit
CLO
Ltd.
,
2018-1A,
A1,
144A,
FRN,
6.233%,
(3-month
USD
LIBOR
+
0.96%),
4/23/31
.....................................
United
States
12,000,000
11,826,426
2018-1A,
A2,
144A,
FRN,
6.423%,
(3-month
USD
LIBOR
+
1.15%),
4/23/31
.....................................
United
States
5,100,000
4,996,075
e,l
BCC
Middle
Market
CLO
LLC
,
2018-1A
,
A2
,
144A,
FRN
,
7.4
%
,
(
3-month
USD
LIBOR
+
2.15
%
),
10/20/30
.
.................
United
States
5,100,000
4,938,844
e,l
Blackrock
European
CLO
IX
DAC
,
9A
,
A
,
144A,
FRN
,
3.857
%
,
(
3-month
EURIBOR
+
0.9
%
),
12/15/32
.
...................
Ireland
17,350,000
EUR
18,592,344
e,l
BlueMountain
Fuji
EUR
CLO
V
DAC
,
5A
,
B
,
144A,
FRN
,
4.727
%
,
(
3-month
EURIBOR
+
1.55
%
),
1/15/33
.
...................
Ireland
6,250,000
EUR
6,514,687
e,l
Carlyle
Direct
Lending
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
7.46
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
10/15/31
.
..................
United
States
10,000,000
9,406,810
e,l
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2014-1A,
A1R2,
144A,
FRN,
6.23%,
(3-month
USD
LIBOR
+
0.97%),
4/17/31
.....................................
United
States
722,802
717,139
2014-1A,
A2R2,
144A,
FRN,
6.39%,
(3-month
USD
LIBOR
+
1.13%),
4/17/31
.....................................
United
States
6,300,000
6,126,751
e,l
CIFC
Funding
Ltd.
,
2022-2A
,
A1
,
144A,
FRN
,
6.348
%
,
(
3-month
SOFR
+
1.32
%
),
4/19/35
.
..............................
United
States
23,690,000
23,321,705
e,k
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2018-29,
PT,
144A,
FRN,
19.087%,
12/15/43
...............
United
States
44,658
41,782
2019-26,
PT,
144A,
FRN,
18.556%,
8/15/44
................
United
States
533,953
505,317
2019-31,
PT,
144A,
FRN,
16.995%,
9/15/44
................
United
States
437,239
408,113
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
174
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
e,k
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I,
(continued)
2019-37,
PT,
144A,
FRN,
18.427%,
10/17/44
...............
United
States
546,556
$
521,023
2019-42,
PT,
144A,
FRN,
18.313%,
11/15/44
...............
United
States
573,904
539,949
2019-51,
PT,
144A,
FRN,
16.752%,
1/15/45
................
United
States
697,279
658,059
2019-52,
PT,
144A,
FRN,
15.723%,
1/15/45
................
United
States
741,206
703,856
2019-S1,
PT,
144A,
FRN,
12.091%,
4/15/44
................
United
States
134,381
129,510
2019-S2,
PT,
144A,
FRN,
12.22%,
5/16/44
.................
United
States
133,968
122,937
2019-S3,
PT,
144A,
FRN,
11.788%,
6/15/44
................
United
States
247,470
228,725
2019-S4,
PT,
144A,
FRN,
11.746%,
8/15/44
................
United
States
321,110
309,639
2019-S5,
PT,
144A,
FRN,
13.333%,
9/15/44
................
United
States
334,385
314,675
2019-S6,
PT,
144A,
FRN,
10.797%,
10/17/44
...............
United
States
382,419
356,255
2019-S7,
PT,
144A,
FRN,
11.696%,
12/15/44
...............
United
States
316,706
294,827
2019-S8,
PT,
144A,
FRN,
10.185%,
1/15/45
................
United
States
408,259
379,035
2020-2,
PT,
144A,
FRN,
14.271%,
3/15/45
.................
United
States
742,724
701,987
2020-7,
PT,
144A,
FRN,
15.764%,
4/17/45
.................
United
States
436,499
405,940
e,l
Cook
Park
CLO
Ltd.
,
2018-1A
,
A2
,
144A,
FRN
,
6.38
%
,
(
3-month
USD
LIBOR
+
1.12
%
),
4/17/30
.
.........................
United
States
6,000,000
5,798,469
l
CWABS,
Inc.
,
2004-1
,
M1
,
FRN
,
5.77
%
,
(
1-month
USD
LIBOR
+
0.75
%
),
3/25/34
.
....................................
United
States
146,239
142,789
e,l
Dryden
97
CLO
Ltd.
,
2022-97A
,
A
,
144A,
FRN
,
6.348
%
,
(
3-month
SOFR
+
1.3
%
),
4/20/35
.
...............................
United
States
17,750,000
17,376,676
e,l
Ellington
CLO
III
Ltd.
,
2018-3A,
A1,
144A,
FRN,
6.9%,
(3-month
USD
LIBOR
+
1.65%),
7/20/30
...........................................
United
States
4,340,196
4,306,384
2018-3A,
A2R,
144A,
FRN,
7%,
(3-month
USD
LIBOR
+
1.75%),
7/20/30
...........................................
United
States
8,037,399
7,990,563
e
FirstKey
Homes
Trust
,
2020-SFR2
,
A
,
144A,
1.266
%
,
10/19/37
.
...
United
States
11,458,282
10,433,852
e,l
Galaxy
XXVII
CLO
Ltd.
,
2018-27A
,
A
,
144A,
FRN
,
5.892
%
,
(
3-month
USD
LIBOR
+
1.02
%
),
5/16/31
.
.........................
United
States
1,000,000
991,081
e,l
Holland
Park
CLO
DAC
,
1A
,
A1RR
,
144A,
FRN
,
3.541
%
,
(
3-month
EURIBOR
+
0.92
%
),
11/14/32
.
..........................
Ireland
50,450,000
EUR
54,133,498
e
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
......................
United
States
15,347,503
13,724,133
2021-3,
B,
144A,
2.649%,
1/17/41
.......................
United
States
5,901,337
5,165,715
e,l
Logan
CLO
I
Ltd.
,
2021-1A
,
A
,
144A,
FRN
,
6.41
%
,
(
3-month
USD
LIBOR
+
1.16
%
),
7/20/34
.
.............................
United
States
4,750,000
4,686,265
e,l
Madison
Park
Euro
Funding
VIII
DAC
,
8A
,
ARR
,
144A,
FRN
,
3.997
%
,
(
3-month
EURIBOR
+
0.82
%
),
4/15/32
.
.............
Ireland
33,550,000
EUR
36,038,712
e,l
Neuberger
Berman
CLO
XVIII
Ltd.
,
2014-18A
,
A1BR
,
144A,
FRN
,
6.661
%
,
(
3-month
USD
LIBOR
+
1.4
%
),
10/21/30
.
...........
United
States
1,700,000
1,672,977
e
New
Economy
Assets
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
....................................
United
States
19,400,000
16,880,004
e,l
Octagon
Investment
Partners
35
Ltd.
,
2018-1A
,
A1B
,
144A,
FRN
,
6.35
%
,
(
3-month
USD
LIBOR
+
1.1
%
),
1/20/31
.
.............
United
States
3,325,000
3,252,890
e,l
Octagon
Investment
Partners
36
Ltd.
,
2018-1A,
A1,
144A,
FRN,
6.23%,
(3-month
USD
LIBOR
+
0.97%),
4/15/31
...........................................
United
States
18,000,000
17,842,500
2018-1A,
A2,
144A,
FRN,
6.46%,
(3-month
USD
LIBOR
+
1.2%),
4/15/31
...........................................
United
States
8,500,000
8,295,009
e,l
Palmer
Square
CLO
Ltd.
,
2021-2A
,
A
,
144A,
FRN
,
6.41
%
,
(
3-month
USD
LIBOR
+
1.15
%
),
7/15/34
.
.........................
United
States
1,000,000
982,090
e,l
Pikes
Peak
CLO
6
,
2020-6A
,
AR2
,
144A,
FRN
,
6.085
%
,
(
3-month
USD
LIBOR
+
1.17
%
),
5/18/34
.
.........................
United
States
4,500,000
4,433,262
e,k
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
15.626%,
3/15/26
................
United
States
386,292
377,018
2020-PT2,
A,
144A,
FRN,
16.315%,
4/15/26
................
United
States
494,312
472,843
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
175
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
e,k
Prosper
Pass-Thru
Trust
III,
(continued)
2020-PT3,
A,
144A,
FRN,
9.626%,
5/15/26
.................
United
States
190,067
$
178,327
e,l
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
7.46
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
1/15/31
.
..............................
United
States
11,000,000
10,940,325
e,l
TICP
CLO
VI
Ltd.
,
2016-6A
,
AR2
,
144A,
FRN
,
6.38
%
,
(
3-month
USD
LIBOR
+
1.12
%
),
1/15/34
.
.............................
United
States
9,200,000
9,048,200
e,k
Upgrade
Master
Pass-Thru
Trust
,
2019-PT1,
A,
144A,
FRN,
12.609%,
6/15/25
................
United
States
112,937
102,077
2019-PT2,
A,
144A,
FRN,
15.864%,
2/15/26
................
United
States
359,590
352,476
e,l
Voya
CLO
Ltd.
,
2018-2A
,
A2
,
144A,
FRN
,
6.51
%
,
(
3-month
USD
LIBOR
+
1.25
%
),
7/15/31
.
.............................
United
States
1,500,000
1,467,755
347,696,246
a
a
a
a
a
a
Ground
Transportation
0.0%
†
Union
Pacific
Railroad
Co.
Pass-Through
Trust
,
2005-1
,
5.082
%
,
1/02/29
.
...........................................
United
States
30,932
31,329
Passenger
Airlines
0.0%
†
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
..
United
States
1,027,500
997,123
Total
Asset-Backed
Securities
(Cost
$368,237,934)
..............................
354,099,306
Commercial
Mortgage-Backed
Securities
1.3%
Financial
Services
1.3%
e,l
BX
Commercial
Mortgage
Trust
,
2021-VOLT
,
B
,
144A,
FRN
,
5.898
%
,
(
1-month
USD
LIBOR
+
0.95
%
),
9/15/36
..................
United
States
9,840,000
9,413,741
e,l
BX
Mortgage
Trust
,
2021-PAC
,
B
,
144A,
FRN
,
5.847
%
,
(
1-month
USD
LIBOR
+
0.899
%
),
10/15/36
........................
United
States
9,220,000
8,823,312
e,l
BX
Trust
,
2022-IND
,
A
,
144A,
FRN
,
6.381
%
,
(
1-month
SOFR
+
1.491
%
),
4/15/37
....................................
United
States
14,321,219
14,143,835
k
Commercial
Mortgage
Trust
,
2006-GG7
,
AJ
,
FRN
,
6.214
%
,
7/10/38
United
States
1,576,925
1,027,456
e,l
DBCG
Mortgage
Trust
,
2017-BBG
,
A
,
144A,
FRN
,
5.648
%
,
(
1-month
USD
LIBOR
+
0.7
%
),
6/15/34
...........................
United
States
9,840,000
9,716,989
e,k
Eleven
Madison
Mortgage
Trust
,
2015-11MD
,
A
,
144A,
FRN
,
3.673
%
,
9/10/35
.....................................
United
States
3,255,000
2,968,950
l
FNMA
,
2005-122
,
FN
,
FRN
,
5.37
%
,
(
1-month
USD
LIBOR
+
0.35
%
),
1/25/36
...........................................
United
States
380,188
371,917
a
Weyerhaeuser
Mortgage
Co.
of
Texas
,
1984-A
,
7.43
%
,
1/01/24
...
United
States
1,421
1,421
46,467,621
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$48,348,986)
................
46,467,621
Mortgage-Backed
Securities
24.6%
m
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
3.519%,
(COFI
11th
District
+/-
MBS
Margin),
11/01/27
..
United
States
443,515
432,157
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
11.0%
FHLMC
Gold
Pool,
30
Year,
4.5%,
3/01/39
..................
United
States
565,732
568,704
FHLMC
Gold
Pool,
30
Year,
5%,
8/01/33
-
2/01/39
.............
United
States
3,529,336
3,599,518
FHLMC
Gold
Pool,
30
Year,
5.5%,
1/01/35
-
12/01/37
..........
United
States
315,990
327,536
FHLMC
Gold
Pool,
30
Year,
6%,
5/01/33
-
4/01/38
.............
United
States
414,655
431,439
FHLMC
Gold
Pool,
30
Year,
6.5%,
8/01/25
-
3/01/39
...........
United
States
339,208
355,969
FHLMC
Gold
Pool,
30
Year,
7%,
1/01/28
-
7/01/32
.............
United
States
23,023
23,750
FHLMC
Gold
Pool,
30
Year,
7.5%,
3/01/32
..................
United
States
7,007
7,516
FHLMC
Gold
Pool,
30
Year,
8%,
2/01/30
....................
United
States
7,057
7,303
FHLMC
Gold
Pool,
30
Year,
8.5%,
10/01/24
-
8/01/30
..........
United
States
1,355
1,402
FHLMC
Pool,
15
Year,
2%,
4/01/37
-
7/01/37
.................
United
States
6,578,591
5,941,645
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
176
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
15
Year,
2.5%,
4/01/37
-
5/01/37
...............
United
States
13,685,815
$
12,725,045
FHLMC
Pool,
15
Year,
3%,
4/01/37
-
9/01/37
.................
United
States
6,769,194
6,437,293
FHLMC
Pool,
30
Year,
2%,
1/01/52
........................
United
States
52,823,306
44,023,779
FHLMC
Pool,
30
Year,
2%,
3/01/52
........................
United
States
41,560,934
34,621,691
FHLMC
Pool,
30
Year,
2%,
4/01/52
........................
United
States
75,774,816
63,143,418
FHLMC
Pool,
30
Year,
2%,
2/01/52
........................
United
States
572,629
477,276
FHLMC
Pool,
30
Year,
2.5%,
10/01/51
......................
United
States
38,915,086
33,759,992
FHLMC
Pool,
30
Year,
2.5%,
5/01/52
.......................
United
States
29,222,727
25,345,192
FHLMC
Pool,
30
Year,
2.5%,
12/01/51
-
8/01/52
..............
United
States
3,131,867
2,715,296
FHLMC
Pool,
30
Year,
3.5%,
8/01/52
.......................
United
States
2,055,500
1,911,466
FHLMC
Pool,
30
Year,
4%,
8/01/52
........................
United
States
44,940,490
43,002,815
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.......................
United
States
106,544,493
104,229,190
FHLMC
Pool,
30
Year,
6%,
4/01/53
........................
United
States
1,052,119
1,072,273
384,729,508
m
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.1%
FNMA,
2.574%,
(3-year
CMT
T-Note
+/-
MBS
Margin),
12/01/24
..
United
States
401
398
FNMA,
3.699%,
(6-month
USD
LIBOR
+/-
MBS
Margin),
10/01/32
.
United
States
50,332
49,131
FNMA,
3.845%
-
4.151%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
2/01/34
-
3/01/37
....................................
United
States
314,109
311,822
FNMA,
3.523%
-
4.173%,
(COFI
11th
District
+/-
MBS
Margin),
12/01/27
-
9/01/34
...................................
United
States
1,045,047
1,011,951
FNMA,
4.279%
-
4.919%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/25
-
10/01/36
...................................
United
States
57,020
56,375
1,429,677
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
12.4%
FNMA,
15
Year,
2%,
4/01/37
-
6/01/37
......................
United
States
6,842,804
6,180,287
FNMA,
15
Year,
3%,
5/01/37
-
10/01/37
.....................
United
States
5,947,994
5,655,665
FNMA,
30
Year,
2%,
1/01/52
-
2/01/52
......................
United
States
16,622,053
13,859,480
FNMA,
30
Year,
2.5%,
4/01/52
...........................
United
States
15,330,456
13,291,542
FNMA,
30
Year,
3%,
11/01/51
............................
United
States
36,910,493
33,226,258
FNMA,
30
Year,
3%,
12/01/51
-
7/01/52
.....................
United
States
16,009,742
14,400,922
FNMA,
30
Year,
3.5%,
6/01/52
-
8/01/52
....................
United
States
6,183,120
5,749,871
n
FNMA,
30
Year,
3.5%,
12/01/52
...........................
United
States
35,680,038
33,179,946
FNMA,
30
Year,
4%,
3/01/53
.............................
United
States
3,548,405
3,393,754
FNMA,
30
Year,
5%,
6/01/36
-
5/01/39
......................
United
States
659,149
670,484
FNMA,
30
Year,
5.5%,
6/01/33
-
8/01/37
....................
United
States
2,543,910
2,595,501
FNMA,
30
Year,
6%,
9/01/32
-
9/01/38
......................
United
States
2,622,138
2,731,854
FNMA,
30
Year,
6.5%,
8/01/28
-
5/01/37
....................
United
States
90,310
93,723
FNMA,
30
Year,
7%,
11/01/25
............................
United
States
1,167
1,165
FNMA,
30
Year,
7.5%,
1/01/30
...........................
United
States
5,089
5,343
FNMA,
30
Year,
8.5%,
4/01/30
-
5/01/32
....................
United
States
21,507
22,735
o
FNMA,
Single-family,
30
Year,
5%,
5/25/53
..................
United
States
120,084,000
119,403,836
o
FNMA,
Single-family,
30
Year,
5.5%,
5/25/53
.................
United
States
180,490,000
181,984,685
436,447,051
m
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.0%
†
GNMA
II,
2.75%
-
2.75%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
10/20/26
-
10/20/26
..................................
United
States
6,822
6,585
6,585
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.1%
GNMA
I,
30
Year,
7%,
10/15/27
-
6/15/31
....................
United
States
8,233
8,721
GNMA
I,
Single-family,
30
Year,
6%,
1/15/39
.................
United
States
52,689
55,298
GNMA
I,
Single-family,
30
Year,
6.5%,
10/15/31
-
7/15/38
........
United
States
9,579
9,836
GNMA
I,
Single-family,
30
Year,
7%,
3/15/28
-
4/15/28
..........
United
States
3,460
3,488
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
177
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
I,
Single-family,
30
Year,
7.5%,
8/15/25
-
2/15/26
........
United
States
2,340
$
2,345
GNMA
I,
Single-family,
30
Year,
9%,
9/15/25
.................
United
States
10
10
GNMA
II,
Single-family,
30
Year,
2%,
4/20/52
-
7/20/52
.........
United
States
22,900,097
19,639,489
GNMA
II,
Single-family,
30
Year,
2.5%,
6/20/52
...............
United
States
1,758,362
1,554,739
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/52
...............
United
States
17,928,992
15,855,862
GNMA
II,
Single-family,
30
Year,
3%,
10/20/49
................
United
States
26,824
24,727
GNMA
II,
Single-family,
30
Year,
6%,
5/20/31
.................
United
States
1,300
1,355
GNMA
II,
Single-family,
30
Year,
6.5%,
3/20/28
-
7/20/38
........
United
States
153,547
163,370
GNMA
II,
Single-family,
30
Year,
7.5%,
8/20/30
-
1/20/33
........
United
States
21,096
21,776
37,341,016
Total
Mortgage-Backed
Securities
(Cost
$871,849,900)
...........................
860,385,994
Municipal
Bonds
3.8%
California
2.2%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue,
Senior
Lien
,
2019
,
2.934
%
,
6/01/32
...........................................
United
States
6,810,000
5,979,555
California
Municipal
Finance
Authority
,
United
States
General
Services
Administration
,
Revenue
,
2020
,
2.519
%
,
10/01/35
....
United
States
9,715,000
7,166,829
Clovis
Unified
School
District
,
GO
,
2021
B
,
Refunding
,
3.067
%
,
8/01/39
...........................................
United
States
1,500,000
1,213,007
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.............................
United
States
20,900,000
19,167,896
Regents
of
the
University
of
California
,
Medical
Center
,
Revenue
,
2022
Q
,
4.563
%
,
5/15/53
..............................
United
States
6,400,000
6,193,578
San
Bernardino
Community
College
District
,
GO,
2021,
Refunding,
2.686%,
8/01/41
...................
United
States
20,405,000
15,244,986
GO,
2021,
Refunding,
2.856%,
8/01/49
...................
United
States
11,880,000
8,147,449
San
Jose
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Senior
Lien
,
2017
A-T
,
Refunding
,
3.226
%
,
8/01/27
..........
United
States
6,150,000
5,842,334
State
of
California
,
GO
,
2017
,
Refunding
,
4
%
,
11/01/33
.........
United
States
250,000
262,658
University
of
California
,
Revenue
,
2015
J
,
Refunding
,
4.131
%
,
5/15/45
...........................................
United
States
10,750,000
10,014,102
79,232,394
Illinois
0.0%
†
Chicago
Transit
Authority
Sales
&
Transfer
Tax
Receipts
,
Revenue
,
2008
A
,
6.899
%
,
12/01/40
.............................
United
States
780,000
902,730
Massachusetts
0.2%
Commonwealth
of
Massachusetts
,
GO
,
2020
C
,
Refunding
,
2.514
%
,
7/01/41
...........................................
United
States
700,000
534,396
Massachusetts
School
Building
Authority
,
Revenue,
2019
B,
Refunding,
3.395%,
10/15/40
.............
United
States
6,760,000
5,715,428
Revenue,
Senior
Lien,
2016
C,
Refunding,
4%,
11/15/35
......
United
States
150,000
153,789
6,403,613
Minnesota
0.2%
State
of
Minnesota
,
GO
,
2013
F
,
Refunding
,
4
%
,
10/01/24
.......
United
States
5,760,000
5,785,785
New
York
0.3%
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
191,
4.823%,
6/01/45
.........................
United
States
4,570,000
4,471,065
Revenue,
192,
4.81%,
10/15/65
.........................
United
States
5,000,000
5,063,519
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
178
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Port
Authority
of
New
York
&
New
Jersey,
(continued)
9,534,584
Ohio
0.4%
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
...........................................
United
States
16,585,000
$
12,939,027
Oregon
0.0%
†
City
of
Beaverton
,
Water
,
Revenue
,
2020
,
5
%
,
4/01/33
.........
United
States
250,000
289,211
City
of
Portland
,
Water
System
,
Revenue,
First
Lien
,
2016
A
,
Refunding
,
4
%
,
4/01/32
...............................
United
States
265,000
274,463
563,674
Texas
0.4%
City
of
Austin
,
Electric
Utility,
Revenue,
2008,
Refunding,
AGMC
Insured,
6.262%,
11/15/32
.........................................
United
States
11,265,000
12,160,593
Electric
Utility,
Revenue,
2019
C,
Refunding,
2.785%,
11/15/31
..
United
States
370,000
323,732
San
Antonio
Water
System
,
Revenue
,
2010
B
,
5.92
%
,
5/15/40
...
United
States
250,000
276,982
Texas
State
University
System
,
Revenue
,
2019
B
,
Refunding
,
2.938
%
,
3/15/33
.....................................
United
States
2,655,000
2,364,662
15,125,969
Utah
0.1%
City
of
Salt
Lake
City
,
Sales
and
Excise
Tax
,
Revenue
,
2019
B
,
Refunding
,
3.102
%
,
4/01/38
............................
United
States
3,155,000
2,669,711
Total
Municipal
Bonds
(Cost
$154,450,501)
.....................................
133,157,487
Residential
Mortgage-Backed
Securities
3.9%
Capital
Markets
0.0%
†
l
Merrill
Lynch
Mortgage
Investors
Trust
,
2003-A
,
1A
,
FRN
,
5.76
%
,
(
1-month
USD
LIBOR
+
0.74
%
),
3/25/28
..................
United
States
189,063
177,157
Financial
Services
3.9%
e
BRAVO
Residential
Funding
Trust
,
2019-1,
A1C,
144A,
3.5%,
3/25/58
.......................
United
States
1,777,072
1,739,532
k
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
...................
United
States
4,311,150
4,102,733
e,k
CIM
Trust
,
2018-INV1,
A4,
144A,
FRN,
4%,
8/25/48
..................
United
States
1,185,394
1,127,250
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
..................
United
States
802,467
770,181
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
..................
United
States
2,072,618
1,974,200
e,k
Citigroup
Mortgage
Loan
Trust
,
2013-A
,
A
,
144A,
FRN
,
3
%
,
5/25/42
United
States
170,393
162,575
e,k
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
3,301,952
3,219,783
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
,
2004-6
,
3A1
,
5
%
,
1/25/38
........................................
Switzerland
75,395
46,023
l
FHLMC
STACR
Debt
Notes
,
2015-DNA3,
M3,
FRN,
9.72%,
(1-month
USD
LIBOR
+
4.7%),
4/25/28
...........................................
United
States
1,185,371
1,246,676
2016-DNA2,
M3,
FRN,
9.67%,
(1-month
USD
LIBOR
+
4.65%),
10/25/28
..........................................
United
States
10,206,896
10,697,635
2016-HQA2,
M3,
FRN,
10.17%,
(1-month
USD
LIBOR
+
5.15%),
11/25/28
..........................................
United
States
10,577,251
11,191,584
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
179
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
e,l
FHLMC
STACR
REMIC
Trust
,
2020-DNA1,
M2,
144A,
FRN,
6.72%,
(1-month
USD
LIBOR
+
1.7%),
1/25/50
......................................
United
States
1,632,963
$
1,625,367
2022-DNA3,
M1A,
144A,
FRN,
6.815%,
(30-day
SOFR
Average
+
2%),
4/25/42
.......................................
United
States
6,091,075
6,112,770
l
FNMA
Connecticut
Avenue
Securities
,
2013-C01,
M2,
FRN,
10.27%,
(1-month
USD
LIBOR
+
5.25%),
10/25/23
..........................................
United
States
2,650,296
2,701,234
2014-C02,
2M2,
FRN,
7.62%,
(1-month
USD
LIBOR
+
2.6%),
5/25/24
...........................................
United
States
1,594,133
1,606,592
2014-C03,
2M2,
FRN,
7.92%,
(1-month
USD
LIBOR
+
2.9%),
7/25/24
...........................................
United
States
451,166
455,823
2014-C04,
1M2,
FRN,
9.92%,
(1-month
USD
LIBOR
+
4.9%),
11/25/24
..........................................
United
States
5,980,330
6,285,843
2014-C04,
2M2,
FRN,
10.02%,
(1-month
USD
LIBOR
+
5%),
11/25/24
..........................................
United
States
107,542
108,615
2016-C03,
1M2,
FRN,
10.32%,
(1-month
USD
LIBOR
+
5.3%),
10/25/28
..........................................
United
States
2,392,447
2,529,613
e,k
J.P.
Morgan
Mortgage
Trust
,
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
16,162,984
14,218,818
2021-14,
A4,
144A,
FRN,
2.5%,
5/25/52
...................
United
States
13,128,229
11,497,275
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
7,581,015
6,639,206
e,k
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
...........................................
United
States
6,074,393
5,868,962
e,k
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...........
United
States
3,336,931
2,929,535
e,k
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
10,737,982
9,403,974
e,k
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
..........................................
United
States
1,800,943
1,576,124
e,k
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
19,191,526
17,156,159
e,k
Towd
Point
Mortgage
Trust
,
2017-1,
A1,
144A,
FRN,
2.75%,
10/25/56
..................
United
States
660,237
649,657
2017-1,
A2,
144A,
FRN,
3.5%,
10/25/56
...................
United
States
8,862,000
8,548,490
2017-2,
A1,
144A,
FRN,
2.75%,
4/25/57
...................
United
States
296,638
292,850
136,485,079
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$149,677,830)
................
136,662,236
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
22,500
Total
Escrows
and
Litigation
Trusts
(Cost
$2,814,453)
...........................
22,500
Total
Long
Term
Investments
(Cost
$4,069,315,180)
.............................
3,769,565,864
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
180
Short
Term
Investments
1.3%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.3%
d,p
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
46,253,521
$
46,253,521
Total
Money
Market
Funds
(Cost
$46,253,521)
..................................
46,253,521
Total
Short
Term
Investments
(Cost
$46,253,521
)
................................
46,253,521
a
Total
Investments
(Cost
$4,115,568,701)
109.0%
.................................
$3,815,819,385
Other
Assets,
less
Liabilities
(9.0)%
...........................................
(317,060,982)
Net
Assets
100.0%
...........................................................
$3,498,758,403
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
13
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
8
regarding
restricted
securities.
d
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2023,
the
aggregate
value
of
these
securities
was
$707,325,914,
representing
20.2%
of
net
assets.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
See
Note
7
regarding
credit
risk
and
defaulted
securities.
h
See
Note
1(i)
regarding
Marketplace
Lending.
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
i
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
j
Principal
amount
of
security
is
adjusted
for
inflation.
See
Note
1(k).
k
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.
l
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
m
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgag-
es
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
n
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(d).
o
Security
purchased
on
a
to-be-announced
(TBA)
basis.
See
Note
1(d).
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
Franklin
Total
Return
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
181
At
April
30,
2023,
the
Fund
had
the
following
marketplace
loans
outstanding.
See
Note
1(i).
Description
Principal
Amount
Value
Marketplace
Loans
-
1.9%
Block,
Inc.
4790013.SQ.FTS.B,
Zero
Cpn,
5/29/23
...
$
600
$
182
4796753.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
2,124
685
4798341.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
587
151
4798675.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
1,206
324
4799114.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
613
361
4807316.SQ.FTS.B,
Zero
Cpn,
6/02/23
...
297
172
4807599.SQ.FTS.B,
Zero
Cpn,
6/02/23
...
453
115
4808701.SQ.FTS.B,
Zero
Cpn,
6/02/23
...
93
34
4810447.SQ.FTS.B,
Zero
Cpn,
6/03/23
...
2,379
622
4812027.SQ.FTS.B,
Zero
Cpn,
6/03/23
...
447
70
4813955.SQ.FTS.B,
Zero
Cpn,
6/03/23
...
20,691
6,948
4814556.SQ.FTS.B,
Zero
Cpn,
6/04/23
...
616
129
4814833.SQ.FTS.B,
Zero
Cpn,
6/04/23
...
24,496
9,598
4815623.SQ.FTS.B,
Zero
Cpn,
6/05/23
...
61
27
4815651.SQ.FTS.B,
Zero
Cpn,
6/05/23
...
944
166
4818987.SQ.FTS.B,
Zero
Cpn,
6/06/23
...
2,640
851
4819180.SQ.FTS.B,
Zero
Cpn,
6/07/23
...
887
225
4819217.SQ.FTS.B,
Zero
Cpn,
6/07/23
...
16,482
5,927
4820289.SQ.FTS.B,
Zero
Cpn,
6/07/23
...
280
95
4821247.SQ.FTS.B,
Zero
Cpn,
6/07/23
...
1,837
1,407
4821611.SQ.FTS.B,
Zero
Cpn,
6/08/23
...
702
75
4823342.SQ.FTS.B,
Zero
Cpn,
6/08/23
...
824
177
4824622.SQ.FTS.B,
Zero
Cpn,
6/08/23
...
2,538
750
4827165.SQ.FTS.B,
Zero
Cpn,
6/09/23
...
1,298
128
4831089.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
3,668
1,081
4832683.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
1,623
488
4832985.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
12,795
2,143
4834601.SQ.FTS.B,
Zero
Cpn,
6/12/23
...
315
192
4836929.SQ.FTS.B,
Zero
Cpn,
6/13/23
...
6,637
1,744
4837116.SQ.FTS.B,
Zero
Cpn,
6/13/23
...
2,784
695
4838193.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
12,277
5,122
4839360.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
1,136
481
4839366.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
11,177
3,614
4839716.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
727
223
4840254.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
488
137
4840334.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
1,577
354
4840427.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
7,657
1,561
4840766.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
2,241
875
4841078.SQ.FTS.B,
Zero
Cpn,
6/15/23
...
5,371
2,646
4842339.SQ.FTS.B,
Zero
Cpn,
6/15/23
...
565
326
4842858.SQ.FTS.B,
Zero
Cpn,
6/15/23
...
13,328
3,480
4843142.SQ.FTS.B,
Zero
Cpn,
6/15/23
...
10,181
3,121
4848471.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
2,931
678
4848662.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
5,372
1,372
4848703.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
1,526
372
4850020.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
156
44
4850454.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
1,505
499
4857326.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
2,821
1,785
4857771.SQ.FTS.B,
Zero
Cpn,
6/17/23
...
615
364
4858016.SQ.FTS.B,
Zero
Cpn,
6/17/23
...
1,782
238
4860376.SQ.FTS.B,
Zero
Cpn,
6/17/23
...
1,539
376
4860428.SQ.FTS.B,
Zero
Cpn,
6/17/23
...
536
81
4860575.SQ.FTS.B,
Zero
Cpn,
6/17/23
...
431
311
4861177.SQ.FTS.B,
Zero
Cpn,
6/17/23
...
526
121
4861282.SQ.FTS.B,
Zero
Cpn,
6/17/23
...
3,163
287
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4861849.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
$
2,450
$
733
4861902.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
1,609
356
4861917.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
7,117
2,379
4863326.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
3,248
1,482
4863471.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
7,932
3,195
4863939.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
4,427
2,235
4866438.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
954
174
4866448.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
229
134
4866709.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
2,267
571
4866826.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
204
109
4867919.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
6,047
1,712
4868143.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
4,894
2,240
4868584.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
5,694
1,613
4876386.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
16,075
6,622
4876490.SQ.FTS.B,
Zero
Cpn,
6/24/23
...
431
194
4876558.SQ.FTS.B,
Zero
Cpn,
6/24/23
...
8,861
2,427
4877824.SQ.FTS.B,
Zero
Cpn,
6/26/23
...
694
508
4878563.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
222
172
4879038.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
1,707
718
4880873.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
5,286
2,300
4881090.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
96
82
4881733.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
881
502
4881919.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
793
131
4882161.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
203
100
4884630.SQ.FTS.B,
Zero
Cpn,
6/29/23
...
880
233
4885669.SQ.FTS.B,
Zero
Cpn,
6/29/23
...
1,042
209
4885699.SQ.FTS.B,
Zero
Cpn,
6/29/23
...
854
456
4885937.SQ.FTS.B,
Zero
Cpn,
6/29/23
...
2,665
819
4889312.SQ.FTS.B,
Zero
Cpn,
6/30/23
...
4,336
1,636
4889567.SQ.FTS.B,
Zero
Cpn,
7/01/23
...
199
171
4889629.SQ.FTS.B,
Zero
Cpn,
7/01/23
...
2,050
434
4889665.SQ.FTS.B,
Zero
Cpn,
7/01/23
...
1,512
645
4889899.SQ.FTS.B,
Zero
Cpn,
7/02/23
...
5,336
1,542
4890016.SQ.FTS.B,
Zero
Cpn,
7/02/23
...
1,471
134
4890173.SQ.FTS.B,
Zero
Cpn,
7/02/23
...
867
582
4890331.SQ.FTS.B,
Zero
Cpn,
7/02/23
...
2,224
1,003
4890584.SQ.FTS.B,
Zero
Cpn,
7/03/23
...
2,828
814
4890950.SQ.FTS.B,
Zero
Cpn,
7/03/23
...
168
157
4891423.SQ.FTS.B,
Zero
Cpn,
7/03/23
...
5,301
2,076
4895734.SQ.FTS.B,
Zero
Cpn,
7/05/23
...
4,044
2,304
4899740.SQ.FTS.B,
Zero
Cpn,
7/06/23
...
4,941
1,937
4900639.SQ.FTS.B,
Zero
Cpn,
7/06/23
...
4,243
2,317
4901412.SQ.FTS.B,
Zero
Cpn,
7/07/23
...
183
143
4901767.SQ.FTS.B,
Zero
Cpn,
7/07/23
...
7,586
2,836
4902989.SQ.FTS.B,
Zero
Cpn,
7/08/23
...
1,152
494
4903860.SQ.FTS.B,
Zero
Cpn,
7/09/23
...
2,275
402
4904577.SQ.FTS.B,
Zero
Cpn,
7/10/23
...
496
379
4905084.SQ.FTS.B,
Zero
Cpn,
7/10/23
...
1,978
1,067
4906129.SQ.FTS.B,
Zero
Cpn,
7/10/23
...
2,078
969
4907186.SQ.FTS.B,
Zero
Cpn,
7/11/23
...
674
519
4910039.SQ.FTS.B,
Zero
Cpn,
7/12/23
...
4,373
1,674
4914413.SQ.FTS.B,
Zero
Cpn,
7/13/23
...
45
38
4914843.SQ.FTS.B,
Zero
Cpn,
7/13/23
...
210
57
4914994.SQ.FTS.B,
Zero
Cpn,
7/13/23
...
338
94
4916147.SQ.FTS.B,
Zero
Cpn,
7/14/23
...
4
3
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
182
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
4923742.SQ.FTS.B,
Zero
Cpn,
7/16/23
...
$
1,673
$
1,315
4924220.SQ.FTS.B,
Zero
Cpn,
7/17/23
...
707
184
4924498.SQ.FTS.B,
Zero
Cpn,
7/17/23
...
5,665
1,561
4925900.SQ.FTS.B,
Zero
Cpn,
7/18/23
...
16,032
10,157
4926237.SQ.FTS.B,
Zero
Cpn,
7/18/23
...
7,821
1,823
4926699.SQ.FTS.B,
Zero
Cpn,
7/18/23
...
912
554
4926957.SQ.FTS.B,
Zero
Cpn,
7/19/23
...
1,787
1,173
4927793.SQ.FTS.B,
Zero
Cpn,
7/19/23
...
2,973
1,351
4928138.SQ.FTS.B,
Zero
Cpn,
7/19/23
...
6,946
2,479
4928279.SQ.FTS.B,
Zero
Cpn,
7/19/23
...
991
220
4928795.SQ.FTS.B,
Zero
Cpn,
7/19/23
...
21,198
4,377
4931407.SQ.FTS.B,
Zero
Cpn,
7/20/23
...
758
203
4931819.SQ.FTS.B,
Zero
Cpn,
7/20/23
...
2,117
1,129
4931889.SQ.FTS.B,
Zero
Cpn,
7/20/23
...
1,469
825
4933844.SQ.FTS.B,
Zero
Cpn,
7/21/23
...
19,405
4,012
4935340.SQ.FTS.B,
Zero
Cpn,
7/22/23
...
172
139
4935527.SQ.FTS.B,
Zero
Cpn,
7/22/23
...
1,418
575
4935556.SQ.FTS.B,
Zero
Cpn,
7/22/23
...
1,118
316
4935758.SQ.FTS.B,
Zero
Cpn,
7/23/23
...
1,498
1,122
4935784.SQ.FTS.B,
Zero
Cpn,
7/23/23
...
814
383
4936861.SQ.FTS.B,
Zero
Cpn,
7/24/23
...
1,307
605
4937255.SQ.FTS.B,
Zero
Cpn,
7/24/23
...
1,941
1,254
4938432.SQ.FTS.B,
Zero
Cpn,
7/24/23
...
3,409
1,479
4938479.SQ.FTS.B,
Zero
Cpn,
7/24/23
...
10,478
3,011
4941003.SQ.FTS.B,
Zero
Cpn,
7/25/23
...
753
316
4945981.SQ.FTS.B,
Zero
Cpn,
7/27/23
...
17,443
6,890
4954900.SQ.FTS.B,
Zero
Cpn,
7/28/23
...
4,177
818
4960214.SQ.FTS.B,
Zero
Cpn,
7/31/23
...
2,756
813
4962054.SQ.FTS.B,
Zero
Cpn,
7/31/23
...
8,398
2,624
4962523.SQ.FTS.B,
Zero
Cpn,
7/31/23
...
4,563
1,835
4963645.SQ.FTS.B,
Zero
Cpn,
8/01/23
...
12,653
8,157
4964207.SQ.FTS.B,
Zero
Cpn,
8/01/23
...
872
180
4966892.SQ.FTS.B,
Zero
Cpn,
8/02/23
...
7,456
4,482
4967874.SQ.FTS.B,
Zero
Cpn,
8/02/23
...
6,630
2,314
4967975.SQ.FTS.B,
Zero
Cpn,
8/02/23
...
2,027
889
4972812.SQ.FTS.B,
Zero
Cpn,
8/04/23
...
522
81
4973815.SQ.FTS.B,
Zero
Cpn,
8/04/23
...
2,320
1,372
4973901.SQ.FTS.B,
Zero
Cpn,
8/04/23
...
1,788
595
4975355.SQ.FTS.B,
Zero
Cpn,
8/05/23
...
1,718
633
4975840.SQ.FTS.B,
Zero
Cpn,
8/06/23
...
150
94
4976894.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
2,452
394
4977295.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
5,717
1,698
4978050.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
397
128
4978254.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
224
190
4978664.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
211
116
4980302.SQ.FTS.B,
Zero
Cpn,
8/08/23
...
5,164
2,230
4980891.SQ.FTS.B,
Zero
Cpn,
8/08/23
...
7,938
2,760
4982210.SQ.FTS.B,
Zero
Cpn,
8/09/23
...
395
175
4985573.SQ.FTS.B,
Zero
Cpn,
8/10/23
...
7,384
3,099
4985801.SQ.FTS.B,
Zero
Cpn,
8/10/23
...
3,070
1,216
4986950.SQ.FTS.B,
Zero
Cpn,
8/10/23
...
1,026
312
4989246.SQ.FTS.B,
Zero
Cpn,
8/11/23
...
2,021
985
4989680.SQ.FTS.B,
Zero
Cpn,
8/11/23
...
6,187
1,443
4990326.SQ.FTS.B,
Zero
Cpn,
8/11/23
...
248
206
4990405.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
4,337
2,145
4990803.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
1,936
820
4990843.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
833
401
4990927.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
2,007
313
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4991162.SQ.FTS.B,
Zero
Cpn,
8/13/23
...
$
5,956
$
2,116
4991320.SQ.FTS.B,
Zero
Cpn,
8/13/23
...
2,100
636
4993286.SQ.FTS.B,
Zero
Cpn,
8/14/23
...
1,167
216
4993377.SQ.FTS.B,
Zero
Cpn,
8/14/23
...
1,028
147
4993884.SQ.FTS.B,
Zero
Cpn,
8/14/23
...
2,371
554
4994536.SQ.FTS.B,
Zero
Cpn,
8/14/23
...
673
107
4994636.SQ.FTS.B,
Zero
Cpn,
8/15/23
...
1,945
561
4995558.SQ.FTS.B,
Zero
Cpn,
8/15/23
...
437
217
4999801.SQ.FTS.B,
Zero
Cpn,
8/15/23
...
7,631
857
5002638.SQ.FTS.B,
Zero
Cpn,
8/15/23
...
1,671
771
5002851.SQ.FTS.B,
Zero
Cpn,
8/15/23
...
2,134
687
5003760.SQ.FTS.B,
Zero
Cpn,
8/15/23
...
2,712
887
5017280.SQ.FTS.B,
Zero
Cpn,
8/17/23
...
6,962
1,845
5019634.SQ.FTS.B,
Zero
Cpn,
8/17/23
...
1,814
1,503
5020911.SQ.FTS.B,
Zero
Cpn,
8/18/23
...
158
139
5024347.SQ.FTS.B,
Zero
Cpn,
8/18/23
...
2,526
246
5025121.SQ.FTS.B,
Zero
Cpn,
8/18/23
...
5
5
5025260.SQ.FTS.B,
Zero
Cpn,
8/18/23
...
427
190
5025377.SQ.FTS.B,
Zero
Cpn,
8/18/23
...
4,937
2,488
5025655.SQ.FTS.B,
Zero
Cpn,
8/18/23
...
267
252
5025753.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
8,914
3,802
5025999.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
4,449
1,363
5026185.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
316
194
5026378.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
1,233
611
5026387.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
1,641
255
5026563.SQ.FTS.B,
Zero
Cpn,
8/20/23
...
580
245
5026683.SQ.FTS.B,
Zero
Cpn,
8/20/23
...
1,017
733
5027200.SQ.FTS.B,
Zero
Cpn,
8/21/23
...
811
266
5027400.SQ.FTS.B,
Zero
Cpn,
8/21/23
...
510
237
5027449.SQ.FTS.B,
Zero
Cpn,
8/21/23
...
2,580
1,089
5027603.SQ.FTS.B,
Zero
Cpn,
8/21/23
...
258
240
5034432.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
295
243
5034542.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
3,605
1,854
5035644.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
195
153
5035768.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
102
87
5035879.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
757
375
5037885.SQ.FTS.B,
Zero
Cpn,
8/24/23
...
10,799
4,001
5038578.SQ.FTS.B,
Zero
Cpn,
8/24/23
...
338
264
5039576.SQ.FTS.B,
Zero
Cpn,
8/24/23
...
3,038
1,775
5039742.SQ.FTS.B,
Zero
Cpn,
8/24/23
...
3,726
2,239
5040637.SQ.FTS.B,
Zero
Cpn,
8/25/23
...
102
90
5041320.SQ.FTS.B,
Zero
Cpn,
8/25/23
...
6,419
1,747
5042175.SQ.FTS.B,
Zero
Cpn,
8/25/23
...
11,035
7,864
5043359.SQ.FTS.B,
Zero
Cpn,
8/26/23
...
767
315
5043851.SQ.FTS.B,
Zero
Cpn,
8/26/23
...
243
85
5044612.SQ.FTS.B,
Zero
Cpn,
8/27/23
...
309
161
5045398.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
9,125
1,439
5045876.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
6,987
2,428
5046164.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
1,979
577
5047833.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
3,738
1,370
5048228.SQ.FTS.B,
Zero
Cpn,
9/01/23
...
447
161
5048261.SQ.FTS.B,
Zero
Cpn,
9/01/23
...
242
151
5049827.SQ.FTS.B,
Zero
Cpn,
9/01/23
...
3,982
814
5050370.SQ.FTS.B,
Zero
Cpn,
9/01/23
...
27,903
12,183
5051202.SQ.FTS.B,
Zero
Cpn,
9/02/23
...
402
203
5051339.SQ.FTS.B,
Zero
Cpn,
9/02/23
...
1,649
397
5052506.SQ.FTS.B,
Zero
Cpn,
9/02/23
...
2,413
1,685
5057271.SQ.FTS.B,
Zero
Cpn,
9/03/23
...
57
45
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
183
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5057884.SQ.FTS.B,
Zero
Cpn,
9/03/23
...
$
132
$
120
5059273.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
1,357
710
5059388.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
3,398
2,364
5059779.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
15,574
3,188
5061300.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
1,111
863
5061477.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
5,939
2,417
5062144.SQ.FTS.B,
Zero
Cpn,
9/05/23
...
400
133
5062782.SQ.FTS.B,
Zero
Cpn,
9/06/23
...
2,882
1,280
5062902.SQ.FTS.B,
Zero
Cpn,
9/06/23
...
2,991
1,672
5063833.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
4,907
869
5065231.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
7,752
3,484
5066009.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
8,297
4,455
5067542.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
300
265
5067639.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
8,253
2,386
5068422.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
3,230
1,854
5068585.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
2,895
539
5069032.SQ.FTS.B,
Zero
Cpn,
9/09/23
...
5,673
1,547
5069067.SQ.FTS.B,
Zero
Cpn,
9/09/23
...
12,169
3,502
5069629.SQ.FTS.B,
Zero
Cpn,
9/09/23
...
210
108
5069849.SQ.FTS.B,
Zero
Cpn,
9/09/23
...
263
104
5073148.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
7,271
3,751
5073303.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
219
179
5074113.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
38,423
7,038
5074740.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
3,337
876
5074780.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
1,275
398
5076465.SQ.FTS.B,
Zero
Cpn,
9/11/23
...
126
123
5076678.SQ.FTS.B,
Zero
Cpn,
9/11/23
...
1,283
667
5078382.SQ.FTS.B,
Zero
Cpn,
9/12/23
...
1,821
927
5078396.SQ.FTS.B,
Zero
Cpn,
9/12/23
...
1,498
912
5080067.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
883
529
5080951.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
654
295
5081394.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
9,547
959
5082041.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
3,280
2,125
5082286.SQ.FTS.B,
Zero
Cpn,
9/15/23
...
2,381
608
5083501.SQ.FTS.B,
Zero
Cpn,
9/15/23
...
1,788
1,178
5084480.SQ.FTS.B,
Zero
Cpn,
9/15/23
...
184
175
5086472.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
1,620
332
5086626.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
1,180
485
5088465.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
18,199
4,978
5089593.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
3,289
2,084
5090043.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
225
201
5090079.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
1,403
525
5090813.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
4,919
1,764
5090884.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
502
186
5091416.SQ.FTS.B,
Zero
Cpn,
9/18/23
...
13,896
5,470
5092572.SQ.FTS.B,
Zero
Cpn,
9/18/23
...
4,043
740
5092794.SQ.FTS.B,
Zero
Cpn,
9/18/23
...
754
602
5093886.SQ.FTS.B,
Zero
Cpn,
9/19/23
...
2,277
613
5094254.SQ.FTS.B,
Zero
Cpn,
9/19/23
...
205
186
5094586.SQ.FTS.B,
Zero
Cpn,
9/20/23
...
2,003
865
5095170.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
2,536
530
5095450.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
135
121
5095634.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
3,333
1,436
5096000.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
1,033
228
5096292.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
937
672
5096459.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
1,572
362
5096503.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
9,495
3,436
5097173.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
729
118
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5097179.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
$
169
$
154
5097848.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
951
482
5097905.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
4,826
1,507
5098444.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
5,167
3,253
5099132.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
37,847
8,750
5099508.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
4,143
1,716
5100786.SQ.FTS.B,
Zero
Cpn,
9/23/23
...
3
3
5101839.SQ.FTS.B,
Zero
Cpn,
9/23/23
...
2,230
1,867
5102220.SQ.FTS.B,
Zero
Cpn,
9/23/23
...
2,484
1,658
5104481.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
1,816
631
5107188.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
3,556
1,921
5109124.SQ.FTS.B,
Zero
Cpn,
9/25/23
...
520
154
5109714.SQ.FTS.B,
Zero
Cpn,
9/25/23
...
8,108
1,954
5109955.SQ.FTS.B,
Zero
Cpn,
9/25/23
...
481
161
5110418.SQ.FTS.B,
Zero
Cpn,
9/26/23
...
269
239
5110799.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
22,992
7,788
5111002.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
396
71
5111943.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
851
90
5112171.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
487
423
5113482.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
1,913
570
5114309.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
1,245
616
5114403.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
1,028
104
5115191.SQ.FTS.B,
Zero
Cpn,
9/29/23
...
1,135
119
5115942.SQ.FTS.B,
Zero
Cpn,
9/29/23
...
25,309
4,626
5117310.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
4,690
1,332
5118308.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
6,298
2,350
5118981.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
3,773
1,173
5119496.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
5,728
3,488
5119596.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
4,216
1,855
5122010.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
729
177
5122298.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
1,448
305
5123149.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
336
310
5124042.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
1,357
1,166
5124626.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
132
70
5125406.SQ.FTS.B,
Zero
Cpn,
10/01/23
..
459
451
5125832.SQ.FTS.B,
Zero
Cpn,
10/01/23
..
649
143
5126318.SQ.FTS.B,
Zero
Cpn,
10/01/23
..
305
172
5126348.SQ.FTS.B,
Zero
Cpn,
10/01/23
..
959
915
5127752.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
834
86
5127839.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
697
455
5128139.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
1,521
680
5128160.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
2,113
254
5128257.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
6,919
4,037
5129089.SQ.FTS.B,
Zero
Cpn,
10/03/23
..
5,922
1,251
5129182.SQ.FTS.B,
Zero
Cpn,
10/03/23
..
2,607
2,321
5129823.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
679
554
5131068.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
995
376
5131555.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
1,318
930
5132810.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
859
380
5132939.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
942
245
5133672.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
220
195
5134453.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
589
223
5134858.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
206
99
5135012.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
109
104
5135989.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
6,343
1,958
5136070.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
303
280
5136762.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
678
653
5137050.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
592
526
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
184
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5138063.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
$
19,061
$
10,389
5139004.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
657
554
5143578.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
597
272
5143602.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
1,106
531
5143636.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
22,568
14,690
5144702.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
2,530
412
5144786.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
1,789
1,544
5145611.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
446
259
5145759.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
11,108
5,527
5146860.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
618
441
5147227.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
2,903
606
5148283.SQ.FTS.B,
Zero
Cpn,
10/09/23
..
748
437
5148419.SQ.FTS.B,
Zero
Cpn,
10/09/23
..
2,091
1,681
5148494.SQ.FTS.B,
Zero
Cpn,
10/09/23
..
769
137
5148498.SQ.FTS.B,
Zero
Cpn,
10/09/23
..
1,756
1,553
5148934.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
2,262
1,700
5149037.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
439
412
5149258.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
2,200
225
5149412.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
168
107
5152683.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
100
99
5152819.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
5,806
3,264
5153196.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
13,914
6,191
5154593.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
106
93
5154671.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
674
150
5154721.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
986
369
5155189.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,304
1,257
5155863.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
10,908
3,205
5155959.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
4,060
3,074
5157176.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,381
1,355
5158276.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
4,505
1,027
5158493.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
951
498
5158980.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
1,430
1,100
5159081.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
816
457
5163276.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
47
40
5164900.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
2,484
1,029
5164998.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
1,226
398
5165031.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
523
232
5165513.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
1,982
504
5165592.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
907
803
5166292.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
111
102
5167068.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
5,382
3,642
5167306.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
1,620
689
5167520.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
847
450
5167589.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
1,309
622
5167809.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
723
318
5168235.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
841
399
5169727.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
548
292
5170006.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
850
446
5170933.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
223
136
5172355.SQ.FTS.B,
Zero
Cpn,
10/16/23
..
585
278
5172433.SQ.FTS.B,
Zero
Cpn,
10/16/23
..
1,472
947
5177966.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
5,453
5,026
5178623.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
4,902
4,036
5178911.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
6,646
4,809
5184669.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
4,094
900
5185667.SQ.FTS.B,
Zero
Cpn,
10/20/23
..
14,869
5,744
5188384.SQ.FTS.B,
Zero
Cpn,
10/20/23
..
2,414
1,032
5190030.SQ.FTS.B,
Zero
Cpn,
10/20/23
..
2,120
2,034
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5198087.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
$
1,228
$
1,016
5198220.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
2,217
1,912
5198637.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
345
292
5202534.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
41
40
5204516.SQ.FTS.B,
Zero
Cpn,
10/22/23
..
12,116
2,163
5207596.SQ.FTS.B,
Zero
Cpn,
10/22/23
..
2,423
2,243
5208682.SQ.FTS.B,
Zero
Cpn,
10/22/23
..
1,647
1,488
5210624.SQ.FTS.B,
Zero
Cpn,
10/24/23
..
801
243
5212195.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
278
269
5215921.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
75
68
5216201.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
388
347
5216243.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
2,570
1,395
5216795.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
393
110
5218016.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
3,626
1,963
5218743.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
14,574
5,672
5220666.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
576
424
5220688.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
25,349
21,299
5224101.SQ.FTS.B,
Zero
Cpn,
10/27/23
..
162
129
5224488.SQ.FTS.B,
Zero
Cpn,
10/27/23
..
3,259
1,867
5224927.SQ.FTS.B,
Zero
Cpn,
10/27/23
..
525
508
5232002.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
1,572
1,003
5232718.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
1,055
202
5234308.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
2,653
696
5234431.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
1,364
902
5235201.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
1,059
391
5237751.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
541
347
5238549.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
10,304
5,388
5239980.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
4,342
781
5240007.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
580
285
5240149.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
487
204
5240213.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
1,176
953
5240240.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
3,565
3,089
5240674.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
5,004
2,973
5240947.SQ.FTS.B,
Zero
Cpn,
11/01/23
..
444
398
5240977.SQ.FTS.B,
Zero
Cpn,
11/01/23
..
2,310
1,378
5241561.SQ.FTS.B,
Zero
Cpn,
11/01/23
..
7
7
5243643.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
3,274
1,326
5243677.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
536
362
5244265.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
23,013
13,705
5245829.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
83
76
5246929.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
4,142
1,022
5248758.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
635
593
5248838.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
3,589
806
5248917.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
284
264
5249081.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
1,535
348
5250046.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
116
48
5251234.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
12,595
8,637
5251513.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
4,340
3,567
5253447.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
2,214
1,513
5256936.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
1,981
1,719
5262859.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
6,228
2,940
5263119.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
616
561
5263791.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
1,343
1,135
5264013.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
1,234
857
5264938.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
819
720
5265074.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
650
212
5265868.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
6,396
4,381
5268105.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
1,317
1,203
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
185
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5270493.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
$
1,448
$
152
5271294.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
984
620
5271481.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
872
451
5271767.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
593
546
5271882.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
6,771
1,579
5272986.SQ.FTS.B,
Zero
Cpn,
11/07/23
..
597
515
5273095.SQ.FTS.B,
Zero
Cpn,
11/07/23
..
388
374
5273136.SQ.FTS.B,
Zero
Cpn,
11/07/23
..
229
183
5273369.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
1,071
561
5273656.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
42
39
5273663.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
442
259
5273816.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
1,760
806
5273861.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
2,965
1,497
5274762.SQ.FTS.B,
Zero
Cpn,
11/09/23
..
224
201
5281081.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
824
744
5281875.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
567
554
5281948.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
29,541
10,235
5282925.SQ.FTS.B,
Zero
Cpn,
11/11/23
..
5,834
4,573
5283599.SQ.FTS.B,
Zero
Cpn,
11/11/23
..
10,282
7,396
5287615.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
689
504
5288202.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
297
296
5288617.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
664
268
5289915.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
1,525
1,451
5290532.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
2,043
1,510
5290697.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
586
576
5291714.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
7,230
3,602
5291858.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
1,048
946
5292361.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
553
499
5292413.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
7,292
3,814
5293647.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
3,503
3,184
5294178.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
4,625
654
5294931.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
1,132
1,008
5295005.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
927
839
5295791.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
513
431
5295829.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
3,330
1,992
5295923.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
316
308
5296152.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
3,005
943
5297124.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
5,372
2,336
5297510.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
588
561
5297547.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
5,864
4,836
5297679.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
4,327
3,237
5297749.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
10,154
3,020
5297998.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
636
65
5298365.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
6,039
4,002
5298839.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
413
240
5300101.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
623
261
5300900.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
4,005
1,663
5302479.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
244
221
5303192.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
1,935
585
5303325.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
4,606
2,267
5308004.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
671
169
5308374.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
1,834
386
5308440.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
2,019
491
5309472.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
3,124
784
5310662.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
4,858
1,746
5310786.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
562
483
5310909.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
17,585
4,484
5312112.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
193
142
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5312135.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
$
1,071
$
1,063
5312766.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
146
132
5312989.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
954
242
5313199.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
3,155
1,426
5313296.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
1,043
358
5313375.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
2,579
1,176
5313526.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
1,853
806
5313775.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
50,717
27,574
5316141.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
13,207
5,614
5318154.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
1,620
1,069
5318776.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
19,396
14,527
5319254.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
875
227
5319824.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
145
134
5319989.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
552
528
5320075.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
58
56
5321246.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
9,240
3,314
5323748.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
1,739
1,473
5324445.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
3,802
1,982
5324458.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
18
17
5324467.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
3,528
2,449
5324505.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
732
413
5324511.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
1,243
347
5324606.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
1,338
1,273
5325027.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
187
175
5325032.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
1,289
967
5325434.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
10,211
6,914
5325685.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
954
418
5325788.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
4,197
1,960
5326604.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
1,684
522
5328930.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
575
522
5329080.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
1,698
1,210
5330352.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
4,757
957
5330620.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
391
341
5330739.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
1,394
1,356
5331180.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
2,904
900
5331289.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
603
556
5331392.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
2,641
1,448
5335306.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
325
322
5335831.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
8,574
7,581
5336855.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
2,089
966
5337115.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
672
606
5337455.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
2,542
1,030
5337495.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
302
294
5337877.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
256
186
5338127.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
196
150
5338166.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
1,842
860
5339153.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
877
528
5357422.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
36
33
5358027.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
4,341
3,585
5361684.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
4,504
3,956
5364847.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
507
132
5364855.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
24
22
5364883.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
7,833
4,343
5367492.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
225
102
5368153.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
1,070
109
5369187.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
1,424
894
5369469.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
28
24
5371732.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
967
781
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
186
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5376024.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
$
4,810
$
2,548
5376723.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
2,662
1,847
5376799.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
4,624
1,486
5377669.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
47
43
5378398.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
32,691
12,234
5380960.SQ.FTS.B,
Zero
Cpn,
11/28/23
..
563
385
5381030.SQ.FTS.B,
Zero
Cpn,
11/28/23
..
10,663
6,485
5381713.SQ.FTS.B,
Zero
Cpn,
11/29/23
..
1,518
1,426
5381932.SQ.FTS.B,
Zero
Cpn,
11/29/23
..
746
317
5382401.SQ.FTS.B,
Zero
Cpn,
11/29/23
..
3,137
2,356
5383396.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
462
139
5383412.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
3,168
1,482
5397498.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
573
559
5398394.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
777
300
5398459.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
1,439
1,226
5399792.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
1,379
1,223
5402367.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,048
1,015
5408605.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
349
347
5408785.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
2,487
2,116
5409740.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
619
602
5409884.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
8,461
2,366
5412598.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
898
731
5412683.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,329
1,255
5413606.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
3,133
1,542
5413992.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,383
1,375
5440393.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
513
88
5442439.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
1,242
607
5442876.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
1,809
1,787
5452806.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
9,244
9,015
5455440.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
7,344
7,237
5457673.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
224
219
5468033.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
1,831
1,218
5469093.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
3,251
2,738
5471203.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
252
107
5471273.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
1,167
698
5471332.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
12,560
6,843
5472730.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
3,743
2,509
5472763.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
2,711
1,278
5472894.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
3,290
1,890
5473090.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
1,336
1,280
5473236.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
6,897
3,288
5473309.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
3,063
1,723
5473345.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
225
203
5474033.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
1,011
572
5474525.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
1,033
796
5479821.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
2,542
1,805
5482619.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
758
545
5493687.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,582
835
5493760.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
2,497
1,925
5495244.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,795
528
5499117.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
492
475
5499640.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
943
918
5501790.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
13,593
10,227
5502597.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
8,011
4,695
5503969.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
810
511
5504275.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,678
484
5504334.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
2,881
342
5506022.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
3,537
3,149
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5506568.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
$
1,062
$
1,020
5507575.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
1,886
1,810
5508126.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
165
145
5515632.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
877
526
5515935.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
1,582
464
5517225.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
132
103
5519182.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
25,864
8,248
5528141.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
627
461
5528715.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
1,028
452
5529443.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
674
660
5530682.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
8,257
1,865
5531485.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
86
77
5531534.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
459
362
5531634.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
16,975
9,149
5531927.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
32,542
24,455
5533121.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
274
262
5534538.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
3,044
808
5535542.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
2,266
810
5535763.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
944
915
5536027.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
1,796
881
5536092.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
5,009
2,863
5537230.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
8,796
4,932
5537487.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
399
316
5537511.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
675
499
5537977.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
8,487
7,498
5538456.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
3,081
2,858
5539604.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
1,049
980
5539742.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
3,222
1,895
5540662.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
341
322
5540934.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
6,750
4,366
5542232.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
9,576
2,187
5542706.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
925
740
5543476.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
697
170
5546306.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
1,688
1,645
5546767.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
9,786
6,106
5547948.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
3,347
3,239
5548329.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
203
179
5548517.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
495
470
5548609.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
440
437
5548729.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
384
84
5549559.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,866
1,526
5550194.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
54
53
5550595.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,006
829
5551837.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
4,102
1,564
5553098.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
187
184
5553801.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
15,160
4,622
5553995.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
680
273
5554115.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
675
649
5554299.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
5,073
4,874
5555350.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
1,036
1,011
5557334.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
654
560
5557708.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
11,718
11,168
5558679.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
577
524
5558723.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
6,310
5,987
5558866.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
1,136
840
5559057.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
3,634
3,384
5559238.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
7,021
5,169
5561371.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
1,484
1,279
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
187
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5561871.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
$
716
$
704
5562285.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
566
538
5562378.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
2,338
1,604
5562437.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
15
14
5562709.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
148
142
5563156.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
1,806
1,744
5563870.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
5,819
4,375
5564400.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
4,180
2,151
5564440.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
2,344
1,985
5564465.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
3,809
829
5564739.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
4,014
2,507
5564857.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
830
774
5565342.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
1,550
643
5565718.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
1,113
362
5566292.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
3,034
2,935
5566977.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
4,680
485
5567514.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
4,882
3,294
5567867.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
6,990
6,518
5568613.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
7,092
751
5568652.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
205
180
5568792.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
1,178
773
5568817.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
4,687
3,278
5569601.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
262
116
5569924.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
1,736
1,050
5570524.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
8,976
8,583
5571039.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
585
575
5571610.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
10,025
6,581
5571805.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
6,156
4,949
5574449.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
8,365
6,131
5574619.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
1,752
418
5574770.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
11,772
4,323
5575277.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
1,253
691
5575282.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
1,290
1,133
5575354.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
1,884
1,065
5575403.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
11
10
5576888.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
181
176
5577659.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
2,158
2,051
5577793.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
836
807
5578014.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
530
444
5578293.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
4,171
1,396
5578333.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
4,004
2,787
5578383.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
19,458
9,966
5578765.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
777
747
5578897.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
539
390
5578920.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
666
443
5578934.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
4,408
1,837
5579320.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
964
940
5581220.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
3,130
1,642
5581233.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
2,279
1,828
5581405.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
1,251
663
5581428.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
5,607
4,203
5581507.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
2,807
2,774
5581918.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
563
553
5581964.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
8,844
4,350
5582607.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
663
469
5582638.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
1,857
234
5582734.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
728
718
5582775.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
565
281
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5583691.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
$
2,616
$
2,003
5583773.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
78
76
5583864.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
415
407
5584022.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
3,858
3,329
5584970.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
4,702
1,450
5585193.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
1,038
626
5585802.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
1,206
1,001
5586262.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
10,826
8,215
5586673.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
521
508
5587763.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
13,450
3,238
5587867.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
1,802
822
5587897.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
21,318
4,063
5587983.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
841
698
5588049.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
4,889
4,692
5588077.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
752
735
5588086.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
5
5
5588182.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,464
1,296
5588201.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
2,607
2,522
5588423.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
792
662
5588544.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
3,014
1,246
5588599.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,187
808
5588620.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
4,534
4,289
5588727.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
638
431
5588868.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
2,471
917
5588881.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
2,379
2,130
5589011.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
996
333
5589268.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
447
132
5589338.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
4,779
3,360
5593696.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
16,651
8,322
5594128.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
3,289
1,436
5594673.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
2,192
1,644
5597413.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
2,055
1,804
5597612.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
5,945
3,985
5597684.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
2,679
2,355
5598474.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
3,439
3,354
5599130.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,166
761
5600656.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
777
762
5608438.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
2,423
2,027
5609439.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
2,708
1,888
5609525.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
562
350
5610319.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
549
461
5610508.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
882
850
5610861.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
17,286
11,720
5611249.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
1,749
1,156
5611978.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
393
378
5612491.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
598
590
5613141.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
5,534
5,000
5613257.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
5,094
3,747
5613321.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
2,420
1,548
5613593.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
2,490
1,727
5613643.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
843
835
5614043.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
2,083
981
5614600.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
2,408
2,313
5614969.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
272
268
5615395.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
5,759
5,541
5616274.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
3,682
3,667
5618163.SQ.FTS.B,
Zero
Cpn,
1/02/24
...
442
427
5619677.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
62
60
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
188
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5619805.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
$
1,949
$
687
5620356.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
403
390
5621282.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
2,356
1,203
5622786.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
843
796
5622991.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
1,919
1,801
5623424.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
621
533
5624199.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
6,694
6,453
5624731.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
1,584
1,492
5625282.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
4,477
3,306
5625593.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
584
560
5625640.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
2,156
2,147
5627203.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
634
634
5627747.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
6,100
4,385
5627848.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
2,624
1,667
5627997.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
1,415
540
5628017.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
523
507
5628061.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
1,497
1,390
5629056.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
1,080
551
5629103.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
242
216
5629132.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
8
8
5629589.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
23,129
19,289
5641293.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
2,716
891
5644715.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
6,058
4,147
5644959.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
11,310
4,303
5645143.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
10,027
9,799
5646059.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,844
1,787
5646926.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
4,350
3,746
5647065.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
5,040
4,680
5648057.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
254
252
5648307.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,811
1,750
5649083.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,211
1,134
5649756.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,170
986
5651436.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,118
712
5651700.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
2,155
1,993
5652976.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,000
887
5655794.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
546
381
5655805.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
9,103
6,167
5656053.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
2,946
2,851
5656317.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
6,770
5,728
5656547.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
1,447
1,425
5656603.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
1,952
789
5656630.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
656
389
5656707.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
3,920
2,242
5656852.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
2,488
1,725
5658195.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
415
345
5658396.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
3,771
3,749
5661432.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
27,848
17,890
5662145.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
1,696
1,590
5662239.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
3,131
2,989
5662540.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
14,573
11,463
5663738.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
1,878
1,853
5664038.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
19,431
7,126
5666857.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
50,254
36,928
5669673.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
9,395
9,140
5670099.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
1,442
1,000
5670219.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
8,236
4,016
5672062.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
1,107
819
5672657.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
1,961
1,038
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5672716.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
$
2,705
$
1,253
5673599.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
964
954
5673792.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
3,393
2,950
5674055.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
586
567
5674315.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
3,516
3,491
5675503.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
5,284
5,123
5676023.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
1,439
399
5676096.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
503
359
5677005.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
782
759
5677457.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
3,997
1,849
5677506.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
9,334
6,442
5678063.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
205
112
5689054.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
694
664
5689201.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,559
1,350
5689483.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
10,134
9,618
5690544.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,192
1,180
5694081.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,394
1,233
5694392.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
7,868
7,732
5694752.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
35,935
28,552
5695515.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
4,006
1,767
5695840.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
3,092
2,924
5695917.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,262
1,252
5696063.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
362
348
5696224.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
4,134
1,973
5698837.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
8,377
4,129
5698962.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
182
175
5701011.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
185
144
5701510.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
294
109
5701712.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,773
1,674
5702064.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,794
1,629
5702108.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,123
1,583
5702389.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
925
919
5702710.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
133
122
5702724.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
575
569
5702856.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
1,629
856
5702869.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
105
103
5702883.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
12,854
10,865
5703564.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
5,948
4,736
5705331.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
1,467
615
5706520.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
871
773
5706689.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
1,082
1,065
5707682.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
351
311
5707870.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
7,495
6,229
5708156.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
5,257
5,126
5709255.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
230
226
5709306.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
5,312
4,746
5710153.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
357
318
5710290.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
793
772
5710324.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
3,443
3,274
5710556.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
9,349
9,024
5713347.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
1,379
1,037
5713355.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
2,096
2,053
5713547.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
741
704
5714621.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
26,441
13,147
5715327.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
1,836
1,806
5715479.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
688
620
5715524.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
1,945
1,239
5715552.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
2,058
2,036
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
189
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5716127.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
$
3,573
$
2,951
5716182.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
612
427
5716599.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,991
1,906
5716838.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
2,200
1,998
5719100.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
605
592
5719299.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
259
252
5719317.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,339
1,175
5719339.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,667
1,004
5719399.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
24,693
22,941
5720094.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
6,311
5,228
5720163.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
948
941
5720195.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
187
72
5720196.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,136
660
5720995.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
692
258
5721008.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
4,215
1,209
5721143.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
181
157
5721170.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
2,445
2,375
5721222.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
748
551
5721363.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
47,507
34,630
5726430.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,535
1,513
5726619.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
11,825
9,714
5726983.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,368
1,280
5728647.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
180
179
5728678.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
4,750
3,848
5728974.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
27,958
15,559
5729353.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
8,816
4,172
5730163.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
198
185
5730254.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
21,817
13,995
5730442.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
5,927
5,292
5730586.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,157
1,058
5731062.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
232
224
5731218.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
900
860
5731937.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,949
1,933
5732373.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
3,203
3,082
5732481.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,023
368
5733782.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
686
567
5733912.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
16,071
6,500
5734069.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
10,216
3,429
5734174.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
145
136
5734224.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,408
1,169
5734330.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,550
721
5734473.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
4,264
3,547
5735284.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
5,033
4,272
5735770.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
364
361
5735785.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
584
580
5735817.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
253
215
5735998.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
3,116
3,040
5736371.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
801
779
5737077.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
662
626
5738077.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
7,402
7,018
5738824.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
9,111
8,763
5739318.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
9,298
8,385
5739551.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
1,715
928
5740188.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
632
573
5740249.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
85
84
5740278.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
977
940
5740980.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
5,714
5,614
5741182.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
334
167
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5741480.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
$
275
$
237
5741860.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
495
121
5741942.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
6,796
5,152
5742317.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
2,451
2,404
5742351.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
151
151
5742638.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
7,001
6,672
5742832.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,478
1,320
5743110.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,779
1,721
5743234.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
6,854
6,164
5743308.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,798
1,768
5743692.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
4,240
2,906
5743913.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
14,974
7,639
5744738.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
826
439
5744940.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
5,396
4,192
5745047.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
338
329
5745337.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
731
602
5745496.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
189
179
5745525.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
10,604
7,128
5746593.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,404
1,375
5746716.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,246
3,132
5746777.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
5,531
5,306
5748958.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
165
161
5748981.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
6,210
6,140
5749311.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
1,134
1,103
5749537.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
6,281
6,076
5750336.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
1,016
979
5750409.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
2,252
2,213
5750976.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
2,742
2,676
5751852.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
4,804
4,705
5752274.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
1,894
1,818
5753975.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
134
122
5754429.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
3,264
1,730
5754535.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
1,805
1,706
5755105.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
5,158
2,339
5756156.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
5,942
4,674
5756354.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
242
241
5756391.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
1,622
1,524
5756490.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
28,616
3,441
5756660.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
17,332
5,392
5756841.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
2,504
2,457
5757099.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
480
472
5757260.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
1,056
937
5757294.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
5,660
3,930
5757446.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
4,538
4,494
5757695.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
1,020
986
5758183.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
935
920
5758278.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
8,035
7,319
5759018.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
1,644
1,616
5760462.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
445
304
5760582.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
433
422
5761813.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
3,082
2,327
5763109.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
1,265
1,247
5763347.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
1,242
1,177
5763612.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
2,404
1,273
5763640.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
2,462
2,211
5763815.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
3,235
3,133
5763928.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
1,053
995
5764142.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
416
206
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
190
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5764145.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
$
7,734
$
6,948
5764336.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
669
659
5764966.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
878
861
5765446.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
16,797
6,990
5765574.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
6,467
3,945
5765654.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
8,245
6,898
5765767.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
1,868
1,732
5767523.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
17,755
15,850
5767917.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
1,305
1,253
5767979.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
2,624
290
5768397.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
6,334
6,037
5769375.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
2,824
1,577
5769480.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
10,933
5,389
5769583.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
5,233
5,181
5769756.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
643
531
5772507.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
405
390
5772525.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
2,516
2,207
5772616.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
10,404
4,098
5772853.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
1,553
1,529
5774268.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
400
378
5774638.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
424
412
5774683.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
7,188
7,050
5775285.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
56
55
5775412.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
13,871
11,743
5775510.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
956
736
5775630.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
3,594
1,282
5775756.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
5,241
5,009
5775904.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
548
541
5776152.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
728
687
5776421.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,666
2,001
5777129.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
26,030
22,418
5777653.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
5,641
5,533
5777789.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
1,129
1,094
5777849.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
4,153
2,702
5777935.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
15,025
14,702
5778637.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
745
194
5778679.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
75
75
5778756.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,847
1,328
5778865.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
4,592
3,054
5779368.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
59
58
5779535.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
1,063
824
5779593.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
4,432
4,353
5779703.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
1,731
1,670
5779744.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
3,165
3,109
5779867.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
175
172
5779967.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
2,379
767
5779981.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
724
700
5780239.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
7,900
5,191
5780627.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
3,901
3,654
5781719.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
861
850
5782195.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
1,128
1,010
5782354.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
5,919
3,524
5783251.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
337
325
5783365.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
20,413
19,759
5784577.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
1,155
855
5784689.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
1,983
1,305
5784781.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
193
190
5784888.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
2,499
1,878
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5785536.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
$
7,927
$
7,165
5787182.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
29,557
24,808
5787538.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
11,929
11,646
5788233.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
881
737
5788790.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
383
381
5788801.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
291
286
5788805.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
21,870
20,387
5789379.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
7,362
6,584
5789475.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
26,178
22,461
5790345.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
1,199
1,010
5790464.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
403
392
5790500.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
1,016
1,006
5790649.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
347
341
5791803.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
777
752
5793078.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
681
562
5793198.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
14,656
11,060
5793504.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
824
818
5795085.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
2,444
2,370
5795334.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
2,288
1,948
5795481.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
2,065
2,014
5796253.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
339
331
5796507.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
23
23
5796633.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
2,959
599
5796654.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
23,973
13,864
5796931.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
6,757
5,938
5797143.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
354
352
5801833.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,139
884
5801855.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,721
1,699
5801964.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
975
960
5802042.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
49,428
19,503
5802631.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
2,901
2,873
5803272.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,235
1,217
5803379.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
4,567
4,067
5803981.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
203
198
5804230.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,211
796
5804251.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
7,925
6,838
5804549.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
5,274
4,926
5804824.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
7,158
6,937
5805200.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
623
555
5805318.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
149
141
5805328.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
581
413
5805369.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
2,188
501
5805398.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
2,828
2,655
5805490.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
629
499
5806428.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
4,137
3,886
5806556.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
3,134
3,085
5807061.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
6,932
6,831
5808150.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
3,105
1,834
5808680.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
133
131
5809386.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
583
356
5809664.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
347
337
5809849.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
5,249
4,070
5811427.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
3,277
3,227
5811504.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
54,628
31,616
5812710.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
11,738
11,128
5813311.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
16,667
14,319
5813522.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
596
594
5813621.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
1,164
1,132
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
191
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5813752.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
$
1,759
$
1,475
5813936.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
353
344
5814397.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
9,329
8,653
5816654.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
13,550
11,368
5816829.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
15,046
14,927
5817927.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
1,589
1,437
5818012.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
676
382
5818363.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
225
220
5818400.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
1,473
1,023
5818437.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
3,157
2,170
5818525.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
6,555
5,181
5818633.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
1,242
741
5818657.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
2,572
2,065
5818715.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
6,020
5,522
5818855.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
3,992
3,873
5819001.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,153
1,131
5819098.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
5,290
5,197
5819348.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
457
449
5819420.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
7,897
7,552
5819704.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
3,565
3,366
5820027.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,262
1,173
5820058.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,199
1,188
5820141.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,504
1,449
5820215.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
7,045
6,990
5820601.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
202
169
5820974.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
26,767
25,904
5821537.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
660
653
5821558.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,404
1,364
5821663.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
2,685
2,459
5821739.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
47,514
28,119
5822170.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
13,533
11,289
5822304.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
5,882
5,690
5822472.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
442
433
5822491.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
695
663
5822507.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,389
992
5822816.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,577
1,555
5823402.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
17,103
12,723
5823637.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
17,433
14,655
5823770.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,745
1,731
5823852.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
2,229
2,188
5824064.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
16,502
13,014
5824290.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,207
648
5827288.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
10,958
10,069
5827454.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,793
1,592
5827612.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
6,006
2,835
5827715.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
3,528
1,875
5827744.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
4,818
4,721
5828097.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
281
280
5828428.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
422
402
5828449.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
568
516
5828953.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
2,635
2,552
5828998.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,677
1,651
5829192.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
2,203
2,100
5829252.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
3,796
3,141
5829308.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
22,121
14,943
5830023.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,773
1,719
5830043.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
16,281
15,917
5830245.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
7,836
7,083
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5830423.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
$
4,549
$
4,403
5830680.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,673
1,062
5830987.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
574
541
5831084.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,294
2,126
5831453.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,393
1,359
5831642.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
3,872
3,142
5831766.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
826
811
5831825.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,744
1,708
5831942.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,752
2,671
5832082.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,505
1,482
5832275.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
8,427
8,230
5832519.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,369
2,357
5832876.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,191
360
5832888.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,797
2,617
5832933.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
871
423
5832996.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,708
1,529
5833008.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
486
475
5833154.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,356
1,149
5833448.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
7,732
4,807
5833600.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
10,478
10,261
5833744.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
4,166
394
5833759.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
461
458
5833769.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,816
1,654
5833778.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
4,117
2,677
5833794.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
3,332
3,258
5833882.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
24,278
14,403
5833976.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
16,572
13,810
5834306.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
1,781
1,725
5834376.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
2,642
2,392
5834407.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
3,163
2,920
5834758.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
3,773
3,695
5834821.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
563
552
5834836.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
791
582
5834843.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
500
438
5834926.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
1,966
1,924
5835075.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
10,038
9,895
5835427.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
449
222
5835439.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
2,304
2,262
5835547.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
367
324
5835555.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
105
102
5835754.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
597
571
5835768.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
930
925
5836652.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,171
776
5836892.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
27,173
23,096
5837282.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
3,251
3,130
5837990.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,575
1,527
5838038.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,119
812
5839780.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
37
37
5839791.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
4,227
4,151
5839914.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
206
205
5839921.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
4,418
4,205
5840032.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
18,649
7,759
5840224.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,418
1,399
5840337.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
983
917
5840371.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
5,013
4,874
5840747.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
333
311
5840849.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,372
1,342
5840997.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,169
1,051
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
192
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5841018.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
$
2,602
$
2,278
5841063.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,908
1,758
5841487.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,914
1,844
5841757.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
16,814
16,250
5842081.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
5,028
4,158
5842185.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
3,398
3,304
5842765.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
55
48
5843478.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
915
884
5843566.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
5,389
3,195
5843683.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
447
377
5843736.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,277
718
5843744.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
675
643
5844063.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
910
888
5844400.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
637
584
5844433.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
10,689
10,469
5844723.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
981
417
5844834.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
3,944
3,888
5844917.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
2,860
2,279
5845050.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
754
710
5845066.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
606
575
5845080.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
15,692
15,241
5845326.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
293
275
5845408.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,397
1,298
5845468.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
2,862
2,775
5845524.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
413
42
5845527.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
2,587
2,449
5845663.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
783
772
5845688.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
3,907
3,780
5845824.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
2,355
2,291
5845860.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,756
1,719
5848303.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
8,184
7,820
5848525.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,074
2,010
5848650.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,710
1,378
5848683.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,322
1,243
5848709.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,141
2,118
5849165.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,272
1,235
5849291.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,546
1,519
5849390.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
524
508
5849439.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
19,689
18,049
5849972.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
6,216
5,941
5850198.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
6,805
4,837
5850244.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
10,130
9,774
5851014.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
12,705
8,720
5851134.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
9,273
5,634
5851216.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
5,507
4,631
5851296.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
28,201
24,385
5851857.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
31,299
30,312
5852326.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
215
211
5852446.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
5,590
5,166
5852555.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,675
1,474
5852890.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
820
808
5852908.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
3,826
3,727
5853037.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
917
912
5853107.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,186
1,013
5853138.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
17,184
16,281
5853345.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
28,786
27,519
5853687.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
3,793
2,300
5854069.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
12,566
12,018
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5855184.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
$
6,215
$
5,646
5855247.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
4,093
3,906
5855330.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
4,415
3,708
5855365.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
11,103
10,479
5855514.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
3,016
2,916
5855550.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
1,689
1,640
5855624.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
3,546
3,463
5855743.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
909
894
5855794.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
2,306
2,216
5855815.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
2,097
942
5855822.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
2,682
1,192
5855880.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
4,600
4,249
5855919.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
473
443
5855969.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,670
1,537
5856019.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,134
1,092
5856039.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
235
233
5856061.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
571
553
5856147.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
225
218
5856150.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
4,141
3,930
5856180.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
465
451
5856192.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,861
1,653
5856213.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,824
1,817
5856377.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
393
386
5856395.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
2,538
2,456
5856449.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
843
824
5856506.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
2,701
1,958
5856524.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
997
348
5856544.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,323
1,275
5856759.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
579
554
5857111.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
918
843
5857229.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
696
672
5857271.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
5,861
3,392
5857350.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
6,295
6,083
5857552.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,115
757
5857575.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
503
489
5860574.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,267
1,205
5860789.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,646
1,607
5860892.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,902
2,623
5860921.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
740
709
5860934.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
5,483
3,195
5861047.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
7,102
6,984
5861252.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,965
1,865
5861362.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,453
1,843
5861442.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
157
148
5861992.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,747
4,487
5862134.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
21,888
20,912
5862509.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,115
4,081
5862704.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,389
1,319
5862747.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
505
477
5862821.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,160
1,141
5862832.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
66,744
55,418
5863890.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
17,922
16,989
5864281.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,992
3,614
5864883.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,062
915
5864923.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,870
1,764
5865016.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,849
1,274
5865102.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
17,536
17,239
5865946.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,518
2,456
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
193
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5866021.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
$
2,827
$
2,777
5866092.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,826
1,249
5866134.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,674
1,663
5866257.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
53,827
44,786
5866766.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
322
320
5866772.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
9,172
9,082
5866953.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
15,880
14,111
5867189.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
863
839
5870230.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
4,621
1,413
5870457.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
7,397
7,065
5871047.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
882
860
5871100.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
19,844
15,024
5871595.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
666
655
5871939.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
3,947
3,791
5872095.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
4,509
4,382
5872195.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
11,433
10,218
5872466.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
16,909
16,434
5872937.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
7,510
7,345
5873031.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
464
459
5873486.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,509
1,491
5873503.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,719
1,693
5873528.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
84
84
5873830.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,618
1,431
5874146.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,566
1,490
5874194.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
383
161
5874200.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
6,266
4,698
5874494.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
5,708
4,648
5874616.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
895
843
5874626.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
3,842
3,624
5874820.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
8,163
7,803
5875144.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
765
760
5875236.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
2,261
2,096
5875346.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
26,072
16,008
5875711.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,839
1,761
5875845.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,822
1,629
5875887.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,439
1,430
5876066.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
5,425
5,280
5876202.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
14,089
12,688
5876448.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,366
296
5876662.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
2,247
2,121
5876942.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
14,849
7,234
5877200.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
8,309
6,899
5877289.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
2,082
2,058
5877352.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
658
633
5877452.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
11,698
11,419
5877718.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
2,753
2,433
5877753.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
1,440
1,297
5877777.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
1,709
1,526
5877873.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
1,009
945
5878064.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
547
507
5878083.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
8,712
6,545
5878613.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
560
546
5878630.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
647
626
5878644.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
1,409
1,366
5878670.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
2,289
1,999
5878696.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
1,473
1,386
5878736.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
4,623
3,488
5878794.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
1,529
1,361
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5878817.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
$
1,533
$
1,497
5878845.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
1,776
1,548
5878878.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
436
157
5878890.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
374
363
5879633.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
221
219
5879702.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
804
791
5881068.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
392
326
5881085.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
2,704
2,440
5881362.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
1,778
1,753
5881405.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
24,751
23,725
5882516.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
2,117
1,665
5882583.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
197
185
5882758.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
16,657
9,721
5883510.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,132
2,027
5883645.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,128
2,031
5883734.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,950
1,913
5883792.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
581
490
5883854.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
6,228
5,671
5884155.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
15,216
10,852
5884296.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
3,052
2,764
5884361.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
143
134
5884476.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
5,725
4,983
5884556.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,423
2,306
5884663.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
761
725
5884678.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
656
639
5884756.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
866
435
5884849.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
8,093
7,137
5885098.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,290
1,224
5885104.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,301
2,268
5885355.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
4,255
3,894
5885554.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,847
1,768
5885927.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,381
1,262
5885936.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
984
904
5886006.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
3,181
3,112
5887960.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
890
872
5887977.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
3,593
1,696
5888028.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
122
111
5888038.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
348
341
5888048.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
572
554
5888127.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
12,580
11,014
5888337.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,165
2,081
5888428.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
5,568
5,479
5888665.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
6,995
6,856
5888995.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,091
1,073
5889024.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
4,773
4,579
5889369.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
10,045
9,767
5889467.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
328
294
5889537.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,024
921
5889543.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
3,812
3,737
5890157.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,259
1,159
5890379.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,739
1,635
5890383.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
13,010
12,520
5890682.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,106
2,069
5890716.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,900
2,478
5890737.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
31,239
26,111
5891259.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,883
2,725
5891316.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
308
305
5891343.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,167
1,159
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
194
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5891388.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
$
6,211
$
5,146
5891622.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,252
1,227
5891712.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
844
753
5891874.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,161
1,138
5891940.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,046
752
5892065.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
6,339
6,229
5892236.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,024
1,162
5892257.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,858
2,341
5892309.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
7,661
6,981
5892501.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
760
463
5892754.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,267
2,196
5892907.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,548
631
5893120.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,245
2,227
5893149.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,202
3,142
5893349.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
579
527
5893532.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
11,969
6,885
5893641.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,599
1,156
5893722.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
4,465
4,296
5894017.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,018
973
5894049.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
5,935
3,477
5894210.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,995
2,740
5894227.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
6,594
3,309
5894272.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,555
1,487
5894383.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
8,112
5,473
5894485.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
827
778
5894587.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
2,751
1,410
5894605.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
3,642
3,493
5894669.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
12,503
11,643
5894856.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
2,341
1,904
5895127.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
606
583
5895182.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
3,085
3,040
5895379.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
3,073
2,958
5895460.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
691
659
5895782.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
1,668
1,544
5895813.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
1,884
1,738
5897399.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
21
21
5897580.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
3,003
2,963
5898492.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
2,154
2,104
5898690.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
1,976
1,948
5898806.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
4,187
4,134
5898954.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
2,072
2,040
5899078.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
2,045
2,005
5899146.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
1,949
1,658
5899178.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
784
406
5899289.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,561
1,525
5899316.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
26,567
25,756
5899758.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
385
371
5899767.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,814
1,223
5899793.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
5,547
5,310
5899956.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
4,227
4,192
5900216.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,329
1,312
5900250.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
921
914
5900359.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
2,190
2,143
5900407.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
3,508
3,423
5900522.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,022
209
5900556.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,002
984
5900606.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
14,164
13,687
5900917.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,167
774
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5900919.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
$
7,178
$
4,571
5900966.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
2,389
788
5900991.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
2,095
1,691
5901016.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
4,232
3,755
5901099.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
2,314
2,283
5901182.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
3,782
3,730
5901492.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
867
855
5901819.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,028
764
5901856.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
7,283
5,745
5901917.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,126
847
5901924.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
2,010
1,099
5901949.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
5,612
5,077
5901991.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
2,831
2,277
5902007.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,148
500
5902014.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
3,741
2,919
5902039.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
4,574
2,580
5902049.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
3,872
3,760
5902066.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
23,944
21,295
5902249.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,850
2,788
5902308.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
153
150
5902335.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
9,856
5,600
5902445.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,135
2,096
5902501.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
11,063
10,692
5902878.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
905
813
5903028.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,742
1,597
5903234.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
3,317
3,061
5903314.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
457
437
5903462.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
760
727
5903502.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
5,050
4,307
5903617.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
8,402
8,259
5904042.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
619
604
5904049.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,540
1,066
5904289.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
287
276
5905115.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
4,220
3,875
5906778.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
20,999
20,361
5907242.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
2,357
2,190
5907307.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
4,223
2,575
5907771.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
26,441
22,379
5908150.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
1,321
1,195
5908194.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
2,929
2,881
5908463.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
2,113
2,066
5908497.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
6,284
4,234
5908792.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
4,311
3,125
5908815.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
4,840
4,654
5908839.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
314
307
5908855.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
641
618
5908891.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
7,254
6,073
5909420.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
6,493
5,332
5909634.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
420
410
5909645.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
4,914
4,774
5909726.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
2,818
2,254
5909844.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
20,083
8,036
5910120.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
812
714
5910144.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,051
1,031
5910423.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
21,416
13,364
5910628.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
881
823
5910801.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,371
1,973
5911052.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,976
2,854
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
195
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5911132.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
$
31,967
$
18,522
5911509.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,590
978
5911520.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
38,561
36,284
5912076.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,365
2,162
5912128.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
249
234
5912313.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
6,814
6,694
5912428.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
3,319
2,793
5912454.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,265
1,071
5912511.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
590
572
5912545.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
4,155
3,938
5912608.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
3,986
3,918
5912708.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,839
2,591
5912751.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
45,303
43,173
5913213.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
28,832
26,690
5913409.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
7,002
6,700
5913480.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
1,126
1,118
5913536.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
732
686
5913554.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
1,473
1,444
5913568.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
2,045
1,972
5913591.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
2,364
2,015
5913668.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
6,683
6,571
5913791.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
11,399
10,658
5913964.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
9,724
9,427
5914148.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
2,878
2,620
5914237.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,479
1,446
5914256.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
2,099
2,047
5914291.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,530
1,363
5914309.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,083
1,038
5914346.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
761
651
5914422.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
5,918
5,243
5914514.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,423
1,376
5914544.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
3,867
3,843
5914747.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
525
356
5914759.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
3,942
3,722
5915002.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
2,687
1,393
5915132.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
6,062
5,888
5915299.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
920
770
5915448.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
2,541
2,512
5916019.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
4,233
4,177
5916129.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
2,632
2,439
5916186.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
4,244
2,301
5917212.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
2,061
767
5917300.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
14,402
3,675
5917557.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,734
1,704
5917647.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
534
530
5917677.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
475
473
5917844.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
2,634
2,577
5917893.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
15,433
13,811
5918205.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
693
455
5918223.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
13,797
13,354
5918423.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
632
605
5918572.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
283
271
5918659.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,863
1,833
5918675.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
305
275
5918679.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
17,671
15,306
5918781.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
17,094
11,196
5918972.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
8,974
5,142
5919133.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,331
784
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5919284.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
$
1,067
$
1,061
5919520.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,348
1,197
5919534.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
24,859
22,856
5919756.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
9,188
8,166
5919870.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
33,311
23,472
5920879.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
10,366
8,979
5920983.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
442
436
5921196.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,268
1,211
5921208.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
378
346
5921230.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
27,605
26,212
5921812.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,536
817
5921891.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
3,177
3,128
5921964.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
623
188
5922077.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,538
602
5922258.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
627
331
5922508.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
523
480
5922585.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
827
779
5922628.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
277
256
5922681.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
15,374
13,026
5922830.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
2,561
2,492
5922964.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
863
840
5923064.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
2,556
2,438
5923212.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
14,413
13,432
5923853.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
34,589
28,677
5924373.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
2,485
2,451
5924408.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
2,196
2,122
5924501.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
11,086
10,592
5924774.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,538
1,525
5924839.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,555
431
5925120.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,101
1,037
5925145.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
4,291
4,210
5925210.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
3,155
2,580
5925265.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
16,096
14,896
5925448.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
4,245
2,928
5927086.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
730
704
5927092.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
7,590
7,451
5927418.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
207
203
5927439.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
2,399
2,163
5927497.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
2,060
2,038
5927683.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
4,609
1,586
5928235.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
3,609
3,521
5928362.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
3,217
2,949
5928965.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
1,173
1,158
5928998.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
4,209
3,905
5929037.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
1,334
1,294
5929051.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
8,756
8,374
5929252.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
3,478
3,341
5929317.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
59
58
5929479.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
5,931
5,848
5929652.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
5,315
5,174
5929802.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
149
148
5929845.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
5,077
4,978
5929950.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
1,663
1,100
5929985.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
994
980
5930522.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
9,147
8,959
5930784.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
1,245
1,109
5931784.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
835
810
5931912.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
3,309
3,028
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
196
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5931958.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
$
3,663
$
3,515
5932020.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,494
1,373
5932127.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,754
1,092
5932313.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,614
1,489
5932401.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,960
1,695
5932495.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
11,440
10,708
5932800.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
3,772
3,688
5933002.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,728
1,479
5933053.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,962
2,845
5933272.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
434
432
5933359.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,251
1,206
5933399.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,102
687
5933625.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
836
799
5933642.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,389
2,323
5933757.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,716
2,648
5933940.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
4,716
4,584
5933982.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
5,083
4,943
5934072.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
5,494
5,259
5934298.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
1,166
1,153
5934335.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
4,389
4,246
5934372.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
19,416
18,648
5934604.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
5,825
5,498
5934675.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
3,092
2,962
5934734.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
661
631
5934756.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
3,776
3,727
5934829.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
1,054
608
5934834.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
2,177
2,137
5934904.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
145
144
5934929.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
6,432
6,272
5935017.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
5,264
5,065
5935106.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
8,310
6,128
5935455.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
328
328
5935665.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
920
841
5935705.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
3,369
2,641
5935798.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
9,584
9,175
5936121.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
616
600
5936137.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
6,975
6,789
5936987.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
631
367
5936991.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,392
2,287
5937037.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,488
2,414
5938180.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
923
732
5938274.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
23,137
22,187
5939024.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
789
752
5939026.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
676
672
5939191.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
499
474
5939217.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,444
1,419
5939259.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
13,081
12,749
5939540.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
3,615
3,553
5939649.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,037
1,019
5939669.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,328
1,293
5939698.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
800
746
5939714.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,315
1,031
5939726.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
4,231
3,846
5939756.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,777
1,742
5940093.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,045
1,009
5940105.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
2,585
2,551
5940188.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,666
1,557
5940194.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
3,282
2,855
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5940261.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
$
3,829
$
3,772
5940306.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,688
1,657
5940311.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
181
172
5940319.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
3,290
3,201
5940354.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
218
211
5940356.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
4,512
3,539
5940404.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,672
1,532
5940438.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,898
1,807
5940464.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
3,466
2,860
5940550.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
40,707
38,125
5940790.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,488
1,466
5940897.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
14,605
8,356
5940934.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,528
1,438
5940973.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,082
609
5941411.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
4,021
3,925
5942909.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
769
755
5942921.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
13,721
12,960
5943111.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,723
4,655
5943194.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,411
1,390
5943272.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,015
3,801
5943341.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
292
107
5943394.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,006
2,593
5943468.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
7,083
6,826
5943745.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,348
2,021
5943878.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
5,631
5,279
5944013.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
5,606
3,870
5944090.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,807
1,780
5944125.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
10,511
9,174
5944352.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
5,420
5,280
5945100.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,019
921
5945127.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,683
2,481
5945156.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,744
1,599
5945194.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
124
123
5945212.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,411
1,143
5945223.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,957
3,538
5945616.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,460
1,399
5945636.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
569
349
5945750.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
345
334
5948526.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
2,202
2,137
5949133.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
1,504
1,343
5949190.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
1,635
1,205
5949286.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
2,716
2,539
5949818.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
2,926
2,875
5950020.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
2,365
1,462
5950082.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
8,530
8,348
5950984.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
15,569
15,000
5951890.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
3,922
3,802
5952006.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,985
1,871
5952095.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
872
845
5952204.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
7,218
6,903
5952519.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,415
3,371
5952828.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,417
1,343
5952961.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
13,958
13,561
5953400.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,704
1,240
5953421.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
5,393
4,795
5953482.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,751
1,713
5953570.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,405
3,300
5953665.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,276
2,230
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
197
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5953693.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
$
2,916
$
2,757
5953778.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
598
543
5953830.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,632
1,599
5953856.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
5,776
5,123
5954020.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
5,908
5,689
5954107.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,266
3,211
5954220.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
8,719
7,695
5954414.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,019
2,931
5954781.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,503
2,335
5954862.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
6,176
5,965
5955033.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,206
1,932
5955112.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,301
1,872
5955157.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
946
174
5955169.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
677
640
5955214.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,832
3,704
5955340.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,891
2,010
5955476.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
2,779
2,429
5955564.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
1,397
411
5955589.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
611
600
5955829.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
10,808
9,045
5956046.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
1,248
1,069
5956134.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
17,124
16,644
5957353.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
7,888
7,757
5957989.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,505
1,474
5958081.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,874
1,152
5958622.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
25,218
21,308
5959293.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,847
1,791
5959369.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
7,874
7,687
5959660.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
4,287
4,213
5960150.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
2,473
1,471
5960313.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,659
1,595
5960372.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
553
485
5960485.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
2,569
1,839
5960571.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,025
978
5960627.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
2,776
2,728
5960706.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,106
858
5960736.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
16,178
6,642
5961006.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
425
423
5961376.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
4,602
4,268
5961497.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
2,940
2,821
5961632.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
10,451
4,041
5961784.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
596
563
5961876.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
4,614
4,548
5962031.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
198
189
5962057.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
4,668
4,585
5962169.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
5,602
5,460
5962328.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
6,910
6,796
5962596.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
2,410
2,128
5962846.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
2,777
2,718
5963053.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
3,086
2,357
5963161.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
28,365
21,020
5964019.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,280
2,185
5964145.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
3,274
3,215
5964220.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
10,526
10,293
5964558.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
10,691
10,370
5965218.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
3,096
3,030
5965368.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
5,891
5,536
5965520.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,663
2,596
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5965637.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
$
4,198
$
4,111
5965771.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
256
235
5966367.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
893
854
5966390.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
4,022
2,418
5966485.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,638
1,601
5966553.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
3,566
3,460
5966746.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,363
2,323
5966862.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
3,788
3,682
5967014.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
811
804
5967056.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
596
589
5967134.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,108
1,088
5971113.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
3,778
3,723
5971264.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
422
228
5971274.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
11,198
11,013
5972056.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
4,893
4,813
5973054.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
1,923
1,886
5973170.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
733
645
5973189.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
20,992
17,576
5973612.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
18,976
18,614
5974212.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
4,412
4,333
5974509.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
789
512
5975138.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
14,720
13,581
5975791.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
1,665
1,558
5975879.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
11,416
10,523
5976217.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
8,896
8,338
5976497.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
2,253
2,186
5976564.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
5,890
5,539
5976693.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
2,660
2,607
5976781.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
4,340
3,551
5976823.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
17,061
15,554
5977153.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
4,173
3,133
5977275.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
12,616
9,386
5977584.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
1,666
979
5977605.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
6,735
6,162
5977730.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
4,005
3,912
5977823.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
855
637
5977848.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
231
229
5977935.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
1,679
1,446
5978092.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
16,034
15,684
5979050.SQ.FTS.B,
Zero
Cpn,
4/09/24
...
607
469
5979915.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
1,672
1,528
5980085.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
5,177
5,082
5980267.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
16,568
15,094
5980756.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
1,812
1,753
5980937.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
3,864
3,667
5981040.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
3,863
3,710
5981123.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
965
938
5981357.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
3,015
2,536
5981434.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
1,080
966
5981753.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
1,596
1,325
5982142.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
589
576
5982333.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
1,437
1,367
5983203.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
815
809
5983820.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
1,918
1,475
5983880.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
1,242
1,164
5983933.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
2,585
2,537
5984259.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
452
447
5984496.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
1,089
636
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
198
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5984734.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
$
760
$
751
5984840.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
5,232
5,038
5984960.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
8,103
7,879
5985197.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
3,390
3,166
5985366.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,200
1,178
5985527.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,611
1,568
5985670.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
324
319
5985695.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,466
1,441
5985802.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
4,133
2,812
5985972.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
748
737
5986053.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
2,109
2,087
5986112.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,977
1,906
5986262.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
868
845
5986301.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
8,962
8,432
5986815.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,670
1,589
5986842.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
2,264
2,178
5986904.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,439
1,419
5986961.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
6,806
6,615
5989464.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
78,314
68,980
5990864.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,936
1,840
5991208.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,205
264
5991244.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
473
452
5991306.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,478
1,316
5991359.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
12,984
12,563
5991990.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
652
627
5992010.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
7,163
4,863
5992118.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
3,654
3,614
5992309.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
4,124
3,920
5992494.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,085
330
5993137.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
8,630
7,697
5993317.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
4,969
4,685
5993993.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
738
396
5994023.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
21,276
18,580
5994685.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,741
1,692
5994740.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
20,855
19,705
5995534.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
3,065
3,036
5995652.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
32,928
26,581
5996333.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
1,260
1,211
5996379.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
3,067
3,027
5996517.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
2,641
2,590
5996566.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
7,319
7,167
5996719.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
1,094
1,072
5996742.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
10,157
9,477
5996860.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
2,441
2,381
5996899.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
4,982
4,867
5997003.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
1,869
1,830
5997061.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
1,751
964
5997344.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
6,419
6,171
5997491.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
3,775
3,634
5997558.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
3,266
1,773
5997616.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
1,028
1,019
5997673.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
4,249
4,151
5998109.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
1,027
151
5998129.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
2,769
2,003
5998474.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
8,598
8,236
6000066.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
1,173
1,078
6000187.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
4,678
4,122
6000281.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
503
495
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6000300.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
$
4,559
$
2,632
6000329.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
923
887
6001450.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
2,743
2,705
6001825.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
899
888
6001870.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
1,790
1,522
6001900.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
16,599
14,870
6002908.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
988
954
6002949.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
943
349
6002955.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
14,743
14,034
6003476.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
2,003
1,041
6003509.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
17,128
15,206
6004081.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
7,610
7,002
6004502.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
8,752
8,639
6004753.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
5,187
4,520
6004793.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
587
578
6004839.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,606
2,429
6004946.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
1,641
1,553
6005077.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
862
855
6005201.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
5,917
5,773
6005612.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
1,465
1,398
6005698.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
583
532
6005731.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
644
613
6005842.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
4,974
4,850
6006455.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,141
1,791
6006515.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
1,475
1,300
6006536.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,651
1,674
6006563.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
12,260
11,005
6006811.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
128
126
6006983.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,130
1,927
6007091.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
15,516
14,549
6007374.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,791
2,709
6007511.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
11,433
10,575
6009633.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
657
645
6009677.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
21,158
20,334
6010252.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,758
1,722
6010355.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
508
483
6010749.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
3,699
3,212
6010826.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,275
2,161
6010900.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
5,883
5,656
6011014.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,131
1,920
6011301.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,227
1,205
6011354.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
390
385
6011495.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
4,217
4,085
6011957.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,025
1,007
6011991.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
13,665
11,898
6012333.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
665
636
6012358.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
3,716
3,111
6012743.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
8,938
7,500
6012878.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,066
1,960
6013239.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,313
2,214
6013364.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,523
1,438
6013463.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
5,991
4,582
6013607.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,966
1,920
6013709.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,737
3,615
6013846.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
311
304
6013886.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,229
3,170
6014061.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,069
632
6014072.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
6,719
6,425
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
199
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6014237.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
$
24,954
$
24,643
6015178.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
6,383
4,267
6015282.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,872
2,363
6015325.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
13,346
13,031
6015674.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
15
15
6015784.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,582
1,473
6015900.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
1,383
1,267
6015925.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
1,612
1,580
6015960.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
524
514
6015984.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
13,290
12,853
6016181.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
1,257
1,200
6016217.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
11,449
10,815
6016359.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
1,528
1,470
6016419.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
2,840
2,454
6016449.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
6,994
6,547
6016649.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
545
293
6016688.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
2,640
2,534
6016723.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
3,545
1,998
6016752.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
7,147
6,761
6016863.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
10,892
10,040
6017014.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
4,588
4,469
6017123.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
1,063
1,008
6017146.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
7,201
6,270
6017746.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
8,946
8,090
6018103.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
7,671
7,320
6020830.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
3,352
3,274
6020982.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
2,475
2,429
6021032.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
12,078
11,398
6021296.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
5,272
4,781
6022032.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
5,091
4,899
6022135.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
1,094
1,076
6022702.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
3,384
2,938
6023207.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
17,185
15,964
6023648.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
6,863
6,519
6024146.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
1,616
1,537
6024285.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
795
772
6024386.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,316
1,290
6024496.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
5,106
884
6024650.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,830
980
6024844.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
3,285
3,209
6025052.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
3,074
2,961
6025124.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
948
896
6025468.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
24,070
20,365
6026281.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
7,165
6,967
6026412.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
4,067
1,813
6026623.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
933
894
6026682.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
13,802
11,554
6026877.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
642
623
6026903.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,474
1,382
6026926.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
11,331
10,384
6027120.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,099
1,085
6027166.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
2,686
1,919
6027222.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
6,097
5,893
6027376.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
737
674
6027397.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
2,169
1,244
6027433.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,061
1,047
6029336.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
3,161
3,110
6029479.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,373
1,349
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6029535.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
$
931
$
798
6029563.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
5,316
4,969
6029720.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
855
847
6029893.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
5,291
5,180
6030314.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,228
1,200
6030354.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
6,989
6,815
6031985.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
28,518
26,778
6032387.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
4,765
4,520
6032439.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
2,344
1,504
6032490.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
936
890
6032569.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
9,759
9,255
6032873.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
3,458
3,140
6032908.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
10,008
9,374
6033057.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
2,367
2,319
6033105.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
2,547
2,126
6033285.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
1,055
1,041
6033365.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
30,453
29,719
6034627.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
3,010
2,208
6034774.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
4,439
4,325
6035055.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
896
873
6035356.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
1,408
1,184
6035360.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
1,523
1,327
6035463.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
11,181
10,735
6035884.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
3,846
3,794
6035964.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
1,790
1,715
6036010.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
12,741
11,985
6036390.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
627
587
6036425.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
2,515
2,450
6036518.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
5,308
5,194
6036878.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
4,981
4,505
6037075.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
3,348
2,308
6037190.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
4,329
4,110
6037289.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
9,183
8,349
6037392.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
4,570
4,330
6037488.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
55,424
40,999
6038060.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
9,328
8,963
6039118.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
340
330
6039190.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
9,732
9,511
6041385.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
4,145
4,024
6041623.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,666
1,245
6041661.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
475
471
6041731.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
527
358
6041755.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
423
420
6041859.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
10,130
9,152
6042050.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
2,870
2,762
6042134.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
6,445
4,306
6042294.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
13,663
12,635
6042763.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
3,938
2,762
6042854.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
3,885
3,790
6043316.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
4,273
4,099
6043509.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
10,378
7,636
6043702.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
5,092
5,020
6043963.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
639
618
6043985.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
354
349
6043996.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
3,288
3,261
6044249.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
21,859
19,526
6044830.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
27,323
26,095
6045560.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,178
1,136
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
200
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6045721.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
$
4,393
$
4,297
6046245.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
2,055
2,006
6046353.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
7,739
7,521
6046548.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
322
318
6046589.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
395
373
6046607.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
9,310
9,023
6046857.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
5,518
4,772
6046953.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,741
1,688
6046999.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
14,808
13,135
6047302.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
34,279
17,020
6047637.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
629
599
6047649.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
679
662
6047661.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,126
1,105
6047712.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
23,248
14,427
6047964.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
15,566
15,119
6048232.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
3,564
3,308
6048351.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
390
384
6048361.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,120
1,096
6048445.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
32
32
6048521.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
956
853
6050967.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
1,018
624
6050979.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,559
1,849
6051033.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,675
2,526
6051061.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,143
2,096
6051105.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
13,496
12,677
6051459.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,455
2,395
6051734.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
7,797
6,134
6051892.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,277
2,215
6051960.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
5,874
5,701
6052291.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
3,394
3,244
6052464.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
4,159
3,689
6052619.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
15,080
14,864
6053401.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
3,168
2,101
6053485.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
15,920
15,498
6054000.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
3,617
3,335
6054139.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,957
2,896
6054248.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
15,152
14,664
6054544.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
5,460
4,706
6054735.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
586
575
6054794.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
5,549
1,942
6054914.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
34,971
34,500
6057236.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
269
266
6057245.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
8,233
8,083
6057474.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
21,571
17,668
6057847.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
5,425
5,023
6057923.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
4,058
3,954
6058395.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
9,362
9,146
6058859.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
768
761
6058991.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
1,741
1,349
6059036.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
233
228
6059046.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
4,120
4,007
6059141.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
2,198
2,149
6059217.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
1,586
1,528
6059316.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
3,107
2,943
6059362.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
17,127
16,570
6059778.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
19,141
18,145
6061012.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
18,755
18,335
6062202.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
9,003
6,903
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6062328.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
$
1,744
$
1,659
6062368.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
10,010
9,855
6062780.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
10,503
10,252
6064132.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
2,914
2,714
6064163.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,299
1,284
6064186.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,134
1,082
6064202.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,541
1,446
6064296.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
4,808
4,642
6064347.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
10,918
4,773
6064456.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
14,198
13,462
6064612.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,208
1,189
6064664.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
5,731
5,397
6064703.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
78
77
6064713.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
58,217
55,398
6066355.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
19,003
18,285
6066747.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
5,489
5,137
6066853.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
4,714
3,851
6067027.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,077
1,053
6105834.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
7,253
7,132
6105997.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
3,681
3,591
6106087.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
7,231
7,051
6106300.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
616
611
6106338.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
4,498
4,394
6106439.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
8,995
8,696
6106744.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
9,024
8,600
6107004.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
382
366
6107025.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
2,070
1,994
6107095.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
15,231
14,375
6108715.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
805
518
6109049.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
39,997
38,662
6120718.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
734
667
6120742.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
3,727
3,507
6120841.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
2,740
2,692
6120900.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
562
549
6120922.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
4,623
4,563
6121209.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
2,138
1,504
6121234.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
1,935
1,771
6121269.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
1,802
1,765
6121297.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
12,084
11,672
6122738.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
1,028
996
6122783.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
8,297
7,976
6123294.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
1,478
1,367
6123389.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
4,973
3,702
6123536.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
1,719
1,633
6123644.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
2,163
2,058
6123772.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
4,168
3,699
6123855.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
2,800
2,741
6123893.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
7,281
6,602
6123984.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
300
290
6124069.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
3,965
3,853
6124661.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
4,047
3,958
6125059.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
11,628
10,694
6125355.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
14,848
14,305
6125649.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
9,147
8,924
6125833.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
3,741
2,978
6125912.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
16,877
16,311
6126214.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
13,306
12,732
6126394.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
2,141
2,064
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
201
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6126438.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
$
3,067
$
2,983
6126498.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
1,036
443
6126516.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
978
948
6126544.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
747
136
6126557.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
568
418
6126569.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
2,512
2,458
6126620.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
5,796
5,628
6126792.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,106
2,052
6126856.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
4,245
4,037
6126988.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,115
2,007
6127009.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
3,086
3,025
6127068.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
1,575
1,543
6127094.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,631
1,906
6127126.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
5,814
5,559
6127224.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
7,051
6,825
6127346.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
6,739
4,705
6127399.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,474
2,372
6131302.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
4,852
4,546
6131404.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
4,534
3,230
6131497.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
2,916
2,840
6131530.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
746
674
6131568.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
15,192
13,103
6132148.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
4,268
3,612
6132286.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
353
345
6132310.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
3,446
3,356
6132418.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
2,774
2,726
6132628.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
2,075
1,909
6132687.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
7,220
7,097
6133072.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
4,579
4,155
6133158.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
10,475
10,312
6133501.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
2,752
2,684
6133695.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
30,744
23,545
6134514.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
3,561
3,429
6134565.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
1,095
1,031
6134835.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
431
403
6134885.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
8,197
7,907
6135095.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
763
739
6135119.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,603
3,319
6135196.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,072
2,019
6135242.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
865
795
6135342.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,781
2,069
6135411.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,018
2,957
6135498.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
6,717
6,092
6135642.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,256
2,925
6135710.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,326
2,033
6135826.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,157
1,125
6135916.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
16,145
15,319
6136148.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,832
3,749
6136354.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
8,600
7,606
6136620.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,887
3,768
6136704.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,094
1,978
6136744.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
4,035
3,503
6136825.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,568
3,358
6136867.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
6,542
6,297
6137060.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,922
1,803
6137116.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
13,918
13,479
6137304.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
4,118
4,014
6137449.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,889
1,710
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6137497.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
$
1,936
$
1,269
6137514.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
6,798
6,520
6137589.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
785
759
6137596.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
6,017
5,089
6137613.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,052
1,507
6137646.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,405
1,999
6139569.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,811
2,693
6139604.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
417
407
6139609.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
7,866
5,694
6139658.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
20,686
19,407
6139911.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
16,760
16,338
6140292.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
7,911
6,378
6140493.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
567
406
6140505.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
3,837
3,352
6140691.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
11,105
8,649
6141025.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,325
1,296
6141081.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,949
1,034
6141118.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
7,653
7,489
6141438.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
13,952
13,434
6141742.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
9,111
8,626
6141988.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
17,382
14,700
6142284.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
714
679
6142325.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
10,862
10,455
6142559.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,639
1,489
6142613.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
6,364
5,799
6142841.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,240
1,966
6142889.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,903
2,684
6142953.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,157
1,979
6143043.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,766
2,693
6143114.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,582
1,224
6143166.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,511
2,419
6143378.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
3,415
3,288
6143622.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
9,560
7,576
6143863.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
1,563
1,326
6144779.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
2,135
2,029
6144950.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
4,379
4,231
6145136.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
3,841
3,552
6145243.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
5,534
5,044
6145349.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
2,707
2,604
6145417.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
1,518
1,417
6145447.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
630
621
6145453.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
2,837
2,757
6145487.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
1,420
1,352
6145506.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
11,290
10,944
6145923.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
972
166
6145939.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
1,769
1,442
6146025.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
21,307
20,873
6146705.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
2,985
2,832
6146781.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
5,725
4,344
6146892.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
1,322
1,219
6147053.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
4,356
4,286
6147261.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
1,628
1,601
6147408.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
1,332
1,283
6147508.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
651
631
6147562.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,497
1,336
6147610.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
228
204
6147666.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,605
1,468
6147707.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,341
1,324
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
202
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6147769.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
$
1,286
$
1,117
6147810.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
992
898
6147841.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,976
1,930
6147889.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,185
707
6147932.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
4,350
4,098
6148020.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
7,170
7,024
6148851.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
3,260
3,177
6149126.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
4,154
4,003
6149340.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
4,055
3,911
6149522.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
923
876
6149563.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
3,210
3,105
6149756.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
649
631
6149788.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,154
1,051
6149864.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
4,308
4,156
6149973.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
829
789
6149996.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
36,347
33,411
6150834.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
5,989
5,768
6151011.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
179
177
6151038.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
31,354
30,265
6152853.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
59,295
43,500
6153525.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,832
1,692
6153797.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
973
846
6153807.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,314
1,093
6153829.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
862
842
6153861.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
516
510
6153886.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
20,956
19,442
6154366.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
3,078
3,046
6154575.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,660
1,625
6154605.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,652
2,512
6155394.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,055
2,003
6155467.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
3,661
3,573
6155515.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,424
2,316
6155621.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,524
1,470
6155640.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,083
1,040
6155661.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
9,547
8,334
6155715.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,081
1,046
6155775.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,799
1,556
6155798.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
8,078
7,877
6155934.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
5,741
5,338
6157442.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
10,139
9,902
6157524.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,150
2,962
6157540.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
11,318
11,152
6157752.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
526
512
6157783.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,801
1,738
6157811.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
6,628
6,401
6157949.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
6,947
6,555
6158154.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,501
3,286
6158257.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,129
1,088
6158326.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,832
2,715
6158396.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,244
2,114
6158519.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,786
1,627
6158554.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
904
582
6158569.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,440
2,352
6158930.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
749
733
6158962.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
270
263
6158992.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
500
488
6159043.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
5,299
4,453
6159575.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
651
491
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6159588.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
$
3,547
$
3,408
6159637.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
16,607
16,400
6160085.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
4,167
4,018
6160305.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
14,406
13,680
6160613.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
20,482
18,625
6160822.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
14,361
12,799
6160876.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
39
39
6160881.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
9,495
8,714
6160980.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
395
386
6160985.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
2,560
2,469
6161027.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
1,597
642
6161040.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
14,353
13,991
6161268.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
7,456
7,257
6161342.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
4,575
4,147
6161356.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
35,035
34,253
6163054.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
7,614
6,602
6163213.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
5,720
4,438
6163350.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
6,206
5,997
6164447.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
8,304
8,044
6164958.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
4,534
4,205
6165019.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
4,409
4,203
6165071.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
1,889
1,848
6165147.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
3,312
3,224
6165192.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
818
808
6165215.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
1,393
804
6165228.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
19,455
18,018
6165447.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
524
485
6165450.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
2,348
1,681
6165472.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
10,867
10,470
6165692.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
4,776
4,196
6165760.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
3,694
3,134
6165806.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
2,469
2,383
6165832.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
1,935
1,375
6165853.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
2,789
2,740
6165900.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
9,228
8,762
6165990.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
19,793
18,482
6168543.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
2,583
2,400
6168599.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
7,794
7,475
6168884.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
13,322
12,312
6169606.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
1,648
1,591
6169646.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
2,417
2,315
6169661.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
5,172
4,968
6170041.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
3,460
3,369
6170231.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
674
650
6170395.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
4,145
3,946
6170600.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
1,992
1,946
6170727.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,992
2,888
6170894.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
1,479
1,445
6170941.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,348
2,088
6171183.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,720
2,647
6171468.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,344
2,208
6171537.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
4,402
4,279
6171656.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
3,698
3,596
6171800.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
327
210
6171815.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
31,759
30,722
6172710.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
1,044
855
6172734.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
11,910
11,708
6173081.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
11,550
11,148
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
203
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6173349.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
$
2,211
$
2,140
6173402.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
656
530
6173422.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
4,763
4,590
6173477.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
40,798
39,853
6175030.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
10,042
9,671
6175205.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
3,665
3,588
6175385.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
1,584
1,464
6175410.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
1,982
1,890
6175457.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
3,398
3,054
6175562.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
5,643
5,395
6175658.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
15,200
10,213
6175833.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,346
2,237
6175863.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
4,184
3,841
6175977.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,173
2,029
6176068.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
1,189
1,158
6176107.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
4,036
3,448
6176241.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
93
90
6176248.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
756
748
6176274.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
4,714
4,397
6176336.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
168
166
6176377.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
3,278
3,099
6178379.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
3,551
3,447
6178440.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,525
2,499
6178484.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
678
611
6178497.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,774
1,451
6178528.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
5,504
5,006
6178624.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,052
932
6178719.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,986
2,790
6178835.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,443
1,013
6178891.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,653
1,333
6178969.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,412
2,376
6179450.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
876
836
6179563.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,096
1,832
6179637.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,939
2,040
6179718.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
11,401
10,955
6179989.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
580
572
6180044.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
6,105
5,931
6180271.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
11,649
10,678
6180648.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,498
2,397
6180719.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
22,518
21,682
6181142.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,044
1,968
6181426.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
17,248
17,027
6181983.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
7,210
6,690
6182088.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
14,003
13,697
6182729.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
114
113
6182754.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
6,625
6,127
6183008.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
2,977
1,863
6183074.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
2,864
2,070
6183190.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
6,999
6,352
6183434.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
2,818
2,227
6183538.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
2,559
2,526
6183812.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
8,384
7,529
6184136.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
1,065
859
6184633.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
6,500
6,126
6184769.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
5,191
5,095
6184974.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
57,989
55,866
6185726.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
5,876
5,701
6185843.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
7,570
7,476
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6186393.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
$
4,488
$
4,372
6186503.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
1,950
1,854
6186657.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
2,497
2,117
6186719.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
3,168
2,761
6186778.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
5,512
4,917
6186965.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
4,567
4,390
6187167.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
3,919
3,702
6187253.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
2,544
2,463
6187304.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
14,903
14,669
6188963.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
7,188
6,931
6189267.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
1,468
1,387
6189324.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
4,090
3,945
6189435.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
2,023
1,965
6189533.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
475
156
6189573.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
9,929
9,561
6189975.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
726
625
6190001.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
13,332
12,857
6190373.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
15,531
14,119
6190942.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
1,319
1,290
6191010.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
2,342
2,296
6191068.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
4,687
4,266
6191219.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
12,869
12,197
6191560.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
8,182
7,736
6191895.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
622
610
6191955.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
7,067
5,601
6192461.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,353
1,174
6192486.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,420
2,298
6192549.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,609
1,575
6192662.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
13,388
12,741
6193258.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
31,564
29,069
6193931.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,076
1,040
6193947.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
5,559
5,295
6194068.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
4,168
3,971
6194180.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,812
2,645
6194226.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,218
2,180
6194591.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
48,608
46,384
6195072.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
4,001
3,908
6195197.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,013
995
6195261.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
26,090
25,401
6196223.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,107
1,993
6196338.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
571
513
6196348.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
11,531
11,172
6196687.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,711
2,540
6196843.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
4,407
4,204
6197045.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
9,324
9,151
6199930.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,820
2,730
6199992.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
4,004
3,885
6200078.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
808
776
6200162.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
7,664
7,286
6200308.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
7,552
7,270
6200433.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
7,484
7,305
6200668.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
6,895
6,739
6203028.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,441
1,411
6203071.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
17,044
16,681
6203222.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
4,419
4,267
6203240.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
35,280
33,822
6204285.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
2,343
2,121
6204554.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
3,225
3,069
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
204
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6204651.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
$
1,842
$
1,642
6204690.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
5,418
4,500
6204996.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
7,226
6,764
6205231.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,440
1,404
6205546.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
156
154
6205557.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
807
789
6205648.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
2,601
2,553
6205757.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
5,272
5,130
6205930.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,181
1,127
6205978.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,964
1,847
6206056.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
9,709
8,776
6206222.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
18,123
16,828
6206440.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
5,353
5,142
6206594.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
5,459
4,723
6206656.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
3,979
2,857
6206769.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
2,016
1,910
6206801.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
78,302
65,567
6208776.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
6,656
6,345
6208876.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
11,348
7,613
6209167.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
739
707
6209203.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
2,731
2,655
6209405.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
2,752
2,657
6209658.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
10,203
9,714
6209707.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
2,196
1,870
6209749.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
29,519
28,671
6210492.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
1,683
1,633
6210528.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
10,786
8,301
6210775.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
2,050
2,002
6210857.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
5,123
4,702
6210971.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
4,776
4,538
6211100.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
386
378
6211129.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
97
97
6211801.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
9,696
9,310
6212398.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
6,280
6,082
6212695.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
7,507
7,196
6213027.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
31,717
30,357
6214190.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
1,123
373
6214304.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
6,953
6,862
6214666.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
9,834
8,806
6214898.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,279
1,262
6215094.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,863
1,797
6215144.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,509
1,483
6215189.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,333
1,272
6215457.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
868
793
6215547.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
3,088
2,986
6215606.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
47
46
6215614.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,165
1,145
6215661.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
6,062
5,498
6215908.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
974
595
6215942.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
115
113
6215957.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
951
917
6215985.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
2,346
1,806
6216036.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
4,273
4,160
6216243.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,283
1,266
6216275.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,590
1,517
6216296.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
25,817
25,291
6217071.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,591
1,328
6217087.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
692
654
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6217106.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
$
1,492
$
1,303
6217160.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
7,982
7,506
6217266.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
44,862
42,580
6217962.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
4,334
4,173
6218034.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
652
637
6218055.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
14,363
14,075
6218180.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,681
3,525
6218467.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
4,551
4,325
6218756.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
1,014
966
6218913.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
8,607
8,218
6219195.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
512
476
6219243.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
704
698
6219740.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
5,043
4,873
6219955.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
1,678
1,469
6219996.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
5,938
5,819
6220236.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
797
511
6220248.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
1,432
1,402
6220286.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,618
3,494
6220386.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
2,788
2,656
6220472.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
1,397
1,375
6220519.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
70,170
60,889
6221528.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
6,160
6,040
6223659.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
11,147
10,455
6224008.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
6,986
6,795
6224359.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
9,845
9,650
6224796.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
6,569
6,249
6225068.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
14,649
14,391
6225953.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
2,589
1,942
6226015.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
4,254
4,162
6226130.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
848
827
6226143.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
42,143
39,378
6227140.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
9,687
9,336
6227492.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
873
841
6227515.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
4,956
4,664
6227677.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
2,534
2,477
6227791.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
778
764
6227831.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
7,832
7,418
6228013.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
716
411
6228038.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
4,680
4,485
6228265.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
3,929
2,922
6228393.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
18,111
17,208
6229018.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
5,190
4,943
6229112.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
51,210
46,722
6234621.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
59,044
57,259
6234969.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
12,823
12,320
6235216.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
1,586
1,526
6235450.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
957
699
6235468.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
2,236
1,491
6235504.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
1,632
1,615
6235583.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
1,372
1,348
6235643.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
735
681
6235661.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
13,728
13,165
6236092.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
1,159
1,095
6236243.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
37,290
35,550
6237600.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
7,339
7,141
6237959.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
12,484
11,956
6238487.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,398
2,268
6238625.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
3,841
3,766
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
205
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6238854.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
$
2,568
$
2,474
6238943.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,450
1,440
6239258.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,604
398
6239301.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
3,644
3,491
6239454.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
820
809
6239502.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
317
300
6239513.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,704
2,613
6239599.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
3,719
2,758
6239670.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
4,837
4,701
6239788.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
3,640
3,514
6239950.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
28,355
26,199
6240214.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
22,959
21,266
6240807.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
8,555
7,476
6240883.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
2,008
1,952
6240952.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
6,345
5,819
6241104.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
12,058
11,702
6241967.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
26,595
25,789
6242589.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
8,526
8,249
6242859.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,292
1,264
6242908.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,195
1,144
6242973.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
4,759
4,556
6243075.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
4,306
4,126
6243208.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,057
943
6243228.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
2,691
2,450
6243295.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
3,635
3,510
6243387.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,937
1,793
6243419.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
9,030
7,851
6243621.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
8,066
7,855
6243695.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
8,478
8,303
6244014.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,333
1,298
6244026.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
39,680
37,260
6244954.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
12,924
12,316
6245261.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
8,989
8,363
6245431.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
2,367
2,106
6245477.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
6,761
5,647
6245598.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
4,073
3,799
6245669.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
636
598
6245712.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
11,491
8,452
6245904.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
5,451
4,856
6245944.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
17,124
16,515
6246128.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,662
1,374
6246140.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
26,020
24,271
6248727.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
11,416
11,251
6248918.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
9,957
9,542
6249559.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
691
679
6249593.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
2,186
2,100
6249641.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
8,229
8,111
6249978.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,521
1,371
6250011.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
5,492
5,152
6250130.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
2,637
2,533
6250214.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
11,943
11,512
6250485.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
14,503
13,943
6250843.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
38,623
31,323
6251624.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
10,584
9,985
6251852.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
879
835
6251900.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
2,504
2,333
6251966.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
2,415
2,209
6252015.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
7,035
6,721
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6252207.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
$
22,979
$
22,513
6252988.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
1,003
951
6253028.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
1,212
1,156
6253083.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
4,555
4,389
6253172.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
11,394
10,949
6253444.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
44,245
40,377
6254269.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
67,080
62,284
6255006.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
3,572
3,436
6255121.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
737
667
6255128.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
3,718
3,553
6255199.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
1,186
1,113
6255218.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
1,282
1,222
6255252.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
3,999
3,639
6255312.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
3,605
3,513
6255384.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
4,126
1,305
6255441.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
10,187
9,663
6255575.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
1,631
1,547
6255606.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
909
744
6255621.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
10,819
9,061
6255949.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
5,496
5,387
6256064.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
22,154
20,177
6256371.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
9,347
9,165
6256506.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
2,627
2,454
6256775.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,363
1,331
6256800.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,982
1,918
6256832.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
3,682
3,519
6256913.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
34,429
29,881
6257991.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
11,442
11,128
6258212.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
7,870
7,505
6258329.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
14,853
10,300
6258547.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
7,050
4,571
6258668.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
4,366
3,939
6258783.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
15,203
11,673
6259003.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
33,244
32,019
6259651.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
971
945
6259677.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
12,998
12,506
6259903.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
7,161
6,832
6260138.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
52,109
50,186
6261098.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
17,144
16,105
6261384.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
13,875
13,104
6261595.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
28,781
27,888
6261928.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
23,243
18,128
6262209.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
21,922
18,280
6262430.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,340
1,186
6262438.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
4,956
4,761
6262504.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
2,902
2,814
6262556.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
4,043
3,713
6262614.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,360
1,105
6265085.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
9,519
9,122
6265195.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
1,159
1,109
6265237.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
762
697
6265249.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
82,036
60,409
6266557.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
15,565
15,327
6267222.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
5,469
4,948
6267330.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
28,151
27,456
6268041.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
6,413
5,559
6268135.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,768
2,685
6268204.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
731
694
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
206
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6268234.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
$
2,382
$
1,966
6268321.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
4,064
3,985
6268568.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
4,874
4,699
6268717.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
666
651
6268757.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
26,749
25,099
6269491.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
25,048
23,968
6270176.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,275
2,030
6270248.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
3,610
3,476
6270416.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
22,525
15,753
6270712.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
3,152
3,102
6270780.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,509
1,414
6270813.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,131
920
6270828.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,960
2,853
6270871.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,106
1,045
6270889.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,591
2,248
6270932.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,022
977
6270948.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
12,582
12,230
6271153.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,027
1,815
6271180.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,911
1,802
6271241.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
13,005
11,089
6271411.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
365
358
6271425.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
1,442
786
6271434.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
31,488
25,954
6271779.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
2,976
2,577
6271834.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
8,143
7,755
6271932.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
2,918
2,833
6271981.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
19,224
18,069
6272258.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
6,909
6,457
6272324.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
6,469
6,267
6272370.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
738
728
6272381.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
1,753
1,676
6272419.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
3,008
2,456
6272451.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
21,309
15,794
6272707.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
6,339
6,056
6273102.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
3,672
2,691
6273246.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
11,337
10,782
6273649.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
8,060
7,678
6273847.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
570
546
6273862.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
8,718
8,105
6274028.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
10,379
9,747
6274200.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
37,757
35,771
6274889.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
42,196
37,081
6275552.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
9,835
7,290
6275681.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
3,716
3,586
6275762.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
12,964
12,456
6275869.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
20,456
17,042
6276300.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
15,005
14,160
6276778.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,215
2,122
6276839.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
12,873
12,665
6277264.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
10,661
10,221
6277479.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
5,129
4,694
6277571.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
11,114
10,648
6277812.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
5,155
4,690
6277888.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
15,364
14,990
6278224.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
4,590
4,364
6278369.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
5,256
5,166
6278505.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,117
814
6278515.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
6,403
5,814
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6278645.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
$
24,250
$
23,060
6279875.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
1,596
1,524
6279910.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
10,132
9,513
6280076.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
5,999
5,699
6280192.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
2,476
2,385
6280223.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
10,099
9,623
6280297.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
970
932
6280355.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
891
572
6280363.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
547
528
6280382.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
45
44
6280414.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
16,582
15,996
6280950.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
9,108
8,926
6281173.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
3,082
2,967
6281238.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
755
679
6281265.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
7,979
7,603
6281428.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
10,662
10,557
6281975.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
6,186
5,949
6282054.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
7,966
7,861
6282237.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
12,932
12,648
6282690.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
1,935
1,884
6282753.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
16,199
15,230
6282814.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
16,939
16,241
6283040.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
45,779
43,881
6284147.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
11,141
10,536
6284315.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
6,317
6,083
6284406.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
10,404
10,085
6284714.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
11,590
11,402
6285099.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
4,077
3,961
6285204.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
1,198
1,056
6285228.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
1,930
1,900
6285299.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
6,574
6,154
6285352.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
756
732
6285398.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
2,790
2,698
6285446.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
54,503
45,376
6285823.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
1,740
1,556
6285849.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
3,176
3,037
6285882.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
4,442
4,312
6285963.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
2,398
2,322
6285992.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
4,232
3,918
6286070.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
8,578
7,981
6286188.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
2,422
2,086
6286231.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
4,561
4,317
6286304.SQ.FTS.B,
Zero
Cpn,
7/08/24
...
6,270
5,996
6286443.SQ.FTS.B,
Zero
Cpn,
7/08/24
...
8,402
8,047
6286554.SQ.FTS.B,
Zero
Cpn,
7/08/24
...
4,569
4,437
6287069.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,191
1,160
6287137.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
2,164
2,117
6287349.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,265
1,217
6287418.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
617
572
6287452.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
4,215
3,998
6287583.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
357
352
6287612.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
3,576
3,476
6287671.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
3,530
3,224
6287743.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
2,902
2,527
6287833.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
866
858
6287903.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
15,869
14,486
6288286.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
11,217
10,862
6288491.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
19,218
18,600
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
207
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6288827.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
$
11,026
$
10,569
6289003.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
2,324
2,121
6289045.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
7,464
6,820
6289243.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
4,411
4,327
6289400.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
10,146
9,867
6289503.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
8,234
7,918
6289642.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
9,244
8,793
6289898.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
6,844
6,262
6289942.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
609
576
6289960.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
3,008
2,641
6290067.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
5,047
4,858
6290183.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
14,036
12,884
6290605.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
932
871
6290628.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
3,994
3,826
6290710.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
9,015
8,732
6290894.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
4,307
3,980
6290953.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
2,822
2,737
6290999.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
1,089
941
6291012.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
311
302
6291016.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
13,312
11,941
6291185.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
3,483
3,321
6291213.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
7,885
7,537
6291385.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
3,723
3,652
6291479.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
16,312
15,543
6291759.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
2,658
2,576
6291840.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
3,180
3,065
6291894.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
9,098
8,925
6292116.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
5,482
5,271
6292293.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
870
828
6292341.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
14,548
14,092
6292670.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
2,141
1,776
6292755.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
4,288
4,193
6292886.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
7,004
6,713
6293065.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
2,388
2,262
6293117.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
4,620
4,490
6293308.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
8,148
7,649
6293419.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
2,309
2,259
6293474.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
1,312
1,263
6293487.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
1,938
1,777
6293505.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
4,945
4,810
6293586.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
8,310
7,983
6294116.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
3,288
3,116
6294182.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
3,858
3,523
6294278.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
7,888
7,627
6294391.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
5,260
5,121
6294490.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
1,029
1,017
6294539.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
2,057
1,981
6294570.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
15,359
14,931
6297788.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
1,795
1,747
6297894.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
268
256
6297902.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
9,529
9,281
6298157.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
674
657
6298187.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
59,555
56,197
6299931.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
1,121
1,092
6299973.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
29,135
26,579
6300619.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,347
1,293
6300703.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
7,123
6,865
6300894.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
11,050
9,896
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6301197.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
$
7,572
$
7,228
6301350.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
7,992
6,867
6301579.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,261
1,206
6301633.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
10,860
10,243
6301934.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
5,388
5,032
6302101.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
2,839
2,698
6302213.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,555
1,527
6302302.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
23,116
20,867
6302888.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
919
858
6302922.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,489
1,361
6302942.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
3,402
3,308
6303079.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,211
1,180
6303135.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
4,669
4,565
6303284.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
10,967
10,593
6303414.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
10,271
9,753
6303595.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
22,738
20,558
6303854.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
1,812
1,783
6303880.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
1,413
1,276
6303893.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
13,747
13,338
6304026.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
10,824
10,267
6304081.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
18,992
18,077
6304259.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
10,239
9,849
6304365.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
6,364
6,290
6304728.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
3,830
3,639
6304790.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
10,451
9,699
6304935.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
3,326
3,029
6304978.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
2,170
2,129
6305015.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
1,601
1,563
6305047.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
17,925
17,133
6305311.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
10,769
10,388
6305443.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
765
681
6305454.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
934
715
6305494.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
13,165
12,543
6305632.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
5,290
4,927
6305693.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
1,768
1,703
6305727.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
6,650
6,396
6305815.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
2,841
2,767
6306271.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
4,762
4,641
6306503.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
11,198
10,631
6306736.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
6,954
6,333
6306882.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
5,503
5,327
6307004.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,331
1,189
6307012.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,807
1,712
6307105.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,575
1,505
6307140.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
15,652
14,951
6307603.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
5,456
5,349
6307741.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
4,975
4,456
6307874.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
2,389
2,318
6307940.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
5,148
4,869
6308066.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
5,746
5,533
6308170.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
12,962
12,340
6308390.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
4,853
4,723
6308510.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
8,646
8,334
6308644.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,758
3,590
6308685.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,000
893
6308692.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
2,475
2,170
6308758.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
7,946
7,630
6308960.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,151
1,117
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
208
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6309000.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
$
1,892
$
1,486
6309173.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
16,016
15,521
6309652.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
4,268
4,047
6309748.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
5,667
5,475
6309894.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,593
3,524
6310025.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
22,414
16,048
6310399.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
9,376
9,114
6310518.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
10,650
10,211
6310747.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
5,737
5,342
6310789.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,484
3,393
6310840.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
420
392
6310851.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
50,057
47,637
6313201.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
7,024
6,882
6313371.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
18,141
17,489
6313846.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
5,568
5,310
6314053.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
9,704
9,574
6314871.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
3,878
3,640
6314925.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
3,350
3,255
6314983.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
2,314
2,041
6315044.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
12,629
10,838
6315510.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
821
705
6315539.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
7,588
7,383
6316102.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
85,275
81,186
6316201.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
5,000
4,462
6316373.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
6,700
6,387
6316509.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
3,209
3,054
6316658.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
1,555
1,520
6316774.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
6,311
6,087
6317004.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
2,995
2,841
6317173.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
406
397
6317632.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
2,405
2,175
6317724.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
47,186
42,209
6318747.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
486
478
6318793.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
32,096
30,696
6318980.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
9,335
6,542
6319086.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
4,889
4,793
6319166.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
593
554
6319172.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,632
1,575
6319195.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
2,154
2,105
6319223.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
6,597
6,248
6319317.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,627
1,558
6319360.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
10,181
9,706
6319497.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,238
1,180
6319512.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
4,912
4,812
6319563.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
6,333
6,139
6319655.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
5,303
5,186
6319855.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,199
1,156
6319891.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
2,307
2,174
6319925.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
2,489
2,412
6319954.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
5,800
5,441
6320056.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
5,027
4,864
6320163.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
6,790
6,522
6320273.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
41,939
35,279
6321089.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
3,197
3,041
6321239.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
2,232
2,177
6321367.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
738
714
6321428.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
3,402
3,255
6321567.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,143
1,034
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6321614.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
$
3,161
$
2,600
6321698.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
2,574
2,415
6321779.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
24,582
23,343
6337151.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
31,601
30,396
6351297.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
14,141
13,529
6351534.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
4,657
4,267
6351630.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,791
1,777
6351712.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
4,860
4,430
6351825.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
175
172
6351873.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
3,195
2,602
6351915.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
26,378
25,921
6352872.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
5,965
5,051
6352961.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
12,700
12,153
6353228.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
2,286
2,126
6353271.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
2,948
2,858
6353341.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
9,355
8,966
6353478.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
3,759
3,658
6353561.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
2,894
2,726
6353611.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
1,458
1,369
6353656.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
97
97
6353658.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
33,589
32,330
6354356.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
19,918
19,315
6354801.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
562
517
6354872.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
67,583
63,388
6356189.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
8,442
8,191
6356355.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
2,220
2,004
6356413.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
769
753
6356470.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
900
881
6356496.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
49,116
40,485
6357359.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
32,154
28,109
6359300.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
1,174
1,135
6359440.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
6,620
6,227
6359508.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
1,978
1,908
6359529.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
464
450
6359554.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
12,502
11,836
6359866.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
8,157
7,470
6360303.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
3,117
2,723
6360447.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
9,307
8,951
6360854.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
6,458
6,160
6360973.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
4,314
4,154
6361029.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
6,393
6,111
6361123.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
2,584
2,490
6361192.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
2,570
1,955
6361267.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
8,845
8,313
6361527.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
28,102
26,466
6362038.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
4,752
4,571
6362265.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
9,660
9,356
6362535.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
10,085
9,763
6362717.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
1,461
1,422
6362790.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
1,281
1,241
6362880.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
5,828
5,599
6363039.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
1,824
1,783
6363145.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
566
547
6363174.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
3,539
3,187
6363271.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
2,305
2,172
6363347.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
3,725
3,437
6363474.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
2,444
2,335
6363544.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
18,038
17,439
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
209
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6364073.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
$
6,446
$
6,152
6364228.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
17,720
16,521
6364604.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
1,368
1,310
6364659.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
5,881
5,646
6364811.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
16,121
15,347
6365121.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
5,078
4,825
6365199.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
40,722
38,150
6365762.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
12,904
12,222
6365925.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
2,294
2,102
6365959.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
25,502
24,633
6366283.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
4,145
3,952
6366332.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
5,161
4,800
6366407.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
1,189
1,143
6366415.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
3,450
3,272
6366457.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
643
581
6366473.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
914
770
6366494.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
1,568
1,072
6366803.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
1,302
1,208
6366837.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
3,031
2,883
6366894.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
477
457
6366907.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
13,359
12,677
6367412.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
12,809
10,669
6368114.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
2,725
2,626
6368225.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
6,108
5,819
6368445.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
16,397
14,051
6368774.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
2,181
2,054
6369144.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
16,595
15,628
6369509.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,271
1,223
6369541.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
43,233
41,750
6370524.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
3,786
3,446
6370642.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
4,112
3,444
6370751.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
5,732
5,563
6370971.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
26,464
23,823
6371832.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
2,617
2,101
6371887.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
2,844
2,698
6371945.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
19,534
18,858
6372391.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
14,098
13,561
6372613.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
1,279
886
6372628.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
2,503
2,363
6372686.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
966
842
6372782.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
16,236
14,500
6373076.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
31,766
30,326
6373575.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
21,468
20,863
6373887.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
3,419
3,283
6373927.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
9,377
8,949
6374231.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
25,081
24,178
6375029.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
16,702
16,060
6375322.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
734
672
6375363.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
2,491
2,345
6375413.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
3,420
3,235
6375473.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
632
576
6375495.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
9,779
9,457
6375700.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
2,513
2,230
6375745.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
617
560
6375751.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
8,716
8,387
6375868.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
1,777
1,713
6375909.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
2,798
2,672
6375958.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
3,883
3,762
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6376030.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
$
13,886
$
13,369
6376215.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
569
556
6376244.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
12,505
12,149
6376503.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
2,077
1,832
6376535.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
3,069
2,894
6376571.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
20,577
19,705
6378595.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
2,500
2,425
6378737.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,944
1,871
6378771.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
3,992
3,589
6378865.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,301
1,140
6378899.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
6,934
6,661
6379121.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
650
312
6379134.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
2,233
2,107
6379229.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
7,922
7,429
6379628.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
9,749
9,364
6379978.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
745
677
6380003.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,761
1,694
6380099.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
5,036
4,840
6380294.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
20,715
19,992
6380634.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
5,147
4,300
6380706.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
2,505
2,337
6380733.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
38,192
33,665
6381416.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
5,951
5,661
6381574.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
10,489
10,045
6381933.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
2,081
2,032
6381983.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
3,968
3,697
6382018.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,964
1,903
6382089.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,492
1,317
6382155.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
42,576
40,598
6383263.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
2,554
2,398
6383346.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
6,379
6,163
6383471.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
6,190
6,035
6383608.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
3,075
2,965
6383699.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
1,867
1,691
6383753.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
5,408
4,972
6383905.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
5,379
4,911
6384067.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
4,786
4,398
6384214.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
5,109
4,899
6384310.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
455
444
6384351.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
4,080
3,867
6384431.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
9,745
9,370
6384661.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
4,527
4,365
6384698.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
5,190
5,024
6384784.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
3,586
3,213
6384794.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
39,215
37,068
6385241.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
1,240
1,186
6385267.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
35,461
33,485
6385760.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
1,091
998
6385781.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
1,863
1,638
6385816.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
3,564
3,399
6385874.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
3,036
2,860
6385904.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
871
840
6385910.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
614
593
6385918.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
269
259
6385929.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
5,437
5,229
6386019.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
1,634
1,572
6386057.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
2,902
2,301
6386141.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
2,645
2,413
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
210
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6386176.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
$
24,302
$
23,484
6386551.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
5,515
5,280
6386618.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
11,599
11,176
6387073.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
8,379
7,871
6387546.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
5,898
5,702
6387732.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
9,920
9,526
6387899.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
16,899
15,932
6388197.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
4,280
3,782
6388263.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
746
666
6388271.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
4,379
4,238
6388384.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
2,832
2,491
6388447.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
14,792
14,186
6388688.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
3,668
3,285
6388737.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
1,022
932
6388754.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
17,558
15,276
6389131.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
34,204
31,239
6389712.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
4,516
4,290
6389776.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
8,904
8,512
6389949.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
4,239
3,706
6390029.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
9,215
8,604
6390153.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
7,842
7,486
6390359.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
1,930
1,709
6390383.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
780
752
6390392.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
2,199
2,051
6390434.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
2,700
2,385
6390474.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
610
585
6390523.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
4,156
4,020
6390695.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
1,540
989
6390759.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
2,578
2,479
6390843.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
3,581
3,455
6390977.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
471
448
6391024.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
982
956
6391116.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
9,665
9,249
6391346.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
6,201
5,915
6391495.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
3,648
3,472
6391571.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
5,491
5,370
6391729.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
518
467
6391732.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
13,906
13,599
6392017.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
4,055
3,811
6392063.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
383
374
6392070.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
29,652
27,480
6392679.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
1,774
1,720
6392696.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
2,232
2,117
6392734.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
2,395
2,345
6392800.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
4,490
4,201
6392832.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
1,418
1,384
6392868.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
3,997
3,876
6392939.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
7,745
5,960
6393010.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
49,123
47,216
6393249.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
3,874
3,679
6393310.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
35,517
33,254
6394010.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
4,820
4,577
6394218.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
2,737
2,588
6394292.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
3,797
3,612
6394362.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
27,417
26,503
6395013.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
1,679
1,623
6395061.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
4,575
4,363
6395115.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
723
704
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6395124.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
$
864
$
836
6395130.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
7,254
6,836
6395218.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
17,004
13,363
6395377.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
5,953
5,718
6395461.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
6,048
5,789
6395542.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
2,647
2,565
6395632.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
361
351
6395644.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
4,388
4,233
6395714.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
4,608
4,447
6395807.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
1,364
1,313
6395818.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
3,467
3,338
6395874.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
6,429
6,132
6395993.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
21,417
18,219
6397898.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
48,793
47,111
6399343.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
8,712
7,999
6399659.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
45,454
40,354
6400542.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
11,850
11,415
6400774.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
15,014
14,430
6400953.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
83,529
79,824
6401073.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
5,920
5,490
6401235.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,505
1,361
6401266.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
4,675
4,417
6401403.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
6,876
6,616
6401601.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
33,261
29,309
6402494.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
5,506
5,365
6402664.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,167
2,070
6402739.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
18,918
17,473
6403088.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
4,452
4,267
6403209.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
7,528
7,209
6403299.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,186
2,091
6403336.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
254
250
6403405.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
4,067
3,916
6403482.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
4,295
3,723
6403577.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,091
1,055
6403584.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
10,821
10,404
6403778.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,587
1,538
6403837.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,300
1,212
6403874.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,348
1,246
6403920.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,320
1,252
6403952.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
6,594
6,360
6404006.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
4,190
3,963
6404095.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
19,774
18,551
6404324.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
11,165
8,960
6404450.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
9,829
9,369
6404631.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
2,452
2,325
6404671.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
3,083
2,946
6404722.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
501
470
6404727.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
3,299
3,112
6404794.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
14,501
13,899
6404980.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
4,645
4,392
6405036.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
674
651
6405047.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
21,058
19,989
6405608.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
13,740
13,183
6406218.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
8,899
8,331
6406439.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,292
2,143
6406488.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
8,382
8,085
6406717.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
1,354
1,313
6406738.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
4,354
3,726
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
211
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6406852.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
$
5,285
$
5,074
6406944.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
7,476
7,217
6407114.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,950
2,876
6407255.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,138
1,588
6407288.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
4,690
4,308
6407400.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
487
476
6407422.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
6,093
5,829
6407504.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
9,069
8,633
6407733.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
693
677
6407763.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
3,178
3,056
6407812.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
981
947
6407983.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
1,411
1,367
6408103.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
3,042
2,927
6408172.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,366
2,233
6408217.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
9,621
9,136
6408402.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
1,368
1,281
6408642.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
5,671
5,416
6408758.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
7,283
7,097
6408846.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
2,211
2,049
6408868.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
58,350
56,523
6410255.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
3,869
3,724
6410340.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
6,633
6,316
6410471.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
44,932
43,261
6411152.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
3,986
3,812
6411209.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
3,635
3,515
6411327.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
1,100
1,056
6411333.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
9,222
8,498
6411601.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
11,710
11,162
6411751.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
6,845
6,606
6411926.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
8,452
7,856
6411973.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
10,095
9,609
6412213.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,083
1,052
6412261.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,092
1,061
6412302.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
5,717
5,379
6412462.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
2,927
2,751
6412546.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
3,046
2,709
6412623.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,754
1,682
6412677.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,972
1,864
6412739.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
2,458
2,376
6412810.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
12,958
9,572
6412999.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
36,351
34,597
6413701.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
7,230
6,873
6413893.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
10,314
9,349
6414046.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
5,196
4,735
6414129.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
2,375
2,305
6414234.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,897
1,772
6414263.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
5,180
4,962
6414321.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
791
770
6414350.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
40,299
38,537
6417901.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
3,712
3,566
6418008.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
4,251
4,140
6418079.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
3,352
3,203
6418115.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
9,179
8,805
6418281.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
655
634
6418289.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
3,350
2,714
6418331.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
13,040
12,513
6418705.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
10,321
10,039
6419039.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
25,388
24,225
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6419603.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
$
35,259
$
33,504
6420214.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
4,001
3,859
6420327.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
16,940
15,789
6420602.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
1,627
1,576
6420660.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
1,503
1,225
6420683.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
1,799
1,739
6420727.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
5,271
4,867
6420865.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
1,786
1,482
6420892.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
16,261
15,086
6421279.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
848
829
6421417.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,492
2,395
6421500.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
6,377
5,984
6421669.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
15,063
14,232
6422097.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
11,279
10,590
6422583.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
1,391
1,350
6422632.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
12,914
12,593
6422931.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
7,140
6,751
6423054.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
4,586
4,356
6423098.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,139
2,048
6423115.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
1,615
1,533
6423162.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,509
2,354
6423230.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
15,502
14,449
6423580.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
18,601
17,419
6423995.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
3,236
3,127
6424077.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
4,301
3,991
6424136.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,944
2,707
6424177.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
9,028
8,338
6424258.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
4,283
4,042
6424329.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
4,844
4,595
6424383.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
6,842
6,563
6424474.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
9,598
9,061
6424607.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
22,996
22,006
6424928.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
5,810
4,978
6425018.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
11,609
11,134
6425168.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
4,759
3,868
6425221.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
2,289
2,168
6425245.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
745
457
6425250.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
902
809
6425263.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
27,810
26,681
6425597.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
22,655
21,873
6425894.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
677
620
6426217.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
2,151
2,036
6426269.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
21,133
20,090
6426485.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
11,519
11,085
6426599.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
18,546
17,900
6427007.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
1,522
1,463
6427023.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
4,061
3,831
6427071.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
13,135
12,705
6427418.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
3,185
3,069
6427507.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
2,854
2,734
6427609.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
618
580
6427657.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
4,304
4,122
6427784.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
14,270
13,724
6428130.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
1,207
1,156
6428183.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
608
590
6428197.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
3,704
3,535
6428290.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
18,249
17,297
6428572.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
43,556
41,746
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
212
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6429256.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
$
4,313
$
4,187
6429400.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
9,527
8,956
6429617.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
9,921
9,255
6429730.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
2,107
1,965
6429767.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
24,568
22,476
6430086.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
2,455
2,259
6430153.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
57,967
55,771
6431302.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
6,034
5,788
6431447.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
924
880
6431462.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
5,208
2,488
6431589.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
2,412
2,327
6431633.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
12,329
11,780
6432280.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
2,400
2,235
6432322.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
4,432
4,262
6432388.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
4,451
4,289
6432468.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
39,956
34,947
6432979.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
3,260
3,179
6433042.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,427
1,378
6433074.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
4,904
4,598
6433229.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
52,194
50,037
6435237.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
46,571
40,898
6435665.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
4,119
3,897
6435752.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
673
658
6435796.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
37,211
35,226
6436879.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
5,644
5,250
6436936.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
5,932
4,839
6439264.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
92,512
87,793
6440676.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
1,423
1,217
6440708.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
5,204
5,013
6440894.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
5,536
5,327
6440988.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
2,952
2,868
6441127.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
7,884
7,525
6441233.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
34,577
32,602
6442143.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
2,511
2,416
6442215.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
3,932
3,735
6442294.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
7,634
7,256
6442489.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
4,505
3,892
6442629.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
883
716
6442655.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
5,440
5,111
6442746.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
4,404
4,203
6442791.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
22,790
21,880
6443137.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
4,481
4,219
6443213.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
43,988
39,333
6443973.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
16,092
15,414
6444256.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
1,264
1,205
6444342.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
2,341
1,913
6444382.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
4,981
4,616
6444416.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
843
821
6444477.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
20,347
15,316
6444706.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
7,392
7,084
6444790.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
5,640
5,399
6445084.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
11,037
10,489
6445272.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
2,031
1,811
6445328.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
5,047
4,725
6445417.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
8,566
8,223
6445583.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
2,400
2,296
6445627.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
3,348
3,147
6445680.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
11,409
10,451
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6446250.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
$
2,323
$
2,238
6446330.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
15,111
14,395
6447047.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
12,768
12,237
6447425.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
7,360
6,952
6447759.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
2,952
2,830
6447870.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
3,774
3,588
6447980.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
1,018
977
6448036.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
1,257
1,188
6448081.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
1,661
1,611
6448332.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
6,333
5,918
6448481.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
19,014
18,379
6449019.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
3,683
3,529
6449103.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
10,518
10,085
6449380.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
1,613
1,568
6449435.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
3,425
3,301
6449537.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
10,992
10,552
6449712.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
3,778
3,611
6449818.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
13,581
13,025
6450208.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
6,061
5,780
6450432.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
936
899
6450465.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
2,559
2,417
6450526.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
6,730
6,460
6450743.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
11,610
10,406
6451044.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,843
1,744
6451088.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
3,266
3,095
6451130.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
6,704
6,403
6451260.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
8,203
7,929
6451490.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
33,566
32,387
6452159.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
5,804
5,443
6452261.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
33,414
32,087
6452727.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
5,713
5,321
6452760.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
2,016
1,912
6452788.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,578
1,530
6452845.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
15,290
14,466
6453042.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
2,152
2,094
6453078.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
4,357
3,840
6453136.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
16,267
15,596
6453454.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
2,738
2,631
6453520.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
2,215
2,130
6453572.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
10,540
9,862
6453755.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
1,272
1,167
6453792.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
25,580
24,414
6454137.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
19,088
17,933
6454325.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
2,043
1,961
6454348.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
642
627
6454383.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
37,406
35,786
6454856.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
15,262
14,591
6454994.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
20,869
19,982
6455266.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
14,761
14,232
6455497.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
4,399
4,184
6457332.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
25,943
19,901
6457685.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
6,815
6,600
6457799.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
19,702
18,472
6458032.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
571
549
6458040.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
3,148
3,054
6458130.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
11,114
10,239
6458386.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
20,238
19,026
6458710.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
5,249
4,989
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
213
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6458789.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
$
5,786
$
5,429
6458925.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
37,326
35,202
6459543.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
2,442
2,062
6459606.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
1,249
1,217
6459650.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
2,991
2,877
6459710.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
3,715
3,560
6459795.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
24,810
23,556
6460386.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
3,350
3,205
6460473.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
3,819
3,685
6460508.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
7,468
7,270
6460759.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
8,476
7,874
6461090.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
1,854
1,784
6461172.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
4,799
4,588
6461344.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
2,637
2,480
6461468.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
20,415
19,397
6461962.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
1,870
1,801
6462005.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
6,381
6,119
6462112.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
26,341
25,078
6462555.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
4,638
3,787
6462634.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
5,214
5,004
6462673.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
7,236
6,734
6462890.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
28,006
26,336
6463522.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
3,718
3,543
6463605.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
16,420
14,867
6463715.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
401
391
6463725.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
4,107
3,832
6463763.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
9,977
9,612
6463932.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
7,300
6,798
6464018.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
8,265
7,833
6464107.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
3,247
3,125
6464146.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
4,879
4,664
6464214.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
9,033
8,828
6464385.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,704
1,534
6464411.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
3,890
3,651
6464461.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
2,045
1,857
6464494.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
18,878
18,044
6464764.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
2,642
2,550
6464819.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
4,984
4,649
6464900.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
4,271
3,964
6464961.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
11,337
10,841
6465098.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
22,539
21,689
6465644.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
889
709
6465653.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
919
884
6465661.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
6,314
6,087
6466906.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
12,509
11,991
6467167.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,203
1,885
6467215.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
4,016
3,838
6467328.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
5,751
5,532
6467486.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
15,024
14,128
6467778.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
6,657
6,348
6467905.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
775
688
6467916.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
6,022
5,794
6468011.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,262
1,916
6468042.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
26,680
25,592
6468610.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
573
548
6468629.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
4,793
4,623
6468693.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
3,161
3,027
6468770.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
3,862
3,640
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6468856.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
$
1,365
$
859
6468876.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,583
2,529
6469002.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
15,587
15,058
6469434.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
1,110
1,047
6469449.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
2,275
2,104
6469480.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
35,167
33,392
6470550.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
62,369
59,784
6471639.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
14,515
13,808
6471919.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
1,538
1,495
6471953.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
51,022
45,991
6472593.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
1,979
1,906
6472610.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
2,351
2,270
6472647.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
3,282
3,155
6472736.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
13,599
11,823
6472883.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
3,214
3,119
6472924.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
1,425
1,386
6472989.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
1,848
1,646
6473054.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
18,902
17,695
6473372.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
26,912
25,065
6474092.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
15,675
14,024
6474583.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
24,703
23,213
6475132.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
5,804
5,531
6475295.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
8,572
8,240
6475436.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
4,074
3,840
6475579.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
8,591
7,450
6475768.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
1,701
1,642
6475801.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
5,475
5,079
6477775.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
77,116
74,776
6479697.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
5,408
5,213
6479784.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
2,328
2,210
6479816.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
5,923
5,669
6479901.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
7,318
6,891
6479972.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
45,150
42,316
6480543.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
35,638
33,506
6481381.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
1,349
1,288
6481465.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
64,984
61,701
6483099.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
5,687
4,578
6483188.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
639
608
6483200.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
7,435
7,117
6483353.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
4,712
4,280
6483409.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
5,598
5,259
6483481.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
12,498
11,783
6483650.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
1,273
1,231
6483684.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
33,394
31,375
6484143.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
2,092
2,026
6484176.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
4,333
4,197
6484224.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
1,838
1,742
6484253.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
3,443
3,319
6484310.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
2,345
2,196
6484373.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
2,411
2,317
6484437.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
2,401
2,257
6484465.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
3,060
2,810
6484531.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
7,393
7,207
6484685.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
64,591
61,326
6484987.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
16,750
15,933
6485170.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
5,894
5,523
6485247.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
841
808
6485256.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
4,661
4,485
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
214
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6485354.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
$
7,213
$
6,907
6485465.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
3,310
3,192
6485538.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
9,646
9,265
6485656.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
8,582
7,998
6485835.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
4,543
4,325
6485911.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
1,351
1,310
6485942.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
7,230
6,538
6486052.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
6,129
5,517
6486158.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
7,021
6,711
6486282.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
5,333
5,106
6486385.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
5,149
4,861
6486480.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
10,752
10,353
6486911.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
4,119
3,950
6487088.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
5,495
5,290
6487306.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
4,517
3,829
6487489.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
3,088
2,870
6487631.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
20,372
18,444
6488192.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
6,246
5,132
6488353.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
50,481
48,223
6489561.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
7,831
7,556
6489753.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
3,151
3,034
6489806.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
1,168
897
6489837.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
5,672
5,491
6489974.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
4,994
4,776
6490386.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
10,004
8,594
6490629.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,972
1,887
6490655.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
6,862
6,557
6490899.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,864
3,722
6491028.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
14,625
14,081
6491530.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,538
1,432
6491561.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,473
3,237
6491652.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
17,217
16,375
6491966.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
12,241
11,643
6492226.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,208
3,013
6492293.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
689
647
6492312.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,557
3,232
6492360.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
6,571
6,282
6492523.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
18,337
17,416
6492833.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
2,543
2,428
6492894.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
6,045
5,586
6492996.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
706
688
6493006.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
16,538
15,752
6493256.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
75,764
72,204
6493798.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
16,465
15,500
6494304.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
5,105
4,858
6494452.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,316
1,908
6494556.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
5,230
5,067
6494767.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
5,274
4,900
6494873.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
49,519
47,335
6496019.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
29,603
28,691
6496479.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
7,366
7,047
6496588.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
25,462
23,936
6496927.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
22,747
21,925
6499057.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
8,467
5,949
6499194.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
22,948
21,163
6499611.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
30,219
29,006
6500387.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
6,711
6,363
6500530.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
12,448
11,858
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6500862.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
$
9,118
$
8,644
6501054.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
2,887
2,799
6501146.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
1,032
976
6501172.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
11,913
11,468
6501410.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
4,341
4,117
6501489.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
5,880
5,092
6501668.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
1,967
1,490
6501686.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
846
810
6501697.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
3,546
2,979
6501709.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
8,734
7,712
6502340.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
3,087
2,972
6502388.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
2,398
2,255
6502449.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
560
545
6502478.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
4,527
3,183
6502552.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
2,510
2,400
6502565.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
878
793
6502615.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
4,106
3,610
6502730.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
3,314
3,169
6502765.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
7,706
7,344
6502909.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
3,975
3,775
6502972.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
3,356
3,195
6503094.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,069
1,924
6503141.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
7,329
6,983
6503327.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
6,837
6,391
6503507.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,261
2,182
6503550.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,366
2,155
6503605.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
9,252
8,848
6503795.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
5,272
5,043
6503904.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
9,836
9,330
6504093.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
10,485
8,273
6504196.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
1,758
1,666
6504216.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,873
2,469
6504273.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
1,661
1,565
6504303.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
4,064
3,848
6504374.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
17,108
15,706
6504605.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
6,034
5,761
6504662.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
11,245
10,440
6504845.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
3,180
2,804
6504906.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
3,859
3,416
6504942.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
61,294
59,212
6505689.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
1,850
1,732
6505716.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
1,988
1,904
6505735.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
2,176
2,073
6505776.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
6,290
6,040
6505851.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
11,872
11,406
6506021.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
1,655
1,604
6506050.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
3,542
3,364
6506103.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
977
902
6506120.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
9,047
8,531
6506259.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
10,933
10,438
6506415.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
6,772
6,409
6506519.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
4,373
4,065
6506592.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
4,426
4,174
6506656.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
3,840
3,694
6506724.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
1,359
1,281
6506747.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
4,355
4,070
6506815.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
1,723
1,666
6506835.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
5,821
5,329
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
215
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6506916.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
$
4,454
$
4,248
6506962.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
704
676
6506976.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
416
393
6506980.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
2,039
1,541
6507028.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
7,082
6,442
6507402.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
4,282
3,913
6507567.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
3,578
3,427
6507642.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
925
866
6507671.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
28,702
27,190
6508393.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
8,808
8,226
6508581.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
11,087
10,699
6508843.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
5,363
5,131
6508989.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,998
1,909
6509049.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
4,960
4,793
6509128.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
652
631
6509147.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
3,466
3,293
6509194.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
27,395
25,725
6509654.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
4,143
3,938
6509717.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
8,090
7,674
6509839.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
840
803
6509852.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
19,623
18,853
6510282.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,079
1,033
6510300.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
10,653
10,133
6510507.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
3,120
2,984
6510607.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
663
627
6510635.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
5,579
5,328
6510701.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,631
1,566
6510726.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,801
1,701
6510760.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
4,618
4,277
6510906.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
17,839
17,049
6511308.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
3,863
3,711
6511420.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
19,928
18,271
6511953.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
898
739
6511965.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
920
878
6512005.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
3,019
2,826
6512060.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
38,184
36,443
6512664.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
65,886
63,925
6513783.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
863
786
6513801.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
32,088
30,171
6514132.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
11,404
10,839
6514313.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
202
194
6514332.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
24,437
22,196
6514885.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
11,965
10,406
6515115.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
11,316
10,657
6515324.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
24,121
23,246
6515656.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
6,634
6,151
6515696.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
21,227
20,315
6515856.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
25,311
23,604
6516186.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
10,288
9,523
6516364.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,590
1,509
6516418.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
2,796
2,633
6516456.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
31,633
29,978
6516876.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
5,718
5,309
6516907.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,445
3,246
6516932.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,857
3,614
6516970.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
8,309
7,973
6517078.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,635
1,302
6518782.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,357
1,256
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6518808.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
$
4,570
$
4,222
6518893.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
4,476
4,155
6518976.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
6,430
5,975
6519089.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
3,549
3,266
6519191.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
18,969
17,575
6519845.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
4,821
4,491
6519957.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
4,001
3,725
6520087.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
20,879
19,613
6520462.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,885
1,724
6520478.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
2,514
2,241
6520537.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
2,974
2,784
6520610.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
49,459
45,428
6521313.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,136
1,039
6521338.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
19,638
17,977
6521602.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,369
1,264
6521620.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
22,668
20,863
6522077.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
6,949
6,300
6522199.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
4,927
4,527
6522279.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
5,781
5,395
6522381.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
2,854
2,622
6522425.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
9,492
8,911
6522557.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
7,117
6,581
6522801.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
36,394
34,173
6523738.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
18,813
17,362
6524109.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
835
768
6524125.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
3,313
3,092
6524172.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
2,962
2,695
6524239.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,008
946
6524263.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,792
1,641
6524287.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
8,582
7,972
6524458.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,981
1,835
6524501.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
538
459
6524540.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
4,053
3,636
6524597.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
2,221
2,054
6524629.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
2,100
1,926
6524642.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
839
764
6524668.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
8,498
7,898
6524796.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
6,553
6,151
6524845.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
304
236
6524878.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,678
1,543
6524925.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
4,075
3,753
6525010.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
14,435
13,472
6525246.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,282
1,188
6525312.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
33,088
30,617
6525626.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
5,047
4,737
6525717.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
980
898
6525728.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
14,878
13,661
6525957.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
4,585
4,233
6525998.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
12,308
11,450
6526139.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
1,852
1,705
6526166.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
2,555
2,393
6526193.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
2,153
1,995
6526214.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
2,196
2,018
6526234.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
6,200
5,770
6526297.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
2,974
2,741
6526337.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
913
840
6526348.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
5,303
4,929
6526405.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,320
1,223
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
216
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6526423.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
$
5,566
$
5,182
6526485.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
3,107
2,870
6526524.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
647
589
6526535.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
2,858
2,668
6526562.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
9,360
8,762
6526639.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
9,448
8,675
6526751.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
5,690
5,327
6526823.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
6,041
5,533
6526917.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
4,056
3,774
6527027.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
2,928
2,746
6527259.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
2,745
2,510
6527382.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
12,533
11,766
6527744.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
1,357
1,239
6527791.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
5,338
4,894
6527962.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
14,826
13,756
6528340.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
1,555
1,451
6528369.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
10,165
9,398
6528564.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
3,032
2,813
6528603.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
2,280
2,115
6528624.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
1,776
1,648
6528660.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
2,675
2,449
6528700.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
4,041
3,735
6528817.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
11,688
10,975
6528990.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
7,647
7,068
6529110.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
2,059
1,912
6529154.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
6,932
6,340
6529263.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
3,632
3,412
6529310.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
3,021
2,791
6529347.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
29,192
27,162
6529695.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
1,834
1,679
6529761.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
2,541
2,393
6530840.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
21,750
20,226
6531177.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
496
446
6531187.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
15,805
14,680
6531611.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
21,103
19,466
6532221.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,335
1,231
6532258.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,326
1,240
6532282.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,737
1,538
6532361.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
2,961
2,781
6532408.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
4,313
4,025
6532453.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
4,138
3,829
6532510.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
3,704
3,405
6532545.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,728
1,615
6532560.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
22,561
21,110
6532924.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
924
845
6532944.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
5,932
5,380
6533061.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,389
1,295
6533082.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
10,629
9,983
6533239.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
6,697
6,249
6533344.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
71,145
65,862
6534223.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
6,288
5,904
6534296.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,354
1,239
6534301.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
2,862
2,634
6534320.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
4,197
3,920
6534411.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
5,936
5,531
6534608.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
17,220
15,981
6535057.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
3,474
3,219
6535147.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
15,410
14,423
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6535458.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
$
6,808
$
6,350
6535543.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
20,733
19,284
6536403.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,958
1,773
6536432.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
7,414
6,886
6536525.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,822
1,651
6536550.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
11,073
10,396
6536687.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
4,162
3,907
6536718.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
3,902
3,587
6536798.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,028
935
6536835.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
64,677
60,438
6537788.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
9,284
8,527
6537859.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
3,340
3,109
6537870.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
4,006
3,700
6537902.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
9,313
8,577
6537962.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
3,173
2,949
6538002.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,527
1,399
6539703.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
184
170
6539718.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
8,800
8,283
6539915.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,915
3,629
6539997.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
10,810
10,147
6540423.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
2,990
2,766
6540518.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,337
3,119
6540608.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
2,634
2,460
6540710.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
6,510
6,113
6540849.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
32,179
30,316
6541418.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
20,812
19,493
6541776.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
13,678
12,759
6541945.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
6,883
6,230
6542041.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
5,504
5,053
6542117.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
2,242
2,098
6542132.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,127
1,030
6542136.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
12,603
11,785
6542615.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
17,124
16,077
6542887.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
5,995
5,585
6542991.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,162
2,949
6543039.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
4,245
3,957
6543107.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
2,032
1,864
6543168.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
5,642
5,184
6543303.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
661
611
6543316.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,927
3,615
6543372.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
13,931
13,073
6544022.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
4,062
3,686
6544192.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
17,262
16,031
6544708.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
36,861
34,695
6545499.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
14,859
13,836
6545638.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
31,281
29,449
6546015.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
7,424
6,898
6546146.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,697
3,369
6546207.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
16,656
15,445
6546434.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
47,615
44,822
6546850.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
2,779
2,572
6546892.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
1,922
1,768
6546927.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
1,840
1,721
6546951.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
23,088
21,408
6547285.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
2,850
2,621
6547322.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
7,768
7,288
6547433.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
15,987
14,956
6547646.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
6,202
5,728
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
217
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6547733.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
$
2,312
$
2,167
6547762.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
1,154
1,071
6547774.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
5,466
5,144
6547853.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
1,442
1,266
6547885.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
12,442
11,656
6548015.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
2,805
2,577
6548050.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
2,128
1,990
6548086.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
2,902
2,723
6548153.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
1,584
1,400
6548181.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
1,291
1,198
6548201.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
5,513
5,135
6548473.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
2,299
2,122
6548538.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
3,428
3,226
6548631.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
2,209
2,059
6548739.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,948
1,804
6548822.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,428
1,310
6548889.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,144
1,065
6548909.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
13,990
12,982
6549334.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
7,726
7,135
6549488.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
3,342
3,113
6549546.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,149
1,046
6549587.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
3,368
3,091
6549718.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
3,914
3,611
6549897.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
12,032
11,122
6550198.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
6,016
5,547
6550344.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
34,741
32,028
6550899.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
12,823
12,035
6551068.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
820
621
6551116.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,797
1,662
6551177.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,546
1,396
6551230.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,596
1,469
6551260.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
6,324
5,934
6551330.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
5,767
5,309
6551435.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
7,663
7,008
6551526.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
70,876
65,628
6551737.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
14,711
13,757
6552148.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
18,137
16,828
6552506.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,889
1,748
6552552.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,922
2,694
6552657.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
6,760
6,306
6552826.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
9,859
9,254
6553080.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,417
2,219
6553133.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
11,481
10,515
6553314.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
34,417
32,094
6553871.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
4,508
4,126
6553983.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,881
1,753
6554014.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
4,609
4,281
6554135.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
8,386
7,751
6554323.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
3,607
3,327
6554403.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,946
1,793
6554472.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,559
1,436
6554511.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
17,622
16,542
6554754.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
44,000
41,152
6555345.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
2,078
1,942
6555411.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
9,688
9,103
6555576.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
2,467
2,280
6555642.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
859
806
6555664.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
16,416
15,170
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6556114.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
$
15,942
$
14,957
6556397.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,701
1,576
6556418.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
2,544
2,354
6556447.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
3,681
3,367
6556510.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
8,068
7,434
6556681.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
3,568
3,266
6556766.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
4,519
4,240
6556853.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
3,625
3,395
6556979.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
8,677
7,979
6557095.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
3,757
3,496
6557122.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
2,343
2,160
6557140.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
6,748
6,199
6557292.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
2,086
1,926
6557331.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
602
526
6557349.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
5,236
4,840
6557432.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,603
1,473
6557480.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
12,559
11,784
6557700.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
28,041
26,108
6559553.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,350
1,252
6559682.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,102
3,843
6559726.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
10,891
9,990
6559923.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,046
2,796
6559983.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
2,457
2,305
6560063.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,843
3,537
6560158.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,104
1,013
6560175.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
7,120
6,569
6560340.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
14,737
13,822
6560703.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,595
3,321
6560810.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,273
3,019
6560936.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
8,106
7,425
6561151.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
2,830
2,611
6561227.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
28,156
26,152
6561888.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
539
508
6561895.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
18,695
17,410
6562244.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,914
4,542
6562390.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,419
1,317
6562417.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
2,760
2,551
6562473.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
51,501
47,527
6563058.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
6,438
6,056
6563245.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
2,236
2,070
6563329.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
3,366
3,166
6563453.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
31,866
29,744
6564357.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
3,198
2,957
6564411.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
7,337
6,841
6564559.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
12,081
11,231
6564739.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
10,722
9,993
6564862.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
6,933
6,521
6564985.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
1,061
991
6565003.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
5,915
5,443
6565095.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
69,174
64,904
6566179.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
2,724
2,499
6566214.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
12,828
11,960
6566316.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
7,002
6,523
6566393.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
9,175
8,363
6566507.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
2,761
2,545
6566537.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
6,555
6,142
6566597.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
15,610
14,614
6566736.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
2,758
2,583
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
218
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6566764.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
$
1,636
$
1,525
6566784.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
3,624
3,360
6566825.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
10,209
9,575
6566926.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
8,436
7,817
6567003.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
2,776
2,587
6567029.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
5,983
5,509
6567090.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
7,595
7,037
6567177.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
4,985
4,675
6567242.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
4,734
4,360
6567304.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
1,732
1,617
6567324.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
1,893
1,760
6567346.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
4,568
4,283
6567395.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
537
496
6567403.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
2,158
1,986
6567424.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
5,469
5,122
6567484.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
6,855
6,305
6567760.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,965
1,811
6567889.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
10,673
9,809
6568147.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
11,233
10,482
6568392.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
3,238
3,018
6568473.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
5,283
4,943
6568579.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
10,693
9,905
6568799.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
2,245
2,101
6568858.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
4,997
4,674
6568949.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,605
1,505
6568970.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
7,026
6,609
6569048.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
6,097
5,717
6569159.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
3,170
2,945
6569224.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
884
810
6569229.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
16,414
15,209
6569449.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,944
1,787
6569483.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
2,093
1,926
6569506.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
3,225
2,994
6569526.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
22,258
20,884
6569820.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,526
1,404
6569846.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
12,470
11,560
6570103.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,547
1,423
6570126.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
6,332
5,939
6570244.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,197
1,088
6570268.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,628
1,509
6570305.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,037
951
6570335.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
4,520
4,092
6570382.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
8,484
7,820
6570471.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
47,918
44,858
6571004.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
4,241
3,866
6571246.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,051
946
6571312.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
4,428
4,135
6571407.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
14,911
13,805
6571773.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,579
1,473
6571827.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
5,855
5,385
6572022.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
6,524
6,056
6572163.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
8,106
7,550
6572299.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,290
1,191
6572324.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
10,677
9,927
6572596.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
759
703
6572610.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
6,518
6,112
6572680.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
2,620
2,425
6572743.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
27,126
25,398
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6573220.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
$
1,705
$
1,551
6573238.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
5,333
4,992
6573291.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
2,890
2,620
6573331.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
70,238
65,451
6574362.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
18,756
17,405
6574562.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
45,733
42,745
6574591.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
89,325
83,748
6576473.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
9,928
9,146
6576618.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
2,970
2,719
6576662.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
12,042
11,257
6576835.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
3,600
3,354
6576888.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
15,605
14,136
6577330.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
6,944
6,432
6577438.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
4,188
3,861
6577490.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
9,073
8,455
6577649.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
1,340
1,213
6577679.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
1,498
1,358
6577723.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
4,631
4,277
6577782.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
2,832
2,618
6577815.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
49,213
45,622
6579843.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
2,422
2,247
6579921.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
8,017
7,421
6580074.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
721
648
6580088.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,107
1,012
6580109.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
31,096
29,092
6580912.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
4,385
4,038
6580992.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
2,231
2,098
6581041.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,173
1,069
6581072.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,646
1,510
6581125.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
8,525
7,990
6581326.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
2,640
2,411
6581395.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
6,081
5,600
6581490.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
6,487
6,071
6581619.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
12,595
11,632
6581802.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
2,948
2,706
6581871.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
25,224
23,394
6582332.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
62,140
57,917
6583260.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
44,142
41,311
6583420.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
48,562
44,891
6584579.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
905
835
6584597.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
7,486
7,017
6584771.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
9,163
8,462
6584924.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
7,752
7,254
6585051.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
11,001
10,294
6585259.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
2,216
2,058
6585282.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
17,481
16,156
6585499.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
9,614
8,759
6585721.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
8,200
7,517
6585949.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
17,444
16,014
6586088.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
7,306
6,837
6586173.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
2,584
2,387
6586207.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
5,413
5,029
6586273.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
4,367
4,086
6586353.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
6,539
6,029
6586446.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
5,813
5,339
6586587.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
56,732
52,550
6587229.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
21,107
19,557
6587437.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
1,285
1,185
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
219
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6587457.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
$
2,551
$
2,367
6587487.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
7,254
6,689
6587561.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
1,686
1,565
6587578.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
1,559
1,424
6587592.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
7,693
7,210
6587680.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
6,122
5,658
6587748.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
3,322
3,080
6587792.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
2,712
2,507
6587814.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
5,172
4,838
6587869.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
2,583
2,379
6587897.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
4,979
4,611
6587947.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
1,080
982
6587960.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
13,361
12,175
6588397.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,981
3,712
6588517.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
9,456
8,847
6588846.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
796
740
6588864.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
10,683
9,890
6589068.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
11,250
10,411
6589213.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,082
996
6589245.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,120
1,036
6589273.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
18,369
17,111
6589562.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
2,461
2,263
6589618.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
4,927
4,584
6589706.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,693
1,561
6589720.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,160
2,901
6589751.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,226
1,122
6589758.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
4,132
3,848
6589818.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,921
1,784
6589828.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,244
1,154
6589839.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,128
1,032
6589853.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,106
2,856
6589884.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
8,003
7,380
6589973.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,663
3,427
6590006.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
30,088
28,129
6590377.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,291
1,201
6590392.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
4,412
4,112
6590448.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
4,502
4,172
6590518.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
11,225
10,328
6590645.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
9,227
8,595
6590762.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
4,832
4,497
6590809.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
21,552
19,966
6591011.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
7,067
6,610
6591093.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
2,534
2,352
6591144.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,940
1,808
6591176.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
6,537
6,092
6591260.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,756
3,473
6591318.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,560
3,318
6591356.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,194
1,094
6591390.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
768
697
6591394.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
804
733
6591397.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
62,863
58,815
6591445.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
11,105
10,348
6591713.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
4,616
4,216
6591824.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
1,140
1,050
6591847.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
14,521
13,460
6592231.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
2,496
2,295
6592281.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
18,046
16,812
6592574.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
8,276
7,567
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6592723.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
$
6,345
$
5,910
6592814.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
4,116
3,762
6592878.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
5,862
5,400
6592966.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
1,594
1,456
6592995.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
15,267
14,143
6593217.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
5,560
5,122
6593283.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
3,663
3,365
6593341.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
5,542
5,189
6593421.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
2,964
2,716
6593461.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
3,645
3,331
6593525.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
10,330
9,592
6593667.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
1,453
1,342
6593687.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
10,883
10,071
6593772.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
8,599
7,856
6593855.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
6,025
5,565
6594012.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
4,821
4,474
6594098.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
1,830
1,700
6594145.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
73,451
67,840
6594542.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
5,254
4,853
6594679.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
31,109
28,880
6595411.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
33,788
31,276
6595988.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
25,442
23,797
6596363.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
6,309
5,758
6596418.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
3,347
3,081
6596486.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
22,346
20,941
6596636.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,947
1,803
6596666.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,781
1,652
6596687.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
2,197
2,029
6596737.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
3,386
3,131
6596777.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,466
1,351
6596810.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
7,799
7,269
6596914.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
7,739
7,241
6597008.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
22,112
20,232
6598689.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
39,159
36,618
6599802.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
3,498
3,272
6599886.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
8,797
8,189
6600075.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
6,127
5,730
6600193.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
14,504
13,258
6600413.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
1,128
1,054
6600435.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,268
2,121
6600485.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,767
2,568
6600521.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
50,064
46,488
6601311.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,184
2,018
6601327.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
967
896
6601362.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
6,824
6,335
6601487.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
104,957
97,505
6601765.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
3,571
3,315
6601827.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
2,650
2,453
6601856.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
6,278
5,841
6602001.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
8,931
8,319
6602146.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
3,222
2,991
6602197.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,476
1,378
6602223.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
4,776
4,431
6602365.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
2,197
2,055
6602407.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
5,633
5,170
6602599.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
5,059
4,622
6602690.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
6,633
6,203
6602836.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,771
1,634
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
220
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6602878.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
$
28,206
$
26,338
6603427.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
7,941
7,242
6603581.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
2,275
2,100
6603602.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
4,496
4,156
6603691.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,828
1,707
6603755.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
7,758
7,199
6603891.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
3,560
3,256
6603926.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
3,251
3,017
6604014.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
53,808
49,551
6604386.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
7,519
6,960
6604465.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
5,052
4,663
6604522.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
1,394
1,272
6604534.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
9,487
8,756
6604636.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
2,764
2,525
6604669.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
6,261
5,795
6604730.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
8,753
8,102
6604810.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
5,921
5,512
6604860.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
1,519
1,389
6604879.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
681
636
6604890.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
1,390
1,272
6604910.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
1,888
1,747
6604933.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
1,152
1,061
6604948.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
5,173
4,799
6604995.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
10,610
9,919
6605118.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
10,579
9,890
6605221.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
6,012
5,579
6605264.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
2,939
2,713
6605289.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
13,054
12,205
6605402.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
11,836
11,066
6605754.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
9,170
8,444
6606108.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
9,089
8,320
6606338.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
7,889
7,282
6606465.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
3,250
3,001
6606533.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
2,741
2,514
6606591.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
7,538
7,017
6606769.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,913
1,771
6606806.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
10,215
9,431
6606996.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
2,952
2,753
6607036.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
3,324
3,096
6607085.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,522
1,390
6607128.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
4,221
3,902
6607212.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
6,126
5,609
6607285.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
32,060
29,974
6607707.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
47,596
44,499
6608186.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
2,438
2,237
6608221.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
6,913
6,329
6608312.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
3,813
3,499
6608348.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
5,693
5,302
6608393.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,958
1,803
6608404.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
829
774
6608407.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
7,338
6,753
6608453.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,464
1,336
6608457.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
2,779
2,571
6608473.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
78,671
73,266
6608757.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,102
1,956
6608829.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
18,498
17,292
6609060.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
3,495
3,255
6609302.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,695
2,509
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6609392.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
$
5,200
$
4,771
6609519.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,089
997
6609529.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
6,266
5,799
6609718.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
12,111
11,238
6609951.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,412
2,226
6609991.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,022
1,876
6610020.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,610
1,474
6610038.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
8,994
8,375
6610161.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
3,453
3,228
6610206.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
3,546
3,301
6610219.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
5,891
5,375
6610280.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
4,559
4,230
6610431.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,911
1,760
6610460.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
4,570
4,241
6610584.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,089
1,007
6610631.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
10,274
9,542
6610792.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,522
1,420
6610840.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,701
1,590
6610852.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
12,306
11,291
6610974.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,994
2,757
6611020.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
12,257
11,344
6611167.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
5,203
4,845
6611256.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
11,860
10,920
6611489.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
46,948
43,890
4581962.SQ.FTS.B,
Zero
Cpn,
4/03/33
...
1,796
105
4581979.SQ.FTS.B,
Zero
Cpn,
4/03/33
...
2,035
349
4582384.SQ.FTS.B,
Zero
Cpn,
4/03/33
...
863
154
4586446.SQ.FTS.B,
Zero
Cpn,
4/04/33
...
5,636
600
4590729.SQ.FTS.B,
Zero
Cpn,
4/06/33
...
1,383
178
4591813.SQ.FTS.B,
Zero
Cpn,
4/06/33
...
2,891
323
4591961.SQ.FTS.B,
Zero
Cpn,
4/06/33
...
1,338
213
4592572.SQ.FTS.B,
Zero
Cpn,
4/06/33
...
449
50
4593610.SQ.FTS.B,
Zero
Cpn,
4/06/33
...
1,504
183
4604000.SQ.FTS.B,
Zero
Cpn,
4/09/33
...
8,181
1,373
4604804.SQ.FTS.B,
Zero
Cpn,
4/09/33
...
785
48
4605063.SQ.FTS.B,
Zero
Cpn,
4/10/33
...
1,320
91
4605658.SQ.FTS.B,
Zero
Cpn,
4/10/33
...
6,711
1,208
4606063.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
2,752
392
4606489.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
12,498
911
4606620.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
668
112
4606932.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
2,572
355
4609460.SQ.FTS.B,
Zero
Cpn,
4/12/33
...
2,479
346
4609493.SQ.FTS.B,
Zero
Cpn,
4/12/33
...
1,353
246
4610482.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
3,367
539
4622664.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
3,107
329
4622864.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
782
119
4623532.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
1,324
254
4624391.SQ.FTS.B,
Zero
Cpn,
4/17/33
...
3,087
418
4624796.SQ.FTS.B,
Zero
Cpn,
4/17/33
...
457
79
4626040.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
5,792
728
4628386.SQ.FTS.B,
Zero
Cpn,
4/19/33
...
325
78
4628862.SQ.FTS.B,
Zero
Cpn,
4/19/33
...
8,296
2,317
4630710.SQ.FTS.B,
Zero
Cpn,
4/20/33
...
839
121
4632078.SQ.FTS.B,
Zero
Cpn,
4/20/33
...
21,052
1,577
4638327.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
8,661
1,232
4639019.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
181
38
4639746.SQ.FTS.B,
Zero
Cpn,
4/23/33
...
2,698
624
4640261.SQ.FTS.B,
Zero
Cpn,
4/24/33
...
612
112
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
221
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
4640985.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
$
1,692
$
582
4641001.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
2,957
735
4641063.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
710
136
4643057.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
1,407
264
4643805.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
751
127
4649015.SQ.FTS.B,
Zero
Cpn,
4/27/33
...
5,124
838
4649299.SQ.FTS.B,
Zero
Cpn,
4/27/33
...
302
42
4653177.SQ.FTS.B,
Zero
Cpn,
4/28/33
...
2,204
563
4655501.SQ.FTS.B,
Zero
Cpn,
4/29/33
...
4,154
1,113
4657541.SQ.FTS.B,
Zero
Cpn,
4/30/33
...
836
197
4659438.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
57
13
4660081.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
454
90
4660746.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
1,414
291
4662124.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
1,535
160
4663092.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
339
70
4664137.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
2,149
582
4666640.SQ.FTS.B,
Zero
Cpn,
5/03/33
...
12,942
4,960
4668472.SQ.FTS.B,
Zero
Cpn,
5/04/33
...
769
202
4669631.SQ.FTS.B,
Zero
Cpn,
5/04/33
...
525
66
4671393.SQ.FTS.B,
Zero
Cpn,
5/04/33
...
1,544
407
4674918.SQ.FTS.B,
Zero
Cpn,
5/05/33
...
9,934
2,266
4675113.SQ.FTS.B,
Zero
Cpn,
5/05/33
...
488
141
4675649.SQ.FTS.B,
Zero
Cpn,
5/05/33
...
6,320
1,362
4684412.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
2,706
440
4689588.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
135
17
4707828.SQ.FTS.B,
Zero
Cpn,
5/11/33
...
85
19
4713712.SQ.FTS.B,
Zero
Cpn,
5/13/33
...
187
61
4720634.SQ.FTS.B,
Zero
Cpn,
5/16/33
...
7,932
2,426
4722407.SQ.FTS.B,
Zero
Cpn,
5/16/33
...
485
139
4722963.SQ.FTS.B,
Zero
Cpn,
5/16/33
...
4,205
2,436
4725524.SQ.FTS.B,
Zero
Cpn,
5/17/33
...
19,384
5,898
4741690.SQ.FTS.B,
Zero
Cpn,
5/18/33
...
524
98
4744012.SQ.FTS.B,
Zero
Cpn,
5/18/33
...
2,547
976
4744489.SQ.FTS.B,
Zero
Cpn,
5/19/33
...
124
67
4750818.SQ.FTS.B,
Zero
Cpn,
5/21/33
...
746
208
4755474.SQ.FTS.B,
Zero
Cpn,
5/22/33
...
1,198
445
4756626.SQ.FTS.B,
Zero
Cpn,
5/22/33
...
1,916
429
4757364.SQ.FTS.B,
Zero
Cpn,
5/22/33
...
2,804
570
4761650.SQ.FTS.B,
Zero
Cpn,
5/23/33
...
1,911
1,126
4764916.SQ.FTS.B,
Zero
Cpn,
5/23/33
...
5,761
2,175
4776067.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
3,146
645
4776338.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
1,318
446
4778127.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
448
147
4783176.SQ.FTS.B,
Zero
Cpn,
5/26/33
...
12,516
1,472
4785137.SQ.FTS.B,
Zero
Cpn,
5/26/33
...
33
24
4785691.SQ.FTS.B,
Zero
Cpn,
5/27/33
...
1,758
699
25,590,385
Freedom
Financial
Asset
Management
LLC
APP-08932151.FP.FTS.B,
14.49%,
5/31/23
1,385
1,389
APP-08972690.FP.FTS.B,
5.99%,
6/01/23
.
446
446
APP-09109589.FP.FTS.B,
15.49%,
6/16/23
1,046
1,047
APP-09731339.FP.FTS.B,
5.99%,
6/25/23
.
1,017
1,020
APP-09377856.FP.FTS.B,
13.99%,
6/29/23
2,332
2,333
APP-09334776.FP.FTS.B,
15.49%,
7/04/23
1,516
1,250
APP-09357725.FP.FTS.B,
18.99%,
7/09/23
1,199
1,204
APP-09797126.FP.FTS.B,
5.99%,
7/10/23
.
1,575
1,580
APP-08721759.FP.FTS.B,
16.49%,
7/10/23
969
971
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-09208119.FP.FTS.B,
5.99%,
7/11/23
.
$
1,974
$
316
APP-09352030.FP.FTS.B,
13.49%,
7/25/23
1,706
1,714
APP-09280174.FP.FTS.B,
5.99%,
8/10/23
.
1,062
1,067
APP-09771672.FP.FTS.B,
15.99%,
8/12/23
3,630
3,642
APP-10247533.FP.FTS.B,
12.99%,
8/19/23
2,268
2,278
APP-09346977.FP.FTS.B,
16.99%,
8/19/23
1,120
1,128
APP-09726579.FP.FTS.B,
5.99%,
8/21/23
.
1,236
1,241
APP-10246465.FP.FTS.B,
5.99%,
8/21/23
.
1,699
1,709
APP-09697076.FP.FTS.B,
5.99%,
8/23/23
.
1,261
1,267
APP-08690959.FP.FTS.B,
5.99%,
9/30/23
.
1,645
1,651
APP-10212295.FP.FTS.B,
18.99%,
10/02/23
..........................
1,879
1,891
APP-10234320.FP.FTS.B,
17.49%,
10/03/23
..........................
3,715
3,735
APP-10066897.FP.FTS.B,
17.49%,
10/04/23
..........................
4,350
4,375
APP-10352555.FP.FTS.B,
5.99%,
10/12/23
1,188
1,192
APP-10486503.FP.FTS.B,
5.99%,
10/15/23
1,668
1,676
APP-10400699.FP.FTS.B,
5.99%,
10/25/23
1,830
1,842
APP-10463368.FP.FTS.B,
5.99%,
10/25/23
2,311
2,326
APP-10623835.FP.FTS.B,
16.49%,
11/05/23
3,086
3,103
APP-11197492.FP.FTS.B,
18.99%,
11/12/23
3,267
3,300
APP-11139483.FP.FTS.B,
5.99%,
11/14/23
2,274
2,290
APP-11265301.FP.FTS.B,
14.99%,
11/17/23
6,950
7,000
APP-11139070.FP.FTS.B,
5.99%,
11/18/23
2,526
2,545
APP-11237950.FP.FTS.B,
5.99%,
11/18/23
2,243
2,260
APP-10769596.FP.FTS.B,
5.99%,
11/23/23
2,036
2,051
APP-10678947.FP.FTS.B,
17.49%,
12/11/23
16,058
16,180
APP-10566307.FP.FTS.B,
5.99%,
12/15/23
3,242
3,263
APP-11194490.FP.FTS.B,
5.99%,
12/20/23
2,754
2,776
APP-11799309.FP.FTS.B,
5.99%,
12/26/23
2,594
2,617
APP-11799486.FP.FTS.B,
5.99%,
12/29/23
3,317
3,347
APP-10561269.FP.FTS.B,
5.99%,
1/02/24
.
2,031
2,040
APP-11333513.FP.FTS.B,
5.99%,
1/07/24
.
2,750
2,769
APP-11306679.FP.FTS.B,
5.99%,
1/08/24
.
2,749
2,768
APP-11333236.FP.FTS.B,
13.49%,
1/08/24
12,908
13,008
APP-11376511.FP.FTS.B,
17.99%,
1/08/24
4,190
4,228
APP-11341001.FP.FTS.B,
5.99%,
1/09/24
.
4,264
4,293
APP-11923967.FP.FTS.B,
13.74%,
1/15/24
5,583
5,622
APP-12263510.FP.FTS.B,
5.99%,
1/20/24
.
3,875
3,908
APP-12187185.FP.FTS.B,
5.99%,
1/25/24
.
3,799
3,834
APP-11336668.FP.FTS.B,
16.49%,
1/26/24
4,499
4,552
APP-09046319.FP.FTS.B,
18.99%,
2/01/24
3,158
3,178
APP-11810724.FP.FTS.B,
18.99%,
2/01/24
409
407
APP-11804310.FP.FTS.B,
15.49%,
2/03/24
2,672
2,688
APP-11799474.FP.FTS.B,
5.99%,
2/07/24
.
3,906
3,935
APP-11791795.FP.FTS.B,
13.99%,
2/10/24
15,303
1,712
APP-11781355.FP.FTS.B,
5.99%,
2/11/24
.
3,912
3,943
APP-11821370.FP.FTS.B,
5.99%,
2/12/24
.
4,529
4,566
APP-12119669.FP.FTS.B,
5.99%,
3/01/24
.
3,870
3,898
APP-11237608.FP.FTS.B,
5.99%,
3/10/24
.
4,655
4,694
APP-12135614.FP.FTS.B,
18.99%,
3/11/24
4,694
4,738
APP-12050162.FP.FTS.B,
5.99%,
3/13/24
.
5,088
5,140
APP-08959542.FP.FTS.B,
17.99%,
4/10/24
4,520
4,563
APP-07979930.FP.FTS.B,
12.49%,
4/15/24
9,748
9,827
APP-08978477.FP.FTS.B,
18.99%,
4/16/24
10,812
10,927
APP-08990977.FP.FTS.B,
17.49%,
4/20/24
5,419
5,472
APP-09046413.FP.FTS.B,
12.49%,
4/23/24
10,274
10,354
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
222
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-08924428.FP.FTS.B,
14.49%,
4/25/24
$
4,998
$
5,035
APP-08726790.FP.FTS.B,
14.49%,
4/30/24
2,213
2,210
APP-09087474.FP.FTS.B,
22.99%,
4/30/24
3,297
3,307
APP-09069437.FP.FTS.B,
25.49%,
4/30/24
5,060
5,051
APP-08978867.FP.FTS.B,
14.49%,
5/17/24
9,797
9,876
APP-09367838.FP.FTS.B,
17.99%,
5/20/24
3,331
3,356
APP-08969780.FP.FTS.B,
14.49%,
5/21/24
9,471
9,545
APP-09021781.FP.FTS.B,
12.99%,
5/22/24
11,949
12,050
APP-08870794.FP.FTS.B,
16.49%,
5/23/24
6,956
7,017
APP-08961356.FP.FTS.B,
22.49%,
5/29/24
4,747
4,755
APP-08925461.FP.FTS.B,
17.99%,
5/31/24
5,247
1,826
APP-09051644.FP.FTS.B,
23.49%,
6/10/24
5,202
5,200
APP-09086628.FP.FTS.B,
16.99%,
6/15/24
4,620
4,666
APP-08969775.FP.FTS.B,
12.99%,
6/21/24
12,770
12,883
APP-09356525.FP.FTS.B,
18.99%,
6/27/24
4,542
4,606
APP-09353776.FP.FTS.B,
21.99%,
6/27/24
11,668
4,337
APP-09302720.FP.FTS.B,
22.49%,
6/30/24
3,700
3,708
APP-09583612.FP.FTS.B,
15.24%,
7/01/24
8,100
8,131
APP-09354267.FP.FTS.B,
17.49%,
7/01/24
6,945
6,988
APP-09031376.FP.FTS.B,
14.49%,
7/03/24
7,682
7,736
APP-09331237.FP.FTS.B,
16.49%,
7/05/24
4,731
4,762
APP-09430684.FP.FTS.B,
23.49%,
7/05/24
5,617
5,623
APP-09345495.FP.FTS.B,
23.49%,
7/08/24
146
145
APP-09726629.FP.FTS.B,
12.24%,
7/09/24
8,777
8,841
APP-09341214.FP.FTS.B,
21.49%,
7/10/24
12,447
12,501
APP-09343576.FP.FTS.B,
23.49%,
7/10/24
7,991
8,008
APP-12243834.FP.FTS.B,
18.49%,
7/27/24
3,381
3,399
APP-09726602.FP.FTS.B,
17.49%,
8/12/24
8,381
8,403
APP-09799095.FP.FTS.B,
19.99%,
8/12/24
3,676
3,693
APP-09799610.FP.FTS.B,
21.99%,
8/12/24
8,857
8,914
APP-09776505.FP.FTS.B,
12.24%,
8/15/24
4,574
4,599
APP-10159829.FP.FTS.B,
15.49%,
8/15/24
6,975
7,024
APP-10254713.FP.FTS.B,
19.99%,
8/17/24
5,694
1,973
APP-09791798.FP.FTS.B,
14.99%,
8/18/24
22,706
4,698
APP-09726592.FP.FTS.B,
12.24%,
8/20/24
11,593
11,702
APP-09726689.FP.FTS.B,
15.99%,
8/20/24
7,950
8,024
APP-09786718.FP.FTS.B,
21.49%,
8/20/24
6,309
2,211
APP-10228488.FP.FTS.B,
23.99%,
8/20/24
11,636
2,619
APP-10203850.FP.FTS.B,
10.49%,
8/21/24
11,460
11,565
APP-09708878.FP.FTS.B,
15.49%,
8/24/24
3,601
3,640
APP-09808886.FP.FTS.B,
19.99%,
8/24/24
4,639
4,690
APP-09726492.FP.FTS.B,
12.24%,
8/25/24
7,727
7,809
APP-10379461.FP.FTS.B,
10.49%,
9/02/24
12,149
12,229
APP-09939798.FP.FTS.B,
17.99%,
9/23/24
6,111
6,159
APP-09776493.FP.FTS.B,
10.49%,
9/25/24
9,020
9,101
APP-10432773.FP.FTS.B,
16.99%,
9/30/24
5,377
5,400
APP-10148177.FP.FTS.B,
14.99%,
10/01/24
..........................
10,634
10,645
APP-10101337.FP.FTS.B,
11.99%,
10/02/24
23,716
23,919
APP-10170244.FP.FTS.B,
13.24%,
10/02/24
..........................
19,610
19,763
APP-10624388.FP.FTS.B,
15.49%,
10/02/24
..........................
4,172
4,197
APP-10687787.FP.FTS.B,
23.99%,
10/02/24
..........................
4,397
4,361
APP-10459273.FP.FTS.B,
15.99%,
10/03/24
..........................
11,083
11,069
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-09776210.FP.FTS.B,
13.49%,
10/04/24
..........................
$
15,290
$
15,317
APP-10060644.FP.FTS.B,
13.99%,
10/04/24
..........................
24,675
24,858
APP-10195787.FP.FTS.B,
25.49%,
10/04/24
..........................
6,080
6,026
APP-10402043.FP.FTS.B,
17.99%,
10/05/24
..........................
12,735
12,727
APP-10396556.FP.FTS.B,
25.49%,
10/05/24
..........................
5,691
5,664
APP-10682620.FP.FTS.B,
16.49%,
10/07/24
..........................
1,766
1,768
APP-10481124.FP.FTS.B,
12.74%,
10/12/24
11,936
12,029
APP-10479777.FP.FTS.B,
17.49%,
10/12/24
..........................
5,185
5,157
APP-10135442.FP.FTS.B,
10.99%,
10/16/24
..........................
17,032
17,189
APP-10372817.FP.FTS.B,
15.49%,
10/17/24
..........................
9,642
9,722
APP-10385640.FP.FTS.B,
23.99%,
10/17/24
..........................
4,592
4,610
APP-10451908.FP.FTS.B,
11.99%,
10/20/24
25,970
26,217
APP-09299774.FP.FTS.B,
23.49%,
10/21/24
..........................
2,176
2,144
APP-10444462.FP.FTS.B,
8.49%,
10/23/24
15,621
15,775
APP-10060529.FP.FTS.B,
10.49%,
10/25/24
..........................
8,450
8,539
APP-10314676.FP.FTS.B,
12.74%,
10/26/24
..........................
11,360
11,483
APP-10459518.FP.FTS.B,
15.49%,
10/29/24
..........................
13,722
13,726
APP-10566736.FP.FTS.B,
16.49%,
11/04/24
8,734
8,749
APP-10769779.FP.FTS.B,
5.99%,
11/09/24
2,430
2,438
APP-10693186.FP.FTS.B,
10.49%,
11/10/24
9,461
9,540
APP-11194733.FP.FTS.B,
8.99%,
11/11/24
20,273
20,439
APP-10096028.FP.FTS.B,
9.99%,
11/14/24
24,776
25,002
APP-11333295.FP.FTS.B,
8.49%,
11/15/24
7,528
7,592
APP-10688393.FP.FTS.B,
12.74%,
11/15/24
12,417
12,529
APP-11333515.FP.FTS.B,
16.49%,
11/16/24
8,618
8,660
APP-10683469.FP.FTS.B,
23.99%,
11/16/24
11,980
11,938
APP-11307681.FP.FTS.B,
25.49%,
11/16/24
5,275
5,241
APP-10670881.FP.FTS.B,
10.24%,
11/17/24
7,309
7,372
APP-11237920.FP.FTS.B,
17.99%,
11/17/24
6,193
6,221
APP-11283774.FP.FTS.B,
8.49%,
11/25/24
6,434
6,470
APP-11333230.FP.FTS.B,
12.49%,
11/25/24
16,187
16,347
APP-11382302.FP.FTS.B,
16.99%,
11/25/24
6,383
6,445
APP-11799510.FP.FTS.B,
16.99%,
12/15/24
6,089
6,122
APP-11194500.FP.FTS.B,
10.49%,
12/20/24
13,806
13,937
APP-11316386.FP.FTS.B,
13.49%,
12/20/24
9,374
9,450
APP-11319377.FP.FTS.B,
25.49%,
12/20/24
6,903
2,548
APP-11793984.FP.FTS.B,
25.49%,
12/20/24
6,376
6,368
APP-11799271.FP.FTS.B,
14.99%,
12/21/24
12,915
12,980
APP-11383917.FP.FTS.B,
12.74%,
12/26/24
9,192
9,288
APP-11045167.FP.FTS.B,
10.49%,
12/28/24
9,508
9,577
APP-11388022.FP.FTS.B,
19.99%,
12/28/24
6,262
6,318
APP-11802632.FP.FTS.B,
9.74%,
12/29/24
7,417
7,475
APP-11314678.FP.FTS.B,
15.49%,
12/31/24
9,201
5,223
APP-11297354.FP.FTS.B,
8.49%,
1/01/25
.
8,197
8,264
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
223
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11022117.FP.FTS.B,
8.49%,
1/02/25
.
$
9,533
$
9,613
APP-11237990.FP.FTS.B,
10.74%,
1/02/25
5,040
5,040
APP-11333266.FP.FTS.B,
15.49%,
1/02/25
7,086
7,068
APP-11022245.FP.FTS.B,
15.99%,
1/02/25
11,149
11,130
APP-11307931.FP.FTS.B,
21.99%,
1/02/25
4,139
4,032
APP-10624639.FP.FTS.B,
10.49%,
1/03/25
14,900
15,033
APP-11265704.FP.FTS.B,
13.99%,
1/03/25
23,229
23,229
APP-11187320.FP.FTS.B,
14.99%,
1/03/25
12,853
12,842
APP-11382734.FP.FTS.B,
23.49%,
1/04/25
7,432
7,321
APP-11320650.FP.FTS.B,
23.99%,
1/06/25
9,749
9,617
APP-11373259.FP.FTS.B,
14.99%,
1/07/25
19,441
19,437
APP-11333496.FP.FTS.B,
18.99%,
1/07/25
5,617
5,616
APP-09356867.FP.FTS.B,
9.99%,
1/08/25
.
29,228
29,499
APP-11398498.FP.FTS.B,
19.49%,
1/08/25
9,792
9,581
APP-11389002.FP.FTS.B,
17.99%,
1/09/25
4,713
4,725
APP-11319269.FP.FTS.B,
21.99%,
1/09/25
12,757
12,618
APP-11694688.FP.FTS.B,
18.99%,
1/12/25
7,794
7,784
APP-12194196.FP.FTS.B,
13.24%,
1/16/25
31,279
31,492
APP-09868557.FP.FTS.B,
11.99%,
1/20/25
12,137
12,244
APP-12106244.FP.FTS.B,
18.99%,
1/22/25
8,381
8,397
APP-12139687.FP.FTS.B,
11.74%,
1/23/25
24,566
24,803
APP-12017001.FP.FTS.B,
9.74%,
1/24/25
.
10,888
11,001
APP-12207671.FP.FTS.B,
16.99%,
1/25/25
6,397
6,447
APP-12266979.FP.FTS.B,
11.74%,
1/28/25
14,961
15,120
APP-11323523.FP.FTS.B,
23.99%,
1/30/25
8,819
5,569
APP-11803536.FP.FTS.B,
13.99%,
2/01/25
18,279
18,372
APP-11792552.FP.FTS.B,
17.49%,
2/01/25
18,000
17,885
APP-11767460.FP.FTS.B,
13.74%,
2/12/25
19,813
19,981
APP-11594848.FP.FTS.B,
14.99%,
2/12/25
15,114
5,033
APP-11803668.FP.FTS.B,
23.99%,
2/13/25
5,143
5,058
APP-10657504.FP.FTS.B,
14.99%,
2/22/25
22,130
22,243
APP-12227846.FP.FTS.B,
9.49%,
3/01/25
.
15,197
15,317
APP-12223360.FP.FTS.B,
15.74%,
3/01/25
23,357
23,252
APP-11194436.FP.FTS.B,
15.99%,
3/01/25
20,417
20,471
APP-12257518.FP.FTS.B,
18.99%,
3/01/25
9,491
9,371
APP-11946510.FP.FTS.B,
12.74%,
3/04/25
6,994
7,065
APP-08749214.FP.FTS.B,
20.49%,
3/05/25
7,914
8,095
APP-12244086.FP.FTS.B,
15.49%,
3/11/25
12,284
12,150
APP-12119651.FP.FTS.B,
8.99%,
3/12/25
.
19,657
19,861
APP-12139540.FP.FTS.B,
9.99%,
3/12/25
.
9,727
9,818
APP-08503046.FP.FTS.B,
12.99%,
3/12/25
18,492
18,724
APP-11946706.FP.FTS.B,
14.49%,
3/12/25
11,016
11,040
APP-12239890.FP.FTS.B,
23.99%,
3/12/25
8,317
8,227
APP-12246852.FP.FTS.B,
23.99%,
3/12/25
11,702
11,554
APP-10005462.FP.FTS.B,
9.74%,
3/13/25
.
9,501
9,605
APP-12139811.FP.FTS.B,
11.74%,
3/13/25
19,005
19,182
APP-12216739.FP.FTS.B,
16.99%,
3/13/25
13,948
13,929
APP-10177953.FP.FTS.B,
17.99%,
4/01/25
4,980
4,947
APP-08957136.FP.FTS.B,
14.99%,
4/15/25
17,108
17,339
APP-11394558.FP.FTS.B,
14.99%,
4/15/25
13,045
13,077
APP-08980006.FP.FTS.B,
16.49%,
4/17/25
7,648
7,764
APP-09058670.FP.FTS.B,
16.49%,
4/27/25
5,801
5,915
APP-08944850.FP.FTS.B,
18.49%,
5/02/25
10,999
2,003
APP-09302675.FP.FTS.B,
15.99%,
5/14/25
7,492
7,596
APP-09216358.FP.FTS.B,
14.99%,
5/16/25
26,731
27,065
APP-08976296.FP.FTS.B,
18.49%,
5/17/25
7,637
7,765
APP-09335187.FP.FTS.B,
16.99%,
5/20/25
7,977
8,186
APP-08870796.FP.FTS.B,
19.49%,
5/23/25
5,426
5,570
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-08914897.FP.FTS.B,
12.99%,
5/29/25
$
11,541
$
11,712
APP-08967293.FP.FTS.B,
17.49%,
5/29/25
12,295
12,556
APP-09071487.FP.FTS.B,
16.99%,
5/30/25
12,089
12,254
APP-09014884.FP.FTS.B,
14.99%,
5/31/25
24,691
25,051
APP-09231496.FP.FTS.B,
14.99%,
6/01/25
30,567
30,930
APP-08988851.FP.FTS.B,
16.99%,
6/01/25
32,212
32,775
APP-09029616.FP.FTS.B,
21.49%,
6/03/25
2,548
2,539
APP-08980050.FP.FTS.B,
14.99%,
6/04/25
15,630
15,875
APP-09023075.FP.FTS.B,
14.99%,
6/05/25
15,045
15,293
APP-09114468.FP.FTS.B,
16.49%,
6/05/25
10,197
1,932
APP-09036276.FP.FTS.B,
18.99%,
6/05/25
24,937
25,390
APP-09134525.FP.FTS.B,
19.99%,
6/05/25
17,459
17,944
APP-09045917.FP.FTS.B,
18.99%,
6/11/25
21,042
21,573
APP-09076478.FP.FTS.B,
20.49%,
6/13/25
15,853
16,395
APP-09106073.FP.FTS.B,
19.99%,
6/14/25
6,316
6,496
APP-09130603.FP.FTS.B,
12.99%,
6/15/25
11,791
11,971
APP-09012739.FP.FTS.B,
14.49%,
6/15/25
8,593
2,573
APP-09130807.FP.FTS.B,
14.99%,
6/16/25
12,160
12,339
APP-09046414.FP.FTS.B,
14.99%,
6/23/25
20,930
21,261
APP-09352017.FP.FTS.B,
16.99%,
6/27/25
5,061
3,620
APP-09302995.FP.FTS.B,
14.99%,
7/10/25
6,879
6,998
APP-09352779.FP.FTS.B,
18.49%,
7/10/25
5,847
5,960
APP-09375788.FP.FTS.B,
18.49%,
7/10/25
6,372
6,518
APP-09354577.FP.FTS.B,
18.49%,
7/11/25
12,822
13,075
APP-09100537.FP.FTS.B,
17.99%,
7/15/25
8,417
8,578
APP-09355200.FP.FTS.B,
14.99%,
7/17/25
27,110
8,248
APP-09428299.FP.FTS.B,
17.99%,
7/19/25
23,367
23,937
APP-08991172.FP.FTS.B,
17.49%,
8/05/25
4,990
5,095
APP-09765452.FP.FTS.B,
16.49%,
8/08/25
10,867
11,106
APP-09717803.FP.FTS.B,
18.49%,
8/10/25
6,430
6,528
APP-10142907.FP.FTS.B,
14.99%,
8/12/25
30,659
31,104
APP-09813384.FP.FTS.B,
12.74%,
8/13/25
15,326
15,540
APP-09797956.FP.FTS.B,
14.74%,
8/13/25
10,769
10,925
APP-08970788.FP.FTS.B,
17.49%,
8/16/25
6,985
7,135
APP-10203250.FP.FTS.B,
13.24%,
8/17/25
11,620
11,802
APP-09775671.FP.FTS.B,
18.49%,
8/23/25
13,237
13,633
APP-09789796.FP.FTS.B,
17.99%,
8/24/25
17,500
17,959
APP-09776164.FP.FTS.B,
15.99%,
8/25/25
8,350
8,516
APP-09262014.FP.FTS.B,
14.99%,
8/27/25
16,834
4,932
APP-09786759.FP.FTS.B,
21.99%,
8/27/25
4,740
4,692
APP-10450365.FP.FTS.B,
10.99%,
9/03/25
11,731
11,869
APP-10476920.FP.FTS.B,
8.99%,
9/06/25
.
13,206
13,377
APP-10400942.FP.FTS.B,
10.99%,
9/10/25
9,925
10,058
APP-10444335.FP.FTS.B,
11.49%,
9/11/25
25,573
25,904
APP-10510050.FP.FTS.B,
16.99%,
9/18/25
9,560
9,730
APP-10561719.FP.FTS.B,
12.74%,
9/20/25
8,126
8,252
APP-10432695.FP.FTS.B,
16.99%,
9/20/25
34,294
34,795
APP-10156735.FP.FTS.B,
16.49%,
9/23/25
17,842
18,259
APP-10561277.FP.FTS.B,
19.49%,
9/25/25
6,750
6,658
APP-10248500.FP.FTS.B,
22.99%,
9/27/25
29,705
30,498
APP-10156534.FP.FTS.B,
10.99%,
9/30/25
17,218
17,448
APP-10204096.FP.FTS.B,
10.99%,
10/01/25
..........................
13,865
14,067
APP-09708653.FP.FTS.B,
13.24%,
10/01/25
..........................
15,663
15,879
APP-10060747.FP.FTS.B,
13.74%,
10/01/25
..........................
18,682
18,967
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
224
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10157176.FP.FTS.B,
16.49%,
10/01/25
..........................
$
15,830
$
16,123
APP-10459241.FP.FTS.B,
17.99%,
10/01/25
..........................
9,421
9,559
APP-10203214.FP.FTS.B,
18.99%,
10/01/25
..........................
14,704
14,965
APP-10244672.FP.FTS.B,
20.99%,
10/01/25
..........................
14,122
14,352
APP-10682601.FP.FTS.B,
16.49%,
10/02/25
..........................
27,232
2,791
APP-10684832.FP.FTS.B,
20.99%,
10/02/25
..........................
7,469
7,550
APP-10092907.FP.FTS.B,
17.99%,
10/04/25
..........................
20,954
21,303
APP-09979972.FP.FTS.B,
14.49%,
10/05/25
..........................
28,368
28,742
APP-10263399.FP.FTS.B,
26.49%,
10/08/25
..........................
5,801
1,973
APP-10770205.FP.FTS.B,
18.49%,
10/09/25
..........................
8,364
1,609
APP-10485308.FP.FTS.B,
16.99%,
10/12/25
..........................
10,240
10,412
APP-10480296.FP.FTS.B,
19.49%,
10/12/25
..........................
10,517
10,771
APP-10293468.FP.FTS.B,
12.49%,
10/15/25
..........................
30,505
30,930
APP-10354360.FP.FTS.B,
19.49%,
10/15/25
..........................
17,459
17,856
APP-10479307.FP.FTS.B,
19.99%,
10/15/25
..........................
11,432
11,673
APP-10384915.FP.FTS.B,
16.49%,
10/17/25
..........................
12,280
12,476
APP-10497677.FP.FTS.B,
12.74%,
10/20/25
..........................
8,648
8,786
APP-10567121.FP.FTS.B,
13.24%,
10/20/25
..........................
15,825
16,071
APP-10578108.FP.FTS.B,
14.49%,
10/22/25
..........................
20,142
20,543
APP-10315400.FP.FTS.B,
16.49%,
10/22/25
..........................
17,987
18,358
APP-10474872.FP.FTS.B,
18.99%,
10/28/25
..........................
9,346
9,484
APP-10519197.FP.FTS.B,
15.99%,
10/29/25
..........................
24,642
25,023
APP-10692380.FP.FTS.B,
16.49%,
11/01/25
22,237
22,451
APP-10689729.FP.FTS.B,
13.99%,
11/05/25
7,131
7,222
APP-10606420.FP.FTS.B,
10.99%,
11/15/25
21,330
21,655
APP-10839237.FP.FTS.B,
10.99%,
11/15/25
15,802
16,022
APP-11210666.FP.FTS.B,
10.99%,
11/15/25
15,376
15,574
APP-11376181.FP.FTS.B,
10.99%,
11/15/25
9,978
10,105
APP-11237796.FP.FTS.B,
16.49%,
11/15/25
12,871
13,107
APP-10776817.FP.FTS.B,
16.99%,
11/15/25
28,101
28,445
APP-11280073.FP.FTS.B,
17.49%,
11/15/25
25,539
5,135
APP-11398866.FP.FTS.B,
12.74%,
11/16/25
8,713
8,821
APP-10681833.FP.FTS.B,
15.99%,
11/16/25
21,509
21,869
APP-10768953.FP.FTS.B,
18.99%,
11/17/25
9,312
9,521
APP-10773457.FP.FTS.B,
11.49%,
11/22/25
15,599
15,727
APP-10692429.FP.FTS.B,
20.99%,
11/22/25
7,664
7,837
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11802431.FP.FTS.B,
10.24%,
12/18/25
$
9,685
$
9,813
APP-10770088.FP.FTS.B,
10.99%,
12/18/25
..........................
20,318
20,637
APP-11305215.FP.FTS.B,
13.24%,
12/19/25
11,965
12,149
APP-11194608.FP.FTS.B,
10.99%,
12/20/25
13,283
13,476
APP-11253357.FP.FTS.B,
13.24%,
12/20/25
13,108
13,274
APP-11237745.FP.FTS.B,
17.49%,
12/20/25
6,596
6,698
APP-11793362.FP.FTS.B,
17.99%,
12/20/25
29,352
29,661
APP-10746117.FP.FTS.B,
8.99%,
12/26/25
12,942
13,132
APP-11379674.FP.FTS.B,
11.49%,
12/26/25
27,561
27,985
APP-11772465.FP.FTS.B,
10.99%,
12/27/25
28,455
28,781
APP-11384860.FP.FTS.B,
12.49%,
12/28/25
29,048
29,491
APP-11805285.FP.FTS.B,
16.99%,
12/29/25
10,171
5,591
APP-11249658.FP.FTS.B,
10.49%,
1/02/26
32,218
32,683
APP-11374960.FP.FTS.B,
14.99%,
1/02/26
3,493
3,468
APP-11104135.FP.FTS.B,
11.49%,
1/03/26
27,726
28,140
APP-11321062.FP.FTS.B,
14.49%,
1/03/26
9,593
9,695
APP-11411443.FP.FTS.B,
17.49%,
1/03/26
9,915
10,000
APP-11287073.FP.FTS.B,
21.99%,
1/03/26
24,509
24,760
APP-11378327.FP.FTS.B,
17.99%,
1/07/26
10,112
10,233
APP-11397672.FP.FTS.B,
12.49%,
1/08/26
36,237
36,792
APP-11380825.FP.FTS.B,
18.49%,
1/08/26
13,577
13,747
APP-11279539.FP.FTS.B,
15.99%,
1/09/26
7,780
7,907
APP-11403530.FP.FTS.B,
19.49%,
1/09/26
7,922
8,028
APP-11104456.FP.FTS.B,
10.99%,
1/17/26
8,451
8,564
APP-12244806.FP.FTS.B,
16.74%,
1/22/26
23,314
23,714
APP-12125189.FP.FTS.B,
19.49%,
1/25/26
12,219
12,454
APP-12229052.FP.FTS.B,
17.99%,
1/26/26
15,178
15,481
APP-12243882.FP.FTS.B,
19.49%,
1/27/26
8,034
8,189
APP-11803364.FP.FTS.B,
10.24%,
2/01/26
13,519
13,692
APP-11816651.FP.FTS.B,
26.49%,
2/01/26
6,096
6,118
APP-11770041.FP.FTS.B,
15.99%,
2/02/26
9,207
9,295
APP-11792403.FP.FTS.B,
13.99%,
2/03/26
17,546
17,732
APP-11335385.FP.FTS.B,
10.99%,
2/04/26
13,646
13,836
APP-11751019.FP.FTS.B,
15.99%,
2/05/26
3,904
3,918
APP-11785448.FP.FTS.B,
13.49%,
2/11/26
14,624
14,840
APP-11799618.FP.FTS.B,
15.24%,
2/11/26
7,962
8,078
APP-11799543.FP.FTS.B,
13.24%,
2/12/26
7,688
7,812
APP-11817724.FP.FTS.B,
20.74%,
2/12/26
17,917
18,127
APP-11802110.FP.FTS.B,
16.99%,
2/13/26
19,245
19,534
APP-10476373.FP.FTS.B,
10.99%,
2/25/26
11,513
11,703
APP-12285827.FP.FTS.B,
13.24%,
3/01/26
8,134
8,236
APP-11946533.FP.FTS.B,
16.24%,
3/01/26
23,887
24,065
APP-12236342.FP.FTS.B,
16.49%,
3/08/26
19,448
19,602
APP-12231516.FP.FTS.B,
15.99%,
3/09/26
7,427
7,558
APP-12223796.FP.FTS.B,
21.24%,
3/11/26
21,083
21,239
APP-12243350.FP.FTS.B,
9.99%,
3/12/26
.
8,757
8,804
APP-12201290.FP.FTS.B,
14.74%,
3/12/26
18,480
18,377
APP-12106220.FP.FTS.B,
18.99%,
3/12/26
10,201
10,328
APP-12140905.FP.FTS.B,
24.99%,
3/12/26
7,741
7,830
APP-12262753.FP.FTS.B,
14.99%,
3/14/26
16,910
17,089
APP-08739403.FP.FTS.B,
16.99%,
3/21/26
19,280
19,672
APP-11393685.FP.FTS.B,
17.49%,
3/30/26
21,867
22,142
APP-08907777.FP.FTS.B,
17.99%,
4/12/26
5,449
5,600
APP-08330688.FP.FTS.B,
14.99%,
4/15/26
16,798
17,103
APP-08985969.FP.FTS.B,
18.99%,
4/15/26
15,985
3,015
APP-08971565.FP.FTS.B,
17.99%,
4/16/26
19,311
19,615
APP-08979775.FP.FTS.B,
23.99%,
4/16/26
20,319
21,073
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
225
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-09077004.FP.FTS.B,
16.99%,
4/17/26
$
7,240
$
7,367
APP-08698355.FP.FTS.B,
18.99%,
4/17/26
12,408
12,704
APP-08999178.FP.FTS.B,
17.99%,
4/20/26
18,880
19,435
APP-09019999.FP.FTS.B,
13.49%,
4/22/26
33,534
34,134
APP-09100185.FP.FTS.B,
18.99%,
4/30/26
8,627
8,801
APP-09087999.FP.FTS.B,
21.49%,
4/30/26
23,081
23,545
APP-08979983.FP.FTS.B,
19.99%,
5/01/26
8,500
8,662
APP-08726744.FP.FTS.B,
21.49%,
5/01/26
26,381
26,955
APP-09232273.FP.FTS.B,
19.49%,
5/03/26
31,701
3,397
APP-08741967.FP.FTS.B,
17.49%,
5/05/26
21,338
21,733
APP-08676164.FP.FTS.B,
20.99%,
5/05/26
6,974
2,191
APP-09232139.FP.FTS.B,
22.49%,
5/07/26
23,407
24,022
APP-09321377.FP.FTS.B,
17.49%,
5/15/26
18,521
18,798
APP-08975984.FP.FTS.B,
16.99%,
5/17/26
14,741
15,005
APP-10214931.FP.FTS.B,
15.99%,
5/19/26
32,236
32,644
APP-08950723.FP.FTS.B,
14.99%,
5/21/26
10,853
11,051
APP-08882597.FP.FTS.B,
17.49%,
5/22/26
27,444
27,991
APP-09015317.FP.FTS.B,
18.99%,
5/22/26
15,102
15,337
APP-08994245.FP.FTS.B,
22.99%,
5/22/26
34,285
35,469
APP-09017828.FP.FTS.B,
26.49%,
5/22/26
8,361
879
APP-09024930.FP.FTS.B,
13.49%,
5/23/26
6,488
6,599
APP-09018294.FP.FTS.B,
18.99%,
5/23/26
16,934
17,440
APP-09025472.FP.FTS.B,
19.99%,
5/23/26
14,720
15,226
APP-08902866.FP.FTS.B,
20.49%,
5/23/26
18,521
19,145
APP-09012359.FP.FTS.B,
23.49%,
5/23/26
11,711
12,139
APP-08934150.FP.FTS.B,
17.99%,
5/25/26
1,228
1,227
APP-08979821.FP.FTS.B,
16.49%,
5/26/26
11,111
11,297
APP-12219829.FP.FTS.B,
16.99%,
5/26/26
10,200
10,337
APP-09341585.FP.FTS.B,
22.99%,
5/26/26
13,391
2,080
APP-09356444.FP.FTS.B,
17.49%,
5/27/26
14,231
14,636
APP-09437723.FP.FTS.B,
20.99%,
5/27/26
16,300
16,730
APP-09352425.FP.FTS.B,
14.99%,
5/28/26
22,566
22,956
APP-08989489.FP.FTS.B,
22.99%,
5/28/26
7,497
7,651
APP-08924259.FP.FTS.B,
15.49%,
5/29/26
25,010
25,469
APP-09016739.FP.FTS.B,
15.49%,
5/29/26
23,220
23,662
APP-09057970.FP.FTS.B,
16.99%,
5/29/26
7,554
1,371
APP-09057834.FP.FTS.B,
18.99%,
5/29/26
18,854
19,229
APP-08970339.FP.FTS.B,
22.49%,
5/29/26
12,819
13,073
APP-09330764.FP.FTS.B,
22.49%,
5/29/26
5,803
5,742
APP-09063657.FP.FTS.B,
22.99%,
5/29/26
35,285
36,321
APP-08923777.FP.FTS.B,
12.99%,
5/30/26
20,206
20,553
APP-08970713.FP.FTS.B,
12.99%,
5/30/26
19,718
20,056
APP-08924285.FP.FTS.B,
14.99%,
5/30/26
14,301
14,544
APP-08972934.FP.FTS.B,
17.49%,
5/30/26
9,224
1,395
APP-08967703.FP.FTS.B,
19.49%,
5/30/26
1,993
1,973
APP-08976475.FP.FTS.B,
20.99%,
5/30/26
9,615
9,837
APP-09021433.FP.FTS.B,
21.99%,
5/30/26
3,578
3,549
APP-08924296.FP.FTS.B,
22.49%,
5/30/26
20,123
20,200
APP-09095354.FP.FTS.B,
12.99%,
5/31/26
16,547
16,784
APP-08950786.FP.FTS.B,
18.99%,
5/31/26
12,942
13,224
APP-09088134.FP.FTS.B,
18.99%,
5/31/26
3,531
3,500
APP-08974488.FP.FTS.B,
21.49%,
5/31/26
11,213
11,480
APP-09060458.FP.FTS.B,
22.49%,
5/31/26
9,290
9,511
APP-09095478.FP.FTS.B,
13.49%,
6/01/26
9,576
9,596
APP-09013810.FP.FTS.B,
14.99%,
6/01/26
8,484
8,627
APP-09020308.FP.FTS.B,
16.99%,
6/01/26
14,358
14,616
APP-09029242.FP.FTS.B,
17.49%,
6/01/26
35,807
36,392
APP-09081945.FP.FTS.B,
17.49%,
6/01/26
13,300
13,438
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-08816539.FP.FTS.B,
20.49%,
6/01/26
$
17,859
$
18,257
APP-08960464.FP.FTS.B,
20.99%,
6/01/26
25,721
26,318
APP-09109896.FP.FTS.B,
21.99%,
6/01/26
5,416
5,381
APP-08991906.FP.FTS.B,
21.49%,
6/02/26
19,927
20,466
APP-09010389.FP.FTS.B,
12.99%,
6/03/26
16,302
16,582
APP-09010521.FP.FTS.B,
12.99%,
6/04/26
11,894
12,101
APP-09018394.FP.FTS.B,
13.49%,
6/04/26
27,976
28,466
APP-08847606.FP.FTS.B,
15.49%,
6/04/26
28,747
29,211
APP-08907106.FP.FTS.B,
17.49%,
6/04/26
8,307
8,464
APP-08980085.FP.FTS.B,
18.99%,
6/04/26
4,743
4,749
APP-08979954.FP.FTS.B,
12.99%,
6/05/26
18,480
18,832
APP-09020682.FP.FTS.B,
12.99%,
6/05/26
10,179
2,875
APP-09017269.FP.FTS.B,
14.99%,
6/05/26
17,756
18,089
APP-09105301.FP.FTS.B,
14.99%,
6/05/26
11,713
11,887
APP-09017547.FP.FTS.B,
15.49%,
6/05/26
4,842
4,835
APP-09025257.FP.FTS.B,
17.49%,
6/05/26
14,468
14,792
APP-09142993.FP.FTS.B,
17.99%,
6/05/26
18,916
19,272
APP-09087784.FP.FTS.B,
18.99%,
6/05/26
5,494
5,530
APP-09027027.FP.FTS.B,
21.49%,
6/05/26
15,833
16,151
APP-08960524.FP.FTS.B,
12.99%,
6/06/26
17,052
17,356
APP-08923668.FP.FTS.B,
21.49%,
6/06/26
9,960
10,175
APP-09054133.FP.FTS.B,
20.99%,
6/08/26
7,404
7,582
APP-09083545.FP.FTS.B,
15.49%,
6/10/26
29,773
30,286
APP-09078022.FP.FTS.B,
16.99%,
6/10/26
16,141
8,549
APP-09096295.FP.FTS.B,
17.49%,
6/10/26
13,094
13,381
APP-09081667.FP.FTS.B,
21.49%,
6/10/26
4,576
1,926
APP-09070140.FP.FTS.B,
12.99%,
6/12/26
11,058
11,260
APP-09074502.FP.FTS.B,
17.49%,
6/12/26
25,319
25,850
APP-09074432.FP.FTS.B,
19.99%,
6/12/26
8,856
9,112
APP-09057421.FP.FTS.B,
21.49%,
6/12/26
27,518
28,195
APP-09070087.FP.FTS.B,
24.49%,
6/12/26
22,989
23,582
APP-08447667.FP.FTS.B,
12.99%,
6/13/26
17,428
17,752
APP-08649324.FP.FTS.B,
20.49%,
6/13/26
18,542
19,064
APP-09045278.FP.FTS.B,
12.99%,
6/14/26
8,789
8,944
APP-09096903.FP.FTS.B,
12.99%,
6/15/26
11,820
12,023
APP-08847769.FP.FTS.B,
14.99%,
6/15/26
10,848
11,056
APP-09213296.FP.FTS.B,
14.99%,
6/15/26
20,950
21,281
APP-09111302.FP.FTS.B,
18.49%,
6/15/26
36,356
37,225
APP-09241097.FP.FTS.B,
20.49%,
6/15/26
16,350
16,702
APP-09242266.FP.FTS.B,
22.99%,
6/15/26
24,419
24,893
APP-09133899.FP.FTS.B,
22.99%,
6/16/26
28,924
29,488
APP-09029834.FP.FTS.B,
18.49%,
6/18/26
8,986
9,174
APP-09132903.FP.FTS.B,
18.99%,
6/18/26
15,413
15,825
APP-09125842.FP.FTS.B,
20.49%,
6/18/26
19,189
19,771
APP-09281875.FP.FTS.B,
14.99%,
6/20/26
19,645
19,951
APP-09122466.FP.FTS.B,
16.99%,
6/20/26
19,252
19,639
APP-09290922.FP.FTS.B,
25.49%,
6/22/26
15,144
15,624
APP-09351595.FP.FTS.B,
15.49%,
6/27/26
24,844
25,286
APP-09341526.FP.FTS.B,
23.49%,
6/27/26
7,453
7,710
APP-09198220.FP.FTS.B,
15.49%,
6/28/26
10,094
10,400
APP-09238269.FP.FTS.B,
15.49%,
6/28/26
35,382
36,078
APP-09096348.FP.FTS.B,
18.99%,
6/28/26
17,975
18,278
APP-09201816.FP.FTS.B,
19.49%,
6/28/26
7,922
8,063
APP-09129616.FP.FTS.B,
20.99%,
6/28/26
15,717
16,206
APP-09374876.FP.FTS.B,
17.49%,
6/29/26
29,086
29,492
APP-09335597.FP.FTS.B,
19.99%,
6/29/26
25,068
25,500
APP-09045155.FP.FTS.B,
20.99%,
6/29/26
10,692
10,883
APP-09355512.FP.FTS.B,
20.99%,
6/29/26
10,448
10,614
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
226
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-08967513.FP.FTS.B,
23.49%,
6/30/26
$
8,668
$
2,875
APP-08979130.FP.FTS.B,
24.49%,
6/30/26
26,028
2,811
APP-08984739.FP.FTS.B,
17.49%,
7/01/26
36,029
36,668
APP-09785029.FP.FTS.B,
17.99%,
7/01/26
6,884
6,945
APP-09789894.FP.FTS.B,
21.49%,
7/01/26
16,597
16,884
APP-09351048.FP.FTS.B,
22.49%,
7/01/26
13,178
1,301
APP-09771718.FP.FTS.B,
18.49%,
7/02/26
27,810
28,289
APP-09274045.FP.FTS.B,
22.49%,
7/02/26
19,135
19,501
APP-09717698.FP.FTS.B,
13.24%,
7/03/26
16,065
16,269
APP-08998864.FP.FTS.B,
26.49%,
7/03/26
7,939
2,148
APP-09290915.FP.FTS.B,
17.49%,
7/04/26
14,735
15,015
APP-09379010.FP.FTS.B,
22.49%,
7/04/26
17,395
17,722
APP-09029840.FP.FTS.B,
13.49%,
7/05/26
20,560
20,874
APP-09490392.FP.FTS.B,
13.99%,
7/05/26
35,667
36,137
APP-09322470.FP.FTS.B,
15.49%,
7/05/26
20,987
21,352
APP-09778974.FP.FTS.B,
21.49%,
7/05/26
34,692
35,309
APP-09569037.FP.FTS.B,
13.24%,
7/06/26
20,537
20,818
APP-09445164.FP.FTS.B,
13.49%,
7/06/26
25,228
25,605
APP-09441854.FP.FTS.B,
17.49%,
7/06/26
14,566
14,863
APP-09161618.FP.FTS.B,
17.99%,
7/06/26
25,176
25,664
APP-09427047.FP.FTS.B,
19.99%,
7/06/26
9,110
9,330
APP-09447903.FP.FTS.B,
23.49%,
7/06/26
16,731
16,846
APP-09448166.FP.FTS.B,
14.99%,
7/07/26
20,681
21,100
APP-09354737.FP.FTS.B,
15.49%,
7/07/26
5,436
5,533
APP-09207999.FP.FTS.B,
20.49%,
7/07/26
30,109
30,762
APP-09363228.FP.FTS.B,
21.49%,
7/07/26
8,370
8,302
APP-08684302.FP.FTS.B,
13.74%,
7/08/26
26,408
26,779
APP-09331398.FP.FTS.B,
14.99%,
7/09/26
17,414
17,770
APP-09768010.FP.FTS.B,
17.99%,
7/09/26
25,327
25,884
APP-09280276.FP.FTS.B,
18.99%,
7/09/26
15,404
15,716
APP-09778390.FP.FTS.B,
18.99%,
7/09/26
17,147
17,488
APP-09336762.FP.FTS.B,
12.99%,
7/10/26
9,170
9,341
APP-09337683.FP.FTS.B,
13.49%,
7/10/26
31,609
32,231
APP-09374305.FP.FTS.B,
14.99%,
7/10/26
11,576
2,114
APP-08447355.FP.FTS.B,
17.49%,
7/10/26
3,465
3,440
APP-09291214.FP.FTS.B,
17.99%,
7/10/26
21,914
22,449
APP-09424879.FP.FTS.B,
17.99%,
7/10/26
6,660
6,778
APP-09351977.FP.FTS.B,
19.49%,
7/10/26
14,988
15,335
APP-09208095.FP.FTS.B,
17.49%,
7/11/26
12,298
12,556
APP-08684475.FP.FTS.B,
18.99%,
7/11/26
7,549
7,731
APP-09343037.FP.FTS.B,
21.99%,
7/11/26
3,728
3,703
APP-09328185.FP.FTS.B,
15.49%,
7/12/26
26,606
27,081
APP-09358023.FP.FTS.B,
16.99%,
7/12/26
20,569
20,956
APP-09303638.FP.FTS.B,
22.99%,
7/12/26
30,618
3,485
APP-09045901.FP.FTS.B,
14.99%,
7/13/26
16,038
16,324
APP-09045296.FP.FTS.B,
24.49%,
7/13/26
9,024
9,264
APP-09424321.FP.FTS.B,
22.99%,
7/17/26
16,074
16,102
APP-09284176.FP.FTS.B,
23.49%,
7/18/26
16,715
5,757
APP-08914924.FP.FTS.B,
24.99%,
7/19/26
10,747
11,049
APP-09356919.FP.FTS.B,
15.49%,
7/20/26
20,179
20,564
APP-09360053.FP.FTS.B,
20.99%,
7/20/26
8,504
8,736
APP-09025698.FP.FTS.B,
19.49%,
7/23/26
28,966
29,517
APP-09094872.FP.FTS.B,
14.99%,
8/01/26
21,238
21,545
APP-09045963.FP.FTS.B,
15.49%,
8/01/26
27,498
27,849
APP-09433444.FP.FTS.B,
14.99%,
8/06/26
14,313
14,491
APP-10156862.FP.FTS.B,
17.99%,
8/06/26
36,911
37,272
APP-09709453.FP.FTS.B,
14.24%,
8/09/26
14,424
14,630
APP-08114000.FP.FTS.B,
13.24%,
8/10/26
16,903
17,158
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-09377950.FP.FTS.B,
16.49%,
8/10/26
$
8,111
$
8,233
APP-09708763.FP.FTS.B,
17.49%,
8/10/26
14,845
15,139
APP-09780659.FP.FTS.B,
17.49%,
8/10/26
23,611
23,996
APP-09780914.FP.FTS.B,
18.99%,
8/10/26
12,739
12,999
APP-09787054.FP.FTS.B,
19.99%,
8/10/26
11,312
11,554
APP-09788080.FP.FTS.B,
20.99%,
8/10/26
23,569
3,387
APP-09789653.FP.FTS.B,
23.49%,
8/10/26
15,404
15,763
APP-09249334.FP.FTS.B,
24.49%,
8/10/26
7,365
1,587
APP-09759315.FP.FTS.B,
13.24%,
8/11/26
16,947
17,209
APP-09794481.FP.FTS.B,
13.24%,
8/11/26
17,469
17,734
APP-09593157.FP.FTS.B,
14.74%,
8/12/26
25,404
25,816
APP-09781342.FP.FTS.B,
17.99%,
8/12/26
22,359
22,834
APP-09717599.FP.FTS.B,
19.99%,
8/12/26
8,224
8,372
APP-09808235.FP.FTS.B,
19.49%,
8/13/26
22,511
22,945
APP-09818223.FP.FTS.B,
19.99%,
8/13/26
7,527
7,691
APP-09291173.FP.FTS.B,
13.24%,
8/15/26
20,344
20,662
APP-09771129.FP.FTS.B,
13.24%,
8/15/26
22,317
22,666
APP-09778508.FP.FTS.B,
13.24%,
8/15/26
19,261
19,562
APP-09795345.FP.FTS.B,
13.24%,
8/15/26
20,242
20,563
APP-10135702.FP.FTS.B,
14.24%,
8/15/26
14,993
15,206
APP-10045496.FP.FTS.B,
14.49%,
8/15/26
7,770
7,877
APP-09788637.FP.FTS.B,
17.99%,
8/15/26
26,178
26,681
APP-09745779.FP.FTS.B,
18.49%,
8/15/26
9,870
9,850
APP-09708666.FP.FTS.B,
19.49%,
8/15/26
17,219
17,604
APP-09766832.FP.FTS.B,
19.99%,
8/15/26
6,063
6,183
APP-09746385.FP.FTS.B,
24.49%,
8/15/26
6,076
6,212
APP-09818659.FP.FTS.B,
25.49%,
8/15/26
10,485
671
APP-10272491.FP.FTS.B,
14.24%,
8/17/26
14,171
14,387
APP-09780110.FP.FTS.B,
15.99%,
8/17/26
35,353
35,968
APP-10176592.FP.FTS.B,
15.99%,
8/17/26
35,974
36,607
APP-10169709.FP.FTS.B,
16.99%,
8/17/26
20,364
20,720
APP-09794920.FP.FTS.B,
21.49%,
8/17/26
16,083
16,470
APP-10214566.FP.FTS.B,
17.99%,
8/18/26
19,746
20,124
APP-10213964.FP.FTS.B,
18.99%,
8/18/26
13,757
14,072
APP-10246936.FP.FTS.B,
9.99%,
8/20/26
.
13,216
13,426
APP-10170330.FP.FTS.B,
11.99%,
8/20/26
9,651
9,802
APP-10244412.FP.FTS.B,
14.24%,
8/20/26
13,986
14,210
APP-09717880.FP.FTS.B,
15.74%,
8/20/26
19,735
20,089
APP-10163490.FP.FTS.B,
17.99%,
8/20/26
19,245
19,646
APP-09778451.FP.FTS.B,
18.99%,
8/20/26
17,399
17,731
APP-09791612.FP.FTS.B,
18.99%,
8/20/26
37,826
38,651
APP-10236085.FP.FTS.B,
19.99%,
8/20/26
7,666
7,831
APP-09767793.FP.FTS.B,
20.49%,
8/20/26
15,126
15,410
APP-10195666.FP.FTS.B,
20.99%,
8/20/26
24,211
24,757
APP-10244692.FP.FTS.B,
20.99%,
8/20/26
12,012
11,851
APP-09811789.FP.FTS.B,
22.49%,
8/20/26
5,803
5,951
APP-09794262.FP.FTS.B,
25.49%,
8/20/26
7,294
7,352
APP-10127112.FP.FTS.B,
16.49%,
8/21/26
11,271
11,463
APP-10233694.FP.FTS.B,
18.99%,
8/21/26
14,328
14,657
APP-10243564.FP.FTS.B,
20.49%,
8/21/26
15,969
16,200
APP-10246680.FP.FTS.B,
20.99%,
8/21/26
8,305
8,453
APP-10144266.FP.FTS.B,
22.99%,
8/21/26
28,884
29,615
APP-10293482.FP.FTS.B,
11.99%,
8/22/26
12,219
12,385
APP-09717638.FP.FTS.B,
13.24%,
8/22/26
14,953
15,219
APP-10247805.FP.FTS.B,
18.99%,
8/22/26
4,434
4,383
APP-09766134.FP.FTS.B,
15.24%,
8/23/26
18,456
18,807
APP-10258074.FP.FTS.B,
16.99%,
8/23/26
13,197
13,519
APP-09788355.FP.FTS.B,
17.99%,
8/23/26
37,662
38,422
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
227
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-09569048.FP.FTS.B,
19.99%,
8/23/26
$
15,996
$
16,401
APP-09778481.FP.FTS.B,
19.99%,
8/23/26
9,939
10,204
APP-09791696.FP.FTS.B,
19.99%,
8/23/26
15,281
15,667
APP-09790905.FP.FTS.B,
13.24%,
8/24/26
11,536
11,755
APP-09726787.FP.FTS.B,
15.24%,
8/24/26
11,881
12,111
APP-09787833.FP.FTS.B,
15.74%,
8/24/26
29,663
30,241
APP-09794319.FP.FTS.B,
15.74%,
8/24/26
20,020
20,410
APP-09708684.FP.FTS.B,
21.49%,
8/24/26
38,645
39,653
APP-09799620.FP.FTS.B,
21.99%,
8/24/26
7,751
7,962
APP-09759659.FP.FTS.B,
13.24%,
8/25/26
23,279
23,721
APP-09812236.FP.FTS.B,
13.24%,
8/26/26
16,560
16,884
APP-09811518.FP.FTS.B,
15.74%,
8/27/26
20,336
20,762
APP-10308476.FP.FTS.B,
20.49%,
8/28/26
19,417
19,974
APP-10352432.FP.FTS.B,
11.99%,
9/01/26
14,289
14,461
APP-10357544.FP.FTS.B,
11.99%,
9/04/26
20,104
20,376
APP-09019228.FP.FTS.B,
16.99%,
9/05/26
15,363
15,688
APP-10389562.FP.FTS.B,
17.49%,
9/05/26
15,219
15,421
APP-10520402.FP.FTS.B,
25.49%,
9/10/26
8,272
874
APP-10525907.FP.FTS.B,
11.99%,
9/15/26
13,780
13,997
APP-10400798.FP.FTS.B,
14.24%,
9/15/26
17,380
17,661
APP-10508459.FP.FTS.B,
15.99%,
9/15/26
33,223
33,723
APP-10687242.FP.FTS.B,
20.49%,
9/20/26
19,101
2,273
APP-10158390.FP.FTS.B,
12.49%,
9/21/26
29,279
29,743
APP-10138068.FP.FTS.B,
14.24%,
9/21/26
11,362
11,531
APP-10201640.FP.FTS.B,
21.49%,
9/22/26
15,604
15,984
APP-10237332.FP.FTS.B,
10.49%,
9/23/26
28,855
29,335
APP-10209954.FP.FTS.B,
16.49%,
9/23/26
9,812
9,994
APP-10203826.FP.FTS.B,
13.24%,
9/25/26
36,980
37,640
APP-10229378.FP.FTS.B,
20.99%,
9/25/26
30,829
3,394
APP-09356858.FP.FTS.B,
17.49%,
9/27/26
39,648
4,060
APP-10244251.FP.FTS.B,
20.49%,
9/28/26
19,879
19,780
APP-10663520.FP.FTS.B,
12.49%,
9/30/26
28,772
29,119
APP-10211394.FP.FTS.B,
14.24%,
9/30/26
15,230
15,467
APP-10156728.FP.FTS.B,
11.74%,
10/01/26
9,980
10,120
APP-10198914.FP.FTS.B,
12.49%,
10/01/26
..........................
30,938
31,436
APP-10135473.FP.FTS.B,
14.24%,
10/01/26
..........................
15,558
15,779
APP-10234140.FP.FTS.B,
15.49%,
10/01/26
..........................
33,653
34,133
APP-10203378.FP.FTS.B,
18.99%,
10/01/26
..........................
13,170
13,336
APP-10115186.FP.FTS.B,
23.49%,
10/01/26
16,495
16,673
APP-10206598.FP.FTS.B,
23.49%,
10/01/26
..........................
8,664
8,758
APP-10195837.FP.FTS.B,
11.99%,
10/02/26
13,097
13,291
APP-10135726.FP.FTS.B,
16.99%,
10/02/26
..........................
18,586
18,852
APP-10622691.FP.FTS.B,
18.99%,
10/02/26
..........................
10,267
10,367
APP-10210290.FP.FTS.B,
19.99%,
10/02/26
..........................
6,754
6,851
APP-10683820.FP.FTS.B,
19.99%,
10/02/26
..........................
7,940
8,022
APP-10174050.FP.FTS.B,
12.74%,
10/03/26
..........................
24,748
25,023
APP-10156986.FP.FTS.B,
19.99%,
10/03/26
..........................
17,101
17,319
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10220069.FP.FTS.B,
11.99%,
10/04/26
$
22,487
$
22,858
APP-10156629.FP.FTS.B,
14.49%,
10/04/26
..........................
7,503
7,620
APP-10226583.FP.FTS.B,
16.99%,
10/04/26
..........................
19,825
19,870
APP-10235883.FP.FTS.B,
16.99%,
10/04/26
..........................
12,410
12,598
APP-10005303.FP.FTS.B,
17.49%,
10/04/26
..........................
10,276
10,459
APP-10156876.FP.FTS.B,
17.49%,
10/04/26
..........................
31,918
32,309
APP-10229284.FP.FTS.B,
18.99%,
10/04/26
..........................
11,949
6,888
APP-10242846.FP.FTS.B,
20.49%,
10/04/26
..........................
14,278
14,434
APP-10374305.FP.FTS.B,
11.99%,
10/05/26
14,881
15,087
APP-10237302.FP.FTS.B,
13.24%,
10/05/26
..........................
37,846
38,441
APP-10109370.FP.FTS.B,
14.24%,
10/05/26
..........................
13,049
2,380
APP-10157026.FP.FTS.B,
14.24%,
10/05/26
..........................
11,669
11,851
APP-10200104.FP.FTS.B,
16.99%,
10/06/26
..........................
20,300
10,635
APP-10269575.FP.FTS.B,
18.99%,
10/06/26
..........................
19,661
19,942
APP-10253670.FP.FTS.B,
19.99%,
10/06/26
..........................
6,044
3,467
APP-10734778.FP.FTS.B,
11.99%,
10/07/26
14,672
1,579
APP-10156578.FP.FTS.B,
17.99%,
10/07/26
..........................
22,705
23,146
APP-10692650.FP.FTS.B,
11.99%,
10/08/26
13,493
13,679
APP-10670486.FP.FTS.B,
12.74%,
10/08/26
..........................
20,548
20,789
APP-10091993.FP.FTS.B,
19.99%,
10/08/26
..........................
15,859
16,097
APP-10744150.FP.FTS.B,
20.49%,
10/08/26
..........................
20,408
20,674
APP-10266247.FP.FTS.B,
21.99%,
10/08/26
..........................
8,301
8,400
APP-10776411.FP.FTS.B,
11.99%,
10/09/26
22,756
23,076
APP-10776963.FP.FTS.B,
14.24%,
10/09/26
..........................
16,910
17,146
APP-10710819.FP.FTS.B,
16.99%,
10/09/26
..........................
14,133
14,328
APP-10291582.FP.FTS.B,
17.49%,
10/09/26
..........................
15,439
15,642
APP-10746959.FP.FTS.B,
17.49%,
10/09/26
..........................
23,484
23,806
APP-10682190.FP.FTS.B,
19.49%,
10/09/26
..........................
16,220
16,447
APP-10476345.FP.FTS.B,
13.24%,
10/12/26
..........................
37,521
38,070
APP-10479080.FP.FTS.B,
19.49%,
10/12/26
..........................
9,512
1,949
APP-10477663.FP.FTS.B,
20.99%,
10/12/26
..........................
31,608
32,036
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
228
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10477679.FP.FTS.B,
17.49%,
10/14/26
..........................
$
21,830
$
22,143
APP-10422166.FP.FTS.B,
14.24%,
10/15/26
..........................
14,062
14,267
APP-10433068.FP.FTS.B,
15.49%,
10/15/26
..........................
38,128
38,690
APP-10199991.FP.FTS.B,
16.99%,
10/15/26
..........................
15,464
15,716
APP-10480948.FP.FTS.B,
17.49%,
10/15/26
..........................
14,195
14,411
APP-10274873.FP.FTS.B,
20.49%,
10/15/26
..........................
15,421
15,654
APP-10389402.FP.FTS.B,
22.99%,
10/15/26
..........................
15,435
5,507
APP-10505100.FP.FTS.B,
25.49%,
10/15/26
..........................
6,862
6,954
APP-10365188.FP.FTS.B,
14.24%,
10/17/26
..........................
11,407
11,599
APP-10514404.FP.FTS.B,
18.99%,
10/17/26
..........................
19,082
19,410
APP-10408188.FP.FTS.B,
18.99%,
10/18/26
..........................
11,712
11,922
APP-10352466.FP.FTS.B,
19.99%,
10/18/26
..........................
10,667
10,864
APP-10463389.FP.FTS.B,
12.49%,
10/20/26
..........................
30,006
30,495
APP-10091267.FP.FTS.B,
13.74%,
10/20/26
..........................
9,453
9,612
APP-10096145.FP.FTS.B,
14.24%,
10/20/26
..........................
18,903
19,221
APP-10519975.FP.FTS.B,
20.99%,
10/20/26
..........................
9,999
9,821
APP-10580822.FP.FTS.B,
18.49%,
10/22/26
..........................
15,568
15,877
APP-10518491.FP.FTS.B,
20.49%,
10/22/26
..........................
18,946
19,342
APP-10520303.FP.FTS.B,
12.49%,
10/23/26
..........................
25,877
26,326
APP-10459721.FP.FTS.B,
20.99%,
10/23/26
..........................
32,018
32,490
APP-10432275.FP.FTS.B,
12.49%,
10/24/26
..........................
19,680
19,928
APP-10463469.FP.FTS.B,
18.99%,
10/24/26
..........................
40,112
40,828
APP-10362761.FP.FTS.B,
22.99%,
10/24/26
..........................
13,394
4,722
APP-10364110.FP.FTS.B,
11.24%,
10/25/26
37,279
37,934
APP-10475943.FP.FTS.B,
14.74%,
10/25/26
..........................
30,866
31,434
APP-10476876.FP.FTS.B,
16.99%,
10/25/26
..........................
19,204
19,570
APP-10512737.FP.FTS.B,
17.49%,
10/25/26
..........................
15,820
16,118
APP-10352703.FP.FTS.B,
11.99%,
10/26/26
19,085
19,429
APP-10478982.FP.FTS.B,
21.49%,
10/26/26
..........................
14,861
15,192
APP-10511819.FP.FTS.B,
14.74%,
10/28/26
27,984
28,409
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10352498.FP.FTS.B,
18.49%,
10/28/26
..........................
$
11,041
$
11,150
APP-10516614.FP.FTS.B,
11.99%,
10/29/26
17,681
17,952
APP-10352813.FP.FTS.B,
14.24%,
10/29/26
..........................
14,438
14,665
APP-10432641.FP.FTS.B,
15.49%,
10/29/26
..........................
24,029
24,382
APP-09940038.FP.FTS.B,
17.49%,
10/29/26
..........................
14,334
14,491
APP-10521838.FP.FTS.B,
17.99%,
10/29/26
..........................
21,144
21,378
APP-10459435.FP.FTS.B,
19.99%,
10/29/26
..........................
9,982
10,052
APP-10482607.FP.FTS.B,
22.49%,
10/29/26
..........................
8,194
8,256
APP-10527263.FP.FTS.B,
12.24%,
10/30/26
..........................
11,497
11,670
APP-10482600.FP.FTS.B,
16.49%,
10/30/26
..........................
9,248
9,390
APP-10481822.FP.FTS.B,
18.49%,
10/30/26
..........................
19,973
20,036
APP-10537549.FP.FTS.B,
11.99%,
11/02/26
21,390
21,711
APP-10583684.FP.FTS.B,
16.99%,
11/02/26
15,779
15,936
APP-10606158.FP.FTS.B,
14.74%,
11/05/26
21,751
22,026
APP-11232283.FP.FTS.B,
19.49%,
11/07/26
36,234
3,844
APP-11307937.FP.FTS.B,
11.99%,
11/08/26
17,222
17,433
APP-11099818.FP.FTS.B,
16.49%,
11/09/26
9,455
9,564
APP-11236671.FP.FTS.B,
14.49%,
11/10/26
7,416
7,507
APP-10765319.FP.FTS.B,
14.49%,
11/11/26
5,781
5,864
APP-10621087.FP.FTS.B,
9.99%,
11/13/26
13,081
13,280
APP-11395641.FP.FTS.B,
11.99%,
11/14/26
21,541
21,814
APP-10679263.FP.FTS.B,
17.49%,
11/14/26
4,951
4,894
APP-10714394.FP.FTS.B,
11.99%,
11/15/26
22,825
23,167
APP-10763123.FP.FTS.B,
13.24%,
11/15/26
38,339
38,916
APP-10662001.FP.FTS.B,
16.99%,
11/15/26
21,373
2,036
APP-10683702.FP.FTS.B,
17.49%,
11/15/26
27,684
2,827
APP-11304024.FP.FTS.B,
17.49%,
11/15/26
11,143
11,305
APP-10672023.FP.FTS.B,
18.49%,
11/15/26
15,924
16,130
APP-11314507.FP.FTS.B,
19.99%,
11/15/26
12,153
12,325
APP-11338199.FP.FTS.B,
20.99%,
11/15/26
24,202
24,482
APP-10688392.FP.FTS.B,
21.99%,
11/15/26
20,380
20,645
APP-10606168.FP.FTS.B,
11.99%,
11/16/26
19,193
19,530
APP-10624425.FP.FTS.B,
11.99%,
11/16/26
16,162
16,426
APP-10683987.FP.FTS.B,
12.49%,
11/16/26
30,683
31,188
APP-10689192.FP.FTS.B,
12.49%,
11/16/26
30,676
31,181
APP-10561131.FP.FTS.B,
17.49%,
11/16/26
27,482
27,943
APP-11319641.FP.FTS.B,
19.49%,
11/17/26
10,120
2,113
APP-10769646.FP.FTS.B,
11.99%,
11/18/26
19,281
19,573
APP-10768778.FP.FTS.B,
14.74%,
11/18/26
31,005
31,504
APP-11277516.FP.FTS.B,
18.49%,
11/18/26
20,784
20,916
APP-11305757.FP.FTS.B,
11.99%,
11/19/26
19,348
19,648
APP-11237613.FP.FTS.B,
14.49%,
11/19/26
8,950
9,088
APP-10673814.FP.FTS.B,
19.99%,
11/19/26
3,600
3,528
APP-11304254.FP.FTS.B,
21.49%,
11/19/26
42,465
8,941
APP-11296028.FP.FTS.B,
23.49%,
11/19/26
42,187
42,150
APP-10756837.FP.FTS.B,
18.99%,
11/20/26
28,412
3,230
APP-10756762.FP.FTS.B,
12.49%,
11/21/26
25,314
25,741
APP-10750422.FP.FTS.B,
17.49%,
11/21/26
16,329
16,544
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
229
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10769483.FP.FTS.B,
17.99%,
11/22/26
$
23,030
$
23,461
APP-10764525.FP.FTS.B,
20.49%,
11/22/26
14,893
15,151
APP-10624096.FP.FTS.B,
14.24%,
11/23/26
14,565
14,825
APP-10780891.FP.FTS.B,
17.99%,
11/23/26
35,845
36,487
APP-11103030.FP.FTS.B,
20.49%,
11/23/26
19,388
19,739
APP-10692601.FP.FTS.B,
22.49%,
11/23/26
7,909
8,054
APP-10762415.FP.FTS.B,
17.99%,
11/24/26
11,150
11,350
APP-11304530.FP.FTS.B,
21.49%,
11/24/26
40,622
41,349
APP-11387591.FP.FTS.B,
14.49%,
11/25/26
7,482
7,592
APP-11333408.FP.FTS.B,
17.99%,
11/25/26
10,837
11,053
APP-11386113.FP.FTS.B,
18.99%,
11/25/26
6,025
6,133
APP-11376149.FP.FTS.B,
20.99%,
11/25/26
15,607
15,765
APP-09433384.FP.FTS.B,
19.49%,
12/05/26
..........................
14,011
14,146
APP-10624530.FP.FTS.B,
24.99%,
12/15/26
..........................
29,222
29,593
APP-11693780.FP.FTS.B,
10.99%,
12/16/26
26,524
26,864
APP-10688549.FP.FTS.B,
18.99%,
12/16/26
..........................
25,943
26,181
APP-11741440.FP.FTS.B,
19.99%,
12/16/26
8,526
8,614
APP-11301348.FP.FTS.B,
15.99%,
12/19/26
20,887
20,929
APP-10746025.FP.FTS.B,
16.49%,
12/20/26
..........................
10,167
10,316
APP-11304077.FP.FTS.B,
18.99%,
12/20/26
17,299
17,534
APP-11312173.FP.FTS.B,
20.49%,
12/20/26
20,269
20,535
APP-11307115.FP.FTS.B,
21.99%,
12/20/26
22,355
14,262
APP-11283905.FP.FTS.B,
15.99%,
12/21/26
40,047
40,588
APP-11336215.FP.FTS.B,
17.99%,
12/21/26
6,393
6,485
APP-11277746.FP.FTS.B,
25.49%,
12/21/26
8,284
8,401
APP-11187285.FP.FTS.B,
12.49%,
12/22/26
31,095
31,580
APP-11320504.FP.FTS.B,
17.99%,
12/22/26
16,187
16,422
APP-11740757.FP.FTS.B,
19.74%,
12/22/26
31,136
31,410
APP-11237793.FP.FTS.B,
18.99%,
12/23/26
8,851
8,968
APP-11798644.FP.FTS.B,
18.99%,
12/24/26
6,630
6,730
APP-11800198.FP.FTS.B,
16.99%,
12/25/26
15,929
16,169
APP-11318066.FP.FTS.B,
17.49%,
12/25/26
12,754
12,986
APP-11194578.FP.FTS.B,
18.99%,
12/25/26
15,228
15,480
APP-11398271.FP.FTS.B,
12.49%,
12/26/26
28,593
29,057
APP-11283955.FP.FTS.B,
14.24%,
12/26/26
13,316
13,536
APP-11399469.FP.FTS.B,
16.49%,
12/26/26
6,785
6,821
APP-11395038.FP.FTS.B,
16.99%,
12/26/26
12,835
12,963
APP-11391376.FP.FTS.B,
19.99%,
12/26/26
18,095
10,626
APP-11361916.FP.FTS.B,
23.49%,
12/26/26
41,090
41,913
APP-11394769.FP.FTS.B,
24.49%,
12/26/26
28,031
28,076
APP-11305667.FP.FTS.B,
20.49%,
12/27/26
22,703
23,071
APP-11776378.FP.FTS.B,
20.49%,
12/27/26
32,330
32,844
APP-11124061.FP.FTS.B,
11.99%,
12/28/26
21,325
21,619
APP-11306747.FP.FTS.B,
14.24%,
12/28/26
12,916
13,125
APP-11740044.FP.FTS.B,
15.24%,
12/28/26
31,835
32,329
APP-10606291.FP.FTS.B,
18.49%,
12/28/26
..........................
17,661
17,940
APP-11800507.FP.FTS.B,
18.49%,
12/28/26
16,546
16,847
APP-11818506.FP.FTS.B,
18.49%,
12/28/26
16,913
17,198
APP-11306703.FP.FTS.B,
18.99%,
12/28/26
18,863
18,932
APP-08869934.FP.FTS.B,
21.99%,
12/28/26
..........................
9,872
9,966
APP-11410923.FP.FTS.B,
23.49%,
12/28/26
8,328
8,490
APP-11789125.FP.FTS.B,
11.24%,
12/29/26
29,190
29,509
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11798578.FP.FTS.B,
11.74%,
12/29/26
$
35,916
$
36,368
APP-11807330.FP.FTS.B,
17.99%,
12/29/26
8,260
8,349
APP-11789087.FP.FTS.B,
18.99%,
12/29/26
12,436
12,489
APP-11703270.FP.FTS.B,
19.99%,
12/29/26
10,892
10,836
APP-11266733.FP.FTS.B,
11.99%,
12/30/26
20,965
21,238
APP-11217813.FP.FTS.B,
14.24%,
12/30/26
18,674
18,935
APP-11285613.FP.FTS.B,
16.49%,
12/31/26
10,602
10,660
APP-09781974.FP.FTS.B,
17.49%,
12/31/26
..........................
14,923
15,159
APP-11138919.FP.FTS.B,
11.99%,
1/01/27
11,820
11,992
APP-11036230.FP.FTS.B,
18.99%,
1/01/27
13,949
14,018
APP-11277041.FP.FTS.B,
20.49%,
1/01/27
19,313
19,305
APP-11377526.FP.FTS.B,
20.49%,
1/01/27
19,840
19,903
APP-11271721.FP.FTS.B,
11.99%,
1/02/27
13,488
13,688
APP-11279541.FP.FTS.B,
12.49%,
1/02/27
28,400
28,830
APP-11237906.FP.FTS.B,
14.99%,
1/02/27
17,049
17,279
APP-11315623.FP.FTS.B,
15.49%,
1/02/27
15,099
15,169
APP-11008190.FP.FTS.B,
17.49%,
1/02/27
25,336
7,243
APP-10840208.FP.FTS.B,
18.49%,
1/02/27
13,656
13,658
APP-11319315.FP.FTS.B,
19.99%,
1/02/27
8,303
8,343
APP-11314953.FP.FTS.B,
11.99%,
1/03/27
25,028
25,376
APP-11341268.FP.FTS.B,
12.49%,
1/03/27
31,783
32,226
APP-11194668.FP.FTS.B,
14.24%,
1/03/27
15,728
15,922
APP-11333109.FP.FTS.B,
15.99%,
1/03/27
18,255
18,381
APP-11333811.FP.FTS.B,
16.99%,
1/03/27
12,234
12,296
APP-11265912.FP.FTS.B,
17.49%,
1/03/27
10,327
10,414
APP-11196657.FP.FTS.B,
17.99%,
1/03/27
13,222
13,160
APP-11329490.FP.FTS.B,
17.99%,
1/03/27
8,243
8,285
APP-11317083.FP.FTS.B,
20.49%,
1/03/27
8,746
8,753
APP-11313333.FP.FTS.B,
20.99%,
1/03/27
25,649
15,053
APP-11323384.FP.FTS.B,
12.74%,
1/04/27
25,810
26,165
APP-11332983.FP.FTS.B,
18.99%,
1/04/27
12,378
12,449
APP-11399720.FP.FTS.B,
21.49%,
1/04/27
17,433
17,463
APP-11355890.FP.FTS.B,
14.74%,
1/07/27
32,158
32,590
APP-11306682.FP.FTS.B,
17.49%,
1/07/27
16,628
16,833
APP-11389311.FP.FTS.B,
17.49%,
1/07/27
32,712
33,182
APP-11333372.FP.FTS.B,
18.49%,
1/07/27
15,937
16,005
APP-11375423.FP.FTS.B,
18.49%,
1/07/27
17,304
17,382
APP-11393178.FP.FTS.B,
18.99%,
1/07/27
12,380
12,483
APP-11387733.FP.FTS.B,
19.99%,
1/07/27
2,550
2,511
APP-11370718.FP.FTS.B,
23.49%,
1/07/27
16,875
16,926
APP-11306719.FP.FTS.B,
11.99%,
1/08/27
12,593
12,794
APP-11128695.FP.FTS.B,
14.49%,
1/08/27
6,036
6,132
APP-11390583.FP.FTS.B,
17.99%,
1/08/27
45,576
6,631
APP-11333322.FP.FTS.B,
18.49%,
1/08/27
19,009
19,101
APP-11385154.FP.FTS.B,
18.99%,
1/08/27
12,347
12,432
APP-11396135.FP.FTS.B,
18.99%,
1/08/27
20,115
20,264
APP-11396422.FP.FTS.B,
18.99%,
1/08/27
15,265
15,399
APP-10916969.FP.FTS.B,
19.99%,
1/08/27
8,927
9,007
APP-11393205.FP.FTS.B,
21.99%,
1/08/27
8,435
8,475
APP-11294990.FP.FTS.B,
22.49%,
1/08/27
10,130
10,126
APP-11392548.FP.FTS.B,
22.99%,
1/08/27
12,070
12,152
APP-11283833.FP.FTS.B,
14.24%,
1/09/27
20,507
20,823
APP-11373885.FP.FTS.B,
14.49%,
1/09/27
8,455
8,586
APP-11395025.FP.FTS.B,
15.49%,
1/09/27
13,930
14,067
APP-11394790.FP.FTS.B,
15.99%,
1/09/27
22,288
12,571
APP-11380536.FP.FTS.B,
17.49%,
1/09/27
16,382
16,551
APP-11381570.FP.FTS.B,
17.99%,
1/09/27
6,594
6,697
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
230
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11335531.FP.FTS.B,
16.99%,
1/10/27
$
14,764
$
14,903
APP-11408867.FP.FTS.B,
20.49%,
1/10/27
24,222
24,414
APP-09354449.FP.FTS.B,
23.49%,
1/11/27
12,385
12,556
APP-12243964.FP.FTS.B,
19.99%,
1/15/27
12,375
12,462
APP-12232521.FP.FTS.B,
19.99%,
1/18/27
10,575
1,158
APP-12266273.FP.FTS.B,
23.74%,
1/18/27
22,227
22,372
APP-12233402.FP.FTS.B,
21.49%,
1/20/27
15,334
15,478
APP-12250959.FP.FTS.B,
11.74%,
1/25/27
40,034
40,644
APP-09818529.FP.FTS.B,
17.49%,
1/25/27
15,520
15,823
APP-12185049.FP.FTS.B,
19.99%,
1/25/27
9,983
10,114
APP-12245776.FP.FTS.B,
22.49%,
1/25/27
11,135
11,193
APP-12231521.FP.FTS.B,
17.24%,
1/26/27
30,051
30,493
APP-12146298.FP.FTS.B,
8.99%,
1/27/27
.
30,279
30,729
APP-12251026.FP.FTS.B,
11.24%,
1/27/27
12,620
12,820
APP-12252003.FP.FTS.B,
13.49%,
1/27/27
12,121
12,310
APP-12244510.FP.FTS.B,
17.49%,
1/27/27
12,360
12,548
APP-12151284.FP.FTS.B,
17.99%,
1/27/27
16,518
16,760
APP-12241564.FP.FTS.B,
19.99%,
1/27/27
20,497
20,732
APP-12247637.FP.FTS.B,
19.99%,
1/27/27
26,332
26,707
APP-12243989.FP.FTS.B,
21.99%,
1/27/27
8,236
8,355
APP-11772938.FP.FTS.B,
16.49%,
2/01/27
16,307
16,493
APP-10221821.FP.FTS.B,
15.49%,
2/02/27
25,204
25,485
APP-11693698.FP.FTS.B,
16.74%,
2/02/27
41,170
41,616
APP-11807428.FP.FTS.B,
17.99%,
2/03/27
7,460
7,545
APP-11795116.FP.FTS.B,
11.74%,
2/04/27
20,915
21,178
APP-11791702.FP.FTS.B,
13.24%,
2/05/27
24,985
25,267
APP-11785699.FP.FTS.B,
18.99%,
2/05/27
13,665
13,736
APP-11753813.FP.FTS.B,
9.24%,
2/09/27
.
11,948
12,136
APP-11798862.FP.FTS.B,
16.49%,
2/09/27
10,733
10,878
APP-11810406.FP.FTS.B,
11.74%,
2/10/27
40,292
40,905
APP-11810344.FP.FTS.B,
17.49%,
2/10/27
21,860
22,049
APP-11800371.FP.FTS.B,
19.74%,
2/10/27
37,040
36,980
APP-11787878.FP.FTS.B,
19.99%,
2/10/27
6,312
6,360
APP-11805029.FP.FTS.B,
25.49%,
2/10/27
8,637
8,653
APP-11740981.FP.FTS.B,
9.24%,
2/11/27
.
12,719
12,908
APP-11779303.FP.FTS.B,
10.99%,
2/11/27
16,056
16,301
APP-11496336.FP.FTS.B,
11.24%,
2/11/27
13,698
13,907
APP-11791248.FP.FTS.B,
11.24%,
2/11/27
32,157
32,623
APP-11799511.FP.FTS.B,
13.49%,
2/11/27
12,109
12,292
APP-11496149.FP.FTS.B,
13.74%,
2/11/27
5,312
5,348
APP-11823747.FP.FTS.B,
13.74%,
2/11/27
9,336
9,483
APP-11788952.FP.FTS.B,
16.49%,
2/11/27
12,410
12,591
APP-11795686.FP.FTS.B,
16.49%,
2/11/27
12,732
12,918
APP-11779953.FP.FTS.B,
16.74%,
2/11/27
41,421
42,029
APP-11769543.FP.FTS.B,
18.24%,
2/11/27
24,914
25,102
APP-11238359.FP.FTS.B,
18.99%,
2/11/27
22,627
22,809
APP-11789582.FP.FTS.B,
19.49%,
2/11/27
11,072
11,141
APP-11805082.FP.FTS.B,
19.49%,
2/11/27
17,832
17,971
APP-11804667.FP.FTS.B,
19.99%,
2/11/27
18,189
18,313
APP-11807542.FP.FTS.B,
10.99%,
2/12/27
32,125
32,625
APP-11793986.FP.FTS.B,
11.24%,
2/12/27
11,662
11,845
APP-11794207.FP.FTS.B,
11.49%,
2/12/27
12,082
12,261
APP-11694425.FP.FTS.B,
11.74%,
2/12/27
34,206
34,740
APP-11794186.FP.FTS.B,
14.74%,
2/12/27
41,010
41,606
APP-11798052.FP.FTS.B,
18.49%,
2/12/27
24,554
24,658
APP-11753796.FP.FTS.B,
19.99%,
2/12/27
12,582
12,632
APP-11805436.FP.FTS.B,
22.49%,
2/12/27
8,534
8,576
APP-10315402.FP.FTS.B,
22.99%,
2/15/27
13,338
13,450
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11339522.FP.FTS.B,
23.49%,
2/21/27
$
17,066
$
17,139
APP-12237250.FP.FTS.B,
10.99%,
3/01/27
32,722
33,189
APP-12280379.FP.FTS.B,
16.49%,
3/01/27
16,702
16,693
APP-12236364.FP.FTS.B,
17.24%,
3/01/27
31,895
32,107
APP-12228409.FP.FTS.B,
19.99%,
3/01/27
11,278
11,225
APP-12245849.FP.FTS.B,
19.99%,
3/01/27
14,575
14,649
APP-12263763.FP.FTS.B,
22.49%,
3/01/27
29,870
29,712
APP-12106034.FP.FTS.B,
11.24%,
3/04/27
19,127
19,364
APP-12189756.FP.FTS.B,
18.24%,
3/04/27
26,658
26,728
APP-12231816.FP.FTS.B,
19.49%,
3/04/27
12,296
12,247
APP-12180444.FP.FTS.B,
25.49%,
3/04/27
8,717
8,673
APP-12262293.FP.FTS.B,
10.99%,
3/05/27
27,530
27,903
APP-12243171.FP.FTS.B,
16.24%,
3/05/27
26,970
27,291
APP-12247272.FP.FTS.B,
22.24%,
3/06/27
24,635
15,319
APP-12172287.FP.FTS.B,
19.99%,
3/07/27
13,683
13,774
APP-12017319.FP.FTS.B,
10.99%,
3/09/27
26,173
26,560
APP-12228513.FP.FTS.B,
20.24%,
3/09/27
23,942
23,913
APP-12130498.FP.FTS.B,
13.24%,
3/10/27
17,580
17,838
APP-12212103.FP.FTS.B,
16.49%,
3/10/27
18,212
9,524
APP-12213871.FP.FTS.B,
19.99%,
3/11/27
17,528
17,485
APP-11800362.FP.FTS.B,
25.49%,
3/11/27
9,511
9,536
APP-11799128.FP.FTS.B,
10.99%,
3/12/27
18,228
18,513
APP-12244387.FP.FTS.B,
11.24%,
3/12/27
25,859
26,239
APP-12250156.FP.FTS.B,
11.74%,
3/12/27
41,059
41,712
APP-12245031.FP.FTS.B,
19.99%,
3/12/27
21,403
21,447
APP-12248151.FP.FTS.B,
19.99%,
3/12/27
19,211
19,230
APP-11821897.FP.FTS.B,
25.49%,
3/12/27
2,705
2,678
APP-12246518.FP.FTS.B,
13.24%,
3/13/27
18,551
18,842
APP-12236483.FP.FTS.B,
15.24%,
3/13/27
33,212
33,466
APP-11238158.FP.FTS.B,
16.49%,
3/13/27
18,925
19,059
APP-12050299.FP.FTS.B,
17.99%,
3/13/27
9,128
9,176
APP-12236765.FP.FTS.B,
21.49%,
3/13/27
13,576
1,611
APP-12260011.FP.FTS.B,
18.24%,
3/14/27
29,671
29,845
APP-10550902.FP.FTS.B,
9.99%,
3/24/27
.
24,106
24,510
APP-10156518.FP.FTS.B,
19.99%,
3/31/27
11,533
11,521
APP-11304753.FP.FTS.B,
16.99%,
4/08/27
12,845
12,961
APP-12241288.FP.FTS.B,
22.99%,
4/13/27
42,504
42,681
APP-12269168.FP.FTS.B,
22.49%,
4/28/27
9,311
9,230
APP-12077324.FP.FTS.B,
17.99%,
5/10/27
22,316
22,276
APP-11579250.FP.FTS.B,
11.24%,
5/15/27
28,494
28,847
APP-11689215.FP.FTS.B,
14.74%,
5/18/27
24,659
13,631
APP-10479319.FP.FTS.B,
19.49%,
5/28/27
26,257
26,196
APP-11301237.FP.FTS.B,
18.49%,
6/02/27
15,922
15,917
APP-10608955.FP.FTS.B,
19.49%,
6/23/27
43,561
43,751
APP-11798675.FP.FTS.B,
15.49%,
7/10/27
12,377
12,441
APP-12222310.FP.FTS.B,
18.24%,
8/21/27
37,041
37,180
APP-11254936.FP.FTS.B,
20.99%,
12/17/27
36,485
36,375
APP-09110946.FP.FTS.B,
12.49%,
5/01/33
910
909
APP-09109841.FP.FTS.B,
13.49%,
5/04/33
430
430
APP-09239363.FP.FTS.B,
17.49%,
5/07/33
424
424
APP-09290050.FP.FTS.B,
14.49%,
5/25/33
1,533
1,541
APP-09206091.FP.FTS.B,
17.49%,
5/27/33
2,036
2,044
14,292,404
LendingClub
Corp.
-
LCX
157826557.LC.FTS.B,
12.4%,
11/03/24
...
9,883
9,170
160977025.LC.FTS.B,
12.4%,
11/12/24
...
14,184
13,776
161569311.LC.FTS.B,
8.19%,
11/20/24
...
14,567
14,269
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
231
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
(continued)
162876938.LC.FTS.B,
8.81%,
12/06/24
...
$
8,811
$
8,627
161914714.LC.FTS.B,
18.62%,
12/06/24
..
13,186
12,960
163477091.LC.FTS.B,
11.02%,
12/20/24
..
11,900
11,509
163145010.LC.FTS.B,
11.02%,
12/23/24
..
16,006
15,451
164033983.LC.FTS.B,
8.19%,
12/30/24
...
10,724
10,027
163849354.LC.FTS.B,
11.71%,
12/30/24
..
3,368
3,251
163859690.LC.FTS.B,
16.95%,
1/03/25
...
8,968
8,357
164222970.LC.FTS.B,
8.19%,
1/07/25
...
15,889
15,535
163973756.LC.FTS.B,
12.4%,
1/12/25
...
17,137
16,515
164807302.LC.FTS.B,
8.81%,
1/15/25
...
16,046
15,683
165157005.LC.FTS.B,
14.3%,
1/21/25
...
11,289
10,904
165333612.LC.FTS.B,
11.71%,
1/23/25
...
5,013
4,674
165427525.LC.FTS.B,
14.3%,
1/23/25
...
6,318
6,119
165461334.LC.FTS.B,
14.3%,
1/24/25
...
2,597
2,514
164424854.LC.FTS.B,
16.12%,
1/24/25
...
7,984
7,726
165508383.LC.FTS.B,
15.24%,
1/27/25
...
15,344
14,853
165618377.LC.FTS.B,
8.81%,
1/28/25
...
5,439
5,037
165490643.LC.FTS.B,
18.62%,
2/08/25
...
15,365
14,911
166868646.LC.FTS.B,
16.12%,
2/18/25
...
2,309
2,154
166989795.LC.FTS.B,
20.55%,
2/20/25
...
15,569
15,230
167033130.LC.FTS.B,
20.55%,
2/20/25
...
5,122
5,029
166998287.LC.FTS.B,
23.05%,
2/20/25
...
6,020
5,909
166982249.LC.FTS.B,
20.55%,
2/21/25
...
5,854
5,748
167077001.LC.FTS.B,
23.05%,
2/21/25
...
2,763
2,713
166977058.LC.FTS.B,
23.05%,
2/22/25
...
7,700
7,540
166995526.LC.FTS.B,
25.65%,
2/23/25
...
8,355
8,181
167165051.LC.FTS.B,
16.12%,
2/24/25
...
4,617
4,466
167008405.LC.FTS.B,
16.95%,
2/24/25
...
15,402
14,861
167016743.LC.FTS.B,
16.95%,
2/24/25
...
15,003
14,509
168170703.LC.FTS.B,
8.19%,
3/13/25
...
6,657
6,162
163371603.LC.FTS.B,
10.33%,
3/13/25
...
4,669
4,264
168563219.LC.FTS.B,
8.81%,
3/19/25
...
8,992
8,437
165509821.LC.FTS.B,
11.71%,
3/31/25
...
6,295
5,678
165799463.LC.FTS.B,
12.4%,
3/31/25
...
6,041
5,516
165450743.LC.FTS.B,
16.95%,
3/31/25
...
13,558
13,045
168657342.LC.FTS.B,
Zero
Cpn,
4/14/25
.
15,494
–
166104484.LC.FTS.B,
14.3%,
5/01/25
...
13,540
12,208
163257946.LC.FTS.B,
13.08%,
10/24/25
..
17,097
16,203
155233113.LC.FTS.B,
Zero
Cpn,
11/30/25
15,892
1,522
163548042.LC.FTS.B,
6.46%,
12/19/32
...
3,808
3,694
164697305.LC.FTS.B,
15.24%,
1/10/33
...
3,964
3,939
164752026.LC.FTS.B,
13.08%,
1/14/33
...
988
987
165360980.LC.FTS.B,
Zero
Cpn,
1/24/33
.
1,592
–
167474153.LC.FTS.B,
8.81%,
2/27/33
...
3,198
3,124
165130758.LC.FTS.B,
6.46%,
4/30/33
...
244
243
165920964.LC.FTS.B,
7.02%,
4/30/33
...
251
250
167019591.LC.FTS.B,
7.56%,
5/11/33
....
979
972
167046067.LC.FTS.B,
20.55%,
5/26/33
...
973
977
395,429
LendingClub
Corp.
-
LCX
PM
171017047.LC.FTS.B,
8.46%,
10/07/23
...
2,764
2,704
170824911.LC.FTS.B,
9.02%,
10/09/23
...
3,721
3,645
171209679.LC.FTS.B,
10.81%,
10/16/23
..
1,840
1,819
171295682.LC.FTS.B,
14.71%,
10/16/23
..
993
978
171594396.LC.FTS.B,
8.46%,
10/29/23
...
1,608
1,578
171339542.LC.FTS.B,
10.81%,
11/03/23
..
677
662
171698001.LC.FTS.B,
10.81%,
11/04/23
..
6,616
6,486
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
171902167.LC.FTS.B,
8.46%,
11/10/23
...
$
2,577
$
2,523
171872747.LC.FTS.B,
9.02%,
11/10/23
...
4,322
4,209
171898688.LC.FTS.B,
10.81%,
11/10/23
..
5,513
5,423
171440597.LC.FTS.B,
8.46%,
11/13/23
...
1,162
1,139
171972764.LC.FTS.B,
8.46%,
11/13/23
...
3,221
3,177
171991292.LC.FTS.B,
9.02%,
11/13/23
...
1,299
1,282
172021697.LC.FTS.B,
10.81%,
11/13/23
..
5,292
5,231
171404953.LC.FTS.B,
10.19%,
11/15/23
..
879
862
171927180.LC.FTS.B,
10.81%,
11/15/23
..
3,980
3,845
171895455.LC.FTS.B,
9.56%,
11/21/23
...
2,992
2,942
172292139.LC.FTS.B,
10.19%,
12/02/23
..
6,231
6,145
172486420.LC.FTS.B,
19.95%,
12/02/23
..
634
624
172543832.LC.FTS.B,
10.81%,
12/03/23
..
351
346
172672091.LC.FTS.B,
14.02%,
12/07/23
..
1,558
1,536
172540829.LC.FTS.B,
18.24%,
12/07/23
..
2,197
2,167
172591096.LC.FTS.B,
10.81%,
12/15/23
..
1,827
1,781
173021253.LC.FTS.B,
10.19%,
12/18/23
..
3,243
3,185
173107270.LC.FTS.B,
17.3%,
12/18/23
...
537
534
173106203.LC.FTS.B,
20.74%,
12/18/23
..
4,716
4,684
173000593.LC.FTS.B,
14.71%,
12/21/23
..
7,062
6,947
173100997.LC.FTS.B,
14.02%,
12/27/23
..
9,164
9,027
173399124.LC.FTS.B,
16.08%,
12/30/23
..
2,964
2,912
173365718.LC.FTS.B,
17.3%,
12/30/23
...
3,000
2,952
172326263.LC.FTS.B,
14.02%,
12/31/23
..
2,916
2,865
173378319.LC.FTS.B,
14.71%,
12/31/23
..
1,753
1,706
173431392.LC.FTS.B,
19.12%,
12/31/23
..
1,526
1,501
172830533.LC.FTS.B,
Zero
Cpn,
1/04/24
.
3,072
–
172968764.LC.FTS.B,
16.08%,
1/04/24
...
1,779
1,753
173559970.LC.FTS.B,
Zero
Cpn,
1/26/24
.
8,510
–
174048004.LC.FTS.B,
12.49%,
1/26/24
...
2,859
2,797
174028958.LC.FTS.B,
14.99%,
1/26/24
...
10,083
9,845
174181203.LC.FTS.B,
16.99%,
1/26/24
...
539
538
174096433.LC.FTS.B,
Zero
Cpn,
1/28/24
.
4,660
432
173990194.LC.FTS.B,
13.99%,
1/28/24
...
2,566
2,532
174205068.LC.FTS.B,
13.99%,
1/28/24
...
4,812
4,797
173995037.LC.FTS.B,
16.19%,
1/28/24
...
393
392
173720769.LC.FTS.B,
16.99%,
1/28/24
...
7,925
7,913
173993696.LC.FTS.B,
19.49%,
1/28/24
...
11,839
11,841
173506829.LC.FTS.B,
20.74%,
1/28/24
...
1,519
296
174155308.LC.FTS.B,
8.59%,
1/29/24
...
1,473
1,437
174090524.LC.FTS.B,
12.74%,
1/29/24
...
9,493
9,286
174235765.LC.FTS.B,
12.74%,
1/29/24
...
2,215
2,208
174224849.LC.FTS.B,
13.99%,
1/29/24
...
1,281
1,266
174241094.LC.FTS.B,
13.99%,
1/29/24
...
3,843
3,832
174239520.LC.FTS.B,
16.99%,
1/29/24
...
1,977
1,974
174240247.LC.FTS.B,
18.49%,
1/29/24
...
4,010
3,997
174169568.LC.FTS.B,
7.74%,
2/04/24
...
10,560
10,281
174293219.LC.FTS.B,
19.44%,
2/05/24
...
1,521
1,525
174306657.LC.FTS.B,
11.34%,
2/07/24
...
7,436
861
174343617.LC.FTS.B,
11.29%,
2/15/24
...
6,825
6,721
174107383.LC.FTS.B,
12.34%,
2/17/24
...
7,867
431
174351573.LC.FTS.B,
16.99%,
2/17/24
...
10,087
10,026
173725842.LC.FTS.B,
16.08%,
2/22/24
...
10,443
10,240
174347591.LC.FTS.B,
13.99%,
2/23/24
...
3,315
3,275
174279916.LC.FTS.B,
13.04%,
6/08/24
...
10,466
10,251
173388155.LC.FTS.B,
17.3%,
8/09/24
...
671
588
182191083.LC.FTS.B,
18.99%,
10/13/24
..
2,849
2,811
182251543.LC.FTS.B,
15.99%,
10/14/24
..
5,314
5,238
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
232
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
182168238.LC.FTS.B,
18.99%,
10/14/24
..
$
10,263
$
9,990
182227875.LC.FTS.B,
19.49%,
10/14/24
..
13,025
2,362
182189422.LC.FTS.B,
19.99%,
10/14/24
..
5,797
5,750
182333831.LC.FTS.B,
19.44%,
10/15/24
..
2,859
2,845
182308670.LC.FTS.B,
19.49%,
10/15/24
..
5,148
5,137
182183875.LC.FTS.B,
20.99%,
10/15/24
..
5,774
5,762
182215764.LC.FTS.B,
20.99%,
10/15/24
..
11,548
11,523
182310621.LC.FTS.B,
21.49%,
10/15/24
..
12,047
12,021
182294171.LC.FTS.B,
22.99%,
10/15/24
..
5,740
5,774
182334375.LC.FTS.B,
23.99%,
10/15/24
..
8,822
8,886
181823934.LC.FTS.B,
18.99%,
10/16/24
..
8,568
8,447
182279306.LC.FTS.B,
15.99%,
10/17/24
..
7,047
5,553
182309932.LC.FTS.B,
19.49%,
10/17/24
..
6,125
4,853
182060544.LC.FTS.B,
Zero
Cpn,
10/18/24
6,155
574
182090100.LC.FTS.B,
16.49%,
10/18/24
..
3,647
3,532
182322335.LC.FTS.B,
20.49%,
10/18/24
..
14,390
14,366
182332114.LC.FTS.B,
22.99%,
10/18/24
..
1,169
1,181
182334791.LC.FTS.B,
22.99%,
10/18/24
..
1,461
1,477
182127030.LC.FTS.B,
23.99%,
10/18/24
..
5,915
5,957
182386230.LC.FTS.B,
15.99%,
10/19/24
..
5,334
4,135
182352192.LC.FTS.B,
17.44%,
10/19/24
..
5,644
5,602
182455989.LC.FTS.B,
17.44%,
10/19/24
..
5,645
5,619
182112904.LC.FTS.B,
19.49%,
10/19/24
..
11,154
10,896
181717704.LC.FTS.B,
22.49%,
10/19/24
..
14,572
14,679
182413362.LC.FTS.B,
22.99%,
10/20/24
..
834
831
182410510.LC.FTS.B,
27.99%,
10/21/24
..
9,034
9,224
182327350.LC.FTS.B,
18.99%,
10/23/24
..
4,815
4,791
182222867.LC.FTS.B,
18.49%,
10/25/24
..
5,725
5,698
182348144.LC.FTS.B,
18.99%,
10/25/24
..
5,750
5,723
182434150.LC.FTS.B,
20.44%,
10/25/24
..
4,060
4,050
182411428.LC.FTS.B,
18.44%,
10/26/24
..
10,323
10,219
182341717.LC.FTS.B,
18.99%,
10/30/24
..
6,054
5,994
182545979.LC.FTS.B,
11.99%,
11/01/24
..
10,298
10,215
182385569.LC.FTS.B,
21.49%,
11/01/24
..
15,157
15,051
182713608.LC.FTS.B,
22.99%,
11/01/24
..
3,669
3,685
182709715.LC.FTS.B,
Zero
Cpn,
11/02/24
8,766
–
182830334.LC.FTS.B,
12.99%,
11/02/24
..
5,757
5,682
182833905.LC.FTS.B,
15.49%,
11/02/24
..
14,620
14,427
182797314.LC.FTS.B,
15.99%,
11/02/24
..
5,915
5,767
182852118.LC.FTS.B,
16.49%,
11/02/24
..
6,473
6,420
182842810.LC.FTS.B,
17.49%,
11/02/24
..
5,328
5,285
182863345.LC.FTS.B,
18.99%,
11/02/24
..
2,987
2,962
182863664.LC.FTS.B,
19.99%,
11/02/24
..
2,525
2,505
182884975.LC.FTS.B,
15.99%,
11/03/24
..
15,577
5,754
182914089.LC.FTS.B,
17.19%,
11/03/24
..
2,659
2,638
182877276.LC.FTS.B,
17.49%,
11/03/24
..
3,856
3,821
182882751.LC.FTS.B,
18.99%,
11/03/24
..
2,090
2,074
182406475.LC.FTS.B,
19.99%,
11/03/24
..
7,002
6,938
182901080.LC.FTS.B,
22.49%,
11/03/24
..
2,439
2,451
182343246.LC.FTS.B,
22.99%,
11/03/24
..
3,669
3,687
182919920.LC.FTS.B,
10.34%,
11/04/24
..
8,491
8,430
182907566.LC.FTS.B,
15.99%,
11/04/24
..
1,642
1,630
182914824.LC.FTS.B,
16.49%,
11/04/24
..
5,887
5,836
182927640.LC.FTS.B,
16.49%,
11/04/24
..
3,059
3,032
182953244.LC.FTS.B,
17.49%,
11/04/24
..
5,920
5,875
182908181.LC.FTS.B,
17.99%,
11/04/24
..
3,519
3,492
182281352.LC.FTS.B,
18.99%,
11/04/24
..
7,168
7,113
182921573.LC.FTS.B,
18.99%,
11/04/24
..
12,176
1,384
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
182488402.LC.FTS.B,
19.49%,
11/04/24
..
$
4,068
$
1,501
182726206.LC.FTS.B,
19.99%,
11/04/24
..
2,704
2,688
183008113.LC.FTS.B,
11.99%,
11/05/24
..
3,433
3,390
182498467.LC.FTS.B,
14.99%,
11/05/24
..
4,628
1,702
182766834.LC.FTS.B,
15.99%,
11/05/24
..
15,394
5,625
182864591.LC.FTS.B,
18.44%,
11/05/24
..
21,018
20,861
182954507.LC.FTS.B,
18.44%,
11/05/24
..
4,667
1,700
182054732.LC.FTS.B,
18.99%,
11/05/24
..
2,585
2,565
182892987.LC.FTS.B,
18.99%,
11/05/24
..
7,168
7,115
182923000.LC.FTS.B,
18.99%,
11/05/24
..
14,935
14,822
182929096.LC.FTS.B,
18.99%,
11/05/24
..
3,584
3,557
182918450.LC.FTS.B,
22.99%,
11/05/24
..
6,116
6,150
182830358.LC.FTS.B,
24.99%,
11/05/24
..
4,785
4,816
182854752.LC.FTS.B,
18.99%,
11/07/24
..
12,001
11,900
182428388.LC.FTS.B,
Zero
Cpn,
11/08/24
13,475
–
183012848.LC.FTS.B,
6%,
11/08/24
.....
6,555
6,478
182862683.LC.FTS.B,
11.04%,
11/08/24
..
7,475
1,252
182951096.LC.FTS.B,
12.99%,
11/08/24
..
12,379
12,294
182935882.LC.FTS.B,
14.49%,
11/08/24
..
5,812
5,756
183005145.LC.FTS.B,
14.49%,
11/08/24
..
10,462
10,389
182937534.LC.FTS.B,
15.99%,
11/08/24
..
5,866
5,809
182874683.LC.FTS.B,
16.19%,
11/08/24
..
11,965
11,859
182990403.LC.FTS.B,
16.49%,
11/08/24
..
5,574
5,535
182991246.LC.FTS.B,
16.49%,
11/08/24
..
4,707
4,674
182769411.LC.FTS.B,
18.44%,
11/08/24
..
2,858
2,837
182999357.LC.FTS.B,
18.44%,
11/08/24
..
6,112
2,271
182908610.LC.FTS.B,
18.49%,
11/08/24
..
17,769
17,626
182934535.LC.FTS.B,
18.49%,
11/08/24
..
21,940
8,051
182946096.LC.FTS.B,
22.99%,
11/08/24
..
3,058
3,077
182967907.LC.FTS.B,
18.19%,
11/09/24
..
22,725
3,990
182737632.LC.FTS.B,
20.99%,
11/10/24
..
6,091
6,030
182923608.LC.FTS.B,
Zero
Cpn,
11/12/24
4,693
–
182875454.LC.FTS.B,
12.99%,
11/12/24
..
3,878
3,851
183149370.LC.FTS.B,
15.19%,
11/12/24
..
2,919
2,901
183022196.LC.FTS.B,
15.99%,
11/12/24
..
5,631
5,597
183108244.LC.FTS.B,
15.99%,
11/12/24
..
1,173
1,166
183143740.LC.FTS.B,
16.49%,
11/12/24
..
5,002
4,957
182977352.LC.FTS.B,
17.44%,
11/12/24
..
5,918
5,882
182921780.LC.FTS.B,
11.04%,
11/13/24
..
12,302
12,183
182716700.LC.FTS.B,
14.99%,
11/14/24
..
5,876
5,836
182861781.LC.FTS.B,
Zero
Cpn,
11/15/24
13,253
–
182828421.LC.FTS.B,
11.49%,
11/15/24
..
17,177
17,061
182991991.LC.FTS.B,
11.49%,
11/15/24
..
4,536
4,487
182936009.LC.FTS.B,
13.04%,
11/15/24
..
9,904
9,844
183154424.LC.FTS.B,
15.99%,
11/15/24
..
8,213
8,165
183171929.LC.FTS.B,
16.49%,
11/15/24
..
3,533
3,508
182460757.LC.FTS.B,
17.44%,
11/15/24
..
7,032
226
182850075.LC.FTS.B,
17.99%,
11/15/24
..
13,963
13,880
182547090.LC.FTS.B,
18.99%,
11/15/24
..
9,103
9,014
183150801.LC.FTS.B,
18.99%,
11/15/24
..
5,974
5,938
183164730.LC.FTS.B,
18.99%,
11/15/24
..
717
712
182903788.LC.FTS.B,
19.49%,
11/15/24
..
12,744
12,675
183048902.LC.FTS.B,
19.49%,
11/15/24
..
14,979
14,928
183127694.LC.FTS.B,
19.49%,
11/15/24
..
9,646
9,491
182850730.LC.FTS.B,
22.99%,
11/15/24
..
11,223
11,249
183261327.LC.FTS.B,
11.04%,
11/16/24
..
9,614
9,431
183334882.LC.FTS.B,
11.99%,
11/16/24
..
3,433
3,395
182786422.LC.FTS.B,
13.99%,
11/16/24
..
8,986
421
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
233
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
182487044.LC.FTS.B,
14.99%,
11/16/24
..
$
8,858
$
8,600
182762119.LC.FTS.B,
15.49%,
11/16/24
..
4,742
4,710
183199016.LC.FTS.B,
18.99%,
11/16/24
..
2,988
2,943
183248270.LC.FTS.B,
18.99%,
11/16/24
..
5,974
5,940
183249845.LC.FTS.B,
18.99%,
11/16/24
..
5,078
5,048
183204737.LC.FTS.B,
19.49%,
11/16/24
..
3,848
3,825
183265092.LC.FTS.B,
20.44%,
11/16/24
..
4,519
4,504
182940512.LC.FTS.B,
9.34%,
11/17/24
...
1,158
1,132
183199235.LC.FTS.B,
10.99%,
11/17/24
..
8,527
8,436
183036723.LC.FTS.B,
16.49%,
11/17/24
..
8,473
8,427
183312442.LC.FTS.B,
17.44%,
11/17/24
..
5,371
646
183258872.LC.FTS.B,
17.99%,
11/17/24
..
6,413
6,378
183131010.LC.FTS.B,
18.99%,
11/17/24
..
2,150
2,138
183281498.LC.FTS.B,
18.99%,
11/17/24
..
5,974
5,941
182874149.LC.FTS.B,
22.99%,
11/17/24
..
12,445
12,517
183376238.LC.FTS.B,
15.19%,
11/18/24
..
8,129
8,088
183297337.LC.FTS.B,
15.49%,
11/18/24
..
6,433
6,401
183031081.LC.FTS.B,
15.99%,
11/18/24
..
10,852
10,618
183301563.LC.FTS.B,
15.99%,
11/18/24
..
3,226
3,210
183195827.LC.FTS.B,
16.49%,
11/18/24
..
20,595
20,260
183237884.LC.FTS.B,
18.19%,
11/18/24
..
14,269
14,195
182840575.LC.FTS.B,
18.99%,
11/18/24
..
2,987
2,971
182861390.LC.FTS.B,
18.99%,
11/18/24
..
11,893
11,823
183290549.LC.FTS.B,
18.99%,
11/18/24
..
11,221
11,143
183307678.LC.FTS.B,
18.99%,
11/18/24
..
4,480
4,457
183319106.LC.FTS.B,
18.99%,
11/18/24
..
5,974
5,943
183239686.LC.FTS.B,
20.44%,
11/18/24
..
14,490
14,414
183308830.LC.FTS.B,
22.99%,
11/18/24
..
2,202
2,222
182787978.LC.FTS.B,
Zero
Cpn,
11/19/24
3,488
328
183351808.LC.FTS.B,
11.49%,
11/19/24
..
8,554
8,467
183388949.LC.FTS.B,
14.19%,
11/19/24
..
19,431
19,255
183082106.LC.FTS.B,
15.99%,
11/19/24
..
6,746
6,638
183325965.LC.FTS.B,
15.99%,
11/19/24
..
11,233
11,178
183273399.LC.FTS.B,
18.99%,
11/19/24
..
4,301
4,280
183339518.LC.FTS.B,
18.99%,
11/19/24
..
5,974
5,944
183355970.LC.FTS.B,
22.99%,
11/19/24
..
6,116
6,175
183366235.LC.FTS.B,
22.99%,
11/19/24
..
3,058
3,088
182746441.LC.FTS.B,
17.44%,
11/20/24
..
10,486
1,874
182390204.LC.FTS.B,
18.99%,
11/20/24
..
10,851
10,786
182810364.LC.FTS.B,
19.49%,
11/20/24
..
11,584
11,537
182398953.LC.FTS.B,
23.99%,
11/20/24
..
5,820
71
183009664.LC.FTS.B,
14.19%,
11/21/24
..
8,737
8,687
183424030.LC.FTS.B,
12.24%,
11/22/24
..
4,118
4,079
182983769.LC.FTS.B,
12.99%,
11/22/24
..
2,764
2,744
183270133.LC.FTS.B,
14.44%,
11/22/24
..
4,671
4,632
183422493.LC.FTS.B,
14.99%,
11/22/24
..
1,399
1,393
183428100.LC.FTS.B,
16.99%,
11/22/24
..
11,805
11,737
183268922.LC.FTS.B,
17.99%,
11/22/24
..
15,120
15,018
183326198.LC.FTS.B,
18.99%,
11/22/24
..
4,779
4,757
183394488.LC.FTS.B,
18.99%,
11/22/24
..
2,987
2,973
183369334.LC.FTS.B,
22.99%,
11/22/24
..
10,649
10,712
183400615.LC.FTS.B,
12.49%,
11/23/24
..
14,356
14,280
183464008.LC.FTS.B,
15.24%,
11/23/24
..
15,858
15,638
183501862.LC.FTS.B,
16.19%,
11/23/24
..
9,330
1,102
182940029.LC.FTS.B,
16.49%,
11/23/24
..
3,940
3,918
182618845.LC.FTS.B,
18.99%,
11/23/24
..
5,974
5,931
183430526.LC.FTS.B,
18.99%,
11/23/24
..
5,974
5,948
183431297.LC.FTS.B,
18.99%,
11/23/24
..
2,389
2,372
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
182950120.LC.FTS.B,
22.99%,
11/23/24
..
$
16,451
$
16,541
183554355.LC.FTS.B,
15.19%,
11/24/24
..
6,421
6,396
183464408.LC.FTS.B,
15.99%,
11/24/24
..
3,697
455
183532866.LC.FTS.B,
15.99%,
11/24/24
..
3,513
3,497
183565213.LC.FTS.B,
16.19%,
11/24/24
..
1,459
1,446
183476973.LC.FTS.B,
16.49%,
11/24/24
..
8,782
8,647
183540917.LC.FTS.B,
16.49%,
11/24/24
..
1,471
1,465
183540900.LC.FTS.B,
18.44%,
11/24/24
..
1,488
1,483
183371602.LC.FTS.B,
18.99%,
11/24/24
..
12,501
12,422
183407963.LC.FTS.B,
18.99%,
11/24/24
..
5,320
5,287
182884112.LC.FTS.B,
15.74%,
11/25/24
..
20,610
20,271
183339903.LC.FTS.B,
Zero
Cpn,
11/26/24
8,120
755
183343101.LC.FTS.B,
Zero
Cpn,
11/26/24
6,360
–
183519416.LC.FTS.B,
15.49%,
11/26/24
..
6,121
6,072
183524052.LC.FTS.B,
16.49%,
11/26/24
..
15,522
15,432
183520286.LC.FTS.B,
16.99%,
11/26/24
..
5,312
5,293
183504509.LC.FTS.B,
18.49%,
11/26/24
..
11,246
11,130
183027816.LC.FTS.B,
18.99%,
11/26/24
..
5,826
5,781
183439545.LC.FTS.B,
19.49%,
11/26/24
..
3,344
3,340
183342456.LC.FTS.B,
22.49%,
11/26/24
..
15,245
15,426
183441212.LC.FTS.B,
22.99%,
11/26/24
..
1,315
1,330
183518965.LC.FTS.B,
24.99%,
11/26/24
..
3,353
651
183287166.LC.FTS.B,
18.49%,
11/28/24
..
8,996
1,662
183259213.LC.FTS.B,
18.99%,
11/28/24
..
3,350
3,322
183402694.LC.FTS.B,
11.99%,
11/29/24
..
7,238
7,128
183250462.LC.FTS.B,
14.99%,
11/29/24
..
5,513
5,459
183538925.LC.FTS.B,
15.99%,
11/29/24
..
8,590
1,745
183425417.LC.FTS.B,
16.49%,
11/29/24
..
8,772
8,650
183522405.LC.FTS.B,
17.99%,
11/29/24
..
21,721
21,531
183102073.LC.FTS.B,
18.99%,
11/29/24
..
2,839
2,803
183619170.LC.FTS.B,
14.19%,
11/30/24
..
6,071
6,017
183474066.LC.FTS.B,
15%,
11/30/24
....
3,807
3,409
183500540.LC.FTS.B,
15.99%,
11/30/24
..
4,908
4,864
183356155.LC.FTS.B,
16.99%,
11/30/24
..
15,572
15,413
182783983.LC.FTS.B,
17.49%,
11/30/24
..
13,819
13,637
183602959.LC.FTS.B,
18.49%,
11/30/24
..
4,000
3,971
183339461.LC.FTS.B,
18.99%,
11/30/24
..
11,341
11,222
183616976.LC.FTS.B,
18.99%,
11/30/24
..
6,490
6,431
183291733.LC.FTS.B,
19.99%,
11/30/24
..
4,561
4,513
183674531.LC.FTS.B,
Zero
Cpn,
12/01/24
8,421
401
183362712.LC.FTS.B,
15.99%,
12/01/24
..
9,964
9,862
183663596.LC.FTS.B,
16.19%,
12/01/24
..
9,829
9,739
183359486.LC.FTS.B,
16.99%,
12/01/24
..
5,935
5,874
183645675.LC.FTS.B,
19.99%,
12/01/24
..
2,511
2,489
183673337.LC.FTS.B,
23.99%,
12/01/24
..
16,037
16,067
183691663.LC.FTS.B,
13.04%,
12/02/24
..
4,825
4,665
183762903.LC.FTS.B,
15.44%,
12/02/24
..
4,679
4,613
183705826.LC.FTS.B,
15.99%,
12/02/24
..
13,192
13,077
183434525.LC.FTS.B,
19.99%,
12/02/24
..
12,051
11,955
183697716.LC.FTS.B,
22.99%,
12/02/24
..
638
640
183354385.LC.FTS.B,
12.49%,
12/03/24
..
3,607
3,577
183695987.LC.FTS.B,
15.99%,
12/03/24
..
12,583
12,287
183777683.LC.FTS.B,
18.99%,
12/03/24
..
5,243
5,197
183609082.LC.FTS.B,
19.49%,
12/03/24
..
2,504
2,484
183773059.LC.FTS.B,
21.99%,
12/03/24
..
9,519
9,547
183402493.LC.FTS.B,
22.99%,
12/03/24
..
4,267
4,264
183788267.LC.FTS.B,
22.99%,
12/03/24
..
2,297
2,304
183693231.LC.FTS.B,
12.49%,
12/05/24
..
966
957
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
234
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
183502968.LC.FTS.B,
15.19%,
12/05/24
..
$
4,849
$
278
183535525.LC.FTS.B,
17.99%,
12/05/24
..
4,371
4,285
183410744.LC.FTS.B,
Zero
Cpn,
12/06/24
10,531
–
183189944.LC.FTS.B,
13.04%,
12/06/24
..
9,043
8,945
183827173.LC.FTS.B,
14.99%,
12/06/24
..
3,105
3,078
183203390.LC.FTS.B,
15.49%,
12/06/24
..
15,345
15,205
183769602.LC.FTS.B,
16.19%,
12/06/24
..
5,544
5,493
183766217.LC.FTS.B,
16.49%,
12/06/24
..
5,231
5,138
183795092.LC.FTS.B,
17.49%,
12/06/24
..
9,902
9,792
183802837.LC.FTS.B,
17.99%,
12/06/24
..
17,580
17,433
183785739.LC.FTS.B,
18.44%,
12/06/24
..
2,847
332
183558965.LC.FTS.B,
18.99%,
12/06/24
..
4,494
4,456
183799482.LC.FTS.B,
18.99%,
12/06/24
..
6,293
6,250
183818205.LC.FTS.B,
18.99%,
12/06/24
..
14,980
14,853
183541347.LC.FTS.B,
22.99%,
12/06/24
..
6,380
6,402
183853227.LC.FTS.B,
Zero
Cpn,
12/07/24
6,050
282
183169104.LC.FTS.B,
12.34%,
12/07/24
..
15,615
15,407
183193558.LC.FTS.B,
12.49%,
12/07/24
..
15,020
14,653
183895042.LC.FTS.B,
12.49%,
12/07/24
..
7,071
361
183890926.LC.FTS.B,
15.19%,
12/07/24
..
21,987
21,811
183568984.LC.FTS.B,
15.99%,
12/07/24
..
18,522
18,272
183882045.LC.FTS.B,
15.99%,
12/07/24
..
9,204
9,053
183901831.LC.FTS.B,
16.49%,
12/07/24
..
18,461
18,311
183585296.LC.FTS.B,
17.49%,
12/07/24
..
6,189
6,104
183893289.LC.FTS.B,
18.44%,
12/07/24
..
1,555
1,538
183739101.LC.FTS.B,
18.99%,
12/07/24
..
4,993
4,910
183882847.LC.FTS.B,
21.99%,
12/07/24
..
6,494
2,455
183710611.LC.FTS.B,
22.49%,
12/07/24
..
2,559
2,560
183864519.LC.FTS.B,
22.49%,
12/07/24
..
11,083
11,041
183872755.LC.FTS.B,
22.99%,
12/07/24
..
6,718
6,683
183835868.LC.FTS.B,
24.99%,
12/07/24
..
6,321
6,370
183842381.LC.FTS.B,
24.99%,
12/07/24
..
7,739
7,783
183294973.LC.FTS.B,
27.99%,
12/07/24
..
11,791
11,897
183947592.LC.FTS.B,
Zero
Cpn,
12/08/24
6,201
–
183582634.LC.FTS.B,
11.04%,
12/08/24
..
2,950
2,854
184003016.LC.FTS.B,
13.19%,
12/08/24
..
905
893
183915427.LC.FTS.B,
13.24%,
12/08/24
..
14,723
14,604
183732977.LC.FTS.B,
14.49%,
12/08/24
..
9,124
9,053
183913486.LC.FTS.B,
14.49%,
12/08/24
..
3,041
3,018
183954033.LC.FTS.B,
14.49%,
12/08/24
..
8,541
8,479
183587648.LC.FTS.B,
15.99%,
12/08/24
..
9,329
335
183955270.LC.FTS.B,
16.49%,
12/08/24
..
1,538
1,526
183942448.LC.FTS.B,
17.99%,
12/08/24
..
2,330
848
183938966.LC.FTS.B,
18.49%,
12/08/24
..
7,604
7,542
183551116.LC.FTS.B,
18.99%,
12/08/24
..
4,369
4,334
183942961.LC.FTS.B,
18.99%,
12/08/24
..
3,121
3,095
183801794.LC.FTS.B,
19.44%,
12/08/24
..
6,207
6,164
183973489.LC.FTS.B,
Zero
Cpn,
12/09/24
4,534
–
183961259.LC.FTS.B,
12.74%,
12/09/24
..
6,020
5,976
184035228.LC.FTS.B,
13.04%,
12/09/24
..
9,046
8,930
184037141.LC.FTS.B,
13.19%,
12/09/24
..
4,483
4,425
183959313.LC.FTS.B,
13.24%,
12/09/24
..
10,642
515
183835923.LC.FTS.B,
15.19%,
12/09/24
..
6,994
6,934
183294173.LC.FTS.B,
15.99%,
12/09/24
..
3,685
3,653
183610510.LC.FTS.B,
15.99%,
12/09/24
..
13,499
13,360
183931492.LC.FTS.B,
16.99%,
12/09/24
..
12,344
12,167
183951356.LC.FTS.B,
17.49%,
12/09/24
..
10,831
10,748
183972047.LC.FTS.B,
17.49%,
12/09/24
..
619
614
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
183968599.LC.FTS.B,
18.99%,
12/09/24
..
$
2,497
$
2,477
183966895.LC.FTS.B,
19.99%,
12/09/24
..
7,438
7,389
183576580.LC.FTS.B,
20.44%,
12/09/24
..
15,730
15,631
183880382.LC.FTS.B,
22.99%,
12/09/24
..
3,195
3,188
183967026.LC.FTS.B,
22.99%,
12/09/24
..
11,485
11,538
183969487.LC.FTS.B,
22.99%,
12/09/24
..
9,634
9,646
183983228.LC.FTS.B,
26.49%,
12/09/24
..
15,603
15,722
183493762.LC.FTS.B,
12.24%,
12/10/24
..
21,246
20,949
184037034.LC.FTS.B,
12.49%,
12/10/24
..
601
597
183775188.LC.FTS.B,
14.44%,
12/10/24
..
9,729
9,467
184000110.LC.FTS.B,
15.49%,
12/10/24
..
9,789
9,718
183974082.LC.FTS.B,
15.99%,
12/10/24
..
12,878
12,783
184004060.LC.FTS.B,
16.49%,
12/10/24
..
17,230
17,103
183929309.LC.FTS.B,
16.99%,
12/10/24
..
12,331
12,239
184001961.LC.FTS.B,
16.99%,
12/10/24
..
4,835
4,766
184006108.LC.FTS.B,
16.99%,
12/10/24
..
7,714
7,657
184044208.LC.FTS.B,
16.99%,
12/10/24
..
16,292
16,172
184008894.LC.FTS.B,
17.99%,
12/10/24
..
6,206
6,160
183687452.LC.FTS.B,
18.99%,
12/10/24
..
624
619
183979122.LC.FTS.B,
18.99%,
12/10/24
..
1,504
1,491
184026094.LC.FTS.B,
22.99%,
12/10/24
..
4,251
4,261
182860020.LC.FTS.B,
15.44%,
12/12/24
..
22,179
21,996
184025076.LC.FTS.B,
18.99%,
12/12/24
..
6,890
6,833
184073466.LC.FTS.B,
Zero
Cpn,
12/13/24
4,494
–
184035087.LC.FTS.B,
10.34%,
12/13/24
..
5,934
5,861
184030481.LC.FTS.B,
11.04%,
12/13/24
..
4,172
4,080
184049185.LC.FTS.B,
13.24%,
12/13/24
..
10,869
10,794
183789603.LC.FTS.B,
14.99%,
12/13/24
..
10,610
1,825
184083997.LC.FTS.B,
16.44%,
12/13/24
..
4,239
3,309
183170547.LC.FTS.B,
16.49%,
12/13/24
..
17,404
16,984
184074389.LC.FTS.B,
16.49%,
12/13/24
..
6,461
6,416
184003705.LC.FTS.B,
17.99%,
12/13/24
..
9,310
9,243
184046281.LC.FTS.B,
18.99%,
12/13/24
..
749
743
183770308.LC.FTS.B,
21.49%,
12/13/24
..
1,962
1,951
184053243.LC.FTS.B,
Zero
Cpn,
12/14/24
13,336
–
184058193.LC.FTS.B,
Zero
Cpn,
12/14/24
7,508
702
184125481.LC.FTS.B,
Zero
Cpn,
12/14/24
5,927
–
184106683.LC.FTS.B,
9.99%,
12/14/24
...
8,882
8,495
184070958.LC.FTS.B,
10.49%,
12/14/24
..
3,341
3,297
184028586.LC.FTS.B,
10.99%,
12/14/24
..
17,872
17,452
184058069.LC.FTS.B,
11.04%,
12/14/24
..
4,171
4,061
184056676.LC.FTS.B,
15.99%,
12/14/24
..
3,068
2,985
184105133.LC.FTS.B,
15.99%,
12/14/24
..
7,984
7,829
183304150.LC.FTS.B,
16.49%,
12/14/24
..
7,077
7,028
184078696.LC.FTS.B,
17.99%,
12/14/24
..
6,137
6,081
184127825.LC.FTS.B,
18.44%,
12/14/24
..
4,353
(96)
184111504.LC.FTS.B,
18.99%,
12/14/24
..
7,493
7,432
184091538.LC.FTS.B,
19.99%,
12/14/24
..
4,078
735
184106917.LC.FTS.B,
22.99%,
12/14/24
..
7,656
7,701
183398584.LC.FTS.B,
Zero
Cpn,
12/15/24
3,116
291
183959795.LC.FTS.B,
Zero
Cpn,
12/15/24
7,970
–
184202834.LC.FTS.B,
10.49%,
12/15/24
..
9,503
9,389
183776421.LC.FTS.B,
11.04%,
12/15/24
..
4,601
4,488
183184685.LC.FTS.B,
13.24%,
12/15/24
..
4,871
4,835
183708997.LC.FTS.B,
13.44%,
12/15/24
..
3,047
3,024
183869083.LC.FTS.B,
15.19%,
12/15/24
..
6,108
6,067
184073189.LC.FTS.B,
15.19%,
12/15/24
..
2,786
2,767
183926594.LC.FTS.B,
15.99%,
12/15/24
..
5,184
5,144
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
235
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
184009446.LC.FTS.B,
16.49%,
12/15/24
..
$
4,930
$
4,891
183974444.LC.FTS.B,
16.99%,
12/15/24
..
3,103
3,080
183717093.LC.FTS.B,
18.99%,
12/15/24
..
4,370
4,335
183796732.LC.FTS.B,
18.99%,
12/15/24
..
5,041
5,001
184104394.LC.FTS.B,
18.99%,
12/15/24
..
15,604
15,497
183776889.LC.FTS.B,
19.49%,
12/15/24
..
6,266
6,221
184099284.LC.FTS.B,
19.49%,
12/15/24
..
9,348
9,257
183693847.LC.FTS.B,
19.99%,
12/15/24
..
5,750
5,714
183980484.LC.FTS.B,
21.99%,
12/15/24
..
17,902
3,356
184076230.LC.FTS.B,
21.99%,
12/15/24
..
3,807
3,831
184220816.LC.FTS.B,
Zero
Cpn,
12/16/24
7,431
702
184125379.LC.FTS.B,
10.34%,
12/16/24
..
11,274
10,850
184213707.LC.FTS.B,
10.34%,
12/16/24
..
21,362
21,114
184230024.LC.FTS.B,
15.44%,
12/16/24
..
9,786
9,725
183602283.LC.FTS.B,
15.99%,
12/16/24
..
16,206
12,526
184167764.LC.FTS.B,
15.99%,
12/16/24
..
10,281
10,215
184016559.LC.FTS.B,
16.44%,
12/16/24
..
3,891
3,836
184149278.LC.FTS.B,
16.49%,
12/16/24
..
7,996
7,946
183752485.LC.FTS.B,
16.99%,
12/16/24
..
13,913
1,670
184118078.LC.FTS.B,
17.44%,
12/16/24
..
3,093
3,074
184233839.LC.FTS.B,
18.44%,
12/16/24
..
6,222
6,182
184234038.LC.FTS.B,
18.44%,
12/16/24
..
7,137
5,604
184208226.LC.FTS.B,
Zero
Cpn,
12/17/24
5,980
561
184236479.LC.FTS.B,
Zero
Cpn,
12/17/24
18,869
1,769
183604911.LC.FTS.B,
10.24%,
12/17/24
..
3,961
3,878
184250542.LC.FTS.B,
12.49%,
12/17/24
..
4,809
4,781
184245291.LC.FTS.B,
13.19%,
12/17/24
..
21,127
21,002
184142932.LC.FTS.B,
13.99%,
12/17/24
..
13,949
13,501
184191218.LC.FTS.B,
13.99%,
12/17/24
..
10,421
10,205
184235593.LC.FTS.B,
15.19%,
12/17/24
..
1,527
1,518
184248232.LC.FTS.B,
16.19%,
12/17/24
..
3,071
3,053
184243930.LC.FTS.B,
16.49%,
12/17/24
..
3,692
3,670
184125400.LC.FTS.B,
16.99%,
12/17/24
..
11,077
10,945
183862855.LC.FTS.B,
17.44%,
12/17/24
..
4,996
4,944
184015727.LC.FTS.B,
18.99%,
12/17/24
..
6,242
6,203
184246546.LC.FTS.B,
18.99%,
12/17/24
..
12,483
12,405
184252044.LC.FTS.B,
18.99%,
12/17/24
..
3,963
3,939
184252099.LC.FTS.B,
18.99%,
12/17/24
..
3,121
3,101
184253714.LC.FTS.B,
19.49%,
12/17/24
..
16,618
16,420
183943415.LC.FTS.B,
19.99%,
12/17/24
..
9,415
9,374
183929820.LC.FTS.B,
15.49%,
12/18/24
..
3,085
3,063
183874684.LC.FTS.B,
19.49%,
12/19/24
..
6,976
6,932
184186523.LC.FTS.B,
9.29%,
12/20/24
...
8,254
7,970
184238507.LC.FTS.B,
12.49%,
12/20/24
..
2,920
2,871
184245796.LC.FTS.B,
14.44%,
12/20/24
..
8,479
8,307
183409645.LC.FTS.B,
14.49%,
12/20/24
..
14,600
14,458
183975067.LC.FTS.B,
15.49%,
12/20/24
..
3,082
3,062
184065895.LC.FTS.B,
15.49%,
12/20/24
..
7,342
7,300
184281222.LC.FTS.B,
15.99%,
12/20/24
..
6,136
6,100
183474005.LC.FTS.B,
16.49%,
12/20/24
..
6,415
6,377
184264223.LC.FTS.B,
16.49%,
12/20/24
..
18,799
18,691
184274458.LC.FTS.B,
18.49%,
12/20/24
..
11,203
11,137
183828952.LC.FTS.B,
18.99%,
12/20/24
..
4,532
4,501
184210526.LC.FTS.B,
18.99%,
12/20/24
..
8,988
8,935
184281792.LC.FTS.B,
18.99%,
12/20/24
..
3,121
3,102
184284744.LC.FTS.B,
18.99%,
12/20/24
..
2,185
2,172
184342759.LC.FTS.B,
Zero
Cpn,
12/21/24
8,580
–
184374598.LC.FTS.B,
12.19%,
12/21/24
..
4,728
4,699
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
184409177.LC.FTS.B,
12.24%,
12/21/24
..
$
12,470
$
12,330
184364758.LC.FTS.B,
12.49%,
12/21/24
..
902
897
184342167.LC.FTS.B,
13.99%,
12/21/24
..
606
601
184344324.LC.FTS.B,
14.19%,
12/21/24
..
4,858
4,831
183895252.LC.FTS.B,
14.44%,
12/21/24
..
9,121
8,803
184365775.LC.FTS.B,
14.49%,
12/21/24
..
12,860
2,313
184336095.LC.FTS.B,
17.44%,
12/21/24
..
7,425
7,361
184350898.LC.FTS.B,
17.44%,
12/21/24
..
9,281
9,201
184370090.LC.FTS.B,
17.99%,
12/21/24
..
1,862
1,851
184063399.LC.FTS.B,
18.99%,
12/21/24
..
4,401
4,370
184376915.LC.FTS.B,
18.99%,
12/21/24
..
11,984
11,915
184340869.LC.FTS.B,
22.99%,
12/21/24
..
3,318
3,334
184369171.LC.FTS.B,
12.19%,
12/22/24
..
6,000
5,918
184320356.LC.FTS.B,
13.44%,
12/22/24
..
5,985
5,796
184353845.LC.FTS.B,
15.99%,
12/22/24
..
6,085
5,982
184102807.LC.FTS.B,
18.99%,
12/22/24
..
15,606
15,506
184149207.LC.FTS.B,
18.99%,
12/22/24
..
6,366
6,333
184394307.LC.FTS.B,
18.99%,
12/22/24
..
2,809
2,794
184431796.LC.FTS.B,
Zero
Cpn,
12/23/24
5,386
506
184441891.LC.FTS.B,
8.99%,
12/23/24
...
8,015
7,931
184389245.LC.FTS.B,
11.99%,
12/23/24
..
17,980
17,682
184048740.LC.FTS.B,
12.49%,
12/23/24
..
10,670
10,556
184408809.LC.FTS.B,
13.44%,
12/23/24
..
9,302
9,229
184090890.LC.FTS.B,
16.49%,
12/23/24
..
3,686
3,668
184030866.LC.FTS.B,
16.99%,
12/23/24
..
13,518
13,313
184408132.LC.FTS.B,
16.99%,
12/23/24
..
11,770
11,697
183756956.LC.FTS.B,
17.49%,
12/23/24
..
6,808
6,773
184192472.LC.FTS.B,
17.99%,
12/23/24
..
5,306
5,279
184435348.LC.FTS.B,
17.99%,
12/23/24
..
3,103
3,087
184197580.LC.FTS.B,
18.99%,
12/23/24
..
4,528
4,499
184065866.LC.FTS.B,
19.49%,
12/23/24
..
7,558
7,379
184272023.LC.FTS.B,
19.49%,
12/23/24
..
9,693
9,666
184367167.LC.FTS.B,
21.49%,
12/23/24
..
4,430
4,417
184189674.LC.FTS.B,
18.44%,
12/24/24
..
6,994
6,956
183794044.LC.FTS.B,
18.99%,
12/24/24
..
7,091
7,053
184168561.LC.FTS.B,
21.99%,
12/24/24
..
2,301
2,313
184045620.LC.FTS.B,
Zero
Cpn,
12/25/24
6,891
–
183961839.LC.FTS.B,
11.04%,
12/25/24
..
4,809
4,682
183711809.LC.FTS.B,
17.49%,
12/25/24
..
11,353
11,287
183780343.LC.FTS.B,
18.44%,
12/25/24
..
3,349
3,332
184068690.LC.FTS.B,
18.49%,
12/25/24
..
6,483
6,343
184005390.LC.FTS.B,
19.99%,
12/25/24
..
1,901
1,892
184046212.LC.FTS.B,
11.99%,
12/26/24
..
2,406
2,393
184379124.LC.FTS.B,
9.29%,
12/27/24
...
14,740
14,150
184405061.LC.FTS.B,
11.84%,
12/27/24
..
6,005
5,938
184346927.LC.FTS.B,
13.24%,
12/27/24
..
17,646
17,261
184428613.LC.FTS.B,
13.24%,
12/27/24
..
18,114
17,765
184447670.LC.FTS.B,
14.44%,
12/27/24
..
6,081
6,054
184441920.LC.FTS.B,
14.99%,
12/27/24
..
3,596
463
184448743.LC.FTS.B,
15.99%,
12/27/24
..
6,872
6,841
184418501.LC.FTS.B,
16.19%,
12/27/24
..
3,686
3,647
184454192.LC.FTS.B,
16.19%,
12/27/24
..
5,221
5,198
184121693.LC.FTS.B,
16.49%,
12/27/24
..
6,188
6,155
184443285.LC.FTS.B,
16.49%,
12/27/24
..
25,723
1,649
184445591.LC.FTS.B,
17.44%,
12/27/24
..
12,374
12,317
184228216.LC.FTS.B,
18.44%,
12/27/24
..
17,422
17,342
184457887.LC.FTS.B,
18.49%,
12/27/24
..
7,469
7,434
184034650.LC.FTS.B,
18.99%,
12/27/24
..
7,248
7,213
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
236
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
184460632.LC.FTS.B,
22.99%,
12/27/24
..
$
1,085
$
1,095
184157711.LC.FTS.B,
16.19%,
12/28/24
..
2,695
2,667
183555873.LC.FTS.B,
16.99%,
12/28/24
..
12,314
12,094
183457596.LC.FTS.B,
18.99%,
12/29/24
..
7,082
7,041
183892244.LC.FTS.B,
21.49%,
12/29/24
..
16,838
16,777
184226087.LC.FTS.B,
15.49%,
12/30/24
..
8,991
8,797
184038361.LC.FTS.B,
18.44%,
12/30/24
..
4,902
4,872
184167427.LC.FTS.B,
19.99%,
12/30/24
..
15,944
15,878
184279960.LC.FTS.B,
13.99%,
12/31/24
..
19,324
18,664
184087692.LC.FTS.B,
18.99%,
12/31/24
..
15,093
15,004
184090151.LC.FTS.B,
19.99%,
12/31/24
..
19,751
19,675
182593987.LC.FTS.B,
14.19%,
1/01/25
...
13,525
2,323
184378148.LC.FTS.B,
16.19%,
1/03/25
...
4,711
266
184282726.LC.FTS.B,
15.19%,
1/04/25
...
6,440
6,372
183797655.LC.FTS.B,
15.99%,
1/04/25
...
11,635
11,443
184111598.LC.FTS.B,
22.99%,
1/05/25
...
2,045
2,040
184412079.LC.FTS.B,
18.99%,
1/06/25
...
6,591
6,523
183334857.LC.FTS.B,
15.99%,
1/07/25
...
7,943
942
184415798.LC.FTS.B,
22.99%,
1/12/25
...
6,732
6,730
183902971.LC.FTS.B,
18.49%,
1/20/25
...
13,902
2,518
183582737.LC.FTS.B,
Zero
Cpn,
1/25/25
.
7,122
–
183559023.LC.FTS.B,
15.99%,
1/30/25
...
6,119
6,057
182832352.LC.FTS.B,
13.99%,
1/31/25
...
9,169
8,850
183473491.LC.FTS.B,
18.99%,
3/15/25
...
23,486
23,278
182348001.LC.FTS.B,
19.44%,
3/22/25
...
6,746
5,252
183804788.LC.FTS.B,
18.99%,
3/23/25
...
2,825
2,799
182918515.LC.FTS.B,
16.49%,
3/26/25
...
9,599
9,269
184051226.LC.FTS.B,
14.99%,
4/20/25
...
25,472
19,450
184277567.LC.FTS.B,
15.49%,
4/20/25
...
6,403
6,341
184253510.LC.FTS.B,
18.49%,
4/21/25
...
12,831
12,709
183992321.LC.FTS.B,
17.44%,
4/28/25
...
25,985
25,205
184200182.LC.FTS.B,
13.19%,
4/30/25
...
15,159
11,874
183281940.LC.FTS.B,
22.99%,
5/31/25
...
3,075
3,032
183985034.LC.FTS.B,
14.44%,
6/13/25
...
8,107
1,386
183532916.LC.FTS.B,
Zero
Cpn,
7/20/25
.
7,358
5,801
171045369.LC.FTS.B,
16.08%,
10/07/25
..
5,985
5,824
171130012.LC.FTS.B,
17.3%,
10/09/25
...
7,199
6,957
170762714.LC.FTS.B,
16.08%,
10/13/25
..
11,964
11,620
170898869.LC.FTS.B,
18.24%,
10/18/25
..
8,000
7,770
171643853.LC.FTS.B,
16.08%,
10/29/25
..
6,146
5,971
171671693.LC.FTS.B,
13.33%,
11/10/25
..
1,911
1,863
171905795.LC.FTS.B,
16.08%,
11/15/25
..
8,154
7,930
171885695.LC.FTS.B,
18.24%,
11/17/25
..
6,331
6,120
171825004.LC.FTS.B,
15.4%,
11/26/25
...
16,551
16,153
171709430.LC.FTS.B,
13.33%,
11/28/25
..
14,003
4,663
172000836.LC.FTS.B,
15.4%,
11/28/25
...
12,662
12,292
172876605.LC.FTS.B,
17.3%,
12/14/25
...
7,651
7,383
172382360.LC.FTS.B,
14.02%,
12/15/25
..
7,422
7,219
172979926.LC.FTS.B,
16.08%,
12/15/25
..
7,424
7,225
172871335.LC.FTS.B,
17.3%,
12/18/25
...
22,316
21,648
172960729.LC.FTS.B,
14.02%,
12/19/25
..
13,616
13,003
172424365.LC.FTS.B,
15.4%,
12/20/25
...
6,931
6,739
173018414.LC.FTS.B,
13.33%,
12/22/25
..
9,830
9,402
173075170.LC.FTS.B,
19.12%,
12/22/25
..
7,128
6,944
172834572.LC.FTS.B,
15.4%,
12/24/25
...
9,435
9,182
173403754.LC.FTS.B,
18.24%,
12/30/25
..
9,168
8,860
172563412.LC.FTS.B,
16.08%,
12/31/25
..
22,478
21,786
173277936.LC.FTS.B,
16.08%,
12/31/25
..
25,841
25,045
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
173400785.LC.FTS.B,
16.08%,
12/31/25
..
$
6,551
$
6,365
173395883.LC.FTS.B,
17.3%,
12/31/25
...
16,324
15,435
173394313.LC.FTS.B,
16.08%,
1/04/26
...
11,311
11,016
173423229.LC.FTS.B,
16.08%,
1/04/26
...
12,925
12,600
173430575.LC.FTS.B,
16.08%,
1/04/26
...
16,156
15,750
173604231.LC.FTS.B,
14.02%,
1/12/26
...
11,419
10,605
173383392.LC.FTS.B,
15.4%,
1/12/26
...
7,708
7,355
173663810.LC.FTS.B,
17.3%,
1/13/26
...
5,552
5,354
173666949.LC.FTS.B,
20.74%,
1/25/26
...
6,841
6,646
174084354.LC.FTS.B,
12.49%,
1/26/26
...
25,019
23,221
174042657.LC.FTS.B,
13.74%,
1/26/26
...
12,369
11,622
174224259.LC.FTS.B,
14.74%,
1/28/26
...
16,240
15,835
173441334.LC.FTS.B,
17.3%,
1/28/26
...
24,069
23,464
174232024.LC.FTS.B,
21.49%,
1/29/26
...
12,430
12,300
174333350.LC.FTS.B,
Zero
Cpn,
2/04/26
.
5,038
–
174293135.LC.FTS.B,
14.74%,
2/04/26
...
21,539
20,295
174332832.LC.FTS.B,
15.99%,
2/04/26
...
18,635
6,595
174267823.LC.FTS.B,
16.99%,
2/04/26
...
9,973
9,629
174354729.LC.FTS.B,
17.24%,
2/04/26
...
13,365
12,913
174362204.LC.FTS.B,
11.99%,
2/05/26
...
17,812
2,113
174297080.LC.FTS.B,
15.74%,
2/05/26
...
6,598
6,358
174102738.LC.FTS.B,
15.44%,
2/08/26
...
5,312
5,128
174453354.LC.FTS.B,
16.74%,
2/16/26
...
23,538
22,845
174320226.LC.FTS.B,
16.19%,
2/20/26
...
5,342
5,225
174284597.LC.FTS.B,
17.44%,
2/20/26
...
8,471
8,229
174206502.LC.FTS.B,
17.99%,
7/04/26
...
25,232
2,914
181324642.LC.FTS.B,
15.19%,
10/13/26
..
23,236
21,208
182208099.LC.FTS.B,
24.99%,
10/13/26
..
21,578
111
182237890.LC.FTS.B,
18.49%,
10/14/26
..
11,838
11,104
181671017.LC.FTS.B,
19.49%,
10/14/26
..
19,044
18,628
181681556.LC.FTS.B,
19.49%,
10/14/26
..
11,902
11,643
182220241.LC.FTS.B,
23.99%,
10/14/26
..
6,904
6,805
182239660.LC.FTS.B,
19.99%,
10/15/26
..
11,934
11,764
182100249.LC.FTS.B,
28.99%,
10/15/26
..
8,316
8,412
182337953.LC.FTS.B,
15.19%,
10/17/26
..
12,797
12,436
182196271.LC.FTS.B,
20.49%,
10/18/26
..
7,977
7,867
182171506.LC.FTS.B,
21.49%,
10/18/26
..
20,148
2,454
182283124.LC.FTS.B,
21.99%,
10/18/26
..
16,483
16,267
182351714.LC.FTS.B,
23.99%,
10/18/26
..
8,122
8,013
182365065.LC.FTS.B,
23.99%,
10/18/26
..
6,246
6,163
181832576.LC.FTS.B,
27.49%,
10/18/26
..
20,649
20,903
182312904.LC.FTS.B,
28.99%,
10/18/26
..
7,658
6,185
182404645.LC.FTS.B,
Zero
Cpn,
10/19/26
30,030
1,336
182419678.LC.FTS.B,
19.99%,
10/19/26
..
17,494
17,257
182267011.LC.FTS.B,
28.99%,
10/19/26
..
16,633
16,775
182424479.LC.FTS.B,
28.99%,
10/19/26
..
16,367
16,480
182447710.LC.FTS.B,
18.44%,
10/20/26
..
15,148
14,667
182489147.LC.FTS.B,
18.99%,
10/20/26
..
27,697
26,816
182400546.LC.FTS.B,
20.44%,
10/20/26
..
5,547
5,411
182350782.LC.FTS.B,
21.49%,
10/20/26
..
21,673
442
182279442.LC.FTS.B,
21.99%,
10/20/26
..
19,297
18,986
182381955.LC.FTS.B,
26.99%,
10/20/26
..
3,296
3,340
182272740.LC.FTS.B,
28.99%,
10/20/26
..
20,892
2,707
182373053.LC.FTS.B,
20.44%,
10/22/26
..
15,972
15,758
182135115.LC.FTS.B,
24.99%,
10/28/26
..
20,194
19,634
182097380.LC.FTS.B,
28.99%,
10/28/26
..
13,266
5,426
182329589.LC.FTS.B,
24.99%,
10/30/26
..
6,960
6,730
181977814.LC.FTS.B,
19.49%,
10/31/26
..
14,928
5,312
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
237
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
182761301.LC.FTS.B,
14.74%,
11/01/26
..
$
20,901
$
20,087
182342567.LC.FTS.B,
16.99%,
11/01/26
..
10,191
9,572
182782330.LC.FTS.B,
17.44%,
11/01/26
..
17,026
1,977
182708985.LC.FTS.B,
21.99%,
11/01/26
..
11,533
11,175
182412380.LC.FTS.B,
23.99%,
11/01/26
..
8,081
7,886
182763696.LC.FTS.B,
23.99%,
11/01/26
..
12,367
12,120
182770234.LC.FTS.B,
24.99%,
11/01/26
..
10,222
1,886
182249975.LC.FTS.B,
25.99%,
11/01/26
..
10,143
9,805
182785608.LC.FTS.B,
15.19%,
11/02/26
..
22,865
21,323
182425449.LC.FTS.B,
15.44%,
11/02/26
..
11,843
11,044
182814285.LC.FTS.B,
15.44%,
11/02/26
..
22,107
20,854
182836852.LC.FTS.B,
17.44%,
11/02/26
..
17,925
17,353
182871113.LC.FTS.B,
21.99%,
11/02/26
..
16,334
16,018
182810881.LC.FTS.B,
28.99%,
11/02/26
..
5,058
5,004
182864988.LC.FTS.B,
Zero
Cpn,
11/03/26
17,676
1,672
182655109.LC.FTS.B,
13.19%,
11/03/26
..
12,758
12,388
182715994.LC.FTS.B,
18.99%,
11/03/26
..
9,232
8,938
182925976.LC.FTS.B,
18.99%,
11/03/26
..
6,436
6,231
182860477.LC.FTS.B,
21.99%,
11/03/26
..
20,434
20,017
182871003.LC.FTS.B,
24.99%,
11/03/26
..
14,910
14,457
182883867.LC.FTS.B,
24.99%,
11/03/26
..
5,798
5,622
182932552.LC.FTS.B,
13.19%,
11/04/26
..
11,690
11,331
182934282.LC.FTS.B,
15.44%,
11/04/26
..
11,053
10,712
182296093.LC.FTS.B,
18.19%,
11/04/26
..
4,808
4,659
182957590.LC.FTS.B,
18.99%,
11/04/26
..
16,091
15,588
182725535.LC.FTS.B,
19.49%,
11/04/26
..
19,368
19,025
182386753.LC.FTS.B,
23.19%,
11/04/26
..
16,426
16,127
182841357.LC.FTS.B,
26.49%,
11/04/26
..
15,842
15,372
182986114.LC.FTS.B,
Zero
Cpn,
11/05/26
12,844
–
181746904.LC.FTS.B,
12.99%,
11/05/26
..
23,597
22,718
182956744.LC.FTS.B,
16.49%,
11/05/26
..
23,821
22,832
182845986.LC.FTS.B,
19.99%,
11/05/26
..
7,071
6,952
182469398.LC.FTS.B,
21.99%,
11/05/26
..
16,334
16,045
182433195.LC.FTS.B,
25.99%,
11/05/26
..
7,322
7,109
182921955.LC.FTS.B,
28.99%,
11/05/26
..
4,442
(58)
182998182.LC.FTS.B,
13.19%,
11/08/26
..
7,719
7,487
182567782.LC.FTS.B,
13.74%,
11/08/26
..
19,554
18,829
182834096.LC.FTS.B,
15.49%,
11/08/26
..
21,269
20,590
183010490.LC.FTS.B,
16.49%,
11/08/26
..
17,498
16,526
182873325.LC.FTS.B,
23.19%,
11/08/26
..
8,214
8,072
182493547.LC.FTS.B,
17.49%,
11/10/26
..
24,114
22,956
182905174.LC.FTS.B,
22.99%,
11/10/26
..
19,262
18,930
183139110.LC.FTS.B,
Zero
Cpn,
11/12/26
30,445
2,868
183128706.LC.FTS.B,
16.99%,
11/12/26
..
7,643
7,310
182988585.LC.FTS.B,
19.49%,
11/12/26
..
12,099
11,920
183032996.LC.FTS.B,
19.99%,
11/12/26
..
11,823
11,401
182925771.LC.FTS.B,
23.99%,
11/12/26
..
28,857
28,193
182931548.LC.FTS.B,
24.99%,
11/12/26
..
9,186
8,939
182761588.LC.FTS.B,
18.49%,
11/14/26
..
16,717
3,009
183126500.LC.FTS.B,
Zero
Cpn,
11/15/26
14,149
–
183224681.LC.FTS.B,
13.49%,
11/15/26
..
12,496
12,051
183159318.LC.FTS.B,
15.44%,
11/15/26
..
14,236
13,838
182911086.LC.FTS.B,
16.49%,
11/15/26
..
23,821
22,528
183101425.LC.FTS.B,
17.44%,
11/15/26
..
22,346
21,705
182999628.LC.FTS.B,
17.74%,
11/15/26
..
9,644
9,370
182975891.LC.FTS.B,
18.49%,
11/15/26
..
11,488
11,156
182675743.LC.FTS.B,
19.49%,
11/15/26
..
28,501
28,088
182737896.LC.FTS.B,
19.49%,
11/15/26
..
15,512
15,282
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
183180134.LC.FTS.B,
19.49%,
11/15/26
..
$
28,233
$
27,806
183015727.LC.FTS.B,
20.44%,
11/15/26
..
12,126
11,949
182926067.LC.FTS.B,
20.99%,
11/15/26
..
20,589
20,280
182810684.LC.FTS.B,
21.49%,
11/15/26
..
16,451
16,209
183084148.LC.FTS.B,
21.49%,
11/15/26
..
5,274
5,193
182379386.LC.FTS.B,
23.99%,
11/15/26
..
18,139
17,869
182921002.LC.FTS.B,
23.99%,
11/15/26
..
10,837
10,671
182924017.LC.FTS.B,
23.99%,
11/15/26
..
15,379
15,141
182765403.LC.FTS.B,
24.99%,
11/15/26
..
7,556
7,359
182946956.LC.FTS.B,
24.99%,
11/15/26
..
15,903
15,379
182962134.LC.FTS.B,
24.99%,
11/15/26
..
16,701
16,263
183159092.LC.FTS.B,
28.99%,
11/15/26
..
6,064
4,888
183263467.LC.FTS.B,
Zero
Cpn,
11/16/26
8,481
–
183274263.LC.FTS.B,
15.44%,
11/16/26
..
16,474
5,891
183121003.LC.FTS.B,
15.99%,
11/16/26
..
11,878
11,237
182977646.LC.FTS.B,
16.99%,
11/16/26
..
24,027
23,350
183238822.LC.FTS.B,
16.99%,
11/16/26
..
18,926
18,049
183295428.LC.FTS.B,
17.49%,
11/16/26
..
10,058
9,698
183287259.LC.FTS.B,
18.19%,
11/16/26
..
8,737
8,461
183154136.LC.FTS.B,
18.49%,
11/16/26
..
8,025
7,796
183200190.LC.FTS.B,
19.49%,
11/16/26
..
4,840
4,753
182845074.LC.FTS.B,
20.99%,
11/16/26
..
22,151
21,819
183239755.LC.FTS.B,
21.99%,
11/16/26
..
20,417
20,127
182663344.LC.FTS.B,
24.99%,
11/16/26
..
15,090
14,238
183239325.LC.FTS.B,
24.99%,
11/16/26
..
11,830
11,496
182753052.LC.FTS.B,
25.99%,
11/16/26
..
20,233
19,712
183197788.LC.FTS.B,
25.99%,
11/16/26
..
16,690
15,999
182897546.LC.FTS.B,
27.49%,
11/16/26
..
21,563
17,392
183205988.LC.FTS.B,
Zero
Cpn,
11/17/26
31,788
2,329
183267202.LC.FTS.B,
12.99%,
11/17/26
..
11,619
11,180
183321499.LC.FTS.B,
16.49%,
11/17/26
..
2,541
2,469
183270309.LC.FTS.B,
18.99%,
11/17/26
..
20,148
19,582
183320582.LC.FTS.B,
18.99%,
11/17/26
..
12,786
12,397
183336838.LC.FTS.B,
20.99%,
11/17/26
..
19,505
19,231
183253428.LC.FTS.B,
25.99%,
11/17/26
..
16,641
16,229
182954228.LC.FTS.B,
13.49%,
11/18/26
..
21,256
20,525
182922353.LC.FTS.B,
15.49%,
11/18/26
..
27,641
26,883
182931569.LC.FTS.B,
17.49%,
11/18/26
..
18,591
18,084
182918122.LC.FTS.B,
17.74%,
11/18/26
..
5,071
620
183371257.LC.FTS.B,
17.74%,
11/18/26
..
23,980
23,318
183368090.LC.FTS.B,
19.49%,
11/18/26
..
8,872
8,756
183287872.LC.FTS.B,
23.99%,
11/18/26
..
9,419
9,277
183354100.LC.FTS.B,
23.99%,
11/18/26
..
13,490
2,463
183409505.LC.FTS.B,
15.19%,
11/19/26
..
24,039
18,557
183369624.LC.FTS.B,
16.44%,
11/19/26
..
4,852
4,719
183394419.LC.FTS.B,
16.49%,
11/19/26
..
3,982
3,874
183371105.LC.FTS.B,
20.49%,
11/19/26
..
20,456
(473)
183197708.LC.FTS.B,
21.99%,
11/19/26
..
19,600
19,354
183146083.LC.FTS.B,
23.99%,
11/19/26
..
16,490
16,278
183385993.LC.FTS.B,
23.99%,
11/19/26
..
4,071
4,016
183391565.LC.FTS.B,
23.99%,
11/19/26
..
5,665
5,586
183401161.LC.FTS.B,
23.99%,
11/19/26
..
12,367
12,208
183350780.LC.FTS.B,
24.99%,
11/19/26
..
4,970
4,855
183355832.LC.FTS.B,
24.99%,
11/19/26
..
20,708
20,228
183306891.LC.FTS.B,
25.99%,
11/19/26
..
12,481
12,190
182779398.LC.FTS.B,
Zero
Cpn,
11/20/26
22,683
–
183005424.LC.FTS.B,
Zero
Cpn,
11/20/26
12,676
–
183152720.LC.FTS.B,
Zero
Cpn,
11/20/26
18,759
844
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
238
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
183321695.LC.FTS.B,
21.49%,
11/21/26
..
$
13,734
$
13,556
183108062.LC.FTS.B,
Zero
Cpn,
11/22/26
17,175
814
183435689.LC.FTS.B,
13.24%,
11/22/26
..
17,935
17,325
183333541.LC.FTS.B,
14.19%,
11/22/26
..
17,250
16,662
183227368.LC.FTS.B,
16.44%,
11/22/26
..
18,953
18,098
182980965.LC.FTS.B,
17.24%,
11/22/26
..
15,945
15,515
183417393.LC.FTS.B,
17.24%,
11/22/26
..
19,134
18,405
183424118.LC.FTS.B,
18.49%,
11/22/26
..
14,741
14,275
183425358.LC.FTS.B,
18.49%,
11/22/26
..
6,420
6,246
183430858.LC.FTS.B,
18.49%,
11/22/26
..
9,630
9,334
182558045.LC.FTS.B,
19.49%,
11/22/26
..
9,867
9,723
183418746.LC.FTS.B,
19.49%,
11/22/26
..
24,184
23,881
183426724.LC.FTS.B,
21.49%,
11/22/26
..
9,776
9,652
183434742.LC.FTS.B,
23.19%,
11/22/26
..
6,776
6,694
182942183.LC.FTS.B,
24.99%,
11/22/26
..
4,196
4,099
183328750.LC.FTS.B,
28.99%,
11/22/26
..
6,563
6,648
183436461.LC.FTS.B,
12.74%,
11/23/26
..
28,006
27,067
183477091.LC.FTS.B,
13.19%,
11/23/26
..
7,797
7,564
183306593.LC.FTS.B,
13.44%,
11/23/26
..
17,177
16,727
183485184.LC.FTS.B,
13.99%,
11/23/26
..
4,699
4,558
183298862.LC.FTS.B,
14.19%,
11/23/26
..
31,458
30,644
183490789.LC.FTS.B,
14.49%,
11/23/26
..
6,283
6,071
183000324.LC.FTS.B,
15.44%,
11/23/26
..
5,266
5,127
183459184.LC.FTS.B,
15.44%,
11/23/26
..
11,055
10,477
183494555.LC.FTS.B,
15.49%,
11/23/26
..
16,131
15,586
183505251.LC.FTS.B,
16.49%,
11/23/26
..
7,940
7,730
183373318.LC.FTS.B,
16.99%,
11/23/26
..
15,290
14,888
183447586.LC.FTS.B,
17.49%,
11/23/26
..
16,764
15,944
183425539.LC.FTS.B,
18.49%,
11/23/26
..
14,444
14,060
183430694.LC.FTS.B,
18.49%,
11/23/26
..
16,852
16,025
183455680.LC.FTS.B,
20.44%,
11/23/26
..
32,419
31,406
183430676.LC.FTS.B,
21.99%,
11/23/26
..
18,784
18,570
183446729.LC.FTS.B,
22.49%,
11/23/26
..
12,824
1,633
183453750.LC.FTS.B,
23.99%,
11/23/26
..
33,620
32,754
183407041.LC.FTS.B,
24.99%,
11/23/26
..
2,062
1,974
183431866.LC.FTS.B,
26.49%,
11/23/26
..
20,641
20,107
183095344.LC.FTS.B,
13.44%,
11/24/26
..
31,794
30,983
183370137.LC.FTS.B,
16.44%,
11/24/26
..
19,052
18,560
183249731.LC.FTS.B,
17.49%,
11/24/26
..
11,099
10,786
183149701.LC.FTS.B,
18.49%,
11/24/26
..
24,235
23,606
183545708.LC.FTS.B,
18.49%,
11/24/26
..
14,413
14,038
183470077.LC.FTS.B,
18.99%,
11/24/26
..
19,927
19,352
182933015.LC.FTS.B,
19.49%,
11/24/26
..
22,585
22,329
182954964.LC.FTS.B,
19.49%,
11/24/26
..
17,342
17,145
183384203.LC.FTS.B,
20.49%,
11/24/26
..
11,109
10,943
183167278.LC.FTS.B,
20.99%,
11/24/26
..
20,745
20,466
183287022.LC.FTS.B,
21.99%,
11/24/26
..
16,588
16,371
182882013.LC.FTS.B,
24.99%,
11/24/26
..
16,566
16,222
183092655.LC.FTS.B,
16.99%,
11/25/26
..
28,019
26,766
183548843.LC.FTS.B,
Zero
Cpn,
11/26/26
8,569
404
183567257.LC.FTS.B,
Zero
Cpn,
11/26/26
19,101
–
183524584.LC.FTS.B,
13.19%,
11/26/26
..
7,798
7,604
183562559.LC.FTS.B,
15.24%,
11/26/26
..
22,084
21,362
183499719.LC.FTS.B,
15.44%,
11/26/26
..
11,843
11,186
183557623.LC.FTS.B,
16.19%,
11/26/26
..
11,891
11,499
183499818.LC.FTS.B,
16.44%,
11/26/26
..
31,753
30,348
183512455.LC.FTS.B,
16.99%,
11/26/26
..
22,624
795
183549091.LC.FTS.B,
18.44%,
11/26/26
..
8,535
(108)
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
183145768.LC.FTS.B,
19.49%,
11/26/26
..
$
16,470
$
16,164
183362865.LC.FTS.B,
20.99%,
11/26/26
..
24,571
24,285
183505272.LC.FTS.B,
21.49%,
11/26/26
..
5,051
4,995
183525639.LC.FTS.B,
21.99%,
11/26/26
..
4,900
4,851
183478931.LC.FTS.B,
22.49%,
11/26/26
..
5,611
5,546
183514721.LC.FTS.B,
22.49%,
11/26/26
..
6,016
(193)
183556398.LC.FTS.B,
23.99%,
11/26/26
..
8,219
8,134
183390362.LC.FTS.B,
24.99%,
11/26/26
..
9,940
9,738
183193272.LC.FTS.B,
15.44%,
11/27/26
..
4,220
4,112
183234734.LC.FTS.B,
27.99%,
11/27/26
..
20,952
21,121
183340558.LC.FTS.B,
17.74%,
11/28/26
..
26,971
26,219
182816829.LC.FTS.B,
21.99%,
11/28/26
..
8,789
8,648
183476845.LC.FTS.B,
16.49%,
11/29/26
..
11,746
11,380
183560621.LC.FTS.B,
16.99%,
11/29/26
..
11,687
11,069
183447683.LC.FTS.B,
20.44%,
11/29/26
..
16,052
15,757
183369356.LC.FTS.B,
20.99%,
11/29/26
..
4,141
4,067
183179352.LC.FTS.B,
14.49%,
11/30/26
..
16,119
15,263
183336844.LC.FTS.B,
14.74%,
11/30/26
..
26,148
9,273
183304070.LC.FTS.B,
15.99%,
11/30/26
..
29,237
28,105
183358581.LC.FTS.B,
16.49%,
11/30/26
..
10,212
1,177
183359968.LC.FTS.B,
16.49%,
11/30/26
..
17,871
17,314
183524280.LC.FTS.B,
16.99%,
11/30/26
..
24,220
23,449
183649644.LC.FTS.B,
16.99%,
11/30/26
..
8,905
8,621
183434269.LC.FTS.B,
17.24%,
11/30/26
..
6,352
6,152
183629352.LC.FTS.B,
17.74%,
11/30/26
..
24,474
23,727
183031560.LC.FTS.B,
18.19%,
11/30/26
..
12,738
12,239
183636681.LC.FTS.B,
18.49%,
11/30/26
..
27,401
26,526
183630947.LC.FTS.B,
18.99%,
11/30/26
..
19,619
18,992
183531699.LC.FTS.B,
19.99%,
11/30/26
..
12,321
12,092
183585512.LC.FTS.B,
19.99%,
11/30/26
..
19,715
19,056
183437929.LC.FTS.B,
20.49%,
11/30/26
..
20,702
20,305
183649794.LC.FTS.B,
21.49%,
11/30/26
..
21,588
21,184
183170401.LC.FTS.B,
21.99%,
11/30/26
..
9,948
9,743
183544070.LC.FTS.B,
21.99%,
11/30/26
..
16,580
16,238
183623738.LC.FTS.B,
21.99%,
11/30/26
..
4,867
4,764
183618524.LC.FTS.B,
22.99%,
11/30/26
..
20,819
20,386
182592773.LC.FTS.B,
23.99%,
11/30/26
..
8,435
8,187
183540100.LC.FTS.B,
23.99%,
11/30/26
..
5,019
4,913
183626362.LC.FTS.B,
23.99%,
11/30/26
..
6,973
790
183611465.LC.FTS.B,
24.99%,
11/30/26
..
10,082
9,761
183633965.LC.FTS.B,
24.99%,
11/30/26
..
5,040
4,880
183472728.LC.FTS.B,
16.49%,
12/01/26
..
4,873
4,721
183607115.LC.FTS.B,
17.24%,
12/01/26
..
18,643
17,912
183638388.LC.FTS.B,
17.24%,
12/01/26
..
15,491
3,309
183676944.LC.FTS.B,
17.24%,
12/01/26
..
4,863
4,708
183686236.LC.FTS.B,
20.49%,
12/01/26
..
16,532
16,211
183333618.LC.FTS.B,
21.49%,
12/01/26
..
8,373
8,215
183661163.LC.FTS.B,
23.19%,
12/01/26
..
26,402
122
183562403.LC.FTS.B,
23.99%,
12/01/26
..
10,416
573
183683504.LC.FTS.B,
Zero
Cpn,
12/02/26
9,670
454
183067587.LC.FTS.B,
6%,
12/02/26
.....
21,442
21,025
183768813.LC.FTS.B,
13.24%,
12/02/26
..
11,910
11,456
183768005.LC.FTS.B,
13.74%,
12/02/26
..
29,303
3,439
183695657.LC.FTS.B,
15.44%,
12/02/26
..
12,048
11,673
183699303.LC.FTS.B,
17.24%,
12/02/26
..
12,969
12,421
183702434.LC.FTS.B,
20.49%,
12/02/26
..
24,269
23,829
183623497.LC.FTS.B,
13.24%,
12/03/26
..
23,026
22,154
183499399.LC.FTS.B,
15.44%,
12/03/26
..
9,695
9,401
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
239
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
183483610.LC.FTS.B,
17.24%,
12/03/26
..
$
15,679
$
15,134
183721314.LC.FTS.B,
17.44%,
12/03/26
..
12,982
12,615
183651950.LC.FTS.B,
18.49%,
12/03/26
..
17,942
17,382
183746554.LC.FTS.B,
18.49%,
12/03/26
..
4,493
4,352
183771895.LC.FTS.B,
21.99%,
12/03/26
..
14,924
14,633
183789584.LC.FTS.B,
21.99%,
12/03/26
..
15,786
2,886
183877324.LC.FTS.B,
16.49%,
12/06/26
..
32,301
31,076
183552770.LC.FTS.B,
17.24%,
12/06/26
..
20,264
19,642
183799901.LC.FTS.B,
17.74%,
12/06/26
..
8,126
7,876
183790054.LC.FTS.B,
18.49%,
12/06/26
..
5,138
4,979
183710879.LC.FTS.B,
19.95%,
12/06/26
..
19,721
19,363
183747630.LC.FTS.B,
20.99%,
12/06/26
..
19,074
18,735
183788883.LC.FTS.B,
21.99%,
12/06/26
..
19,899
19,522
183402569.LC.FTS.B,
23.99%,
12/06/26
..
7,197
7,053
183684135.LC.FTS.B,
23.99%,
12/06/26
..
12,132
1,418
183695174.LC.FTS.B,
23.99%,
12/06/26
..
15,769
15,455
183788160.LC.FTS.B,
23.99%,
12/06/26
..
8,365
8,204
183759744.LC.FTS.B,
24.99%,
12/06/26
..
8,402
8,150
183750856.LC.FTS.B,
27.99%,
12/06/26
..
14,407
5,734
183862022.LC.FTS.B,
Zero
Cpn,
12/07/26
4,746
371
183809680.LC.FTS.B,
17.24%,
12/07/26
..
27,235
25,503
183882896.LC.FTS.B,
17.24%,
12/07/26
..
14,592
14,046
183902344.LC.FTS.B,
17.49%,
12/07/26
..
15,562
15,086
183312099.LC.FTS.B,
18.99%,
12/07/26
..
9,156
8,842
183844253.LC.FTS.B,
18.99%,
12/07/26
..
23,810
22,915
183415342.LC.FTS.B,
19.49%,
12/07/26
..
24,585
23,425
183762991.LC.FTS.B,
19.49%,
12/07/26
..
18,214
17,629
183495228.LC.FTS.B,
20.44%,
12/07/26
..
4,920
4,817
183520272.LC.FTS.B,
21.49%,
12/07/26
..
17,949
17,644
183719486.LC.FTS.B,
21.99%,
12/07/26
..
16,582
15,770
183885314.LC.FTS.B,
21.99%,
12/07/26
..
4,975
4,882
183867910.LC.FTS.B,
23.99%,
12/07/26
..
12,548
12,311
183866613.LC.FTS.B,
25.99%,
12/07/26
..
8,437
8,123
183874898.LC.FTS.B,
27.49%,
12/07/26
..
21,215
21,328
183860801.LC.FTS.B,
28.99%,
12/07/26
..
8,960
(140)
183909323.LC.FTS.B,
28.99%,
12/07/26
..
11,441
11,437
183046392.LC.FTS.B,
13.19%,
12/08/26
..
19,845
19,253
183492757.LC.FTS.B,
16.99%,
12/08/26
..
12,130
11,764
183909483.LC.FTS.B,
16.99%,
12/08/26
..
4,835
4,649
183949342.LC.FTS.B,
18.74%,
12/08/26
..
7,349
7,126
183536773.LC.FTS.B,
19.74%,
12/08/26
..
28,717
28,234
183933487.LC.FTS.B,
23.99%,
12/08/26
..
12,548
12,315
183999420.LC.FTS.B,
12.99%,
12/09/26
..
31,717
30,561
183274086.LC.FTS.B,
14.44%,
12/09/26
..
13,584
13,186
184040533.LC.FTS.B,
14.49%,
12/09/26
..
15,985
15,399
183461812.LC.FTS.B,
16.74%,
12/09/26
..
15,767
15,184
183576479.LC.FTS.B,
17.44%,
12/09/26
..
19,473
18,896
183996173.LC.FTS.B,
17.44%,
12/09/26
..
29,209
28,128
184003319.LC.FTS.B,
18.19%,
12/09/26
..
8,144
7,902
183840027.LC.FTS.B,
21.49%,
12/09/26
..
13,235
13,019
183987324.LC.FTS.B,
23.99%,
12/09/26
..
13,503
13,253
183966000.LC.FTS.B,
24.99%,
12/09/26
..
4,201
4,083
183970462.LC.FTS.B,
24.99%,
12/09/26
..
2,520
2,450
184009395.LC.FTS.B,
9.49%,
12/10/26
...
25,664
24,181
184012121.LC.FTS.B,
13.44%,
12/10/26
..
15,102
14,609
183870325.LC.FTS.B,
14.19%,
12/10/26
..
16,758
16,271
183680345.LC.FTS.B,
16.44%,
12/10/26
..
10,495
10,188
183129988.LC.FTS.B,
16.99%,
12/10/26
..
14,572
14,091
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
183766454.LC.FTS.B,
16.99%,
12/10/26
..
$
17,913
$
17,190
183793588.LC.FTS.B,
17.24%,
12/10/26
..
5,690
5,524
183912771.LC.FTS.B,
19.49%,
12/10/26
..
10,699
10,523
184036706.LC.FTS.B,
19.49%,
12/10/26
..
4,097
4,032
183974150.LC.FTS.B,
19.99%,
12/10/26
..
20,538
20,196
184022156.LC.FTS.B,
20.49%,
12/10/26
..
8,175
8,025
184017594.LC.FTS.B,
20.99%,
12/10/26
..
13,013
12,782
184011802.LC.FTS.B,
21.49%,
12/10/26
..
8,272
8,139
183532974.LC.FTS.B,
21.99%,
12/10/26
..
13,101
794
183611528.LC.FTS.B,
23.99%,
12/10/26
..
24,507
24,061
184017730.LC.FTS.B,
23.99%,
12/10/26
..
25,096
24,663
183942336.LC.FTS.B,
24.99%,
12/10/26
..
16,803
16,338
183970602.LC.FTS.B,
24.99%,
12/10/26
..
10,082
9,794
184013288.LC.FTS.B,
24.99%,
12/10/26
..
16,803
16,338
183547689.LC.FTS.B,
16.99%,
12/11/26
..
12,256
11,906
183270743.LC.FTS.B,
21.49%,
12/11/26
..
13,890
2,516
183943387.LC.FTS.B,
15.44%,
12/13/26
..
18,876
18,193
184056742.LC.FTS.B,
15.44%,
12/13/26
..
12,048
11,701
183935167.LC.FTS.B,
16.19%,
12/13/26
..
16,122
15,262
183965552.LC.FTS.B,
16.49%,
12/13/26
..
12,114
11,769
183842914.LC.FTS.B,
17.44%,
12/13/26
..
18,423
3,300
184033080.LC.FTS.B,
17.44%,
12/13/26
..
17,758
17,014
183788093.LC.FTS.B,
17.49%,
12/13/26
..
6,526
6,315
183731402.LC.FTS.B,
19.44%,
12/13/26
..
13,109
12,907
183706984.LC.FTS.B,
21.49%,
12/13/26
..
7,851
7,727
184062734.LC.FTS.B,
21.49%,
12/13/26
..
3,944
3,874
184055849.LC.FTS.B,
23.99%,
12/13/26
..
33,461
32,902
184039087.LC.FTS.B,
24.99%,
12/13/26
..
7,982
7,759
184051343.LC.FTS.B,
28.99%,
12/13/26
..
15,374
15,490
183627901.LC.FTS.B,
Zero
Cpn,
12/14/26
15,131
–
184176824.LC.FTS.B,
14.99%,
12/14/26
..
11,219
10,816
183228318.LC.FTS.B,
15.19%,
12/14/26
..
28,076
26,126
183578940.LC.FTS.B,
15.19%,
12/14/26
..
10,508
10,094
184127951.LC.FTS.B,
15.44%,
12/14/26
..
16,867
16,386
184144008.LC.FTS.B,
16.99%,
12/14/26
..
14,880
14,419
184142978.LC.FTS.B,
17.44%,
12/14/26
..
12,171
11,821
184109137.LC.FTS.B,
17.74%,
12/14/26
..
12,189
11,656
183892275.LC.FTS.B,
18.44%,
12/14/26
..
22,015
21,380
184114198.LC.FTS.B,
18.99%,
12/14/26
..
20,030
19,451
184149526.LC.FTS.B,
19.74%,
12/14/26
..
28,224
27,795
183841644.LC.FTS.B,
19.99%,
12/14/26
..
10,681
10,266
184107799.LC.FTS.B,
19.99%,
12/14/26
..
11,500
11,325
184130928.LC.FTS.B,
21.99%,
12/14/26
..
12,437
12,237
184142290.LC.FTS.B,
21.99%,
12/14/26
..
8,954
8,811
183623138.LC.FTS.B,
23.99%,
12/14/26
..
10,038
9,874
184107590.LC.FTS.B,
23.99%,
12/14/26
..
5,860
5,688
183641094.LC.FTS.B,
24.99%,
12/14/26
..
8,403
8,171
183971412.LC.FTS.B,
28.49%,
12/14/26
..
8,245
8,299
183669687.LC.FTS.B,
Zero
Cpn,
12/15/26
23,697
–
184195032.LC.FTS.B,
Zero
Cpn,
12/15/26
8,129
764
183916918.LC.FTS.B,
13.19%,
12/15/26
..
18,326
17,819
184198353.LC.FTS.B,
14.01%,
12/15/26
..
31,673
30,547
183700079.LC.FTS.B,
15.44%,
12/15/26
..
12,916
541
183712326.LC.FTS.B,
15.44%,
12/15/26
..
5,184
5,022
183687642.LC.FTS.B,
15.99%,
12/15/26
..
19,313
14,920
184146721.LC.FTS.B,
16.44%,
12/15/26
..
12,110
11,586
184090113.LC.FTS.B,
16.49%,
12/15/26
..
16,958
16,476
184204044.LC.FTS.B,
16.49%,
12/15/26
..
12,113
11,679
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
240
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
184199477.LC.FTS.B,
16.99%,
12/15/26
..
$
3,238
$
3,146
183603668.LC.FTS.B,
17.19%,
12/15/26
..
14,718
14,140
184108646.LC.FTS.B,
18.49%,
12/15/26
..
6,904
6,629
184139449.LC.FTS.B,
18.99%,
12/15/26
..
6,246
178
184036052.LC.FTS.B,
19.49%,
12/15/26
..
20,549
20,238
183917868.LC.FTS.B,
21.49%,
12/15/26
..
15,448
15,214
184056585.LC.FTS.B,
21.99%,
12/15/26
..
20,728
20,403
183758691.LC.FTS.B,
23.99%,
12/15/26
..
5,019
4,939
184003793.LC.FTS.B,
23.99%,
12/15/26
..
16,806
16,526
183593989.LC.FTS.B,
27.49%,
12/15/26
..
21,463
21,610
183975814.LC.FTS.B,
Zero
Cpn,
12/16/26
6,702
–
184184924.LC.FTS.B,
13.19%,
12/16/26
..
11,114
10,564
183905553.LC.FTS.B,
13.44%,
12/16/26
..
5,166
4,851
184144886.LC.FTS.B,
15.19%,
12/16/26
..
22,461
21,839
184117686.LC.FTS.B,
15.49%,
12/16/26
..
26,900
25,249
184230527.LC.FTS.B,
16.49%,
12/16/26
..
24,226
23,552
183805030.LC.FTS.B,
17.49%,
12/16/26
..
22,758
21,612
183798352.LC.FTS.B,
17.74%,
12/16/26
..
24,515
23,832
184014809.LC.FTS.B,
17.74%,
12/16/26
..
27,668
932
184233755.LC.FTS.B,
18.49%,
12/16/26
..
9,946
7,684
183678049.LC.FTS.B,
21.49%,
12/16/26
..
10,054
9,900
183840993.LC.FTS.B,
21.49%,
12/16/26
..
19,857
19,556
183590285.LC.FTS.B,
21.99%,
12/16/26
..
16,675
16,410
183395168.LC.FTS.B,
23.99%,
12/16/26
..
22,193
2,737
184185617.LC.FTS.B,
26.99%,
12/16/26
..
7,853
7,913
183612692.LC.FTS.B,
13.49%,
12/17/26
..
11,131
10,745
184223937.LC.FTS.B,
16.44%,
12/17/26
..
15,348
14,931
183936400.LC.FTS.B,
16.99%,
12/17/26
..
15,044
2,686
184149066.LC.FTS.B,
17.24%,
12/17/26
..
19,454
18,916
184141163.LC.FTS.B,
17.49%,
12/17/26
..
2,435
2,349
184248806.LC.FTS.B,
18.49%,
12/17/26
..
22,836
22,202
184237123.LC.FTS.B,
21.99%,
12/17/26
..
12,437
12,258
184251864.LC.FTS.B,
21.99%,
12/17/26
..
7,547
7,428
183868559.LC.FTS.B,
23.99%,
12/17/26
..
6,692
6,594
184214073.LC.FTS.B,
27.99%,
12/17/26
..
10,208
10,311
183656375.LC.FTS.B,
14.44%,
12/18/26
..
5,615
5,235
183673632.LC.FTS.B,
15.44%,
12/18/26
..
12,165
11,563
183874472.LC.FTS.B,
15.44%,
12/18/26
..
12,918
12,083
183852446.LC.FTS.B,
17.99%,
12/18/26
..
13,127
12,519
184073751.LC.FTS.B,
20.49%,
12/18/26
..
16,467
15,852
184020224.LC.FTS.B,
23.19%,
12/19/26
..
17,625
17,362
184069276.LC.FTS.B,
11.49%,
12/20/26
..
22,867
22,086
184150686.LC.FTS.B,
13.44%,
12/20/26
..
8,496
445
183930981.LC.FTS.B,
15.44%,
12/20/26
..
10,456
9,980
184082880.LC.FTS.B,
15.44%,
12/20/26
..
7,229
6,870
184158631.LC.FTS.B,
15.44%,
12/20/26
..
16,813
15,775
183977917.LC.FTS.B,
16.49%,
12/20/26
..
20,264
18,953
184270452.LC.FTS.B,
16.99%,
12/20/26
..
9,715
9,450
184280067.LC.FTS.B,
16.99%,
12/20/26
..
6,999
6,860
184104646.LC.FTS.B,
17.44%,
12/20/26
..
15,416
14,996
184283202.LC.FTS.B,
19.49%,
12/20/26
..
6,556
6,467
183546115.LC.FTS.B,
19.73%,
12/20/26
..
14,290
437
184059193.LC.FTS.B,
21.99%,
12/20/26
..
18,032
17,762
184102080.LC.FTS.B,
23.99%,
12/20/26
..
7,529
7,422
184276958.LC.FTS.B,
23.99%,
12/20/26
..
12,548
12,370
184325410.LC.FTS.B,
Zero
Cpn,
12/21/26
4,222
396
184343324.LC.FTS.B,
Zero
Cpn,
12/21/26
18,314
–
184356206.LC.FTS.B,
Zero
Cpn,
12/21/26
8,068
–
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
184283247.LC.FTS.B,
12.74%,
12/21/26
..
$
16,631
$
16,070
184382909.LC.FTS.B,
12.99%,
12/21/26
..
15,859
15,318
184262437.LC.FTS.B,
14.19%,
12/21/26
..
12,893
12,124
183704686.LC.FTS.B,
15.44%,
12/21/26
..
11,215
2,009
184358802.LC.FTS.B,
15.49%,
12/21/26
..
7,632
7,370
184130767.LC.FTS.B,
16.44%,
12/21/26
..
16,954
16,050
183566597.LC.FTS.B,
17.24%,
12/21/26
..
18,736
18,245
184309308.LC.FTS.B,
17.24%,
12/21/26
..
11,876
11,407
184365323.LC.FTS.B,
18.74%,
12/21/26
..
16,331
15,888
183919301.LC.FTS.B,
19.99%,
12/21/26
..
10,684
10,534
183877158.LC.FTS.B,
20.44%,
12/21/26
..
12,801
10,030
184032290.LC.FTS.B,
20.99%,
12/21/26
..
16,935
16,094
184358622.LC.FTS.B,
21.99%,
12/21/26
..
10,364
10,224
184040777.LC.FTS.B,
23.99%,
12/21/26
..
8,365
8,250
184352640.LC.FTS.B,
26.99%,
12/21/26
..
21,181
21,334
184066327.LC.FTS.B,
14.19%,
12/22/26
..
11,172
10,882
184190300.LC.FTS.B,
16.49%,
12/22/26
..
9,061
8,594
183529593.LC.FTS.B,
17.49%,
12/22/26
..
14,446
13,958
183940387.LC.FTS.B,
19.99%,
12/22/26
..
14,910
14,707
183801317.LC.FTS.B,
23.99%,
12/22/26
..
25,446
25,098
184397264.LC.FTS.B,
23.99%,
12/22/26
..
12,583
12,409
183726564.LC.FTS.B,
Zero
Cpn,
12/23/26
18,291
840
184035152.LC.FTS.B,
Zero
Cpn,
12/23/26
6,921
–
184471382.LC.FTS.B,
13.49%,
12/23/26
..
3,180
3,074
184367892.LC.FTS.B,
15.44%,
12/23/26
..
13,655
13,094
184224030.LC.FTS.B,
15.49%,
12/23/26
..
16,099
15,560
183877346.LC.FTS.B,
15.99%,
12/23/26
..
28,192
27,458
184421299.LC.FTS.B,
16.74%,
12/23/26
..
6,064
5,906
183436430.LC.FTS.B,
16.99%,
12/23/26
..
28,448
27,717
184427346.LC.FTS.B,
19.74%,
12/23/26
..
22,973
22,690
184321733.LC.FTS.B,
23.99%,
12/23/26
..
20,913
20,652
184451850.LC.FTS.B,
23.99%,
12/23/26
..
16,731
16,522
184033253.LC.FTS.B,
28.99%,
12/23/26
..
7,821
7,887
183835670.LC.FTS.B,
Zero
Cpn,
12/24/26
27,185
2,568
184033235.LC.FTS.B,
24.99%,
12/24/26
..
20,413
19,942
184239360.LC.FTS.B,
17.44%,
12/25/26
..
17,111
16,679
184005719.LC.FTS.B,
20.44%,
12/25/26
..
10,969
10,833
184009581.LC.FTS.B,
22.99%,
12/25/26
..
29,459
29,072
184404343.LC.FTS.B,
13.24%,
12/27/26
..
31,760
30,721
184378888.LC.FTS.B,
19.49%,
12/27/26
..
18,394
18,050
184283871.LC.FTS.B,
21.99%,
12/27/26
..
16,582
16,395
184469259.LC.FTS.B,
22.49%,
12/27/26
..
18,697
18,485
184445530.LC.FTS.B,
22.99%,
12/27/26
..
16,877
16,597
184275242.LC.FTS.B,
23.99%,
12/27/26
..
16,731
16,537
184454459.LC.FTS.B,
24.99%,
12/27/26
..
6,301
6,167
184249796.LC.FTS.B,
15.44%,
12/28/26
..
13,158
12,806
184172800.LC.FTS.B,
16.44%,
12/28/26
..
10,754
10,215
184029644.LC.FTS.B,
17.49%,
12/28/26
..
24,950
24,271
184211532.LC.FTS.B,
21.99%,
12/28/26
..
30,025
29,508
184068437.LC.FTS.B,
23.99%,
12/28/26
..
15,615
15,317
183866022.LC.FTS.B,
24.99%,
12/28/26
..
8,333
8,046
184075164.LC.FTS.B,
17.74%,
12/29/26
..
26,004
25,363
184016257.LC.FTS.B,
18.99%,
12/29/26
..
8,391
8,114
184298012.LC.FTS.B,
18.74%,
12/30/26
..
4,811
4,661
184273228.LC.FTS.B,
21.99%,
12/30/26
..
12,739
12,582
184017343.LC.FTS.B,
23.99%,
12/30/26
..
10,447
10,212
184149742.LC.FTS.B,
26.49%,
12/30/26
..
18,453
18,036
184473440.LC.FTS.B,
28.99%,
12/30/26
..
17,270
17,460
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
241
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
184248952.LC.FTS.B,
Zero
Cpn,
12/31/26
$
12,563
$
–
183794746.LC.FTS.B,
21.99%,
12/31/26
..
23,927
22,901
184286578.LC.FTS.B,
17.49%,
1/01/27
...
18,287
17,585
184283229.LC.FTS.B,
19.44%,
1/01/27
...
12,582
11,998
184379539.LC.FTS.B,
12.19%,
1/02/27
...
24,169
22,818
183888494.LC.FTS.B,
17.99%,
1/06/27
...
7,663
7,441
184927724.LC.FTS.B,
22.49%,
1/11/27
...
19,392
18,943
184934200.LC.FTS.B,
23.49%,
1/11/27
...
25,398
24,740
184505766.LC.FTS.B,
23.99%,
1/11/27
...
24,265
2,848
184924956.LC.FTS.B,
24.99%,
1/16/27
...
17,027
16,516
183894941.LC.FTS.B,
23.99%,
1/22/27
...
17,292
17,011
183653450.LC.FTS.B,
23.99%,
1/25/27
...
14,732
14,532
182261797.LC.FTS.B,
21.99%,
3/14/27
...
22,159
17,408
183426450.LC.FTS.B,
18.99%,
3/31/27
...
30,527
3,489
183682790.LC.FTS.B,
15%,
5/03/27
.....
25,785
19,041
182729893.LC.FTS.B,
23.99%,
5/10/27
...
18,168
6,857
182718150.LC.FTS.B,
24.99%,
5/12/27
...
6,533
5,120
183908611.LC.FTS.B,
23.99%,
5/13/27
...
14,619
2,765
183252907.LC.FTS.B,
16.49%,
5/17/27
...
12,736
12,316
183359589.LC.FTS.B,
Zero
Cpn,
5/27/27
.
12,614
–
182185437.LC.FTS.B,
19.99%,
5/29/27
...
14,275
5,071
184163017.LC.FTS.B,
13.19%,
6/17/27
...
13,471
12,676
182894637.LC.FTS.B,
Zero
Cpn,
7/19/27
.
22,428
2,108
184064152.LC.FTS.B,
19.49%,
8/13/27
...
17,729
13,390
183767102.LC.FTS.B,
15%,
9/30/27
.....
19,911
14,904
184041474.LC.FTS.B,
5%,
12/15/27
.....
22,095
18,506
10,701,407
Prosper
Funding
LLC
1613502.PS.FTS.B,
15.1%,
8/11/24
.....
2,478
2,415
1613526.PS.FTS.B,
19.1%,
8/11/24
.....
5,150
5,081
1604114.PS.FTS.B,
12.5%,
8/12/24
.....
9,814
9,545
1607545.PS.FTS.B,
12.7%,
8/12/24
.....
7,372
7,170
1607185.PS.FTS.B,
17.1%,
8/12/24
.....
3,045
3,006
1603763.PS.FTS.B,
19.8%,
8/12/24
.....
6,259
6,163
1613868.PS.FTS.B,
19.8%,
8/12/24
.....
5,210
5,124
1607575.PS.FTS.B,
20%,
8/12/24
.......
2,591
2,557
1603826.PS.FTS.B,
20.9%,
8/12/24
.....
1,043
1,029
1603754.PS.FTS.B,
21.49%,
8/12/24
....
5,236
5,167
1613529.PS.FTS.B,
14.89%,
8/13/24
....
4,253
4,132
1614891.PS.FTS.B,
16.7%,
8/13/24
.....
2,531
2,467
1604669.PS.FTS.B,
19.8%,
8/13/24
.....
1,035
1,022
1614984.PS.FTS.B,
19.8%,
8/13/24
.....
1,035
1,022
1615005.PS.FTS.B,
20.1%,
8/13/24
.....
4,148
4,096
1615146.PS.FTS.B,
20.8%,
8/13/24
.....
1,041
1,028
1608406.PS.FTS.B,
18.11%,
8/15/24
....
10,250
9,966
1609840.PS.FTS.B,
15.9%,
8/17/24
.....
3,774
3,685
1616559.PS.FTS.B,
17%,
8/17/24
.......
2,516
2,487
1606436.PS.FTS.B,
28.64%,
8/17/24
....
2,748
2,827
1611376.PS.FTS.B,
12.8%,
8/19/24
.....
9,836
9,582
1611391.PS.FTS.B,
14.2%,
8/19/24
.....
7,057
6,863
1608574.PS.FTS.B,
20.1%,
8/21/24
.....
1,040
1,025
1610068.PS.FTS.B,
20%,
8/22/24
.......
2,603
2,567
1618998.PS.FTS.B,
12.79%,
8/23/24
....
17,212
16,766
1609553.PS.FTS.B,
14.89%,
8/24/24
....
979
970
1620645.PS.FTS.B,
16.6%,
8/25/24
.....
3,035
2,972
1614574.PS.FTS.B,
27.56%,
8/26/24
....
5,733
5,752
1615534.PS.FTS.B,
15.9%,
8/27/24
.....
863
856
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1611857.PS.FTS.B,
16.4%,
8/27/24
.....
$
3,198
$
3,182
1610723.PS.FTS.B,
16.9%,
9/03/24
.....
3,225
3,141
1606394.PS.FTS.B,
20.9%,
9/15/24
.....
4,430
4,355
1618596.PS.FTS.B,
14.7%,
9/16/24
.....
3,748
3,644
1633506.PS.FTS.B,
12.2%,
9/20/24
.....
6,209
6,039
1612025.PS.FTS.B,
15.6%,
9/20/24
.....
1,771
1,731
1623956.PS.FTS.B,
12.3%,
9/21/24
.....
3,262
3,173
1634463.PS.FTS.B,
13.05%,
9/21/24
....
1,041
1,013
1623944.PS.FTS.B,
13.36%,
9/21/24
....
8,868
8,627
1634445.PS.FTS.B,
13.9%,
9/21/24
.....
18,327
17,829
1627612.PS.FTS.B,
15.1%,
9/21/24
.....
2,640
2,576
1627369.PS.FTS.B,
15.4%,
9/21/24
.....
13,227
12,904
1634439.PS.FTS.B,
16.57%,
9/21/24
....
2,667
2,601
1634433.PS.FTS.B,
17.05%,
9/21/24
....
6,121
5,971
1627600.PS.FTS.B,
18.41%,
9/21/24
....
4,268
4,163
1635159.PS.FTS.B,
11.89%,
9/22/24
....
9,612
9,269
1635285.PS.FTS.B,
13.36%,
9/22/24
....
11,658
11,355
1624496.PS.FTS.B,
13.7%,
9/22/24
.....
2,892
703
1635147.PS.FTS.B,
16%,
9/22/24
.......
5,314
5,186
1624508.PS.FTS.B,
18.41%,
9/22/24
....
2,700
2,635
1624730.PS.FTS.B,
18.41%,
9/22/24
....
3,240
3,162
1635003.PS.FTS.B,
20.01%,
9/22/24
....
3,275
3,241
1628974.PS.FTS.B,
11.6%,
9/23/24
.....
6,182
6,018
1628788.PS.FTS.B,
18.5%,
9/23/24
.....
1,066
1,055
1625759.PS.FTS.B,
13.8%,
9/24/24
.....
12,959
12,617
1625753.PS.FTS.B,
14.7%,
9/24/24
.....
2,655
2,554
1625561.PS.FTS.B,
16%,
9/24/24
.......
2,666
1,676
1636929.PS.FTS.B,
18.41%,
9/24/24
....
5,401
5,274
1636593.PS.FTS.B,
18.5%,
9/24/24
.....
1,229
318
1634235.PS.FTS.B,
14.89%,
9/25/24
....
2,645
2,573
1630810.PS.FTS.B,
14.79%,
9/27/24
....
13,862
13,743
1637601.PS.FTS.B,
15.4%,
9/27/24
.....
13,197
12,903
1627211.PS.FTS.B,
18.41%,
9/27/24
....
6,356
6,320
1630558.PS.FTS.B,
19.56%,
9/27/24
....
3,430
3,461
1628129.PS.FTS.B,
13.05%,
9/28/24
....
3,289
3,177
1630930.PS.FTS.B,
13.2%,
9/28/24
.....
2,195
2,120
1631206.PS.FTS.B,
13.66%,
9/28/24
....
3,302
3,190
1631650.PS.FTS.B,
14.39%,
9/28/24
....
5,530
5,337
1638273.PS.FTS.B,
16.43%,
9/28/24
....
3,643
3,515
1627844.PS.FTS.B,
16.61%,
9/28/24
....
2,805
2,707
1637628.PS.FTS.B,
24.5%,
9/28/24
.....
5,892
5,785
1632436.PS.FTS.B,
15%,
9/29/24
.......
3,886
3,752
1629230.PS.FTS.B,
14.49%,
9/30/24
....
19,366
18,865
1639314.PS.FTS.B,
14.56%,
9/30/24
....
5,536
5,349
1624058.PS.FTS.B,
12.9%,
10/04/24
....
5,530
5,361
1640814.PS.FTS.B,
13.87%,
10/04/24
...
7,444
7,200
1645020.PS.FTS.B,
11.86%,
10/08/24
....
8,161
7,902
1634696.PS.FTS.B,
13.66%,
10/08/24
...
3,855
3,732
1638691.PS.FTS.B,
11.6%,
10/12/24
....
13,578
13,159
1639798.PS.FTS.B,
14.56%,
10/13/24
...
6,426
6,229
1645047.PS.FTS.B,
13.05%,
10/14/24
...
4,783
4,632
1630058.PS.FTS.B,
19.3%,
10/16/24
....
2,727
1,627
1655031.PS.FTS.B,
26.51%,
10/26/24
...
3,117
3,114
1645625.PS.FTS.B,
13.7%,
10/27/24
....
5,781
5,698
1655751.PS.FTS.B,
17.96%,
10/27/24
...
3,366
464
1656195.PS.FTS.B,
12.3%,
10/28/24
....
8,309
8,014
1646078.PS.FTS.B,
12.43%,
10/28/24
...
6,896
6,643
1649509.PS.FTS.B,
13.59%,
10/28/24
...
16,307
15,607
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
242
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1656237.PS.FTS.B,
13.68%,
10/28/24
...
$
2,023
$
1,948
1649647.PS.FTS.B,
15.29%,
10/28/24
...
6,422
6,183
1646081.PS.FTS.B,
16.43%,
10/28/24
...
7,643
7,358
1649827.PS.FTS.B,
17%,
10/28/24
......
2,936
2,854
1646261.PS.FTS.B,
18.26%,
10/28/24
...
16,408
15,794
1657158.PS.FTS.B,
10.8%,
10/29/24
....
4,541
4,381
1657215.PS.FTS.B,
14.6%,
10/29/24
....
1,282
1,236
1649938.PS.FTS.B,
15.4%,
10/29/24
....
3,505
3,376
1650670.PS.FTS.B,
16.3%,
10/29/24
....
1,175
1,143
1647092.PS.FTS.B,
16.9%,
10/29/24
....
20,636
19,873
1656627.PS.FTS.B,
17%,
10/29/24
......
10,029
9,756
1657020.PS.FTS.B,
19.58%,
10/29/24
...
14,297
1,874
1647332.PS.FTS.B,
22.6%,
10/29/24
....
1,220
1,195
1646105.PS.FTS.B,
15.19%,
11/01/24
....
2,259
2,193
1652014.PS.FTS.B,
13.36%,
11/02/24
....
3,922
3,786
1651813.PS.FTS.B,
17.93%,
11/02/24
....
10,676
10,401
1648529.PS.FTS.B,
19.5%,
11/02/24
....
1,127
1,097
1648733.PS.FTS.B,
21.2%,
11/02/24
....
21,183
20,415
1652476.PS.FTS.B,
17%,
11/03/24
......
4,326
–
1651427.PS.FTS.B,
10.5%,
11/05/24
....
1,699
1,642
1654330.PS.FTS.B,
11.4%,
11/05/24
.....
2,848
2,752
1654084.PS.FTS.B,
13.4%,
11/05/24
....
2,308
2,228
1660992.PS.FTS.B,
15.2%,
11/05/24
....
12,164
11,741
1651250.PS.FTS.B,
16.83%,
11/05/24
....
7,070
6,900
1652180.PS.FTS.B,
12.1%,
11/08/24
....
14,370
13,877
1664829.PS.FTS.B,
12.95%,
11/08/24
....
6,373
6,160
1658140.PS.FTS.B,
13.9%,
11/08/24
....
2,909
2,804
1664856.PS.FTS.B,
15.4%,
11/08/24
....
3,300
3,202
1652378.PS.FTS.B,
18.7%,
11/08/24
....
14,896
14,557
1652381.PS.FTS.B,
18.9%,
11/08/24
....
14,955
14,559
1652924.PS.FTS.B,
12.5%,
11/09/24
....
8,605
8,321
1665921.PS.FTS.B,
13.4%,
11/09/24
....
3,173
3,068
1665951.PS.FTS.B,
14.52%,
11/09/24
....
1,341
744
1665984.PS.FTS.B,
14.63%,
11/09/24
....
10,343
10,002
1665879.PS.FTS.B,
15.1%,
11/09/24
....
5,577
5,392
1652945.PS.FTS.B,
17.54%,
11/09/24
....
1,479
1,446
1659139.PS.FTS.B,
18.41%,
11/09/24
....
4,699
4,541
1666908.PS.FTS.B,
11.7%,
11/10/24
.....
5,708
5,521
1654091.PS.FTS.B,
15.9%,
11/10/24
....
4,429
4,273
1648630.PS.FTS.B,
22.6%,
11/10/24
....
2,780
2,759
1655651.PS.FTS.B,
12.87%,
11/15/24
....
1,725
1,671
1662703.PS.FTS.B,
16%,
11/15/24
......
5,889
5,705
1651004.PS.FTS.B,
16.6%,
11/19/24
....
7,130
6,866
1663073.PS.FTS.B,
18.41%,
11/29/24
....
3,107
2,985
1651826.PS.FTS.B,
11.7%,
12/02/24
....
9,101
8,774
1685280.PS.FTS.B,
12.3%,
12/14/24
....
10,805
10,448
1672346.PS.FTS.B,
14.89%,
12/14/24
...
12,190
11,780
1685958.PS.FTS.B,
11.4%,
12/15/24
....
2,843
2,751
1672952.PS.FTS.B,
12%,
12/15/24
......
1,530
1,478
1672970.PS.FTS.B,
13.5%,
12/15/24
....
5,441
5,262
1685973.PS.FTS.B,
16%,
12/15/24
......
4,294
4,151
1673021.PS.FTS.B,
17.1%,
12/15/24
....
6,173
6,038
1686549.PS.FTS.B,
13%,
12/16/24
......
5,425
5,248
1687008.PS.FTS.B,
19%,
12/16/24
......
9,091
8,890
1674656.PS.FTS.B,
10.89%,
12/17/24
...
8,928
8,640
1680451.PS.FTS.B,
12.3%,
12/17/24
....
1,161
1,124
1674668.PS.FTS.B,
12.65%,
12/17/24
...
6,015
5,820
1674647.PS.FTS.B,
13.1%,
12/17/24
....
5,793
5,606
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1680760.PS.FTS.B,
19.91%,
12/17/24
...
$
1,254
$
1,228
1685979.PS.FTS.B,
13.7%,
12/18/24
....
6,063
5,849
1681975.PS.FTS.B,
24.51%,
12/21/24
...
3,214
3,184
1691055.PS.FTS.B,
14.79%,
12/23/24
...
5,174
5,017
1684660.PS.FTS.B,
20.79%,
12/24/24
...
6,140
6,030
1676825.PS.FTS.B,
12.2%,
12/31/24
....
16,382
8,994
1687806.PS.FTS.B,
14.7%,
12/31/24
....
9,621
9,265
1692690.PS.FTS.B,
19.1%,
1/02/25
.....
1,373
1,319
1603442.PS.FTS.B,
18.2%,
7/11/25
.....
5,892
5,622
1605017.PS.FTS.B,
19%,
7/16/25
.......
9,626
5,489
1672340.PS.FTS.B,
15.1%,
11/14/25
....
15,065
14,432
1613484.PS.FTS.B,
16.93%,
8/11/26
....
19,693
18,946
1613481.PS.FTS.B,
19.78%,
8/11/26
....
11,519
11,287
1604105.PS.FTS.B,
13.74%,
8/12/26
....
22,171
21,380
1614300.PS.FTS.B,
13.8%,
8/12/26
.....
21,840
21,103
1613874.PS.FTS.B,
15.2%,
8/12/26
.....
7,462
7,183
1614279.PS.FTS.B,
15.9%,
8/12/26
.....
7,121
6,854
1614306.PS.FTS.B,
18.5%,
8/12/26
.....
15,239
14,944
1613892.PS.FTS.B,
19.18%,
8/12/26
....
4,944
4,846
1603802.PS.FTS.B,
20.3%,
8/12/26
.....
7,703
7,551
1607554.PS.FTS.B,
20.9%,
8/12/26
.....
6,572
6,441
1603823.PS.FTS.B,
28.4%,
8/12/26
.....
1,611
1,617
1608121.PS.FTS.B,
12.7%,
8/13/26
.....
12,252
11,843
1607647.PS.FTS.B,
15%,
8/13/26
.......
5,962
5,741
1604489.PS.FTS.B,
15.1%,
8/13/26
.....
12,304
11,849
1615164.PS.FTS.B,
17%,
8/13/26
.......
7,661
7,490
1614735.PS.FTS.B,
18.73%,
8/13/26
....
9,156
8,813
1614738.PS.FTS.B,
23.83%,
8/13/26
....
5,550
5,491
1607854.PS.FTS.B,
25.48%,
8/13/26
....
1,779
1,762
1607977.PS.FTS.B,
25.48%,
8/13/26
....
3,570
3,589
1604924.PS.FTS.B,
28.4%,
8/13/26
.....
5,236
5,260
1605023.PS.FTS.B,
14.2%,
8/16/26
.....
14,826
14,310
1605623.PS.FTS.B,
16.64%,
8/16/26
....
9,038
8,711
1608526.PS.FTS.B,
19.78%,
8/16/26
....
6,143
6,035
1604936.PS.FTS.B,
25%,
8/16/26
.......
1,583
1,583
1616271.PS.FTS.B,
12.5%,
8/17/26
.....
8,794
8,491
1609138.PS.FTS.B,
16.18%,
8/17/26
....
11,264
10,873
1609525.PS.FTS.B,
17%,
8/17/26
.......
5,113
5,007
1611388.PS.FTS.B,
15.8%,
8/19/26
.....
19,353
18,672
1608082.PS.FTS.B,
12.8%,
8/20/26
.....
11,044
10,644
1611682.PS.FTS.B,
13.3%,
8/20/26
.....
4,926
4,762
1608397.PS.FTS.B,
20.3%,
8/21/26
.....
6,662
6,526
1612375.PS.FTS.B,
14.29%,
8/23/26
....
7,417
7,169
1609286.PS.FTS.B,
15.2%,
8/23/26
.....
2,283
2,214
1619205.PS.FTS.B,
16%,
8/23/26
.......
6,197
1,443
1610333.PS.FTS.B,
14.39%,
8/24/26
....
2,969
2,870
1613140.PS.FTS.B,
14.7%,
8/24/26
.....
7,437
7,190
1620525.PS.FTS.B,
16.4%,
8/24/26
.....
4,512
4,361
1606978.PS.FTS.B,
13.3%,
8/25/26
.....
10,001
9,648
1606780.PS.FTS.B,
29.08%,
8/25/26
....
5,760
5,718
1622217.PS.FTS.B,
16.7%,
8/27/26
.....
4,649
4,480
1608826.PS.FTS.B,
16.93%,
8/30/26
....
13,141
1,745
1604606.PS.FTS.B,
29.74%,
9/07/26
....
8,225
8,213
1625707.PS.FTS.B,
11.7%,
9/16/26
.....
19,888
19,208
1626049.PS.FTS.B,
15.18%,
9/17/26
....
18,621
17,961
1633221.PS.FTS.B,
18.13%,
9/17/26
....
27,118
26,040
1632897.PS.FTS.B,
18.48%,
9/17/26
....
15,503
15,190
1627039.PS.FTS.B,
12.7%,
9/20/26
.....
2,993
2,889
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
243
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1627618.PS.FTS.B,
11.79%,
9/21/26
....
$
8,183
$
7,902
1634841.PS.FTS.B,
11.79%,
9/21/26
....
8,927
8,620
1634442.PS.FTS.B,
13.93%,
9/21/26
....
7,165
6,918
1634613.PS.FTS.B,
14.39%,
9/21/26
....
7,310
7,060
1627615.PS.FTS.B,
14.7%,
9/21/26
.....
3,789
3,653
1624370.PS.FTS.B,
16.18%,
9/21/26
....
10,323
9,950
1628728.PS.FTS.B,
12.5%,
9/22/26
.....
5,231
5,052
1628947.PS.FTS.B,
12.5%,
9/23/26
.....
8,220
7,941
1635732.PS.FTS.B,
12.7%,
9/23/26
.....
9,728
9,397
1635660.PS.FTS.B,
12.87%,
9/23/26
....
7,491
7,236
1625255.PS.FTS.B,
13.2%,
9/23/26
.....
6,006
5,801
1636926.PS.FTS.B,
11.6%,
9/24/26
.....
8,544
8,256
1625639.PS.FTS.B,
12.7%,
9/24/26
.....
9,280
8,968
1629340.PS.FTS.B,
12.9%,
9/24/26
.....
5,123
4,951
1636506.PS.FTS.B,
15.18%,
9/24/26
....
12,161
11,749
1637322.PS.FTS.B,
12.4%,
9/27/26
.....
7,763
1,688
1630456.PS.FTS.B,
12.76%,
9/27/26
....
11,444
11,196
1630462.PS.FTS.B,
13.5%,
9/27/26
.....
763
757
1630438.PS.FTS.B,
15.29%,
9/27/26
....
7,745
7,586
1630432.PS.FTS.B,
15.9%,
9/27/26
.....
9,326
9,139
1628431.PS.FTS.B,
16.64%,
9/30/26
....
9,013
8,655
1635144.PS.FTS.B,
16.18%,
10/01/26
...
11,754
11,287
1627061.PS.FTS.B,
19.5%,
10/01/26
....
20,095
11,809
1624733.PS.FTS.B,
16.33%,
10/05/26
...
5,118
4,915
1636347.PS.FTS.B,
12.9%,
10/17/26
....
20,373
19,771
1630162.PS.FTS.B,
16.33%,
10/23/26
...
20,191
19,170
1655010.PS.FTS.B,
19%,
10/26/26
......
5,396
5,292
1648657.PS.FTS.B,
10.4%,
10/27/26
....
11,500
11,223
1648981.PS.FTS.B,
10.7%,
10/27/26
....
18,437
17,997
1645613.PS.FTS.B,
12.62%,
10/27/26
...
10,487
10,253
1655382.PS.FTS.B,
12.8%,
10/27/26
....
27,217
26,613
1655400.PS.FTS.B,
13.7%,
10/27/26
....
4,690
4,581
1648636.PS.FTS.B,
15.2%,
10/27/26
....
1,576
1,541
1645256.PS.FTS.B,
16.33%,
10/27/26
...
6,344
6,209
1645280.PS.FTS.B,
18.78%,
10/27/26
...
16,467
16,427
1648987.PS.FTS.B,
23.13%,
10/27/26
...
6,159
–
1645934.PS.FTS.B,
10.5%,
10/28/26
....
6,138
5,890
1656219.PS.FTS.B,
10.5%,
10/28/26
....
7,985
1,583
1649521.PS.FTS.B,
13.4%,
10/28/26
....
8,509
1,877
1649530.PS.FTS.B,
13.5%,
10/28/26
....
5,478
5,212
1649821.PS.FTS.B,
13.66%,
10/28/26
...
8,149
7,834
1649653.PS.FTS.B,
14.7%,
10/28/26
....
5,266
5,018
1646096.PS.FTS.B,
15.1%,
10/28/26
....
4,726
4,504
1646336.PS.FTS.B,
16.33%,
10/28/26
...
15,860
15,110
1656207.PS.FTS.B,
23.64%,
10/28/26
...
20,471
20,153
1649542.PS.FTS.B,
27.27%,
10/28/26
...
426
414
1646984.PS.FTS.B,
10.08%,
10/29/26
...
9,184
8,815
1656930.PS.FTS.B,
10.5%,
10/29/26
....
3,984
824
1657014.PS.FTS.B,
10.5%,
10/29/26
....
26,854
25,775
1657425.PS.FTS.B,
11.4%,
10/29/26
....
962
51
1650649.PS.FTS.B,
13.8%,
10/29/26
....
6,091
5,807
1657059.PS.FTS.B,
17%,
10/29/26
......
12,733
12,276
1650634.PS.FTS.B,
23.3%,
10/29/26
....
2,878
2,764
1646327.PS.FTS.B,
13.8%,
10/31/26
....
15,662
14,899
1657476.PS.FTS.B,
13.8%,
11/01/26
....
11,729
11,190
1658550.PS.FTS.B,
9.45%,
11/02/26
....
11,436
10,984
1649888.PS.FTS.B,
11.2%,
11/03/26
.....
18,489
17,761
1651424.PS.FTS.B,
10.8%,
11/05/26
....
9,223
8,864
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1651418.PS.FTS.B,
11.6%,
11/05/26
.....
$
1,544
$
1,484
1650998.PS.FTS.B,
12.7%,
11/05/26
....
11,656
11,201
1661079.PS.FTS.B,
15.1%,
11/05/26
....
21,265
20,313
1654321.PS.FTS.B,
16%,
11/05/26
......
8,706
8,422
1660986.PS.FTS.B,
16.8%,
11/05/26
....
19,871
18,977
1648294.PS.FTS.B,
17.84%,
11/05/26
....
12,059
11,577
1661409.PS.FTS.B,
21.18%,
11/05/26
....
6,909
6,675
1654327.PS.FTS.B,
22.55%,
11/05/26
....
6,565
6,439
1651841.PS.FTS.B,
15.4%,
11/08/26
....
4,339
4,149
1665054.PS.FTS.B,
16.93%,
11/08/26
....
19,169
18,326
1659238.PS.FTS.B,
10.8%,
11/09/26
....
5,764
5,545
1653053.PS.FTS.B,
11.55%,
11/09/26
....
5,404
5,198
1665906.PS.FTS.B,
11.7%,
11/09/26
.....
6,181
5,946
1652894.PS.FTS.B,
12.7%,
11/09/26
....
7,390
7,112
1658878.PS.FTS.B,
12.98%,
11/09/26
....
19,459
18,715
1658887.PS.FTS.B,
13.8%,
11/09/26
....
11,631
11,127
1659130.PS.FTS.B,
15.18%,
11/09/26
....
11,031
10,552
1652711.PS.FTS.B,
16.2%,
11/09/26
.....
9,904
9,600
1665696.PS.FTS.B,
19%,
11/09/26
......
12,864
12,461
1659106.PS.FTS.B,
22.55%,
11/09/26
....
6,987
6,871
1665942.PS.FTS.B,
24.63%,
11/09/26
....
11,165
11,039
1658902.PS.FTS.B,
25.9%,
11/09/26
....
694
678
1659562.PS.FTS.B,
26.43%,
11/09/26
....
12,492
12,344
1654496.PS.FTS.B,
11.79%,
11/10/26
....
7,730
7,437
1667139.PS.FTS.B,
14.38%,
11/10/26
....
13,336
12,828
1660783.PS.FTS.B,
11.7%,
11/12/26
.....
13,907
13,386
1661254.PS.FTS.B,
21%,
11/12/26
......
5,685
5,637
1668165.PS.FTS.B,
22.6%,
11/12/26
....
4,092
4,056
1668453.PS.FTS.B,
9.62%,
11/15/26
....
9,938
9,569
1651010.PS.FTS.B,
10.8%,
11/15/26
....
11,491
11,044
1656380.PS.FTS.B,
10.9%,
11/15/26
....
6,153
5,926
1658161.PS.FTS.B,
13.3%,
11/15/26
....
6,653
6,352
1653980.PS.FTS.B,
13.7%,
11/15/26
....
11,780
11,255
1653277.PS.FTS.B,
13.8%,
11/16/26
....
18,882
18,002
1654759.PS.FTS.B,
11.89%,
11/19/26
....
3,915
3,760
1660438.PS.FTS.B,
16%,
11/19/26
......
3,981
3,845
1672608.PS.FTS.B,
16%,
11/19/26
......
4,749
4,627
1665885.PS.FTS.B,
13.7%,
11/20/26
....
19,631
18,750
1659127.PS.FTS.B,
16.8%,
11/20/26
....
16,015
15,290
1645619.PS.FTS.B,
18.78%,
11/20/26
....
10,631
10,309
1659142.PS.FTS.B,
14.6%,
11/21/26
....
6,332
6,047
1667304.PS.FTS.B,
13.48%,
12/05/26
...
28,108
27,015
1656341.PS.FTS.B,
15.29%,
12/09/26
...
13,460
12,860
1678408.PS.FTS.B,
10.5%,
12/14/26
....
4,299
4,199
1672670.PS.FTS.B,
12%,
12/14/26
......
5,519
5,313
1685286.PS.FTS.B,
12.5%,
12/14/26
....
5,534
5,327
1678405.PS.FTS.B,
13.8%,
12/14/26
....
11,942
11,429
1672667.PS.FTS.B,
18.78%,
12/14/26
...
9,634
9,323
1685589.PS.FTS.B,
22.8%,
12/14/26
....
9,848
9,611
1679083.PS.FTS.B,
10.5%,
12/15/26
....
15,640
15,060
1679473.PS.FTS.B,
14.68%,
12/15/26
...
15,996
15,400
1679077.PS.FTS.B,
15.12%,
12/15/26
...
16,033
15,346
1685964.PS.FTS.B,
15.29%,
12/15/26
...
16,047
15,360
1672964.PS.FTS.B,
28.23%,
12/15/26
...
8,510
8,395
1680130.PS.FTS.B,
13.4%,
12/16/26
....
7,945
7,651
1680172.PS.FTS.B,
13.4%,
12/16/26
....
9,534
9,130
1679950.PS.FTS.B,
15.24%,
12/16/26
...
9,626
9,217
1687065.PS.FTS.B,
16.4%,
12/16/26
....
15,338
14,662
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
244
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1680709.PS.FTS.B,
10.5%,
12/17/26
....
$
15,640
$
15,067
1687677.PS.FTS.B,
18.4%,
12/17/26
....
16,298
15,799
1674683.PS.FTS.B,
19%,
12/17/26
......
6,538
6,337
1680733.PS.FTS.B,
26.5%,
12/17/26
....
6,760
6,681
1681081.PS.FTS.B,
11.33%,
12/20/26
....
7,479
7,208
1681270.PS.FTS.B,
13.08%,
12/20/26
...
5,552
5,351
1679071.PS.FTS.B,
14.7%,
12/20/26
....
20,053
19,165
1681027.PS.FTS.B,
25.9%,
12/20/26
....
4,732
4,144
1677662.PS.FTS.B,
18.25%,
12/23/26
...
17,915
17,421
1681514.PS.FTS.B,
15.2%,
12/31/26
....
9,783
9,301
1672658.PS.FTS.B,
18.4%,
12/31/26
....
10,020
9,622
1608338.PS.FTS.B,
15.5%,
2/20/27
.....
7,608
3,417
2,497,344
Upgrade,
Inc.
UG23577000UG,
25.26%,
7/23/23
......
1,801
1,823
UG24806209UG,
24.99%,
8/03/23
......
921
925
UG25392723UG,
25.26%,
9/30/23
......
1,904
760
UG24237195UG,
30.51%,
1/03/24
......
2,363
697
UG23553668UG,
29.69%,
10/15/24
.....
5,552
5,914
UG23546722UG,
29.69%,
10/22/24
.....
8,332
8,879
UG23816823UG,
25.82%,
10/24/24
.....
6,620
6,966
UG23793303UG,
27.74%,
11/05/24
......
12,279
12,828
UG24174311UG,
29.69%,
11/05/24
......
23,598
22,463
UG24254995UG,
29.69%,
11/14/24
......
14,473
15,078
UG24485661UG,
29.69%,
11/18/24
......
15,803
16,718
UG24557579UG,
26.77%,
11/19/24
......
10,849
8,244
UG24631334UG,
29.69%,
11/21/24
......
12,125
12,919
UG24909623UG,
27.74%,
12/02/24
.....
21,013
1,012
UG24677388UG,
29.69%,
12/06/24
.....
7,672
8,077
UG24350035UG,
28.99%,
12/10/24
.....
6,733
7,139
UG24672526UG,
29.69%,
12/11/24
......
15,086
15,997
UG24959142UG,
29.69%,
12/15/24
.....
13,358
14,064
UG25312483UG,
29.69%,
12/18/24
.....
9,710
10,254
UG24451345UG,
25.82%,
12/31/24
.....
10,748
11,172
UG25843226UG,
28.99%,
1/07/25
......
11,135
11,790
UG25708036UG,
29.69%,
1/20/25
......
23,601
19,020
UG23594637UG,
25.26%,
10/16/27
.....
11
11
UG23753978UG,
25.26%,
11/20/27
......
21
21
UG24789598UG,
25.26%,
11/27/27
......
103
104
UG25805026UG,
30.51%,
12/16/27
.....
115
115
UG25141055UG,
25.26%,
5/11/28
......
159
160
213,150
Upgrade,
Inc.
-
Card
UG991114026UG,
Zero
Cpn,
2/22/23
....
42
3
UG991342536UG,
28.98%,
6/08/23
.....
6
6
UG991024658UG,
29.49%,
6/09/23
.....
7
6
UG991298377UG,
28.48%,
6/20/23
.....
6
6
UG991302811UG,
29.49%,
6/22/23
......
8
8
UG991292764UG,
29.49%,
6/23/23
.....
5
5
UG991079012UG,
29.49%,
7/09/23
.....
12
12
UG991306783UG,
29.48%,
8/21/23
.....
15
15
UG991114757UG,
28.98%,
8/22/23
......
6
6
UG991263262UG,
17.99%,
8/27/23
.....
17
17
UG991082881UG,
28.98%,
9/17/23
.....
19
19
UG991136392UG,
29.49%,
9/23/23
......
12
12
UG991123035UG,
28.98%,
10/17/23
.....
26
27
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG990915742UG,
29.49%,
10/21/23
....
$
8
$
8
UG990984188UG,
28.48%,
10/22/23
....
83
84
UG991152486UG,
29.48%,
10/26/23
.....
19
17
UG991084429UG,
Zero
Cpn,
11/08/23
...
93
6
UG991024355UG,
18.71%,
11/08/23
.....
96
95
UG991083189UG,
25.45%,
11/08/23
.....
74
73
UG991008863UG,
28.48%,
11/08/23
.....
88
12
UG991191742UG,
28.48%,
11/08/23
.....
83
12
UG991008836UG,
29.49%,
11/08/23
.....
319
321
UG991012781UG,
29.49%,
11/08/23
.....
12
12
UG991019090UG,
29.49%,
11/08/23
.....
79
11
UG991019637UG,
29.49%,
11/08/23
.....
76
77
UG991036352UG,
29.49%,
11/08/23
.....
475
41
UG991044888UG,
29.49%,
11/08/23
.....
82
(4)
UG991124803UG,
29.49%,
11/08/23
.....
99
99
UG991039402UG,
Zero
Cpn,
11/09/23
...
21
2
UG991216040UG,
15.47%,
11/09/23
.....
484
485
UG991016366UG,
16.49%,
11/09/23
.....
401
397
UG991018942UG,
17.49%,
11/09/23
.....
64
64
UG991142960UG,
19.96%,
11/09/23
.....
93
93
UG991018978UG,
20.47%,
11/09/23
.....
414
411
UG991205449UG,
20.47%,
11/09/23
.....
23
22
UG991189579UG,
20.96%,
11/09/23
.....
6
6
UG991015928UG,
28.48%,
11/09/23
.....
39
40
UG991018613UG,
28.48%,
11/09/23
.....
52
52
UG991218450UG,
28.48%,
11/09/23
.....
241
243
UG991021226UG,
29.48%,
11/09/23
.....
158
159
UG991025120UG,
29.48%,
11/09/23
.....
121
122
UG991018932UG,
29.49%,
11/09/23
.....
286
287
UG991021901UG,
29.49%,
11/09/23
.....
68
68
UG991035358UG,
29.49%,
11/09/23
.....
3
3
UG991035968UG,
29.49%,
11/09/23
.....
54
55
UG991047307UG,
29.49%,
11/09/23
.....
–
–
UG991050282UG,
29.49%,
11/09/23
.....
42
43
UG991086005UG,
29.49%,
11/09/23
.....
36
36
UG991160522UG,
29.49%,
11/09/23
.....
93
13
UG991162392UG,
29.49%,
11/09/23
.....
50
3
UG991202489UG,
29.49%,
11/09/23
.....
55
56
UG991206693UG,
29.49%,
11/09/23
.....
4
4
UG991215292UG,
29.49%,
11/09/23
.....
74
(3)
UG991021402UG,
15.47%,
11/10/23
.....
11
11
UG991023400UG,
16.49%,
11/10/23
.....
152
151
UG991062680UG,
18.96%,
11/10/23
.....
68
28
UG991022143UG,
19.96%,
11/10/23
.....
188
187
UG991024000UG,
21.47%,
11/10/23
.....
415
60
UG991216376UG,
21.48%,
11/10/23
.....
67
67
UG991225070UG,
22.47%,
11/10/23
.....
50
50
UG991034169UG,
23.45%,
11/10/23
.....
–
–
UG991045741UG,
23.45%,
11/10/23
.....
81
80
UG991051732UG,
23.45%,
11/10/23
.....
55
55
UG991107974UG,
23.45%,
11/10/23
.....
33
34
UG991217504UG,
25.45%,
11/10/23
.....
93
92
UG991045793UG,
26.44%,
11/10/23
.....
288
284
UG991106609UG,
28.48%,
11/10/23
.....
144
144
UG991211370UG,
28.48%,
11/10/23
.....
46
46
UG991045101UG,
29.48%,
11/10/23
.....
144
146
UG991024808UG,
29.49%,
11/10/23
.....
46
47
UG991026295UG,
29.49%,
11/10/23
.....
76
(4)
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
245
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991037375UG,
29.49%,
11/10/23
.....
$
1
$
–
UG991056252UG,
29.49%,
11/10/23
.....
232
233
UG991187212UG,
29.49%,
11/10/23
.....
163
58
UG991213301UG,
29.49%,
11/10/23
.....
30
31
UG991031385UG,
Zero
Cpn,
11/11/23
...
193
14
UG991143460UG,
Zero
Cpn,
11/11/23
...
75
5
UG991169118UG,
Zero
Cpn,
11/11/23
....
997
69
UG991202378UG,
16.49%,
11/11/23
.....
62
62
UG991038833UG,
18.47%,
11/11/23
.....
229
229
UG991106109UG,
18.47%,
11/11/23
.....
83
84
UG991212211UG,
19.3%,
11/11/23
......
25
25
UG991030997UG,
19.47%,
11/11/23
.....
–
–
UG991062058UG,
19.96%,
11/11/23
.....
54
54
UG991033770UG,
19.99%,
11/11/23
.....
67
69
UG991033897UG,
20.47%,
11/11/23
.....
669
664
UG991062734UG,
20.96%,
11/11/23
.....
84
83
UG991080192UG,
20.96%,
11/11/23
.....
139
140
UG991031717UG,
21.47%,
11/11/23
.....
29
28
UG991034529UG,
21.48%,
11/11/23
.....
82
82
UG991035672UG,
21.48%,
11/11/23
.....
184
154
UG991037263UG,
21.48%,
11/11/23
.....
364
361
UG991081352UG,
21.48%,
11/11/23
.....
60
60
UG991090030UG,
22.47%,
11/11/23
.....
118
118
UG991175335UG,
22.47%,
11/11/23
.....
16
16
UG991215040UG,
22.47%,
11/11/23
.....
51
51
UG991079094UG,
25.44%,
11/11/23
.....
27
26
UG991131589UG,
25.45%,
11/11/23
.....
68
68
UG991033125UG,
28.48%,
11/11/23
.....
29
29
UG991054094UG,
28.48%,
11/11/23
.....
34
35
UG991056001UG,
28.48%,
11/11/23
.....
74
75
UG991056988UG,
28.48%,
11/11/23
.....
48
49
UG991069195UG,
28.48%,
11/11/23
.....
316
317
UG991079986UG,
28.48%,
11/11/23
.....
170
173
UG991087213UG,
28.48%,
11/11/23
.....
71
72
UG991089405UG,
28.48%,
11/11/23
.....
62
63
UG991100814UG,
28.48%,
11/11/23
.....
198
202
UG991112913UG,
28.48%,
11/11/23
.....
27
27
UG991184147UG,
28.48%,
11/11/23
.....
91
92
UG991032192UG,
29.48%,
11/11/23
.....
65
66
UG991042477UG,
29.48%,
11/11/23
.....
125
128
UG991073502UG,
29.48%,
11/11/23
.....
248
252
UG991074883UG,
29.48%,
11/11/23
.....
535
544
UG991077130UG,
29.48%,
11/11/23
.....
261
263
UG991096801UG,
29.48%,
11/11/23
.....
225
228
UG991121194UG,
29.48%,
11/11/23
.....
657
98
UG991132279UG,
29.48%,
11/11/23
.....
138
140
UG991132339UG,
29.48%,
11/11/23
.....
120
121
UG991141134UG,
29.48%,
11/11/23
.....
281
287
UG991169941UG,
29.48%,
11/11/23
.....
91
92
UG991188940UG,
29.48%,
11/11/23
.....
57
57
UG991196471UG,
29.48%,
11/11/23
.....
32
33
UG991024641UG,
29.49%,
11/11/23
.....
35
35
UG991024686UG,
29.49%,
11/11/23
.....
27
27
UG991024915UG,
29.49%,
11/11/23
.....
58
59
UG991025879UG,
29.49%,
11/11/23
.....
568
86
UG991026432UG,
29.49%,
11/11/23
.....
104
106
UG991029761UG,
29.49%,
11/11/23
.....
33
33
UG991031265UG,
29.49%,
11/11/23
.....
38
39
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991032955UG,
29.49%,
11/11/23
.....
$
54
$
55
UG991033023UG,
29.49%,
11/11/23
.....
61
61
UG991034815UG,
29.49%,
11/11/23
.....
281
287
UG991036718UG,
29.49%,
11/11/23
.....
–
–
UG991039757UG,
29.49%,
11/11/23
.....
144
146
UG991039945UG,
29.49%,
11/11/23
.....
116
37
UG991040317UG,
29.49%,
11/11/23
.....
11
11
UG991041006UG,
29.49%,
11/11/23
.....
8
8
UG991042359UG,
29.49%,
11/11/23
.....
884
897
UG991043005UG,
29.49%,
11/11/23
.....
128
130
UG991043262UG,
29.49%,
11/11/23
.....
46
7
UG991043493UG,
29.49%,
11/11/23
.....
317
323
UG991044490UG,
29.49%,
11/11/23
.....
98
7
UG991046860UG,
29.49%,
11/11/23
.....
231
234
UG991049412UG,
29.49%,
11/11/23
.....
19
19
UG991049605UG,
29.49%,
11/11/23
.....
32
33
UG991050801UG,
29.49%,
11/11/23
.....
160
162
UG991053364UG,
29.49%,
11/11/23
.....
41
42
UG991056670UG,
29.49%,
11/11/23
.....
36
37
UG991057788UG,
29.49%,
11/11/23
.....
–
–
UG991061678UG,
29.49%,
11/11/23
.....
76
78
UG991066988UG,
29.49%,
11/11/23
.....
–
–
UG991068657UG,
29.49%,
11/11/23
.....
73
6
UG991070551UG,
29.49%,
11/11/23
.....
543
550
UG991074139UG,
29.49%,
11/11/23
.....
71
73
UG991078791UG,
29.49%,
11/11/23
.....
170
173
UG991080602UG,
29.49%,
11/11/23
.....
44
45
UG991086306UG,
29.49%,
11/11/23
.....
52
52
UG991098895UG,
29.49%,
11/11/23
.....
53
53
UG991099009UG,
29.49%,
11/11/23
.....
692
(18)
UG991119020UG,
29.49%,
11/11/23
.....
210
213
UG991126748UG,
29.49%,
11/11/23
.....
45
46
UG991127514UG,
29.49%,
11/11/23
.....
31
32
UG991146122UG,
29.49%,
11/11/23
.....
68
69
UG991159442UG,
29.49%,
11/11/23
.....
81
82
UG991167259UG,
29.49%,
11/11/23
.....
100
100
UG991170803UG,
29.49%,
11/11/23
.....
11
11
UG991176715UG,
29.49%,
11/11/23
.....
212
214
UG991179512UG,
29.49%,
11/11/23
.....
32
32
UG991072008UG,
29.99%,
11/11/23
.....
81
6
UG991038090UG,
Zero
Cpn,
11/12/23
...
394
27
UG991076003UG,
Zero
Cpn,
11/12/23
...
191
13
UG991037200UG,
15.47%,
11/12/23
.....
43
43
UG991192985UG,
15.47%,
11/12/23
.....
141
139
UG991044320UG,
17.47%,
11/12/23
.....
45
44
UG991064030UG,
17.49%,
11/12/23
.....
47
47
UG991102699UG,
17.49%,
11/12/23
.....
16
14
UG991083038UG,
18.47%,
11/12/23
.....
46
46
UG991033709UG,
18.71%,
11/12/23
.....
161
160
UG991067044UG,
18.71%,
11/12/23
.....
47
47
UG991106285UG,
18.71%,
11/12/23
.....
128
127
UG991166276UG,
18.71%,
11/12/23
.....
1,527
1,517
UG991167442UG,
19.3%,
11/12/23
......
114
113
UG991194722UG,
19.3%,
11/12/23
......
37
37
UG991238989UG,
19.3%,
11/12/23
......
114
113
UG991032260UG,
19.96%,
11/12/23
.....
35
34
UG991041583UG,
19.96%,
11/12/23
.....
2,097
122
UG991044473UG,
19.96%,
11/12/23
.....
259
255
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
246
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991057526UG,
19.96%,
11/12/23
.....
$
2
$
2
UG991032115UG,
20.47%,
11/12/23
.....
–
–
UG991054625UG,
20.47%,
11/12/23
.....
447
442
UG991068914UG,
20.47%,
11/12/23
.....
42
42
UG991212215UG,
20.47%,
11/12/23
.....
39
3
UG991225200UG,
20.47%,
11/12/23
.....
62
62
UG991032833UG,
20.96%,
11/12/23
.....
58
58
UG991037989UG,
20.96%,
11/12/23
.....
2
2
UG991044922UG,
20.96%,
11/12/23
.....
115
114
UG991057439UG,
20.96%,
11/12/23
.....
38
38
UG991216384UG,
20.96%,
11/12/23
.....
35
34
UG991034570UG,
21.48%,
11/12/23
.....
304
302
UG991036635UG,
21.48%,
11/12/23
.....
996
989
UG991036961UG,
21.48%,
11/12/23
.....
469
465
UG991042940UG,
21.48%,
11/12/23
.....
18
18
UG991208952UG,
21.48%,
11/12/23
.....
34
34
UG991051469UG,
22.47%,
11/12/23
.....
37
36
UG991180605UG,
23.45%,
11/12/23
.....
148
147
UG991038867UG,
24.45%,
11/12/23
.....
602
597
UG991195593UG,
25.45%,
11/12/23
.....
111
109
UG991113657UG,
25.95%,
11/12/23
.....
217
215
UG991038818UG,
26.44%,
11/12/23
.....
391
388
UG991040642UG,
26.44%,
11/12/23
.....
130
128
UG991046688UG,
18.71%,
11/13/23
.....
126
125
UG991073274UG,
18.71%,
11/13/23
.....
174
172
UG991205571UG,
18.96%,
11/13/23
.....
96
95
UG991039066UG,
19.3%,
11/13/23
......
95
93
UG991055488UG,
19.3%,
11/13/23
......
186
14
UG991056261UG,
19.3%,
11/13/23
......
116
116
UG991090653UG,
19.3%,
11/13/23
......
54
54
UG991042571UG,
19.96%,
11/13/23
.....
46
45
UG991043180UG,
19.96%,
11/13/23
.....
339
337
UG991046521UG,
19.96%,
11/13/23
.....
120
120
UG991101652UG,
19.96%,
11/13/23
.....
58
57
UG991156351UG,
19.96%,
11/13/23
.....
50
50
UG991113763UG,
20.47%,
11/13/23
.....
110
110
UG991061724UG,
20.96%,
11/13/23
.....
181
180
UG991085322UG,
20.96%,
11/13/23
.....
150
150
UG991133714UG,
21.48%,
11/13/23
.....
61
9
UG991245781UG,
21.48%,
11/13/23
.....
174
172
UG991214313UG,
22.45%,
11/13/23
.....
135
45
UG991058827UG,
22.47%,
11/13/23
.....
50
49
UG991062587UG,
22.47%,
11/13/23
.....
33
33
UG991050659UG,
23.45%,
11/13/23
.....
40
40
UG991071055UG,
23.45%,
11/13/23
.....
134
131
UG991139412UG,
23.45%,
11/13/23
.....
78
78
UG991142265UG,
23.45%,
11/13/23
.....
30
30
UG991176060UG,
25.45%,
11/13/23
.....
55
55
UG991180753UG,
25.45%,
11/13/23
.....
13
13
UG991232628UG,
Zero
Cpn,
11/14/23
...
587
40
UG991107055UG,
18.71%,
11/14/23
.....
888
280
UG991047599UG,
19.3%,
11/14/23
......
209
208
UG991058243UG,
19.3%,
11/14/23
......
70
69
UG991050735UG,
19.96%,
11/14/23
.....
40
40
UG991055530UG,
19.96%,
11/14/23
.....
1,168
86
UG991056505UG,
19.96%,
11/14/23
.....
276
20
UG991063812UG,
19.96%,
11/14/23
.....
65
64
UG991085726UG,
19.96%,
11/14/23
.....
145
144
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991088392UG,
19.96%,
11/14/23
.....
$
86
$
85
UG991096994UG,
19.96%,
11/14/23
.....
45
45
UG991150972UG,
19.96%,
11/14/23
.....
47
4
UG991197816UG,
20.47%,
11/14/23
.....
145
144
UG991057830UG,
20.96%,
11/14/23
.....
196
194
UG991070682UG,
20.96%,
11/14/23
.....
317
315
UG991211165UG,
20.96%,
11/14/23
.....
23
23
UG991046306UG,
21.48%,
11/14/23
.....
35
35
UG991059221UG,
21.48%,
11/14/23
.....
62
62
UG991083025UG,
21.48%,
11/14/23
.....
26
25
UG991109171UG,
21.48%,
11/14/23
.....
279
277
UG991169194UG,
21.48%,
11/14/23
.....
67
67
UG991135531UG,
22.45%,
11/14/23
.....
288
284
UG991048200UG,
22.47%,
11/14/23
.....
69
57
UG991102269UG,
22.47%,
11/14/23
.....
171
169
UG991066592UG,
23.45%,
11/14/23
.....
77
75
UG991068030UG,
23.45%,
11/14/23
.....
11
11
UG991075640UG,
23.45%,
11/14/23
.....
166
27
UG991079287UG,
23.45%,
11/14/23
.....
61
61
UG991101560UG,
23.45%,
11/14/23
.....
192
32
UG991204642UG,
25.45%,
11/14/23
.....
20
20
UG991095911UG,
26.44%,
11/14/23
.....
97
97
UG991058895UG,
Zero
Cpn,
11/15/23
...
–
–
UG991059246UG,
Zero
Cpn,
11/15/23
...
358
24
UG991097769UG,
Zero
Cpn,
11/15/23
...
96
7
UG991123238UG,
Zero
Cpn,
11/15/23
...
64
4
UG991058196UG,
18.47%,
11/15/23
.....
129
128
UG991113942UG,
18.71%,
11/15/23
.....
14
14
UG991187403UG,
18.71%,
11/15/23
.....
36
35
UG991236065UG,
18.71%,
11/15/23
.....
51
51
UG991072063UG,
19.3%,
11/15/23
......
51
51
UG991081725UG,
19.3%,
11/15/23
......
94
94
UG991082581UG,
19.3%,
11/15/23
......
371
(1)
UG991141838UG,
19.3%,
11/15/23
......
333
331
UG991065357UG,
19.96%,
11/15/23
.....
68
68
UG991139766UG,
19.96%,
11/15/23
.....
26
26
UG991056483UG,
20.47%,
11/15/23
.....
34
34
UG991076551UG,
20.47%,
11/15/23
.....
137
136
UG991124607UG,
20.47%,
11/15/23
.....
266
218
UG991074564UG,
20.96%,
11/15/23
.....
150
149
UG991058367UG,
21.47%,
11/15/23
.....
55
54
UG991052117UG,
21.48%,
11/15/23
.....
780
61
UG991072712UG,
21.48%,
11/15/23
.....
26
26
UG991096653UG,
21.48%,
11/15/23
.....
18
18
UG991144815UG,
21.48%,
11/15/23
.....
45
45
UG991197316UG,
21.48%,
11/15/23
.....
67
67
UG991057370UG,
22.47%,
11/15/23
.....
194
193
UG991234176UG,
22.47%,
11/15/23
.....
346
342
UG991235548UG,
22.47%,
11/15/23
.....
9
9
UG991055836UG,
23.45%,
11/15/23
.....
25
25
UG991078707UG,
23.45%,
11/15/23
.....
59
58
UG991081650UG,
23.45%,
11/15/23
.....
20
20
UG991084017UG,
23.45%,
11/15/23
.....
40
39
UG991132951UG,
23.45%,
11/15/23
.....
132
131
UG991057953UG,
25.45%,
11/15/23
.....
198
196
UG991103133UG,
25.45%,
11/15/23
.....
54
54
UG991130854UG,
25.45%,
11/15/23
.....
60
59
UG991240186UG,
25.45%,
11/15/23
.....
12
12
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
247
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991070986UG,
26.44%,
11/15/23
.....
$
–
$
–
UG991069391UG,
Zero
Cpn,
11/16/23
...
44
3
UG991264229UG,
19.96%,
11/16/23
.....
197
196
UG991092109UG,
19.99%,
11/16/23
.....
20
20
UG991099523UG,
23.45%,
11/16/23
.....
182
181
UG991258705UG,
23.45%,
11/16/23
.....
17
17
UG991068488UG,
26.44%,
11/16/23
.....
32
31
UG991111612UG,
27.99%,
11/16/23
.....
39
39
UG991240822UG,
28.48%,
11/16/23
.....
48
48
UG991262392UG,
28.48%,
11/16/23
.....
–
–
UG991085849UG,
29.48%,
11/16/23
.....
126
127
UG991060063UG,
29.49%,
11/16/23
.....
39
39
UG991100362UG,
29.49%,
11/16/23
.....
71
71
UG991185464UG,
29.49%,
11/16/23
.....
422
60
UG991205767UG,
29.49%,
11/16/23
.....
48
48
UG991064480UG,
Zero
Cpn,
11/17/23
...
1,157
79
UG991067548UG,
19.3%,
11/17/23
......
38
37
UG991065584UG,
19.47%,
11/17/23
.....
160
160
UG991077777UG,
19.96%,
11/17/23
.....
25
25
UG991140965UG,
20.47%,
11/17/23
.....
36
36
UG991168609UG,
20.47%,
11/17/23
.....
184
183
UG991209560UG,
21.48%,
11/17/23
.....
47
47
UG991081293UG,
22.45%,
11/17/23
.....
91
91
UG991113027UG,
22.47%,
11/17/23
.....
189
188
UG991204617UG,
23.45%,
11/17/23
.....
253
251
UG991224707UG,
23.45%,
11/17/23
.....
201
200
UG991240022UG,
24.45%,
11/17/23
.....
232
14
UG991099774UG,
25.45%,
11/17/23
.....
33
33
UG991269381UG,
26.44%,
11/17/23
.....
1,069
(32)
UG991064383UG,
28.48%,
11/17/23
.....
–
–
UG991071964UG,
28.48%,
11/17/23
.....
40
40
UG991075400UG,
28.48%,
11/17/23
.....
59
60
UG991111183UG,
28.48%,
11/17/23
.....
35
35
UG991129990UG,
28.48%,
11/17/23
.....
62
62
UG991260132UG,
28.48%,
11/17/23
.....
144
144
UG991065018UG,
29.48%,
11/17/23
.....
58
58
UG991076428UG,
29.48%,
11/17/23
.....
81
13
UG991230240UG,
29.48%,
11/17/23
.....
37
37
UG991267853UG,
29.48%,
11/17/23
.....
–
–
UG991067845UG,
29.49%,
11/17/23
.....
26
26
UG991068636UG,
29.49%,
11/17/23
.....
163
163
UG991077432UG,
29.49%,
11/17/23
.....
22
22
UG991089483UG,
29.49%,
11/17/23
.....
184
181
UG991150434UG,
29.49%,
11/17/23
.....
42
42
UG991151747UG,
29.49%,
11/17/23
.....
44
7
UG991255106UG,
29.49%,
11/17/23
.....
31
31
UG991269502UG,
29.49%,
11/17/23
.....
176
176
UG991075196UG,
Zero
Cpn,
11/18/23
...
206
14
UG991143152UG,
Zero
Cpn,
11/18/23
...
339
23
UG991220441UG,
Zero
Cpn,
11/18/23
...
266
18
UG991276503UG,
Zero
Cpn,
11/18/23
...
65
5
UG991118229UG,
18.71%,
11/18/23
.....
57
56
UG991262395UG,
18.71%,
11/18/23
.....
108
107
UG991076172UG,
19.3%,
11/18/23
......
51
51
UG991091205UG,
19.3%,
11/18/23
......
2
–
UG991081999UG,
19.96%,
11/18/23
.....
99
98
UG991085336UG,
19.96%,
11/18/23
.....
182
181
UG991085802UG,
19.96%,
11/18/23
.....
371
370
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991090911UG,
19.96%,
11/18/23
.....
$
56
$
56
UG991096448UG,
19.96%,
11/18/23
.....
327
324
UG991271010UG,
19.99%,
11/18/23
.....
127
128
UG991093143UG,
20.47%,
11/18/23
.....
136
135
UG991132272UG,
20.47%,
11/18/23
.....
85
85
UG991087895UG,
20.96%,
11/18/23
.....
216
(1)
UG991129310UG,
20.96%,
11/18/23
.....
34
34
UG991096770UG,
21.48%,
11/18/23
.....
75
74
UG991167183UG,
21.48%,
11/18/23
.....
359
(3)
UG991269600UG,
21.48%,
11/18/23
.....
28
28
UG991087743UG,
22.45%,
11/18/23
.....
282
281
UG991106955UG,
22.47%,
11/18/23
.....
208
207
UG991123415UG,
23.45%,
11/18/23
.....
45
45
UG991087138UG,
25.45%,
11/18/23
.....
81
80
UG991105579UG,
27.99%,
11/18/23
.....
52
52
UG991101152UG,
28.48%,
11/18/23
.....
82
83
UG991112752UG,
28.48%,
11/18/23
.....
71
71
UG991130012UG,
28.48%,
11/18/23
.....
63
64
UG991154554UG,
28.48%,
11/18/23
.....
63
63
UG991179069UG,
28.48%,
11/18/23
.....
181
145
UG991192524UG,
29.48%,
11/18/23
.....
84
85
UG991205108UG,
29.48%,
11/18/23
.....
91
91
UG991086090UG,
29.49%,
11/18/23
.....
70
71
UG991089044UG,
29.49%,
11/18/23
.....
27
27
UG991096973UG,
29.49%,
11/18/23
.....
50
50
UG991102474UG,
29.49%,
11/18/23
.....
2,500
2,491
UG991103603UG,
29.49%,
11/18/23
.....
149
150
UG991109166UG,
29.49%,
11/18/23
.....
209
210
UG991110887UG,
29.49%,
11/18/23
.....
526
530
UG991116348UG,
29.49%,
11/18/23
.....
116
18
UG991151526UG,
29.49%,
11/18/23
.....
107
(4)
UG991208660UG,
29.49%,
11/18/23
.....
118
118
UG991244087UG,
29.49%,
11/18/23
.....
68
69
UG991267143UG,
29.49%,
11/18/23
.....
1,005
1,010
UG991268887UG,
29.49%,
11/18/23
.....
77
78
UG991269243UG,
29.49%,
11/18/23
.....
42
42
UG991273696UG,
29.49%,
11/18/23
.....
32
32
UG991277429UG,
29.49%,
11/18/23
.....
40
40
UG991079011UG,
Zero
Cpn,
11/19/23
...
76
5
UG991081475UG,
Zero
Cpn,
11/19/23
...
–
–
UG991112305UG,
Zero
Cpn,
11/19/23
...
89
6
UG991113074UG,
Zero
Cpn,
11/19/23
...
273
19
UG991154103UG,
Zero
Cpn,
11/19/23
...
13
1
UG991208345UG,
Zero
Cpn,
11/19/23
...
42
3
UG991133644UG,
18.47%,
11/19/23
.....
295
294
UG991136963UG,
18.47%,
11/19/23
.....
113
113
UG991081404UG,
18.71%,
11/19/23
.....
197
196
UG991104977UG,
18.71%,
11/19/23
.....
41
40
UG991087297UG,
19.3%,
11/19/23
......
503
501
UG991112759UG,
19.3%,
11/19/23
......
130
129
UG991094352UG,
19.96%,
11/19/23
.....
123
–
UG991137081UG,
19.99%,
11/19/23
.....
64
64
UG991218561UG,
20.47%,
11/19/23
.....
40
40
UG991086525UG,
20.96%,
11/19/23
.....
36
36
UG991105587UG,
20.96%,
11/19/23
.....
49
49
UG991277289UG,
20.96%,
11/19/23
.....
1,335
1,324
UG991100356UG,
21.47%,
11/19/23
.....
189
187
UG991099366UG,
21.48%,
11/19/23
.....
43
43
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
248
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991147323UG,
21.48%,
11/19/23
.....
$
19
$
19
UG991219801UG,
21.48%,
11/19/23
.....
40
39
UG991099400UG,
22.47%,
11/19/23
.....
145
144
UG991102793UG,
22.47%,
11/19/23
.....
73
73
UG991110963UG,
22.47%,
11/19/23
.....
162
161
UG991113770UG,
22.47%,
11/19/23
.....
142
141
UG991252484UG,
22.47%,
11/19/23
.....
67
66
UG991079765UG,
28.48%,
11/19/23
.....
33
33
UG991081496UG,
28.48%,
11/19/23
.....
201
203
UG991083782UG,
28.48%,
11/19/23
.....
43
43
UG991086939UG,
28.48%,
11/19/23
.....
107
108
UG991098785UG,
28.48%,
11/19/23
.....
102
102
UG991103315UG,
28.48%,
11/19/23
.....
48
48
UG991103375UG,
28.48%,
11/19/23
.....
45
46
UG991104461UG,
28.48%,
11/19/23
.....
148
149
UG991107749UG,
28.48%,
11/19/23
.....
61
61
UG991135238UG,
28.48%,
11/19/23
.....
535
539
UG991161650UG,
28.48%,
11/19/23
.....
166
167
UG991200969UG,
28.48%,
11/19/23
.....
132
133
UG991223308UG,
28.48%,
11/19/23
.....
101
102
UG991249737UG,
28.48%,
11/19/23
.....
14
14
UG991266849UG,
28.48%,
11/19/23
.....
175
176
UG991089034UG,
29.48%,
11/19/23
.....
33
34
UG991098237UG,
29.48%,
11/19/23
.....
183
185
UG991126072UG,
29.48%,
11/19/23
.....
187
188
UG991129061UG,
29.48%,
11/19/23
.....
436
438
UG991133197UG,
29.48%,
11/19/23
.....
32
32
UG991170083UG,
29.48%,
11/19/23
.....
1,694
1,701
UG991199919UG,
29.48%,
11/19/23
.....
222
224
UG991078478UG,
29.49%,
11/19/23
.....
35
35
UG991079375UG,
29.49%,
11/19/23
.....
351
27
UG991080354UG,
29.49%,
11/19/23
.....
33
33
UG991081845UG,
29.49%,
11/19/23
.....
111
112
UG991081885UG,
29.49%,
11/19/23
.....
44
44
UG991082217UG,
29.49%,
11/19/23
.....
72
11
UG991087665UG,
29.49%,
11/19/23
.....
38
38
UG991089942UG,
29.49%,
11/19/23
.....
55
55
UG991092913UG,
29.49%,
11/19/23
.....
60
61
UG991099109UG,
29.49%,
11/19/23
.....
40
40
UG991099919UG,
29.49%,
11/19/23
.....
86
7
UG991103266UG,
29.49%,
11/19/23
.....
51
3
UG991105932UG,
29.49%,
11/19/23
.....
4
4
UG991106030UG,
29.49%,
11/19/23
.....
60
60
UG991108107UG,
29.49%,
11/19/23
.....
38
39
UG991108792UG,
29.49%,
11/19/23
.....
47
47
UG991109156UG,
29.49%,
11/19/23
.....
–
–
UG991111730UG,
29.49%,
11/19/23
.....
16
16
UG991113771UG,
29.49%,
11/19/23
.....
67
68
UG991115413UG,
29.49%,
11/19/23
.....
41
40
UG991116343UG,
29.49%,
11/19/23
.....
106
107
UG991116514UG,
29.49%,
11/19/23
.....
41
42
UG991118360UG,
29.49%,
11/19/23
.....
–
–
UG991121503UG,
29.49%,
11/19/23
.....
3
3
UG991122460UG,
29.49%,
11/19/23
.....
338
340
UG991125621UG,
29.49%,
11/19/23
.....
38
38
UG991130453UG,
29.49%,
11/19/23
.....
81
82
UG991130997UG,
29.49%,
11/19/23
.....
36
36
UG991133629UG,
29.49%,
11/19/23
.....
55
55
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991142836UG,
29.49%,
11/19/23
.....
$
33
$
33
UG991145061UG,
29.49%,
11/19/23
.....
17
17
UG991149117UG,
29.49%,
11/19/23
.....
250
252
UG991149147UG,
29.49%,
11/19/23
.....
888
75
UG991154172UG,
29.49%,
11/19/23
.....
31
32
UG991156373UG,
29.49%,
11/19/23
.....
52
4
UG991161298UG,
29.49%,
11/19/23
.....
45
4
UG991178189UG,
29.49%,
11/19/23
.....
9
8
UG991179290UG,
29.49%,
11/19/23
.....
131
18
UG991187139UG,
29.49%,
11/19/23
.....
65
65
UG991191231UG,
29.49%,
11/19/23
.....
46
46
UG991194815UG,
29.49%,
11/19/23
.....
25
25
UG991195453UG,
29.49%,
11/19/23
.....
34
34
UG991209803UG,
29.49%,
11/19/23
.....
79
6
UG991214900UG,
29.49%,
11/19/23
.....
65
65
UG991217550UG,
29.49%,
11/19/23
.....
354
359
UG991221843UG,
29.49%,
11/19/23
.....
7
–
UG991232161UG,
29.49%,
11/19/23
.....
35
35
UG991239048UG,
29.49%,
11/19/23
.....
247
248
UG991245485UG,
29.49%,
11/19/23
.....
101
101
UG991255003UG,
29.49%,
11/19/23
.....
68
69
UG991266447UG,
29.49%,
11/19/23
.....
248
250
UG991268756UG,
29.49%,
11/19/23
.....
30
30
UG991273851UG,
29.49%,
11/19/23
.....
18
18
UG991276787UG,
29.49%,
11/19/23
.....
88
88
UG991284044UG,
29.49%,
11/19/23
.....
83
83
UG991285666UG,
29.49%,
11/19/23
.....
20
20
UG991111774UG,
Zero
Cpn,
11/20/23
....
54
4
UG991130622UG,
Zero
Cpn,
11/20/23
...
162
11
UG991141025UG,
Zero
Cpn,
11/20/23
...
135
9
UG991250047UG,
Zero
Cpn,
11/20/23
...
97
7
UG991088718UG,
18.47%,
11/20/23
.....
103
103
UG991203940UG,
18.71%,
11/20/23
.....
113
8
UG991223759UG,
19.3%,
11/20/23
......
44
44
UG991160337UG,
19.99%,
11/20/23
.....
95
95
UG991173118UG,
19.99%,
11/20/23
.....
25
25
UG991140327UG,
20.47%,
11/20/23
.....
49
48
UG991245732UG,
20.47%,
11/20/23
.....
44
44
UG991129247UG,
20.96%,
11/20/23
.....
28
27
UG991110573UG,
21.48%,
11/20/23
.....
87
86
UG991128464UG,
21.48%,
11/20/23
.....
108
108
UG991253213UG,
21.48%,
11/20/23
.....
66
66
UG991088077UG,
22.47%,
11/20/23
.....
249
248
UG991144324UG,
22.47%,
11/20/23
.....
39
38
UG991205662UG,
25.45%,
11/20/23
.....
21
21
UG991101785UG,
28.48%,
11/20/23
.....
33
34
UG991120295UG,
28.48%,
11/20/23
.....
35
36
UG991133949UG,
28.48%,
11/20/23
.....
53
53
UG991136789UG,
28.48%,
11/20/23
.....
41
41
UG991139388UG,
28.48%,
11/20/23
.....
83
84
UG991147217UG,
28.48%,
11/20/23
.....
37
37
UG991151706UG,
28.48%,
11/20/23
.....
46
46
UG991168480UG,
28.48%,
11/20/23
.....
37
37
UG991172523UG,
28.48%,
11/20/23
.....
16
16
UG991180290UG,
28.48%,
11/20/23
.....
169
170
UG991183278UG,
28.48%,
11/20/23
.....
53
53
UG991188196UG,
28.48%,
11/20/23
.....
158
158
UG991200208UG,
28.48%,
11/20/23
.....
38
38
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
249
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991208366UG,
28.48%,
11/20/23
.....
$
65
$
66
UG991209934UG,
28.48%,
11/20/23
.....
454
457
UG991291675UG,
28.48%,
11/20/23
.....
–
–
UG991099375UG,
29.48%,
11/20/23
.....
33
33
UG991110336UG,
29.48%,
11/20/23
.....
77
77
UG991114131UG,
29.48%,
11/20/23
.....
48
48
UG991144898UG,
29.48%,
11/20/23
.....
92
92
UG991167792UG,
29.48%,
11/20/23
.....
32
32
UG991189309UG,
29.48%,
11/20/23
.....
96
97
UG991236954UG,
29.48%,
11/20/23
.....
20
20
UG991100439UG,
29.49%,
11/20/23
.....
8
8
UG991103977UG,
29.49%,
11/20/23
.....
371
374
UG991104098UG,
29.49%,
11/20/23
.....
44
45
UG991104737UG,
29.49%,
11/20/23
.....
219
221
UG991106393UG,
29.49%,
11/20/23
.....
109
16
UG991109649UG,
29.49%,
11/20/23
.....
57
58
UG991114689UG,
29.49%,
11/20/23
.....
83
84
UG991115508UG,
29.49%,
11/20/23
.....
46
47
UG991117155UG,
29.49%,
11/20/23
.....
49
49
UG991117438UG,
29.49%,
11/20/23
.....
47
48
UG991121552UG,
29.49%,
11/20/23
.....
53
54
UG991122701UG,
29.49%,
11/20/23
.....
46
47
UG991123928UG,
29.49%,
11/20/23
.....
102
16
UG991130319UG,
29.49%,
11/20/23
.....
218
220
UG991134006UG,
29.49%,
11/20/23
.....
180
32
UG991139325UG,
29.49%,
11/20/23
.....
44
45
UG991140513UG,
29.49%,
11/20/23
.....
8
8
UG991145726UG,
29.49%,
11/20/23
.....
45
45
UG991149619UG,
29.49%,
11/20/23
.....
89
90
UG991151110UG,
29.49%,
11/20/23
.....
34
34
UG991151536UG,
29.49%,
11/20/23
.....
61
62
UG991152032UG,
29.49%,
11/20/23
.....
10
10
UG991155248UG,
29.49%,
11/20/23
.....
52
45
UG991156986UG,
29.49%,
11/20/23
.....
32
32
UG991163351UG,
29.49%,
11/20/23
.....
173
13
UG991164069UG,
29.49%,
11/20/23
.....
9
9
UG991164951UG,
29.49%,
11/20/23
.....
79
79
UG991165843UG,
29.49%,
11/20/23
.....
50
42
UG991171687UG,
29.49%,
11/20/23
.....
19
19
UG991174051UG,
29.49%,
11/20/23
.....
1,539
240
UG991180132UG,
29.49%,
11/20/23
.....
4
4
UG991185357UG,
29.49%,
11/20/23
.....
90
91
UG991197732UG,
29.49%,
11/20/23
.....
168
11
UG991217754UG,
29.49%,
11/20/23
.....
82
83
UG991230774UG,
29.49%,
11/20/23
.....
60
60
UG991239892UG,
29.49%,
11/20/23
.....
71
71
UG991247130UG,
29.49%,
11/20/23
.....
79
12
UG991247425UG,
29.49%,
11/20/23
.....
42
42
UG991259458UG,
29.49%,
11/20/23
.....
11
11
UG991262795UG,
29.49%,
11/20/23
.....
40
40
UG991264888UG,
29.49%,
11/20/23
.....
136
137
UG991274797UG,
29.49%,
11/20/23
.....
8
8
UG991286245UG,
29.49%,
11/20/23
.....
35
35
UG991293258UG,
29.49%,
11/20/23
.....
35
35
UG991100150UG,
Zero
Cpn,
11/21/23
...
18
1
UG991146542UG,
Zero
Cpn,
11/21/23
...
268
18
UG991168286UG,
Zero
Cpn,
11/21/23
...
85
6
UG991201097UG,
Zero
Cpn,
11/21/23
...
200
14
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991257293UG,
Zero
Cpn,
11/21/23
...
$
116
$
8
UG991263857UG,
Zero
Cpn,
11/21/23
...
39
3
UG991295848UG,
Zero
Cpn,
11/21/23
...
18
1
UG991119059UG,
18.47%,
11/21/23
.....
83
82
UG991182650UG,
19.3%,
11/21/23
......
33
33
UG991267653UG,
19.3%,
11/21/23
......
264
262
UG991286223UG,
19.96%,
11/21/23
.....
248
247
UG991100085UG,
19.99%,
11/21/23
.....
38
39
UG991133519UG,
19.99%,
11/21/23
.....
19
19
UG991171236UG,
21.48%,
11/21/23
.....
8
8
UG991119021UG,
23.45%,
11/21/23
.....
514
511
UG991110444UG,
25.44%,
11/21/23
.....
–
–
UG991126469UG,
26.44%,
11/21/23
.....
126
126
UG991111878UG,
28.48%,
11/21/23
.....
250
248
UG991114125UG,
28.48%,
11/21/23
.....
67
5
UG991123866UG,
28.48%,
11/21/23
.....
657
660
UG991136286UG,
28.48%,
11/21/23
.....
247
250
UG991143210UG,
28.48%,
11/21/23
.....
56
56
UG991178026UG,
28.48%,
11/21/23
.....
59
5
UG991179665UG,
28.48%,
11/21/23
.....
54
55
UG991192321UG,
28.48%,
11/21/23
.....
38
38
UG991206138UG,
28.48%,
11/21/23
.....
140
21
UG991214205UG,
28.48%,
11/21/23
.....
10
10
UG991216840UG,
28.48%,
11/21/23
.....
881
886
UG991244839UG,
28.48%,
11/21/23
.....
68
68
UG991250805UG,
28.48%,
11/21/23
.....
–
–
UG991101326UG,
29.48%,
11/21/23
.....
252
254
UG991137525UG,
29.48%,
11/21/23
.....
32
33
UG991138019UG,
29.48%,
11/21/23
.....
172
14
UG991138181UG,
29.48%,
11/21/23
.....
99
98
UG991144416UG,
29.48%,
11/21/23
.....
81
3
UG991221688UG,
29.48%,
11/21/23
.....
154
155
UG991233225UG,
29.48%,
11/21/23
.....
39
39
UG991099712UG,
29.49%,
11/21/23
.....
209
17
UG991100952UG,
29.49%,
11/21/23
.....
12
12
UG991108274UG,
29.49%,
11/21/23
.....
213
215
UG991112493UG,
29.49%,
11/21/23
.....
114
114
UG991115516UG,
29.49%,
11/21/23
.....
66
67
UG991117400UG,
29.49%,
11/21/23
.....
16
16
UG991118095UG,
29.49%,
11/21/23
.....
144
146
UG991120556UG,
29.49%,
11/21/23
.....
257
259
UG991123249UG,
29.49%,
11/21/23
.....
104
105
UG991128135UG,
29.49%,
11/21/23
.....
717
724
UG991128360UG,
29.49%,
11/21/23
.....
22
23
UG991136907UG,
29.49%,
11/21/23
.....
78
78
UG991141067UG,
29.49%,
11/21/23
.....
249
252
UG991142973UG,
29.49%,
11/21/23
.....
49
3
UG991143329UG,
29.49%,
11/21/23
.....
48
18
UG991147427UG,
29.49%,
11/21/23
.....
70
70
UG991148395UG,
29.49%,
11/21/23
.....
49
4
UG991148944UG,
29.49%,
11/21/23
.....
105
106
UG991150239UG,
29.49%,
11/21/23
.....
26
26
UG991150414UG,
29.49%,
11/21/23
.....
14
14
UG991159041UG,
29.49%,
11/21/23
.....
128
128
UG991164538UG,
29.49%,
11/21/23
.....
54
54
UG991164665UG,
29.49%,
11/21/23
.....
33
33
UG991172015UG,
29.49%,
11/21/23
.....
45
46
UG991177356UG,
29.49%,
11/21/23
.....
119
120
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
250
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991178204UG,
29.49%,
11/21/23
.....
$
299
$
302
UG991179715UG,
29.49%,
11/21/23
.....
80
81
UG991181774UG,
29.49%,
11/21/23
.....
88
89
UG991185083UG,
29.49%,
11/21/23
.....
6
6
UG991186328UG,
29.49%,
11/21/23
.....
19
19
UG991190043UG,
29.49%,
11/21/23
.....
141
141
UG991190202UG,
29.49%,
11/21/23
.....
37
37
UG991208015UG,
29.49%,
11/21/23
.....
60
60
UG991210218UG,
29.49%,
11/21/23
.....
33
33
UG991210916UG,
29.49%,
11/21/23
.....
48
48
UG991214741UG,
29.49%,
11/21/23
.....
58
59
UG991218135UG,
29.49%,
11/21/23
.....
53
54
UG991280311UG,
29.49%,
11/21/23
.....
112
112
UG991289243UG,
29.49%,
11/21/23
.....
8
8
UG991292780UG,
29.49%,
11/21/23
.....
16
16
UG991295513UG,
29.49%,
11/21/23
.....
8
8
UG991101825UG,
Zero
Cpn,
11/22/23
...
106
7
UG991104332UG,
Zero
Cpn,
11/22/23
...
462
32
UG991106616UG,
Zero
Cpn,
11/22/23
...
298
20
UG991155306UG,
Zero
Cpn,
11/22/23
...
42
3
UG991190151UG,
Zero
Cpn,
11/22/23
...
41
3
UG991245336UG,
Zero
Cpn,
11/22/23
...
145
10
UG991273757UG,
Zero
Cpn,
11/22/23
...
38
3
UG991277853UG,
Zero
Cpn,
11/22/23
...
119
8
UG991128782UG,
19.3%,
11/22/23
......
24
24
UG991131888UG,
19.3%,
11/22/23
......
235
235
UG991188961UG,
19.3%,
11/22/23
......
3
2
UG991210107UG,
19.96%,
11/22/23
.....
950
947
UG991194598UG,
20.47%,
11/22/23
.....
62
5
UG991219767UG,
20.47%,
11/22/23
.....
12
12
UG991102218UG,
21.48%,
11/22/23
.....
68
67
UG991130918UG,
21.48%,
11/22/23
.....
65
65
UG991216544UG,
21.48%,
11/22/23
.....
139
138
UG991226181UG,
21.48%,
11/22/23
.....
49
48
UG991130316UG,
23.45%,
11/22/23
.....
65
65
UG991099635UG,
27.99%,
11/22/23
.....
32
33
UG991147302UG,
27.99%,
11/22/23
.....
10
10
UG991100713UG,
28.48%,
11/22/23
.....
41
42
UG991105789UG,
28.48%,
11/22/23
.....
190
17
UG991107100UG,
28.48%,
11/22/23
.....
–
–
UG991108827UG,
28.48%,
11/22/23
.....
20
20
UG991114808UG,
28.48%,
11/22/23
.....
43
43
UG991135863UG,
28.48%,
11/22/23
.....
16
16
UG991153431UG,
28.48%,
11/22/23
.....
201
203
UG991177780UG,
28.48%,
11/22/23
.....
18
18
UG991178073UG,
28.48%,
11/22/23
.....
12
12
UG991204529UG,
28.48%,
11/22/23
.....
36
36
UG991207461UG,
28.48%,
11/22/23
.....
–
–
UG991101762UG,
29.48%,
11/22/23
.....
68
68
UG991105231UG,
29.48%,
11/22/23
.....
115
116
UG991105725UG,
29.48%,
11/22/23
.....
35
35
UG991113377UG,
29.48%,
11/22/23
.....
155
155
UG991114774UG,
29.48%,
11/22/23
.....
186
186
UG991159235UG,
29.48%,
11/22/23
.....
764
765
UG991193777UG,
29.48%,
11/22/23
.....
17
17
UG991259545UG,
29.48%,
11/22/23
.....
98
7
UG991098845UG,
29.49%,
11/22/23
.....
179
180
UG991100233UG,
29.49%,
11/22/23
.....
24
24
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991102687UG,
29.49%,
11/22/23
.....
$
2
$
2
UG991103085UG,
29.49%,
11/22/23
.....
84
85
UG991104436UG,
29.49%,
11/22/23
.....
58
58
UG991104734UG,
29.49%,
11/22/23
.....
301
303
UG991105964UG,
29.49%,
11/22/23
.....
75
76
UG991106568UG,
29.49%,
11/22/23
.....
226
184
UG991106759UG,
29.49%,
11/22/23
.....
19
19
UG991107039UG,
29.49%,
11/22/23
.....
49
49
UG991108861UG,
29.49%,
11/22/23
.....
91
8
UG991110535UG,
29.49%,
11/22/23
.....
196
198
UG991115233UG,
29.49%,
11/22/23
.....
242
243
UG991123719UG,
29.49%,
11/22/23
.....
35
35
UG991124840UG,
29.49%,
11/22/23
.....
48
49
UG991127190UG,
29.49%,
11/22/23
.....
48
48
UG991130907UG,
29.49%,
11/22/23
.....
10
10
UG991131752UG,
29.49%,
11/22/23
.....
125
9
UG991134301UG,
29.49%,
11/22/23
.....
27
27
UG991136157UG,
29.49%,
11/22/23
.....
55
8
UG991136773UG,
29.49%,
11/22/23
.....
91
92
UG991138760UG,
29.49%,
11/22/23
.....
194
195
UG991140300UG,
29.49%,
11/22/23
.....
124
125
UG991140775UG,
29.49%,
11/22/23
.....
46
46
UG991145029UG,
29.49%,
11/22/23
.....
36
37
UG991146596UG,
29.49%,
11/22/23
.....
33
33
UG991149872UG,
29.49%,
11/22/23
.....
329
333
UG991150162UG,
29.49%,
11/22/23
.....
35
35
UG991155530UG,
29.49%,
11/22/23
.....
30
30
UG991162200UG,
29.49%,
11/22/23
.....
129
130
UG991172183UG,
29.49%,
11/22/23
.....
77
77
UG991174255UG,
29.49%,
11/22/23
.....
39
40
UG991178176UG,
29.49%,
11/22/23
.....
13
13
UG991179177UG,
29.49%,
11/22/23
.....
46
47
UG991188329UG,
29.49%,
11/22/23
.....
–
–
UG991190714UG,
29.49%,
11/22/23
.....
38
38
UG991193399UG,
29.49%,
11/22/23
.....
107
107
UG991206844UG,
29.49%,
11/22/23
.....
30
5
UG991218188UG,
29.49%,
11/22/23
.....
30
30
UG991225043UG,
29.49%,
11/22/23
.....
248
251
UG991234579UG,
29.49%,
11/22/23
.....
129
129
UG991235816UG,
29.49%,
11/22/23
.....
58
3
UG991247778UG,
29.49%,
11/22/23
.....
43
43
UG991254689UG,
29.49%,
11/22/23
.....
489
491
UG991260753UG,
29.49%,
11/22/23
.....
5
5
UG991289422UG,
29.49%,
11/22/23
.....
3
3
UG991305655UG,
29.49%,
11/22/23
.....
79
80
UG991307782UG,
29.49%,
11/22/23
.....
17
17
UG991102589UG,
29.98%,
11/22/23
.....
36
36
UG991107562UG,
Zero
Cpn,
11/23/23
...
197
13
UG991109056UG,
Zero
Cpn,
11/23/23
...
–
–
UG991113918UG,
Zero
Cpn,
11/23/23
...
144
10
UG991121901UG,
Zero
Cpn,
11/23/23
...
155
11
UG991162502UG,
Zero
Cpn,
11/23/23
...
118
8
UG991166244UG,
Zero
Cpn,
11/23/23
...
10
1
UG991172431UG,
Zero
Cpn,
11/23/23
...
71
5
UG991194741UG,
Zero
Cpn,
11/23/23
...
293
20
UG991209026UG,
Zero
Cpn,
11/23/23
...
178
12
UG991276620UG,
Zero
Cpn,
11/23/23
...
–
–
UG991105294UG,
19.3%,
11/23/23
......
556
39
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
251
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991291121UG,
19.96%,
11/23/23
.....
$
44
$
44
UG991298830UG,
19.96%,
11/23/23
.....
350
349
UG991150634UG,
19.99%,
11/23/23
.....
19
19
UG991188131UG,
19.99%,
11/23/23
.....
171
8
UG991194396UG,
19.99%,
11/23/23
.....
72
73
UG991232886UG,
20.47%,
11/23/23
.....
9
9
UG991115402UG,
20.96%,
11/23/23
.....
47
47
UG991287696UG,
20.96%,
11/23/23
.....
81
80
UG991224752UG,
21.48%,
11/23/23
.....
67
67
UG991161491UG,
22.47%,
11/23/23
.....
109
1
UG991308890UG,
27.99%,
11/23/23
.....
21
21
UG991113930UG,
28.48%,
11/23/23
.....
49
49
UG991122874UG,
28.48%,
11/23/23
.....
132
133
UG991139072UG,
28.48%,
11/23/23
.....
146
148
UG991148130UG,
28.48%,
11/23/23
.....
35
35
UG991149182UG,
28.48%,
11/23/23
.....
109
109
UG991279906UG,
28.48%,
11/23/23
.....
66
67
UG991280037UG,
28.48%,
11/23/23
.....
39
39
UG991317220UG,
28.48%,
11/23/23
.....
163
166
UG991114228UG,
29.48%,
11/23/23
.....
84
13
UG991116041UG,
29.48%,
11/23/23
.....
52
52
UG991122886UG,
29.48%,
11/23/23
.....
79
81
UG991140139UG,
29.48%,
11/23/23
.....
35
36
UG991145127UG,
29.48%,
11/23/23
.....
23
24
UG991166312UG,
29.48%,
11/23/23
.....
43
43
UG991169530UG,
29.48%,
11/23/23
.....
83
83
UG991172585UG,
29.48%,
11/23/23
.....
52
52
UG991217359UG,
29.48%,
11/23/23
.....
79
79
UG991312091UG,
29.48%,
11/23/23
.....
24
24
UG991105591UG,
29.49%,
11/23/23
.....
377
(3)
UG991105687UG,
29.49%,
11/23/23
.....
142
142
UG991105748UG,
29.49%,
11/23/23
.....
24
24
UG991106054UG,
29.49%,
11/23/23
.....
317
25
UG991106382UG,
29.49%,
11/23/23
.....
64
65
UG991106756UG,
29.49%,
11/23/23
.....
102
103
UG991107142UG,
29.49%,
11/23/23
.....
218
219
UG991108375UG,
29.49%,
11/23/23
.....
212
214
UG991108441UG,
29.49%,
11/23/23
.....
100
101
UG991110866UG,
29.49%,
11/23/23
.....
166
166
UG991111224UG,
29.49%,
11/23/23
.....
57
58
UG991111433UG,
29.49%,
11/23/23
.....
42
(1)
UG991114290UG,
29.49%,
11/23/23
.....
342
53
UG991114512UG,
29.49%,
11/23/23
.....
32
32
UG991116067UG,
29.49%,
11/23/23
.....
92
92
UG991116199UG,
29.49%,
11/23/23
.....
196
197
UG991122211UG,
29.49%,
11/23/23
.....
29
29
UG991122535UG,
29.49%,
11/23/23
.....
58
58
UG991123210UG,
29.49%,
11/23/23
.....
204
206
UG991125159UG,
29.49%,
11/23/23
.....
67
67
UG991125565UG,
29.49%,
11/23/23
.....
77
77
UG991129075UG,
29.49%,
11/23/23
.....
37
37
UG991130949UG,
29.49%,
11/23/23
.....
63
63
UG991133821UG,
29.49%,
11/23/23
.....
23
23
UG991136597UG,
29.49%,
11/23/23
.....
39
40
UG991138422UG,
29.49%,
11/23/23
.....
73
73
UG991141758UG,
29.49%,
11/23/23
.....
54
54
UG991146851UG,
29.49%,
11/23/23
.....
163
26
UG991148747UG,
29.49%,
11/23/23
.....
512
515
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991153893UG,
29.49%,
11/23/23
.....
$
21
$
21
UG991158154UG,
29.49%,
11/23/23
.....
50
51
UG991161686UG,
29.49%,
11/23/23
.....
42
42
UG991167616UG,
29.49%,
11/23/23
.....
35
36
UG991168725UG,
29.49%,
11/23/23
.....
36
36
UG991185725UG,
29.49%,
11/23/23
.....
429
429
UG991185856UG,
29.49%,
11/23/23
.....
50
51
UG991196579UG,
29.49%,
11/23/23
.....
892
901
UG991207799UG,
29.49%,
11/23/23
.....
42
(1)
UG991217039UG,
29.49%,
11/23/23
.....
85
86
UG991217199UG,
29.49%,
11/23/23
.....
40
41
UG991218537UG,
29.49%,
11/23/23
.....
213
216
UG991230373UG,
29.49%,
11/23/23
.....
118
8
UG991231083UG,
29.49%,
11/23/23
.....
45
45
UG991247741UG,
29.49%,
11/23/23
.....
9
9
UG991258669UG,
29.49%,
11/23/23
.....
86
86
UG991260078UG,
29.49%,
11/23/23
.....
58
58
UG991262693UG,
29.49%,
11/23/23
.....
144
144
UG991281491UG,
29.49%,
11/23/23
.....
36
37
UG991281569UG,
29.49%,
11/23/23
.....
180
181
UG991284842UG,
29.49%,
11/23/23
.....
44
44
UG991306864UG,
29.49%,
11/23/23
.....
94
96
UG991308824UG,
29.49%,
11/23/23
.....
4
4
UG991111038UG,
Zero
Cpn,
11/24/23
....
192
13
UG991111700UG,
Zero
Cpn,
11/24/23
....
222
16
UG991164223UG,
Zero
Cpn,
11/24/23
...
322
22
UG991186384UG,
Zero
Cpn,
11/24/23
...
267
18
UG991213937UG,
Zero
Cpn,
11/24/23
...
6
–
UG991232951UG,
Zero
Cpn,
11/24/23
...
287
20
UG991238458UG,
Zero
Cpn,
11/24/23
...
79
5
UG991268324UG,
Zero
Cpn,
11/24/23
...
212
15
UG991273517UG,
Zero
Cpn,
11/24/23
...
14
1
UG991285654UG,
18.47%,
11/24/23
.....
165
164
UG991181842UG,
18.71%,
11/24/23
.....
62
61
UG991162322UG,
19.3%,
11/24/23
......
60
60
UG991286624UG,
19.3%,
11/24/23
......
99
99
UG991140485UG,
20.47%,
11/24/23
.....
285
284
UG991293819UG,
20.47%,
11/24/23
.....
11
11
UG991320410UG,
20.96%,
11/24/23
.....
21
21
UG991143058UG,
22.47%,
11/24/23
.....
418
415
UG991158541UG,
22.47%,
11/24/23
.....
116
116
UG991180826UG,
22.47%,
11/24/23
.....
243
242
UG991232470UG,
22.47%,
11/24/23
.....
55
3
UG991198878UG,
23.45%,
11/24/23
.....
190
15
UG991145975UG,
25.45%,
11/24/23
.....
14
13
UG991191793UG,
25.45%,
11/24/23
.....
86
86
UG991320036UG,
26.44%,
11/24/23
.....
351
352
UG991113363UG,
28.48%,
11/24/23
.....
–
–
UG991133676UG,
28.48%,
11/24/23
.....
28
28
UG991144251UG,
28.48%,
11/24/23
.....
11
11
UG991195835UG,
28.48%,
11/24/23
.....
7
7
UG991202260UG,
28.48%,
11/24/23
.....
24
24
UG991249491UG,
28.48%,
11/24/23
.....
47
47
UG991264497UG,
28.48%,
11/24/23
.....
8
8
UG991287114UG,
28.48%,
11/24/23
.....
26
26
UG991296637UG,
28.48%,
11/24/23
.....
67
67
UG991138467UG,
29.48%,
11/24/23
.....
69
71
UG991172445UG,
29.48%,
11/24/23
.....
45
45
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
252
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991177274UG,
29.48%,
11/24/23
.....
$
185
$
186
UG991186088UG,
29.48%,
11/24/23
.....
34
35
UG991195206UG,
29.48%,
11/24/23
.....
354
357
UG991196155UG,
29.48%,
11/24/23
.....
86
87
UG991204785UG,
29.48%,
11/24/23
.....
24
24
UG991266181UG,
29.48%,
11/24/23
.....
148
(5)
UG991115610UG,
29.49%,
11/24/23
.....
40
41
UG991116051UG,
29.49%,
11/24/23
.....
105
105
UG991116817UG,
29.49%,
11/24/23
.....
201
204
UG991117468UG,
29.49%,
11/24/23
.....
39
39
UG991117471UG,
29.49%,
11/24/23
.....
52
52
UG991127999UG,
29.49%,
11/24/23
.....
92
6
UG991133413UG,
29.49%,
11/24/23
.....
90
91
UG991133732UG,
29.49%,
11/24/23
.....
296
299
UG991135114UG,
29.49%,
11/24/23
.....
36
36
UG991136503UG,
29.49%,
11/24/23
.....
21
21
UG991137389UG,
29.49%,
11/24/23
.....
34
34
UG991138116UG,
29.49%,
11/24/23
.....
109
109
UG991141579UG,
29.49%,
11/24/23
.....
466
471
UG991143856UG,
29.49%,
11/24/23
.....
29
29
UG991146714UG,
29.49%,
11/24/23
.....
79
7
UG991148469UG,
29.49%,
11/24/23
.....
364
364
UG991169281UG,
29.49%,
11/24/23
.....
115
115
UG991170288UG,
29.49%,
11/24/23
.....
8
9
UG991172974UG,
29.49%,
11/24/23
.....
4
4
UG991177125UG,
29.49%,
11/24/23
.....
179
181
UG991177757UG,
29.49%,
11/24/23
.....
294
290
UG991183431UG,
29.49%,
11/24/23
.....
178
180
UG991184949UG,
29.49%,
11/24/23
.....
35
36
UG991188756UG,
29.49%,
11/24/23
.....
53
53
UG991195763UG,
29.49%,
11/24/23
.....
–
–
UG991201528UG,
29.49%,
11/24/23
.....
164
166
UG991218882UG,
29.49%,
11/24/23
.....
35
35
UG991235150UG,
29.49%,
11/24/23
.....
91
92
UG991254158UG,
29.49%,
11/24/23
.....
64
65
UG991267673UG,
29.49%,
11/24/23
.....
88
89
UG991286399UG,
29.49%,
11/24/23
.....
95
96
UG991291764UG,
29.49%,
11/24/23
.....
4
4
UG991295722UG,
29.49%,
11/24/23
.....
49
49
UG991301090UG,
29.49%,
11/24/23
.....
28
28
UG991304636UG,
29.49%,
11/24/23
.....
107
108
UG991313269UG,
29.49%,
11/24/23
.....
18
18
UG991320273UG,
29.49%,
11/24/23
.....
534
541
UG991126529UG,
Zero
Cpn,
11/25/23
...
41
3
UG991139918UG,
Zero
Cpn,
11/25/23
...
190
13
UG991167293UG,
Zero
Cpn,
11/25/23
...
279
20
UG991206045UG,
Zero
Cpn,
11/25/23
...
187
13
UG991244834UG,
Zero
Cpn,
11/25/23
...
1,404
97
UG991299945UG,
18.71%,
11/25/23
.....
33
33
UG991236365UG,
19.3%,
11/25/23
......
39
39
UG991155431UG,
19.99%,
11/25/23
.....
165
2
UG991117766UG,
20.47%,
11/25/23
.....
59
59
UG991124023UG,
20.96%,
11/25/23
.....
91
14
UG991136422UG,
20.96%,
11/25/23
.....
41
41
UG991143031UG,
21.48%,
11/25/23
.....
100
100
UG991162068UG,
21.48%,
11/25/23
.....
87
88
UG991215225UG,
21.48%,
11/25/23
.....
66
67
UG991307000UG,
21.48%,
11/25/23
.....
27
27
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991136740UG,
22.47%,
11/25/23
.....
$
126
$
125
UG991254102UG,
25.44%,
11/25/23
.....
54
54
UG991123374UG,
25.45%,
11/25/23
.....
462
38
UG991132881UG,
28.48%,
11/25/23
.....
43
44
UG991162513UG,
28.48%,
11/25/23
.....
78
80
UG991302098UG,
28.48%,
11/25/23
.....
31
31
UG991320459UG,
28.48%,
11/25/23
.....
46
47
UG991117520UG,
29.48%,
11/25/23
.....
87
88
UG991127249UG,
29.48%,
11/25/23
.....
360
369
UG991170564UG,
29.48%,
11/25/23
.....
36
37
UG991263261UG,
29.48%,
11/25/23
.....
–
–
UG991117185UG,
29.49%,
11/25/23
.....
258
264
UG991117874UG,
29.49%,
11/25/23
.....
42
42
UG991119954UG,
29.49%,
11/25/23
.....
279
286
UG991125732UG,
29.49%,
11/25/23
.....
65
67
UG991126560UG,
29.49%,
11/25/23
.....
276
284
UG991138091UG,
29.49%,
11/25/23
.....
49
50
UG991138524UG,
29.49%,
11/25/23
.....
6
6
UG991149857UG,
29.49%,
11/25/23
.....
169
174
UG991180408UG,
29.49%,
11/25/23
.....
22
22
UG991181990UG,
29.49%,
11/25/23
.....
57
57
UG991182336UG,
29.49%,
11/25/23
.....
11
11
UG991182403UG,
29.49%,
11/25/23
.....
22
23
UG991200425UG,
29.49%,
11/25/23
.....
–
–
UG991203943UG,
29.49%,
11/25/23
.....
81
83
UG991214609UG,
29.49%,
11/25/23
.....
103
105
UG991215471UG,
29.49%,
11/25/23
.....
28
28
UG991241831UG,
29.49%,
11/25/23
.....
44
44
UG991259619UG,
29.49%,
11/25/23
.....
69
71
UG991266282UG,
29.49%,
11/25/23
.....
42
44
UG991266883UG,
29.49%,
11/25/23
.....
60
62
UG991273336UG,
29.49%,
11/25/23
.....
32
32
UG991285882UG,
29.49%,
11/25/23
.....
15
16
UG991291409UG,
29.49%,
11/25/23
.....
12
12
UG991297846UG,
29.49%,
11/25/23
.....
129
132
UG991309325UG,
29.49%,
11/25/23
.....
69
70
UG991321006UG,
29.49%,
11/25/23
.....
16
16
UG991322618UG,
29.49%,
11/25/23
.....
35
36
UG991309602UG,
17.49%,
11/26/23
.....
55
55
UG991221375UG,
18.47%,
11/26/23
.....
48
48
UG991137070UG,
18.71%,
11/26/23
.....
213
213
UG991164225UG,
18.71%,
11/26/23
.....
61
61
UG991173523UG,
18.71%,
11/26/23
.....
31
30
UG991178470UG,
18.71%,
11/26/23
.....
39
39
UG991265843UG,
18.71%,
11/26/23
.....
105
105
UG991171881UG,
20.47%,
11/26/23
.....
13
13
UG991215843UG,
20.47%,
11/26/23
.....
166
166
UG991240446UG,
20.47%,
11/26/23
.....
334
333
UG991138527UG,
20.96%,
11/26/23
.....
51
51
UG991214906UG,
20.96%,
11/26/23
.....
135
134
UG991199452UG,
21.48%,
11/26/23
.....
98
97
UG991185688UG,
22.47%,
11/26/23
.....
94
94
UG991304818UG,
22.47%,
11/26/23
.....
165
164
UG991166149UG,
23.45%,
11/26/23
.....
95
95
UG991142815UG,
25.44%,
11/26/23
.....
68
68
UG991323681UG,
25.44%,
11/26/23
.....
39
38
UG991129050UG,
29.48%,
11/26/23
.....
739
750
UG991142726UG,
29.48%,
11/26/23
.....
84
84
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
253
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991130256UG,
29.49%,
11/26/23
.....
$
55
$
56
UG991139013UG,
Zero
Cpn,
11/27/23
...
1,470
101
UG991140943UG,
Zero
Cpn,
11/27/23
...
372
25
UG991157114UG,
Zero
Cpn,
11/27/23
...
86
6
UG991136553UG,
16.49%,
11/27/23
.....
243
243
UG991253352UG,
18.71%,
11/27/23
.....
80
80
UG991265318UG,
18.71%,
11/27/23
.....
69
69
UG991135954UG,
19.3%,
11/27/23
......
89
89
UG991145476UG,
19.3%,
11/27/23
......
132
131
UG991321995UG,
19.3%,
11/27/23
......
79
79
UG991215161UG,
19.96%,
11/27/23
.....
735
733
UG991217859UG,
19.96%,
11/27/23
.....
13
13
UG991132191UG,
20.47%,
11/27/23
.....
42
41
UG991133609UG,
20.96%,
11/27/23
.....
178
176
UG991189297UG,
20.96%,
11/27/23
.....
135
135
UG991268297UG,
20.96%,
11/27/23
.....
39
39
UG991131638UG,
21.48%,
11/27/23
.....
152
126
UG991132595UG,
21.48%,
11/27/23
.....
91
90
UG991242233UG,
21.48%,
11/27/23
.....
35
35
UG991140714UG,
22.47%,
11/27/23
.....
131
131
UG991140958UG,
22.47%,
11/27/23
.....
129
128
UG991141640UG,
23.45%,
11/27/23
.....
496
494
UG991144384UG,
28.48%,
11/27/23
.....
29
29
UG991144463UG,
28.48%,
11/27/23
.....
58
59
UG991147020UG,
28.48%,
11/27/23
.....
439
441
UG991150233UG,
28.48%,
11/27/23
.....
34
34
UG991152423UG,
28.48%,
11/27/23
.....
142
144
UG991156326UG,
28.48%,
11/27/23
.....
98
99
UG991157290UG,
28.48%,
11/27/23
.....
42
42
UG991136726UG,
29.48%,
11/27/23
.....
136
138
UG991139326UG,
29.49%,
11/27/23
.....
39
39
UG991139435UG,
29.49%,
11/27/23
.....
308
310
UG991144902UG,
29.49%,
11/27/23
.....
106
108
UG991145131UG,
29.49%,
11/27/23
.....
55
(2)
UG991146276UG,
29.49%,
11/27/23
.....
48
48
UG991147400UG,
29.49%,
11/27/23
.....
8
8
UG991150932UG,
29.49%,
11/27/23
.....
193
196
UG991151871UG,
29.49%,
11/27/23
.....
90
91
UG991155637UG,
29.49%,
11/27/23
.....
282
286
UG991353299UG,
Zero
Cpn,
11/28/23
...
53
4
UG991165100UG,
16.49%,
11/28/23
.....
232
19
UG991197118UG,
16.49%,
11/28/23
.....
229
229
UG991246436UG,
16.49%,
11/28/23
.....
79
79
UG991145279UG,
17.49%,
11/28/23
.....
47
47
UG991251734UG,
17.71%,
11/28/23
.....
37
37
UG991143133UG,
18.47%,
11/28/23
.....
115
115
UG991216248UG,
19.3%,
11/28/23
......
117
91
UG991267255UG,
20.96%,
11/28/23
.....
385
383
UG991154983UG,
21.48%,
11/28/23
.....
93
7
UG991234089UG,
26.44%,
11/28/23
.....
48
47
UG991150733UG,
28.48%,
11/28/23
.....
52
52
UG991180513UG,
28.48%,
11/28/23
.....
106
107
UG991150987UG,
29.48%,
11/28/23
.....
14
14
UG991142853UG,
29.49%,
11/28/23
.....
40
40
UG991143405UG,
29.49%,
11/28/23
.....
127
129
UG991143564UG,
29.49%,
11/28/23
.....
132
134
UG991148356UG,
29.49%,
11/28/23
.....
17
3
UG991151596UG,
29.49%,
11/28/23
.....
54
55
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991155818UG,
29.49%,
11/28/23
.....
$
53
$
55
UG991156943UG,
29.49%,
11/28/23
.....
91
(3)
UG991162373UG,
29.49%,
11/28/23
.....
115
115
UG991152875UG,
Zero
Cpn,
11/29/23
...
593
40
UG991154241UG,
Zero
Cpn,
11/29/23
...
402
28
UG991189469UG,
18.47%,
11/29/23
.....
38
38
UG991154443UG,
19.3%,
11/29/23
......
93
93
UG991225584UG,
19.3%,
11/29/23
......
50
50
UG991181147UG,
19.96%,
11/29/23
.....
138
137
UG991150475UG,
20.96%,
11/29/23
.....
155
153
UG991203879UG,
20.96%,
11/29/23
.....
9
9
UG991270604UG,
21.47%,
11/29/23
.....
130
130
UG991164880UG,
21.48%,
11/29/23
.....
125
124
UG991178891UG,
22.47%,
11/29/23
.....
117
117
UG991180996UG,
22.47%,
11/29/23
.....
83
12
UG991182787UG,
22.47%,
11/29/23
.....
32
32
UG991217581UG,
22.47%,
11/29/23
.....
157
156
UG991264092UG,
22.47%,
11/29/23
.....
110
17
UG991187974UG,
24.45%,
11/29/23
.....
17
17
UG991150805UG,
28.48%,
11/29/23
.....
20
4
UG991151398UG,
28.48%,
11/29/23
.....
65
66
UG991159363UG,
28.48%,
11/29/23
.....
11
11
UG991163765UG,
28.48%,
11/29/23
.....
22
22
UG991198051UG,
29.48%,
11/29/23
.....
30
31
UG991150593UG,
29.49%,
11/29/23
.....
195
197
UG991150632UG,
29.49%,
11/29/23
.....
83
84
UG991152608UG,
29.49%,
11/29/23
.....
11
11
UG991153221UG,
29.49%,
11/29/23
.....
257
260
UG991153761UG,
29.49%,
11/29/23
.....
47
48
UG991154304UG,
29.49%,
11/29/23
.....
84
85
UG991154754UG,
29.49%,
11/29/23
.....
663
115
UG991154981UG,
29.49%,
11/29/23
.....
734
(22)
UG991155239UG,
29.49%,
11/29/23
.....
66
67
UG991155379UG,
29.49%,
11/29/23
.....
8
8
UG991157467UG,
29.49%,
11/29/23
.....
74
74
UG991158478UG,
29.49%,
11/29/23
.....
238
240
UG991164288UG,
29.49%,
11/29/23
.....
189
189
UG991199483UG,
29.49%,
11/29/23
.....
79
79
UG991219555UG,
29.49%,
11/29/23
.....
95
95
UG991222123UG,
29.49%,
11/29/23
.....
41
42
UG991242992UG,
29.49%,
11/29/23
.....
292
295
UG991279680UG,
29.49%,
11/29/23
.....
52
53
UG991361899UG,
29.49%,
11/29/23
.....
25
22
UG991216483UG,
Zero
Cpn,
11/30/23
...
226
16
UG991291362UG,
Zero
Cpn,
11/30/23
...
149
10
UG991366927UG,
18.71%,
11/30/23
.....
59
59
UG991227513UG,
19.96%,
11/30/23
.....
37
37
UG991173726UG,
21.48%,
11/30/23
.....
149
148
UG991271179UG,
21.48%,
11/30/23
.....
12
12
UG991242328UG,
22.47%,
11/30/23
.....
38
38
UG991245804UG,
25.45%,
11/30/23
.....
39
39
UG991160092UG,
27.99%,
11/30/23
.....
109
111
UG991233145UG,
28.48%,
11/30/23
.....
42
7
UG991241624UG,
28.48%,
11/30/23
.....
61
61
UG991363577UG,
28.48%,
11/30/23
.....
44
44
UG991160322UG,
29.48%,
11/30/23
.....
207
33
UG991165420UG,
29.48%,
11/30/23
.....
33
34
UG991218132UG,
29.48%,
11/30/23
.....
182
182
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
254
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991232811UG,
29.48%,
11/30/23
.....
$
34
$
5
UG991240768UG,
29.48%,
11/30/23
.....
129
131
UG991248660UG,
29.48%,
11/30/23
.....
90
92
UG991260167UG,
29.48%,
11/30/23
.....
23
23
UG991290564UG,
29.48%,
11/30/23
.....
17
17
UG991156903UG,
29.49%,
11/30/23
.....
94
93
UG991161705UG,
29.49%,
11/30/23
.....
37
38
UG991161838UG,
29.49%,
11/30/23
.....
178
180
UG991164648UG,
29.49%,
11/30/23
.....
149
151
UG991165430UG,
29.49%,
11/30/23
.....
54
54
UG991172679UG,
29.49%,
11/30/23
.....
35
36
UG991172716UG,
29.49%,
11/30/23
.....
425
432
UG991204123UG,
29.49%,
11/30/23
.....
139
141
UG991205139UG,
29.49%,
11/30/23
.....
83
85
UG991210246UG,
29.49%,
11/30/23
.....
282
44
UG991211212UG,
29.49%,
11/30/23
.....
188
186
UG991215594UG,
29.49%,
11/30/23
.....
104
105
UG991223241UG,
29.49%,
11/30/23
.....
12
12
UG991234914UG,
29.49%,
11/30/23
.....
100
16
UG991249622UG,
29.49%,
11/30/23
.....
185
185
UG991267430UG,
29.49%,
11/30/23
.....
200
204
UG991276197UG,
29.49%,
11/30/23
.....
401
406
UG991276598UG,
29.49%,
11/30/23
.....
147
149
UG991289027UG,
29.49%,
11/30/23
.....
1
1
UG991307755UG,
29.49%,
11/30/23
.....
10
10
UG991326713UG,
29.49%,
11/30/23
.....
17
18
UG991368165UG,
29.49%,
11/30/23
.....
75
77
UG991220808UG,
18.71%,
12/01/23
....
15
15
UG991160707UG,
19.96%,
12/01/23
.....
63
63
UG991178587UG,
19.96%,
12/01/23
.....
377
373
UG991345452UG,
20.96%,
12/01/23
....
417
415
UG991167629UG,
21.47%,
12/01/23
.....
462
456
UG991374505UG,
21.48%,
12/01/23
....
193
26
UG991161574UG,
26.44%,
12/01/23
.....
113
112
UG991163198UG,
27.99%,
12/01/23
.....
42
42
UG991172939UG,
27.99%,
12/01/23
.....
–
–
UG991170121UG,
28.48%,
12/01/23
.....
417
417
UG991204954UG,
28.48%,
12/01/23
....
95
95
UG991213506UG,
28.48%,
12/01/23
....
69
70
UG991221034UG,
28.48%,
12/01/23
....
10
10
UG991250166UG,
28.48%,
12/01/23
....
40
40
UG991255142UG,
28.48%,
12/01/23
....
170
170
UG991265844UG,
28.48%,
12/01/23
....
232
230
UG991286291UG,
28.48%,
12/01/23
....
454
69
UG991341146UG,
28.48%,
12/01/23
.....
122
121
UG991357833UG,
28.48%,
12/01/23
....
65
64
UG991362835UG,
28.48%,
12/01/23
....
30
30
UG991162109UG,
29.48%,
12/01/23
.....
24
(1)
UG991165433UG,
29.48%,
12/01/23
.....
59
59
UG991182975UG,
29.48%,
12/01/23
.....
49
49
UG991199545UG,
29.48%,
12/01/23
.....
75
74
UG991229267UG,
29.48%,
12/01/23
....
43
43
UG991307878UG,
29.48%,
12/01/23
....
560
557
UG991381282UG,
29.48%,
12/01/23
....
69
69
UG991162427UG,
29.49%,
12/01/23
.....
27
27
UG991163277UG,
29.49%,
12/01/23
.....
147
144
UG991164195UG,
29.49%,
12/01/23
.....
215
72
UG991165167UG,
29.49%,
12/01/23
.....
180
180
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991165739UG,
29.49%,
12/01/23
.....
$
176
$
175
UG991166368UG,
29.49%,
12/01/23
.....
7
6
UG991168018UG,
29.49%,
12/01/23
.....
606
607
UG991169496UG,
29.49%,
12/01/23
.....
406
407
UG991170389UG,
29.49%,
12/01/23
.....
20
20
UG991170505UG,
29.49%,
12/01/23
.....
8
8
UG991173753UG,
29.49%,
12/01/23
.....
685
687
UG991180464UG,
29.49%,
12/01/23
.....
38
38
UG991182685UG,
29.49%,
12/01/23
.....
58
58
UG991187841UG,
29.49%,
12/01/23
.....
90
(6)
UG991188542UG,
29.49%,
12/01/23
.....
130
130
UG991191694UG,
29.49%,
12/01/23
.....
6
6
UG991195579UG,
29.49%,
12/01/23
.....
26
26
UG991195637UG,
29.49%,
12/01/23
.....
286
285
UG991204590UG,
29.49%,
12/01/23
....
159
157
UG991206480UG,
29.49%,
12/01/23
....
18
18
UG991208387UG,
29.49%,
12/01/23
....
40
40
UG991208461UG,
29.49%,
12/01/23
....
46
46
UG991208712UG,
29.49%,
12/01/23
....
65
66
UG991209332UG,
29.49%,
12/01/23
....
257
254
UG991210674UG,
29.49%,
12/01/23
....
37
38
UG991215380UG,
29.49%,
12/01/23
....
72
71
UG991228271UG,
29.49%,
12/01/23
....
78
78
UG991229003UG,
29.49%,
12/01/23
....
165
163
UG991230761UG,
29.49%,
12/01/23
....
221
221
UG991231997UG,
29.49%,
12/01/23
....
70
69
UG991243647UG,
29.49%,
12/01/23
....
69
69
UG991262385UG,
29.49%,
12/01/23
....
63
3
UG991278388UG,
29.49%,
12/01/23
....
51
51
UG991286912UG,
29.49%,
12/01/23
....
–
–
UG991306329UG,
29.49%,
12/01/23
....
23
22
UG991316071UG,
29.49%,
12/01/23
....
17
17
UG991321382UG,
29.49%,
12/01/23
....
120
119
UG991338569UG,
29.49%,
12/01/23
....
37
37
UG991339375UG,
29.49%,
12/01/23
....
50
50
UG991354601UG,
29.49%,
12/01/23
....
19
19
UG991362043UG,
29.49%,
12/01/23
....
127
126
UG991378439UG,
29.49%,
12/01/23
....
78
78
UG991379124UG,
29.49%,
12/01/23
....
–
–
UG991349149UG,
19.96%,
12/02/23
....
137
136
UG991345661UG,
28.48%,
12/02/23
....
142
23
UG991331755UG,
29.48%,
12/02/23
....
92
93
UG991332114UG,
29.48%,
12/02/23
.....
149
151
UG991346704UG,
29.48%,
12/02/23
....
99
100
UG991382180UG,
29.48%,
12/02/23
....
497
501
UG991340317UG,
29.49%,
12/02/23
....
39
38
UG991346464UG,
29.49%,
12/02/23
....
1,001
1,006
UG991346992UG,
29.49%,
12/02/23
....
12
12
UG991354806UG,
29.49%,
12/02/23
....
27
27
UG991355498UG,
29.49%,
12/02/23
....
28
29
UG991361331UG,
29.49%,
12/02/23
....
600
610
UG991365395UG,
29.49%,
12/02/23
....
59
59
UG991382424UG,
29.49%,
12/02/23
....
57
54
UG991187931UG,
20.47%,
12/05/23
.....
24
24
UG991190340UG,
28.48%,
12/05/23
.....
144
144
UG991203694UG,
29.49%,
12/05/23
....
15
15
UG991315535UG,
Zero
Cpn,
12/06/23
...
393
27
UG991192015UG,
16.49%,
12/06/23
.....
396
399
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
255
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991227727UG,
19.96%,
12/06/23
....
$
457
$
459
UG991213795UG,
20.47%,
12/06/23
....
710
51
UG991203822UG,
21.48%,
12/06/23
....
104
102
UG991199158UG,
23.45%,
12/06/23
.....
92
(5)
UG991223442UG,
28.48%,
12/06/23
....
64
64
UG991252347UG,
29.48%,
12/06/23
....
–
–
UG991191306UG,
29.49%,
12/06/23
.....
348
347
UG991357112UG,
29.49%,
12/06/23
.....
59
60
UG991388996UG,
17.49%,
12/07/23
....
42
42
UG991198134UG,
19.96%,
12/07/23
.....
155
153
UG991204447UG,
20.96%,
12/07/23
....
16
15
UG991432095UG,
21.48%,
12/07/23
....
80
78
UG991203162UG,
28.48%,
12/07/23
....
65
65
UG991304075UG,
28.48%,
12/07/23
....
291
296
UG991407213UG,
28.48%,
12/07/23
....
78
77
UG991197990UG,
29.49%,
12/07/23
.....
187
185
UG991198002UG,
29.49%,
12/07/23
.....
35
36
UG991203551UG,
29.49%,
12/07/23
....
572
574
UG991203586UG,
29.49%,
12/07/23
....
80
81
UG991204768UG,
29.49%,
12/07/23
....
60
61
UG991206861UG,
29.49%,
12/07/23
....
196
193
UG991226251UG,
29.49%,
12/07/23
....
312
318
UG991214716UG,
Zero
Cpn,
12/08/23
...
231
16
UG991275637UG,
Zero
Cpn,
12/08/23
...
124
9
UG991321514UG,
Zero
Cpn,
12/08/23
...
1,636
113
UG991343356UG,
Zero
Cpn,
12/08/23
...
157
11
UG991219520UG,
14.48%,
12/08/23
....
8
8
UG991251238UG,
15.47%,
12/08/23
....
163
164
UG991206088UG,
16.49%,
12/08/23
....
292
294
UG991250612UG,
17.49%,
12/08/23
....
92
92
UG991291945UG,
17.49%,
12/08/23
....
337
339
UG991207942UG,
18.47%,
12/08/23
....
200
200
UG991229181UG,
19.3%,
12/08/23
.....
5
5
UG991337098UG,
19.3%,
12/08/23
.....
237
236
UG991359463UG,
19.96%,
12/08/23
....
181
182
UG991249740UG,
20.47%,
12/08/23
....
58
58
UG991420233UG,
22.47%,
12/08/23
....
29
28
UG991448491UG,
23.45%,
12/08/23
....
153
151
UG991218065UG,
25.45%,
12/08/23
....
878
877
UG991218571UG,
27.95%,
12/08/23
....
478
486
UG991214878UG,
28.48%,
12/08/23
....
201
205
UG991276602UG,
28.48%,
12/08/23
....
307
311
UG991282274UG,
28.48%,
12/08/23
....
127
129
UG991321964UG,
28.48%,
12/08/23
....
153
155
UG991342766UG,
28.48%,
12/08/23
....
29
30
UG991348273UG,
28.48%,
12/08/23
....
285
241
UG991394068UG,
28.48%,
12/08/23
....
9
8
UG991211631UG,
29.46%,
12/08/23
.....
115
117
UG991212750UG,
29.46%,
12/08/23
....
109
48
UG991215376UG,
29.47%,
12/08/23
....
535
543
UG991217829UG,
29.47%,
12/08/23
....
58
57
UG991218164UG,
29.47%,
12/08/23
....
809
822
UG991207166UG,
29.48%,
12/08/23
....
116
117
UG991211029UG,
29.48%,
12/08/23
.....
565
568
UG991271633UG,
29.48%,
12/08/23
....
92
94
UG991278845UG,
29.48%,
12/08/23
....
71
72
UG991320725UG,
29.48%,
12/08/23
....
56
57
UG991209755UG,
29.49%,
12/08/23
....
218
221
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991211148UG,
29.49%,
12/08/23
.....
$
21
$
20
UG991211644UG,
29.49%,
12/08/23
.....
144
147
UG991214817UG,
29.49%,
12/08/23
....
151
150
UG991214975UG,
29.49%,
12/08/23
....
203
207
UG991216594UG,
29.49%,
12/08/23
....
314
320
UG991217790UG,
29.49%,
12/08/23
....
463
165
UG991225432UG,
29.49%,
12/08/23
....
347
(16)
UG991228941UG,
29.49%,
12/08/23
....
77
77
UG991262339UG,
29.49%,
12/08/23
....
43
44
UG991272424UG,
29.49%,
12/08/23
....
163
166
UG991280676UG,
29.49%,
12/08/23
....
70
24
UG991289146UG,
29.49%,
12/08/23
....
77
79
UG991300678UG,
29.49%,
12/08/23
....
43
44
UG991322697UG,
29.49%,
12/08/23
....
10
10
UG991349755UG,
29.49%,
12/08/23
....
31
32
UG991407525UG,
29.49%,
12/08/23
....
14
13
UG991357192UG,
Zero
Cpn,
12/09/23
...
99
7
UG991359124UG,
20.47%,
12/09/23
....
195
193
UG991354238UG,
20.96%,
12/09/23
....
296
292
UG991389074UG,
21.48%,
12/09/23
....
71
70
UG991393014UG,
28.48%,
12/09/23
....
77
77
UG991434948UG,
28.48%,
12/09/23
....
54
54
UG991308270UG,
29.49%,
12/09/23
....
98
98
UG991329390UG,
29.49%,
12/09/23
....
31
31
UG991356147UG,
29.49%,
12/09/23
....
48
48
UG991364368UG,
29.49%,
12/09/23
....
220
220
UG991367687UG,
29.49%,
12/09/23
....
148
148
UG991408941UG,
29.49%,
12/09/23
....
59
59
UG991448905UG,
29.49%,
12/09/23
....
397
397
UG991395653UG,
Zero
Cpn,
12/10/23
...
160
11
UG991301938UG,
15.47%,
12/10/23
....
190
189
UG991359480UG,
15.47%,
12/10/23
....
116
115
UG991301880UG,
16.49%,
12/10/23
....
93
92
UG991397064UG,
16.49%,
12/10/23
....
42
42
UG991353794UG,
19.3%,
12/10/23
.....
64
19
UG991357402UG,
22.47%,
12/10/23
....
83
82
UG991234278UG,
26.44%,
12/10/23
....
636
637
UG991318209UG,
27.99%,
12/10/23
....
72
72
UG991427925UG,
27.99%,
12/10/23
....
13
13
UG991324549UG,
29.48%,
12/10/23
....
43
43
UG991302449UG,
29.49%,
12/10/23
....
194
196
UG991305756UG,
29.49%,
12/10/23
....
22
22
UG991310007UG,
29.49%,
12/10/23
....
16
16
UG991310750UG,
29.49%,
12/10/23
....
65
60
UG991324857UG,
29.49%,
12/10/23
....
133
132
UG991326232UG,
29.49%,
12/10/23
....
104
104
UG991342513UG,
29.49%,
12/10/23
....
416
415
UG991361573UG,
29.49%,
12/10/23
....
16
16
UG991368001UG,
29.49%,
12/10/23
....
165
165
UG991374468UG,
29.49%,
12/10/23
....
82
80
UG991402670UG,
29.49%,
12/10/23
....
162
162
UG991418451UG,
29.49%,
12/10/23
....
45
45
UG991431724UG,
29.49%,
12/10/23
....
37
37
UG991456024UG,
Zero
Cpn,
12/11/23
...
121
8
UG991448540UG,
15.47%,
12/11/23
.....
330
327
UG991357205UG,
28.48%,
12/11/23
.....
–
–
UG991316785UG,
29.49%,
12/11/23
.....
56
56
UG991338974UG,
29.49%,
12/11/23
.....
141
141
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
256
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991361596UG,
29.49%,
12/11/23
.....
$
396
$
395
UG991373643UG,
29.49%,
12/11/23
.....
126
126
UG991399394UG,
29.49%,
12/11/23
.....
49
49
UG991400100UG,
29.49%,
12/11/23
.....
40
40
UG991298936UG,
Zero
Cpn,
12/12/23
...
77
5
UG991350400UG,
Zero
Cpn,
12/12/23
...
173
12
UG991353250UG,
18.71%,
12/12/23
....
167
165
UG991364577UG,
19.3%,
12/12/23
.....
68
67
UG991327492UG,
25.44%,
12/12/23
....
271
269
UG991420296UG,
28.48%,
12/12/23
....
96
(3)
UG991331674UG,
29.48%,
12/12/23
....
128
129
UG991304451UG,
29.49%,
12/12/23
....
–
–
UG991317469UG,
29.49%,
12/12/23
....
93
94
UG991337692UG,
29.49%,
12/12/23
....
13
13
UG991356769UG,
29.49%,
12/12/23
....
140
140
UG991361796UG,
29.49%,
12/12/23
....
86
3
UG991424465UG,
29.49%,
12/12/23
....
513
513
UG991432271UG,
29.49%,
12/12/23
....
45
45
UG991438264UG,
29.49%,
12/12/23
....
142
140
UG991440099UG,
Zero
Cpn,
12/13/23
...
1,394
96
UG991419474UG,
15.47%,
12/13/23
....
187
186
UG991438897UG,
17.47%,
12/13/23
....
41
41
UG991287740UG,
17.49%,
12/13/23
....
136
137
UG991301519UG,
17.49%,
12/13/23
....
227
181
UG991284086UG,
18.71%,
12/13/23
....
137
138
UG991398313UG,
19.3%,
12/13/23
.....
78
78
UG991325207UG,
19.99%,
12/13/23
....
176
13
UG991408874UG,
20.47%,
12/13/23
....
35
34
UG991309000UG,
20.96%,
12/13/23
....
42
41
UG991332222UG,
21.48%,
12/13/23
....
86
85
UG991333894UG,
28.48%,
12/13/23
....
143
143
UG991336028UG,
29.48%,
12/13/23
....
40
41
UG991324423UG,
29.49%,
12/13/23
....
51
4
UG991335642UG,
29.49%,
12/13/23
....
81
81
UG991336926UG,
29.49%,
12/13/23
....
69
69
UG991361169UG,
29.49%,
12/13/23
.....
345
348
UG991388506UG,
29.49%,
12/13/23
....
53
54
UG991428519UG,
29.49%,
12/13/23
....
66
66
UG991431781UG,
29.49%,
12/13/23
....
21
21
UG991449076UG,
29.49%,
12/13/23
....
239
239
UG991261373UG,
Zero
Cpn,
12/14/23
...
80
6
UG991255753UG,
14.47%,
12/15/23
....
54
54
UG991331167UG,
16.49%,
12/15/23
.....
562
566
UG991278437UG,
17.49%,
12/15/23
....
18
18
UG991400429UG,
17.49%,
12/15/23
....
186
188
UG991265681UG,
18.71%,
12/15/23
....
54
54
UG991387743UG,
18.71%,
12/15/23
....
475
146
UG991268786UG,
19.3%,
12/15/23
.....
71
71
UG991399812UG,
19.3%,
12/15/23
.....
754
760
UG991265527UG,
20.47%,
12/15/23
....
90
89
UG991270303UG,
20.47%,
12/15/23
....
–
–
UG991288025UG,
20.96%,
12/15/23
....
39
39
UG991364787UG,
22.45%,
12/15/23
....
191
192
UG991448152UG,
22.45%,
12/15/23
....
104
104
UG991260304UG,
22.47%,
12/15/23
....
47
47
UG991390117UG,
15.47%,
12/16/23
.....
184
183
UG991264118UG,
16.49%,
12/16/23
.....
233
231
UG991265066UG,
17.49%,
12/16/23
....
89
89
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991459556UG,
17.49%,
12/16/23
....
$
70
$
69
UG991376799UG,
19.3%,
12/16/23
.....
526
521
UG991343699UG,
20.96%,
12/16/23
....
223
220
UG991291158UG,
Zero
Cpn,
12/17/23
...
176
12
UG991302932UG,
Zero
Cpn,
12/17/23
...
124
8
UG991309192UG,
Zero
Cpn,
12/17/23
...
143
10
UG991407871UG,
16.49%,
12/17/23
....
111
111
UG991496207UG,
16.49%,
12/17/23
....
590
587
UG991334320UG,
18.71%,
12/17/23
....
69
68
UG991334732UG,
18.71%,
12/17/23
....
188
186
UG991331047UG,
19.96%,
12/17/23
....
46
45
UG991372337UG,
20.96%,
12/17/23
....
74
13
UG991320917UG,
21.48%,
12/17/23
....
492
487
UG991278216UG,
22.47%,
12/17/23
....
100
(3)
UG991311167UG,
22.47%,
12/17/23
.....
286
283
UG991470545UG,
Zero
Cpn,
12/18/23
...
–
–
UG991407328UG,
15%,
12/18/23
.......
57
57
UG991354731UG,
18.71%,
12/18/23
....
72
72
UG991416710UG,
18.71%,
12/18/23
....
1,325
106
UG991421673UG,
18.71%,
12/18/23
....
632
50
UG991309417UG,
20.47%,
12/18/23
....
272
220
UG991298110UG,
21.48%,
12/18/23
.....
31
31
UG991306413UG,
Zero
Cpn,
12/19/23
...
183
13
UG991429423UG,
17.47%,
12/19/23
....
64
63
UG991317582UG,
17.49%,
12/19/23
....
117
116
UG991403359UG,
17.49%,
12/19/23
....
20
20
UG991467590UG,
17.49%,
12/19/23
....
35
34
UG991308110UG,
18.47%,
12/19/23
.....
46
45
UG991287925UG,
19.3%,
12/19/23
.....
138
137
UG991511200UG,
19.3%,
12/19/23
......
65
65
UG991297522UG,
20.47%,
12/19/23
....
57
4
UG991341980UG,
20.47%,
12/19/23
....
125
124
UG991523578UG,
20.47%,
12/19/23
....
100
100
UG991433616UG,
20.96%,
12/19/23
....
46
46
UG991313003UG,
21.48%,
12/19/23
....
241
2
UG991414126UG,
21.48%,
12/19/23
....
284
283
UG991367322UG,
22.47%,
12/19/23
....
73
72
UG991306283UG,
26.44%,
12/19/23
....
44
44
UG991319276UG,
26.44%,
12/19/23
....
21
21
UG991509838UG,
Zero
Cpn,
12/20/23
...
118
8
UG991400459UG,
15.47%,
12/20/23
....
158
157
UG991325118UG,
16.49%,
12/20/23
.....
137
137
UG991295957UG,
17.49%,
12/20/23
....
69
69
UG991307475UG,
17.49%,
12/20/23
....
580
81
UG991325948UG,
17.49%,
12/20/23
....
10
10
UG991358233UG,
17.49%,
12/20/23
....
374
372
UG991432644UG,
17.49%,
12/20/23
....
69
69
UG991366147UG,
18.47%,
12/20/23
....
70
69
UG991496764UG,
18.47%,
12/20/23
....
373
370
UG991363259UG,
19.3%,
12/20/23
.....
60
59
UG991373067UG,
19.3%,
12/20/23
.....
178
177
UG991419085UG,
19.96%,
12/20/23
....
6
6
UG991523610UG,
19.96%,
12/20/23
....
188
186
UG991306794UG,
20.47%,
12/20/23
....
–
–
UG991309544UG,
20.47%,
12/20/23
....
525
39
UG991427426UG,
20.47%,
12/20/23
....
1,135
1,124
UG991299329UG,
21.48%,
12/20/23
....
69
68
UG991494550UG,
21.48%,
12/20/23
....
77
77
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
257
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991315452UG,
22.47%,
12/20/23
....
$
241
$
238
UG991329280UG,
22.47%,
12/20/23
....
91
90
UG991448015UG,
19.96%,
12/21/23
....
355
351
UG991505059UG,
21.48%,
12/21/23
....
57
56
UG991102904UG,
29.49%,
1/09/24
......
104
82
UG991064824UG,
20.96%,
1/15/24
.....
21
3
UG991286242UG,
29.49%,
2/05/24
.....
1
–
UG991072454UG,
29.49%,
2/09/24
.....
68
60
UG991163098UG,
29.49%,
2/20/24
......
83
69
UG991155085UG,
21.48%,
2/27/24
......
36
30
UG991107592UG,
29.49%,
3/20/24
......
121
105
UG991149901UG,
29.48%,
5/27/24
......
44
35
UG991167434UG,
29.48%,
5/29/24
......
217
174
UG991060229UG,
19.96%,
6/14/24
.....
120
93
UG991115770UG,
19.8%,
6/17/24
.......
66
66
UG991216986UG,
29.49%,
6/17/24
.....
103
83
UG991067743UG,
28.48%,
7/15/24
.....
100
79
UG991128392UG,
29.49%,
8/17/24
......
61
48
UG991418802UG,
29.49%,
10/10/24
....
99
69
UG990928675UG,
29.49%,
10/19/24
....
90
89
UG991072765UG,
Zero
Cpn,
10/20/24
...
139
9
UG990941301UG,
28.98%,
10/21/24
....
241
17
UG991042512UG,
28.98%,
10/21/24
....
197
199
UG991068200UG,
28.98%,
10/21/24
....
7
7
UG990948556UG,
Zero
Cpn,
10/22/24
...
107
7
UG991060237UG,
28.98%,
10/22/24
....
120
8
UG991072394UG,
29.49%,
10/22/24
....
138
19
UG991022040UG,
29.49%,
11/07/24
.....
121
93
UG991016261UG,
Zero
Cpn,
11/08/24
...
222
16
UG991029860UG,
16.99%,
11/08/24
.....
873
869
UG991020888UG,
19.8%,
11/08/24
......
1,254
1,234
UG991132194UG,
19.8%,
11/08/24
......
426
418
UG991010233UG,
19.99%,
11/08/24
.....
222
222
UG991025022UG,
20.46%,
11/08/24
.....
187
187
UG991043299UG,
20.46%,
11/08/24
.....
501
500
UG991015397UG,
21.46%,
11/08/24
.....
137
137
UG991062208UG,
21.98%,
11/08/24
.....
192
(2)
UG991089275UG,
21.98%,
11/08/24
.....
90
87
UG991008862UG,
22.97%,
11/08/24
.....
600
598
UG991016897UG,
23.95%,
11/08/24
.....
1,591
(36)
UG991015679UG,
27.99%,
11/08/24
.....
942
964
UG991014622UG,
28.98%,
11/08/24
.....
347
347
UG991015221UG,
28.98%,
11/08/24
.....
1,955
1,999
UG991015963UG,
28.98%,
11/08/24
.....
1,255
1,276
UG991020061UG,
28.98%,
11/08/24
.....
307
311
UG991021690UG,
28.98%,
11/08/24
.....
24
24
UG991043973UG,
28.98%,
11/08/24
.....
–
–
UG991046124UG,
28.98%,
11/08/24
.....
8
8
UG991047284UG,
28.98%,
11/08/24
.....
7
7
UG991049421UG,
28.98%,
11/08/24
.....
67
68
UG991062658UG,
28.98%,
11/08/24
.....
379
386
UG991089676UG,
28.98%,
11/08/24
.....
1,406
1,413
UG991122476UG,
28.98%,
11/08/24
.....
248
88
UG991188631UG,
28.98%,
11/08/24
.....
212
214
UG991014634UG,
29.48%,
11/08/24
.....
808
103
UG991009200UG,
29.49%,
11/08/24
.....
223
229
UG991009218UG,
29.49%,
11/08/24
.....
130
131
UG991009403UG,
29.49%,
11/08/24
.....
580
579
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991009730UG,
29.49%,
11/08/24
.....
$
88
$
88
UG991010218UG,
29.49%,
11/08/24
.....
592
38
UG991011019UG,
29.49%,
11/08/24
.....
80
82
UG991011039UG,
29.49%,
11/08/24
.....
768
784
UG991016135UG,
29.49%,
11/08/24
.....
499
500
UG991016360UG,
29.49%,
11/08/24
.....
294
304
UG991018167UG,
29.49%,
11/08/24
.....
265
272
UG991019441UG,
29.49%,
11/08/24
.....
116
115
UG991026129UG,
29.49%,
11/08/24
.....
461
107
UG991032542UG,
29.49%,
11/08/24
.....
1,059
786
UG991033519UG,
29.49%,
11/08/24
.....
141
99
UG991051891UG,
29.49%,
11/08/24
.....
456
464
UG991065536UG,
29.49%,
11/08/24
.....
107
108
UG991067396UG,
29.49%,
11/08/24
.....
136
131
UG991089599UG,
29.49%,
11/08/24
.....
1,352
1,367
UG991156301UG,
29.49%,
11/08/24
.....
198
199
UG991174773UG,
29.49%,
11/08/24
.....
103
104
UG991200927UG,
29.49%,
11/08/24
.....
208
211
UG991208389UG,
29.49%,
11/08/24
.....
–
–
UG991020973UG,
Zero
Cpn,
11/09/24
...
1,042
72
UG991056862UG,
Zero
Cpn,
11/09/24
...
1,664
116
UG991137626UG,
Zero
Cpn,
11/09/24
...
162
11
UG991214861UG,
Zero
Cpn,
11/09/24
...
335
23
UG991216434UG,
Zero
Cpn,
11/09/24
...
136
9
UG991039862UG,
14.98%,
11/09/24
.....
798
798
UG991032070UG,
16.99%,
11/09/24
.....
225
229
UG991037178UG,
16.99%,
11/09/24
.....
441
450
UG991107359UG,
17.99%,
11/09/24
.....
301
301
UG991043681UG,
19.21%,
11/09/24
.....
1,124
1,137
UG991104757UG,
19.21%,
11/09/24
.....
245
245
UG991017861UG,
19.8%,
11/09/24
......
90
92
UG991213119UG,
19.99%,
11/09/24
.....
94
98
UG991014881UG,
20.46%,
11/09/24
.....
1,077
242
UG991015912UG,
20.97%,
11/09/24
.....
588
585
UG991064904UG,
20.97%,
11/09/24
.....
1,016
1,027
UG991217068UG,
21.46%,
11/09/24
.....
341
242
UG991036234UG,
21.98%,
11/09/24
.....
307
305
UG991214327UG,
21.98%,
11/09/24
.....
175
178
UG991015386UG,
22.97%,
11/09/24
.....
611
604
UG991015291UG,
23.95%,
11/09/24
.....
12
12
UG991207204UG,
27.99%,
11/09/24
.....
73
74
UG991014627UG,
28.98%,
11/09/24
.....
343
356
UG991021150UG,
28.98%,
11/09/24
.....
227
238
UG991024150UG,
28.98%,
11/09/24
.....
444
455
UG991024317UG,
28.98%,
11/09/24
.....
265
269
UG991024437UG,
28.98%,
11/09/24
.....
476
498
UG991036639UG,
28.98%,
11/09/24
.....
386
391
UG991048693UG,
28.98%,
11/09/24
.....
509
531
UG991050918UG,
28.98%,
11/09/24
.....
508
532
UG991066590UG,
28.98%,
11/09/24
.....
407
416
UG991067435UG,
28.98%,
11/09/24
.....
389
407
UG991070859UG,
28.98%,
11/09/24
.....
81
82
UG991109146UG,
28.98%,
11/09/24
.....
522
529
UG991190864UG,
28.98%,
11/09/24
.....
203
45
UG991201969UG,
28.98%,
11/09/24
.....
188
195
UG991209121UG,
28.98%,
11/09/24
.....
129
10
UG991213946UG,
28.98%,
11/09/24
.....
94
97
UG991215028UG,
28.98%,
11/09/24
.....
628
647
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
258
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991215951UG,
28.98%,
11/09/24
.....
$
628
$
650
UG991016205UG,
29.49%,
11/09/24
.....
865
863
UG991016307UG,
29.49%,
11/09/24
.....
235
247
UG991017635UG,
29.49%,
11/09/24
.....
1,492
347
UG991023572UG,
29.49%,
11/09/24
.....
2
2
UG991023718UG,
29.49%,
11/09/24
.....
–
–
UG991032314UG,
29.49%,
11/09/24
.....
541
555
UG991032461UG,
29.49%,
11/09/24
.....
202
211
UG991051385UG,
29.49%,
11/09/24
.....
95
22
UG991053848UG,
29.49%,
11/09/24
.....
298
37
UG991057649UG,
29.49%,
11/09/24
.....
297
297
UG991057701UG,
29.49%,
11/09/24
.....
420
442
UG991066794UG,
29.49%,
11/09/24
.....
170
12
UG991067737UG,
29.49%,
11/09/24
.....
13
13
UG991075118UG,
29.49%,
11/09/24
.....
1,393
1,454
UG991076041UG,
29.49%,
11/09/24
.....
177
183
UG991086223UG,
29.49%,
11/09/24
.....
8
3
UG991088136UG,
29.49%,
11/09/24
.....
97
96
UG991107819UG,
29.49%,
11/09/24
.....
21
3
UG991130666UG,
29.49%,
11/09/24
.....
146
144
UG991139880UG,
29.49%,
11/09/24
.....
187
194
UG991143330UG,
29.49%,
11/09/24
.....
–
–
UG991148011UG,
29.49%,
11/09/24
.....
45
46
UG991171418UG,
29.49%,
11/09/24
.....
132
138
UG991172077UG,
29.49%,
11/09/24
.....
514
(28)
UG991206923UG,
29.49%,
11/09/24
.....
88
92
UG991213890UG,
29.49%,
11/09/24
.....
121
28
UG991215398UG,
29.49%,
11/09/24
.....
241
249
UG991025347UG,
Zero
Cpn,
11/10/24
...
127
9
UG991026735UG,
Zero
Cpn,
11/10/24
...
227
16
UG991058444UG,
Zero
Cpn,
11/10/24
...
1,245
86
UG991126362UG,
Zero
Cpn,
11/10/24
...
395
27
UG991215892UG,
Zero
Cpn,
11/10/24
...
447
31
UG991224383UG,
Zero
Cpn,
11/10/24
...
817
56
UG991064938UG,
15.97%,
11/10/24
.....
213
218
UG991065102UG,
15.97%,
11/10/24
.....
389
389
UG991104046UG,
15.97%,
11/10/24
.....
206
205
UG991129317UG,
15.97%,
11/10/24
.....
4,309
4,369
UG991171941UG,
15.97%,
11/10/24
.....
2,118
2,108
UG991022677UG,
18.97%,
11/10/24
.....
910
929
UG991170027UG,
18.97%,
11/10/24
.....
223
226
UG991224324UG,
18.97%,
11/10/24
.....
338
334
UG991045857UG,
19.21%,
11/10/24
.....
–
–
UG991034507UG,
19.8%,
11/10/24
......
3,951
4,008
UG991020976UG,
19.99%,
11/10/24
.....
361
363
UG991023319UG,
19.99%,
11/10/24
.....
361
374
UG991029759UG,
19.99%,
11/10/24
.....
140
142
UG991040584UG,
19.99%,
11/10/24
.....
88
11
UG991072413UG,
19.99%,
11/10/24
.....
145
150
UG991167380UG,
19.99%,
11/10/24
.....
310
22
UG991175759UG,
19.99%,
11/10/24
.....
7
7
UG991215937UG,
19.99%,
11/10/24
.....
479
496
UG991026082UG,
20.46%,
11/10/24
.....
183
182
UG991211771UG,
21.46%,
11/10/24
.....
46
47
UG991216720UG,
21.46%,
11/10/24
.....
7,244
7,338
UG991023237UG,
21.97%,
11/10/24
.....
231
231
UG991026806UG,
21.98%,
11/10/24
.....
165
167
UG991021583UG,
22.97%,
11/10/24
.....
423
423
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991062365UG,
24.95%,
11/10/24
.....
$
279
$
268
UG991137901UG,
25.95%,
11/10/24
.....
191
(7)
UG991146323UG,
25.95%,
11/10/24
.....
5
5
UG991055480UG,
27.99%,
11/10/24
.....
126
132
UG991020520UG,
28.98%,
11/10/24
.....
132
133
UG991021327UG,
28.98%,
11/10/24
.....
153
157
UG991022344UG,
28.98%,
11/10/24
.....
310
309
UG991022916UG,
28.98%,
11/10/24
.....
236
235
UG991022961UG,
28.98%,
11/10/24
.....
205
208
UG991026665UG,
28.98%,
11/10/24
.....
363
67
UG991026874UG,
28.98%,
11/10/24
.....
38
37
UG991033626UG,
28.98%,
11/10/24
.....
106
111
UG991037607UG,
28.98%,
11/10/24
.....
107
77
UG991039743UG,
28.98%,
11/10/24
.....
83
84
UG991044464UG,
28.98%,
11/10/24
.....
66
69
UG991054408UG,
28.98%,
11/10/24
.....
676
150
UG991080210UG,
28.98%,
11/10/24
.....
290
211
UG991103426UG,
28.98%,
11/10/24
.....
104
108
UG991108419UG,
28.98%,
11/10/24
.....
120
80
UG991113610UG,
28.98%,
11/10/24
.....
893
(29)
UG991130087UG,
28.98%,
11/10/24
.....
163
169
UG991198564UG,
28.98%,
11/10/24
.....
12
2
UG991203709UG,
28.98%,
11/10/24
.....
88
90
UG991203855UG,
28.98%,
11/10/24
.....
199
206
UG991216706UG,
28.98%,
11/10/24
.....
–
–
UG991022193UG,
29.49%,
11/10/24
.....
534
550
UG991022815UG,
29.49%,
11/10/24
.....
11
10
UG991023261UG,
29.49%,
11/10/24
.....
482
483
UG991030343UG,
29.49%,
11/10/24
.....
493
506
UG991050872UG,
29.49%,
11/10/24
.....
35
36
UG991054015UG,
29.49%,
11/10/24
.....
494
517
UG991054206UG,
29.49%,
11/10/24
.....
371
(15)
UG991056370UG,
29.49%,
11/10/24
.....
68
71
UG991066375UG,
29.49%,
11/10/24
.....
271
276
UG991066723UG,
29.49%,
11/10/24
.....
251
255
UG991069463UG,
29.49%,
11/10/24
.....
110
(1)
UG991079386UG,
29.49%,
11/10/24
.....
33
33
UG991100707UG,
29.49%,
11/10/24
.....
339
352
UG991108267UG,
29.49%,
11/10/24
.....
190
195
UG991160546UG,
29.49%,
11/10/24
.....
529
533
UG991189830UG,
29.49%,
11/10/24
.....
59
61
UG991205598UG,
29.49%,
11/10/24
.....
179
43
UG991207636UG,
29.49%,
11/10/24
.....
393
395
UG991216288UG,
29.49%,
11/10/24
.....
109
26
UG991029833UG,
Zero
Cpn,
11/11/24
...
107
7
UG991032871UG,
Zero
Cpn,
11/11/24
...
128
9
UG991034619UG,
Zero
Cpn,
11/11/24
...
317
22
UG991037733UG,
Zero
Cpn,
11/11/24
...
1
–
UG991057097UG,
Zero
Cpn,
11/11/24
...
190
13
UG991059969UG,
Zero
Cpn,
11/11/24
...
190
13
UG991065705UG,
Zero
Cpn,
11/11/24
...
231
16
UG991073100UG,
Zero
Cpn,
11/11/24
...
236
16
UG991073326UG,
Zero
Cpn,
11/11/24
...
1,046
72
UG991087016UG,
Zero
Cpn,
11/11/24
...
766
53
UG991093484UG,
Zero
Cpn,
11/11/24
...
84
6
UG991114764UG,
Zero
Cpn,
11/11/24
....
426
30
UG991123639UG,
Zero
Cpn,
11/11/24
...
105
7
UG991165672UG,
Zero
Cpn,
11/11/24
...
445
31
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
259
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991218087UG,
Zero
Cpn,
11/11/24
...
$
53
$
4
UG991042328UG,
14.98%,
11/11/24
.....
815
833
UG991132695UG,
15%,
11/11/24
.......
1,453
1,484
UG991070425UG,
15.97%,
11/11/24
.....
86
88
UG991080741UG,
15.97%,
11/11/24
.....
884
904
UG991065340UG,
16.99%,
11/11/24
.....
756
767
UG991225418UG,
16.99%,
11/11/24
.....
584
581
UG991033893UG,
17.97%,
11/11/24
.....
408
406
UG991033250UG,
17.99%,
11/11/24
.....
492
492
UG991043832UG,
17.99%,
11/11/24
.....
68
68
UG991079063UG,
17.99%,
11/11/24
.....
143
142
UG991099988UG,
17.99%,
11/11/24
.....
111
111
UG991108417UG,
17.99%,
11/11/24
.....
35
35
UG991031698UG,
18.97%,
11/11/24
.....
25
25
UG991036433UG,
18.97%,
11/11/24
.....
128
127
UG991044359UG,
18.97%,
11/11/24
.....
173
177
UG991097430UG,
18.97%,
11/11/24
.....
391
389
UG991104909UG,
18.97%,
11/11/24
.....
565
558
UG991135808UG,
18.97%,
11/11/24
.....
147
147
UG991148541UG,
18.97%,
11/11/24
.....
239
244
UG991031272UG,
19.21%,
11/11/24
.....
852
869
UG991069631UG,
19.21%,
11/11/24
.....
82
83
UG991119597UG,
19.21%,
11/11/24
.....
455
465
UG991184036UG,
19.21%,
11/11/24
.....
137
137
UG991095162UG,
19.46%,
11/11/24
.....
1,316
1,314
UG991030105UG,
19.8%,
11/11/24
......
70
70
UG991037339UG,
19.8%,
11/11/24
......
988
982
UG991063208UG,
19.8%,
11/11/24
......
440
30
UG991080931UG,
19.8%,
11/11/24
......
225
225
UG991090906UG,
19.8%,
11/11/24
......
–
–
UG991135236UG,
19.8%,
11/11/24
......
1,194
1,220
UG991024759UG,
19.99%,
11/11/24
.....
275
280
UG991025619UG,
19.99%,
11/11/24
.....
74
75
UG991027149UG,
19.99%,
11/11/24
.....
172
175
UG991030107UG,
19.99%,
11/11/24
.....
1,469
1,531
UG991030291UG,
19.99%,
11/11/24
.....
749
785
UG991035914UG,
19.99%,
11/11/24
.....
240
249
UG991049873UG,
19.99%,
11/11/24
.....
900
943
UG991105048UG,
19.99%,
11/11/24
.....
109
113
UG991108215UG,
19.99%,
11/11/24
.....
464
486
UG991115949UG,
19.99%,
11/11/24
.....
181
189
UG991117587UG,
19.99%,
11/11/24
.....
204
48
UG991134848UG,
19.99%,
11/11/24
.....
334
349
UG991148839UG,
19.99%,
11/11/24
.....
598
626
UG991174012UG,
19.99%,
11/11/24
.....
252
264
UG991181923UG,
19.99%,
11/11/24
.....
699
724
UG991034527UG,
20.46%,
11/11/24
.....
1,216
1,242
UG991063618UG,
20.46%,
11/11/24
.....
409
409
UG991149259UG,
20.46%,
11/11/24
.....
1,207
1,234
UG991167644UG,
20.46%,
11/11/24
.....
570
582
UG991029731UG,
20.97%,
11/11/24
.....
1,587
1,623
UG991066829UG,
20.97%,
11/11/24
.....
188
133
UG991090708UG,
20.97%,
11/11/24
.....
220
220
UG991126570UG,
20.97%,
11/11/24
.....
1,160
1,186
UG991166977UG,
20.97%,
11/11/24
.....
450
105
UG991025029UG,
21.46%,
11/11/24
.....
253
257
UG991044553UG,
21.46%,
11/11/24
.....
471
(9)
UG991066846UG,
21.46%,
11/11/24
.....
337
335
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991094568UG,
21.46%,
11/11/24
.....
$
802
$
64
UG991104833UG,
21.46%,
11/11/24
.....
75
(1)
UG991139420UG,
21.46%,
11/11/24
.....
269
270
UG991141383UG,
21.46%,
11/11/24
.....
182
186
UG991026361UG,
21.98%,
11/11/24
.....
931
937
UG991048924UG,
21.98%,
11/11/24
.....
823
837
UG991050845UG,
21.98%,
11/11/24
.....
200
204
UG991159028UG,
21.98%,
11/11/24
.....
562
362
UG991187665UG,
21.98%,
11/11/24
.....
300
304
UG991197071UG,
21.98%,
11/11/24
.....
226
48
UG991217106UG,
21.98%,
11/11/24
.....
297
301
UG991125236UG,
22.48%,
11/11/24
.....
359
348
UG991053429UG,
22.95%,
11/11/24
.....
82
74
UG991058286UG,
22.95%,
11/11/24
.....
802
802
UG991145971UG,
22.97%,
11/11/24
.....
36
36
UG991098718UG,
23.95%,
11/11/24
.....
528
529
UG991166851UG,
23.95%,
11/11/24
.....
111
111
UG991037747UG,
24.95%,
11/11/24
.....
656
656
UG991097256UG,
25.94%,
11/11/24
.....
390
399
UG991098171UG,
25.94%,
11/11/24
.....
192
197
UG991080911UG,
25.95%,
11/11/24
.....
355
363
UG991177584UG,
25.95%,
11/11/24
.....
451
457
UG991069043UG,
26.49%,
11/11/24
.....
263
184
UG991029732UG,
27.99%,
11/11/24
.....
2,528
2,650
UG991029735UG,
27.99%,
11/11/24
.....
140
147
UG991048527UG,
27.99%,
11/11/24
.....
446
468
UG991123731UG,
27.99%,
11/11/24
.....
70
73
UG991024644UG,
28.98%,
11/11/24
.....
223
233
UG991024878UG,
28.98%,
11/11/24
.....
418
438
UG991025217UG,
28.98%,
11/11/24
.....
34
35
UG991026011UG,
28.98%,
11/11/24
.....
108
8
UG991026090UG,
28.98%,
11/11/24
.....
194
203
UG991026911UG,
28.98%,
11/11/24
.....
42
43
UG991030570UG,
28.98%,
11/11/24
.....
103
29
UG991032710UG,
28.98%,
11/11/24
.....
111
113
UG991033906UG,
28.98%,
11/11/24
.....
94
96
UG991034034UG,
28.98%,
11/11/24
.....
56
8
UG991034495UG,
28.98%,
11/11/24
.....
112
118
UG991036245UG,
28.98%,
11/11/24
.....
75
77
UG991036674UG,
28.98%,
11/11/24
.....
175
184
UG991037303UG,
28.98%,
11/11/24
.....
43
44
UG991038306UG,
28.98%,
11/11/24
.....
81
81
UG991040917UG,
28.98%,
11/11/24
.....
127
133
UG991043862UG,
28.98%,
11/11/24
.....
2,184
(88)
UG991044613UG,
28.98%,
11/11/24
.....
358
366
UG991045675UG,
28.98%,
11/11/24
.....
173
181
UG991047131UG,
28.98%,
11/11/24
.....
10
10
UG991047937UG,
28.98%,
11/11/24
.....
172
175
UG991049607UG,
28.98%,
11/11/24
.....
305
21
UG991049893UG,
28.98%,
11/11/24
.....
113
117
UG991051286UG,
28.98%,
11/11/24
.....
219
229
UG991051867UG,
28.98%,
11/11/24
.....
7
7
UG991052684UG,
28.98%,
11/11/24
.....
142
149
UG991053400UG,
28.98%,
11/11/24
.....
1,106
1,144
UG991054044UG,
28.98%,
11/11/24
.....
46
47
UG991054718UG,
28.98%,
11/11/24
.....
258
269
UG991054721UG,
28.98%,
11/11/24
.....
1,892
1,939
UG991056457UG,
28.98%,
11/11/24
.....
668
700
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
260
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991057928UG,
28.98%,
11/11/24
.....
$
425
$
445
UG991058079UG,
28.98%,
11/11/24
.....
23
23
UG991059607UG,
28.98%,
11/11/24
.....
262
274
UG991061718UG,
28.98%,
11/11/24
.....
139
146
UG991062449UG,
28.98%,
11/11/24
.....
122
127
UG991062713UG,
28.98%,
11/11/24
.....
210
215
UG991070416UG,
28.98%,
11/11/24
.....
103
105
UG991071245UG,
28.98%,
11/11/24
.....
850
880
UG991071859UG,
28.98%,
11/11/24
.....
160
167
UG991076272UG,
28.98%,
11/11/24
.....
250
261
UG991076865UG,
28.98%,
11/11/24
.....
75
78
UG991077608UG,
28.98%,
11/11/24
.....
127
31
UG991078682UG,
28.98%,
11/11/24
.....
938
982
UG991079069UG,
28.98%,
11/11/24
.....
150
155
UG991080796UG,
28.98%,
11/11/24
.....
348
365
UG991085565UG,
28.98%,
11/11/24
.....
105
109
UG991087454UG,
28.98%,
11/11/24
.....
153
157
UG991091995UG,
28.98%,
11/11/24
.....
82
84
UG991094513UG,
28.98%,
11/11/24
.....
2,869
3,005
UG991097574UG,
28.98%,
11/11/24
.....
276
289
UG991100435UG,
28.98%,
11/11/24
.....
17
17
UG991104322UG,
28.98%,
11/11/24
.....
140
146
UG991106885UG,
28.98%,
11/11/24
.....
46
47
UG991120675UG,
28.98%,
11/11/24
.....
314
329
UG991124008UG,
28.98%,
11/11/24
.....
92
96
UG991128202UG,
28.98%,
11/11/24
.....
233
243
UG991132545UG,
28.98%,
11/11/24
.....
248
259
UG991132831UG,
28.98%,
11/11/24
.....
305
309
UG991144617UG,
28.98%,
11/11/24
.....
109
110
UG991149570UG,
28.98%,
11/11/24
.....
380
395
UG991151147UG,
28.98%,
11/11/24
.....
1,025
1,034
UG991153131UG,
28.98%,
11/11/24
.....
14
14
UG991164690UG,
28.98%,
11/11/24
.....
153
161
UG991167348UG,
28.98%,
11/11/24
.....
139
144
UG991167851UG,
28.98%,
11/11/24
.....
126
131
UG991170640UG,
28.98%,
11/11/24
.....
10
10
UG991171146UG,
28.98%,
11/11/24
.....
149
150
UG991171156UG,
28.98%,
11/11/24
.....
75
75
UG991173041UG,
28.98%,
11/11/24
.....
66
68
UG991175878UG,
28.98%,
11/11/24
.....
70
70
UG991176698UG,
28.98%,
11/11/24
.....
18
18
UG991178953UG,
28.98%,
11/11/24
.....
102
106
UG991180529UG,
28.98%,
11/11/24
.....
80
82
UG991182117UG,
28.98%,
11/11/24
.....
164
168
UG991195039UG,
28.98%,
11/11/24
.....
344
356
UG991196736UG,
28.98%,
11/11/24
.....
219
28
UG991197445UG,
28.98%,
11/11/24
.....
2,079
2,155
UG991201385UG,
28.98%,
11/11/24
.....
182
137
UG991214495UG,
28.98%,
11/11/24
.....
242
250
UG991024882UG,
29.49%,
11/11/24
.....
165
171
UG991025986UG,
29.49%,
11/11/24
.....
64
64
UG991026021UG,
29.49%,
11/11/24
.....
471
494
UG991026609UG,
29.49%,
11/11/24
.....
19
19
UG991026611UG,
29.49%,
11/11/24
.....
270
19
UG991026664UG,
29.49%,
11/11/24
.....
213
222
UG991029636UG,
29.49%,
11/11/24
.....
960
1,007
UG991029650UG,
29.49%,
11/11/24
.....
104
25
UG991029926UG,
29.49%,
11/11/24
.....
261
(11)
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991030862UG,
29.49%,
11/11/24
.....
$
526
$
390
UG991030974UG,
29.49%,
11/11/24
.....
192
201
UG991031395UG,
29.49%,
11/11/24
.....
95
73
UG991031396UG,
29.49%,
11/11/24
.....
62
65
UG991031493UG,
29.49%,
11/11/24
.....
145
153
UG991031741UG,
29.49%,
11/11/24
.....
65
69
UG991032286UG,
29.49%,
11/11/24
.....
12
12
UG991032433UG,
29.49%,
11/11/24
.....
298
312
UG991032529UG,
29.49%,
11/11/24
.....
8
8
UG991033194UG,
29.49%,
11/11/24
.....
49
50
UG991033984UG,
29.49%,
11/11/24
.....
550
577
UG991037518UG,
29.49%,
11/11/24
.....
146
153
UG991038962UG,
29.49%,
11/11/24
.....
106
111
UG991039519UG,
29.49%,
11/11/24
.....
147
149
UG991039534UG,
29.49%,
11/11/24
.....
388
388
UG991039964UG,
29.49%,
11/11/24
.....
591
80
UG991040377UG,
29.49%,
11/11/24
.....
49
51
UG991041612UG,
29.49%,
11/11/24
.....
1,930
2,046
UG991043474UG,
29.49%,
11/11/24
.....
374
393
UG991044198UG,
29.49%,
11/11/24
.....
29
30
UG991044948UG,
29.49%,
11/11/24
.....
121
126
UG991046828UG,
29.49%,
11/11/24
.....
139
35
UG991048387UG,
29.49%,
11/11/24
.....
581
430
UG991048668UG,
29.49%,
11/11/24
.....
1,685
1,773
UG991048724UG,
29.49%,
11/11/24
.....
166
41
UG991051905UG,
29.49%,
11/11/24
.....
194
193
UG991052158UG,
29.49%,
11/11/24
.....
44
45
UG991052618UG,
29.49%,
11/11/24
.....
1,238
1,309
UG991053274UG,
29.49%,
11/11/24
.....
420
433
UG991055838UG,
29.49%,
11/11/24
.....
165
167
UG991057411UG,
29.49%,
11/11/24
.....
86
90
UG991057605UG,
29.49%,
11/11/24
.....
28
28
UG991059092UG,
29.49%,
11/11/24
.....
312
312
UG991060500UG,
29.49%,
11/11/24
.....
66
5
UG991061585UG,
29.49%,
11/11/24
.....
22
22
UG991062394UG,
29.49%,
11/11/24
.....
697
715
UG991062532UG,
29.49%,
11/11/24
.....
111
112
UG991062627UG,
29.49%,
11/11/24
.....
325
331
UG991062748UG,
29.49%,
11/11/24
.....
427
448
UG991062995UG,
29.49%,
11/11/24
.....
125
131
UG991063512UG,
29.49%,
11/11/24
.....
1,474
1,530
UG991067434UG,
29.49%,
11/11/24
.....
442
464
UG991067458UG,
29.49%,
11/11/24
.....
317
334
UG991069527UG,
29.49%,
11/11/24
.....
282
292
UG991070132UG,
29.49%,
11/11/24
.....
36
37
UG991070297UG,
29.49%,
11/11/24
.....
208
213
UG991071715UG,
29.49%,
11/11/24
.....
60
62
UG991072390UG,
29.49%,
11/11/24
.....
732
541
UG991072862UG,
29.49%,
11/11/24
.....
1,494
104
UG991074295UG,
29.49%,
11/11/24
.....
190
47
UG991074770UG,
29.49%,
11/11/24
.....
156
157
UG991076554UG,
29.49%,
11/11/24
.....
863
195
UG991079129UG,
29.49%,
11/11/24
.....
203
205
UG991081009UG,
29.49%,
11/11/24
.....
–
–
UG991081273UG,
29.49%,
11/11/24
.....
127
134
UG991084245UG,
29.49%,
11/11/24
.....
68
33
UG991085994UG,
29.49%,
11/11/24
.....
317
332
UG991086224UG,
29.49%,
11/11/24
.....
88
90
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
261
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991087089UG,
29.49%,
11/11/24
.....
$
384
$
403
UG991089870UG,
29.49%,
11/11/24
.....
624
645
UG991091062UG,
29.49%,
11/11/24
.....
182
192
UG991092922UG,
29.49%,
11/11/24
.....
133
135
UG991093390UG,
29.49%,
11/11/24
.....
453
316
UG991097673UG,
29.49%,
11/11/24
.....
84
89
UG991102456UG,
29.49%,
11/11/24
.....
574
602
UG991105317UG,
29.49%,
11/11/24
.....
16
16
UG991105795UG,
29.49%,
11/11/24
.....
282
208
UG991106129UG,
29.49%,
11/11/24
.....
39
40
UG991111641UG,
29.49%,
11/11/24
.....
32
32
UG991113486UG,
29.49%,
11/11/24
.....
179
183
UG991113621UG,
29.49%,
11/11/24
.....
992
1,033
UG991115785UG,
29.49%,
11/11/24
.....
1,233
1,291
UG991119988UG,
29.49%,
11/11/24
.....
89
94
UG991120196UG,
29.49%,
11/11/24
.....
119
126
UG991120336UG,
29.49%,
11/11/24
.....
319
334
UG991121030UG,
29.49%,
11/11/24
.....
238
249
UG991121979UG,
29.49%,
11/11/24
.....
27
5
UG991126785UG,
29.49%,
11/11/24
.....
132
32
UG991128140UG,
29.49%,
11/11/24
.....
126
133
UG991129046UG,
29.49%,
11/11/24
.....
287
301
UG991130897UG,
29.49%,
11/11/24
.....
94
96
UG991134268UG,
29.49%,
11/11/24
.....
239
176
UG991138007UG,
29.49%,
11/11/24
.....
278
287
UG991141828UG,
29.49%,
11/11/24
.....
24
24
UG991147262UG,
29.49%,
11/11/24
.....
230
235
UG991147507UG,
29.49%,
11/11/24
.....
7
7
UG991148254UG,
29.49%,
11/11/24
.....
379
(7)
UG991152299UG,
29.49%,
11/11/24
.....
118
120
UG991154718UG,
29.49%,
11/11/24
.....
2,135
146
UG991160825UG,
29.49%,
11/11/24
.....
65
67
UG991161751UG,
29.49%,
11/11/24
.....
158
166
UG991162321UG,
29.49%,
11/11/24
.....
149
155
UG991166506UG,
29.49%,
11/11/24
.....
143
143
UG991169498UG,
29.49%,
11/11/24
.....
24
25
UG991169853UG,
29.49%,
11/11/24
.....
132
32
UG991175105UG,
29.49%,
11/11/24
.....
43
45
UG991176071UG,
29.49%,
11/11/24
.....
221
(11)
UG991182431UG,
29.49%,
11/11/24
.....
307
20
UG991191286UG,
29.49%,
11/11/24
.....
111
115
UG991192289UG,
29.49%,
11/11/24
.....
91
91
UG991197313UG,
29.49%,
11/11/24
.....
166
40
UG991204233UG,
29.49%,
11/11/24
.....
21
21
UG991213839UG,
29.49%,
11/11/24
.....
118
8
UG991214645UG,
29.49%,
11/11/24
.....
252
261
UG991217280UG,
29.49%,
11/11/24
.....
630
655
UG991044475UG,
Zero
Cpn,
11/12/24
...
455
31
UG991096421UG,
Zero
Cpn,
11/12/24
...
99
7
UG991148374UG,
Zero
Cpn,
11/12/24
...
271
19
UG991235754UG,
Zero
Cpn,
11/12/24
...
764
53
UG991042459UG,
14%,
11/12/24
.......
5,824
5,829
UG991036968UG,
14.97%,
11/12/24
.....
3,052
3,054
UG991036334UG,
14.98%,
11/12/24
.....
115
115
UG991043719UG,
14.98%,
11/12/24
.....
609
609
UG991036209UG,
15%,
11/12/24
.......
4,098
4,099
UG991041203UG,
15%,
11/12/24
.......
1,007
235
UG991046765UG,
15.97%,
11/12/24
.....
154
28
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991049725UG,
15.97%,
11/12/24
.....
$
413
$
408
UG991060717UG,
15.97%,
11/12/24
.....
219
142
UG991120791UG,
15.97%,
11/12/24
.....
1,701
314
UG991038725UG,
15.99%,
11/12/24
.....
50
9
UG991042437UG,
15.99%,
11/12/24
.....
2,949
2,950
UG991130973UG,
15.99%,
11/12/24
.....
3,249
3,251
UG991035103UG,
16.99%,
11/12/24
.....
1,172
1,172
UG991037894UG,
16.99%,
11/12/24
.....
286
286
UG991046838UG,
16.99%,
11/12/24
.....
279
33
UG991050028UG,
16.99%,
11/12/24
.....
235
235
UG991214646UG,
16.99%,
11/12/24
.....
780
779
UG991042011UG,
17.21%,
11/12/24
.....
3,040
226
UG991039148UG,
17.97%,
11/12/24
.....
6,493
6,495
UG991041313UG,
17.97%,
11/12/24
.....
4,366
4,368
UG991034794UG,
17.99%,
11/12/24
.....
780
780
UG991042430UG,
17.99%,
11/12/24
.....
2,546
2,543
UG991089727UG,
17.99%,
11/12/24
.....
6,011
5,900
UG991217835UG,
17.99%,
11/12/24
.....
592
589
UG991038677UG,
18.21%,
11/12/24
.....
4,320
4,322
UG991167075UG,
18.21%,
11/12/24
.....
1,487
1,488
UG991033351UG,
18.97%,
11/12/24
.....
19
19
UG991034560UG,
18.97%,
11/12/24
.....
181
181
UG991036429UG,
18.97%,
11/12/24
.....
399
399
UG991038296UG,
18.97%,
11/12/24
.....
196
196
UG991043248UG,
18.97%,
11/12/24
.....
133
133
UG991043614UG,
18.97%,
11/12/24
.....
577
577
UG991046047UG,
18.97%,
11/12/24
.....
281
282
UG991135510UG,
18.97%,
11/12/24
.....
359
359
UG991149515UG,
18.97%,
11/12/24
.....
519
518
UG991166787UG,
18.97%,
11/12/24
.....
2,471
2,456
UG991229420UG,
18.97%,
11/12/24
.....
381
379
UG991039912UG,
19.21%,
11/12/24
.....
193
193
UG991043544UG,
19.21%,
11/12/24
.....
59
59
UG991055412UG,
19.21%,
11/12/24
.....
1,863
1,864
UG991077162UG,
19.21%,
11/12/24
.....
630
623
UG991089256UG,
19.21%,
11/12/24
.....
14
13
UG991120756UG,
19.21%,
11/12/24
.....
3,003
3,004
UG991124710UG,
19.46%,
11/12/24
.....
1,271
15
UG991039753UG,
19.8%,
11/12/24
......
499
498
UG991092557UG,
19.8%,
11/12/24
......
58
58
UG991196590UG,
19.8%,
11/12/24
......
180
179
UG991217186UG,
19.8%,
11/12/24
......
4
4
UG991032173UG,
20.46%,
11/12/24
.....
279
277
UG991037582UG,
20.46%,
11/12/24
.....
9
9
UG991040953UG,
20.46%,
11/12/24
.....
786
786
UG991042127UG,
20.46%,
11/12/24
.....
1,195
1,196
UG991046754UG,
20.46%,
11/12/24
.....
2,228
553
UG991058413UG,
20.46%,
11/12/24
.....
644
144
UG991085590UG,
20.46%,
11/12/24
.....
612
612
UG991094480UG,
20.46%,
11/12/24
.....
242
243
UG991129109UG,
20.46%,
11/12/24
.....
293
292
UG991163006UG,
20.46%,
11/12/24
.....
294
292
UG991196098UG,
20.46%,
11/12/24
.....
129
128
UG991224739UG,
20.46%,
11/12/24
.....
112
112
UG991234666UG,
20.46%,
11/12/24
.....
71
70
UG991032939UG,
20.97%,
11/12/24
.....
931
927
UG991039115UG,
20.97%,
11/12/24
.....
1,232
1,227
UG991043019UG,
20.97%,
11/12/24
.....
49
4
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
262
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991070100UG,
20.97%,
11/12/24
.....
$
141
$
16
UG991106317UG,
20.97%,
11/12/24
.....
392
392
UG991215378UG,
20.97%,
11/12/24
.....
602
598
UG991033130UG,
21.46%,
11/12/24
.....
8
8
UG991036161UG,
21.46%,
11/12/24
.....
3,316
3,318
UG991036670UG,
21.46%,
11/12/24
.....
1,740
(21)
UG991047526UG,
21.46%,
11/12/24
.....
551
551
UG991057765UG,
21.46%,
11/12/24
.....
123
123
UG991072361UG,
21.46%,
11/12/24
.....
479
479
UG991072869UG,
21.46%,
11/12/24
.....
133
133
UG991086819UG,
21.46%,
11/12/24
.....
823
824
UG991106833UG,
21.46%,
11/12/24
.....
476
473
UG991130390UG,
21.46%,
11/12/24
.....
161
160
UG991149555UG,
21.46%,
11/12/24
.....
607
608
UG991154332UG,
21.46%,
11/12/24
.....
1,711
1,694
UG991167965UG,
21.46%,
11/12/24
.....
1,210
1,211
UG991226484UG,
21.46%,
11/12/24
.....
579
575
UG991036128UG,
21.98%,
11/12/24
.....
51
50
UG991046804UG,
21.98%,
11/12/24
.....
908
905
UG991121938UG,
21.98%,
11/12/24
.....
297
296
UG991131569UG,
21.98%,
11/12/24
.....
284
284
UG991217398UG,
21.98%,
11/12/24
.....
316
71
UG991224208UG,
21.98%,
11/12/24
.....
206
205
UG991039683UG,
22.95%,
11/12/24
.....
126
126
UG991067098UG,
22.95%,
11/12/24
.....
390
389
UG991032017UG,
22.97%,
11/12/24
.....
466
(7)
UG991039746UG,
22.97%,
11/12/24
.....
389
387
UG991222051UG,
22.97%,
11/12/24
.....
187
186
UG991033516UG,
23.95%,
11/12/24
.....
1,577
1,575
UG991072416UG,
23.95%,
11/12/24
.....
1,341
166
UG991083227UG,
23.95%,
11/12/24
.....
124
124
UG991085164UG,
23.95%,
11/12/24
.....
18
18
UG991101210UG,
25.94%,
11/12/24
.....
4
4
UG991103112UG,
25.95%,
11/12/24
.....
452
451
UG991149520UG,
25.95%,
11/12/24
.....
623
624
UG991183694UG,
25.95%,
11/12/24
.....
122
120
UG991037516UG,
26.94%,
11/12/24
.....
222
220
UG991039659UG,
26.94%,
11/12/24
.....
84
83
UG991059570UG,
26.94%,
11/12/24
.....
194
191
UG991039412UG,
Zero
Cpn,
11/13/24
...
443
31
UG991191064UG,
Zero
Cpn,
11/13/24
...
75
5
UG991043576UG,
18.97%,
11/13/24
.....
1
–
UG991054425UG,
18.97%,
11/13/24
.....
149
148
UG991061940UG,
18.97%,
11/13/24
.....
1,296
4
UG991092009UG,
18.97%,
11/13/24
.....
1,074
1,055
UG991096631UG,
18.97%,
11/13/24
.....
429
298
UG991119492UG,
18.97%,
11/13/24
.....
1,500
1,501
UG991141427UG,
18.97%,
11/13/24
.....
83
83
UG991225078UG,
18.97%,
11/13/24
.....
397
27
UG991043828UG,
19.21%,
11/13/24
.....
87
87
UG991053667UG,
19.21%,
11/13/24
.....
1,158
1,155
UG991053798UG,
19.21%,
11/13/24
.....
1,494
1,496
UG991058990UG,
19.21%,
11/13/24
.....
352
78
UG991128162UG,
19.21%,
11/13/24
.....
150
150
UG991158111UG,
19.21%,
11/13/24
.....
3,412
813
UG991044384UG,
19.8%,
11/13/24
......
460
461
UG991045601UG,
19.8%,
11/13/24
......
–
–
UG991051776UG,
19.8%,
11/13/24
......
374
374
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991070292UG,
19.8%,
11/13/24
......
$
607
$
598
UG991074550UG,
19.8%,
11/13/24
......
901
107
UG991135137UG,
19.8%,
11/13/24
......
534
531
UG991139982UG,
19.8%,
11/13/24
......
46
46
UG991182015UG,
19.8%,
11/13/24
......
57
57
UG991207669UG,
19.8%,
11/13/24
......
91
90
UG991239015UG,
19.8%,
11/13/24
......
100
100
UG991058306UG,
20.46%,
11/13/24
.....
505
346
UG991118761UG,
20.97%,
11/13/24
.....
242
237
UG991165286UG,
20.97%,
11/13/24
.....
5
5
UG991042608UG,
21.46%,
11/13/24
.....
420
418
UG991045113UG,
21.46%,
11/13/24
.....
9
9
UG991053506UG,
21.46%,
11/13/24
.....
24
25
UG991089124UG,
21.46%,
11/13/24
.....
859
860
UG991094103UG,
21.46%,
11/13/24
.....
611
611
UG991214954UG,
21.46%,
11/13/24
.....
301
299
UG991122796UG,
21.97%,
11/13/24
.....
13
13
UG991043243UG,
21.98%,
11/13/24
.....
99
100
UG991065324UG,
21.98%,
11/13/24
.....
700
87
UG991078122UG,
21.98%,
11/13/24
.....
1,928
1,923
UG991109227UG,
21.98%,
11/13/24
.....
9
9
UG991221586UG,
21.98%,
11/13/24
.....
88
87
UG991045128UG,
22.97%,
11/13/24
.....
33
33
UG991073136UG,
22.97%,
11/13/24
.....
343
340
UG991081670UG,
22.97%,
11/13/24
.....
331
332
UG991084697UG,
22.97%,
11/13/24
.....
989
958
UG991147839UG,
22.97%,
11/13/24
.....
583
583
UG991062210UG,
23.95%,
11/13/24
.....
109
14
UG991197167UG,
23.95%,
11/13/24
.....
135
17
UG991060635UG,
25.94%,
11/13/24
.....
789
174
UG991120433UG,
25.95%,
11/13/24
.....
626
626
UG991176572UG,
25.95%,
11/13/24
.....
619
620
UG991047942UG,
Zero
Cpn,
11/14/24
...
286
20
UG991053580UG,
Zero
Cpn,
11/14/24
...
3
–
UG991197608UG,
Zero
Cpn,
11/14/24
...
612
42
UG991165927UG,
18.8%,
11/14/24
......
78
78
UG991047941UG,
18.97%,
11/14/24
.....
295
295
UG991060835UG,
18.97%,
11/14/24
.....
268
267
UG991064005UG,
18.97%,
11/14/24
.....
717
716
UG991081186UG,
18.97%,
11/14/24
.....
1,617
1,618
UG991135967UG,
18.97%,
11/14/24
.....
779
779
UG991147340UG,
18.97%,
11/14/24
.....
961
958
UG991231578UG,
18.97%,
11/14/24
.....
3,110
684
UG991052420UG,
19.21%,
11/14/24
.....
312
312
UG991058880UG,
19.21%,
11/14/24
.....
182
124
UG991065337UG,
19.21%,
11/14/24
.....
74
74
UG991076720UG,
19.21%,
11/14/24
.....
75
74
UG991115058UG,
19.21%,
11/14/24
.....
128
127
UG991230067UG,
19.21%,
11/14/24
.....
182
182
UG991186061UG,
19.8%,
11/14/24
......
307
307
UG991212892UG,
19.8%,
11/14/24
......
37
36
UG991247002UG,
19.8%,
11/14/24
......
320
73
UG991051184UG,
20.46%,
11/14/24
.....
289
236
UG991067392UG,
20.46%,
11/14/24
.....
36
36
UG991147993UG,
20.46%,
11/14/24
.....
324
323
UG991176027UG,
20.46%,
11/14/24
.....
50
49
UG991177227UG,
20.46%,
11/14/24
.....
121
121
UG991194498UG,
20.46%,
11/14/24
.....
25
25
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
263
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991052299UG,
20.97%,
11/14/24
.....
$
669
$
144
UG991068021UG,
20.97%,
11/14/24
.....
87
87
UG991075171UG,
20.97%,
11/14/24
.....
1,248
1,245
UG991133151UG,
20.97%,
11/14/24
.....
560
550
UG991184846UG,
20.97%,
11/14/24
.....
5
5
UG991232539UG,
20.97%,
11/14/24
.....
190
187
UG991161778UG,
20.98%,
11/14/24
.....
446
437
UG991053215UG,
21.46%,
11/14/24
.....
112
112
UG991055566UG,
21.46%,
11/14/24
.....
2,144
2,147
UG991061034UG,
21.46%,
11/14/24
.....
362
361
UG991068618UG,
21.46%,
11/14/24
.....
366
363
UG991119349UG,
21.46%,
11/14/24
.....
629
628
UG991166904UG,
21.46%,
11/14/24
.....
66
65
UG991184898UG,
21.46%,
11/14/24
.....
1,118
1,096
UG991049974UG,
21.98%,
11/14/24
.....
393
394
UG991084216UG,
21.98%,
11/14/24
.....
699
697
UG991143542UG,
21.98%,
11/14/24
.....
332
331
UG991247140UG,
21.98%,
11/14/24
.....
112
111
UG991228703UG,
22.95%,
11/14/24
.....
56
5
UG991060601UG,
22.97%,
11/14/24
.....
236
236
UG991100853UG,
22.97%,
11/14/24
.....
8
8
UG991163751UG,
22.97%,
11/14/24
.....
189
189
UG991184091UG,
22.97%,
11/14/24
.....
308
307
UG991224639UG,
22.97%,
11/14/24
.....
259
257
UG991051831UG,
25.95%,
11/14/24
.....
617
619
UG991063011UG,
25.95%,
11/14/24
.....
20
3
UG991068096UG,
26.94%,
11/14/24
.....
546
129
UG991088038UG,
Zero
Cpn,
11/15/24
...
80
6
UG991104130UG,
Zero
Cpn,
11/15/24
...
411
28
UG991115452UG,
Zero
Cpn,
11/15/24
...
2,254
155
UG991062678UG,
18.97%,
11/15/24
.....
187
186
UG991146941UG,
18.97%,
11/15/24
.....
107
106
UG991163525UG,
18.97%,
11/15/24
.....
147
146
UG991226714UG,
18.97%,
11/15/24
.....
774
770
UG991057044UG,
19.21%,
11/15/24
.....
164
164
UG991062012UG,
19.21%,
11/15/24
.....
140
140
UG991072734UG,
19.21%,
11/15/24
.....
1,701
122
UG991083160UG,
19.21%,
11/15/24
.....
43
43
UG991116196UG,
19.21%,
11/15/24
.....
735
735
UG991118519UG,
19.21%,
11/15/24
.....
453
451
UG991148899UG,
19.21%,
11/15/24
.....
41
41
UG991159422UG,
19.21%,
11/15/24
.....
105
105
UG991214523UG,
19.21%,
11/15/24
.....
2,386
2,374
UG991232676UG,
19.21%,
11/15/24
.....
1,193
1,187
UG991058435UG,
19.8%,
11/15/24
......
496
497
UG991060645UG,
19.8%,
11/15/24
......
268
268
UG991062788UG,
19.8%,
11/15/24
......
831
22
UG991063837UG,
19.8%,
11/15/24
......
180
178
UG991080455UG,
19.8%,
11/15/24
......
121
121
UG991130059UG,
19.8%,
11/15/24
......
92
92
UG991232884UG,
19.8%,
11/15/24
......
175
12
UG991052998UG,
20.46%,
11/15/24
.....
264
262
UG991062692UG,
20.46%,
11/15/24
.....
–
–
UG991067501UG,
20.46%,
11/15/24
.....
160
160
UG991075795UG,
20.46%,
11/15/24
.....
66
66
UG991121275UG,
20.46%,
11/15/24
.....
3,625
3,628
UG991060260UG,
20.97%,
11/15/24
.....
951
952
UG991071778UG,
20.97%,
11/15/24
.....
336
336
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991137852UG,
20.97%,
11/15/24
.....
$
3
$
3
UG991185680UG,
20.97%,
11/15/24
.....
175
13
UG991058892UG,
21.46%,
11/15/24
.....
852
854
UG991059119UG,
21.46%,
11/15/24
.....
57
56
UG991061209UG,
21.46%,
11/15/24
.....
385
382
UG991067852UG,
21.46%,
11/15/24
.....
245
245
UG991081663UG,
21.46%,
11/15/24
.....
130
129
UG991082388UG,
21.46%,
11/15/24
.....
147
147
UG991084465UG,
21.46%,
11/15/24
.....
1,463
1,453
UG991092471UG,
21.46%,
11/15/24
.....
189
189
UG991099369UG,
21.46%,
11/15/24
.....
200
200
UG991153690UG,
21.46%,
11/15/24
.....
183
183
UG991160626UG,
21.46%,
11/15/24
.....
394
392
UG991170133UG,
21.46%,
11/15/24
.....
300
301
UG991177667UG,
21.46%,
11/15/24
.....
125
122
UG991197057UG,
21.46%,
11/15/24
.....
645
642
UG991218740UG,
21.46%,
11/15/24
.....
150
149
UG991232327UG,
21.46%,
11/15/24
.....
225
223
UG991074487UG,
21.98%,
11/15/24
.....
541
539
UG991082558UG,
21.98%,
11/15/24
.....
233
233
UG991088521UG,
21.98%,
11/15/24
.....
218
219
UG991119590UG,
21.98%,
11/15/24
.....
266
174
UG991232706UG,
21.98%,
11/15/24
.....
45
45
UG991112513UG,
22.97%,
11/15/24
.....
377
378
UG991218382UG,
22.97%,
11/15/24
.....
182
180
UG991118927UG,
23.95%,
11/15/24
.....
234
234
UG991186467UG,
23.95%,
11/15/24
.....
743
739
UG991239064UG,
23.95%,
11/15/24
.....
427
424
UG991104861UG,
25.95%,
11/15/24
.....
63
62
UG991179072UG,
25.95%,
11/15/24
.....
73
73
UG991051794UG,
26.94%,
11/15/24
.....
298
299
UG991199097UG,
26.94%,
11/15/24
.....
252
250
UG991132554UG,
Zero
Cpn,
11/16/24
...
143
10
UG991139707UG,
Zero
Cpn,
11/16/24
...
87
6
UG991187363UG,
18.97%,
11/16/24
.....
169
168
UG991165568UG,
19.8%,
11/16/24
......
155
155
UG991060668UG,
19.99%,
11/16/24
.....
132
134
UG991067149UG,
19.99%,
11/16/24
.....
106
108
UG991069716UG,
19.99%,
11/16/24
.....
363
305
UG991077083UG,
19.99%,
11/16/24
.....
119
123
UG991088947UG,
19.99%,
11/16/24
.....
363
371
UG991121485UG,
19.99%,
11/16/24
.....
148
151
UG991146739UG,
20.97%,
11/16/24
.....
370
368
UG991106630UG,
21.98%,
11/16/24
.....
608
610
UG991075585UG,
22.97%,
11/16/24
.....
340
335
UG991201913UG,
22.97%,
11/16/24
.....
374
(5)
UG991104018UG,
23.95%,
11/16/24
.....
179
177
UG991083700UG,
25.94%,
11/16/24
.....
757
540
UG991086833UG,
26.94%,
11/16/24
.....
1,010
1,013
UG991060227UG,
28.98%,
11/16/24
.....
1,343
1,360
UG991061800UG,
28.98%,
11/16/24
.....
104
106
UG991071048UG,
28.98%,
11/16/24
.....
134
136
UG991078886UG,
28.98%,
11/16/24
.....
90
90
UG991093834UG,
28.98%,
11/16/24
.....
254
259
UG991109575UG,
28.98%,
11/16/24
.....
125
128
UG991112308UG,
28.98%,
11/16/24
.....
147
149
UG991112584UG,
28.98%,
11/16/24
.....
107
109
UG991119971UG,
28.98%,
11/16/24
.....
572
581
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
264
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991130100UG,
28.98%,
11/16/24
.....
$
552
$
552
UG991132906UG,
28.98%,
11/16/24
.....
152
155
UG991183042UG,
28.98%,
11/16/24
.....
237
241
UG991261509UG,
28.98%,
11/16/24
.....
103
105
UG991060822UG,
29.49%,
11/16/24
.....
768
792
UG991061656UG,
29.49%,
11/16/24
.....
728
731
UG991061934UG,
29.49%,
11/16/24
.....
537
548
UG991069702UG,
29.49%,
11/16/24
.....
249
250
UG991081262UG,
29.49%,
11/16/24
.....
75
77
UG991101093UG,
29.49%,
11/16/24
.....
163
167
UG991102818UG,
29.49%,
11/16/24
.....
10
10
UG991106544UG,
29.49%,
11/16/24
.....
91
13
UG991109786UG,
29.49%,
11/16/24
.....
205
209
UG991133361UG,
29.49%,
11/16/24
.....
54
55
UG991137323UG,
29.49%,
11/16/24
.....
750
764
UG991158505UG,
29.49%,
11/16/24
.....
16
16
UG991182164UG,
29.49%,
11/16/24
.....
225
231
UG991213983UG,
29.49%,
11/16/24
.....
179
182
UG991234732UG,
29.49%,
11/16/24
.....
8
8
UG991245774UG,
29.49%,
11/16/24
.....
345
352
UG991260449UG,
29.49%,
11/16/24
.....
36
3
UG991260561UG,
29.49%,
11/16/24
.....
26
26
UG991263681UG,
29.49%,
11/16/24
.....
104
106
UG991255333UG,
Zero
Cpn,
11/17/24
...
167
11
UG991262628UG,
Zero
Cpn,
11/17/24
...
99
7
UG991064798UG,
19.21%,
11/17/24
.....
431
277
UG991076389UG,
19.21%,
11/17/24
.....
435
434
UG991136802UG,
19.21%,
11/17/24
.....
100
100
UG991100419UG,
19.8%,
11/17/24
......
95
95
UG991128160UG,
19.8%,
11/17/24
......
121
121
UG991183019UG,
19.8%,
11/17/24
......
2,783
2,771
UG991065873UG,
19.99%,
11/17/24
.....
84
86
UG991083501UG,
19.99%,
11/17/24
.....
13
13
UG991132871UG,
19.99%,
11/17/24
.....
114
117
UG991234093UG,
19.99%,
11/17/24
.....
45
45
UG991275120UG,
19.99%,
11/17/24
.....
120
123
UG991103988UG,
20.46%,
11/17/24
.....
315
23
UG991232167UG,
20.46%,
11/17/24
.....
108
108
UG991131881UG,
20.97%,
11/17/24
.....
156
156
UG991064064UG,
21.46%,
11/17/24
.....
214
214
UG991087993UG,
21.46%,
11/17/24
.....
123
124
UG991092687UG,
21.46%,
11/17/24
.....
123
123
UG991128305UG,
21.46%,
11/17/24
.....
14
14
UG991081575UG,
21.98%,
11/17/24
.....
229
228
UG991088067UG,
21.98%,
11/17/24
.....
194
195
UG991102607UG,
21.98%,
11/17/24
.....
1,055
1,058
UG991121813UG,
21.98%,
11/17/24
.....
56
4
UG991122048UG,
21.98%,
11/17/24
.....
175
175
UG991090075UG,
22.95%,
11/17/24
.....
120
120
UG991076633UG,
22.97%,
11/17/24
.....
1,959
1,964
UG991251530UG,
22.97%,
11/17/24
.....
64
9
UG991079431UG,
25.95%,
11/17/24
.....
256
256
UG991089872UG,
25.95%,
11/17/24
.....
215
216
UG991065007UG,
27.99%,
11/17/24
.....
261
265
UG991065027UG,
27.99%,
11/17/24
.....
827
840
UG991139363UG,
27.99%,
11/17/24
.....
196
200
UG991266169UG,
27.99%,
11/17/24
.....
120
122
UG991064290UG,
28.98%,
11/17/24
.....
262
268
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991065238UG,
28.98%,
11/17/24
.....
$
23
$
23
UG991067567UG,
28.98%,
11/17/24
.....
1,377
1,391
UG991068760UG,
28.98%,
11/17/24
.....
153
153
UG991070550UG,
28.98%,
11/17/24
.....
495
508
UG991082307UG,
28.98%,
11/17/24
.....
93
95
UG991102484UG,
28.98%,
11/17/24
.....
637
653
UG991104333UG,
28.98%,
11/17/24
.....
696
707
UG991117177UG,
28.98%,
11/17/24
.....
432
439
UG991120282UG,
28.98%,
11/17/24
.....
316
324
UG991137204UG,
28.98%,
11/17/24
.....
304
308
UG991138661UG,
28.98%,
11/17/24
.....
209
211
UG991147163UG,
28.98%,
11/17/24
.....
79
80
UG991237888UG,
28.98%,
11/17/24
.....
607
428
UG991253944UG,
28.98%,
11/17/24
.....
72
73
UG991257818UG,
28.98%,
11/17/24
.....
184
188
UG991270555UG,
28.98%,
11/17/24
.....
328
333
UG991064180UG,
29.49%,
11/17/24
.....
376
384
UG991064475UG,
29.49%,
11/17/24
.....
345
359
UG991064822UG,
29.49%,
11/17/24
.....
126
129
UG991064865UG,
29.49%,
11/17/24
.....
153
159
UG991067941UG,
29.49%,
11/17/24
.....
116
118
UG991070165UG,
29.49%,
11/17/24
.....
244
246
UG991071435UG,
29.49%,
11/17/24
.....
296
304
UG991076785UG,
29.49%,
11/17/24
.....
251
251
UG991077041UG,
29.49%,
11/17/24
.....
1,031
1,053
UG991081268UG,
29.49%,
11/17/24
.....
111
114
UG991081304UG,
29.49%,
11/17/24
.....
252
256
UG991083068UG,
29.49%,
11/17/24
.....
288
297
UG991085325UG,
29.49%,
11/17/24
.....
329
333
UG991088375UG,
29.49%,
11/17/24
.....
655
669
UG991090724UG,
29.49%,
11/17/24
.....
1,215
1,206
UG991091518UG,
29.49%,
11/17/24
.....
157
162
UG991091528UG,
29.49%,
11/17/24
.....
375
371
UG991097511UG,
29.49%,
11/17/24
.....
318
23
UG991097714UG,
29.49%,
11/17/24
.....
160
163
UG991104529UG,
29.49%,
11/17/24
.....
527
(31)
UG991123383UG,
29.49%,
11/17/24
.....
266
276
UG991125316UG,
29.49%,
11/17/24
.....
930
960
UG991128494UG,
29.49%,
11/17/24
.....
250
255
UG991134880UG,
29.49%,
11/17/24
.....
1,141
84
UG991136525UG,
29.49%,
11/17/24
.....
29
29
UG991152635UG,
29.49%,
11/17/24
.....
529
540
UG991155141UG,
29.49%,
11/17/24
.....
232
233
UG991155329UG,
29.49%,
11/17/24
.....
138
139
UG991220952UG,
29.49%,
11/17/24
.....
103
105
UG991237364UG,
29.49%,
11/17/24
.....
158
113
UG991242720UG,
29.49%,
11/17/24
.....
151
154
UG991260308UG,
29.49%,
11/17/24
.....
109
111
UG991269461UG,
29.49%,
11/17/24
.....
693
707
UG991275005UG,
29.49%,
11/17/24
.....
677
692
UG991068866UG,
Zero
Cpn,
11/18/24
...
3,339
227
UG991105247UG,
Zero
Cpn,
11/18/24
...
197
14
UG991123662UG,
Zero
Cpn,
11/18/24
...
29
2
UG991123966UG,
Zero
Cpn,
11/18/24
...
467
32
UG991205352UG,
Zero
Cpn,
11/18/24
...
480
33
UG991218211UG,
Zero
Cpn,
11/18/24
...
1,377
94
UG991085150UG,
18.97%,
11/18/24
.....
340
340
UG991076070UG,
19.21%,
11/18/24
.....
415
414
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
265
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991096721UG,
19.21%,
11/18/24
.....
$
221
$
221
UG991144974UG,
19.21%,
11/18/24
.....
194
194
UG991236091UG,
19.21%,
11/18/24
.....
72
72
UG991076327UG,
19.8%,
11/18/24
......
645
647
UG991231361UG,
19.8%,
11/18/24
......
120
119
UG991238529UG,
19.8%,
11/18/24
......
1,699
1,141
UG991271638UG,
19.8%,
11/18/24
......
95
94
UG991068853UG,
19.99%,
11/18/24
.....
223
224
UG991121705UG,
20.46%,
11/18/24
.....
310
311
UG991253040UG,
20.46%,
11/18/24
.....
186
185
UG991069159UG,
20.97%,
11/18/24
.....
159
159
UG991081741UG,
20.97%,
11/18/24
.....
283
282
UG991099861UG,
20.97%,
11/18/24
.....
224
225
UG991105387UG,
20.97%,
11/18/24
.....
502
501
UG991139545UG,
20.97%,
11/18/24
.....
13
13
UG991155246UG,
20.97%,
11/18/24
.....
14
13
UG991187853UG,
20.97%,
11/18/24
.....
139
138
UG991070225UG,
21.46%,
11/18/24
.....
19
19
UG991076711UG,
21.46%,
11/18/24
.....
488
490
UG991080037UG,
21.46%,
11/18/24
.....
463
460
UG991148797UG,
21.46%,
11/18/24
.....
454
455
UG991241045UG,
21.46%,
11/18/24
.....
47
47
UG991217130UG,
21.97%,
11/18/24
.....
7
7
UG991112148UG,
21.98%,
11/18/24
.....
202
(2)
UG991131564UG,
21.98%,
11/18/24
.....
652
654
UG991134666UG,
21.98%,
11/18/24
.....
611
613
UG991154395UG,
21.98%,
11/18/24
.....
275
267
UG991164518UG,
22.97%,
11/18/24
.....
4
3
UG991256526UG,
22.97%,
11/18/24
.....
109
108
UG991070388UG,
23.95%,
11/18/24
.....
162
161
UG991083760UG,
23.95%,
11/18/24
.....
347
26
UG991104120UG,
23.95%,
11/18/24
.....
633
88
UG991164077UG,
23.95%,
11/18/24
.....
64
64
UG991142510UG,
25.94%,
11/18/24
.....
297
297
UG991069413UG,
25.95%,
11/18/24
.....
177
177
UG991198800UG,
25.95%,
11/18/24
.....
5
5
UG991253923UG,
25.95%,
11/18/24
.....
299
296
UG991069054UG,
26.94%,
11/18/24
.....
565
442
UG991120025UG,
26.94%,
11/18/24
.....
855
(24)
UG991257896UG,
26.94%,
11/18/24
.....
583
578
UG991070331UG,
28.98%,
11/18/24
.....
158
161
UG991070598UG,
28.98%,
11/18/24
.....
784
792
UG991071737UG,
28.98%,
11/18/24
.....
374
383
UG991085878UG,
28.98%,
11/18/24
.....
183
188
UG991091599UG,
28.98%,
11/18/24
.....
135
138
UG991092153UG,
28.98%,
11/18/24
.....
107
109
UG991097338UG,
28.98%,
11/18/24
.....
78
80
UG991104647UG,
28.98%,
11/18/24
.....
436
443
UG991105241UG,
28.98%,
11/18/24
.....
22
22
UG991113097UG,
28.98%,
11/18/24
.....
162
165
UG991115818UG,
28.98%,
11/18/24
.....
77
78
UG991117034UG,
28.98%,
11/18/24
.....
457
469
UG991121961UG,
28.98%,
11/18/24
.....
27
27
UG991138076UG,
28.98%,
11/18/24
.....
436
440
UG991148076UG,
28.98%,
11/18/24
.....
157
161
UG991225745UG,
28.98%,
11/18/24
.....
137
139
UG991233679UG,
28.98%,
11/18/24
.....
258
261
UG991248335UG,
28.98%,
11/18/24
.....
111
111
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991248592UG,
28.98%,
11/18/24
.....
$
128
$
128
UG991249319UG,
28.98%,
11/18/24
.....
55
8
UG991255587UG,
28.98%,
11/18/24
.....
384
388
UG991256863UG,
28.98%,
11/18/24
.....
120
122
UG991259091UG,
28.98%,
11/18/24
.....
289
293
UG991265478UG,
28.98%,
11/18/24
.....
228
232
UG991266829UG,
28.98%,
11/18/24
.....
1,556
1,584
UG991266958UG,
28.98%,
11/18/24
.....
187
190
UG991274554UG,
28.98%,
11/18/24
.....
482
490
UG991275662UG,
28.98%,
11/18/24
.....
590
586
UG991279616UG,
28.98%,
11/18/24
.....
8
8
UG991285759UG,
28.98%,
11/18/24
.....
375
381
UG991070037UG,
29.49%,
11/18/24
.....
74
73
UG991070972UG,
29.49%,
11/18/24
.....
236
238
UG991071642UG,
29.49%,
11/18/24
.....
69
71
UG991077410UG,
29.49%,
11/18/24
.....
559
(34)
UG991078201UG,
29.49%,
11/18/24
.....
177
182
UG991079864UG,
29.49%,
11/18/24
.....
433
432
UG991081828UG,
29.49%,
11/18/24
.....
380
383
UG991083550UG,
29.49%,
11/18/24
.....
472
490
UG991086378UG,
29.49%,
11/18/24
.....
155
159
UG991092822UG,
29.49%,
11/18/24
.....
78
78
UG991092908UG,
29.49%,
11/18/24
.....
1,222
1,264
UG991094588UG,
29.49%,
11/18/24
.....
479
493
UG991095845UG,
29.49%,
11/18/24
.....
89
89
UG991103237UG,
29.49%,
11/18/24
.....
–
–
UG991113925UG,
29.49%,
11/18/24
.....
233
235
UG991123315UG,
29.49%,
11/18/24
.....
202
208
UG991123768UG,
29.49%,
11/18/24
.....
113
116
UG991129264UG,
29.49%,
11/18/24
.....
210
15
UG991130163UG,
29.49%,
11/18/24
.....
6
6
UG991136853UG,
29.49%,
11/18/24
.....
386
392
UG991138306UG,
29.49%,
11/18/24
.....
219
226
UG991149128UG,
29.49%,
11/18/24
.....
279
280
UG991154165UG,
29.49%,
11/18/24
.....
34
34
UG991160678UG,
29.49%,
11/18/24
.....
172
175
UG991162312UG,
29.49%,
11/18/24
.....
165
164
UG991175320UG,
29.49%,
11/18/24
.....
95
14
UG991175491UG,
29.49%,
11/18/24
.....
64
65
UG991190143UG,
29.49%,
11/18/24
.....
79
81
UG991195198UG,
29.49%,
11/18/24
.....
153
156
UG991204138UG,
29.49%,
11/18/24
.....
–
–
UG991204250UG,
29.49%,
11/18/24
.....
234
239
UG991222559UG,
29.49%,
11/18/24
.....
198
202
UG991233241UG,
29.49%,
11/18/24
.....
172
175
UG991236920UG,
29.49%,
11/18/24
.....
152
154
UG991242160UG,
29.49%,
11/18/24
.....
341
350
UG991250623UG,
29.49%,
11/18/24
.....
126
128
UG991253050UG,
29.49%,
11/18/24
.....
193
195
UG991261895UG,
29.49%,
11/18/24
.....
109
111
UG991264341UG,
29.49%,
11/18/24
.....
337
345
UG991270942UG,
29.49%,
11/18/24
.....
252
19
UG991270949UG,
29.49%,
11/18/24
.....
68
71
UG991273989UG,
29.49%,
11/18/24
.....
953
972
UG991274008UG,
29.49%,
11/18/24
.....
–
–
UG991285349UG,
29.49%,
11/18/24
.....
97
98
UG991286648UG,
29.49%,
11/18/24
.....
153
151
UG991077910UG,
Zero
Cpn,
11/19/24
...
495
34
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
266
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991083796UG,
Zero
Cpn,
11/19/24
...
$
244
$
17
UG991085755UG,
Zero
Cpn,
11/19/24
...
135
9
UG991086030UG,
Zero
Cpn,
11/19/24
...
666
45
UG991086904UG,
Zero
Cpn,
11/19/24
...
376
26
UG991087274UG,
Zero
Cpn,
11/19/24
...
2,695
183
UG991096842UG,
Zero
Cpn,
11/19/24
...
221
15
UG991098068UG,
Zero
Cpn,
11/19/24
...
152
10
UG991110695UG,
Zero
Cpn,
11/19/24
...
606
41
UG991116419UG,
Zero
Cpn,
11/19/24
...
–
–
UG991122280UG,
Zero
Cpn,
11/19/24
...
132
9
UG991123267UG,
Zero
Cpn,
11/19/24
...
403
27
UG991139741UG,
Zero
Cpn,
11/19/24
...
388
26
UG991150646UG,
Zero
Cpn,
11/19/24
...
51
4
UG991188540UG,
Zero
Cpn,
11/19/24
...
62
4
UG991188840UG,
Zero
Cpn,
11/19/24
...
155
11
UG991261318UG,
Zero
Cpn,
11/19/24
...
51
3
UG991268827UG,
Zero
Cpn,
11/19/24
...
371
25
UG991269259UG,
Zero
Cpn,
11/19/24
...
1,052
72
UG991110204UG,
18.97%,
11/19/24
.....
560
559
UG991126405UG,
18.97%,
11/19/24
.....
400
401
UG991204031UG,
18.97%,
11/19/24
.....
341
340
UG991224732UG,
18.97%,
11/19/24
.....
1,191
1,193
UG991262913UG,
18.97%,
11/19/24
.....
228
(9)
UG991266466UG,
18.97%,
11/19/24
.....
595
593
UG991086533UG,
19.21%,
11/19/24
.....
287
287
UG991088805UG,
19.21%,
11/19/24
.....
291
290
UG991150918UG,
19.21%,
11/19/24
.....
356
357
UG991183100UG,
19.21%,
11/19/24
.....
111
111
UG991266696UG,
19.21%,
11/19/24
.....
328
326
UG991079478UG,
19.8%,
11/19/24
......
265
33
UG991081336UG,
19.8%,
11/19/24
......
263
264
UG991082732UG,
19.8%,
11/19/24
......
5,052
5,028
UG991098979UG,
19.8%,
11/19/24
......
464
465
UG991120579UG,
19.8%,
11/19/24
......
328
40
UG991130913UG,
19.8%,
11/19/24
......
456
454
UG991224491UG,
19.8%,
11/19/24
......
479
480
UG991266414UG,
19.8%,
11/19/24
......
326
325
UG991077647UG,
19.99%,
11/19/24
.....
143
147
UG991081249UG,
19.99%,
11/19/24
.....
107
110
UG991087313UG,
19.99%,
11/19/24
.....
1,518
1,560
UG991105555UG,
19.99%,
11/19/24
.....
191
196
UG991120422UG,
19.99%,
11/19/24
.....
242
248
UG991126671UG,
19.99%,
11/19/24
.....
83
85
UG991132221UG,
19.99%,
11/19/24
.....
960
986
UG991139749UG,
19.99%,
11/19/24
.....
105
106
UG991141300UG,
19.99%,
11/19/24
.....
288
289
UG991146347UG,
19.99%,
11/19/24
.....
299
208
UG991188678UG,
19.99%,
11/19/24
.....
301
309
UG991192150UG,
19.99%,
11/19/24
.....
20
20
UG991255001UG,
19.99%,
11/19/24
.....
12
12
UG991260615UG,
19.99%,
11/19/24
.....
206
209
UG991266050UG,
19.99%,
11/19/24
.....
94
94
UG991085469UG,
20.46%,
11/19/24
.....
1,899
1,892
UG991090200UG,
20.46%,
11/19/24
.....
32
32
UG991102726UG,
20.46%,
11/19/24
.....
284
285
UG991109524UG,
20.46%,
11/19/24
.....
38
38
UG991247033UG,
20.46%,
11/19/24
.....
597
595
UG991263847UG,
20.46%,
11/19/24
.....
78
77
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991086163UG,
20.97%,
11/19/24
.....
$
1,028
$
1,023
UG991087156UG,
20.97%,
11/19/24
.....
1,039
1,041
UG991183459UG,
20.97%,
11/19/24
.....
606
608
UG991084979UG,
21.46%,
11/19/24
.....
143
144
UG991092934UG,
21.46%,
11/19/24
.....
458
459
UG991100598UG,
21.46%,
11/19/24
.....
40
40
UG991106686UG,
21.46%,
11/19/24
.....
88
88
UG991225627UG,
21.46%,
11/19/24
.....
201
25
UG991268376UG,
21.46%,
11/19/24
.....
270
269
UG991084861UG,
21.97%,
11/19/24
.....
40
39
UG991115744UG,
21.97%,
11/19/24
.....
152
151
UG991078051UG,
21.98%,
11/19/24
.....
264
265
UG991098075UG,
21.98%,
11/19/24
.....
339
247
UG991105577UG,
21.98%,
11/19/24
.....
124
124
UG991129402UG,
21.98%,
11/19/24
.....
429
429
UG991204148UG,
21.98%,
11/19/24
.....
105
105
UG991079026UG,
22.97%,
11/19/24
.....
780
780
UG991097130UG,
22.97%,
11/19/24
.....
68
50
UG991236066UG,
22.97%,
11/19/24
.....
138
137
UG991078332UG,
25.95%,
11/19/24
.....
217
213
UG991096749UG,
27.99%,
11/19/24
.....
21
21
UG991135675UG,
27.99%,
11/19/24
.....
540
552
UG991184596UG,
27.99%,
11/19/24
.....
657
675
UG991241992UG,
27.99%,
11/19/24
.....
24
24
UG991283925UG,
27.99%,
11/19/24
.....
409
414
UG991078717UG,
28.98%,
11/19/24
.....
1,642
1,674
UG991079074UG,
28.98%,
11/19/24
.....
498
511
UG991079330UG,
28.98%,
11/19/24
.....
326
332
UG991079346UG,
28.98%,
11/19/24
.....
78
79
UG991079861UG,
28.98%,
11/19/24
.....
152
149
UG991080093UG,
28.98%,
11/19/24
.....
90
92
UG991080486UG,
28.98%,
11/19/24
.....
73
10
UG991080857UG,
28.98%,
11/19/24
.....
3,534
3,630
UG991081123UG,
28.98%,
11/19/24
.....
642
660
UG991082502UG,
28.98%,
11/19/24
.....
258
265
UG991082585UG,
28.98%,
11/19/24
.....
6
6
UG991084445UG,
28.98%,
11/19/24
.....
236
238
UG991086365UG,
28.98%,
11/19/24
.....
44
44
UG991086970UG,
28.98%,
11/19/24
.....
522
523
UG991087646UG,
28.98%,
11/19/24
.....
431
433
UG991089356UG,
28.98%,
11/19/24
.....
102
104
UG991089448UG,
28.98%,
11/19/24
.....
361
371
UG991091771UG,
28.98%,
11/19/24
.....
46
46
UG991092094UG,
28.98%,
11/19/24
.....
993
1,020
UG991092718UG,
28.98%,
11/19/24
.....
14
14
UG991093210UG,
28.98%,
11/19/24
.....
128
132
UG991094159UG,
28.98%,
11/19/24
.....
209
211
UG991094660UG,
28.98%,
11/19/24
.....
65
(1)
UG991096255UG,
28.98%,
11/19/24
.....
425
436
UG991096387UG,
28.98%,
11/19/24
.....
673
464
UG991096689UG,
28.98%,
11/19/24
.....
–
–
UG991097573UG,
28.98%,
11/19/24
.....
6
6
UG991097697UG,
28.98%,
11/19/24
.....
137
138
UG991097773UG,
28.98%,
11/19/24
.....
269
276
UG991097893UG,
28.98%,
11/19/24
.....
277
278
UG991098218UG,
28.98%,
11/19/24
.....
114
116
UG991101044UG,
28.98%,
11/19/24
.....
203
209
UG991101178UG,
28.98%,
11/19/24
.....
124
128
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
267
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991102831UG,
28.98%,
11/19/24
.....
$
354
$
363
UG991103262UG,
28.98%,
11/19/24
.....
290
295
UG991103976UG,
28.98%,
11/19/24
.....
603
619
UG991104468UG,
28.98%,
11/19/24
.....
2,940
3,017
UG991104595UG,
28.98%,
11/19/24
.....
60
61
UG991105346UG,
28.98%,
11/19/24
.....
206
209
UG991106293UG,
28.98%,
11/19/24
.....
213
218
UG991107342UG,
28.98%,
11/19/24
.....
186
190
UG991107864UG,
28.98%,
11/19/24
.....
146
147
UG991108611UG,
28.98%,
11/19/24
.....
132
135
UG991108896UG,
28.98%,
11/19/24
.....
267
271
UG991109351UG,
28.98%,
11/19/24
.....
18
18
UG991109551UG,
28.98%,
11/19/24
.....
1,198
85
UG991110326UG,
28.98%,
11/19/24
.....
1,422
1,454
UG991110570UG,
28.98%,
11/19/24
.....
111
114
UG991111890UG,
28.98%,
11/19/24
.....
84
86
UG991113138UG,
28.98%,
11/19/24
.....
52
53
UG991113372UG,
28.98%,
11/19/24
.....
322
330
UG991114496UG,
28.98%,
11/19/24
.....
107
110
UG991114522UG,
28.98%,
11/19/24
.....
375
386
UG991114717UG,
28.98%,
11/19/24
.....
110
113
UG991114743UG,
28.98%,
11/19/24
.....
66
67
UG991115278UG,
28.98%,
11/19/24
.....
532
538
UG991117632UG,
28.98%,
11/19/24
.....
891
894
UG991118407UG,
28.98%,
11/19/24
.....
197
197
UG991119502UG,
28.98%,
11/19/24
.....
639
657
UG991119530UG,
28.98%,
11/19/24
.....
360
364
UG991121740UG,
28.98%,
11/19/24
.....
117
119
UG991122095UG,
28.98%,
11/19/24
.....
285
290
UG991124198UG,
28.98%,
11/19/24
.....
303
312
UG991125441UG,
28.98%,
11/19/24
.....
680
698
UG991127107UG,
28.98%,
11/19/24
.....
191
196
UG991129484UG,
28.98%,
11/19/24
.....
32
32
UG991132767UG,
28.98%,
11/19/24
.....
127
129
UG991132858UG,
28.98%,
11/19/24
.....
64
66
UG991132991UG,
28.98%,
11/19/24
.....
162
166
UG991134220UG,
28.98%,
11/19/24
.....
128
131
UG991135049UG,
28.98%,
11/19/24
.....
92
95
UG991136717UG,
28.98%,
11/19/24
.....
1,028
748
UG991138625UG,
28.98%,
11/19/24
.....
648
665
UG991139458UG,
28.98%,
11/19/24
.....
181
185
UG991139852UG,
28.98%,
11/19/24
.....
14
14
UG991140740UG,
28.98%,
11/19/24
.....
187
187
UG991140959UG,
28.98%,
11/19/24
.....
554
560
UG991141321UG,
28.98%,
11/19/24
.....
194
199
UG991141961UG,
28.98%,
11/19/24
.....
1,141
88
UG991144190UG,
28.98%,
11/19/24
.....
365
374
UG991144684UG,
28.98%,
11/19/24
.....
284
291
UG991146431UG,
28.98%,
11/19/24
.....
75
77
UG991148491UG,
28.98%,
11/19/24
.....
509
523
UG991149756UG,
28.98%,
11/19/24
.....
–
–
UG991150021UG,
28.98%,
11/19/24
.....
111
114
UG991150543UG,
28.98%,
11/19/24
.....
338
348
UG991160191UG,
28.98%,
11/19/24
.....
91
94
UG991161065UG,
28.98%,
11/19/24
.....
520
526
UG991161863UG,
28.98%,
11/19/24
.....
47
47
UG991164721UG,
28.98%,
11/19/24
.....
159
161
UG991166387UG,
28.98%,
11/19/24
.....
72
74
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991166443UG,
28.98%,
11/19/24
.....
$
65
$
5
UG991169759UG,
28.98%,
11/19/24
.....
1,920
135
UG991170771UG,
28.98%,
11/19/24
.....
203
208
UG991173637UG,
28.98%,
11/19/24
.....
55
56
UG991176399UG,
28.98%,
11/19/24
.....
253
260
UG991177020UG,
28.98%,
11/19/24
.....
110
110
UG991180832UG,
28.98%,
11/19/24
.....
90
92
UG991181040UG,
28.98%,
11/19/24
.....
899
923
UG991183616UG,
28.98%,
11/19/24
.....
501
510
UG991185484UG,
28.98%,
11/19/24
.....
83
85
UG991187172UG,
28.98%,
11/19/24
.....
25
25
UG991190233UG,
28.98%,
11/19/24
.....
8
8
UG991195204UG,
28.98%,
11/19/24
.....
96
97
UG991200084UG,
28.98%,
11/19/24
.....
100
100
UG991211917UG,
28.98%,
11/19/24
.....
32
32
UG991212005UG,
28.98%,
11/19/24
.....
66
68
UG991213383UG,
28.98%,
11/19/24
.....
95
96
UG991213749UG,
28.98%,
11/19/24
.....
77
78
UG991215309UG,
28.98%,
11/19/24
.....
137
140
UG991218732UG,
28.98%,
11/19/24
.....
122
124
UG991222252UG,
28.98%,
11/19/24
.....
117
118
UG991222930UG,
28.98%,
11/19/24
.....
218
224
UG991224492UG,
28.98%,
11/19/24
.....
947
964
UG991225580UG,
28.98%,
11/19/24
.....
60
61
UG991245677UG,
28.98%,
11/19/24
.....
82
84
UG991247374UG,
28.98%,
11/19/24
.....
788
803
UG991259402UG,
28.98%,
11/19/24
.....
81
83
UG991260584UG,
28.98%,
11/19/24
.....
755
768
UG991264197UG,
28.98%,
11/19/24
.....
95
96
UG991265366UG,
28.98%,
11/19/24
.....
46
47
UG991267944UG,
28.98%,
11/19/24
.....
38
39
UG991267970UG,
28.98%,
11/19/24
.....
189
192
UG991269450UG,
28.98%,
11/19/24
.....
169
12
UG991269614UG,
28.98%,
11/19/24
.....
377
383
UG991270128UG,
28.98%,
11/19/24
.....
67
68
UG991272220UG,
28.98%,
11/19/24
.....
171
174
UG991274553UG,
28.98%,
11/19/24
.....
135
137
UG991276025UG,
28.98%,
11/19/24
.....
46
47
UG991276906UG,
28.98%,
11/19/24
.....
236
240
UG991285040UG,
28.98%,
11/19/24
.....
97
98
UG991285798UG,
28.98%,
11/19/24
.....
29
29
UG991285978UG,
28.98%,
11/19/24
.....
261
265
UG991288892UG,
28.98%,
11/19/24
.....
96
95
UG991291090UG,
28.98%,
11/19/24
.....
121
123
UG991079459UG,
29.49%,
11/19/24
.....
717
742
UG991079567UG,
29.49%,
11/19/24
.....
108
111
UG991080090UG,
29.49%,
11/19/24
.....
18
18
UG991080172UG,
29.49%,
11/19/24
.....
94
96
UG991080329UG,
29.49%,
11/19/24
.....
140
144
UG991080461UG,
29.49%,
11/19/24
.....
41
35
UG991080785UG,
29.49%,
11/19/24
.....
301
302
UG991081477UG,
29.49%,
11/19/24
.....
127
130
UG991081962UG,
29.49%,
11/19/24
.....
220
(5)
UG991082750UG,
29.49%,
11/19/24
.....
403
(16)
UG991083763UG,
29.49%,
11/19/24
.....
8
8
UG991083864UG,
29.49%,
11/19/24
.....
24
24
UG991083975UG,
29.49%,
11/19/24
.....
138
137
UG991084120UG,
29.49%,
11/19/24
.....
429
436
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
268
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991084551UG,
29.49%,
11/19/24
.....
$
72
$
75
UG991085340UG,
29.49%,
11/19/24
.....
64
17
UG991085401UG,
29.49%,
11/19/24
.....
78
82
UG991086618UG,
29.49%,
11/19/24
.....
169
(6)
UG991086865UG,
29.49%,
11/19/24
.....
104
75
UG991088485UG,
29.49%,
11/19/24
.....
102
105
UG991088510UG,
29.49%,
11/19/24
.....
228
234
UG991089471UG,
29.49%,
11/19/24
.....
302
216
UG991091761UG,
29.49%,
11/19/24
.....
204
210
UG991091799UG,
29.49%,
11/19/24
.....
74
76
UG991096428UG,
29.49%,
11/19/24
.....
270
277
UG991096952UG,
29.49%,
11/19/24
.....
82
86
UG991097752UG,
29.49%,
11/19/24
.....
113
116
UG991098909UG,
29.49%,
11/19/24
.....
620
641
UG991099491UG,
29.49%,
11/19/24
.....
291
301
UG991099687UG,
29.49%,
11/19/24
.....
671
680
UG991100113UG,
29.49%,
11/19/24
.....
129
133
UG991100252UG,
29.49%,
11/19/24
.....
156
140
UG991100307UG,
29.49%,
11/19/24
.....
37
37
UG991102829UG,
29.49%,
11/19/24
.....
137
135
UG991103770UG,
29.49%,
11/19/24
.....
120
123
UG991103901UG,
29.49%,
11/19/24
.....
347
358
UG991104178UG,
29.49%,
11/19/24
.....
1,506
1,548
UG991104280UG,
29.49%,
11/19/24
.....
138
140
UG991104410UG,
29.49%,
11/19/24
.....
833
851
UG991104747UG,
29.49%,
11/19/24
.....
28
–
UG991106337UG,
29.49%,
11/19/24
.....
175
182
UG991106684UG,
29.49%,
11/19/24
.....
174
179
UG991107545UG,
29.49%,
11/19/24
.....
1,000
1,033
UG991109379UG,
29.49%,
11/19/24
.....
57
57
UG991109457UG,
29.49%,
11/19/24
.....
290
299
UG991109475UG,
29.49%,
11/19/24
.....
147
151
UG991109638UG,
29.49%,
11/19/24
.....
151
155
UG991110529UG,
29.49%,
11/19/24
.....
216
223
UG991111418UG,
29.49%,
11/19/24
.....
488
489
UG991113882UG,
29.49%,
11/19/24
.....
249
252
UG991114314UG,
29.49%,
11/19/24
.....
368
378
UG991114749UG,
29.49%,
11/19/24
.....
355
362
UG991121861UG,
29.49%,
11/19/24
.....
117
118
UG991122169UG,
29.49%,
11/19/24
.....
41
6
UG991122950UG,
29.49%,
11/19/24
.....
1,310
1,341
UG991123520UG,
29.49%,
11/19/24
.....
36
36
UG991125371UG,
29.49%,
11/19/24
.....
234
(3)
UG991125628UG,
29.49%,
11/19/24
.....
864
898
UG991128207UG,
29.49%,
11/19/24
.....
1,601
1,665
UG991128304UG,
29.49%,
11/19/24
.....
184
190
UG991128682UG,
29.49%,
11/19/24
.....
471
476
UG991130441UG,
29.49%,
11/19/24
.....
117
122
UG991133962UG,
29.49%,
11/19/24
.....
76
79
UG991137718UG,
29.49%,
11/19/24
.....
215
29
UG991138434UG,
29.49%,
11/19/24
.....
220
218
UG991138606UG,
29.49%,
11/19/24
.....
92
6
UG991139198UG,
29.49%,
11/19/24
.....
325
337
UG991139453UG,
29.49%,
11/19/24
.....
464
478
UG991141005UG,
29.49%,
11/19/24
.....
86
7
UG991145095UG,
29.49%,
11/19/24
.....
71
73
UG991145578UG,
29.49%,
11/19/24
.....
29
30
UG991146154UG,
29.49%,
11/19/24
.....
342
346
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991148151UG,
29.49%,
11/19/24
.....
$
79
$
82
UG991149232UG,
29.49%,
11/19/24
.....
448
457
UG991149447UG,
29.49%,
11/19/24
.....
2,751
235
UG991149969UG,
29.49%,
11/19/24
.....
175
175
UG991153991UG,
29.49%,
11/19/24
.....
116
120
UG991154641UG,
29.49%,
11/19/24
.....
257
265
UG991155188UG,
29.49%,
11/19/24
.....
65
65
UG991156120UG,
29.49%,
11/19/24
.....
150
154
UG991157117UG,
29.49%,
11/19/24
.....
185
190
UG991162684UG,
29.49%,
11/19/24
.....
48
4
UG991163170UG,
29.49%,
11/19/24
.....
81
83
UG991167820UG,
29.49%,
11/19/24
.....
252
259
UG991168037UG,
29.49%,
11/19/24
.....
212
14
UG991169345UG,
29.49%,
11/19/24
.....
191
196
UG991170256UG,
29.49%,
11/19/24
.....
128
131
UG991175544UG,
29.49%,
11/19/24
.....
5
5
UG991176843UG,
29.49%,
11/19/24
.....
1,429
1,418
UG991178061UG,
29.49%,
11/19/24
.....
239
247
UG991181294UG,
29.49%,
11/19/24
.....
38
39
UG991182291UG,
29.49%,
11/19/24
.....
400
413
UG991186425UG,
29.49%,
11/19/24
.....
197
201
UG991188417UG,
29.49%,
11/19/24
.....
83
6
UG991188709UG,
29.49%,
11/19/24
.....
200
208
UG991191696UG,
29.49%,
11/19/24
.....
266
273
UG991191984UG,
29.49%,
11/19/24
.....
76
77
UG991192507UG,
29.49%,
11/19/24
.....
40
41
UG991193402UG,
29.49%,
11/19/24
.....
50
51
UG991202249UG,
29.49%,
11/19/24
.....
12
12
UG991206154UG,
29.49%,
11/19/24
.....
52
53
UG991211016UG,
29.49%,
11/19/24
.....
181
186
UG991211138UG,
29.49%,
11/19/24
.....
174
178
UG991215779UG,
29.49%,
11/19/24
.....
103
105
UG991219562UG,
29.49%,
11/19/24
.....
7
7
UG991221999UG,
29.49%,
11/19/24
.....
68
69
UG991223456UG,
29.49%,
11/19/24
.....
20
3
UG991225026UG,
29.49%,
11/19/24
.....
88
(3)
UG991227057UG,
29.49%,
11/19/24
.....
31
31
UG991229419UG,
29.49%,
11/19/24
.....
479
487
UG991239313UG,
29.49%,
11/19/24
.....
188
192
UG991242660UG,
29.49%,
11/19/24
.....
442
449
UG991242783UG,
29.49%,
11/19/24
.....
322
328
UG991247672UG,
29.49%,
11/19/24
.....
77
79
UG991250108UG,
29.49%,
11/19/24
.....
15
15
UG991254871UG,
29.49%,
11/19/24
.....
73
73
UG991256783UG,
29.49%,
11/19/24
.....
65
67
UG991258723UG,
29.49%,
11/19/24
.....
124
127
UG991259761UG,
29.49%,
11/19/24
.....
155
158
UG991259944UG,
29.49%,
11/19/24
.....
82
84
UG991260193UG,
29.49%,
11/19/24
.....
31
32
UG991260828UG,
29.49%,
11/19/24
.....
39
40
UG991261749UG,
29.49%,
11/19/24
.....
130
133
UG991267836UG,
29.49%,
11/19/24
.....
127
129
UG991268203UG,
29.49%,
11/19/24
.....
284
290
UG991268346UG,
29.49%,
11/19/24
.....
144
142
UG991269656UG,
29.49%,
11/19/24
.....
46
47
UG991275971UG,
29.49%,
11/19/24
.....
781
794
UG991277369UG,
29.49%,
11/19/24
.....
1,078
1,094
UG991278085UG,
29.49%,
11/19/24
.....
503
517
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
269
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991278573UG,
29.49%,
11/19/24
.....
$
305
$
310
UG991279591UG,
29.49%,
11/19/24
.....
87
5
UG991280490UG,
29.49%,
11/19/24
.....
103
72
UG991284091UG,
29.49%,
11/19/24
.....
93
(1)
UG991285961UG,
29.49%,
11/19/24
.....
242
246
UG991288785UG,
29.49%,
11/19/24
.....
166
169
UG991091001UG,
Zero
Cpn,
11/20/24
...
546
37
UG991103289UG,
Zero
Cpn,
11/20/24
...
146
10
UG991113728UG,
Zero
Cpn,
11/20/24
...
519
36
UG991114737UG,
Zero
Cpn,
11/20/24
...
160
11
UG991121680UG,
Zero
Cpn,
11/20/24
...
295
20
UG991146775UG,
Zero
Cpn,
11/20/24
...
449
31
UG991216810UG,
Zero
Cpn,
11/20/24
...
133
9
UG991299845UG,
Zero
Cpn,
11/20/24
...
1,129
77
UG991086006UG,
18.97%,
11/20/24
.....
579
580
UG991109789UG,
18.97%,
11/20/24
.....
196
24
UG991131248UG,
18.97%,
11/20/24
.....
271
271
UG991212667UG,
18.97%,
11/20/24
.....
1,138
1,138
UG991243987UG,
18.97%,
11/20/24
.....
4,699
4,668
UG991277364UG,
18.97%,
11/20/24
.....
1,489
1,484
UG991168973UG,
19.21%,
11/20/24
.....
214
213
UG991138152UG,
19.8%,
11/20/24
......
323
322
UG991204096UG,
19.8%,
11/20/24
......
342
341
UG991204791UG,
19.8%,
11/20/24
......
108
108
UG991212992UG,
19.8%,
11/20/24
......
29
29
UG991225567UG,
19.8%,
11/20/24
......
239
–
UG991267411UG,
19.8%,
11/20/24
......
193
192
UG991102000UG,
19.99%,
11/20/24
.....
334
343
UG991105915UG,
19.99%,
11/20/24
.....
152
156
UG991108309UG,
19.99%,
11/20/24
.....
227
226
UG991108487UG,
19.99%,
11/20/24
.....
279
284
UG991109636UG,
19.99%,
11/20/24
.....
103
103
UG991112938UG,
19.99%,
11/20/24
.....
131
133
UG991158306UG,
19.99%,
11/20/24
.....
209
215
UG991171504UG,
19.99%,
11/20/24
.....
301
299
UG991175975UG,
19.99%,
11/20/24
.....
127
129
UG991181647UG,
19.99%,
11/20/24
.....
81
83
UG991188505UG,
19.99%,
11/20/24
.....
152
157
UG991210688UG,
19.99%,
11/20/24
.....
67
68
UG991218218UG,
19.99%,
11/20/24
.....
597
614
UG991223074UG,
19.99%,
11/20/24
.....
32
32
UG991235625UG,
19.99%,
11/20/24
.....
46
46
UG991237192UG,
19.99%,
11/20/24
.....
1,044
1,063
UG991263955UG,
19.99%,
11/20/24
.....
84
85
UG991084611UG,
20.46%,
11/20/24
.....
512
513
UG991085501UG,
20.46%,
11/20/24
.....
797
800
UG991100911UG,
20.46%,
11/20/24
.....
355
356
UG991102814UG,
20.46%,
11/20/24
.....
179
179
UG991112817UG,
20.46%,
11/20/24
.....
2,492
2,488
UG991125492UG,
20.46%,
11/20/24
.....
145
145
UG991160910UG,
20.46%,
11/20/24
.....
89
89
UG991172635UG,
20.46%,
11/20/24
.....
21
1
UG991204576UG,
20.46%,
11/20/24
.....
157
157
UG991086619UG,
20.97%,
11/20/24
.....
3,307
3,293
UG991171843UG,
20.97%,
11/20/24
.....
119
119
UG991293234UG,
20.97%,
11/20/24
.....
219
16
UG991085535UG,
21.46%,
11/20/24
.....
169
168
UG991114451UG,
21.46%,
11/20/24
.....
778
777
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991125041UG,
21.46%,
11/20/24
.....
$
138
$
139
UG991133819UG,
21.46%,
11/20/24
.....
112
112
UG991200919UG,
21.46%,
11/20/24
.....
89
86
UG991215411UG,
21.46%,
11/20/24
.....
334
335
UG991261262UG,
21.46%,
11/20/24
.....
37
36
UG991143724UG,
21.98%,
11/20/24
.....
207
206
UG991083736UG,
22.97%,
11/20/24
.....
–
–
UG991091718UG,
22.97%,
11/20/24
.....
9
10
UG991152530UG,
22.97%,
11/20/24
.....
44
44
UG991173310UG,
22.97%,
11/20/24
.....
73
73
UG991151893UG,
23.95%,
11/20/24
.....
467
459
UG991089655UG,
25.94%,
11/20/24
.....
155
156
UG991130568UG,
25.95%,
11/20/24
.....
43
42
UG991276293UG,
25.95%,
11/20/24
.....
304
302
UG991128669UG,
26.94%,
11/20/24
.....
107
106
UG991177149UG,
26.94%,
11/20/24
.....
2,287
1,382
UG991126391UG,
27.99%,
11/20/24
.....
36
36
UG991137301UG,
27.99%,
11/20/24
.....
141
143
UG991099607UG,
28.98%,
11/20/24
.....
392
402
UG991100214UG,
28.98%,
11/20/24
.....
143
147
UG991100430UG,
28.98%,
11/20/24
.....
–
–
UG991103833UG,
28.98%,
11/20/24
.....
229
229
UG991104390UG,
28.98%,
11/20/24
.....
153
11
UG991105295UG,
28.98%,
11/20/24
.....
734
737
UG991107307UG,
28.98%,
11/20/24
.....
83
85
UG991108289UG,
28.98%,
11/20/24
.....
1,569
1,610
UG991110958UG,
28.98%,
11/20/24
.....
59
59
UG991115050UG,
28.98%,
11/20/24
.....
188
191
UG991115150UG,
28.98%,
11/20/24
.....
177
182
UG991118039UG,
28.98%,
11/20/24
.....
30
5
UG991118707UG,
28.98%,
11/20/24
.....
119
118
UG991122709UG,
28.98%,
11/20/24
.....
128
131
UG991122834UG,
28.98%,
11/20/24
.....
117
121
UG991123392UG,
28.98%,
11/20/24
.....
207
209
UG991125422UG,
28.98%,
11/20/24
.....
920
945
UG991125529UG,
28.98%,
11/20/24
.....
754
774
UG991126124UG,
28.98%,
11/20/24
.....
291
297
UG991126597UG,
28.98%,
11/20/24
.....
60
61
UG991126868UG,
28.98%,
11/20/24
.....
534
543
UG991128015UG,
28.98%,
11/20/24
.....
30
5
UG991129586UG,
28.98%,
11/20/24
.....
104
2
UG991130160UG,
28.98%,
11/20/24
.....
94
96
UG991130170UG,
28.98%,
11/20/24
.....
39
39
UG991131281UG,
28.98%,
11/20/24
.....
15
15
UG991133560UG,
28.98%,
11/20/24
.....
99
102
UG991133721UG,
28.98%,
11/20/24
.....
471
484
UG991136884UG,
28.98%,
11/20/24
.....
256
257
UG991137933UG,
28.98%,
11/20/24
.....
58
58
UG991139188UG,
28.98%,
11/20/24
.....
1,221
1,254
UG991139691UG,
28.98%,
11/20/24
.....
103
8
UG991140250UG,
28.98%,
11/20/24
.....
174
177
UG991144058UG,
28.98%,
11/20/24
.....
778
789
UG991145878UG,
28.98%,
11/20/24
.....
747
760
UG991147511UG,
28.98%,
11/20/24
.....
76
77
UG991150299UG,
28.98%,
11/20/24
.....
120
38
UG991150671UG,
28.98%,
11/20/24
.....
47
48
UG991151618UG,
28.98%,
11/20/24
.....
367
(29)
UG991156385UG,
28.98%,
11/20/24
.....
53
54
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
270
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991159138UG,
28.98%,
11/20/24
.....
$
133
$
136
UG991159911UG,
28.98%,
11/20/24
.....
970
996
UG991160183UG,
28.98%,
11/20/24
.....
171
176
UG991161340UG,
28.98%,
11/20/24
.....
185
185
UG991163497UG,
28.98%,
11/20/24
.....
483
496
UG991166384UG,
28.98%,
11/20/24
.....
1,155
1,179
UG991170492UG,
28.98%,
11/20/24
.....
186
191
UG991171656UG,
28.98%,
11/20/24
.....
156
160
UG991173371UG,
28.98%,
11/20/24
.....
118
1
UG991179992UG,
28.98%,
11/20/24
.....
135
138
UG991184545UG,
28.98%,
11/20/24
.....
254
261
UG991187570UG,
28.98%,
11/20/24
.....
163
167
UG991190395UG,
28.98%,
11/20/24
.....
73
75
UG991194988UG,
28.98%,
11/20/24
.....
416
408
UG991196328UG,
28.98%,
11/20/24
.....
219
220
UG991198786UG,
28.98%,
11/20/24
.....
287
292
UG991199806UG,
28.98%,
11/20/24
.....
141
19
UG991202534UG,
28.98%,
11/20/24
.....
408
54
UG991203518UG,
28.98%,
11/20/24
.....
48
49
UG991204942UG,
28.98%,
11/20/24
.....
136
140
UG991212347UG,
28.98%,
11/20/24
.....
119
118
UG991217421UG,
28.98%,
11/20/24
.....
641
652
UG991220385UG,
28.98%,
11/20/24
.....
9
9
UG991226698UG,
28.98%,
11/20/24
.....
140
143
UG991232543UG,
28.98%,
11/20/24
.....
173
177
UG991239336UG,
28.98%,
11/20/24
.....
274
36
UG991247369UG,
28.98%,
11/20/24
.....
1,261
1,283
UG991256789UG,
28.98%,
11/20/24
.....
439
58
UG991261775UG,
28.98%,
11/20/24
.....
126
126
UG991262519UG,
28.98%,
11/20/24
.....
129
17
UG991263045UG,
28.98%,
11/20/24
.....
489
498
UG991267705UG,
28.98%,
11/20/24
.....
189
191
UG991268449UG,
28.98%,
11/20/24
.....
9
9
UG991268904UG,
28.98%,
11/20/24
.....
1,830
1,859
UG991268970UG,
28.98%,
11/20/24
.....
504
513
UG991272832UG,
28.98%,
11/20/24
.....
300
305
UG991276708UG,
28.98%,
11/20/24
.....
189
192
UG991280031UG,
28.98%,
11/20/24
.....
83
84
UG991283003UG,
28.98%,
11/20/24
.....
78
24
UG991297402UG,
28.98%,
11/20/24
.....
204
208
UG991298120UG,
28.98%,
11/20/24
.....
995
142
UG991098504UG,
29.49%,
11/20/24
.....
90
91
UG991098513UG,
29.49%,
11/20/24
.....
80
83
UG991099356UG,
29.49%,
11/20/24
.....
33
33
UG991100908UG,
29.49%,
11/20/24
.....
1,134
1,161
UG991101221UG,
29.49%,
11/20/24
.....
450
(15)
UG991104826UG,
29.49%,
11/20/24
.....
91
93
UG991106397UG,
29.49%,
11/20/24
.....
266
267
UG991107977UG,
29.49%,
11/20/24
.....
136
136
UG991108509UG,
29.49%,
11/20/24
.....
375
368
UG991108554UG,
29.49%,
11/20/24
.....
726
755
UG991109891UG,
29.49%,
11/20/24
.....
63
64
UG991110253UG,
29.49%,
11/20/24
.....
166
170
UG991110617UG,
29.49%,
11/20/24
.....
284
293
UG991112071UG,
29.49%,
11/20/24
.....
284
292
UG991112167UG,
29.49%,
11/20/24
.....
73
75
UG991112371UG,
29.49%,
11/20/24
.....
55
56
UG991112414UG,
29.49%,
11/20/24
.....
171
(2)
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991113693UG,
29.49%,
11/20/24
.....
$
147
$
152
UG991113695UG,
29.49%,
11/20/24
.....
313
315
UG991115014UG,
29.49%,
11/20/24
.....
219
(8)
UG991117048UG,
29.49%,
11/20/24
.....
124
126
UG991117581UG,
29.49%,
11/20/24
.....
416
424
UG991119330UG,
29.49%,
11/20/24
.....
487
500
UG991119766UG,
29.49%,
11/20/24
.....
100
103
UG991121518UG,
29.49%,
11/20/24
.....
142
146
UG991121991UG,
29.49%,
11/20/24
.....
220
221
UG991122096UG,
29.49%,
11/20/24
.....
103
106
UG991123837UG,
29.49%,
11/20/24
.....
16
16
UG991124909UG,
29.49%,
11/20/24
.....
74
75
UG991125322UG,
29.49%,
11/20/24
.....
171
176
UG991128142UG,
29.49%,
11/20/24
.....
179
(7)
UG991129659UG,
29.49%,
11/20/24
.....
228
230
UG991133485UG,
29.49%,
11/20/24
.....
86
87
UG991135949UG,
29.49%,
11/20/24
.....
26
26
UG991137387UG,
29.49%,
11/20/24
.....
224
160
UG991140790UG,
29.49%,
11/20/24
.....
511
529
UG991142389UG,
29.49%,
11/20/24
.....
764
787
UG991143761UG,
29.49%,
11/20/24
.....
27
27
UG991145294UG,
29.49%,
11/20/24
.....
93
96
UG991150600UG,
29.49%,
11/20/24
.....
906
915
UG991151418UG,
29.49%,
11/20/24
.....
125
127
UG991152603UG,
29.49%,
11/20/24
.....
182
187
UG991158327UG,
29.49%,
11/20/24
.....
81
81
UG991161030UG,
29.49%,
11/20/24
.....
146
102
UG991164566UG,
29.49%,
11/20/24
.....
170
174
UG991165138UG,
29.49%,
11/20/24
.....
153
157
UG991167362UG,
29.49%,
11/20/24
.....
383
394
UG991169205UG,
29.49%,
11/20/24
.....
1,915
1,958
UG991179415UG,
29.49%,
11/20/24
.....
630
86
UG991185527UG,
29.49%,
11/20/24
.....
15
15
UG991185927UG,
29.49%,
11/20/24
.....
102
104
UG991187953UG,
29.49%,
11/20/24
.....
42
42
UG991188097UG,
29.49%,
11/20/24
.....
51
52
UG991192873UG,
29.49%,
11/20/24
.....
47
48
UG991195573UG,
29.49%,
11/20/24
.....
254
265
UG991198370UG,
29.49%,
11/20/24
.....
212
213
UG991198394UG,
29.49%,
11/20/24
.....
456
468
UG991202228UG,
29.49%,
11/20/24
.....
154
158
UG991203385UG,
29.49%,
11/20/24
.....
113
113
UG991204657UG,
29.49%,
11/20/24
.....
12
12
UG991210088UG,
29.49%,
11/20/24
.....
496
502
UG991211764UG,
29.49%,
11/20/24
.....
66
68
UG991212353UG,
29.49%,
11/20/24
.....
30
2
UG991213437UG,
29.49%,
11/20/24
.....
75
78
UG991213653UG,
29.49%,
11/20/24
.....
349
356
UG991215595UG,
29.49%,
11/20/24
.....
381
397
UG991216973UG,
29.49%,
11/20/24
.....
487
497
UG991218431UG,
29.49%,
11/20/24
.....
60
5
UG991219254UG,
29.49%,
11/20/24
.....
66
67
UG991223479UG,
29.49%,
11/20/24
.....
192
127
UG991226505UG,
29.49%,
11/20/24
.....
29
29
UG991231725UG,
29.49%,
11/20/24
.....
294
296
UG991233581UG,
29.49%,
11/20/24
.....
54
54
UG991233863UG,
29.49%,
11/20/24
.....
1,701
1,738
UG991238431UG,
29.49%,
11/20/24
.....
966
988
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
271
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991239349UG,
29.49%,
11/20/24
.....
$
220
$
229
UG991239830UG,
29.49%,
11/20/24
.....
569
580
UG991244043UG,
29.49%,
11/20/24
.....
65
65
UG991247212UG,
29.49%,
11/20/24
.....
250
255
UG991247313UG,
29.49%,
11/20/24
.....
167
170
UG991252193UG,
29.49%,
11/20/24
.....
45
45
UG991255946UG,
29.49%,
11/20/24
.....
77
79
UG991267259UG,
29.49%,
11/20/24
.....
114
116
UG991267347UG,
29.49%,
11/20/24
.....
180
184
UG991267709UG,
29.49%,
11/20/24
.....
257
263
UG991268841UG,
29.49%,
11/20/24
.....
79
81
UG991269003UG,
29.49%,
11/20/24
.....
755
765
UG991270194UG,
29.49%,
11/20/24
.....
86
88
UG991271173UG,
29.49%,
11/20/24
.....
672
687
UG991279273UG,
29.49%,
11/20/24
.....
185
184
UG991284731UG,
29.49%,
11/20/24
.....
54
54
UG991297615UG,
29.49%,
11/20/24
.....
54
55
UG991299902UG,
29.49%,
11/20/24
.....
315
321
UG991099795UG,
Zero
Cpn,
11/21/24
...
160
11
UG991102979UG,
Zero
Cpn,
11/21/24
...
532
37
UG991107874UG,
Zero
Cpn,
11/21/24
...
144
10
UG991109631UG,
Zero
Cpn,
11/21/24
...
257
17
UG991116295UG,
Zero
Cpn,
11/21/24
...
873
59
UG991119302UG,
Zero
Cpn,
11/21/24
...
6,853
480
UG991134193UG,
Zero
Cpn,
11/21/24
...
241
16
UG991142550UG,
Zero
Cpn,
11/21/24
...
145
10
UG991147107UG,
Zero
Cpn,
11/21/24
...
203
14
UG991150423UG,
Zero
Cpn,
11/21/24
...
363
25
UG991183586UG,
Zero
Cpn,
11/21/24
...
170
12
UG991207792UG,
Zero
Cpn,
11/21/24
...
85
6
UG991223685UG,
Zero
Cpn,
11/21/24
...
169
11
UG991239600UG,
Zero
Cpn,
11/21/24
...
110
7
UG991275695UG,
Zero
Cpn,
11/21/24
...
36
3
UG991298339UG,
Zero
Cpn,
11/21/24
...
41
3
UG991149639UG,
18.21%,
11/21/24
.....
391
392
UG991093963UG,
18.97%,
11/21/24
.....
441
53
UG991128878UG,
18.97%,
11/21/24
.....
29
29
UG991224989UG,
18.97%,
11/21/24
.....
1,063
1,065
UG991143958UG,
19.21%,
11/21/24
.....
–
–
UG991237854UG,
19.21%,
11/21/24
.....
183
179
UG991248208UG,
19.21%,
11/21/24
.....
402
401
UG991254447UG,
19.21%,
11/21/24
.....
223
222
UG991110086UG,
19.8%,
11/21/24
......
–
–
UG991141090UG,
19.8%,
11/21/24
......
722
724
UG991144492UG,
19.8%,
11/21/24
......
233
229
UG991187993UG,
19.8%,
11/21/24
......
196
195
UG991198112UG,
19.8%,
11/21/24
......
225
225
UG991101910UG,
19.99%,
11/21/24
.....
2,315
2,375
UG991110283UG,
19.99%,
11/21/24
.....
233
239
UG991117284UG,
19.99%,
11/21/24
.....
34
35
UG991129682UG,
19.99%,
11/21/24
.....
349
359
UG991174755UG,
19.99%,
11/21/24
.....
282
289
UG991233192UG,
19.99%,
11/21/24
.....
35
35
UG991141157UG,
20.46%,
11/21/24
.....
4,554
4,566
UG991091686UG,
20.97%,
11/21/24
.....
114
114
UG991151289UG,
20.97%,
11/21/24
.....
184
14
UG991177917UG,
20.97%,
11/21/24
.....
36
36
UG991291564UG,
20.98%,
11/21/24
.....
82
81
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991092476UG,
21.46%,
11/21/24
.....
$
255
$
170
UG991109801UG,
21.46%,
11/21/24
.....
485
477
UG991157623UG,
21.46%,
11/21/24
.....
17
17
UG991224483UG,
21.46%,
11/21/24
.....
182
182
UG991135834UG,
21.97%,
11/21/24
.....
295
296
UG991206543UG,
21.97%,
11/21/24
.....
4,377
4,391
UG991097991UG,
21.98%,
11/21/24
.....
2,452
2,449
UG991109825UG,
21.98%,
11/21/24
.....
254
253
UG991114413UG,
21.98%,
11/21/24
.....
331
332
UG991205229UG,
21.98%,
11/21/24
.....
24
24
UG991207630UG,
21.98%,
11/21/24
.....
366
364
UG991235519UG,
21.98%,
11/21/24
.....
291
290
UG991267091UG,
21.98%,
11/21/24
.....
2,183
2,173
UG991156272UG,
22.95%,
11/21/24
.....
233
166
UG991104066UG,
23.95%,
11/21/24
.....
313
314
UG991123920UG,
23.95%,
11/21/24
.....
922
923
UG991212106UG,
23.95%,
11/21/24
.....
12
11
UG991271217UG,
23.95%,
11/21/24
.....
256
19
UG991091300UG,
26.94%,
11/21/24
.....
232
232
UG991098564UG,
26.94%,
11/21/24
.....
142
141
UG991128509UG,
27.99%,
11/21/24
.....
210
215
UG991098805UG,
28.98%,
11/21/24
.....
58
59
UG991099584UG,
28.98%,
11/21/24
.....
91
94
UG991100106UG,
28.98%,
11/21/24
.....
44
44
UG991100133UG,
28.98%,
11/21/24
.....
130
17
UG991101503UG,
28.98%,
11/21/24
.....
947
972
UG991103359UG,
28.98%,
11/21/24
.....
866
889
UG991103415UG,
28.98%,
11/21/24
.....
57
57
UG991103484UG,
28.98%,
11/21/24
.....
45
46
UG991103505UG,
28.98%,
11/21/24
.....
413
424
UG991104830UG,
28.98%,
11/21/24
.....
1,198
1,223
UG991105102UG,
28.98%,
11/21/24
.....
132
111
UG991106305UG,
28.98%,
11/21/24
.....
674
690
UG991106632UG,
28.98%,
11/21/24
.....
318
318
UG991107084UG,
28.98%,
11/21/24
.....
321
329
UG991107547UG,
28.98%,
11/21/24
.....
625
610
UG991107910UG,
28.98%,
11/21/24
.....
268
266
UG991110664UG,
28.98%,
11/21/24
.....
1
1
UG991112083UG,
28.98%,
11/21/24
.....
1,517
1,558
UG991112673UG,
28.98%,
11/21/24
.....
97
99
UG991113938UG,
28.98%,
11/21/24
.....
211
217
UG991115757UG,
28.98%,
11/21/24
.....
111
113
UG991122560UG,
28.98%,
11/21/24
.....
230
234
UG991122614UG,
28.98%,
11/21/24
.....
102
(4)
UG991123406UG,
28.98%,
11/21/24
.....
145
146
UG991125455UG,
28.98%,
11/21/24
.....
170
173
UG991125692UG,
28.98%,
11/21/24
.....
50
50
UG991129275UG,
28.98%,
11/21/24
.....
554
557
UG991130741UG,
28.98%,
11/21/24
.....
97
98
UG991131576UG,
28.98%,
11/21/24
.....
1,823
1,866
UG991135493UG,
28.98%,
11/21/24
.....
48
49
UG991136064UG,
28.98%,
11/21/24
.....
361
371
UG991138300UG,
28.98%,
11/21/24
.....
52
52
UG991140811UG,
28.98%,
11/21/24
.....
91
93
UG991142024UG,
28.98%,
11/21/24
.....
1,520
1,049
UG991144473UG,
28.98%,
11/21/24
.....
213
219
UG991150874UG,
28.98%,
11/21/24
.....
1,649
(53)
UG991153965UG,
28.98%,
11/21/24
.....
23
23
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
272
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991162098UG,
28.98%,
11/21/24
.....
$
251
$
258
UG991169889UG,
28.98%,
11/21/24
.....
417
425
UG991170155UG,
28.98%,
11/21/24
.....
1,019
1,026
UG991174647UG,
28.98%,
11/21/24
.....
343
352
UG991174651UG,
28.98%,
11/21/24
.....
1,220
1,242
UG991177091UG,
28.98%,
11/21/24
.....
706
724
UG991178506UG,
28.98%,
11/21/24
.....
246
252
UG991181062UG,
28.98%,
11/21/24
.....
986
998
UG991185383UG,
28.98%,
11/21/24
.....
526
536
UG991194541UG,
28.98%,
11/21/24
.....
122
125
UG991196539UG,
28.98%,
11/21/24
.....
59
60
UG991197966UG,
28.98%,
11/21/24
.....
102
104
UG991204271UG,
28.98%,
11/21/24
.....
134
137
UG991204664UG,
28.98%,
11/21/24
.....
203
15
UG991205228UG,
28.98%,
11/21/24
.....
62
64
UG991205445UG,
28.98%,
11/21/24
.....
360
369
UG991212789UG,
28.98%,
11/21/24
.....
99
101
UG991218149UG,
28.98%,
11/21/24
.....
1,267
1,302
UG991218290UG,
28.98%,
11/21/24
.....
8
8
UG991223136UG,
28.98%,
11/21/24
.....
440
446
UG991225496UG,
28.98%,
11/21/24
.....
188
190
UG991226400UG,
28.98%,
11/21/24
.....
36
36
UG991227250UG,
28.98%,
11/21/24
.....
165
167
UG991233789UG,
28.98%,
11/21/24
.....
391
399
UG991234615UG,
28.98%,
11/21/24
.....
48
49
UG991236869UG,
28.98%,
11/21/24
.....
198
194
UG991237119UG,
28.98%,
11/21/24
.....
1,134
815
UG991243049UG,
28.98%,
11/21/24
.....
105
107
UG991246684UG,
28.98%,
11/21/24
.....
1,263
1,286
UG991249892UG,
28.98%,
11/21/24
.....
12
12
UG991250096UG,
28.98%,
11/21/24
.....
32
32
UG991257871UG,
28.98%,
11/21/24
.....
138
140
UG991262752UG,
28.98%,
11/21/24
.....
105
106
UG991263992UG,
28.98%,
11/21/24
.....
226
230
UG991264140UG,
28.98%,
11/21/24
.....
682
693
UG991269555UG,
28.98%,
11/21/24
.....
194
197
UG991275113UG,
28.98%,
11/21/24
.....
124
8
UG991284800UG,
28.98%,
11/21/24
.....
156
158
UG991290510UG,
28.98%,
11/21/24
.....
27
27
UG991297297UG,
28.98%,
11/21/24
.....
208
211
UG991297865UG,
28.98%,
11/21/24
.....
193
196
UG991098822UG,
29.49%,
11/21/24
.....
221
227
UG991098918UG,
29.49%,
11/21/24
.....
328
338
UG991099684UG,
29.49%,
11/21/24
.....
83
86
UG991099793UG,
29.49%,
11/21/24
.....
531
528
UG991099825UG,
29.49%,
11/21/24
.....
252
169
UG991099891UG,
29.49%,
11/21/24
.....
228
228
UG991100418UG,
29.49%,
11/21/24
.....
363
376
UG991101168UG,
29.49%,
11/21/24
.....
52
53
UG991101214UG,
29.49%,
11/21/24
.....
1,524
208
UG991102962UG,
29.49%,
11/21/24
.....
66
69
UG991103642UG,
29.49%,
11/21/24
.....
222
216
UG991104175UG,
29.49%,
11/21/24
.....
21
21
UG991104383UG,
29.49%,
11/21/24
.....
239
242
UG991104423UG,
29.49%,
11/21/24
.....
341
45
UG991105230UG,
29.49%,
11/21/24
.....
–
–
UG991107662UG,
29.49%,
11/21/24
.....
58
58
UG991107906UG,
29.49%,
11/21/24
.....
1,292
1,320
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991109577UG,
29.49%,
11/21/24
.....
$
1
$
1
UG991112437UG,
29.49%,
11/21/24
.....
303
22
UG991112882UG,
29.49%,
11/21/24
.....
648
666
UG991113103UG,
29.49%,
11/21/24
.....
129
133
UG991113685UG,
29.49%,
11/21/24
.....
32
1
UG991114305UG,
29.49%,
11/21/24
.....
22
22
UG991114374UG,
29.49%,
11/21/24
.....
292
296
UG991115328UG,
29.49%,
11/21/24
.....
24
24
UG991115550UG,
29.49%,
11/21/24
.....
127
127
UG991115930UG,
29.49%,
11/21/24
.....
630
(67)
UG991116441UG,
29.49%,
11/21/24
.....
307
22
UG991118137UG,
29.49%,
11/21/24
.....
175
(5)
UG991121299UG,
29.49%,
11/21/24
.....
302
305
UG991122036UG,
29.49%,
11/21/24
.....
68
69
UG991123398UG,
29.49%,
11/21/24
.....
261
264
UG991123851UG,
29.49%,
11/21/24
.....
359
368
UG991124929UG,
29.49%,
11/21/24
.....
114
114
UG991125417UG,
29.49%,
11/21/24
.....
96
99
UG991125736UG,
29.49%,
11/21/24
.....
51
52
UG991125880UG,
29.49%,
11/21/24
.....
48
4
UG991129183UG,
29.49%,
11/21/24
.....
373
375
UG991130355UG,
29.49%,
11/21/24
.....
512
520
UG991130674UG,
29.49%,
11/21/24
.....
67
67
UG991131801UG,
29.49%,
11/21/24
.....
89
89
UG991132346UG,
29.49%,
11/21/24
.....
574
587
UG991132792UG,
29.49%,
11/21/24
.....
138
142
UG991132948UG,
29.49%,
11/21/24
.....
109
113
UG991133364UG,
29.49%,
11/21/24
.....
41
41
UG991133817UG,
29.49%,
11/21/24
.....
234
241
UG991136618UG,
29.49%,
11/21/24
.....
141
144
UG991137083UG,
29.49%,
11/21/24
.....
351
341
UG991137564UG,
29.49%,
11/21/24
.....
142
144
UG991137836UG,
29.49%,
11/21/24
.....
135
133
UG991139313UG,
29.49%,
11/21/24
.....
102
105
UG991139966UG,
29.49%,
11/21/24
.....
148
150
UG991140808UG,
29.49%,
11/21/24
.....
32
32
UG991142705UG,
29.49%,
11/21/24
.....
417
429
UG991144598UG,
29.49%,
11/21/24
.....
134
137
UG991145155UG,
29.49%,
11/21/24
.....
6
6
UG991145319UG,
29.49%,
11/21/24
.....
119
9
UG991155328UG,
29.49%,
11/21/24
.....
185
190
UG991157022UG,
29.49%,
11/21/24
.....
653
667
UG991159418UG,
29.49%,
11/21/24
.....
141
146
UG991173134UG,
29.49%,
11/21/24
.....
78
78
UG991173935UG,
29.49%,
11/21/24
.....
577
–
UG991179251UG,
29.49%,
11/21/24
.....
161
163
UG991179856UG,
29.49%,
11/21/24
.....
812
844
UG991179953UG,
29.49%,
11/21/24
.....
36
36
UG991183376UG,
29.49%,
11/21/24
.....
637
657
UG991187695UG,
29.49%,
11/21/24
.....
132
136
UG991191726UG,
29.49%,
11/21/24
.....
211
213
UG991195967UG,
29.49%,
11/21/24
.....
186
193
UG991197725UG,
29.49%,
11/21/24
.....
1,677
1,745
UG991206897UG,
29.49%,
11/21/24
.....
71
71
UG991218959UG,
29.49%,
11/21/24
.....
139
10
UG991219638UG,
29.49%,
11/21/24
.....
82
84
UG991221067UG,
29.49%,
11/21/24
.....
39
39
UG991221868UG,
29.49%,
11/21/24
.....
53
55
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
273
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991222533UG,
29.49%,
11/21/24
.....
$
49
$
49
UG991225320UG,
29.49%,
11/21/24
.....
206
150
UG991232712UG,
29.49%,
11/21/24
.....
1,023
142
UG991243146UG,
29.49%,
11/21/24
.....
1,237
1,263
UG991244603UG,
29.49%,
11/21/24
.....
2
2
UG991248040UG,
29.49%,
11/21/24
.....
252
257
UG991255779UG,
29.49%,
11/21/24
.....
80
82
UG991259033UG,
29.49%,
11/21/24
.....
266
271
UG991263744UG,
29.49%,
11/21/24
.....
262
267
UG991264912UG,
29.49%,
11/21/24
.....
106
108
UG991268256UG,
29.49%,
11/21/24
.....
32
32
UG991269668UG,
29.49%,
11/21/24
.....
186
190
UG991273052UG,
29.49%,
11/21/24
.....
404
412
UG991275188UG,
29.49%,
11/21/24
.....
315
322
UG991278138UG,
29.49%,
11/21/24
.....
119
8
UG991280082UG,
29.49%,
11/21/24
.....
84
86
UG991284824UG,
29.49%,
11/21/24
.....
31
31
UG991284917UG,
29.49%,
11/21/24
.....
246
–
UG991294280UG,
29.49%,
11/21/24
.....
21
21
UG991299649UG,
29.49%,
11/21/24
.....
423
30
UG991098562UG,
Zero
Cpn,
11/22/24
...
602
41
UG991100358UG,
Zero
Cpn,
11/22/24
...
404
27
UG991100501UG,
Zero
Cpn,
11/22/24
...
182
12
UG991100836UG,
Zero
Cpn,
11/22/24
...
601
41
UG991101777UG,
Zero
Cpn,
11/22/24
...
192
13
UG991104711UG,
Zero
Cpn,
11/22/24
...
252
17
UG991106222UG,
Zero
Cpn,
11/22/24
...
3,472
235
UG991117549UG,
Zero
Cpn,
11/22/24
...
105
7
UG991120837UG,
Zero
Cpn,
11/22/24
...
1,133
78
UG991123820UG,
Zero
Cpn,
11/22/24
...
502
34
UG991126056UG,
Zero
Cpn,
11/22/24
...
908
62
UG991137116UG,
Zero
Cpn,
11/22/24
...
588
40
UG991184193UG,
Zero
Cpn,
11/22/24
...
375
25
UG991216209UG,
Zero
Cpn,
11/22/24
...
812
55
UG991239074UG,
Zero
Cpn,
11/22/24
...
95
6
UG991114211UG,
18.97%,
11/22/24
.....
454
454
UG991122742UG,
18.97%,
11/22/24
.....
143
143
UG991125689UG,
18.97%,
11/22/24
.....
193
193
UG991154003UG,
18.97%,
11/22/24
.....
693
695
UG991239632UG,
18.97%,
11/22/24
.....
2,988
2,994
UG991118023UG,
19.21%,
11/22/24
.....
155
155
UG991119286UG,
19.21%,
11/22/24
.....
545
538
UG991119833UG,
19.21%,
11/22/24
.....
714
716
UG991199042UG,
19.21%,
11/22/24
.....
548
549
UG991103401UG,
19.99%,
11/22/24
.....
411
422
UG991121665UG,
19.99%,
11/22/24
.....
90
92
UG991132324UG,
19.99%,
11/22/24
.....
178
180
UG991134545UG,
19.99%,
11/22/24
.....
961
988
UG991157348UG,
19.99%,
11/22/24
.....
342
352
UG991166717UG,
19.99%,
11/22/24
.....
221
226
UG991181160UG,
19.99%,
11/22/24
.....
543
536
UG991214703UG,
19.99%,
11/22/24
.....
947
9
UG991227531UG,
19.99%,
11/22/24
.....
739
–
UG991270414UG,
19.99%,
11/22/24
.....
67
67
UG991271550UG,
19.99%,
11/22/24
.....
690
693
UG991279794UG,
19.99%,
11/22/24
.....
348
353
UG991183733UG,
20.46%,
11/22/24
.....
469
470
UG991204119UG,
20.46%,
11/22/24
.....
29
28
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991213596UG,
20.46%,
11/22/24
.....
$
2,485
$
2,492
UG991264755UG,
20.46%,
11/22/24
.....
125
124
UG991267133UG,
20.97%,
11/22/24
.....
217
(1)
UG991118422UG,
21.46%,
11/22/24
.....
1,517
1,522
UG991131049UG,
21.46%,
11/22/24
.....
172
172
UG991215119UG,
21.46%,
11/22/24
.....
412
409
UG991099821UG,
21.98%,
11/22/24
.....
209
209
UG991116000UG,
21.98%,
11/22/24
.....
315
310
UG991127574UG,
21.98%,
11/22/24
.....
668
85
UG991285026UG,
21.98%,
11/22/24
.....
97
96
UG991101812UG,
22.95%,
11/22/24
.....
174
113
UG991118260UG,
22.95%,
11/22/24
.....
944
613
UG991100723UG,
22.97%,
11/22/24
.....
139
139
UG991196292UG,
22.97%,
11/22/24
.....
170
171
UG991124752UG,
23.95%,
11/22/24
.....
122
123
UG991272573UG,
23.95%,
11/22/24
.....
409
406
UG991166382UG,
26.94%,
11/22/24
.....
102
102
UG991180574UG,
26.94%,
11/22/24
.....
264
265
UG991104265UG,
27.99%,
11/22/24
.....
2,399
1,750
UG991115779UG,
27.99%,
11/22/24
.....
939
671
UG991099542UG,
28.98%,
11/22/24
.....
–
–
UG991100308UG,
28.98%,
11/22/24
.....
1
1
UG991102689UG,
28.98%,
11/22/24
.....
–
–
UG991102922UG,
28.98%,
11/22/24
.....
391
402
UG991102964UG,
28.98%,
11/22/24
.....
143
147
UG991103009UG,
28.98%,
11/22/24
.....
232
238
UG991103706UG,
28.98%,
11/22/24
.....
1,412
1,415
UG991104196UG,
28.98%,
11/22/24
.....
259
264
UG991104456UG,
28.98%,
11/22/24
.....
777
782
UG991104504UG,
28.98%,
11/22/24
.....
232
238
UG991104984UG,
28.98%,
11/22/24
.....
15
15
UG991105023UG,
28.98%,
11/22/24
.....
2,889
2,969
UG991105794UG,
28.98%,
11/22/24
.....
1,236
1,270
UG991106035UG,
28.98%,
11/22/24
.....
135
138
UG991106358UG,
28.98%,
11/22/24
.....
105
105
UG991107161UG,
28.98%,
11/22/24
.....
60
60
UG991107556UG,
28.98%,
11/22/24
.....
660
652
UG991107575UG,
28.98%,
11/22/24
.....
260
265
UG991107921UG,
28.98%,
11/22/24
.....
1,499
1,531
UG991110155UG,
28.98%,
11/22/24
.....
68
68
UG991110358UG,
28.98%,
11/22/24
.....
136
139
UG991110618UG,
28.98%,
11/22/24
.....
72
74
UG991110719UG,
28.98%,
11/22/24
.....
135
139
UG991115061UG,
28.98%,
11/22/24
.....
114
116
UG991116602UG,
28.98%,
11/22/24
.....
385
393
UG991116973UG,
28.98%,
11/22/24
.....
291
298
UG991118128UG,
28.98%,
11/22/24
.....
133
132
UG991121466UG,
28.98%,
11/22/24
.....
120
123
UG991122119UG,
28.98%,
11/22/24
.....
76
78
UG991123827UG,
28.98%,
11/22/24
.....
674
686
UG991126345UG,
28.98%,
11/22/24
.....
10
10
UG991127224UG,
28.98%,
11/22/24
.....
640
658
UG991127481UG,
28.98%,
11/22/24
.....
640
653
UG991127588UG,
28.98%,
11/22/24
.....
86
88
UG991128908UG,
28.98%,
11/22/24
.....
–
–
UG991130694UG,
28.98%,
11/22/24
.....
13
13
UG991131367UG,
28.98%,
11/22/24
.....
385
383
UG991131812UG,
28.98%,
11/22/24
.....
157
161
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
274
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991132839UG,
28.98%,
11/22/24
.....
$
134
$
(5)
UG991132905UG,
28.98%,
11/22/24
.....
210
211
UG991136765UG,
28.98%,
11/22/24
.....
688
706
UG991137246UG,
28.98%,
11/22/24
.....
514
521
UG991139063UG,
28.98%,
11/22/24
.....
6
6
UG991139408UG,
28.98%,
11/22/24
.....
69
70
UG991143616UG,
28.98%,
11/22/24
.....
393
403
UG991143933UG,
28.98%,
11/22/24
.....
329
338
UG991147880UG,
28.98%,
11/22/24
.....
23
23
UG991147942UG,
28.98%,
11/22/24
.....
1,863
(60)
UG991149223UG,
28.98%,
11/22/24
.....
68
69
UG991149451UG,
28.98%,
11/22/24
.....
639
656
UG991153364UG,
28.98%,
11/22/24
.....
373
380
UG991156074UG,
28.98%,
11/22/24
.....
143
145
UG991156523UG,
28.98%,
11/22/24
.....
86
86
UG991159179UG,
28.98%,
11/22/24
.....
347
356
UG991161581UG,
28.98%,
11/22/24
.....
310
314
UG991162076UG,
28.98%,
11/22/24
.....
52
52
UG991162865UG,
28.98%,
11/22/24
.....
69
70
UG991163227UG,
28.98%,
11/22/24
.....
360
370
UG991163510UG,
28.98%,
11/22/24
.....
307
306
UG991163764UG,
28.98%,
11/22/24
.....
111
113
UG991167377UG,
28.98%,
11/22/24
.....
214
15
UG991169488UG,
28.98%,
11/22/24
.....
223
229
UG991169914UG,
28.98%,
11/22/24
.....
340
348
UG991173036UG,
28.98%,
11/22/24
.....
80
82
UG991173716UG,
28.98%,
11/22/24
.....
675
687
UG991177122UG,
28.98%,
11/22/24
.....
1,648
1,654
UG991179841UG,
28.98%,
11/22/24
.....
164
163
UG991180530UG,
28.98%,
11/22/24
.....
202
207
UG991184097UG,
28.98%,
11/22/24
.....
240
246
UG991184113UG,
28.98%,
11/22/24
.....
1,130
1,138
UG991188676UG,
28.98%,
11/22/24
.....
692
705
UG991195368UG,
28.98%,
11/22/24
.....
82
84
UG991195764UG,
28.98%,
11/22/24
.....
90
93
UG991197771UG,
28.98%,
11/22/24
.....
145
149
UG991204158UG,
28.98%,
11/22/24
.....
132
132
UG991219493UG,
28.98%,
11/22/24
.....
142
145
UG991223543UG,
28.98%,
11/22/24
.....
74
74
UG991223597UG,
28.98%,
11/22/24
.....
187
190
UG991223823UG,
28.98%,
11/22/24
.....
46
47
UG991224363UG,
28.98%,
11/22/24
.....
285
292
UG991224526UG,
28.98%,
11/22/24
.....
209
213
UG991228177UG,
28.98%,
11/22/24
.....
136
(4)
UG991228922UG,
28.98%,
11/22/24
.....
122
125
UG991230477UG,
28.98%,
11/22/24
.....
247
247
UG991234896UG,
28.98%,
11/22/24
.....
428
436
UG991235776UG,
28.98%,
11/22/24
.....
71
18
UG991240407UG,
28.98%,
11/22/24
.....
671
419
UG991246872UG,
28.98%,
11/22/24
.....
631
642
UG991251324UG,
28.98%,
11/22/24
.....
92
94
UG991255263UG,
28.98%,
11/22/24
.....
130
132
UG991260952UG,
28.98%,
11/22/24
.....
89
90
UG991261500UG,
28.98%,
11/22/24
.....
66
66
UG991262138UG,
28.98%,
11/22/24
.....
127
129
UG991269175UG,
28.98%,
11/22/24
.....
48
48
UG991279336UG,
28.98%,
11/22/24
.....
39
40
UG991285685UG,
28.98%,
11/22/24
.....
633
645
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991291345UG,
28.98%,
11/22/24
.....
$
118
$
120
UG991299270UG,
28.98%,
11/22/24
.....
629
640
UG991302261UG,
28.98%,
11/22/24
.....
15
15
UG991304220UG,
28.98%,
11/22/24
.....
100
102
UG991304298UG,
28.98%,
11/22/24
.....
511
520
UG991306198UG,
28.98%,
11/22/24
.....
82
76
UG991307686UG,
28.98%,
11/22/24
.....
179
182
UG991311847UG,
28.98%,
11/22/24
.....
236
238
UG991103252UG,
29.46%,
11/22/24
.....
280
281
UG991099101UG,
29.49%,
11/22/24
.....
80
82
UG991100054UG,
29.49%,
11/22/24
.....
498
513
UG991100376UG,
29.49%,
11/22/24
.....
225
226
UG991100404UG,
29.49%,
11/22/24
.....
182
188
UG991100555UG,
29.49%,
11/22/24
.....
1,003
1,026
UG991101821UG,
29.49%,
11/22/24
.....
178
178
UG991102587UG,
29.49%,
11/22/24
.....
290
299
UG991102823UG,
29.49%,
11/22/24
.....
108
112
UG991103134UG,
29.49%,
11/22/24
.....
24
24
UG991103303UG,
29.49%,
11/22/24
.....
200
207
UG991103865UG,
29.49%,
11/22/24
.....
84
83
UG991104396UG,
29.49%,
11/22/24
.....
133
138
UG991105680UG,
29.49%,
11/22/24
.....
87
88
UG991106794UG,
29.49%,
11/22/24
.....
18
18
UG991107019UG,
29.49%,
11/22/24
.....
183
180
UG991107152UG,
29.49%,
11/22/24
.....
158
163
UG991107154UG,
29.49%,
11/22/24
.....
451
464
UG991107277UG,
29.49%,
11/22/24
.....
16
16
UG991107318UG,
29.49%,
11/22/24
.....
699
719
UG991107393UG,
29.49%,
11/22/24
.....
1,235
1,274
UG991107494UG,
29.49%,
11/22/24
.....
219
226
UG991108083UG,
29.49%,
11/22/24
.....
170
175
UG991108800UG,
29.49%,
11/22/24
.....
185
187
UG991109049UG,
29.49%,
11/22/24
.....
474
490
UG991109483UG,
29.49%,
11/22/24
.....
375
30
UG991109990UG,
29.49%,
11/22/24
.....
290
299
UG991110027UG,
29.49%,
11/22/24
.....
7
7
UG991110330UG,
29.49%,
11/22/24
.....
443
425
UG991112073UG,
29.49%,
11/22/24
.....
212
218
UG991112758UG,
29.49%,
11/22/24
.....
234
230
UG991113516UG,
29.49%,
11/22/24
.....
149
152
UG991114614UG,
29.49%,
11/22/24
.....
5
5
UG991116156UG,
29.49%,
11/22/24
.....
108
111
UG991116852UG,
29.49%,
11/22/24
.....
44
44
UG991116896UG,
29.49%,
11/22/24
.....
155
160
UG991117593UG,
29.49%,
11/22/24
.....
12
13
UG991117809UG,
29.49%,
11/22/24
.....
218
226
UG991119993UG,
29.49%,
11/22/24
.....
191
199
UG991120831UG,
29.49%,
11/22/24
.....
112
115
UG991122279UG,
29.49%,
11/22/24
.....
27
27
UG991123695UG,
29.49%,
11/22/24
.....
359
369
UG991124015UG,
29.49%,
11/22/24
.....
292
297
UG991124721UG,
29.49%,
11/22/24
.....
218
225
UG991125303UG,
29.49%,
11/22/24
.....
134
139
UG991126049UG,
29.49%,
11/22/24
.....
51
52
UG991128630UG,
29.49%,
11/22/24
.....
213
219
UG991130950UG,
29.49%,
11/22/24
.....
28
28
UG991132446UG,
29.49%,
11/22/24
.....
94
97
UG991133333UG,
29.49%,
11/22/24
.....
30
30
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
275
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991137652UG,
29.49%,
11/22/24
.....
$
86
$
87
UG991138174UG,
29.49%,
11/22/24
.....
182
188
UG991139223UG,
29.49%,
11/22/24
.....
624
644
UG991139541UG,
29.49%,
11/22/24
.....
656
670
UG991140957UG,
29.49%,
11/22/24
.....
81
7
UG991141109UG,
29.49%,
11/22/24
.....
46
1
UG991141211UG,
29.49%,
11/22/24
.....
121
121
UG991141918UG,
29.49%,
11/22/24
.....
1,283
1,320
UG991144588UG,
29.49%,
11/22/24
.....
241
249
UG991146799UG,
29.49%,
11/22/24
.....
55
56
UG991148239UG,
29.49%,
11/22/24
.....
639
659
UG991149855UG,
29.49%,
11/22/24
.....
474
488
UG991150981UG,
29.49%,
11/22/24
.....
83
83
UG991153215UG,
29.49%,
11/22/24
.....
183
(6)
UG991153231UG,
29.49%,
11/22/24
.....
90
92
UG991155428UG,
29.49%,
11/22/24
.....
–
–
UG991155708UG,
29.49%,
11/22/24
.....
396
409
UG991158055UG,
29.49%,
11/22/24
.....
409
421
UG991158534UG,
29.49%,
11/22/24
.....
14
14
UG991158905UG,
29.49%,
11/22/24
.....
261
264
UG991162354UG,
29.49%,
11/22/24
.....
134
137
UG991162836UG,
29.49%,
11/22/24
.....
16
16
UG991162973UG,
29.49%,
11/22/24
.....
59
5
UG991168948UG,
29.49%,
11/22/24
.....
640
660
UG991173886UG,
29.49%,
11/22/24
.....
594
615
UG991173914UG,
29.49%,
11/22/24
.....
83
7
UG991174146UG,
29.49%,
11/22/24
.....
66
67
UG991174310UG,
29.49%,
11/22/24
.....
174
175
UG991175535UG,
29.49%,
11/22/24
.....
137
139
UG991176814UG,
29.49%,
11/22/24
.....
1,081
1,112
UG991177459UG,
29.49%,
11/22/24
.....
949
42
UG991179561UG,
29.49%,
11/22/24
.....
91
93
UG991181818UG,
29.49%,
11/22/24
.....
97
99
UG991182736UG,
29.49%,
11/22/24
.....
116
119
UG991189207UG,
29.49%,
11/22/24
.....
31
31
UG991191963UG,
29.49%,
11/22/24
.....
225
227
UG991195371UG,
29.49%,
11/22/24
.....
336
341
UG991217210UG,
29.49%,
11/22/24
.....
207
29
UG991217394UG,
29.49%,
11/22/24
.....
127
131
UG991219101UG,
29.49%,
11/22/24
.....
80
81
UG991222931UG,
29.49%,
11/22/24
.....
1,501
1,551
UG991223979UG,
29.49%,
11/22/24
.....
70
71
UG991225553UG,
29.49%,
11/22/24
.....
242
244
UG991229296UG,
29.49%,
11/22/24
.....
24
24
UG991235969UG,
29.49%,
11/22/24
.....
219
225
UG991236637UG,
29.49%,
11/22/24
.....
67
69
UG991239091UG,
29.49%,
11/22/24
.....
884
596
UG991245259UG,
29.49%,
11/22/24
.....
106
110
UG991245820UG,
29.49%,
11/22/24
.....
340
345
UG991246182UG,
29.49%,
11/22/24
.....
15
3
UG991255887UG,
29.49%,
11/22/24
.....
127
131
UG991259852UG,
29.49%,
11/22/24
.....
35
3
UG991267717UG,
29.49%,
11/22/24
.....
632
644
UG991274490UG,
29.49%,
11/22/24
.....
59
60
UG991278795UG,
29.49%,
11/22/24
.....
119
122
UG991279836UG,
29.49%,
11/22/24
.....
140
144
UG991281331UG,
29.49%,
11/22/24
.....
230
235
UG991288087UG,
29.49%,
11/22/24
.....
97
99
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991290240UG,
29.49%,
11/22/24
.....
$
143
$
140
UG991291999UG,
29.49%,
11/22/24
.....
61
62
UG991293465UG,
29.49%,
11/22/24
.....
184
186
UG991293990UG,
29.49%,
11/22/24
.....
44
44
UG991300187UG,
29.49%,
11/22/24
.....
470
480
UG991302610UG,
29.49%,
11/22/24
.....
449
458
UG991305981UG,
29.49%,
11/22/24
.....
52
53
UG991105369UG,
Zero
Cpn,
11/23/24
...
1,658
112
UG991107549UG,
Zero
Cpn,
11/23/24
...
247
17
UG991110148UG,
Zero
Cpn,
11/23/24
...
540
36
UG991110228UG,
Zero
Cpn,
11/23/24
...
938
64
UG991110258UG,
Zero
Cpn,
11/23/24
...
392
27
UG991111942UG,
Zero
Cpn,
11/23/24
....
143
10
UG991114587UG,
Zero
Cpn,
11/23/24
...
60
4
UG991121590UG,
Zero
Cpn,
11/23/24
...
139
9
UG991125837UG,
Zero
Cpn,
11/23/24
...
389
27
UG991135586UG,
Zero
Cpn,
11/23/24
...
462
31
UG991138036UG,
Zero
Cpn,
11/23/24
...
82
6
UG991141819UG,
Zero
Cpn,
11/23/24
...
936
63
UG991146058UG,
Zero
Cpn,
11/23/24
...
22
1
UG991181980UG,
Zero
Cpn,
11/23/24
...
524
37
UG991198566UG,
Zero
Cpn,
11/23/24
...
162
11
UG991272708UG,
Zero
Cpn,
11/23/24
...
216
15
UG991277293UG,
Zero
Cpn,
11/23/24
...
84
6
UG991304104UG,
Zero
Cpn,
11/23/24
...
38
3
UG991196638UG,
14.98%,
11/23/24
.....
585
589
UG991229244UG,
18.97%,
11/23/24
.....
559
558
UG991232122UG,
18.97%,
11/23/24
.....
34
34
UG991196293UG,
19.21%,
11/23/24
.....
492
491
UG991247451UG,
19.21%,
11/23/24
.....
299
300
UG991313399UG,
19.21%,
11/23/24
.....
206
210
UG991126095UG,
19.46%,
11/23/24
.....
168
168
UG991168137UG,
19.8%,
11/23/24
......
322
321
UG991168372UG,
19.8%,
11/23/24
......
1,812
1,817
UG991237671UG,
19.8%,
11/23/24
......
133
133
UG991108230UG,
19.99%,
11/23/24
.....
70
72
UG991108654UG,
19.99%,
11/23/24
.....
107
110
UG991111693UG,
19.99%,
11/23/24
.....
–
–
UG991114190UG,
19.99%,
11/23/24
.....
43
44
UG991114531UG,
19.99%,
11/23/24
.....
175
6
UG991123941UG,
19.99%,
11/23/24
.....
1,326
1,381
UG991126181UG,
19.99%,
11/23/24
.....
403
52
UG991126600UG,
19.99%,
11/23/24
.....
1,480
1,521
UG991126654UG,
19.99%,
11/23/24
.....
221
228
UG991129498UG,
19.99%,
11/23/24
.....
326
330
UG991132382UG,
19.99%,
11/23/24
.....
104
107
UG991132671UG,
19.99%,
11/23/24
.....
135
139
UG991133827UG,
19.99%,
11/23/24
.....
342
348
UG991147270UG,
19.99%,
11/23/24
.....
71
71
UG991150692UG,
19.99%,
11/23/24
.....
129
131
UG991162960UG,
19.99%,
11/23/24
.....
77
77
UG991167674UG,
19.99%,
11/23/24
.....
296
297
UG991170878UG,
19.99%,
11/23/24
.....
24
24
UG991229310UG,
19.99%,
11/23/24
.....
219
225
UG991232620UG,
19.99%,
11/23/24
.....
118
122
UG991244136UG,
19.99%,
11/23/24
.....
382
381
UG991262811UG,
19.99%,
11/23/24
.....
106
110
UG991283781UG,
19.99%,
11/23/24
.....
419
34
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
276
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991296137UG,
19.99%,
11/23/24
.....
$
169
$
172
UG991300760UG,
19.99%,
11/23/24
.....
181
184
UG991313088UG,
19.99%,
11/23/24
.....
268
270
UG991106798UG,
20.46%,
11/23/24
.....
617
620
UG991147229UG,
20.46%,
11/23/24
.....
194
195
UG991181180UG,
20.97%,
11/23/24
.....
107
107
UG991184027UG,
20.97%,
11/23/24
.....
182
183
UG991282683UG,
20.97%,
11/23/24
.....
49
49
UG991113758UG,
21.46%,
11/23/24
.....
106
106
UG991119625UG,
21.46%,
11/23/24
.....
456
457
UG991125579UG,
21.46%,
11/23/24
.....
528
529
UG991135432UG,
21.46%,
11/23/24
.....
2,075
2,082
UG991148866UG,
21.46%,
11/23/24
.....
3,056
3,068
UG991155217UG,
21.46%,
11/23/24
.....
267
267
UG991187835UG,
21.46%,
11/23/24
.....
112
111
UG991106966UG,
21.98%,
11/23/24
.....
702
698
UG991184569UG,
21.98%,
11/23/24
.....
119
119
UG991184768UG,
21.98%,
11/23/24
.....
326
325
UG991276829UG,
21.98%,
11/23/24
.....
195
193
UG991191830UG,
22.95%,
11/23/24
.....
307
308
UG991145323UG,
22.97%,
11/23/24
.....
165
21
UG991288971UG,
23.95%,
11/23/24
.....
20
1
UG991121850UG,
26.94%,
11/23/24
.....
436
437
UG991144096UG,
26.94%,
11/23/24
.....
452
321
UG991146136UG,
26.94%,
11/23/24
.....
1,297
1,302
UG991147765UG,
27.95%,
11/23/24
.....
202
206
UG991109616UG,
27.99%,
11/23/24
.....
529
544
UG991131246UG,
27.99%,
11/23/24
.....
11
11
UG991232344UG,
27.99%,
11/23/24
.....
79
81
UG991153329UG,
28.48%,
11/23/24
.....
673
504
UG991105091UG,
28.98%,
11/23/24
.....
–
–
UG991105483UG,
28.98%,
11/23/24
.....
518
517
UG991105842UG,
28.98%,
11/23/24
.....
251
254
UG991106197UG,
28.98%,
11/23/24
.....
1,112
1,143
UG991106233UG,
28.98%,
11/23/24
.....
82
84
UG991106264UG,
28.98%,
11/23/24
.....
444
452
UG991106501UG,
28.98%,
11/23/24
.....
97
99
UG991106668UG,
28.98%,
11/23/24
.....
294
38
UG991107573UG,
28.98%,
11/23/24
.....
1,414
1,430
UG991108190UG,
28.98%,
11/23/24
.....
1,340
(36)
UG991108227UG,
28.98%,
11/23/24
.....
227
226
UG991108887UG,
28.98%,
11/23/24
.....
104
107
UG991109723UG,
28.98%,
11/23/24
.....
440
452
UG991110526UG,
28.98%,
11/23/24
.....
502
516
UG991110800UG,
28.98%,
11/23/24
.....
440
458
UG991110924UG,
28.98%,
11/23/24
.....
124
130
UG991112737UG,
28.98%,
11/23/24
.....
191
196
UG991114478UG,
28.98%,
11/23/24
.....
338
348
UG991115207UG,
28.98%,
11/23/24
.....
49
4
UG991115378UG,
28.98%,
11/23/24
.....
116
119
UG991115753UG,
28.98%,
11/23/24
.....
45
46
UG991117626UG,
28.98%,
11/23/24
.....
1,814
1,843
UG991121613UG,
28.98%,
11/23/24
.....
192
198
UG991123355UG,
28.98%,
11/23/24
.....
60
60
UG991124798UG,
28.98%,
11/23/24
.....
418
428
UG991125415UG,
28.98%,
11/23/24
.....
285
290
UG991130272UG,
28.98%,
11/23/24
.....
232
236
UG991131479UG,
28.98%,
11/23/24
.....
502
516
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991132085UG,
28.98%,
11/23/24
.....
$
31
$
31
UG991132396UG,
28.98%,
11/23/24
.....
360
356
UG991132511UG,
28.98%,
11/23/24
.....
521
8
UG991132894UG,
28.98%,
11/23/24
.....
150
153
UG991133163UG,
28.98%,
11/23/24
.....
183
192
UG991133989UG,
28.98%,
11/23/24
.....
53
43
UG991138634UG,
28.98%,
11/23/24
.....
176
181
UG991139844UG,
28.98%,
11/23/24
.....
150
154
UG991142579UG,
28.98%,
11/23/24
.....
463
62
UG991147458UG,
28.98%,
11/23/24
.....
271
278
UG991148591UG,
28.98%,
11/23/24
.....
1,961
1,983
UG991150357UG,
28.98%,
11/23/24
.....
63
63
UG991151935UG,
28.98%,
11/23/24
.....
189
199
UG991152386UG,
28.98%,
11/23/24
.....
190
195
UG991157081UG,
28.98%,
11/23/24
.....
128
129
UG991158618UG,
28.98%,
11/23/24
.....
174
179
UG991162664UG,
28.98%,
11/23/24
.....
1,164
1,179
UG991169414UG,
28.98%,
11/23/24
.....
127
127
UG991170456UG,
28.98%,
11/23/24
.....
335
344
UG991170493UG,
28.98%,
11/23/24
.....
159
163
UG991171491UG,
28.98%,
11/23/24
.....
65
65
UG991173980UG,
28.98%,
11/23/24
.....
75
77
UG991178866UG,
28.98%,
11/23/24
.....
458
469
UG991181974UG,
28.98%,
11/23/24
.....
780
795
UG991187003UG,
28.98%,
11/23/24
.....
676
689
UG991187197UG,
28.98%,
11/23/24
.....
111
114
UG991188766UG,
28.98%,
11/23/24
.....
1,150
1,182
UG991189874UG,
28.98%,
11/23/24
.....
1,284
1,349
UG991193318UG,
28.98%,
11/23/24
.....
36
37
UG991194147UG,
28.98%,
11/23/24
.....
864
867
UG991214567UG,
28.98%,
11/23/24
.....
369
379
UG991216950UG,
28.98%,
11/23/24
.....
635
652
UG991221838UG,
28.98%,
11/23/24
.....
113
115
UG991225329UG,
28.98%,
11/23/24
.....
127
130
UG991234421UG,
28.98%,
11/23/24
.....
131
132
UG991238561UG,
28.98%,
11/23/24
.....
54
55
UG991239647UG,
28.98%,
11/23/24
.....
101
102
UG991239983UG,
28.98%,
11/23/24
.....
191
194
UG991240082UG,
28.98%,
11/23/24
.....
950
976
UG991245554UG,
28.98%,
11/23/24
.....
552
562
UG991258067UG,
28.98%,
11/23/24
.....
16
17
UG991263923UG,
28.98%,
11/23/24
.....
81
83
UG991264563UG,
28.98%,
11/23/24
.....
450
468
UG991266187UG,
28.98%,
11/23/24
.....
148
150
UG991268038UG,
28.98%,
11/23/24
.....
374
378
UG991271407UG,
28.98%,
11/23/24
.....
114
117
UG991277474UG,
28.98%,
11/23/24
.....
75
76
UG991282136UG,
28.98%,
11/23/24
.....
555
565
UG991294425UG,
28.98%,
11/23/24
.....
17
3
UG991296682UG,
28.98%,
11/23/24
.....
315
315
UG991299505UG,
28.98%,
11/23/24
.....
440
448
UG991307067UG,
28.98%,
11/23/24
.....
19
19
UG991308841UG,
28.98%,
11/23/24
.....
55
56
UG991309043UG,
28.98%,
11/23/24
.....
688
716
UG991311434UG,
28.98%,
11/23/24
.....
57
58
UG991315348UG,
28.98%,
11/23/24
.....
158
22
UG991105648UG,
29.49%,
11/23/24
.....
87
90
UG991105654UG,
29.49%,
11/23/24
.....
602
612
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
277
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991105752UG,
29.49%,
11/23/24
.....
$
49
$
50
UG991106576UG,
29.49%,
11/23/24
.....
247
248
UG991106876UG,
29.49%,
11/23/24
.....
88
90
UG991107180UG,
29.49%,
11/23/24
.....
187
193
UG991107676UG,
29.49%,
11/23/24
.....
5
5
UG991108014UG,
29.49%,
11/23/24
.....
43
43
UG991108326UG,
29.49%,
11/23/24
.....
51
52
UG991109761UG,
29.49%,
11/23/24
.....
141
146
UG991110089UG,
29.49%,
11/23/24
.....
172
177
UG991111371UG,
29.49%,
11/23/24
.....
415
427
UG991111569UG,
29.49%,
11/23/24
.....
74
78
UG991111596UG,
29.49%,
11/23/24
.....
310
327
UG991112160UG,
29.49%,
11/23/24
.....
523
533
UG991112242UG,
29.49%,
11/23/24
.....
688
716
UG991113220UG,
29.49%,
11/23/24
.....
143
148
UG991113469UG,
29.49%,
11/23/24
.....
129
132
UG991114124UG,
29.49%,
11/23/24
.....
500
514
UG991115039UG,
29.49%,
11/23/24
.....
126
129
UG991115845UG,
29.49%,
11/23/24
.....
26
27
UG991116352UG,
29.49%,
11/23/24
.....
67
71
UG991116525UG,
29.49%,
11/23/24
.....
75
78
UG991116572UG,
29.49%,
11/23/24
.....
97
100
UG991116897UG,
29.49%,
11/23/24
.....
5
5
UG991117167UG,
29.49%,
11/23/24
.....
96
97
UG991117289UG,
29.49%,
11/23/24
.....
611
503
UG991117538UG,
29.49%,
11/23/24
.....
358
368
UG991117838UG,
29.49%,
11/23/24
.....
91
7
UG991119667UG,
29.49%,
11/23/24
.....
29
28
UG991120312UG,
29.49%,
11/23/24
.....
2,002
2,058
UG991121326UG,
29.49%,
11/23/24
.....
641
661
UG991122619UG,
29.49%,
11/23/24
.....
131
18
UG991123109UG,
29.49%,
11/23/24
.....
690
714
UG991124838UG,
29.49%,
11/23/24
.....
764
743
UG991125428UG,
29.49%,
11/23/24
.....
157
161
UG991125707UG,
29.49%,
11/23/24
.....
379
389
UG991127127UG,
29.49%,
11/23/24
.....
166
172
UG991130146UG,
29.49%,
11/23/24
.....
17
17
UG991130653UG,
29.49%,
11/23/24
.....
10
10
UG991133996UG,
29.49%,
11/23/24
.....
118
120
UG991134333UG,
29.49%,
11/23/24
.....
321
331
UG991134773UG,
29.49%,
11/23/24
.....
40
35
UG991135109UG,
29.49%,
11/23/24
.....
332
343
UG991136186UG,
29.49%,
11/23/24
.....
1,316
1,319
UG991137340UG,
29.49%,
11/23/24
.....
2
2
UG991138608UG,
29.49%,
11/23/24
.....
49
49
UG991139033UG,
29.49%,
11/23/24
.....
772
794
UG991141149UG,
29.49%,
11/23/24
.....
127
131
UG991141906UG,
29.49%,
11/23/24
.....
337
348
UG991144041UG,
29.49%,
11/23/24
.....
224
231
UG991145858UG,
29.49%,
11/23/24
.....
368
371
UG991146628UG,
29.49%,
11/23/24
.....
102
105
UG991146849UG,
29.49%,
11/23/24
.....
605
638
UG991151065UG,
29.49%,
11/23/24
.....
377
385
UG991151181UG,
29.49%,
11/23/24
.....
2,444
336
UG991153760UG,
29.49%,
11/23/24
.....
301
304
UG991154151UG,
29.49%,
11/23/24
.....
130
135
UG991154824UG,
29.49%,
11/23/24
.....
110
112
UG991154837UG,
29.49%,
11/23/24
.....
3
3
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991155401UG,
29.49%,
11/23/24
.....
$
153
$
160
UG991156245UG,
29.49%,
11/23/24
.....
636
651
UG991157333UG,
29.49%,
11/23/24
.....
58
59
UG991158412UG,
29.49%,
11/23/24
.....
23
24
UG991159269UG,
29.49%,
11/23/24
.....
6
6
UG991159397UG,
29.49%,
11/23/24
.....
745
768
UG991159977UG,
29.49%,
11/23/24
.....
54
54
UG991165122UG,
29.49%,
11/23/24
.....
1,469
1,474
UG991167603UG,
29.49%,
11/23/24
.....
274
281
UG991171535UG,
29.49%,
11/23/24
.....
183
189
UG991174043UG,
29.49%,
11/23/24
.....
11
11
UG991174718UG,
29.49%,
11/23/24
.....
29
29
UG991175162UG,
29.49%,
11/23/24
.....
283
291
UG991180111UG,
29.49%,
11/23/24
.....
145
102
UG991182655UG,
29.49%,
11/23/24
.....
54
43
UG991183124UG,
29.49%,
11/23/24
.....
152
154
UG991189600UG,
29.49%,
11/23/24
.....
–
–
UG991191859UG,
29.49%,
11/23/24
.....
107
110
UG991193886UG,
29.49%,
11/23/24
.....
8
8
UG991203413UG,
29.49%,
11/23/24
.....
11
–
UG991204587UG,
29.49%,
11/23/24
.....
341
351
UG991208929UG,
29.49%,
11/23/24
.....
128
133
UG991211494UG,
29.49%,
11/23/24
.....
563
578
UG991218593UG,
29.49%,
11/23/24
.....
264
270
UG991224830UG,
29.49%,
11/23/24
.....
507
528
UG991230430UG,
29.49%,
11/23/24
.....
260
265
UG991231664UG,
29.49%,
11/23/24
.....
123
125
UG991232879UG,
29.49%,
11/23/24
.....
17
17
UG991237095UG,
29.49%,
11/23/24
.....
22
22
UG991243902UG,
29.49%,
11/23/24
.....
425
432
UG991244025UG,
29.49%,
11/23/24
.....
89
93
UG991255614UG,
29.49%,
11/23/24
.....
62
64
UG991256878UG,
29.49%,
11/23/24
.....
209
214
UG991257001UG,
29.49%,
11/23/24
.....
120
123
UG991257574UG,
29.49%,
11/23/24
.....
84
86
UG991267903UG,
29.49%,
11/23/24
.....
183
188
UG991270894UG,
29.49%,
11/23/24
.....
82
85
UG991274815UG,
29.49%,
11/23/24
.....
70
72
UG991278544UG,
29.49%,
11/23/24
.....
88
1
UG991280169UG,
29.49%,
11/23/24
.....
267
272
UG991280901UG,
29.49%,
11/23/24
.....
486
489
UG991283471UG,
29.49%,
11/23/24
.....
66
68
UG991287640UG,
29.49%,
11/23/24
.....
28
24
UG991288512UG,
29.49%,
11/23/24
.....
500
510
UG991292477UG,
29.49%,
11/23/24
.....
111
114
UG991293772UG,
29.49%,
11/23/24
.....
453
463
UG991298763UG,
29.49%,
11/23/24
.....
157
161
UG991299031UG,
29.49%,
11/23/24
.....
179
181
UG991308017UG,
29.49%,
11/23/24
.....
53
54
UG991112755UG,
Zero
Cpn,
11/24/24
...
412
28
UG991117895UG,
Zero
Cpn,
11/24/24
...
113
8
UG991118793UG,
Zero
Cpn,
11/24/24
...
233
16
UG991118924UG,
Zero
Cpn,
11/24/24
...
393
27
UG991127222UG,
Zero
Cpn,
11/24/24
...
305
21
UG991129972UG,
Zero
Cpn,
11/24/24
...
140
10
UG991133169UG,
Zero
Cpn,
11/24/24
...
66
4
UG991159172UG,
Zero
Cpn,
11/24/24
...
170
11
UG991160160UG,
Zero
Cpn,
11/24/24
...
102
7
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
278
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991163940UG,
Zero
Cpn,
11/24/24
...
$
100
$
7
UG991164622UG,
Zero
Cpn,
11/24/24
...
392
27
UG991165244UG,
Zero
Cpn,
11/24/24
...
258
18
UG991171187UG,
Zero
Cpn,
11/24/24
...
1,099
74
UG991185378UG,
Zero
Cpn,
11/24/24
...
109
7
UG991224275UG,
Zero
Cpn,
11/24/24
...
3,703
255
UG991115361UG,
19.21%,
11/24/24
.....
499
500
UG991130184UG,
19.21%,
11/24/24
.....
438
438
UG991111330UG,
19.8%,
11/24/24
......
645
647
UG991165081UG,
19.8%,
11/24/24
......
522
516
UG991222205UG,
19.8%,
11/24/24
......
7
7
UG991130672UG,
19.99%,
11/24/24
.....
93
94
UG991132353UG,
19.99%,
11/24/24
.....
1,276
166
UG991134660UG,
19.99%,
11/24/24
.....
177
179
UG991137740UG,
19.99%,
11/24/24
.....
104
106
UG991169645UG,
19.99%,
11/24/24
.....
361
372
UG991226952UG,
19.99%,
11/24/24
.....
419
428
UG991241069UG,
19.99%,
11/24/24
.....
531
546
UG991266535UG,
19.99%,
11/24/24
.....
368
378
UG991281311UG,
19.99%,
11/24/24
.....
12
12
UG991314125UG,
19.99%,
11/24/24
.....
135
141
UG991323110UG,
19.99%,
11/24/24
.....
509
530
UG991225373UG,
20.46%,
11/24/24
.....
53
53
UG991234378UG,
20.46%,
11/24/24
.....
138
138
UG991331471UG,
20.46%,
11/24/24
.....
1,057
25
UG991112013UG,
21.46%,
11/24/24
.....
280
281
UG991112640UG,
21.46%,
11/24/24
.....
349
350
UG991112744UG,
21.46%,
11/24/24
.....
1,530
1,528
UG991130832UG,
21.46%,
11/24/24
.....
36
36
UG991138789UG,
21.46%,
11/24/24
.....
181
126
UG991179536UG,
21.46%,
11/24/24
.....
109
110
UG991291326UG,
21.46%,
11/24/24
.....
57
44
UG991331734UG,
21.46%,
11/24/24
.....
1,095
1,090
UG991111830UG,
21.98%,
11/24/24
.....
187
191
UG991159326UG,
21.98%,
11/24/24
.....
1,016
73
UG991185001UG,
21.98%,
11/24/24
.....
319
315
UG991163034UG,
22.97%,
11/24/24
.....
212
211
UG991166214UG,
22.97%,
11/24/24
.....
590
589
UG991126327UG,
27.99%,
11/24/24
.....
1,375
1,409
UG991110984UG,
28.98%,
11/24/24
.....
292
300
UG991111495UG,
28.98%,
11/24/24
.....
185
186
UG991111840UG,
28.98%,
11/24/24
.....
26
–
UG991112268UG,
28.98%,
11/24/24
.....
118
118
UG991114157UG,
28.98%,
11/24/24
.....
112
115
UG991114456UG,
28.98%,
11/24/24
.....
83
84
UG991115106UG,
28.98%,
11/24/24
.....
87
88
UG991115476UG,
28.98%,
11/24/24
.....
167
15
UG991115731UG,
28.98%,
11/24/24
.....
473
485
UG991115771UG,
28.98%,
11/24/24
.....
96
98
UG991115956UG,
28.98%,
11/24/24
.....
1,350
1,380
UG991116765UG,
28.98%,
11/24/24
.....
127
130
UG991117166UG,
28.98%,
11/24/24
.....
37
37
UG991117782UG,
28.98%,
11/24/24
.....
12
12
UG991117884UG,
28.98%,
11/24/24
.....
1
1
UG991118320UG,
28.98%,
11/24/24
.....
524
533
UG991118889UG,
28.98%,
11/24/24
.....
41
41
UG991122909UG,
28.98%,
11/24/24
.....
66
68
UG991125521UG,
28.98%,
11/24/24
.....
9
9
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991126948UG,
28.98%,
11/24/24
.....
$
1,240
$
1,262
UG991127870UG,
28.98%,
11/24/24
.....
144
11
UG991129331UG,
28.98%,
11/24/24
.....
415
427
UG991129823UG,
28.98%,
11/24/24
.....
116
119
UG991131631UG,
28.98%,
11/24/24
.....
63
64
UG991132332UG,
28.98%,
11/24/24
.....
1,657
1,688
UG991133108UG,
28.98%,
11/24/24
.....
132
134
UG991135126UG,
28.98%,
11/24/24
.....
59
59
UG991136873UG,
28.98%,
11/24/24
.....
75
76
UG991138643UG,
28.98%,
11/24/24
.....
202
27
UG991138713UG,
28.98%,
11/24/24
.....
14
14
UG991141492UG,
28.98%,
11/24/24
.....
518
533
UG991143702UG,
28.98%,
11/24/24
.....
212
216
UG991146475UG,
28.98%,
11/24/24
.....
280
7
UG991146950UG,
28.98%,
11/24/24
.....
236
243
UG991159323UG,
28.98%,
11/24/24
.....
256
263
UG991162240UG,
28.98%,
11/24/24
.....
78
79
UG991165417UG,
28.98%,
11/24/24
.....
421
433
UG991167862UG,
28.98%,
11/24/24
.....
550
387
UG991169353UG,
28.98%,
11/24/24
.....
222
18
UG991174153UG,
28.98%,
11/24/24
.....
57
58
UG991180982UG,
28.98%,
11/24/24
.....
2,210
2,250
UG991187157UG,
28.98%,
11/24/24
.....
60
61
UG991193965UG,
28.98%,
11/24/24
.....
119
121
UG991195043UG,
28.98%,
11/24/24
.....
150
153
UG991203318UG,
28.98%,
11/24/24
.....
82
82
UG991205194UG,
28.98%,
11/24/24
.....
450
462
UG991211967UG,
28.98%,
11/24/24
.....
858
866
UG991217054UG,
28.98%,
11/24/24
.....
–
–
UG991223013UG,
28.98%,
11/24/24
.....
9
9
UG991232413UG,
28.98%,
11/24/24
.....
222
226
UG991236189UG,
28.98%,
11/24/24
.....
–
–
UG991240494UG,
28.98%,
11/24/24
.....
337
46
UG991261528UG,
28.98%,
11/24/24
.....
22
23
UG991266274UG,
28.98%,
11/24/24
.....
126
129
UG991266369UG,
28.98%,
11/24/24
.....
1,580
1,610
UG991270229UG,
28.98%,
11/24/24
.....
125
128
UG991272606UG,
28.98%,
11/24/24
.....
151
154
UG991275524UG,
28.98%,
11/24/24
.....
46
46
UG991280149UG,
28.98%,
11/24/24
.....
392
399
UG991281993UG,
28.98%,
11/24/24
.....
206
207
UG991283370UG,
28.98%,
11/24/24
.....
129
10
UG991286761UG,
28.98%,
11/24/24
.....
15
15
UG991295581UG,
28.98%,
11/24/24
.....
848
62
UG991306063UG,
28.98%,
11/24/24
.....
341
347
UG991319670UG,
28.98%,
11/24/24
.....
266
271
UG991320497UG,
28.98%,
11/24/24
.....
126
131
UG991321225UG,
28.98%,
11/24/24
.....
314
325
UG991323064UG,
28.98%,
11/24/24
.....
84
87
UG991323210UG,
28.98%,
11/24/24
.....
627
653
UG991118786UG,
29.46%,
11/24/24
.....
1,262
1,319
UG991210059UG,
29.48%,
11/24/24
.....
8
8
UG991110746UG,
29.49%,
11/24/24
.....
203
205
UG991112012UG,
29.49%,
11/24/24
.....
75
78
UG991112804UG,
29.49%,
11/24/24
.....
12
12
UG991113047UG,
29.49%,
11/24/24
.....
123
122
UG991113830UG,
29.49%,
11/24/24
.....
863
892
UG991113866UG,
29.49%,
11/24/24
.....
229
233
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
279
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991115007UG,
29.49%,
11/24/24
.....
$
285
$
227
UG991115666UG,
29.49%,
11/24/24
.....
429
430
UG991117100UG,
29.49%,
11/24/24
.....
295
309
UG991117158UG,
29.49%,
11/24/24
.....
169
167
UG991117180UG,
29.49%,
11/24/24
.....
104
106
UG991117478UG,
29.49%,
11/24/24
.....
718
729
UG991122231UG,
29.49%,
11/24/24
.....
387
395
UG991122863UG,
29.49%,
11/24/24
.....
1,373
1,402
UG991123946UG,
29.49%,
11/24/24
.....
627
641
UG991124415UG,
29.49%,
11/24/24
.....
289
287
UG991124601UG,
29.49%,
11/24/24
.....
148
152
UG991124779UG,
29.49%,
11/24/24
.....
241
239
UG991124823UG,
29.49%,
11/24/24
.....
423
447
UG991124899UG,
29.49%,
11/24/24
.....
123
(3)
UG991127641UG,
29.49%,
11/24/24
.....
435
436
UG991129314UG,
29.49%,
11/24/24
.....
133
19
UG991132841UG,
29.49%,
11/24/24
.....
209
215
UG991133954UG,
29.49%,
11/24/24
.....
169
172
UG991136216UG,
29.49%,
11/24/24
.....
718
734
UG991136294UG,
29.49%,
11/24/24
.....
271
279
UG991136470UG,
29.49%,
11/24/24
.....
145
149
UG991136474UG,
29.49%,
11/24/24
.....
83
84
UG991139329UG,
29.49%,
11/24/24
.....
427
442
UG991139572UG,
29.49%,
11/24/24
.....
333
346
UG991140287UG,
29.49%,
11/24/24
.....
204
209
UG991141971UG,
29.49%,
11/24/24
.....
1,334
1,375
UG991142998UG,
29.49%,
11/24/24
.....
142
150
UG991143703UG,
29.49%,
11/24/24
.....
460
474
UG991143710UG,
29.49%,
11/24/24
.....
48
48
UG991143899UG,
29.49%,
11/24/24
.....
789
813
UG991145592UG,
29.49%,
11/24/24
.....
159
162
UG991149352UG,
29.49%,
11/24/24
.....
642
662
UG991150241UG,
29.49%,
11/24/24
.....
908
945
UG991151961UG,
29.49%,
11/24/24
.....
276
282
UG991153551UG,
29.49%,
11/24/24
.....
14
14
UG991155898UG,
29.49%,
11/24/24
.....
80
81
UG991156213UG,
29.49%,
11/24/24
.....
175
182
UG991159334UG,
29.49%,
11/24/24
.....
236
16
UG991161452UG,
29.49%,
11/24/24
.....
324
332
UG991161637UG,
29.49%,
11/24/24
.....
40
39
UG991163344UG,
29.49%,
11/24/24
.....
243
252
UG991163976UG,
29.49%,
11/24/24
.....
24
24
UG991164259UG,
29.49%,
11/24/24
.....
214
217
UG991165060UG,
29.49%,
11/24/24
.....
213
226
UG991168963UG,
29.49%,
11/24/24
.....
1,217
1,268
UG991170242UG,
29.49%,
11/24/24
.....
61
62
UG991173828UG,
29.49%,
11/24/24
.....
60
9
UG991176160UG,
29.49%,
11/24/24
.....
320
330
UG991181375UG,
29.49%,
11/24/24
.....
79
80
UG991184455UG,
29.49%,
11/24/24
.....
97
98
UG991186396UG,
29.49%,
11/24/24
.....
93
96
UG991187559UG,
29.49%,
11/24/24
.....
153
156
UG991195977UG,
29.49%,
11/24/24
.....
118
125
UG991200663UG,
29.49%,
11/24/24
.....
123
17
UG991200737UG,
29.49%,
11/24/24
.....
121
126
UG991204547UG,
29.49%,
11/24/24
.....
295
303
UG991210110UG,
29.49%,
11/24/24
.....
414
429
UG991214129UG,
29.49%,
11/24/24
.....
39
40
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991214440UG,
29.49%,
11/24/24
.....
$
2,078
$
2,109
UG991215523UG,
29.49%,
11/24/24
.....
135
138
UG991219396UG,
29.49%,
11/24/24
.....
52
53
UG991222437UG,
29.49%,
11/24/24
.....
285
294
UG991230228UG,
29.49%,
11/24/24
.....
166
173
UG991233840UG,
29.49%,
11/24/24
.....
138
8
UG991235136UG,
29.49%,
11/24/24
.....
157
164
UG991236708UG,
29.49%,
11/24/24
.....
98
100
UG991253796UG,
29.49%,
11/24/24
.....
135
138
UG991258119UG,
29.49%,
11/24/24
.....
133
137
UG991268450UG,
29.49%,
11/24/24
.....
169
174
UG991268834UG,
29.49%,
11/24/24
.....
106
108
UG991270507UG,
29.49%,
11/24/24
.....
1,489
1,518
UG991275141UG,
29.49%,
11/24/24
.....
145
143
UG991277509UG,
29.49%,
11/24/24
.....
1,519
1,555
UG991279385UG,
29.49%,
11/24/24
.....
78
79
UG991281718UG,
29.49%,
11/24/24
.....
140
143
UG991281845UG,
29.49%,
11/24/24
.....
69
70
UG991282307UG,
29.49%,
11/24/24
.....
194
191
UG991282646UG,
29.49%,
11/24/24
.....
–
–
UG991282728UG,
29.49%,
11/24/24
.....
244
249
UG991285509UG,
29.49%,
11/24/24
.....
1,274
1,303
UG991288667UG,
29.49%,
11/24/24
.....
216
227
UG991290619UG,
29.49%,
11/24/24
.....
39
40
UG991290943UG,
29.49%,
11/24/24
.....
74
76
UG991307905UG,
29.49%,
11/24/24
.....
301
22
UG991319933UG,
29.49%,
11/24/24
.....
88
12
UG991322428UG,
29.49%,
11/24/24
.....
184
190
UG991323531UG,
29.49%,
11/24/24
.....
828
865
UG991126246UG,
Zero
Cpn,
11/25/24
...
761
53
UG991127972UG,
Zero
Cpn,
11/25/24
...
3,131
216
UG991132414UG,
Zero
Cpn,
11/25/24
...
405
28
UG991133509UG,
Zero
Cpn,
11/25/24
...
308
21
UG991143801UG,
Zero
Cpn,
11/25/24
...
128
9
UG991165382UG,
Zero
Cpn,
11/25/24
...
384
26
UG991165565UG,
Zero
Cpn,
11/25/24
...
188
13
UG991203010UG,
Zero
Cpn,
11/25/24
...
262
18
UG991251362UG,
Zero
Cpn,
11/25/24
...
415
29
UG991273399UG,
Zero
Cpn,
11/25/24
...
134
9
UG991279860UG,
Zero
Cpn,
11/25/24
...
158
11
UG991284001UG,
Zero
Cpn,
11/25/24
...
311
21
UG991311584UG,
Zero
Cpn,
11/25/24
...
517
36
UG991320548UG,
Zero
Cpn,
11/25/24
...
120
8
UG991114903UG,
16.99%,
11/25/24
.....
5,087
5,100
UG991125659UG,
16.99%,
11/25/24
.....
988
986
UG991139557UG,
16.99%,
11/25/24
.....
224
3
UG991300152UG,
17.99%,
11/25/24
.....
99
99
UG991117535UG,
18.97%,
11/25/24
.....
175
175
UG991119264UG,
18.97%,
11/25/24
.....
1,103
779
UG991152518UG,
18.97%,
11/25/24
.....
167
171
UG991163567UG,
18.97%,
11/25/24
.....
2,980
3,048
UG991174170UG,
18.97%,
11/25/24
.....
–
–
UG991263852UG,
18.97%,
11/25/24
.....
29
29
UG991306855UG,
18.97%,
11/25/24
.....
93
95
UG991313299UG,
18.97%,
11/25/24
.....
348
355
UG991116937UG,
19.21%,
11/25/24
.....
208
209
UG991129799UG,
19.21%,
11/25/24
.....
589
603
UG991172772UG,
19.21%,
11/25/24
.....
119
119
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
280
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991308038UG,
19.21%,
11/25/24
.....
$
26
$
27
UG991324986UG,
19.21%,
11/25/24
.....
24
24
UG991135355UG,
19.8%,
11/25/24
......
380
384
UG991158798UG,
19.8%,
11/25/24
......
1,260
1,244
UG991270419UG,
19.8%,
11/25/24
......
177
181
UG991122293UG,
19.99%,
11/25/24
.....
333
349
UG991131747UG,
19.99%,
11/25/24
.....
263
273
UG991140060UG,
19.99%,
11/25/24
.....
216
227
UG991163175UG,
19.99%,
11/25/24
.....
344
361
UG991176181UG,
19.99%,
11/25/24
.....
1,550
1,628
UG991215203UG,
19.99%,
11/25/24
.....
121
123
UG991224252UG,
19.99%,
11/25/24
.....
188
189
UG991236723UG,
19.99%,
11/25/24
.....
93
95
UG991267063UG,
19.99%,
11/25/24
.....
108
114
UG991288791UG,
19.99%,
11/25/24
.....
321
335
UG991119847UG,
20.46%,
11/25/24
.....
84
87
UG991182494UG,
20.46%,
11/25/24
.....
790
793
UG991264715UG,
20.46%,
11/25/24
.....
80
80
UG991121647UG,
21.46%,
11/25/24
.....
1,127
1,147
UG991142513UG,
21.46%,
11/25/24
.....
413
417
UG991164983UG,
21.46%,
11/25/24
.....
239
236
UG991286579UG,
21.46%,
11/25/24
.....
185
188
UG991306513UG,
21.46%,
11/25/24
.....
169
168
UG991115318UG,
21.97%,
11/25/24
.....
2,469
2,529
UG991148863UG,
21.97%,
11/25/24
.....
2,932
388
UG991116716UG,
21.98%,
11/25/24
.....
458
469
UG991255671UG,
21.98%,
11/25/24
.....
71
72
UG991120297UG,
22.97%,
11/25/24
.....
1,840
1,191
UG991124788UG,
22.97%,
11/25/24
.....
587
(5)
UG991191606UG,
22.97%,
11/25/24
.....
335
344
UG991255163UG,
22.97%,
11/25/24
.....
172
177
UG991256379UG,
22.97%,
11/25/24
.....
585
601
UG991261427UG,
22.97%,
11/25/24
.....
91
93
UG991175860UG,
23.95%,
11/25/24
.....
1,493
1,534
UG991277527UG,
23.95%,
11/25/24
.....
152
155
UG991227191UG,
24.95%,
11/25/24
.....
387
31
UG991117070UG,
25.95%,
11/25/24
.....
298
42
UG991123245UG,
26.94%,
11/25/24
.....
630
626
UG991189173UG,
26.94%,
11/25/24
.....
358
368
UG991127467UG,
27.95%,
11/25/24
.....
1,914
2,020
UG991114837UG,
28.98%,
11/25/24
.....
770
810
UG991115331UG,
28.98%,
11/25/24
.....
53
55
UG991117216UG,
28.98%,
11/25/24
.....
357
(17)
UG991117612UG,
28.98%,
11/25/24
.....
51
53
UG991118218UG,
28.98%,
11/25/24
.....
143
148
UG991118441UG,
28.98%,
11/25/24
.....
128
135
UG991119595UG,
28.98%,
11/25/24
.....
2
2
UG991122228UG,
28.98%,
11/25/24
.....
97
102
UG991122683UG,
28.98%,
11/25/24
.....
404
426
UG991124327UG,
28.98%,
11/25/24
.....
284
299
UG991124698UG,
28.98%,
11/25/24
.....
788
829
UG991124999UG,
28.98%,
11/25/24
.....
413
435
UG991125540UG,
28.98%,
11/25/24
.....
151
159
UG991125717UG,
28.98%,
11/25/24
.....
188
138
UG991125941UG,
28.98%,
11/25/24
.....
181
185
UG991125944UG,
28.98%,
11/25/24
.....
91
96
UG991126266UG,
28.98%,
11/25/24
.....
1,544
1,625
UG991127209UG,
28.98%,
11/25/24
.....
2
2
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991128711UG,
28.98%,
11/25/24
.....
$
25
$
25
UG991129030UG,
28.98%,
11/25/24
.....
397
407
UG991129208UG,
28.98%,
11/25/24
.....
956
968
UG991133589UG,
28.98%,
11/25/24
.....
118
124
UG991133885UG,
28.98%,
11/25/24
.....
421
59
UG991133888UG,
28.98%,
11/25/24
.....
49
50
UG991134858UG,
28.98%,
11/25/24
.....
1,593
1,678
UG991145121UG,
28.98%,
11/25/24
.....
113
118
UG991145424UG,
28.98%,
11/25/24
.....
412
424
UG991145453UG,
28.98%,
11/25/24
.....
196
202
UG991146139UG,
28.98%,
11/25/24
.....
203
209
UG991147130UG,
28.98%,
11/25/24
.....
139
146
UG991147206UG,
28.98%,
11/25/24
.....
216
227
UG991149439UG,
28.98%,
11/25/24
.....
572
583
UG991150565UG,
28.98%,
11/25/24
.....
288
295
UG991156387UG,
28.98%,
11/25/24
.....
1,201
1,250
UG991158173UG,
28.98%,
11/25/24
.....
15
15
UG991161711UG,
28.98%,
11/25/24
.....
372
391
UG991162242UG,
28.98%,
11/25/24
.....
397
412
UG991164917UG,
28.98%,
11/25/24
.....
168
176
UG991165048UG,
28.98%,
11/25/24
.....
194
204
UG991171282UG,
28.98%,
11/25/24
.....
179
188
UG991171546UG,
28.98%,
11/25/24
.....
534
561
UG991174997UG,
28.98%,
11/25/24
.....
420
33
UG991177588UG,
28.98%,
11/25/24
.....
1,579
1,643
UG991190392UG,
28.98%,
11/25/24
.....
246
254
UG991192050UG,
28.98%,
11/25/24
.....
236
248
UG991194778UG,
28.98%,
11/25/24
.....
120
126
UG991209074UG,
28.98%,
11/25/24
.....
–
–
UG991213714UG,
28.98%,
11/25/24
.....
162
166
UG991217697UG,
28.98%,
11/25/24
.....
633
666
UG991228699UG,
28.98%,
11/25/24
.....
408
427
UG991229942UG,
28.98%,
11/25/24
.....
8
8
UG991232781UG,
28.98%,
11/25/24
.....
74
76
UG991238195UG,
28.98%,
11/25/24
.....
195
203
UG991240861UG,
28.98%,
11/25/24
.....
101
14
UG991241166UG,
28.98%,
11/25/24
.....
222
231
UG991271427UG,
28.98%,
11/25/24
.....
163
172
UG991283748UG,
28.98%,
11/25/24
.....
131
136
UG991287710UG,
28.98%,
11/25/24
.....
187
195
UG991298998UG,
28.98%,
11/25/24
.....
315
45
UG991300522UG,
28.98%,
11/25/24
.....
369
384
UG991306187UG,
28.98%,
11/25/24
.....
34
5
UG991315551UG,
28.98%,
11/25/24
.....
180
184
UG991317211UG,
28.98%,
11/25/24
.....
37
39
UG991321301UG,
28.98%,
11/25/24
.....
48
49
UG991321544UG,
28.98%,
11/25/24
.....
691
720
UG991115925UG,
29.49%,
11/25/24
.....
62
66
UG991115955UG,
29.49%,
11/25/24
.....
66
(2)
UG991116442UG,
29.49%,
11/25/24
.....
1,060
(34)
UG991116837UG,
29.49%,
11/25/24
.....
459
472
UG991117085UG,
29.49%,
11/25/24
.....
687
702
UG991117532UG,
29.49%,
11/25/24
.....
211
225
UG991117679UG,
29.49%,
11/25/24
.....
265
281
UG991118106UG,
29.49%,
11/25/24
.....
34
3
UG991118346UG,
29.49%,
11/25/24
.....
2,013
2,067
UG991121686UG,
29.49%,
11/25/24
.....
489
501
UG991122540UG,
29.49%,
11/25/24
.....
65
50
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
281
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991122800UG,
29.49%,
11/25/24
.....
$
1,233
$
1,285
UG991123011UG,
29.49%,
11/25/24
.....
271
275
UG991123332UG,
29.49%,
11/25/24
.....
199
212
UG991124925UG,
29.49%,
11/25/24
.....
193
205
UG991125161UG,
29.49%,
11/25/24
.....
394
410
UG991125210UG,
29.49%,
11/25/24
.....
59
62
UG991125662UG,
29.49%,
11/25/24
.....
373
397
UG991126342UG,
29.49%,
11/25/24
.....
25
25
UG991129403UG,
29.49%,
11/25/24
.....
206
14
UG991131365UG,
29.49%,
11/25/24
.....
1,421
(42)
UG991131758UG,
29.49%,
11/25/24
.....
144
153
UG991134480UG,
29.49%,
11/25/24
.....
193
205
UG991134595UG,
29.49%,
11/25/24
.....
168
170
UG991135715UG,
29.49%,
11/25/24
.....
30
31
UG991135764UG,
29.49%,
11/25/24
.....
147
10
UG991136662UG,
29.49%,
11/25/24
.....
151
14
UG991143939UG,
29.49%,
11/25/24
.....
245
256
UG991144362UG,
29.49%,
11/25/24
.....
242
248
UG991144465UG,
29.49%,
11/25/24
.....
71
74
UG991144872UG,
29.49%,
11/25/24
.....
1,532
218
UG991145376UG,
29.49%,
11/25/24
.....
46
48
UG991145776UG,
29.49%,
11/25/24
.....
31
32
UG991146070UG,
29.49%,
11/25/24
.....
315
25
UG991154050UG,
29.49%,
11/25/24
.....
222
18
UG991158315UG,
29.49%,
11/25/24
.....
196
209
UG991158553UG,
29.49%,
11/25/24
.....
28
29
UG991160063UG,
29.49%,
11/25/24
.....
358
356
UG991163261UG,
29.49%,
11/25/24
.....
330
348
UG991164308UG,
29.49%,
11/25/24
.....
115
121
UG991166873UG,
29.49%,
11/25/24
.....
95
101
UG991167168UG,
29.49%,
11/25/24
.....
1,154
1,217
UG991168233UG,
29.49%,
11/25/24
.....
1,640
1,722
UG991170025UG,
29.49%,
11/25/24
.....
98
105
UG991170031UG,
29.49%,
11/25/24
.....
234
233
UG991173770UG,
29.49%,
11/25/24
.....
236
249
UG991175550UG,
29.49%,
11/25/24
.....
31
32
UG991180816UG,
29.49%,
11/25/24
.....
188
199
UG991183655UG,
29.49%,
11/25/24
.....
3,969
(472)
UG991191585UG,
29.49%,
11/25/24
.....
187
193
UG991193559UG,
29.49%,
11/25/24
.....
427
424
UG991194512UG,
29.49%,
11/25/24
.....
186
193
UG991196806UG,
29.49%,
11/25/24
.....
3,973
2,768
UG991196856UG,
29.49%,
11/25/24
.....
415
443
UG991197724UG,
29.49%,
11/25/24
.....
126
131
UG991200416UG,
29.49%,
11/25/24
.....
196
208
UG991200661UG,
29.49%,
11/25/24
.....
575
607
UG991201693UG,
29.49%,
11/25/24
.....
176
(17)
UG991206631UG,
29.49%,
11/25/24
.....
119
125
UG991206760UG,
29.49%,
11/25/24
.....
86
91
UG991216882UG,
29.49%,
11/25/24
.....
215
(21)
UG991225463UG,
29.49%,
11/25/24
.....
103
108
UG991226122UG,
29.49%,
11/25/24
.....
117
123
UG991228566UG,
29.49%,
11/25/24
.....
154
22
UG991230132UG,
29.49%,
11/25/24
.....
872
913
UG991233017UG,
29.49%,
11/25/24
.....
191
202
UG991238304UG,
29.49%,
11/25/24
.....
16
16
UG991242301UG,
29.49%,
11/25/24
.....
25
26
UG991242467UG,
29.49%,
11/25/24
.....
309
323
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991244179UG,
29.49%,
11/25/24
.....
$
187
$
197
UG991245747UG,
29.49%,
11/25/24
.....
521
549
UG991246604UG,
29.49%,
11/25/24
.....
92
92
UG991251748UG,
29.49%,
11/25/24
.....
–
–
UG991252608UG,
29.49%,
11/25/24
.....
121
123
UG991261151UG,
29.49%,
11/25/24
.....
535
558
UG991263083UG,
29.49%,
11/25/24
.....
90
95
UG991283279UG,
29.49%,
11/25/24
.....
266
278
UG991284133UG,
29.49%,
11/25/24
.....
51
52
UG991288985UG,
29.49%,
11/25/24
.....
69
73
UG991297898UG,
29.49%,
11/25/24
.....
90
94
UG991298538UG,
29.49%,
11/25/24
.....
85
89
UG991298875UG,
29.49%,
11/25/24
.....
306
24
UG991299072UG,
29.49%,
11/25/24
.....
239
249
UG991301708UG,
29.49%,
11/25/24
.....
808
850
UG991306805UG,
29.49%,
11/25/24
.....
49
8
UG991317263UG,
29.49%,
11/25/24
.....
96
70
UG991321816UG,
29.49%,
11/25/24
.....
473
494
UG991321882UG,
29.49%,
11/25/24
.....
532
557
UG991322358UG,
29.49%,
11/25/24
.....
46
48
UG991323736UG,
29.49%,
11/25/24
.....
205
214
UG991142581UG,
Zero
Cpn,
11/26/24
...
141
10
UG991147923UG,
Zero
Cpn,
11/26/24
...
660
45
UG991176783UG,
Zero
Cpn,
11/26/24
...
654
45
UG991265302UG,
Zero
Cpn,
11/26/24
...
1,171
81
UG991238481UG,
15%,
11/26/24
.......
117
117
UG991151613UG,
15.97%,
11/26/24
.....
182
182
UG991124907UG,
16.99%,
11/26/24
.....
1,532
1,530
UG991207377UG,
16.99%,
11/26/24
.....
562
561
UG991221696UG,
16.99%,
11/26/24
.....
418
411
UG991268051UG,
17.99%,
11/26/24
.....
27
27
UG991123365UG,
18.97%,
11/26/24
.....
41
40
UG991132812UG,
18.97%,
11/26/24
.....
1,450
1,455
UG991252958UG,
18.97%,
11/26/24
.....
404
4
UG991123371UG,
19.21%,
11/26/24
.....
793
792
UG991133507UG,
19.21%,
11/26/24
.....
38
37
UG991212146UG,
19.21%,
11/26/24
.....
131
10
UG991190181UG,
19.8%,
11/26/24
......
165
166
UG991197636UG,
19.8%,
11/26/24
......
218
217
UG991208065UG,
19.8%,
11/26/24
......
365
364
UG991232410UG,
19.8%,
11/26/24
......
1,052
1,056
UG991270877UG,
19.8%,
11/26/24
......
341
342
UG991277503UG,
19.8%,
11/26/24
......
309
304
UG991296143UG,
19.8%,
11/26/24
......
284
283
UG991130530UG,
19.99%,
11/26/24
.....
47
47
UG991135690UG,
20.46%,
11/26/24
.....
195
194
UG991165225UG,
20.46%,
11/26/24
.....
139
138
UG991195046UG,
20.46%,
11/26/24
.....
65
64
UG991130991UG,
20.97%,
11/26/24
.....
894
892
UG991142576UG,
20.97%,
11/26/24
.....
281
282
UG991212679UG,
20.97%,
11/26/24
.....
213
213
UG991250306UG,
20.97%,
11/26/24
.....
17
17
UG991251274UG,
20.97%,
11/26/24
.....
515
517
UG991254536UG,
20.97%,
11/26/24
.....
441
442
UG991125012UG,
21.46%,
11/26/24
.....
554
72
UG991127662UG,
21.46%,
11/26/24
.....
5,546
429
UG991129032UG,
21.46%,
11/26/24
.....
1,474
1,469
UG991147177UG,
21.46%,
11/26/24
.....
71
71
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
282
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991147747UG,
21.46%,
11/26/24
.....
$
557
$
557
UG991165687UG,
21.46%,
11/26/24
.....
825
823
UG991202672UG,
21.46%,
11/26/24
.....
93
93
UG991205086UG,
21.46%,
11/26/24
.....
37
37
UG991205269UG,
21.46%,
11/26/24
.....
147
147
UG991217520UG,
21.46%,
11/26/24
.....
724
727
UG991332633UG,
21.46%,
11/26/24
.....
67
1
UG991134541UG,
21.98%,
11/26/24
.....
1,614
1,613
UG991179611UG,
21.98%,
11/26/24
.....
273
272
UG991183089UG,
21.98%,
11/26/24
.....
105
105
UG991139493UG,
22.97%,
11/26/24
.....
19
19
UG991314717UG,
22.97%,
11/26/24
.....
155
154
UG991133863UG,
23.95%,
11/26/24
.....
2,093
2,085
UG991154720UG,
23.95%,
11/26/24
.....
1,025
1,028
UG991275989UG,
23.95%,
11/26/24
.....
959
962
UG991172299UG,
26.94%,
11/26/24
.....
329
331
UG991132975UG,
28.98%,
11/26/24
.....
2,126
2,175
UG991147362UG,
28.98%,
11/26/24
.....
134
138
UG991132980UG,
29.49%,
11/26/24
.....
605
616
UG991144257UG,
29.49%,
11/26/24
.....
39
39
UG991146899UG,
29.49%,
11/26/24
.....
648
648
UG991155738UG,
29.49%,
11/26/24
.....
60
61
UG991157120UG,
29.49%,
11/26/24
.....
102
105
UG991139596UG,
Zero
Cpn,
11/27/24
...
186
13
UG991150078UG,
Zero
Cpn,
11/27/24
...
905
62
UG991180428UG,
Zero
Cpn,
11/27/24
...
186
13
UG991211763UG,
Zero
Cpn,
11/27/24
...
1,488
102
UG991194474UG,
14.98%,
11/27/24
.....
624
626
UG991340225UG,
15%,
11/27/24
.......
1,198
158
UG991197902UG,
15.97%,
11/27/24
.....
5,026
5,040
UG991269633UG,
15.97%,
11/27/24
.....
5,283
5,298
UG991143730UG,
16.99%,
11/27/24
.....
55
55
UG991168876UG,
16.99%,
11/27/24
.....
1,029
1,027
UG991213989UG,
16.99%,
11/27/24
.....
693
694
UG991340740UG,
16.99%,
11/27/24
.....
199
199
UG991346650UG,
16.99%,
11/27/24
.....
2,940
2,934
UG991135757UG,
17.99%,
11/27/24
.....
1,700
1,701
UG991137629UG,
17.99%,
11/27/24
.....
392
393
UG991164583UG,
17.99%,
11/27/24
.....
223
224
UG991165876UG,
17.99%,
11/27/24
.....
1,305
1,292
UG991167230UG,
17.99%,
11/27/24
.....
1,143
1,145
UG991171681UG,
17.99%,
11/27/24
.....
136
136
UG991193917UG,
17.99%,
11/27/24
.....
–
–
UG991229636UG,
17.99%,
11/27/24
.....
199
199
UG991238147UG,
17.99%,
11/27/24
.....
61
61
UG991302342UG,
17.99%,
11/27/24
.....
172
171
UG991311828UG,
17.99%,
11/27/24
.....
316
315
UG991257943UG,
18.21%,
11/27/24
.....
9
9
UG991136660UG,
18.97%,
11/27/24
.....
767
767
UG991187964UG,
18.97%,
11/27/24
.....
160
160
UG991330539UG,
18.97%,
11/27/24
.....
153
153
UG991133969UG,
19.21%,
11/27/24
.....
1,127
1,121
UG991136674UG,
19.21%,
11/27/24
.....
1,152
1,156
UG991140136UG,
19.21%,
11/27/24
.....
489
490
UG991154356UG,
19.21%,
11/27/24
.....
239
240
UG991179150UG,
19.21%,
11/27/24
.....
101
101
UG991209491UG,
19.21%,
11/27/24
.....
607
47
UG991227450UG,
19.21%,
11/27/24
.....
190
190
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991238897UG,
19.21%,
11/27/24
.....
$
1,328
$
1,333
UG991349075UG,
19.21%,
11/27/24
.....
145
145
UG991133407UG,
19.8%,
11/27/24
......
237
238
UG991137424UG,
19.8%,
11/27/24
......
885
876
UG991146767UG,
19.8%,
11/27/24
......
36
36
UG991217757UG,
19.8%,
11/27/24
......
2,111
2,119
UG991217849UG,
19.8%,
11/27/24
......
268
5
UG991221997UG,
19.8%,
11/27/24
......
425
427
UG991223353UG,
19.8%,
11/27/24
......
254
255
UG991133458UG,
19.99%,
11/27/24
.....
381
393
UG991133653UG,
19.99%,
11/27/24
.....
750
764
UG991137535UG,
19.99%,
11/27/24
.....
832
857
UG991279516UG,
20.46%,
11/27/24
.....
497
496
UG991134188UG,
20.97%,
11/27/24
.....
183
184
UG991142242UG,
20.97%,
11/27/24
.....
237
200
UG991147391UG,
20.97%,
11/27/24
.....
101
101
UG991137442UG,
21.46%,
11/27/24
.....
368
369
UG991142775UG,
21.46%,
11/27/24
.....
472
474
UG991159829UG,
21.46%,
11/27/24
.....
639
639
UG991195929UG,
21.46%,
11/27/24
.....
105
103
UG991217112UG,
21.46%,
11/27/24
.....
364
366
UG991136781UG,
22.97%,
11/27/24
.....
21
2
UG991139768UG,
22.97%,
11/27/24
.....
1,741
1,742
UG991151923UG,
22.97%,
11/27/24
.....
383
385
UG991156801UG,
22.97%,
11/27/24
.....
320
319
UG991157209UG,
22.97%,
11/27/24
.....
407
407
UG991342840UG,
23.95%,
11/27/24
.....
347
346
UG991145320UG,
25.94%,
11/27/24
.....
178
179
UG991136925UG,
27.95%,
11/27/24
.....
55
56
UG991134868UG,
27.99%,
11/27/24
.....
278
285
UG991131727UG,
28.98%,
11/27/24
.....
1,491
229
UG991133623UG,
28.98%,
11/27/24
.....
483
492
UG991136113UG,
28.98%,
11/27/24
.....
610
626
UG991136794UG,
28.98%,
11/27/24
.....
148
10
UG991137401UG,
28.98%,
11/27/24
.....
1,505
1,543
UG991137681UG,
28.98%,
11/27/24
.....
343
353
UG991141680UG,
28.98%,
11/27/24
.....
1,793
1,829
UG991145237UG,
28.98%,
11/27/24
.....
162
164
UG991146278UG,
28.98%,
11/27/24
.....
–
–
UG991146536UG,
28.98%,
11/27/24
.....
1,351
1,378
UG991148645UG,
28.98%,
11/27/24
.....
75
78
UG991149767UG,
28.98%,
11/27/24
.....
134
138
UG991153018UG,
28.98%,
11/27/24
.....
114
117
UG991153254UG,
28.98%,
11/27/24
.....
189
192
UG991154494UG,
28.98%,
11/27/24
.....
186
191
UG991155413UG,
28.98%,
11/27/24
.....
666
671
UG991156338UG,
28.98%,
11/27/24
.....
14
14
UG991157851UG,
28.98%,
11/27/24
.....
185
190
UG991159411UG,
28.98%,
11/27/24
.....
25
25
UG991136166UG,
29.49%,
11/27/24
.....
623
641
UG991136247UG,
29.49%,
11/27/24
.....
227
32
UG991137126UG,
29.49%,
11/27/24
.....
531
36
UG991138272UG,
29.49%,
11/27/24
.....
654
674
UG991138662UG,
29.49%,
11/27/24
.....
51
52
UG991139221UG,
29.49%,
11/27/24
.....
1,562
1,609
UG991140050UG,
29.49%,
11/27/24
.....
121
123
UG991140086UG,
29.49%,
11/27/24
.....
336
347
UG991141537UG,
29.49%,
11/27/24
.....
565
582
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
283
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991141591UG,
29.49%,
11/27/24
.....
$
3,219
$
3,334
UG991142241UG,
29.49%,
11/27/24
.....
331
339
UG991143723UG,
29.49%,
11/27/24
.....
38
38
UG991145452UG,
29.49%,
11/27/24
.....
57
46
UG991147084UG,
29.49%,
11/27/24
.....
522
73
UG991147761UG,
29.49%,
11/27/24
.....
101
105
UG991148735UG,
29.49%,
11/27/24
.....
208
29
UG991149782UG,
29.49%,
11/27/24
.....
330
334
UG991149915UG,
29.49%,
11/27/24
.....
102
4
UG991149959UG,
29.49%,
11/27/24
.....
408
309
UG991154506UG,
29.49%,
11/27/24
.....
69
71
UG991154606UG,
29.49%,
11/27/24
.....
73
75
UG991159222UG,
29.49%,
11/27/24
.....
469
479
UG991143772UG,
Zero
Cpn,
11/28/24
...
196
13
UG991145311UG,
Zero
Cpn,
11/28/24
...
239
17
UG991147533UG,
Zero
Cpn,
11/28/24
...
653
44
UG991147547UG,
Zero
Cpn,
11/28/24
...
666
45
UG991149576UG,
Zero
Cpn,
11/28/24
...
1,805
124
UG991149638UG,
Zero
Cpn,
11/28/24
...
1,465
102
UG991162903UG,
Zero
Cpn,
11/28/24
...
24
2
UG991166937UG,
Zero
Cpn,
11/28/24
...
29
2
UG991199446UG,
Zero
Cpn,
11/28/24
...
726
49
UG991273717UG,
Zero
Cpn,
11/28/24
...
579
40
UG991148717UG,
14.98%,
11/28/24
.....
117
116
UG991194221UG,
14.98%,
11/28/24
.....
421
422
UG991164558UG,
15%,
11/28/24
.......
510
511
UG991195096UG,
15.97%,
11/28/24
.....
164
164
UG991144663UG,
16.99%,
11/28/24
.....
264
265
UG991149169UG,
16.99%,
11/28/24
.....
593
595
UG991213840UG,
16.99%,
11/28/24
.....
488
487
UG991345796UG,
16.99%,
11/28/24
.....
878
877
UG991144191UG,
17.99%,
11/28/24
.....
627
626
UG991146518UG,
17.99%,
11/28/24
.....
120
120
UG991193408UG,
17.99%,
11/28/24
.....
188
189
UG991217642UG,
17.99%,
11/28/24
.....
238
236
UG991143728UG,
18.21%,
11/28/24
.....
529
522
UG991195592UG,
18.97%,
11/28/24
.....
157
158
UG991196672UG,
18.97%,
11/28/24
.....
915
917
UG991217180UG,
18.97%,
11/28/24
.....
615
614
UG991254497UG,
18.97%,
11/28/24
.....
317
318
UG991331498UG,
18.97%,
11/28/24
.....
591
589
UG991143592UG,
19.21%,
11/28/24
.....
1,070
1,070
UG991170972UG,
19.21%,
11/28/24
.....
72
71
UG991188168UG,
19.21%,
11/28/24
.....
215
216
UG991198356UG,
19.21%,
11/28/24
.....
359
361
UG991201541UG,
19.21%,
11/28/24
.....
1,580
1,586
UG991217213UG,
19.21%,
11/28/24
.....
497
499
UG991236965UG,
19.21%,
11/28/24
.....
297
2
UG991264050UG,
19.21%,
11/28/24
.....
57
57
UG991274860UG,
19.21%,
11/28/24
.....
305
302
UG991293437UG,
19.21%,
11/28/24
.....
191
192
UG991151832UG,
19.8%,
11/28/24
......
280
281
UG991189562UG,
19.8%,
11/28/24
......
116
116
UG991190045UG,
19.8%,
11/28/24
......
14
14
UG991212968UG,
19.8%,
11/28/24
......
782
784
UG991222744UG,
19.8%,
11/28/24
......
146
147
UG991252549UG,
19.8%,
11/28/24
......
822
825
UG991258450UG,
19.8%,
11/28/24
......
248
247
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991355941UG,
19.8%,
11/28/24
......
$
957
$
955
UG991145907UG,
19.99%,
11/28/24
.....
584
578
UG991146497UG,
19.99%,
11/28/24
.....
49
49
UG991159150UG,
19.99%,
11/28/24
.....
78
80
UG991150251UG,
20.46%,
11/28/24
.....
335
334
UG991150540UG,
20.46%,
11/28/24
.....
113
113
UG991194986UG,
20.46%,
11/28/24
.....
35
35
UG991146514UG,
20.97%,
11/28/24
.....
132
131
UG991147331UG,
20.97%,
11/28/24
.....
1,205
1,203
UG991169829UG,
20.97%,
11/28/24
.....
41
42
UG991190759UG,
20.97%,
11/28/24
.....
271
272
UG991197495UG,
20.97%,
11/28/24
.....
33
33
UG991216129UG,
20.97%,
11/28/24
.....
420
54
UG991238659UG,
21.46%,
11/28/24
.....
1,825
1,835
UG991239355UG,
21.46%,
11/28/24
.....
4,561
4,513
UG991153356UG,
21.97%,
11/28/24
.....
251
252
UG991198294UG,
21.97%,
11/28/24
.....
79
79
UG991143292UG,
21.98%,
11/28/24
.....
409
407
UG991147630UG,
21.98%,
11/28/24
.....
1,242
166
UG991182716UG,
21.98%,
11/28/24
.....
437
428
UG991251155UG,
21.98%,
11/28/24
.....
947
942
UG991143207UG,
22.97%,
11/28/24
.....
148
148
UG991199081UG,
22.97%,
11/28/24
.....
42
42
UG991213837UG,
22.97%,
11/28/24
.....
39
39
UG991270842UG,
22.97%,
11/28/24
.....
309
311
UG991322514UG,
22.97%,
11/28/24
.....
1,289
1,285
UG991231769UG,
23.95%,
11/28/24
.....
4,148
(47)
UG991216089UG,
26.94%,
11/28/24
.....
1,175
1,175
UG991146472UG,
27.99%,
11/28/24
.....
644
664
UG991142742UG,
28.98%,
11/28/24
.....
63
64
UG991142817UG,
28.98%,
11/28/24
.....
475
475
UG991142924UG,
28.98%,
11/28/24
.....
115
115
UG991146261UG,
28.98%,
11/28/24
.....
153
106
UG991146586UG,
28.98%,
11/28/24
.....
25
25
UG991148315UG,
28.98%,
11/28/24
.....
1,029
1,050
UG991149432UG,
28.98%,
11/28/24
.....
1,815
(65)
UG991151631UG,
28.98%,
11/28/24
.....
96
98
UG991151837UG,
28.98%,
11/28/24
.....
5
5
UG991151890UG,
28.98%,
11/28/24
.....
16
16
UG991153791UG,
28.98%,
11/28/24
.....
377
385
UG991157101UG,
28.98%,
11/28/24
.....
639
646
UG991158343UG,
28.98%,
11/28/24
.....
1,252
1,278
UG991158370UG,
28.98%,
11/28/24
.....
244
246
UG991186304UG,
28.98%,
11/28/24
.....
238
243
UG991220671UG,
28.98%,
11/28/24
.....
431
439
UG991143196UG,
29.49%,
11/28/24
.....
240
249
UG991143321UG,
29.49%,
11/28/24
.....
217
224
UG991143629UG,
29.49%,
11/28/24
.....
24
24
UG991144020UG,
29.49%,
11/28/24
.....
1,023
1,059
UG991144250UG,
29.49%,
11/28/24
.....
177
185
UG991144685UG,
29.49%,
11/28/24
.....
760
769
UG991145177UG,
29.49%,
11/28/24
.....
115
117
UG991145498UG,
29.49%,
11/28/24
.....
498
520
UG991146041UG,
29.49%,
11/28/24
.....
312
324
UG991146846UG,
29.49%,
11/28/24
.....
23
23
UG991146864UG,
29.49%,
11/28/24
.....
110
113
UG991146991UG,
29.49%,
11/28/24
.....
76
76
UG991148558UG,
29.49%,
11/28/24
.....
187
193
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
284
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991151597UG,
29.49%,
11/28/24
.....
$
186
$
187
UG991152923UG,
29.49%,
11/28/24
.....
453
463
UG991153180UG,
29.49%,
11/28/24
.....
1,570
1,621
UG991153263UG,
29.49%,
11/28/24
.....
28
28
UG991153896UG,
29.49%,
11/28/24
.....
202
204
UG991154246UG,
29.49%,
11/28/24
.....
109
111
UG991154357UG,
29.49%,
11/28/24
.....
83
85
UG991156207UG,
29.49%,
11/28/24
.....
54
55
UG991158156UG,
29.49%,
11/28/24
.....
453
65
UG991159070UG,
29.49%,
11/28/24
.....
183
189
UG991159214UG,
29.49%,
11/28/24
.....
56
58
UG991159392UG,
29.49%,
11/28/24
.....
44
45
UG991175476UG,
29.49%,
11/28/24
.....
89
91
UG991179397UG,
29.49%,
11/28/24
.....
41
41
UG991179981UG,
29.49%,
11/28/24
.....
58
58
UG991180197UG,
29.49%,
11/28/24
.....
237
243
UG991230823UG,
29.49%,
11/28/24
.....
50
51
UG991238098UG,
29.49%,
11/28/24
.....
21
21
UG991250338UG,
29.49%,
11/28/24
.....
959
971
UG991151137UG,
Zero
Cpn,
11/29/24
...
627
42
UG991153004UG,
Zero
Cpn,
11/29/24
...
174
12
UG991153795UG,
Zero
Cpn,
11/29/24
...
764
53
UG991188757UG,
Zero
Cpn,
11/29/24
...
999
67
UG991182908UG,
15.97%,
11/29/24
.....
274
274
UG991201692UG,
16.99%,
11/29/24
.....
92
92
UG991217625UG,
16.99%,
11/29/24
.....
889
892
UG991154797UG,
17.99%,
11/29/24
.....
549
551
UG991160168UG,
17.99%,
11/29/24
.....
388
390
UG991185541UG,
17.99%,
11/29/24
.....
87
87
UG991246744UG,
17.99%,
11/29/24
.....
596
597
UG991264889UG,
17.99%,
11/29/24
.....
18
18
UG991299503UG,
17.99%,
11/29/24
.....
282
187
UG991299913UG,
17.99%,
11/29/24
.....
356
357
UG991217075UG,
18.8%,
11/29/24
......
707
701
UG991156348UG,
18.97%,
11/29/24
.....
68
68
UG991196288UG,
18.97%,
11/29/24
.....
77
77
UG991197152UG,
18.97%,
11/29/24
.....
5,825
5,825
UG991258245UG,
18.97%,
11/29/24
.....
183
183
UG991152066UG,
19.21%,
11/29/24
.....
162
162
UG991159773UG,
19.21%,
11/29/24
.....
659
662
UG991177776UG,
19.21%,
11/29/24
.....
1,159
1,163
UG991190438UG,
19.21%,
11/29/24
.....
1,465
1,471
UG991207694UG,
19.21%,
11/29/24
.....
2,383
2,344
UG991289288UG,
19.21%,
11/29/24
.....
220
219
UG991189851UG,
19.8%,
11/29/24
......
438
57
UG991217431UG,
19.8%,
11/29/24
......
120
121
UG991266355UG,
19.8%,
11/29/24
......
241
241
UG991155273UG,
19.99%,
11/29/24
.....
240
240
UG991161380UG,
19.99%,
11/29/24
.....
4,111
4,131
UG991179894UG,
19.99%,
11/29/24
.....
357
368
UG991185891UG,
19.99%,
11/29/24
.....
1,424
1,467
UG991178388UG,
20.46%,
11/29/24
.....
161
162
UG991215030UG,
20.46%,
11/29/24
.....
606
609
UG991150621UG,
20.97%,
11/29/24
.....
154
154
UG991153501UG,
20.97%,
11/29/24
.....
142
143
UG991163927UG,
20.97%,
11/29/24
.....
951
952
UG991185213UG,
20.97%,
11/29/24
.....
98
13
UG991187935UG,
20.97%,
11/29/24
.....
79
79
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991199463UG,
20.97%,
11/29/24
.....
$
56
$
56
UG991231794UG,
20.97%,
11/29/24
.....
1,740
1,744
UG991159540UG,
21.46%,
11/29/24
.....
156
127
UG991166957UG,
21.46%,
11/29/24
.....
823
822
UG991168708UG,
21.46%,
11/29/24
.....
1,283
88
UG991190207UG,
21.46%,
11/29/24
.....
1,334
92
UG991198258UG,
21.46%,
11/29/24
.....
560
559
UG991246596UG,
21.46%,
11/29/24
.....
227
30
UG991276814UG,
21.46%,
11/29/24
.....
147
147
UG991171708UG,
21.98%,
11/29/24
.....
281
37
UG991210617UG,
21.98%,
11/29/24
.....
55
55
UG991230066UG,
21.98%,
11/29/24
.....
107
107
UG991151698UG,
22.97%,
11/29/24
.....
818
823
UG991178511UG,
22.97%,
11/29/24
.....
205
206
UG991260944UG,
22.97%,
11/29/24
.....
43
43
UG991152627UG,
23.95%,
11/29/24
.....
307
309
UG991270857UG,
25.95%,
11/29/24
.....
366
356
UG991152322UG,
26.94%,
11/29/24
.....
1,047
1,049
UG991162953UG,
26.94%,
11/29/24
.....
158
158
UG991216328UG,
26.94%,
11/29/24
.....
210
211
UG991225936UG,
26.94%,
11/29/24
.....
311
69
UG991149684UG,
28.98%,
11/29/24
.....
102
104
UG991149810UG,
28.98%,
11/29/24
.....
127
131
UG991149912UG,
28.98%,
11/29/24
.....
239
35
UG991149945UG,
28.98%,
11/29/24
.....
921
948
UG991149988UG,
28.98%,
11/29/24
.....
351
362
UG991151094UG,
28.98%,
11/29/24
.....
238
242
UG991151364UG,
28.98%,
11/29/24
.....
333
342
UG991151477UG,
28.98%,
11/29/24
.....
242
250
UG991151728UG,
28.98%,
11/29/24
.....
147
20
UG991152201UG,
28.98%,
11/29/24
.....
503
507
UG991152254UG,
28.98%,
11/29/24
.....
16
16
UG991152419UG,
28.98%,
11/29/24
.....
22
22
UG991152664UG,
28.98%,
11/29/24
.....
149
152
UG991152924UG,
28.98%,
11/29/24
.....
34
35
UG991155365UG,
28.98%,
11/29/24
.....
119
122
UG991157592UG,
28.98%,
11/29/24
.....
153
156
UG991157704UG,
28.98%,
11/29/24
.....
550
562
UG991157882UG,
28.98%,
11/29/24
.....
69
71
UG991158118UG,
28.98%,
11/29/24
.....
147
151
UG991158495UG,
28.98%,
11/29/24
.....
254
253
UG991158651UG,
28.98%,
11/29/24
.....
153
154
UG991162272UG,
28.98%,
11/29/24
.....
609
624
UG991163577UG,
28.98%,
11/29/24
.....
830
185
UG991165881UG,
28.98%,
11/29/24
.....
278
286
UG991202283UG,
28.98%,
11/29/24
.....
252
259
UG991203049UG,
28.98%,
11/29/24
.....
713
729
UG991209578UG,
28.98%,
11/29/24
.....
186
192
UG991241558UG,
28.98%,
11/29/24
.....
278
286
UG991249093UG,
28.98%,
11/29/24
.....
1,057
1,058
UG991280493UG,
28.98%,
11/29/24
.....
136
141
UG991352702UG,
28.98%,
11/29/24
.....
66
66
UG991155116UG,
29.46%,
11/29/24
.....
1,885
1,947
UG991149634UG,
29.49%,
11/29/24
.....
157
162
UG991149899UG,
29.49%,
11/29/24
.....
37
38
UG991150696UG,
29.49%,
11/29/24
.....
97
97
UG991151079UG,
29.49%,
11/29/24
.....
107
109
UG991151085UG,
29.49%,
11/29/24
.....
469
484
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
285
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991151981UG,
29.49%,
11/29/24
.....
$
147
$
151
UG991153994UG,
29.49%,
11/29/24
.....
736
759
UG991154879UG,
29.49%,
11/29/24
.....
840
863
UG991155137UG,
29.49%,
11/29/24
.....
100
104
UG991157887UG,
29.49%,
11/29/24
.....
99
102
UG991158334UG,
29.49%,
11/29/24
.....
389
399
UG991159374UG,
29.49%,
11/29/24
.....
133
(4)
UG991159782UG,
29.49%,
11/29/24
.....
234
242
UG991161450UG,
29.49%,
11/29/24
.....
352
48
UG991164378UG,
29.49%,
11/29/24
.....
283
292
UG991171550UG,
29.49%,
11/29/24
.....
596
605
UG991171572UG,
29.49%,
11/29/24
.....
79
80
UG991178434UG,
29.49%,
11/29/24
.....
68
70
UG991178591UG,
29.49%,
11/29/24
.....
166
171
UG991178887UG,
29.49%,
11/29/24
.....
231
238
UG991221367UG,
29.49%,
11/29/24
.....
299
302
UG991241808UG,
29.49%,
11/29/24
.....
362
363
UG991310187UG,
29.49%,
11/29/24
.....
941
129
UG991350865UG,
29.49%,
11/29/24
.....
61
62
UG991352691UG,
29.49%,
11/29/24
.....
98
100
UG991174157UG,
Zero
Cpn,
11/30/24
...
109
8
UG991189744UG,
Zero
Cpn,
11/30/24
...
94
6
UG991190990UG,
Zero
Cpn,
11/30/24
...
224
15
UG991200627UG,
Zero
Cpn,
11/30/24
...
328
23
UG991212998UG,
Zero
Cpn,
11/30/24
...
771
52
UG991234377UG,
Zero
Cpn,
11/30/24
...
38
3
UG991251496UG,
Zero
Cpn,
11/30/24
...
63
4
UG991267189UG,
Zero
Cpn,
11/30/24
...
324
22
UG991268242UG,
Zero
Cpn,
11/30/24
...
827
56
UG991376913UG,
Zero
Cpn,
11/30/24
...
55
4
UG991167597UG,
19.21%,
11/30/24
.....
158
158
UG991377384UG,
19.21%,
11/30/24
.....
174
177
UG991160154UG,
19.8%,
11/30/24
......
164
164
UG991157062UG,
19.99%,
11/30/24
.....
741
759
UG991157632UG,
19.99%,
11/30/24
.....
1,257
166
UG991158131UG,
19.99%,
11/30/24
.....
490
499
UG991158195UG,
19.99%,
11/30/24
.....
31
32
UG991162077UG,
19.99%,
11/30/24
.....
390
403
UG991178486UG,
19.99%,
11/30/24
.....
159
112
UG991198832UG,
19.99%,
11/30/24
.....
126
129
UG991210693UG,
19.99%,
11/30/24
.....
311
320
UG991220098UG,
19.99%,
11/30/24
.....
94
95
UG991222899UG,
19.99%,
11/30/24
.....
78
81
UG991237106UG,
19.99%,
11/30/24
.....
398
407
UG991238133UG,
19.99%,
11/30/24
.....
287
284
UG991239767UG,
19.99%,
11/30/24
.....
282
286
UG991277017UG,
19.99%,
11/30/24
.....
314
324
UG991302771UG,
19.99%,
11/30/24
.....
362
248
UG991303347UG,
19.99%,
11/30/24
.....
12
12
UG991157471UG,
20.97%,
11/30/24
.....
680
684
UG991266991UG,
20.97%,
11/30/24
.....
1,100
1,097
UG991273272UG,
20.97%,
11/30/24
.....
775
777
UG991178246UG,
21.46%,
11/30/24
.....
4,410
4,398
UG991198945UG,
21.46%,
11/30/24
.....
99
13
UG991222901UG,
21.46%,
11/30/24
.....
503
505
UG991155680UG,
21.98%,
11/30/24
.....
85
86
UG991212859UG,
21.98%,
11/30/24
.....
849
706
UG991227321UG,
21.98%,
11/30/24
.....
57
57
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991214909UG,
22.97%,
11/30/24
.....
$
824
$
812
UG991294116UG,
22.97%,
11/30/24
.....
174
170
UG991274402UG,
24.95%,
11/30/24
.....
42
41
UG991245914UG,
25.95%,
11/30/24
.....
20
20
UG991179425UG,
26.94%,
11/30/24
.....
784
782
UG991157436UG,
27.99%,
11/30/24
.....
305
314
UG991170707UG,
27.99%,
11/30/24
.....
1,521
212
UG991184856UG,
27.99%,
11/30/24
.....
174
179
UG991246597UG,
27.99%,
11/30/24
.....
292
41
UG991282826UG,
27.99%,
11/30/24
.....
16
16
UG991310873UG,
27.99%,
11/30/24
.....
231
237
UG991156770UG,
28.98%,
11/30/24
.....
211
218
UG991157684UG,
28.98%,
11/30/24
.....
1,171
89
UG991158904UG,
28.98%,
11/30/24
.....
3
3
UG991159902UG,
28.98%,
11/30/24
.....
247
255
UG991161179UG,
28.98%,
11/30/24
.....
1,063
1,051
UG991161240UG,
28.98%,
11/30/24
.....
956
960
UG991162025UG,
28.98%,
11/30/24
.....
41
41
UG991162173UG,
28.98%,
11/30/24
.....
5
5
UG991162342UG,
28.98%,
11/30/24
.....
609
629
UG991163899UG,
28.98%,
11/30/24
.....
71
72
UG991164704UG,
28.98%,
11/30/24
.....
36
37
UG991164810UG,
28.98%,
11/30/24
.....
81
82
UG991165694UG,
28.98%,
11/30/24
.....
612
632
UG991165829UG,
28.98%,
11/30/24
.....
1,847
1,870
UG991168731UG,
28.98%,
11/30/24
.....
483
68
UG991170960UG,
28.98%,
11/30/24
.....
138
136
UG991174311UG,
28.98%,
11/30/24
.....
225
232
UG991174605UG,
28.98%,
11/30/24
.....
971
1,001
UG991178342UG,
28.98%,
11/30/24
.....
343
245
UG991180572UG,
28.98%,
11/30/24
.....
270
278
UG991181728UG,
28.98%,
11/30/24
.....
239
243
UG991182068UG,
28.98%,
11/30/24
.....
7
7
UG991182116UG,
28.98%,
11/30/24
.....
366
376
UG991184808UG,
28.98%,
11/30/24
.....
250
258
UG991185437UG,
28.98%,
11/30/24
.....
157
159
UG991186519UG,
28.98%,
11/30/24
.....
184
190
UG991188630UG,
28.98%,
11/30/24
.....
15
15
UG991190495UG,
28.98%,
11/30/24
.....
415
419
UG991193180UG,
28.98%,
11/30/24
.....
40
41
UG991194174UG,
28.98%,
11/30/24
.....
242
249
UG991204352UG,
28.98%,
11/30/24
.....
28
28
UG991205011UG,
28.98%,
11/30/24
.....
9
9
UG991209031UG,
28.98%,
11/30/24
.....
32
28
UG991223413UG,
28.98%,
11/30/24
.....
128
18
UG991226444UG,
28.98%,
11/30/24
.....
113
114
UG991232621UG,
28.98%,
11/30/24
.....
655
675
UG991247306UG,
28.98%,
11/30/24
.....
2,065
2,030
UG991251001UG,
28.98%,
11/30/24
.....
725
737
UG991253679UG,
28.98%,
11/30/24
.....
222
225
UG991253813UG,
28.98%,
11/30/24
.....
70
72
UG991255130UG,
28.98%,
11/30/24
.....
240
238
UG991260489UG,
28.98%,
11/30/24
.....
71
71
UG991263077UG,
28.98%,
11/30/24
.....
353
364
UG991274807UG,
28.98%,
11/30/24
.....
14
15
UG991290395UG,
28.98%,
11/30/24
.....
27
27
UG991299968UG,
28.98%,
11/30/24
.....
172
174
UG991301389UG,
28.98%,
11/30/24
.....
313
319
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
286
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991311760UG,
28.98%,
11/30/24
.....
$
687
$
703
UG991312114UG,
28.98%,
11/30/24
.....
401
409
UG991322375UG,
28.98%,
11/30/24
.....
742
447
UG991323243UG,
28.98%,
11/30/24
.....
750
521
UG991325045UG,
28.98%,
11/30/24
.....
92
94
UG991353871UG,
28.98%,
11/30/24
.....
93
98
UG991354445UG,
28.98%,
11/30/24
.....
292
301
UG991372018UG,
28.98%,
11/30/24
.....
217
227
UG991378438UG,
28.98%,
11/30/24
.....
198
200
UG991283230UG,
29.48%,
11/30/24
.....
168
173
UG991155380UG,
29.49%,
11/30/24
.....
31
31
UG991155673UG,
29.49%,
11/30/24
.....
533
552
UG991155729UG,
29.49%,
11/30/24
.....
185
187
UG991155966UG,
29.49%,
11/30/24
.....
543
561
UG991156148UG,
29.49%,
11/30/24
.....
518
535
UG991156343UG,
29.49%,
11/30/24
.....
439
445
UG991156625UG,
29.49%,
11/30/24
.....
409
426
UG991156672UG,
29.49%,
11/30/24
.....
314
45
UG991158265UG,
29.49%,
11/30/24
.....
119
123
UG991158386UG,
29.49%,
11/30/24
.....
775
788
UG991158407UG,
29.49%,
11/30/24
.....
133
137
UG991158421UG,
29.49%,
11/30/24
.....
500
511
UG991158842UG,
29.49%,
11/30/24
.....
247
256
UG991158862UG,
29.49%,
11/30/24
.....
251
260
UG991158874UG,
29.49%,
11/30/24
.....
240
241
UG991159301UG,
29.49%,
11/30/24
.....
89
13
UG991159823UG,
29.49%,
11/30/24
.....
257
258
UG991160218UG,
29.49%,
11/30/24
.....
56
56
UG991160324UG,
29.49%,
11/30/24
.....
674
692
UG991161270UG,
29.49%,
11/30/24
.....
598
587
UG991162412UG,
29.49%,
11/30/24
.....
45
46
UG991164670UG,
29.49%,
11/30/24
.....
101
101
UG991165371UG,
29.49%,
11/30/24
.....
34
35
UG991167245UG,
29.49%,
11/30/24
.....
361
50
UG991168245UG,
29.49%,
11/30/24
.....
231
239
UG991169195UG,
29.49%,
11/30/24
.....
795
826
UG991170244UG,
29.49%,
11/30/24
.....
224
234
UG991170572UG,
29.49%,
11/30/24
.....
179
183
UG991172465UG,
29.49%,
11/30/24
.....
709
733
UG991172522UG,
29.49%,
11/30/24
.....
83
84
UG991173687UG,
29.49%,
11/30/24
.....
47
47
UG991182361UG,
29.49%,
11/30/24
.....
126
131
UG991183630UG,
29.49%,
11/30/24
.....
735
744
UG991183810UG,
29.49%,
11/30/24
.....
57
9
UG991184149UG,
29.49%,
11/30/24
.....
632
651
UG991185246UG,
29.49%,
11/30/24
.....
358
371
UG991186053UG,
29.49%,
11/30/24
.....
78
81
UG991192752UG,
29.49%,
11/30/24
.....
162
167
UG991192788UG,
29.49%,
11/30/24
.....
37
37
UG991193473UG,
29.49%,
11/30/24
.....
160
167
UG991194009UG,
29.49%,
11/30/24
.....
87
88
UG991195243UG,
29.49%,
11/30/24
.....
3,354
3,482
UG991198311UG,
29.49%,
11/30/24
.....
186
193
UG991198791UG,
29.49%,
11/30/24
.....
344
55
UG991200667UG,
29.49%,
11/30/24
.....
555
414
UG991201454UG,
29.49%,
11/30/24
.....
180
186
UG991205442UG,
29.49%,
11/30/24
.....
1,115
1,111
UG991206111UG,
29.49%,
11/30/24
.....
124
128
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991208980UG,
29.49%,
11/30/24
.....
$
662
$
435
UG991209146UG,
29.49%,
11/30/24
.....
62
63
UG991215049UG,
29.49%,
11/30/24
.....
137
139
UG991218514UG,
29.49%,
11/30/24
.....
52
54
UG991218861UG,
29.49%,
11/30/24
.....
94
69
UG991219200UG,
29.49%,
11/30/24
.....
103
107
UG991220330UG,
29.49%,
11/30/24
.....
218
218
UG991221281UG,
29.49%,
11/30/24
.....
168
170
UG991234356UG,
29.49%,
11/30/24
.....
144
150
UG991234501UG,
29.49%,
11/30/24
.....
486
341
UG991235449UG,
29.49%,
11/30/24
.....
348
343
UG991237242UG,
29.49%,
11/30/24
.....
97
100
UG991242367UG,
29.49%,
11/30/24
.....
92
96
UG991245580UG,
29.49%,
11/30/24
.....
54
55
UG991246778UG,
29.49%,
11/30/24
.....
675
50
UG991249635UG,
29.49%,
11/30/24
.....
195
202
UG991252166UG,
29.49%,
11/30/24
.....
489
497
UG991258407UG,
29.49%,
11/30/24
.....
200
147
UG991262641UG,
29.49%,
11/30/24
.....
427
436
UG991273969UG,
29.49%,
11/30/24
.....
411
424
UG991277711UG,
29.49%,
11/30/24
.....
182
185
UG991278091UG,
29.49%,
11/30/24
.....
241
35
UG991282168UG,
29.49%,
11/30/24
.....
113
16
UG991282393UG,
29.49%,
11/30/24
.....
33
33
UG991282718UG,
29.49%,
11/30/24
.....
83
87
UG991295815UG,
29.49%,
11/30/24
.....
181
188
UG991295869UG,
29.49%,
11/30/24
.....
1,636
1,673
UG991302156UG,
29.49%,
11/30/24
.....
251
261
UG991311530UG,
29.49%,
11/30/24
.....
40
41
UG991319229UG,
29.49%,
11/30/24
.....
1,122
1,154
UG991321305UG,
29.49%,
11/30/24
.....
234
237
UG991323937UG,
29.49%,
11/30/24
.....
86
62
UG991326057UG,
29.49%,
11/30/24
.....
121
80
UG991354554UG,
29.49%,
11/30/24
.....
111
112
UG991360797UG,
29.49%,
11/30/24
.....
208
216
UG991368424UG,
29.49%,
11/30/24
.....
194
197
UG991161283UG,
Zero
Cpn,
12/01/24
...
334
22
UG991162362UG,
Zero
Cpn,
12/01/24
...
641
44
UG991165357UG,
Zero
Cpn,
12/01/24
...
46
3
UG991180336UG,
Zero
Cpn,
12/01/24
...
1,176
79
UG991182729UG,
Zero
Cpn,
12/01/24
...
115
8
UG991252529UG,
Zero
Cpn,
12/01/24
...
911
62
UG991256813UG,
Zero
Cpn,
12/01/24
...
173
12
UG991359251UG,
Zero
Cpn,
12/01/24
...
856
58
UG991169328UG,
19.21%,
12/01/24
.....
1,262
1,258
UG991247450UG,
19.21%,
12/01/24
....
731
(7)
UG991169863UG,
19.8%,
12/01/24
......
823
820
UG991178992UG,
19.99%,
12/01/24
.....
1,593
1,625
UG991190064UG,
19.99%,
12/01/24
.....
654
667
UG991194398UG,
19.99%,
12/01/24
.....
984
1,004
UG991207998UG,
19.99%,
12/01/24
....
509
514
UG991233773UG,
19.99%,
12/01/24
....
264
267
UG991235853UG,
19.99%,
12/01/24
....
75
75
UG991239748UG,
19.99%,
12/01/24
....
1,737
1,766
UG991248019UG,
19.99%,
12/01/24
....
879
896
UG991262568UG,
19.99%,
12/01/24
....
86
87
UG991324541UG,
19.99%,
12/01/24
....
200
202
UG991334704UG,
19.99%,
12/01/24
....
59
59
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
287
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991354074UG,
19.99%,
12/01/24
....
$
605
$
75
UG991359215UG,
19.99%,
12/01/24
....
109
110
UG991231427UG,
20.46%,
12/01/24
....
365
364
UG991225649UG,
20.97%,
12/01/24
....
5,976
5,951
UG991383601UG,
20.97%,
12/01/24
....
238
159
UG991163809UG,
21.46%,
12/01/24
.....
6,808
1,550
UG991167443UG,
21.46%,
12/01/24
.....
2,162
2,138
UG991167927UG,
21.46%,
12/01/24
.....
316
314
UG991179044UG,
21.46%,
12/01/24
.....
599
596
UG991162968UG,
21.98%,
12/01/24
.....
210
209
UG991211732UG,
21.98%,
12/01/24
.....
34
34
UG991165518UG,
23.95%,
12/01/24
.....
267
265
UG991164092UG,
25.95%,
12/01/24
.....
253
250
UG991164749UG,
27.99%,
12/01/24
.....
319
326
UG991178777UG,
27.99%,
12/01/24
.....
104
6
UG991186705UG,
27.99%,
12/01/24
.....
137
8
UG991161423UG,
28.98%,
12/01/24
.....
892
118
UG991161755UG,
28.98%,
12/01/24
.....
530
63
UG991162271UG,
28.98%,
12/01/24
.....
178
181
UG991162320UG,
28.98%,
12/01/24
.....
161
164
UG991162330UG,
28.98%,
12/01/24
.....
620
624
UG991162450UG,
28.98%,
12/01/24
.....
306
312
UG991163027UG,
28.98%,
12/01/24
.....
344
342
UG991164071UG,
28.98%,
12/01/24
.....
1
1
UG991164249UG,
28.98%,
12/01/24
.....
37
37
UG991164332UG,
28.98%,
12/01/24
.....
75
75
UG991165573UG,
28.98%,
12/01/24
.....
152
152
UG991165874UG,
28.98%,
12/01/24
.....
135
93
UG991165954UG,
28.98%,
12/01/24
.....
217
221
UG991170068UG,
28.98%,
12/01/24
.....
1,708
202
UG991170216UG,
28.98%,
12/01/24
.....
78
(4)
UG991174550UG,
28.98%,
12/01/24
.....
155
158
UG991176007UG,
28.98%,
12/01/24
.....
201
199
UG991179835UG,
28.98%,
12/01/24
.....
467
467
UG991181086UG,
28.98%,
12/01/24
.....
102
104
UG991182500UG,
28.98%,
12/01/24
.....
1,068
1,060
UG991182789UG,
28.98%,
12/01/24
.....
659
667
UG991185047UG,
28.98%,
12/01/24
.....
34
34
UG991188463UG,
28.98%,
12/01/24
.....
89
12
UG991189706UG,
28.98%,
12/01/24
.....
251
256
UG991190247UG,
28.98%,
12/01/24
.....
744
758
UG991190745UG,
28.98%,
12/01/24
.....
90
91
UG991196333UG,
28.98%,
12/01/24
.....
183
186
UG991200338UG,
28.98%,
12/01/24
....
246
250
UG991201982UG,
28.98%,
12/01/24
....
70
69
UG991202722UG,
28.98%,
12/01/24
....
745
738
UG991203281UG,
28.98%,
12/01/24
....
399
394
UG991208622UG,
28.98%,
12/01/24
....
12
12
UG991210769UG,
28.98%,
12/01/24
....
218
223
UG991213420UG,
28.98%,
12/01/24
....
575
580
UG991217237UG,
28.98%,
12/01/24
....
99
101
UG991219825UG,
28.98%,
12/01/24
....
57
58
UG991226847UG,
28.98%,
12/01/24
....
664
668
UG991228529UG,
28.98%,
12/01/24
....
239
28
UG991229899UG,
28.98%,
12/01/24
....
104
106
UG991230359UG,
28.98%,
12/01/24
....
43
42
UG991230587UG,
28.98%,
12/01/24
....
218
222
UG991231739UG,
28.98%,
12/01/24
....
149
102
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991236126UG,
28.98%,
12/01/24
....
$
75
$
75
UG991236470UG,
28.98%,
12/01/24
....
59
4
UG991244164UG,
28.98%,
12/01/24
....
171
1
UG991250633UG,
28.98%,
12/01/24
....
39
39
UG991251429UG,
28.98%,
12/01/24
....
254
259
UG991267046UG,
28.98%,
12/01/24
....
116
116
UG991267527UG,
28.98%,
12/01/24
....
671
679
UG991273718UG,
28.98%,
12/01/24
....
90
92
UG991275061UG,
28.98%,
12/01/24
....
92
6
UG991278856UG,
28.98%,
12/01/24
....
435
442
UG991285727UG,
28.98%,
12/01/24
....
429
434
UG991305273UG,
28.98%,
12/01/24
....
238
242
UG991322131UG,
28.98%,
12/01/24
....
102
103
UG991322463UG,
28.98%,
12/01/24
....
671
668
UG991323706UG,
28.98%,
12/01/24
....
413
291
UG991325531UG,
28.98%,
12/01/24
....
845
853
UG991328743UG,
28.98%,
12/01/24
....
978
988
UG991332964UG,
28.98%,
12/01/24
....
427
431
UG991338177UG,
28.98%,
12/01/24
....
383
387
UG991343569UG,
28.98%,
12/01/24
....
37
37
UG991352854UG,
28.98%,
12/01/24
....
64
65
UG991358666UG,
28.98%,
12/01/24
....
655
658
UG991366359UG,
28.98%,
12/01/24
....
85
12
UG991367704UG,
28.98%,
12/01/24
....
250
250
UG991368632UG,
28.98%,
12/01/24
....
109
110
UG991372098UG,
28.98%,
12/01/24
....
64
64
UG991378052UG,
28.98%,
12/01/24
....
101
104
UG991161940UG,
29.46%,
12/01/24
.....
567
578
UG991161239UG,
29.49%,
12/01/24
.....
149
18
UG991161962UG,
29.49%,
12/01/24
.....
55
4
UG991163350UG,
29.49%,
12/01/24
.....
293
301
UG991163554UG,
29.49%,
12/01/24
.....
168
168
UG991165411UG,
29.49%,
12/01/24
.....
274
280
UG991165471UG,
29.49%,
12/01/24
.....
38
38
UG991166278UG,
29.49%,
12/01/24
.....
83
85
UG991166742UG,
29.49%,
12/01/24
.....
193
194
UG991168466UG,
29.49%,
12/01/24
.....
569
577
UG991169716UG,
29.49%,
12/01/24
.....
100
103
UG991170942UG,
29.49%,
12/01/24
.....
293
292
UG991171218UG,
29.49%,
12/01/24
.....
1,199
1,223
UG991171281UG,
29.49%,
12/01/24
.....
52
53
UG991172237UG,
29.49%,
12/01/24
.....
62
63
UG991172597UG,
29.49%,
12/01/24
.....
1,759
1,757
UG991173870UG,
29.49%,
12/01/24
.....
23
23
UG991174137UG,
29.49%,
12/01/24
.....
302
309
UG991174516UG,
29.49%,
12/01/24
.....
438
449
UG991177654UG,
29.49%,
12/01/24
.....
136
115
UG991177853UG,
29.49%,
12/01/24
.....
779
795
UG991178641UG,
29.49%,
12/01/24
.....
72
73
UG991178859UG,
29.49%,
12/01/24
.....
85
86
UG991180960UG,
29.49%,
12/01/24
.....
293
66
UG991184518UG,
29.49%,
12/01/24
.....
1,871
1,918
UG991186231UG,
29.49%,
12/01/24
.....
146
150
UG991186676UG,
29.49%,
12/01/24
.....
648
657
UG991187762UG,
29.49%,
12/01/24
.....
86
87
UG991188136UG,
29.49%,
12/01/24
.....
224
228
UG991190236UG,
29.49%,
12/01/24
.....
90
92
UG991192314UG,
29.49%,
12/01/24
.....
959
982
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
288
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991192840UG,
29.49%,
12/01/24
.....
$
179
$
39
UG991194652UG,
29.49%,
12/01/24
.....
17
17
UG991195713UG,
29.49%,
12/01/24
.....
81
83
UG991195836UG,
29.49%,
12/01/24
.....
141
143
UG991196169UG,
29.49%,
12/01/24
.....
135
133
UG991220031UG,
29.49%,
12/01/24
....
950
969
UG991228302UG,
29.49%,
12/01/24
....
216
52
UG991230298UG,
29.49%,
12/01/24
....
–
–
UG991232611UG,
29.49%,
12/01/24
.....
47
47
UG991233016UG,
29.49%,
12/01/24
....
225
230
UG991241447UG,
29.49%,
12/01/24
....
197
201
UG991243097UG,
29.49%,
12/01/24
....
155
22
UG991243560UG,
29.49%,
12/01/24
....
49
48
UG991246447UG,
29.49%,
12/01/24
....
417
102
UG991247481UG,
29.49%,
12/01/24
....
511
507
UG991251845UG,
29.49%,
12/01/24
....
26
26
UG991252877UG,
29.49%,
12/01/24
....
51
52
UG991253430UG,
29.49%,
12/01/24
....
96
36
UG991256494UG,
29.49%,
12/01/24
....
825
835
UG991258121UG,
29.49%,
12/01/24
....
1,373
1,401
UG991262312UG,
29.49%,
12/01/24
....
144
142
UG991267008UG,
29.49%,
12/01/24
....
255
261
UG991268119UG,
29.49%,
12/01/24
.....
205
27
UG991279786UG,
29.49%,
12/01/24
....
68
68
UG991283740UG,
29.49%,
12/01/24
....
86
87
UG991290418UG,
29.49%,
12/01/24
....
222
228
UG991290834UG,
29.49%,
12/01/24
....
275
277
UG991299824UG,
29.49%,
12/01/24
....
417
101
UG991314063UG,
29.49%,
12/01/24
....
119
120
UG991316347UG,
29.49%,
12/01/24
....
89
6
UG991317052UG,
29.49%,
12/01/24
....
90
20
UG991320615UG,
29.49%,
12/01/24
....
51
51
UG991323578UG,
29.49%,
12/01/24
....
330
333
UG991330889UG,
29.49%,
12/01/24
....
14
13
UG991341808UG,
29.49%,
12/01/24
....
263
266
UG991344916UG,
29.49%,
12/01/24
....
40
6
UG991345338UG,
29.49%,
12/01/24
....
104
104
UG991359488UG,
29.49%,
12/01/24
....
113
1
UG991383117UG,
29.49%,
12/01/24
.....
241
176
UG991383396UG,
29.49%,
12/01/24
....
131
135
UG991362022UG,
Zero
Cpn,
12/02/24
...
100
7
UG991364256UG,
Zero
Cpn,
12/02/24
...
57
4
UG991369363UG,
Zero
Cpn,
12/02/24
...
78
6
UG991375433UG,
Zero
Cpn,
12/02/24
...
73
5
UG991381375UG,
Zero
Cpn,
12/02/24
...
263
18
UG991337481UG,
18.97%,
12/02/24
....
497
502
UG991358489UG,
19.99%,
12/02/24
....
398
59
UG991364689UG,
19.99%,
12/02/24
....
106
109
UG991326262UG,
28.98%,
12/02/24
....
100
104
UG991330023UG,
28.98%,
12/02/24
....
131
137
UG991333179UG,
28.98%,
12/02/24
....
14
14
UG991338460UG,
28.98%,
12/02/24
....
50
51
UG991347910UG,
28.98%,
12/02/24
....
186
192
UG991356309UG,
28.98%,
12/02/24
....
168
172
UG991358801UG,
28.98%,
12/02/24
....
622
640
UG991364192UG,
28.98%,
12/02/24
....
131
135
UG991377393UG,
28.98%,
12/02/24
....
49
50
UG991339850UG,
29.49%,
12/02/24
....
306
46
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991340524UG,
29.49%,
12/02/24
....
$
174
$
181
UG991348609UG,
29.49%,
12/02/24
....
82
85
UG991348696UG,
29.49%,
12/02/24
....
91
94
UG991353863UG,
29.49%,
12/02/24
....
82
19
UG991354003UG,
29.49%,
12/02/24
....
85
88
UG991359351UG,
29.49%,
12/02/24
....
46
46
UG991359987UG,
29.49%,
12/02/24
....
–
–
UG991361643UG,
29.49%,
12/02/24
....
60
62
UG991369349UG,
29.49%,
12/02/24
....
54
53
UG991370712UG,
29.49%,
12/02/24
....
120
124
UG991373345UG,
29.49%,
12/02/24
....
95
98
UG991383439UG,
29.49%,
12/02/24
....
167
173
UG991191338UG,
19.8%,
12/05/24
......
85
84
UG991187412UG,
19.99%,
12/05/24
.....
356
363
UG991195736UG,
27.99%,
12/05/24
.....
171
175
UG991186409UG,
29.49%,
12/05/24
.....
3,665
3,736
UG991190483UG,
29.49%,
12/05/24
.....
103
105
UG991200707UG,
29.49%,
12/05/24
....
113
113
UG991192927UG,
Zero
Cpn,
12/06/24
...
3,345
233
UG991199523UG,
Zero
Cpn,
12/06/24
...
748
53
UG991202209UG,
Zero
Cpn,
12/06/24
...
714
49
UG991219806UG,
Zero
Cpn,
12/06/24
...
1,563
108
UG991312754UG,
Zero
Cpn,
12/06/24
...
80
6
UG991191497UG,
14.98%,
12/06/24
.....
343
344
UG991201575UG,
15%,
12/06/24
.......
633
636
UG991342949UG,
15%,
12/06/24
.......
219
222
UG991193410UG,
15.97%,
12/06/24
.....
65
17
UG991214247UG,
15.97%,
12/06/24
....
117
120
UG991190915UG,
16.99%,
12/06/24
.....
216
46
UG991191303UG,
16.99%,
12/06/24
.....
1,909
1,947
UG991194549UG,
16.99%,
12/06/24
.....
51
50
UG991203416UG,
16.99%,
12/06/24
....
817
57
UG991234426UG,
16.99%,
12/06/24
....
770
3
UG991429687UG,
16.99%,
12/06/24
....
28
29
UG991191183UG,
17.97%,
12/06/24
.....
5,740
3,680
UG991258598UG,
19.99%,
12/06/24
....
74
61
UG991200958UG,
20.46%,
12/06/24
....
275
273
UG991419325UG,
27.99%,
12/06/24
....
270
280
UG991201139UG,
28.98%,
12/06/24
.....
215
217
UG991202979UG,
28.98%,
12/06/24
....
170
172
UG991347246UG,
28.98%,
12/06/24
....
506
509
UG991378952UG,
28.98%,
12/06/24
....
155
160
UG991201759UG,
29.46%,
12/06/24
....
542
551
UG991198608UG,
29.47%,
12/06/24
.....
135
136
UG991190969UG,
29.49%,
12/06/24
.....
109
109
UG991206829UG,
29.49%,
12/06/24
....
167
169
UG991223558UG,
29.49%,
12/06/24
....
88
93
UG991279279UG,
29.49%,
12/06/24
....
49
49
UG991354049UG,
29.49%,
12/06/24
....
161
167
UG991377107UG,
29.49%,
12/06/24
....
37
38
UG991409885UG,
29.49%,
12/06/24
....
107
111
UG991199711UG,
Zero
Cpn,
12/07/24
...
195
13
UG991199718UG,
Zero
Cpn,
12/07/24
...
118
8
UG991205792UG,
Zero
Cpn,
12/07/24
...
370
25
UG991204789UG,
15.97%,
12/07/24
....
777
783
UG991410854UG,
15.97%,
12/07/24
....
691
688
UG991199058UG,
16.99%,
12/07/24
.....
126
128
UG991205035UG,
16.99%,
12/07/24
....
1,748
1,783
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
289
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991202225UG,
19.8%,
12/07/24
.....
$
504
$
500
UG991202795UG,
19.8%,
12/07/24
.....
924
915
UG991199481UG,
19.99%,
12/07/24
.....
51
52
UG991313472UG,
19.99%,
12/07/24
....
360
368
UG991200682UG,
21.98%,
12/07/24
....
173
(3)
UG991284608UG,
21.98%,
12/07/24
....
590
589
UG991198026UG,
28.98%,
12/07/24
.....
22
22
UG991198602UG,
28.98%,
12/07/24
.....
984
228
UG991200331UG,
28.98%,
12/07/24
....
197
194
UG991203276UG,
28.98%,
12/07/24
....
107
110
UG991218043UG,
28.98%,
12/07/24
....
1,630
1,704
UG991221020UG,
28.98%,
12/07/24
....
106
108
UG991397187UG,
28.98%,
12/07/24
....
255
59
UG991433855UG,
28.98%,
12/07/24
....
204
207
UG991200072UG,
29.49%,
12/07/24
....
341
345
UG991201830UG,
29.49%,
12/07/24
....
79
11
UG991204182UG,
29.49%,
12/07/24
....
1,185
1,238
UG991205183UG,
29.49%,
12/07/24
....
483
30
UG991206725UG,
29.49%,
12/07/24
....
525
537
UG991222972UG,
29.49%,
12/07/24
....
303
311
UG991244474UG,
29.49%,
12/07/24
....
7
7
UG991252149UG,
29.49%,
12/07/24
....
83
64
UG991403269UG,
29.49%,
12/07/24
....
415
421
UG991405592UG,
29.49%,
12/07/24
....
209
211
UG991309215UG,
Zero
Cpn,
12/08/24
...
914
64
UG991359235UG,
Zero
Cpn,
12/08/24
...
139
10
UG991391880UG,
Zero
Cpn,
12/08/24
...
96
7
UG991223847UG,
14%,
12/08/24
.......
74
74
UG991217779UG,
14.97%,
12/08/24
....
4,917
5,019
UG991233663UG,
14.98%,
12/08/24
....
202
207
UG991345394UG,
14.98%,
12/08/24
....
473
482
UG991209407UG,
15%,
12/08/24
.......
1,809
1,834
UG991241433UG,
15%,
12/08/24
.......
208
15
UG991238380UG,
15.97%,
12/08/24
....
265
31
UG991323004UG,
15.97%,
12/08/24
....
256
259
UG991340673UG,
15.97%,
12/08/24
....
615
627
UG991405894UG,
15.97%,
12/08/24
....
1,670
1,697
UG991205065UG,
16.99%,
12/08/24
....
11
11
UG991205558UG,
16.99%,
12/08/24
....
359
366
UG991206337UG,
16.99%,
12/08/24
....
420
426
UG991206750UG,
16.99%,
12/08/24
....
519
519
UG991206979UG,
16.99%,
12/08/24
....
3,969
4,029
UG991213394UG,
16.99%,
12/08/24
....
510
517
UG991215999UG,
16.99%,
12/08/24
....
4,087
4,113
UG991218331UG,
16.99%,
12/08/24
....
1,864
1,902
UG991287220UG,
16.99%,
12/08/24
....
277
283
UG991212387UG,
17.97%,
12/08/24
....
5,709
5,826
UG991216549UG,
17.99%,
12/08/24
....
1,265
1,289
UG991233872UG,
17.99%,
12/08/24
....
185
186
UG991273817UG,
17.99%,
12/08/24
....
33
33
UG991323155UG,
17.99%,
12/08/24
....
194
42
UG991360888UG,
17.99%,
12/08/24
....
271
274
UG991362465UG,
17.99%,
12/08/24
....
1,344
1,341
UG991386259UG,
17.99%,
12/08/24
....
376
379
UG991373551UG,
19.21%,
12/08/24
....
5
5
UG991213249UG,
19.8%,
12/08/24
.....
290
294
UG991215242UG,
19.8%,
12/08/24
.....
858
859
UG991262025UG,
19.8%,
12/08/24
.....
502
512
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991273011UG,
19.8%,
12/08/24
......
$
463
$
473
UG991290022UG,
19.8%,
12/08/24
.....
425
290
UG991207067UG,
19.99%,
12/08/24
....
316
326
UG991208261UG,
19.99%,
12/08/24
....
899
(7)
UG991210935UG,
19.99%,
12/08/24
....
608
636
UG991214641UG,
19.99%,
12/08/24
....
3,168
3,316
UG991216498UG,
19.99%,
12/08/24
....
4,439
4,645
UG991275636UG,
19.99%,
12/08/24
....
91
95
UG991341216UG,
19.99%,
12/08/24
....
373
387
UG991361291UG,
19.99%,
12/08/24
....
376
381
UG991412069UG,
19.99%,
12/08/24
....
262
271
UG991213356UG,
20.46%,
12/08/24
....
5
6
UG991297237UG,
20.46%,
12/08/24
....
191
189
UG991358922UG,
20.46%,
12/08/24
....
210
46
UG991259503UG,
21.46%,
12/08/24
....
205
135
UG991343243UG,
21.46%,
12/08/24
....
34
34
UG991345837UG,
21.46%,
12/08/24
....
349
355
UG991350933UG,
21.46%,
12/08/24
....
145
148
UG991223797UG,
22.97%,
12/08/24
....
328
332
UG991260254UG,
22.97%,
12/08/24
....
165
167
UG991203597UG,
28.98%,
12/08/24
....
13
13
UG991203892UG,
28.98%,
12/08/24
....
800
836
UG991210036UG,
28.98%,
12/08/24
....
1,295
877
UG991214712UG,
28.98%,
12/08/24
....
1,570
1,643
UG991217143UG,
28.98%,
12/08/24
....
1,279
1,307
UG991217853UG,
28.98%,
12/08/24
....
2,008
2,095
UG991220601UG,
28.98%,
12/08/24
....
213
222
UG991226863UG,
28.98%,
12/08/24
....
222
232
UG991245195UG,
28.98%,
12/08/24
....
13
13
UG991246111UG,
28.98%,
12/08/24
.....
16
16
UG991248557UG,
28.98%,
12/08/24
....
85
88
UG991253023UG,
28.98%,
12/08/24
....
29
29
UG991260535UG,
28.98%,
12/08/24
....
156
37
UG991265277UG,
28.98%,
12/08/24
....
125
126
UG991278212UG,
28.98%,
12/08/24
....
740
773
UG991307338UG,
28.98%,
12/08/24
....
74
74
UG991317659UG,
28.98%,
12/08/24
....
97
101
UG991334924UG,
28.98%,
12/08/24
....
1,009
1,054
UG991336471UG,
28.98%,
12/08/24
....
184
186
UG991340573UG,
28.98%,
12/08/24
....
1,309
1,368
UG991342598UG,
28.98%,
12/08/24
....
106
110
UG991346915UG,
28.98%,
12/08/24
....
169
175
UG991350123UG,
28.98%,
12/08/24
....
204
214
UG991358361UG,
28.98%,
12/08/24
....
143
149
UG991358554UG,
28.98%,
12/08/24
....
132
138
UG991396086UG,
28.98%,
12/08/24
....
116
120
UG991416236UG,
28.98%,
12/08/24
....
89
90
UG991217222UG,
29.46%,
12/08/24
....
702
187
UG991269532UG,
29.46%,
12/08/24
....
134
98
UG991211572UG,
29.47%,
12/08/24
.....
1,450
1,508
UG991216803UG,
29.47%,
12/08/24
....
4,172
991
UG991210459UG,
29.48%,
12/08/24
....
1,070
1,072
UG991214958UG,
29.48%,
12/08/24
....
972
1,020
UG991216602UG,
29.48%,
12/08/24
....
789
830
UG991203718UG,
29.49%,
12/08/24
....
431
452
UG991203729UG,
29.49%,
12/08/24
....
260
272
UG991204243UG,
29.49%,
12/08/24
....
24
2
UG991207112UG,
29.49%,
12/08/24
.....
132
136
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
290
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991208035UG,
29.49%,
12/08/24
....
$
21
$
21
UG991209636UG,
29.49%,
12/08/24
....
2,148
521
UG991210195UG,
29.49%,
12/08/24
....
1,787
1,889
UG991213079UG,
29.49%,
12/08/24
....
1,105
1,169
UG991213273UG,
29.49%,
12/08/24
....
51
52
UG991224169UG,
29.49%,
12/08/24
....
1,339
1,405
UG991226532UG,
29.49%,
12/08/24
....
9
9
UG991243673UG,
29.49%,
12/08/24
....
353
108
UG991244332UG,
29.49%,
12/08/24
....
191
196
UG991245178UG,
29.49%,
12/08/24
....
579
609
UG991245469UG,
29.49%,
12/08/24
....
96
12
UG991248866UG,
29.49%,
12/08/24
....
423
444
UG991249125UG,
29.49%,
12/08/24
....
44
45
UG991252807UG,
29.49%,
12/08/24
....
361
375
UG991253841UG,
29.49%,
12/08/24
....
64
4
UG991256872UG,
29.49%,
12/08/24
....
111
(5)
UG991259595UG,
29.49%,
12/08/24
....
242
251
UG991264409UG,
29.49%,
12/08/24
....
671
666
UG991264825UG,
29.49%,
12/08/24
....
156
158
UG991269323UG,
29.49%,
12/08/24
....
47
48
UG991287259UG,
29.49%,
12/08/24
....
108
113
UG991301956UG,
29.49%,
12/08/24
....
65
68
UG991302601UG,
29.49%,
12/08/24
....
128
131
UG991306169UG,
29.49%,
12/08/24
....
34
34
UG991306739UG,
29.49%,
12/08/24
....
1,317
(57)
UG991317879UG,
29.49%,
12/08/24
....
325
340
UG991318654UG,
29.49%,
12/08/24
....
96
100
UG991319283UG,
29.49%,
12/08/24
....
45
46
UG991330842UG,
29.49%,
12/08/24
....
4,125
4,273
UG991330975UG,
29.49%,
12/08/24
....
360
261
UG991332591UG,
29.49%,
12/08/24
....
321
338
UG991338386UG,
29.49%,
12/08/24
....
26
26
UG991339390UG,
29.49%,
12/08/24
....
545
383
UG991342288UG,
29.49%,
12/08/24
....
203
208
UG991349015UG,
29.49%,
12/08/24
....
716
747
UG991350999UG,
29.49%,
12/08/24
....
67
(3)
UG991357406UG,
29.49%,
12/08/24
....
44
15
UG991358257UG,
29.49%,
12/08/24
....
132
139
UG991372313UG,
29.49%,
12/08/24
....
110
7
UG991375119UG,
29.49%,
12/08/24
.....
85
86
UG991377012UG,
29.49%,
12/08/24
....
1,298
1,352
UG991391597UG,
29.49%,
12/08/24
....
329
341
UG991410096UG,
29.49%,
12/08/24
....
34
(1)
UG991412185UG,
29.49%,
12/08/24
....
6
6
UG991416240UG,
29.49%,
12/08/24
....
79
19
UG991426546UG,
29.49%,
12/08/24
....
60
61
UG991433950UG,
29.49%,
12/08/24
....
83
85
UG991440743UG,
29.49%,
12/08/24
....
164
167
UG991433523UG,
Zero
Cpn,
12/09/24
...
807
56
UG991311660UG,
14.98%,
12/09/24
.....
1,994
1,991
UG991329494UG,
15.97%,
12/09/24
....
236
235
UG991339753UG,
15.97%,
12/09/24
....
70
69
UG991455537UG,
15.97%,
12/09/24
....
77
77
UG991355729UG,
16.99%,
12/09/24
....
177
176
UG991379877UG,
16.99%,
12/09/24
....
23
23
UG991354689UG,
17.99%,
12/09/24
....
318
318
UG991391034UG,
17.99%,
12/09/24
....
37
37
UG991338916UG,
18.97%,
12/09/24
....
466
463
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991405926UG,
18.97%,
12/09/24
....
$
90
$
89
UG991408506UG,
18.97%,
12/09/24
....
2,304
2,287
UG991333702UG,
19.8%,
12/09/24
.....
2,922
2,892
UG991341287UG,
20.46%,
12/09/24
....
946
944
UG991355570UG,
20.46%,
12/09/24
....
233
233
UG991370075UG,
20.97%,
12/09/24
....
199
43
UG991329266UG,
23.95%,
12/09/24
....
1,371
1,325
UG991303272UG,
28.98%,
12/09/24
....
25
25
UG991311758UG,
28.98%,
12/09/24
.....
137
137
UG991317869UG,
28.98%,
12/09/24
....
39
39
UG991318049UG,
28.98%,
12/09/24
....
21
22
UG991319463UG,
28.98%,
12/09/24
....
231
235
UG991327625UG,
28.98%,
12/09/24
....
103
105
UG991336814UG,
28.98%,
12/09/24
....
1,113
1,113
UG991344560UG,
28.98%,
12/09/24
....
191
194
UG991359328UG,
28.98%,
12/09/24
....
688
158
UG991394745UG,
28.98%,
12/09/24
....
409
414
UG991406002UG,
28.98%,
12/09/24
....
134
135
UG991425673UG,
28.98%,
12/09/24
....
278
282
UG991306319UG,
29.49%,
12/09/24
....
25
6
UG991308780UG,
29.49%,
12/09/24
....
94
97
UG991317613UG,
29.49%,
12/09/24
....
146
148
UG991322433UG,
29.49%,
12/09/24
....
264
268
UG991326331UG,
29.49%,
12/09/24
....
125
128
UG991350590UG,
29.49%,
12/09/24
....
69
69
UG991352448UG,
29.49%,
12/09/24
....
88
89
UG991360411UG,
29.49%,
12/09/24
.....
601
594
UG991367240UG,
29.49%,
12/09/24
....
445
457
UG991393693UG,
29.49%,
12/09/24
....
289
293
UG991400367UG,
29.49%,
12/09/24
....
180
124
UG991407585UG,
29.49%,
12/09/24
....
254
257
UG991421184UG,
29.49%,
12/09/24
.....
206
47
UG991323212UG,
Zero
Cpn,
12/10/24
...
785
54
UG991431700UG,
Zero
Cpn,
12/10/24
...
267
18
UG991366767UG,
14.98%,
12/10/24
....
289
287
UG991416701UG,
14.98%,
12/10/24
....
3,656
3,633
UG991422733UG,
14.98%,
12/10/24
....
–
–
UG991464314UG,
15%,
12/10/24
.......
216
214
UG991354349UG,
15.99%,
12/10/24
....
75
74
UG991441221UG,
16.99%,
12/10/24
....
400
397
UG991339062UG,
17.99%,
12/10/24
....
113
112
UG991372053UG,
17.99%,
12/10/24
....
1,651
1,614
UG991402286UG,
17.99%,
12/10/24
....
1,306
1,297
UG991323235UG,
18.97%,
12/10/24
....
379
379
UG991330184UG,
19.21%,
12/10/24
....
38
5
UG991338806UG,
19.21%,
12/10/24
....
2,177
2,164
UG991368704UG,
19.8%,
12/10/24
.....
530
526
UG991418713UG,
19.8%,
12/10/24
.....
36
36
UG991323566UG,
19.99%,
12/10/24
....
2,488
2,545
UG991391063UG,
19.99%,
12/10/24
....
301
303
UG991418338UG,
19.99%,
12/10/24
....
32
12
UG991310309UG,
21.46%,
12/10/24
....
306
210
UG991334473UG,
21.46%,
12/10/24
....
192
190
UG991369350UG,
21.46%,
12/10/24
....
101
101
UG991302262UG,
28.98%,
12/10/24
....
435
441
UG991302676UG,
28.98%,
12/10/24
....
916
926
UG991308154UG,
28.98%,
12/10/24
....
163
166
UG991308764UG,
28.98%,
12/10/24
....
727
743
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
291
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991318295UG,
28.98%,
12/10/24
....
$
192
$
196
UG991326852UG,
28.98%,
12/10/24
....
254
260
UG991333962UG,
28.98%,
12/10/24
....
96
97
UG991360120UG,
28.98%,
12/10/24
....
668
673
UG991366912UG,
28.98%,
12/10/24
....
232
232
UG991408695UG,
28.98%,
12/10/24
....
444
450
UG991421339UG,
28.98%,
12/10/24
....
131
132
UG991448481UG,
28.98%,
12/10/24
....
295
298
UG991299978UG,
29.49%,
12/10/24
....
117
119
UG991300618UG,
29.49%,
12/10/24
....
63
63
UG991312810UG,
29.49%,
12/10/24
....
137
136
UG991314678UG,
29.49%,
12/10/24
....
78
5
UG991314974UG,
29.49%,
12/10/24
....
86
88
UG991331833UG,
29.49%,
12/10/24
....
800
817
UG991334897UG,
29.49%,
12/10/24
....
56
56
UG991397440UG,
29.49%,
12/10/24
....
30
4
UG991397722UG,
29.49%,
12/10/24
....
117
119
UG991398718UG,
29.49%,
12/10/24
....
1,320
1,345
UG991406664UG,
29.49%,
12/10/24
....
27
27
UG991407945UG,
29.49%,
12/10/24
....
659
669
UG991409057UG,
29.49%,
12/10/24
....
26
26
UG991423603UG,
29.49%,
12/10/24
....
121
123
UG991453536UG,
29.49%,
12/10/24
....
115
15
UG991447793UG,
14.98%,
12/11/24
.....
547
544
UG991383476UG,
16.99%,
12/11/24
.....
5,967
5,946
UG991421136UG,
17.99%,
12/11/24
.....
85
83
UG991322847UG,
18.97%,
12/11/24
.....
462
455
UG991309704UG,
19.21%,
12/11/24
.....
505
503
UG991313630UG,
19.21%,
12/11/24
.....
279
276
UG991359085UG,
19.21%,
12/11/24
.....
623
622
UG991407432UG,
19.21%,
12/11/24
.....
47
4
UG991299880UG,
19.8%,
12/11/24
......
253
252
UG991302424UG,
22.97%,
12/11/24
.....
191
190
UG991331015UG,
22.97%,
12/11/24
.....
159
159
UG991314763UG,
26.94%,
12/11/24
.....
414
413
UG991299623UG,
28.98%,
12/11/24
.....
305
312
UG991308149UG,
28.98%,
12/11/24
.....
165
165
UG991336089UG,
28.98%,
12/11/24
.....
24
24
UG991400497UG,
28.98%,
12/11/24
.....
329
334
UG991403287UG,
28.98%,
12/11/24
.....
13
12
UG991425034UG,
28.98%,
12/11/24
.....
815
821
UG991299810UG,
29.49%,
12/11/24
.....
133
136
UG991302355UG,
29.49%,
12/11/24
.....
1,167
(52)
UG991315059UG,
29.49%,
12/11/24
.....
96
97
UG991338982UG,
29.49%,
12/11/24
.....
280
286
UG991389281UG,
29.49%,
12/11/24
.....
61
48
UG991393007UG,
29.49%,
12/11/24
.....
179
182
UG991423398UG,
29.49%,
12/11/24
.....
31
31
UG991424582UG,
29.49%,
12/11/24
.....
91
92
UG991426474UG,
29.49%,
12/11/24
.....
298
304
UG991348928UG,
Zero
Cpn,
12/12/24
...
3,417
236
UG991339855UG,
15.97%,
12/12/24
....
373
372
UG991447662UG,
15.97%,
12/12/24
....
734
730
UG991334534UG,
16.99%,
12/12/24
....
179
179
UG991384624UG,
16.99%,
12/12/24
....
51
51
UG991407635UG,
16.99%,
12/12/24
....
617
616
UG991423157UG,
16.99%,
12/12/24
....
519
515
UG991326016UG,
17.97%,
12/12/24
....
1,311
1,309
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991302143UG,
17.99%,
12/12/24
....
$
526
$
524
UG991341778UG,
17.99%,
12/12/24
....
561
560
UG991444022UG,
19.21%,
12/12/24
....
487
483
UG991316447UG,
19.46%,
12/12/24
....
1,406
1,402
UG991318223UG,
19.99%,
12/12/24
....
127
130
UG991318950UG,
19.99%,
12/12/24
....
250
256
UG991326142UG,
19.99%,
12/12/24
....
56
56
UG991355935UG,
19.99%,
12/12/24
....
15
15
UG991314252UG,
20.46%,
12/12/24
....
634
633
UG991372402UG,
23.95%,
12/12/24
....
18
18
UG991447468UG,
23.95%,
12/12/24
....
958
948
UG991297454UG,
28.98%,
12/12/24
....
75
77
UG991299959UG,
28.98%,
12/12/24
....
103
105
UG991309891UG,
28.98%,
12/12/24
....
95
98
UG991311852UG,
28.98%,
12/12/24
.....
21
21
UG991312161UG,
28.98%,
12/12/24
....
47
47
UG991315274UG,
28.98%,
12/12/24
....
533
532
UG991335451UG,
28.98%,
12/12/24
....
20
20
UG991345529UG,
28.98%,
12/12/24
....
284
287
UG991397130UG,
28.98%,
12/12/24
....
1,148
1,160
UG991428424UG,
28.98%,
12/12/24
....
345
349
UG991434684UG,
28.98%,
12/12/24
....
703
712
UG991406398UG,
29.48%,
12/12/24
....
283
287
UG991300821UG,
29.49%,
12/12/24
....
346
354
UG991300935UG,
29.49%,
12/12/24
....
32
31
UG991304189UG,
29.49%,
12/12/24
....
150
153
UG991305854UG,
29.49%,
12/12/24
....
220
226
UG991309900UG,
29.49%,
12/12/24
....
22
22
UG991312106UG,
29.49%,
12/12/24
....
245
248
UG991324558UG,
29.49%,
12/12/24
....
135
138
UG991335907UG,
29.49%,
12/12/24
....
19
19
UG991345307UG,
29.49%,
12/12/24
....
116
112
UG991360398UG,
29.49%,
12/12/24
....
6
6
UG991387894UG,
29.49%,
12/12/24
....
562
575
UG991398771UG,
29.49%,
12/12/24
....
257
259
UG991399754UG,
29.49%,
12/12/24
....
127
128
UG991404235UG,
29.49%,
12/12/24
....
148
103
UG991405158UG,
29.49%,
12/12/24
....
162
162
UG991405712UG,
29.49%,
12/12/24
....
112
112
UG991406536UG,
29.49%,
12/12/24
....
224
223
UG991408740UG,
29.49%,
12/12/24
....
54
16
UG991424612UG,
29.49%,
12/12/24
....
153
155
UG991431493UG,
29.49%,
12/12/24
....
1,705
1,723
UG991444573UG,
29.49%,
12/12/24
....
176
171
UG991360722UG,
Zero
Cpn,
12/13/24
...
162
11
UG991390998UG,
Zero
Cpn,
12/13/24
...
227
16
UG991248124UG,
14.98%,
12/13/24
....
134
136
UG991302421UG,
14.98%,
12/13/24
....
2,299
2,350
UG991308466UG,
15%,
12/13/24
.......
263
261
UG991349605UG,
15%,
12/13/24
.......
206
203
UG991319523UG,
15.97%,
12/13/24
....
113
21
UG991384387UG,
15.97%,
12/13/24
....
670
667
UG991417112UG,
15.97%,
12/13/24
.....
5,520
5,514
UG991309513UG,
16.99%,
12/13/24
....
879
869
UG991379195UG,
16.99%,
12/13/24
....
2,047
2,045
UG991307518UG,
17.99%,
12/13/24
....
824
823
UG991341019UG,
17.99%,
12/13/24
....
530
524
UG991350142UG,
17.99%,
12/13/24
....
734
733
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
292
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991298164UG,
18.97%,
12/13/24
....
$
1,803
$
1,789
UG991440734UG,
18.97%,
12/13/24
....
171
170
UG991329812UG,
19.21%,
12/13/24
....
705
704
UG991340458UG,
19.21%,
12/13/24
....
1,443
1,441
UG991346666UG,
19.21%,
12/13/24
....
188
188
UG991361774UG,
19.8%,
12/13/24
.....
58
57
UG991451736UG,
19.8%,
12/13/24
.....
1,047
1,061
UG991331713UG,
19.99%,
12/13/24
....
122
123
UG991343301UG,
19.99%,
12/13/24
....
599
607
UG991248643UG,
20.46%,
12/13/24
....
38
38
UG991373941UG,
20.46%,
12/13/24
....
352
351
UG991375502UG,
20.46%,
12/13/24
....
170
168
UG991296644UG,
20.97%,
12/13/24
....
797
814
UG991345917UG,
21.46%,
12/13/24
....
792
791
UG991389712UG,
22.95%,
12/13/24
....
82
81
UG991280725UG,
22.97%,
12/13/24
....
428
(6)
UG991242346UG,
24.95%,
12/13/24
....
243
237
UG991340452UG,
24.95%,
12/13/24
....
84
82
UG991303511UG,
28.98%,
12/13/24
.....
68
69
UG991303612UG,
28.98%,
12/13/24
....
264
270
UG991313210UG,
28.98%,
12/13/24
....
261
266
UG991331886UG,
28.98%,
12/13/24
....
1,520
1,554
UG991346962UG,
28.98%,
12/13/24
....
132
135
UG991347766UG,
28.98%,
12/13/24
....
164
166
UG991356130UG,
28.98%,
12/13/24
....
41
41
UG991357803UG,
28.98%,
12/13/24
....
279
285
UG991364308UG,
28.98%,
12/13/24
....
242
247
UG991367977UG,
28.98%,
12/13/24
....
223
226
UG991388005UG,
28.98%,
12/13/24
....
74
74
UG991391691UG,
28.98%,
12/13/24
....
1,309
1,338
UG991411685UG,
28.98%,
12/13/24
.....
474
480
UG991438351UG,
28.98%,
12/13/24
....
729
47
UG991448530UG,
28.98%,
12/13/24
....
46
14
UG991310090UG,
29.49%,
12/13/24
....
306
313
UG991312918UG,
29.49%,
12/13/24
....
184
188
UG991319761UG,
29.49%,
12/13/24
....
308
317
UG991324789UG,
29.49%,
12/13/24
....
338
44
UG991334231UG,
29.49%,
12/13/24
....
701
712
UG991334276UG,
29.49%,
12/13/24
....
145
145
UG991347765UG,
29.49%,
12/13/24
....
767
184
UG991358773UG,
29.49%,
12/13/24
....
1,385
95
UG991389357UG,
29.49%,
12/13/24
....
167
22
UG991405634UG,
29.49%,
12/13/24
....
147
19
UG991408790UG,
29.49%,
12/13/24
....
51
52
UG991455137UG,
29.49%,
12/13/24
....
283
281
UG991455918UG,
29.49%,
12/13/24
....
526
534
UG991275626UG,
14.98%,
12/14/24
....
69
69
UG991249792UG,
15.97%,
12/14/24
....
4,744
4,724
UG991254435UG,
15.97%,
12/14/24
....
405
403
UG991342819UG,
15.97%,
12/14/24
....
2
2
UG991258056UG,
16.99%,
12/14/24
....
262
261
UG991248746UG,
17.99%,
12/14/24
....
303
302
UG991324331UG,
17.99%,
12/14/24
....
336
340
UG991249707UG,
19.8%,
12/14/24
.....
4,741
4,843
UG991378826UG,
Zero
Cpn,
12/15/24
...
265
19
UG991267867UG,
14.98%,
12/15/24
....
6,147
6,286
UG991305580UG,
14.98%,
12/15/24
....
224
227
UG991375848UG,
14.98%,
12/15/24
....
206
211
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991392911UG,
14.98%,
12/15/24
.....
$
99
$
98
UG991274754UG,
15.97%,
12/15/24
....
3,956
4,044
UG991284084UG,
15.97%,
12/15/24
....
784
802
UG991289456UG,
15.97%,
12/15/24
....
484
482
UG991330128UG,
15.97%,
12/15/24
....
15
15
UG991481298UG,
15.97%,
12/15/24
....
162
161
UG991484132UG,
15.97%,
12/15/24
....
2,170
2,159
UG991255967UG,
16.99%,
12/15/24
....
706
721
UG991265175UG,
16.99%,
12/15/24
....
438
436
UG991272143UG,
16.99%,
12/15/24
....
116
26
UG991276679UG,
16.99%,
12/15/24
....
711
721
UG991371940UG,
16.99%,
12/15/24
....
498
505
UG991256520UG,
17.99%,
12/15/24
....
277
283
UG991290002UG,
17.99%,
12/15/24
....
147
150
UG991341386UG,
17.99%,
12/15/24
....
1,553
1,587
UG991399127UG,
17.99%,
12/15/24
....
621
635
UG991425011UG,
17.99%,
12/15/24
.....
172
175
UG991447470UG,
17.99%,
12/15/24
....
310
315
UG991447659UG,
17.99%,
12/15/24
....
2,059
2,073
UG991286797UG,
18.8%,
12/15/24
.....
61
62
UG991383149UG,
18.97%,
12/15/24
....
771
788
UG991405120UG,
18.97%,
12/15/24
....
476
487
UG991256556UG,
19.21%,
12/15/24
....
1,989
1,948
UG991311986UG,
19.21%,
12/15/24
.....
23
23
UG991313442UG,
19.21%,
12/15/24
....
112
114
UG991484626UG,
19.21%,
12/15/24
....
1,680
1,697
UG991409003UG,
19.8%,
12/15/24
.....
200
205
UG991454535UG,
20.46%,
12/15/24
....
1
1
UG991296368UG,
20.97%,
12/15/24
....
50
50
UG991341925UG,
20.97%,
12/15/24
....
235
239
UG991359143UG,
20.97%,
12/15/24
....
237
161
UG991415618UG,
20.97%,
12/15/24
....
362
370
UG991256653UG,
21.46%,
12/15/24
....
204
209
UG991407709UG,
21.46%,
12/15/24
....
562
(6)
UG991258541UG,
21.98%,
12/15/24
....
2,839
2,889
UG991395285UG,
21.98%,
12/15/24
....
122
124
UG991259405UG,
22.97%,
12/15/24
....
1,097
1,093
UG991296657UG,
23.95%,
12/15/24
....
416
417
UG991351707UG,
Zero
Cpn,
12/16/24
...
50
4
UG991272449UG,
14.98%,
12/16/24
....
264
264
UG991307103UG,
14.98%,
12/16/24
....
429
422
UG991418120UG,
14.98%,
12/16/24
....
168
105
UG991478310UG,
14.98%,
12/16/24
....
182
181
UG991298521UG,
15%,
12/16/24
.......
58
58
UG991375810UG,
15%,
12/16/24
.......
78
78
UG991391018UG,
15%,
12/16/24
.......
611
611
UG991433211UG,
15%,
12/16/24
.......
14
15
UG991263041UG,
15.97%,
12/16/24
....
208
207
UG991286205UG,
15.97%,
12/16/24
....
4,582
4,567
UG991350536UG,
15.97%,
12/16/24
....
6
6
UG991352797UG,
15.97%,
12/16/24
....
921
920
UG991440360UG,
15.97%,
12/16/24
....
640
639
UG991260873UG,
16.99%,
12/16/24
....
809
809
UG991260935UG,
16.99%,
12/16/24
....
430
430
UG991263408UG,
16.99%,
12/16/24
....
474
471
UG991298844UG,
16.99%,
12/16/24
....
643
639
UG991312007UG,
16.99%,
12/16/24
....
124
9
UG991331384UG,
16.99%,
12/16/24
....
621
620
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
293
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991381398UG,
16.99%,
12/16/24
....
$
928
$
928
UG991428763UG,
16.99%,
12/16/24
....
8
8
UG991481672UG,
16.99%,
12/16/24
....
340
338
UG991265216UG,
17.97%,
12/16/24
....
10
10
UG991263277UG,
17.99%,
12/16/24
....
603
603
UG991274621UG,
17.99%,
12/16/24
....
29
29
UG991282278UG,
17.99%,
12/16/24
....
296
294
UG991291197UG,
17.99%,
12/16/24
.....
1,614
1,610
UG991423168UG,
17.99%,
12/16/24
....
711
706
UG991283562UG,
18.97%,
12/16/24
....
88
87
UG991288835UG,
18.97%,
12/16/24
....
577
576
UG991339363UG,
21.46%,
12/16/24
....
131
130
UG991279499UG,
21.98%,
12/16/24
....
281
281
UG991324832UG,
21.98%,
12/16/24
....
179
177
UG991515407UG,
21.98%,
12/16/24
....
189
188
UG991513641UG,
23.95%,
12/16/24
....
252
249
UG991284857UG,
Zero
Cpn,
12/17/24
...
217
15
UG991320351UG,
Zero
Cpn,
12/17/24
...
312
21
UG991300115UG,
14.97%,
12/17/24
.....
1,530
173
UG991270332UG,
14.98%,
12/17/24
....
294
294
UG991398838UG,
14.98%,
12/17/24
....
1,834
1,834
UG991309883UG,
15%,
12/17/24
.......
210
209
UG991366785UG,
15%,
12/17/24
.......
58
58
UG991473570UG,
15%,
12/17/24
.......
234
234
UG991333878UG,
15.97%,
12/17/24
....
2,520
2,483
UG991471407UG,
15.97%,
12/17/24
....
118
79
UG991515245UG,
15.97%,
12/17/24
....
485
483
UG991517884UG,
15.97%,
12/17/24
....
175
173
UG991289176UG,
16.99%,
12/17/24
....
2,682
2,669
UG991303485UG,
16.99%,
12/17/24
....
153
153
UG991304516UG,
16.99%,
12/17/24
....
1,135
1,135
UG991313589UG,
16.99%,
12/17/24
....
1,077
1,071
UG991385756UG,
16.99%,
12/17/24
....
918
918
UG991415822UG,
16.99%,
12/17/24
....
796
795
UG991427457UG,
16.99%,
12/17/24
....
74
74
UG991438848UG,
16.99%,
12/17/24
....
3,772
3,708
UG991289039UG,
17.99%,
12/17/24
....
443
443
UG991301102UG,
17.99%,
12/17/24
.....
126
126
UG991399977UG,
17.99%,
12/17/24
....
932
929
UG991401151UG,
17.99%,
12/17/24
.....
–
–
UG991472819UG,
17.99%,
12/17/24
....
565
553
UG991271752UG,
18.97%,
12/17/24
....
97
97
UG991275357UG,
18.97%,
12/17/24
....
518
516
UG991447451UG,
18.97%,
12/17/24
....
38
38
UG991451584UG,
18.97%,
12/17/24
....
651
648
UG991319714UG,
19.21%,
12/17/24
....
136
135
UG991368537UG,
19.21%,
12/17/24
....
103
103
UG991390886UG,
19.21%,
12/17/24
....
313
312
UG991416998UG,
19.21%,
12/17/24
....
370
370
UG991425383UG,
19.21%,
12/17/24
....
169
169
UG991345459UG,
19.8%,
12/17/24
.....
1,418
102
UG991370788UG,
19.8%,
12/17/24
.....
1,677
1,673
UG991382959UG,
19.8%,
12/17/24
.....
66
65
UG991407951UG,
19.8%,
12/17/24
.....
658
655
UG991523409UG,
19.8%,
12/17/24
.....
9,376
665
UG991278450UG,
20.46%,
12/17/24
....
163
163
UG991488102UG,
20.46%,
12/17/24
....
504
500
UG991497562UG,
20.46%,
12/17/24
....
1
1
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991274898UG,
20.97%,
12/17/24
....
$
404
$
403
UG991276358UG,
20.97%,
12/17/24
....
2,989
2,932
UG991279256UG,
20.97%,
12/17/24
....
123
123
UG991382185UG,
21.46%,
12/17/24
....
42
41
UG991437221UG,
21.46%,
12/17/24
....
698
693
UG991426127UG,
21.98%,
12/17/24
....
161
161
UG991499186UG,
21.98%,
12/17/24
....
244
241
UG991369836UG,
22.97%,
12/17/24
....
248
246
UG991283131UG,
Zero
Cpn,
12/18/24
...
342
24
UG991291065UG,
Zero
Cpn,
12/18/24
...
231
16
UG991292756UG,
Zero
Cpn,
12/18/24
...
408
28
UG991279257UG,
14%,
12/18/24
.......
296
296
UG991358540UG,
14.98%,
12/18/24
....
531
531
UG991471788UG,
14.98%,
12/18/24
....
340
339
UG991525181UG,
14.98%,
12/18/24
....
56
56
UG991375440UG,
15.97%,
12/18/24
....
12
12
UG991449829UG,
15.97%,
12/18/24
....
70
70
UG991284992UG,
15.99%,
12/18/24
....
630
630
UG991298134UG,
15.99%,
12/18/24
....
302
301
UG991374578UG,
16.99%,
12/18/24
....
129
129
UG991440813UG,
16.99%,
12/18/24
....
327
325
UG991507545UG,
16.99%,
12/18/24
....
194
193
UG991280230UG,
17.99%,
12/18/24
....
141
140
UG991284677UG,
17.99%,
12/18/24
....
77
77
UG991287433UG,
17.99%,
12/18/24
....
638
78
UG991322304UG,
17.99%,
12/18/24
....
305
305
UG991329588UG,
17.99%,
12/18/24
....
1,117
1,117
UG991343423UG,
17.99%,
12/18/24
....
1,086
1,086
UG991478169UG,
17.99%,
12/18/24
....
4,026
4,005
UG991493847UG,
17.99%,
12/18/24
....
843
514
UG991517094UG,
17.99%,
12/18/24
....
104
103
UG991362772UG,
18.97%,
12/18/24
....
1,883
1,867
UG991290938UG,
19.21%,
12/18/24
....
1,788
1,783
UG991340064UG,
19.21%,
12/18/24
....
150
148
UG991353959UG,
19.21%,
12/18/24
....
327
(1)
UG991362195UG,
19.21%,
12/18/24
....
171
170
UG991408472UG,
19.21%,
12/18/24
....
274
272
UG991289268UG,
19.8%,
12/18/24
.....
26
26
UG991355888UG,
20.46%,
12/18/24
....
2,807
2,783
UG991279501UG,
20.97%,
12/18/24
....
707
706
UG991283292UG,
21.46%,
12/18/24
....
509
495
UG991286343UG,
21.46%,
12/18/24
....
1,496
1,495
UG991286922UG,
21.46%,
12/18/24
....
465
454
UG991289340UG,
21.46%,
12/18/24
....
231
231
UG991300398UG,
23.95%,
12/18/24
....
401
391
UG991316123UG,
23.95%,
12/18/24
....
433
433
UG991287107UG,
14.98%,
12/19/24
....
283
282
UG991344193UG,
14.98%,
12/19/24
....
2
2
UG991431975UG,
14.98%,
12/19/24
....
332
331
UG991340137UG,
15%,
12/19/24
.......
126
102
UG991418698UG,
15%,
12/19/24
.......
76
62
UG991339453UG,
15.97%,
12/19/24
....
179
179
UG991446289UG,
15.97%,
12/19/24
....
458
458
UG991511356UG,
15.97%,
12/19/24
.....
568
565
UG991289920UG,
16.99%,
12/19/24
....
327
327
UG991351714UG,
16.99%,
12/19/24
....
1,082
1,079
UG991489325UG,
16.99%,
12/19/24
....
124
81
UG991349861UG,
17.99%,
12/19/24
....
16
3
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
294
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991437838UG,
17.99%,
12/19/24
....
$
4,660
$
4,660
UG991469894UG,
17.99%,
12/19/24
....
267
265
UG991348742UG,
18.97%,
12/19/24
....
112
112
UG991493639UG,
18.97%,
12/19/24
....
364
362
UG991319900UG,
19.21%,
12/19/24
....
246
246
UG991329516UG,
19.8%,
12/19/24
.....
247
243
UG991502273UG,
19.8%,
12/19/24
.....
47
47
UG991454147UG,
20.46%,
12/19/24
....
96
96
UG991533128UG,
20.46%,
12/19/24
....
625
621
UG991395795UG,
20.97%,
12/19/24
....
832
812
UG991312216UG,
21.46%,
12/19/24
....
67
66
UG991382866UG,
21.46%,
12/19/24
....
530
524
UG991294927UG,
21.98%,
12/19/24
....
344
342
UG991316528UG,
Zero
Cpn,
12/20/24
...
622
43
UG991327245UG,
Zero
Cpn,
12/20/24
...
312
22
UG991330064UG,
Zero
Cpn,
12/20/24
...
117
8
UG991380031UG,
Zero
Cpn,
12/20/24
...
320
22
UG991386835UG,
Zero
Cpn,
12/20/24
...
–
–
UG991328367UG,
14.98%,
12/20/24
....
223
222
UG991296195UG,
15%,
12/20/24
.......
501
502
UG991308970UG,
15%,
12/20/24
.......
27
26
UG991333020UG,
15%,
12/20/24
.......
1,106
1,106
UG991380303UG,
15%,
12/20/24
.......
796
797
UG991295998UG,
15.97%,
12/20/24
....
245
245
UG991348628UG,
15.97%,
12/20/24
....
723
724
UG991365579UG,
15.97%,
12/20/24
....
1,892
1,892
UG991375709UG,
15.97%,
12/20/24
....
212
213
UG991457206UG,
15.97%,
12/20/24
....
919
919
UG991463713UG,
15.97%,
12/20/24
....
235
232
UG991504029UG,
15.97%,
12/20/24
....
612
609
UG991303719UG,
16.47%,
12/20/24
....
216
216
UG991303599UG,
16.99%,
12/20/24
....
1,316
1,317
UG991310742UG,
16.99%,
12/20/24
....
184
183
UG991350184UG,
16.99%,
12/20/24
....
438
437
UG991371806UG,
16.99%,
12/20/24
....
1,231
1,232
UG991423752UG,
16.99%,
12/20/24
....
152
150
UG991440844UG,
16.99%,
12/20/24
....
3,756
3,750
UG991458324UG,
16.99%,
12/20/24
....
482
482
UG991521970UG,
16.99%,
12/20/24
....
124
123
UG991298267UG,
17.97%,
12/20/24
....
652
651
UG991304140UG,
17.99%,
12/20/24
....
269
269
UG991346525UG,
17.99%,
12/20/24
....
937
938
UG991349664UG,
17.99%,
12/20/24
....
167
167
UG991512531UG,
17.99%,
12/20/24
....
84
84
UG991515123UG,
17.99%,
12/20/24
....
1,238
1,231
UG991311525UG,
18.97%,
12/20/24
.....
639
637
UG991332300UG,
18.97%,
12/20/24
....
851
62
UG991372915UG,
18.97%,
12/20/24
....
11
11
UG991381262UG,
18.97%,
12/20/24
....
107
107
UG991422168UG,
19.21%,
12/20/24
....
4,237
4,204
UG991425928UG,
19.46%,
12/20/24
....
110
110
UG991305111UG,
19.8%,
12/20/24
......
1,148
1,145
UG991309911UG,
19.8%,
12/20/24
......
1,209
1,200
UG991329135UG,
19.8%,
12/20/24
.....
6,776
6,740
UG991331225UG,
19.8%,
12/20/24
.....
151
10
UG991415873UG,
19.8%,
12/20/24
.....
1,435
1,424
UG991340100UG,
20.46%,
12/20/24
....
6,345
6,348
UG991399925UG,
20.46%,
12/20/24
....
316
316
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991518437UG,
20.46%,
12/20/24
....
$
238
$
237
UG991305036UG,
21.46%,
12/20/24
....
234
29
UG991352757UG,
21.46%,
12/20/24
....
188
189
UG991390941UG,
21.46%,
12/20/24
....
2,276
1,454
UG991526785UG,
21.46%,
12/20/24
....
313
310
UG991438242UG,
15.97%,
12/21/24
....
244
244
UG991484651UG,
16.99%,
12/21/24
....
192
164
UG991495192UG,
16.99%,
12/21/24
....
1,541
1,533
UG991505343UG,
17.99%,
12/21/24
....
248
247
UG991472171UG,
18.97%,
12/21/24
....
2
2
UG991495748UG,
19.8%,
12/21/24
.....
925
919
UG991520646UG,
19.8%,
12/21/24
.....
81
81
UG991459030UG,
21.46%,
12/21/24
....
1,157
1,158
UG991520568UG,
21.98%,
12/21/24
....
126
125
UG991039478UG,
16.99%,
1/09/25
.....
1,117
1,137
UG991031280UG,
28.98%,
1/09/25
.....
119
124
UG991071633UG,
29.49%,
1/09/25
.....
341
269
UG991035315UG,
Zero
Cpn,
1/10/25
....
1,628
113
UG991122835UG,
29.49%,
1/20/25
......
1,360
1,013
UG991130487UG,
Zero
Cpn,
1/21/25
....
871
59
UG991112802UG,
28.98%,
1/22/25
......
790
829
UG991210095UG,
29.49%,
1/22/25
.....
–
–
UG991268849UG,
18.97%,
1/26/25
.....
191
45
UG991194975UG,
29.49%,
1/29/25
......
109
79
UG991338381UG,
16.99%,
2/09/25
.....
366
360
UG991037811UG,
19.8%,
2/10/25
......
611
423
UG991258967UG,
21.97%,
2/16/25
.....
345
245
UG991086704UG,
19.8%,
2/17/25
......
180
127
UG991103497UG,
29.47%,
2/18/25
......
810
609
UG991128102UG,
29.49%,
2/19/25
......
72
54
UG991207072UG,
29.49%,
3/15/25
.....
84
60
UG991098880UG,
29.47%,
3/18/25
.....
1,072
755
UG991169188UG,
29.49%,
3/23/25
......
596
422
UG991356417UG,
29.49%,
4/05/25
.....
204
149
UG991215163UG,
19.8%,
4/15/25
......
663
457
UG991295104UG,
26.94%,
4/20/25
.....
100
70
UG991115841UG,
29.49%,
4/21/25
......
977
697
UG991341537UG,
19.8%,
5/09/25
......
995
678
UG991169822UG,
29.49%,
5/17/25
......
701
518
UG991119119UG,
29.49%,
5/23/25
......
190
141
UG991155193UG,
28.98%,
5/26/25
......
223
157
UG991228476UG,
28.98%,
5/29/25
.....
1,139
793
UG991074648UG,
29.49%,
6/09/25
.....
1,507
1,080
UG991263708UG,
28.98%,
6/18/25
.....
83
57
UG991131037UG,
21.46%,
7/08/25
......
453
306
UG991293334UG,
16.99%,
7/13/25
.....
2,994
1,955
UG991258611UG,
21.98%,
7/14/25
......
2,186
1,462
UG991178650UG,
28.98%,
7/19/25
......
404
279
UG991218283UG,
14.98%,
7/27/25
.....
3,941
2,574
UG991300215UG,
21.46%,
8/08/25
.....
143
94
UG991069918UG,
19.99%,
8/16/25
.....
466
317
UG991168160UG,
21.46%,
8/16/25
......
299
202
UG991130981UG,
29.49%,
8/17/25
......
105
73
UG991523565UG,
16.99%,
8/18/25
.....
1,508
965
UG991169068UG,
28.98%,
8/19/25
......
763
515
UG991239388UG,
29.49%,
8/21/25
.....
188
136
UG991316696UG,
28.98%,
8/23/25
.....
87
63
UG991054142UG,
19.8%,
9/11/25
......
104
66
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
295
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991231640UG,
28.98%,
9/17/25
.....
$
383
$
258
UG991134257UG,
29.49%,
9/21/25
......
3,864
2,701
UG991033157UG,
22.97%,
12/09/25
....
1,339
863
UG991153454UG,
19.99%,
12/27/25
.....
252
165
UG991257232UG,
28.98%,
12/28/25
....
319
209
UG991055984UG,
28.98%,
1/09/26
.....
109
82
UG991232899UG,
29.49%,
1/16/26
.....
581
367
UG991110203UG,
29.49%,
1/19/26
......
195
128
UG991120820UG,
29.49%,
1/21/26
......
812
540
UG991116103UG,
29.49%,
2/23/26
......
162
116
UG991266262UG,
19.8%,
3/16/26
......
1,305
792
UG991068855UG,
25.94%,
4/16/26
.....
243
150
UG991155546UG,
28.98%,
5/27/26
......
351
238
UG991020944UG,
15.99%,
11/08/26
.....
3,180
3,204
UG991034634UG,
16.99%,
11/08/26
.....
1,398
5
UG991074802UG,
22.36%,
11/11/26
.....
7,173
7,419
UG991130326UG,
22.36%,
11/11/26
.....
561
109
UG991215907UG,
16.99%,
11/12/26
.....
1,587
1,596
UG991108685UG,
18.98%,
11/13/26
.....
1,057
(1)
UG991164893UG,
19.99%,
11/15/26
.....
99
98
UG991087378UG,
21.36%,
11/15/26
.....
654
666
UG991415270UG,
16.99%,
12/06/26
....
460
474
UG991226691UG,
15.99%,
12/09/26
....
269
280
UG991249712UG,
15.99%,
12/09/26
....
3,359
3,465
UG991213502UG,
16.99%,
12/09/26
....
1,760
8
UG991356469UG,
16.99%,
12/10/26
....
164
162
UG991265247UG,
16.99%,
12/12/26
....
434
447
UG991359359UG,
15.99%,
12/14/26
....
739
760
UG991467528UG,
15.99%,
12/14/26
....
442
454
UG991258909UG,
16.99%,
12/14/26
....
934
957
UG991280209UG,
16.99%,
12/14/26
....
2,217
2,306
UG991292205UG,
18.98%,
12/14/26
....
940
(1)
UG991489034UG,
Zero
Cpn,
12/15/26
...
301
21
UG991469109UG,
18.98%,
12/15/26
....
726
729
UG991263485UG,
16.99%,
12/16/26
....
–
–
UG991326633UG,
21.99%,
12/19/26
....
721
688
UG991389147UG,
22.36%,
12/19/26
....
183
183
UG991049842UG,
Zero
Cpn,
9/09/27
....
–
–
UG991274620UG,
Zero
Cpn,
9/16/27
....
7
1
UG991060314UG,
28.98%,
10/09/27
....
–
–
UG991491868UG,
14.48%,
10/12/27
....
–
–
UG991354178UG,
21.46%,
10/12/27
....
8
(1)
UG991211325UG,
Zero
Cpn,
10/17/27
...
11
1
UG991100240UG,
Zero
Cpn,
10/20/27
...
–
–
UG991162927UG,
Zero
Cpn,
10/20/27
...
–
–
UG991153925UG,
Zero
Cpn,
10/21/27
...
–
–
UG991152323UG,
Zero
Cpn,
10/27/27
...
–
–
UG991194262UG,
Zero
Cpn,
10/29/27
...
–
–
UG991352807UG,
29.49%,
10/30/27
....
–
–
UG991077060UG,
Zero
Cpn,
11/09/27
...
1
–
UG991125001UG,
20.47%,
11/15/27
.....
4
–
UG991193230UG,
Zero
Cpn,
11/17/27
...
–
–
UG991234997UG,
Zero
Cpn,
11/18/27
...
17
1
UG991480124UG,
15.97%,
11/18/27
.....
–
–
UG991139016UG,
28.48%,
11/19/27
.....
–
–
UG991136012UG,
29.48%,
11/20/27
.....
3
–
UG991122786UG,
29.49%,
11/20/27
.....
–
–
UG991295344UG,
28.98%,
11/21/27
.....
11
–
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991162286UG,
29.49%,
11/21/27
.....
$
–
$
–
UG991316297UG,
29.49%,
11/22/27
.....
–
–
UG991163966UG,
28.98%,
11/23/27
.....
–
–
UG991148029UG,
29.49%,
11/25/27
.....
–
–
UG991220521UG,
21.46%,
11/26/27
.....
–
–
UG991212602UG,
20.97%,
11/29/27
.....
–
–
UG991343151UG,
Zero
Cpn,
12/05/27
...
7
1
UG991317515UG,
21.46%,
12/08/27
....
–
–
UG991046494UG,
29.49%,
12/09/27
....
–
–
UG991185958UG,
Zero
Cpn,
12/14/27
...
2
–
UG991515439UG,
16.99%,
12/15/27
....
–
–
UG991264523UG,
Zero
Cpn,
12/16/27
...
1
–
UG991070597UG,
29.49%,
12/16/27
....
–
–
UG991098885UG,
Zero
Cpn,
12/17/27
...
5
1
UG991158169UG,
Zero
Cpn,
12/17/27
...
5
–
UG991225720UG,
Zero
Cpn,
12/17/27
...
4
–
UG991139342UG,
29.49%,
12/17/27
.....
–
–
UG991263434UG,
Zero
Cpn,
12/18/27
...
–
–
UG991115984UG,
29.48%,
12/18/27
.....
–
–
UG991288317UG,
Zero
Cpn,
12/19/27
...
14
1
UG991100486UG,
28.48%,
12/19/27
.....
–
–
UG991201781UG,
29.49%,
12/19/27
....
4
1
UG991132867UG,
Zero
Cpn,
12/25/27
...
2
–
UG991193364UG,
17.99%,
12/25/27
.....
–
–
UG991009159UG,
20.46%,
1/06/28
.....
–
–
UG991137879UG,
29.49%,
1/09/28
......
–
–
UG991250222UG,
28.98%,
1/14/28
.....
–
–
UG991151700UG,
29.49%,
1/17/28
......
–
–
UG991255805UG,
29.49%,
1/17/28
.....
–
–
UG991143037UG,
19.99%,
1/19/28
......
–
–
UG991108360UG,
Zero
Cpn,
1/20/28
....
3
–
UG991298103UG,
19.96%,
1/22/28
.....
–
–
UG991181078UG,
18.97%,
1/27/28
......
2
–
UG991038892UG,
Zero
Cpn,
2/09/28
....
–
–
UG991130691UG,
21.46%,
2/10/28
......
5
–
UG991098433UG,
20.47%,
2/12/28
.....
–
–
UG991261757UG,
28.98%,
2/15/28
.....
–
–
UG991165953UG,
Zero
Cpn,
2/17/28
....
18
1
UG991098698UG,
29.49%,
2/17/28
.....
–
–
UG991188090UG,
Zero
Cpn,
2/19/28
....
16
1
UG991106442UG,
Zero
Cpn,
2/21/28
....
14
1
UG991116922UG,
29.49%,
2/22/28
......
4
–
UG991136443UG,
29.49%,
2/22/28
......
1
1
UG991140034UG,
20.46%,
2/24/28
......
–
–
UG991171646UG,
Zero
Cpn,
2/27/28
....
35
2
UG991368032UG,
Zero
Cpn,
2/27/28
....
20
2
UG991363340UG,
29.49%,
2/28/28
.....
20
4
UG991379172UG,
29.49%,
2/28/28
.....
–
–
UG991076067UG,
21.46%,
3/11/28
......
6
6
UG991039523UG,
25.95%,
3/11/28
......
4
1
UG991060869UG,
20.97%,
3/12/28
.....
15
14
UG991121031UG,
29.49%,
3/17/28
......
–
–
UG991291019UG,
29.49%,
3/18/28
.....
3
2
UG991102712UG,
Zero
Cpn,
3/20/28
....
24
2
UG991123749UG,
28.48%,
3/20/28
......
–
–
UG991105467UG,
29.49%,
3/20/28
......
13
–
UG991113893UG,
19.99%,
3/21/28
......
5
–
UG991124071UG,
29.49%,
3/22/28
......
–
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
296
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
UG991209298UG,
29.49%,
3/22/28
.....
$
–
$
–
UG991196097UG,
29.49%,
3/23/28
......
9
9
UG991150477UG,
19.8%,
3/26/28
......
7
–
UG991342123UG,
21.98%,
3/27/28
.....
6
1
UG991164171UG,
Zero
Cpn,
3/29/28
....
16
1
UG991309526UG,
28.48%,
3/29/28
.....
–
–
UG991424738UG,
29.49%,
4/04/28
.....
17
(1)
UG991028425UG,
29.49%,
4/09/28
.....
10
–
UG991196943UG,
29.49%,
4/09/28
......
2
2
UG991351009UG,
29.49%,
4/09/28
.....
2
–
UG991375720UG,
29.49%,
4/09/28
.....
26
2
UG991160383UG,
Zero
Cpn,
4/11/28
....
19
1
UG991098989UG,
Zero
Cpn,
4/13/28
....
27
2
UG991116240UG,
20.47%,
4/17/28
......
2
2
UG991186431UG,
29.49%,
4/17/28
......
1
1
UG991269882UG,
29.49%,
4/17/28
.....
25
22
UG991100354UG,
Zero
Cpn,
4/18/28
....
18
1
UG991126619UG,
29.49%,
4/18/28
......
16
–
UG991163681UG,
29.49%,
4/18/28
......
18
3
UG991179352UG,
Zero
Cpn,
4/20/28
....
26
2
UG991277786UG,
28.48%,
4/22/28
.....
7
1
UG991171380UG,
29.49%,
4/22/28
......
12
1
UG991146749UG,
29.49%,
4/23/28
......
–
–
UG991151957UG,
19.3%,
4/24/28
......
30
–
UG991188769UG,
21.46%,
4/25/28
......
44
36
UG991143525UG,
Zero
Cpn,
4/26/28
....
6
–
UG991253242UG,
Zero
Cpn,
4/26/28
....
23
2
UG991149683UG,
28.98%,
4/26/28
......
42
34
UG991209315UG,
28.98%,
4/28/28
.....
3
3
UG991252688UG,
28.98%,
4/28/28
.....
–
–
UG991289704UG,
29.49%,
4/28/28
.....
13
2
UG991305134UG,
29.49%,
4/28/28
.....
3
3
UG991169143UG,
29.49%,
4/29/28
......
3
3
UG991170657UG,
29.49%,
4/29/28
......
1
–
UG991185131UG,
29.49%,
4/29/28
......
2
2
UG991382074UG,
29.49%,
5/05/28
.....
1
1
UG991353833UG,
29.49%,
5/06/28
.....
–
–
UG991409861UG,
29.49%,
5/07/28
.....
8
7
UG991086114UG,
22.97%,
5/08/28
......
4
–
UG991420297UG,
28.98%,
5/08/28
.....
3
3
UG991025344UG,
Zero
Cpn,
5/09/28
....
28
2
UG991105899UG,
19.21%,
5/09/28
......
–
–
UG991146663UG,
20.97%,
5/09/28
......
3
3
UG991032262UG,
21.97%,
5/09/28
.....
12
2
UG991204893UG,
23.45%,
5/09/28
.....
21
–
UG991062693UG,
29.49%,
5/09/28
.....
–
–
UG991066377UG,
29.49%,
5/09/28
.....
3
4
UG991142891UG,
29.49%,
5/09/28
......
2
2
UG991155903UG,
16.49%,
5/10/28
......
–
–
UG991033295UG,
21.98%,
5/10/28
.....
9
4
UG991305808UG,
29.49%,
5/10/28
.....
15
1
UG991367295UG,
29.49%,
5/10/28
.....
13
13
UG991096499UG,
20.46%,
5/11/28
......
4
4
UG991180474UG,
21.98%,
5/13/28
......
32
28
UG991285593UG,
21.98%,
5/14/28
.....
3
3
UG991258217UG,
28.98%,
5/14/28
.....
–
–
UG991077312UG,
29.49%,
5/15/28
.....
1
2
UG991222595UG,
29.49%,
5/15/28
.....
1
1
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
UG991077938UG,
Zero
Cpn,
5/16/28
....
$
31
$
2
UG991144216UG,
Zero
Cpn,
5/16/28
....
27
2
UG991410920UG,
14.48%,
5/17/28
.....
3
3
UG991103136UG,
28.98%,
5/17/28
......
–
–
UG991251084UG,
28.98%,
5/17/28
.....
5
5
UG991263078UG,
28.98%,
5/17/28
.....
17
15
UG991108547UG,
29.49%,
5/17/28
......
1
2
UG991258298UG,
29.49%,
5/17/28
.....
1
1
UG991199929UG,
Zero
Cpn,
5/18/28
....
31
2
UG991198064UG,
28.48%,
5/18/28
......
3
3
UG991132246UG,
29.48%,
5/18/28
......
3
3
UG991255249UG,
29.49%,
5/18/28
.....
10
2
UG991181598UG,
19.3%,
5/19/28
......
1
1
UG991121139UG,
20.47%,
5/19/28
......
2
2
UG991130518UG,
29.48%,
5/19/28
......
14
1
UG991121290UG,
Zero
Cpn,
5/20/28
....
23
2
UG991110667UG,
28.98%,
5/20/28
......
2
2
UG991133526UG,
29.49%,
5/20/28
......
5
5
UG991206669UG,
29.49%,
5/20/28
.....
4
4
UG991172898UG,
29.49%,
5/21/28
......
3
3
UG991228935UG,
29.49%,
5/21/28
.....
7
7
UG991245290UG,
29.49%,
5/21/28
.....
21
21
UG991295168UG,
29.49%,
5/21/28
.....
1
1
UG991116696UG,
Zero
Cpn,
5/22/28
....
26
2
UG991116379UG,
29.49%,
5/22/28
......
21
19
UG991126125UG,
29.49%,
5/22/28
......
2
2
UG991131273UG,
29.49%,
5/22/28
......
4
4
UG991284531UG,
29.49%,
5/23/28
.....
20
(1)
UG991152084UG,
29.49%,
5/25/28
......
4
4
UG991210665UG,
14.98%,
5/27/28
.....
4
4
UG991221998UG,
21.48%,
5/27/28
.....
4
4
UG991113309UG,
Zero
Cpn,
7/20/32
....
–
–
UG991288870UG,
Zero
Cpn,
8/21/32
....
–
–
1,800,705
Upstart
Network,
Inc.
L1410764.UP.FTS.B,
15.3%,
7/09/24
....
1,419
1,418
FW1612116.UP.FTS.B,
7.74%,
8/23/24
...
2,711
2,687
L1612016.UP.FTS.B,
8.95%,
8/23/24
....
1,461
1,455
FW1611668.UP.FTS.B,
11.38%,
8/23/24
..
6,812
6,774
L1612835.UP.FTS.B,
11.9%,
8/23/24
.....
1,948
1,943
FW1611989.UP.FTS.B,
12.35%,
8/23/24
..
1,470
1,467
L1611926.UP.FTS.B,
17.14%,
8/23/24
....
508
509
L1612153.UP.FTS.B,
17.45%,
8/23/24
....
1,159
1,155
L1612011.UP.FTS.B,
17.65%,
8/23/24
....
1,263
1,269
L1612903.UP.FTS.B,
17.72%,
8/23/24
....
2,549
2,555
L1613038.UP.FTS.B,
18.06%,
8/23/24
....
2,046
2,050
L1612795.UP.FTS.B,
19.34%,
8/23/24
....
4,102
4,121
FW1611869.UP.FTS.B,
19.81%,
8/23/24
..
1,023
1,028
L1612495.UP.FTS.B,
22.7%,
8/23/24
....
1,374
1,371
L1612257.UP.FTS.B,
22.94%,
8/23/24
....
10,564
10,580
FW1611995.UP.FTS.B,
26.04%,
8/23/24
..
3,407
3,404
FW1611997.UP.FTS.B,
26.88%,
8/23/24
..
3,259
3,253
FW1606291.UP.FTS.B,
27.01%,
8/23/24
..
2,175
2,171
FW1604455.UP.FTS.B,
27.65%,
8/23/24
..
2,737
2,732
FW1611972.UP.FTS.B,
28.72%,
8/23/24
..
660
659
FW1613240.UP.FTS.B,
28.79%,
8/23/24
..
825
824
FW1613150.UP.FTS.B,
30.32%,
8/23/24
..
1,362
1,353
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
297
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1611405.UP.FTS.B,
30.92%,
8/23/24
..
$
3,958
$
3,952
FW1612529.UP.FTS.B,
31.07%,
8/23/24
..
1,788
1,781
FW1612870.UP.FTS.B,
32.37%,
8/23/24
..
2,813
2,818
L1616941.UP.FTS.B,
6.69%,
8/24/24
....
1,877
1,859
FW1618227.UP.FTS.B,
7.62%,
8/24/24
...
7,550
7,484
L1615041.UP.FTS.B,
7.72%,
8/24/24
....
2,838
2,814
L1615714.UP.FTS.B,
8.06%,
8/24/24
....
2,134
2,115
L1614367.UP.FTS.B,
9.22%,
8/24/24
....
718
714
L1617167.UP.FTS.B,
9.97%,
8/24/24
....
963
959
L1613537.UP.FTS.B,
10.76%,
8/24/24
....
4,358
4,341
L1616794.UP.FTS.B,
12.02%,
8/24/24
....
7,017
6,988
L1617960.UP.FTS.B,
12.89%,
8/24/24
....
2,081
2,070
FW1616172.UP.FTS.B,
14.22%,
8/24/24
..
1,837
1,830
L1614073.UP.FTS.B,
15.77%,
8/24/24
....
6,291
560
L1618000.UP.FTS.B,
16.11%,
8/24/24
....
3,452
3,429
L1616524.UP.FTS.B,
16.36%,
8/24/24
....
2,525
2,514
L1617307.UP.FTS.B,
16.47%,
8/24/24
....
706
710
FW1617392.UP.FTS.B,
16.64%,
8/24/24
..
3,036
3,043
FW1618059.UP.FTS.B,
16.81%,
8/24/24
..
3,270
237
FW1618205.UP.FTS.B,
17.17%,
8/24/24
..
6,602
6,638
FW1612144.UP.FTS.B,
17.97%,
8/24/24
..
1,519
1,526
L1616998.UP.FTS.B,
18.36%,
8/24/24
....
1,793
1,797
L1613583.UP.FTS.B,
18.67%,
8/24/24
....
3,257
3,258
FW1616441.UP.FTS.B,
18.68%,
8/24/24
..
1,277
1,283
L1613531.UP.FTS.B,
19.04%,
8/24/24
....
1,544
1,548
L1615656.UP.FTS.B,
19.47%,
8/24/24
....
1,786
1,774
L1614540.UP.FTS.B,
20.1%,
8/24/24
....
3,371
3,366
L1616206.UP.FTS.B,
20.31%,
8/24/24
....
1,298
1,301
L1613927.UP.FTS.B,
20.62%,
8/24/24
....
3,246
235
L1618034.UP.FTS.B,
21.14%,
8/24/24
....
346
343
L1616789.UP.FTS.B,
21.29%,
8/24/24
....
950
949
L1618119.UP.FTS.B,
21.46%,
8/24/24
....
3,634
3,640
FW1614692.UP.FTS.B,
22.37%,
8/24/24
..
5,492
5,493
L1613701.UP.FTS.B,
22.48%,
8/24/24
....
4,745
4,738
L1613954.UP.FTS.B,
22.51%,
8/24/24
....
4,220
4,214
L1612815.UP.FTS.B,
22.77%,
8/24/24
....
1,830
1,829
L1614621.UP.FTS.B,
22.87%,
8/24/24
....
4,725
4,733
L1614292.UP.FTS.B,
22.91%,
8/24/24
....
529
528
L1615531.UP.FTS.B,
23.83%,
8/24/24
....
1,649
1,653
FW1616265.UP.FTS.B,
25.8%,
8/24/24
...
3,551
3,553
FW1615059.UP.FTS.B,
26.12%,
8/24/24
..
3,184
3,188
FW1613406.UP.FTS.B,
26.85%,
8/24/24
..
4,200
4,179
FW1614960.UP.FTS.B,
27.28%,
8/24/24
..
1,866
1,868
FW1608456.UP.FTS.B,
28.41%,
8/24/24
..
163
161
FW1617127.UP.FTS.B,
28.63%,
8/24/24
..
1,648
1,646
FW1617697.UP.FTS.B,
29%,
8/24/24
....
1,280
1,275
FW1617880.UP.FTS.B,
29.1%,
8/24/24
...
1,102
1,101
L1619786.UP.FTS.B,
7.29%,
8/25/24
....
1,533
1,518
L1620409.UP.FTS.B,
9.92%,
8/25/24
....
962
959
L1609249.UP.FTS.B,
10.93%,
8/25/24
....
2,424
2,420
L1618433.UP.FTS.B,
12.74%,
8/25/24
....
7,374
7,347
L1618817.UP.FTS.B,
13.07%,
8/25/24
....
1,773
1,770
L1618890.UP.FTS.B,
13.2%,
8/25/24
....
1,816
1,810
L1619755.UP.FTS.B,
13.74%,
8/25/24
....
2,774
2,763
L1620684.UP.FTS.B,
15.61%,
8/25/24
....
2,793
2,804
L1595806.UP.FTS.B,
16.33%,
8/25/24
....
1,716
1,722
FW1618611.UP.FTS.B,
19.46%,
8/25/24
..
2,150
2,162
L1620021.UP.FTS.B,
20.47%,
8/25/24
....
1,040
1,043
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1617738.UP.FTS.B,
20.93%,
8/25/24
....
$
4,139
$
4,130
L1620934.UP.FTS.B,
22.56%,
8/25/24
....
2,004
2,010
L1618207.UP.FTS.B,
22.64%,
8/25/24
....
2,111
2,110
FW1621090.UP.FTS.B,
25.79%,
8/25/24
..
1,136
1,133
FW1618882.UP.FTS.B,
25.91%,
8/25/24
..
3,297
94
FW1620098.UP.FTS.B,
26.52%,
8/25/24
..
1,808
1,810
FW1618797.UP.FTS.B,
27.03%,
8/25/24
..
2,042
2,029
FW1618720.UP.FTS.B,
30.08%,
8/25/24
..
3,993
3,992
L1612441.UP.FTS.B,
8.61%,
8/28/24
....
2,521
2,498
L1705462.UP.FTS.B,
6%,
9/13/24
.......
13,544
13,570
L1706751.UP.FTS.B,
6.12%,
9/13/24
....
4,799
4,753
L1707041.UP.FTS.B,
6.68%,
9/13/24
....
13,420
13,290
L1705350.UP.FTS.B,
7.7%,
9/13/24
.....
2,004
1,989
L1693379.UP.FTS.B,
10.32%,
9/13/24
....
2,552
2,539
L1706496.UP.FTS.B,
12.56%,
9/13/24
....
10,021
729
L1704842.UP.FTS.B,
13.48%,
9/13/24
....
2,296
618
L1706753.UP.FTS.B,
13.61%,
9/13/24
....
3,919
3,899
L1706804.UP.FTS.B,
14.15%,
9/13/24
....
8,207
8,197
FW1703114.UP.FTS.B,
14.49%,
9/13/24
..
1,840
1,842
L1706939.UP.FTS.B,
15.26%,
9/13/24
....
981
979
L1706922.UP.FTS.B,
15.62%,
9/13/24
....
21,196
21,220
L1704236.UP.FTS.B,
15.99%,
9/13/24
....
4,757
4,762
L1706754.UP.FTS.B,
16.23%,
9/13/24
....
12,694
453
L1704947.UP.FTS.B,
17.56%,
9/13/24
....
435
31
L1702670.UP.FTS.B,
17.62%,
9/13/24
....
1,504
1,506
L1706278.UP.FTS.B,
17.82%,
9/13/24
....
4,746
4,741
FW1704884.UP.FTS.B,
18%,
9/13/24
....
741
740
FW1706133.UP.FTS.B,
18.48%,
9/13/24
..
2,951
2,946
L1701616.UP.FTS.B,
19.62%,
9/13/24
....
1,044
1,009
L1704877.UP.FTS.B,
19.78%,
9/13/24
....
2,180
2,182
L1706370.UP.FTS.B,
22.24%,
9/13/24
....
1,661
1,655
L1706636.UP.FTS.B,
22.54%,
9/13/24
....
3,514
3,479
L1706515.UP.FTS.B,
23%,
9/13/24
......
1,077
1,072
FW1690887.UP.FTS.B,
23.14%,
9/13/24
..
2,228
2,220
L1705591.UP.FTS.B,
23.35%,
9/13/24
....
3,128
3,109
FW1706171.UP.FTS.B,
23.72%,
9/13/24
..
667
12
FW1704838.UP.FTS.B,
25.19%,
9/13/24
..
551
543
FW1704787.UP.FTS.B,
26.17%,
9/13/24
..
2,358
2,336
FW1705725.UP.FTS.B,
26.51%,
9/13/24
..
978
144
FW1706468.UP.FTS.B,
26.54%,
9/13/24
..
873
864
FW1706959.UP.FTS.B,
28.41%,
9/13/24
..
1,152
1,147
FW1706385.UP.FTS.B,
28.43%,
9/13/24
..
122
115
FW1704857.UP.FTS.B,
28.91%,
9/13/24
..
2,375
2,358
L1880417.UP.FTS.B,
5.63%,
10/19/24
....
1,635
1,619
L1880480.UP.FTS.B,
8.79%,
10/19/24
....
5,327
5,295
L1877544.UP.FTS.B,
9.08%,
10/19/24
....
569
566
L1828554.UP.FTS.B,
9.21%,
10/19/24
....
801
797
L1880929.UP.FTS.B,
9.86%,
10/19/24
....
2,683
2,667
L1843265.UP.FTS.B,
9.92%,
10/19/24
....
6,443
6,405
L1877810.UP.FTS.B,
10.5%,
10/19/24
....
1,186
1,178
FW1880015.UP.FTS.B,
10.71%,
10/19/24
.
9,178
9,134
FW1880412.UP.FTS.B,
11.4%,
10/19/24
..
5,424
5,398
FW1881446.UP.FTS.B,
11.54%,
10/19/24
.
543
539
L1879230.UP.FTS.B,
12.91%,
10/19/24
...
3,507
3,490
L1879927.UP.FTS.B,
13.42%,
10/19/24
...
3,024
3,028
L1881269.UP.FTS.B,
13.94%,
10/19/24
...
1,525
427
L1878015.UP.FTS.B,
14.68%,
10/19/24
...
554
555
L1876508.UP.FTS.B,
15.29%,
10/19/24
...
1,304
1,303
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
298
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1878235.UP.FTS.B,
16.59%,
10/19/24
.
$
561
$
562
L1876177.UP.FTS.B,
16.95%,
10/19/24
...
563
563
FW1878279.UP.FTS.B,
18.26%,
10/19/24
.
567
567
FW1880539.UP.FTS.B,
18.7%,
10/19/24
..
1,992
1,989
L1879219.UP.FTS.B,
18.95%,
10/19/24
...
2,661
2,659
L1877399.UP.FTS.B,
18.99%,
10/19/24
...
570
571
L1877157.UP.FTS.B,
19.36%,
10/19/24
...
3,143
3,147
FW1880021.UP.FTS.B,
19.73%,
10/19/24
.
4,380
1,248
L1877812.UP.FTS.B,
19.98%,
10/19/24
...
780
116
FW1877508.UP.FTS.B,
20.09%,
10/19/24
.
3,050
2,898
FW1880944.UP.FTS.B,
20.45%,
10/19/24
.
3,996
4,000
FW1876805.UP.FTS.B,
20.67%,
10/19/24
.
566
567
L1877424.UP.FTS.B,
20.68%,
10/19/24
...
2,962
50
L1880976.UP.FTS.B,
21.84%,
10/19/24
...
2,872
2,875
L1880669.UP.FTS.B,
22.94%,
10/19/24
...
2,940
2,922
L1878741.UP.FTS.B,
23.21%,
10/19/24
...
1,990
1,992
L1880437.UP.FTS.B,
23.31%,
10/19/24
...
5,836
5,818
L1880362.UP.FTS.B,
23.34%,
10/19/24
...
579
576
L1876918.UP.FTS.B,
23.43%,
10/19/24
...
820
818
FW1877656.UP.FTS.B,
23.66%,
10/19/24
.
1,161
1,154
FW1877532.UP.FTS.B,
24.41%,
10/19/24
.
1,804
1,798
FW1881583.UP.FTS.B,
25.39%,
10/19/24
.
2,965
2,956
FW1879233.UP.FTS.B,
26.7%,
10/19/24
..
598
597
FW1880823.UP.FTS.B,
27.61%,
10/19/24
.
2,103
2,096
FW1873483.UP.FTS.B,
27.95%,
10/19/24
.
843
840
FW1880670.UP.FTS.B,
28.35%,
10/19/24
.
799
794
FW1881404.UP.FTS.B,
28.73%,
10/19/24
.
2,116
2,110
FW1880562.UP.FTS.B,
28.77%,
10/19/24
.
1,897
1,801
FW1875773.UP.FTS.B,
28.85%,
10/19/24
.
4,101
4,086
FW1877809.UP.FTS.B,
28.9%,
10/19/24
..
2,966
2,957
FW1877220.UP.FTS.B,
29.16%,
10/19/24
.
1,013
964
FW1991266.UP.FTS.B,
5.75%,
11/08/24
..
3,304
3,267
L1996492.UP.FTS.B,
5.82%,
11/08/24
....
1,373
1,359
L1994177.UP.FTS.B,
6.01%,
11/08/24
....
4,400
4,354
FW1997734.UP.FTS.B,
6.36%,
11/08/24
..
4,568
4,520
L1989270.UP.FTS.B,
6.75%,
11/08/24
....
3,593
3,555
L1995781.UP.FTS.B,
7.12%,
11/08/24
....
18,182
17,977
L1991938.UP.FTS.B,
7.13%,
11/08/24
....
5,405
5,349
L1997129.UP.FTS.B,
7.49%,
11/08/24
....
3,888
3,858
L1995628.UP.FTS.B,
8.15%,
11/08/24
....
1,570
1,556
FW1989730.UP.FTS.B,
9.3%,
11/08/24
...
8,430
8,365
L1989289.UP.FTS.B,
9.6%,
11/08/24
.....
2,107
2,089
FW1988815.UP.FTS.B,
10.61%,
11/08/24
.
850
844
L1990488.UP.FTS.B,
10.69%,
11/08/24
...
7,927
7,867
L1990483.UP.FTS.B,
10.71%,
11/08/24
...
565
560
L1989128.UP.FTS.B,
11.31%,
11/08/24
...
1,423
1,413
L1997576.UP.FTS.B,
11.59%,
11/08/24
...
570
566
L1991664.UP.FTS.B,
13.31%,
11/08/24
...
3,701
3,678
L1998240.UP.FTS.B,
14.07%,
11/08/24
...
10,427
10,395
L1991934.UP.FTS.B,
14.49%,
11/08/24
...
2,614
2,594
L1999740.UP.FTS.B,
14.54%,
11/08/24
...
4,621
4,605
FW1989018.UP.FTS.B,
14.66%,
11/08/24
.
5,233
5,217
FW1999553.UP.FTS.B,
14.97%,
11/08/24
.
584
578
L1990825.UP.FTS.B,
15.23%,
11/08/24
...
2,334
2,327
FW1991866.UP.FTS.B,
15.28%,
11/08/24
.
4,377
4,364
L1989094.UP.FTS.B,
15.37%,
11/08/24
...
701
699
L1999521.UP.FTS.B,
15.41%,
11/08/24
...
3,254
238
L1992799.UP.FTS.B,
15.97%,
11/08/24
...
2,930
2,921
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1997339.UP.FTS.B,
15.98%,
11/08/24
.
$
3,224
$
3,214
L1994442.UP.FTS.B,
16.18%,
11/08/24
...
1,174
1,170
L1969331.UP.FTS.B,
16.28%,
11/08/24
...
587
586
L1993658.UP.FTS.B,
16.43%,
11/08/24
...
5,225
5,191
L1991018.UP.FTS.B,
17.05%,
11/08/24
...
1,475
1,470
FW1988077.UP.FTS.B,
17.51%,
11/08/24
.
1,788
1,777
L1987185.UP.FTS.B,
17.72%,
11/08/24
...
1,083
1,073
FW1984213.UP.FTS.B,
18.47%,
11/08/24
.
1,785
1,780
FW1991976.UP.FTS.B,
18.69%,
11/08/24
.
2,502
2,495
L1998424.UP.FTS.B,
19%,
11/08/24
.....
3,044
3,035
L1990206.UP.FTS.B,
19.65%,
11/08/24
...
2,089
2,072
FW1998538.UP.FTS.B,
20.31%,
11/08/24
.
2,971
2,945
L1991260.UP.FTS.B,
20.4%,
11/08/24
....
9,641
9,538
L1999186.UP.FTS.B,
20.9%,
11/08/24
....
2,102
2,084
L1991768.UP.FTS.B,
21.66%,
11/08/24
...
2,278
165
L1993163.UP.FTS.B,
22.06%,
11/08/24
...
2,371
2,349
L1990534.UP.FTS.B,
22.07%,
11/08/24
...
6,461
3,916
FW1997760.UP.FTS.B,
22.3%,
11/08/24
..
5,144
1,460
FW1989573.UP.FTS.B,
22.36%,
11/08/24
.
913
905
L1994045.UP.FTS.B,
22.76%,
11/08/24
...
1,662
1,643
FW1991109.UP.FTS.B,
23.32%,
11/08/24
.
3,060
3,034
L1992601.UP.FTS.B,
23.37%,
11/08/24
...
727
719
L1995328.UP.FTS.B,
23.72%,
11/08/24
...
3,072
3,036
FW1992676.UP.FTS.B,
24.35%,
11/08/24
.
1,831
1,815
FW1998906.UP.FTS.B,
25.05%,
11/08/24
.
2,253
2,227
FW1990565.UP.FTS.B,
26.42%,
11/08/24
.
1,682
1,667
FW1999321.UP.FTS.B,
26.61%,
11/08/24
.
2,807
2,783
FW1993106.UP.FTS.B,
27.22%,
11/08/24
.
2,148
316
FW1990425.UP.FTS.B,
27.28%,
11/08/24
.
3,119
3,092
FW1998626.UP.FTS.B,
27.42%,
11/08/24
.
1,953
1,178
FW1990874.UP.FTS.B,
27.43%,
11/08/24
.
1,870
70
FW1997204.UP.FTS.B,
28.06%,
11/08/24
.
3,114
3,086
FW1999593.UP.FTS.B,
28.28%,
11/08/24
.
1,258
1,247
FW1999260.UP.FTS.B,
28.83%,
11/08/24
.
6,406
6,335
L1999124.UP.FTS.B,
21.96%,
11/14/24
...
1,214
1,203
L2074995.UP.FTS.B,
6.25%,
11/18/24
....
2,805
2,645
L2075196.UP.FTS.B,
6.5%,
11/18/24
.....
869
819
L2071075.UP.FTS.B,
6.65%,
11/18/24
....
5,198
5,147
L2067255.UP.FTS.B,
7.27%,
11/18/24
....
7,208
7,161
L2074894.UP.FTS.B,
7.38%,
11/18/24
....
7,215
7,147
FW2060208.UP.FTS.B,
8.38%,
11/18/24
..
2,492
2,469
L2074717.UP.FTS.B,
9.11%,
11/18/24
....
4,491
4,462
L2071958.UP.FTS.B,
10.19%,
11/18/24
...
2,544
2,527
L2042230.UP.FTS.B,
10.36%,
11/18/24
...
679
675
L2069761.UP.FTS.B,
11.37%,
11/18/24
...
796
790
L2073296.UP.FTS.B,
11.88%,
11/18/24
...
5,257
5,228
L2074825.UP.FTS.B,
11.88%,
11/18/24
...
1,028
1,023
L2069517.UP.FTS.B,
12.06%,
11/18/24
...
5,724
5,683
L2070468.UP.FTS.B,
13.05%,
11/18/24
...
4,096
221
L2071334.UP.FTS.B,
13.96%,
11/18/24
...
1,737
1,728
L2074624.UP.FTS.B,
14.71%,
11/18/24
...
1,745
1,745
L2071744.UP.FTS.B,
15.58%,
11/18/24
...
5,555
5,554
L2071211.UP.FTS.B,
15.75%,
11/18/24
...
3,219
3,219
L2070735.UP.FTS.B,
15.91%,
11/18/24
...
6,444
6,443
L2069907.UP.FTS.B,
16.18%,
11/18/24
...
2,583
2,583
L2070764.UP.FTS.B,
16.31%,
11/18/24
...
1,469
1,469
L2070361.UP.FTS.B,
16.86%,
11/18/24
...
4,715
4,715
L2071251.UP.FTS.B,
17.57%,
11/18/24
...
592
592
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
299
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2043746.UP.FTS.B,
18%,
11/18/24
.....
$
3,560
$
3,560
L2073793.UP.FTS.B,
18.13%,
11/18/24
...
3,723
3,549
L2075163.UP.FTS.B,
19.13%,
11/18/24
...
3,282
3,282
L2070689.UP.FTS.B,
19.39%,
11/18/24
...
5,982
5,983
L2072986.UP.FTS.B,
19.5%,
11/18/24
....
5,539
5,522
L2074866.UP.FTS.B,
20.36%,
11/18/24
...
662
659
L2074744.UP.FTS.B,
20.69%,
11/18/24
...
3,617
3,617
FW2070210.UP.FTS.B,
21.14%,
11/18/24
.
9,067
9,026
L2069989.UP.FTS.B,
21.94%,
11/18/24
...
5,161
5,138
FW2074575.UP.FTS.B,
21.98%,
11/18/24
.
3,037
3,023
L2075360.UP.FTS.B,
22.53%,
11/18/24
...
609
609
L2075201.UP.FTS.B,
22.55%,
11/18/24
...
2,103
2,102
L2074324.UP.FTS.B,
22.74%,
11/18/24
...
1,220
1,215
L2071339.UP.FTS.B,
23.22%,
11/18/24
...
5,994
5,968
L2074321.UP.FTS.B,
23.4%,
11/18/24
....
594
589
FW2074738.UP.FTS.B,
25.07%,
11/18/24
.
2,324
2,310
FW2073266.UP.FTS.B,
25.94%,
11/18/24
.
5,835
418
FW2072771.UP.FTS.B,
26.31%,
11/18/24
.
622
619
FW2074885.UP.FTS.B,
26.84%,
11/18/24
.
993
980
FW2073544.UP.FTS.B,
26.86%,
11/18/24
.
1,249
1,243
FW2074174.UP.FTS.B,
27.6%,
11/18/24
..
753
748
FW2074893.UP.FTS.B,
28.12%,
11/18/24
.
817
814
FW2074718.UP.FTS.B,
28.91%,
11/18/24
.
947
943
FW2074605.UP.FTS.B,
29%,
11/18/24
...
2,691
2,676
FW2074651.UP.FTS.B,
29.17%,
11/18/24
.
4,449
670
L2215514.UP.FTS.B,
6.51%,
12/09/24
....
3,998
3,956
L2218454.UP.FTS.B,
6.62%,
12/09/24
....
1,855
1,836
L2198786.UP.FTS.B,
7.35%,
12/09/24
....
3,480
3,442
L2218367.UP.FTS.B,
9.23%,
12/09/24
....
589
584
FW2216772.UP.FTS.B,
10.45%,
12/09/24
.
1,484
1,472
L2215668.UP.FTS.B,
11.82%,
12/09/24
...
6,580
6,528
L2218473.UP.FTS.B,
11.83%,
12/09/24
...
5,198
724
L2218057.UP.FTS.B,
12.68%,
12/09/24
...
2,647
2,627
L2218119.UP.FTS.B,
12.83%,
12/09/24
...
1,020
142
L2214428.UP.FTS.B,
14.33%,
12/09/24
...
2,293
2,279
L2216051.UP.FTS.B,
16.31%,
12/09/24
...
3,680
3,665
L2216899.UP.FTS.B,
16.51%,
12/09/24
...
1,946
1,148
L2215765.UP.FTS.B,
17.77%,
12/09/24
...
1,700
124
FW2215617.UP.FTS.B,
17.98%,
12/09/24
.
1,851
1,843
L2217273.UP.FTS.B,
18.07%,
12/09/24
...
1,252
1,243
FW2217838.UP.FTS.B,
18.43%,
12/09/24
.
13,245
7,814
L2216494.UP.FTS.B,
18.54%,
12/09/24
...
9,026
8,990
L2215156.UP.FTS.B,
18.88%,
12/09/24
...
4,463
4,432
L2215879.UP.FTS.B,
21.14%,
12/09/24
...
2,653
2,622
L2214850.UP.FTS.B,
21.36%,
12/09/24
...
276
271
L2214773.UP.FTS.B,
21.94%,
12/09/24
...
2,091
2,071
L2214203.UP.FTS.B,
22.16%,
12/09/24
...
5,079
5,032
L2215694.UP.FTS.B,
22.23%,
12/09/24
...
3,810
3,775
L2217794.UP.FTS.B,
22.85%,
12/09/24
...
1,274
1,269
L2217826.UP.FTS.B,
23.12%,
12/09/24
...
2,552
2,529
L2217187.UP.FTS.B,
23.26%,
12/09/24
...
2,223
2,202
FW2194665.UP.FTS.B,
23.32%,
12/09/24
.
764
757
L1410939.UP.FTS.B,
23.67%,
12/09/24
...
2,567
2,547
L2217957.UP.FTS.B,
24.82%,
12/09/24
...
3,257
233
FW2214522.UP.FTS.B,
26.52%,
12/09/24
.
4,170
2,523
FW2204545.UP.FTS.B,
27.62%,
12/09/24
.
1,611
115
L2219730.UP.FTS.B,
6.81%,
12/10/24
....
5,805
5,745
L2221277.UP.FTS.B,
9.11%,
12/10/24
....
5,888
5,841
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2220268.UP.FTS.B,
10.33%,
12/10/24
...
$
2,966
$
2,942
L2220173.UP.FTS.B,
10.59%,
12/10/24
...
1,178
1,168
L2220491.UP.FTS.B,
10.62%,
12/10/24
...
594
589
L2221024.UP.FTS.B,
11.5%,
12/10/24
....
2,569
2,549
L2220175.UP.FTS.B,
12.44%,
12/10/24
...
2,403
2,385
FW2221592.UP.FTS.B,
12.68%,
12/10/24
.
2,828
2,804
FW2219110.UP.FTS.B,
14.72%,
12/10/24
.
4,567
4,532
FW2219902.UP.FTS.B,
15.07%,
12/10/24
.
9,151
9,116
FW2220289.UP.FTS.B,
15.19%,
12/10/24
.
6,326
464
L2219054.UP.FTS.B,
16.23%,
12/10/24
...
3,396
3,373
FW2220767.UP.FTS.B,
16.93%,
12/10/24
.
2,158
2,150
L2219716.UP.FTS.B,
17.42%,
12/10/24
...
3,655
3,639
FW2222355.UP.FTS.B,
17.64%,
12/10/24
.
5,573
5,551
L2222176.UP.FTS.B,
17.82%,
12/10/24
...
1,859
1,852
L2211402.UP.FTS.B,
18.17%,
12/10/24
...
1,863
1,856
FW2219362.UP.FTS.B,
18.87%,
12/10/24
.
2,806
2,795
L2221644.UP.FTS.B,
19.1%,
12/10/24
....
3,121
3,109
L2220530.UP.FTS.B,
19.78%,
12/10/24
...
1,889
1,866
L2222285.UP.FTS.B,
19.82%,
12/10/24
...
588
585
L2217930.UP.FTS.B,
20.56%,
12/10/24
...
2,341
169
L2222110.UP.FTS.B,
20.56%,
12/10/24
...
1,906
1,128
L2219790.UP.FTS.B,
20.59%,
12/10/24
...
3,147
3,136
FW2218657.UP.FTS.B,
21.6%,
12/10/24
..
2,805
2,778
FW2220220.UP.FTS.B,
21.76%,
12/10/24
.
2,217
2,197
L2221774.UP.FTS.B,
21.93%,
12/10/24
...
6,634
3,909
FW2219561.UP.FTS.B,
22.18%,
12/10/24
.
1,587
1,581
L2221302.UP.FTS.B,
22.2%,
12/10/24
....
4,891
1,385
FW2220602.UP.FTS.B,
22.35%,
12/10/24
.
3,305
3,275
L2221286.UP.FTS.B,
22.62%,
12/10/24
...
3,734
3,697
L2219861.UP.FTS.B,
23.85%,
12/10/24
...
3,587
3,555
L2219041.UP.FTS.B,
24.61%,
12/10/24
...
6,432
6,374
FW2221624.UP.FTS.B,
24.89%,
12/10/24
.
445
437
FW2215089.UP.FTS.B,
25.18%,
12/10/24
.
9,678
9,592
FW2221043.UP.FTS.B,
26.33%,
12/10/24
.
3,937
3,892
FW1612094.UP.FTS.B,
15.12%,
1/23/25
..
475
477
L1612705.UP.FTS.B,
21.91%,
1/23/25
....
3,296
3,259
FW1611967.UP.FTS.B,
27.5%,
1/23/25
...
3,625
1,065
L1615117.UP.FTS.B,
19.17%,
1/24/25
....
1,508
39
FW1618121.UP.FTS.B,
27.49%,
1/24/25
..
5,517
5,508
FW1615843.UP.FTS.B,
29.08%,
1/24/25
..
830
821
FW1617954.UP.FTS.B,
30.19%,
1/24/25
..
1,813
128
L1621220.UP.FTS.B,
21.82%,
1/25/25
....
1,909
1,892
FW1619402.UP.FTS.B,
29.13%,
1/25/25
..
1,414
1,404
L1705649.UP.FTS.B,
12.52%,
2/13/25
....
4,581
637
L1706603.UP.FTS.B,
17.88%,
2/13/25
....
1,811
132
L1705867.UP.FTS.B,
23.21%,
2/13/25
....
3,610
515
L1706082.UP.FTS.B,
23.36%,
2/13/25
....
3,352
3,297
FW1706392.UP.FTS.B,
28.7%,
2/13/25
...
6,257
440
L1876344.UP.FTS.B,
21.57%,
3/19/25
....
2,172
2,137
L1878043.UP.FTS.B,
23%,
3/19/25
......
27,654
27,288
FW1876639.UP.FTS.B,
25.42%,
3/19/25
..
1,054
298
FW1880807.UP.FTS.B,
27.59%,
3/19/25
..
4,101
293
L1996568.UP.FTS.B,
13.69%,
4/08/25
....
2,923
2,879
L1996950.UP.FTS.B,
14.91%,
4/08/25
....
3,364
3,320
L1995937.UP.FTS.B,
19.73%,
4/08/25
....
8,697
8,615
FW1996652.UP.FTS.B,
20.84%,
4/08/25
..
1,013
998
L1989183.UP.FTS.B,
20.95%,
4/08/25
....
9,477
9,335
L1992850.UP.FTS.B,
21.32%,
4/08/25
....
6,933
6,802
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
300
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1992210.UP.FTS.B,
21.73%,
4/08/25
....
$
1,919
$
1,129
FW1999367.UP.FTS.B,
26.01%,
4/08/25
..
1,477
1,450
L2074442.UP.FTS.B,
9.61%,
4/18/25
....
2,616
2,586
L2072070.UP.FTS.B,
14.5%,
4/18/25
....
2,418
2,391
L2075012.UP.FTS.B,
19.96%,
4/18/25
....
5,450
1,552
FW2074886.UP.FTS.B,
23.12%,
4/18/25
..
2,284
8
L1959123.UP.FTS.B,
23.14%,
4/18/25
....
3,177
3,146
FW2071617.UP.FTS.B,
24.28%,
4/18/25
..
7,265
7,165
FW2074154.UP.FTS.B,
28.72%,
4/18/25
..
953
143
L2218347.UP.FTS.B,
8.96%,
5/09/25
....
3,838
2,115
L2215847.UP.FTS.B,
15.81%,
5/09/25
....
8,506
8,366
L2215619.UP.FTS.B,
17.97%,
5/09/25
....
1,540
1,521
FW2216954.UP.FTS.B,
19.2%,
5/09/25
...
4,600
2,679
FW2214152.UP.FTS.B,
19.21%,
5/09/25
..
2,427
2,390
FW2214394.UP.FTS.B,
19.36%,
5/09/25
..
666
657
L2215113.UP.FTS.B,
19.57%,
5/09/25
....
3,345
3,298
L2214186.UP.FTS.B,
22.58%,
5/09/25
....
2,374
2,327
L2218938.UP.FTS.B,
7.83%,
5/10/25
....
5,028
4,962
FW2222423.UP.FTS.B,
16.87%,
5/10/25
..
12,738
294
L2220009.UP.FTS.B,
18.38%,
5/10/25
....
1,841
1,818
FW2221895.UP.FTS.B,
22.51%,
5/10/25
..
4,472
2,685
FW2219263.UP.FTS.B,
25.61%,
5/10/25
..
5,157
750
FW2220132.UP.FTS.B,
25.62%,
5/10/25
..
2,643
96
FW1613175.UP.FTS.B,
24.35%,
6/23/25
..
3,220
3,212
FW1617191.UP.FTS.B,
30.37%,
6/24/25
..
1,138
1,115
FW1601279.UP.FTS.B,
28.41%,
6/25/25
..
1,266
1,257
L1707019.UP.FTS.B,
22.94%,
7/13/25
....
6,693
6,598
L2000015.UP.FTS.B,
20.73%,
9/08/25
....
684
676
L1994247.UP.FTS.B,
23.34%,
9/08/25
....
1,362
1,349
L2214629.UP.FTS.B,
23.78%,
10/09/25
...
4,862
352
L1410769.UP.FTS.B,
17.3%,
7/09/26
....
3,455
1,981
L1410682.UP.FTS.B,
18.43%,
7/09/26
....
6,770
6,696
L1410871.UP.FTS.B,
19.36%,
7/09/26
....
3,011
2,977
L1406959.UP.FTS.B,
19.7%,
7/09/26
....
1,950
1,932
L1410905.UP.FTS.B,
21.33%,
7/09/26
....
7,406
534
L1410134.UP.FTS.B,
22.14%,
7/09/26
....
4,366
2,576
FW1410806.UP.FTS.B,
26.55%,
7/09/26
..
1,729
1,727
FW1410862.UP.FTS.B,
30.65%,
7/09/26
..
1,688
1,685
L1612245.UP.FTS.B,
7.13%,
8/23/26
....
3,378
3,354
L1612759.UP.FTS.B,
7.7%,
8/23/26
.....
3,895
3,867
L1613031.UP.FTS.B,
10.95%,
8/23/26
....
13,670
13,562
L1613160.UP.FTS.B,
11.35%,
8/23/26
....
22,352
22,162
L1612342.UP.FTS.B,
11.46%,
8/23/26
....
36,415
36,129
L1612983.UP.FTS.B,
11.8%,
8/23/26
.....
37,087
36,794
L1612198.UP.FTS.B,
11.94%,
8/23/26
....
9,442
9,375
FW1612119.UP.FTS.B,
13.33%,
8/23/26
..
15,097
14,969
L1606587.UP.FTS.B,
14.39%,
8/23/26
....
37,068
36,812
L1612751.UP.FTS.B,
14.6%,
8/23/26
....
11,149
11,076
FW1612446.UP.FTS.B,
14.89%,
8/23/26
..
2,748
2,729
L1612460.UP.FTS.B,
14.95%,
8/23/26
....
11,174
11,101
L1611811.UP.FTS.B,
15.17%,
8/23/26
....
15,169
15,050
FW1611006.UP.FTS.B,
15.64%,
8/23/26
..
15,667
15,553
L1611958.UP.FTS.B,
16.45%,
8/23/26
....
8,567
8,499
L1613087.UP.FTS.B,
17.25%,
8/23/26
....
6,043
6,001
L1613097.UP.FTS.B,
17.66%,
8/23/26
....
430
424
L1613141.UP.FTS.B,
18.36%,
8/23/26
....
4,569
4,529
L1612462.UP.FTS.B,
18.65%,
8/23/26
....
7,496
7,438
L1611722.UP.FTS.B,
19.13%,
8/23/26
....
6,120
6,065
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1613143.UP.FTS.B,
19.39%,
8/23/26
..
$
15,322
$
15,214
L1612696.UP.FTS.B,
19.76%,
8/23/26
....
8,447
8,456
L1612946.UP.FTS.B,
20.18%,
8/23/26
....
28,679
4,409
L1611808.UP.FTS.B,
20.24%,
8/23/26
....
7,700
7,725
L1611110.UP.FTS.B,
20.52%,
8/23/26
....
14,120
14,147
L1611787.UP.FTS.B,
20.92%,
8/23/26
....
12,747
924
FW1613287.UP.FTS.B,
21.05%,
8/23/26
..
2,320
2,328
L1611961.UP.FTS.B,
21.45%,
8/23/26
....
4,266
4,270
L1611980.UP.FTS.B,
21.62%,
8/23/26
....
3,107
3,110
L1612389.UP.FTS.B,
21.85%,
8/23/26
....
4,970
4,935
FW1612398.UP.FTS.B,
22.84%,
8/23/26
..
8,024
8,023
FW1613265.UP.FTS.B,
23.28%,
8/23/26
..
4,703
4,708
L1612902.UP.FTS.B,
24.91%,
8/23/26
....
11,724
11,753
L1605896.UP.FTS.B,
25.03%,
8/23/26
....
24,368
24,365
L1612867.UP.FTS.B,
25.04%,
8/23/26
....
1,425
1,426
L1611991.UP.FTS.B,
25.15%,
8/23/26
....
2,099
2,099
L1613022.UP.FTS.B,
25.17%,
8/23/26
....
4,819
4,824
L1612115.UP.FTS.B,
25.2%,
8/23/26
.....
951
952
L1612430.UP.FTS.B,
25.3%,
8/23/26
....
872
875
L1610778.UP.FTS.B,
25.4%,
8/23/26
....
3,356
3,363
L1613013.UP.FTS.B,
25.41%,
8/23/26
....
1,620
1,619
L1612935.UP.FTS.B,
25.45%,
8/23/26
....
1,348
1,353
L1612475.UP.FTS.B,
25.7%,
8/23/26
....
1,051
1,052
L1612818.UP.FTS.B,
26.11%,
8/23/26
....
768
119
L1613041.UP.FTS.B,
26.53%,
8/23/26
....
4,810
4,812
FW1612781.UP.FTS.B,
27.12%,
8/23/26
..
8,223
8,223
FW1612416.UP.FTS.B,
27.52%,
8/23/26
..
7,940
7,959
FW1612304.UP.FTS.B,
28.02%,
8/23/26
..
4,812
4,826
FW1612359.UP.FTS.B,
28.35%,
8/23/26
..
16,561
2,585
FW1611792.UP.FTS.B,
28.67%,
8/23/26
..
5,803
5,803
FW1612593.UP.FTS.B,
29.96%,
8/23/26
..
22,843
1,610
FW1613053.UP.FTS.B,
30.42%,
8/23/26
..
709
705
FW1612948.UP.FTS.B,
30.7%,
8/23/26
...
8,150
8,157
FW1598463.UP.FTS.B,
30.71%,
8/23/26
..
12,223
12,260
FW1612884.UP.FTS.B,
30.9%,
8/23/26
...
2,533
755
FW1610809.UP.FTS.B,
31.14%,
8/23/26
..
2,254
2,256
FW1612126.UP.FTS.B,
32.02%,
8/23/26
..
3,560
3,549
FW1612221.UP.FTS.B,
33.09%,
8/23/26
..
7,456
520
L1613929.UP.FTS.B,
6.38%,
8/24/26
....
10,519
10,443
L1613779.UP.FTS.B,
8.38%,
8/24/26
....
9,969
9,892
L1617369.UP.FTS.B,
8.58%,
8/24/26
....
10,704
10,619
L1614080.UP.FTS.B,
9.53%,
8/24/26
....
2,146
2,131
FW1618242.UP.FTS.B,
10.05%,
8/24/26
..
10,806
10,729
L1616604.UP.FTS.B,
10.09%,
8/24/26
....
10,450
10,369
L1613335.UP.FTS.B,
10.66%,
8/24/26
....
1,085
1,077
L1618136.UP.FTS.B,
10.88%,
8/24/26
....
3,698
3,667
L1616625.UP.FTS.B,
11.18%,
8/24/26
....
10,375
10,296
L1615613.UP.FTS.B,
11.71%,
8/24/26
....
4,665
4,633
L1614345.UP.FTS.B,
12.28%,
8/24/26
....
2,914
2,894
L1614068.UP.FTS.B,
12.29%,
8/24/26
....
9,850
9,768
L1617085.UP.FTS.B,
12.5%,
8/24/26
....
9,351
9,284
L1613877.UP.FTS.B,
13.09%,
8/24/26
....
11,036
10,961
L1613838.UP.FTS.B,
13.27%,
8/24/26
....
734
729
L1615725.UP.FTS.B,
13.27%,
8/24/26
....
3,978
3,951
L1617795.UP.FTS.B,
13.57%,
8/24/26
....
18,455
18,313
L1614941.UP.FTS.B,
13.72%,
8/24/26
....
7,165
7,113
L1616432.UP.FTS.B,
13.96%,
8/24/26
....
13,281
13,190
L1614273.UP.FTS.B,
14.09%,
8/24/26
....
8,312
8,242
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
301
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1615867.UP.FTS.B,
14.28%,
8/24/26
..
$
6,649
$
6,603
FW1614076.UP.FTS.B,
14.66%,
8/24/26
..
7,400
7,349
L1615692.UP.FTS.B,
15.67%,
8/24/26
....
5,437
1,419
L1617268.UP.FTS.B,
15.74%,
8/24/26
....
1,868
1,855
L1617016.UP.FTS.B,
15.82%,
8/24/26
....
13,036
12,953
L1616977.UP.FTS.B,
16.49%,
8/24/26
....
2,185
2,169
L1617004.UP.FTS.B,
16.62%,
8/24/26
....
4,518
4,490
L1613683.UP.FTS.B,
16.65%,
8/24/26
....
4,850
4,817
FW1613769.UP.FTS.B,
16.69%,
8/24/26
..
3,835
3,803
L1614266.UP.FTS.B,
16.7%,
8/24/26
....
2,336
2,317
L1616581.UP.FTS.B,
16.94%,
8/24/26
....
2,251
2,236
L1614751.UP.FTS.B,
17.63%,
8/24/26
....
11,327
11,249
L1618185.UP.FTS.B,
18.18%,
8/24/26
....
9,125
9,067
L1614375.UP.FTS.B,
18.88%,
8/24/26
....
6,110
6,069
L1616929.UP.FTS.B,
19.05%,
8/24/26
....
7,645
7,594
L1617080.UP.FTS.B,
19.1%,
8/24/26
....
5,353
5,319
L1613574.UP.FTS.B,
19.14%,
8/24/26
....
2,295
2,279
L1617202.UP.FTS.B,
19.24%,
8/24/26
....
2,296
2,282
L1618259.UP.FTS.B,
19.27%,
8/24/26
....
6,124
6,147
L1613957.UP.FTS.B,
19.33%,
8/24/26
....
8,423
8,367
L1617047.UP.FTS.B,
19.37%,
8/24/26
....
2,787
2,793
L1616477.UP.FTS.B,
19.45%,
8/24/26
....
4,598
4,567
L1597028.UP.FTS.B,
19.71%,
8/24/26
....
4,256
305
L1614886.UP.FTS.B,
19.82%,
8/24/26
....
8,602
8,547
L1617537.UP.FTS.B,
20.26%,
8/24/26
....
2,849
2,830
L1600527.UP.FTS.B,
20.35%,
8/24/26
....
7,494
7,420
L1613477.UP.FTS.B,
20.77%,
8/24/26
....
3,135
3,108
L1613128.UP.FTS.B,
21.09%,
8/24/26
....
38,696
38,433
L1614925.UP.FTS.B,
21.15%,
8/24/26
....
735
736
FW1617037.UP.FTS.B,
21.16%,
8/24/26
..
7,823
7,833
L1617008.UP.FTS.B,
21.28%,
8/24/26
....
2,480
2,484
FW1617548.UP.FTS.B,
21.5%,
8/24/26
...
3,724
3,737
L1615113.UP.FTS.B,
21.5%,
8/24/26
.....
2,554
2,560
FW1616680.UP.FTS.B,
21.59%,
8/24/26
..
9,314
9,251
FW1615331.UP.FTS.B,
21.76%,
8/24/26
..
18,458
18,482
FW1616224.UP.FTS.B,
21.78%,
8/24/26
..
224
222
L1616494.UP.FTS.B,
21.88%,
8/24/26
....
7,327
7,336
L1615740.UP.FTS.B,
22.58%,
8/24/26
....
3,122
3,134
L1617797.UP.FTS.B,
22.65%,
8/24/26
....
25,770
25,862
L1614645.UP.FTS.B,
22.79%,
8/24/26
....
2,501
2,505
L1613261.UP.FTS.B,
22.8%,
8/24/26
....
2,658
2,662
L1617314.UP.FTS.B,
23.08%,
8/24/26
....
1,941
1,947
FW1614723.UP.FTS.B,
23.32%,
8/24/26
..
11,758
11,800
FW1614111.UP.FTS.B,
23.36%,
8/24/26
..
9,408
9,441
L1617338.UP.FTS.B,
23.46%,
8/24/26
....
1,961
1,968
L1617363.UP.FTS.B,
23.46%,
8/24/26
....
6,210
6,167
FW1616273.UP.FTS.B,
23.5%,
8/24/26
...
763
765
L1615756.UP.FTS.B,
23.61%,
8/24/26
....
7,852
7,863
FW1616613.UP.FTS.B,
23.91%,
8/24/26
..
13,984
14,007
L1615616.UP.FTS.B,
23.96%,
8/24/26
....
3,581
3,544
L1616072.UP.FTS.B,
24%,
8/24/26
......
4,857
4,863
L1614419.UP.FTS.B,
24.11%,
8/24/26
....
856
61
L1615372.UP.FTS.B,
24.2%,
8/24/26
....
11,190
802
L1614191.UP.FTS.B,
24.4%,
8/24/26
....
3,284
3,294
L1599086.UP.FTS.B,
24.44%,
8/24/26
....
6,255
6,274
L1617370.UP.FTS.B,
24.47%,
8/24/26
....
9,005
1,388
FW1613731.UP.FTS.B,
24.96%,
8/24/26
..
15,029
15,082
FW1615802.UP.FTS.B,
24.99%,
8/24/26
..
2,557
2,560
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1617884.UP.FTS.B,
24.99%,
8/24/26
....
$
949
$
953
FW1616803.UP.FTS.B,
25.11%,
8/24/26
..
3,959
3,964
L1617253.UP.FTS.B,
25.15%,
8/24/26
....
11,086
11,125
FW1591289.UP.FTS.B,
25.18%,
8/24/26
..
2,693
2,702
L1613599.UP.FTS.B,
25.21%,
8/24/26
....
1,980
1,987
L1613633.UP.FTS.B,
25.23%,
8/24/26
....
6,089
6,029
L1616132.UP.FTS.B,
25.25%,
8/24/26
....
951
954
L1614745.UP.FTS.B,
25.32%,
8/24/26
....
5,921
1,753
L1614834.UP.FTS.B,
25.32%,
8/24/26
....
4,650
4,665
L1614231.UP.FTS.B,
25.4%,
8/24/26
....
1,507
1,512
L1614943.UP.FTS.B,
25.57%,
8/24/26
....
5,990
5,995
L1613168.UP.FTS.B,
25.62%,
8/24/26
....
5,844
5,844
FW1616899.UP.FTS.B,
25.66%,
8/24/26
..
2,104
2,101
FW1618114.UP.FTS.B,
25.78%,
8/24/26
..
2,543
2,547
L1615232.UP.FTS.B,
25.93%,
8/24/26
....
3,419
3,431
FW1613979.UP.FTS.B,
26.13%,
8/24/26
..
804
125
L1616336.UP.FTS.B,
26.22%,
8/24/26
....
5,200
366
FW1614557.UP.FTS.B,
26.33%,
8/24/26
..
9,602
9,617
FW1615022.UP.FTS.B,
26.47%,
8/24/26
..
4,786
4,792
L1617509.UP.FTS.B,
26.53%,
8/24/26
....
4,909
4,909
FW1616218.UP.FTS.B,
26.77%,
8/24/26
..
1,729
1,708
FW1615207.UP.FTS.B,
26.92%,
8/24/26
..
2,092
324
FW1616600.UP.FTS.B,
27.4%,
8/24/26
...
5,934
5,949
FW1617924.UP.FTS.B,
27.4%,
8/24/26
...
6,411
6,433
FW1617995.UP.FTS.B,
27.41%,
8/24/26
..
4,621
4,635
FW1614841.UP.FTS.B,
27.56%,
8/24/26
..
2,326
2,334
FW1611723.UP.FTS.B,
28.21%,
8/24/26
..
6,639
1,963
FW1613690.UP.FTS.B,
28.43%,
8/24/26
..
4,018
4,031
FW1617241.UP.FTS.B,
28.98%,
8/24/26
..
4,040
4,045
FW1613956.UP.FTS.B,
28.99%,
8/24/26
..
1,693
504
FW1618115.UP.FTS.B,
29.51%,
8/24/26
..
9,834
9,837
FW1614066.UP.FTS.B,
29.58%,
8/24/26
..
4,473
4,484
FW1617403.UP.FTS.B,
29.66%,
8/24/26
..
6,248
6,254
FW1617836.UP.FTS.B,
29.73%,
8/24/26
..
3,244
3,255
FW1614632.UP.FTS.B,
29.76%,
8/24/26
..
1,161
1,159
FW1613466.UP.FTS.B,
30.19%,
8/24/26
..
1,302
90
FW1614078.UP.FTS.B,
30.3%,
8/24/26
...
1,545
1,551
FW1613869.UP.FTS.B,
30.42%,
8/24/26
..
1,058
1,059
FW1614135.UP.FTS.B,
30.54%,
8/24/26
..
12,382
12,397
FW1615250.UP.FTS.B,
30.57%,
8/24/26
..
1,547
1,549
FW1615073.UP.FTS.B,
30.97%,
8/24/26
..
2,449
2,452
FW1612909.UP.FTS.B,
31.01%,
8/24/26
..
1,004
1,005
FW1617590.UP.FTS.B,
31.04%,
8/24/26
..
2,041
2,044
FW1615354.UP.FTS.B,
31.17%,
8/24/26
..
10,577
10,593
FW1616948.UP.FTS.B,
31.18%,
8/24/26
..
5,835
1,728
FW1614673.UP.FTS.B,
31.31%,
8/24/26
..
911
912
FW1617796.UP.FTS.B,
31.5%,
8/24/26
...
2,863
2,873
FW1614110.UP.FTS.B,
32.03%,
8/24/26
..
3,588
3,586
FW1616102.UP.FTS.B,
32.95%,
8/24/26
..
3,791
3,796
L1621070.UP.FTS.B,
8.8%,
8/25/26
.....
21,419
21,274
L1619126.UP.FTS.B,
9.43%,
8/25/26
....
7,173
7,121
L1618202.UP.FTS.B,
10.07%,
8/25/26
....
3,602
3,580
L1619514.UP.FTS.B,
10.85%,
8/25/26
....
3,601
3,578
L1619565.UP.FTS.B,
11.35%,
8/25/26
....
5,889
5,852
L1619757.UP.FTS.B,
12.57%,
8/25/26
....
5,862
5,826
L1617914.UP.FTS.B,
12.61%,
8/25/26
....
3,744
3,715
L1572047.UP.FTS.B,
12.99%,
8/25/26
....
4,650
4,618
L1620282.UP.FTS.B,
13.89%,
8/25/26
....
8,785
8,729
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
302
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1620912.UP.FTS.B,
14.91%,
8/25/26
....
$
3,724
$
3,701
L1620125.UP.FTS.B,
15.38%,
8/25/26
....
747
743
L1619050.UP.FTS.B,
15.55%,
8/25/26
....
3,055
3,030
FW1619311.UP.FTS.B,
16.02%,
8/25/26
..
4,473
4,448
L1619343.UP.FTS.B,
16.69%,
8/25/26
....
7,871
7,818
L1619826.UP.FTS.B,
16.95%,
8/25/26
....
11,837
11,758
FW1619065.UP.FTS.B,
16.98%,
8/25/26
..
18,870
18,739
L1619610.UP.FTS.B,
17.18%,
8/25/26
....
3,748
3,725
L1620043.UP.FTS.B,
17.72%,
8/25/26
....
2,381
2,366
L1618708.UP.FTS.B,
19.03%,
8/25/26
....
15,172
15,080
FW1618685.UP.FTS.B,
19.7%,
8/25/26
...
7,821
7,763
L1619055.UP.FTS.B,
19.81%,
8/25/26
....
2,304
2,310
FW1618558.UP.FTS.B,
20.33%,
8/25/26
..
4,352
4,314
L1618902.UP.FTS.B,
21.03%,
8/25/26
....
4,304
4,319
L1618616.UP.FTS.B,
21.44%,
8/25/26
....
7,756
7,776
FW1620348.UP.FTS.B,
22.68%,
8/25/26
..
2,965
2,943
FW1619947.UP.FTS.B,
22.69%,
8/25/26
..
1,509
1,493
L1620763.UP.FTS.B,
23.08%,
8/25/26
....
4,228
4,248
L1620526.UP.FTS.B,
23.25%,
8/25/26
....
1,567
1,575
L1619423.UP.FTS.B,
24.53%,
8/25/26
....
2,757
2,771
L1619251.UP.FTS.B,
24.92%,
8/25/26
....
1,740
1,748
L1619746.UP.FTS.B,
25.05%,
8/25/26
....
5,053
5,077
L1621031.UP.FTS.B,
25.07%,
8/25/26
....
4,749
4,772
L1618437.UP.FTS.B,
25.3%,
8/25/26
....
8,147
8,164
L1619585.UP.FTS.B,
25.33%,
8/25/26
....
5,786
5,814
L1603724.UP.FTS.B,
25.36%,
8/25/26
....
336
333
L1618792.UP.FTS.B,
25.43%,
8/25/26
....
2,696
2,709
L1619028.UP.FTS.B,
25.43%,
8/25/26
....
6,265
6,296
FW1620759.UP.FTS.B,
25.44%,
8/25/26
..
3,173
3,188
L1621068.UP.FTS.B,
25.46%,
8/25/26
....
3,332
3,348
FW1617532.UP.FTS.B,
25.68%,
8/25/26
..
2,382
2,394
L1620151.UP.FTS.B,
26.66%,
8/25/26
....
12,579
12,613
FW1619681.UP.FTS.B,
27.38%,
8/25/26
..
7,616
7,648
FW1615921.UP.FTS.B,
28.4%,
8/25/26
...
14,661
14,732
FW1618777.UP.FTS.B,
29.12%,
8/25/26
..
13,327
209
FW1618819.UP.FTS.B,
30.18%,
8/25/26
..
2,375
167
FW1618172.UP.FTS.B,
31.12%,
8/25/26
..
6,788
6,801
FW1618300.UP.FTS.B,
31.51%,
8/25/26
..
5,083
5,104
L1705668.UP.FTS.B,
7.09%,
9/13/26
....
36,049
35,733
L1706439.UP.FTS.B,
8.12%,
9/13/26
....
6,922
6,862
L1699091.UP.FTS.B,
8.91%,
9/13/26
....
37,240
34,976
L1706771.UP.FTS.B,
9.86%,
9/13/26
....
13,220
13,103
FW1703655.UP.FTS.B,
10.14%,
9/13/26
..
3,311
3,282
FW1705224.UP.FTS.B,
10.49%,
9/13/26
..
18,438
18,276
L1694396.UP.FTS.B,
11.41%,
9/13/26
....
7,448
7,377
L1706158.UP.FTS.B,
11.42%,
9/13/26
....
2,968
2,942
L1699795.UP.FTS.B,
11.82%,
9/13/26
....
6,696
6,637
L1706793.UP.FTS.B,
12.07%,
9/13/26
....
10,397
10,305
L1706436.UP.FTS.B,
12.13%,
9/13/26
....
2,713
692
L1706444.UP.FTS.B,
12.27%,
9/13/26
....
4,477
4,438
L1704834.UP.FTS.B,
12.73%,
9/13/26
....
6,774
6,709
FW1704921.UP.FTS.B,
13.23%,
9/13/26
..
1,389
1,375
L1706652.UP.FTS.B,
13.34%,
9/13/26
....
16,159
16,011
L1705580.UP.FTS.B,
14.66%,
9/13/26
....
14,016
13,880
L1706707.UP.FTS.B,
14.84%,
9/13/26
....
15,168
15,035
L1705884.UP.FTS.B,
14.95%,
9/13/26
....
6,831
6,764
L1706863.UP.FTS.B,
15.07%,
9/13/26
....
4,179
303
L1706806.UP.FTS.B,
15.22%,
9/13/26
....
5,930
5,878
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1705731.UP.FTS.B,
15.3%,
9/13/26
....
$
12,204
$
12,069
L1704776.UP.FTS.B,
15.5%,
9/13/26
....
5,331
5,279
FW1705595.UP.FTS.B,
15.51%,
9/13/26
..
11,394
11,281
FW1701565.UP.FTS.B,
15.8%,
9/13/26
...
18,430
18,203
L1706683.UP.FTS.B,
16.01%,
9/13/26
....
1,833
1,817
L1705287.UP.FTS.B,
16.2%,
9/13/26
....
8,795
8,709
L1705917.UP.FTS.B,
16.39%,
9/13/26
....
4,232
308
L1705607.UP.FTS.B,
16.78%,
9/13/26
....
23,023
22,797
FW1707042.UP.FTS.B,
16.94%,
9/13/26
..
10,302
10,188
L1705598.UP.FTS.B,
17.01%,
9/13/26
....
2,229
2,207
FW1706882.UP.FTS.B,
17.33%,
9/13/26
..
3,575
3,537
L1699552.UP.FTS.B,
17.37%,
9/13/26
....
3,235
3,199
L1706066.UP.FTS.B,
18.08%,
9/13/26
....
5,008
4,933
FW1706809.UP.FTS.B,
18.19%,
9/13/26
..
14,831
1,073
L1705021.UP.FTS.B,
18.29%,
9/13/26
....
6,232
6,154
FW1701942.UP.FTS.B,
19.32%,
9/13/26
..
11,691
11,561
L1706117.UP.FTS.B,
19.33%,
9/13/26
....
3,377
243
L1705225.UP.FTS.B,
19.41%,
9/13/26
....
3,661
3,613
FW1705472.UP.FTS.B,
19.5%,
9/13/26
...
6,212
6,149
L1705864.UP.FTS.B,
19.54%,
9/13/26
....
24,280
24,202
L1704972.UP.FTS.B,
19.67%,
9/13/26
....
35,707
33,994
FW1703178.UP.FTS.B,
19.77%,
9/13/26
..
5,294
766
L1705415.UP.FTS.B,
19.86%,
9/13/26
....
7,327
7,244
L1699219.UP.FTS.B,
19.88%,
9/13/26
....
10,956
10,918
L1706913.UP.FTS.B,
20.18%,
9/13/26
....
5,765
5,755
L1705062.UP.FTS.B,
20.27%,
9/13/26
....
1,567
1,564
L1705666.UP.FTS.B,
20.28%,
9/13/26
....
1,725
1,699
L1705855.UP.FTS.B,
20.56%,
9/13/26
....
5,492
5,431
L1706223.UP.FTS.B,
20.97%,
9/13/26
....
12,180
11,585
L1706832.UP.FTS.B,
21.04%,
9/13/26
....
4,662
4,652
L1706003.UP.FTS.B,
21.07%,
9/13/26
....
5,507
5,445
L1706013.UP.FTS.B,
21.25%,
9/13/26
....
7,086
7,007
FW1705757.UP.FTS.B,
21.7%,
9/13/26
...
2,842
2,837
L1706836.UP.FTS.B,
21.71%,
9/13/26
....
5,296
5,229
FW1706388.UP.FTS.B,
21.83%,
9/13/26
..
4,740
4,733
L1706178.UP.FTS.B,
22.1%,
9/13/26
....
2,769
2,765
L1702725.UP.FTS.B,
22.11%,
9/13/26
....
2,033
1,933
L1706147.UP.FTS.B,
23.21%,
9/13/26
....
3,983
3,969
L1706970.UP.FTS.B,
23.23%,
9/13/26
....
1,592
1,589
L1706347.UP.FTS.B,
23.37%,
9/13/26
....
7,206
7,182
L1706443.UP.FTS.B,
23.44%,
9/13/26
....
2,406
2,398
L1706495.UP.FTS.B,
23.71%,
9/13/26
....
7,150
7,136
L1706931.UP.FTS.B,
24.04%,
9/13/26
....
959
958
L1706350.UP.FTS.B,
24.39%,
9/13/26
....
16,142
16,091
L1706467.UP.FTS.B,
24.5%,
9/13/26
....
1,005
994
L1704980.UP.FTS.B,
24.51%,
9/13/26
....
4,134
1,187
L1705774.UP.FTS.B,
24.52%,
9/13/26
....
6,474
6,454
L1705551.UP.FTS.B,
24.8%,
9/13/26
....
13,472
968
L1699725.UP.FTS.B,
24.98%,
9/13/26
....
1,626
1,621
L1705130.UP.FTS.B,
24.98%,
9/13/26
....
2,410
2,406
L1705055.UP.FTS.B,
24.99%,
9/13/26
....
1,538
1,533
FW1694399.UP.FTS.B,
25.04%,
9/13/26
..
2,411
2,407
L1704899.UP.FTS.B,
25.19%,
9/13/26
....
5,134
4,971
L1706179.UP.FTS.B,
25.28%,
9/13/26
....
1,046
1,034
L1705964.UP.FTS.B,
25.31%,
9/13/26
....
4,104
4,097
L1671620.UP.FTS.B,
25.49%,
9/13/26
....
2,527
2,516
L1707003.UP.FTS.B,
25.5%,
9/13/26
....
1,369
1,367
L1707020.UP.FTS.B,
25.62%,
9/13/26
....
1,011
4
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
303
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1705539.UP.FTS.B,
25.63%,
9/13/26
..
$
4,326
$
307
FW1705410.UP.FTS.B,
26.37%,
9/13/26
..
15,620
15,570
L1704856.UP.FTS.B,
26.37%,
9/13/26
....
12,842
112
FW1705619.UP.FTS.B,
26.39%,
9/13/26
..
2,022
2,019
L1706658.UP.FTS.B,
26.61%,
9/13/26
....
5,738
5,722
L1704906.UP.FTS.B,
26.62%,
9/13/26
....
6,075
6,064
L1706122.UP.FTS.B,
26.74%,
9/13/26
....
6,807
6,795
FW1706840.UP.FTS.B,
26.82%,
9/13/26
..
29,236
29,128
FW1705300.UP.FTS.B,
26.94%,
9/13/26
..
1,784
1,781
FW1704992.UP.FTS.B,
27.2%,
9/13/26
...
1,625
1,622
FW1706600.UP.FTS.B,
28.17%,
9/13/26
..
6,527
6,516
FW1704833.UP.FTS.B,
28.32%,
9/13/26
..
1,494
1,487
FW1705464.UP.FTS.B,
28.92%,
9/13/26
..
6,142
6,131
FW1705970.UP.FTS.B,
29.06%,
9/13/26
..
3,234
3,218
FW1704923.UP.FTS.B,
29.37%,
9/13/26
..
2,132
2,121
FW1705494.UP.FTS.B,
29.37%,
9/13/26
..
8,658
(17)
FW1706656.UP.FTS.B,
29.5%,
9/13/26
...
1,674
1,591
FW1706055.UP.FTS.B,
29.52%,
9/13/26
..
1,457
1,453
FW1705213.UP.FTS.B,
29.91%,
9/13/26
..
4,936
4,927
FW1704840.UP.FTS.B,
30.21%,
9/13/26
..
2,513
2,502
FW1706229.UP.FTS.B,
30.24%,
9/13/26
..
3,689
3,681
FW1705888.UP.FTS.B,
30.31%,
9/13/26
..
2,443
2,437
FW1706453.UP.FTS.B,
30.32%,
9/13/26
..
798
772
FW1705816.UP.FTS.B,
30.33%,
9/13/26
..
3,518
245
FW1705791.UP.FTS.B,
30.47%,
9/13/26
..
4,112
4,103
FW1705881.UP.FTS.B,
30.81%,
9/13/26
..
4,135
4,127
FW1705876.UP.FTS.B,
30.83%,
9/13/26
..
1,405
1,402
FW1706907.UP.FTS.B,
30.87%,
9/13/26
..
1,488
1,485
FW1705418.UP.FTS.B,
30.88%,
9/13/26
..
5,998
424
FW1706713.UP.FTS.B,
30.93%,
9/13/26
..
4,798
4,788
FW1706040.UP.FTS.B,
30.94%,
9/13/26
..
4,963
4,953
FW1705167.UP.FTS.B,
31%,
9/13/26
....
1,322
92
FW1705946.UP.FTS.B,
31.02%,
9/13/26
..
1,158
82
FW1706308.UP.FTS.B,
31.09%,
9/13/26
..
6,082
6,062
FW1704990.UP.FTS.B,
31.11%,
9/13/26
..
1,090
1,085
FW1706597.UP.FTS.B,
31.11%,
9/13/26
..
1,572
1,569
FW1706019.UP.FTS.B,
31.21%,
9/13/26
..
3,415
240
FW1706293.UP.FTS.B,
31.37%,
9/13/26
..
1,990
1,982
FW1706400.UP.FTS.B,
31.38%,
9/13/26
..
3,231
3,225
FW1697654.UP.FTS.B,
31.43%,
9/13/26
..
1,589
110
FW1703542.UP.FTS.B,
31.45%,
9/13/26
..
20,093
20,020
FW1706938.UP.FTS.B,
31.73%,
9/13/26
..
1,394
98
FW1706244.UP.FTS.B,
31.81%,
9/13/26
..
996
994
FW1706582.UP.FTS.B,
31.84%,
9/13/26
..
2,234
2,230
FW1705307.UP.FTS.B,
31.85%,
9/13/26
..
4,733
4,723
FW1704764.UP.FTS.B,
32.03%,
9/13/26
..
2,575
2,563
FW1706420.UP.FTS.B,
32.09%,
9/13/26
..
4,071
4,063
FW1705262.UP.FTS.B,
32.4%,
9/13/26
...
5,610
5,332
FW1705022.UP.FTS.B,
32.46%,
9/13/26
..
6,423
6,392
FW1705847.UP.FTS.B,
32.5%,
9/13/26
...
1,921
1,901
L1880089.UP.FTS.B,
6%,
10/19/26
......
6,069
6,090
L1877184.UP.FTS.B,
9.06%,
10/19/26
....
6,763
6,710
L1851771.UP.FTS.B,
9.22%,
10/19/26
....
2,613
2,592
L1878256.UP.FTS.B,
9.69%,
10/19/26
....
7,335
7,271
L1880702.UP.FTS.B,
9.87%,
10/19/26
....
13,044
12,942
L1875318.UP.FTS.B,
10.07%,
10/19/26
...
4,500
4,463
FW1879016.UP.FTS.B,
10.84%,
10/19/26
.
18,856
18,700
L1881256.UP.FTS.B,
11.03%,
10/19/26
...
8,990
8,914
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1878336.UP.FTS.B,
11.06%,
10/19/26
...
$
1,348
$
1,332
L1879834.UP.FTS.B,
11.35%,
10/19/26
...
18,858
18,702
L1879823.UP.FTS.B,
11.68%,
10/19/26
...
15,546
15,404
L1880360.UP.FTS.B,
12.99%,
10/19/26
...
22,929
22,740
FW1879031.UP.FTS.B,
13.13%,
10/19/26
.
5,355
5,307
FW1878185.UP.FTS.B,
13.38%,
10/19/26
.
30,646
30,393
L1879789.UP.FTS.B,
13.49%,
10/19/26
...
17,060
16,892
L1881217.UP.FTS.B,
14.02%,
10/19/26
...
4,321
4,269
L1878258.UP.FTS.B,
14.16%,
10/19/26
...
6,164
6,109
L1877450.UP.FTS.B,
14.9%,
10/19/26
....
2,974
2,947
L1879966.UP.FTS.B,
14.94%,
10/19/26
...
7,733
7,663
L1879160.UP.FTS.B,
15.75%,
10/19/26
...
5,485
5,171
L1880586.UP.FTS.B,
15.78%,
10/19/26
...
5,831
5,770
L1877560.UP.FTS.B,
16.13%,
10/19/26
...
30,266
4,374
L1864741.UP.FTS.B,
16.15%,
10/19/26
...
4,672
4,630
L1881295.UP.FTS.B,
16.28%,
10/19/26
...
5,455
5,406
L1878278.UP.FTS.B,
16.38%,
10/19/26
...
7,797
7,727
L1877933.UP.FTS.B,
16.4%,
10/19/26
....
2,302
2,283
L1832966.UP.FTS.B,
16.66%,
10/19/26
...
15,494
15,350
L1860514.UP.FTS.B,
16.68%,
10/19/26
...
8,439
8,339
L1878027.UP.FTS.B,
16.7%,
10/19/26
....
7,731
7,657
L1877381.UP.FTS.B,
17.14%,
10/19/26
...
6,244
6,192
L1881555.UP.FTS.B,
17.31%,
10/19/26
...
5,095
5,043
FW1876338.UP.FTS.B,
17.58%,
10/19/26
.
2,826
2,800
FW1881188.UP.FTS.B,
17.77%,
10/19/26
.
2,166
2,145
L1879412.UP.FTS.B,
17.84%,
10/19/26
...
4,139
4,089
L1880095.UP.FTS.B,
17.84%,
10/19/26
...
11,793
11,696
L1879540.UP.FTS.B,
17.97%,
10/19/26
...
4,197
168
L1880587.UP.FTS.B,
18.12%,
10/19/26
...
3,149
3,121
L1876765.UP.FTS.B,
18.15%,
10/19/26
...
1,961
1,888
L1871080.UP.FTS.B,
18.23%,
10/19/26
...
4,813
4,531
FW1881398.UP.FTS.B,
18.35%,
10/19/26
.
2,759
2,734
L1880031.UP.FTS.B,
18.37%,
10/19/26
...
4,815
4,534
L1876524.UP.FTS.B,
18.4%,
10/19/26
....
4,338
4,293
FW1877226.UP.FTS.B,
19.27%,
10/19/26
.
10,229
10,222
L1879198.UP.FTS.B,
19.39%,
10/19/26
...
10,380
10,264
L1877239.UP.FTS.B,
19.55%,
10/19/26
...
4,216
307
L1876835.UP.FTS.B,
19.58%,
10/19/26
...
794
786
L1879248.UP.FTS.B,
19.71%,
10/19/26
...
4,925
4,636
L1879737.UP.FTS.B,
19.73%,
10/19/26
...
4,290
4,246
L1877523.UP.FTS.B,
19.9%,
10/19/26
....
4,767
4,494
L1871750.UP.FTS.B,
19.96%,
10/19/26
...
4,771
4,770
L1874758.UP.FTS.B,
20.02%,
10/19/26
...
1,700
609
FW1880709.UP.FTS.B,
20.07%,
10/19/26
.
5,571
5,520
L1876035.UP.FTS.B,
20.11%,
10/19/26
...
3,184
3,183
L1877722.UP.FTS.B,
20.57%,
10/19/26
...
13,005
12,244
FW1880186.UP.FTS.B,
20.64%,
10/19/26
.
4,471
4,469
L1879731.UP.FTS.B,
20.78%,
10/19/26
...
3,994
3,953
FW1877068.UP.FTS.B,
20.9%,
10/19/26
..
10,285
10,274
FW1878875.UP.FTS.B,
20.95%,
10/19/26
.
3,885
579
FW1877987.UP.FTS.B,
20.97%,
10/19/26
.
3,185
3,067
L1881502.UP.FTS.B,
21.09%,
10/19/26
...
6,501
6,202
L1877922.UP.FTS.B,
21.18%,
10/19/26
...
3,364
510
L1876777.UP.FTS.B,
21.6%,
10/19/26
....
6,853
6,844
L1881182.UP.FTS.B,
21.66%,
10/19/26
...
4,416
4,370
L1881025.UP.FTS.B,
21.78%,
10/19/26
...
31,689
31,340
L1877982.UP.FTS.B,
21.8%,
10/19/26
....
2,373
2,276
L1876819.UP.FTS.B,
22.33%,
10/19/26
...
13,808
13,771
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
304
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1878006.UP.FTS.B,
22.44%,
10/19/26
.
$
9,668
$
9,664
L1876562.UP.FTS.B,
22.64%,
10/19/26
...
4,137
4,078
L1862143.UP.FTS.B,
22.66%,
10/19/26
...
2,712
2,708
FW1875013.UP.FTS.B,
22.78%,
10/19/26
.
7,263
7,260
L1876648.UP.FTS.B,
22.83%,
10/19/26
...
9,036
8,597
L1877299.UP.FTS.B,
22.84%,
10/19/26
...
9,688
9,683
FW1866351.UP.FTS.B,
22.85%,
10/19/26
.
2,018
2,017
FW1879854.UP.FTS.B,
22.85%,
10/19/26
.
8,410
8,390
FW1880160.UP.FTS.B,
22.89%,
10/19/26
.
4,209
4,199
L1880353.UP.FTS.B,
22.93%,
10/19/26
...
2,896
842
L1876513.UP.FTS.B,
22.94%,
10/19/26
...
3,540
3,538
L1878106.UP.FTS.B,
22.97%,
10/19/26
...
13,836
13,808
FW1880551.UP.FTS.B,
23.22%,
10/19/26
.
5,204
5,199
L1879610.UP.FTS.B,
23.28%,
10/19/26
...
5,782
5,503
FW1880088.UP.FTS.B,
23.43%,
10/19/26
.
7,449
7,445
FW1876728.UP.FTS.B,
23.57%,
10/19/26
.
11,912
11,891
L1879667.UP.FTS.B,
23.62%,
10/19/26
...
2,839
2,832
L1880716.UP.FTS.B,
23.94%,
10/19/26
...
4,464
4,462
L1879363.UP.FTS.B,
23.97%,
10/19/26
...
5,683
5,680
L1880563.UP.FTS.B,
24.05%,
10/19/26
...
2,258
2,256
FW1877179.UP.FTS.B,
24.14%,
10/19/26
.
16,168
16,154
L1876901.UP.FTS.B,
24.3%,
10/19/26
....
4,581
4,362
L1879183.UP.FTS.B,
24.36%,
10/19/26
...
10,576
10,570
L1877178.UP.FTS.B,
24.58%,
10/19/26
...
4,967
4,965
L1878749.UP.FTS.B,
24.6%,
10/19/26
....
3,263
3,255
L1881431.UP.FTS.B,
24.79%,
10/19/26
...
1,304
1,303
L1877594.UP.FTS.B,
24.95%,
10/19/26
...
2,855
2,854
L1878845.UP.FTS.B,
24.96%,
10/19/26
...
12,918
275
L1880129.UP.FTS.B,
24.99%,
10/19/26
...
2,721
2,713
L1877167.UP.FTS.B,
25.04%,
10/19/26
...
4,553
4,340
L1877074.UP.FTS.B,
25.09%,
10/19/26
...
25,382
24,145
L1880227.UP.FTS.B,
25.15%,
10/19/26
...
1,633
1,632
L1880423.UP.FTS.B,
25.24%,
10/19/26
...
5,876
5,596
L1878824.UP.FTS.B,
25.27%,
10/19/26
...
3,665
3,658
FW1881461.UP.FTS.B,
25.38%,
10/19/26
.
4,905
4,902
L1876477.UP.FTS.B,
25.39%,
10/19/26
...
2,861
2,860
L1876700.UP.FTS.B,
25.46%,
10/19/26
...
2,617
2,616
L1876404.UP.FTS.B,
25.47%,
10/19/26
...
1,636
1,635
L1879422.UP.FTS.B,
25.49%,
10/19/26
...
1,616
1,593
L1878742.UP.FTS.B,
25.52%,
10/19/26
...
4,091
4,088
L1873948.UP.FTS.B,
25.57%,
10/19/26
...
8,183
8,178
L1880045.UP.FTS.B,
25.59%,
10/19/26
...
1,888
1,883
L1880122.UP.FTS.B,
25.62%,
10/19/26
...
12,183
862
L1880707.UP.FTS.B,
25.7%,
10/19/26
....
1,880
1,872
L1879612.UP.FTS.B,
25.74%,
10/19/26
...
7,504
7,494
FW1881063.UP.FTS.B,
25.77%,
10/19/26
.
6,991
157
FW1879167.UP.FTS.B,
25.8%,
10/19/26
..
824
822
L1879783.UP.FTS.B,
25.86%,
10/19/26
...
2,705
2,703
L1878517.UP.FTS.B,
25.91%,
10/19/26
...
8,032
8,027
FW1878125.UP.FTS.B,
25.92%,
10/19/26
.
1,882
285
L1878925.UP.FTS.B,
26.03%,
10/19/26
...
6,771
6,761
L1876834.UP.FTS.B,
26.05%,
10/19/26
...
13,109
13,081
FW1877802.UP.FTS.B,
26.08%,
10/19/26
.
6,178
6,164
L1877874.UP.FTS.B,
26.52%,
10/19/26
...
3,699
3,697
FW1877751.UP.FTS.B,
26.95%,
10/19/26
.
3,265
3,261
FW1876658.UP.FTS.B,
27.58%,
10/19/26
.
2,891
2,889
FW1878828.UP.FTS.B,
27.6%,
10/19/26
..
8,567
8,152
FW1862190.UP.FTS.B,
27.8%,
10/19/26
..
16,124
16,114
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1877173.UP.FTS.B,
27.96%,
10/19/26
.
$
8,425
$
8,019
FW1878010.UP.FTS.B,
28.01%,
10/19/26
.
8,277
8,272
FW1877218.UP.FTS.B,
28.56%,
10/19/26
.
8,305
8,284
FW1876795.UP.FTS.B,
29.56%,
10/19/26
.
2,667
2,665
FW1880308.UP.FTS.B,
29.56%,
10/19/26
.
1,077
1,076
FW1878356.UP.FTS.B,
29.67%,
10/19/26
.
3,170
3,167
FW1881190.UP.FTS.B,
29.8%,
10/19/26
..
1,254
1,194
FW1876731.UP.FTS.B,
30.12%,
10/19/26
.
2,344
2,323
FW1879914.UP.FTS.B,
30.16%,
10/19/26
.
1,680
499
FW1876979.UP.FTS.B,
30.26%,
10/19/26
.
2,508
2,506
FW1876491.UP.FTS.B,
30.62%,
10/19/26
.
5,444
5,440
FW1871822.UP.FTS.B,
30.64%,
10/19/26
.
8,301
8,289
FW1878098.UP.FTS.B,
30.84%,
10/19/26
.
1,006
1,005
FW1878626.UP.FTS.B,
30.84%,
10/19/26
.
4,351
4,141
FW1878489.UP.FTS.B,
30.93%,
10/19/26
.
1,295
1,231
FW1878108.UP.FTS.B,
31%,
10/19/26
...
2,535
2,417
FW1878804.UP.FTS.B,
31.02%,
10/19/26
.
2,497
736
FW1880218.UP.FTS.B,
31.05%,
10/19/26
.
1,927
1,864
FW1880229.UP.FTS.B,
31.05%,
10/19/26
.
1,174
1,174
FW1881168.UP.FTS.B,
31.09%,
10/19/26
.
1,680
1,676
FW1881200.UP.FTS.B,
31.14%,
10/19/26
.
3,295
3,143
FW1880325.UP.FTS.B,
31.15%,
10/19/26
.
1,259
1,256
FW1877253.UP.FTS.B,
31.23%,
10/19/26
.
1,022
301
FW1876515.UP.FTS.B,
31.37%,
10/19/26
.
2,765
816
FW1878691.UP.FTS.B,
31.38%,
10/19/26
.
12,177
12,154
FW1876497.UP.FTS.B,
31.41%,
10/19/26
.
2,856
2,854
FW1880576.UP.FTS.B,
31.56%,
10/19/26
.
2,425
2,422
FW1877716.UP.FTS.B,
31.6%,
10/19/26
..
3,364
3,361
FW1876495.UP.FTS.B,
31.7%,
10/19/26
..
5,384
5,379
FW1876692.UP.FTS.B,
32.21%,
10/19/26
.
7,840
7,834
FW1879021.UP.FTS.B,
32.25%,
10/19/26
.
5,044
5,038
L1990756.UP.FTS.B,
7.18%,
11/08/26
....
9,021
8,942
L1990115.UP.FTS.B,
8.12%,
11/08/26
....
3,781
3,748
L1995369.UP.FTS.B,
8.19%,
11/08/26
....
6,052
6,000
L1999933.UP.FTS.B,
8.2%,
11/08/26
.....
18,302
18,139
L1991806.UP.FTS.B,
8.35%,
11/08/26
....
1,743
1,727
FW1995576.UP.FTS.B,
8.64%,
11/08/26
..
12,017
11,908
L1994718.UP.FTS.B,
8.83%,
11/08/26
....
14,432
14,307
L1991230.UP.FTS.B,
9.13%,
11/08/26
....
19,459
19,289
L1996991.UP.FTS.B,
9.23%,
11/08/26
....
21,143
20,960
L1988974.UP.FTS.B,
9.55%,
11/08/26
....
7,400
7,334
L1994652.UP.FTS.B,
9.68%,
11/08/26
....
13,742
13,623
L1994371.UP.FTS.B,
9.71%,
11/08/26
....
4,796
1,205
L1993451.UP.FTS.B,
9.84%,
11/08/26
....
9,544
9,461
L1997701.UP.FTS.B,
10.05%,
11/08/26
...
3,063
3,035
L1993369.UP.FTS.B,
10.08%,
11/08/26
...
765
759
L1998549.UP.FTS.B,
10.13%,
11/08/26
...
4,454
1,119
L1992632.UP.FTS.B,
10.14%,
11/08/26
...
4,134
4,093
L1996044.UP.FTS.B,
10.24%,
11/08/26
...
13,997
13,838
L1996355.UP.FTS.B,
10.29%,
11/08/26
...
9,961
9,861
L1992891.UP.FTS.B,
10.76%,
11/08/26
...
6,160
6,094
FW1995006.UP.FTS.B,
10.93%,
11/08/26
.
9,999
9,899
L1988958.UP.FTS.B,
10.98%,
11/08/26
...
1,154
1,143
L1991593.UP.FTS.B,
11.07%,
11/08/26
...
38,613
38,200
L1994793.UP.FTS.B,
11.1%,
11/08/26
....
11,549
11,433
FW1989633.UP.FTS.B,
11.19%,
11/08/26
.
4,615
4,569
L1991421.UP.FTS.B,
11.28%,
11/08/26
...
1,628
221
L1998866.UP.FTS.B,
11.49%,
11/08/26
...
13,112
12,981
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
305
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1993850.UP.FTS.B,
11.61%,
11/08/26
...
$
8,494
$
8,409
L1996448.UP.FTS.B,
11.66%,
11/08/26
...
30,897
30,588
FW1993483.UP.FTS.B,
11.78%,
11/08/26
.
15,103
14,946
L1994627.UP.FTS.B,
11.81%,
11/08/26
...
4,638
4,599
L1999369.UP.FTS.B,
11.96%,
11/08/26
...
1,548
1,532
L2000077.UP.FTS.B,
12.06%,
11/08/26
...
11,613
11,497
L1995371.UP.FTS.B,
12.23%,
11/08/26
...
3,100
3,069
L1995435.UP.FTS.B,
12.23%,
11/08/26
...
1,318
1,304
L1999575.UP.FTS.B,
12.84%,
11/08/26
...
855
847
L1989008.UP.FTS.B,
12.93%,
11/08/26
...
1,323
1,310
L1989940.UP.FTS.B,
12.93%,
11/08/26
...
2,179
2,157
L1988972.UP.FTS.B,
13.14%,
11/08/26
...
4,345
4,293
L1988372.UP.FTS.B,
13.34%,
11/08/26
...
4,424
4,376
L1996493.UP.FTS.B,
13.68%,
11/08/26
...
16,043
4,079
L1988558.UP.FTS.B,
14.04%,
11/08/26
...
1,175
1,162
L1995820.UP.FTS.B,
14.08%,
11/08/26
...
7,124
7,049
L1993366.UP.FTS.B,
14.1%,
11/08/26
....
1,567
1,551
L1994789.UP.FTS.B,
14.19%,
11/08/26
...
5,486
5,431
L1996580.UP.FTS.B,
14.28%,
11/08/26
...
6,663
6,597
FW1997293.UP.FTS.B,
14.33%,
11/08/26
.
3,921
3,882
L1995404.UP.FTS.B,
14.33%,
11/08/26
...
6,274
6,198
L1988359.UP.FTS.B,
14.56%,
11/08/26
...
3,995
2,118
FW1992670.UP.FTS.B,
14.58%,
11/08/26
.
25,132
24,882
L1974259.UP.FTS.B,
14.58%,
11/08/26
...
8,647
633
L1993869.UP.FTS.B,
14.59%,
11/08/26
...
5,543
5,474
L1993214.UP.FTS.B,
14.6%,
11/08/26
....
7,855
7,776
FW1997612.UP.FTS.B,
14.81%,
11/08/26
.
3,539
3,503
L1993049.UP.FTS.B,
14.87%,
11/08/26
...
15,768
15,600
L1991804.UP.FTS.B,
14.89%,
11/08/26
...
6,295
6,233
L1995379.UP.FTS.B,
15.15%,
11/08/26
...
5,515
5,460
FW1998913.UP.FTS.B,
15.22%,
11/08/26
.
3,558
3,511
FW1991878.UP.FTS.B,
15.23%,
11/08/26
.
3,941
3,902
L1994098.UP.FTS.B,
15.34%,
11/08/26
...
11,829
11,711
L1989812.UP.FTS.B,
15.46%,
11/08/26
...
20,221
1,462
L1992261.UP.FTS.B,
15.59%,
11/08/26
...
2,211
2,189
L1989271.UP.FTS.B,
15.62%,
11/08/26
...
9,478
9,384
L1997630.UP.FTS.B,
15.64%,
11/08/26
...
4,371
4,325
L1992471.UP.FTS.B,
15.65%,
11/08/26
...
19,828
19,618
FW1998360.UP.FTS.B,
15.76%,
11/08/26
.
6,322
6,245
FW1991255.UP.FTS.B,
15.82%,
11/08/26
.
9,094
9,003
FW1994230.UP.FTS.B,
15.86%,
11/08/26
.
3,164
3,125
L1992540.UP.FTS.B,
16%,
11/08/26
.....
13,391
13,256
L1991691.UP.FTS.B,
16.02%,
11/08/26
...
5,493
223
L1992970.UP.FTS.B,
16.04%,
11/08/26
...
11,818
11,672
L1989989.UP.FTS.B,
16.18%,
11/08/26
...
8,488
8,375
L1992622.UP.FTS.B,
16.26%,
11/08/26
...
4,704
4,646
L1988932.UP.FTS.B,
16.37%,
11/08/26
...
3,159
3,120
L1993244.UP.FTS.B,
16.45%,
11/08/26
...
4,846
2,693
FW1992743.UP.FTS.B,
16.8%,
11/08/26
..
3,180
3,141
L1989606.UP.FTS.B,
16.9%,
11/08/26
....
3,181
3,143
L1993463.UP.FTS.B,
16.94%,
11/08/26
...
7,556
7,465
L1989805.UP.FTS.B,
17.05%,
11/08/26
...
11,670
11,522
L1997469.UP.FTS.B,
17.09%,
11/08/26
...
7,324
7,221
L1998067.UP.FTS.B,
17.15%,
11/08/26
...
34,237
33,793
FW1999118.UP.FTS.B,
17.22%,
11/08/26
.
4,780
4,722
L1993764.UP.FTS.B,
17.26%,
11/08/26
...
1,195
1,183
FW1998398.UP.FTS.B,
17.48%,
11/08/26
.
3,987
3,938
L1991180.UP.FTS.B,
17.58%,
11/08/26
...
2,789
2,755
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1991140.UP.FTS.B,
17.85%,
11/08/26
...
$
4,061
$
2,318
FW1995939.UP.FTS.B,
17.87%,
11/08/26
.
12,791
12,636
L1995433.UP.FTS.B,
17.92%,
11/08/26
...
3,198
3,153
L1995974.UP.FTS.B,
18.08%,
11/08/26
...
7,560
7,466
L1988482.UP.FTS.B,
18.26%,
11/08/26
...
6,247
6,159
FW1989355.UP.FTS.B,
18.43%,
11/08/26
.
15,330
15,129
L1996438.UP.FTS.B,
18.51%,
11/08/26
...
4,497
4,435
FW1997639.UP.FTS.B,
18.71%,
11/08/26
.
8,048
7,963
L1992806.UP.FTS.B,
18.72%,
11/08/26
...
12,042
11,896
L1990465.UP.FTS.B,
18.74%,
11/08/26
...
4,818
4,759
L1995842.UP.FTS.B,
18.87%,
11/08/26
...
2,812
2,784
FW1999686.UP.FTS.B,
18.97%,
11/08/26
.
13,667
13,500
L1997527.UP.FTS.B,
19%,
11/08/26
.....
8,844
8,719
L1995168.UP.FTS.B,
19.1%,
11/08/26
....
8,044
7,946
L1994058.UP.FTS.B,
19.2%,
11/08/26
....
2,604
186
L1990580.UP.FTS.B,
19.47%,
11/08/26
...
20,317
20,051
L1998235.UP.FTS.B,
19.5%,
11/08/26
....
2,444
2,407
L1996217.UP.FTS.B,
19.54%,
11/08/26
...
3,686
3,633
FW1993731.UP.FTS.B,
19.61%,
11/08/26
.
1,954
1,924
L1990151.UP.FTS.B,
19.66%,
11/08/26
...
24,229
23,851
FW1990125.UP.FTS.B,
20.11%,
11/08/26
.
6,978
6,873
FW1992267.UP.FTS.B,
20.22%,
11/08/26
.
40,446
40,244
FW1994680.UP.FTS.B,
20.27%,
11/08/26
.
2,429
2,394
L1991181.UP.FTS.B,
20.28%,
11/08/26
...
8,720
8,663
L1992552.UP.FTS.B,
20.32%,
11/08/26
...
14,103
13,900
L1998611.UP.FTS.B,
20.35%,
11/08/26
...
20,004
19,716
L1992903.UP.FTS.B,
20.68%,
11/08/26
...
8,970
653
L1996185.UP.FTS.B,
20.69%,
11/08/26
...
4,054
4,005
L1996508.UP.FTS.B,
20.76%,
11/08/26
...
8,156
8,048
L1988462.UP.FTS.B,
20.81%,
11/08/26
...
5,244
5,180
L1991281.UP.FTS.B,
20.82%,
11/08/26
...
1,785
1,760
L1997930.UP.FTS.B,
20.97%,
11/08/26
...
3,573
3,522
L1992016.UP.FTS.B,
21%,
11/08/26
.....
25,915
25,780
L1994689.UP.FTS.B,
21.04%,
11/08/26
...
3,262
3,212
L1997831.UP.FTS.B,
21.12%,
11/08/26
...
8,854
643
L1993906.UP.FTS.B,
21.28%,
11/08/26
...
4,472
4,450
L1989334.UP.FTS.B,
21.32%,
11/08/26
...
16,266
16,184
L1991956.UP.FTS.B,
21.37%,
11/08/26
...
1,627
1,607
L1996174.UP.FTS.B,
21.54%,
11/08/26
...
8,481
8,326
L1999276.UP.FTS.B,
21.67%,
11/08/26
...
818
806
L1995448.UP.FTS.B,
21.72%,
11/08/26
...
1,481
8
FW1991047.UP.FTS.B,
21.84%,
11/08/26
.
2,854
2,840
L1989095.UP.FTS.B,
21.91%,
11/08/26
...
7,447
7,332
L1991663.UP.FTS.B,
21.95%,
11/08/26
...
8,426
8,380
L1995141.UP.FTS.B,
22.04%,
11/08/26
...
24,817
14,689
L1996051.UP.FTS.B,
22.14%,
11/08/26
...
6,308
6,226
FW1990423.UP.FTS.B,
22.23%,
11/08/26
.
8,161
8,119
FW1989899.UP.FTS.B,
22.28%,
11/08/26
.
2,275
2,263
L1991475.UP.FTS.B,
22.35%,
11/08/26
...
1,635
1,626
FW1998543.UP.FTS.B,
22.52%,
11/08/26
.
11,944
11,883
FW1998089.UP.FTS.B,
22.65%,
11/08/26
.
7,367
7,263
L1994202.UP.FTS.B,
22.77%,
11/08/26
...
42,794
11,909
L1971121.UP.FTS.B,
22.87%,
11/08/26
...
3,036
55
L1989194.UP.FTS.B,
22.95%,
11/08/26
...
3,582
3,545
FW1995331.UP.FTS.B,
23.11%,
11/08/26
.
6,153
6,121
FW1994811.UP.FTS.B,
23.15%,
11/08/26
.
8,570
8,446
L1997437.UP.FTS.B,
23.17%,
11/08/26
...
4,952
358
L1996768.UP.FTS.B,
23.2%,
11/08/26
....
8,151
8,106
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
306
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1998723.UP.FTS.B,
23.2%,
11/08/26
....
$
2,462
$
2,449
FW1998471.UP.FTS.B,
23.26%,
11/08/26
.
8,844
633
L1999817.UP.FTS.B,
23.27%,
11/08/26
...
4,926
4,901
L1996138.UP.FTS.B,
23.54%,
11/08/26
...
6,070
1,733
FW1997494.UP.FTS.B,
23.73%,
11/08/26
.
13,063
12,990
FW1998286.UP.FTS.B,
23.78%,
11/08/26
.
11,500
11,310
L1997541.UP.FTS.B,
23.86%,
11/08/26
...
6,174
6,098
L1970963.UP.FTS.B,
23.87%,
11/08/26
...
4,446
4,423
L1989785.UP.FTS.B,
23.91%,
11/08/26
...
11,082
11,006
FW1995090.UP.FTS.B,
23.92%,
11/08/26
.
4,117
4,096
L1991822.UP.FTS.B,
23.93%,
11/08/26
...
7,635
168
FW1993349.UP.FTS.B,
24.02%,
11/08/26
.
6,179
6,147
L1988349.UP.FTS.B,
24.02%,
11/08/26
...
2,801
2,787
L1996843.UP.FTS.B,
24.19%,
11/08/26
...
8,245
8,202
FW1994028.UP.FTS.B,
24.21%,
11/08/26
.
5,772
5,742
L1995969.UP.FTS.B,
24.32%,
11/08/26
...
2,914
1,721
L1997965.UP.FTS.B,
24.59%,
11/08/26
...
5,889
5,845
FW1991474.UP.FTS.B,
24.66%,
11/08/26
.
4,957
4,932
L1989848.UP.FTS.B,
24.75%,
11/08/26
...
6,502
6,457
FW1991387.UP.FTS.B,
24.97%,
11/08/26
.
3,615
2,137
L1991759.UP.FTS.B,
24.98%,
11/08/26
...
4,166
4,138
FW1991256.UP.FTS.B,
25.07%,
11/08/26
.
18,212
18,118
L1991253.UP.FTS.B,
25.18%,
11/08/26
...
1,759
1,729
L1991265.UP.FTS.B,
25.27%,
11/08/26
...
2,260
2,245
L1919784.UP.FTS.B,
25.31%,
11/08/26
...
9,281
9,234
L1996800.UP.FTS.B,
25.32%,
11/08/26
...
19,981
19,675
L1995398.UP.FTS.B,
25.36%,
11/08/26
...
2,155
2,144
L1988232.UP.FTS.B,
25.43%,
11/08/26
...
2,452
2,410
L1973901.UP.FTS.B,
25.44%,
11/08/26
...
6,384
6,351
L1992549.UP.FTS.B,
25.44%,
11/08/26
...
8,582
5,072
L1994841.UP.FTS.B,
25.44%,
11/08/26
...
28,008
27,823
L1989064.UP.FTS.B,
25.45%,
11/08/26
...
2,057
2,042
L1967532.UP.FTS.B,
25.5%,
11/08/26
....
3,674
2,169
L1990371.UP.FTS.B,
25.5%,
11/08/26
....
26,587
1,910
FW1994341.UP.FTS.B,
25.59%,
11/08/26
.
9,957
9,905
L1998016.UP.FTS.B,
25.76%,
11/08/26
...
4,569
4,546
L1991151.UP.FTS.B,
25.79%,
11/08/26
...
1,657
1,648
L1991330.UP.FTS.B,
25.89%,
11/08/26
...
6,231
6,198
L1996816.UP.FTS.B,
26.05%,
11/08/26
...
13,053
12,986
L1995984.UP.FTS.B,
26.08%,
11/08/26
...
1,913
1,903
L1992732.UP.FTS.B,
26.2%,
11/08/26
....
3,744
3,724
L1989312.UP.FTS.B,
26.43%,
11/08/26
...
3,165
3,148
FW1998563.UP.FTS.B,
26.46%,
11/08/26
.
2,070
2,058
FW1995329.UP.FTS.B,
26.52%,
11/08/26
.
5,832
5,802
FW1994300.UP.FTS.B,
26.6%,
11/08/26
..
10,081
10,015
FW1990464.UP.FTS.B,
26.65%,
11/08/26
.
5,250
3,090
FW1998048.UP.FTS.B,
26.92%,
11/08/26
.
2,087
2,076
L1990551.UP.FTS.B,
26.95%,
11/08/26
...
9,825
9,758
FW1997243.UP.FTS.B,
26.96%,
11/08/26
.
4,005
3,977
FW1990199.UP.FTS.B,
27.43%,
11/08/26
.
12,450
12,384
FW1996041.UP.FTS.B,
27.48%,
11/08/26
.
10,040
9,988
FW1994909.UP.FTS.B,
27.53%,
11/08/26
.
13,649
13,553
FW1990667.UP.FTS.B,
27.83%,
11/08/26
.
3,747
3,726
FW1991732.UP.FTS.B,
27.87%,
11/08/26
.
4,128
(23)
FW1996955.UP.FTS.B,
27.91%,
11/08/26
.
1,257
1,251
FW1994443.UP.FTS.B,
27.95%,
11/08/26
.
8,388
8,344
FW1994756.UP.FTS.B,
28%,
11/08/26
...
2,931
2,915
FW1999057.UP.FTS.B,
28%,
11/08/26
...
20,972
20,862
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1996342.UP.FTS.B,
28.14%,
11/08/26
.
$
5,873
$
5,842
FW1993779.UP.FTS.B,
28.2%,
11/08/26
..
12,588
12,521
FW1996228.UP.FTS.B,
28.64%,
11/08/26
.
10,650
10,575
FW1998379.UP.FTS.B,
28.74%,
11/08/26
.
4,037
4,016
FW1992877.UP.FTS.B,
28.84%,
11/08/26
.
1,026
1,013
FW1991433.UP.FTS.B,
29.04%,
11/08/26
.
1,358
97
FW1995167.UP.FTS.B,
29.32%,
11/08/26
.
3,068
885
FW1992839.UP.FTS.B,
29.33%,
11/08/26
.
4,216
4,194
FW1991541.UP.FTS.B,
29.36%,
11/08/26
.
5,060
5,033
FW1999851.UP.FTS.B,
29.4%,
11/08/26
..
4,220
4,197
FW1995866.UP.FTS.B,
29.41%,
11/08/26
.
2,746
2,729
FW1995850.UP.FTS.B,
29.69%,
11/08/26
.
926
921
FW1999443.UP.FTS.B,
29.76%,
11/08/26
.
7,167
502
FW1992347.UP.FTS.B,
29.82%,
11/08/26
.
25,347
25,212
FW1995066.UP.FTS.B,
29.83%,
11/08/26
.
4,616
4,590
FW1998032.UP.FTS.B,
29.86%,
11/08/26
.
3,995
3,963
FW1994293.UP.FTS.B,
30.31%,
11/08/26
.
1,183
1,176
FW1997312.UP.FTS.B,
30.32%,
11/08/26
.
847
842
FW1999097.UP.FTS.B,
30.46%,
11/08/26
.
2,542
2,528
FW1989533.UP.FTS.B,
30.48%,
11/08/26
.
1,454
1,437
FW1996257.UP.FTS.B,
30.52%,
11/08/26
.
1,721
1,698
FW1999242.UP.FTS.B,
30.52%,
11/08/26
.
33,893
33,712
FW1991024.UP.FTS.B,
30.67%,
11/08/26
.
933
928
FW1996943.UP.FTS.B,
30.67%,
11/08/26
.
3,821
3,765
FW1992674.UP.FTS.B,
30.71%,
11/08/26
.
1,611
1,603
FW1991126.UP.FTS.B,
30.85%,
11/08/26
.
1,103
1,097
FW1994569.UP.FTS.B,
30.87%,
11/08/26
.
4,921
4,895
FW1988425.UP.FTS.B,
30.92%,
11/08/26
.
1,103
1,098
FW1992613.UP.FTS.B,
30.95%,
11/08/26
.
21,225
21,112
FW1998245.UP.FTS.B,
30.99%,
11/08/26
.
7,555
7,514
FW1991582.UP.FTS.B,
31.04%,
11/08/26
.
7,812
7,770
FW1996197.UP.FTS.B,
31.07%,
11/08/26
.
3,567
3,547
FW1996489.UP.FTS.B,
31.09%,
11/08/26
.
3,227
228
FW1995019.UP.FTS.B,
31.1%,
11/08/26
..
1,433
1,425
FW1994376.UP.FTS.B,
31.11%,
11/08/26
.
1,359
1,352
FW1996797.UP.FTS.B,
31.11%,
11/08/26
.
3,200
223
FW1991890.UP.FTS.B,
31.12%,
11/08/26
.
2,549
2,535
FW1994027.UP.FTS.B,
31.13%,
11/08/26
.
2,321
2,307
FW1991332.UP.FTS.B,
31.15%,
11/08/26
.
3,487
3,469
FW1997810.UP.FTS.B,
31.15%,
11/08/26
.
1,792
1,779
FW1988381.UP.FTS.B,
31.18%,
11/08/26
.
4,100
4,055
FW1988399.UP.FTS.B,
31.18%,
11/08/26
.
1,702
34
FW1999282.UP.FTS.B,
31.18%,
11/08/26
.
7,598
7,555
FW1996902.UP.FTS.B,
31.33%,
11/08/26
.
8,088
8,036
FW1999590.UP.FTS.B,
31.42%,
11/08/26
.
4,252
4,229
FW1992892.UP.FTS.B,
31.61%,
11/08/26
.
7,696
4,558
L1989003.UP.FTS.B,
15.35%,
11/12/26
...
19,636
19,438
L2073684.UP.FTS.B,
7.58%,
11/18/26
....
7,503
7,444
L2071601.UP.FTS.B,
7.69%,
11/18/26
....
2,263
2,245
L2070708.UP.FTS.B,
7.71%,
11/18/26
....
15,069
14,953
L2074361.UP.FTS.B,
7.81%,
11/18/26
....
9,815
9,739
L2070082.UP.FTS.B,
8.09%,
11/18/26
....
15,121
15,004
L2070214.UP.FTS.B,
8.6%,
11/18/26
.....
1,977
486
L2041907.UP.FTS.B,
9.16%,
11/18/26
....
3,044
3,021
L2073150.UP.FTS.B,
9.42%,
11/18/26
....
12,496
12,399
L2071865.UP.FTS.B,
10.09%,
11/18/26
...
5,740
5,692
L2075029.UP.FTS.B,
10.15%,
11/18/26
...
8,422
8,351
L2074643.UP.FTS.B,
10.22%,
11/18/26
...
15,166
15,039
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
307
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2072338.UP.FTS.B,
10.5%,
11/18/26
....
$
5,754
$
5,711
L2073169.UP.FTS.B,
10.97%,
11/18/26
...
16,927
16,785
L2075077.UP.FTS.B,
11.07%,
11/18/26
...
2,309
2,290
L2074489.UP.FTS.B,
11.11%,
11/18/26
...
17,555
17,408
FW2074336.UP.FTS.B,
11.25%,
11/18/26
.
5,236
5,190
L2075040.UP.FTS.B,
11.45%,
11/18/26
...
10,786
10,696
FW2073066.UP.FTS.B,
11.7%,
11/18/26
..
3,780
3,747
L2074193.UP.FTS.B,
12.02%,
11/18/26
...
7,328
7,266
L2075044.UP.FTS.B,
12.3%,
11/18/26
....
3,101
3,075
L2074536.UP.FTS.B,
12.35%,
11/18/26
...
4,653
4,615
L2071456.UP.FTS.B,
12.81%,
11/18/26
...
28,868
28,609
L2071639.UP.FTS.B,
12.89%,
11/18/26
...
6,282
5,910
L2070126.UP.FTS.B,
12.98%,
11/18/26
...
5,430
5,384
L2073228.UP.FTS.B,
13.71%,
11/18/26
...
7,972
7,906
L2069740.UP.FTS.B,
13.83%,
11/18/26
...
12,593
12,489
L2073949.UP.FTS.B,
13.85%,
11/18/26
...
3,911
3,878
FW2073808.UP.FTS.B,
13.9%,
11/18/26
..
2,553
184
L2070988.UP.FTS.B,
13.92%,
11/18/26
...
6,260
6,208
L2071487.UP.FTS.B,
14%,
11/18/26
.....
6,082
5,844
L2074491.UP.FTS.B,
14.11%,
11/18/26
...
7,195
565
L2070587.UP.FTS.B,
14.32%,
11/18/26
...
6,274
6,214
L2073985.UP.FTS.B,
14.6%,
11/18/26
....
3,927
3,895
L2074701.UP.FTS.B,
14.63%,
11/18/26
...
5,027
4,980
L2074516.UP.FTS.B,
14.71%,
11/18/26
...
7,466
7,404
L2073258.UP.FTS.B,
14.73%,
11/18/26
...
831
116
FW2061676.UP.FTS.B,
14.9%,
11/18/26
..
15,736
15,607
FW2075148.UP.FTS.B,
14.93%,
11/18/26
.
3,148
3,118
FW2072385.UP.FTS.B,
15%,
11/18/26
...
5,510
5,458
FW2072823.UP.FTS.B,
15.21%,
11/18/26
.
1,948
1,932
L2074544.UP.FTS.B,
15.5%,
11/18/26
....
4,040
3,799
L1995487.UP.FTS.B,
15.52%,
11/18/26
...
3,948
3,900
L2073878.UP.FTS.B,
15.54%,
11/18/26
...
3,613
3,399
L2074846.UP.FTS.B,
15.74%,
11/18/26
...
11,855
11,743
L2073728.UP.FTS.B,
15.85%,
11/18/26
...
2,708
2,674
FW2073202.UP.FTS.B,
16.18%,
11/18/26
.
12,083
11,383
L2073860.UP.FTS.B,
16.19%,
11/18/26
...
2,377
2,354
L2075589.UP.FTS.B,
16.26%,
11/18/26
...
5,490
5,443
L2071348.UP.FTS.B,
16.45%,
11/18/26
...
11,108
11,017
L2071149.UP.FTS.B,
16.73%,
11/18/26
...
20,273
20,075
L2071590.UP.FTS.B,
16.75%,
11/18/26
...
5,564
5,511
FW2074069.UP.FTS.B,
16.79%,
11/18/26
.
7,948
7,873
FW2074457.UP.FTS.B,
16.98%,
11/18/26
.
19,891
19,676
FW2075122.UP.FTS.B,
17.19%,
11/18/26
.
3,186
3,156
L2074833.UP.FTS.B,
17.19%,
11/18/26
...
11,335
10,678
FW2075446.UP.FTS.B,
17.4%,
11/18/26
..
3,151
3,119
L2044841.UP.FTS.B,
17.43%,
11/18/26
...
7,975
7,900
FW2075299.UP.FTS.B,
17.67%,
11/18/26
.
3,194
3,164
FW2071651.UP.FTS.B,
17.93%,
11/18/26
.
5,153
5,102
L2069944.UP.FTS.B,
18.01%,
11/18/26
...
7,916
7,838
L2063418.UP.FTS.B,
18.03%,
11/18/26
...
3,200
3,170
L2074570.UP.FTS.B,
18.15%,
11/18/26
...
12,809
12,688
L2074700.UP.FTS.B,
18.17%,
11/18/26
...
5,205
5,156
L2073937.UP.FTS.B,
18.46%,
11/18/26
...
9,537
9,445
FW2070090.UP.FTS.B,
18.57%,
11/18/26
.
1,586
1,570
FW2072266.UP.FTS.B,
18.67%,
11/18/26
.
2,073
2,050
L2069767.UP.FTS.B,
18.84%,
11/18/26
...
3,644
3,594
FW2074803.UP.FTS.B,
18.88%,
11/18/26
.
10,203
9,612
L2071288.UP.FTS.B,
18.9%,
11/18/26
....
3,518
3,482
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2070966.UP.FTS.B,
18.96%,
11/18/26
.
$
4,823
$
4,771
L2071754.UP.FTS.B,
19.22%,
11/18/26
...
3,556
3,505
L2075248.UP.FTS.B,
19.24%,
11/18/26
...
1,057
67
FW2072147.UP.FTS.B,
19.3%,
11/18/26
..
10,762
10,134
FW2074495.UP.FTS.B,
19.61%,
11/18/26
.
7,046
6,963
L2069559.UP.FTS.B,
19.65%,
11/18/26
...
13,793
13,644
L2074954.UP.FTS.B,
19.66%,
11/18/26
...
4,357
4,310
L2069479.UP.FTS.B,
19.68%,
11/18/26
...
1,700
44
L2067851.UP.FTS.B,
19.79%,
11/18/26
...
11,729
11,590
L2060606.UP.FTS.B,
19.84%,
11/18/26
...
30,601
30,313
L2073597.UP.FTS.B,
19.97%,
11/18/26
...
1,247
1,227
L2073933.UP.FTS.B,
20.06%,
11/18/26
...
4,660
4,604
FW2070506.UP.FTS.B,
20.1%,
11/18/26
..
3,559
3,521
L2072694.UP.FTS.B,
20.25%,
11/18/26
...
2,670
2,641
L2071378.UP.FTS.B,
20.26%,
11/18/26
...
6,080
6,006
FW2070300.UP.FTS.B,
20.46%,
11/18/26
.
8,100
8,092
L2070073.UP.FTS.B,
20.5%,
11/18/26
....
7,567
2,122
L2074554.UP.FTS.B,
20.64%,
11/18/26
...
17,940
17,724
L2073562.UP.FTS.B,
20.66%,
11/18/26
...
4,366
206
L2073048.UP.FTS.B,
20.74%,
11/18/26
...
4,055
4,011
L2069140.UP.FTS.B,
20.85%,
11/18/26
...
8,844
638
L2074379.UP.FTS.B,
20.93%,
11/18/26
...
14,908
14,880
L2073994.UP.FTS.B,
21.04%,
11/18/26
...
4,061
4,017
FW2073919.UP.FTS.B,
21.16%,
11/18/26
.
2,438
2,436
L2074931.UP.FTS.B,
21.33%,
11/18/26
...
4,858
4,851
L2072150.UP.FTS.B,
21.62%,
11/18/26
...
24,393
24,164
L2074856.UP.FTS.B,
21.95%,
11/18/26
...
9,246
9,228
L2073879.UP.FTS.B,
22.29%,
11/18/26
...
1,636
1,631
L2074792.UP.FTS.B,
22.51%,
11/18/26
...
4,096
4,084
L2072786.UP.FTS.B,
22.57%,
11/18/26
...
11,449
11,436
L2074611.UP.FTS.B,
22.62%,
11/18/26
...
20,924
19,911
L2074520.UP.FTS.B,
22.63%,
11/18/26
...
410
404
L2073235.UP.FTS.B,
22.81%,
11/18/26
...
5,716
5,653
L2074658.UP.FTS.B,
22.83%,
11/18/26
...
8,193
8,184
L2074869.UP.FTS.B,
22.9%,
11/18/26
....
3,555
3,515
L2073707.UP.FTS.B,
22.91%,
11/18/26
...
2,295
2,292
L2074779.UP.FTS.B,
22.95%,
11/18/26
...
8,202
8,193
L2073694.UP.FTS.B,
22.99%,
11/18/26
...
4,877
4,869
FW2074890.UP.FTS.B,
23.06%,
11/18/26
.
2,861
2,858
L2075061.UP.FTS.B,
23.07%,
11/18/26
...
7,669
7,653
L2073355.UP.FTS.B,
23.21%,
11/18/26
...
4,103
4,099
L2074657.UP.FTS.B,
23.23%,
11/18/26
...
3,119
3,116
L2075024.UP.FTS.B,
23.38%,
11/18/26
...
3,902
3,889
L2074815.UP.FTS.B,
23.53%,
11/18/26
...
5,050
1,463
L2069953.UP.FTS.B,
23.63%,
11/18/26
...
2,243
2,216
L2074932.UP.FTS.B,
23.75%,
11/18/26
...
7,724
7,349
L2073535.UP.FTS.B,
24.04%,
11/18/26
...
893
64
L2074997.UP.FTS.B,
24.24%,
11/18/26
...
3,532
3,362
FW2074736.UP.FTS.B,
24.49%,
11/18/26
.
5,792
5,775
L2074747.UP.FTS.B,
24.82%,
11/18/26
...
2,486
2,479
L2073148.UP.FTS.B,
24.83%,
11/18/26
...
1,240
1,227
L2069647.UP.FTS.B,
24.91%,
11/18/26
...
4,065
4,044
L2069706.UP.FTS.B,
24.96%,
11/18/26
...
1,406
1,405
L2072240.UP.FTS.B,
24.96%,
11/18/26
...
4,043
4,032
FW2073759.UP.FTS.B,
25.15%,
11/18/26
.
993
991
L2075027.UP.FTS.B,
25.16%,
11/18/26
...
5,038
4,799
L2070719.UP.FTS.B,
25.21%,
11/18/26
...
5,536
5,530
L2075204.UP.FTS.B,
25.29%,
11/18/26
...
4,060
4,055
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
308
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2073552.UP.FTS.B,
25.3%,
11/18/26
....
$
1,657
$
1,655
L2070829.UP.FTS.B,
25.31%,
11/18/26
...
828
819
FW2074782.UP.FTS.B,
25.34%,
11/18/26
.
2,327
682
L2068374.UP.FTS.B,
25.37%,
11/18/26
...
4,377
69
L2074787.UP.FTS.B,
25.38%,
11/18/26
...
4,766
1,380
L2070733.UP.FTS.B,
25.4%,
11/18/26
....
2,493
2,486
L2071257.UP.FTS.B,
25.4%,
11/18/26
....
793
790
L2075018.UP.FTS.B,
25.44%,
11/18/26
...
9,037
640
L2072907.UP.FTS.B,
25.45%,
11/18/26
...
3,471
3,299
L2075025.UP.FTS.B,
25.46%,
11/18/26
...
598
589
L2071644.UP.FTS.B,
25.54%,
11/18/26
...
5,475
5,469
L2045168.UP.FTS.B,
25.61%,
11/18/26
...
7,800
7,791
L2075006.UP.FTS.B,
25.72%,
11/18/26
...
17,113
1,201
FW2068660.UP.FTS.B,
25.77%,
11/18/26
.
4,209
4,010
FW2071761.UP.FTS.B,
25.95%,
11/18/26
.
6,978
495
L2070118.UP.FTS.B,
26.13%,
11/18/26
...
2,163
2,160
FW2075060.UP.FTS.B,
26.35%,
11/18/26
.
4,188
4,178
FW2074345.UP.FTS.B,
26.9%,
11/18/26
..
857
124
FW2072098.UP.FTS.B,
27.42%,
11/18/26
.
14,158
13,490
FW2074102.UP.FTS.B,
27.44%,
11/18/26
.
2,169
2,167
FW2073976.UP.FTS.B,
27.83%,
11/18/26
.
1,586
1,580
FW2074661.UP.FTS.B,
27.99%,
11/18/26
.
1,700
1,620
FW2074553.UP.FTS.B,
28.4%,
11/18/26
..
841
840
FW2059197.UP.FTS.B,
28.55%,
11/18/26
.
8,405
8,395
FW2074755.UP.FTS.B,
28.62%,
11/18/26
.
1,765
268
FW2075255.UP.FTS.B,
28.94%,
11/18/26
.
7,241
513
FW2075115.UP.FTS.B,
29.25%,
11/18/26
.
5,058
5,052
FW2074160.UP.FTS.B,
29.41%,
11/18/26
.
1,319
1,300
FW2074435.UP.FTS.B,
29.62%,
11/18/26
.
6,330
6,317
FW2074265.UP.FTS.B,
29.67%,
11/18/26
.
7,177
7,169
FW2067233.UP.FTS.B,
29.68%,
11/18/26
.
1,520
1,518
FW2074064.UP.FTS.B,
29.92%,
11/18/26
.
1,522
1,520
FW2073951.UP.FTS.B,
29.99%,
11/18/26
.
8,986
626
FW2071058.UP.FTS.B,
30.15%,
11/18/26
.
2,032
2,029
FW2069880.UP.FTS.B,
30.4%,
11/18/26
..
5,144
4,902
FW2073506.UP.FTS.B,
30.43%,
11/18/26
.
827
825
FW2072059.UP.FTS.B,
30.46%,
11/18/26
.
3,812
3,808
FW2072695.UP.FTS.B,
30.47%,
11/18/26
.
847
846
FW2074740.UP.FTS.B,
30.66%,
11/18/26
.
27,214
27,182
FW2071291.UP.FTS.B,
30.75%,
11/18/26
.
2,747
2,618
FW2072339.UP.FTS.B,
30.87%,
11/18/26
.
1,952
1,949
FW2072758.UP.FTS.B,
30.89%,
11/18/26
.
1,354
44
FW2067875.UP.FTS.B,
30.93%,
11/18/26
.
1,188
1,187
FW2074443.UP.FTS.B,
30.94%,
11/18/26
.
17,807
1,236
FW2069888.UP.FTS.B,
30.95%,
11/18/26
.
4,753
4,748
FW2073859.UP.FTS.B,
30.99%,
11/18/26
.
1,783
1,781
FW2070830.UP.FTS.B,
31%,
11/18/26
...
3,311
3,307
FW2073526.UP.FTS.B,
31.02%,
11/18/26
.
1,636
1,557
FW2074592.UP.FTS.B,
31.05%,
11/18/26
.
859
819
FW2072552.UP.FTS.B,
31.11%,
11/18/26
.
7,580
526
FW2058162.UP.FTS.B,
31.17%,
11/18/26
.
901
63
FW2070865.UP.FTS.B,
31.17%,
11/18/26
.
1,360
1,359
FW2069864.UP.FTS.B,
31.2%,
11/18/26
..
3,060
3,056
FW2070287.UP.FTS.B,
31.24%,
11/18/26
.
3,145
3,142
FW2074713.UP.FTS.B,
31.25%,
11/18/26
.
5,883
5,870
FW2070592.UP.FTS.B,
31.39%,
11/18/26
.
3,418
3,391
FW2073462.UP.FTS.B,
31.41%,
11/18/26
.
2,211
2,208
L1989244.UP.FTS.B,
25.47%,
11/23/26
...
2,654
2,640
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2074195.UP.FTS.B,
15.15%,
11/24/26
...
$
7,898
$
7,834
L2213943.UP.FTS.B,
8.37%,
12/09/26
....
7,538
7,473
L2216952.UP.FTS.B,
8.42%,
12/09/26
....
13,882
13,765
L2217859.UP.FTS.B,
8.75%,
12/09/26
....
15,486
15,356
FW2218197.UP.FTS.B,
9.08%,
12/09/26
..
38,860
38,520
L2215533.UP.FTS.B,
9.49%,
12/09/26
....
3,782
3,749
L2214523.UP.FTS.B,
9.75%,
12/09/26
....
19,534
19,365
L2214639.UP.FTS.B,
9.77%,
12/09/26
....
6,619
6,564
L2217330.UP.FTS.B,
10.1%,
12/09/26
....
3,888
3,856
L2218472.UP.FTS.B,
10.62%,
12/09/26
...
1,641
225
L2215023.UP.FTS.B,
10.75%,
12/09/26
...
7,956
583
L2217133.UP.FTS.B,
11.03%,
12/09/26
...
19,540
19,345
L2163677.UP.FTS.B,
11.56%,
12/09/26
...
25,076
24,826
FW2216190.UP.FTS.B,
12.02%,
12/09/26
.
3,943
3,904
L2214721.UP.FTS.B,
12.86%,
12/09/26
...
8,477
8,394
L2216322.UP.FTS.B,
12.95%,
12/09/26
...
8,559
8,476
L2215565.UP.FTS.B,
13.14%,
12/09/26
...
4,760
4,714
L2216898.UP.FTS.B,
13.16%,
12/09/26
...
8,629
2,188
L2214318.UP.FTS.B,
13.19%,
12/09/26
...
1,909
1,889
FW2214435.UP.FTS.B,
13.25%,
12/09/26
.
19,846
19,652
L2218652.UP.FTS.B,
13.28%,
12/09/26
...
8,416
8,333
L2214819.UP.FTS.B,
13.75%,
12/09/26
...
4,760
4,713
L2215433.UP.FTS.B,
14.02%,
12/09/26
...
1,594
1,579
L2218351.UP.FTS.B,
14.35%,
12/09/26
...
785
778
L2216941.UP.FTS.B,
14.73%,
12/09/26
...
2,639
191
L2217202.UP.FTS.B,
15.56%,
12/09/26
...
3,374
3,342
L2215625.UP.FTS.B,
15.65%,
12/09/26
...
9,111
5,075
FW2214828.UP.FTS.B,
15.83%,
12/09/26
.
8,850
8,743
FW2217553.UP.FTS.B,
16.03%,
12/09/26
.
4,801
4,754
L2216039.UP.FTS.B,
16.11%,
12/09/26
...
4,028
3,979
FW2215838.UP.FTS.B,
16.38%,
12/09/26
.
6,447
6,368
FW2214018.UP.FTS.B,
16.4%,
12/09/26
..
16,138
15,942
L2215859.UP.FTS.B,
16.43%,
12/09/26
...
3,470
3,428
L2217862.UP.FTS.B,
16.51%,
12/09/26
...
8,881
8,773
L2215442.UP.FTS.B,
16.68%,
12/09/26
...
2,263
2,235
L2217548.UP.FTS.B,
17.23%,
12/09/26
...
12,153
12,005
L2216987.UP.FTS.B,
17.24%,
12/09/26
...
8,056
7,939
L2218677.UP.FTS.B,
17.27%,
12/09/26
...
4,862
4,803
L2216029.UP.FTS.B,
17.52%,
12/09/26
...
5,660
5,591
L2214231.UP.FTS.B,
17.61%,
12/09/26
...
3,004
2,967
L2215266.UP.FTS.B,
17.71%,
12/09/26
...
6,497
6,419
L2217603.UP.FTS.B,
17.91%,
12/09/26
...
5,294
5,224
FW2216465.UP.FTS.B,
18.28%,
12/09/26
.
1,630
1,609
L2215903.UP.FTS.B,
18.3%,
12/09/26
....
3,249
3,209
L2214500.UP.FTS.B,
18.31%,
12/09/26
...
26,304
25,967
L2217227.UP.FTS.B,
18.97%,
12/09/26
...
8,989
8,861
L2215706.UP.FTS.B,
19.38%,
12/09/26
...
2,047
2,022
L2213701.UP.FTS.B,
19.91%,
12/09/26
...
2,380
2,347
L2215303.UP.FTS.B,
20.05%,
12/09/26
...
5,749
5,719
L2216965.UP.FTS.B,
20.16%,
12/09/26
...
28,762
28,414
L2215373.UP.FTS.B,
20.25%,
12/09/26
...
822
812
FW2217873.UP.FTS.B,
20.4%,
12/09/26
..
4,529
2,589
FW2214210.UP.FTS.B,
20.55%,
12/09/26
.
4,116
4,058
L2217490.UP.FTS.B,
20.86%,
12/09/26
...
20,619
20,512
FW2213572.UP.FTS.B,
21.18%,
12/09/26
.
2,064
2,054
FW2215092.UP.FTS.B,
21.19%,
12/09/26
.
8,378
4,934
FW2215010.UP.FTS.B,
21.32%,
12/09/26
.
1,650
1,629
L2214734.UP.FTS.B,
21.37%,
12/09/26
...
8,941
8,811
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
309
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2216862.UP.FTS.B,
21.41%,
12/09/26
...
$
1,780
$
127
FW2215319.UP.FTS.B,
21.51%,
12/09/26
.
3,308
3,290
L2216377.UP.FTS.B,
21.52%,
12/09/26
...
13,231
13,162
L2215585.UP.FTS.B,
21.73%,
12/09/26
...
41,497
40,955
L2216265.UP.FTS.B,
21.78%,
12/09/26
...
4,140
4,118
L2217016.UP.FTS.B,
21.8%,
12/09/26
....
3,801
3,774
L2214771.UP.FTS.B,
21.93%,
12/09/26
...
1,988
1,978
L2217244.UP.FTS.B,
21.96%,
12/09/26
...
4,143
4,084
FW2217920.UP.FTS.B,
22.05%,
12/09/26
.
3,316
3,298
FW2218437.UP.FTS.B,
22.08%,
12/09/26
.
2,162
316
FW2217042.UP.FTS.B,
22.14%,
12/09/26
.
4,115
4,091
L2213576.UP.FTS.B,
22.2%,
12/09/26
....
2,960
2,917
L2216013.UP.FTS.B,
22.2%,
12/09/26
....
3,070
3,054
FW2217488.UP.FTS.B,
22.29%,
12/09/26
.
890
63
L2217530.UP.FTS.B,
22.65%,
12/09/26
...
3,741
3,722
L2199212.UP.FTS.B,
23.01%,
12/09/26
...
13,321
13,251
FW2215013.UP.FTS.B,
23.03%,
12/09/26
.
9,800
9,669
L1410812.UP.FTS.B,
23.09%,
12/09/26
...
7,470
7,445
FW2209695.UP.FTS.B,
23.37%,
12/09/26
.
4,140
4,116
L2214174.UP.FTS.B,
23.38%,
12/09/26
...
873
859
L2218623.UP.FTS.B,
23.41%,
12/09/26
...
3,670
3,651
FW2215830.UP.FTS.B,
23.46%,
12/09/26
.
918
913
FW2216012.UP.FTS.B,
23.5%,
12/09/26
..
12,514
12,449
L2217598.UP.FTS.B,
23.52%,
12/09/26
...
8,010
7,969
L2216754.UP.FTS.B,
23.73%,
12/09/26
...
12,056
862
L2218003.UP.FTS.B,
23.87%,
12/09/26
...
2,089
2,078
L2214776.UP.FTS.B,
24.04%,
12/09/26
...
9,173
5,405
FW2215962.UP.FTS.B,
24.1%,
12/09/26
..
4,183
4,161
FW2218127.UP.FTS.B,
24.14%,
12/09/26
.
8,367
8,323
L2216002.UP.FTS.B,
24.2%,
12/09/26
....
3,962
3,936
FW2214164.UP.FTS.B,
24.23%,
12/09/26
.
29,464
29,045
L2215396.UP.FTS.B,
24.34%,
12/09/26
...
3,593
3,574
FW2214689.UP.FTS.B,
24.38%,
12/09/26
.
7,414
7,366
L2218752.UP.FTS.B,
24.44%,
12/09/26
...
1,409
1,401
FW2217399.UP.FTS.B,
24.73%,
12/09/26
.
6,084
3,587
L2217818.UP.FTS.B,
24.73%,
12/09/26
...
1,646
118
L2217516.UP.FTS.B,
24.76%,
12/09/26
...
1,249
1,242
FW2214209.UP.FTS.B,
24.78%,
12/09/26
.
3,542
45
L2218428.UP.FTS.B,
25.03%,
12/09/26
...
1,260
1,253
L2216782.UP.FTS.B,
25.06%,
12/09/26
...
2,933
2,891
L2215729.UP.FTS.B,
25.13%,
12/09/26
...
12,675
12,591
L2215091.UP.FTS.B,
25.15%,
12/09/26
...
2,936
180
L2214317.UP.FTS.B,
25.17%,
12/09/26
...
3,214
3,161
L2215559.UP.FTS.B,
25.19%,
12/09/26
...
1,252
1,234
L2217252.UP.FTS.B,
25.25%,
12/09/26
...
1,666
1,642
L2215557.UP.FTS.B,
25.29%,
12/09/26
...
1,934
1,924
FW2217958.UP.FTS.B,
25.35%,
12/09/26
.
3,785
3,766
L2215431.UP.FTS.B,
25.39%,
12/09/26
...
1,935
1,911
L2213659.UP.FTS.B,
25.4%,
12/09/26
....
3,197
3,181
L2217765.UP.FTS.B,
25.4%,
12/09/26
....
925
920
L2215136.UP.FTS.B,
25.42%,
12/09/26
...
4,184
2,399
L2214897.UP.FTS.B,
25.44%,
12/09/26
...
13,798
13,726
L2214140.UP.FTS.B,
25.45%,
12/09/26
...
2,721
2,694
L2217964.UP.FTS.B,
25.45%,
12/09/26
...
5,385
5,357
L2213733.UP.FTS.B,
25.47%,
12/09/26
...
617
607
L2214064.UP.FTS.B,
25.48%,
12/09/26
...
4,123
4,102
L2216607.UP.FTS.B,
25.48%,
12/09/26
...
2,524
2,511
L2216927.UP.FTS.B,
25.5%,
12/09/26
....
1,212
347
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2214552.UP.FTS.B,
25.53%,
12/09/26
...
$
4,328
$
1,239
FW2216203.UP.FTS.B,
25.54%,
12/09/26
.
5,642
5,601
L2215071.UP.FTS.B,
25.57%,
12/09/26
...
3,920
2,314
L2214345.UP.FTS.B,
25.65%,
12/09/26
...
2,445
2,429
L2214388.UP.FTS.B,
25.7%,
12/09/26
....
3,121
3,100
L2218260.UP.FTS.B,
25.7%,
12/09/26
....
5,559
5,530
FW2217031.UP.FTS.B,
25.82%,
12/09/26
.
5,256
3,117
L2218303.UP.FTS.B,
25.88%,
12/09/26
...
5,614
1,619
L2214062.UP.FTS.B,
25.9%,
12/09/26
....
3,505
249
L2216795.UP.FTS.B,
26.15%,
12/09/26
...
11,392
11,333
L2217875.UP.FTS.B,
26.21%,
12/09/26
...
6,779
6,733
FW2214935.UP.FTS.B,
26.5%,
12/09/26
..
639
15
L2218511.UP.FTS.B,
26.56%,
12/09/26
...
6,354
3,770
FW2214024.UP.FTS.B,
26.86%,
12/09/26
.
5,097
106
FW2214874.UP.FTS.B,
27.9%,
12/09/26
..
4,250
4,228
FW2214657.UP.FTS.B,
27.98%,
12/09/26
.
810
804
FW2215725.UP.FTS.B,
28.05%,
12/09/26
.
6,805
6,770
FW2217484.UP.FTS.B,
28.11%,
12/09/26
.
7,754
7,707
FW2216921.UP.FTS.B,
28.44%,
12/09/26
.
14,653
14,577
FW2215661.UP.FTS.B,
28.62%,
12/09/26
.
10,212
10,158
FW2217297.UP.FTS.B,
28.83%,
12/09/26
.
2,559
2,546
FW2216442.UP.FTS.B,
29.14%,
12/09/26
.
7,749
7,699
FW2216717.UP.FTS.B,
29.9%,
12/09/26
..
691
50
FW2218562.UP.FTS.B,
29.96%,
12/09/26
.
858
852
FW2218668.UP.FTS.B,
30.04%,
12/09/26
.
1,817
127
FW2216935.UP.FTS.B,
30.07%,
12/09/26
.
1,044
1,031
FW2216312.UP.FTS.B,
30.43%,
12/09/26
.
16,117
1,126
FW2215268.UP.FTS.B,
30.49%,
12/09/26
.
415
407
FW2217960.UP.FTS.B,
30.51%,
12/09/26
.
4,293
4,271
FW2217757.UP.FTS.B,
30.55%,
12/09/26
.
2,611
2,591
FW2216336.UP.FTS.B,
30.57%,
12/09/26
.
14,537
4,195
FW2215575.UP.FTS.B,
30.72%,
12/09/26
.
3,085
3,068
FW2218331.UP.FTS.B,
30.75%,
12/09/26
.
5,182
5,147
FW2214286.UP.FTS.B,
30.83%,
12/09/26
.
18,096
17,978
FW2216633.UP.FTS.B,
30.84%,
12/09/26
.
860
855
FW2216308.UP.FTS.B,
30.91%,
12/09/26
.
2,809
809
FW2213785.UP.FTS.B,
30.97%,
12/09/26
.
2,707
2,686
FW2205180.UP.FTS.B,
31.15%,
12/09/26
.
24,530
24,402
FW2216383.UP.FTS.B,
31.17%,
12/09/26
.
5,681
5,600
FW2214022.UP.FTS.B,
31.21%,
12/09/26
.
4,238
1,224
FW2217843.UP.FTS.B,
31.21%,
12/09/26
.
1,068
1,060
FW2216011.UP.FTS.B,
31.3%,
12/09/26
..
1,895
1,885
FW2215916.UP.FTS.B,
31.42%,
12/09/26
.
1,465
1,457
FW2214674.UP.FTS.B,
31.47%,
12/09/26
.
2,392
169
FW2217430.UP.FTS.B,
31.5%,
12/09/26
..
3,804
548
FW2215821.UP.FTS.B,
31.64%,
12/09/26
.
6,898
6,862
FW2216725.UP.FTS.B,
31.78%,
12/09/26
.
4,992
4,954
FW2216867.UP.FTS.B,
31.83%,
12/09/26
.
4,588
2,726
FW2217138.UP.FTS.B,
32.58%,
12/09/26
.
6,193
6,153
FW2219336.UP.FTS.B,
7.29%,
12/10/26
..
7,676
7,612
L2221765.UP.FTS.B,
7.56%,
12/10/26
....
7,690
7,626
FW2218855.UP.FTS.B,
7.72%,
12/10/26
..
4,751
4,713
L2220935.UP.FTS.B,
8.04%,
12/10/26
....
8,482
8,411
L2220551.UP.FTS.B,
8.19%,
12/10/26
....
1,698
1,684
L2222014.UP.FTS.B,
9.11%,
12/10/26
....
19,396
19,235
L2220654.UP.FTS.B,
9.13%,
12/10/26
....
18,769
18,607
L2220216.UP.FTS.B,
9.67%,
12/10/26
....
14,761
14,617
L2221664.UP.FTS.B,
9.98%,
12/10/26
....
6,289
6,211
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
310
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2219804.UP.FTS.B,
10.44%,
12/10/26
.
$
7,817
$
7,741
L2219088.UP.FTS.B,
10.44%,
12/10/26
...
16,779
16,614
FW2222412.UP.FTS.B,
10.49%,
12/10/26
.
782
776
L2220336.UP.FTS.B,
11.03%,
12/10/26
...
4,420
4,373
L2220236.UP.FTS.B,
11.73%,
12/10/26
...
16,889
16,724
L2222184.UP.FTS.B,
12.02%,
12/10/26
...
6,624
6,560
L2220985.UP.FTS.B,
12.19%,
12/10/26
...
1,723
125
L2220260.UP.FTS.B,
12.23%,
12/10/26
...
39,475
39,093
L2221618.UP.FTS.B,
12.8%,
12/10/26
....
4,292
4,244
L2221708.UP.FTS.B,
13%,
12/10/26
.....
3,792
3,750
FW2220027.UP.FTS.B,
13.09%,
12/10/26
.
7,931
7,855
FW2220942.UP.FTS.B,
13.11%,
12/10/26
.
3,759
512
L2221352.UP.FTS.B,
13.11%,
12/10/26
...
775
767
L2221255.UP.FTS.B,
13.17%,
12/10/26
...
5,979
5,918
L2220245.UP.FTS.B,
13.24%,
12/10/26
...
21,115
20,912
L2220618.UP.FTS.B,
13.32%,
12/10/26
...
33,989
33,662
L2221709.UP.FTS.B,
13.43%,
12/10/26
...
12,633
12,512
L2218875.UP.FTS.B,
13.44%,
12/10/26
...
9,535
9,443
L2221936.UP.FTS.B,
13.59%,
12/10/26
...
5,090
5,041
L2220922.UP.FTS.B,
13.6%,
12/10/26
....
5,567
5,514
L2222570.UP.FTS.B,
13.7%,
12/10/26
....
3,989
3,948
L2194347.UP.FTS.B,
13.85%,
12/10/26
...
5,241
381
L2211103.UP.FTS.B,
13.86%,
12/10/26
...
10,394
10,288
L2222515.UP.FTS.B,
14.14%,
12/10/26
...
5,570
5,516
L2221071.UP.FTS.B,
14.15%,
12/10/26
...
6,202
6,135
FW2219337.UP.FTS.B,
14.64%,
12/10/26
.
4,731
4,684
L2219179.UP.FTS.B,
14.67%,
12/10/26
...
3,429
246
L2221548.UP.FTS.B,
14.74%,
12/10/26
...
800
792
L2220695.UP.FTS.B,
14.81%,
12/10/26
...
4,005
3,964
FW2222326.UP.FTS.B,
14.82%,
12/10/26
.
14,007
13,873
L2221125.UP.FTS.B,
15.5%,
12/10/26
....
1,633
866
L2219252.UP.FTS.B,
15.58%,
12/10/26
...
4,261
2,387
L2218671.UP.FTS.B,
15.6%,
12/10/26
....
4,018
3,970
L2219311.UP.FTS.B,
15.7%,
12/10/26
....
15,759
15,571
L2194261.UP.FTS.B,
15.71%,
12/10/26
...
9,364
9,245
FW2219230.UP.FTS.B,
15.75%,
12/10/26
.
8,930
8,816
L2220760.UP.FTS.B,
15.79%,
12/10/26
...
2,913
212
L2219293.UP.FTS.B,
15.87%,
12/10/26
...
12,072
11,957
L2220004.UP.FTS.B,
15.97%,
12/10/26
...
4,603
332
L2222083.UP.FTS.B,
16.07%,
12/10/26
...
1,215
1,203
L2219654.UP.FTS.B,
16.29%,
12/10/26
...
2,506
2,473
FW2221359.UP.FTS.B,
17.28%,
12/10/26
.
2,756
2,723
L2219369.UP.FTS.B,
17.34%,
12/10/26
...
8,107
8,030
FW2221538.UP.FTS.B,
17.36%,
12/10/26
.
12,972
12,818
L2219356.UP.FTS.B,
17.56%,
12/10/26
...
8,684
8,581
L2183750.UP.FTS.B,
17.62%,
12/10/26
...
6,496
6,418
L2220037.UP.FTS.B,
17.77%,
12/10/26
...
2,600
2,569
L2220747.UP.FTS.B,
18.08%,
12/10/26
...
8,151
8,045
L2219692.UP.FTS.B,
18.1%,
12/10/26
....
2,604
2,573
L2222111.UP.FTS.B,
18.1%,
12/10/26
....
4,476
4,422
FW2217304.UP.FTS.B,
18.29%,
12/10/26
.
788
776
L2219741.UP.FTS.B,
18.33%,
12/10/26
...
4,468
2,554
FW2219267.UP.FTS.B,
18.39%,
12/10/26
.
6,522
6,431
L2218279.UP.FTS.B,
18.41%,
12/10/26
...
4,145
2,373
L2220278.UP.FTS.B,
18.47%,
12/10/26
...
4,891
4,833
L2221646.UP.FTS.B,
18.79%,
12/10/26
...
8,238
8,115
L2211401.UP.FTS.B,
18.86%,
12/10/26
...
25,735
7,109
L2206502.UP.FTS.B,
18.87%,
12/10/26
...
1,470
1,453
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2210120.UP.FTS.B,
18.97%,
12/10/26
...
$
2,779
$
2,740
FW2219505.UP.FTS.B,
19.04%,
12/10/26
.
18,826
18,538
L2219936.UP.FTS.B,
19.32%,
12/10/26
...
9,857
1,381
FW2219062.UP.FTS.B,
19.4%,
12/10/26
..
4,934
4,859
L2221797.UP.FTS.B,
19.44%,
12/10/26
...
13,547
13,349
L2221701.UP.FTS.B,
19.55%,
12/10/26
...
5,729
5,661
L2221919.UP.FTS.B,
19.66%,
12/10/26
...
4,591
4,527
L2220257.UP.FTS.B,
19.73%,
12/10/26
...
4,211
2,347
L2221739.UP.FTS.B,
19.78%,
12/10/26
...
7,383
7,347
L2221097.UP.FTS.B,
19.86%,
12/10/26
...
1,966
1,936
L2222299.UP.FTS.B,
20.17%,
12/10/26
...
4,931
4,872
L2220113.UP.FTS.B,
20.52%,
12/10/26
...
4,116
4,096
L2219823.UP.FTS.B,
20.59%,
12/10/26
...
4,663
4,607
L2221612.UP.FTS.B,
20.59%,
12/10/26
...
9,896
9,830
L2222005.UP.FTS.B,
20.98%,
12/10/26
...
11,907
11,756
L2221600.UP.FTS.B,
21.39%,
12/10/26
...
7,823
7,727
FW2219568.UP.FTS.B,
21.42%,
12/10/26
.
470
463
L2222012.UP.FTS.B,
21.64%,
12/10/26
...
2,909
2,890
FW2219145.UP.FTS.B,
21.86%,
12/10/26
.
13,915
13,848
FW2220653.UP.FTS.B,
22.15%,
12/10/26
.
5,016
4,985
FW2220221.UP.FTS.B,
22.46%,
12/10/26
.
5,813
5,785
L2219015.UP.FTS.B,
22.73%,
12/10/26
...
5,820
5,792
FW2220294.UP.FTS.B,
22.87%,
12/10/26
.
16,668
16,559
L2219342.UP.FTS.B,
22.94%,
12/10/26
...
2,700
403
L2222328.UP.FTS.B,
22.95%,
12/10/26
...
16,646
16,565
L2219249.UP.FTS.B,
23.16%,
12/10/26
...
4,499
4,458
L2221493.UP.FTS.B,
23.3%,
12/10/26
....
3,576
256
L2220687.UP.FTS.B,
23.72%,
12/10/26
...
2,342
2,324
FW2220079.UP.FTS.B,
23.76%,
12/10/26
.
1,963
1,931
FW2221047.UP.FTS.B,
23.77%,
12/10/26
.
4,155
300
L2222062.UP.FTS.B,
23.82%,
12/10/26
...
10,254
10,105
L2220670.UP.FTS.B,
23.96%,
12/10/26
...
2,622
2,594
FW2214196.UP.FTS.B,
23.98%,
12/10/26
.
5,043
5,011
L2222118.UP.FTS.B,
24.15%,
12/10/26
...
2,510
2,498
L2219719.UP.FTS.B,
24.34%,
12/10/26
...
1,256
1,250
FW2220794.UP.FTS.B,
24.46%,
12/10/26
.
4,409
4,383
L2222302.UP.FTS.B,
24.68%,
12/10/26
...
4,229
4,204
L2221940.UP.FTS.B,
24.71%,
12/10/26
...
4,613
4,590
L2220990.UP.FTS.B,
24.8%,
12/10/26
....
4,393
1,262
L2218904.UP.FTS.B,
24.83%,
12/10/26
...
17,913
1,275
FW2222025.UP.FTS.B,
24.95%,
12/10/26
.
8,403
8,347
L2221318.UP.FTS.B,
24.95%,
12/10/26
...
2,015
2,005
FW2221001.UP.FTS.B,
24.99%,
12/10/26
.
4,198
4,178
L2221560.UP.FTS.B,
25.03%,
12/10/26
...
2,013
2,003
L2220844.UP.FTS.B,
25.09%,
12/10/26
...
2,184
2,174
L2222466.UP.FTS.B,
25.12%,
12/10/26
...
8,822
8,780
FW2219598.UP.FTS.B,
25.14%,
12/10/26
.
1,808
130
FW2219626.UP.FTS.B,
25.21%,
12/10/26
.
4,539
4,517
L2219105.UP.FTS.B,
25.3%,
12/10/26
....
9,956
708
L2209708.UP.FTS.B,
25.32%,
12/10/26
...
1,297
372
L2222460.UP.FTS.B,
25.39%,
12/10/26
...
2,707
2,687
L2219737.UP.FTS.B,
25.45%,
12/10/26
...
1,935
1,926
L2218573.UP.FTS.B,
25.46%,
12/10/26
...
4,406
209
L2222516.UP.FTS.B,
25.46%,
12/10/26
...
894
885
L2218665.UP.FTS.B,
25.47%,
12/10/26
...
2,017
2,007
L2222196.UP.FTS.B,
25.5%,
12/10/26
....
2,020
2,010
L2222524.UP.FTS.B,
25.5%,
12/10/26
....
2,272
2,261
L2219005.UP.FTS.B,
25.75%,
12/10/26
...
3,033
3,018
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
311
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2219909.UP.FTS.B,
25.83%,
12/10/26
...
$
2,529
$
2,516
L2218850.UP.FTS.B,
25.86%,
12/10/26
...
8,113
8,061
L2215001.UP.FTS.B,
25.92%,
12/10/26
...
3,263
1,937
FW2221345.UP.FTS.B,
26.17%,
12/10/26
.
2,386
2,368
FW2221416.UP.FTS.B,
26.49%,
12/10/26
.
3,380
3,364
L2220148.UP.FTS.B,
26.68%,
12/10/26
...
4,651
4,587
FW2221698.UP.FTS.B,
26.97%,
12/10/26
.
6,813
6,771
FW2220970.UP.FTS.B,
26.98%,
12/10/26
.
801
473
FW2219378.UP.FTS.B,
27.07%,
12/10/26
.
10,164
10,115
FW2221051.UP.FTS.B,
27.18%,
12/10/26
.
9,920
700
FW2219807.UP.FTS.B,
27.31%,
12/10/26
.
5,015
4,987
FW2221994.UP.FTS.B,
27.39%,
12/10/26
.
2,205
2,194
FW2220411.UP.FTS.B,
27.41%,
12/10/26
.
5,149
5,120
FW2220416.UP.FTS.B,
27.46%,
12/10/26
.
2,645
386
FW2218817.UP.FTS.B,
27.5%,
12/10/26
..
4,330
4,294
FW2221398.UP.FTS.B,
27.53%,
12/10/26
.
4,466
4,440
L2219250.UP.FTS.B,
27.55%,
12/10/26
...
21,046
20,944
FW2221651.UP.FTS.B,
27.6%,
12/10/26
..
8,489
8,448
FW2220064.UP.FTS.B,
27.61%,
12/10/26
.
2,022
2,011
FW2215062.UP.FTS.B,
27.89%,
12/10/26
.
2,195
2,184
FW2219635.UP.FTS.B,
27.99%,
12/10/26
.
4,976
4,889
FW2219847.UP.FTS.B,
28.03%,
12/10/26
.
5,069
5,042
FW2220128.UP.FTS.B,
28.06%,
12/10/26
.
4,253
4,232
FW2219819.UP.FTS.B,
28.69%,
12/10/26
.
17,454
1,242
FW2221547.UP.FTS.B,
28.78%,
12/10/26
.
2,985
2,971
FW2221253.UP.FTS.B,
28.97%,
12/10/26
.
5,975
5,946
FW2222054.UP.FTS.B,
29.08%,
12/10/26
.
6,831
6,798
FW2219596.UP.FTS.B,
29.28%,
12/10/26
.
4,813
342
FW2219042.UP.FTS.B,
29.37%,
12/10/26
.
6,609
1,905
FW2218160.UP.FTS.B,
29.47%,
12/10/26
.
4,105
4,085
FW2219414.UP.FTS.B,
29.72%,
12/10/26
.
4,936
4,904
FW2220353.UP.FTS.B,
29.92%,
12/10/26
.
2,579
2,563
FW2221075.UP.FTS.B,
30.26%,
12/10/26
.
3,002
2,988
FW2221564.UP.FTS.B,
30.28%,
12/10/26
.
3,260
3,244
FW2217065.UP.FTS.B,
30.33%,
12/10/26
.
3,861
3,842
FW2221531.UP.FTS.B,
30.36%,
12/10/26
.
3,003
2,989
FW2220084.UP.FTS.B,
30.41%,
12/10/26
.
1,716
1,708
FW2221439.UP.FTS.B,
30.5%,
12/10/26
..
1,889
1,880
FW2221679.UP.FTS.B,
30.52%,
12/10/26
.
2,705
2,679
FW2218883.UP.FTS.B,
30.53%,
12/10/26
.
6,584
6,538
FW2219637.UP.FTS.B,
30.65%,
12/10/26
.
2,573
2,560
FW2219219.UP.FTS.B,
30.68%,
12/10/26
.
2,985
2,943
FW2222124.UP.FTS.B,
30.9%,
12/10/26
..
526
517
FW2215534.UP.FTS.B,
30.92%,
12/10/26
.
860
856
FW2219745.UP.FTS.B,
31.03%,
12/10/26
.
1,979
1,969
FW2218821.UP.FTS.B,
31.13%,
12/10/26
.
2,066
2,056
FW2221543.UP.FTS.B,
31.13%,
12/10/26
.
4,135
4,108
FW2216231.UP.FTS.B,
31.22%,
12/10/26
.
3,013
2,999
FW2221322.UP.FTS.B,
31.23%,
12/10/26
.
2,894
79
FW2218939.UP.FTS.B,
31.36%,
12/10/26
.
3,445
3,429
FW2219989.UP.FTS.B,
31.38%,
12/10/26
.
3,415
3,397
FW2221748.UP.FTS.B,
31.55%,
12/10/26
.
4,284
1,240
FW2219361.UP.FTS.B,
31.69%,
12/10/26
.
12,678
12,617
FW2222019.UP.FTS.B,
31.71%,
12/10/26
.
6,072
6,034
FW2219266.UP.FTS.B,
31.97%,
12/10/26
.
30,132
29,986
FW2219137.UP.FTS.B,
32.32%,
12/10/26
.
6,434
3,834
FW2220958.UP.FTS.B,
32.58%,
12/10/26
.
6,493
6,462
FW2213955.UP.FTS.B,
18.45%,
12/24/26
.
7,391
7,303
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2215384.UP.FTS.B,
27.87%,
12/24/26
.
$
8,605
$
8,544
FW2219222.UP.FTS.B,
31.25%,
12/25/26
.
3,252
3,235
L1612765.UP.FTS.B,
17.19%,
1/23/27
....
13,829
13,662
L1612410.UP.FTS.B,
21.86%,
1/23/27
....
4,009
3,966
L1611337.UP.FTS.B,
22.25%,
1/23/27
....
16,060
16,027
L1612489.UP.FTS.B,
23.23%,
1/23/27
....
3,474
3,462
L1599969.UP.FTS.B,
14.68%,
1/24/27
....
5,898
5,841
L1616362.UP.FTS.B,
23.47%,
1/24/27
....
5,104
5,098
L1616231.UP.FTS.B,
24.63%,
1/24/27
....
9,518
682
L1613119.UP.FTS.B,
24.86%,
1/24/27
....
11,282
11,166
FW1603076.UP.FTS.B,
25.34%,
1/24/27
..
28,937
28,898
L1616175.UP.FTS.B,
25.43%,
1/24/27
....
3,718
573
L1597917.UP.FTS.B,
26.39%,
1/24/27
....
3,004
469
FW1613124.UP.FTS.B,
26.6%,
1/24/27
...
14,101
4,200
FW1605600.UP.FTS.B,
29.46%,
1/24/27
..
6,693
6,713
FW1616426.UP.FTS.B,
30.21%,
1/24/27
..
1,650
1,648
L1617912.UP.FTS.B,
17.57%,
1/25/27
....
5,264
1,481
L1619285.UP.FTS.B,
19.51%,
1/25/27
....
21,818
6,199
L1618519.UP.FTS.B,
22.51%,
1/25/27
....
25,690
25,658
L1618701.UP.FTS.B,
22.67%,
1/25/27
....
2,588
185
FW1618334.UP.FTS.B,
28.78%,
1/25/27
..
15,682
2,428
FW1620982.UP.FTS.B,
29.78%,
1/25/27
..
26,662
26,641
L1705631.UP.FTS.B,
14.99%,
2/13/27
....
13,582
13,370
L1704821.UP.FTS.B,
15.71%,
2/13/27
....
4,400
319
L1705495.UP.FTS.B,
19.78%,
2/13/27
....
2,478
2,465
FW1706011.UP.FTS.B,
20.18%,
2/13/27
..
6,268
912
L1706676.UP.FTS.B,
24.2%,
2/13/27
....
13,227
13,137
L1705353.UP.FTS.B,
25.94%,
2/13/27
....
3,089
3,088
L1706613.UP.FTS.B,
27.15%,
2/13/27
....
6,353
6,324
FW1705686.UP.FTS.B,
30.68%,
2/13/27
..
3,524
3,497
L1879662.UP.FTS.B,
19.3%,
3/19/27
....
18,068
17,856
L1880795.UP.FTS.B,
23.65%,
3/19/27
....
2,454
2,447
FW1880786.UP.FTS.B,
24.67%,
3/19/27
..
4,921
4,888
L1878816.UP.FTS.B,
25.23%,
3/19/27
....
6,649
6,322
FW1879017.UP.FTS.B,
25.45%,
3/19/27
..
18,439
18,402
L1878619.UP.FTS.B,
25.7%,
3/19/27
....
11,598
(1,230)
FW1876421.UP.FTS.B,
26.08%,
3/19/27
..
4,964
4,937
FW1877902.UP.FTS.B,
26.21%,
3/19/27
..
17,436
17,410
FW1878560.UP.FTS.B,
28.77%,
3/19/27
..
4,488
4,265
FW1880356.UP.FTS.B,
28.86%,
3/19/27
..
2,195
2,183
FW1876796.UP.FTS.B,
29.31%,
3/19/27
..
19,004
18,878
FW1878756.UP.FTS.B,
30.15%,
3/19/27
..
5,495
382
FW1876680.UP.FTS.B,
30.74%,
3/19/27
..
2,921
2,907
FW1879069.UP.FTS.B,
31.2%,
3/19/27
...
9,113
632
FW1880852.UP.FTS.B,
31.2%,
3/19/27
...
2,556
2,550
FW1879978.UP.FTS.B,
31.48%,
3/19/27
..
26,941
1,866
FW1880615.UP.FTS.B,
31.56%,
3/19/27
..
5,773
406
L1998298.UP.FTS.B,
13.53%,
4/08/27
....
3,894
3,851
FW1995179.UP.FTS.B,
16.42%,
4/08/27
..
1,397
367
L1993881.UP.FTS.B,
16.54%,
4/08/27
....
17,992
4,589
L1993514.UP.FTS.B,
16.68%,
4/08/27
....
2,803
2,762
L1990886.UP.FTS.B,
17.65%,
4/08/27
....
5,729
5,641
L1999227.UP.FTS.B,
17.88%,
4/08/27
....
15,044
14,756
L1993950.UP.FTS.B,
18.43%,
4/08/27
....
3,854
(32)
L1989102.UP.FTS.B,
19.31%,
4/08/27
....
8,901
5,082
L1990660.UP.FTS.B,
20.07%,
4/08/27
....
9,336
9,200
FW1995724.UP.FTS.B,
22.43%,
4/08/27
..
11,535
6,575
FW1990668.UP.FTS.B,
22.76%,
4/08/27
..
6,227
3,659
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
312
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1999670.UP.FTS.B,
24.18%,
4/08/27
....
$
2,363
$
169
L1990332.UP.FTS.B,
24.87%,
4/08/27
....
10,160
10,004
FW1990135.UP.FTS.B,
25.6%,
4/08/27
...
4,634
329
FW1995970.UP.FTS.B,
26.64%,
4/08/27
..
2,152
297
FW1993453.UP.FTS.B,
28.76%,
4/08/27
..
11,164
11,050
FW1996092.UP.FTS.B,
29.72%,
4/08/27
..
2,645
2,630
FW1998458.UP.FTS.B,
30.59%,
4/08/27
..
3,610
3,578
FW1991447.UP.FTS.B,
30.68%,
4/08/27
..
2,792
198
FW1988366.UP.FTS.B,
30.88%,
4/08/27
..
4,640
1,330
FW1995947.UP.FTS.B,
31.02%,
4/08/27
..
3,417
3,387
FW1990513.UP.FTS.B,
31.11%,
4/08/27
..
4,058
2,400
FW1995078.UP.FTS.B,
31.18%,
4/08/27
..
1,510
105
FW2070599.UP.FTS.B,
13.28%,
4/18/27
..
4,553
328
L2071747.UP.FTS.B,
16.81%,
4/18/27
....
5,085
1,373
L2074108.UP.FTS.B,
16.87%,
4/18/27
....
2,510
2,476
L2070593.UP.FTS.B,
17.59%,
4/18/27
....
17,247
17,079
L2074593.UP.FTS.B,
18.9%,
4/18/27
....
1,429
1,415
FW2071863.UP.FTS.B,
19.94%,
4/18/27
..
38,863
38,274
L2074730.UP.FTS.B,
20.02%,
4/18/27
....
4,249
4,195
L2069760.UP.FTS.B,
20.2%,
4/18/27
....
21,538
20,676
L2074432.UP.FTS.B,
21.97%,
4/18/27
....
2,278
2,161
FW2071024.UP.FTS.B,
22.22%,
4/18/27
..
18,621
17,759
FW2075442.UP.FTS.B,
22.23%,
4/18/27
..
6,220
5,840
FW2073821.UP.FTS.B,
23.18%,
4/18/27
..
6,266
6,230
FW2073884.UP.FTS.B,
24.56%,
4/18/27
..
2,191
(71)
FW2074090.UP.FTS.B,
24.77%,
4/18/27
..
2,571
185
L2072180.UP.FTS.B,
25.94%,
4/18/27
....
17,621
17,582
FW2075168.UP.FTS.B,
30.19%,
4/18/27
..
4,095
3,890
FW2075547.UP.FTS.B,
30.66%,
4/18/27
..
1,113
1,073
FW2074496.UP.FTS.B,
30.71%,
4/18/27
..
2,902
2,891
FW2072505.UP.FTS.B,
31.14%,
4/18/27
..
2,267
2,194
FW2075135.UP.FTS.B,
32.07%,
4/18/27
..
2,786
813
L2214144.UP.FTS.B,
11.27%,
5/09/27
....
7,382
7,298
L2218540.UP.FTS.B,
15.26%,
5/09/27
....
5,717
414
L1410942.UP.FTS.B,
18.88%,
5/09/27
....
7,941
4,529
L2218508.UP.FTS.B,
20.09%,
5/09/27
....
4,873
4,852
L2217932.UP.FTS.B,
21.91%,
5/09/27
....
11,840
11,634
FW2216167.UP.FTS.B,
23.76%,
5/09/27
..
5,484
5,444
L2198465.UP.FTS.B,
24.17%,
5/09/27
....
4,353
4,316
L2218678.UP.FTS.B,
25.2%,
5/09/27
....
1,973
1,945
L2216524.UP.FTS.B,
25.42%,
5/09/27
....
8,736
5,167
FW2214150.UP.FTS.B,
26.84%,
5/09/27
..
1,959
1,941
FW2215801.UP.FTS.B,
28.45%,
5/09/27
..
7,160
(681)
FW1410803.UP.FTS.B,
28.82%,
5/09/27
..
5,319
5,249
FW2214667.UP.FTS.B,
30.92%,
5/09/27
..
4,865
4,836
FW2218340.UP.FTS.B,
31.07%,
5/09/27
..
7,582
7,471
FW2217014.UP.FTS.B,
31.19%,
5/09/27
..
2,982
(473)
L2219210.UP.FTS.B,
12.38%,
5/10/27
....
4,154
2,177
L2218865.UP.FTS.B,
12.56%,
5/10/27
....
2,531
2,503
L2211511.UP.FTS.B,
12.64%,
5/10/27
....
44,869
23,539
FW2219474.UP.FTS.B,
13.95%,
5/10/27
..
8,865
8,778
L2221648.UP.FTS.B,
14.47%,
5/10/27
....
10,730
5,625
FW2218896.UP.FTS.B,
19.03%,
5/10/27
..
7,131
7,010
L2220633.UP.FTS.B,
20.25%,
5/10/27
....
11,994
3,384
L2219971.UP.FTS.B,
21.13%,
5/10/27
....
7,367
524
L2220292.UP.FTS.B,
21.61%,
5/10/27
....
8,996
8,913
L2221731.UP.FTS.B,
23.05%,
5/10/27
....
5,397
5,347
FW2212786.UP.FTS.B,
23.27%,
5/10/27
..
1,809
(49)
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2222173.UP.FTS.B,
23.88%,
5/10/27
....
$
12,367
$
12,266
L2219046.UP.FTS.B,
24.89%,
5/10/27
....
5,496
5,460
L2222197.UP.FTS.B,
25.16%,
5/10/27
....
2,418
351
FW2220337.UP.FTS.B,
25.2%,
5/10/27
...
3,486
3,455
FW2220729.UP.FTS.B,
27.41%,
5/10/27
..
7,759
2,225
FW2219943.UP.FTS.B,
28.3%,
5/10/27
...
9,868
5,841
FW2221942.UP.FTS.B,
29.08%,
5/10/27
..
16,999
10,081
FW2218780.UP.FTS.B,
29.8%,
5/10/27
...
4,760
4,719
FW2222345.UP.FTS.B,
30.23%,
5/10/27
..
3,458
3,401
FW2219236.UP.FTS.B,
30.82%,
5/10/27
..
2,105
2,088
FW2216510.UP.FTS.B,
30.91%,
5/10/27
..
6,236
3,681
FW2219211.UP.FTS.B,
31.11%,
5/10/27
..
4,058
4,021
FW2215261.UP.FTS.B,
31.21%,
5/10/27
..
1,641
1,630
FW1613781.UP.FTS.B,
20.91%,
6/24/27
..
161
160
L1617729.UP.FTS.B,
24.84%,
6/24/27
....
2,175
2,157
FW1620587.UP.FTS.B,
20.68%,
6/25/27
..
45,069
44,479
FW1705037.UP.FTS.B,
26.99%,
7/13/27
..
1,621
1,595
L1879796.UP.FTS.B,
25.24%,
8/19/27
....
2,364
2,227
FW1880689.UP.FTS.B,
25.33%,
8/19/27
..
10,450
(758)
FW1876930.UP.FTS.B,
28.99%,
8/19/27
..
11,302
416
L1988413.UP.FTS.B,
19.1%,
9/08/27
....
1,414
1,396
L1996074.UP.FTS.B,
24%,
9/08/27
......
10,926
10,732
FW1991443.UP.FTS.B,
26.55%,
9/08/27
..
33,218
2,378
L2074857.UP.FTS.B,
16.11%,
9/18/27
....
16,445
16,287
FW2072528.UP.FTS.B,
30.61%,
9/18/27
..
1,569
1,552
L2217220.UP.FTS.B,
24.27%,
10/09/27
...
4,602
2,726
FW2217284.UP.FTS.B,
26.82%,
10/09/27
.
4,059
4,001
L2221415.UP.FTS.B,
11.88%,
10/10/27
...
5,008
4,946
FW2221749.UP.FTS.B,
30.5%,
10/10/27
..
1,027
1,022
FW2219559.UP.FTS.B,
31.14%,
10/10/27
.
2,676
189
L1700175.UP.FTS.B,
15.87%,
9/13/28
....
12,882
12,815
L1703901.UP.FTS.B,
26.94%,
9/13/28
....
8,678
8,686
L2074618.UP.FTS.B,
27.13%,
4/18/29
....
3,305
3,285
9,711,349
Total
Marketplace
Loans
(Cost
$72,319,866)
....
$65,202,173
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2023
Franklin
Total
Return
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
313
At
April
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1
(
e
).
At
April
30,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1
(
e
).
At
April
30,
2023,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1
(
e
).
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
30-day
Federal
Funds
.........................
Short
1,256
$
499,273,772
12/29/23
$
1,693,460
U.S.
Treasury
10
Year
Notes
....................
Long
320
36,865,000
6/21/23
1,218,546
U.S.
Treasury
2
Year
Notes
.....................
Long
856
176,476,437
6/30/23
1,111,633
U.S.
Treasury
5
Year
Notes
.....................
Long
2,975
326,483,009
6/30/23
6,348,778
U.S.
Treasury
Long
Bonds
.....................
Long
243
31,992,469
6/21/23
1,425,364
Total
Futures
Contracts
......................................................................
$11,797,781
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
JPHQ
Sell
122,279,789
130,369,820
5/30/23
$
—
$
(4,621,028)
Euro
.............
JPHQ
Sell
2,990,000
3,278,060
7/10/23
—
(29,950)
Japanese
Yen
......
JPHQ
Buy
1,145,000,000
8,851,648
7/10/23
—
(356,602)
Total
Forward
Exchange
Contracts
...................................................
$
—
$(5,007,580)
Net
unrealized
appreciation
(depreciation)
............................................
$(5,007,580)
*
In
U.S.
dollars
unless
otherwise
indicated.
*
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Buy
Protection
(c)
Traded
Index
CDX.NA.EM.38
.
(1.00)%
Quarterly
12/20/27
19,435,000
$
1,005,638
$
1,439,947
$
(434,309)
CDX.NA.HY.40
.
(5.00)%
Quarterly
6/20/28
215,735,000
(4,254,420)
(452,842)
(3,801,578)
Total
Centrally
Cleared
Swap
Contracts
.....................................
$(3,248,782)
$987,105
$(4,235,887)
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Carnival
Corp.
..
1.00%
Quarterly
CITI
6/20/27
12,580,000
(3,346,114)
(1,886,934)
(1,459,180)
B-
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
314
At
April
30,
2023,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1(e).
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
OTC
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
(c)(d)
(continued)
Traded
Index
(e)
BNP
Paribas
Bespoke
Haverhill
Index,
Mezzanine
Tranche
5-10%
4.10%
Quarterly
BNDP
12/20/23
4,250,000
EUR
$
53,639
$
—
$
53,639
Non-
Investment
Grade
CDX.NA.HY.31
.
5.00%
Quarterly
CITI
12/20/23
40,000,000
1,367,283
(715,470)
2,082,753
Non-
Investment
Grade
CDX.NA.HY.33
.
5.00%
Quarterly
CITI
12/20/24
37,700,000
(560,569)
(147,637)
(412,932)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kenai
Index,
Equity
Tranche
0-5%
—%
Quarterly
CITI
12/20/23
28,800,000
(7,749,892)
(2,821,909)
(4,927,983)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Rotorua
Index,
Mezzanine
Tranche
5-10%
3.60%
Quarterly
CITI
12/20/23
8,300,000
64,385
—
64,385
Non-
Investment
Grade
MCDX.
NA.MAIN.31
.
1.00%
Quarterly
CITI
12/20/23
2,325,000
10,249
3,005
7,244
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(10,161,019)
$(5,568,945)
$(4,592,074)
Total
Credit
Default
Swap
Contracts
....................................
$(13,409,801)
$
(4,581,840)
$(8,827,961)
(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
$
2,453,243
$
2,419
$
2,450,824
Total
Interest
Rate
Swap
Contracts
...............................
$2,453,243
$
2,419
$2,450,824
*
In
U.S.
dollars
unless
otherwise
indicated..
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
315
At
April
30,
2023,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1
(
e
).
See
Note
10
regarding
other
derivative
information.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Short
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
BZWS
6/20/23
17,300,000
$
(427,551)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
6/20/23
17,625,000
(943,594)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
6/20/23
17,625,000
(1,060,133)
Total
Return
Swap
Contracts
....................................................................
$(2,431,278)
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Abbreviations
on
page
354
.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
April
30,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
316
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
................
$1,109,962,402
$2,357,251,181
$478,703,219
$3,509,182,942
Cost
-
Controlled
affiliates
(Note
3
f
)
.........
—
—
—
516,469,009
Cost
-
Non-controlled
affiliates
(Note
3
f
and
11
)
196,456,424
156,574,279
16,553,762
89,916,750
Cost
-
Unaffiliated
repurchase
agreements
...
24,210,491
1,036,735
—
—
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$5,269,569,
$—,
$—
and
$—
,
respectively)
..........................
$1,043,898,999
$2,277,859,907
$464,073,406
$3,272,466,576
Value
-
Controlled
affiliates
(Note
3
f
)
........
—
—
—
455,940,282
Value
-
Non-controlled
affiliates
(Note
3
f
and
11
)
188,331,650
150,922,962
16,553,762
87,412,527
Value
-
Unaffiliated
repurchase
agreements
...
24,210,491
1,036,735
—
—
Cash
.................................
3,031,514
2,270,854
297,025
170,388
Foreign
currency,
at
value
(cost
$
–
,
$554,974,
$–
and
$188,147
,
respectively)
................
—
571,360
—
188,833
Receivables:
Investment
securities
sold
................
9,284,817
35,922
2,856,235
12,824
Capital
shares
sold
.....................
5,760,175
2,365,778
226,227
1,431,801
Dividends
and
interest
..................
6,758,397
12,747,188
2,127,461
21,168,484
Deposits
with
brokers
for:
OTC
derivative
contracts
...............
—
9,210,000
—
19,028,768
TBA
transactions
.....................
—
—
—
2,940,000
Futures
contracts
.....................
—
6,104,723
430,954
8,087,280
Centrally
cleared
swap
contracts
.........
—
1,325,245
—
1,418,433
Variation
margin
on
futures
contracts
........
—
111,632
—
1,226,260
OTC
swap
contracts
(upfront
payments
$–,
$124,409,
$–
and
$23,290,
respectively)
......
—
16,055
—
3,005
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..............................
—
681,975
—
—
Unrealized
appreciation
on
OTC
swap
contracts
.
—
1,232,993
—
2,208,021
Deferred
tax
benefi
t
......................
—
—
—
95,813
Total
assets
.......................
1,281,276,043
2,466,493,329
486,565,070
3,873,799,295
Liabilities:
Payables:
Investment
securities
purchased
...........
23,991,667
7,739,193
42,675
345,652,686
Capital
shares
redeemed
................
2,867,993
5,561,306
838,007
4,938,233
Management
fees
......................
555,179
128,850
118,983
940,711
Distribution
fees
.......................
212,147
365,325
77,596
619,039
Transfer
agent
fees
.....................
392,379
541,273
264,271
1,126,955
Trustees'
fees
and
expenses
..............
1,333
57
19
47
Distributions
to
shareholders
..............
1,002,311
163,078
47,512
258,923
Variation
margin
on
futures
contracts
........
—
—
52,844
—
Variation
margin
on
centrally
cleared
swap
contracts
............................
—
118,158
—
596,569
OTC
swap
contracts
(upfront
receipts
$–,
$6,506,343,
$–
and
$13,342,971
,
respectively
)
..
—
2,769,340
—
5,571,950
Unrealized
depreciation
on
OTC
swap
contracts
.
—
4,415,160
—
9,231,373
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..............................
—
2,887,743
—
5,007,580
Payable
upon
return
of
securities
loaned
(Note
1
f
)
5,424,000
—
—
—
Unrealized
depreciation
on
unfunded
loan
commitments
(Not
e
9)
....................
83,229
—
—
—
Accrued
expenses
and
other
liabilities
........
211,596
310,510
135,119
1,096,826
Total
liabilities
......................
34,741,834
24,999,993
1,577,026
375,040,892
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
317
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Net
assets,
at
value
..............
$1,246,534,209
$2,441,493,336
$484,988,044
$3,498,758,403
Net
assets
consist
of:
Paid-in
capital
..........................
$1,870,449,748
$2,837,484,788
$657,580,869
$4,290,852,260
Total
distributable
earnings
(losses)
..........
(623,915,539)
(395,991,452)
(172,592,825)
(792,093,857)
Net
assets,
at
value
..............
$1,246,534,209
$2,441,493,336
$484,988,044
$3,498,758,403
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
318
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Class
A:
Net
assets,
at
value
....................
$828,261,409
$1,628,132,983
$310,800,560
$2,769,706,458
Shares
outstanding
.....................
110,306,612
183,626,376
41,577,438
328,489,499
Net
asset
value
per
share
a
...............
$7.51
$8.87
$7.48
$8.43
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%,
97.75%,
97.75%
and
96.25%,
respectively)
...................
$7.68
$9.07
$7.65
$8.76
Class
A1:
Net
assets,
at
value
....................
$—
$—
$51,554,526
$—
Shares
outstanding
.....................
—
—
6,898,772
—
Net
asset
value
per
share
a
...............
$—
$—
$7.47
$—
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
—%,
—%,
97.75%
and
—%
,
respectively
)
..........................
$—
$—
$7.64
$—
Class
C:
Net
assets,
at
value
....................
$80,040,458
$52,963,516
$16,717,600
$87,049,590
Shares
outstanding
.....................
10,656,528
6,002,169
2,238,163
10,405,918
Net
asset
value
and
maximum
offering
price
per
share
a
...............................
$7.51
$8.82
$7.47
$8.37
Class
R:
Net
assets,
at
value
....................
$—
$328,439
$—
$8,779,283
Share
s
outstanding
.....................
—
37,070
—
1,045,927
Net
asset
value
and
maximum
offering
price
per
share
...............................
$—
$8.86
$—
$8.39
Class
R6:
Net
assets,
at
value
....................
$128,116,288
$568,514,682
$24,095,972
$459,235,801
Shares
outstanding
.....................
17,035,255
63,698,603
3,217,948
54,064,716
Net
asset
value
and
maximum
offering
price
per
share
...............................
$7.52
$8.93
$7.49
$8.49
Advisor
Class:
Net
assets,
at
value
....................
$210,116,054
$191,553,716
$81,819,386
$173,987,271
Shares
outstanding
.....................
27,970,347
21,483,500
10,935,767
20,510,642
Net
asset
value
and
maximum
offering
price
per
share
...............................
$7.51
$8.92
$7.48
$8.48
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Operations
for
the
six
months
ended
April
30,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
319
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
.....................
$239,776
$—
$—
$126,879
Controlled
affiliates
(Note
3
f
)
..............
—
—
—
10,924,681
Non-controlled
affiliates
(Note
3
f
and
11
)
.....
3,951,982
5,983,178
231,640
2,802,669
Interest:
(net
of
foreign
taxes
of
$—,
$28,542,
$—
and
$—,
respectively)
Unaffiliated
issuers:
Paydown
gain
(loss)
..................
1,164,201
(930,162)
(1,759,223)
(25,611)
Paid
in
cash
a
........................
52,480,927
43,522,626
8,931,553
59,609,428
Non-controlled
affiliates
(Not
e
11)
..........
334,086
—
—
—
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
..
(52,668)
—
—
(4,383)
Non-controlled
affiliates
(Note
3
f
)
..........
79,459
—
—
6,289
Total
investment
income
................
58,197,763
48,575,642
7,403,970
73,439,952
Expenses:
Management
fees
(Note
3
a
)
................
3,741,158
6,311,298
1,284,770
8,346,871
Distribution
fees:
(Note
3c
)
Class
A
.............................
1,021,771
2,096,642
411,001
3,430,897
Class
A1
............................
—
—
26,505
—
Class
C
.............................
272,344
186,957
62,038
297,295
Class
R
.............................
—
543
—
22,504
Transfer
agent
fees:
(Note
3e
)
Class
A
.............................
582,968
949,213
302,043
1,870,590
Class
A1
............................
—
—
48,561
—
Class
C
.............................
59,678
32,563
17,621
62,367
Class
R
.............................
—
123
—
6,135
Class
R6
............................
11,365
63,465
6,058
51,724
Advisor
Class
.........................
168,727
116,178
79,564
119,275
Custodian
fees
(Note
4
)
...................
1,741
9,573
1,497
13,266
Reports
to
shareholders
fees
...............
30,976
147,760
37,324
251,037
Registration
and
filing
fees
.................
92,260
133,696
37,900
78,752
Professional
fees
........................
56,495
68,508
64,299
73,221
Trustees'
fees
and
expenses
...............
8,947
16,546
3,820
22,498
Marketplace
lending
fees
(Not
e
1i)
...........
—
625,634
—
827,750
Other
.................................
17,709
157,889
67,962
186,224
Total
expenses
......................
6,066,139
10,916,588
2,450,963
15,660,406
Expense
reductions
(Note
4
)
............
(2,567)
(10,076)
(1,072)
(268)
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
...........................
(219,358)
(3,731,242)
(429,090)
(2,104,288)
Net
expenses
......................
5,844,214
7,175,270
2,020,801
13,555,850
Net
investment
income
.............
52,353,549
41,400,372
5,383,169
59,884,102
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Operations
(continued)
for
the
six
months
ended
April
30,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
320
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
...................
(16,596,446)
(30,555,346)
(9,697,748)
(40,940,750)
Controlled
affiliates
(Note
3
f
)
............
—
—
—
(415,042)
Non-controlled
affiliates
(Note
3
f
and
11
)
...
13,706,542
(3,350,305)
—
—
Foreign
currency
transactions
.............
(310,221)
115,255
—
173,632
Forward
exchange
contracts
..............
—
889,435
—
(19,017)
Futures
contracts
......................
—
(9,117,476)
—
(16,263,567)
Swap
contracts
........................
—
479,708
—
(6,524,448)
Net
realized
gain
(loss)
...............
(3,200,125)
(41,538,729)
(9,697,748)
(63,989,192)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
...................
48,015,538
88,542,058
11,191,643
219,757,869
Controlled
affiliates
(Note
3
f
)
............
—
—
—
28,520,179
Non-controlled
affiliates
(Note
3
f
and
11
)
...
(5,245,646)
7,894,818
—
990,318
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
........
—
72,386
—
106,994
Unfunded
loan
commitments
..............
563,007
—
—
—
Forward
exchange
contracts
..............
—
(10,408,926)
—
(13,283,626)
Futures
contracts
......................
—
10,497,878
150,729
33,409,651
Swap
contracts
........................
—
1,017,609
—
3,457,658
Net
change
in
unrealized
appreciation
(depreciation)
......................
43,332,899
97,615,823
11,342,372
272,959,043
Net
realized
and
unrealized
gain
(loss)
.........
40,132,774
56,077,094
1,644,624
208,969,851
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...............................
$92,486,323
$97,477,466
$7,027,793
$268,853,953
a
Includes
amortization
of
premium
and
accretion
of
discount.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
321
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$52,353,549
$74,125,244
$41,400,372
$50,822,733
Net
realized
gain
(loss)
............
(3,200,125)
(40,751,365)
(41,538,729)
(49,546,476)
Net
change
in
unrealized
appreciation
(depreciation)
.................
43,332,899
(91,816,518)
97,615,823
(169,963,230)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
92,486,323
(58,442,639)
97,477,466
(168,686,973)
Distributions
to
shareholders:
Class
A
........................
(32,071,070)
(40,293,158)
(32,213,068)
(55,505,991)
Class
C
........................
(3,114,955)
(4,262,593)
(994,833)
(2,072,444)
Class
R
........................
—
—
(3,952)
(4,813)
Class
R6
.......................
(6,502,269)
(5,386,766)
(12,356,320)
(20,205,434)
Advisor
Class
...................
(9,595,697)
(25,031,018)
(4,175,904)
(7,318,348)
Total
distributions
to
shareholders
.....
(51,283,991)
(74,973,535)
(49,744,077)
(85,107,030)
Capital
share
transactions:
(Note
2
)
Class
A
........................
(25,590,505)
95,312,388
(129,942,821)
(18,996,907)
Class
C
........................
(11,995,187)
(2,836,292)
(10,592,365)
(30,179,718)
Class
R
........................
—
—
148,892
(6,923)
Class
R6
.......................
(78,701,867)
185,664,438
(43,951,740)
113,486,515
Advisor
Class
...................
(98,764,945)
(87,885,915)
(10,899,778)
(32,023,097)
Total
capital
share
transactions
.......
(215,052,504)
190,254,619
(195,237,812)
32,279,870
Net
increase
(decrease)
in
net
assets
.....................
(173,850,172)
56,838,445
(147,504,423)
(221,514,133)
Net
assets:
Beginning
of
period
................
1,420,384,381
1,363,545,936
2,588,997,759
2,810,511,892
End
of
period
.....................
$1,246,534,209
$1,420,384,381
$2,441,493,336
$2,588,997,759
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
322
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
Six
Months
Ended
April
30,
2023
(unaudited)
Year
Ended
October
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$5,383,169
$1,710,509
$59,884,102
$107,919,563
Net
realized
gain
(loss)
............
(9,697,748)
118,180
(63,989,192)
(316,010,300)
Net
change
in
unrealized
appreciation
(depreciation)
.................
11,342,372
(26,494,195)
272,959,043
(614,320,143)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
7,027,793
(24,665,506)
268,853,953
(822,410,880)
Distributions
to
shareholders:
Class
A
........................
(4,527,397)
(4,349,126)
(45,836,381)
(95,689,275)
Class
A1
.......................
(772,541)
(770,177)
—
—
Class
C
........................
(221,820)
(196,281)
(1,356,987)
(2,897,196)
Class
R
........................
—
—
(139,788)
(281,144)
Class
R6
.......................
(409,633)
(510,734)
(8,209,988)
(16,884,985)
Advisor
Class
...................
(1,307,505)
(1,319,641)
(3,121,045)
(6,503,263)
Distributions
to
shareholders
from
tax
return
of
capital:
Class
A
........................
—
—
—
(1,093,187)
Class
C
........................
—
—
—
(33,099)
Class
R
........................
—
—
—
(3,212)
Class
R6
.......................
—
—
—
(192,900)
Advisor
Class
...................
—
—
—
(74,295)
Total
distributions
to
shareholders
.....
(7,238,896)
(7,145,959)
(58,664,189)
(123,652,556)
Capital
share
transactions:
(Note
2
)
Class
A
........................
(42,690,909)
(58,500,009)
(113,318,190)
(408,157,005)
Class
A1
.......................
(3,458,258)
(8,723,410)
—
—
Class
C
........................
(4,85
4,126)
(13,270,248)
(10,183,727)
(23,533,054)
Class
R
........................
—
—
(588,080)
(1,404,906)
Class
R6
.......................
(5,400,882)
(10,496,307)
(2,507,411)
(48,137,918)
Advisor
Class
...................
(17,926,848)
18,097,433
(11,755,613)
(9,509,531)
Total
capital
share
transactions
.......
(74,331,023)
(72,892,541)
(138,353,021)
(490,742,414)
Net
increase
(decrease)
in
net
assets
.....................
(74,542,126)
(104,704,006)
71,836,743
(1,436,805,850)
Net
assets:
Beginning
of
period
................
559,530,170
664,234,176
3,426,921,660
4,863,727,510
End
of
period
.....................
$484,988,044
$559,530,170
$3,498,758,403
$3,426,921,660
Franklin
Investors
Securities
Trust
323
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Franklin
Investors
Securities
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of
seven
separate
funds,
four
of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
classes
of
shares
offered
within
each
of
the
Funds
are
indicated
below.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Class
A,
Class
C,
Class
R6
&
Advisor
Class
Franklin
Floating
Rate
Daily
Access
Fund
Class
A,
Class
C,
Class
R,
Class
R6
&
Advisor
Class
Franklin
Low
Duration
Total
Return
Fund
Franklin
Total
Return
Fund
Class
A,
Class
A1,
Class
C,
Class
R6
&
Advisor
Class
Franklin
Low
Duration
U.S.
Government
Securities
Fund
a
a
Effective
March
1,
2023,
Franklin
Adjustable
U.S.
Government
Securities
Fund
was
renamed
Franklin
Low
Duration
U.S.
Government
Securities
Fund.
The
following
summarizes
the Funds'
significant
accounting
policies
.
a.
Financial
Instrument
Valuation
The Funds'
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The Funds calculate the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities,
exchange
traded
funds
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-
counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds'
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
324
franklintempleton.com
Semiannual
Report
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds' pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds' net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Funds
have
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily
employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds'
business
day.
Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds'
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
April
30,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds'
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds'
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Funds
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statements
of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
325
franklintempleton.com
Semiannual
Report
c.
Joint
Repurchase
Agreement
Certain
or
all
Funds
enter
into
a
joint
repurchase
agreement
whereby
their
uninvested
cash
balance
is
deposited
into
a
joint
cash
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager
and
is
used
to
invest
in
one
or
more
repurchase
agreements.
The
value
and
face
amount
of
the
joint
repurchase
agreement
are
allocated
to
the
funds
based
on
their
pro-rata
interest.
A
repurchase
agreement
is
accounted
for
as
a
loan
by
the
Fund
to
the
seller,
collateralized
by
securities
which
are
delivered
to
the
Funds'
custodian.
The
fair
value,
including
accrued
interest,
of
the
initial
collateralization
is
required
to
be
at
least
102%
of
the
dollar
amount
invested
by
the
funds,
with
the
value
of
the
underlying
securities
marked
to
market
daily
to
maintain
coverage
of
at
least
100%.
Repurchase
agreements
are
subject
to
the
terms
of
Master
Repurchase
Agreements
(MRAs)
with
approved
counterparties
(sellers).
The
MRAs
contain
various
provisions,
including
but
not
limited
to
events
of
default
and
maintenance
of
collateral
for
repurchase
agreements.
In
the
event
of
default
by
either
the
seller
or
the
Funds,
certain
MRAs
may
permit
the
non-defaulting
party
to
net
and
close-out
all
transactions,
if
any,
traded
under
such
agreements.
The
Funds
may
sell
securities
it
holds
as
collateral
and
apply
the
proceeds
towards
the
repurchase
price
and
any
other
amounts
owed
by
the
seller
to
the
Funds
in
the
event
of
default
by
the
seller.
This
could
involve
costs
or
delays
in
addition
to
a
loss
on
the
securities
if
their
value
falls
below
the
repurchase
price
owed
by
the
seller.
The
joint
repurchase
agreement
held
by
the
Funds
at
period
end,
as
indicated
in
the
Schedules
of
Investments,
had
been
entered
into
on
April
28,
2023.
d.
Securities
Purchased
on
Delayed
Delivery
and
TBA
Basis
Certain
or
all
Funds
purchase
securities
on
a
delayed
delivery
and
to-be-announced
(TBA)
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Funds
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
they
may
sell
the
securities
before
the
settlement
date.
Collateral
has
been
pledged
and/or
received
for
open
TBA
trades.
e.
Derivative
Financial
Instruments
Certain
or
all
Funds
invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statements
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statements
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
Certain
or
all
Funds
attempt
to
reduce
their exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Funds
include
failure
of
the
Funds
to
maintain
certain
net
asset
levels
and/
or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statements
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the Funds
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
326
franklintempleton.com
Semiannual
Report
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Funds'
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Certain
or
all
Funds
entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statements
of
Assets
and
Liabilities.
At
April
30,
2023,
the
Franklin
Floating
Rate
Daily
Access
Fund
had
no
futures
contracts.
Certain
or
all
Funds
entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date. At
April
30,
2023,
the
Franklin
Floating
Rate
Daily
Access
Fund
and
Franklin
Low
Duration
U.S.
Government
Securities
Fund
had
no
forward
exchange
contracts.
Certain
or
all
Funds
entered
into
credit
default
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
credit
risk.
A
credit
default
swap
is
an
agreement
between
the
Fund
and
a
counterparty
whereby
the
buyer
of
the
contract
receives
credit
protection
and
the
seller
of
the
contract
guarantees
the
credit
worthiness
of
a
referenced
debt
obligation.
These
agreements
may
be
privately
negotiated
in
the
over-the-counter
market
(OTC
credit
default
swaps)
or
may
be
executed
in
a
multilateral
trade
facility
platform,
such
as
a
registered
exchange
(centrally
cleared
credit
default
swaps).
The
underlying
referenced
debt
obligation
may
be
a
single
issuer
of
corporate
or
sovereign
debt,
a
credit
index,
a
basket
of
issuers
or
indices,
or
a
tranche
of
a
credit
index
or
basket
of
issuers
or
indices.
In
the
event
of
a
default
of
the
underlying
referenced
debt
obligation,
the
buyer
is
entitled
to
receive
the
notional
amount
of
the
credit
default
swap
contract
from
the
seller
in
exchange
for
the
referenced
debt
obligation,
a
net
settlement
amount
equal
to
the
notional
amount
of
the
credit
default
swap
less
the
recovery
value
of
the
referenced
debt
obligation,
or
other
agreed
upon
amount.
For
centrally
cleared
credit
default
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statements
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
the
buyer
pays
the
seller
a
periodic
stream
of
payments,
provided
that
no
event
of
default
has
occurred.
Such
periodic
payments
are
accrued
daily
as
an
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
are
reflected
in
the Statements
of
Assets
and
Liabilities
and
represent
compensating
factors
between
stated
terms
of
the
credit
default
swap
agreement
and
prevailing
market
conditions
(credit
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss
in
the
Statements
of
Operations.
At
April
30,
2023,
the
Franklin
Floating
Rate
Daily
Access
Fund
and
Franklin
Low
Duration
U.S.
Government
Securities
Fund
had
no
credit
default
swap
contracts.
Certain
or
all
Funds entered
into
interest
rate
swap
contra
cts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the Statements
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
327
franklintempleton.com
Semiannual
Report
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
At
April
30,
2023,
the
Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Low
Duration
Total
Return
Fund
and
Franklin
Low
Duration
U.S.
Government
Securities
Fund
had
no
interest
rate
swap
contracts.
Certain
or
all
Funds
entered
into
OTC
total
return
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
credit
risk
of
an
underlying
instrument
such
as
a
stock,
bond,
index
or
basket
of
securities
or
indices.
A
total
return
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
a
return
linked
to
an
underlying
instrument
for
a
floating
or
fixed
rate
payment,
both
based
upon
a
notional
amount.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
or
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
recognized
as
realized
gain
or
loss.
At
April
30,
2023,
the
Franklin
Floating
Rate
Daily
Access
Fund
and
Franklin
Low
Duration
U.S.
Government
Securities
Fund
had
no
total
return
swap
contracts.
Certain
or
all
Funds
purchased
or
wrote
OTC
option
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate,
foreign
exchange
rate
and
credit
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
At
April
30,
2023,
the
Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Low
Duration
Total
Return
Fund,
Franklin
Low
Duration
U.S.
Government
Securities
Fund
and
Franklin
Total
Return
Fund
had
no
options.
See
Note
10 regarding
other
derivative
information.
f.
Securities
Lending
Certain
or
all
Funds
participate
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the
Funds,
and/
or
a
joint
repurchase
agreement.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Statements
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
April
30,
2023,
Franklin
Low
Duration
Total
Return
Fund,
Franklin
Low
Duration
U.S.
Government
Securities
Fund
and
Franklin
Total
Return
Fund
had
no
securities
on
loan.
g.
Mortgage
Dollar
Rolls
Certain
or
all
Funds
enter
into
mortgage
dollar
rolls,
typically
on
a
TBA
basis.
Mortgage
dollar
rolls
are
agreements
between
the
Fund
and
a
financial
institution
where
the
Fund
sells
(or
buys)
mortgage-backed
securities
for
delivery
on
a
specified
date
and
simultaneously
contracts
to
repurchase
(or
sell)
substantially
similar
(same
type,
coupon,
and
maturity)
securities
at
a
future
date
and
at
a
predetermined
price.
Gains
or
losses
are
realized
on
the
initial
sale,
and
the
difference
between
the
repurchase
price
and
the
sale
price
is
recorded
as
an
unrealized
gain
or
loss
to
the
Fund
upon
entering
into
the
mortgage
dollar
roll.
In
addition,
the
Fund
may
invest
the
cash
proceeds
that
are
received
from
the
initial
sale.
During
the
period
between
the
sale
and
repurchase,
the
Fund
is
not
entitled
to
principal
and
interest
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
328
franklintempleton.com
Semiannual
Report
paid
on
the
mortgage
backed
securities.
Transactions
in
mortgage
dollar
rolls
are
accounted
for
as
purchases
and
sales
and
may
result
in
an
increase
to
the
Fund's
portfolio
turnover
rate.
The
risks
of
mortgage
dollar
roll
transactions
include
the
potential
inability
of
the
counterparty
to
fulfill
its
obligations.
h.
Senior
Floating
Rate
Interests
Certain
or
all
Funds
invest
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
London
Interbank
Offered
Rate
(LIBOR)/Senior
Overnight
Financing
Rate
(SOFR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the
Funds
invest
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
i.
Marketplace
Lending
Certain
or
all
Funds
invest in
loans
obtained
through
marketplace
lending.
Marketplace
lending,
sometimes
referred
to
as
peer-to-peer
lending,
is
a
method
of
financing
in
which
a
platform
facilitates
the
borrowing
and
lending
of
money.
It
is
considered
an
alternative
to
more
traditional
forms
of
debt
financing.
Prospective
borrowers
are
required
to
provide
certain
financial
information
to
the
platform,
including,
but
not
limited
to,
the
intended
purpose
of
the
loan,
income,
employment
information,
credit
score,
debt-
to-income
ratio,
credit
history
(including
defaults
and
delinquencies)
and
home
ownership
status.
Based
on
this
and
other
information,
the
platform
assigns
its
own
credit
rating
to
the
borrower
and
sets
the
interest
rate
for
the
requested
loan.
The
platform
then
posts
the
borrowing
requests
online,
giving
investors
the
opportunity
to
purchase
the
loans
based
on
factors
such
as
the
interest
rates
and
expected
yields
of
the
loans,
the
borrower
background
data,
and
the
credit
rating
assigned
by
the
platform.
When
the
Funds
invest
in
these
loans,
they
usually
purchase
all
rights,
title
and
interest
in
the
loans
pursuant
to
a
loan
purchase
agreement
directly
from
the
platform.
The
platform
or
a
third-party
servicer
typically
continues
to
service
the
loans,
collecting
payments
and
distributing
them
to
the
Funds,
less
any
servicing
fees
assessed.
The
servicer
is
typically
responsible
for
taking
actions
against
a
borrower
in
the
event
of
a
default
on
the
loan.
Servicing
fees,
along
with
other
administration
fees,
are
included
in
marketplace
lending
fees
in
the
Statements
of
Operations.
The
Funds,
as
investors
in
a
loan,
would
be
entitled
to
receive
payment
only
from
the
borrower
and
would
not
be
able
to
recover
any
deficiency
from
the
platform,
except
under
very
narrow
circumstances.
The
loans
in
which
the
Funds
may
invest
are
unsecured.
j.
Income
and
Deferred
Taxes
It
is each
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. Each
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Funds
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
the
Funds
invest.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Funds
invest.
When
a
capital
gain
tax
is
determined
to
apply,
certain
or
all
Funds
record
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
Each
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
April
30,
2023, each
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
1.
Organization
and
Significant
Accounting
Policies
(continued)
g.
Mortgage
Dollar
Rolls
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
329
franklintempleton.com
Semiannual
Report
k.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
separately
on
the
Statements
of
Operations.
Certain
or
all
Funds
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan.
Dividend
income
and
realized
gain
distributions
are
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Funds.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Net
investment
income,
excluding
class
specific
expenses,
is
allocated
daily
to
each
class
of
shares
based
upon
the
relative
value
of
the
settled
shares
of
each
class.
Realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
interest
income
in
the
Statements
of
Operations.
l.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
m.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Funds,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
330
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
April
30,
2023,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Funds'
shares
were
as
follows:
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
a
...................................
10,950,002
$81,404,813
16,955,376
$149,252,650
Shares
issued
in
reinvestment
of
distributions
..........
4,053,863
30,131,091
3,561,116
31,396,459
Shares
redeemed
...............................
(18,481,705)
(137,126,409)
(35,244,622)
(310,591,930)
Net
increase
(decrease)
..........................
(3,477,840)
$(25,590,505)
(14,728,130)
$(129,942,821)
Year
ended
October
31,
2022
Shares
sold
a
...................................
41,457,925
$321,182,786
59,261,545
$542,509,430
Shares
issued
in
reinvestment
of
distributions
..........
4,996,107
37,843,340
5,959,047
54,111,658
Shares
redeemed
...............................
(34,558,349)
(263,713,738)
(67,424,006)
(615,617,995)
Net
increase
(decrease)
..........................
11,895,683
$95,312,388
(2,203,414)
$(18,996,907)
Class
C
Class
C
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
1,223,669
$9,096,840
614,657
$5,382,967
Shares
issued
in
reinvestment
of
distributions
..........
405,142
3,012,135
110,500
969,522
Shares
redeemed
a
..............................
(3,246,860)
(24,104,162)
(1,933,093)
(16,944,854)
Net
increase
(decrease)
..........................
(1,618,049)
$(11,995,187)
(1,207,936)
$(10,592,365)
Year
ended
October
31,
2022
Shares
sold
...................................
5,224,361
$40,518,153
1,906,400
$17,343,181
Shares
issued
in
reinvestment
of
distributions
..........
543,665
4,121,391
223,012
2,021,056
Shares
redeemed
a
..............................
(6,209,779)
(47,475,836)
(5,438,273)
(49,543,955)
Net
increase
(decrease)
..........................
(441,753)
$(2,836,292)
(3,308,861)
$(30,179,718)
Class
R
Class
R
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
—
$—
19,942
$175,087
Shares
issued
in
reinvestment
of
distributions
..........
—
—
445
3,926
Shares
redeemed
...............................
—
—
(3,401)
(30,121)
Net
increase
(decrease)
..........................
—
$—
16,986
$148,892
Year
ended
October
31,
2022
Shares
sold
...................................
—
$—
8,313
$75,542
Shares
issued
in
reinvestment
of
distributions
..........
—
—
531
4,819
Shares
redeemed
...............................
—
—
(9,468)
(87,284)
Net
increase
(decrease)
..........................
—
$—
(624)
$(6,923)
Class
R6
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
331
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Shares
Amount
Shares
Amount
Class
R6
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
2,061,712
$15,247,520
9,056,055
$80,270,681
Shares
issued
in
reinvestment
of
distributions
..........
190,478
1,418,017
1,390,269
12,340,768
Shares
redeemed
...............................
(12,882,315)
(95,367,404)
(15,387,749)
(136,563,189)
Net
increase
(decrease)
..........................
(10,630,125)
$(78,701,867)
(4,941,425)
$(43,951,740)
Year
ended
October
31,
2022
Shares
sold
...................................
39,484,928
$298,642,147
31,242,483
$288,639,096
Shares
issued
in
reinvestment
of
distributions
..........
299,290
2,265,013
2,215,936
20,224,174
Shares
redeemed
...............................
(15,282,696)
(115,242,722)
(21,356,139)
(195,376,755)
Net
increase
(decrease)
..........................
24,501,522
$185,664,438
12,102,280
$113,486,515
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
4,095,088
$30,400,202
6,590,066
$58,124,286
Shares
issued
in
reinvestment
of
distributions
..........
1,178,343
8,759,134
442,078
3,919,496
Shares
redeemed
...............................
(18,627,356)
(137,924,281)
(8,230,880)
(72,943,560)
Net
increase
(decrease)
..........................
(13,353,925)
$(98,764,945)
(1,198,736)
$(10,899,778)
Year
ended
October
31,
2022
Shares
sold
...................................
68,767,943
$535,515,860
9,707,483
$89,335,172
Shares
issued
in
reinvestment
of
distributions
..........
2,193,839
16,652,183
750,784
6,864,841
Shares
redeemed
...............................
(84,738,096)
(640,053,958)
(13,958,161)
(128,223,110)
Net
increase
(decrease)
..........................
(13,776,314)
$(87,885,915)
(3,499,894)
$(32,023,097)
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
a
...................................
3,458,844
$25,949,719
18,134,829
$150,636,602
Shares
issued
in
reinvestment
of
distributions
..........
579,325
4,343,213
5,442,770
45,260,702
Shares
redeemed
...............................
(9,718,018)
(72,983,841)
(37,294,798)
(309,215,494)
Net
increase
(decrease)
..........................
(5,679,849)
$(42,690,909)
(13,717,199)
$(113,318,190)
Year
ended
October
31,
2022
Shares
sold
a
...................................
12,593,181
$96,657,185
29,459,497
$270,390,201
Shares
issued
in
reinvestment
of
distributions
..........
543,023
4,153,957
10,715,331
95,667,713
Shares
redeemed
...............................
(20,721,784)
(159,311,151)
(86,309,730)
(774,214,919)
Net
increase
(decrease)
..........................
(7,585,580)
$(58,500,009)
(46,134,902)
$(408,157,005)
Class
A1
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
332
franklintempleton.com
Semiannual
Report
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Shares
Amount
Shares
Amount
Class
A1
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
121,533
$912,614
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
99,020
741,863
—
—
Shares
redeemed
...............................
(681,217)
(5,112,735)
—
—
Net
increase
(decrease)
..........................
(460,664)
$(3,458,258)
—
$—
Year
ended
October
31,
2022
Shares
sold
...................................
334,752
$2,567,429
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
97,013
742,163
—
—
Shares
redeemed
...............................
(1,564,042)
(12,033,002)
—
—
Net
increase
(decrease)
..........................
(1,132,277)
$(8,723,410)
—
$—
Class
C
Class
C
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
154,303
$1,156,741
2,399,694
$19,756,095
Shares
issued
in
reinvestment
of
distributions
..........
29,236
219,046
163,365
1,348,138
Shares
redeemed
a
..............................
(830,578)
(6,229,913)
(3,795,672)
(31,287,960)
Net
increase
(decrease)
..........................
(647,039)
$(4,854,126)
(1,232,613)
$(10,183,727)
Year
ended
October
31,
2022
Shares
sold
...................................
876,983
$6,742,447
3,035,373
$27,413,284
Shares
issued
in
reinvestment
of
distributions
..........
25,542
194,935
327,807
2,905,377
Shares
redeemed
a
..............................
(2,627,227)
(20,207,630)
(5,992,548)
(53,851,715)
Net
increase
(decrease)
..........................
(1,724,702)
$(13,270,248)
(2,629,368)
$(23,533,054)
Class
R
Class
R
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
—
$—
81,637
$674,903
Shares
issued
in
reinvestment
of
distributions
..........
—
—
16,720
138,418
Shares
redeemed
...............................
—
—
(169,346)
(1,401,401)
Net
increase
(decrease)
..........................
—
$—
(70,989)
$(588,080)
Year
ended
October
31,
2022
Shares
sold
...................................
—
$—
184,462
$1,678,954
Shares
issued
in
reinvestment
of
distributions
..........
—
—
31,761
281,936
Shares
redeemed
...............................
—
—
(369,510)
(3,365,796)
Net
increase
(decrease)
..........................
—
$—
(153,287)
$(1,404,906)
Class
R6
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
333
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Trust
are
also
officers
and/or
directors
of
the
following
subsidiaries:
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Shares
Amount
Shares
Amount
Class
R6
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
190,331
$1,430,949
5,201,662
$43,595,745
Shares
issued
in
reinvestment
of
distributions
..........
54,394
408,629
890,945
7,464,476
Shares
redeemed
...............................
(962,880)
(7,240,460)
(6,401,854)
(53,567,632)
Net
increase
(decrease)
..........................
(718,155)
$(5,400,882)
(309,247)
$(2,507,411)
Year
ended
October
31,
2022
Shares
sold
...................................
2,324,065
$18,077,438
7,978,317
$73,892,704
Shares
issued
in
reinvestment
of
distributions
..........
66,588
511,496
1,743,175
15,690,890
Shares
redeemed
...............................
(3,760,141)
(29,085,241)
(15,191,335)
(137,721,512)
Net
increase
(decrease)
..........................
(1,369,488)
$(10,496,307)
(5,469,843)
$(48,137,918)
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
April
30,
2023
Shares
sold
...................................
4,174,878
$31,418,715
2,299,153
$19,210,810
Shares
issued
in
reinvestment
of
distributions
..........
167,133
1,253,825
350,717
2,933,266
Shares
redeemed
...............................
(6,735,508)
(50,599,388)
(4,057,272)
(33,899,689)
Net
increase
(decrease)
..........................
(2,393,497)
$(17,926,848)
(1,407,402)
$(11,755,613)
Year
ended
October
31,
2022
Shares
sold
...................................
10,474,549
$80,340,359
5,658,283
$52,655,284
Shares
issued
in
reinvestment
of
distributions
..........
164,799
1,260,080
681,456
6,116,919
Shares
redeemed
...............................
(8,283,899)
(63,503,006)
(7,528,274)
(68,281,734)
Net
increase
(decrease)
..........................
2,355,449
$18,097,433
(1,188,535)
$(9,509,531)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
334
franklintempleton.com
Semiannual
Report
a.
Management
Fees
Franklin
Floating
Rate
Daily
Access
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
Franklin
Low
Duration
Total
Return
Fund
and
Franklin
Total
Return
Fund
pay
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
average
daily
net
assets
of
each
of
the
Funds
as
follows:
Franklin
Low
Duration
U.S.
Government
Securities
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
Annualized
Fee
Rate
Net
Assets
0.650%
Up
to
and
including
$500
million
0.550%
Over
$500
million,
up
to
and
including
$1
billion
0.500%
Over
$1
billion,
up
to
and
including
$1.5
billion
0.450%
Over
$1.5
billion,
up
to
and
including
$6.5
billion
0.425%
Over
$6.5
billion,
up
to
and
including
$11.5
billion
0.400%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.390%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.380%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.370%
In
excess
of
$21.5
billion
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$500
million
0.525%
Over
$500
million,
up
to
and
including
$1
billion
0.480%
Over
$1
billion,
up
to
and
including
$1.5
billion
0.435%
Over
$1.5
billion,
up
to
and
including
$6.5
billion
0.415%
Over
$6.5
billion,
up
to
and
including
$11.5
billion
0.400%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.390%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.380%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.370%
In
excess
of
$21.5
billion
Annualized
Fee
Rate
Net
Assets
0.500%
Up
to
and
including
$5
billion
0.440%
Over
$5
billion,
up
to
and
including
$10
billion
0.410%
Over
$10
billion,
up
to
and
including
$15
billion
0.380%
In
excess
of
$15
billion
3.
Transactions
with
Affiliates
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
335
franklintempleton.com
Semiannual
Report
For
the
period
ended
April
30,
2023,
each
Fund's
annualized
gross
effective
investment
management
fee
rate
based
on
average
daily
net
assets
was
as
follows:
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Funds.
The
fee
is
paid
by
Advisers
based
on
each
of
the
Funds’
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Funds.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Funds’
Class
A
and
A1
reimbursement
distribution
plans,
the
Funds reimburse
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of each
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Funds’
Class
C
and
R
compensation
distribution
plans,
the
Funds
pay
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
each
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31
for
each
Fund.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Funds.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Funds
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Funds'
shares
for
the
period:
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Gross
effective
investment
management
fee
rate
........
0.577%
0.500%
0.500%
Franklin
Total
Return
Fund
Gross
effective
investment
management
fee
rate
........
0.482%
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Class
A
...............................
0.25%
0.25%
0.25%
0.25%
Class
A1
..............................
—%
—%
0.10%
—%
Class
C
...............................
0.65%
0.65%
0.65%
0.65%
Class
R
...............................
—%
0.50%
—%
0.50%
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
336
franklintempleton.com
Semiannual
Report
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class
reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
April
30,
2023,
the
Funds
paid
transfer
agent
fees
as
noted
in
the
Statements
of
Operations
of
which
the
following
amounts
were
retained
by
Investor
Services:
f.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Funds
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statements
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
April
30,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows:
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$3,283
$12,965
$1,209
$27,915
CDSC
retained
...........................
$52,674
$37,602
$7,896
$17,187
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Transfer
agent
fees
........................
$286,841
$374,091
$150,548
$581,412
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
Floating
Rate
Daily
Access
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$
34,911,058
$
—
$
—
$
—
$
1,250,131
$
36,161,189
4,630,114
$
1,472,279
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
50,484,450
127,687,903
(116,061,909)
—
—
62,110,444
62,110,444
1,005,319
Total
Non-Controlled
Affiliates
$85,395,508
$127,687,903
$(116,061,909)
$
—
$
1,250,131
$98,271,633
$
2,477,598
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
337
franklintempleton.com
Semiannual
Report
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
Floating
Rate
Daily
Access
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
$18,000
$40,385,000
$(34,979,000)
$—
$—
$5,424,000
5,424,000
$79,459
Total
Affiliated
Securities
...
$85,413,508
$168,072,903
$(151,040,909)
$—
$1,250,131
$103,695,633
$2,557,057
Franklin
Low
Duration
Total
Return
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$
125,894,626
$
—
$
(28,425,700)
$
(3,350,305)
$
7,894,818
$
102,013,439
13,061,900
$
5,215,675
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
15,610,140
177,165,628
(143,866,245)
—
—
48,909,523
48,909,523
767,503
Total
Affiliated
Securities
...
$141,504,766
$177,165,628
$(172,291,945)
$(3,350,305)
$7,894,818
$150,922,962
$5,983,178
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
$22,050,458
$126,433,926
$(131,930,622)
$—
$—
$16,553,762
16,553,762
$231,640
Total
Affiliated
Securities
...
$22,050,458
$126,433,926
$(131,930,622)
$—
$—
$16,553,762
$231,640
Franklin
Total
Return
Fund
Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$
133,533,045
$
—
$
(28,503,900)
$
(415,042
)
$
5,233,17
9
$
109,847,282
14,064,953
$
5,535,973
Franklin
Investment
Grade
Corporate
ETF
...........
322,806,000
—
—
—
23,287,000
346,093,000
16,060,000
5,388,708
Total
Controlled
Affiliates
...
$456,339,045
$—
$(28,503,900)
$
(415,04
2
)
$
28,520,17
9
$455,940,282
$
10,924,681
Non-Controlled
Affiliates
Dividends
Franklin
Senior
Loan
ETF
....
$40,168,688
$—
$—
$—
$990,318
$41,159,006
1,737,400
$1,636,412
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
44,800,650
481,626,672
(480,173,801)
—
—
46,253,521
46,253,521
1,166,257
Total
Non-Controlled
Affiliates
$84,969,338
$481,626,672
$(480,173,801)
—
990,318
$87,412,527
2,802,669
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
338
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
respective
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
Franklin
Low
Duration
Total
Return
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
distribution
fees
and
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
0.44%
and
for
Class
R6
do
not
exceed
0.30%
based
on
the
average
net
assets
of
each
class
until
February
29,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Effective
March
1,
2023,
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
Franklin
Low
Duration
U.S.
Government
Securities
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
distribution
fees
and
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
0.58%
based
on
the
average
net
assets
of
each
class
until
February
29,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Prior
to
March
1,
2023,
expenses
(excluding
certain
fees
and
expenses
as
previously
disclosed)
for
each
class
of
Franklin
Low
Duration
U.S.
Government
Securities
Fund
were
limited
to
0.60%
based
on
the
average
net
assets
of
each
class.
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
Franklin
Total
Return
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
distribution
fees
and
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
0.58%
and
for
Class
R6
do
not
exceed
0.47%
based
on
the
average
net
assets
of
each
class
until
February
29,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
For
Franklin
Floating
Rate
Daily
Access
Fund,
and
Franklin
Low
Duration
U.S.
Government
Securities
Fund,
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%,
based
on
the
average
net
assets
of
the
class
until
February
29,
2024.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Total
Return
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
$2,006,000
$3,552,000
$(5,558,000)
$—
$—
$—
—
$6,289
Total
Affiliated
Securities
...
$543,314,383
$485,178,672
$(514,235,701)
$(415,042)
$29,510,497
$543,352,809
$13,733,639
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
339
franklintempleton.com
Semiannual
Report
4.
Expense
Offset
Arrangement
The
Funds
have entered
into
an
arrangement
with
their
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Funds'
custodian
expenses.
During
the period
ended
April
30,
2023, the
custodian
fees
were
reduced
as
noted
in
the
Statements
of
Operations.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
October
31,
2022,
the
capital
loss
carryforwards
were
as
follows:
At
April
30,
2023,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
foreign
currency
transactions,
paydown
losses,
bond
discounts
and
premiums,
swaps,
wash
sales,
financial
futures
transactions
and
transfer
in-kind.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
April
30,
2023,
were
as
follows:
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
1
1
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
34,342,501
$
72,356,202
$
25,474,186
$
129,612,818
Long
term
.............................
507,125,565
171,061,477
121,118,474
286,986,237
Total
capital
loss
carryforwards
............
$541,468,066
$243,417,679
$146,592,660
$416,599,055
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
a
a
a
a
a
Cost
of
investments
.......................
$1,336,116,500
$2,530,048,535
$495,255,498
$4,117,234,929
Unrealized
appreciation
.....................
$16,137,593
$28,626,431
$1,158,243
$52,448,938
Unrealized
depreciation
.....................
(95,812,953)
(132,018,569)
(15,635,844)
(360,4
62,117)
Net
unrealized
appreciation
(depreciation)
.......
$(79,675,360)
$(103,392,138)
$(14,477,601)
$(308,013,179)
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Purchases
..............................
$95,512,406
$331,512,630
$82,821,002
$2,164,727,216
Sales
..................................
$317,620,314
$546,427,813
$152,596,478
$2,267,056,291
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
340
franklintempleton.com
Semiannual
Report
At
April
30,
2023,
in
connection
with
securities
lending
transactions,
certain
or
all
Funds
loaned
investments
and
received
cash
collateral
as
follows:
7.
Credit Risk
and
Defaulted
Securities
At April
30,
2023,
Franklin
Floating
Rate
Daily
Access
Fund
and
Franklin
Low
Duration
U.S.
Government
Securities
Fund
had
78.9%
and
20.4%
respectively,
of
their
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
Certain
or
all
Funds
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
April
30,
2023,
the
aggregate
value
of
these
securities
for
Franklin
Low
Duration
Total
Return
Fund
and
Franklin
Total
Return
Fund
represents
less
than
0.1%,
respectively,
of
each
Fund's
net
assets.
The
Funds
discontinue
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provide
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Schedules
of
Investments.
8.
Restricted
Securities
Certain
or
all
Funds
invest
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The
Funds
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
April
30,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
Franklin
Floating
Rate
Daily
Access
Fund
Securities
lending
transactions
a
:
Equity
investments
b
........................
$5,424,000
a
The
agreements
can
be
terminated
at
any
time.
b
The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statements
of
Assets
and
Liabilities.
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Low
Duration
Total
Return
Fund
12,326,925
a
K2016470219
South
Africa
Ltd.,
A
...............
4/15/13
-
2/01/17
$
92,077
$
—
1,226,701
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
911
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$92,988
$—
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Total
Return
Fund
28,762,824
a
K2016470219
South
Africa
Ltd.,
A
...............
4/15/13
-
2/01/17
$
221,4
69
$
—
6.
Investment
Transactions
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
341
franklintempleton.com
Semiannual
Report
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$0
as
of
April
30,
2023.
9.
Unfunded
Loan
Commitments
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Funds
are
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statements
of
Assets
and
Liabilities
and
the Statements
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules
of
Investments.
At
April
30,
2023,
unfunded
commitments
were
as
follows:
10.
Other
Derivative
Information
At
April
30,
2023,
investments
in
derivative
contracts
are
reflected
in
the
Statements
of
Assets
and
Liabilities
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Total
Return
Fund
(continued)
2,862,311
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
2,125
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$223,594
$—
Borrower
Unfunded
Commitment
Franklin
Floating
Rate
Daily
Access
Fund
athenahealth
Group,
Inc.
$
1,619,052
$
1,619,052
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Franklin
Low
Duration
Total
Return
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
8,342,703
a
Variation
margin
on
futures
contracts
$
2,818,113
a
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
681,975
Unrealized
depreciation
on
OTC
forward
exchange
contracts
2,887,743
Credit
contracts
............
Variation
margin
on
centrally
cleared
swap
contracts
—
Variation
margin
on
centrally
cleared
swap
contracts
1,058,365
b
OTC
swap
contracts
(upfront
payments)
16,055
OTC
swap
contracts
(upfront
receipts)
2,769,340
Unrealized
appreciation
on
OTC
swap
contracts
1,232,993
Unrealized
depreciation
on
OTC
swap
contracts
4,415,160
Total
....................
$10,273,726
$13,948,721
8.
Restricted
Securities
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
342
franklintempleton.com
Semiannual
Report
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
869,642
a
Variation
margin
on
futures
contracts
$
718,913
a
Total
....................
$869,642
$718,913
Franklin
Total
Return
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
11,797,781
a
Variation
margin
on
futures
contracts
—
Variation
margin
on
centrally
cleared
swap
contracts
2,450,824
b
Variation
margin
on
centrally
cleared
swap
contracts
—
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
—
Unrealized
depreciation
on
OTC
forward
exchange
contracts
5,007,580
Credit
contracts
............
Variation
margin
on
centrally
cleared
swap
contracts
—
Variation
margin
on
centrally
cleared
swap
contracts
4,235,887
b
OTC
swap
contracts
(upfront
payments)
3,005
OTC
swap
contracts
(upfront
receipts)
5,571,950
Unrealized
appreciation
on
OTC
swap
contracts
2,208,021
Unrealized
depreciation
on
OTC
swap
contracts
9,231,373
Total
....................
$16,459,631
$24,046,790
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedules
of
Investments.
Only
the
variation
margin
receivable/
payable
at
period
end
is
separately
reported
within
the
Statements
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
b
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
centrally
cleared
swap
contracts
as
reported
in
the
Schedules
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statements
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
10.
Other
Derivative
Information
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
343
franklintempleton.com
Semiannual
Report
For
the
period
ended
April
30,
2023,
the
effect
of
derivative
contracts
in
the
Statements
of
Operations
was
as
follows:
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Franklin
Low
Duration
Total
Return
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
$(9,117,476)
Futures
contracts
$10,497,878
Foreign
exchange
contracts
.....
Forward
exchange
contracts
889,435
Forward
exchange
contracts
(10,408,926)
Credit
contracts
...............
Swap
contracts
479,708
Swap
contracts
1,017,609
Total
.......................
$(7,748,333)
$1,106,561
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
—
Futures
contracts
150,729
Total
.......................
$—
$150,729
Franklin
Total
Return
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Investments
2,781,368
a
Investments
—
Futures
contracts
(16,263,567)
Futures
contracts
33,409,651
Swap
contracts
(281)
Swap
contracts
(727,460)
Foreign
exchange
contracts
.....
Forward
exchange
contracts
(19,017)
Forward
exchange
contracts
(13,283,626)
Credit
contracts
...............
Swap
contracts
(6,524,167)
Swap
contracts
4,185,118
Total
.......................
$(20,025,664)
$23,583,683
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
in
the
Statements
of
Operations.
10.
Other
Derivative
Information
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
344
franklintempleton.com
Semiannual
Report
For
the period
ended
April
30,
2023,
the
average
month
end
notional
amount
of
futures
contracts,
swap
contracts
and
options,
and
the
average
month
end
contract
value
for
forward
exchange
contracts,
were
as
follows:
At
April
30,
2023,
the
Funds'
OTC
derivative
assets
and
liabilities
are
as
follows:
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Futures
contracts
........................................................
$1,081,621,144
$22,828,545
$862,814,778
Swap
c
ontracts
...........................................................
183,388,253
—
492,989,200
Forward
exchange
contracts
......................................
111,502,428
—
139,914,965
Options
.......................................................................
—
—
22,900,000
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Franklin
Low
Duration
Total
Return
Fund
Derivatives
Forward
exchange
contracts
.............................
$
681,975
$
2,887,743
Swap
contracts
.......................................
1,249,04
8
7,184,500
Total
.............................................
$1,931,023
$10,072,243
Franklin
Total
Return
Fund
Forward
exchange
contracts
.............................
—
5,007,580
Swap
contracts
.......................................
2,211,02
6
14,803,32
3
Total
.............................................
$2,211,026
$19,810,903
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statements
of
Assets
and
Liabilities.
10.
Other
Derivative
Information
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
345
franklintempleton.com
Semiannual
Report
At
April
30,
2023,
OTC
derivative
assets,
which
may
be
offset
against
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
Cash
Collateral
Received
Net
Amount
(Not
less
than
zero)
Franklin
Low
Duration
Total
Return
Fund
Counterparty
BNDP
...................
$29,028
$—
$—
$—
$29,028
BZWS
...................
—
—
—
—
—
CITI
.....................
1,220,020
(1,220,020)
—
—
—
JPHQ
...................
681,975
(681,975)
—
—
—
MSCO
...................
—
—
—
—
—
Total
...................
$1,931,023
$(1,901,995)
$
—
$—
$29,028
Franklin
Total
Return
Fund
Counterparty
BNDP
...................
53,639
—
—
—
53,639
BZWS
...................
—
—
—
—
—
CITI
.....................
2,157,387
(2,157,387)
—
—
—
JPHQ
...................
—
—
—
—
—
MSCO
...................
—
—
—
—
—
Total
...................
$2,211,026
$(2,157,387)
—
$—
$53,639
2
10.
Other
Derivative
Information
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
346
franklintempleton.com
Semiannual
Report
At
April
30,
2023,
OTC
derivative
liabilities,
which
may
be
offset
against
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(e)
regarding
derivative
financial
instruments.
See
Abbreviations
on
page
354
.
11.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
April
30,
2023,
investments
in
“affiliated
companies”
were
as
follows:
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
a
Cash
Collateral
Pledged
a
Net
Amount
(Not
less
than
zero)
Franklin
Low
Duration
Total
Return
Fund
Counterparty
BNDP
...................
$—
$—
$—
$—
$—
BZWS
...................
405,308
—
—
(280,000)
125,308
CITI
.....................
5,741,801
(1,220,020)
—
(4,521,781)
—
JPHQ
...................
2,887,743
(681,975)
—
(2,205,768)
—
MSCO
...................
1,037,391
—
—
(840,000)
197,391
Total
...................
$10,072,243
$(1,901,995)
$—
$(7,847,549)
$322,699
Franklin
Total
Return
Fund
Counterparty
BNDP
...................
—
—
—
—
—
BZWS
...................
427,551
—
—
(290,000)
137,551
CITI
.....................
12,372,045
(2,157,387)
—
(10,214,658)
—
JPHQ
...................
5,007,580
—
—
(5,007,580)
—
MSCO
...................
2,003,727
—
(265,936)
(1,688,768)
49,023
Total
...................
19,810,903
(2,157,387)
(265,936)
(17,201,006)
186,574
a
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
collateral
amounts
to
avoid
the
effect
of
over
collateralization. Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
10.
Other
Derivative
Information
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
347
franklintempleton.com
Semiannual
Report
12.
Credit
Facility
The
Funds,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
2,
2024.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Funds
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Funds
and
other
costs
incurred
by
the
Funds,
pay
their
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
their
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statements
of
Operations.
During
the
period ended
April
30,
2023,
the
Funds
did
not
use
the
Global
Credit
Facility.
13.
Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
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
..
$
—
$
1,187,441
a
$
—
$
—
$
(30,084)
$
1,157,357
11,563,612
$
—
Quarternorth
Energy
Holding
,
Inc
.
......
45,425,981
12,703,712
a
—
—
8,316,086
66,445,779
475,746
1,474,384
Quarternorth
Energy
Holding,
Inc.,
2/01/49
12,932,116
—
(12,703,712)
a
—
(228,404)
—
b
—
—
UTEX
Industries
,
Inc
.
..
17,901,790
—
—
—
(871,046)
17,030,744
261,340
—
UTEX
Industries,
Inc.,
2/20/49
..........
6,469
—
—
—
(4,332)
2,137
634
—
Interest
Quarternorth
Energy
Holding,
Inc.,
Second
Lien,
Initial
New
Term
Loan,
9%,
(3-month
USD
LIBOR
+
8%),
8/27/26
..........
13,677,997
—
(13,706,542)
13,706,542
(13,677,997)
—
b
—
334,086
Total
Affiliated
Securities
(Value
is
6.8%
of
Net
Assets)
..........
$89,944,353
$13,891,153
$(26,410,254)
$13,706,542
$(6,495,777)
$84,636,017
$1,808,470
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
As
of
April
30,
2023,
no
longer
held
by
the
fund.
11.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
348
franklintempleton.com
Semiannual
Report
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
April
30,
2023,
in
valuing
the
Funds’
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Daily
Access
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Ground
Transportation
..................
$
—
$
—
$
1,157,357
$
1,157,357
Hotels,
Restaurants
&
Leisure
.............
—
61,883
—
61,883
Machinery
............................
—
17,030,744
—
17,030,744
Oil,
Gas
&
Consumable
Fuels
.............
—
66,445,779
—
66,445,779
Management
Investment
Companies
:
Capital
Markets
........................
5,855,086
36,161,189
—
42,016,275
Preferred
Stocks
.........................
—
13,634
—
13,634
Warrants
...............................
—
—
2,137
2,137
Corporate
Bonds
........................
—
66,827,598
—
66,827,598
Senior
Floating
Rate
Interests
...............
—
962,012,676
—
962,012,676
Asset-Backed
Securities
...................
—
9,128,122
—
9,128,122
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
67,534,444
24,210,491
—
91,744,935
Total
Investments
in
Securities
...........
$73,389,530
$1,181,892,116
$1,159,494
$1,256,441,140
Liabilities:
Other
Financial
Instruments:
Unfunded
Loan
Commitments
...............
$
—
$
83,229
$
—
$
83,229
Total
Other
Financial
Instruments
.........
$—
$83,229
$—
$83,229
Franklin
Low
Duration
Total
Return
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
—
—
—
a
—
Management
Investment
Companies
.........
—
102,013,439
—
102,013,439
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
15,082,011
—
15,082,011
Air
Freight
&
Logistics
...................
—
1,609,184
—
1,609,184
Automobile
Components
.................
—
1,145,142
—
1,145,142
Automobiles
..........................
—
7,111,971
—
7,111,971
Banks
...............................
—
231,333,309
—
231,333,309
Beverages
...........................
—
11,807,712
—
11,807,712
Biotechnology
.........................
—
7,692,621
—
7,692,621
Broadline
Retail
.......................
—
—
—
a
—
Capital
Markets
........................
—
64,942,398
—
64,942,398
Communications
Equipment
..............
—
847,182
—
847,182
Consumer
Finance
.....................
—
10,194,948
—
10,194,948
Consumer
Staples
Distribution
&
Retail
......
—
2,808,657
—
2,808,657
Containers
&
Packaging
.................
—
297,043
—
297,043
Diversified
Consumer
Services
............
—
1,810,510
—
1,810,510
Diversified
Telecommunication
Services
.....
—
16,394,640
—
16,394,640
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
349
franklintempleton.com
Semiannual
Report
Level
1
Level
2
Level
3
Total
Franklin
Low
Duration
Total
Return
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Electric
Utilities
........................
$
—
$
33,435,803
$
—
$
33,435,803
Entertainment
.........................
—
18,740,999
—
18,740,999
Financial
Services
......................
—
10,375,115
947,824
11,322,939
Food
Products
........................
—
3,297,736
—
3,297,736
Health
Care
Equipment
&
Supplies
.........
—
3,113,482
—
3,113,482
Health
Care
Providers
&
Services
..........
—
13,994,478
—
13,994,478
Health
Care
REITs
.....................
—
5,788,820
—
5,788,820
Hotels,
Restaurants
&
Leisure
.............
—
5,456,041
—
5,456,041
Insurance
............................
—
38,183,858
—
38,183,858
Interactive
Media
&
Services
..............
—
2,769,846
—
2,769,846
Life
Sciences
Tools
&
Services
............
—
4,920,825
—
4,920,825
Machinery
............................
—
4,630,964
—
4,630,964
Media
...............................
—
13,640,143
—
13,640,143
Metals
&
Mining
.......................
—
916,559
—
916,559
Multi-Utilities
..........................
—
1,225,806
—
1,225,806
Oil,
Gas
&
Consumable
Fuels
.............
—
43,852,767
—
43,852,767
Passenger
Airlines
.....................
—
5,328,221
—
5,328,221
Personal
Care
Products
.................
—
11,663,499
—
11,663,499
Pharmaceuticals
.......................
—
21,148,790
—
21,148,790
Real
Estate
Management
&
Development
....
—
565,155
—
565,155
Semiconductors
&
Semiconductor
Equipment
.
—
9,535,839
—
9,535,839
Specialty
Retail
........................
—
1,211,863
—
1,211,863
Technology
Hardware,
Storage
&
Peripherals
.
—
5,752,016
—
5,752,016
Tobacco
.............................
—
17,787,828
—
17,787,828
Wireless
Telecommunication
Services
.......
—
3,098,892
—
3,098,892
Marketplace
Loans
.......................
—
—
67,525,545
67,525,545
Foreign
Government
and
Agency
Securities
....
—
55,146,325
—
55,146,325
U.S.
Government
and
Agency
Securities
.......
—
839,588,741
—
839,588,741
Asset-Backed
Securities
...................
—
410,173,260
—
410,173,260
Commercial
Mortgage-Backed
Securities
......
—
51,916,735
—
51,916,735
Mortgage-Backed
Securities
................
—
30,305,375
—
30,305,375
Municipal
Bonds
.........................
—
37,123,643
—
37,123,643
Residential
Mortgage-Backed
Securities
.......
—
104,249,134
—
104,249,134
Escrows
and
Litigation
Trusts
...............
—
14,250
—
a
14,250
Short
Term
Investments
...................
48,909,523
28,393,137
—
77,302,660
Total
Investments
in
Securities
...........
$48,909,523
$2,312,436,712
$68,473,369
$2,429,819,604
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
681,975
$
—
$
681,975
Futures
contracts
........................
8,342,703
—
—
8,342,703
Swap
contracts
.........................
—
1,232,993
—
1,232,993
Total
Other
Financial
Instruments
.........
$8,342,703
$1,914,968
$—
$10,257,671
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$2,887,743
$—
$2,887,743
Futures
contracts
........................
2,818,113
—
—
2,818,113
Swap
contracts
..........................
—
5,473,525
—
5,473,525
Total
Other
Financial
Instruments
.........
$2,818,113
$8,361,268
$—
$11,179,381
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
350
franklintempleton.com
Semiannual
Report
Level
1
Level
2
Level
3
Total
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
b
U.S.
Government
and
Agency
Securities
.......
$—
$53,385,463
$—
$53,385,463
Commercial
Mortgage-Backed
Securities
......
—
97,826,067
—
97,826,067
Mortgage-Backed
Securities
................
—
312,861,876
—
312,861,876
Short
Term
Investments
...................
16,553,762
—
—
16,553,762
Total
Investments
in
Securities
...........
$16,553,762
$464,073,406
$—
$480,627,168
Other
Financial
Instruments:
Futures
contracts
........................
$869,642
$—
$—
$869,642
Total
Other
Financial
Instruments
.........
$869,642
$—
$—
$869,642
Liabilities:
Other
Financial
Instruments:
Futures
contracts
........................
$718,913
$—
$—
$718,913
Total
Other
Financial
Instruments
.........
$718,913
$—
$—
$718,913
Franklin
Total
Return
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.......................
$
—
$
—
$
—
a
$
—
Energy
Equipment
&
Services
.............
2,350,500
—
—
2,350,500
Management
Investment
Companies
:
Capital
Markets
........................
387,252,006
109,847,282
—
497,099,288
Preferred
Stocks
.........................
2,712,810
—
—
2,712,810
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
17,225,922
—
17,225,922
Air
Freight
&
Logistics
...................
—
3,123,711
—
3,123,711
Banks
...............................
—
163,936,132
—
163,936,132
Beverages
...........................
—
5,185,513
—
5,185,513
Biotechnology
.........................
—
16,907,248
—
16,907,248
Broadline
Retail
.......................
—
—
—
a
—
Capital
Markets
........................
—
49,015,823
—
49,015,823
Chemicals
...........................
—
6,661,125
—
6,661,125
Consumer
Finance
.....................
—
11,748,022
—
11,748,022
Containers
&
Packaging
.................
—
5,918,425
—
5,918,425
Diversified
REITs
......................
—
1,646,114
—
1,646,114
Electric
Utilities
........................
—
40,468,545
—
40,468,545
Electrical
Equipment
....................
—
2,310,298
—
2,310,298
Electronic
Equipment,
Instruments
&
Components
........................
—
7,311,214
—
7,311,214
Financial
Services
......................
—
9,556,681
—
9,556,681
Food
Products
........................
—
15,111,786
—
15,111,786
Ground
Transportation
..................
—
1,580,926
—
1,580,926
Health
Care
Equipment
&
Supplies
.........
—
7,792,615
—
7,792,615
Health
Care
Providers
&
Services
..........
—
28,269,233
—
28,269,233
Health
Care
REITs
.....................
—
958,591
—
958,591
Hotels,
Restaurants
&
Leisure
.............
—
12,012,325
—
12,012,325
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
5,962,949
—
5,962,949
Insurance
............................
—
18,045,326
—
18,045,326
Interactive
Media
&
Services
..............
—
8,467,701
—
8,467,701
Life
Sciences
Tools
&
Services
............
—
1,463,870
—
1,463,870
Media
...............................
—
20,207,738
—
20,207,738
Multi-Utilities
..........................
—
7,002,154
—
7,002,154
Oil,
Gas
&
Consumable
Fuels
.............
—
50,084,485
—
50,084,485
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
351
franklintempleton.com
Semiannual
Report
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
At
April
30,
2023,
the
reconciliations are
as follows:
Level
1
Level
2
Level
3
Total
Franklin
Total
Return
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Paper
&
Forest
Products
.................
$
—
$
1,830,398
$
—
$
1,830,398
Passenger
Airlines
.....................
—
11,660,579
—
11,660,579
Personal
Care
Products
.................
—
12,433,744
—
12,433,744
Pharmaceuticals
.......................
—
11,276,339
—
11,276,339
Real
Estate
Management
&
Development
....
—
3,036,940
—
3,036,940
Specialty
Retail
........................
—
1,596,251
—
1,596,251
Technology
Hardware,
Storage
&
Peripherals
.
—
2,132,799
—
2,132,799
Tobacco
.............................
—
26,249,289
—
26,249,289
Wireless
Telecommunication
Services
.......
—
9,421,128
—
9,421,128
Marketplace
Loans
.......................
—
—
65,202,173
65,202,173
Foreign
Government
and
Agency
Securities
....
—
71,955,137
—
71,955,137
U.S.
Government
and
Agency
Securities
.......
—
1,001,838,873
—
1,001,838,873
Asset-Backed
Securities
...................
—
354,099,306
—
354,099,306
Commercial
Mortgage-Backed
Securities
:
Financial
Services
......................
—
46,466,200
1,421
46,467,621
Mortgage-Backed
Securities
................
—
860,385,994
—
860,385,994
Municipal
Bonds
.........................
—
133,157,487
—
133,157,487
Residential
Mortgage-Backed
Securities
.......
—
136,662,236
—
136,662,236
Escrows
and
Litigation
Trusts
...............
—
22,500
—
a
22,500
Short
Term
Investments
...................
46,253,521
—
—
46,253,521
Total
Investments
in
Securities
...........
$438,568,837
$3,312,046,954
$65,203,594
$3,815,819,385
Other
Financial
Instruments:
Futures
contracts
........................
$11,797,781
$—
$—
$11,797,781
Swap
contracts
.........................
—
4,658,845
—
4,658,845
Total
Other
Financial
Instruments
.........
$11,797,781
$4,658,845
$—
$16,456,626
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$5,007,580
$—
$5,007,580
Swap
contracts
..........................
—
13,467,260
—
13,467,260
Total
Other
Financial
Instruments
.........
$—
$18,474,840
$—
$18,474,840
a
Includes
financial
instruments
determined
to
have
no
value
at
April
30,
2023.
b
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Daily
Access
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Ground
Transportation
.
$
—
c
$
1,187,441
$—
$
—
$
—
$
—
$—
$
(30,084)
$
1,157,357
$
(30,084)
Warrants
:
Machinery
.........
6,469
—
—
—
—
—
—
(4,332)
2,137
(4,332)
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
352
franklintempleton.com
Semiannual
Report
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Assets:
Investments
in
Securities:
Corporate
Bonds
:
Ground
Transportation
.
$
20,853,651
$
—
$
(24,013,738)
$
—
$
—
$
944,965
$
(3,483,606)
$
5,698,728
$
—
$
—
Escrows
and
Litigation
Trusts
...........
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$20,860,120
$1,187,441
$(24,013,738)
$—
$—
$944,965
$(3,483,606)
$5,664,312
$1,159,494
$(34,416)
Franklin
Low
Duration
Total
Return
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Corporate
Bonds
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Financial
Services
...
1,069,108
—
—
—
—
(6,760)
—
(114,524)
947,824
(114,524)
Marketplace
Loans
:
Financial
Services
...
72,551,959
14,757,136
(18,413,801)
—
—
—
(767,101)
(602,648)
67,525,545
(1,123,489)
Escrows
and
Litigation
Trusts
...........
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$73,621,067
$14,757,136
$(18,413,801)
$—
$—
$(6,760)
$(767,101)
$(717,172)
$68,473,369
$(1,238,013)
Franklin
Total
Return
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Corporate
Bonds
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Marketplace
Loans
:
Financial
Services
...
92,473,987
3,648,492
(29,860,677)
—
—
—
(1,839,789)
780,160
65,202,173
(1,511,717)
Commercial
Mortgage-
Backed
Securities
:
Financial
Services
...
2,790
—
(1,369)
—
—
—
62
(62)
1,421
—
Escrows
and
Litigation
Trusts
...........
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$92,476,777
$3,648,492
$(29,862,046)
$—
$—
$—
$(1,839,727)
$780,098
$65,203,594
$(1,511,717)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
C
Includes
financial
instruments
determined
to
have
no
value.
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
353
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Semiannual
Report
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservabl
e
valuation
inputs
as
of
April
3
0
,
202
3
,
are
as
follows:
14.
New
Accounting
Pronouncements
In
March
2020,
the FASB
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
–
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
In
January
2021
and
December
2022,
the
FASB
issued
ASU
No.
2021-01
and
ASU
No.
2022-06,
with
further
amendments
to
Topic
848.
The
amendments
in
the
ASUs
provide
optional
temporary
accounting
recognition
and financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
LIBOR
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021
for
certain
LIBOR
settings
and
2023
for
the
remainder. The
ASUs
are
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2024.
Management
has
reviewed
the
requirements
and
believes
the
adoption
of
these
ASUs
will
not
have
a
material
impact
on
the
financial
statements.
Description
Fair
Value
at
End
of
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:
Diversified
Financial
Services.
$67,525,545
Discounted
cash
flow
Loss-adjusted
discount
rate
1.4%
–
18.9%
(9.3%)
Decrease
Projected
loss
rate
2.5%
–
46.9%
(14.8%)
Decrease
All
other
Investments.
.
........
947,824
c,d
Total.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.........
$68,473,369
Franklin
Total
Return
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Diversified
Financial
Services.
$65,202,173
Discounted
cash
flow
Loss-adjusted
discount
rate
2.8%
–
19.0%
(9.5%)
Decrease
Projected
loss
rate
1.9%
–
35.4%
(15.7%)
Decrease
All
other
Investments
.
.
.
.
.
.
.
1,421
c,d
Total
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.........
$65,203,594
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
c
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value
at
April
30,
2023.
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
354
franklintempleton.com
Semiannual
Report
In June
2022,
the
FASB
issued
ASU
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
has
reviewed
the
requirements
and
believes
that
the
adoption
of
the
ASU
will
not
have
a
material
impact
on
the
financial
statements.
15.
Subsequent
Events
The
Funds
have
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
Currency
BRL
Brazilian
Real
EUR
Euro
JPY
Japanese
Yen
USD
United
States
Dollar
Index
CDX.NA.EM.
Series
number
CDX
North
America
Emerging
Markets
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
MCDX.NA.
Series
number
MCDX
North
America
Index
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
BZDIOVRA
Brazil
Inter-Bank
Deposit
Rate
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
COFI
Cost
of
Funds
Index
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Inter-Bank
Offer
Rate
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLB
Federal
Home
Loan
Banks
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
H15BDI
U.S.
Treasury
Bill
Auction
High
Discount
Rate
LIBOR
London
Interbank
Offered
Rate
MBS
Mortgage-Backed
Security
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
TBA
To-Be-Announced
TBD
To
Be
Determined
T-Note
Treasury
Note
14.
New
Accounting
Pronouncements
(continued)
Franklin
Investors
Securities
Trust
355
franklintempleton.com
Semiannual
Report
FRANKLIN
LOW
DURATION
U.S.
GOVERNMENT
SECURITIES
FUND
(FORMERLY,
FRANKLIN
ADJUSTABLE
U.S.
GOVERNMENT
SECURITIES
FUND)
(a
series
of
Franklin
Investors
Securities
Trust)
Special
Shareholder
Meeting
January
26,
2023,
and
reconvened
on
February
17,
2023
(unaudited)
A
Special
Meeting
of
Shareholders
of
Franklin
Adjustable
U.S.
Government
Securities
Fund,
a
series
of
Franklin
Investors
Securities
Trust,
was
held
on
January
26,
2023,
and
reconvened
on
February
17,
2023.
The
purpose
of
the
meeting
was
to
approve
(1)
modifications
to
the
Fund’s
current
fundamental
investment
goal
(if
approved,
the
Franklin
Adjustable
U.S.
Government
Securities
Fund’s
name
will
also
change
to
Franklin
Low
Duration
U.S.
Government
Securities
Fund);
(2)
the
reclassification
of
the
Fund’s
investment
goal
from
a
fundamental
policy
to
a
non-fundamental
policy;
(3)
the
use
of
a
“manager
of
managers”
structure
whereby
the
Fund’s
investment
manager
would
be
able
to
hire
and
replace
affiliated
and
unaffiliated
subadvisers
without
shareholder
approval;
and
(4)
an
amended
fundamental
restriction
regarding
investments
in
commodities.
At
the
meeting
all
proposals
were
passed.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
meeting
are
as
follows:
1.
To
approve
modifications
to
the
Fund’s
current
fundamental
investment
goal:
For
%
Voted
FOR
%
FOR
of
Outstanding
Shares
28,970,057
78.82%
39.95%
Against
%
Voted
Against
%
Against
of
Outstanding
Shares
1,094,879
2.98%
1.51%
Abstain
%
Voted
Abstain
%
Abstain
of
Outstanding
Shares
6,691,052
18.20%
9.23%
2.
To
approve
the
reclassification
of
the
Fund’s
investment
goal
from
a
fundamental
policy
to
a
non-fundamental
policy:
For
%
Voted
FOR
%
FOR
of
Outstanding
Shares
26,055,197
70.89%
35.93%
Against
%
Voted
Against
%
Against
of
Outstanding
Shares
3,742,178
10.18%
5.16%
Abstain
%
Voted
Abstain
%
Abstain
of
Outstanding
Shares
6,958,584
18.93%
9.59%
3.
To
approve
the
use
of
a
“manager
of
managers”
structure
whereby
the
Fund’s
investment
manager
would
be
able
to
hire
and
replace
affiliated
and
unaffiliated
subadvisers
without
shareholder
approval:
For
%
Voted
FOR
%
FOR
of
Outstanding
Shares
27,287,823
74.24%
37.63%
Against
%
Voted
Against
%
Against
of
Outstanding
Shares
2,486,908
6.77%
3.43%
Abstain
%
Voted
Abstain
%
Abstain
of
Outstanding
Shares
6,981,238
18.99%
9.63%
4.
To
approve
an
amended
fundamental
restriction
regarding
investments
in
commodities:
For
%
Voted
FOR
%
FOR
of
Outstanding
Shares
28,055,683
76.33%
38.69%
Against
%
Voted
Against
%
Against
of
Outstanding
Shares
1,609,616
4.38%
2.22%
Abstain
%
Voted
Abstain
%
Abstain
of
Outstanding
Shares
7,090,683
19.29%
9.78%
Franklin
Investors
Securities
Trust
Shareholder
Information
356
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Semiannual
Report
BOARD
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENTS
FRANKLIN
INVESTORS
SECURITIES
TRUST
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(formerly
Franklin
Adjustable
U.S.
Government
Securities
Fund)
Franklin
Total
Return
Fund
(each
a
Fund)
At
a
meeting
held
on
March
27,
2023
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Investors
Securities
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Trust,
on
behalf
of
each
Fund
(each
a
Management
Agreement)
for
the
period
May
1,
2023
through
June
30,
2023
(Stub
Period).
The
Independent
Trustees
noted
that
the
Fund’s
annual
contract
review
was
historically
held
at
the
February
Board
meeting
and
that
management
proposed
to
move
the
contract
review
to
the
May
Board
meeting.
The
Independent
Trustees
further
noted
management’s
explanation
that,
to
effect
this
change,
the
Board
needed
to
consider
the
renewal
of
the
Fund’s
Management
Agreement
prior
to
its
current
April
30,
2023
expiration
date.
The
Independent
Trustees
also
noted
that
management
would
ask
them
to
consider
the
continuation
of
the
Management
Agreement
again
at
the
May
Board
meeting
for
the
12-month
period
beginning
July
1,
2023.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
each
Management
Agreement
for
the
Stub
Period.
Although
the
Management
Agreements
for
the
Funds
were
considered
at
the
same
Board
meeting,
the
Board
considered
the
information
provided
to
it
about
the
Funds
together
and
with
respect
to
each
Fund
separately
as
the
Board
deemed
appropriate.
In
considering
the
continuation
of
each
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
each
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
each
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
each
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
each
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
applicable
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Funds
and
their
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
each
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Funds
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-
Franklin
Investors
Securities
Trust
Shareholder
Information
357
franklintempleton.com
Semiannual
Report
party
servicing
arrangements.
The
Board
acknowledged
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Funds
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Funds
and
their
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
each
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
each
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
each
Fund’s
performance
results
is
below.
Franklin
Floating
Rate
Daily
Access
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
loan
participation
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-year
period
was
above
the
median
of
its
Performance
Universe,
but
for
the
three-,
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Franklin
Low
Duration
Total
Return
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
short
investment-grade
debt
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
and
in
the
first
quintile
(best)
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
five-year
period
was
below
the
median
of
its
Performance
Universe,
but
for
the
one-,
three-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Franklin
Low
Duration
U.S.
Government
Securities
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
ultra-short
obligation
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe,
but
for
the
one-year
period
was
below
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
was
below
the
median
and
in
the
fifth
quintile
(worst)
of
its
Performance
Universe.
The
Board
discussed
this
performance
with
management
and
management
explained
that,
prior
to
March
1,
2023,
the
Fund
invested
in
plain
vanilla
adjustable-rate
mortgage
securities
issued
or
guaranteed
by
the
US
government
or
its
related
agencies
(such
as
Fannie
Mae
or
Freddie
Mac),
so
the
Fund
tended
to
underperform
its
Broadridge
peers,
many
of
which
invested
in
a
broader
range
of
asset
types,
during
periods
of
decreasing
risk
premiums.
Management
further
explained
that,
effective
March
1,
2023,
the
Fund
changed
(i)
its
name;
(ii)
investment
goal
to
high
level
of
current
income,
consistent
with
preservation
of
capital;
(iii)
investment
policy
to
invest
at
least
80%
of
its
net
assets
in
U.S.
Government
Securities,
which
include
adjustable
and
fixed-rate
mortgage-backed
securities
and
collateralized
mortgage
obligations;
and
(iv)
primary
benchmark
to
the
Bloomberg
US
Government
(1-3)
Year
Index.
The
Board
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
Franklin
Investors
Securities
Trust
Shareholder
Information
358
franklintempleton.com
Semiannual
Report
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
Management
Agreement
should
be
continued
for
the
Stub
Period,
and
management’s
efforts
should
continue
to
be
monitored.
Franklin
Total
Return
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
core
plus
bond
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
discussed
this
performance
with
management
and
management
explained
that
on
the
basis
of
the
Fund’s
income
investment
goal
the
strategy
ranks
in
the
second
quartile
of
the
Lipper
peer
group
for
the
one-,
three-
and
five-year
periods.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
each
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
each
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
(i)
for
Class
A
shares
for
the
Franklin
Low
Duration
U.S.
Government
Securities
Fund
and
for
Class
A
shares
and
Investor
Class
shares
for
the
other
funds
in
the
Fund’s
respective
Expense
Group;
(ii)
for
Class
A
shares
for
the
Franklin
Low
Duration
Total
Return
Fund
and
for
Class
A
shares
for
the
other
funds
in
the
Fund’s
Expense
Group;
(iii)
for
Class
A
shares
for
the
Franklin
Total
Return
Fund
and
for
Class
A
shares
for
the
other
funds
in
the
Fund’s
Expense
Group;
and
(iv)
for
Class
A
shares
for
the
Franklin
Floating
Rate
Daily
Access
Fund
and
for
the
other
funds
in
the
Fund’s
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
Franklin
Floating
Rate
Daily
Access
Fund
–
The
Expense
Group
for
the
Fund
included
the
Fund
and
15
other
loan
participation
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
for
the
Fund
were
below
the
medians
and
in
the
first
quintile
(best)
of
the
Expense
Group.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Franklin
Low
Duration
Total
Return
Fund
–
The
Expense
Group
for
the
Fund
included
the
Fund
and
15
other
short
investment-grade
debt
funds.
The
Board
noted
that
the
Management
Rate
was
above
the
median
and
in
the
fifth
quintile
(most
expensive)
of
its
Expense
Group.
The
Board
also
noted
that
the
actual
total
expense
ratio
for
the
Fund
was
below
the
median
of
its
Expense
Group
and
reflected
a
fee
waiver
from
management.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Franklin
Low
Duration
U.S.
Government
Securities
Fund
–
The
Expense
Group
for
the
Fund
included
the
Fund
and
11
other
ultra-short
obligation
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
for
the
Fund
were
above
the
medians
and
in
the
fifth
quintile
(most
expensive)
of
the
Expense
Group.
The
Board
discussed
with
management
the
Fund’s
expenses
and
management
explained
that
in
light
of
the
Fund’s
changes
effective
March
1,
2023,
management
was
considering
a
change
to
the
Fund’s
Lipper
classification
from
Ultrashort
Obligation
to
Short
US
Government,
noting
that
the
median
total
expense
ratio
for
the
Short
US
Government
funds
was
24
basis
points
higher
than
the
median
of
the
current
Expense
Group.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Franklin
Investors
Securities
Trust
Shareholder
Information
359
franklintempleton.com
Semiannual
Report
Franklin
Total
Return
Fund
–
The
Expense
Group
for
the
Fund
included
the
Fund
and
16
other
core
plus
bond
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
for
the
Fund
were
above
medians
of
its
Expense
Group.
The
Board
discussed
with
management
the
Fund’s
expenses,
noting
that
the
Management
Rate
for
the
Fund
was
less
than
five
basis
points
above
the
median
of
its
Expense
Group
and
that
management
was
extending
the
Fund’s
0.58%
expense
cap
on
the
Fund’s
total
annual
operating
expenses
through
February
29,
2024.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
each
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2022,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Funds’
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Funds’
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
each
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Funds,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
each
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
each
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
each
Fund
grows
larger
and
whether
each
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
a
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
management’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
each
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
each
Management
Agreement
for
the
Stub
Period.
Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Trust’s
Franklin
Investors
Securities
Trust
Shareholder
Information
360
franklintempleton.com
Semiannual
Report
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
availability
of,
each
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
FIST2
S
06/23
©
2023
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
and
Shareholder
Letter
Franklin
Investors
Securities
Trust
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item
2. Code of Ethics.
(a)
The Registrant has adopted a code of ethics that applies to its principal
executive officers and principal financial and accounting officer.
(c)
N/A
(d)
N/A
(f)
Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of
its code of ethics that applies to its principal executive officers and
principal financial and accounting officer.
Item
3. Audit Committee Financial Expert.
(a)(1)
The Registrant has an audit committee financial expert serving on its audit
committee.
(2)
The audit committee financial expert is Mary C. Choksi and she is
"independent" as defined under the relevant Securities and Exchange
Commission Rules and Releases.
Item
4. Principal Accountant Fees and Services. N/A
Item
5. Audit Committee
of Listed
Registrants. N/A
Item
6. Schedule of Investments. N/A
Item 7. Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment Companies.
N/A
Item 8. Portfolio Managers
of Closed-End Management Investment Companies. N/A
Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and
Affiliated Purchasers.
N/A
Item
10. Submission of Matters to a Vote of Security Holders.
There
have been no changes to the procedures by which shareholders may recommend
nominees to the Registrant's Board of Trustees that would require disclosure
herein.
Item
11. Controls and Procedures.
(a)
Evaluation of Disclosure Controls and
Procedures. The Registrant maintains disclosure controls and procedures
that are designed to provide reasonable assurance that information required to
be disclosed in the Registrant’s filings under the Securities Exchange Act of
1934, as amended, and the Investment Company Act of 1940 is recorded,
processed, summarized and reported within the periods specified in the rules and
forms of the Securities and Exchange Commission. Such information is
accumulated and communicated to the Registrant’s management, including its
principal executive officer and principal financial officer, as appropriate, to
allow timely decisions regarding required disclosure. The Registrant’s
management, including the principal executive officer and the principal
financial officer, recognizes that any set of controls and procedures, no
matter how well designed and operated, can provide only reasonable assurance of
achieving the desired control objectives.
Within
90 days prior to the filing date of this Shareholder Report on Form N-CSRS, the
Registrant had carried out an evaluation, under the supervision and with the
participation of the Registrant’s management, including the Registrant’s
principal executive officer and the Registrant’s principal financial officer,
of the effectiveness of the design and operation of the Registrant’s disclosure
controls and procedures. Based on such evaluation, the Registrant’s principal
executive officer and principal financial officer concluded that the
Registrant’s disclosure controls and procedures are effective.
(b)
Changes in Internal
Controls. There have been no changes in the Registrant’s internal control
over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect the
internal control over financial reporting.
Item
12. Disclosure of Securities Lending Activities for Closed-End Management Investment
Company. N/A
Item
13. Exhibits.
(a)(1) Code of Ethics
(a)(2)
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of
Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and
Christopher Kings, Chief Financial Officer, Chief Accounting Officer and
Treasurer
(a)(2)(1)
There were no written solicitations to purchase securities under Rule 23c-1
under the Act sent or given during the period covered by the report by or on
behalf of the Registrant to 10 or more persons.
(a)(2)(2)
There was no change in the Registrant’s independent public accountant during
the period covered by the report.
(b)
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of
Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and
Christopher Kings, Chief Financial Officer, Chief Accounting Officer and
Treasurer
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
FRANKLIN
INVESTORS SECURITIES TRUST
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
Chief
Executive Officer - Finance and Administration
Date
June 28, 2023
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.
By S\MATTHEW
T. HINKLE______________________
Matthew T. Hinkle
Chief
Executive Officer - Finance and Administration
Date
June 28, 2023
By S\CHRISTOPHER
KINGS______________________
Christopher
Kings
Chief
Financial Officer, Chief Accounting Officer and Treasurer
Date
June 28, 2023