N-CSRS 1 primary-document.htm
UNITED STATES
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: 4/30/24
 
 
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
Franklin
Investors
Securities
Trust
April
30,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Franklin
Convertible
Securities
Fund
2
Franklin
Equity
Income
Fund
6
Franklin
Managed
Income
Fund
11
Financial
Highlights
and
Schedules
of
Investments
17
Financial
Statements
50
Notes
to
Financial
Statements
55
Shareholder
Information
71
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Franklin
Convertible
Securities
Fund
This
semiannual
report
for
Franklin
Convertible
Securities
Fund
covers
the
period
ended
April
30,
2024.
The
Fund
is
currently
closed
to
new
investors
with
limited
exceptions.
Existing
investors
may
continue
to
purchase
additional
shares
of
the
Fund,
please
see
the
Fund’s
prospectus
for
additional
information.
Fund
Overview
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
+12.16%
cumulative
total
return.
In
comparison,
the
Fund’s
benchmark,
the
ICE
BofA
Convertibles
Total
Return
Alternatives
Index,
which
tracks
the
domestic
convertible
securities
market,
posted
a
+10.85%
cumulative
total
return.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
3
.
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
.
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
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Convertible
Bonds
90.2%
Convertible
Preferred
Stocks
5.7%
Short-Term
Investments
&
Other
Net
Assets
4.1%
Top
10
Holdings
4/30/24
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Jazz
Investments
I
Ltd.
2.6%
Pharmaceuticals,
United
States
Ivanhoe
Mines
Ltd.
2.6%
Metals
&
Mining,
Canada
Axon
Enterprise,
Inc.
2.5%
Aerospace
&
Defense,
United
States
Dexcom,
Inc.
2.5%
Health
Care
Equipment
&
Supplies,
United
States
CenterPoint
Energy,
Inc.
2.5%
Multi-Utilities,
United
States
Apollo
Global
Management,
Inc.
2.4%
Financial
Services,
United
States
Cloudflare,
Inc.
2.3%
IT
Services,
United
States
Etsy,
Inc.
2.3%
Broadline
Retail,
United
States
Burlington
Stores,
Inc.
2.3%
Specialty
Retail,
United
States
Block,
Inc.
2.3%
Financial
Services,
United
States
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
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
21
.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
April
30,
2024
Franklin
Convertible
Securities
Fund
3
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 4/30/24
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
+12.16%
+5.99%
1-Year
+7.61%
+1.70%
5-Year
+54.05%
+7.80%
10-Year
+146.28%
+8.82%
Advisor
6-Month
+12.30%
+12.30%
1-Year
+7.88%
+7.88%
5-Year
+55.98%
+9.30%
10-Year
+152.52%
+9.71%
30-Day
Standardized
Yield
6
Share
Class
Distribution
Rate
5
(with
fee
waiver)
(without
fee
waiver)
A
0.74%
0.71%
0.71%
Advisor
1.03%
1.01%
1.00%
See
page
4
for
Performance
Summary
footnotes.
Franklin
Convertible
Securities
Fund
Performance
Summary
4
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Convertible
securities
are
subject
to
the
risks
of
stocks
when
the
underlying
stock
price
is
high
relative
to
the
conversion
price
and
debt
securities
when
the
underlying
stock
price
is
low
relative
to
the
conversion
price.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/28/25
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Distribution
Rate
is
calculated
by
annualizing
the
most
recent
distribution
amount
paid,
divided
by
the
NAV
as
of
the
date
indicated.
The
Distribution
Rate
calculation
includes
income
and
return
of
capital,
and
includes
a
prorated
special
distribution
in
the
month
it
is
paid.
The
Distribution
Rate
is
not
guaranteed,
subject
to
change,
and
is
not
a
quotation
of
fund
performance.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
Long-Term
Capital
Gain
Total
A
$0.0846
$0.2894
$0.3740
C
$0.0087
$0.2894
$0.2981
R6
$0.1183
$0.2894
$0.4077
Advisor
$0.1105
$0.2894
$0.3999
Total
Annual
Operating
Expenses
7
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.82%
0.83%
Advisor
0.57%
0.58%
Your
Fund’s
Expenses
Franklin
Convertible
Securities
Fund
5
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
182/366
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
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,121.60
$4.39
$1,020.72
$4.18
0.83%
C
$1,000
$1,117.10
$8.33
$1,016.99
$7.94
1.58%
R6
$1,000
$1,123.80
$2.65
$1,022.36
$2.53
0.50%
Advisor
$1,000
$1,123.00
$3.08
$1,021.97
$2.93
0.58%
6
franklintempleton.com
Semiannual
Report
Franklin
Equity
Income
Fund
This
semiannual
report
for
Franklin
Equity
Income
Fund
covers
the
period
ended
April
30,
2024.
Fund
Overview
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
+19.63%
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
+18.42%
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
+20.98%
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
.
Effective
March
1,
2024,
Todd
Brighton
(Portfolio
Manager)
stepped
off
the
Fund.
His
responsibilities
have
been
allocated
to
others
in
the
portfolio
management
team.
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Oil,
Gas
&
Consumable
Fuels
10.7%
Capital
Markets
9.8%
Banks
7.4%
Pharmaceuticals
5.9%
Electric
Utilities
5.7%
Health
Care
Equipment
&
Supplies
4.0%
Semiconductors
&
Semiconductor
Equipment
4.0%
Health
Care
Providers
&
Services
3.8%
Consumer
Staples
Distribution
&
Retail
3.5%
Life
Sciences
Tools
&
Services
3.4%
Beverages
3.1%
Household
Products
2.7%
Chemicals
2.7%
Electrical
Equipment
2.3%
Other
*
28.6%
Short-Term
Investments
&
Other
Net
Assets
2.4%
*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.
Top
10
Holdings
4/30/24
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
JPMorgan
Chase
&
Co.
4.7%
Banks,
United
States
Chevron
Corp.
3.6%
Oil,
Gas
&
Consumable
Fuels,
United
States
Morgan
Stanley
3.2%
Capital
Markets,
United
States
Johnson
&
Johnson
2.8%
Pharmaceuticals,
United
States
Bank
of
America
Corp.
2.8%
Banks,
United
States
Procter
&
Gamble
Co.
(The)
2.7%
Household
Products,
United
States
Oracle
Corp.
2.3%
Software,
United
States
Broadcom,
Inc.
2.2%
Semiconductors
&
Semiconductor
Equipment,
United
States
NextEra
Energy,
Inc.
2.2%
Electric
Utilities,
United
States
Duke
Energy
Corp.
2.2%
Electric
Utilities,
United
States
1.
Source:
Morningstar.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
30
.
Franklin
Equity
Income
Fund
7
franklintempleton.com
Semiannual
Report
Thank
you
for
your
continued
participation
in
Franklin
Equity
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Matthew
D.
Quinlan
Lead
Portfolio
Manager
Alan
E.
Muschott,
CFA
Portfolio
Manager
Performance
Summary
as
of
April
30,
2024
Franklin
Equity
Income
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
4/30/24
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
+19.63%
+13.07%
1-Year
+13.43%
+7.20%
5-Year
+56.78%
+8.18%
10-Year
+132.99%
+8.21%
Advisor
6-Month
+19.78%
+19.78%
1-Year
+13.72%
+13.72%
5-Year
+58.79%
+9.69%
10-Year
+138.85%
+9.10%
30-Day
Standardized
Yield
6
Share
Class
Distribution
Rate
5
(with
fee
waiver)
(without
fee
waiver)
A
2.07%
1.55%
1.54%
Advisor
2.43%
1.89%
1.88%
See
page
9
for
Performance
Summary
footnotes.
Franklin
Equity
Income
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Equity
securities
are
subject
to
price
fluctuation
and
possible
loss
of
principal.
Distributions
are
not
guaranteed
and
are
subject
to
change.
Investments
in
equity-linked
notes
often
have
risks
similar
to
their
underlying
securities,
which
could
include
management
risk,
market
risk
and,
as
applicable,
foreign
securities
and
currency
risks.
Convertible
securities
are
subject
to
the
risks
of
stocks
when
the
underlying
stock
price
is
high
relative
to
the
conversion
price
and
debt
securities
when
the
underlying
stock
price
is
low
relative
to
the
conversion
price.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/28/25
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Distribution
Rate
is
calculated
by
annualizing
the
most
recent
distribution
amount
paid,
divided
by
the
NAV
as
of
the
date
indicated.
The
Distribution
Rate
calculation
includes
income
and
return
of
capital,
and
includes
a
prorated
special
distribution
in
the
month
it
is
paid.
The
Distribution
Rate
is
not
guaranteed,
subject
to
change,
and
is
not
a
quotation
of
fund
performance.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
Long-Term
Capital
Gain
Total
A
$0.3751
$0.4821
$0.8572
C
$0.2637
$0.4821
$0.7458
R
$0.3391
$0.4821
$0.8212
R6
$0.4230
$0.4821
$0.9051
Advisor
$0.4115
$0.4821
$0.8936
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
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
182/366
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
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,196.30
$4.51
$1,020.76
$4.15
0.83%
C
$1,000
$1,191.70
$8.58
$1,017.03
$7.90
1.58%
R
$1,000
$1,194.80
$5.87
$1,019.52
$5.40
1.08%
R6
$1,000
$1,198.10
$2.74
$1,022.37
$2.52
0.50%
Advisor
$1,000
$1,197.80
$3.14
$1,022.00
$2.89
0.58%
11
franklintempleton.com
Semiannual
Report
Franklin
Managed
Income
Fund
This
semiannual
report
for
Franklin
Managed
Income
Fund
covers
the
period
ended
April
30,
2024.
Fund
Overview
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
+10.71%.
In
comparison,
the
Fund’s
primary
benchmark,
the
Bloomberg
U.S.
Aggregate
Index,
which
measures
the
performance
of
the
investment-grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market,
posted
a
+4.97%
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
+11.30%
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
+20.98%
cumulative
total
return.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
13
.
The
Fund
was
able
to
successfully
meet
its
monthly
distributions
under
its
managed
distribution
policy
without
the
return
of
capital
and
without
an
associated
impact
from
return
of
capital
on
the
Fund’s
net
asset
value
per
share.
The
policy
had
no
material
impact
on
the
Fund’s
investment
strategy.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Corporate
Bonds
55.8%
Common
Stocks
29.1%
Equity-Linked
Securities
7.9%
U.S.
Government
and
Agency
Securities
4.8%
Other
*
1.4%
Short-Term
Investments
&
Other
Net
Assets
1.0%
*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.
Top
Five
Fixed
Income
Holdings
4/30/24
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
U.S.
Treasury
Notes
2.5%
Financial
Services
,
United
States
U.S.
Treasury
Bonds
2.3%
Financial
Services
,
United
States
CHS/Community
Health
Systems,
Inc.
1.3%
Health
Care
Providers
&
Services
,
United
States
BAT
Capital
Corp.
1.2%
Tobacco
,
United
Kingdom
Barclays
plc
1.2%
Banks
,
United
Kingdom
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
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
40
.
Franklin
Managed
Income
Fund
12
franklintempleton.com
Semiannual
Report
Thank
you
for
your
continued
participation
in
Franklin
Managed
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Edward
D.
Perks,
CFA
Co-Lead
Portfolio
Manager
Brendan
Circle,
CFA
Co-Lead
Portfolio
Manager
Todd
Brighton,
CFA
Portfolio
Manager
Top
Five
Equity
Holdings
4/30/24
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Chevron
Corp.
2.1%
Oil,
Gas
&
Consumable
Fuels,
United
States
Texas
Instruments,
Inc.
1.8%
Semiconductors
&
Semiconductor
Equipment,
United
States
Home
Depot,
Inc.
(The)
1.5%
Specialty
Retail,
United
States
Exxon
Mobil
Corp.
1.4%
Oil,
Gas
&
Consumable
Fuels,
United
States
Bank
of
America
Corp.
1.3%
Banks,
United
States
Performance
Summary
as
of
April
30,
2024
Franklin
Managed
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
4/30/24
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
+10.71%
+4.66%
1-Year
+3.63%
-2.10%
5-Year
+29.37%
+4.11%
10-Year
+69.44%
+4.82%
Advisor
6-Month
+10.82%
+10.82%
1-Year
+3.81%
+3.81%
5-Year
+30.98%
+5.55%
10-Year
+73.84%
+5.69%
Share
Class
Distribution
Rate
5
30-Day
Standardized
Yield
6
A
4.44%
3.47%
Advisor
4.96%
3.93%
See
page
15
for
Performance
Summary
footnotes.
Franklin
Managed
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Equity
securities
are
subject
to
price
fluctuation
and
possible
loss
of
principal.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
The
Fund
is
not
guaranteed
to
achieve
its
investment
goal
nor
is
there
any
guarantee
that
the
Fund
will
provide
sufficient
income
at
or
through
the
investor's
retirement.
In
addition,
some
of
its
distributions
may
be
treated
in
part
as
a
return
of
capital,
which
will
decrease
shareholders'
cost
basis
in
the
Fund
and
affect
the
amount
of
any
capital
gain
or
loss
that
they
realize
when
selling
or
exchanging
Fund
shares.
The
annual
payout
rate
may
be
adjusted
higher
or
lower
from
year
to
year
and
could
vary
substantially
over
time.
It
is
possible
for
the
Fund
to
suffer
substantial
investment
losses
and
simultaneously
experience
additional
asset
reductions
as
a
result
of
its
distributions
to
shareholders
under
the
managed
distribution
policy.
Investors
who
hold
the
Fund
within
a
tax-advantaged
retirement
account
should
consult
their
tax
professional
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
professional
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
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
2/28/25
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Distribution
Rate
is
calculated
by
annualizing
the
most
recent
distribution
amount
paid,
divided
by
the
NAV
as
of
the
date
indicated.
The
Distribution
Rate
calculation
includes
income,
capital
gains
and
return
of
capital,
and
includes
a
prorated
special
distribution
in
the
month
it
is
paid.
The
Distribution
Rate
is
not
guaranteed,
subject
to
change,
and
is
not
a
quotation
of
fund
performance.
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.
Net
Asset
Value
Share
Class
(Symbol)
4/30/24
10/31/23
Change
A
(FBLAX)
$12.17
$11.25
+$0.92
C
(FBMCX)
$12.04
$11.13
+$0.91
R
(FBFQX)
$12.21
$11.28
+$0.93
R6
(FBFRX)
$12.20
$11.28
+$0.92
Advisor
(FBFZX)
$12.20
$11.28
+$0.92
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
A
$0.2828
C
$0.2342
R
$0.2682
R6
$0.3034
Advisor
$0.2988
Total
Annual
Operating
Expenses
7
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.90%
0.91%
Advisor
0.65%
0.66%
Franklin
Managed
Income
Fund
Performance
Summary
15
franklintempleton.com
Semiannual
Report
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Your
Fund’s
Expenses
Franklin
Managed
Income
Fund
16
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
182/366
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
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,107.10
$4.74
$1,020.36
$4.55
0.91%
C
$1,000
$1,102.90
$8.65
$1,016.63
$8.30
1.65%
R
$1,000
$1,106.30
$6.05
$1,019.12
$5.80
1.15%
R6
$1,000
$1,108.60
$3.09
$1,021.93
$2.96
0.59%
Advisor
$1,000
$1,108.20
$3.43
$1,021.61
$3.29
0.66%
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Convertible
Securities
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
o
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$18.90
$20.43
$31.15
$27.11
$22.13
$20.65
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.08
0.18
0.14
0.19
0.22
0.21
Net
realized
and
unrealized
gains
(losses)
2.21
(0.02)
(5.47)
7.01
6.67
2.47
Total
from
investment
operations
........
2.29
0.16
(5.33)
7.20
6.89
2.68
Less
distributions
from:
Net
investment
income
..............
(0.08)
(0.16)
(0.15)
(0.23)
(0.30)
(0.45)
Net
realized
gains
.................
(0.29)
(1.53)
(5.24)
(2.93)
(1.61)
(0.75)
Total
distributions
...................
(0.37)
(1.69)
(5.39)
(3.16)
(1.91)
(1.20)
Net
asset
value,
end
of
period
..........
$20.82
$18.90
$20.43
$31.15
$27.11
$22.13
Total
return
c
.......................
12.16%
0.62%
(19.94)%
27.98%
33.49%
13.84%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.84%
0.82%
0.83%
0.83%
0.83%
0.85%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.83%
0.81%
e
0.83%
e,f
0.82%
e
0.83%
e,f
0.83%
e
Net
investment
income
...............
0.81%
0.91%
0.61%
0.64%
0.96%
0.97%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$932,500
$901,820
$1,067,202
$1,621,832
$1,385,821
$1,169,928
Portfolio
turnover
rate
................
14.45%
22.92%
6.64%
32.67%
32.46%
26.83%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
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
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$18.38
$19.92
$30.53
$26.66
$21.77
$20.31
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.01
0.03
(0.03)
(0.03)
0.05
0.04
Net
realized
and
unrealized
gains
(losses)
2.14
(0.02)
(5.34)
6.89
6.56
2.45
Total
from
investment
operations
........
2.15
0.01
(5.37)
6.86
6.61
2.49
Less
distributions
from:
Net
investment
income
..............
(0.01)
(0.02)
—
(0.06)
(0.11)
(0.28)
Net
realized
gains
.................
(0.29)
(1.53)
(5.24)
(2.93)
(1.61)
(0.75)
Total
distributions
...................
(0.30)
(1.55)
(5.24)
(2.99)
(1.72)
(1.03)
Net
asset
value,
end
of
period
..........
$20.23
$18.38
$19.92
$30.53
$26.66
$21.77
Total
return
c
.......................
11.71%
(0.16)%
(20.53)%
27.04%
32.48%
13.03%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.59%
1.57%
1.58%
1.57%
1.59%
1.60%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.58%
1.56%
e
1.57%
e
1.57%
e,f
1.58%
e
1.58%
e
Net
investment
income
(loss)
..........
0.06%
0.15%
(0.15)%
(0.10)%
0.21%
0.22%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$63,163
$67,313
$100,936
$198,611
$233,295
$256,075
Portfolio
turnover
rate
................
14.45%
22.92%
6.64%
32.67%
32.46%
26.83%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
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
19
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$19.08
$20.62
$31.39
$27.29
$22.28
$20.78
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.12
0.25
0.22
0.29
0.31
0.28
Net
realized
and
unrealized
gains
(losses)
2.24
(0.03)
(5.52)
7.07
6.69
2.50
Total
from
investment
operations
........
2.36
0.22
(5.30)
7.36
7.00
2.78
Less
distributions
from:
Net
investment
income
..............
(0.12)
(0.23)
(0.23)
(0.33)
(0.38)
(0.53)
Net
realized
gains
.................
(0.29)
(1.53)
(5.24)
(2.93)
(1.61)
(0.75)
Total
distributions
...................
(0.41)
(1.76)
(5.47)
(3.26)
(1.99)
(1.28)
Net
asset
value,
end
of
period
..........
$21.03
$19.08
$20.62
$31.39
$27.29
$22.28
Total
return
c
.......................
12.38%
0.89%
(19.65)%
28.43%
33.89%
14.26%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.52%
0.51%
0.51%
0.53%
0.55%
0.54%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.50%
0.49%
e
0.48%
e
0.50%
e
0.50%
e
0.49%
e
Net
investment
income
...............
1.14%
1.23%
0.95%
0.97%
1.30%
1.31%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$91,849
$89,591
$95,418
$127,846
$113,642
$51,791
Portfolio
turnover
rate
................
14.45%
22.92%
6.64%
32.67%
32.46%
26.83%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
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
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$18.90
$20.43
$31.16
$27.11
$22.14
$20.65
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.11
0.23
0.20
0.26
0.28
0.26
Net
realized
and
unrealized
gains
(losses)
2.21
(0.02)
(5.48)
7.03
6.66
2.49
Total
from
investment
operations
........
2.32
0.21
(5.28)
7.29
6.94
2.75
Less
distributions
from:
Net
investment
income
..............
(0.11)
(0.21)
(0.21)
(0.31)
(0.36)
(0.51)
Net
realized
gains
.................
(0.29)
(1.53)
(5.24)
(2.93)
(1.61)
(0.75)
Total
distributions
...................
(0.40)
(1.74)
(5.45)
(3.24)
(1.97)
(1.26)
Net
asset
value,
end
of
period
..........
$20.82
$18.90
$20.43
$31.16
$27.11
$22.14
Total
return
c
.......................
12.30%
0.87%
(19.75)%
28.34%
33.80%
14.18%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.59%
0.57%
0.58%
0.58%
0.58%
0.60%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.58%
0.56%
e
0.58%
e,f
0.57%
e
0.58%
e,f
0.58%
e
Net
investment
income
...............
1.06%
1.16%
0.85%
0.89%
1.20%
1.22%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,511,944
$1,474,802
$1,894,863
$3,355,546
$2,773,524
$2,379,435
Portfolio
turnover
rate
................
14.45%
22.92%
6.64%
32.67%
32.46%
26.83%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
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,
2024
Franklin
Convertible
Securities
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
5.7%
Chemicals
2.2%
a
Albemarle
Corp.
,
7.25
%
................................
United
States
1,063,200
$
58,337,784
a
Financial
Services
2.4%
Apollo
Global
Management,
Inc.
,
6.75
%
....................
United
States
1,040,000
63,419,200
Machinery
1.1%
RBC
Bearings,
Inc.
,
5
%
,
A
...............................
United
States
250,000
28,092,500
Total
Convertible
Preferred
Stocks
(Cost
$
130,160,000
)
..........................
149,849,484
Principal
Amount
*
Convertible
Bonds
90.2%
Aerospace
&
Defense
2.5%
Axon
Enterprise,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/27
............
United
States
45,000,000
65,722,500
Biotechnology
8.0%
Ascendis
Pharma
A/S
,
Senior
Note
,
2.25
%
,
4/01/28
...........
Denmark
32,500,000
35,779,867
b
Immunocore
Holdings
plc
,
Senior
Note
,
144A,
2.5
%
,
2/01/30
.....
United
Kingdom
20,000,000
19,805,034
Insmed,
Inc.
,
Senior
Note
,
0.75
%
,
6/01/28
...................
United
States
46,000,000
47,008,358
b
Mirum
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/29
....
United
States
16,500,000
18,553,922
Neurocrine
Biosciences,
Inc.
,
Senior
Note
,
2.25
%
,
5/15/24
......
United
States
21,750,000
39,191,325
PTC
Therapeutics,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/26
............
United
States
48,000,000
46,596,000
206,934,506
Broadline
Retail
2.3%
Etsy,
Inc.
,
Senior
Note
,
0.125
%
,
9/01/27
....................
United
States
72,500,000
59,972,000
Communications
Equipment
0.8%
Viavi
Solutions,
Inc.
,
1.625
%
,
3/15/26
......................
United
States
20,709,000
19,401,744
Construction
&
Engineering
1.6%
b
Fluor
Corp.
,
Senior
Note
,
144A,
1.125
%
,
8/15/29
..............
United
States
39,000,000
42,558,750
Consumer
Staples
Distribution
&
Retail
0.8%
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
....
United
States
21,000,000
21,532,939
Electric
Utilities
4.2%
Duke
Energy
Corp.
,
Senior
Note
,
4.125
%
,
4/15/26
.............
United
States
30,500,000
30,324,468
b
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
144A,
3
%
,
3/01/27
...........................................
United
States
24,000,000
26,220,000
b
PG&E
Corp.
,
Senior
Secured
Note
,
144A,
4.25
%
,
12/01/27
......
United
States
52,000,000
52,143,000
108,687,468
Energy
Equipment
&
Services
1.0%
Oil
States
International,
Inc.
,
Senior
Note
,
4.75
%
,
4/01/26
.......
United
States
28,000,000
26,124,000
Financial
Services
7.1%
Block,
Inc.
,
Senior
Note
,
Zero
Cpn.,
5/01/26
........................
United
States
24,500,000
21,911,575
Senior
Note
,
0.25
%
,
11/01/27
..........................
United
States
45,000,000
36,933,750
b
Global
Payments,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
3/01/31
.......
United
States
50,000,000
49,950,000
b
Repay
Holdings
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
2/01/26
....
United
States
19,000,000
17,337,198
Shift4
Payments,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/15/25
.......................
United
States
26,000,000
26,894,400
Senior
Note
,
0.5
%
,
8/01/27
............................
United
States
35,000,000
31,223,500
184,250,423
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.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Food
Products
3.3%
Freshpet,
Inc.
,
Senior
Note
,
3
%
,
4/01/28
....................
United
States
27,000,000
$
45,231,750
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
...............
United
States
36,000,000
40,356,000
85,587,750
Ground
Transportation
4.3%
Lyft,
Inc.
,
Senior
Note
,
1.5
%
,
5/15/25
............................
United
States
22,349,000
21,487,634
b
Senior
Note
,
144A,
0.625
%
,
3/01/29
.....................
United
States
35,000,000
36,142,440
Uber
Technologies,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/15/25
.......................
United
States
30,000,000
31,275,000
b
2028
,
Senior
Note
,
144A,
0.875
%
,
12/01/28
...............
United
States
20,500,000
23,031,750
111,936,824
Health
Care
Equipment
&
Supplies
7.4%
Dexcom,
Inc.
,
Senior
Note
,
0.25
%
,
11/15/25
..........................
United
States
31,000,000
32,572,300
b
Senior
Note
,
144A,
0.375
%
,
5/15/28
.....................
United
States
32,250,000
32,821,236
Haemonetics
Corp.
,
Senior
Note
,
Zero
Cpn.,
3/01/26
...........
United
States
37,500,000
34,417,500
Insulet
Corp.
,
Senior
Note
,
0.375
%
,
9/01/26
.................
United
States
50,000,000
51,555,045
Integer
Holdings
Corp.
,
Senior
Note
,
2.125
%
,
2/15/28
..........
United
States
30,000,000
41,850,000
193,216,081
Hotel
&
Resort
REITs
0.9%
Pebblebrook
Hotel
Trust
,
Senior
Note
,
1.75
%
,
12/15/26
.........
United
States
26,000,000
22,851,400
Hotels,
Restaurants
&
Leisure
3.0%
Booking
Holdings,
Inc.
,
Senior
Note
,
0.75
%
,
5/01/25
...........
United
States
19,000,000
34,948,600
Vail
Resorts,
Inc.
,
Senior
Note
,
Zero
Cpn.,
1/01/26
............
United
States
48,000,000
43,800,000
78,748,600
Industrial
REITs
2.2%
b
Rexford
Industrial
Realty
LP
,
Senior
Note
,
144A,
4.375
%
,
3/15/27
.....................
United
States
20,000,000
19,445,579
Senior
Note
,
144A,
4.125
%
,
3/15/29
.....................
United
States
40,000,000
38,574,333
58,019,912
Interactive
Media
&
Services
1.1%
Snap,
Inc.
,
Senior
Note
,
0.125
%
,
3/01/28
...................
United
States
35,000,000
27,492,500
IT
Services
4.8%
Cloudflare,
Inc.
,
Senior
Note
,
Zero
Cpn.,
8/15/26
..............
United
States
66,200,000
60,457,150
Okta,
Inc.
,
Senior
Note
,
0.125
%
,
9/01/25
....................
United
States
53,000,000
50,217,500
Wix.com
Ltd.
,
Senior
Note
,
Zero
Cpn.,
8/15/25
...............
Israel
15,400,000
14,314,300
124,988,950
Life
Sciences
Tools
&
Services
1.5%
b
Repligen
Corp.
,
Senior
Note
,
144A,
1
%
,
12/15/28
.............
United
States
36,000,000
37,746,000
Media
4.8%
Cable
One,
Inc.
,
Senior
Note
,
Zero
Cpn.,
3/15/26
........................
United
States
18,750,000
16,265,625
Senior
Note
,
1.125
%
,
3/15/28
..........................
United
States
36,250,000
26,883,000
b
Liberty
Broadband
Corp.
,
Senior
Bond
,
144A,
3.125
%
,
3/31/53
...
United
States
62,000,000
57,901,800
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
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Media
(continued)
Liberty
Media
Corp.
,
Senior
Note
,
3.75
%
,
3/15/28
.............
United
States
23,000,000
$
24,817,000
125,867,425
Metals
&
Mining
2.6%
b
Ivanhoe
Mines
Ltd.
,
Senior
Note
,
144A,
2.5
%
,
4/15/26
..........
Canada
35,500,000
66,409,850
Multi-Utilities
2.5%
b
CenterPoint
Energy,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
8/15/26
.....
United
States
65,000,000
64,480,000
Pharmaceuticals
2.9%
Jazz
Investments
I
Ltd.
,
Senior
Note
,
1.5
%
,
8/15/24
............................
United
States
14,750,000
14,565,625
Senior
Note
,
2
%
,
6/15/26
.............................
United
States
55,000,000
53,143,750
Revance
Therapeutics,
Inc.
,
Senior
Note
,
1.75
%
,
2/15/27
.......
United
States
12,000,000
8,064,000
75,773,375
Real
Estate
Management
&
Development
1.2%
Zillow
Group,
Inc.
,
Senior
Note
,
2.75
%
,
5/15/25
...............
United
States
31,500,000
32,004,000
Semiconductors
&
Semiconductor
Equipment
3.0%
MACOM
Technology
Solutions
Holdings,
Inc.
,
Senior
Note
,
0.25
%
,
3/15/26
...........................................
United
States
31,000,000
41,036,250
Wolfspeed,
Inc.
,
Senior
Note
,
0.25
%
,
2/15/28
...........................
United
States
29,900,000
17,790,500
Senior
Note
,
1.875
%
,
12/01/29
.........................
United
States
35,000,000
20,238,750
79,065,500
Software
10.2%
BILL
Holdings,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/01/25
.......................
United
States
37,500,000
34,668,750
Senior
Note
,
Zero
Cpn.,
4/01/27
........................
United
States
12,000,000
10,230,000
BlackLine,
Inc.
,
Senior
Note
,
0.125
%
,
8/01/24
................
United
States
9,500,000
9,466,750
Envestnet,
Inc.
,
Senior
Note
,
0.75
%
,
8/15/25
...........................
United
States
4,900,000
4,757,900
Senior
Note
,
2.625
%
,
12/01/27
.........................
United
States
47,500,000
50,943,750
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
3/15/25
.........
United
States
44,000,000
49,060,000
HubSpot,
Inc.
,
Senior
Note
,
0.375
%
,
6/01/25
.................
United
States
24,500,000
52,895,500
Workiva,
Inc.
,
Senior
Note
,
1.125
%
,
8/15/26
..........................
United
States
7,000,000
8,088,500
b
Senior
Note
,
144A,
1.25
%
,
8/15/28
......................
United
States
49,000,000
44,051,000
264,162,150
Specialty
Retail
6.2%
Burlington
Stores,
Inc.
,
Senior
Note
,
2.25
%
,
4/15/25
...........................
United
States
13,000,000
13,669,500
b
Senior
Note
,
144A,
1.25
%
,
12/15/27
.....................
United
States
42,287,000
46,156,261
RealReal,
Inc.
(The)
,
Senior
Note
,
1
%
,
3/01/28
...............
United
States
30,000,000
13,617,000
RH
,
Senior
Note
,
Zero
Cpn.,
9/15/24
.......................
United
States
24,000,000
30,516,000
Wayfair,
Inc.
,
Senior
Note
,
3.25
%
,
9/15/27
...........................
United
States
47,250,000
52,173,450
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.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Specialty
Retail
(continued)
Wayfair,
Inc.,
(continued)
b
Senior
Note
,
144A,
3.5
%
,
11/15/28
......................
United
States
3,450,000
$
4,598,850
160,731,061
Total
Convertible
Bonds
(Cost
$
2,299,256,555
)
..................................
2,344,265,708
Total
Long
Term
Investments
(Cost
$
2,429,416,555
)
.............................
2,494,115,192
a
Short
Term
Investments
3.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.9%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
101,379,227
101,379,227
Total
Money
Market
Funds
(Cost
$
101,379,227
)
.................................
101,379,227
Total
Short
Term
Investments
(Cost
$
101,379,227
)
...............................
101,379,227
a
Total
Investments
(Cost
$
2,530,795,782
)
99.8
%
..................................
$2,595,494,419
Other
Assets,
less
Liabilities
0.2
%
.............................................
3,962,068
Net
Assets
100.0%
...........................................................
$2,599,456,487
a
a
a
See
Abbreviations
on
page
70
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2024,
the
aggregate
value
of
these
securities
was
$697,927,003,
representing
26.8%
of
net
assets.
c
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Equity
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$26.71
$28.35
$33.10
$24.22
$26.23
$24.86
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.29
0.55
0.49
0.44
0.49
0.46
Net
realized
and
unrealized
gains
(losses)
4.89
(0.57)
(2.94)
9.26
(1.11)
2.49
Total
from
investment
operations
........
5.18
(0.02)
(2.45)
9.70
(0.62)
2.95
Less
distributions
from:
Net
investment
income
..............
(0.38)
(0.72)
(0.63)
(0.60)
(0.63)
(0.58)
Net
realized
gains
.................
(0.48)
(0.90)
(1.67)
(0.22)
(0.76)
(1.00)
Total
distributions
...................
(0.86)
(1.62)
(2.30)
(0.82)
(1.39)
(1.58)
Net
asset
value,
end
of
period
..........
$31.03
$26.71
$28.35
$33.10
$24.22
$26.23
Total
return
c
.......................
19.63%
(0.25)%
(7.84)%
40.58%
(2.43)%
12.73%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.83%
0.83%
0.83%
0.85%
0.86%
0.86%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.83%
e
0.82%
f
0.82%
f
0.85%
e,f
0.85%
f
0.85%
f
Net
investment
income
...............
1.95%
1.93%
1.64%
1.47%
1.98%
1.85%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$3,155,346
$2,777,434
$2,841,036
$2,952,462
$1,953,985
$2,017,910
Portfolio
turnover
rate
................
14.41%
29.01%
25.41%
25.49%
26.90%
23.23%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
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.
26
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$26.53
$28.11
$32.83
$24.03
$26.01
$24.64
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.18
0.34
0.26
0.22
0.30
0.28
Net
realized
and
unrealized
gains
(losses)
4.85
(0.56)
(2.91)
9.17
(1.10)
2.47
Total
from
investment
operations
........
5.03
(0.22)
(2.65)
9.39
(0.80)
2.75
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.46)
(0.40)
(0.37)
(0.42)
(0.38)
Net
realized
gains
.................
(0.48)
(0.90)
(1.67)
(0.22)
(0.76)
(1.00)
Total
distributions
...................
(0.74)
(1.36)
(2.07)
(0.59)
(1.18)
(1.38)
Net
asset
value,
end
of
period
..........
$30.82
$26.53
$28.11
$32.83
$24.03
$26.01
Total
return
c
.......................
19.17%
(0.97)%
(8.53)%
39.51%
(3.19)%
11.91%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.58%
1.58%
1.58%
1.60%
1.61%
1.61%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.58%
e
1.57%
f
1.57%
f
1.60%
e,f
1.60%
f
1.60%
f
Net
investment
income
...............
1.21%
1.20%
0.89%
0.73%
1.23%
1.10%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$102,898
$95,960
$181,548
$202,148
$161,707
$208,734
Portfolio
turnover
rate
................
14.41%
29.01%
25.41%
25.49%
26.90%
23.23%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
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
27
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$26.72
$28.37
$33.12
$24.24
$26.23
$24.85
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.25
0.48
0.42
0.36
0.43
0.41
Net
realized
and
unrealized
gains
(losses)
4.90
(0.57)
(2.94)
9.27
(1.10)
2.49
Total
from
investment
operations
........
5.15
(0.09)
(2.52)
9.63
(0.67)
2.90
Less
distributions
from:
Net
investment
income
..............
(0.34)
(0.66)
(0.56)
(0.53)
(0.56)
(0.52)
Net
realized
gains
.................
(0.48)
(0.90)
(1.67)
(0.22)
(0.76)
(1.00)
Total
distributions
...................
(0.82)
(1.56)
(2.23)
(0.75)
(1.32)
(1.52)
Net
asset
value,
end
of
period
..........
$31.05
$26.72
$28.37
$33.12
$24.24
$26.23
Total
return
c
.......................
19.48%
(0.52)%
(8.07)%
40.22%
(2.62)%
12.50%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.08%
1.08%
1.08%
1.09%
1.08%
1.09%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.08%
e
1.07%
f
1.07%
f
1.09%
e,f
1.08%
e,f
1.08%
f
Net
investment
income
...............
1.70%
1.67%
1.40%
1.22%
1.75%
1.62%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$12,938
$10,671
$9,580
$9,426
$5,795
$7,284
Portfolio
turnover
rate
................
14.41%
29.01%
25.41%
25.49%
26.90%
23.23%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
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.
28
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$26.77
$28.40
$33.17
$24.27
$26.29
$24.91
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.34
0.64
0.59
0.54
0.57
0.54
Net
realized
and
unrealized
gains
(losses)
4.91
(0.55)
(2.95)
9.27
(1.11)
2.50
Total
from
investment
operations
........
5.25
0.09
(2.36)
9.81
(0.54)
3.04
Less
distributions
from:
Net
investment
income
..............
(0.42)
(0.82)
(0.74)
(0.69)
(0.72)
(0.66)
Net
realized
gains
.................
(0.48)
(0.90)
(1.67)
(0.22)
(0.76)
(1.00)
Total
distributions
...................
(0.90)
(1.72)
(2.41)
(0.91)
(1.48)
(1.66)
Net
asset
value,
end
of
period
..........
$31.12
$26.77
$28.40
$33.17
$24.27
$26.29
Total
return
c
.......................
19.81%
0.08%
(7.53)%
41.02%
(2.07)%
13.12%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.51%
0.51%
0.51%
0.53%
0.52%
0.53%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.50%
0.49%
e
0.49%
e
0.51%
e
0.51%
e
0.51%
e
Net
investment
income
...............
2.28%
2.26%
1.97%
1.80%
2.32%
2.19%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$173,214
$149,692
$159,953
$150,328
$97,565
$96,406
Portfolio
turnover
rate
................
14.41%
29.01%
25.41%
25.49%
26.90%
23.23%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$26.76
$28.40
$33.16
$24.26
$26.27
$24.90
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.33
0.62
0.56
0.51
0.55
0.50
Net
realized
and
unrealized
gains
(losses)
4.90
(0.57)
(2.94)
9.28
(1.11)
2.51
Total
from
investment
operations
........
5.23
0.05
(2.38)
9.79
(0.56)
3.01
Less
distributions
from:
Net
investment
income
..............
(0.41)
(0.79)
(0.71)
(0.67)
(0.69)
(0.64)
Net
realized
gains
.................
(0.48)
(0.90)
(1.67)
(0.22)
(0.76)
(1.00)
Total
distributions
...................
(0.89)
(1.69)
(2.38)
(0.89)
(1.45)
(1.64)
Net
asset
value,
end
of
period
..........
$31.10
$26.76
$28.40
$33.16
$24.26
$26.27
Total
return
c
.......................
19.78%
(—)%
d
(7.62)%
40.94%
(2.18)%
13.04%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.58%
0.58%
0.58%
0.60%
0.61%
0.61%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.58%
f
0.57%
g
0.57%
g
0.60%
f,g
0.60%
g
0.60%
g
Net
investment
income
...............
2.20%
2.18%
1.89%
1.70%
2.21%
2.10%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$364,040
$329,595
$382,893
$378,891
$219,362
$173,739
Portfolio
turnover
rate
................
14.41%
29.01%
25.41%
25.49%
26.90%
23.23%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Rounds
to
less
than
0.01%.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Equity
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
86.3%
Aerospace
&
Defense
2.3%
L3Harris
Technologies,
Inc.
..............................
United
States
80,000
$
17,124,000
RTX
Corp.
..........................................
United
States
676,500
68,678,280
85,802,280
Air
Freight
&
Logistics
1.6%
United
Parcel
Service,
Inc.
,
B
............................
United
States
425,000
62,679,000
Banks
7.4%
Bank
of
America
Corp.
.................................
United
States
2,840,000
105,108,400
JPMorgan
Chase
&
Co.
.................................
United
States
927,500
177,838,850
282,947,250
Beverages
3.1%
Coca-Cola
Co.
(The)
...................................
United
States
780,000
48,180,600
PepsiCo,
Inc.
........................................
United
States
390,000
68,604,900
116,785,500
Capital
Markets
8.6%
Ares
Management
Corp.
,
A
..............................
United
States
462,500
61,554,125
BlackRock,
Inc.
.......................................
United
States
57,500
43,391,800
Blackstone,
Inc.
......................................
United
States
365,000
42,562,650
Charles
Schwab
Corp.
(The)
.............................
United
States
765,000
56,571,750
Morgan
Stanley
.......................................
United
States
1,361,500
123,678,660
327,758,985
Chemicals
2.1%
BASF
SE
...........................................
Germany
665,000
34,846,967
Huntsman
Corp.
......................................
United
States
400,000
9,544,000
Linde
plc
............................................
United
States
78,500
34,615,360
79,006,327
Commercial
Services
&
Supplies
0.2%
Republic
Services,
Inc.
,
A
...............................
United
States
50,000
9,585,000
Communications
Equipment
1.6%
Cisco
Systems,
Inc.
...................................
United
States
1,330,000
62,483,400
Consumer
Finance
1.0%
American
Express
Co.
.................................
United
States
162,500
38,029,875
Consumer
Staples
Distribution
&
Retail
2.4%
Casey's
General
Stores,
Inc.
.............................
United
States
27,000
8,628,660
Target
Corp.
.........................................
United
States
118,600
19,092,228
Walmart,
Inc.
........................................
United
States
1,077,500
63,949,625
91,670,513
Electric
Utilities
4.4%
Duke
Energy
Corp.
....................................
United
States
840,000
82,538,400
Evergy,
Inc.
..........................................
United
States
475,000
24,913,750
NextEra
Energy,
Inc.
...................................
United
States
485,000
32,480,450
PPL
Corp.
...........................................
United
States
1,000,000
27,460,000
167,392,600
Electrical
Equipment
2.3%
Eaton
Corp.
plc
.......................................
United
States
227,500
72,404,150
Emerson
Electric
Co.
..................................
United
States
157,000
16,921,460
89,325,610
Electronic
Equipment,
Instruments
&
Components
1.4%
TE
Connectivity
Ltd.
...................................
United
States
368,000
52,064,640
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
31
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
0.8%
Apollo
Global
Management,
Inc.
..........................
United
States
295,000
$
31,972,100
Food
Products
0.9%
Mondelez
International,
Inc.
,
A
............................
United
States
487,500
35,070,750
Ground
Transportation
0.8%
Norfolk
Southern
Corp.
.................................
United
States
127,000
29,250,640
Health
Care
Equipment
&
Supplies
3.4%
Becton
Dickinson
&
Co.
.................................
United
States
88,500
20,762,100
a
Boston
Scientific
Corp.
.................................
United
States
725,000
52,105,750
Medtronic
plc
........................................
United
States
695,000
55,766,800
128,634,650
Health
Care
Providers
&
Services
3.8%
HCA
Healthcare,
Inc.
...................................
United
States
260,000
80,553,200
UnitedHealth
Group,
Inc.
................................
United
States
132,500
64,090,250
144,643,450
Health
Care
REITs
1.3%
Healthpeak
Properties,
Inc.
..............................
United
States
595,000
11,072,950
Ventas,
Inc.
..........................................
United
States
857,500
37,970,100
49,043,050
Hotels,
Restaurants
&
Leisure
1.1%
McDonald's
Corp.
.....................................
United
States
158,500
43,276,840
Household
Products
2.7%
Procter
&
Gamble
Co.
(The)
.............................
United
States
625,000
102,000,000
Industrial
REITs
0.7%
Prologis,
Inc.
.........................................
United
States
266,608
27,207,346
Insurance
0.2%
Arthur
J
Gallagher
&
Co.
................................
United
States
35,000
8,214,150
Interactive
Media
&
Services
0.8%
a
Alphabet,
Inc.
,
A
......................................
United
States
185,000
30,114,300
Life
Sciences
Tools
&
Services
2.9%
Danaher
Corp.
.......................................
United
States
215,513
53,149,816
Thermo
Fisher
Scientific,
Inc.
............................
United
States
102,500
58,293,800
111,443,616
Machinery
1.3%
Caterpillar,
Inc.
.......................................
United
States
95,000
31,784,150
Illinois
Tool
Works,
Inc.
.................................
United
States
75,000
18,308,250
50,092,400
Media
1.1%
Comcast
Corp.
,
A
.....................................
United
States
1,105,000
42,111,550
Oil,
Gas
&
Consumable
Fuels
9.9%
Canadian
Natural
Resources
Ltd.
.........................
Canada
535,000
40,563,700
Chevron
Corp.
.......................................
United
States
850,000
137,079,500
EOG
Resources,
Inc.
..................................
United
States
500,000
66,065,000
Shell
plc
,
ADR
........................................
United
States
973,000
69,725,180
Suncor
Energy,
Inc.
....................................
Canada
1,680,000
64,159,200
377,592,580
Pharmaceuticals
5.9%
AstraZeneca
plc
,
ADR
..................................
United
Kingdom
765,000
58,048,200
Johnson
&
Johnson
...................................
United
States
740,000
106,996,600
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.
32
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Merck
&
Co.,
Inc.
.....................................
United
States
452,500
$
58,472,050
223,516,850
Residential
REITs
1.3%
Mid-America
Apartment
Communities,
Inc.
..................
United
States
367,500
47,775,000
Semiconductors
&
Semiconductor
Equipment
4.0%
Broadcom,
Inc.
.......................................
United
States
64,000
83,217,280
Texas
Instruments,
Inc.
.................................
United
States
382,500
67,480,650
150,697,930
Software
2.3%
Oracle
Corp.
.........................................
United
States
777,500
88,440,625
Specialty
Retail
2.0%
Lowe's
Cos.,
Inc.
......................................
United
States
145,000
33,058,550
Tractor
Supply
Co.
....................................
United
States
152,500
41,644,700
74,703,250
Trading
Companies
&
Distributors
0.7%
United
Rentals,
Inc.
....................................
United
States
39,500
26,385,605
Total
Common
Stocks
(Cost
$
2,205,986,630
)
....................................
3,287,717,662
b
Equity-Linked
Securities
8.7%
Capital
Markets
1.2%
c
Royal
Bank
of
Canada
into
Blackstone,
Inc.
,
144A,
9
%
,
8/30/24
...
United
States
186,500
21,392,154
c
Wells
Fargo
Bank
NA
into
Charles
Schwab
Corp.
(The)
,
144A,
7
%
,
12/09/24
..........................................
United
States
348,500
23,235,836
44,627,990
Chemicals
0.6%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Huntsman
Corp.
,
144A,
8
%
,
5/09/24
........................................
United
States
894,000
21,793,577
Consumer
Finance
0.8%
c
Wells
Fargo
Bank
NA
into
American
Express
Co.
,
144A,
4
%
,
3/03/25
United
States
132,000
30,335,120
Consumer
Staples
Distribution
&
Retail
1.1%
c
Royal
Bank
of
Canada
into
Target
Corp.
,
144A,
7.5
%
,
12/13/24
...
United
States
174,500
26,386,437
c
UBS
AG
into
Casey's
General
Stores,
Inc.
,
144A,
5
%
,
4/23/25
....
United
States
50,500
15,922,906
42,309,343
Energy
Equipment
&
Services
0.6%
c
JPMorgan
Chase
Bank
NA
into
Technip
Energies
NV
,
144A,
6
%
,
7/19/24
...........................................
France
160,000
22,714,710
Health
Care
Equipment
&
Supplies
0.6%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Boston
Scientific
Corp.
,
144A,
5.5
%
,
6/21/24
.................................
United
States
385,000
23,163,472
Industrial
REITs
0.5%
c
Barclays
Bank
plc
into
Prologis,
Inc.
,
144A,
7
%
,
1/17/25
........
United
States
199,500
21,184,493
Interactive
Media
&
Services
0.5%
c
Jefferies
Financial
Group,
Inc.
into
Alphabet,
Inc.
,
144A,
7.5
%
,
4/16/25
...........................................
United
States
127,000
20,582,090
Life
Sciences
Tools
&
Services
0.5%
c
Royal
Bank
of
Canada
into
Thermo
Fisher
Scientific,
Inc.
,
144A,
5.5
%
,
10/09/24
.....................................
United
States
36,000
19,913,349
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Equity
Income
Fund
(continued)
franklintempleton.com
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
a
a
Country
Shares
a
Value
a
a
a
a
a
a
b
Equity-Linked
Securities
(continued)
Machinery
0.8%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Caterpillar,
Inc.
,
144A,
8
%
,
11/01/24
.......................................
United
States
95,000
$
29,314,885
Oil,
Gas
&
Consumable
Fuels
0.8%
c
Barclays
Bank
plc
into
Canadian
Natural
Resources
Ltd.
,
144A,
9
%
,
2/03/25
...........................................
Canada
396,000
29,404,278
Trading
Companies
&
Distributors
0.7%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
United
Rentals,
Inc.
,
144A,
9
%
,
9/27/24
...................................
United
States
45,500
25,486,700
Total
Equity-Linked
Securities
(Cost
$
306,416,682
)
..............................
330,830,007
Convertible
Preferred
Stocks
2.6%
Electric
Utilities
1.3%
d
NextEra
Energy,
Inc.
,
6.926
%
............................
United
States
1,237,500
50,428,125
Financial
Services
1.3%
Apollo
Global
Management,
Inc.
,
6.75
%
....................
United
States
790,500
48,204,690
Total
Convertible
Preferred
Stocks
(Cost
$
94,981,359
)
...........................
98,632,815
Total
Long
Term
Investments
(Cost
$
2,607,384,671
)
.............................
3,717,180,484
a
Short
Term
Investments
2.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.1%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
78,808,504
78,808,504
Total
Money
Market
Funds
(Cost
$
78,808,504
)
..................................
78,808,504
a
a
a
g
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.8%
Money
Market
Funds
0.8%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
32,895,000
32,895,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
32,895,000
)
...........................................................
32,895,000
Total
Short
Term
Investments
(Cost
$
111,703,504
)
...............................
111,703,504
a
Total
Investments
(Cost
$
2,719,088,175
)
100.5
%
................................
$3,828,883,988
Other
Assets,
less
Liabilities
(
0.5
)
%
...........................................
(20,447,471)
Net
Assets
100.0%
...........................................................
$3,808,436,517
a
a
a
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.
34
See
Abbreviations
on
page
70
.
a
Non-income
producing.
b
See
Note
1(d)
regarding
equity-linked
securities.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2024,
the
aggregate
value
of
these
securities
was
$330,830,007,
representing
8.7%
of
net
assets.
d
A
portion
or
all
of
the
security
is
on
loan
at
April
30,
2024.
See
Note
1(e).
e
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
g
See
Note
1(e)
regarding
securities
on
loan.
Franklin
Investors
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Trust
Financial
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part
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35
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.25
$11.73
$13.83
$11.73
$12.80
$11.89
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.23
0.46
0.35
0.30
0.31
0.29
Net
realized
and
unrealized
gains
(losses)
0.97
(0.40)
(1.46)
2.36
(0.44)
1.17
Total
from
investment
operations
........
1.20
0.06
(1.11)
2.66
(0.13)
1.46
Less
distributions
from:
Net
investment
income
..............
(0.28)
(0.54)
(0.50)
(0.47)
(0.46)
(0.41)
Net
realized
gains
.................
—
—
(0.49)
(0.09)
(0.48)
(0.14)
Total
distributions
...................
(0.28)
(0.54)
(0.99)
(0.56)
(0.94)
(0.55)
Net
asset
value,
end
of
period
..........
$12.17
$11.25
$11.73
$13.83
$11.73
$12.80
Total
return
c
.......................
10.71%
0.34%
(8.52)%
23.01%
(1.06)%
12.64%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.91%
0.90%
0.91%
0.92%
0.93%
0.96%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.91%
e
0.89%
f
0.90%
f
0.91%
f
0.91%
f
0.94%
f
Net
investment
income
...............
3.85%
3.78%
2.72%
2.27%
2.55%
2.36%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,953,598
$2,844,145
$3,102,045
$3,523,379
$2,860,390
$2,966,899
Portfolio
turnover
rate
................
5.15%
92.40%
75.02%
39.64%
64.69%
53.02%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Financial
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Franklin
Managed
Income
Fund
(continued)
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Semiannual
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The
accompanying
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integral
part
of
these
financial
statements.
36
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.13
$11.61
$13.68
$11.61
$12.67
$11.78
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.19
0.36
0.25
0.20
0.22
0.20
Net
realized
and
unrealized
gains
(losses)
0.95
(0.39)
(1.43)
2.34
(0.43)
1.15
Total
from
investment
operations
........
1.14
(0.03)
(1.18)
2.54
(0.21)
1.35
Less
distributions
from:
Net
investment
income
..............
(0.23)
(0.45)
(0.40)
(0.38)
(0.37)
(0.32)
Net
realized
gains
.................
—
—
(0.49)
(0.09)
(0.48)
(0.14)
Total
distributions
...................
(0.23)
(0.45)
(0.89)
(0.47)
(0.85)
(0.46)
Net
asset
value,
end
of
period
..........
$12.04
$11.13
$11.61
$13.68
$11.61
$12.67
Total
return
c
.......................
10.29%
(0.46)%
(9.15)%
22.07%
(1.79)%
11.79%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.66%
1.65%
1.66%
1.66%
1.68%
1.71%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.65%
1.64%
e
1.65%
e
1.65%
e
1.66%
e
1.69%
e
Net
investment
income
...............
3.10%
3.01%
1.94%
1.54%
1.84%
1.61%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$106,135
$115,185
$168,085
$259,206
$341,521
$491,751
Portfolio
turnover
rate
................
5.15%
92.40%
75.02%
39.64%
64.69%
53.02%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
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
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Franklin
Managed
Income
Fund
(continued)
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financial
statements.
Semiannual
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a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.28
$11.77
$13.88
$11.76
$12.84
$11.92
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.22
0.43
0.32
0.27
0.28
0.26
Net
realized
and
unrealized
gains
(losses)
0.98
(0.40)
(1.47)
2.38
(0.45)
1.18
Total
from
investment
operations
........
1.20
0.03
(1.15)
2.65
(0.17)
1.44
Less
distributions
from:
Net
investment
income
..............
(0.27)
(0.52)
(0.47)
(0.44)
(0.43)
(0.38)
Net
realized
gains
.................
—
—
(0.49)
(0.09)
(0.48)
(0.14)
Total
distributions
...................
(0.27)
(0.52)
(0.96)
(0.53)
(0.91)
(0.52)
Net
asset
value,
end
of
period
..........
$12.21
$11.28
$11.77
$13.88
$11.76
$12.84
Total
return
c
.......................
10.63%
0.02%
(8.79)%
22.84%
(1.38)%
12.43%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.16%
1.15%
1.16%
1.16%
1.18%
1.21%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.15%
1.14%
e
1.15%
e
1.15%
e
1.16%
e
1.19%
e
Net
investment
income
...............
3.60%
3.52%
2.47%
2.03%
2.33%
2.11%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,442
$2,382
$2,976
$3,435
$3,093
$4,081
Portfolio
turnover
rate
................
5.15%
92.40%
75.02%
39.64%
64.69%
53.02%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
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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38
`
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.28
$11.77
$13.88
$11.76
$12.85
$11.93
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.25
0.50
0.39
0.34
0.35
0.33
Net
realized
and
unrealized
gains
(losses)
0.97
(0.40)
(1.46)
2.39
(0.45)
1.18
Total
from
investment
operations
........
1.22
0.10
(1.07)
2.73
(0.10)
1.51
Less
distributions
from:
Net
investment
income
..............
(0.30)
(0.59)
(0.55)
(0.52)
(0.51)
(0.45)
Net
realized
gains
.................
—
—
(0.49)
(0.09)
(0.48)
(0.14)
Total
distributions
...................
(0.30)
(0.59)
(1.04)
(0.61)
(0.99)
(0.59)
Net
asset
value,
end
of
period
..........
$12.20
$11.28
$11.77
$13.88
$11.76
$12.85
Total
return
c
.......................
10.86%
0.61%
(8.23)%
23.52%
(0.86)%
13.14%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.59%
0.59%
0.60%
0.60%
0.60%
0.63%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.59%
e
0.58%
f
0.59%
f
0.59%
f
0.58%
f
0.61%
f
Net
investment
income
...............
4.16%
4.10%
3.05%
2.59%
2.87%
2.69%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$180,667
$174,925
$169,511
$184,084
$155,563
$159,877
Portfolio
turnover
rate
................
5.15%
92.40%
75.02%
39.64%
64.69%
53.02%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
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Franklin
Managed
Income
Fund
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accompanying
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part
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financial
statements.
Semiannual
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a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.28
$11.76
$13.87
$11.76
$12.84
$11.92
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.25
0.49
0.38
0.34
0.34
0.32
Net
realized
and
unrealized
gains
(losses)
0.97
(0.39)
(1.46)
2.37
(0.44)
1.18
Total
from
investment
operations
........
1.22
0.10
(1.08)
2.71
(0.10)
1.50
Less
distributions
from:
Net
investment
income
..............
(0.30)
(0.58)
(0.54)
(0.51)
(0.50)
(0.44)
Net
realized
gains
.................
—
—
(0.49)
(0.09)
(0.48)
(0.14)
Total
distributions
...................
(0.30)
(0.58)
(1.03)
(0.60)
(0.98)
(0.58)
Net
asset
value,
end
of
period
..........
$12.20
$11.28
$11.76
$13.87
$11.76
$12.84
Total
return
c
.......................
10.82%
0.60%
(8.31)%
23.34%
(0.86)%
12.96%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.66%
0.65%
0.66%
0.67%
0.68%
0.71%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.66%
e
0.64%
f
0.65%
f
0.66%
f
0.66%
f
0.69%
f
Net
investment
income
...............
4.10%
4.03%
2.98%
2.52%
2.79%
2.61%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$193,713
$191,532
$203,346
$228,617
$166,947
$180,882
Portfolio
turnover
rate
................
5.15%
92.40%
75.02%
39.64%
64.69%
53.02%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Managed
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
29.1%
Aerospace
&
Defense
1.5%
Lockheed
Martin
Corp.
.................................
United
States
75,000
$
34,869,750
RTX
Corp.
..........................................
United
States
155,000
15,735,600
50,605,350
Banks
2.8%
Bank
of
America
Corp.
.................................
United
States
750,000
27,757,500
Fifth
Third
Bancorp
....................................
United
States
300,000
10,938,000
JPMorgan
Chase
&
Co.
.................................
United
States
185,000
35,471,900
Truist
Financial
Corp.
..................................
United
States
350,000
13,142,500
US
Bancorp
.........................................
United
States
250,000
10,157,500
97,467,400
Beverages
0.7%
Coca-Cola
Co.
(The)
...................................
United
States
125,000
7,721,250
PepsiCo,
Inc.
........................................
United
States
100,000
17,591,000
25,312,250
Biotechnology
0.9%
AbbVie,
Inc.
.........................................
United
States
200,000
32,528,000
Building
Products
0.4%
Johnson
Controls
International
plc
.........................
United
States
200,000
13,014,000
Capital
Markets
1.6%
Charles
Schwab
Corp.
(The)
.............................
United
States
199,900
14,782,605
Morgan
Stanley
.......................................
United
States
450,000
40,878,000
55,660,605
Chemicals
1.1%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
43,000
10,162,620
Albemarle
Corp.
......................................
United
States
100,000
12,031,000
LyondellBasell
Industries
NV
,
A
...........................
United
States
150,000
14,995,500
37,189,120
Consumer
Staples
Distribution
&
Retail
0.5%
Target
Corp.
.........................................
United
States
100,000
16,098,000
Diversified
Telecommunication
Services
0.1%
Verizon
Communications,
Inc.
............................
United
States
100,000
3,949,000
Electric
Utilities
3.5%
Duke
Energy
Corp.
....................................
United
States
400,000
39,304,000
Edison
International
...................................
United
States
350,000
24,871,000
NextEra
Energy,
Inc.
...................................
United
States
275,000
18,416,750
Southern
Co.
(The)
....................................
United
States
500,000
36,750,000
119,341,750
Ground
Transportation
0.6%
Union
Pacific
Corp.
....................................
United
States
85,000
20,158,600
Health
Care
Providers
&
Services
0.9%
CVS
Health
Corp.
.....................................
United
States
100,000
6,771,000
UnitedHealth
Group,
Inc.
................................
United
States
50,000
24,185,000
30,956,000
Hotels,
Restaurants
&
Leisure
0.3%
Starbucks
Corp.
......................................
United
States
135,000
11,946,150
Household
Products
0.9%
Procter
&
Gamble
Co.
(The)
.............................
United
States
200,000
32,640,000
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
41
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Industrial
Conglomerates
0.6%
Honeywell
International,
Inc.
.............................
United
States
100,000
$
19,273,000
IT
Services
0.5%
International
Business
Machines
Corp.
.....................
United
States
100,000
16,620,000
Media
0.1%
Comcast
Corp.
,
A
.....................................
United
States
100,000
3,811,000
Metals
&
Mining
0.8%
Rio
Tinto
plc
,
ADR
.....................................
Australia
400,000
27,132,000
Multi-Utilities
1.0%
DTE
Energy
Co.
......................................
United
States
150,000
16,548,000
Sempra
.............................................
United
States
250,000
17,907,500
34,455,500
Oil,
Gas
&
Consumable
Fuels
3.1%
Chevron
Corp.
.......................................
United
States
450,000
72,571,500
Exxon
Mobil
Corp.
.....................................
United
States
300,000
35,481,000
108,052,500
Pharmaceuticals
2.2%
AstraZeneca
plc
,
ADR
..................................
United
Kingdom
350,000
26,558,000
Johnson
&
Johnson
...................................
United
States
200,000
28,918,000
Merck
&
Co.,
Inc.
.....................................
United
States
150,000
19,383,000
74,859,000
Semiconductors
&
Semiconductor
Equipment
3.0%
Analog
Devices,
Inc.
...................................
United
States
200,000
40,122,000
Texas
Instruments,
Inc.
.................................
United
States
350,000
61,747,000
101,869,000
Specialty
Retail
1.5%
Home
Depot,
Inc.
(The)
.................................
United
States
150,000
50,133,000
Tobacco
0.5%
Philip
Morris
International,
Inc.
...........................
United
States
200,000
18,988,000
Total
Common
Stocks
(Cost
$
775,824,107
)
.....................................
1,002,059,225
Management
Investment
Companies
0.1%
Capital
Markets
0.1%
a
Western
Asset
Diversified
Income
Fund
.....................
United
States
250,000
3,517,500
Total
Management
Investment
Companies
(Cost
$
3,305,401
)
.....................
3,517,500
b
Equity-Linked
Securities
7.9%
Aerospace
&
Defense
1.4%
c
BNP
Paribas
Issuance
BV
into
Northrop
Grumman
Corp.
,
144A,
7.5
%
,
9/10/24
......................................
United
States
54,000
23,834,296
c
Merrill
Lynch
International
&
Co.
CV
into
RTX
Corp.
,
144A,
7.5
%
,
10/02/24
..........................................
United
States
295,700
25,391,175
49,225,471
Air
Freight
&
Logistics
0.6%
c
Merrill
Lynch
International
&
Co.
CV
into
United
Parcel
Service,
Inc.
,
144A,
8.5
%
,
10/02/24
.................................
United
States
143,650
21,518,946
Banks
0.5%
c
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.
,
144A,
8.5
%
,
2/26/25
...........................................
United
States
250,000
8,877,107
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.
42
a
a
Country
Shares
a
Value
a
a
a
a
a
a
b
Equity-Linked
Securities
(continued)
Banks
(continued)
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Bank
of
America
Corp.
,
144A,
8
%
,
8/16/24
...................................
United
States
200,000
$
7,089,022
15,966,129
Broadline
Retail
0.4%
c
Goldman
Sachs
International
Bank
into
Amazon.com,
Inc.
,
144A,
9
%
,
11/20/24
.......................................
United
States
98,000
12,869,897
Capital
Markets
0.3%
c
UBS
AG
into
Charles
Schwab
Corp.
(The)
,
144A,
10
%
,
7/17/24
...
United
States
150,000
9,518,480
Communications
Equipment
0.8%
c
Mizuho
Markets
Cayman
LP
into
Cisco
Systems,
Inc.
,
144A,
7.5
%
,
7/23/24
...........................................
United
States
600,000
28,750,674
Consumer
Staples
Distribution
&
Retail
0.6%
c
Barclays
Bank
plc
into
Target
Corp.
,
144A,
8.5
%
,
10/08/24
......
United
States
135,000
19,327,732
Interactive
Media
&
Services
0.3%
c
JPMorgan
Chase
Bank
NA
into
Alphabet,
Inc.
,
144A,
8
%
,
3/28/25
.
United
States
75,000
11,352,078
Media
0.7%
c
Royal
Bank
of
Canada
into
Comcast
Corp.
,
144A,
8
%
,
7/12/24
...
United
States
660,000
25,492,310
Oil,
Gas
&
Consumable
Fuels
0.4%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Exxon
Mobil
Corp.
,
144A,
9
%
,
3/12/25
...................................
United
States
115,000
12,690,679
Pharmaceuticals
0.7%
c
National
Bank
of
Canada
into
Bristol-Myers
Squibb
Co.
,
144A,
8
%
,
9/05/24
...........................................
United
States
530,000
24,255,563
Semiconductors
&
Semiconductor
Equipment
0.4%
c
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.
,
144A,
10
%
,
11/12/24
......................................
United
States
150,000
13,091,477
Software
0.8%
c
Societe
Generale
SA
into
Workday,
Inc.
,
144A,
9
%
,
11/13/24
.....
United
States
115,000
26,911,357
Total
Equity-Linked
Securities
(Cost
$
267,333,739
)
..............................
270,970,793
Convertible
Preferred
Stocks
1.0%
Chemicals
0.4%
d
Albemarle
Corp.
,
7.25
%
................................
United
States
240,000
13,168,800
d
Electric
Utilities
0.6%
e
NextEra
Energy,
Inc.
,
6.926
%
............................
United
States
500,000
20,375,000
Total
Convertible
Preferred
Stocks
(Cost
$
34,220,190
)
...........................
33,543,800
Principal
Amount
*
Corporate
Bonds
55.8%
Aerospace
&
Defense
0.9%
Boeing
Co.
(The)
,
Senior
Bond
,
3.2
%
,
3/01/29
............................
United
States
15,000,000
13,119,128
Senior
Note
,
5.04
%
,
5/01/27
...........................
United
States
5,000,000
4,853,527
Senior
Note
,
5.15
%
,
5/01/30
...........................
United
States
15,000,000
14,192,875
32,165,530
Automobiles
0.4%
e
General
Motors
Co.
,
Senior
Bond
,
5.6
%
,
10/15/32
.............
United
States
15,000,000
14,745,887
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
43
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
6.1%
Bank
of
America
Corp.
,
Senior
Bond
,
3.419%
to
12/19/27,
FRN
thereafter
,
12/20/28
...
United
States
20,000,000
$
18,543,330
Senior
Bond
,
5.872%
to
9/14/33,
FRN
thereafter
,
9/15/34
.....
United
States
15,000,000
15,034,198
Barclays
plc
,
Senior
Bond
,
4.337
%
,
1/10/28
..........................
United
Kingdom
15,000,000
14,264,410
Senior
Bond
,
5.746%
to
8/08/32,
FRN
thereafter
,
8/09/33
.....
United
Kingdom
10,000,000
9,769,260
Senior
Note
,
7.385%
to
11/01/27,
FRN
thereafter
,
11/02/28
....
United
Kingdom
15,000,000
15,670,779
Citigroup,
Inc.
,
Senior
Bond
,
3.668%
to
7/23/27,
FRN
thereafter
,
7/24/28
.....
United
States
20,000,000
18,848,906
Senior
Bond
,
6.27%
to
11/16/32,
FRN
thereafter
,
11/17/33
.....
United
States
10,000,000
10,265,637
Fifth
Third
Bancorp
,
Senior
Note
,
6.339%
to
7/26/28,
FRN
thereafter
,
7/27/29
...........................................
United
States
10,000,000
10,117,004
JPMorgan
Chase
&
Co.
,
f
Junior
Sub.
Bond
,
6.875%
to
5/31/29,
FRN
thereafter
,
Perpetual
United
States
10,000,000
10,272,123
Senior
Bond
,
6.254%
to
10/22/33,
FRN
thereafter
,
10/23/34
...
United
States
10,000,000
10,360,374
Senior
Note
,
5.04%
to
1/22/27,
FRN
thereafter
,
1/23/28
.......
United
States
5,000,000
4,930,411
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
.......................
United
States
10,000,000
10,082,586
Truist
Bank
,
Sub.
Bond
,
2.636%
to
9/16/24,
FRN
thereafter
,
9/17/29
United
States
10,000,000
9,632,897
Truist
Financial
Corp.
,
Senior
Bond
,
5.122%
to
1/25/33,
FRN
thereafter
,
1/26/34
...................................
United
States
10,000,000
9,322,003
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
....
United
States
10,000,000
9,923,585
Senior
Note
,
4.548%
to
7/21/27,
FRN
thereafter
,
7/22/28
......
United
States
10,000,000
9,676,049
Wells
Fargo
&
Co.
,
Senior
Bond
,
5.389%
to
4/23/33,
FRN
thereafter
,
4/24/34
...........................................
United
States
25,000,000
24,101,915
210,815,467
Biotechnology
1.1%
AbbVie,
Inc.
,
Senior
Bond
,
4.55
%
,
3/15/35
...........................
United
States
15,000,000
13,933,163
Senior
Bond
,
4.5
%
,
5/14/35
............................
United
States
10,000,000
9,235,006
Amgen,
Inc.
,
Senior
Bond
,
5.25
%
,
3/02/33
...................
United
States
15,000,000
14,679,378
37,847,547
Broadline
Retail
0.3%
Amazon.com,
Inc.
,
Senior
Bond
,
3.6
%
,
4/13/32
...............
United
States
10,000,000
9,022,519
Building
Products
0.6%
Carrier
Global
Corp.
,
Senior
Bond
,
5.9
%
,
3/15/34
.............
United
States
20,000,000
20,444,107
Capital
Markets
2.9%
Charles
Schwab
Corp.
(The)
,
Senior
Bond
,
5.853%
to
5/18/33,
FRN
thereafter
,
5/19/34
...................................
United
States
10,000,000
9,961,909
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
2.65%
to
10/20/31,
FRN
thereafter
,
10/21/32
....
United
States
15,000,000
12,151,362
Senior
Bond
,
6.561%
to
10/23/33,
FRN
thereafter
,
10/24/34
...
United
States
10,000,000
10,529,840
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
c
Senior
Bond
,
144A,
6.75
%
,
3/15/34
......................
United
States
15,000,000
15,312,810
Senior
Note
,
5.5
%
,
1/15/30
............................
United
States
10,000,000
9,660,134
Senior
Note
,
3.75
%
,
12/01/31
..........................
United
States
5,000,000
4,226,901
Morgan
Stanley
,
Senior
Bond
,
2.699%
to
1/21/30,
FRN
thereafter
,
1/22/31
.....
United
States
10,000,000
8,568,870
Senior
Bond
,
6.342%
to
10/17/32,
FRN
thereafter
,
10/18/33
...
United
States
15,000,000
15,563,874
Senior
Bond
,
5.424%
to
7/20/33,
FRN
thereafter
,
7/21/34
.....
United
States
15,000,000
14,560,942
100,536,642
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.
44
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
1.7%
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.33
%
,
7/15/29
.......
United
States
20,000,000
$
20,297,485
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3
%
,
3/15/33
..........
United
States
10,000,000
10,449,134
DuPont
de
Nemours,
Inc.
,
Senior
Note
,
4.493
%
,
11/15/25
.......
United
States
10,000,000
9,832,818
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.......
United
States
20,000,000
18,670,223
59,249,660
Consumer
Finance
3.1%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.3
%
,
1/30/32
.................................
Ireland
20,000,000
16,704,369
Capital
One
Financial
Corp.
,
Senior
Bond
,
5.268%
to
5/09/32,
FRN
thereafter
,
5/10/33
.....
United
States
10,000,000
9,476,008
Senior
Note
,
6.312%
to
6/07/28,
FRN
thereafter
,
6/08/29
......
United
States
10,000,000
10,090,956
Senior
Note
,
3.273%
to
2/28/29,
FRN
thereafter
,
3/01/30
......
United
States
15,000,000
13,247,192
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
7.35
%
,
11/04/27
..........................
United
States
15,000,000
15,518,917
Senior
Note
,
3.625
%
,
6/17/31
..........................
United
States
15,000,000
12,673,660
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
3.6
%
,
6/21/30
............................
United
States
20,000,000
17,615,897
Senior
Bond
,
6.4
%
,
1/09/33
............................
United
States
10,000,000
10,195,132
105,522,131
Consumer
Staples
Distribution
&
Retail
0.3%
Target
Corp.
,
Senior
Bond
,
4.5
%
,
9/15/32
...................
United
States
10,000,000
9,480,885
Containers
&
Packaging
0.6%
c
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/15/27
................................
United
States
20,000,000
20,400,000
Diversified
REITs
0.5%
c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Bond
,
144A,
4.625
%
,
12/01/29
..........................................
United
States
20,000,000
18,567,718
Diversified
Telecommunication
Services
0.6%
Verizon
Communications,
Inc.
,
Senior
Note
,
2.355
%
,
3/15/32
....
United
States
25,000,000
19,956,741
Electric
Utilities
3.3%
Edison
International
,
Senior
Note
,
6.95
%
,
11/15/29
............
United
States
20,000,000
21,008,974
c
NRG
Energy,
Inc.
,
Senior
Secured
Bond
,
144A,
7
%
,
3/15/33
.....
United
States
10,000,000
10,422,465
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
7/01/30
...........................
United
States
25,000,000
23,216,009
Senior
Bond
,
6.15
%
,
1/15/33
...........................
United
States
10,000,000
10,016,657
Southern
Co.
(The)
,
Senior
Bond
,
5.7
%
,
10/15/32
.............
United
States
15,000,000
15,038,040
c
Vistra
Operations
Co.
LLC
,
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
...........................................
United
States
36,000,000
33,259,171
112,961,316
Electrical
Equipment
0.6%
c
Regal
Rexnord
Corp.
,
Senior
Note
,
144A,
6.05
%
,
4/15/28
.......
United
States
20,000,000
19,968,590
Electronic
Equipment,
Instruments
&
Components
1.3%
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
..........................
United
States
20,000,000
18,998,125
Senior
Note
,
6
%
,
1/15/28
.............................
United
States
10,000,000
10,037,321
Jabil,
Inc.
,
Senior
Bond
,
3
%
,
1/15/31
.......................
United
States
20,000,000
16,742,531
45,777,977
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Entertainment
0.8%
Netflix,
Inc.
,
Senior
Bond
,
4.875
%
,
4/15/28
..................
United
States
10,000,000
$
9,820,661
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
4.279
%
,
3/15/32
......
United
States
20,000,000
17,234,454
27,055,115
Financial
Services
0.5%
Fiserv,
Inc.
,
Senior
Bond
,
3.5
%
,
7/01/29
....................
United
States
20,000,000
18,226,275
Food
Products
0.5%
Pilgrim's
Pride
Corp.
,
Senior
Note
,
4.25
%
,
4/15/31
............
United
States
21,000,000
18,593,537
Ground
Transportation
1.0%
c
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
8/11/32
.......................
United
Kingdom
15,000,000
14,388,687
Senior
Bond
,
144A,
5.95
%
,
10/15/33
.....................
United
Kingdom
10,000,000
9,852,357
Union
Pacific
Corp.
,
Senior
Bond
,
4.5
%
,
1/20/33
..............
United
States
10,000,000
9,456,344
33,697,388
Health
Care
Equipment
&
Supplies
0.7%
Edwards
Lifesciences
Corp.
,
Senior
Bond
,
4.3
%
,
6/15/28
.......
United
States
9,700,000
9,313,015
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.905
%
,
11/22/32
United
States
15,000,000
15,317,702
24,630,717
Health
Care
Providers
&
Services
5.4%
Centene
Corp.
,
Senior
Note
,
4.625
%
,
12/15/29
...............
United
States
25,000,000
23,300,827
c
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
144A,
8
%
,
3/15/26
..................
United
States
9,875,000
9,836,503
Senior
Secured
Note
,
144A,
5.625
%
,
3/15/27
..............
United
States
15,000,000
13,749,846
Senior
Secured
Note
,
144A,
8
%
,
12/15/27
.................
United
States
10,000,000
9,797,888
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
.............
United
States
10,000,000
10,250,250
CVS
Health
Corp.
,
Senior
Bond
,
3.25
%
,
8/15/29
...........................
United
States
15,000,000
13,455,268
Senior
Bond
,
3.75
%
,
4/01/30
...........................
United
States
10,000,000
9,074,702
c
DaVita,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
2/15/31
......................
United
States
10,500,000
8,650,034
Senior
Note
,
144A,
4.625
%
,
6/01/30
.....................
United
States
16,000,000
14,032,302
c
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond
,
144A,
3
%
,
12/01/31
..........................................
Germany
20,000,000
15,763,401
HCA,
Inc.
,
Senior
Bond
,
4.125
%
,
6/15/29
..........................
United
States
10,000,000
9,294,022
Senior
Bond
,
5.5
%
,
6/01/33
............................
United
States
15,000,000
14,577,235
Humana,
Inc.
,
Senior
Bond
,
5.875
%
,
3/01/33
.................
United
States
15,000,000
14,993,142
Tenet
Healthcare
Corp.
,
Senior
Note
,
6.125
%
,
10/01/28
.........................
United
States
10,000,000
9,883,832
Senior
Secured
Note
,
4.375
%
,
1/15/30
...................
United
States
10,000,000
9,089,329
185,748,581
Health
Care
REITs
0.6%
Healthpeak
OP
LLC
,
Senior
Note
,
5.25
%
,
12/15/32
............
United
States
20,000,000
19,242,229
Hotels,
Restaurants
&
Leisure
2.2%
c
Carnival
Corp.
,
Senior
Note
,
144A,
5.75
%
,
3/01/27
............
United
States
20,000,000
19,532,827
Expedia
Group,
Inc.
,
Senior
Bond
,
3.8
%
,
2/15/28
............................
United
States
15,000,000
14,072,083
Senior
Note
,
5
%
,
2/15/26
.............................
United
States
10,000,000
9,881,771
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Starbucks
Corp.
,
Senior
Bond
,
2.55
%
,
11/15/30
...............
United
States
10,000,000
$
8,454,173
c
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Note
,
144A,
5.25
%
,
5/15/27
.................................
United
States
25,000,000
24,177,182
76,118,036
Household
Durables
0.3%
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
4.35
%
,
2/15/28
.......
United
States
10,000,000
9,564,376
Insurance
1.3%
Brown
&
Brown,
Inc.
,
Senior
Bond
,
2.375
%
,
3/15/31
...........
United
States
31,000,000
25,009,826
c
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
United
States
10,000,000
10,008,128
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
...............
United
States
10,000,000
9,970,595
44,988,549
Interactive
Media
&
Services
0.3%
Meta
Platforms,
Inc.
,
Senior
Note
,
3.85
%
,
8/15/32
.............
United
States
10,000,000
9,084,422
Machinery
0.6%
Ingersoll
Rand,
Inc.
,
Senior
Bond
,
5.7
%
,
8/14/33
..............
United
States
20,000,000
19,874,526
Metals
&
Mining
2.3%
c
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
.
United
States
15,000,000
13,725,988
ArcelorMittal
SA
,
e
Senior
Bond
,
4.25
%
,
7/16/29
...........................
Luxembourg
7,700,000
7,237,203
Senior
Note
,
6.55
%
,
11/29/27
..........................
Luxembourg
25,000,000
25,648,740
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
4.625
%
,
8/01/30
........
United
States
20,000,000
18,853,932
c
,e
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
4.875
%
,
3/12/29
.....
Australia
15,000,000
14,497,742
79,963,605
Multi-Utilities
0.8%
Dominion
Energy,
Inc.
,
A
,
Senior
Note
,
4.35
%
,
8/15/32
.........
United
States
15,000,000
13,677,083
Sempra
,
Senior
Bond
,
5.5
%
,
8/01/33
.......................
United
States
15,000,000
14,577,366
28,254,449
Oil,
Gas
&
Consumable
Fuels
2.5%
BP
Capital
Markets
America,
Inc.
,
Senior
Bond
,
3.633
%
,
4/06/30
..
United
States
10,000,000
9,224,165
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
11
%
,
4/15/25
........................
United
States
13,186,000
13,207,004
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note
,
3.7
%
,
11/15/29
..........................................
United
States
10,000,000
9,086,910
Energy
Transfer
LP
,
Senior
Bond
,
5.75
%
,
2/15/33
.............
United
States
15,000,000
14,890,680
Occidental
Petroleum
Corp.
,
Senior
Note
,
6.375
%
,
9/01/28
......
United
States
10,000,000
10,230,442
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
4.65
%
,
8/15/32
...........................
United
States
10,000,000
9,350,833
Senior
Bond
,
5.65
%
,
3/15/33
...........................
United
States
20,000,000
19,846,974
85,837,008
Passenger
Airlines
1.0%
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
25,000,000
24,208,728
c
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
9,750,000
9,775,190
33,983,918
Personal
Care
Products
0.6%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.........
United
States
25,000,000
21,969,490
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)
Pharmaceuticals
0.9%
Royalty
Pharma
plc
,
Senior
Bond
,
2.15
%
,
9/02/31
.............
United
States
20,000,000
$
15,682,471
Viatris,
Inc.
,
Senior
Note
,
2.7
%
,
6/22/30
.....................
United
States
20,000,000
16,545,150
32,227,621
Semiconductors
&
Semiconductor
Equipment
1.7%
Broadcom,
Inc.
,
Senior
Bond
,
4.3
%
,
11/15/32
...........................
United
States
20,000,000
18,228,286
c
Senior
Bond
,
144A,
3.469
%
,
4/15/34
.....................
United
States
20,000,000
16,577,340
Microchip
Technology,
Inc.
,
Senior
Note
,
4.25
%
,
9/01/25
........
United
States
5,000,000
4,905,486
Micron
Technology,
Inc.
,
Senior
Bond
,
4.663
%
,
2/15/30
..........................
United
States
15,000,000
14,288,238
Senior
Bond
,
5.875
%
,
2/09/33
..........................
United
States
5,000,000
5,028,849
59,028,199
Software
1.2%
Oracle
Corp.
,
Senior
Bond
,
6.25
%
,
11/09/32
..........................
United
States
10,000,000
10,376,476
Senior
Bond
,
3.9
%
,
5/15/35
............................
United
States
20,000,000
16,891,478
Workday,
Inc.
,
Senior
Note
,
3.5
%
,
4/01/27
...................
United
States
15,000,000
14,242,806
41,510,760
Specialized
REITs
1.0%
American
Tower
Corp.
,
Senior
Bond
,
3.8
%
,
8/15/29
............................
United
States
15,000,000
13,725,394
Senior
Bond
,
5.9
%
,
11/15/33
...........................
United
States
10,000,000
10,074,313
Crown
Castle,
Inc.
,
Senior
Bond
,
5.1
%
,
5/01/33
...............
United
States
10,000,000
9,448,710
33,248,417
Specialty
Retail
0.9%
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
5
%
,
4/15/33
.................
United
States
30,000,000
28,989,993
Technology
Hardware,
Storage
&
Peripherals
0.9%
Apple,
Inc.
,
Senior
Bond
,
3.35
%
,
8/08/32
....................
United
States
10,000,000
8,886,245
HP,
Inc.
,
e
Senior
Bond
,
5.5
%
,
1/15/33
............................
United
States
15,000,000
14,777,693
Senior
Note
,
2.65
%
,
6/17/31
...........................
United
States
10,000,000
8,243,155
31,907,093
Tobacco
1.9%
Altria
Group,
Inc.
,
Senior
Bond
,
2.45
%
,
2/04/32
...............
United
States
15,000,000
11,847,037
BAT
Capital
Corp.
,
Senior
Bond
,
4.742
%
,
3/16/32
..........................
United
Kingdom
15,000,000
14,015,603
Senior
Bond
,
7.75
%
,
10/19/32
..........................
United
Kingdom
25,000,000
27,745,426
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
....
United
States
10,000,000
9,833,941
63,442,007
Trading
Companies
&
Distributors
0.7%
c
United
Rentals
North
America,
Inc.
,
Senior
Secured
Note
,
144A,
6
%
,
12/15/29
..........................................
United
States
22,500,000
22,291,943
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)
Wireless
Telecommunication
Services
0.9%
Sprint
LLC
,
Senior
Note
,
7.625
%
,
2/15/25
...................
United
States
10,000,000
$
10,082,690
c
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
,
Senior
Secured
Note
,
144A,
4.738
%
,
3/20/25
...........................................
United
States
1,875,000
1,864,144
T-Mobile
USA,
Inc.
,
Senior
Bond
,
3.5
%
,
4/15/31
..............
United
States
20,000,000
17,616,984
29,563,818
Total
Corporate
Bonds
(Cost
$
1,882,122,461
)
...................................
1,916,504,789
U.S.
Government
and
Agency
Securities
4.8%
U.S.
Treasury
Bonds
,
4.125
%,
8/15/53
.....................
United
States
87,500,000
78,380,859
U.S.
Treasury
Notes
,
4.125
%,
8/31/30
.....................................
United
States
30,000,000
29,037,305
3.875
%,
8/15/33
.....................................
United
States
60,000,000
56,339,063
Total
U.S.
Government
and
Agency
Securities
(Cost
$
170,425,972
)
................
163,757,227
Asset-Backed
Securities
0.3%
Passenger
Airlines
0.3%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
...........................
United
States
5,509,583
5,500,803
2020-1
,
B
,
4.875
%
,
7/15/27
............................
United
States
6,048,000
5,908,888
11,409,691
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
11,557,583
)
...............................
11,409,691
Mortgage-Backed
Securities
0.0%
†
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year
,
4
%,
8/01/49
.............................
United
States
985,116
900,362
Total
Mortgage-Backed
Securities
(Cost
$
1,043,607
)
.............................
900,362
Total
Long
Term
Investments
(Cost
$
3,145,833,060
)
.............................
3,402,663,387
a
Short
Term
Investments
0.6%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.0%
†
a,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
1,124,444
1,124,444
Total
Money
Market
Funds
(Cost
$
1,124,444
)
...................................
1,124,444
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
At
April
30,
2024
,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1
(
c
). 
See
Abbreviations
on
page
70
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
h
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.6%
Money
Market
Funds
0.6%
a,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
20,535,000
$
20,535,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
20,535,000
)
...........................................................
20,535,000
Total
Short
Term
Investments
(Cost
$
21,659,444
)
................................
21,659,444
a
Total
Investments
(Cost
$
3,167,492,504
)
99.6
%
..................................
$3,424,322,831
Other
Assets,
less
Liabilities
0.4
%
.............................................
12,231,712
Net
Assets
100.0%
...........................................................
$3,436,554,543
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
b
See
Note
1(d)
regarding
equity-linked
securities.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2024,
the
aggregate
value
of
these
securities
was
$665,089,031,
representing
19.4%
of
net
assets.
d
Non-income
producing.
e
A
portion
or
all
of
the
security
is
on
loan
at
April
30,
2024.
See
Note
1(e).
f
Perpetual
security
with
no
stated
maturity
date.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
h
See
Note
1(e)
regarding
securities
on
loan.
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
$
107,437,500
6/18/24
$
(
2,873,485
)
U.S.
Treasury
Long
Bonds
.....................
Long
375
42,679,688
6/18/24
(
1,973,208
)
U.S.
Treasury
Ultra
Bonds
......................
Long
750
89,671,875
6/18/24
(
5,145,980
)
Total
Futures
Contracts
......................................................................
$(9,992,673)
*
As
of
period
end.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
April
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
50
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
.................................
$2,429,416,555
$2,607,384,671
$3,142,527,659
Cost
-
Non-controlled
affiliates
(Note
3f)
......................
101,379,227
111,703,504
24,964,845
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$—,
$31,940,176
and
$19,856,272,
respectively)
...................
$2,494,115,192
$3,717,180,484
$3,399,145,887
Value
-
Non-controlled
affiliates
(Note
3f)
......................
101,379,227
111,703,504
25,176,944
Cash
..................................................
—
1,317,099
188,320
Foreign
currency,
at
value
(cost
$–,
$–
and
$181,586,
respectively)
...
—
—
180,629
Receivables:
Investment
securities
sold
.................................
—
13,800,161
3,520,597
Capital
shares
sold
......................................
505,513
2,257,860
550,957
Dividends
and
interest
...................................
7,703,726
3,559,908
27,484,772
European
Union
tax
reclaims
(Note
1f)
.......................
—
503,170
1,087,432
Deposits
with
brokers
for:
Futures
contracts
......................................
—
—
8,050,000
Total
assets
........................................
2,603,703,658
3,850,322,186
3,465,385,538
Liabilities:
Payables:
Investment
securities
purchased
............................
—
3,198,282
—
Capital
shares
redeemed
.................................
1,796,384
2,508,294
3,535,803
Management
fees
.......................................
992,867
1,433,858
1,559,599
Distribution
fees
........................................
247,957
743,948
700,547
Transfer
agent
fees
......................................
955,999
850,302
643,862
Trustees'
fees
and
expenses
...............................
1,831
89
913
Variation
margin
on
futures
contracts
.........................
—
—
1,582,036
Payable
upon
return
of
securities
loaned
(Note
1e)
................
—
32,895,000
20,535,000
Accrued
expenses
and
other
liabilities
.........................
252,133
255,896
273,235
Total
liabilities
.......................................
4,247,171
41,885,669
28,830,995
Net
assets,
at
value
...............................
$2,599,456,487
$3,808,436,517
$3,436,554,543
Net
assets
consist
of:
Paid-in
capital
...........................................
$2,514,398,158
$2,565,838,010
$3,159,213,437
Total
distributable
earnings
(losses)
...........................
85,058,329
1,242,598,507
277,341,106
Net
assets,
at
value
...............................
$2,599,456,487
$3,808,436,517
$3,436,554,543
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
51
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Class
A:
Net
assets,
at
value
.....................................
$932,500,293
$3,155,346,070
$2,953,598,197
Shares
outstanding
......................................
44,797,888
101,672,311
242,760,363
Net
asset
value
per
share
a,b
................................
$20.82
$31.03
$12.17
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
..............................................
$22.03
$32.84
$12.88
Class
C:
Net
assets,
at
value
.....................................
$63,163,039
$102,897,854
$106,135,090
Shares
outstanding
......................................
3,121,958
3,339,391
8,817,319
Net
asset
value
and
maximum
offering
price
per
share
a,b
..........
$20.23
$30.82
$12.04
Class
R:
Net
assets,
at
value
.....................................
$—
$12,938,027
$2,441,515
Shares
outstanding
......................................
—
416,708
200,003
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$—
$31.05
$12.21
Class
R6:
Net
assets,
at
value
.....................................
$91,848,874
$173,214,071
$180,666,975
Shares
outstanding
......................................
4,368,325
5,567,885
14,807,034
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$21.03
$31.12
$12.20
Advisor
Class:
Net
assets,
at
value
.....................................
$1,511,944,281
$364,040,495
$193,712,766
Shares
outstanding
......................................
72,630,583
11,706,964
15,879,227
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$20.82
$31.10
$12.20
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Operations
for
the
six
months
ended
April
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
52
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$–,
$747,792
and
$–,
respectively)
Unaffiliated
issuers
......................................
$3,989,231
$48,969,577
$17,062,687
Non-controlled
affiliates
(Note
3f)
...........................
1,682,048
2,305,368
1,331,239
Interest:
Unaffiliated
issuers
......................................
16,048,303
—
64,615,642
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
...................
(1,786)
(162,623)
(55,810)
Non-controlled
affiliates
(Note
3f)
...........................
2,192
177,747
126,627
Other
income
(Note
1f)
.....................................
—
11,326
21,051
Total
investment
income
.................................
21,719,988
51,301,395
83,101,436
Expenses:
Management
fees
(Note
3
a
)
.................................
6,104,530
8,555,884
9,624,990
Distribution
fees:
(Note
3c
)
    Class
A
..............................................
1,184,194
3,819,915
3,747,900
    Class
C
..............................................
336,978
507,677
572,211
    Class
R
..............................................
—
30,300
5,816
Transfer
agent
fees:
(Note
3e
)
    Class
A
..............................................
521,885
1,586,370
1,351,404
    Class
C
..............................................
37,171
52,785
51,729
    Class
R
..............................................
—
6,283
1,044
    Class
R6
.............................................
17,124
24,441
22,112
    Advisor
Class
..........................................
846,470
186,657
90,182
Custodian
fees
...........................................
7,948
11,063
9,571
Reports
to
shareholders
fees
................................
85,441
106,286
102,453
Registration
and
filing
fees
..................................
68,041
100,109
85,616
Professional
fees
.........................................
34,208
27,361
32,394
Trustees'
fees
and
expenses
................................
16,243
22,414
21,324
Other
..................................................
51,651
50,920
83,147
Total
expenses
.......................................
9,311,884
15,088,465
15,801,893
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
............
(121,292)
(165,622)
(75,219)
Net
expenses
.......................................
9,190,592
14,922,843
15,726,674
Net
investment
income
..............................
12,529,396
36,378,552
67,374,762
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
....................................
21,284,590
141,521,258
53,601,358
Non-controlled
affiliates
(Note
3f)
..........................
—
—
10,679,735
Written
options
.........................................
—
—
1,484,450
Foreign
currency
transactions
..............................
—
21,594
13,497
Futures
contracts
.......................................
—
—
(7,398,880)
Net
realized
gain
(loss)
................................
21,284,590
141,542,852
58,380,160
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
....................................
270,438,654
471,379,785
227,351,578
Non-controlled
affiliates
(Note
3f)
..........................
—
—
(7,365,284)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
...........................................
—
3,212
(4,607)
Written
options
.........................................
—
—
(1,269,346)
Futures
contracts
.......................................
—
—
8,461,251
Net
change
in
unrealized
appreciation
(depreciation)
..........
270,438,654
471,382,997
227,173,592
Net
realized
and
unrealized
gain
(loss)
..........................
291,723,244
612,925,849
285,553,752
Net
increase
(decrease)
in
net
assets
resulting
from
operations
........
$304,252,640
$649,304,401
$352,928,514
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
53
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$12,529,396
$30,156,380
$36,378,552
$70,585,096
Net
realized
gain
(loss)
............
21,284,590
37,704,871
141,542,852
91,137,212
Net
change
in
unrealized
appreciation
(depreciation)
.................
270,438,654
(27,179,088)
471,382,997
(160,561,046)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
304,252,640
40,682,163
649,304,401
1,161,262
Distributions
to
shareholders:
Class
A
........................
(17,292,751)
(85,707,219)
(88,072,370)
(165,141,379)
Class
C
........................
(1,035,935)
(7,332,304)
(2,578,728)
(8,470,387)
Class
R
........................
—
—
(331,989)
(559,295)
Class
R6
.......................
(1,844,622)
(7,902,038)
(5,058,148)
(9,783,554)
Advisor
Class
...................
(30,066,800)
(149,752,591)
(10,902,780)
(22,227,978)
Total
distributions
to
shareholders
.....
(50,240,108)
(250,694,152)
(106,944,015)
(206,182,593)
Capital
share
transactions:
(Note
2
)
Class
A
........................
(59,971,749)
(92,071,577)
(70,134,227)
108,551,298
Class
C
........................
(10,800,146)
(27,614,778)
(8,126,449)
(81,728,369)
Class
R
........................
—
—
513,060
1,764,007
Class
R6
.......................
(6,740,596)
932,846
(824,450)
(1,256,644)
Advisor
Class
...................
(110,570,416)
(296,126,753)
(18,704,743)
(33,966,693)
Total
capital
share
transactions
.......
(188,082,907)
(414,880,262)
(97,276,809)
(6,636,401)
Net
increase
(decrease)
in
net
assets
.....................
65,929,625
(624,892,251)
445,083,577
(211,657,732)
Net
assets:
Beginning
of
period
................
2,533,526,862
3,158,419,113
3,363,352,940
3,575,010,672
End
of
period
.....................
$2,599,456,487
$2,533,526,862
$3,808,436,517
$3,363,352,940
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.
54
Franklin
Managed
Income
Fund
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$67,374,762
$140,025,866
Net
realized
gain
(loss)
.................................................
58,380,160
16,802,326
Net
change
in
unrealized
appreciation
(depreciation)
...........................
227,173,592
(130,670,311)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
352,928,514
26,157,881
Distributions
to
shareholders:
Class
A
.............................................................
(69,638,275)
(141,714,730)
Class
C
.............................................................
(2,202,563)
(5,460,004)
Class
R
.............................................................
(50,826)
(130,492)
Class
R6
............................................................
(4,560,604)
(8,975,610)
Advisor
Class
........................................................
(4,889,792)
(10,277,757)
Total
distributions
to
shareholders
..........................................
(81,342,060)
(166,558,593)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(122,749,517)
(137,547,804)
Class
C
.............................................................
(18,456,438)
(49,558,512)
Class
R
.............................................................
(116,334)
(492,842)
Class
R6
............................................................
(8,469,683)
13,436,915
Advisor
Class
........................................................
(13,408,994)
(3,231,489)
Total
capital
share
transactions
............................................
(163,200,966)
(177,393,732)
Net
increase
(decrease)
in
net
assets
...................................
108,385,488
(317,794,444)
Net
assets:
Beginning
of
period
.....................................................
3,328,169,055
3,645,963,499
End
of
period
..........................................................
$3,436,554,543
$3,328,169,055
Franklin
Investors
Securities
Trust
55
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 eight
separate
funds, three
of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
classes
of
shares
offered
within
each
of
the
Funds
are
indicated
below.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years. Each
class
of
shares
may
differ
by
its initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Franklin
Convertible
Securities
Fund
closed
to
new
investors
with
limited
exceptions
on
August
29,
2018.
Class
A,
Class
C,
Class
R,
Class
R6
&
Advisor
Class
Franklin
Managed
Income
Fund
Franklin
Equity
Income
Fund
Class
A,
Class
C,
Class
R6
&
Advisor
Class
Franklin
Convertible
Securities
Fund
The
following
summarizes
the Funds'
significant
accounting
policies. 
a.
Financial
Instrument
Valuation
The Funds'
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The Funds calculate the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier. Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
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)
56
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,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds'
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds'
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Funds
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statements
of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Derivative
Financial
Instruments
Certain
or
all
Funds
invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statements
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statements
of
Operations.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
57
franklintempleton.com
Semiannual
Report
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
Certain
or
all
Funds
entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statements
of
Assets
and
Liabilities.
At
April
30,
2024,
Franklin
Convertible
Securities
Fund
and
Franklin
Equity
Income
Fund
had
no
futures
contracts.
Certain
or
all
Funds
purchased
or
wrote
exchange
traded OTC option
contracts
primarily
to
manage
and/or
gain
exposure
to
equity
volatility
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
At
April
30,
2024,
Franklin
Convertible
Securities
Fund
and
Franklin
Equity
Income
Fund
had
no
options
contracts.
See
Note
7
regarding
other
derivative
information.
d.
Equity-Linked
Securities
Certain
or
all
Funds
invest in
equity-linked
securities.
Equity-linked
securities
are
hybrid
financial
instruments
that
generally
combine
both
debt
and
equity
characteristics
into
a
single
note
form.
Income
received
from
equity-linked
securities
is
recorded
as
realized
gains
in
the
Statements
of
Operations
and
may
be
based
on
the
performance
of
an
underlying
equity
security,
an
equity
index,
or
an
option
position.
The
risks
of
investing
in
equity-linked
securities
include
unfavorable
price
movements
in
the
underlying
security
and
the
credit
risk
of
the
issuing
financial
institution.
There
may
be
no
guarantee
of
a
return
of
principal
with
equity-linked
securities
and
the
appreciation
potential
may
be
limited.
Equity-linked
securities
may
be
more
volatile
and
less
liquid
than
other
investments
held
by
the
Funds.
e.
Securities
Lending
Certain
or
all
Funds
participate
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the
Funds. 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,
2024,
Franklin
Convertible
Securities
Fund
had
no
securities
on
loan.
f.
Income
and
Deferred
Taxes
It
is each
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. Each
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
58
franklintempleton.com
Semiannual
Report
The
Funds
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
the
Funds
invest.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Funds
invest.
When
a
capital
gain
tax
is
determined
to
apply,
certain
or
all
Funds
record
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
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,
2024, each
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
g.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
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.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Income
and
Deferred
Taxes
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
59
franklintempleton.com
Semiannual
Report
h.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
i.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Funds, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
April
30,
2024,
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,
2024
Shares
sold
a
...................................
957,203
$19,770,261
4,741,803
$140,675,432
Shares
issued
in
reinvestment
of
distributions
..........
790,129
16,262,200
2,951,040
86,311,823
Shares
redeemed
...............................
(4,672,046)
(96,004,210)
(10,008,296)
(297,121,482)
Net
increase
(decrease)
..........................
(2,924,714)
$(59,971,749)
(2,315,453)
$(70,134,227)
Year
ended
October
31,
2023
Shares
sold
a
...................................
3,067,149
$61,111,881
14,572,533
$415,416,374
Shares
issued
in
reinvestment
of
distributions
..........
4,151,284
80,675,938
5,744,799
161,763,879
Shares
redeemed
...............................
(11,730,426)
(233,859,396)
(16,538,560)
(468,628,955)
Net
increase
(decrease)
..........................
(4,511,993)
$(92,071,577)
3,778,772
$108,551,298
Class
C
Class
C
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
78,664
$1,598,953
224,320
$6,660,354
Shares
issued
in
reinvestment
of
distributions
..........
51,128
1,019,709
88,051
2,549,963
Shares
redeemed
a
..............................
(670,754)
(13,418,808)
(590,683)
(17,336,766)
Net
increase
(decrease)
..........................
(540,962)
$(10,800,146)
(278,312)
$(8,126,449)
Year
ended
October
31,
2023
Shares
sold
...................................
126,487
$2,434,972
1,977,276
$55,778,901
Shares
issued
in
reinvestment
of
distributions
..........
376,284
7,098,094
301,742
8,415,691
Shares
redeemed
a
..............................
(1,908,009)
(37,147,844)
(5,118,778)
(145,922,961)
Net
increase
(decrease)
..........................
(1,405,238)
$(27,614,778)
(2,839,760)
$(81,728,369)
Class
R
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
60
franklintempleton.com
Semiannual
Report
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Shares
Amount
Shares
Amount
Class
R
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
—
$—
36,452
$1,096,334
Shares
issued
in
reinvestment
of
distributions
..........
—
—
11,120
325,222
Shares
redeemed
...............................
—
—
(30,203)
(908,496)
Net
increase
(decrease)
..........................
—
$—
17,369
$513,060
Year
ended
October
31,
2023
Shares
sold
...................................
—
$—
104,140
$2,955,808
Shares
issued
in
reinvestment
of
distributions
..........
—
—
19,750
556,678
Shares
redeemed
...............................
—
—
(62,252)
(1,748,479)
Net
increase
(decrease)
..........................
—
$—
61,638
$1,764,007
Class
R6
Class
R6
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
357,559
$7,444,658
615,011
$18,325,288
Shares
issued
in
reinvestment
of
distributions
..........
82,739
1,721,773
134,821
3,955,943
Shares
redeemed
...............................
(766,635)
(15,907,027)
(773,511)
(23,105,681)
Net
increase
(decrease)
..........................
(326,337)
$(6,740,596)
(23,679)
$(824,450)
Year
ended
October
31,
2023
Shares
sold
...................................
1,180,680
$23,626,407
1,347,516
$38,294,748
Shares
issued
in
reinvestment
of
distributions
..........
398,310
7,823,257
269,828
7,613,373
Shares
redeemed
...............................
(1,512,286)
(30,516,818)
(1,655,326)
(47,164,765)
Net
increase
(decrease)
..........................
66,704
$932,846
(37,982)
$(1,256,644)
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
6,095,770
$125,212,673
1,303,032
$38,767,545
Shares
issued
in
reinvestment
of
distributions
..........
1,218,294
25,098,585
358,245
10,501,432
Shares
redeemed
...............................
(12,723,701)
(260,881,674)
(2,271,144)
(67,973,720)
Net
increase
(decrease)
..........................
(5,409,637)
$(110,570,416)
(609,867)
$(18,704,743)
Year
ended
October
31,
2023
Shares
sold
...................................
14,950,339
$299,431,946
3,069,278
$87,746,193
Shares
issued
in
reinvestment
of
distributions
..........
6,590,350
128,160,676
760,467
21,448,966
Shares
redeemed
...............................
(36,239,243)
(723,719,375)
(4,994,390)
(143,161,852)
Net
increase
(decrease)
..........................
(14,698,554)
$(296,126,753)
(1,164,645)
$(33,966,693)
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
61
franklintempleton.com
Semiannual
Report
Franklin
Managed
Income
Fund
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
a
...................................
8,429,646
$102,474,838
Shares
issued
in
reinvestment
of
distributions
..........
5,549,072
67,783,006
Shares
redeemed
...............................
(24,090,050)
(293,007,361)
Net
increase
(decrease)
..........................
(10,111,332)
$(122,749,517)
Year
ended
October
31,
2023
Shares
sold
a
...................................
22,216,418
$268,709,132
Shares
issued
in
reinvestment
of
distributions
..........
11,442,420
137,792,939
Shares
redeemed
...............................
(45,191,799)
(544,049,875)
Net
increase
(decrease)
..........................
(11,532,961)
$(137,547,804)
Class
C
Class
C
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
434,496
$5,261,766
Shares
issued
in
reinvestment
of
distributions
..........
178,551
2,157,662
Shares
redeemed
a
..............................
(2,147,284)
(25,875,866)
Net
increase
(decrease)
..........................
(1,534,237)
$(18,456,438)
Year
ended
October
31,
2023
Shares
sold
...................................
1,680,185
$20,022,005
Shares
issued
in
reinvestment
of
distributions
..........
448,299
5,349,424
Shares
redeemed
a
..............................
(6,259,845)
(74,929,941)
Net
increase
(decrease)
..........................
(4,131,361)
$(49,558,512)
Class
R
Class
R
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
21,551
$265,436
Shares
issued
in
reinvestment
of
distributions
..........
4,085
50,070
Shares
redeemed
...............................
(36,747)
(431,840)
Net
increase
(decrease)
..........................
(11,111)
$(116,334)
Year
ended
October
31,
2023
Shares
sold
...................................
81,913
$983,960
Shares
issued
in
reinvestment
of
distributions
..........
10,534
127,413
Shares
redeemed
...............................
(134,180)
(1,604,215)
Net
increase
(decrease)
..........................
(41,733)
$(492,842)
Class
R6
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
62
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
Managed
Income
Fund
Shares
Amount
Class
R6
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
1,312,246
$16,095,975
Shares
issued
in
reinvestment
of
distributions
..........
370,958
4,545,402
Shares
redeemed
...............................
(2,383,922)
(29,111,060)
Net
increase
(decrease)
..........................
(700,718)
$(8,469,683)
Year
ended
October
31,
2023
Shares
sold
...................................
3,850,218
$46,700,145
Shares
issued
in
reinvestment
of
distributions
..........
740,366
8,937,577
Shares
redeemed
...............................
(3,485,728)
(42,200,807)
Net
increase
(decrease)
..........................
1,104,856
$13,436,915
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
1,364,882
$16,669,523
Shares
issued
in
reinvestment
of
distributions
..........
357,086
4,373,697
Shares
redeemed
...............................
(2,826,762)
(34,452,214)
Net
increase
(decrease)
..........................
(1,104,794)
$(13,408,994)
Year
ended
October
31,
2023
Shares
sold
...................................
5,202,026
$63,238,039
Shares
issued
in
reinvestment
of
distributions
..........
760,551
9,185,505
Shares
redeemed
...............................
(6,264,884)
(75,655,033)
Net
increase
(decrease)
..........................
(302,307)
$(3,231,489)
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)
63
franklintempleton.com
Semiannual
Report
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,
2024,
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
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Funds.
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
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Gross
effective
investment
management
fee
rate
........
0.462%
0.463%
0.550%
3.
Transactions
with
Affiliates
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
64
franklintempleton.com
Semiannual
Report
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Funds'
Class
A
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:
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2023,
the
fees
are
based
on
a
fixed
margin
earned
by
Investor
Services
and
are
allocated
to
the
Funds based
upon
relative
assets
and
relative
transactions.
Prior
to
October
1,
2023,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
transaction
based
fee.
In
addition,
each
class
reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
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
..................
$3,397
$174,228
$105,120
CDSC
retained
...........................
$1,306
$6,573
$9,091
3.
Transactions
with
Affiliates
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
65
franklintempleton.com
Semiannual
Report
For
the
period ended
April
30,
2024,
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,
2024,
investments
in
affiliated
management
investment
companies
were
as
follows:
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Transfer
agent
fees
........................
$321,391
$523,773
$483,854
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Convertible
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$79,626,510
$424,397,526
$(402,644,809)
$—
$—
$101,379,227
101,379,227
$1,682,048
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$—
$15,728,000
$(15,728,000)
$—
$—
$—
—
$2,192
Total
Affiliated
Securities
...
$79,626,510
$440,125,526
$(418,372,809)
$—
$—
$101,379,227
$1,684,240
Franklin
Equity
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$114,853,407
$382,007,261
$(418,052,164)
$—
$—
$78,808,504
78,808,504
$2,305,368
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$—
$60,984,000
$(28,089,000)
$—
$—
$32,895,000
32,895,000
$177,747
Total
Affiliated
Securities
...
$114,853,407
$442,991,261
$(446,141,164)
$—
$—
$111,703,504
$2,483,115
3.
Transactions
with
Affiliates
(continued)
e.
Transfer
Agent
Fees
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
66
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)
for
each
class
of
the
Fund
does
not
exceed
0.68%
based
on
the
average
net
assets
of
each
class
until
February
28,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
the
Funds have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
February
28,
2025.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
October
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Managed
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
U.S.
Low
Volatility
ETF
$36,332,400
$—
$(39,221,536)
$10,667,686
$(7,778,550)
$—
—
$—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
17,699,568
281,067,103
(297,642,227)
—
—
1,124,444
1,124,444
938,112
Western
Asset
Diversified
Income
Fund
.............
3,116,240
3,496,542
(3,520,597)
12,049
413,266
3,517,500
250,000
393,127
Total
Non-Controlled
Affiliates
$57,148,208
$284,563,645
$(340,384,360)
$10,679,735
$(7,365,284)
$4,641,944
$1,331,239
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$—
$54,383,000
$(33,848,000)
$—
$—
$20,535,000
20,535,000
$126,627
Total
Affiliated
Securities
...
$57,148,208
$338,946,645
$(374,232,360)
$10,679,735
$(7,365,284)
$25,176,944
$1,457,866
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
1
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
—
$
—
$
32,004,979
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
67
franklintempleton.com
Semiannual
Report
At
April
30,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales,
equity-linked
securities,
contingent
securities
and
convertible
securities.
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
April
30,
2024,
were
as
follows:
6.
Credit
Risk
At
April
30,
2024,
Franklin
Convertible
Securities
Fund
and
Franklin
Managed
Income
Fund had 80.2%
and
5.2%
of
its
portfolio
invested
in
high
yield
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.
7.
Other
Derivative
Information
At
April
30,
2024,
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
a
a
a
a
Cost
of
investments
.......................
$2,534,134,603
$2,726,852,808
$3,153,667,302
Unrealized
appreciation
.....................
$218,891,904
$1,156,934,466
$311,620,806
Unrealized
depreciation
.....................
(157,532,088)
(54,903,286)
(50,957,950)
Net
unrealized
appreciation
(depreciation)
.......
$61,359,816
$1,102,031,180
$260,662,856
Franklin
Convertible
Securities
Fund
Franklin
Equity
Income
Fund
Franklin
Managed
Income
Fund
Purchases
..............................
$373,006,069
$518,728,704
$176,546,550
Sales
..................................
$620,844,151
$649,308,029
$335,388,362
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Franklin
Managed
Income
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
—
Variation
margin
on
futures
contracts
$
9,992,673
a
Total
....................
$—
$9,992,673
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.
4.
Income
Taxes
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
68
franklintempleton.com
Semiannual
Report
For
the
period
ended
April
30,
2024
,
the
effect
of
derivative
contracts
in
the
Statements
of
Operations
was
as
follows:
For
the
period
ended
April
30,
2024,
the
average
month
end
notional
amount
of
futures
contracts
and
options
represented
$229,201,451
and
$46,414,
respectively.
See
Note
1(c) regarding
derivative
financial
instruments. 
8.
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
January
31,
2025.
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,
2024,
the
Funds
did
not
use
the
Global
Credit
Facility.
9.
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)
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
$(7,398,880)
Futures
contracts
$8,461,251
Equity
Contracts
..............
Written
options
1,484,450
Written
options
(1,269,346)
Total
.......................
$(5,914,430)
$7,191,905
7.
Other
Derivative
Information
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
69
franklintempleton.com
Semiannual
Report
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2024,
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:
Convertible
Preferred
Stocks
................
$
149,849,484
$
—
$
—
$
149,849,484
Convertible
Bonds
.......................
—
2,344,265,708
—
2,344,265,708
Short
Term
Investments
...................
101,379,227
—
—
101,379,227
Total
Investments
in
Securities
...........
$251,228,711
$2,344,265,708
$—
$2,595,494,419
Franklin
Equity
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
85,802,280
$
—
$
—
$
85,802,280
Air
Freight
&
Logistics
...................
62,679,000
—
—
62,679,000
Banks
...............................
282,947,250
—
—
282,947,250
Beverages
...........................
116,785,500
—
—
116,785,500
Capital
Markets
........................
327,758,985
—
—
327,758,985
Chemicals
...........................
44,159,360
34,846,967
—
79,006,327
Commercial
Services
&
Supplies
...........
9,585,000
—
—
9,585,000
Communications
Equipment
..............
62,483,400
—
—
62,483,400
Consumer
Finance
.....................
38,029,875
—
—
38,029,875
Consumer
Staples
Distribution
&
Retail
......
91,670,513
—
—
91,670,513
Electric
Utilities
........................
167,392,600
—
—
167,392,600
Electrical
Equipment
....................
89,325,610
—
—
89,325,610
Electronic
Equipment,
Instruments
&
Components
........................
52,064,640
—
—
52,064,640
Financial
Services
......................
31,972,100
—
—
31,972,100
Food
Products
........................
35,070,750
—
—
35,070,750
Ground
Transportation
..................
29,250,640
—
—
29,250,640
Health
Care
Equipment
&
Supplies
.........
128,634,650
—
—
128,634,650
Health
Care
Providers
&
Services
..........
144,643,450
—
—
144,643,450
Health
Care
REITs
.....................
49,043,050
—
—
49,043,050
Hotels,
Restaurants
&
Leisure
.............
43,276,840
—
—
43,276,840
Household
Products
....................
102,000,000
—
—
102,000,000
Industrial
REITs
.......................
27,207,346
—
—
27,207,346
Insurance
............................
8,214,150
—
—
8,214,150
Interactive
Media
&
Services
..............
30,114,300
—
—
30,114,300
Life
Sciences
Tools
&
Services
............
111,443,616
—
—
111,443,616
Machinery
............................
50,092,400
—
—
50,092,400
Media
...............................
42,111,550
—
—
42,111,550
Oil,
Gas
&
Consumable
Fuels
.............
377,592,580
—
—
377,592,580
Pharmaceuticals
.......................
223,516,850
—
—
223,516,850
Residential
REITs
......................
47,775,000
—
—
47,775,000
Semiconductors
&
Semiconductor
Equipment
.
150,697,930
—
—
150,697,930
Software
.............................
88,440,625
—
—
88,440,625
Specialty
Retail
........................
74,703,250
—
—
74,703,250
Trading
Companies
&
Distributors
..........
26,385,605
—
—
26,385,605
Equity-Linked
Securities
...................
—
330,830,007
—
330,830,007
Convertible
Preferred
Stocks
................
98,632,815
—
—
98,632,815
Short
Term
Investments
...................
111,703,504
—
—
111,703,504
Total
Investments
in
Securities
...........
$3,463,207,014
$365,676,974
a
$—
$3,828,883,988
9.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(Unaudited)
70
franklintempleton.com
Semiannual
Report
10.
Subsequent
Events
The
Funds
have
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Managed
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
1,002,059,225
$
—
$
—
$
1,002,059,225
Management
Investment
Companies
.........
3,517,500
—
—
3,517,500
Equity-Linked
Securities
...................
—
270,970,793
—
270,970,793
Convertible
Preferred
Stocks
................
33,543,800
—
—
33,543,800
Corporate
Bonds
........................
—
1,916,504,789
—
1,916,504,789
U.S.
Government
and
Agency
Securities
.......
—
163,757,227
—
163,757,227
Asset-Backed
Securities
...................
—
11,409,691
—
11,409,691
Mortgage-Backed
Securities
................
—
900,362
—
900,362
Short
Term
Investments
...................
21,659,444
—
—
21,659,444
Total
Investments
in
Securities
...........
$1,060,779,969
$2,363,542,862
$—
$3,424,322,831
Liabilities:
Other
Financial
Instruments:
Futures
contracts
........................
$9,992,673
$—
$—
$9,992,673
Total
Other
Financial
Instruments
.........
$9,992,673
$—
$—
$9,992,673
a
Includes
foreign
securities
valued
at
$34,846,967,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
REIT
Real
Estate
Investment
Trust
9.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Shareholder
Information
71
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Semiannual
Report
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
06/24
©
2024
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
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Investors
Securities
Trust
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
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632-2301
Semiannual
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Franklin
Investors
Securities
Trust
April
30,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Franklin
Floating
Rate
Daily
Access
Fund
2
Franklin
Long
Duration
Credit
Fund
6
Franklin
Low
Duration
Total
Return
Fund
10
Franklin
Low
Duration
U.S.
Government
Securities
Fund
14
Franklin
Total
Return
Fund
18
Financial
Highlights
and
Schedules
of
Investments
22
Financial
Statements
274
Notes
to
Financial
Statements
285
Shareholder
Information
319
Visit
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for
fund
updates,
to
access
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account,
or
to
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helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
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Franklin
Floating
Rate
Daily
Access
Fund
This
semiannual
report
for
Franklin
Floating
Rate
Daily
Access
Fund
covers
the
period
ended
April
30,
2024.
Effective
March
1,
2024,
the
Fund
changed
its
primary
benchmark
to
the
Morningstar
®
LSTA
®
US
Leverage
Loan
Index
SM
.
The
Fund
manager
believes
this
is
an
appropriate
benchmark
for
the
Fund.
Fund
Overview
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.
The
Fund
normally
invests
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
+6.72%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
new
primary
benchmark,
the
Morningstar
®
LSTA
®
US
Leveraged
Loan
Index
SM
,
which
is
designed
to
measure
the
U.S.
leveraged
loan
market,
posted
a
+6.05%
cumulative
total
return.
1
The
Fund’s
prior
primary
benchmark,
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
+6.13%
cumulative
total
return.
2
The
Fund
manager
believes
the
new
primary
benchmark
is
an
appropriate
benchmark
for
the
Fund.
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
3
.
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
.
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
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Senior
Floating
Rate
Interests
84.8%
Corporate
Bonds
5.2%
Common
Stocks
1.7%
Other
*
1.5%
Short-Term
Investments
&
Other
Net
Assets
6.8%
*
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.
Top
10
Holdings
4/30/24
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
First
Brands
Group
LLC
1.6%
Automobile
Components,
United
States
Asurion
LLC
1.4%
Insurance,
United
States
Global
Tel*Link
Corp.
1.3%
Diversified
Telecommunication
Services,
United
States
Rand
Parent
LLC
1.0%
Air
Freight
&
Logistics,
United
States
Pitney
Bowes,
Inc.
1.0%
Commercial
Services
&
Supplies,
United
States
athenahealth
Group,
Inc.
0.9%
Health
Care
Technology,
United
States
Hexion
Holdings
Corp.
0.9%
Chemicals,
United
States
UTEX
Industries,
Inc.
0.9%
Machinery,
United
States
GNC
Holdings,
Inc.
0.9%
Specialty
Retail,
United
States
Invesco
Senior
Loan
ETF
0.9%
Capital
Markets,
United
States
1.
Source:
FactSet.
2.
Source:
Morningstar.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
They
do
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
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
.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
April
30,
2024
Franklin
Floating
Rate
Daily
Access
Fund
3
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
4/30/24
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
+6.72%
+4.26%
1-Year
+13.04%
+10.54%
5-Year
+21.25%
+3.45%
10-Year
+40.44%
+3.22%
Advisor
6-Month
+6.98%
+6.98%
1-Year
+13.46%
+13.46%
5-Year
+22.76%
+4.19%
10-Year
+43.98%
+3.71%
30-Day
Standardized
Yield
5
Share
Class
Distribution
Rate
4
(with
fee
waiver)
(without
fee
waiver)
A
9.14%
8.03%
8.01%
Advisor
9.58%
8.46%
8.44%
See
page
4
for
Performance
Summary
footnotes.
Franklin
Floating
Rate
Daily
Access
Fund
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Summary
4
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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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
The
Fund
should
not
be
considered
an
alternative
to
money
market
funds
or
certificates
of
deposit
(CDs).
Floating-rate
loans
and
debt
securities
are
typically
rated
below
investment
grade
and
are
subject
to
greater
risk
of
default,
which
could
result
in
loss
of
principal.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
Active
management
does
not
ensure
gains
or
protect
against
market
declines.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/28/25
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
calculated
by
annualizing
the
most
recent
distribution
amount
paid,
divided
by
the
NAV
as
of
the
date
indicated.
The
Distribution
Rate
calculation
includes
income
and
return
of
capital,
and
includes
a
prorated
special
distribution
in
the
month
it
is
paid.
The
Distribution
Rate
is
not
guaranteed,
subject
to
change,
and
is
not
a
quotation
of
Fund
performance.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
A
$0.345341
C
$0.329886
R6
$0.358005
Advisor
$0.354998
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.98%
1.01%
Advisor
0.73%
0.76%
Your
Fund’s
Expenses
Franklin
Floating
Rate
Daily
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5
franklintempleton.com
Semiannual
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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
182/366
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
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,067.20
$4.80
$1,020.22
$4.69
0.93%
C
$1,000
$1,066.40
$6.85
$1,018.23
$6.69
1.33%
R6
$1,000
$1,070.10
$3.12
$1,021.85
$3.05
0.61%
Advisor
$1,000
$1,069.80
$3.52
$1,021.46
$3.44
0.68%
6
franklintempleton.com
Semiannual
Report
Franklin
Long
Duration
Credit
Fund
This
semiannual
report
for
Franklin
Low
Duration
Credit
Fund
covers
the
period
ended
April
30,
2024.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund’s
investment
goal
is
to
seek
to
maximize
risk-
adjusted
returns
through
a
combination
of
income
and
capital
appreciation.
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
in
fixed
income
securities.
For
purposes
of
the
Fund’s
investment
goal,
the
investment
manager
considers
“risk-adjusted
returns”
to
mean
the
calculation
of
the
return
(or
potential
return)
on
an
investment
when
compared
to
the
Fund’s
benchmark.
The
Fund
may
also
enter
into
U.S.
Treasury
futures
contracts
for
hedging
purposes
and
to
manage
duration
or
cash
flows.
Performance
Overview
The
Fund’s
Class
R6
shares
posted
a
+10.65%
cumulative
total
return
for
the
six-months
under
review.
In
comparison,
the
Bloomberg
U.S.
Long
Credit
Index,
which
measures
the
performance
of
investment-grade,
U.S.
dollar-denominated,
fixed-rate,
taxable
corporate
and
non-corporate
(non-U.S.
agencies,
sovereigns,
supranationals
and
local
authorities)
debt
with
at
least
10-years
to
maturity,
posted
a
+10.94%
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
.
Thank
you
for
your
continued
participation
in
Franklin
Long
Duration
Credit
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Josh
Lohmeier,
CFA
Michael
Cho,
CFA
George
Bailey,
CFA
Portfolio
Management
Team
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Corporate
Bonds
94.3%
Foreign
Government
and
Agency
Securities
3.1%
Other
*
0.9%
Short-Term
Investments
&
Other
Net
Assets
1.7%
*
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.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
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
43
.
Performance
Summary
as
of
April
30,
2024
Franklin
Long
Duration
Credit
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
4/30/24
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
3.75%
and
the
minimum
is
0%.
Class
R6:
no
sales
charges.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
R6
6-Month
+10.65%
+10.65%
Since
Inception
(8/22/23)
+3.57%
+3.57%
30-Day
Standardized
Yield
5
Share
Class
Distribution
Rate
4
(with
fee
waiver)
(without
fee
waiver)
R6
3.79%
5.89%
5.41%
See
page
8
for
Performance
Summary
footnotes.
Franklin
Long
Duration
Credit
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
The
Fund
is
newly
organized
,
with
a
limited
history
of
operations.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond's
issuer,
insurer
or
guarantor,
may
affect
the
bond's
value.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Derivative
instruments
can
be
illiquid,
may
disproportionately
increase
losses,
and
have
a
potentially
large
impact
on
performance.
The
manager
may
consider
environ-
mental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund's
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/28/25
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
calculated
by
annualizing
the
most
recent
distribution
amount
paid,
divided
by
the
NAV
as
of
the
date
indicated.
The
Distribution
Rate
calculation
includes
income
and
return
of
capital,
and
includes
a
prorated
special
distribution
in
the
month
it
is
paid.
The
Distribution
Rate
is
not
guaranteed,
subject
to
change,
and
is
not
a
quotation
of
Fund
performance.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
R6
$0.284500
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
R6
0.09%
0.63%
Your
Fund’s
Expenses
Franklin
Long
Duration
Credit
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
182/366
to
reflect
the
one-half
year
period.
Non-
recurring
expenses
are
not
annualized.
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
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
R6
$1,000
$1,106.45
$0.68
$1,024.22
$0.65
0.13%
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,
2024.
Fund
Overview
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
debt
securities,
which
may
be
represented
by
derivative
investments
that
provide
exposure
to
debt
securities
such
as
futures,
options
and
swap
agreements.
The
debt
securities
in
which
the
Fund
may
invest
include
government
and
corporate
debt
securities,
mortgage-
and
asset-backed
securities,
floating
interest
rate
corporate
loans
and
debt
securities
and
municipal
securities.
Under
normal
market
conditions,
the
Fund
invests
primarily
in
investment
grade
debt
securities
and
in
unrated
securities
that
the
investment
manager
deems
are
of
comparable
quality.
Derivatives
whose
reference
securities
are
investment
grade
are
considered
by
the
Fund
to
be
investment
grade.
The
Fund
targets
an
estimated
average
portfolio
duration
of
three
(3)
years
or
less.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+2.79%
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
+2.46%
cumulative
total
return.
1
The
index
measures
the
performance
of
investment-grade,
U.S.
dollar-denominated,
fixed-rate
Treasuries,
government-related
(sovereign,
agency,
local
authority
and
supranational)
and
corporate
securities
with
at
least
one
year
up
to,
but
not
including,
three
years
to
final
maturity.
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
11
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
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
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Corporate
Bonds
44.6%
Asset-Backed
Securities
*
21.2%
U.S.
Government
and
Agency
Securities
16.5%
Residential
Mortgage-Backed
Securities
4.1%
Senior
Floating
Rate
Interests
2.3%
Marketplace
Loans
2.1%
Commercial
Mortgage-Backed
Securities
1.8%
Foreign
Government
and
Agency
Securities
1.8%
Mortgage-Backed
Securities
1.3%
Other
†
1.2%
Short-Term
Investments
&
Other
Net
Assets
3.1%
*
Includes
non-agency
residential
mortgage
backed
securities,
collateralized
loan
obligations
and
consumer
loan
certificates.
†
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
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
58
.
Performance
Summary
as
of
April
30,
2024
Franklin
Low
Duration
Total
Return
Fund
11
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
4/30/24
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
+2.79%
+0.50%
1-Year
+3.36%
+1.08%
5-Year
+7.12%
+0.93%
10-Year
+14.53%
+1.14%
Advisor
6-Month
+2.90%
+2.90%
1-Year
+3.60%
+3.60%
5-Year
+8.40%
+1.63%
10-Year
+17.35%
+1.61%
30-Day
Standardized
Yield
5
Share
Class
Distribution
Rate
4
(with
fee
waiver)
(without
fee
waiver)
A
4.47%
4.62%
4.32%
Advisor
4.79%
4.95%
4.65%
See
page
12
for
Performance
Summary
footnotes.
Franklin
Low
Duration
Total
Return
Fund
Performance
Summary
12
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Asset-backed,
mortgage-backed
or
mortgage-related
securities
are
subject
to
prepayment
and
extension
risks.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Derivative
instruments
can
be
illiquid,
may
disproportionately
increase
losses,
and
have
a
potentially
large
impact
on
performance.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund’s
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/28/25
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
calculated
by
annualizing
the
most
recent
distribution
amount
paid,
divided
by
the
NAV
as
of
the
date
indicated.
The
Distribution
Rate
calculation
includes
income
and
return
of
capital,
and
includes
a
prorated
special
distribution
in
the
month
it
is
paid.
The
Distribution
Rate
is
not
guaranteed,
subject
to
change,
and
is
not
a
quotation
of
Fund
performance.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
A
$0.194298
C
$0.176781
R
$0.183210
R6
$0.210379
Advisor
$0.205301
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.72%
0.99%
Advisor
0.47%
0.74%
Your
Fund’s
Expenses
Franklin
Low
Duration
Total
Return
Fund
13
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
182/366
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
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,027.90
$3.35
$1,021.56
$3.34
0.67%
C
$1,000
$1,027.20
$5.38
$1,019.56
$5.36
1.07%
R
$1,000
$1,027.80
$4.61
$1,020.32
$4.59
0.91%
R6
$1,000
$1,030.80
$1.51
$1,023.38
$1.50
0.30%
Advisor
$1,000
$1,029.00
$2.09
$1,022.81
$2.08
0.41%
14
franklintempleton.com
Semiannual
Report
Franklin
Low
Duration
U.S.
Government
Securities
Fund
This
semiannual
report
for
Franklin
Low
Duration
U.S.
Government
Securities
Fund
covers
the
period
ended
April
30,
2024.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
a
high
level
of
current
income,
consistent
with
preservation
of
capital.
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
in
“U.S.
government
securities.”
“U.S.
government
securities”
include
fixed-rate
mortgage
securities
and
adjustable-rate
mortgage
securities
(ARMS)
and
other
mortgage-backed
securities,
including
collateralized
mortgage
obligations
(CMOs),
which
are
issued
or
guaranteed
by
the
U.S.
government,
its
agencies
or
instrumentalities,
including
government-sponsored
entities.
1
The
Fund
also
invests
in
direct
obligations
of
the
U.S.
government,
such
as
Treasury
bills,
bonds
or
notes,
or
its
agencies
instrumentalities
or
sponsored
enterprises.
2
To
pursue
its
investment
goal,
the
Fund
may
invest
in
certain
interest
rate
related
derivative
transactions,
such
as
interest
rate
futures
contracts
and
options
on
interest
rate/bond
futures.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+2.94%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
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
+2.11%
cumulative
total
return.
3
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
15
.
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
.
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
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Mortgage-Backed
Securities
60.4%
Agency
Commercial
Mortgage-Backed
Securities
20.4%
U.S.
Government
and
Agency
Securities
14.0%
Short-Term
Investments
&
Other
Net
Assets
5.2%
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
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
157
.
Performance
Summary
as
of
April
30,
2024
Franklin
Low
Duration
U.S.
Government
Securities
Fund
15
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
4/30/24
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
+2.94%
+0.63%
1-Year
+4.23%
+1.92%
5-Year
+3.99%
+0.32%
10-Year
+5.08%
+0.27%
Advisor
6-Month
+3.06%
+3.06%
1-Year
+4.49%
+4.49%
5-Year
+5.15%
+1.01%
10-Year
+7.72%
+0.75%
30-Day
Standardized
Yield
5
Share
Class
Distribution
Rate
4
(with
fee
waiver)
(without
fee
waiver)
A
4.58%
4.23%
4.10%
Advisor
4.93%
4.57%
4.44%
See
page
16
for
Performance
Summary
footnotes.
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Performance
Summary
16
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Asset-backed,
mortgage-backed
or
mortgage-related
securities
are
subject
to
prepayment
and
extension
risks.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/28/25
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
calculated
by
annualizing
the
most
recent
distribution
amount
paid,
divided
by
the
NAV
as
of
the
date
indicated.
The
Distribution
Rate
calculation
includes
income
and
return
of
capital,
and
includes
a
prorated
special
distribution
in
the
month
it
is
paid.
The
Distribution
Rate
is
not
guaranteed,
subject
to
change,
and
is
not
a
quotation
of
Fund
performance.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
A
$0.167137
A1
$0.172734
C
$0.152233
R6
$0.178117
Advisor
$0.176455
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.85%
1.01%
Advisor
0.60%
0.76%
Your
Fund’s
Expenses
Franklin
Low
Duration
U.S.
Government
Securities
Fund
17
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
182/366
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
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,029.40
$4.19
$1,020.74
$4.17
0.83%
A1
$1,000
$1,028.80
$3.43
$1,021.48
$3.42
0.68%
C
$1,000
$1,027.40
$6.20
$1,018.75
$6.17
1.23%
R6
$1,000
$1,030.80
$2.77
$1,022.13
$2.76
0.55%
Advisor
$1,000
$1,030.60
$2.93
$1,021.98
$2.91
0.58%
18
franklintempleton.com
Semiannual
Report
Franklin
Total
Return
Fund
This
semiannual
report
for
Franklin
Total
Return
Fund
covers
the
period
ended
April
30,
2024.
Fund
Overview
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.
Under
normal
market
conditions,
the
Fund
invests
primarily
in
debt
securities,
which
may
be
represented
by
derivative
investments
that
provide
exposure
to
debt
securities
such
as
futures,
options
and
swap
agreements.
The
debt
securities
in
which
the
Fund
may
invest
include
government
and
corporate
debt
securities,
mortgage-
and
asset-backed
securities,
floating
interest
rate
corporate
loans
and
debt
securities
and
municipal
securities.
Under
normal
market
conditions,
the
Fund
invests
primarily
in
investment
grade
debt
securities
and
in
unrated
securities
that
the
investment
manager
deems
are
of
comparable
quality.
Derivatives
whose
reference
securities
are
investment
grade
are
considered
by
the
Fund
to
be
investment
grade.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+5.13%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
benchmark,
the
Bloomberg
U.S.
Aggregate
Index,
posted
a
+4.97%
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
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
.
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
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Corporate
Bonds
38.9%
Mortgage-Backed
Securities
33.0%
U.S.
Government
and
Agency
Securities
21.2%
Asset-Backed
Securities
*
8.4%
Residential
Mortgage-Backed
Securities
3.3%
Foreign
Government
and
Agency
Securities
2.4%
Municipal
Bonds
1.9%
Senior
Floating
Rate
Interests
1.4%
Commercial
Mortgage-Backed
Securities
1.4%
Marketplace
Loans
1.3%
Other
†
0.2%
Short-Term
Investments
&
Other
Net
Assets
-13.4%
*
Includes
non-agency
residential
mortgage
backed
securities,
collateralized
loan
obligations
and
consumer
loan
certificates.
†
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
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
166
.
Performance
Summary
as
of
April
30,
2024
Franklin
Total
Return
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
4/30/24
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
+5.13%
+1.22%
1-Year
-1.49%
-5.20%
5-Year
-3.11%
-1.39%
10-Year
+7.09%
+0.31%
Advisor
6-Month
+5.22%
+5.22%
1-Year
-1.24%
-1.24%
5-Year
-2.00%
-0.40%
10-Year
+9.78%
+0.94%
30-Day
Standardized
Yield
6
Share
Class
Distribution
Rate
5
(with
fee
waiver)
(without
fee
waiver)
A
3.85%
4.42%
4.32%
Advisor
4.22%
4.82%
4.72%
See
page
20
for
Performance
Summary
footnotes.
Franklin
Total
Return
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Asset-backed,
mortgage-backed
or
mortgage-related
securities
are
subject
to
prepayment
and
extension
risks.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Derivative
instruments
can
be
illiquid,
may
disproportionately
increase
losses,
and
have
a
potentially
large
impact
on
performance.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/28/25
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
calculated
by
annualizing
the
most
recent
distribution
amount
paid,
divided
by
the
NAV
as
of
the
date
indicated.
The
Distribution
Rate
calculation
includes
income
and
return
of
capital,
and
includes
a
prorated
special
distribution
in
the
month
it
is
paid.
The
Distribution
Rate
is
not
guaranteed,
subject
to
change,
and
is
not
a
quotation
of
Fund
performance.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
A
$0.150845
C
$0.134805
R
$0.140772
R6
$0.165501
Advisor
$0.160995
Total
Annual
Operating
Expenses
7
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.89%
1.00%
Advisor
0.64%
0.75%
Your
Fund’s
Expenses
Franklin
Total
Return
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
182/366
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
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,051.30
$4.24
$1,020.73
$4.17
0.83%
C
$1,000
$1,048.30
$6.28
$1,018.73
$6.19
1.23%
R
$1,000
$1,050.20
$5.52
$1,019.48
$5.44
1.08%
R6
$1,000
$1,052.70
$2.38
$1,022.54
$2.35
0.47%
Advisor
$1,000
$1,052.20
$2.95
$1,021.99
$2.91
0.58%
Franklin
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Securities
Trust
Financial
Highlights
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Floating
Rate
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.63
$7.28
$7.89
$7.35
$8.18
$8.70
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.337
0.627
0.359
0.296
0.332
0.441
Net
realized
and
unrealized
gains
(losses)
0.168
0.330
(0.607)
0.545
(0.808)
(0.515)
Total
from
investment
operations
........
0.505
0.957
(0.248)
0.841
(0.476)
(0.074)
Less
distributions
from:
Net
investment
income
..............
(0.345)
(0.607)
(0.362)
(0.301)
(0.355)
(0.446)
Net
asset
value,
end
of
period
..........
$7.79
$7.63
$7.28
$7.89
$7.35
$8.18
Total
return
c
.......................
6.72%
13.59%
(3.25)%
11.79%
(6.00)%
(0.88)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.95%
0.97%
0.95%
1.00%
0.96%
0.89%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.93%
0.94%
0.92%
e
0.98%
e
0.93%
e
0.86%
e
Net
investment
income
...............
8.71%
8.35%
4.68%
3.86%
4.33%
5.21%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$926,251
$873,367
$828,324
$803,542
$717,021
$1,049,359
Portfolio
turnover
rate
................
21.42%
30.81%
37.05%
66.03%
32.39%
23.23%
f
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.
Franklin
Investors
Securities
Trust
Financial
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Floating
Rate
Daily
Access
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(continued)
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.63
$7.28
$7.89
$7.36
$8.18
$8.70
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.321
0.595
0.325
0.268
0.306
0.407
Net
realized
and
unrealized
gains
(losses)
0.179
0.332
(0.604)
0.532
(0.804)
(0.514)
Total
from
investment
operations
........
0.500
0.927
(0.279)
0.800
(0.498)
(0.107)
Less
distributions
from:
Net
investment
income
..............
(0.330)
(0.577)
(0.331)
(0.270)
(0.323)
(0.413)
Net
asset
value,
end
of
period
..........
$7.80
$7.63
$7.28
$7.89
$7.36
$8.18
Total
return
c
.......................
6.64%
13.14%
(3.63)%
11.34%
(6.39)%
(1.39)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.35%
1.37%
1.35%
1.40%
1.36%
1.29%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.33%
1.34%
1.32%
e
1.38%
e
1.33%
e
1.26%
e
Net
investment
income
...............
8.31%
7.92%
4.24%
3.50%
3.98%
4.81%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$86,334
$80,606
$89,383
$100,317
$160,194
$296,134
Portfolio
turnover
rate
................
21.42%
30.81%
37.05%
66.03%
32.39%
23.23%
f
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.
Franklin
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Trust
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Highlights
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Floating
Rate
Daily
Access
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(continued)
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.64
$7.29
$7.90
$7.37
$8.19
$8.71
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.349
0.652
0.446
0.317
0.363
0.463
Net
realized
and
unrealized
gains
(losses)
0.179
0.334
(0.668)
0.541
(0.804)
(0.508)
Total
from
investment
operations
........
0.528
0.986
(0.222)
0.858
(0.441)
(0.045)
Less
distributions
from:
Net
investment
income
..............
(0.358)
(0.636)
(0.388)
(0.328)
(0.380)
(0.475)
Net
asset
value,
end
of
period
..........
$7.81
$7.64
$7.29
$7.90
$7.37
$8.19
Total
return
c
.......................
7.01%
13.99%
(2.92)%
12.15%
(5.69)%
(0.54)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.62%
0.60%
0.67%
0.72%
0.69%
0.57%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.61%
0.57%
0.58%
e
0.63%
e
0.59%
e
0.53%
e
Net
investment
income
...............
9.01%
8.65%
5.96%
4.09%
4.71%
5.54%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$118,442
$117,289
$201,719
$24,999
$9,568
$18,764
Portfolio
turnover
rate
................
21.42%
30.81%
37.05%
66.03%
32.39%
23.23%
f
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
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Floating
Rate
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accompanying
notes
are
an
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part
of
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financial
statements.
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Report
25
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.63
$7.28
$7.89
$7.36
$8.18
$8.71
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.346
0.643
0.365
0.315
0.358
0.463
Net
realized
and
unrealized
gains
(losses)
0.179
0.333
(0.594)
0.535
(0.806)
(0.525)
Total
from
investment
operations
........
0.525
0.976
(0.229)
0.850
(0.448)
(0.062)
Less
distributions
from:
Net
investment
income
..............
(0.355)
(0.626)
(0.381)
(0.320)
(0.373)
(0.468)
Net
asset
value,
end
of
period
..........
$7.80
$7.63
$7.28
$7.89
$7.36
$8.18
Total
return
c
.......................
6.98%
13.87%
(3.01)%
12.06%
(5.78)%
(0.74)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.70%
0.72%
0.70%
0.75%
0.71%
0.64%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.68%
0.69%
0.67%
e
0.73%
e
0.68%
e
0.61%
e
Net
investment
income
...............
8.96%
8.55%
4.74%
4.09%
4.65%
5.46%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$364,449
$319,093
$300,958
$434,688
$376,997
$858,071
Portfolio
turnover
rate
................
21.42%
30.81%
37.05%
66.03%
32.39%
23.23%
f
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,
2024
Franklin
Floating
Rate
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notes
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part
of
these
financial
statements.
26
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
1.7%
Hotels,
Restaurants
&
Leisure
0.0%
†
a
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
287,830
$
52,529
Machinery
0.9%
a,b
UTEX
Industries,
Inc.
..................................
United
States
261,340
13,459,010
Oil,
Gas
&
Consumable
Fuels
0.8%
a,c,d
Talos
Energy,
Inc.
.....................................
United
States
961,663
12,550,870
Total
Common
Stocks
(Cost
$
39,996,715
)
......................................
26,062,409
Management
Investment
Companies
0.9%
Capital
Markets
0.9%
Invesco
Senior
Loan
ETF
...............................
United
States
615,695
12,960,380
Total
Management
Investment
Companies
(Cost
$
13,283,196
)
....................
12,960,380
Preferred
Stocks
0.0%
†
Hotels,
Restaurants
&
Leisure
0.0%
†
a
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
681,685
10,225
a
Total
Preferred
Stocks
(Cost
$
919,936
)
.........................................
10,225
Warrants
Warrants
0.0%
†
Machinery
0.0%
†
a,b,c
UTEX
Industries,
Inc.
,
2/20/49
............................
United
States
634
118
Total
Warrants
(Cost
$
–
)
......................................................
118
Principal
Amount
*
Corporate
Bonds
5.2%
Air
Freight
&
Logistics
0.3%
e
Rand
Parent
LLC
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/30
....
United
States
5,050,000
5,000,849
Automobile
Components
0.3%
e
Tenneco,
Inc.
,
Senior
Secured
Note
,
144A,
8
%
,
11/17/28
........
United
States
5,000,000
4,676,893
Capital
Markets
0.1%
e
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
1,600,000
1,456,575
Chemicals
0.2%
e
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
...........................................
United
States
3,900,000
3,630,465
Commercial
Services
&
Supplies
0.6%
e
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.625
%
,
7/15/26
....................
United
States
4,950,000
4,941,938
e
GFL
Environmental,
Inc.
,
Senior
Secured
Note
,
144A,
4.25
%
,
6/01/25
...............
United
States
1,300,000
1,282,536
Senior
Secured
Note
,
144A,
3.5
%
,
9/01/28
................
United
States
2,300,000
2,069,971
8,294,445
Construction
Materials
0.2%
e
Cemex
SAB
de
CV
,
Senior
Bond
,
144A,
5.2
%
,
9/17/30
.........
Mexico
3,875,000
3,671,363
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
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Rate
Daily
Access
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(continued)
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The
accompanying
notes
are
an
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part
of
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statements.
Semiannual
Report
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
0.3%
e
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/15/27
................................
United
States
694,000
$
707,880
e
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
1,125,000
1,036,495
e
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
2,500,000
2,321,964
4,066,339
Diversified
Consumer
Services
0.1%
e
WW
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
4/15/29
United
States
4,031,000
1,689,975
Diversified
Telecommunication
Services
0.2%
e
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.125
%
,
7/15/29
..............
France
2,000,000
1,305,631
Senior
Secured
Note
,
144A,
5.5
%
,
10/15/29
...............
France
3,730,000
2,446,021
3,751,652
Entertainment
0.2%
e
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
...........................................
France
2,300,000
2,355,343
Ground
Transportation
0.0%
†
e
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
500,000
437,755
Health
Care
Equipment
&
Supplies
0.1%
e
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
1,320,000
1,364,880
Health
Care
Providers
&
Services
0.4%
e
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
5.5
%
,
9/01/28
...........................................
United
States
1,334,000
1,088,394
e,f
Radiology
Partners,
Inc.
,
Senior
Secured
Note
,
144A,
PIK,
8.5
%
,
1/31/29
...........................................
United
States
4,795,822
4,397,969
5,486,363
Hotels,
Restaurants
&
Leisure
0.4%
e
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
2/15/32
...........................................
United
States
3,600,000
3,549,342
e
International
Game
Technology
plc
,
Senior
Secured
Note
,
144A,
5.25
%
,
1/15/29
.....................................
United
States
2,300,000
2,174,197
5,723,539
Independent
Power
and
Renewable
Electricity
Producers
0.3%
e
Calpine
Corp.
,
Senior
Secured
Note
,
144A,
4.5
%
,
2/15/28
.......
United
States
4,400,000
4,112,715
Insurance
0.1%
e
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.25
%
,
2/15/29
.....................................
United
States
1,470,600
1,318,714
Media
0.3%
e
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
4,300,000
4,011,478
Oil,
Gas
&
Consumable
Fuels
0.1%
Cheniere
Energy,
Inc.
,
Senior
Note
,
4.625
%
,
10/15/28
..........
United
States
2,400,000
2,296,025
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.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Passenger
Airlines
0.8%
e
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
United
States
4,300,000
$
4,481,877
e
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
3,866,667
3,825,368
e
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
1,138,188
1,122,716
e
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
2,485,000
2,392,568
11,822,529
Personal
Care
Products
0.1%
e
Coty,
Inc.
,
Senior
Secured
Note
,
144A,
5
%
,
4/15/26
............
United
States
1,254,000
1,231,045
Wireless
Telecommunication
Services
0.1%
e
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
144A,
4.25
%
,
1/31/31
...........................................
United
Kingdom
1,430,000
1,169,453
Total
Corporate
Bonds
(Cost
$
81,782,632
)
......................................
77,568,395
g
Senior
Floating
Rate
Interests
84.8%
Aerospace
&
Defense
0.9%
f
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
PIK,
14
%
,
3/06/25
.............
United
Kingdom
12,723,738
10,716,568
h
Dynasty
Acquisition
Co.,
Inc.
,
2024
Specified
Refinancing
CME
Term
Loan,
B-1
,
8.829
%
,
(
1-month
SOFR
+
3.5
%
),
8/24/28
........................
United
States
1,582,892
1,592,247
2024
Specified
Refinancing
CME
Term
Loan,
B-2
,
8.829
%
,
(
1-month
SOFR
+
3.5
%
),
8/24/28
........................
United
States
610,323
613,930
12,922,745
a
a
a
a
a
a
h
Air
Freight
&
Logistics
1.8%
i
GN
Loanco
LLC
,
CME
Term
Loan,
B
,
9.816
%
,
(
1-month
SOFR
+
4.5
%
),
12/19/30
.....................................
United
States
9,480,366
9,252,269
Kenan
Advantage
Group,
Inc.
(The)
,
U.S.
CME
Term
Loan,
B3
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
1/25/29
................
United
States
7,518,261
7,530,365
Rand
Parent
LLC
,
First
Lien,
CME
Term
Loan,
B
,
9.559
%
,
(
3-month
SOFR
+
4.25
%
),
3/17/30
..............................
United
States
9,923,928
9,986,598
26,769,232
a
a
a
a
a
a
h
Automobile
Components
3.2%
Adient
US
LLC
,
CME
Term
Loan,
B2
,
8.066
%
,
(
1-month
SOFR
+
2.75
%
),
1/31/31
.....................................
United
States
4,948,530
4,976,366
Clarios
Global
LP
,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
8.316
%
,
(
1-month
SOFR
+
3
%
),
5/06/30
..................
United
States
2,030,718
2,040,242
DexKo
Global,
Inc.
,
First
Lien,
2023
Incremental
CME
Term
Loan
,
9.559
%
,
(
3-month
SOFR
+
4.25
%
),
10/04/28
.............................
United
States
1,575,000
1,574,181
First
Lien,
Closing
Date
CME
Term
Loan
,
9.321
%
,
(
3-month
SOFR
+
3.75
%
),
10/04/28
..................................
United
States
4,572,363
4,545,866
First
Brands
Group
LLC
,
First
Lien,
2021
CME
Term
Loan
,
10.591
%
,
(
3-month
SOFR
+
5
%
),
3/30/27
...........................................
United
States
7,582,489
7,267,816
First
Lien,
2022-II
Incremental
CME
Term
Loan
,
10.591
%
,
(
3-month
SOFR
+
5
%
),
3/30/27
.........................
United
States
11,760,403
11,299,748
Second
Lien,
2021
CME
Term
Loan
,
14.141
%
,
(
3-month
SOFR
+
8.5
%
),
3/30/28
......................................
United
States
5,920,469
5,654,048
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.916
%
,
(
1-month
SOFR
+
4.5
%
),
11/09/27
...........
United
States
617,195
619,250
Tenneco,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
10.17
%
,
(
3-month
SOFR
+
5
%
),
11/17/28
................................
United
States
8,221,466
8,071,959
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
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
h
Automobile
Components
(continued)
TI
Group
Automotive
Systems
LLC
,
Refinancing
U.S.
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
12/16/26
...........
United
States
1,355,380
$
1,361,031
47,410,507
a
a
a
a
a
a
h
Automobiles
0.6%
American
Trailer
World
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
................
United
States
8,139,039
7,999,170
Thor
Industries,
Inc.
,
USD
CME
Term
Loan,
B2
,
8.069
%
,
(
1-month
SOFR
+
2.75
%
),
11/15/30
.............................
United
States
1,144,302
1,150,978
9,150,148
a
a
a
a
a
a
h
Beverages
0.8%
Naked
Juice
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
8.659
%
,
(
3-month
SOFR
+
3.25
%
),
1/24/29
.......................
United
States
5,830,375
5,650,450
Triton
Water
Holdings,
Inc.
,
First
Lien,
2024
Incremental
CME
Term
Loan
,
9.302
%
,
(
3-month
SOFR
+
4
%
),
3/31/28
.................................
United
States
831,250
833,744
First
Lien,
Initial
CME
Term
Loan
,
8.814
%
,
(
3-month
SOFR
+
3.25
%
),
3/31/28
.....................................
United
States
5,131,905
5,118,100
11,602,294
a
a
a
a
a
a
h
Building
Products
1.1%
AZZ,
Inc.
,
Initial
CME
Term
Loan
,
8.566
%
,
(
1-month
SOFR
+
3.25
%
),
5/13/29
...........................................
United
States
1,774,758
1,787,749
Cornerstone
Building
Brands,
Inc.
,
CME
Term
Loan,
B
,
8.671
%
,
(
1-month
SOFR
+
3.25
%
),
4/12/28
.......................
United
States
2,880,677
2,829,069
EMRLD
Borrower
LP
,
Initial
CME
Term
Loan,
B
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
5/31/30
...............................
United
States
1,316,832
1,322,422
i
MIWD
Holdco
II
LLC
,
2024
Incremental
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
3/28/31
........................
United
States
1,796,407
1,806,889
Quikrete
Holdings,
Inc.
,
CME
Term
Loan,
B1
,
7.819
%
,
(
1-month
SOFR
+
2.5
%
),
4/14/31
.
United
States
3,629,032
3,635,510
CME
Term
Loan,
B2
,
7.569
%
,
(
1-month
SOFR
+
2.25
%
),
3/19/29
United
States
2,788,133
2,794,114
Summit
Materials
LLC
,
CME
Term
Loan,
B2
,
7.799
%
,
(
3-month
SOFR
+
2.5
%
),
1/12/29
...............................
United
States
1,566,265
1,579,978
15,755,731
a
a
a
a
a
a
h
Capital
Markets
3.6%
Aretec
Group,
Inc.
,
CME
Term
Loan,
B1
,
9.916
%
,
(
1-month
SOFR
+
4.5
%
),
8/09/30
......................................
United
States
6,004,235
6,042,812
Citadel
Securities
LP
,
CME
Term
Loan
,
7.566
%
,
(
1-month
SOFR
+
2.25
%
),
7/29/30
.....................................
United
States
5,115,756
5,131,769
Deerfield
Dakota
Holding
LLC
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
9.059
%
,
(
3-month
SOFR
+
3.75
%
),
4/09/27
...........
United
States
5,306,629
5,308,964
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
4/07/28
.....
United
States
6,621,049
6,632,768
i
First
Eagle
Holdings,
Inc.
,
CME
Term
Loan,
B2
,
8.334
%
,
(
3-month
SOFR
+
3
%
),
3/05/29
.................................
United
States
4,500,000
4,458,150
Jane
Street
Group
LLC
,
2024
Repricing
CME
Term
Loan
,
7.93
%
,
(
1-month
SOFR
+
2.5
%
),
1/26/28
........................
United
States
6,717,442
6,730,810
Osmosis
Buyer
Ltd.
,
2022
Refinancing
CME
Term
Loan,
B
,
9.324
%
,
(
1-month
SOFR
+
4
%
),
7/31/28
.......................................
United
Kingdom
6,146,986
6,175,231
2023
Incremental
Delayed
Draw
CME
Term
Loan
,
9.567
%
,
(
1-month
SOFR
+
4.25
%
),
7/31/28
.......................
United
Kingdom
1,309,524
1,317,709
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.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
h
Capital
Markets
(continued)
Russell
Investments
US
Institutional
Holdco,
Inc.
,
2025
CME
Term
Loan
,
8.927
%
,
(
1-month
SOFR
+
3.5
%
),
5/30/25
............
United
States
7,792,219
$
7,384,101
WEC
US
Holdings
Ltd.
,
Initial
CME
Term
Loan
,
8.066
%
,
(
1-month
SOFR
+
2.75
%
),
1/27/31
..............................
United
States
5,414,286
5,424,248
54,606,562
a
a
a
a
a
a
h
Chemicals
4.0%
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
9.976
%
,
(
3-month
SOFR
+
4.5
%
),
3/15/29
......................................
United
States
8,675,924
8,546,479
i
Second
Lien,
Initial
CME
Term
Loan
,
12.853
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
....................................
United
States
6,093,023
5,471,535
Indicor
LLC
,
First
Lien,
Dollar
CME
Term
Loan,
B
,
9.302
%
,
(
3-month
SOFR
+
4
%
),
11/22/29
................................
United
States
2,425,597
2,447,427
INEOS
Quattro
Holdings
UK
Ltd.
,
2029
Dollar
CME
Term
Loan,
B
,
9.666
%
,
(
1-month
SOFR
+
4.25
%
),
4/02/29
.....................................
United
Kingdom
7,748,864
7,744,021
2030
Dollar
CME
Term
Loan,
B
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
3/14/30
.....................................
United
Kingdom
1,726,087
1,725,017
INEOS
US
Finance
LLC
,
2027-II
Dollar
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
11/08/27
......................
Luxembourg
1,465,200
1,472,138
i
LSF11
A5
Holdco
LLC
,
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
10/15/28
.....................................
United
States
6,015,521
6,030,560
Lummus
Technology
Holdings
V
LLC
,
2024
CME
Term
Loan,
B
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
12/31/29
.................
United
States
3,099,367
3,114,011
Nouryon
Finance
BV
,
Extended
Dollar
CME
Term
Loan
,
9.419
%
,
(
3-month
SOFR
+
4
%
),
4/03/28
.........................
Netherlands
3,963,367
3,978,864
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.706
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................................
United
States
13,107,111
12,940,388
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
CME
Term
Loan,
B1
,
9.442
%
,
(
1-month
SOFR
+
4
%
),
3/16/27
...............
United
States
7,102,609
7,129,244
60,599,684
a
a
a
a
a
a
h
Commercial
Services
&
Supplies
5.0%
Allied
Universal
Holdco
LLC
,
Amendment
No.
3
CME
Term
Loan
,
10.066
%
,
(
1-month
SOFR
+
4.75
%
),
5/12/28
.....................................
United
States
829,167
833,681
Initial
U.S.
Dollar
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
5/12/28
.....................................
United
States
7,502,941
7,517,009
Amentum
Government
Services
Holdings
LLC
,
First
Lien,
CME
Term
Loan,
3
,
9.315
%
,
(
1-month
SOFR
+
4
%
),
2/15/29
............
United
States
9,937,750
9,972,929
i
APX
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.194
%
,
(
1-month
SOFR
+
2.75%;
3-month
SOFR
+
1.75%
),
7/10/28
..................
United
States
3,300,836
3,309,551
CCI
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.302
%
,
(
3-month
SOFR
+
4
%
),
12/17/27
................................
United
States
5,398,505
5,401,879
Covanta
Holding
Corp.
,
2024
Incremental
CME
Term
Loan,
B
,
8.071
%
,
(
1-month
SOFR
+
2.75
%
),
11/30/28
....................................
United
States
3,772,459
3,781,117
2024
Incremental
CME
Term
Loan,
C
,
8.071
%
,
(
1-month
SOFR
+
2.75
%
),
11/30/28
....................................
United
States
206,145
206,619
Madison
IAQ
LLC
,
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
6/21/28
.....................................
United
States
7,086,984
7,098,890
i
Neptune
BidCo
US,
Inc.
,
First
Lien,
Dollar
CME
Term
Loan,
B
,
10.406
%
,
(
3-month
SOFR
+
5
%
),
4/11/29
..................
United
States
3,890,176
3,661,901
PG
Investment
Co.
59
SARL
,
Initial
CME
Term
Loan
,
8.812
%
,
(
3-month
SOFR
+
3.5
%
),
3/26/31
........................
Luxembourg
2,982,681
2,996,968
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
g
Senior
Floating
Rate
Interests
(continued)
h
Commercial
Services
&
Supplies
(continued)
Pitney
Bowes,
Inc.
,
Refinancing
CME
Term
Loan,
B
,
9.43
%
,
(
1-month
SOFR
+
4
%
),
3/17/28
.........................
United
States
14,334,641
$
14,328,620
Prime
Security
Services
Borrower
LLC
,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B1
,
7.579
%
,
(
3-month
SOFR
+
2.25
%
),
10/13/30
United
States
4,851,948
4,867,328
Spin
Holdco,
Inc.
,
Initial
CME
Term
Loan
,
9.585
%
,
(
3-month
SOFR
+
4
%
),
3/04/28
.......................................
United
States
12,908,446
11,432,043
75,408,535
a
a
a
a
a
a
Communications
Equipment
0.9%
h
CommScope,
Inc.
,
Initial
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
4/06/26
.....................................
United
States
4,914,471
4,345,228
j
Delta
Topco,
Inc.
,
CME
Term
Loan
,
TBD,
12/24/29
.............
United
States
8,873,281
8,888,809
13,234,037
a
a
a
a
a
a
h
Construction
&
Engineering
1.3%
Artera
Services
LLC
,
First
Lien,
CME
Term
Loan,
C
,
9.809
%
,
(
3-month
SOFR
+
4.5
%
),
2/15/31
........................
United
States
2,727,273
2,754,273
i
Brand
Industrial
Services,
Inc.
,
CME
Term
Loan,
C
,
9.819
%
,
(
1-month
SOFR
+
4.5
%
),
8/01/30
........................
United
States
3,155,340
3,171,290
Chromalloy
Corp.
,
CME
Term
Loan
,
9.058
%
,
(
3-month
SOFR
+
3.75
%
),
3/27/30
.....................................
United
States
3,851,444
3,875,516
Radar
Bidco
SARL
,
USD
CME
Term
Loan,
B
,
9.558
%
,
(
3-month
SOFR
+
4.25
%
),
4/04/31
..............................
Luxembourg
1,948,052
1,957,792
USIC
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.064
%
,
(
3-month
SOFR
+
3.5
%
),
5/12/28
........................
United
States
6,789,285
6,794,648
Zekelman
Industries,
Inc.
,
2024
CME
Term
Loan
,
7.568
%
,
(
1-month
SOFR
+
2.25
%
),
1/24/31
..............................
United
States
1,361,979
1,365,384
19,918,903
a
a
a
a
a
a
Containers
&
Packaging
2.4%
h
Charter
Next
Generation,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.816
%
,
(
1-month
SOFR
+
3.5
%
),
12/01/27
................
United
States
5,744,740
5,772,832
h
,i
Kleopatra
Finco
SARL
,
USD
CME
Term
Loan,
B
,
10.267
%
,
(
6-month
SOFR
+
4.725
%
),
2/12/26
.............................
Luxembourg
9,919,514
8,993,726
h
,i
LC
Ahab
US
Bidco
LLC
,
CME
Term
Loan,
B
,
8.816
%
,
(
1-month
SOFR
+
3.5
%
),
4/11/31
...............................
United
States
1,094,092
1,094,092
h
Mauser
Packaging
Solutions
Holding
Co.
,
Initial
CME
Term
Loan
,
9.329
%
,
(
1-month
SOFR
+
4
%
),
8/14/26
..................
United
States
8,973,430
8,994,831
h
Pactiv
Evergreen,
Inc.
,
U.S.
CME
Term
Loan,
B3
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
9/24/28
..............................
United
States
1,526,297
1,536,149
h
ProAmpac
PG
Borrower
LLC
,
2024-1
Refinancing
CME
Term
Loan
,
9.528
%
,
(
1-month
SOFR
+
4%;
3-month
SOFR
+
4%
),
9/15/28
..
United
States
4,806,501
4,844,544
i
,j
SupplyOne,
Inc.
,
Seven
Year
CME
Term
Loan,
B
,
TBD,
3/27/31
...
United
States
4,985,714
5,007,527
36,243,701
a
a
a
a
a
a
h
Distributors
0.3%
i
AIP
RD
Buyer
Corp.
,
First
Lien,
2023
Incremental
CME
Term
Loan
,
9.818
%
,
(
1-month
SOFR
+
4.5
%
),
12/22/28
................
United
States
1,403,509
1,411,404
BCPE
Empire
Holdings,
Inc.
,
First
Lien,
Amendment
No.
5
Refinancing
CME
Term
Loan
,
9.316
%
,
(
1-month
SOFR
+
4
%
),
12/11/28
..........................................
United
States
1,538,462
1,544,500
Core
&
Main
LP
,
CME
Term
Loan,
C
,
7.568
%
,
(
1-month
SOFR
+
2.25
%
),
2/09/31
.....................................
United
States
1,750,000
1,758,750
Windsor
Holdings
III
LLC
,
2024
Dollar
Refinancing
CME
Term
Loan,
B
,
9.319
%
,
(
1-month
SOFR
+
4
%
),
8/01/30
................
United
States
498,750
503,675
5,218,329
a
a
a
a
a
a
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)
h
Diversified
Consumer
Services
1.7%
KUEHG
Corp.
,
Initial
CME
Term
Loan
,
10.302
%
,
(
3-month
SOFR
+
5
%
),
6/12/30
.......................................
United
States
7,199,469
$
7,232,119
Learning
Care
Group
(US)
No.
2,
Inc.
,
Initial
CME
Term
Loan
,
10.075
%
,
(
3-month
SOFR
+
4.75
%
),
8/11/28
...............
United
States
1,701,759
1,708,855
Pre-Paid
Legal
Services,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
12/15/28
................
United
States
1,416,512
1,409,982
Sedgwick
Claims
Management
Services,
Inc.
,
2023
CME
Term
Loan
,
9.077
%
,
(
1-month
SOFR
+
3.75
%
),
2/24/28
................
United
States
10,163,199
10,216,607
Spring
Education
Group,
Inc.
,
Initial
CME
Term
Loan
CME
,
9.309
%
,
(
3-month
SOFR
+
4
%
),
9/29/30
.........................
United
States
1,530,612
1,539,704
Wand
NewCo
3,
Inc.
,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
1/30/31
................
United
States
769,231
775,150
WW
International,
Inc.
,
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
4/13/28
...............................
United
States
4,681,981
2,139,829
25,022,246
a
a
a
a
a
a
h
Diversified
Telecommunication
Services
1.4%
Global
Tel*Link
Corp.
,
First
Lien,
CME
Term
Loan
,
9.666
%
,
(
1-month
SOFR
+
4.25
%
),
11/29/25
..........................................
United
States
11,725,981
11,539,069
Second
Lien,
CME
Term
Loan
,
15.416
%
,
(
1-month
SOFR
+
10
%
),
11/29/26
..........................................
United
States
7,895,149
7,559,606
Zayo
Group
Holdings,
Inc.
,
Initial
Dollar
CME
Term
Loan
,
8.43
%
,
(
1-month
SOFR
+
3
%
),
3/09/27
.........................
United
States
1,755,569
1,522,684
20,621,359
a
a
a
a
a
a
Electrical
Equipment
0.1%
h
Vertiv
Group
Corp.
,
CME
Term
Loan,
B1
,
7.943
%
,
(
1-month
SOFR
+
2.5
%
),
3/02/27
......................................
United
States
1,580,294
1,588,014
Electronic
Equipment,
Instruments
&
Components
0.1%
h
Coherent
Corp.
,
CME
Term
Loan,
B1
,
7.829
%
,
(
1-month
SOFR
+
2.5
%
),
7/02/29
......................................
United
States
1,339,286
1,347,234
h
Entertainment
0.7%
AMC
Entertainment
Holdings,
Inc.
,
CME
Term
Loan,
B1
,
8.433
%
,
(
1-month
SOFR
+
3
%
),
4/22/26
.........................
United
States
1,938,776
1,688,062
Banijay
Entertainment
SAS
,
USD
CME
Term
Loan,
B2
,
8.579
%
,
(
1-month
SOFR
+
3.25
%
),
3/01/28
.......................
France
1,918,771
1,927,166
i
Playtika
Holding
Corp.
,
CME
Term
Loan,
B1
,
8.18
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
...................................
United
States
6,149,596
6,161,711
9,776,939
a
a
a
a
a
a
h
Financial
Services
2.1%
Belfor
Holdings,
Inc.
,
Initial
CME
Term
Loan,
B1
,
9.08
%
,
(
1-month
SOFR
+
3.75
%
),
11/01/30
.............................
United
States
472,310
474,378
Boost
Newco
Borrower
LLC
,
USD
CME
Term
Loan,
B
,
8.309
%
,
(
3-month
SOFR
+
3
%
),
1/31/31
.........................
United
States
9,497,826
9,542,371
Mercury
Borrower,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
8/02/28
........................
United
States
7,959,544
7,964,519
Red
Planet
Borrower
LLC
,
Initial
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
10/02/28
.............................
United
States
4,778,466
4,693,959
Verscend
Holding
Corp.
,
CME
Term
Loan,
B1
,
9.445
%
,
(
1-month
SOFR
+
4
%
),
8/27/25
.................................
United
States
8,796,838
8,807,834
31,483,061
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
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
g
Senior
Floating
Rate
Interests
(continued)
h
Food
Products
0.3%
Fiesta
Purchaser,
Inc.
,
Initial
CME
Term
Loan
,
9.317
%
,
(
1-month
SOFR
+
4
%
),
2/12/31
.................................
United
States
2,538,071
$
2,551,244
Primary
Products
Finance
LLC
,
2024
Replacement
CME
Term
Loan,
B
,
8.952
%
,
(
3-month
SOFR
+
3.5
%
),
4/01/29
...............
United
States
1,968,103
1,970,976
4,522,220
a
a
a
a
a
a
h
Ground
Transportation
0.2%
Avis
Budget
Car
Rental
LLC
,
New
CME
Term
Loan,
C
,
8.416
%
,
(
1-month
SOFR
+
3
%
),
3/16/29
.........................
United
States
1,218,114
1,215,324
i
Savage
Enterprises
LLC
,
Initial
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
9/15/28
..............................
United
States
1,235,585
1,242,535
2,457,859
a
a
a
a
a
a
h
Health
Care
Equipment
&
Supplies
1.1%
Bausch
+
Lomb
Corp.
,
Initial
CME
Term
Loan
,
8.669
%
,
(
1-month
SOFR
+
3.25
%
),
5/10/27
..............................
United
States
2,977,273
2,962,774
Medline
Borrower
LP
,
Refinancing
CME
Term
Loan
,
8.068
%
,
(
1-month
SOFR
+
2.75
%
),
10/23/28
......................
United
States
8,886,385
8,919,887
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
CME
Term
Loan
,
10.702
%
,
(
3-month
SOFR
+
5.25
%
),
12/15/27
....................................
United
States
4,179,312
4,194,545
16,077,206
a
a
a
a
a
a
h
Health
Care
Providers
&
Services
7.6%
ADMI
Corp.
,
Amendment
No.
10
Extended
CME
Term
Loan
,
11.066
%
,
(
1-month
SOFR
+
5.75
%
),
12/23/27
.............................
United
States
1,165,909
1,175,382
Amendment
No.
4
Refinancing
CME
Term
Loan
,
8.805
%
,
(
1-month
SOFR
+
3.375
%
),
12/23/27
............................
United
States
5,021,555
4,854,765
Amendment
No.
5
Incremental
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
12/23/27
.............................
United
States
3,912,603
3,786,852
Aveanna
Healthcare
LLC
,
First
Lien,
2021
Extended
CME
Term
Loan
,
9.193
%
,
(
3-month
SOFR
+
3.75
%
),
7/17/28
...........
United
States
2,095,847
2,022,167
Charlotte
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
10.571
%
,
(
1-month
SOFR
+
5.25
%
),
2/11/28
.......................
United
States
6,879,388
6,920,217
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.83
%
,
(
3-month
SOFR
+
3.5
%
),
11/08/27
.......................
United
States
5,018,257
5,041,617
i
Dermatology
Intermediate
Holdings
III,
Inc.
,
Closing
Date
CME
Term
Loan
,
9.58
%
,
(
3-month
SOFR
+
4.25
%
),
3/30/29
............
United
States
4,492,386
4,386,635
eResearchTechnology,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.93
%
,
(
1-month
SOFR
+
4.5
%
),
2/04/27
..................
United
States
2,905,510
2,919,035
FINThrive
Software
Intermediate
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.571
%
,
(
3-month
SOFR
+
4
%
),
12/18/28
..........................................
United
States
5,162,774
4,372,224
Second
Lien,
Initial
CME
Term
Loan
,
12.18
%
,
(
1-month
SOFR
+
6.75
%
),
12/17/29
....................................
United
States
779,707
547,745
i
Global
Medical
Response,
Inc.
,
2018
New
CME
Term
Loan
,
9.68
%
,
(
1-month
SOFR
+
4.25
%
),
3/14/25
.......................
United
States
5,087,392
4,839,382
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.666
%
,
(
1-month
SOFR
+
3.25
%
),
11/01/28
...............
United
States
4,801,534
4,262,226
MPH
Acquisition
Holdings
LLC
,
Initial
CME
Term
Loan
,
9.855
%
,
(
3-month
SOFR
+
4.25
%
),
9/01/28
.......................
United
States
6,275,628
5,830,623
i
National
Mentor
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.164
%
,
(
1-month
SOFR
+
3.75%;
3-month
SOFR
+
3.75%
),
3/02/28
..................
United
States
8,171,275
7,475,818
First
Lien,
Initial
CME
Term
Loan,
C
,
9.159
%
,
(
3-month
SOFR
+
3.75
%
),
3/02/28
.....................................
United
States
269,370
246,444
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)
h
Health
Care
Providers
&
Services
(continued)
Pacific
Dental
Services
LLC
,
Refinancing
CME
Term
Loan
,
8.571
%
,
(
1-month
SOFR
+
3.25
%
),
3/15/31
.......................
United
States
3,386,977
$
3,399,339
Pathway
Vet
Alliance
LLC
,
First
Lien,
2021
Replacement
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
3/31/27
............
United
States
9,219,192
7,767,170
Phoenix
Guarantor,
Inc.
,
CME
Term
Loan
,
8.577
%
,
(
1-month
SOFR
+
3.25
%
),
2/14/31
...................................
United
States
7,273,225
7,230,604
Phoenix
Newco,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.692
%
,
(
1-month
SOFR
+
3.25
%
),
11/15/28
......................
United
States
4,572,622
4,592,352
Radiology
Partners,
Inc.
,
CME
Term
Loan,
B
,
10.587
%
,
(
3-month
SOFR
+
5
%
),
1/31/29
.................................
United
States
6,761,757
6,505,385
Star
Parent,
Inc.
,
CME
Term
Loan
,
9.309
%
,
(
3-month
SOFR
+
4
%
),
9/27/30
...........................................
United
States
5,683,333
5,688,676
Surgery
Center
Holdings,
Inc.
,
Initial
CME
Term
Loan
,
8.815
%
,
(
1-month
SOFR
+
3.5
%
),
12/19/30
.......................
United
States
925,926
932,532
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.692
%
,
(
1-month
SOFR
+
4.25
%
),
10/01/28
...............
United
States
7,628,231
7,398,583
Waystar
Technologies,
Inc.
,
First
Lien,
2024
Initial
CME
Term
Loan
,
9.316
%
,
(
1-month
SOFR
+
4
%
),
10/22/29
..................
United
States
11,495,950
11,574,985
113,770,758
a
a
a
a
a
a
Health
Care
Technology
1.4%
h
athenahealth
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.566
%
,
(
1-month
SOFR
+
3.25
%
),
2/15/29
..............................
United
States
14,044,018
14,039,664
i
,j
Cotiviti
Holdings,
Inc.
,
CME
Term
Loan
,
TBD,
2/24/31
..........
United
States
6,428,571
6,441,943
20,481,607
a
a
a
a
a
a
Hotels,
Restaurants
&
Leisure
6.6%
f
,h
24
Hour
Fitness
Worldwide,
Inc.
,
CME
Term
Loan,
1
,
PIK,
6.571
%
,
(
3-month
SOFR
+
1
%
),
12/29/25
........................
United
States
23,896,776
11,779,576
h
,i
Bally's
Corp.
,
CME
Term
Loan,
B
,
8.836
%
,
(
3-month
SOFR
+
3.25
%
),
10/02/28
....................................
United
States
11,756,471
11,100,695
h
Caesars
Entertainment,
Inc.
,
2023
Incremental
CME
Term
Loan,
B
,
8.666
%
,
(
1-month
SOFR
+
3.25
%
),
2/06/30
................
United
States
4,950,996
4,967,408
h
Dave
&
Buster's,
Inc.
,
2024
Refinancing
CME
Term
Loan,
B
,
8.625
%
,
(
1-month
SOFR
+
3.25
%
),
6/29/29
.......................
United
States
2,672,102
2,684,727
j
Entain
plc
,
CME
Term
Loan
,
TBD,
10/31/29
..................
United
States
3,335,777
3,350,888
h
Fertitta
Entertainment
LLC
,
Initial
CME
Term
Loan,
B
,
9.069
%
,
(
1-month
SOFR
+
3.75
%
),
1/27/29
.......................
United
States
6,169,230
6,190,452
h
Flutter
Entertainment
plc
,
CME
Term
Loan,
B
,
7.559
%
,
(
3-month
SOFR
+
2.25
%
),
11/25/30
.............................
Ireland
6,289,204
6,308,292
h
Flynn
Restaurant
Group
LP
,
First
Lien,
2021
CME
Term
Loan
,
9.68
%
,
(
1-month
SOFR
+
4.25
%
),
11/22/28
................
United
States
8,131,991
8,173,546
h
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
CME
Term
Loan
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
8/02/28
.................
United
States
8,648,528
8,671,793
h
IRB
Holding
Corp.
,
2024
Replacement
CME
Term
Loan,
B
,
8.177
%
,
(
1-month
SOFR
+
2.75
%
),
12/15/27
......................
United
States
1,414,167
1,417,901
h
Light
&
Wonder
International,
Inc.
,
CME
Term
Loan,
B1
,
8.071
%
,
(
1-month
SOFR
+
2.75
%
),
4/14/29
.......................
United
States
4,331,709
4,346,740
h
Ontario
Gaming
GTA
LP
,
CME
Term
Loan,
B
,
9.559
%
,
(
3-month
SOFR
+
4.25
%
),
8/01/30
..............................
Canada
4,299,233
4,327,887
h
Penn
National
Gaming,
Inc.
,
CME
Term
Loan,
B
,
8.166
%
,
(
1-month
SOFR
+
2.75
%
),
5/03/29
..............................
United
States
3,523,721
3,532,706
h
Raptor
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.59
%
,
(
3-month
SOFR
+
4
%
),
11/01/26
........................
United
States
5,516,244
5,543,826
h
Scientific
Games
Holdings
LP
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.556
%
,
(
3-month
SOFR
+
3.25
%
),
4/04/29
...........
United
States
8,138,466
8,151,813
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)
Hotels,
Restaurants
&
Leisure
(continued)
h
,i
SeaWorld
Parks
&
Entertainment,
Inc.
,
CME
Term
Loan,
B2
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
8/25/28
........................
United
States
1,529,412
$
1,530,689
h
Whatabrands
LLC
,
Initial
CME
Term
Loan,
B
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
8/03/28
..............................
United
States
7,140,321
7,176,772
99,255,711
a
a
a
a
a
a
Household
Durables
0.4%
h
Hunter
Douglas
Holding
BV
,
CME
Term
Loan,
B1
,
8.824
%
,
(
3-month
SOFR
+
3.5
%
),
2/26/29
...............................
Netherlands
5,745,545
5,715,812
Household
Products
0.1%
h
Energizer
Holdings,
Inc.
,
2020
CME
Term
Loan
,
7.68
%
,
(
1-month
SOFR
+
2.25
%
),
12/22/27
.............................
United
States
1,302,382
1,304,550
h
Independent
Power
and
Renewable
Electricity
Producers
0.6%
Calpine
Construction
Finance
Co.
LP
,
Refinancing
CME
Term
Loan
,
7.566
%
,
(
1-month
SOFR
+
2.25
%
),
7/31/30
................
United
States
3,184,000
3,186,897
i
Calpine
Corp.
,
2019
CME
Term
Loan
,
7.33
%
,
(
1-month
SOFR
+
2
%
),
1/31/31
...........................................
United
States
3,300,000
3,298,961
Talen
Energy
Supply
LLC
,
Initial
CME
Term
Loan,
B
,
9.826
%
,
(
3-month
SOFR
+
4.5
%
),
5/17/30
...........................................
United
States
2,340,749
2,351,645
Initial
CME
Term
Loan,
C
,
9.826
%
,
(
3-month
SOFR
+
4.5
%
),
5/17/30
...........................................
United
States
497,355
499,670
9,337,173
a
a
a
a
a
a
Insurance
3.7%
h
Acrisure
LLC
,
First
Lien,
2020
Term
Loan
,
0.089
%
,
(
1-month
Synthetic
USD
LIBOR
+
0.035
%
),
2/15/27
.............................
United
States
5,877,551
5,881,812
First
Lien,
2021-1
Additional
Term
Loan
,
9.18
%
,
(
1-month
Synthetic
USD
LIBOR
+
3.75
%
),
2/15/27
..........................
United
States
4,111,040
4,121,318
First
Lien,
2021-2
Additional
Term
Loan
,
9.68
%
,
(
1-month
Synthetic
USD
LIBOR
+
4.25
%
),
2/15/27
..........................
United
States
2,927,395
2,940,817
h
Alliant
Holdings
Intermediate
LLC
,
New
CME
Term
Loan,
B6
,
8.819
%
,
(
1-month
SOFR
+
3.5
%
),
11/06/30
................
United
States
6,245,076
6,276,926
h
,i
AssuredPartners,
Inc.
,
2024
CME
Term
Loan
,
8.827
%
,
(
1-month
SOFR
+
3.5
%
),
2/14/31
...............................
United
States
5,563,552
5,594,207
h
Asurion
LLC
,
New
CME
Term
Loan,
B10
,
9.416
%
,
(
1-month
SOFR
+
4
%
),
8/19/28
...........................................
United
States
2,271,178
2,211,877
New
CME
Term
Loan,
B11
,
9.666
%
,
(
1-month
SOFR
+
4.25
%
),
8/19/28
...........................................
United
States
1,024,138
1,001,417
New
CME
Term
Loan,
B8
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
12/23/26
..........................................
United
States
4,134,609
4,050,490
New
CME
Term
Loan,
B9
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
7/31/27
...........................................
United
States
8,209
7,996
Second
Lien,
New
CME
Term
Loan,
B3
,
10.68
%
,
(
1-month
SOFR
+
5.25
%
),
1/31/28
...................................
United
States
7,696,342
7,038,574
Second
Lien,
New
CME
Term
Loan,
B4
,
10.68
%
,
(
1-month
SOFR
+
5.25
%
),
1/20/29
...................................
United
States
7,422,294
6,712,538
h
HUB
International
Ltd.
,
2024
Incremental
CME
Term
Loan
,
8.575
%
,
(
1-month
SOFR
+
3.25%;
3-month
SOFR
+
3.25%
),
6/20/30
....
United
States
4,541,297
4,569,385
i
,j
Truist
Insurance
Holdings
LLC
,
Term
Loan,
B
,
TBD,
3/24/31
.....
United
States
5,170,297
5,187,281
55,594,638
a
a
a
a
a
a
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)
h
IT
Services
2.4%
Arches
Buyer,
Inc.
,
Refinancing
CME
Term
Loan
,
8.666
%
,
(
1-month
SOFR
+
3.25
%
),
12/06/27
.............................
United
States
3,115,936
$
3,015,758
Aventiv
Technologies
LLC
,
First
Lien,
Second-Out
CME
Term
Loan
,
13.071
%
,
(
3-month
SOFR
+
7.5
%
),
7/31/25
....................................
United
States
99,706
100,952
Second
Lien,
CME
Term
Loan
,
14.221
%
,
(
3-month
SOFR
+
8.912
%
),
11/01/25
...................................
United
States
389,944
71,652
Barracuda
Parent
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.814
%
,
(
6-month
SOFR
+
4.5
%
),
8/15/29
........................
United
States
5,793,832
5,803,334
Gainwell
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.409
%
,
(
3-month
SOFR
+
4
%
),
10/01/27
........................
United
States
11,912,871
11,395,435
Peraton
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
2/01/28
..............................
United
States
10,627,717
10,644,775
Sitel
Worldwide
Corp.
,
Initial
Dollar
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
8/28/28
.......................
France
6,300,196
4,725,147
35,757,053
a
a
a
a
a
a
h
Machinery
1.5%
ASP
Blade
Holdings,
Inc.
,
Initial
CME
Term
Loan
,
9.564
%
,
(
3-month
SOFR
+
4
%
),
10/13/28
................................
United
States
8,247,755
7,215,837
Crosby
US
Acquisition
Corp.
,
Amendment
No.
3
Replacement
CME
Term
Loan
,
9.316
%
,
(
1-month
SOFR
+
4
%
),
8/16/29
.........
United
States
2,919,105
2,943,422
Tiger
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
8.668
%
,
(
1-month
SOFR
+
3.25
%
),
6/01/28
.......................
United
States
5,831,552
5,790,089
TK
Elevator
Midco
GmbH
,
USD
CME
Term
Loan,
B1
,
9.081
%
,
(
6-month
SOFR
+
3.5
%
),
7/30/27
........................
Germany
6,615,859
6,650,989
22,600,337
a
a
a
a
a
a
h
Media
3.7%
Cengage
Learning,
Inc.
,
CME
Term
Loan,
B
,
9.565
%
,
(
1-month
SOFR
+
4.25
%
),
3/24/31
..............................
United
States
10,383,629
10,417,012
DIRECTV
Financing
LLC
,
2024
Refinancing
CME
Term
Loan,
B
,
10.68
%
,
(
1-month
SOFR
+
5.25
%
),
8/02/29
................
United
States
751,923
753,228
Gray
Television,
Inc.
,
CME
Term
Loan,
D
,
8.442
%
,
(
1-month
SOFR
+
3
%
),
12/01/28
......................................
United
States
5,340,523
5,035,258
iHeartCommunications,
Inc.
,
New
CME
Term
Loan
,
8.43
%
,
(
1-month
SOFR
+
3
%
),
5/01/26
..
United
States
6,316,667
5,540,064
Second
Amendment
Incremental
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
5/01/26
.......................
United
States
700,000
611,079
McGraw-Hill
Education,
Inc.
,
Initial
CME
Term
Loan
,
10.18
%
,
(
1-month
SOFR
+
4.75
%
),
7/28/28
.......................
United
States
8,583,750
8,603,407
i
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2023
May
Incremental
CME
Term
Loan
,
9.566
%
,
(
1-month
SOFR
+
4.25
%
),
5/03/28
...........................................
United
States
11,093,323
11,070,637
Nexstar
Media,
Inc.
,
CME
Term
Loan,
B4
,
7.93
%
,
(
1-month
SOFR
+
2.5
%
),
9/18/26
......................................
United
States
944,699
946,588
Radiate
Holdco
LLC
,
Amendment
No.
6
CME
Term
Loan,
B
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
9/25/26
.......................
United
States
3,651,052
2,951,766
Univision
Communications,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
1/31/29
.................
United
States
3,020,628
3,019,692
Virgin
Media
Bristol
LLC
,
CME
Term
Loan,
Q
,
8.685
%
,
(
1-month
SOFR
+
3.25
%
),
1/31/29
..............................
United
States
6,355,393
6,271,979
55,220,710
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)
Metals
&
Mining
0.1%
h
Arsenal
AIC
Parent
LLC
,
2024
CME
Term
Loan,
B
,
9.08
%
,
(
1-month
SOFR
+
3.75
%
),
8/18/30
..............................
United
States
2,175,792
$
2,194,830
h
Passenger
Airlines
1.7%
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
CME
Term
Loan
,
10.336
%
,
(
3-month
SOFR
+
4.75
%
),
4/20/28
......
United
States
3,243,492
3,377,626
Air
Canada
,
CME
Term
Loan
,
7.833
%
,
(
3-month
SOFR
+
2.5
%
),
3/21/31
...........................................
Canada
2,625,293
2,646,624
American
Airlines,
Inc.
,
Initial
CME
Term
Loan
,
8.775
%
,
(
6-month
SOFR
+
3.5
%
),
6/04/29
...............................
United
States
6,000,000
6,028,770
Kestrel
Bidco,
Inc.
,
CME
Term
Loan
,
8.418
%
,
(
1-month
SOFR
+
3
%
),
12/11/26
....
Canada
449,450
450,598
Initial
CME
Term
Loan
,
9.048
%
,
(
3-month
SOFR
+
3.75
%
),
2/14/31
Canada
8,913,752
8,941,117
United
Airlines,
Inc.
,
2024
CME
Term
Loan,
B
,
8.076
%
,
(
3-month
SOFR
+
2.75
%
),
2/22/31
..............................
United
States
3,500,000
3,519,145
24,963,880
a
a
a
a
a
a
Personal
Care
Products
0.3%
h
Conair
Holdings
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
5/17/28
.......................
United
States
5,166,124
5,136,161
h
Pharmaceuticals
1.6%
Endo
Luxembourg
Finance
Co.
I
SARL
,
Term
Loan,
B
,
9.828
%
,
(
3-month
SOFR
+
4.5
%
),
4/09/31
........................
United
States
1,231,527
1,229,834
i
Grifols
Worldwide
Operations
Ltd.
,
Dollar
CME
Term
Loan,
B
,
7.459
%
,
(
3-month
SOFR
+
2
%
),
11/15/27
..................
Spain
5,256,277
5,149,522
Jazz
Pharmaceuticals
plc
,
Additional
Dollar
CME
Term
Loan,
B1
,
8.43
%
,
(
1-month
SOFR
+
3
%
),
5/05/28
...................
United
States
8,918,852
8,981,596
Organon
&
Co.
,
Dollar
CME
Term
Loan
,
8.433
%
,
(
1-month
SOFR
+
3
%
),
6/02/28
.......................................
United
States
3,857,082
3,883,001
Perrigo
Co.
plc
,
Initial
CME
Term
Loan,
B
,
7.666
%
,
(
1-month
SOFR
+
2.25
%
),
4/20/29
...................................
United
States
4,981,342
4,982,912
24,226,865
a
a
a
a
a
a
h
Professional
Services
1.4%
CCRR
Parent,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
3/06/28
.......................
United
States
2,677,156
2,471,899
CHG
Healthcare
Services,
Inc.
,
First
Lien,
2023
Incremental
CME
Term
Loan
,
9.091
%
,
(
1-month
SOFR
+
3.75%;
3-month
SOFR
+
3.75%
),
9/29/28
...........
United
States
924,512
930,290
First
Lien,
Initial
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
9/29/28
.....................................
United
States
2,828,738
2,838,059
i
CoreLogic,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
8,200,000
7,954,000
Dun
&
Bradstreet
Corp.
(The)
,
2022
Incremental
CME
Term
Loan,
B2
,
8.068
%
,
(
1-month
SOFR
+
2.75
%
),
1/18/29
.............
United
States
3,806,700
3,820,195
Inizio
Group
Ltd.
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
9.659
%
,
(
3-month
SOFR
+
4.25
%
),
8/19/28
.......................
United
Kingdom
2,541,520
2,547,873
20,562,316
a
a
a
a
a
a
h
Real
Estate
Management
&
Development
0.5%
Cushman
&
Wakefield
US
Borrower
LLC
,
i
2023-1
Refinancing
CME
Term
Loan
,
8.666
%
,
(
1-month
SOFR
+
3.25
%
),
1/31/30
.....................................
United
States
5,074,219
5,093,247
2024-1
CME
Term
Loan
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
1/31/30
...........................................
United
States
625,285
628,411
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)
h
Real
Estate
Management
&
Development
(continued)
Greystar
Real
Estate
Partners
LLC
,
CME
Term
Loan,
B1
,
8.576
%
,
(
3-month
SOFR
+
3.25
%
),
8/21/30
.......................
United
States
1,309,632
$
1,314,543
7,036,201
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
0.5%
h
MKS
Instruments,
Inc.
,
2023-1
Dollar
CME
Term
Loan,
B
,
7.823
%
,
(
1-month
SOFR
+
2.5
%
),
8/17/29
........................
United
States
7,979,734
8,004,710
h
Software
10.1%
AppLovin
Corp.
,
2024
Initial
CME
Term
Loan
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
8/16/30
...........................................
United
States
6,487,081
6,493,406
Amendment
No.
10-I
Replacement
CME
Term
Loan
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
10/25/28
.......................
United
States
4,000,000
4,013,000
Central
Parent
LLC
,
First
Lien,
2023
Refinancing
CME
Term
Loan
,
9.309
%
,
(
3-month
SOFR
+
4
%
),
7/06/29
..................
United
States
7,925,256
7,966,705
Cloud
Software
Group,
Inc.
,
First
Lien,
Dollar
CME
Term
Loan,
B
,
9.909
%
,
(
3-month
SOFR
+
4.5
%
),
3/30/29
.................
United
States
4,298,204
4,304,694
Cloudera,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
10/08/28
.............................
United
States
5,942,311
5,921,246
ConnectWise
LLC
,
Initial
CME
Term
Loan
,
9.064
%
,
(
3-month
SOFR
+
3.5
%
),
9/29/28
....................................
United
States
3,175,635
3,184,240
Cornerstone
OnDemand,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
10/16/28
................
United
States
2,213,874
2,133,621
DCert
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.316
%
,
(
1-month
SOFR
+
4
%
),
10/16/26
........................
United
States
4,840,066
4,834,065
ECI
Macola/Max
Holding
LLC
,
First
Lien,
2024
Extended
CME
Term
Loan
,
9.31
%
,
(
3-month
SOFR
+
3.75
%
),
5/09/30
............
United
States
6,406,609
6,442,006
Epicor
Software
Corp.
,
CME
Term
Loan,
C
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
7/30/27
...................................
United
States
9,376,525
9,428,846
i
Flexera
Software
LLC
,
First
Lien,
CME
Term
Loan,
B1
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
.......................
United
States
1,082,863
1,087,373
Genesys
Cloud
Services
Holdings
I
LLC
,
2024
Incremental
No.
2
Dollar
CME
Term
Loan
,
8.816
%
,
(
1-month
SOFR
+
3.5
%
),
12/01/27
..........................................
United
States
11,197,806
11,262,753
Greeneden
U.S.
Holdings
I
LLC
,
2024
Incremental
Dollar
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
12/01/27
...........
United
States
3,288,462
3,312,106
Idera,
Inc.
,
First
Lien,
CME
Term
Loan,
B1
,
9.206
%
,
(
3-month
SOFR
+
3.75
%
),
3/02/28
...................................
United
States
4,920,474
4,907,779
IGT
Holding
IV
AB
,
CME
Term
Loan,
B2
,
8.998
%
,
(
3-month
SOFR
+
4.75
%
),
3/31/28
.....................................
Sweden
3,459,573
3,474,709
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
CME
Term
Loan
,
9.814
%
,
(
3-month
SOFR
+
4.25
%
),
12/01/27
......................
United
States
3,494,644
3,255,488
First
Lien,
First
Amendment
CME
Term
Loan
,
9.555
%
,
(
3-month
SOFR
+
4
%
),
12/01/27
................................
United
States
297,214
275,294
McAfee
Corp.
,
CME
Term
Loan,
B1
,
9.177
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
.....................................
United
States
9,413,051
9,445,761
Mitchell
International,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.195
%
,
(
1-month
SOFR
+
3.75
%
),
10/15/28
....................................
United
States
4,326,718
4,339,352
Second
Lien,
Initial
CME
Term
Loan
,
11.93
%
,
(
1-month
SOFR
+
6.5
%
),
10/15/29
.....................................
United
States
428,571
430,224
Polaris
Newco
LLC
,
First
Lien,
Dollar
CME
Term
Loan
,
9.591
%
,
(
3-month
SOFR
+
4
%
),
6/02/28
.........................
United
States
9,733,983
9,688,768
Precisely
Software,
Inc.
,
First
Lien,
Third
Amendment
CME
Term
Loan
,
9.841
%
,
(
3-month
SOFR
+
4.25
%
),
4/24/28
...........
United
States
2,903,308
2,896,964
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)
h
Software
(continued)
Project
Alpha
Intermediate
Holding,
Inc.
,
Initial
CME
Term
Loan
,
10.063
%
,
(
3-month
SOFR
+
4.75
%
),
10/28/30
..............
United
States
5,500,000
$
5,527,142
Project
Boost
Purchaser
LLC
,
First
Lien,
2021
CME
Term
Loan,
2
,
8.957
%
,
(
1-month
SOFR
+
3.5%;
3-month
SOFR
+
3.5%
),
5/30/26
United
States
4,015,764
4,030,823
Project
Ruby
Ultimate
Parent
Corp.
,
Incremental
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
3/10/28
..................
United
States
1,552,239
1,556,438
Quest
Software
US
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.73
%
,
(
3-month
SOFR
+
4.25
%
),
2/01/29
.................
United
States
4,339,045
3,067,163
i
Rocket
Software,
Inc.
,
Extended
Dollar
CME
Term
Loan
,
10.066
%
,
(
1-month
SOFR
+
4.75
%
),
11/28/28
......................
United
States
4,474,260
4,455,736
Severin
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
8.313
%
,
(
3-month
SOFR
+
3
%
),
8/01/27
.........................
United
States
767,308
770,734
Sophos
Holdings
SARL
,
First
Lien,
Dollar
CME
Term
Loan
,
8.933
%
,
(
1-month
SOFR
+
3.5
%
),
3/05/27
........................
Luxembourg
4,974,176
4,991,710
Sovos
Compliance
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.93
%
,
(
1-month
SOFR
+
4.5
%
),
8/11/28
........................
United
States
7,073,886
7,001,131
UKG,
Inc.
,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
8.814
%
,
(
3-month
SOFR
+
3.5
%
),
2/10/31
........................
United
States
8,651,264
8,700,879
VS
Buyer
LLC
,
2024
Refinancing
Initial
CME
Term
Loan
,
8.569
%
,
(
1-month
SOFR
+
3.25
%
),
4/12/31
.......................
United
States
1,552,511
1,558,861
150,759,017
a
a
a
a
a
a
h
Specialty
Retail
4.4%
Evergreen
AcqCo
1
LP
,
Initial
CME
Term
Loan
,
9.36
%
,
(
3-month
SOFR
+
3.75
%
),
4/26/28
..............................
United
States
4,920,152
4,947,827
GNC
Holdings,
Inc.
,
Second
Lien,
CME
Term
Loan
,
11.427
%
,
(
1-month
SOFR
+
6
%
),
10/07/26
........................
United
States
16,389,002
13,111,202
Great
Outdoors
Group
LLC
,
CME
Term
Loan,
B2
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
3/06/28
..............................
United
States
4,707,981
4,715,961
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.821
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
..............................
United
States
2,798,761
2,616,519
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.814
%
,
(
3-month
SOFR
+
3.25
%
),
12/28/27
......................
United
States
1,177,052
1,164,328
i
Petco
Health
&
Wellness
Co.,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.821
%
,
(
3-month
SOFR
+
3.25
%
),
3/03/28
................
United
States
9,920,028
8,615,197
PetSmart
LLC
,
Initial
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
2/11/28
.....................................
United
States
2,285,169
2,256,604
RealTruck
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
1/31/28
...............................
United
States
8,418,072
8,370,763
Restoration
Hardware,
Inc.
,
2022
Incremental
CME
Term
Loan
,
8.666
%
,
(
1-month
SOFR
+
3.25
%
),
10/20/28
...............
United
States
2,116,145
2,089,694
SRS
Distribution,
Inc.
,
2022
Refinancing
CME
Term
Loan
,
8.666
%
,
(
1-month
SOFR
+
3.25
%
),
6/02/28
.......................
United
States
2,992,347
3,016,869
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
10.443
%
,
(
1-month
Synthetic
USD
LIBOR
+
5
%
),
4/16/26
.....................
United
States
2,975,864
2,944,573
2019
Refinancing
New
Term
Loan,
B2
,
9.943
%
,
(
1-month
Synthetic
USD
LIBOR
+
4.5
%
),
9/12/24
...........................
United
States
4,922,221
4,922,221
White
Cap
Supply
Holdings
LLC
,
Initial
Closing
Date
CME
Term
Loan
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
10/19/27
..........
United
States
2,895,844
2,909,599
Woof
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.321
%
,
(
3-month
SOFR
+
3.75
%
),
12/21/27
......................
United
States
5,156,239
4,034,783
65,716,140
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
0.2%
h
Magenta
Buyer
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
10.574
%
,
(
3-month
SOFR
+
5
%
),
7/27/28
.........................
United
States
6,734,327
3,436,594
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)
h
Textiles,
Apparel
&
Luxury
Goods
0.8%
Champ
Acquisition
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
11.064
%
,
(
3-month
SOFR
+
5.5
%
),
12/19/25
...............
United
States
4,472,677
$
4,499,245
Hanesbrands,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
3/08/30
..............................
United
States
5,671,357
5,683,153
Tory
Burch
LLC
,
Initial
CME
Term
Loan,
B
,
8.692
%
,
(
1-month
SOFR
+
3.25
%
),
4/16/28
...................................
United
States
1,484,484
1,487,572
11,669,970
a
a
a
a
a
a
h
Transportation
Infrastructure
1.3%
First
Student
Bidco,
Inc.
,
Incremental
CME
Term
Loan,
B
,
9.402
%
,
(
3-month
SOFR
+
4
%
),
7/21/28
...........................................
United
States
2,959,462
2,970,559
Initial
CME
Term
Loan,
B
,
8.564
%
,
(
3-month
SOFR
+
3
%
),
7/21/28
United
States
4,353,610
4,364,843
Initial
CME
Term
Loan,
C
,
8.564
%
,
(
3-month
SOFR
+
3
%
),
7/21/28
United
States
1,324,065
1,327,481
LaserShip,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
10.071
%
,
(
3-month
SOFR
+
4.5
%
),
5/07/28
........................
United
States
11,014,132
10,353,284
19,016,167
a
a
a
a
a
a
Wireless
Telecommunication
Services
0.3%
h
Crown
Subsea
Communications
Holding,
Inc.
,
Initial
CME
Term
Loan
,
10.08
%
,
(
3-month
SOFR
+
4.75
%
),
1/30/31
...........
United
States
3,870,968
3,907,258
Total
Senior
Floating
Rate
Interests
(Cost
$
1,282,628,732
)
........................
1,267,405,004
Asset-Backed
Securities
0.6%
Financial
Services
0.6%
e,h
Alinea
CLO
Ltd.
,
2018-1A
,
C
,
144A,
FRN
,
7.486
%
,
(
3-month
SOFR
+
2.162
%
),
7/20/31
.
...................................
United
States
7,000,000
7,036,336
e,h
Dryden
40
Senior
Loan
Fund
,
2015-40A
,
CR
,
144A,
FRN
,
7.669
%
,
(
3-month
SOFR
+
2.362
%
),
8/15/31
.
.....................
United
States
2,000,000
2,009,220
9,045,556
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
9,000,000
)
................................
9,045,556
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,c
Millennium
Corporate
Claim
Trust,
Escrow
Account
............
United
States
13,585,837
—
a,c
Millennium
Lender
Claim
Trust,
Escrow
Account
..............
United
States
13,585,837
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
1,427,611,211
)
.............................
1,393,052,087
a
Short
Term
Investments
10.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
5.0%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
74,527,071
74,527,071
Total
Money
Market
Funds
(Cost
$
74,527,071
)
..................................
74,527,071
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
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statements.
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Report
41
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
5.8%
m
Joint
Repurchase
Agreement
,
5.25
%
,
5/01/24
(Maturity
Value
$
87,193,084
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$22,527,205)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$30,874,199)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$33,791,680)
Collateralized
by
U.S.
Government
Agency
Securities,
5.5%,
5/20/53;
and
U.S.
Treasury
Notes,
0.63%
-
3.25%,
6/30/27
-
3/31/29
(valued
at
$
88,957,996
)
.........................
87,180,371
$
87,180,371
Total
Repurchase
Agreements
(Cost
$
87,180,371
)
...............................
87,180,371
Total
Short
Term
Investments
(Cost
$
161,707,442
)
...............................
161,707,442
a
Total
Investments
(Cost
$
1,589,318,653
)
104.0
%
................................
$1,554,759,529
Other
Assets,
less
Liabilities
(
4.0
)
%
...........................................
(59,282,819)
Net
Assets
100.0%
...........................................................
$1,495,476,710
a
a
a
See
Abbreviations
on
page
318
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
10
regarding
holdings
of
5%
voting
securities.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
13
regarding
fair
value
measurements.
d
See
Note
8
regarding
restricted
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,
2024,
the
aggregate
value
of
these
securities
was
$84,317,926,
representing
5.6%
of
net
assets.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
See
Note
1(h)
regarding
senior
floating
rate
interests.
h
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(d).
j
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
k
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
m
See
Note
1(c)
regarding
joint
repurchase
agreement.
Franklin
Investors
Securities
Trust
Financial
Highlights
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Long
Duration
Credit
Fund
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statements.
42
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
a
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
......................................................
$9.27
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c
..............................................................
0.282
0.093
Net
realized
and
unrealized
gains
(losses)
................................................
0.713
(0.730)
Total
from
investment
operations
.........................................................
0.995
(0.637)
Less
distributions
from:
Net
investment
income
...............................................................
(0.285)
(0.093)
Net
asset
value,
end
of
period
...........................................................
$9.98
$9.27
Total
return
d
........................................................................
10.65%
(6.39)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
...........................................
0.48%
0.89%
Expenses
net
of
waiver
and
payments
by
affiliates
............................................
0.13%
0.59%
Net
investment
income
................................................................
5.46%
5.00%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.........................................................
$77,992
$66,208
Portfolio
turnover
rate
.................................................................
27.82%
6.12%
a
For
the
period
August
22,
2023
(commencement
of
operations)
to
October
31,
2023.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Long
Duration
Credit
Fund
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accompanying
notes
are
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integral
part
of
these
financial
statements
Semiannual
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43
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
94.3%
Aerospace
&
Defense
2.9%
a
BAE
Systems
plc
,
Senior
Bond
,
144A,
5.5
%
,
3/26/54
...........
United
Kingdom
200,000
$
191,108
Boeing
Co.
(The)
,
Senior
Bond,
3.6%,
5/01/34
............................
United
States
150,000
118,924
Senior
Bond,
3.75%,
2/01/50
...........................
United
States
650,000
419,485
a
Senior
Bond,
144A,
6.858%,
5/01/54
.....................
United
States
95,000
95,438
a
Senior
Bond,
144A,
7.008%,
5/01/64
.....................
United
States
90,000
90,262
Howmet
Aerospace,
Inc.
,
Senior
Bond
,
5.95
%
,
2/01/37
.........
United
States
275,000
275,234
Lockheed
Martin
Corp.
,
Senior
Bond
,
4.07
%
,
12/15/42
.........
United
States
645,000
531,670
Northrop
Grumman
Corp.
,
Senior
Bond,
4.03%,
10/15/47
..........................
United
States
360,000
279,207
Senior
Bond,
4.95%,
3/15/53
...........................
United
States
270,000
239,789
2,241,117
Automobile
Components
0.4%
Aptiv
plc
,
Senior
Bond
,
3.1
%
,
12/01/51
.....................
United
States
490,000
289,248
Banks
5.4%
Bank
of
America
Corp.
,
Senior
Bond
,
2.676%
to
6/18/40,
FRN
thereafter
,
6/19/41
...................................
United
States
1,615,000
1,093,075
Citibank
NA
,
Senior
Bond
,
5.57
%
,
4/30/34
...................
United
States
340,000
338,925
b
HSBC
Holdings
plc
,
Senior
Bond
,
FRN
,
6.332
%
,
(
SOFR
+
2.65
%
),
3/09/44
...........................................
United
Kingdom
200,000
204,624
JPMorgan
Chase
&
Co.
,
Senior
Bond,
5.336%
to
1/22/34,
FRN
thereafter,
1/23/35
.....
United
States
120,000
116,373
Senior
Bond,
5.766%
to
4/21/34,
FRN
thereafter,
4/22/35
.....
United
States
200,000
200,217
Senior
Bond,
3.109%
to
4/21/40,
FRN
thereafter,
4/22/41
.....
United
States
480,000
349,219
Senior
Bond,
2.525%
to
11/18/40,
FRN
thereafter,
11/19/41
....
United
States
425,000
281,930
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
5.676%
to
1/21/34,
FRN
thereafter
,
1/22/35
........................
United
States
285,000
279,339
Truist
Financial
Corp.
,
Senior
Bond
,
5.122%
to
1/25/33,
FRN
thereafter
,
1/26/34
...................................
United
States
225,000
209,745
US
Bancorp
,
Senior
Bond
,
5.678%
to
1/22/34,
FRN
thereafter
,
1/23/35
...........................................
United
States
200,000
195,463
Wells
Fargo
&
Co.
,
Senior
Bond,
3.068%
to
4/29/40,
FRN
thereafter,
4/30/41
.....
United
States
345,000
245,875
Senior
Bond,
3.9%,
5/01/45
............................
United
States
365,000
283,008
Senior
Bond,
4.611%
to
4/24/52,
FRN
thereafter,
4/25/53
.....
United
States
470,000
391,956
4,189,749
Beverages
2.2%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.9
%
,
2/01/46
............................
Belgium
1,405,000
1,265,153
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.375
%
,
4/15/38
...........................................
Belgium
395,000
350,220
PepsiCo,
Inc.
,
Senior
Bond
,
4.2
%
,
7/18/52
..................
United
States
160,000
131,474
1,746,847
Biotechnology
3.5%
AbbVie,
Inc.
,
Senior
Bond,
4.45%,
5/14/46
...........................
United
States
695,000
591,365
Senior
Bond,
5.4%,
3/15/54
............................
United
States
140,000
135,642
Amgen,
Inc.
,
Senior
Bond,
3.15%,
2/21/40
...........................
United
States
265,000
193,499
Senior
Bond,
5.6%,
3/02/43
............................
United
States
455,000
439,009
Senior
Bond,
5.65%,
3/02/53
...........................
United
States
580,000
557,001
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
44
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Biotechnology
(continued)
a
CSL
Finance
plc
,
Senior
Bond,
144A,
4.75%,
4/27/52
......................
Australia
390,000
$
335,153
Senior
Bond,
144A,
5.417%,
4/03/54
.....................
Australia
170,000
160,122
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
2.8
%
,
9/15/50
...
United
States
530,000
310,847
2,722,638
Broadline
Retail
1.5%
Amazon.com,
Inc.
,
Senior
Bond
,
2.875
%
,
5/12/41
.............
United
States
1,590,000
1,145,902
Building
Products
0.4%
Carrier
Global
Corp.
,
Senior
Bond,
3.377%,
4/05/40
..........................
United
States
180,000
135,086
Senior
Bond,
3.577%,
4/05/50
..........................
United
States
180,000
127,203
Owens
Corning
,
Senior
Bond
,
4.3
%
,
7/15/47
.................
United
States
85,000
66,528
328,817
Capital
Markets
4.4%
BlackRock
Funding,
Inc.
,
Senior
Bond
,
5.25
%
,
3/14/54
.........
United
States
235,000
222,038
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.102%
to
2/23/32,
FRN
thereafter,
2/24/33
.....
United
States
215,000
178,940
Senior
Bond,
2.908%
to
7/20/41,
FRN
thereafter,
7/21/42
.....
United
States
310,000
211,457
Senior
Bond,
3.436%
to
2/23/42,
FRN
thereafter,
2/24/43
.....
United
States
385,000
283,387
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Bond,
4.375%,
2/02/52
..........................
United
States
395,000
274,220
Senior
Bond,
6.5%,
12/01/52
...........................
United
States
70,000
66,309
Moody's
Corp.
,
Senior
Bond
,
2.75
%
,
8/19/41
.................
United
States
110,000
73,943
Morgan
Stanley
,
Senior
Bond,
5.831%
to
4/18/34,
FRN
thereafter,
4/19/35
.....
United
States
160,000
159,995
b
Senior
Bond,
FRN,
3.971%,
7/22/38
.....................
United
States
875,000
719,327
Nasdaq,
Inc.
,
Senior
Bond
,
5.95
%
,
8/15/53
..................
United
States
200,000
197,541
S&P
Global,
Inc.
,
Senior
Bond
,
3.9
%
,
3/01/62
................
United
States
165,000
120,143
a,b
UBS
Group
AG
,
Senior
Bond
,
144A,
FRN
,
2.746
%
,
(
1-year
CMT
T-Note
+
1.1
%
),
2/11/33
...............................
Switzerland
1,150,000
914,150
3,421,450
Chemicals
0.3%
Albemarle
Corp.
,
Senior
Bond
,
5.65
%
,
6/01/52
...............
United
States
40,000
34,901
Westlake
Corp.
,
Senior
Bond,
5%,
8/15/46
.............................
United
States
155,000
132,571
Senior
Bond,
3.125%,
8/15/51
..........................
United
States
80,000
48,586
216,058
Communications
Equipment
1.0%
Cisco
Systems,
Inc.
,
Senior
Bond
,
5.3
%
,
2/26/54
..............
United
States
375,000
361,107
Motorola
Solutions,
Inc.
,
Senior
Bond
,
5.5
%
,
9/01/44
...........
United
States
455,000
430,591
791,698
Consumer
Finance
0.6%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.3
%
,
1/30/32
.................................
Ireland
580,000
484,427
Consumer
Staples
Distribution
&
Retail
1.1%
Dollar
Tree,
Inc.
,
Senior
Bond
,
3.375
%
,
12/01/51
..............
United
States
245,000
154,025
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
45
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Staples
Distribution
&
Retail
(continued)
Sysco
Corp.
,
Senior
Bond
,
3.3
%
,
2/15/50
...................
United
States
195,000
$
130,212
Target
Corp.
,
Senior
Bond,
2.95%,
1/15/52
...........................
United
States
75,000
47,617
Senior
Bond,
4.8%,
1/15/53
............................
United
States
195,000
174,267
Walmart,
Inc.
,
Senior
Bond,
2.65%,
9/22/51
...........................
United
States
300,000
184,671
Senior
Bond,
4.5%,
4/15/53
............................
United
States
180,000
156,758
847,550
Containers
&
Packaging
0.3%
a
Smurfit
Kappa
Treasury
ULC
,
Senior
Bond
,
144A,
5.777
%
,
4/03/54
Ireland
220,000
211,028
Diversified
Consumer
Services
2.0%
Leland
Stanford
Junior
University
(The)
,
3.647
%
,
5/01/48
.......
United
States
895,000
713,913
Massachusetts
Institute
of
Technology
,
G
,
2.294
%
,
7/01/51
......
United
States
395,000
227,608
President
and
Fellows
of
Harvard
College
,
3.745
%
,
11/15/52
.....
United
States
450,000
350,665
University
of
Miami
,
2022
,
Senior
Bond
,
4.063
%
,
4/01/52
.......
United
States
240,000
189,733
University
of
Southern
California
,
3.028
%
,
10/01/39
............
United
States
150,000
116,230
1,598,149
Diversified
REITs
1.0%
Simon
Property
Group
LP
,
Senior
Bond,
4.75%,
3/15/42
...........................
United
States
225,000
194,861
Senior
Bond,
4.25%,
11/30/46
..........................
United
States
340,000
267,456
VICI
Properties
LP
,
Senior
Bond
,
5.75
%
,
4/01/34
..............
United
States
160,000
154,078
a
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Bond
,
144A,
4.125
%
,
8/15/30
...........................................
United
States
230,000
205,151
821,546
Diversified
Telecommunication
Services
3.9%
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
..........................
United
States
475,000
366,797
Senior
Bond,
3.5%,
6/01/41
............................
United
States
370,000
274,517
Senior
Bond,
4.35%,
6/15/45
...........................
United
States
320,000
259,233
Senior
Bond,
4.75%,
5/15/46
...........................
United
States
855,000
725,735
Senior
Bond,
3.5%,
9/15/53
............................
United
States
300,000
197,932
Verizon
Communications,
Inc.
,
Senior
Bond,
2.65%,
11/20/40
..........................
United
States
1,190,000
795,604
Senior
Bond,
4.125%,
8/15/46
..........................
United
States
230,000
181,364
Senior
Note,
2.355%,
3/15/32
..........................
United
States
345,000
275,403
3,076,585
Electric
Utilities
9.5%
Alabama
Power
Co.
,
Senior
Bond
,
4.15
%
,
8/15/44
............
United
States
375,000
300,051
Appalachian
Power
Co.
,
Senior
Bond
,
7
%
,
4/01/38
............
United
States
175,000
187,559
Baltimore
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
6/01/52
....
United
States
225,000
186,021
Commonwealth
Edison
Co.
,
Senior
Bond
,
3.85
%
,
3/15/52
.......
United
States
265,000
194,584
DTE
Electric
Co.
,
B
,
Senior
Bond
,
3.65
%
,
3/01/52
.............
United
States
245,000
174,427
Duke
Energy
Carolinas
LLC
,
Senior
Bond
,
3.95
%
,
3/15/48
......
United
States
915,000
689,820
Duke
Energy
Corp.
,
Senior
Bond
,
3.5
%
,
6/15/51
..............
United
States
450,000
297,601
Duke
Energy
Florida
LLC
,
Senior
Bond
,
3.4
%
,
10/01/46
........
United
States
380,000
261,859
Duke
Energy
Progress
LLC
,
Senior
Bond
,
4.15
%
,
12/01/44
......
United
States
240,000
189,937
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
46
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Entergy
Louisiana
LLC
,
Senior
Bond
,
3.1
%
,
6/15/41
...........
United
States
230,000
$
161,978
Florida
Power
&
Light
Co.
,
Senior
Bond
,
4.05
%
,
6/01/42
........
United
States
825,000
674,018
Georgia
Power
Co.
,
Senior
Bond
,
5.125
%
,
5/15/52
............
United
States
335,000
304,312
MidAmerican
Energy
Co.
,
Senior
Bond,
3.95%,
8/01/47
...........................
United
States
180,000
137,518
Senior
Bond,
3.15%,
4/15/50
...........................
United
States
825,000
538,655
Northern
States
Power
Co.
,
Senior
Bond
,
2.6
%
,
6/01/51
........
United
States
515,000
298,361
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
4.75%,
2/15/44
...........................
United
States
220,000
177,676
Senior
Bond,
4%,
12/01/46
............................
United
States
45,000
31,875
PacifiCorp
,
Senior
Bond
,
5.8
%
,
1/15/55
.....................
United
States
320,000
295,496
PECO
Energy
Co.
,
Senior
Bond
,
4.8
%
,
10/15/43
..............
United
States
215,000
189,005
PG&E
Wildfire
Recovery
Funding
LLC
,
A-5
,
Senior
Secured
Bond
,
5.099
%
,
6/01/52
.....................................
United
States
640,000
592,797
PPL
Electric
Utilities
Corp.
,
Senior
Bond
,
3.95
%
,
6/01/47
........
United
States
345,000
265,824
Public
Service
Co.
of
Colorado
,
Senior
Bond
,
3.8
%
,
6/15/47
.....
United
States
310,000
225,059
Public
Service
Electric
and
Gas
Co.
,
Senior
Bond,
5.45%,
8/01/53
...........................
United
States
185,000
178,388
Senior
Secured
Bond,
3%,
3/01/51
......................
United
States
310,000
198,597
Southern
California
Edison
Co.
,
Senior
Bond
,
4
%
,
4/01/47
.......
United
States
310,000
232,270
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
4.45
%
,
2/15/44
....
United
States
515,000
428,014
7,411,702
Entertainment
1.5%
Walt
Disney
Co.
(The)
,
Senior
Bond
,
3.8
%
,
5/13/60
............
United
States
215,000
155,899
Warnermedia
Holdings,
Inc.
,
Senior
Bond,
5.05%,
3/15/42
...........................
United
States
945,000
756,894
Senior
Bond,
5.391%,
3/15/62
..........................
United
States
325,000
249,010
1,161,803
Financial
Services
2.3%
Fiserv,
Inc.
,
Senior
Bond
,
4.4
%
,
7/01/49
....................
United
States
480,000
383,959
Global
Payments,
Inc.
,
Senior
Bond
,
5.95
%
,
8/15/52
...........
United
States
325,000
310,964
Mastercard,
Inc.
,
Senior
Bond
,
3.65
%
,
6/01/49
...............
United
States
200,000
150,023
Shell
International
Finance
BV
,
Senior
Bond
,
3
%
,
11/26/51
......
United
States
310,000
196,943
a
Siemens
Financieringsmaatschappij
NV
,
Senior
Bond
,
144A,
2.875
%
,
3/11/41
.....................................
Germany
715,000
514,423
Visa,
Inc.
,
Senior
Bond
,
4.3
%
,
12/14/45
.....................
United
States
320,000
271,473
1,827,785
Food
Products
1.5%
a
Cargill,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
4/22/52
.............
United
States
230,000
189,122
Conagra
Brands,
Inc.
,
Senior
Bond
,
5.4
%
,
11/01/48
............
United
States
255,000
228,907
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
4.375
%
,
6/01/46
..........
United
States
225,000
180,411
a
Mars,
Inc.
,
Senior
Bond,
144A,
3.95%,
4/01/49
......................
United
States
75,000
57,880
Senior
Bond,
144A,
4.125%,
4/01/54
.....................
United
States
180,000
141,738
a
Nestle
Holdings,
Inc.
,
Senior
Bond
,
144A,
4.7
%
,
1/15/53
........
United
States
385,000
341,972
1,140,030
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
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)
Gas
Utilities
0.5%
Southern
California
Gas
Co.
,
Senior
Bond
,
6.35
%
,
11/15/52
.....
United
States
340,000
$
357,737
Ground
Transportation
2.9%
a
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.55
%
,
5/30/33
.......
United
Kingdom
200,000
191,630
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond,
5.75%,
5/01/40
...........................
United
States
1,205,000
1,218,512
Senior
Bond,
4.15%,
4/01/45
...........................
United
States
75,000
60,917
CSX
Corp.
,
Senior
Bond
,
4.5
%
,
11/15/52
....................
United
States
125,000
104,826
Union
Pacific
Corp.
,
Senior
Bond,
3.55%,
8/15/39
...........................
United
States
280,000
222,143
Senior
Bond,
4.05%,
3/01/46
...........................
United
States
590,000
466,587
2,264,615
Health
Care
Equipment
&
Supplies
0.7%
Baxter
International,
Inc.
,
Senior
Bond
,
3.132
%
,
12/01/51
.......
United
States
365,000
224,616
Medtronic,
Inc.
,
Senior
Bond
,
4.625
%
,
3/15/45
...............
United
States
405,000
360,059
584,675
Health
Care
Providers
&
Services
5.8%
Ascension
Health
,
Senior
Bond,
3.945%,
11/15/46
.........................
United
States
215,000
172,021
B,
Senior
Bond,
3.106%,
11/15/39
.......................
United
States
260,000
194,743
Cigna
Group
(The)
,
Senior
Bond
,
4.9
%
,
12/15/48
.............
United
States
225,000
193,371
CommonSpirit
Health
,
Senior
Secured
Bond
,
4.187
%
,
10/01/49
...
United
States
415,000
324,323
CVS
Health
Corp.
,
Senior
Bond,
4.78%,
3/25/38
...........................
United
States
270,000
237,847
Senior
Bond,
5.125%,
7/20/45
..........................
United
States
805,000
700,900
Elevance
Health,
Inc.
,
Senior
Bond
,
4.65
%
,
1/15/43
...........
United
States
845,000
728,159
HCA,
Inc.
,
Senior
Bond,
4.625%,
3/15/52
..........................
United
States
415,000
325,275
Senior
Bond,
5.9%,
6/01/53
............................
United
States
220,000
207,432
Kaiser
Foundation
Hospitals
,
2021
,
3.002
%
,
6/01/51
...........
United
States
435,000
281,675
Sutter
Health
,
5.547
%
,
8/15/53
...........................
United
States
125,000
123,914
UnitedHealth
Group,
Inc.
,
Senior
Bond,
3.5%,
8/15/39
............................
United
States
100,000
78,610
Senior
Bond,
5.375%,
4/15/54
..........................
United
States
110,000
104,563
Senior
Bond,
6.05%,
2/15/63
...........................
United
States
545,000
564,460
UPMC
,
Secured
Bond
,
5.377
%
,
5/15/43
....................
United
States
290,000
278,325
4,515,618
Hotels,
Restaurants
&
Leisure
0.4%
McDonald's
Corp.
,
Senior
Bond,
4.875%,
12/09/45
.........................
United
States
190,000
167,914
Senior
Bond,
4.45%,
3/01/47
...........................
United
States
190,000
156,486
324,400
Independent
Power
and
Renewable
Electricity
Producers
0.4%
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.5
%
,
10/01/53
United
States
335,000
348,078
Industrial
Conglomerates
0.6%
Honeywell
International,
Inc.
,
Senior
Bond
,
5.25
%
,
3/01/54
......
United
States
490,000
464,857
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
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)
Insurance
4.4%
American
International
Group,
Inc.
,
Senior
Bond,
4.5%,
7/16/44
............................
United
States
210,000
$
177,000
Senior
Bond,
4.8%,
7/10/45
............................
United
States
275,000
241,661
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
215,000
149,368
Arch
Capital
Group
US,
Inc.
,
Senior
Bond
,
5.144
%
,
11/01/43
.....
United
States
245,000
221,457
Arthur
J
Gallagher
&
Co.
,
Senior
Bond,
3.5%,
5/20/51
............................
United
States
75,000
49,963
Senior
Bond,
3.05%,
3/09/52
...........................
United
States
745,000
447,811
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond,
2.85%,
10/15/50
..........................
United
States
50,000
31,495
Senior
Bond,
3.85%,
3/15/52
...........................
United
States
515,000
390,101
Brown
&
Brown,
Inc.
,
Senior
Bond
,
4.95
%
,
3/17/52
............
United
States
415,000
343,682
Chubb
INA
Holdings
LLC
,
Senior
Bond
,
3.05
%
,
12/15/61
........
United
States
185,000
114,535
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond,
4.9%,
3/15/49
............................
United
States
160,000
141,090
Senior
Bond,
5.45%,
3/15/53
...........................
United
States
160,000
151,740
a
Northwestern
Mutual
Life
Insurance
Co.
(The)
,
Sub.
Bond
,
144A,
3.45
%
,
3/30/51
.....................................
United
States
475,000
321,568
Progressive
Corp.
(The)
,
Senior
Bond
,
4.125
%
,
4/15/47
........
United
States
400,000
321,651
Travelers
Cos.,
Inc.
(The)
,
Senior
Bond
,
4
%
,
5/30/47
...........
United
States
380,000
299,651
3,402,773
Interactive
Media
&
Services
0.6%
Meta
Platforms,
Inc.
,
Senior
Bond
,
5.75
%
,
5/15/63
............
United
States
480,000
478,708
IT
Services
0.3%
IBM
International
Capital
Pte.
Ltd.
,
Senior
Bond
,
5.3
%
,
2/05/54
...
United
States
250,000
228,191
Life
Sciences
Tools
&
Services
0.5%
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
5.404
%
,
8/10/43
.....
United
States
385,000
375,850
Media
4.1%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond,
5.375%,
4/01/38
...................
United
States
820,000
679,801
Senior
Secured
Bond,
3.5%,
6/01/41
.....................
United
States
300,000
192,082
Senior
Secured
Bond,
3.5%,
3/01/42
.....................
United
States
630,000
398,790
Comcast
Corp.
,
Senior
Bond,
3.4%,
7/15/46
............................
United
States
355,000
248,997
Senior
Bond,
3.969%,
11/01/47
.........................
United
States
415,000
314,891
Senior
Bond,
2.887%,
11/01/51
.........................
United
States
895,000
541,701
Discovery
Communications
LLC
,
Senior
Bond
,
4.95
%
,
5/15/42
...
United
States
45,000
33,932
Fox
Corp.
,
Senior
Bond
,
5.476
%
,
1/25/39
...................
United
States
645,000
591,119
Paramount
Global
,
Senior
Bond
,
5.85
%
,
9/01/43
..............
United
States
230,000
182,178
3,183,491
Metals
&
Mining
0.9%
a
Anglo
American
Capital
plc
,
Senior
Bond
,
144A,
4.75
%
,
3/16/52
..
South
Africa
200,000
164,423
Freeport-McMoRan,
Inc.
,
Senior
Bond,
5.4%,
11/14/34
...........................
United
States
175,000
168,946
Senior
Bond,
5.45%,
3/15/43
...........................
United
States
135,000
123,879
Vale
Overseas
Ltd.
,
Senior
Bond
,
6.125
%
,
6/12/33
............
Brazil
290,000
285,057
742,305
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
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)
Multi-Utilities
1.5%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Senior
Bond
,
4.45
%
,
3/15/44
...........................................
United
States
510,000
$
426,378
Consumers
Energy
Co.
,
Senior
Bond,
4.05%,
5/15/48
...........................
United
States
100,000
79,788
Senior
Bond,
4.35%,
4/15/49
...........................
United
States
330,000
272,344
Dominion
Energy,
Inc.
,
B
,
Senior
Bond
,
4.85
%
,
8/15/52
.........
United
States
425,000
357,013
1,135,523
Office
REITs
0.6%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond
,
3.55
%
,
3/15/52
United
States
725,000
475,137
Oil,
Gas
&
Consumable
Fuels
7.8%
a
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
..............
Norway
400,000
333,022
BP
Capital
Markets
America,
Inc.
,
Senior
Bond
,
3.06
%
,
6/17/41
...
United
States
695,000
499,671
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
5.85
%
,
2/01/35
..
Canada
310,000
303,063
Cheniere
Energy
Partners
LP
,
Senior
Bond
,
3.25
%
,
1/31/32
......
United
States
285,000
238,309
a
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.65
%
,
4/15/34
......
United
States
150,000
146,903
ConocoPhillips
Co.
,
Senior
Bond
,
3.8
%
,
3/15/52
..............
United
States
605,000
445,069
Diamondback
Energy,
Inc.
,
Senior
Bond
,
4.4
%
,
3/24/51
.........
United
States
330,000
260,944
Energy
Transfer
LP
,
Senior
Bond,
5.15%,
3/15/45
...........................
United
States
815,000
700,922
Senior
Bond,
6.125%,
12/15/45
.........................
United
States
100,000
96,155
Senior
Bond,
6%,
6/15/48
.............................
United
States
460,000
436,739
Enterprise
Products
Operating
LLC
,
Senior
Bond
,
4.9
%
,
5/15/46
..
United
States
165,000
145,848
Exxon
Mobil
Corp.
,
Senior
Bond
,
3.452
%
,
4/15/51
.............
United
States
495,000
350,217
Hess
Corp.
,
Senior
Bond,
5.6%,
2/15/41
............................
United
States
140,000
136,277
Senior
Bond,
5.8%,
4/01/47
............................
United
States
20,000
19,601
a
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
4.25
%
,
2/15/30
United
States
390,000
352,285
Targa
Resources
Corp.
,
Senior
Bond
,
4.95
%
,
4/15/52
..........
United
States
160,000
133,338
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond
,
4
%
,
1/15/32
........................
United
States
540,000
474,858
TotalEnergies
Capital
SA
,
Senior
Bond
,
5.638
%
,
4/05/64
........
France
265,000
258,978
a
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
............
Norway
395,000
434,966
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.1
%
,
9/15/45
..........
United
States
400,000
352,608
6,119,773
Personal
Care
Products
0.6%
Haleon
US
Capital
LLC
,
Senior
Bond
,
4
%
,
3/24/52
............
United
States
250,000
191,830
Kenvue,
Inc.
,
Senior
Bond
,
5.05
%
,
3/22/53
..................
United
States
275,000
254,141
445,971
Pharmaceuticals
4.5%
a
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.875
%
,
6/25/48
...
Germany
565,000
438,632
Bristol-Myers
Squibb
Co.
,
Senior
Bond,
5.5%,
2/22/44
............................
United
States
100,000
97,070
Senior
Bond,
4.35%,
11/15/47
..........................
United
States
100,000
81,398
Senior
Bond,
3.7%,
3/15/52
............................
United
States
145,000
104,413
Senior
Bond,
5.55%,
2/22/54
...........................
United
States
380,000
367,005
Eli
Lilly
&
Co.
,
Senior
Bond,
5%,
2/09/54
.............................
United
States
100,000
93,064
Senior
Bond,
4.95%,
2/27/63
...........................
United
States
380,000
343,975
Merck
&
Co.,
Inc.
,
Senior
Bond
,
2.75
%
,
12/10/51
..............
United
States
280,000
171,025
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
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)
Pharmaceuticals
(continued)
Novartis
Capital
Corp.
,
Senior
Bond
,
2.75
%
,
8/14/50
...........
Switzerland
240,000
$
151,974
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
5.3
%
,
5/19/53
United
States
935,000
872,550
a
Roche
Holdings,
Inc.
,
Senior
Bond
,
144A,
2.607
%
,
12/13/51
.....
United
States
695,000
412,716
Royalty
Pharma
plc
,
Senior
Bond
,
3.35
%
,
9/02/51
.............
United
States
660,000
404,480
3,538,302
Semiconductors
&
Semiconductor
Equipment
0.3%
Analog
Devices,
Inc.
,
Senior
Bond
,
2.95
%
,
10/01/51
...........
United
States
360,000
229,141
Software
3.5%
Intuit,
Inc.
,
Senior
Bond
,
5.5
%
,
9/15/53
.....................
United
States
330,000
322,904
Microsoft
Corp.
,
Senior
Bond
,
2.921
%
,
3/17/52
...............
United
States
1,005,000
662,953
Oracle
Corp.
,
Senior
Bond,
3.8%,
11/15/37
...........................
United
States
450,000
360,613
Senior
Bond,
3.6%,
4/01/40
............................
United
States
945,000
708,481
Senior
Bond,
4%,
7/15/46
.............................
United
States
450,000
333,605
Salesforce,
Inc.
,
Senior
Bond
,
2.9
%
,
7/15/51
.................
United
States
575,000
361,346
2,749,902
Specialized
REITs
0.3%
Crown
Castle,
Inc.
,
Senior
Bond
,
2.9
%
,
4/01/41
...............
United
States
340,000
227,872
Specialty
Retail
0.8%
Home
Depot,
Inc.
(The)
,
Senior
Bond,
3.125%,
12/15/49
.........................
United
States
180,000
119,191
Senior
Bond,
3.625%,
4/15/52
..........................
United
States
330,000
238,623
Lowe's
Cos.,
Inc.
,
Senior
Bond,
3.7%,
4/15/46
............................
United
States
125,000
90,439
Senior
Bond,
4.05%,
5/03/47
...........................
United
States
125,000
95,049
Senior
Bond,
3%,
10/15/50
............................
United
States
80,000
49,191
592,493
Technology
Hardware,
Storage
&
Peripherals
2.3%
Apple,
Inc.
,
Senior
Bond
,
3.85
%
,
5/04/43
....................
United
States
1,745,000
1,430,834
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
3.375
%
,
12/15/41
United
States
470,000
335,385
1,766,219
Tobacco
1.9%
Altria
Group,
Inc.
,
Senior
Bond
,
2.45
%
,
2/04/32
...............
United
States
660,000
521,270
BAT
Capital
Corp.
,
Senior
Bond,
4.39%,
8/15/37
...........................
United
Kingdom
190,000
156,045
Senior
Bond,
7.079%,
8/02/43
..........................
United
Kingdom
260,000
269,560
a
JT
International
Financial
Services
BV
,
Senior
Bond
,
144A,
6.875
%
,
10/24/32
..........................................
Japan
170,000
184,053
Philip
Morris
International,
Inc.
,
Senior
Bond
,
3.875
%
,
8/21/42
....
United
States
420,000
321,591
1,452,519
Water
Utilities
0.4%
American
Water
Capital
Corp.
,
Senior
Bond
,
3.45
%
,
5/01/50
.....
United
States
425,000
295,202
Wireless
Telecommunication
Services
2.0%
T-Mobile
USA,
Inc.
,
Senior
Bond,
3%,
2/15/41
.............................
United
States
420,000
293,828
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
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)
Wireless
Telecommunication
Services
(continued)
T-Mobile
USA,
Inc.,
(continued)
Senior
Bond,
3.4%,
10/15/52
...........................
United
States
815,000
$
538,888
Vodafone
Group
plc
,
Senior
Bond,
6.15%,
2/27/37
...........................
United
Kingdom
645,000
658,782
Senior
Bond,
4.375%,
2/19/43
..........................
United
Kingdom
100,000
81,832
1,573,330
Total
Corporate
Bonds
(Cost
$73,070,318)
......................................
73,546,811
Foreign
Government
and
Agency
Securities
3.1%
a
Bermuda
Government
Bond
,
Senior
Bond
,
144A,
3.375
%
,
8/20/50
United
States
200,000
130,600
Mexico
Government
Bond
,
Senior
Bond,
4.75%,
3/08/44
...........................
Mexico
470,000
372,735
Senior
Bond,
6.338%,
5/04/53
..........................
Mexico
945,000
881,431
Philippines
Government
Bond
,
Senior
Bond
,
4.2
%
,
3/29/47
......
Philippines
410,000
326,685
a
Saudi
Arabia
Government
Bond
,
Senior
Bond
,
144A,
5
%
,
1/18/53
.
Saudi
Arabia
565,000
478,615
Uruguay
Government
Bond
,
Senior
Bond
,
5.1
%
,
6/18/50
........
Uruguay
240,000
219,180
Total
Foreign
Government
and
Agency
Securities
(Cost
$2,437,626)
...............
2,409,246
U.S.
Government
and
Agency
Securities
0.6%
U.S.
Treasury
Bonds
,
Strip,
11/15/44
......................................
United
States
720,000
265,724
4.75%,
11/15/53
.....................................
United
States
250,000
248,789
Total
U.S.
Government
and
Agency
Securities
(Cost
$523,999)
....................
514,513
Municipal
Bonds
0.3%
Texas
0.3%
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2022
A
,
4.507
%
,
11/01/51
..........................................
United
States
245,000
212,341
Total
Municipal
Bonds
(Cost
$208,729)
.........................................
212,341
Total
Long
Term
Investments
(Cost
$76,240,672)
................................
76,682,911
a
Short
Term
Investments
0.3%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.3%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
....
United
States
244,140
244,140
Total
Money
Market
Funds
(Cost
$244,140)
.....................................
244,140
Total
Short
Term
Investments
(Cost
$244,140
)
..................................
244,140
a
Total
Investments
(Cost
$76,484,812)
98.6%
....................................
$76,927,051
Other
Assets,
less
Liabilities
1.4%
.............................................
1,064,675
Net
Assets
100.0%
...........................................................
$77,991,726
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
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integral
part
of
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financial
statements
52
See
Abbreviations
on
page
318
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2024,
the
aggregate
value
of
these
securities
was
$7,036,960,
representing
9.0%
of
net
assets.
b
The
coupon
rate
shown
represents
the
rate
at
period
end.
c
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
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Securities
Trust
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Low
Duration
Total
Return
Fund
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accompanying
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an
integral
part
of
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statements.
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53
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.76
$8.70
$9.55
$9.54
$9.65
$9.60
Income
from
investment
operations
a
:
Net
investment
income
..............
0.187
b
0.317
b
0.162
b
0.105
b
0.244
b
0.290
Net
realized
and
unrealized
gains
(losses)
0.057
0.069
(0.735)
0.170
(0.079)
0.068
Total
from
investment
operations
........
0.244
0.386
(0.573)
0.275
0.165
0.358
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.194)
(0.326)
(0.277)
(0.265)
(0.275)
(0.308)
Net
asset
value,
end
of
period
..........
$8.81
$8.76
$8.70
$9.55
$9.54
$9.65
Total
return
c
.......................
2.79%
4.48%
(6.09)%
2.90%
1.77%
3.78%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.98%
0.96%
0.93%
0.94%
0.94%
0.94%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.67%
0.66%
e
0.67%
e
0.67%
e
0.67%
e
0.68%
e
Net
investment
income
...............
4.24%
3.61%
1.77%
1.09%
2.58%
2.99%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,366,846
$1,471,021
$1,726,461
$1,915,410
$1,778,666
$1,631,123
Portfolio
turnover
rate
................
37.59%
f
55.59%
66.75%
85.02%
f
93.23%
51.93%
f
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
g
........................
37.59%
f
55.59%
55.24%
56.22%
f
67.97%
51.93%
f
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.
See
Note
12
for
current
year
information.
g
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
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Securities
Trust
Financial
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Low
Duration
Total
Return
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these
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statements.
54
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.71
$8.66
$9.51
$9.50
$9.61
$9.56
Income
from
investment
operations
a
:
Net
investment
income
..............
0.170
b
0.280
b
0.120
b
0.068
b
0.205
b
0.251
Net
realized
and
unrealized
gains
(losses)
0.067
0.061
(0.730)
0.169
(0.074)
0.068
Total
from
investment
operations
........
0.237
0.341
(0.610)
0.237
0.131
0.319
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.177)
(0.291)
(0.240)
(0.227)
(0.242)
(0.269)
Net
asset
value,
end
of
period
..........
$8.77
$8.71
$8.66
$9.51
$9.50
$9.61
Total
return
c
.......................
2.72%
3.98%
(6.49)%
2.50%
1.42%
3.38%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.38%
1.36%
1.33%
1.35%
1.34%
1.34%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.07%
1.06%
e
1.07%
e
1.08%
e
1.07%
e
1.08%
e
Net
investment
income
...............
3.86%
3.20%
1.31%
0.71%
2.18%
2.59%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$36,447
$44,178
$62,457
$99,990
$117,893
$135,372
Portfolio
turnover
rate
................
37.59%
f
55.59%
66.75%
85.02%
f
93.23%
51.93%
f
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
g
........................
37.59%
f
55.59%
55.24%
56.22%
f
67.97%
51.93%
f
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.
See
Note
12
for
current
year
information.
g
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
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Securities
Trust
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Low
Duration
Total
Return
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a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
Year
Ended
October
31,
2019
a
2023
2022
2021
2020
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.75
$8.70
$9.55
$9.54
$9.65
$9.65
Income
from
investment
operations
b
:
Net
investment
income
..............
0.172
c
0.306
c
0.138
c
0.077
c
0.219
c
0.012
Net
realized
and
unrealized
gains
(losses)
0.071
0.048
(0.734)
0.174
(0.073)
0.001
Total
from
investment
operations
........
0.243
0.354
(0.596)
0.251
0.146
0.013
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.183)
(0.304)
(0.254)
(0.241)
(0.256)
(0.013)
Net
asset
value,
end
of
period
..........
$8.81
$8.75
$8.70
$9.55
$9.54
$9.65
Total
return
d
.......................
2.78%
4.12%
(6.33)%
2.64%
1.57%
0.14%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.23%
1.22%
1.18%
1.17%
1.17%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.91%
0.91%
f
0.92%
f
0.92%
f
0.90%
f
0.93%
f
Net
investment
income
...............
3.90%
3.50%
1.51%
0.81%
2.33%
2.73%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$303
$303
$175
$198
$95
$18
Portfolio
turnover
rate
................
37.59%
g
55.59%
66.75%
85.02%
g
93.23%
51.93%
g
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
37.59%
g
55.59%
55.24%
56.22%
g
67.97%
51.93%
g
a
For
the
period
October
15,
2019
(effective
date)
to
October
31,
2019.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
See
Note
12
for
current
year
information.
h
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
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Securities
Trust
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Low
Duration
Total
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financial
statements.
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a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.81
$8.76
$9.61
$9.61
$9.71
$9.66
Income
from
investment
operations
a
:
Net
investment
income
..............
0.203
b
0.349
b
0.198
b
0.141
b
0.277
b
0.326
Net
realized
and
unrealized
gains
(losses)
0.067
0.059
(0.738)
0.159
(0.071)
0.071
Total
from
investment
operations
........
0.270
0.408
(0.540)
0.300
0.206
0.397
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.210)
(0.358)
(0.310)
(0.300)
(0.306)
(0.347)
Net
asset
value,
end
of
period
..........
$8.87
$8.81
$8.76
$9.61
$9.61
$9.71
Total
return
c
.......................
3.08%
4.71%
(5.71)%
3.15%
2.20%
4.17%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.63%
0.62%
0.58%
0.58%
0.58%
0.56%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.30%
0.30%
e
0.30%
e
0.30%
e
0.30%
e
0.30%
e
Net
investment
income
...............
4.58%
3.93%
2.15%
1.46%
2.92%
3.37%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$448,715
$483,828
$601,379
$543,485
$553,603
$1,003,208
Portfolio
turnover
rate
................
37.59%
f
55.59%
66.75%
85.02%
f
93.23%
51.93%
f
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
g
........................
37.59%
f
55.59%
55.24%
56.22%
f
67.97%
51.93%
f
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.
See
Note
12
for
current
year
information.
g
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Financial
Highlights
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Low
Duration
Total
Return
Fund
(continued)
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part
of
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statements.
Semiannual
Report
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a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.81
$8.75
$9.60
$9.60
$9.70
$9.65
Income
from
investment
operations
a
:
Net
investment
income
..............
0.198
b
0.340
b
0.182
b
0.128
b
0.269
b
0.315
Net
realized
and
unrealized
gains
(losses)
0.057
0.068
(0.732)
0.161
(0.073)
0.069
Total
from
investment
operations
........
0.255
0.408
(0.550)
0.289
0.196
0.384
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.205)
(0.348)
(0.300)
(0.289)
(0.297)
(0.334)
Net
asset
value,
end
of
period
..........
$8.86
$8.81
$8.75
$9.60
$9.60
$9.70
Total
return
c
.......................
2.90%
4.72%
(5.83)%
3.03%
2.10%
4.04%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.72%
0.71%
0.67%
0.69%
0.69%
0.69%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.41%
0.41%
e
0.41%
e
0.42%
e
0.42%
e
0.43%
e
Net
investment
income
...............
4.47%
3.84%
1.98%
1.33%
2.83%
3.24%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$167,891
$174,506
$198,526
$251,429
$229,233
$254,314
Portfolio
turnover
rate
................
37.59%
f
55.59%
66.75%
85.02%
f
93.23%
51.93%
f
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
g
........................
37.59%
f
55.59%
55.24%
56.22%
f
67.97%
51.93%
f
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.
See
Note
12
for
current
year
information.
g
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Low
Duration
Total
Return
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
58
,
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.2%
Broadline
Retail
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
.........................
South
Africa
12,326,925
$
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
.........................
South
Africa
1,226,701
—
—
Hotels,
Restaurants
&
Leisure
0.0%
†
b
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
24,921
4,548
Machinery
0.1%
b
UTEX
Industries,
Inc.
..................................
United
States
9,228
475,242
Oil,
Gas
&
Consumable
Fuels
0.1%
a,b,c
Talos
Energy,
Inc.
.....................................
United
States
189,474
2,472,866
Specialty
Retail
0.0%
a,b
Party
City
Holdco,
Inc.
..................................
United
States
23
—
Total
Common
Stocks
(Cost
$3,299,331)
.......................................
2,952,656
Preferred
Stocks
0.0%
†
Hotels,
Restaurants
&
Leisure
0.0%
†
b
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
59,023
885
b
Total
Preferred
Stocks
(Cost
$885)
............................................
885
Warrants
Warrants
0.0%
†
Machinery
0.0%
†
a,b
UTEX
Industries,
Inc.,
2/20/49
............................
United
States
791
148
Total
Warrants
(Cost
$699)
...................................................
148
Principal
Amount
*
Corporate
Bonds
44.6%
Aerospace
&
Defense
0.9%
d
BAE
Systems
plc
,
Senior
Note
,
144A,
5
%
,
3/26/27
............
United
Kingdom
3,300,000
3,253,252
Boeing
Co.
(The)
,
Senior
Note
,
2.196
%
,
2/04/26
..............
United
States
10,400,000
9,704,677
General
Dynamics
Corp.
,
Senior
Note
,
3.25
%
,
4/01/25
.........
United
States
4,000,000
3,920,902
L3Harris
Technologies,
Inc.
,
Senior
Note
,
5.05
%
,
6/01/29
.......
United
States
850,000
831,506
17,710,337
Air
Freight
&
Logistics
0.1%
d
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
1,700,000
1,678,556
Automobile
Components
0.1%
d
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
4.75
%
,
10/01/27
..
United
States
2,200,000
2,104,879
Automobiles
0.9%
d
Hyundai
Capital
America
,
Senior
Note
,
144A,
5.25
%
,
1/08/27
....
United
States
4,000,000
3,953,499
d
Mercedes-Benz
Finance
North
America
LLC
,
Senior
Note
,
144A,
4.95
%
,
3/30/25
.....................................
Germany
7,100,000
7,062,078
d
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
5.4
%
,
3/20/26
......................................
Germany
6,700,000
6,657,799
17,673,376
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
Corporate
Bonds
(continued)
Banks
12.1%
d,e
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
FRN
,
6.339
%
,
(
1-year
CMT
T-Note
+
1.65
%
),
9/18/27
.............
Netherlands
1,800,000
$
1,816,229
Bank
of
America
Corp.
,
Senior
Note,
2.015%
to
2/12/25,
FRN
thereafter,
2/13/26
......
United
States
3,500,000
3,395,753
Senior
Note,
3.384%
to
4/01/25,
FRN
thereafter,
4/02/26
......
United
States
8,300,000
8,112,937
Senior
Note,
4.376%
to
4/26/27,
FRN
thereafter,
4/27/28
......
United
States
8,000,000
7,734,377
Bank
of
Montreal
,
H
,
Senior
Note
,
4.25
%
,
9/14/24
.............
Canada
9,850,000
9,793,838
Bank
of
Nova
Scotia
(The)
,
Senior
Note
,
2.951
%
,
3/11/27
.......
Canada
7,000,000
6,548,933
d
BNP
Paribas
SA
,
Senior
Non-Preferred
Note
,
144A,
2.819%
to
11/18/24,
FRN
thereafter
,
11/19/25
.......................
France
5,700,000
5,599,065
d
BPCE
SA
,
Senior
Non-Preferred
Note
,
144A,
2.375
%
,
1/14/25
...
France
7,000,000
6,826,918
Citigroup,
Inc.
,
Senior
Note,
3.29%
to
3/16/25,
FRN
thereafter,
3/17/26
.......
United
States
8,200,000
8,012,783
Senior
Note,
3.106%
to
4/07/25,
FRN
thereafter,
4/08/26
......
United
States
6,500,000
6,335,096
Senior
Note,
5.174%
to
2/12/29,
FRN
thereafter,
2/13/30
......
United
States
4,100,000
4,010,918
Sub.
Bond,
4.6%,
3/09/26
.............................
United
States
2,600,000
2,546,473
d,e
Danske
Bank
A/S
,
Senior
Non-Preferred
Note
,
144A,
FRN
,
5.705
%
,
(
1-year
CMT
T-Note
+
1.4
%
),
3/01/30
.....................
Denmark
5,300,000
5,235,685
HSBC
Holdings
plc
,
Senior
Bond,
4.3%,
3/08/26
............................
United
Kingdom
800,000
781,317
Senior
Note,
4.18%
to
12/08/24,
FRN
thereafter,
12/09/25
.....
United
Kingdom
6,000,000
5,930,285
Senior
Note,
2.013%
to
9/21/27,
FRN
thereafter,
9/22/28
......
United
Kingdom
7,600,000
6,715,287
Huntington
National
Bank
(The)
,
Senior
Note
,
5.699%
to
11/17/24,
FRN
thereafter
,
11/18/25
..............................
United
States
5,700,000
5,667,005
d
Intesa
Sanpaolo
SpA
,
Senior
Preferred
Bond
,
144A,
4
%
,
9/23/29
.
Italy
5,700,000
5,169,137
JPMorgan
Chase
&
Co.
,
Senior
Note,
3.845%
to
6/13/24,
FRN
thereafter,
6/14/25
......
United
States
5,400,000
5,386,295
Senior
Note,
2.083%
to
4/21/25,
FRN
thereafter,
4/22/26
......
United
States
18,200,000
17,551,147
Senior
Note,
5.012%
to
1/22/29,
FRN
thereafter,
1/23/30
......
United
States
3,600,000
3,514,241
Sub.
Bond,
3.875%,
9/10/24
...........................
United
States
8,400,000
8,346,424
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
5,400,000
5,243,077
Manufacturers
&
Traders
Trust
Co.
,
Senior
Note
,
5.4
%
,
11/21/25
..
United
States
7,900,000
7,793,709
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note,
5.063%
to
9/11/24,
FRN
thereafter,
9/12/25
......
Japan
10,700,000
10,661,031
e
Senior
Note,
FRN,
5.719%,
(1-year
CMT
T-Note
+
1.08%),
2/20/26
...........................................
Japan
1,000,000
998,110
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
...................................
Japan
4,500,000
4,515,844
National
Bank
of
Canada
,
Senior
Note
,
3.75%
to
6/08/24,
FRN
thereafter
,
6/09/25
...................................
Canada
6,600,000
6,581,948
d
Nordea
Bank
Abp
,
Senior
Preferred
Note
,
144A,
4.75
%
,
9/22/25
..
Finland
3,800,000
3,760,602
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Note
,
5.3%
to
1/20/27,
FRN
thereafter
,
1/21/28
........................
United
States
2,000,000
1,982,973
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
5,900,000
5,380,380
d
Shinhan
Bank
Co.
Ltd.
,
Senior
Note
,
144A,
1.375
%
,
10/21/26
....
South
Korea
6,500,000
5,890,500
d
Societe
Generale
SA
,
Senior
Non-Preferred
Note,
144A,
2.226%
to
1/20/25,
FRN
thereafter,
1/21/26
...................................
France
6,600,000
6,409,130
Senior
Non-Preferred
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
...................................
France
3,900,000
3,564,972
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.285
%
,
9/13/24
.....
Canada
13,900,000
13,835,606
Truist
Financial
Corp.
,
Senior
Note,
5.9%
to
10/27/25,
FRN
thereafter,
10/28/26
......
United
States
6,800,000
6,798,980
Senior
Note,
5.435%
to
1/23/29,
FRN
thereafter,
1/24/30
......
United
States
3,400,000
3,331,580
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
Corporate
Bonds
(continued)
Banks
(continued)
Wells
Fargo
&
Co.
,
Senior
Note,
2.188%
to
4/29/25,
FRN
thereafter,
4/30/26
......
United
States
13,400,000
$
12,922,156
Senior
Note,
6.303%
to
10/22/28,
FRN
thereafter,
10/23/29
....
United
States
4,000,000
4,099,167
Senior
Note,
5.198%
to
1/22/29,
FRN
thereafter,
1/23/30
......
United
States
2,550,000
2,501,115
Sub.
Bond,
4.1%,
6/03/26
.............................
United
States
3,000,000
2,907,626
244,208,649
Beverages
0.2%
d
Coca-Cola
Europacific
Partners
plc
,
Senior
Note
,
144A,
1.5
%
,
1/15/27
...........................................
United
Kingdom
4,400,000
3,990,203
Biotechnology
0.6%
AbbVie,
Inc.
,
Senior
Bond,
3.6%,
5/14/25
............................
United
States
810,000
794,805
Senior
Note,
3.8%,
3/15/25
............................
United
States
600,000
591,045
Senior
Note,
2.95%,
11/21/26
..........................
United
States
500,000
472,218
Amgen,
Inc.
,
Senior
Note
,
5.15
%
,
3/02/28
...................
United
States
10,200,000
10,111,963
11,970,031
Broadline
Retail
0.0%
a,d,f,g
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
1,068,278
—
a,d,f,g
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
470,581
—
—
Building
Products
0.2%
Carrier
Global
Corp.
,
Senior
Note
,
2.493
%
,
2/15/27
............
United
States
5,000,000
4,607,549
Capital
Markets
3.9%
Bank
of
New
York
Mellon
(The)
,
Senior
Note
,
5.224%
to
11/20/24,
FRN
thereafter
,
11/21/25
..............................
United
States
7,900,000
7,878,441
Deutsche
Bank
AG
,
Senior
Preferred
Note
,
4.162
%
,
5/13/25
.....
Germany
6,600,000
6,489,138
Goldman
Sachs
Bank
USA
,
Senior
Note
,
5.283%
to
3/17/26,
FRN
thereafter
,
3/18/27
...................................
United
States
6,800,000
6,757,732
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.75%,
2/25/26
...........................
United
States
6,500,000
6,303,590
Senior
Note,
5.7%,
11/01/24
...........................
United
States
5,400,000
5,401,754
Senior
Note,
4.387%
to
6/14/26,
FRN
thereafter,
6/15/27
......
United
States
2,700,000
2,633,132
Senior
Note,
2.64%
to
2/23/27,
FRN
thereafter,
2/24/28
.......
United
States
5,500,000
5,073,987
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note,
2.5%,
1/15/27
............................
United
States
2,800,000
2,568,082
Senior
Note,
5.125%,
2/01/28
..........................
United
States
4,300,000
4,179,380
Senior
Note,
3%,
2/02/29
.............................
United
States
900,000
783,544
Morgan
Stanley
,
Senior
Bond,
3.7%,
10/23/24
...........................
United
States
1,400,000
1,388,404
Senior
Note,
2.188%
to
4/27/25,
FRN
thereafter,
4/28/26
......
United
States
3,800,000
3,665,856
Senior
Note,
5.173%
to
1/15/29,
FRN
thereafter,
1/16/30
......
United
States
5,500,000
5,394,454
Sub.
Bond,
4.35%,
9/08/26
............................
United
States
7,800,000
7,588,993
d
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...........................................
United
States
1,800,000
1,766,450
UBS
Group
AG
,
Senior
Note,
4.55%,
4/17/26
...........................
Switzerland
5,100,000
4,987,399
d
Senior
Note,
144A,
6.373%
to
7/14/25,
FRN
thereafter,
7/15/26
.
Switzerland
500,000
501,948
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
Corporate
Bonds
(continued)
Capital
Markets
(continued)
UBS
Group
AG,
(continued)
d
Senior
Note,
144A,
5.711%
to
1/11/26,
FRN
thereafter,
1/12/27
.
Switzerland
6,500,000
$
6,485,286
79,847,570
Chemicals
0.2%
d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
3,200,000
3,336,455
Commercial
Services
&
Supplies
0.3%
Republic
Services,
Inc.
,
Senior
Note
,
4.875
%
,
4/01/29
..........
United
States
4,000,000
3,923,967
d
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
3,400,000
3,028,766
6,952,733
Communications
Equipment
0.0%
†
d
CommScope
Technologies
LLC
,
Senior
Note
,
144A,
6
%
,
6/15/25
..
United
States
900,000
712,125
Consumer
Finance
1.2%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
6.1%,
1/15/27
............................
Ireland
2,200,000
2,217,596
Senior
Note,
3%,
10/29/28
............................
Ireland
3,000,000
2,676,632
American
Express
Co.
,
Senior
Note
,
5.645%
to
4/22/26,
FRN
thereafter
,
4/23/27
...................................
United
States
6,700,000
6,704,184
Capital
One
Financial
Corp.
,
Senior
Bond
,
3.8
%
,
1/31/28
........
United
States
7,000,000
6,560,022
Caterpillar
Financial
Services
Corp.
,
Senior
Note
,
1.45
%
,
5/15/25
.
United
States
1,100,000
1,055,534
Toyota
Motor
Credit
Corp.
,
B
,
Senior
Note
,
5
%
,
3/19/27
.........
United
States
5,100,000
5,060,504
24,274,472
Consumer
Staples
Distribution
&
Retail
0.3%
d
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
5.875
%
,
2/15/28
.........
United
States
600,000
588,488
d
Cencosud
SA
,
Senior
Bond
,
144A,
4.375
%
,
7/17/27
...........
Chile
2,900,000
2,754,245
Sysco
Corp.
,
Senior
Note
,
5.75
%
,
1/17/29
...................
United
States
3,900,000
3,940,575
7,283,308
Containers
&
Packaging
0.1%
d
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
............................
United
States
3,200,000
1,635,328
Diversified
Consumer
Services
0.1%
Grand
Canyon
University
,
Secured
Note
,
4.125
%
,
10/01/24
......
United
States
1,900,000
1,865,781
Diversified
REITs
0.2%
d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
4,200,000
3,942,341
Diversified
Telecommunication
Services
1.0%
AT&T,
Inc.
,
Senior
Note
,
1.65
%
,
2/01/28
....................
United
States
7,000,000
6,118,611
Verizon
Communications,
Inc.
,
Senior
Note
,
1.45
%
,
3/20/26
.....
United
States
15,700,000
14,589,040
20,707,651
Electric
Utilities
2.3%
Exelon
Corp.
,
Senior
Bond
,
3.4
%
,
4/15/26
...................
United
States
7,000,000
6,727,189
Florida
Power
&
Light
Co.
,
Senior
Note
,
4.4
%
,
5/15/28
.........
United
States
3,150,000
3,056,269
d
Korea
East-West
Power
Co.
Ltd.
,
Senior
Note,
144A,
1.75%,
5/06/25
......................
South
Korea
8,500,000
8,171,105
Senior
Note,
144A,
3.6%,
5/06/25
.......................
South
Korea
4,700,000
4,602,984
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note,
6.051%,
3/01/25
..........................
United
States
2,700,000
$
2,705,819
Senior
Note,
5.749%,
9/01/25
..........................
United
States
5,800,000
5,805,215
Southern
Co.
(The)
,
Senior
Bond,
3.25%,
7/01/26
...........................
United
States
6,850,000
6,533,714
Senior
Note,
5.5%,
3/15/29
............................
United
States
5,400,000
5,385,277
d
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
..
United
States
3,400,000
3,098,831
46,086,403
Entertainment
1.0%
d
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
...........................................
France
2,569,773
2,631,607
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
3,100,000
3,026,584
d
Senior
Note,
144A,
3.625%,
6/15/25
.....................
United
States
3,100,000
3,032,056
Walt
Disney
Co.
(The)
,
Senior
Note
,
1.75
%
,
1/13/26
...........
United
States
6,600,000
6,214,384
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
3.755
%
,
3/15/27
......
United
States
5,000,000
4,712,488
19,617,119
Financial
Services
0.7%
a,e,g
Cia
Securitizadora
de
Creditos
Financeiros
Vert-Fintech
,
12
,
Senior
Secured
Note
,
FRN
,
14.9
%
,
(
BZDIOVRA
+
5.75
%
),
2/14/24
....
Brazil
7,676,000
BRL
—
d
EDP
Finance
BV
,
Senior
Note
,
144A,
1.71
%
,
1/24/28
..........
Portugal
6,500,000
5,666,857
Fiserv,
Inc.
,
Senior
Note
,
2.25
%
,
6/01/27
....................
United
States
5,200,000
4,726,400
d
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
6/15/28
..........
Ireland
1,500,000
1,545,924
d
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
1,600,000
1,629,520
13,568,701
Food
Products
0.3%
Campbell
Soup
Co.
,
Senior
Note
,
5.2
%
,
3/19/27
..............
United
States
3,300,000
3,279,736
Hershey
Co.
(The)
,
Senior
Note
,
4.25
%
,
5/04/28
..............
United
States
2,800,000
2,727,972
6,007,708
Ground
Transportation
0.2%
d
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Note
,
144A,
5.35
%
,
3/30/29
.................................
United
States
4,000,000
3,931,797
Health
Care
Equipment
&
Supplies
0.4%
Edwards
Lifesciences
Corp.
,
Senior
Bond
,
4.3
%
,
6/15/28
.......
United
States
300,000
288,031
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
5.55%,
11/15/24
..........................
United
States
2,800,000
2,795,922
Senior
Note,
5.65%,
11/15/27
..........................
United
States
5,000,000
5,027,330
8,111,283
Health
Care
Providers
&
Services
1.3%
Centene
Corp.
,
Senior
Note
,
3.375
%
,
2/15/30
................
United
States
2,700,000
2,354,539
d
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
........................................
United
States
3,200,000
2,795,314
Cigna
Group
(The)
,
Senior
Note
,
1.25
%
,
3/15/26
..............
United
States
3,451,000
3,187,483
CVS
Health
Corp.
,
Senior
Note
,
5
%
,
1/30/29
.................
United
States
4,700,000
4,617,555
Elevance
Health,
Inc.
,
Senior
Bond
,
4.101
%
,
3/01/28
...........
United
States
4,000,000
3,831,287
Icon
Investments
Six
Designated
Activity
Co.
,
Senior
Secured
Note
,
5.809
%
,
5/08/27
.....................................
Ireland
4,700,000
4,700,000
d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
........
Italy
700,000
633,150
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
63
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
Providence
St
Joseph
Health
Obligated
Group
,
H
,
2.746
%
,
10/01/26
United
States
15,000
$
13,973
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
3.45
%
,
6/01/26
..........
United
States
4,150,000
3,986,144
26,119,445
Health
Care
REITs
0.2%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5
%
,
10/15/27
.......................................
United
States
4,000,000
3,275,980
Health
Care
Technology
0.2%
IQVIA,
Inc.
,
Senior
Secured
Note
,
6.25
%
,
2/01/29
.............
United
States
3,300,000
3,356,536
Hotel
&
Resort
REITs
0.0%
†
d
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
4.5
%
,
2/15/29
......................................
United
States
1,200,000
1,104,691
Hotels,
Restaurants
&
Leisure
0.5%
d
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
10/15/29
United
States
3,400,000
3,036,070
Marriott
International,
Inc.
,
Senior
Note
,
4.875
%
,
5/15/29
........
United
States
2,175,000
2,112,542
Sands
China
Ltd.
,
Senior
Note
,
2.3
%
,
3/08/27
................
Macau
3,400,000
3,059,519
d
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
6
%
,
7/15/25
.......
Macau
1,392,000
1,376,517
9,584,648
Household
Durables
0.2%
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
4.35
%
,
2/15/28
.......
United
States
4,200,000
4,017,038
Industrial
REITs
0.4%
Prologis
LP
,
Senior
Note
,
4.875
%
,
6/15/28
...................
United
States
7,800,000
7,679,911
Insurance
4.2%
d
AEGON
Funding
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
4/16/27
....
Netherlands
7,000,000
6,925,957
d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note,
144A,
5.875%,
11/01/29
....................
United
States
1,200,000
1,102,912
Senior
Secured
Note,
144A,
6.75%,
4/15/28
...............
United
States
2,000,000
1,999,569
d
Athene
Global
Funding
,
Senior
Secured
Note
,
144A,
5.516
%
,
3/25/27
...........................................
United
States
7,000,000
6,944,657
d
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.9
%
,
9/19/28
..
United
States
4,700,000
4,728,811
d
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
3.85
%
,
4/11/25
...
United
States
11,300,000
11,087,805
d
MassMutual
Global
Funding
II
,
Secured
Note
,
144A,
5.1
%
,
4/09/27
United
States
4,550,000
4,522,240
d
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
4.05%,
8/25/25
.....................
United
States
7,000,000
6,863,804
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
4,100,000
4,045,430
d
Mutual
of
Omaha
Cos.
Global
Funding
,
Secured
Note
,
144A,
5.35
%
,
4/09/27
...........................................
United
States
6,700,000
6,640,233
d
New
York
Life
Global
Funding
,
Secured
Note,
144A,
3.6%,
8/05/25
......................
United
States
10,700,000
10,449,154
Senior
Secured
Note,
144A,
4.9%,
4/02/27
................
United
States
6,700,000
6,632,005
d
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.9
%
,
6/12/28
...........................................
United
States
5,000,000
4,897,572
d
Pricoa
Global
Funding
I
,
Secured
Note
,
144A,
5.1
%
,
5/30/28
.....
United
States
5,300,000
5,231,669
d
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
3.218
%
,
3/28/25
...........................................
United
States
4,000,000
3,909,355
85,981,173
Interactive
Media
&
Services
0.6%
Meta
Platforms,
Inc.
,
Senior
Note
,
4.6
%
,
5/15/28
..............
United
States
9,800,000
9,629,055
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Interactive
Media
&
Services
(continued)
d
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
1.81
%
,
1/26/26
.......
China
3,000,000
$
2,818,589
12,447,644
Life
Sciences
Tools
&
Services
0.2%
Bio-Rad
Laboratories,
Inc.
,
Senior
Note
,
3.3
%
,
3/15/27
.........
United
States
900,000
845,557
Illumina,
Inc.
,
Senior
Note
,
5.8
%
,
12/12/25
..................
United
States
4,000,000
3,994,533
4,840,090
Machinery
0.3%
d
Esab
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
...............
United
States
500,000
498,749
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
................
United
States
1,100,000
1,092,749
Parker-Hannifin
Corp.
,
Senior
Note
,
3.65
%
,
6/15/24
...........
United
States
4,700,000
4,685,312
6,276,810
Media
0.8%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Note
,
4.908
%
,
7/23/25
.....
United
States
8,000,000
7,892,442
Comcast
Corp.
,
Senior
Note
,
4.55
%
,
1/15/29
.................
United
States
6,400,000
6,218,163
Fox
Corp.
,
Senior
Note
,
3.05
%
,
4/07/25
.....................
United
States
2,000,000
1,951,366
16,061,971
Metals
&
Mining
0.0%
†
d
Novelis
Corp.
,
Senior
Note
,
144A,
3.25
%
,
11/15/26
............
United
States
1,000,000
936,044
Multi-Utilities
0.5%
Dominion
Energy,
Inc.
,
D
,
Senior
Bond
,
2.85
%
,
8/15/26
.........
United
States
1,300,000
1,224,205
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
...............
United
States
5,000,000
4,866,137
d
Engie
SA
,
Senior
Note
,
144A,
5.25
%
,
4/10/29
................
France
4,000,000
3,946,724
10,037,066
Oil,
Gas
&
Consumable
Fuels
2.4%
d
Aker
BP
ASA
,
Senior
Note
,
144A,
2
%
,
7/15/26
...............
Norway
3,296,000
3,038,614
BP
Capital
Markets
America,
Inc.
,
Senior
Note
,
3.41
%
,
2/11/26
...
United
States
7,000,000
6,765,543
Chevron
Corp.
,
Senior
Note
,
1.554
%
,
5/11/25
................
United
States
4,500,000
4,329,122
d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
6.375
%
,
6/15/26
...........................................
United
States
3,400,000
3,399,157
d
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
2,000,000
2,027,097
Energy
Transfer
LP
,
Senior
Bond
,
4.75
%
,
1/15/26
.............
United
States
5,200,000
5,120,212
EnLink
Midstream
Partners
LP
,
Senior
Bond
,
4.85
%
,
7/15/26
.....
United
States
3,900,000
3,796,320
MPLX
LP
,
Senior
Note
,
4.875
%
,
12/01/24
...................
United
States
6,800,000
6,757,130
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note,
5.75%,
5/15/24
....................
United
States
100,000
99,993
Senior
Secured
Note,
5.625%,
3/01/25
...................
United
States
2,000,000
1,994,281
d
Sunoco
LP
,
Senior
Note
,
144A,
7
%
,
5/01/29
.................
United
States
2,000,000
2,032,743
d
Var
Energi
ASA
,
Senior
Note
,
144A,
7.5
%
,
1/15/28
............
Norway
4,000,000
4,187,100
d
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
...........................................
United
States
2,000,000
2,046,646
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
4
%
,
9/15/25
...........
United
States
2,300,000
2,247,350
47,841,308
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Passenger
Airlines
0.2%
d
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
866,667
$
857,410
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
2,302,500
2,271,201
d
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
526,364
506,786
3,635,397
Personal
Care
Products
0.9%
Estee
Lauder
Cos.,
Inc.
(The)
,
Senior
Note
,
4.375
%
,
5/15/28
.....
United
States
3,100,000
3,013,223
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.........
United
States
7,700,000
7,274,325
Kenvue,
Inc.
,
Senior
Note
,
5.05
%
,
3/22/28
...................
United
States
7,500,000
7,474,296
17,761,844
Pharmaceuticals
1.4%
AstraZeneca
plc
,
Senior
Note
,
0.7
%
,
4/08/26
.................
United
Kingdom
6,300,000
5,773,574
d
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
4,600,000
4,470,710
Bristol-Myers
Squibb
Co.
,
Senior
Note
,
2.9
%
,
7/26/24
..........
United
States
2,551,000
2,533,979
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Note
,
4.45
%
,
5/19/28
United
States
8,800,000
8,538,003
Royalty
Pharma
plc
,
Senior
Note
,
1.75
%
,
9/02/27
.............
United
States
700,000
619,250
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
4.75
%
,
5/09/27
.....................................
Israel
2,800,000
2,681,289
Viatris,
Inc.
,
Senior
Note
,
1.65
%
,
6/22/25
....................
United
States
3,900,000
3,716,332
28,333,137
Semiconductors
&
Semiconductor
Equipment
0.5%
Analog
Devices,
Inc.
,
Senior
Note
,
3.45
%
,
6/15/27
............
United
States
800,000
758,259
d
SK
Hynix,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
1/19/26
.............
South
Korea
9,900,000
9,189,251
9,947,510
Specialized
REITs
0.1%
Public
Storage
Operating
Co.
,
Senior
Note
,
5.125
%
,
1/15/29
.....
United
States
1,300,000
1,292,394
Specialty
Retail
0.2%
O'Reilly
Automotive,
Inc.
,
Senior
Note
,
5.75
%
,
11/20/26
.........
United
States
5,000,000
5,032,192
Technology
Hardware,
Storage
&
Peripherals
0.3%
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
5.9
%
,
10/01/24
....
United
States
5,690,000
5,692,126
Textiles,
Apparel
&
Luxury
Goods
0.4%
d
Hanesbrands,
Inc.
,
Senior
Bond
,
144A,
4.875
%
,
5/15/26
........
United
States
2,000,000
1,936,197
Tapestry,
Inc.
,
Senior
Note,
7.05%,
11/27/25
..........................
United
States
1,400,000
1,421,785
Senior
Note,
7%,
11/27/26
.............................
United
States
4,000,000
4,077,301
7,435,283
Tobacco
0.9%
Altria
Group,
Inc.
,
Senior
Note
,
2.35
%
,
5/06/25
...............
United
States
4,200,000
4,062,470
d
Imperial
Brands
Finance
plc
,
Senior
Bond,
144A,
4.25%,
7/21/25
......................
United
Kingdom
5,495,000
5,383,431
Senior
Note,
144A,
3.125%,
7/26/24
.....................
United
Kingdom
700,000
695,104
Philip
Morris
International,
Inc.
,
Senior
Note
,
4.875
%
,
2/15/28
....
United
States
7,700,000
7,571,298
17,712,303
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
0.3%
d
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
....
United
States
3,200,000
$
3,289,054
d
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...
United
States
3,000,000
2,983,948
6,273,002
Wireless
Telecommunication
Services
0.3%
d
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
,
Senior
Secured
Note
,
144A,
4.738
%
,
3/20/25
...........................................
United
States
200,000
198,842
T-Mobile
USA,
Inc.
,
Senior
Note,
2.25%,
2/15/26
...........................
United
States
2,900,000
2,736,762
Senior
Note,
4.95%,
3/15/28
...........................
United
States
4,200,000
4,125,290
7,060,894
Total
Corporate
Bonds
(Cost
$929,637,194)
.....................................
901,560,792
h
Senior
Floating
Rate
Interests
2.3%
Aerospace
&
Defense
0.1%
f,i
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
PIK,
14
%
,
3/06/25
.............
United
Kingdom
2,323,620
1,957,069
j
Air
Freight
&
Logistics
0.1%
i
GN
Loanco
LLC
,
CME
Term
Loan,
B
,
9.816
%
,
(
1-month
SOFR
+
4.5
%
),
12/19/30
.....................................
United
States
520,000
507,489
Rand
Parent
LLC
,
First
Lien,
CME
Term
Loan,
B
,
9.559
%
,
(
3-month
SOFR
+
4.25
%
),
3/17/30
..............................
United
States
694,502
698,888
1,206,377
a
a
a
a
a
a
j
Automobile
Components
0.1%
DexKo
Global,
Inc.
,
First
Lien,
Closing
Date
CME
Term
Loan
,
9.321
%
,
(
3-month
SOFR
+
3.75
%
),
10/04/28
...............
United
States
543,365
540,216
First
Brands
Group
LLC
,
First
Lien,
2021
CME
Term
Loan,
10.591%,
(3-month
SOFR
+
5%),
3/30/27
...........................................
United
States
677,796
649,667
Second
Lien,
2021
CME
Term
Loan,
14.141%,
(3-month
SOFR
+
8.5%),
3/30/28
......................................
United
States
565,911
540,445
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.916
%
,
(
1-month
SOFR
+
4.5
%
),
11/09/27
...........
United
States
241,351
242,155
Tenneco,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
10.17
%
,
(
3-month
SOFR
+
5
%
),
11/17/28
................................
United
States
576,364
565,883
TI
Group
Automotive
Systems
LLC
,
Refinancing
U.S.
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
12/16/26
...........
United
States
161,912
162,587
2,700,953
a
a
a
a
a
a
Automobiles
0.0%
†
j
American
Trailer
World
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
................
United
States
413,521
406,415
Beverages
0.0%
†
j
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.814
%
,
(
3-month
SOFR
+
3.25
%
),
3/31/28
................
United
States
535,023
533,584
j
Building
Products
0.1%
AZZ,
Inc.
,
Initial
CME
Term
Loan
,
8.566
%
,
(
1-month
SOFR
+
3.25
%
),
5/13/29
...........................................
United
States
362,186
364,837
EMRLD
Borrower
LP
,
Initial
CME
Term
Loan,
B
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
5/31/30
...............................
United
States
171,188
171,915
Quikrete
Holdings,
Inc.
,
CME
Term
Loan,
B2
,
7.569
%
,
(
1-month
SOFR
+
2.25
%
),
3/19/29
..............................
United
States
224,460
224,942
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
j
Building
Products
(continued)
Summit
Materials
LLC
,
CME
Term
Loan,
B2
,
7.799
%
,
(
3-month
SOFR
+
2.5
%
),
1/12/29
...............................
United
States
102,273
$
103,169
864,863
a
a
a
a
a
a
j
Capital
Markets
0.1%
Citadel
Securities
LP
,
CME
Term
Loan
,
7.566
%
,
(
1-month
SOFR
+
2.25
%
),
7/29/30
.....................................
United
States
224,505
225,207
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
4/07/28
.....
United
States
594,989
596,043
i
Jane
Street
Group
LLC
,
2024
Repricing
CME
Term
Loan
,
7.93
%
,
(
1-month
SOFR
+
2.5
%
),
1/26/28
........................
United
States
523,136
524,177
Osmosis
Buyer
Ltd.
,
2022
Refinancing
CME
Term
Loan,
B,
9.324%,
(1-month
SOFR
+
4%),
7/31/28
.......................................
United
Kingdom
227,302
228,346
2023
Incremental
Delayed
Draw
CME
Term
Loan,
9.567%,
(1-month
SOFR
+
4.25%),
7/31/28
.......................
United
Kingdom
89,827
90,389
1,664,162
a
a
a
a
a
a
j
Chemicals
0.2%
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan,
9.976%,
(3-month
SOFR
+
4.5%),
3/15/29
......................................
United
States
400,915
394,933
Second
Lien,
Initial
CME
Term
Loan,
12.853%,
(1-month
SOFR
+
7.438%),
3/15/30
....................................
United
States
375,080
336,822
i
Indicor
LLC
,
First
Lien,
Dollar
CME
Term
Loan,
B
,
9.302
%
,
(
3-month
SOFR
+
4
%
),
11/22/29
................................
United
States
192,273
194,004
i
INEOS
Quattro
Holdings
UK
Ltd.
,
2029
Dollar
CME
Term
Loan,
B
,
9.666
%
,
(
1-month
SOFR
+
4.25
%
),
4/02/29
................
United
Kingdom
222,141
222,002
i
INEOS
US
Finance
LLC
,
2027-II
Dollar
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
11/08/27
......................
Luxembourg
442,982
445,080
LSF11
A5
Holdco
LLC
,
Fourth
Amendment
Incremental
CME
Term
Loan,
B
,
9.666
%
,
(
1-month
SOFR
+
4.25
%
),
10/15/28
........
United
States
347,698
349,089
Nouryon
Finance
BV
,
2023
CME
Term
Loan
,
9.423
%
,
(
1-month
SOFR
+
4
%
),
4/03/28
.................................
Netherlands
274,251
275,108
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.706
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................................
United
States
579,809
572,434
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
CME
Term
Loan,
B1
,
9.442
%
,
(
1-month
SOFR
+
4
%
),
3/16/27
...............
United
States
223,581
224,419
3,013,891
a
a
a
a
a
a
j
Commercial
Services
&
Supplies
0.2%
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
5/12/28
................
United
States
352,322
352,982
APX
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.194
%
,
(
1-month
SOFR
+
2.75%;
3-month
SOFR
+
1.75%
),
7/10/28
..................
United
States
283,115
283,863
CCI
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.302
%
,
(
3-month
SOFR
+
4
%
),
12/17/27
................................
United
States
519,682
520,006
PG
Investment
Co.
59
SARL
,
Initial
CME
Term
Loan
,
8.812
%
,
(
3-month
SOFR
+
3.5
%
),
3/26/31
........................
Luxembourg
176,395
177,240
Pitney
Bowes,
Inc.
,
Refinancing
CME
Term
Loan,
B
,
9.43
%
,
(
1-month
SOFR
+
4
%
),
3/17/28
.........................
United
States
1,199,010
1,198,506
Spin
Holdco,
Inc.
,
Initial
CME
Term
Loan
,
9.585
%
,
(
3-month
SOFR
+
4
%
),
3/04/28
.......................................
United
States
577,085
511,081
3,043,678
a
a
a
a
a
a
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Communications
Equipment
0.0%
†
j
CommScope,
Inc.
,
Initial
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
4/06/26
.....................................
United
States
243,109
$
214,949
Construction
&
Engineering
0.0%
†
j
USIC
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.064
%
,
(
3-month
SOFR
+
3.5
%
),
5/12/28
........................
United
States
548,111
548,544
Consumer
Finance
0.0%
†
i,j
Nuvei
Technologies
Corp.
,
Initial
CME
Term
Loan
,
8.416
%
,
(
1-month
SOFR
+
3
%
),
12/19/30
................................
Canada
149,601
150,069
j
Containers
&
Packaging
0.1%
Charter
Next
Generation,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.816
%
,
(
1-month
SOFR
+
3.5
%
),
12/01/27
................
United
States
222,315
223,401
Kleopatra
Finco
SARL
,
USD
CME
Term
Loan,
B
,
10.267
%
,
(
6-month
SOFR
+
4.725
%
),
2/12/26
.............................
Luxembourg
774,696
702,394
Pactiv
Evergreen,
Inc.
,
U.S.
CME
Term
Loan,
B3
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
9/24/28
..............................
United
States
155,810
156,816
1,082,611
a
a
a
a
a
a
Diversified
Consumer
Services
0.0%
†
j
WW
International,
Inc.
,
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
4/13/28
...............................
United
States
339,546
155,184
j
Diversified
Telecommunication
Services
0.0%
†
Altice
France
SA
,
USD
CME
Term
Loan,
B14
,
10.829
%
,
(
3-month
SOFR
+
5.5
%
),
8/15/28
...............................
France
139,144
104,923
Global
Tel*Link
Corp.
,
First
Lien,
CME
Term
Loan
,
9.666
%
,
(
1-month
SOFR
+
4.25
%
),
11/29/25
.............................
United
States
470,215
462,720
567,643
a
a
a
a
a
a
j
Entertainment
0.0%
†
Banijay
Entertainment
SAS
,
USD
CME
Term
Loan,
B2
,
8.579
%
,
(
1-month
SOFR
+
3.25
%
),
3/01/28
.......................
France
153,932
154,606
Playtika
Holding
Corp.
,
CME
Term
Loan,
B1
,
8.18
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
...................................
United
States
231,270
231,725
386,331
a
a
a
a
a
a
j
Financial
Services
0.0%
†
Red
Planet
Borrower
LLC
,
Initial
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
10/02/28
.............................
United
States
234,919
230,764
i
Verscend
Holding
Corp.
,
CME
Term
Loan,
B1
,
9.445
%
,
(
1-month
SOFR
+
4
%
),
8/27/25
.................................
United
States
301,337
301,714
532,478
a
a
a
a
a
a
Food
Products
0.0%
†
j
Fiesta
Purchaser,
Inc.
,
Initial
CME
Term
Loan
,
9.317
%
,
(
1-month
SOFR
+
4
%
),
2/12/31
.................................
United
States
145,033
145,785
Ground
Transportation
0.0%
†
j
Avis
Budget
Car
Rental
LLC
,
New
CME
Term
Loan,
C
,
8.416
%
,
(
1-month
SOFR
+
3
%
),
3/16/29
.........................
United
States
520,194
519,003
j
Health
Care
Equipment
&
Supplies
0.1%
Bausch
+
Lomb
Corp.
,
Initial
CME
Term
Loan
,
8.669
%
,
(
1-month
SOFR
+
3.25
%
),
5/10/27
..............................
United
States
518,680
516,154
Medline
Borrower
LP
,
Refinancing
CME
Term
Loan
,
8.068
%
,
(
1-month
SOFR
+
2.75
%
),
10/23/28
......................
United
States
192,199
192,924
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
j
Health
Care
Equipment
&
Supplies
(continued)
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
CME
Term
Loan
,
10.702
%
,
(
3-month
SOFR
+
5.25
%
),
12/15/27
....................................
United
States
209,574
$
210,338
919,416
a
a
a
a
a
a
j
Health
Care
Providers
&
Services
0.2%
ADMI
Corp.
,
Amendment
No.
4
Refinancing
CME
Term
Loan
,
8.805
%
,
(
1-month
SOFR
+
3.375
%
),
12/23/27
..............
United
States
554,940
536,508
Charlotte
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
10.571
%
,
(
1-month
SOFR
+
5.25
%
),
2/11/28
.......................
United
States
345,517
347,568
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.83
%
,
(
3-month
SOFR
+
3.5
%
),
11/08/27
.......................
United
States
147,478
148,165
i
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.666
%
,
(
1-month
SOFR
+
3.25
%
),
11/01/28
...............
United
States
357,360
317,221
National
Mentor
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.659
%
,
(
3-month
SOFR
+
7.25
%
),
3/02/29
...............
United
States
565,911
505,078
Pacific
Dental
Services
LLC
,
Refinancing
CME
Term
Loan
,
8.571
%
,
(
1-month
SOFR
+
3.25
%
),
3/15/31
.......................
United
States
288,443
289,496
Radiology
Partners,
Inc.
,
CME
Term
Loan,
B
,
10.587
%
,
(
3-month
SOFR
+
5
%
),
1/31/29
.................................
United
States
525,251
505,336
Surgery
Center
Holdings,
Inc.
,
Initial
CME
Term
Loan
,
8.815
%
,
(
1-month
SOFR
+
3.5
%
),
12/19/30
.......................
United
States
32,245
32,475
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.692
%
,
(
1-month
SOFR
+
4.25
%
),
10/01/28
...............
United
States
544,278
527,893
Waystar
Technologies,
Inc.
,
First
Lien,
2024
Initial
CME
Term
Loan
,
9.316
%
,
(
1-month
SOFR
+
4
%
),
10/22/29
..................
United
States
196,644
197,996
3,407,736
a
a
a
a
a
a
j
Hotels,
Restaurants
&
Leisure
0.2%
f
24
Hour
Fitness
Worldwide,
Inc.
,
CME
Term
Loan,
1
,
PIK,
6.571
%
,
(
3-month
SOFR
+
1
%
),
12/29/25
........................
United
States
1,275,061
628,603
Bally's
Corp.
,
CME
Term
Loan,
B
,
8.836
%
,
(
3-month
SOFR
+
3.25
%
),
10/02/28
....................................
United
States
943,910
891,259
Dave
&
Buster's,
Inc.
,
2024
Refinancing
CME
Term
Loan,
B
,
8.625
%
,
(
1-month
SOFR
+
3.25
%
),
6/29/29
.......................
United
States
229,014
230,096
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
CME
Term
Loan
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
8/02/28
.................
United
States
200,949
201,489
Ontario
Gaming
GTA
LP
,
CME
Term
Loan,
B
,
9.559
%
,
(
3-month
SOFR
+
4.25
%
),
8/01/30
..............................
Canada
111,256
111,998
Raptor
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.59
%
,
(
3-month
SOFR
+
4
%
),
11/01/26
........................
United
States
299,527
301,024
Scientific
Games
Holdings
LP
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.556
%
,
(
3-month
SOFR
+
3.25
%
),
4/04/29
...........
United
States
505,014
505,842
2,870,311
a
a
a
a
a
a
Household
Durables
0.0%
†
j
Hunter
Douglas
Holding
BV
,
CME
Term
Loan,
B1
,
8.824
%
,
(
3-month
SOFR
+
3.5
%
),
2/26/29
...............................
Netherlands
520,576
517,882
j
Insurance
0.1%
Acrisure
LLC
,
First
Lien,
2021-1
Additional
Term
Loan,
9.18%,
(1-month
Synthetic
USD
LIBOR
+
3.75%),
2/15/27
..........................
United
States
228,524
229,095
First
Lien,
2021-2
Additional
Term
Loan,
9.68%,
(1-month
Synthetic
USD
LIBOR
+
4.25%),
2/15/27
..........................
United
States
156,042
156,758
i
AssuredPartners,
Inc.
,
2024
CME
Term
Loan
,
8.827
%
,
(
1-month
SOFR
+
3.5
%
),
2/14/31
...............................
United
States
434,582
436,976
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
j
Insurance
(continued)
Asurion
LLC
,
New
CME
Term
Loan,
B10,
9.416%,
(1-month
SOFR
+
4%),
8/19/28
...........................................
United
States
132,387
$
128,930
i
New
CME
Term
Loan,
B11,
9.666%,
(1-month
SOFR
+
4.25%),
8/19/28
...........................................
United
States
517,113
505,641
Second
Lien,
New
CME
Term
Loan,
B4,
10.68%,
(1-month
SOFR
+
5.25%),
1/20/29
...................................
United
States
1,264,852
1,143,901
2,601,301
a
a
a
a
a
a
j
IT
Services
0.1%
Aventiv
Technologies
LLC
,
i
First
Lien,
Initial
CME
Term
Loan,
10.461%,
(3-month
SOFR
+
4.89%),
11/01/24
....................................
United
States
773,201
576,039
First
Lien,
Second-Out
CME
Term
Loan,
13.071%,
(3-month
SOFR
+
7.5%),
7/31/25
....................................
United
States
14,972
15,159
i
Second
Lien,
CME
Term
Loan,
14.221%,
(3-month
SOFR
+
8.912%),
11/01/25
...................................
United
States
3,183,651
584,996
Gainwell
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.409
%
,
(
3-month
SOFR
+
4
%
),
10/01/27
........................
United
States
458,700
438,776
Peraton
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
2/01/28
..............................
United
States
120,667
120,861
1,735,831
a
a
a
a
a
a
Leisure
Products
0.0%
†
j
19th
Holdings
Golf
LLC
,
Initial
CME
Term
Loan
,
8.673
%
,
(
1-month
SOFR
+
3.25
%
),
2/07/29
..............................
United
States
498,731
493,123
Machinery
0.0%
†
j
Crosby
US
Acquisition
Corp.
,
Amendment
No.
3
Replacement
CME
Term
Loan
,
9.316
%
,
(
1-month
SOFR
+
4
%
),
8/16/29
.........
United
States
216,848
218,654
j
Media
0.1%
Cengage
Learning,
Inc.
,
CME
Term
Loan,
B
,
9.565
%
,
(
1-month
SOFR
+
4.25
%
),
3/24/31
..............................
United
States
276,819
277,709
Gray
Television,
Inc.
,
CME
Term
Loan,
D
,
8.442
%
,
(
1-month
SOFR
+
3
%
),
12/01/28
......................................
United
States
426,371
402,000
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2023
May
Incremental
CME
Term
Loan
,
9.566
%
,
(
1-month
SOFR
+
4.25
%
),
5/03/28
...........................................
United
States
519,814
518,750
Univision
Communications,
Inc.
,
First
Lien,
2021
Replacement
Converted
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
3/15/26
...........................................
United
States
356,416
357,104
1,555,563
a
a
a
a
a
a
Metals
&
Mining
0.0%
†
j
Arsenal
AIC
Parent
LLC
,
2024
CME
Term
Loan,
B
,
9.08
%
,
(
1-month
SOFR
+
3.75
%
),
8/18/30
..............................
United
States
130,234
131,373
Oil,
Gas
&
Consumable
Fuels
0.0%
†
j
Oryx
Midstream
Services
Permian
Basin
LLC
,
2024
Refinancing
CME
Term
Loan
,
8.436
%
,
(
1-month
SOFR
+
3
%
),
10/05/28
....
United
States
498,750
500,977
j
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
CME
Term
Loan
,
10.336
%
,
(
3-month
SOFR
+
4.75
%
),
4/20/28
......
United
States
198,936
207,163
American
Airlines,
Inc.
,
Initial
CME
Term
Loan
,
8.775
%
,
(
6-month
SOFR
+
3.5
%
),
6/04/29
...............................
United
States
339,546
341,174
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
j
Passenger
Airlines
(continued)
i
Kestrel
Bidco,
Inc.
,
Initial
CME
Term
Loan
,
9.048
%
,
(
3-month
SOFR
+
3.75
%
),
2/14/31
...................................
Canada
520,000
$
521,596
United
Airlines,
Inc.
,
2024
CME
Term
Loan,
B
,
8.076
%
,
(
3-month
SOFR
+
2.75
%
),
2/22/31
..............................
United
States
271,416
272,901
1,342,834
a
a
a
a
a
a
j
Pharmaceuticals
0.0%
†
Grifols
Worldwide
Operations
Ltd.
,
Dollar
CME
Term
Loan,
B
,
7.459
%
,
(
3-month
SOFR
+
2
%
),
11/15/27
..................
Spain
168,891
165,461
i
Jazz
Pharmaceuticals
plc
,
Additional
Dollar
CME
Term
Loan,
B1
,
8.43
%
,
(
1-month
SOFR
+
3
%
),
5/05/28
...................
United
States
345,593
348,024
Organon
&
Co.
,
Dollar
CME
Term
Loan
,
8.433
%
,
(
1-month
SOFR
+
3
%
),
6/02/28
.......................................
United
States
221,825
223,316
736,801
a
a
a
a
a
a
Professional
Services
0.0%
†
i,j
Inizio
Group
Ltd.
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
9.659
%
,
(
3-month
SOFR
+
4.25
%
),
8/19/28
.......................
United
Kingdom
520,000
521,300
Real
Estate
Management
&
Development
0.0%
†
j
Cushman
&
Wakefield
US
Borrower
LLC
,
2024-1
CME
Term
Loan
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
1/31/30
................
United
States
518,700
521,294
Semiconductors
&
Semiconductor
Equipment
0.0%
†
j
MKS
Instruments,
Inc.
,
2023-1
Dollar
CME
Term
Loan,
B
,
7.823
%
,
(
1-month
SOFR
+
2.5
%
),
8/17/29
........................
United
States
309,493
310,462
j
Software
0.1%
AppLovin
Corp.
,
2024
Initial
CME
Term
Loan
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
8/16/30
...............................
United
States
209,028
209,232
Genesys
Cloud
Services
Holdings
I
LLC
,
2024
Incremental
No.
2
Dollar
CME
Term
Loan
,
8.816
%
,
(
1-month
SOFR
+
3.5
%
),
12/01/27
..........................................
United
States
328,577
330,483
Idera,
Inc.
,
First
Lien,
CME
Term
Loan,
B1
,
9.206
%
,
(
3-month
SOFR
+
3.75
%
),
3/02/28
...................................
United
States
316,133
315,318
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
CME
Term
Loan,
9.814%,
(3-month
SOFR
+
4.25%),
12/01/27
......................
United
States
604,572
563,198
First
Lien,
First
Amendment
CME
Term
Loan,
9.555%,
(3-month
SOFR
+
4%),
12/01/27
................................
United
States
69,064
63,970
McAfee
Corp.
,
CME
Term
Loan,
B1
,
9.177
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
.....................................
United
States
501,921
503,665
i
Polaris
Newco
LLC
,
First
Lien,
Dollar
CME
Term
Loan
,
9.591
%
,
(
3-month
SOFR
+
4
%
),
6/02/28
.........................
United
States
445,334
443,265
Rocket
Software,
Inc.
,
Extended
Dollar
CME
Term
Loan
,
10.066
%
,
(
1-month
SOFR
+
4.75
%
),
11/28/28
......................
United
States
226,504
225,566
2,654,697
a
a
a
a
a
a
j
Specialty
Retail
0.2%
Evergreen
AcqCo
1
LP
,
Initial
CME
Term
Loan
,
9.36
%
,
(
3-month
SOFR
+
3.75
%
),
4/26/28
..............................
United
States
235,072
236,394
GNC
Holdings,
Inc.
,
Second
Lien,
CME
Term
Loan
,
11.427
%
,
(
1-month
SOFR
+
6
%
),
10/07/26
........................
United
States
1,652,644
1,322,115
Great
Outdoors
Group
LLC
,
CME
Term
Loan,
B2
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
3/06/28
..............................
United
States
246,551
246,969
i
Harbor
Freight
Tools
USA,
Inc.
,
Initial
CME
Term
Loan
,
8.18
%
,
(
1-month
SOFR
+
2.75
%
),
10/19/27
......................
United
States
520,000
521,115
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
j
Specialty
Retail
(continued)
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.821
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
..............................
United
States
324,990
$
303,828
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.814
%
,
(
3-month
SOFR
+
3.25
%
),
12/28/27
......................
United
States
125,910
124,549
Petco
Health
&
Wellness
Co.,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.821
%
,
(
3-month
SOFR
+
3.25
%
),
3/03/28
................
United
States
520,000
451,602
RealTruck
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
1/31/28
...............................
United
States
344,427
342,492
Restoration
Hardware,
Inc.
,
2022
Incremental
CME
Term
Loan
,
8.666
%
,
(
1-month
SOFR
+
3.25
%
),
10/20/28
...............
United
States
471,703
465,807
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
10.443
%
,
(
1-month
Synthetic
USD
LIBOR
+
5
%
),
4/16/26
.............
United
States
517,572
512,129
White
Cap
Supply
Holdings
LLC
,
Initial
Closing
Date
CME
Term
Loan
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
10/19/27
..........
United
States
117,510
118,068
4,645,068
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
j
Magenta
Buyer
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
10.574
%
,
(
3-month
SOFR
+
5
%
),
7/27/28
.........................
United
States
365,610
186,574
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
j
Hanesbrands,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
3/08/30
..............................
United
States
520,757
521,840
j
Transportation
Infrastructure
0.1%
First
Student
Bidco,
Inc.
,
Initial
CME
Term
Loan,
B,
8.564%,
(3-month
SOFR
+
3%),
7/21/28
United
States
398,624
399,652
Initial
CME
Term
Loan,
C,
8.564%,
(3-month
SOFR
+
3%),
7/21/28
United
States
121,232
121,545
LaserShip,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
10.071
%
,
(
3-month
SOFR
+
4.5
%
),
5/07/28
........................
United
States
373,369
350,967
872,164
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$47,325,111)
..........................
46,958,790
k
Marketplace
Loans
2.1%
a
Financial
Services
2.1%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$48,980,053)
....................................
42,760,449
Foreign
Government
and
Agency
Securities
1.8%
d
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
l
3,900,000
3,690,999
Colombia
Government
Bond
,
Senior
Bond
,
8.125
%
,
5/21/24
.....
Colombia
5,300,000
5,302,650
d
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
......
France
1,000,000
1,004,332
Equinor
ASA
,
Senior
Note,
2.875%,
4/06/25
...........................
Norway
15,300,000
14,946,410
Senior
Note,
1.75%,
1/22/26
...........................
Norway
5,400,000
5,088,082
Export-Import
Bank
of
Korea
,
Senior
Bond
,
2.875
%
,
1/21/25
.....
South
Korea
2,000,000
1,962,062
d
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
2,800,000
2,791,014
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.........
Peru
800,000
665,920
Petroleos
Mexicanos
,
Senior
Note
,
6.875
%
,
10/16/25
..........
Mexico
990,000
976,538
Total
Foreign
Government
and
Agency
Securities
(Cost
$37,675,314)
..............
36,428,007
U.S.
Government
and
Agency
Securities
16.5%
U.S.
Treasury
Notes
,
1%,
12/15/24
.......................................
United
States
94,000,000
91,528,850
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
0.25%,
5/31/25
.....................................
United
States
11,000,000
$
10,428,086
4.625%,
6/30/25
.....................................
United
States
41,000,000
40,732,539
0.25%,
10/31/25
.....................................
United
States
81,000,000
75,334,746
0.375%,
11/30/25
....................................
United
States
80,000,000
74,275,000
m
Index
Linked,
0.125%,
4/15/26
..........................
United
States
23,400,000
26,396,570
0.75%,
8/31/26
.....................................
United
States
16,000,000
14,529,687
Total
U.S.
Government
and
Agency
Securities
(Cost
$334,796,655)
................
333,225,478
Asset-Backed
Securities
21.2%
Banks
1.2%
Capital
One
Multi-Asset
Execution
Trust
,
2022-A2
,
A
,
3.49
%
,
5/15/27
.
...........................................
United
States
17,330,000
16,970,921
Chase
Issuance
Trust
,
2022-A1
,
A
,
3.97
%
,
9/15/27
.
............
United
States
6,794,000
6,661,643
23,632,564
a
a
a
a
a
a
Consumer
Finance
5.4%
American
Express
Credit
Account
Master
Trust
,
2022-2,
A,
3.39%,
5/15/27
.............................
United
States
11,100,000
10,861,310
2022-3,
A,
3.75%,
8/15/27
.............................
United
States
18,235,000
17,845,546
2023-1,
A,
4.87%,
5/15/28
.............................
United
States
10,380,000
10,282,484
Discover
Card
Execution
Note
Trust
,
2022-A3,
A3,
3.56%,
7/15/27
...........................
United
States
18,930,000
18,498,805
2023-A2,
A,
4.93%,
6/15/28
............................
United
States
10,380,000
10,282,548
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-4,
A3,
5.78%,
8/16/28
............................
United
States
7,410,000
7,463,397
2024-1,
A3,
4.85%,
12/18/28
...........................
United
States
11,000,000
10,874,690
2024-2,
A2A,
5.33%,
3/16/27
...........................
United
States
2,400,000
2,395,630
Hyundai
Auto
Receivables
Trust
,
2023-B,
A3,
5.48%,
4/17/28
............................
United
States
3,550,000
3,550,938
2024-A,
A3,
4.99%,
2/15/29
............................
United
States
3,520,000
3,487,285
Toyota
Auto
Receivables
Owner
Trust
,
2024-A,
A3,
4.83%,
10/16/28
...........................
United
States
6,670,000
6,594,904
2024-B,
A3,
5.33%,
1/16/29
............................
United
States
7,770,000
7,752,233
109,889,770
a
a
a
a
a
a
Financial
Services
14.6%
d
American
Homes
4
Rent
Trust
,
2014-SFR3,
A,
144A,
3.678%,
12/17/36
...................
United
States
666,599
657,815
2015-SFR1,
A,
144A,
3.467%,
4/17/52
....................
United
States
5,092,721
4,980,895
d,j
Apidos
CLO
XXXV
,
2021-35A
,
A
,
144A,
FRN
,
6.636
%
,
(
3-month
SOFR
+
1.312
%
),
4/20/34
.
.............................
United
States
19,306,000
19,337,855
BA
Credit
Card
Trust
,
2022-A1,
A1,
3.53%,
11/15/27
..........................
United
States
3,870,000
3,787,030
2022-A2,
A2,
5%,
4/15/28
.............................
United
States
11,562,000
11,497,032
2023-A2,
A2,
4.98%,
11/15/28
..........................
United
States
6,140,000
6,093,005
d,j
Bain
Capital
Credit
CLO
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
6.548
%
,
(
3-month
SOFR
+
1.222
%
),
4/23/31
.
.....................
United
States
1,505,782
1,511,671
d,j
Barings
CLO
Ltd.
,
2018-4A
,
A1R
,
144A,
FRN
,
6.479
%
,
(
3-month
SOFR
+
1.15
%
),
10/15/30
.
.............................
United
States
5,000,000
5,000,004
d,j
BlueMountain
CLO
Ltd.
,
2016-3A
,
A1R2
,
144A,
FRN
,
6.507
%
,
(
3-month
SOFR
+
1.2
%
),
11/15/30
.
......................
United
States
11,100,000
11,142,474
d,j
BlueMountain
CLO
XXXI
Ltd.
,
2021-31A
,
A1
,
144A,
FRN
,
6.738
%
,
(
3-month
SOFR
+
1.412
%
),
4/19/34
.
.....................
United
States
3,130,000
3,133,475
d,j
Carlyle
Direct
Lending
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
7.79
%
,
(
3-month
SOFR
+
2.462
%
),
10/15/31
.
....................
United
States
7,300,000
7,330,700
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d,j
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2015-4A,
A1RR,
144A,
FRN,
6.545%,
(3-month
SOFR
+
1.22%),
7/20/32
...........................................
United
States
9,950,000
$
9,984,826
2016-1A,
A1R2,
144A,
FRN,
6.726%,
(3-month
SOFR
+
1.402%),
4/20/34
...........................................
United
States
2,000,000
2,002,564
d
CF
Hippolyta
Issuer
LLC
,
2020-1
,
A1
,
144A,
1.69
%
,
7/15/60
.
.....
United
States
3,291,994
3,087,453
n
Conseco
Finance
Securitizations
Corp.
,
2002-2
,
M1
,
FRN
,
7.424
%
,
3/01/33
.
...........................................
United
States
2,585
2,585
d,n
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
13.482%,
8/15/44
................
United
States
38,743
36,934
2019-31,
PT,
144A,
FRN,
9.601%,
9/15/44
.................
United
States
38,523
35,863
2019-37,
PT,
144A,
FRN,
15.123%,
10/17/44
...............
United
States
41,390
39,478
2019-42,
PT,
144A,
FRN,
14.183%,
11/15/44
...............
United
States
37,912
35,940
2019-51,
PT,
144A,
FRN,
13.703%,
1/15/45
................
United
States
126,424
120,039
2019-52,
PT,
144A,
FRN,
14.256%,
1/15/45
................
United
States
135,336
128,376
2019-S2,
PT,
144A,
FRN,
13.654%,
5/16/44
................
United
States
5,202
5,124
2019-S3,
PT,
144A,
FRN,
9.085%,
6/15/44
.................
United
States
2,765
2,707
2019-S4,
PT,
144A,
FRN,
4.658%,
8/15/44
.................
United
States
13,532
13,235
2019-S5,
PT,
144A,
FRN,
6.992%,
9/15/44
.................
United
States
21,927
20,842
2019-S6,
PT,
144A,
FRN,
7.352%,
10/17/44
................
United
States
31,054
29,378
2019-S7,
PT,
144A,
FRN,
7.153%,
12/15/44
................
United
States
48,770
46,251
2019-S8,
PT,
144A,
FRN,
8.461%,
1/15/45
.................
United
States
64,255
60,517
2020-2,
PT,
144A,
FRN,
14.818%,
3/15/45
.................
United
States
147,462
139,145
2020-7,
PT,
144A,
FRN,
13.611%,
4/17/45
.................
United
States
92,229
85,878
d,j
Cook
Park
CLO
Ltd.
,
2018-1A
,
A2
,
144A,
FRN
,
6.699
%
,
(
3-month
SOFR
+
1.382
%
),
4/17/30
.
.............................
United
States
1,000,000
1,000,290
j
CWABS,
Inc.
,
2004-1
,
M1
,
FRN
,
6.181
%
,
(
1-month
SOFR
+
0.864
%
),
3/25/34
.
...................................
United
States
24,548
24,458
d,j
Dryden
85
CLO
Ltd.
,
2020-85A
,
AR
,
144A,
FRN
,
6.74
%
,
(
3-month
SOFR
+
1.412
%
),
10/15/35
.
............................
United
States
2,110,000
2,112,791
d,j
Ellington
CLO
III
Ltd.
,
2018-3A
,
A1
,
144A,
FRN
,
7.236
%
,
(
3-month
SOFR
+
1.912
%
),
7/20/30
.
.............................
United
States
1,772,228
1,776,936
d
FirstKey
Homes
Trust
,
2020-SFR2
,
A
,
144A,
1.266
%
,
10/19/37
.
...
United
States
4,001,413
3,740,794
Ford
Credit
Auto
Owner
Trust
,
2024-A
,
A3
,
5.09
%
,
12/15/28
.
.....
United
States
6,670,000
6,626,137
d,j
Galaxy
XXVII
CLO
Ltd.
,
2018-27A
,
A
,
144A,
FRN
,
6.607
%
,
(
3-month
SOFR
+
1.282
%
),
5/16/31
.
.............................
United
States
1,199,071
1,202,327
d
Home
Partners
of
America
Trust
,
2021-3
,
B
,
144A,
2.649
%
,
1/17/41
.
United
States
1,369,546
1,195,599
Honda
Auto
Receivables
Owner
Trust
,
2023-3,
A3,
5.41%,
2/18/28
............................
United
States
8,070,000
8,061,135
2023-4,
A3,
5.67%,
6/21/28
............................
United
States
7,010,000
7,042,497
2024-1,
A2,
5.36%,
9/15/26
............................
United
States
6,510,000
6,501,072
d,j
Madison
Park
Funding
XXIX
Ltd.
,
2018-29A
,
AR
,
144A,
FRN
,
6.507
%
,
(
3-month
SOFR
+
1.18
%
),
10/18/30
.
...............
United
States
10,084,061
10,081,955
d,j
Magnetite
XXIX
Ltd.
,
2021-29A
,
A
,
144A,
FRN
,
6.58
%
,
(
3-month
SOFR
+
1.252
%
),
1/15/34
.
.............................
United
States
20,930,596
20,943,074
d,j
Neuberger
Berman
CLO
XVIII
Ltd.
,
2014-18A
,
A1BR
,
144A,
FRN
,
6.986
%
,
(
3-month
SOFR
+
1.662
%
),
10/21/30
.
..............
United
States
2,295,000
2,303,341
d,j
Neuberger
Berman
CLO
XVI-S
Ltd.
,
2017-16SA
,
AR
,
144A,
FRN
,
6.63
%
,
(
3-month
SOFR
+
1.302
%
),
4/15/34
.
................
United
States
15,000,000
15,030,000
d
New
Economy
Assets
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
....................................
United
States
13,870,000
12,104,373
Nissan
Auto
Receivables
Owner
Trust
,
2023-A
,
A3
,
4.91
%
,
11/15/27
.
United
States
14,386,000
14,270,783
d,j
OCP
CLO
Ltd.
,
2014-6A
,
A1R2
,
144A,
FRN
,
6.467
%
,
(
3-month
SOFR
+
1.15
%
),
10/17/30
.
.............................
United
States
10,300,000
10,305,149
d,j
Octagon
56
Ltd.
,
2021-1A
,
A
,
144A,
FRN
,
6.75
%
,
(
3-month
SOFR
+
1.422
%
),
10/15/34
.
...................................
United
States
15,000,000
15,032,558
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
Honda
Auto
Receivables
Owner
Trust,
(continued)
d,j
Octagon
Investment
Partners
18-R
Ltd.
,
2018-18A
,
A1A
,
144A,
FRN
,
6.549
%
,
(
3-month
SOFR
+
1.222
%
),
4/16/31
.
...............
United
States
775,602
$
776,804
d,j
Octagon
Investment
Partners
35
Ltd.
,
2018-1A
,
A1B
,
144A,
FRN
,
6.686
%
,
(
3-month
SOFR
+
1.362
%
),
1/20/31
.
...............
United
States
2,000,000
2,000,709
d,j
Octagon
Investment
Partners
46
Ltd.
,
2020-2A
,
AR
,
144A,
FRN
,
6.75
%
,
(
3-month
SOFR
+
1.422
%
),
7/15/36
.
................
United
States
17,400,000
17,410,353
d,j
OHA
Credit
Partners
VII
Ltd.
,
2012-7A
,
AR3
,
144A,
FRN
,
6.651
%
,
(
3-month
SOFR
+
1.332
%
),
2/20/34
.
.....................
United
States
17,876,000
17,913,481
d,n
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
10.558%,
3/15/26
................
United
States
78,970
70,976
2020-PT2,
A,
144A,
FRN,
12.371%,
4/15/26
................
United
States
101,686
93,384
2020-PT3,
A,
144A,
FRN,
2.553%,
5/15/26
.................
United
States
32,182
26,841
j
RAAC
Trust
,
2004-SP1
,
AII
,
FRN
,
6.131
%
,
(
1-month
SOFR
+
0.814
%
),
3/25/34
.
...................................
United
States
65,526
64,159
d,j
RR
14
Ltd.
,
2021-14A
,
A1
,
144A,
FRN
,
6.71
%
,
(
3-month
SOFR
+
1.382
%
),
4/15/36
.
...................................
United
States
23,418,000
23,479,283
d,n
Upgrade
Master
Pass-Thru
Trust
,
2019-PT1,
A,
144A,
FRN,
12.058%,
6/15/25
................
United
States
6,196
5,364
2019-PT2,
A,
144A,
FRN,
11.192%,
2/15/26
................
United
States
71,738
70,862
d,j
Voya
CLO
Ltd.
,
2018-2A
,
A2
,
144A,
FRN
,
6.84
%
,
(
3-month
SOFR
+
1.512
%
),
7/15/31
.
...................................
United
States
2,500,000
2,503,914
294,120,490
a
a
a
a
a
a
Passenger
Airlines
0.0%
†
American
Airlines
Pass-Through
Trust
,
2016-2
,
AA
,
3.2
%
,
6/15/28
.
United
States
33,725
30,927
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
..
United
States
226,800
221,583
252,510
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$430,866,057)
..............................
427,895,334
Commercial
Mortgage-Backed
Securities
1.8%
Financial
Services
1.8%
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
A4
,
3.705
%
,
9/15/48
.....................................
United
States
100,000
96,684
d,j
BX
Commercial
Mortgage
Trust
,
2021-VOLT
,
A
,
144A,
FRN
,
6.135
%
,
(
1-month
SOFR
+
0.814
%
),
9/15/36
......................
United
States
5,430,000
5,379,417
d,j
BX
Mortgage
Trust
,
2021-PAC
,
A
,
144A,
FRN
,
6.125
%
,
(
1-month
SOFR
+
0.804
%
),
10/15/36
............................
United
States
7,517,000
7,451,624
d,j
BX
Trust
,
2022-IND
,
A
,
144A,
FRN
,
6.812
%
,
(
1-month
SOFR
+
1.491
%
),
4/15/37
....................................
United
States
7,231,091
7,233,847
d,j
DBCG
Mortgage
Trust
,
2017-BBG
,
A
,
144A,
FRN
,
8.5
%
,
(
PRIME
+
0
%
),
6/15/34
.......................................
United
States
9,145,000
9,145,112
d,n
Eleven
Madison
Mortgage
Trust
,
2015-11MD
,
A
,
144A,
FRN
,
3.673
%
,
9/10/35
.....................................
United
States
2,005,000
1,879,314
GS
Mortgage
Securities
Trust
,
2016-GS3,
A4,
2.85%,
10/10/49
.........................
United
States
600,000
558,166
2017-GS6,
A3,
3.433%,
5/10/50
.........................
United
States
2,000,000
1,848,385
JPMBB
Commercial
Mortgage
Securities
Trust
,
2015-C30,
A5,
3.822%,
7/15/48
.........................
United
States
1,500,000
1,444,004
2016-C1,
A5,
3.576%,
3/17/49
..........................
United
States
1,500,000
1,438,767
36,475,320
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$36,806,171)
................
36,475,320
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
1.3%
o
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.1%
FHLMC,
6.039%
-
6.153%,
(1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
10/01/36
-
6/01/37
.........
United
States
508,425
$
518,003
518,003
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.0%
FHLMC
Gold
Pool,
30
Year,
5%,
1/01/39
....................
United
States
41,337
40,282
FHLMC
Pool,
15
Year,
3%,
10/01/37
.......................
United
States
10,885,294
9,881,504
FHLMC
Pool,
15
Year,
3.5%,
10/01/37
......................
United
States
11,438,174
10,621,255
20,543,041
o
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.2%
FNMA,
2.748%
-
5.345%,
(3-year
CMT
T-Note
+/-
MBS
Margin),
2/01/26
-
6/01/34
....................................
United
States
16,672
16,197
FNMA,
4.397%
-
5.713%,
(COFI
11th
District
+/-
MBS
Margin),
12/01/25
-
12/01/36
..................................
United
States
29,672
28,875
FNMA,
5.915%,
(5-year
CMT
T-Note
+/-
MBS
Margin),
2/01/30
...
United
States
13,913
13,856
FNMA,
6.455%
-
6.475%,
(1-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/28
-
7/01/34
..........
United
States
23,767
23,747
FNMA,
3.895%
-
7.095%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/26
-
4/01/40
....................................
United
States
618,690
617,657
FNMA,
5.205%
-
7.23%,
(1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
11/01/32
-
2/01/44
..........
United
States
3,062,747
3,099,001
FNMA,
7.375%,
(6-month
H15BDI
+/-
MBS
Margin),
8/01/32
.....
United
States
4,809
4,772
FNMA,
5.16%
-
7.475%,
(6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/27
-
8/01/37
..........
United
States
347,435
345,540
FNMA,
6.287%
-
7.546%,
(12-month
average
of
1-year
CMT
+/-
MBS
Margin),
11/01/30
-
10/01/44
.......................
United
States
107,683
108,137
4,257,782
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
15
Year,
3.5%,
10/01/25
...........................
United
States
65,177
64,139
FNMA,
15
Year,
4%,
12/01/25
............................
United
States
79,349
78,211
FNMA,
15
Year,
4.5%,
6/01/25
...........................
United
States
19,603
19,438
FNMA,
30
Year,
5%,
3/01/38
.............................
United
States
5,958
5,820
167,608
o
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.0%
†
GNMA
II,
3.625%
-
3.875%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
4/20/26
-
9/20/26
....................................
United
States
3,142
3,099
3,099
Total
Mortgage-Backed
Securities
(Cost
$26,181,540)
............................
25,489,533
Municipal
Bonds
1.0%
California
0.3%
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.............................
United
States
5,720,000
5,220,761
Hawaii
0.1%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue
,
2019
B
,
Refunding
,
2.233
%
,
7/01/24
............................
United
States
2,470,000
2,456,623
New
York
0.4%
New
York
State
Urban
Development
Corp.
,
Revenue,
2019
B,
2.25%,
3/15/26
.......................
United
States
1,920,000
1,819,172
Revenue,
2019
B,
ETM,
2.25%,
3/15/26
...................
United
States
6,830,000
6,482,361
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Urban
Development
Corp.,
(continued)
8,301,533
Texas
0.2%
Texas
State
University
System
,
Revenue
,
2019
B
,
Refunding
,
2.351
%
,
3/15/26
.....................................
United
States
4,825,000
$
4,579,802
Total
Municipal
Bonds
(Cost
$21,499,167)
......................................
20,558,719
Residential
Mortgage-Backed
Securities
4.1%
Capital
Markets
0.0%
†
j
Merrill
Lynch
Mortgage
Investors
Trust
,
2003-A,
1A,
FRN,
6.171%,
(1-month
SOFR
+
0.854%),
3/25/28
.
United
States
40,134
37,921
2003-E,
A1,
FRN,
6.051%,
(1-month
SOFR
+
0.734%),
10/25/28
United
States
125,291
118,250
156,171
a
a
a
a
a
a
Financial
Services
4.1%
j
American
Home
Mortgage
Investment
Trust
,
2005-1
,
6A
,
FRN
,
7.674
%
,
(
6-month
SOFR
+
2.428
%
),
6/25/45
...............
United
States
114,380
113,081
d,n
BRAVO
Residential
Funding
Trust
,
2019-2
,
A3
,
144A,
FRN
,
3.5
%
,
10/25/44
..........................................
United
States
2,648,994
2,476,398
n
CHL
Mortgage
Pass-Through
Trust
,
2004-11
,
2A1
,
FRN
,
4.501
%
,
7/25/34
...........................................
United
States
512,054
473,179
d,n
CIM
Trust
,
2019-INV1
,
A1
,
144A,
FRN
,
4
%
,
2/25/49
...........
United
States
72,943
66,837
d,n
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
2,734,855
2,620,104
d,j
Connecticut
Avenue
Securities
Trust
,
2024-R02,
1M1,
144A,
FRN,
6.43%,
(30-day
SOFR
Average
+
1.1%),
2/25/44
......................................
United
States
3,539,386
3,539,823
2024-R03,
2M1,
144A,
FRN,
6.48%,
(30-day
SOFR
Average
+
1.15%),
3/25/44
.....................................
United
States
2,558,145
2,562,528
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
,
2004-6
,
3A1
,
5
%
,
1/25/38
........................................
Switzerland
102,174
58,262
d,n
CSMC
Trust
,
2014-IVR3
,
A1
,
144A,
FRN
,
3.5
%
,
7/25/44
........
United
States
290,273
259,323
j
FHLMC
STACR
Debt
Notes
,
2014-HQ2,
M3,
FRN,
9.195%,
(30-day
SOFR
Average
+
3.864%),
9/25/24
...........................................
United
States
4,484,966
4,530,359
2016-DNA2,
M3,
FRN,
10.095%,
(30-day
SOFR
Average
+
4.764%),
10/25/28
...................................
United
States
4,891,929
5,138,604
2016-HQA2,
M3,
FRN,
10.595%,
(30-day
SOFR
Average
+
5.264%),
11/25/28
...................................
United
States
3,625,673
3,845,177
j
FNMA
Connecticut
Avenue
Securities
,
2014-C02,
2M2,
FRN,
8.044%,
(30-day
SOFR
Average
+
2.714%),
5/25/24
...........................................
United
States
544,252
544,909
2014-C03,
2M2,
FRN,
8.345%,
(30-day
SOFR
Average
+
3.014%),
7/25/24
...........................................
United
States
2,248,877
2,254,785
2015-C01,
1M2,
FRN,
9.745%,
(30-day
SOFR
Average
+
4.414%),
2/25/25
...........................................
United
States
1,366,964
1,394,655
2015-C02,
1M2,
FRN,
9.444%,
(30-day
SOFR
Average
+
4.114%),
5/25/25
...........................................
United
States
2,097,273
2,156,052
2015-C03,
1M2,
FRN,
10.445%,
(30-day
SOFR
Average
+
5.114%),
7/25/25
....................................
United
States
2,225,380
2,313,294
2016-C01,
1M2,
FRN,
12.194%,
(30-day
SOFR
Average
+
6.864%),
8/25/28
....................................
United
States
429,153
454,454
2016-C01,
2M2,
FRN,
12.395%,
(30-day
SOFR
Average
+
7.064%),
8/25/28
....................................
United
States
1,450,491
1,509,200
n
GSR
Mortgage
Loan
Trust
,
2005-AR1
,
1A1
,
FRN
,
6.167
%
,
1/25/35
United
States
81,906
75,351
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
n
J.P.
Morgan
Mortgage
Trust
,
2004-A1,
5A1,
FRN,
6.24%,
2/25/34
......................
United
States
16,248
$
15,992
d
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
10,083,135
8,645,478
d
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
2,002,254
1,705,584
d,n
Mill
City
Mortgage
Loan
Trust
,
2018-1,
A1,
144A,
FRN,
3.25%,
5/25/62
...................
United
States
2,349,919
2,296,903
2018-4,
A1B,
144A,
FRN,
3.5%,
4/25/66
...................
United
States
3,757,428
3,612,961
j
New
York
Mortgage
Trust
,
2005-3
,
M1
,
FRN
,
6.106
%
,
(
1-month
SOFR
+
0.789
%
),
2/25/36
.............................
United
States
38,970
37,589
d
OBX
Trust
,
j
2018-1,
A2,
144A,
FRN,
6.081%,
(1-month
SOFR
+
0.764%),
6/25/57
...........................................
United
States
665,158
641,921
n
2021-J3,
A4,
144A,
FRN,
2.5%,
10/25/51
..................
United
States
1,728,839
1,479,630
d,n
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
6,847,453
5,828,832
d,n
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
10,096,516
8,723,826
j
Thornburg
Mortgage
Securities
Trust
,
2004-3
,
A
,
FRN
,
6.171
%
,
(
1-month
SOFR
+
0.854
%
),
9/25/34
......................
United
States
223,403
202,657
d,n
Towd
Point
Mortgage
Trust
,
2018-4,
A1,
144A,
FRN,
3%,
6/25/58
.....................
United
States
7,888,323
7,228,744
2019-1,
A1,
144A,
FRN,
3.75%,
3/25/58
...................
United
States
5,765,968
5,428,292
82,234,784
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$91,178,088)
.................
82,390,955
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
109,250
Total
Escrows
and
Litigation
Trusts
(Cost
$1,838,967)
...........................
109,250
Total
Long
Term
Investments
(Cost
$2,010,085,232)
.............................
1,956,806,316
a
Short
Term
Investments
2.6%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.0%
p,q
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
....
United
States
40,546,171
40,546,171
Total
Money
Market
Funds
(Cost
$40,546,171)
..................................
40,546,171
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
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.6%
r
Joint
Repurchase
Agreement,
5.25%,
5/01/24
(Maturity
Value
$11,499,342)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$2,970,970)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$4,071,802)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$4,456,570)
Collateralized
by
U.S.
Government
Agency
Securities,
5.5%,
5/20/53;
and
U.S.
Treasury
Notes,
0.63%
-
3.25%,
6/30/27
-
3/31/29
(valued
at
$11,732,105)
.........................
11,497,665
$
11,497,665
Total
Repurchase
Agreements
(Cost
$11,497,665)
...............................
11,497,665
Total
Short
Term
Investments
(Cost
$52,043,836
)
................................
52,043,836
a
Total
Investments
(Cost
$2,062,129,068)
99.5%
..................................
$2,008,850,152
Other
Assets,
less
Liabilities
0.5%
.............................................
11,351,444
Net
Assets
100.0%
...........................................................
$2,020,201,596
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
13
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
8
regarding
restricted
securities.
d
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,
2024,
the
aggregate
value
of
these
securities
was
$609,518,369,
representing
30.2%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
h
See
Note
1(h)
regarding
senior
floating
rate
interests.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(d).
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
See
Note
1(i)
regarding
Marketplace
Lending.
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
l
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
m
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
See
Note
1(k).
n
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
o
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
p
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
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,
2024
Franklin
Low
Duration
Total
Return
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
80
,
At
April
30,
2024,
the
Fund
had
the
following
marketplace
loans
outstanding.
See
Note
1(i).
Description
Principal
Amount
Value
Marketplace
Loans
-
2.1%
Block,
Inc.
6173987.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
$
2,611
$
833
6174099.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
557
169
6174665.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
775
264
6178990.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
211
133
6180164.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
626
225
6181329.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
375
217
6181401.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
341
95
6182359.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
2,075
597
6183669.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
4,451
2,104
6184876.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
2,800
765
6185855.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
1,752
539
6186836.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
1,121
369
6186999.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
1,581
251
6190102.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
848
196
6190783.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
1,090
110
6192067.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
497
120
6194735.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,015
375
6194754.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
555
288
6196734.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,042
208
6196936.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,154
228
6199760.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,002
1,021
6200609.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,061
219
6203333.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
41
27
6204820.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,654
332
6206838.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
1,016
558
6207369.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
618
225
6207861.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
37,929
3,398
6213794.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
3,389
884
6215032.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
3,341
765
6216579.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
580
121
6216601.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
2,272
636
6219277.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
1,042
398
6220076.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,725
310
6220695.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
23,011
7,001
6225147.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
1,724
769
6226503.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
3,035
1,100
6227879.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,891
968
6228415.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
374
156
6229129.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
44,876
14,668
6234555.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,536
509
6235160.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
6,431
579
6235489.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
9,054
3,049
6235701.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
999
693
6235797.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
5,020
255
6235824.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
1,663
389
6236068.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
1,835
1,163
6236408.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
50
19
6236427.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
10,363
1,017
6238744.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
472
73
6240143.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
3,654
652
6240208.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
5,830
1,255
6241838.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
9,852
2,572
6243216.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
3,929
1,542
6244041.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
178
131
6244975.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
615
323
6245007.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
832
526
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6245977.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
$
183
$
92
6250117.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,156
387
6250307.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,789
955
6255416.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
2,790
1,835
6255542.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
593
96
6255617.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
958
471
6255909.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
975
162
6255997.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
1,357
105
6256740.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
688
180
6261747.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,614
712
6262497.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
8,184
2,422
6265155.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
6,047
1,399
6266047.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
3,188
1,036
6268655.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
792
127
6270448.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,070
458
6270473.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
3,312
196
6271872.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
3,326
2,593
6275849.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,396
2,219
6276763.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,289
1,020
6276874.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,100
689
6277246.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
465
217
6279862.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
16,989
3,555
6280869.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
4,517
1,884
6282086.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
448
171
6284870.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
5,418
2,055
6286798.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
3,737
1,225
6290930.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
1,483
575
6290969.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
1,070
459
6291374.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
5,651
1,962
6302938.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
48
39
6304147.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
139
119
6304502.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
11,736
4,011
6304870.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
15,082
5,776
6305807.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
821
391
6306494.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
12,186
3,705
6308429.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
2,702
1,024
6308611.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
6,878
2,866
6308976.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,197
540
6314524.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
6,783
2,363
6314730.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
3,074
931
6315256.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
3,856
503
6316163.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
6,890
5,629
6319060.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
6,618
3,285
6319630.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
736
529
6319919.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
855
205
6319933.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
14,196
3,574
6320178.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
3,234
544
6321758.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
5,066
2,275
6328384.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
288
198
6351613.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
105
67
6352903.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
2,461
563
6353710.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
4,027
1,930
6353899.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
9,987
5,506
6355005.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
11,762
5,718
6355353.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
5,168
1,756
6359467.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
48,548
15,266
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)
6362699.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
$
42,087
$
16,355
6363683.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
1,895
344
6363853.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
1,222
515
6364953.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
4,175
2,254
6366452.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
763
709
6368120.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
562
461
6369186.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
272
228
6370729.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
646
536
6371322.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
460
255
6373846.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
4,529
1,730
6376101.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
337
270
6378691.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
25,267
5,851
6379558.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
141
135
6382458.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
9,312
5,120
6383269.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
1,799
729
6385666.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
1,880
502
6385845.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
326
66
6386508.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
1,389
1,087
6389172.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
16,420
7,579
6390336.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
1,343
1,208
6390840.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
3,830
1,228
6391712.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
3,226
1,887
6393406.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
7,797
6,328
6394386.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
816
169
6395219.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
1,025
403
6399687.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
876
690
6401059.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
95
79
6401953.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
876
326
6401970.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,665
720
6403479.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
5,237
1,930
6404068.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
2,108
1,383
6404445.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
1,227
443
6405166.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
19,913
4,048
6405910.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
4,676
3,084
6406305.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
5
3
6406598.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
778
291
6406724.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
1,783
1,000
6406838.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
5,701
4,901
6407824.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
460
173
6408022.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
485
439
6408129.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
1,194
888
6408523.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
5,951
3,442
6408789.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
6,088
4,292
6409863.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
1,617
1,365
6410466.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
1,749
911
6411150.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
2,180
1,184
6412243.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
3,975
859
6413000.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,808
847
6413294.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
101
92
6413892.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
366
316
6414098.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
3,987
801
6414405.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,715
183
6420149.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
12,660
3,143
6421844.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,242
1,412
6422227.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
181
115
6422256.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
1,416
720
6423702.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
19,955
3,980
6424082.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,768
2,040
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6424267.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
$
9,869
$
2,149
6425248.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
4,476
2,643
6425796.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
2,145
948
6426793.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
568
170
6427509.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
4,726
1,583
6427815.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
845
825
6428249.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
6,222
3,010
6428407.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
7,388
954
6428491.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
86
79
6429640.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
5,813
2,113
6429724.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
3,686
3,395
6430566.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
10,827
5,608
6432607.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
2,443
2,391
6435568.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
100
60
6436495.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
21,437
4,520
6439293.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
7,365
4,127
6439475.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
976
694
6441111.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
680
416
6441614.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
10,098
4,977
6442783.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
6,713
6,548
6443707.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
35,282
9,215
6445162.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
5,775
1,967
6445475.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
228
194
6447179.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
507
319
6447640.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
2,396
629
6447919.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
276
186
6448059.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
5,140
1,258
6448205.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
7,623
2,667
6448382.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
5,331
1,571
6448554.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
2,534
551
6449218.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
942
713
6449422.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
616
299
6452425.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
556
436
6452451.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
3,082
1,704
6455408.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
176
154
6457374.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
930
800
6460018.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
651
332
6462554.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
10,472
5,779
6463654.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
988
917
6463733.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,255
419
6463889.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
16,331
2,587
6464362.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
4,169
592
6467627.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
5,899
5,223
6468063.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
555
384
6468533.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
1,871
1,213
6468636.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
10,598
1,831
6470083.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
739
593
6470844.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
5,337
2,783
6471840.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
1,284
993
6472795.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
6,542
2,689
6473813.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
9,885
6,038
6477840.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
3,007
1,065
6478752.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
2,553
835
6479093.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
1,411
627
6479843.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
2,928
2,094
6482925.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
4,629
2,209
6483587.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
7,792
4,478
6484618.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
4,615
2,166
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)
6485016.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
$
13,843
$
3,598
6485200.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
6,526
1,041
6485565.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
2,278
2,127
6485862.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
13,536
5,254
6486219.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
562
302
6486317.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
379
270
6486381.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
323
285
6487145.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
6,498
2,159
6487587.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
1,298
71
6487959.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
42
35
6487981.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
1,310
300
6488459.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
5,298
2,050
6488938.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
3,997
3,923
6491762.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
482
232
6491770.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,636
2,736
6492212.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
11,554
1,227
6492780.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
14,716
5,657
6494041.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,210
746
6494237.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,702
1,584
6495065.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,414
677
6495262.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,159
843
6496439.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,377
1,003
6496902.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
7,317
2,692
6497094.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,069
596
6499048.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
7,905
3,640
6499389.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
4,287
1,549
6499996.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
487
437
6500866.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
4,974
1,953
6503847.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
8,654
4,787
6504715.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,724
1,999
6505264.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
73
56
6505793.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
2,242
471
6506509.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
372
152
6506690.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
537
508
6508171.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
6,506
4,212
6509738.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,070
417
6510179.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
24,604
3,092
6511300.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
2,844
1,588
6511415.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
4,495
1,496
6511726.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
857
477
6512222.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
2,610
705
6514021.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
4,625
2,238
6514372.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,202
785
6514949.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
6,188
2,854
6515238.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
287
186
6516725.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,769
1,988
6519286.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,272
145
6519301.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
409
405
6519513.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,280
802
6520131.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
8,710
3,264
6521243.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
3,862
1,214
6524095.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
4,069
3,474
6524998.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
544
344
6525021.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
5,438
1,655
6525421.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
181
93
6526020.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
1,970
1,182
6526070.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
3,013
1,569
6526180.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
465
342
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6526192.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
$
182
$
89
6526493.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,269
471
6526542.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
10,580
3,488
6526856.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,447
516
6527010.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
644
282
6529506.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
629
338
6532434.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
6,482
3,926
6532694.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,767
1,171
6533237.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,972
1,528
6533589.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
301
206
6533974.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
223
166
6534157.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
1,042
911
6535332.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
2,055
580
6536665.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
254
78
6537646.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
2,626
2,209
6537839.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
7,900
3,736
6540169.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
349
105
6544848.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,032
907
6545018.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
104
103
6545807.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
2,906
1,643
6546312.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
7,082
4,268
6546599.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
729
364
6547288.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
1,736
1,555
6547450.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
1,457
690
6548112.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
3,856
1,753
6549985.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
208
91
6550689.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
4,994
1,822
6550814.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
4,948
1,747
6551421.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
7,286
2,479
6552648.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,352
1,785
6552779.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,126
535
6554172.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
422
271
6554182.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,126
808
6554904.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
3,403
2,935
6555384.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
266
209
6555651.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
658
618
6556061.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
311
253
6556234.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
3,652
2,466
6556561.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
15,848
11,921
6557456.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
2,149
1,955
6557661.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
793
704
6559548.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
158
146
6560556.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
738
285
6561534.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
833
705
6561666.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
199
124
6562377.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,906
3,116
6564281.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
3,100
1,992
6564615.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
22,396
15,193
6565688.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
2,784
1,675
6566270.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
329
278
6566330.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
670
648
6566576.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
10,745
4,061
6566878.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,365
534
6567114.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
1,756
342
6567237.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
18,447
7,748
6567779.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
5,256
2,044
6570553.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
4,754
1,822
6570601.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
206
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
83
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6570734.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
$
243
$
230
6570746.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,304
1,291
6571313.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
795
672
6571593.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
12,853
4,472
6572155.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
5,249
4,370
6573424.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
582
555
6573708.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
967
694
6574116.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,449
359
6574151.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
42
39
6577574.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
822
776
6577778.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
3,454
2,779
6578011.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
453
425
6579993.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,903
1,039
6580594.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,779
1,313
6581222.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
596
211
6582526.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
3,185
431
6584142.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
497
155
6584221.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
535
530
6584354.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
10,491
5,221
6584584.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
352
317
6585824.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
948
673
6585989.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
32,218
22,826
6586640.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
1,073
487
6586702.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
5,374
3,520
6586899.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
1,047
825
6586950.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
3,761
3,308
6587169.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
6,563
3,086
6587293.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
1,206
1,091
6587383.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
549
186
6587407.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
881
769
6587941.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
1,480
690
6589887.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
18,915
11,550
6590442.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
10,462
2,620
6591293.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,441
1,155
6591946.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
11,596
5,552
6594291.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
6,540
2,038
6594369.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
596
528
6598899.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
6,856
1,917
6599432.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
66
65
6600675.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
1,030
374
6601613.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
942
752
6601639.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
783
715
6602728.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
432
122
6602960.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
2,673
1,858
6603476.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
2,850
2,110
6604310.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
917
744
6604448.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
2,621
1,805
6604504.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
453
135
6605116.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
163
141
6605771.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,513
1,287
6607903.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,343
1,278
6607977.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,603
354
6608828.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
43,918
15,357
6609650.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
4,012
1,574
6609985.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,113
466
6611284.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
721
716
6611358.SQ.FTS.B,
Zero
C
pn,
10/25/24
..
1,936
1,356
6611828.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
3,208
902
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6612221.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
$
1,581
$
1,518
6614501.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
5,775
1,742
6614889.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
116
108
6614956.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
3,077
1,099
6617184.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
754
230
6617253.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
145
138
6618529.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
1,478
744
6618946.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
215
192
6619009.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
9,469
8,765
6619927.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
856
430
6620227.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
26,251
6,816
6620476.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
19,512
6,899
6621448.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
17,687
5,529
6621778.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
3,619
1,064
6624332.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
327
299
6624765.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
7,023
1,578
6624855.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
780
168
6624868.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
719
495
6624896.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
9,059
4,488
6625228.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
537
363
6625383.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
820
772
6625433.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
156
156
6625553.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
383
314
6625809.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
1,359
1,062
6626390.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
10,527
5,322
6628718.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
5,279
2,508
6629291.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
260
181
6630463.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
26
24
6630658.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
2,476
874
6630713.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
155
142
6631472.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
3,298
746
6632572.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
4,959
2,072
6634349.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
477
351
6634481.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
3,060
939
6635700.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
395
127
6635881.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
14,605
10,290
6638452.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
794
708
6639381.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,707
1,579
6639552.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
396
301
6640589.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,091
1,063
6640854.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
360
357
6641178.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
3,481
1,822
6643477.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
198
170
6643579.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
10,203
8,206
6643825.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
708
630
6643893.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
2,735
1,982
6644138.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
1,010
326
6644613.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
6,942
5,550
6644920.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
8,143
5,161
6645397.SQ.FTS.B,
Zero
Cpn,
11/07/24
..
3,532
1,493
6646362.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
1,773
1,703
6646778.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
7,432
2,248
6647657.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
7,600
3,715
6647896.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
1,438
1,238
6648196.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
7,475
7,266
6648861.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
1,274
1,150
6649272.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
618
236
6649665.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
4,414
2,463
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)
6649776.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
$
773
$
750
6650257.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
1,738
840
6650321.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
582
315
6650854.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
10,638
5,157
6651260.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
1,208
396
6653616.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
2,151
1,861
6654040.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
19
19
6654878.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
655
588
6655502.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
3,116
2,956
6655938.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
122
121
6659284.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
815
810
6659749.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
1,855
1,575
6660080.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
3,689
2,642
6660557.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
5,266
4,993
6661552.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
506
246
6661884.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
2,528
2,147
6662406.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
4,977
2,216
6662592.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
2,777
2,563
6662990.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
4,646
1,824
6665054.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
5,092
2,598
6665113.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
913
891
6666123.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
1,013
930
6666432.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,358
1,288
6666962.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
2,085
1,735
6667151.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,983
1,934
6667860.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
3,945
1,768
6668833.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
4,327
1,937
6668965.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
3,120
2,599
6669152.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
25,018
5,249
6669469.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
863
760
6671137.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
4,313
2,319
6671295.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
258
239
6671669.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
1,210
689
6671836.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
148
137
6671850.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
609
411
6672511.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
2,026
804
6673873.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
804
782
6674075.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
2,467
2,080
6674450.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
18,581
3,955
6675529.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,998
1,670
6675615.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
2,487
731
6676101.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
771
550
6676189.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
8,430
3,976
6676382.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
3,593
1,354
6676531.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
889
271
6676586.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,248
1,149
6676632.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
6,222
5,208
6678791.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
3,463
2,029
6679324.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
533
487
6679364.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
1,429
1,364
6680294.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
5,221
3,322
6681653.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
722
666
6681781.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
6,908
1,382
6682115.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
591
406
6682153.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
877
448
6682727.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
6,789
2,365
6683335.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
142
137
6684322.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
2,521
2,398
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6685005.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
$
9,153
$
6,982
6685214.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
1,237
749
6685517.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
1,245
534
6685865.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
867
827
6686240.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
1,663
992
6686446.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
3,841
3,663
6687788.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
2,412
1,467
6687859.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
468
461
6688197.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
5,403
1,105
6688428.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
24,529
23,478
6690044.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
2,847
2,006
6690132.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
181
106
6690218.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
989
643
6690981.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
629
502
6691020.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
5,050
3,910
6691441.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
1,424
1,395
6691756.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
7,105
2,259
6692484.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
334
327
6694527.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
7,477
2,319
6694630.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
3,164
3,029
6695465.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
6,428
6,019
6696188.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
6,760
3,018
6696314.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
4,176
3,568
6699725.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
1,265
1,214
6699794.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
3,443
2,689
6699920.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
1,581
1,330
6701036.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
928
727
6701358.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
1,247
1,218
6701550.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
1,442
1,024
6703192.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
5,068
4,921
6704732.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
4,757
1,780
6704916.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
1,561
1,177
6705288.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
1,013
483
6705352.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
1,529
1,204
6706359.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
4,451
3,944
6706486.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
1,318
520
6706540.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
5,441
2,953
6706824.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
34,047
30,197
6707571.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
3,898
1,160
6707639.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
354
340
6708020.SQ.FTS.B,
Zero
Cpn,
11/28/24
..
4,132
2,257
6708125.SQ.FTS.B,
Zero
Cpn,
11/28/24
..
1,147
288
6708420.SQ.FTS.B,
Zero
Cpn,
11/28/24
..
6,079
3,631
6708840.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
3,161
3,063
6709200.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
2,318
1,346
6709223.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
1,632
1,097
6713470.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
14,124
11,676
6715174.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
3,190
3,110
6717996.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
1,250
1,235
6718091.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
995
947
6718991.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
1,647
1,067
6719031.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
172
123
6720345.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
3,243
1,265
6720555.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
873
861
6724467.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
527
296
6725218.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
3,001
2,962
6725901.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
398
290
6726040.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
363
304
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)
6726090.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
$
1,847
$
1,801
6726169.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
1,316
1,040
6726480.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
97
89
6728467.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
555
347
6728529.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
1,271
1,241
6728590.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
2,208
1,040
6728699.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
7,444
6,493
6728880.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
7,153
6,797
6729271.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
1,247
1,215
6729839.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
18,147
5,544
6731412.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
1,683
1,067
6731578.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
11,760
3,034
6731737.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
550
380
6733026.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
13,883
13,654
6733804.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
2,507
1,451
6734190.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
866
833
6735492.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
4,182
4,041
6736022.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
3,467
1,081
6736227.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
467
456
6736828.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
22,668
15,871
6740954.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
8,501
3,462
6742224.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
5,303
3,747
6742781.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
322
222
6742798.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
3,707
3,251
6744321.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
198
188
6744390.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,860
1,492
6745196.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
33,369
30,716
6746678.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
5,355
5,188
6746971.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
252
211
6746997.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
8,724
8,319
6747295.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
770
751
6747609.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
909
427
6747666.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
651
296
6748415.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
1,453
1,408
6749060.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
368
247
6749086.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
3,694
3,028
6749230.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
2,189
2,103
6751174.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
1,638
1,494
6752534.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
375
367
6752687.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
1,480
1,456
6752866.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
940
741
6753268.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
2,953
2,863
6753451.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
741
734
6753526.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
5,887
2,430
6754482.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
11,797
10,118
6755029.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
6,730
6,132
6755681.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,392
1,270
6756095.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,178
1,143
6757096.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,137
1,114
6757880.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,891
1,656
6757994.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,343
1,227
6758077.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
926
887
6762066.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
3,382
3,016
6762927.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
1,084
657
6764204.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
606
407
6764422.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
1,018
338
6764463.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
180
177
6764876.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
4,080
3,039
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6765340.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
$
10,301
$
6,334
6766138.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
1,137
1,020
6766577.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
438
147
6766592.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
4,059
3,981
6766975.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
2,465
1,925
6767251.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
664
456
6767536.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
18,021
11,602
6767980.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
6,752
5,889
6768384.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
1,639
1,008
6768404.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
14,442
12,956
6769402.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
3,477
3,409
6769991.SQ.FTS.B,
Zero
Cpn,
12/18/24
..
9,495
3,781
6770185.SQ.FTS.B,
Zero
Cpn,
12/18/24
..
7,095
6,879
6770557.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
5,199
4,833
6770956.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
287
275
6771103.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
2,902
1,515
6771253.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
4,761
878
6771377.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
8,781
8,655
6772401.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
1,051
674
6772927.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
300
295
6773287.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
939
914
6773596.SQ.FTS.B,
Zero
Cpn,
12
/20/24
..
6,471
3,960
6773744.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
131
131
6773785.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
302
277
6774547.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
276
245
6774743.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
6,068
5,886
6774899.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
1,943
1,890
6775149.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
1,508
1,149
6775219.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
4,391
3,533
6775430.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
3,269
3,232
6775739.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
684
678
6775807.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
493
435
6776064.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
58,440
13,325
6777013.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
1,233
853
6777037.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
1,896
572
6777288.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
19,254
2,622
6777417.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
1,879
691
6777625.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
8,605
4,002
6779441.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
126
116
6779586.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
4,930
3,974
6779897.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
108
104
6780594.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
186
183
6780654.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
349
341
6780703.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
423
354
6781242.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
1,457
435
6781732.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
838
816
6782055.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
5,998
5,627
6782856.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
1,911
723
6783437.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
10,002
9,697
6785072.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
1,478
861
6785551.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
1,563
957
6785939.SQ.FTS.B,
Zero
Cpn,
12/24/24
..
143
140
6786035.SQ.FTS.B,
Zero
Cpn,
12/24/24
..
1,382
725
6786228.SQ.FTS.B,
Zero
Cpn,
12/24/24
..
285
235
6786592.SQ.FTS.B,
Zero
Cpn,
12/25/24
..
3,858
3,722
6786721.SQ.FTS.B,
Zero
Cpn,
12
/25/24
..
449
444
6786832.SQ.FTS.B,
Zero
Cpn,
12/25/24
..
4,301
1,062
6788053.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
1,256
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.
86
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6788352.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
$
2,938
$
2,412
6788772.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
327
326
6789468.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
909
898
6790015.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
203
200
6792201.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
12,048
5,594
6793520.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
1,602
1,455
6793702.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
2,236
2,220
6793965.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
3,632
1,241
6794818.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
935
922
6794934.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
374
301
6795958.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
2,997
1,989
6796024.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
11,055
10,454
6796698.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
77
76
6796712.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
486
373
6796725.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
13,857
9,314
6796927.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
4,306
2,142
6796986.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,031
982
6797012.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
355
280
6797083.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
117
110
6797317.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
2,422
1,643
6797907.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
5,747
5,606
6800482.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
213
194
6800673.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
418
355
6800730.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
3,726
3,632
6801948.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
4,658
4,401
6802055.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
3,200
3,024
6803130.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
2,344
2,207
6805465.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
1,587
1,511
6805679.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
3,725
1,603
6806067.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
525
446
6808132.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
3,460
2,619
6808192.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
829
790
6808442.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
3,364
2,793
6808655.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
417
378
6808881.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
2,107
1,473
6808922.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
1,177
1,082
6809043.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
1,657
1,636
6809126.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
888
880
6809193.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
3,423
3,082
6809269.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
460
452
6809350.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
955
444
6809375.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
850
591
6809388.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
2,755
2,469
6809469.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
1,795
1,614
6809576.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
1,037
497
6809598.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
1,737
1,650
6811174.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
1,573
1,130
6811290.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
713
701
6811328.SQ.FTS.B,
Zero
Cpn,
1/
03/25
...
11,223
10,380
6811779.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
2,644
2,533
6811944.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
52
50
6812018.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
3,190
3,116
6812340.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
1,344
1,242
6812405.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
426
421
6812645.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
518
510
6812699.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
1,058
1,035
6813004.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
1,143
1,105
6813242.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
4,341
2,612
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6813428.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
$
1,547
$
1,400
6813899.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
4,011
3,432
6814316.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
9,473
7,566
6814762.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
313
308
6814783.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
750
733
6815496.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
32,231
28,324
6816661.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
8,239
6,750
6818914.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
4,376
4,133
6819280.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
405
389
6819930.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
2,895
2,828
6820141.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
3,244
3,171
6820797.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
3,932
2,748
6821264.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
33,369
19,450
6822545.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
13,702
12,323
6823299.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
434
366
6823326.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
7,229
7,027
6824272.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
77
76
6824522.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
2,558
2,260
6825415.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
2,809
1,570
6825993.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
719
675
6826119.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
253
250
6826212.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
11,278
8,081
6826580.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
288
279
6826592.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
1,486
1,442
6826739.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
3,356
3,295
6826864.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
4,047
3,859
6826936.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
1,274
760
6826954.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
704
622
6826965.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
1,200
1,180
6827188.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
680
267
6827196.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
3,723
3,354
6828179.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
1,502
1,421
6828714.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
810
789
6828832.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
1,941
1,791
6828951.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
6,291
4,483
6829291.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
13,368
7,609
6829390.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
1,216
1,138
6829450.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
1,612
1,588
6830214.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
610
605
6830230.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
4,220
3,021
6830371.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
2,363
2,310
6832254.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
428
387
6832268.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,102
1,061
6832385.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
12,467
7,888
6832657.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
3,305
2,988
6832814.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,863
1,810
6833705.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
358
345
6835083.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
2,645
2,403
6835286.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
1,811
1,757
6835679.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
596
591
6835781.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
6,416
6,260
6838444.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
2,826
2,707
6838587.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
895
863
6839017.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
512
453
6839109.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
688
683
6839231.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
1,598
1,582
6839397.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
1,130
1,058
6840156.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
3,189
2,817
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)
6840285.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
$
4,543
$
4,345
6841773.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
16,852
16,110
6842174.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
4,532
4,167
6842467.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
2,139
1,582
6842576.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
215
213
6842903.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
4,246
3,791
6843843.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
5,950
5,901
6844326.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
570
357
6844499.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
713
554
6846643.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
1,320
1,308
6847031.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
296
285
6849472.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
3,786
3,534
6850861.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
3,325
2,748
6850978.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
9,740
9,181
6851489.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
14,067
13,831
6852397.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
124
123
6852669.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
1,217
1,019
6852714.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
4,099
3,987
6852998.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
3,231
3,059
6853138.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
3,150
2,799
6853261.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
1,570
1,532
6853678.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
4,528
610
6854031.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
156
131
6854061.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,548
453
6854113.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
860
261
6854255.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
472
441
6854334.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,393
964
6854489.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
2,725
2,676
6854785.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
4,721
2,961
6854897.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
2,636
2,080
6854996.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
3,827
2,653
6855299.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
16,159
15,398
6855976.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
3,712
3,614
6856230.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
2,101
1,827
6856361.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
377
297
6856451.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
4,061
2,650
6858159.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
201
194
6858228.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
3,263
2,966
6858720.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
198
159
6858854.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
8,486
5,406
6859829.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
233
231
6859865.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
5,344
5,265
6860414.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
3,989
3,862
6860713.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
4,164
1,619
6860765.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
6,489
4,934
6860904.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
11,525
11,346
6861610.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
16,174
8,544
6862450.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
67
66
6862726.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
3,303
2,523
6864433.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
4,945
4,751
6865330.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
1,714
686
6865580.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
1,917
998
6865607.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
801
775
6865728.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
857
838
6865768.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
2,031
1,986
6867081.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
4,473
4,301
6867279.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
9,206
8,853
6867593.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,231
1,124
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6867756.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
$
1,352
$
667
6868199.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
535
485
6868209.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
12,771
12,547
6868585.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
3,686
3,530
6868681.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
975
757
6868707.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
959
299
6868733.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,096
1,029
6868776.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
9,024
8,896
6869320.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,374
1,221
6869344.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,869
1,828
6869416.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
4,170
2,231
6869501.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,142
1,097
6870680.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,289
1,254
6870762.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
584
577
6870902.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,296
1,273
6871168.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,111
950
6871187.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
2,994
2,769
6871309.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,693
986
6871394.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
4,870
4,411
6871543.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
4,415
4,332
6871666.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
775
691
6872268.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
2,815
1,806
6872638.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
5,589
5,366
6872920.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,224
1,198
6872995.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
654
567
6873357.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,017
1,106
6873914.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
13,681
13,173
6874440.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
411
395
6874453.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,534
1,468
6874546.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
3,098
2,564
6874599.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
4,978
4,850
6874785.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,702
673
6874934.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
3,491
3,281
6877229.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
1,338
1,316
6877363.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
2,411
2,351
6877543.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
652
634
6877575.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
128
127
6877962.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
2,238
2,200
6878099.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
2,930
2,695
6878189.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
1,561
1,538
6878296.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
488
476
6878988.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
31,652
5,925
6879546.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
950
300
6879563.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
746
718
6879630.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
3,370
3,126
6879790.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
6,958
5,032
6879981.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
5,658
5,244
6880076.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
2,496
2,421
6881428.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
2,813
1,577
6881604.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
538
532
6883274.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
5,452
5,252
6883520.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
1,653
1,619
6884016.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
504
487
6884400.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
1,042
1,018
6884806.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
382
333
6884886.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
3,262
3,060
6885061.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
13,984
7,508
6885410.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
506
478
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)
6886237.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
$
1,425
$
1,294
6886392.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
2,475
2,369
6886565.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
4,330
3,942
6886789.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
1,624
1,594
6886999.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
738
354
6887251.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
3,048
2,991
6887861.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
2,571
2,118
6887999.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
2,138
1,997
6888067.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
1,724
1,691
6888509.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
2,816
1,204
6888564.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
3,048
2,953
6888706.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
3,932
3,810
6889162.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
980
803
6889192.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
5,079
4,912
6890304.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
3,844
3,741
6890477.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
1,691
1,648
6890590.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
3,323
2,115
6890782.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
14,305
4,076
6891209.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
28,593
27,150
6892310.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
2,492
2,428
6892469.SQ.FTS.B,
Zer
o
Cpn,
2/01/25
...
660
641
6892505.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
1,618
1,541
6892586.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
1,203
1,075
6892642.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
2,633
2,564
6892716.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
15,679
3,447
6893064.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
8,682
6,938
6893424.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
515
489
6893482.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
3,390
1,298
6893542.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
9,008
7,005
6893818.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
1,516
1,420
6894291.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
782
128
6895649.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
240
217
6895735.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
3,054
2,460
6897625.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
1,640
1,544
6897991.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
9,177
6,224
6898963.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
3,772
3,702
6899605.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
20,215
17,198
6901406.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
561
547
6901545.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
2,393
1,911
6901684.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
3,050
2,790
6902064.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
920
906
6902178.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
9,497
9,233
6903390.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
6,892
3,956
6903487.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
10,950
2,681
6905266.SQ.FTS.B,
Zero
Cpn,
2/06/25
...
5,627
4,546
6905534.SQ.FTS.B,
Zero
Cpn,
2/06/25
...
3,413
1,305
6905582.SQ.FTS.B,
Zero
Cpn,
2/06/25
...
1,628
1,617
6906105.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
929
916
6906251.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
2,151
1,891
6906391.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
2,189
1,339
6906833.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
3,747
3,026
6906964.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
2,737
1,453
6907017.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
580
572
6907610.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
3,419
2,893
6909180.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
3,414
3,310
6909253.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
1,413
544
6909279.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
3,742
3,653
6909772.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
3,121
3,047
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6909971.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
$
772
$
727
6910000.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
643
629
6910295.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
1,216
1,184
6910351.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
6,234
5,035
6910689.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
7,709
7,307
6910926.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
1,023
1,008
6911238.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
10,659
5,583
6912511.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
26,668
10,286
6913367.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
735
692
6913377.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
17,986
17,684
6914328.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
47,798
21,494
6916064.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
8,288
8,022
6916657.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
1,852
1,771
6916843.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
4,830
1,906
6916953.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
1,426
1,345
6917870.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
8,911
5,907
6918116.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
2,525
2,313
6918389.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
1,084
1,051
6918575.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
2,428
2,165
6918684.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
42,994
29,017
6919377.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
1,925
1,864
6919469.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
13,730
12,129
6919873.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
7,347
5,974
6920001.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
5,118
4,203
6920165.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
225
224
6920198.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
2,707
2,333
6920256.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
9,169
3,739
6920356.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
1,229
356
6920685.SQ.FTS.B,
Zero
Cpn,
2/12/25
...
4,703
4,634
6920881.SQ.FTS.B,
Zero
Cpn,
2/12/25
...
19,317
18,258
6921289.SQ.FTS.B,
Zero
Cpn,
2/13/25
...
640
611
6921803.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
1,391
1,362
6922012.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
1,798
1,737
6922099.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
8,374
8,181
6922314.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
14,464
6,906
6922498.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
10,623
10,312
6922819.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
7,595
7,493
6923055.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
1,076
1,062
6923071.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
23,481
22,204
6928502.SQ.FTS.B,
Zero
Cpn,
2/16/25
...
392
365
6929014.SQ.FTS.B,
Zero
Cpn,
2/16/25
...
40,358
38,193
6932368.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
3,978
3,862
6933461.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
1,865
1,216
6933493.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
2,001
1,942
6933547.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
820
751
6933764.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
3,309
3,214
6933966.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
5,572
5,369
6934200.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
8,701
8,429
6935097.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
2,515
2,060
6935509.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
957
944
6935560.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
1,812
1,410
6935877.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
967
935
6936080.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
1,767
1,565
6936224.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
3,834
3,744
6936381.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
5,117
4,576
6936445.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
10,175
4,960
6936519.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
401
392
6936577.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
13,954
7,801
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)
6936729.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
$
871
$
825
6936737.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
913
901
6936776.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
2,645
2,166
6936803.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
5,506
5,047
6936951.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
35
35
6937020.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
4,998
4,482
6937162.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
11,239
11,074
6937687.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
2,056
1,954
6937845.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
6,702
6,359
6938046.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,994
3,314
6938129.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
957
519
6938227.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,131
2,484
6938470.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
1,381
1,355
6938674.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,252
3,153
6939214.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
1,963
1,901
6939265.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
2,370
2,272
6939329.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,141
2,436
6939361.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
861
837
6939388.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
2,115
1,789
6939693.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
16,069
15,799
6940658.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
7,564
7,038
6941002.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
1,743
1,649
6941070.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
660
546
6941165.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
2,193
2,154
6941280.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
1,029
424
6941294.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
4,003
2,647
6941335.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
599
590
6941360.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
2,543
2,481
6941405.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
1,550
1,337
6941439.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
5,090
4,567
6941545.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
3,472
2,136
6942187.SQ.FTS.B,
Zero
Cpn,
2/20/25
...
2,762
1,718
6942465.SQ.FTS.B,
Zero
Cpn,
2/20/25
...
3,363
2,102
6943108.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
2,833
1,541
6943225.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
5,989
5,790
6943641.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
1,212
1,191
6944003.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
3,394
2,818
6944071.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
4,964
4,122
6944283.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
2,667
2,622
6944390.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
2,510
2,114
6944466.SQ.FTS.B,
Zero
C
pn,
2/21/25
...
1,823
1,545
6944504.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
23,137
16,136
6944879.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
19,946
18,970
6945549.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
9,554
9,278
6945938.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
3,292
3,212
6946056.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
24,749
20,766
6946498.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
8,958
4,677
6946823.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
3,578
3,054
6948222.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
23,080
19,416
6949328.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
5,721
1,384
6949752.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
5,246
5,147
6950351.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
25,436
24,057
6951670.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
713
704
6951708.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
131
127
6951722.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
2,928
2,909
6952811.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
9,352
7,059
6952990.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
8,400
8,282
6954757.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
796
786
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6954966.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
$
7,659
$
5,841
6955378.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
1,018
975
6955514.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
2,824
1,372
6955588.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
2,260
1,805
6955667.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
2,450
1,967
6955765.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
2,147
2,125
6955886.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
3,079
2,739
6955979.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
12,965
12,786
6956752.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
7,387
7,024
6957098.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
392
390
6957156.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
797
332
6957334.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
608
387
6957595.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
2,541
654
6957622.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
730
723
6957679.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
11,803
11,437
6958264.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
2,404
2,287
6958313.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
4,865
4,683
6958559.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
21,621
6,454
6959245.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
11,173
10,842
6959771.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
64
63
6959837.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
4,414
4,220
6960597.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
1,070
743
6960629.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
6,156
5,274
6960759.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
6,195
5,497
6961528.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
1,472
637
6961761.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
5,571
2,890
6962075.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
391
353
6962083.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
17,946
13,035
6962488.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
11,669
10,391
6962750.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
3,199
3,162
6962846.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
1,774
1,601
6962893.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
4,899
4,834
6963107.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
1,222
1,196
6963451.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
1,876
1,214
6963533.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
916
866
6963666.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
7,146
6,512
6964024.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,669
2,340
6964210.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
959
945
6964280.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
797
782
6964622.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,830
1,672
6964669.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
517
460
6964929.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
527
489
6964955.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,223
896
6964981.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
6,245
6,064
6965159.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
7,508
3,672
6965459.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,227
3,176
6965565.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,604
4,519
6965742.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,892
1,628
6965888.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
10,011
6,367
6966051.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,586
783
6966079.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
26,034
18,146
6966570.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
7,405
6,812
6966676.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,087
3,264
6966807.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
14,229
6,916
6967002.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
5,292
4,819
6967162.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,558
2,503
6967265.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
29,452
15,265
6968625.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,597
4,487
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)
6969043.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
$
1,509
$
1,433
6969213.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,985
2,363
6969284.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
563
559
6969530.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,324
2,279
6969623.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
322
309
6969659.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,215
1,191
6969701.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
12,405
9,160
6970204.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
299
297
6970303.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,873
1,004
6970317.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
6,473
5,763
6971009.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
467
456
6971200.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
6,769
4,972
6971273.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,156
1,105
6971330.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,392
1,329
6971476.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,012
1,958
6971611.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
5,085
4,939
6971918.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,984
4,778
6972162.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,071
1,064
6972507.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,283
2,215
6972593.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
803
774
6972626.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,798
3,476
6973052.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,990
1,943
6973145.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
996
959
6973287.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,887
2,057
6973457.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
505
283
6973499.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,045
679
6973530.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,634
931
6973782.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
7,073
6,121
6973985.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
257
252
6974023.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,940
1,854
6974095.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,787
4,649
6977432.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
923
906
6977489.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,202
3,078
6977593.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,533
1,330
6977773.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
146
145
6977822.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,731
2,662
6977932.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,435
760
6978405.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
655
653
6978960.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,417
3,351
6979081.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
91
88
6979098.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,716
2,665
6979187.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
36,831
33,679
6979980.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,866
2,779
6980139.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,642
2,441
6980213.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,000
1,886
6980850.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,871
1,835
6980904.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
39,418
36,090
6981429.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
4,434
4,309
6981619.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
7,096
6,955
6982274.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
8,419
7,753
6982590.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
2,899
2,847
6982903.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
3,814
2,939
6982956.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
7,307
7,235
6983659.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
157
154
6983671.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
5,611
2,402
6983938.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
11,254
10,234
6984186.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
559
399
6984206.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
3,203
3,150
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6985204.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
$
622
$
595
6985220.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
492
279
6985229.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
789
691
6985241.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
809
798
6985273.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
2,970
994
6985716.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
2,416
2,315
6985777.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
755
506
6985787.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
6,373
5,576
6985983.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
914
896
6986211.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
2,118
1,248
6986260.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
2,019
1,245
6986596.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
2,147
2,114
6986723.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
540
518
6986732.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
2,126
1,747
6986779.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
4,441
3,426
6986883.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
3,519
3,418
6987193.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
2,642
2,529
6987544.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
2,323
2,280
6987677.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
449
263
6988810.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
1,204
1,191
6988906.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
1,601
1,366
6988972.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
2,144
1,782
6989032.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
9,829
9,534
6989969.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
1,503
1,373
6989985.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
769
667
6990047.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
6,496
6,405
6990197.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
4,753
4,603
6990296.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
8,012
3,688
6990348.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
2,200
1,920
6990418.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
2,375
2,328
6990727.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
18,387
16,068
6991152.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
984
971
6991196.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
8,279
2,320
6991273.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
2,263
1,782
6991595.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
5,054
2,356
6992169.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
1,260
1,202
6992374.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
2,854
1,884
6992507.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
2,622
2,248
6992564.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
7,444
6,751
6992954.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
1,194
1,121
6992980.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
5,807
5,283
6993093.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
130
129
6993196.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
3,224
1,995
6993500.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
2,019
1,973
6993612.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
2,461
2,407
6993734.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
4,294
4,187
6995631.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
2,615
2,516
6996964.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
585
539
6996992.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
26,963
16,392
6997755.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
116
115
6997764.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
15,202
14,809
6999650.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
867
759
6999863.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
4,829
4,345
7000454.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
1,376
1,323
7000476.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
1,512
947
7000865.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
22,067
21,640
7001929.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
23,580
15,217
7002308.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
904
832
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)
7002426.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
$
1,140
$
860
7002443.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
2,196
1,843
7002471.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
2,145
2,105
7002610.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
17,254
13,718
7003146.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
2,351
2,293
7003256.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
2,661
2,504
7003674.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
4,699
4,621
7003900.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
8,797
8,459
7004443.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
1,207
286
7004499.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
2,249
2,192
7004680.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
690
667
7004959.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
2,098
1,893
7005010.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
616
605
7005046.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
3,116
3,031
7005245.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
3,910
3,459
7005376.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
283
275
7005431.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
2,154
2,087
7005506.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
22,131
20,261
7005940.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
4,089
2,927
7006546.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
20,301
19,707
7007029.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
958
928
7007058.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
1,999
1,965
7007162.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
4,025
3,945
7007244.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
2,599
1,764
7007402.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
2,747
1,727
7007456.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
30,197
29,373
7008617.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
5,292
3,542
7008977.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
1,773
1,266
7009259.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
3,009
2,559
7009740.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
1,301
1,228
7009760.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
396
380
7009778.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
1,660
1,644
7009850.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
4,731
4,660
7010049.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
2,461
2,410
7010131.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
32,629
28,884
7010824.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
830
806
7010885.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
2,134
1,889
7010951.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
29,356
25,065
7012037.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
1,838
972
7012100.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
786
756
7012175.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
2,035
1,949
7012291.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
4,164
4,063
7012640.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
2,597
2,566
7012805.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
1,164
798
7012825.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
30,958
28,808
7013636.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
2,728
2,690
7013753.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
1,826
1,785
7013896.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
29,639
29,220
7016317.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
6,574
6,088
7016562.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
156
154
7016598.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
11,440
10,972
7017831.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
49
49
7018441.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
2,707
2,346
7018508.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
9,613
9,470
7018954.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
7,914
7,612
7019301.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
1,801
1,756
7019673.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
1,295
728
7019693.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
295
223
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7020480.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
$
4,239
$
4,152
7020752.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,811
2,622
7020860.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,418
2,349
7020977.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
7,116
7,019
7021418.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,437
1,368
7021474.SQ.FTS.B,
Zero
C
pn,
3/15/25
...
942
872
7021510.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
6,228
6,005
7021817.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,045
1,898
7021905.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
992
945
7021942.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
11,432
10,995
7022511.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
269
263
7022562.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
14,405
13,819
7023145.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,090
1,020
7023175.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,435
701
7023194.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
6,943
6,887
7024235.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
5,023
3,028
7024365.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,962
2,575
7024434.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
992
920
7024480.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
4,491
4,328
7024797.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
3,473
3,414
7024885.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
1,027
1,011
7024946.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
2,402
2,364
7025072.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
901
549
7025079.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
1,479
1,419
7025097.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
117
117
7025111.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
513
465
7025124.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
4,598
1,154
7025284.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
836
814
7025463.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
4,229
4,110
7025788.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
11,440
4,330
7025888.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
812
402
7026048.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
806
511
7026063.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
1,886
1,298
7026480.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
3,306
3,182
7026580.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,919
1,831
7026929.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
3,908
3,710
7027254.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
3,822
1,708
7027313.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
2,571
2,382
7027425.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
380
372
7027442.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,514
737
7027480.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
7,496
7,189
7027686.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,480
811
7027959.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
7,545
7,320
7028189.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
257
254
7028322.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
5,650
4,838
7028557.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
2,161
1,498
7028576.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
370
338
7028579.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,079
1,058
7028614.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
128
121
7029290.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
11,223
11,007
7029748.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
4,204
3,929
7029856.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
4,685
2,276
7029924.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,058
993
7030183.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
4,777
4,528
7030349.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
2,662
2,552
7030379.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
2,886
2,786
7030550.SQ.FTS.B,
Zero
Cpn
,
3/19/25
...
9,197
8,868
7031385.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
2,386
1,109
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)
7032083.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
$
2,283
$
2,196
7032162.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
565
546
7032415.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
4,313
4,230
7032512.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
29,853
29,411
7033312.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
1,366
1,308
7033335.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
5,875
5,541
7033888.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
6,127
5,956
7034088.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
28,577
24,539
7034276.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
710
441
7034311.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
303
294
7034320.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
351
342
7035045.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
14,917
11,709
7035303.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
2,558
2,493
7035507.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
4,801
4,657
7036140.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
309
303
7036335.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
763
739
7036374.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
5,077
4,556
7037164.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
236
230
7037704.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
12,778
12,549
7039769.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
4,931
3,494
7039863.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
2,761
2,412
7039967.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
1,863
1,387
7040021.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
2,114
2,025
7040597.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
1,883
1,702
7040685.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
2,067
2,024
7040905.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
22,019
18,269
7041652.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
18,293
17,655
7042273.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
395
391
7042372.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
3,656
3,595
7042479.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
3,239
3,157
7042625.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
2,923
2,878
7042748.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
34,269
30,694
7043668.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
11,746
7,629
7043806.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
1,911
1,891
7044414.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
1,047
794
7044438.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
871
839
7044507.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
3,138
2,488
7045277.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
1,279
1,251
7047070.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
322
317
7047114.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
1,638
1,592
7047140.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
2,597
688
7047161.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
20,762
18,591
7047457.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
796
789
7047554.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
2,376
2,344
7047598.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
2,263
2,245
7047886.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
946
705
7047898.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
3,019
2,240
7048274.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
947
944
7048508.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
2,516
2,442
7048591.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
3,547
2,983
7048633.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
3,826
3,649
7048733.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
1,664
1,322
7048979.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
668
643
7049225.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
150
148
7049398.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,872
1,743
7049464.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
612
603
7049797.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
3,256
2,689
7049844.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,202
1,182
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7049893.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
$
1,347
$
1,315
7049929.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
843
434
7049941.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
4,676
4,470
7050019.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
3,662
3,087
7050136.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
3,652
1,649
7050168.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
14,831
12,164
7050424.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
360
346
7050501.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,501
1,468
7050530.SQ.FTS.B,
Zero
Cpn
,
3/25/25
...
5,498
3,589
7050581.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
10,274
6,299
7050654.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,344
1,322
7050736.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
5,228
4,313
7050801.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
2,212
2,148
7050837.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
13,244
12,371
7051010.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
2,824
2,771
7051062.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
11,370
10,918
7051266.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
2,627
2,377
7051918.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
2,532
2,470
7051978.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
3,209
1,812
7052013.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
17,011
16,394
7052418.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,367
964
7052447.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
5,727
5,182
7052508.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
573
464
7052511.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
4,215
4,136
7052626.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
7,076
6,886
7052702.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
1,047
978
7052757.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
1,564
1,536
7052861.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
5,512
5,433
7053320.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
5,856
5,713
7053706.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
2,746
1,933
7053759.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
6,647
6,186
7054172.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
643
509
7054351.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
1,478
1,435
7054573.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
15,009
9,793
7055827.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
2,299
2,221
7055873.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
3,059
2,981
7055970.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
1,702
1,582
7056009.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
770
749
7056063.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
4,688
4,384
7056271.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
2,597
2,486
7056921.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
405
399
7056980.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
8,726
8,481
7057422.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
1,682
1,618
7057540.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
939
877
7057586.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
2,145
2,091
7057625.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
1,059
699
7057637.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
19,522
13,023
7057976.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
5,652
5,548
7058391.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
4,004
3,454
7058708.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
549
493
7058841.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
4,564
4,294
7060912.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
6,267
5,858
7062011.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
1,507
1,456
7062654.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
1,366
448
7062676.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
7,818
6,787
7062885.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
728
710
7063234.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
3,498
3,257
7063345.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
56,443
52,681
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)
7064997.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
$
2,134
$
1,632
7065185.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
1,534
1,182
7065262.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
1,930
1,759
7065453.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
4,186
4,131
7065942.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
843
829
7066140.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
821
810
7066194.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
28,061
24,242
7067058.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
14,954
13,738
7067969.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
15,458
15,136
7068200.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
327
315
7068598.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
3,069
3,018
7068868.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
1,970
656
7068924.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
3,243
2,943
7068987.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
1,121
1,106
7069170.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
988
933
7069196.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
477
456
7069211.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
1,587
1,558
7069273.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
201
198
7069390.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
2,057
1,768
7069451.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
21,935
20,988
7070145.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
10,282
7,928
7071093.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
3,063
2,999
7071249.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
7,885
7,594
7071817.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
1,611
1,577
7071928.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
7,269
5,638
7072004.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
1,518
1,478
7072619.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
1,117
1,100
7072928.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
6,089
5,991
7073547.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
512
501
7073679.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
1,830
1,422
7073759.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
1,415
1,391
7073998.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
451
401
7074073.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,990
1,924
7074126.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
10,425
10,188
7074737.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
15,700
14,335
7075404.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
9,606
8,968
7075884.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
4,908
1,657
7076262.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
21,889
21,241
7076936.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,307
1,253
7076994.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,736
1,650
7077380.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
7,277
5,730
7077576.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
2,771
2,584
7077661.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
858
841
7077757.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,729
1,345
7078191.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
777
712
7078506.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
11,420
7,800
7078893.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
14,943
8,320
7079289.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
1,149
1,134
7079356.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
3,126
3,021
7079447.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
10,961
10,695
7080090.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
9,907
9,567
7081151.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
6,036
5,825
7085122.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
2,711
1,033
7085143.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
2,153
2,102
7085175.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
267
263
7085190.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
684
673
7085218.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
1,488
1,459
7085359.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
10,967
10,555
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7086337.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
$
15,107
$
10,419
7086747.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
3,383
3,305
7086886.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
2,152
2,119
7087117.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
6,062
5,877
7087310.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
3,732
3,634
7087467.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
16,848
16,560
7088413.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
324
312
7088428.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
6,016
5,498
7088599.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
5,469
5,371
7088934.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
2,695
2,614
7089056.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
979
936
7089132.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
11,945
11,755
7090408.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
386
382
7090441.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
2,270
2,235
7090659.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
35,879
34,814
7091461.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
744
735
7091481.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
3,135
2,987
7091532.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
143
141
7091702.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
4,576
4,445
7091954.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
4,518
4,367
7092138.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
5,761
3,133
7092227.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
4,617
4,560
7092348.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
3,267
3,202
7092597.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
108
107
7092686.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
453
447
7092726.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
3,723
3,652
7093039.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
3,743
3,643
7093276.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
765
732
7093323.SQ.FTS.B,
Zero
Cpn,
4/08
/25
...
1,309
715
7093368.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
1,968
1,938
7093550.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
706
688
7093679.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
1,013
763
7093714.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
186
184
7093745.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
142
135
7094011.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
226
220
7094049.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
3,682
3,580
7094253.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
334
323
7094271.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
5,783
4,962
7094575.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
31,098
27,764
7096392.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
3,658
3,219
7096604.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
195
189
7096633.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
1,390
1,375
7096826.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
896
876
7096932.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
2,091
2,055
7097219.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
986
940
7097310.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
2,889
2,832
7097479.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
9,363
5,206
7097917.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
3,538
3,486
7098174.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
9,536
8,931
7098533.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
1,059
1,029
7098714.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
5,205
5,135
7099259.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
2,132
2,099
7099483.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
5,088
4,941
7099846.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
19,930
10,764
7101561.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
34,148
32,709
7102472.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
3,887
2,920
7102574.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
17,068
16,688
7102906.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
1,061
911
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)
7102917.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
$
361
$
350
7102927.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
6,239
6,102
7105170.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
784
781
7105417.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
6,151
3,035
7105598.SQ.FTS.B,
Zero
Cpn,
4/12
/25
...
1,684
1,611
7105782.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,113
1,088
7105896.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
13,969
13,020
7106491.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,997
1,955
7106601.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
2,405
2,315
7106719.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,120
1,100
7106837.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
3,124
2,988
7106931.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
4,544
3,206
7107004.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,464
1,379
7107060.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
11,858
11,650
7107564.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
3,137
1,923
7107658.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
22,298
21,379
7108325.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
185
179
7108370.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,512
1,403
7108425.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
2,340
2,057
7108520.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
12,150
10,392
7108768.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
19,865
17,447
7109316.SQ.FTS.B,
Ze
ro
Cpn,
4/13/25
...
1,362
1,345
7109414.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
4,437
3,985
7109653.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
2,368
2,296
7109913.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
1,792
1,637
7110017.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
9,559
9,343
7110527.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
29,587
29,218
7112020.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
31,782
23,380
7112700.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
539
501
7112766.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
2,404
2,329
7112991.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
1,164
1,120
7113063.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
1,785
1,644
7113346.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
1,588
715
7113376.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
986
927
7113468.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
7,832
7,543
7113771.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
1,772
1,712
7115113.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
3,066
2,879
7115457.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
503
496
7115546.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
42,790
23,975
7116601.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
2,905
2,826
7117807.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
914
886
7117852.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,187
1,128
7118004.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,685
1,619
7118122.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
866
845
7118185.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
5,462
3,281
7118456.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
10,167
9,928
7119013.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
15,307
14,677
7119443.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,053
1,028
7119624.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,467
1,444
7119683.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
18,371
18,040
7120228.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
4,451
4,329
7120305.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
7,164
7,070
7120830.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,191
1,173
7120915.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
2,379
2,037
7120961.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
259
228
7121348.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
2,106
859
7121609.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
5,424
5,340
7122152.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
3,234
3,125
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7122429.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
$
81
$
81
7122479.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
3,326
3,248
7122648.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
3,001
2,948
7122791.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
1,732
1,637
7122850.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
5,297
4,710
7123358.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
271
264
7123485.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
26
26
7124204.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
557
532
7124219.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
6,199
5,841
7124599.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
44,319
36,691
7125937.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
1,321
1,300
7126036.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
2,007
1,929
7128660.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
2,163
1,538
7128857.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
1,313
1,258
7129008.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
2,415
2,385
7132566.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
202
198
7132621.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
1,191
1,130
7132655.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
5,736
5,411
7132843.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
21,107
13,843
7133597.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
10,717
5,634
7134183.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
3,140
3,039
7134372.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
2,353
2,297
7134530.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
1,236
1,198
7134657.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
4,610
4,356
7134739.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
5,096
5,002
7134867.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
1,282
965
7135072.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
649
626
7135103.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
1,594
999
7135136.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
2,357
2,119
7135175.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
2,807
2,701
7135277.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
13,332
12,984
7135686.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
376
305
7135696.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
440
388
7135706.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
608
198
7135840.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
10,484
9,374
7136322.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
3,980
2,572
7136698.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
1,034
1,016
7136817.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
2,731
2,668
7137130.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
20,972
19,349
7137922.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
2,783
2,671
7138137.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
1,840
1,799
7138268.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
1,570
1,541
7138369.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
21,315
20,888
7139430.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
1,082
1,019
7139448.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
8,261
7,937
7140246.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
1,885
1,671
7140398.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
133
128
7140407.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
111
107
7140930.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
2,182
2,092
7141269.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
3,653
3,566
7141569.SQ.FTS.B,
Zero
Cpn,
4/21/25
...
1,221
722
7141603.SQ.FTS.B,
Zero
Cpn,
4/21/25
...
5,150
4,732
7142503.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
4,636
4,364
7142691.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
1,050
1,031
7142762.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
1,673
1,578
7142852.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
2,020
1,984
7142950.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
811
371
7142994.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
20,648
20,074
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)
7144408.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
$
568
$
497
7144447.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
13,582
13,357
7145955.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
1,298
1,272
7146101.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
7,793
5,457
7146290.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
601
564
7146302.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
445
433
7146324.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
19,214
18,843
7147299.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
12,972
6,796
7147720.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
7,878
7,790
7148254.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
4,787
4,578
7148510.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
43,725
42,879
7150115.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
937
917
7150146.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
1,331
1,302
7150208.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
8,031
7,697
7150471.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
6,183
6,034
7151351.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
1,621
1,410
7152222.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
1,221
1,194
7152353.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
6,710
6,557
7152583.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
5,346
5,122
7152656.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
20,798
20,370
7153121.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
9,289
8,750
7153341.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
8,385
7,631
7153584.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
449
446
7153714.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
4,983
4,822
7154002.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
919
362
7154007.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
885
855
7154213.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
2,238
2,202
7154314.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
984
967
7154332.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
2,611
2,562
7154481.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
14,520
14,066
7158084.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,949
1,919
7158377.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,092
1,055
7158429.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
17,553
17,011
7160329.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
3,588
3,506
7160534.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,372
1,358
7160663.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
829
803
7160698.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
867
769
7160707.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
3,047
2,867
7160801.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
326
317
7160808.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
845
833
7160912.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,581
861
7161053.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
2,765
2,598
7161201.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,615
1,566
7161626.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,930
1,752
7161885.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
7,184
4,529
7162063.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
2,668
2,561
7162164.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
660
649
7162210.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
4,826
4,409
7162414.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
2,337
1,307
7162476.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
3,068
2,985
7162543.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
750
562
7162569.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
14,622
14,376
7163056.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
5,712
5,528
7163206.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,339
1,274
7163429.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
12,591
12,361
7163821.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
2,832
2,656
7163923.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
850
815
7163945.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
3,468
3,157
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7164005.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
$
5,709
$
2,430
7164232.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
1,540
1,485
7164284.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
5,085
4,782
7164418.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
1,754
1,712
7164679.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
3,108
2,987
7164732.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
3,088
772
7164755.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
4,820
4,377
7164854.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
4,661
4,478
7165410.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
2,837
2,797
7165616.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
4,358
4,286
7165856.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
3,365
3,194
7165960.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
1,225
633
7165990.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
588
538
7167089.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
4,823
3,971
7167309.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
11,957
11,730
7168208.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
5,690
5,532
7168497.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
693
430
7168520.SQ.FTS.B,
Zero
Cpn
,
4/30/25
...
1,554
1,542
7168708.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
16,148
15,506
7169411.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,071
968
7169466.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,042
1,971
7169613.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,617
2,051
7169801.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
8,667
7,739
7170030.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
801
785
7170176.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,925
1,909
7170354.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
10,963
9,359
7170746.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
9,527
9,144
7171401.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,565
1,521
7171590.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
7,423
7,246
7171923.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
401
393
7171941.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
15,626
15,249
7172354.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
5,482
4,583
7172761.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
17,462
9,575
7173037.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
4,831
3,116
7173178.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,329
2,284
7173243.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
4,903
4,798
7173667.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,812
2,732
7173849.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
2,924
2,803
7173906.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
1,000
872
7173911.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
2,950
2,859
7174148.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
5,855
5,686
7174387.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
17,475
13,686
7175016.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
9,300
9,087
7175395.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
7,451
7,220
7175646.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
668
419
7175676.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
14,729
12,958
7176021.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
5,032
4,581
7176165.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
649
638
7176315.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
6,959
6,717
7176474.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
490
389
7176476.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
1,208
1,173
7176711.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
1,470
1,424
7176921.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
497
484
7176953.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
5,126
5,016
7177109.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
8,228
7,988
7177352.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
586
547
7179463.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
8,173
7,781
7179762.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
719
707
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)
7179867.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
$
1,495
$
1,449
7180016.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
8,309
8,063
7180248.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
13,128
12,331
7180499.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
21,570
20,957
7180861.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
4,332
4,235
7181082.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
2,484
2,347
7181282.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
24,569
24,051
7183334.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
3,431
3,323
7183441.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
6,416
3,906
7183790.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,612
1,576
7183926.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
3,919
2,225
7184136.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
736
713
7184149.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
17,272
10,211
7184602.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
618
610
7185040.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
12,309
11,795
7185395.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
6,175
6,061
7185609.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
4,775
3,810
7185687.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
1,806
1,785
7185739.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
8,559
8,408
7186050.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
3,809
2,897
7186105.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
7,788
7,331
7186338.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
2,452
1,791
7186424.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
993
972
7186487.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
2,739
2,675
7186653.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
3,882
3,726
7186988.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
6,232
6,060
7187139.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
2,938
2,676
7187186.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
22,915
22,152
7187603.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
3,223
2,677
7187712.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
1,126
1,095
7188015.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
2,620
1,825
7188348.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
10,799
6,099
7188666.SQ.FTS.B,
Zero
Cpn,
5/05/25
...
5,934
4,376
7188832.SQ.FTS.B,
Zero
Cpn,
5/05/25
...
8,170
7,978
7189514.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
4,950
3,466
7189991.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,281
1,254
7190209.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
263
253
7190282.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
617
509
7190392.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
4,329
4,203
7190954.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,879
1,848
7191074.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
5,657
4,236
7191662.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
2,894
2,820
7191789.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
4,147
2,914
7191893.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
13,792
13,137
7192373.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
2,107
2,005
7192440.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
658
628
7192505.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,244
926
7192633.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
10,163
10,064
7193529.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
10,759
10,014
7193855.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
12,355
12,087
7194315.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
22,986
22,717
7196052.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
925
911
7196193.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
4,932
3,861
7196321.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
4,611
3,109
7196403.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
988
977
7196450.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
9,422
9,241
7196708.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
2,555
2,509
7196817.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
6,879
6,647
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7196967.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
$
8,590
$
8,426
7197646.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,811
1,226
7197712.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
4,332
1,716
7197803.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
671
653
7197839.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
13,749
13,448
7198467.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,274
1,258
7198707.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
6,919
6,217
7198872.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
2,707
2,661
7199010.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
4,156
4,039
7199286.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
22,112
18,795
7199800.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
7,221
6,802
7199888.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,986
1,823
7199954.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
566
558
7199987.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
786
740
7200014.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,174
1,102
7200044.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
6,196
5,945
7200512.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
8,612
8,342
7200963.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
4,732
4,553
7201082.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,952
970
7201182.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,025
529
7203363.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
10,265
9,770
7203571.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
1,920
1,836
7203639.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
2,927
2,845
7203769.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
4,469
4,304
7204160.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
5,818
5,636
7204759.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
1,247
1,027
7204855.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
17,557
17,107
7205223.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
4,885
4,713
7205388.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
6,704
4,334
7205585.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
7,321
5,076
7205732.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
26,696
10,116
7206278.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
9,289
8,307
7206507.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
4,496
4,360
7206714.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
3,225
2,551
7206802.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
12,367
12,091
7207190.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
2,686
2,651
7207237.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
5,118
4,998
7207472.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
37,333
36,216
7208874.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
11,133
10,896
7209140.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
36
36
7209204.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
1,222
1,184
7209245.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
3,627
3,528
7209402.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
6,471
6,304
7209546.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
13,586
13,102
7209972.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
1,221
1,177
7210051.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
2,408
1,036
7210099.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
2,085
1,982
7210140.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
16,249
15,976
7210744.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
1,265
1,133
7210781.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
485
477
7210899.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
26,310
15,455
7211440.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
1,531
1,482
7211509.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
4,582
4,446
7211700.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
3,474
3,418
7211854.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
7,106
6,871
7212155.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
7,207
6,036
7212385.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
3,681
3,032
7212486.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
1,289
1,266
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)
7212545.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
$
4,645
$
4,537
7212719.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
10,368
7,462
7213473.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
2,256
2,179
7213637.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
655
636
7213762.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
2,613
2,532
7213915.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,872
1,797
7214097.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
6,905
6,824
7214977.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
9,006
8,169
7215502.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
7,524
7,304
7215740.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
3,982
3,450
7215840.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,378
1,348
7215927.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,572
1,549
7215977.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
2,088
2,022
7216304.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
7,017
6,895
7216980.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
4,154
3,972
7217292.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
3,420
3,329
7217377.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
2,681
2,621
7217938.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
4,851
3,501
7218092.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
9,951
9,613
7218388.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
16,799
16,424
7218706.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
651
620
7218725.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
11,277
11,006
7218905.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
1,022
995
7218918.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
7,433
7,246
7219057.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
9,056
7,206
7219184.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
7,864
6,555
7219666.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
3,640
3,251
7220309.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
8,222
8,010
7220506.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
907
885
7220564.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
1,109
459
7220569.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
2,520
2,445
7220676.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
1,149
955
7220697.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
1,550
1,457
7220779.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
2,005
1,903
7220891.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
798
782
7221007.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
32,895
29,825
7221726.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
6,414
4,963
7221992.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
4,162
4,055
7222126.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
11,870
10,763
7222423.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
1,739
1,703
7222571.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
2,443
2,356
7222768.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
3,824
3,731
7222832.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
892
845
7222995.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
23,111
21,545
7223561.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
8,516
8,285
7224107.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
3,306
3,235
7224292.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
1,154
845
7224345.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
2,854
2,805
7224442.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
2,892
2,796
7224544.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
3,423
3,309
7224733.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
1,109
1,009
7226874.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
3,729
3,620
7227056.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
3,427
2,637
7227109.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
2,252
1,044
7227133.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
6,236
5,900
7227310.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
5,498
5,361
7227550.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
2,906
2,812
7227630.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
1,633
1,609
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7227807.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
$
1,623
$
1,570
7227847.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
4,397
4,180
7228237.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
6,226
5,573
7228636.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
1,188
1,158
7229547.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
3,615
3,266
7229617.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
5,268
4,211
7229709.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
19,755
19,094
7230169.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
5,791
5,627
7230221.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
4,928
4,852
7230451.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
8,088
7,624
7230754.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
3,482
3,436
7231172.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
6,993
6,362
7231478.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
9,393
9,142
7232291.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
2,615
2,263
7232394.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
3,012
2,955
7232579.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
1,300
1,009
7232672.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
1,286
1,252
7232740.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
30,984
30,339
7233795.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
2,127
2,036
7233869.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
21,008
20,158
7234525.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
2,260
2,179
7234570.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
7,082
6,882
7234701.SQ.FTS.B,
Zero
Cpn,
5/18/25
...
1,439
1,399
7234756.SQ.FTS.B,
Zero
Cpn,
5/18/25
...
17,711
16,118
7235146.SQ.FTS.B,
Zero
Cpn,
5/18/25
...
14,262
13,996
7235832.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
3,104
3,002
7236179.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
2,564
2,471
7236299.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
3,701
3,599
7236673.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
9,487
9,301
7237448.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
799
758
7237644.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
7,084
5,871
7237979.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
4,213
3,819
7238134.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
2,158
1,413
7238512.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
2,367
2,308
7238607.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
3,328
3,242
7238779.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
15,042
13,169
7239092.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
8,319
8,089
7239295.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
3,447
3,218
7239379.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
2,623
2,529
7239480.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
3,997
3,944
7239805.SQ.FTS.B,
Zero
C
pn,
5/20/25
...
845
830
7239842.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
11,665
9,831
7240071.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
937
881
7240120.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
4,095
4,052
7240370.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
2,374
2,324
7240436.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
2,078
2,027
7240523.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
8,773
8,613
7241892.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
9,048
8,850
7242115.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
4,428
4,374
7242275.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
1,763
1,674
7242298.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
1,809
1,763
7242352.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,004
1,967
7242424.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,585
2,518
7242516.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,679
2,598
7242591.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,066
1,654
7242796.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
16,238
15,795
7243209.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
6,514
6,311
7243291.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,530
1,968
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)
7243317.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
$
25,440
$
23,962
7243596.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
3,963
3,444
7243626.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
3,922
3,740
7243667.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
29,074
28,180
7244055.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,078
1,784
7244193.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
3,448
3,301
7244305.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,220
2,181
7244482.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
433
396
7247398.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
7,336
7,097
7247585.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
27,464
26,604
7248243.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,694
1,675
7248381.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,540
2,226
7248460.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,320
2,219
7248507.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
5,350
4,641
7248634.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
4,001
3,888
7248894.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
5,197
5,121
7249019.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
11,573
5,017
7249232.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,622
1,586
7249249.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,037
1,009
7249294.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
10,489
10,258
7249483.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
4,908
4,841
7249603.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,167
2,125
7251025.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,211
3,107
7251106.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,112
1,010
7251262.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,548
1,484
7251320.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
194
181
7251323.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
3,663
2,209
7251351.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
6,778
6,552
7251459.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
13,337
12,966
7251636.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
957
936
7251664.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
653
644
7251674.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
7,892
7,650
7251805.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
719
711
7251821.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
2,716
2,190
7251855.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
4,743
4,323
7251914.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
7,014
2,924
7251966.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
6,952
6,716
7252164.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
1,658
1,623
7252448.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
4,971
4,873
7252905.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
2,218
2,115
7253093.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
11,663
11,529
7254489.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
4,207
4,144
7254613.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
8,922
8,724
7254706.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
2,014
1,948
7254728.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
26,658
25,400
7254997.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
913
882
7255008.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
12,660
11,002
7255099.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,057
993
7255114.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
7,120
5,569
7255480.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,944
1,923
7255586.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,749
1,688
7255679.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
7,904
7,633
7255752.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
16,410
16,047
7256067.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
953
930
7256081.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
6,509
6,311
7256183.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
9,258
8,785
7256365.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
2,128
1,422
7256395.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
6,602
4,350
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7256470.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
$
1,221
$
793
7256484.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
8,434
8,040
7256609.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
990
926
7256638.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
4,264
4,139
7256696.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
1,699
1,242
7256709.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
4,791
4,626
7256776.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
3,019
2,970
7256822.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
426
418
7256856.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
4,406
4,293
7257340.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
976
964
7257411.SQ.FTS.B,
Zero
Cpn,
5/27/25
...
1,635
1,427
7257484.SQ.FTS.B,
Zero
Cpn,
5/27/25
...
530
499
7259122.SQ.FTS.B,
Zero
Cpn,
5/27/25
...
289
261
7260895.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
42,772
41,824
7262080.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
56,273
18,377
7262727.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
6,846
6,588
7262799.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
4,044
3,847
7263021.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
35,825
29,485
7263387.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
3,075
3,023
7264023.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
84
83
7264184.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
2,684
2,651
7264613.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
2,806
2,716
7264673.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
2,744
2,609
7264843.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
4,078
3,130
7265192.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
7,700
7,602
7265783.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
6,881
6,659
7265889.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
5,304
5,164
7266011.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
2,942
2,842
7266049.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
40,441
39,243
7266994.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
5,030
4,853
7267090.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
4,320
4,281
7267354.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
946
931
7267389.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
944
893
7269871.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
2,226
2,108
7269980.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
13,957
5,017
7270240.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
1,310
1,281
7270316.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
4,569
4,499
7270917.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
5,427
5,367
7271545.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
1,445
1,402
7271810.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
8,213
8,086
7272203.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
1,815
1,763
7272251.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
2,278
2,242
7272366.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
3,044
2,762
7272437.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
7,522
7,326
7272784.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
23,927
23,254
7273546.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
1,354
1,343
7273665.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
2,886
2,711
7273735.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
2,163
2,114
7273825.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
42,615
37,776
7274987.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
3,558
3,500
7275182.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
295
281
7275203.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
6,257
3,711
7275386.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
3,350
3,280
7275459.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
6,283
5,361
7275778.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
202
197
7275797.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
8,289
7,663
7275984.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
3,535
3,424
7276109.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
1,637
1,193
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)
7276142.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
$
6,703
$
6,664
7276979.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
5,067
4,926
7277155.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
13,727
13,235
7277545.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
4,010
3,886
7277617.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
10,831
10,360
7277848.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
2,449
2,241
7277880.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
1,905
1,828
7277957.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
3,622
3,562
7278121.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
1,773
1,736
7278188.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
1,196
1,074
7278214.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
1,669
1,112
7278241.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
1,478
1,110
7278277.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
2,642
2,578
7278347.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
9,051
8,781
7278551.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
2,011
1,954
7278613.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
2,288
2,169
7278667.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
755
669
7278686.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
5,724
5,558
7278809.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
1,157
1,114
7278835.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
3,427
3,373
7278943.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
20,142
19,051
7279332.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
352
340
7279343.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
5,023
4,895
7279484.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
1,050
1,026
7280181.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
14,172
13,655
7280980.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,445
2,383
7281061.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,167
2,121
7281113.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
475
461
7281273.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
1,881
1,843
7281446.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
1,492
1,473
7281560.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
629
602
7281575.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
14,859
14,187
7282030.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
4,336
4,239
7282133.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
11,779
11,501
7282476.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
17,623
16,666
7282840.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
1,211
798
7282865.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
1,448
1,424
7282904.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
15,961
15,607
7283437.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
29,902
28,537
7284014.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
3,075
2,945
7284188.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
8,811
8,543
7284416.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
4,753
4,217
7284558.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
6,937
6,446
7285781.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,233
1,636
7285848.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,747
2,580
7285927.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,178
1,990
7285980.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,541
2,215
7286086.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
587
577
7286106.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
4,659
4,444
7286211.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
12,560
11,977
7286404.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
13,446
9,492
7286601.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
3,357
3,200
7286713.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
4,945
3,570
7286755.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
13,201
12,879
7287168.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
14,662
13,627
7287642.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
1,321
1,295
7287670.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
3,845
3,746
7287857.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
4,933
4,733
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7287972.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
$
7,037
$
6,821
7288280.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
16,780
15,367
7288862.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
6,631
6,502
7289140.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
4,676
4,536
7289262.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
4,515
2,236
7289318.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
3,508
3,358
7289450.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
415
401
7289471.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
6,930
6,639
7289660.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
30,894
29,738
7290136.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
4,600
4,390
7290368.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
17,631
17,022
7290764.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,816
1,755
7290786.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
902
886
7290826.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
2,947
2,602
7290873.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
4,192
3,754
7290948.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
8,354
8,053
7291111.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
6,233
6,045
7291234.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
4,769
4,597
7293643.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
6,410
6,223
7293971.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
10,874
10,538
7294369.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
717
686
7294453.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,276
2,183
7294568.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
971
792
7294656.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
717
714
7294878.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
3,879
3,761
7295038.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
5,942
5,622
7295228.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
1,737
1,681
7295275.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
1,769
1,733
7295325.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,066
1,982
7295422.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
7,735
7,088
7295648.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
6,687
6,335
7295899.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,819
2,773
7296034.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
3,992
3,802
7296418.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,343
2,253
7296480.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,224
2,078
7296532.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
658
643
7296575.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
5,163
4,691
7296720.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
5,012
4,887
7296922.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
3,594
3,454
7297029.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,215
2,012
7297085.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
4,397
4,293
7297175.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,040
2,020
7297291.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
1,247
1,202
7297339.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
994
979
7297372.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
19,281
18,721
7297931.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
372
357
7298009.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
3,829
3,315
7298093.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
1,497
1,446
7298159.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
9,049
8,745
7298531.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
14,331
14,006
7299426.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
1,173
1,065
7299448.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
5,133
4,177
7299523.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
2,351
2,266
7299590.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
1,767
1,697
7299617.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
799
746
7299622.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
12,365
12,071
7299866.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
73,976
70,086
7301207.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
7,379
5,854
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)
7301343.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
$
11,903
$
9,093
7301957.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
610
592
7301973.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
2,791
2,734
7302072.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
12,973
12,355
7302311.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
2,813
2,737
7302387.SQ.FTS.B,
Zero
Cpn
,
6/09/25
...
2,960
2,888
7302463.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
2,839
2,771
7302558.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
732
644
7302568.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
17,398
16,895
7303529.SQ.FTS.B,
Zero
Cpn,
6/10/25
...
968
924
7303557.SQ.FTS.B,
Zero
Cpn,
6/10/25
...
1,476
1,434
7303607.SQ.FTS.B,
Zero
Cpn,
6/10/25
...
20,730
20,099
7304997.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
2,932
2,871
7305248.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
13,210
10,696
7305713.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
1,815
1,254
7305795.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
742
712
7305806.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
7,623
7,437
7306020.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
2,708
2,588
7306315.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
6,327
5,060
7306467.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
4,878
4,241
7306561.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
3,849
3,721
7306657.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
12,584
6,080
7307148.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
37,626
34,779
7308060.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
455
448
7308144.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
6,781
6,565
7308334.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
1,208
1,062
7308620.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
4,372
4,212
7308932.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
467
426
7308966.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
789
689
7309054.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
1,501
1,473
7309149.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
17,102
14,366
7309648.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
2,968
2,214
7309721.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
4,150
4,010
7309809.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
7,163
5,971
7309926.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
14,325
13,874
7313394.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
14,418
14,092
7313686.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
10,264
9,396
7313855.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
4,550
4,384
7313947.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
1,301
1,055
7313955.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
769
733
7313971.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
2,652
2,350
7314028.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
13,045
12,784
7314374.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
755
737
7314411.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
2,069
2,011
7314476.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
21,960
18,989
7314645.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
3,844
3,748
7314840.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
1,262
1,227
7314877.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
29,430
27,769
7315747.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
21,453
20,721
7316221.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
2,729
2,630
7316280.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
1,810
1,750
7316316.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
8,580
6,510
7316538.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
36,139
34,587
7317112.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
8,852
6,691
7317239.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
1,305
1,238
7317253.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
8,365
8,078
7317390.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
6,604
6,407
7317533.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
6,017
5,670
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7317637.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
$
3,391
$
3,290
7317759.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
3,987
3,777
7317886.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
154
153
7318039.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
3,274
3,144
7318114.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
1,088
1,065
7320315.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
3,547
3,458
7320441.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
11,762
11,027
7320818.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
12,594
12,294
7321333.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
5,814
5,620
7321573.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
12,095
11,701
7322018.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
6,249
5,711
7322141.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
5,297
5,132
7322240.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
5,125
4,606
7322401.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
439
435
7322434.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
3,517
3,406
7322543.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
32,462
31,691
7323412.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
36,310
35,272
7324336.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
5,868
5,707
7324564.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,148
1,125
7324592.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
8,610
8,325
7324907.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
25,596
24,645
7325912.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
344
335
7325922.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,676
1,643
7326086.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
4,258
4,041
7326325.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,383
1,305
7326334.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
5,078
4,999
7326416.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
9,677
8,540
7326642.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
10,939
10,525
7326891.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
3,783
3,533
7326968.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,537
1,490
7327011.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
5,128
3,550
7327081.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
72,908
69,782
7328194.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
10,172
9,784
7328504.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
1,437
1,404
7328548.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
19,094
18,489
7329129.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
3,313
3,226
7329267.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
2,414
2,365
7329348.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
3,488
3,383
7329450.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
4,617
4,437
7329576.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
1,951
1,873
7329634.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
1,270
1,228
7329684.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
4,154
3,349
7329986.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
5,330
5,166
7330470.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
1,380
1,361
7330643.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
1,415
1,310
7330730.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
5,287
5,158
7331267.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
11,778
11,450
7332055.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
10,227
9,839
7332388.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
14,311
13,781
7332779.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
8,163
7,900
7332985.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
15,456
14,821
7333444.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
5,423
4,087
7333741.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
5,284
5,116
7334049.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
5,136
4,894
7334250.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
832
549
7334268.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
10,716
9,394
7334439.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
15,315
14,647
7334864.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
14,144
13,493
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)
7335226.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
$
3,333
$
3,214
7335334.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
5,306
4,929
7335574.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
4,575
4,431
7335741.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
2,622
2,515
7335796.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
5,333
4,706
7335898.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
2,166
2,120
7335968.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
7,165
7,058
7336152.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
2,874
2,776
7336210.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
255
252
7336217.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
21,383
16,102
7336451.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
2,147
2,087
7336505.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
1,836
1,232
7336525.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
12,447
11,884
7336669.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
3,611
3,495
7336697.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
11,165
10,732
7336967.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
4,561
3,799
7337038.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
2,961
2,898
7337090.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
3,756
3,649
7337186.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
6,417
6,236
7337304.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
1,569
1,221
7337326.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
5,491
5,306
7337478.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
1,101
1,078
7337961.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
490
479
7337979.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
458
410
7337985.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
3,125
3,067
7338324.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
12,018
11,322
7338610.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
899
854
7338630.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
3,113
3,012
7338713.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
5,169
5,061
7338898.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
11,633
11,237
7339230.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
8,344
8,079
7339564.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
13,856
13,409
7339766.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
413
406
7340047.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
2,466
2,266
7340082.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,489
1,471
7340109.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
9,557
9,107
7340194.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,107
1,078
7340223.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
22,237
21,622
7340517.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
8,200
7,750
7340589.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
738
717
7340600.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
900
856
7340626.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
2,446
1,295
7340672.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
21,921
20,766
7340890.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,564
1,495
7344537.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
6,534
6,105
7344646.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
739
724
7344679.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
3,393
3,209
7344757.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
5,282
5,115
7344965.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
7,243
6,221
7345117.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
4,413
4,202
7345235.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
4,060
3,928
7345390.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
1,930
1,831
7345466.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
7,390
7,108
7345593.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
739
705
7345618.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
12,724
12,433
7345866.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
11,967
11,542
7346076.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
10,486
10,112
7346269.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
3,553
3,496
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7346353.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
$
36,016
$
34,852
7347201.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
2,179
1,628
7347245.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
3,198
3,041
7347359.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
8,577
8,306
7347502.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
12,510
12,136
7347664.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
1,171
738
7347685.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
3,262
1,705
7347786.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
2,024
1,962
7348160.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
8,511
8,208
7348325.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,953
1,881
7348390.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
2,836
2,781
7348485.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
835
806
7348507.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
5,262
4,989
7348587.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
13,221
12,874
7348893.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
46,202
45,132
7350446.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,900
1,836
7350479.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,426
1,347
7350516.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
7,573
7,300
7350686.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
16,028
14,959
7351055.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
5,599
5,390
7351143.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
7,650
7,383
7351554.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
899
870
7351596.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
1,800
1,739
7351615.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
1,648
1,482
7351639.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
3,297
3,177
7351712.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
1,004
984
7351727.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
6,226
5,876
7351847.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
10,136
7,286
7351945.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
4,159
3,936
7352007.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
1,443
1,055
7352025.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
1,312
1,276
7352057.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
14,624
13,738
7352201.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
1,224
1,191
7352220.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
18,398
17,857
7352474.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
940
891
7352488.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
6,090
5,894
7352573.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
26,793
25,919
7352913.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
22,203
19,589
7353146.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
814
717
7353157.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
5,799
5,629
7353226.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
9,047
7,625
7353341.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
290
281
7353349.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
2,091
2,051
7353412.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
701
596
7353425.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
773
740
7353434.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
278
271
7353442.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
459
451
7353461.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
126
124
7353466.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
5,445
5,232
7353529.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
1,379
1,178
7353547.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
4,836
4,606
7353597.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
2,017
1,986
7353626.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
3,471
3,429
7353656.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
1,838
1,735
7353660.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
3,810
3,667
7353683.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
2,350
2,156
7353702.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
8,088
7,879
7353816.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
2,851
2,790
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)
7353866.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
$
46
$
46
7353909.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
1,192
1,130
7353928.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
705
677
7353988.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
304
296
7358620.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
8,033
6,395
7358768.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
646
542
7358791.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
4,902
4,708
7358868.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
14,991
14,646
7359329.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
10,708
10,287
7359607.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
48,662
46,422
7360226.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
20,901
18,626
7360327.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,106
1,070
7360339.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
5,100
4,950
7360458.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
785
650
7360466.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
5,016
4,729
7360680.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
12,999
12,682
7360950.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,797
1,731
7360990.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
447
442
7361012.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
933
890
7361032.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,295
1,266
7361057.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,865
1,759
7361103.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
2,841
2,694
7361228.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
551
542
7364432.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
4,190
3,310
7364596.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
15,280
14,729
7365025.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
6,774
6,103
7365182.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
1,077
1,039
7365220.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
12,684
12,220
7365667.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
7,327
7,078
7365834.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
8,387
7,943
7366034.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
491
477
7366056.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
15,201
14,092
7366309.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
981
947
7366336.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
20,839
20,082
7366742.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
25,581
24,260
7367409.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
1,058
1,029
7367489.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
1,845
1,816
7367547.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
858
826
7367630.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
5,379
5,150
7367820.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
8,548
8,296
7368106.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
18,972
17,750
7368877.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
3,901
3,754
7369105.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
1,842
1,720
7369158.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
544
536
7369203.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
13,189
12,492
7369708.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
3,033
2,971
7370363.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
3,902
3,749
7370441.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
11,311
10,693
7370685.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,952
1,900
7370776.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,875
1,795
7370806.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
657
603
7370816.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
3,868
3,305
7370878.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
6,544
6,321
7371024.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
11,220
10,775
7371305.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
9,252
8,936
7371526.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
4,339
4,236
7371611.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,010
957
7371639.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
3,766
3,574
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7371738.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
$
8,180
$
7,786
7371929.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
11,259
9,658
7372112.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
4,946
3,460
7372172.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
3,178
3,043
7372220.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
232
231
7372242.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
15,497
13,622
7372906.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
13,222
12,642
7373759.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
2,757
2,651
7373817.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
580
575
7373892.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
954
945
7373979.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
2,126
2,051
7374034.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
275
267
7374077.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
49,129
46,749
7374937.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
1,762
1,645
7375081.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
3,802
3,686
7375134.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
6,280
6,095
7375287.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
2,614
2,474
7375370.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
900
876
7375414.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
13,043
12,608
7375698.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
842
821
7375768.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
2,462
2,349
7375814.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
9,149
8,671
7375980.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
25,238
24,577
7376708.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
7,427
7,154
7376991.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
1,245
1,197
7377027.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
12,924
12,430
7377280.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
4,412
4,132
7377359.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
617
591
7377362.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
22,951
19,659
7377849.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
1,108
1,085
7377857.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
967
944
7377871.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
731
720
7377885.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
14,008
11,222
7378050.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
756
685
7378054.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
2,714
1,871
7378079.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
5,776
5,508
7378207.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
9,549
5,830
7378360.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
3,187
3,084
7378447.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
1,620
1,584
7378535.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
2,383
2,173
7378600.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
1,841
1,809
7378717.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
5,049
4,898
7378849.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
7,015
6,721
7379012.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
1,926
1,910
7379066.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
11,875
11,326
7380824.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
1,279
935
7381117.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
13,550
11,990
7381436.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
35,098
27,937
7382425.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
416
409
7382463.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
328
323
7382469.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
13,786
13,271
7382818.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
970
882
7382858.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
6,577
5,370
7383018.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
4,070
3,880
7383092.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
10,427
8,126
7383246.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
5,942
5,745
7383465.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
19,866
19,121
7384316.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
1,696
1,673
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)
7384366.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
$
2,268
$
1,314
7384447.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
18,131
17,271
7385182.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
2,162
2,085
7385217.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
1,146
1,116
7385292.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
2,065
1,984
7385342.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
5,034
4,700
7385423.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
1,828
1,351
7385467.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
39,128
37,464
7386345.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
4,899
4,678
7386407.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
16,457
15,121
7386932.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
4,595
4,445
7387021.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
7,901
7,538
7387077.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
2,421
2,353
7387131.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
8,067
7,749
7387263.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
2,017
1,916
7387308.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
1,823
1,566
7387327.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
5,295
5,124
7387507.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
1,225
1,174
7387534.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
4,160
4,100
7387770.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
1,057
1,023
7387825.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
2,072
2,039
7387880.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
1,160
1,032
7387906.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
29,128
27,666
7388299.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
653
610
7388320.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
2,441
2,348
7388591.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
2,524
2,416
7388953.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
3,105
2,983
7389108.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
2,618
1,994
7389242.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
5,237
5,161
7389557.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
2,858
2,778
7389667.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
5,990
5,693
7389815.SQ.FTS.B,
Zero
C
pn,
7/08/25
...
18,338
17,630
7390054.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
14,920
14,521
7390221.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
19,443
18,847
7390541.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
2,216
2,146
7390618.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
1,670
1,631
7390664.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
10,512
8,402
7390815.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
1,568
1,366
7390843.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
770
753
7390850.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
1,930
1,903
7390941.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
3,462
3,353
7391015.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
17,928
17,713
7391574.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
12,112
11,710
7391900.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
4,793
4,667
7392105.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
4,166
4,011
7392170.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
448
421
7392229.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
14,876
14,525
7392779.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
5,730
5,567
7392968.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
3,259
3,213
7393114.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
1,531
1,499
7393162.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
10,465
9,947
7393376.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
3,129
3,040
7393438.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
2,772
2,650
7393476.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
68,551
62,768
7394353.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
8,597
8,483
7394529.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
6,664
6,414
7394688.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
8,081
7,686
7394876.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
3,150
2,984
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7394965.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
$
2,169
$
1,457
7395004.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
4,252
4,104
7395237.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
3,065
2,950
7395317.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
6,001
5,620
7395521.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
2,233
2,153
7395685.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
827
789
7395696.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
6,230
5,526
7395779.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
12,121
8,915
7395927.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
4,330
4,207
7395996.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
9,096
8,824
7396161.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
18,744
18,014
7396435.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
12,947
12,439
7396701.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
19,396
18,311
7397100.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
2,701
2,611
7397204.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
201
197
7400655.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
13,192
12,724
7400938.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
19,736
19,197
7401601.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
17,617
10,437
7401930.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
23,474
21,632
7402428.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
12,209
11,723
7402830.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
1,200
1,169
7402923.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
5,743
5,528
7403055.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
3,013
2,854
7403168.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
8,785
6,585
7403278.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
1,064
1,021
7403313.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
11,251
10,638
7403589.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
1,759
1,677
7403801.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
14,169
13,653
7404329.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
496
475
7404434.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
4,023
3,890
7404563.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
8,529
8,196
7404801.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
19,591
18,847
7405205.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
2,902
2,843
7405310.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
16,021
15,176
7405549.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
3,136
3,025
7405625.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
2,570
2,486
7405711.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
1,426
1,377
7405777.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
7,723
7,403
7406047.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
1,277
870
7406065.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
2,039
1,913
7406146.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
4,846
4,747
7406480.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
6,370
6,188
7406571.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
3,062
2,968
7406606.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
3,728
3,582
7406640.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
1,420
1,347
7406694.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
1,732
1,668
7406764.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
1,205
1,161
7406778.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
18,141
17,636
7407168.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
708
689
7407187.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
4,441
4,277
7407249.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
14,155
13,624
7407481.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
5,694
5,453
7407566.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
2,603
2,332
7407719.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
7,610
7,418
7407877.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
4,536
4,028
7407951.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
4,809
4,649
7408049.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
2,113
1,880
7408079.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
938
920
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)
7408102.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
$
16,353
$
15,554
7408322.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
8,668
7,969
7408433.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
9,034
8,606
7408528.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
5,688
5,521
7408612.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
13,963
11,336
7408819.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
29,863
28,569
7409769.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
2,251
2,129
7409841.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
834
806
7410045.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
2,028
1,899
7410087.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
325
310
7410103.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
10,419
10,187
7410237.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
50,802
49,136
7410973.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
890
777
7410978.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
1,769
1,526
7411067.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
9,577
8,998
7411216.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
3,571
3,460
7411311.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
1,571
1,529
7411341.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
29,691
28,299
7411717.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
8,415
8,217
7412043.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
2,273
2,221
7412311.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
11,264
10,836
7412708.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
5,899
5,823
7412999.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
2,529
2,481
7413087.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
4,620
4,492
7414306.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
9,713
9,393
7416088.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
873
853
7416169.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
859
766
7416200.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
5,597
5,468
7416279.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
2,901
2,837
7416369.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
1,271
1,232
7416426.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
19,907
19,086
7417471.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
21,265
20,805
7417846.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
44,477
43,352
7418955.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
3,009
2,907
7419010.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
5,149
5,020
7419087.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
1,733
1,662
7419118.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
3,682
3,591
7419185.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
1,334
1,125
7419216.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
1,798
1,467
7419424.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
652
631
7419461.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
10,202
9,855
7420014.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
9,634
9,267
7420525.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
7,498
7,112
7420694.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
2,243
2,147
7420730.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
6,482
6,215
7420849.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
2,902
2,735
7421393.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
2,196
2,062
7421415.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
1,665
1,649
7421527.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
828
817
7421564.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
1,821
1,754
7421602.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
3,723
3,642
7421734.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
7,006
6,816
7421867.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
16,248
15,601
7422167.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
9,807
9,685
7422477.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
48,076
46,303
7423222.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
2,012
1,891
7423252.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
5,840
5,642
7423331.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
1,452
1,225
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7423351.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
$
7,736
$
7,451
7423506.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
5,816
5,662
7423619.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
5,751
4,985
7423709.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
23,416
16,624
7424760.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
5,403
4,806
7425251.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
15,801
13,237
7425552.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
22,259
21,180
7425918.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
1,555
1,509
7425958.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
4,422
4,273
7426034.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
658
611
7426063.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
17,094
16,785
7426568.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
1,355
1,272
7426597.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
3,262
3,244
7427299.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
8,658
8,512
7427429.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
1,035
1,014
7427455.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
22,057
20,313
7428018.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
1,205
1,165
7428131.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
13,006
12,400
7428719.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
5,259
4,455
7428795.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
4,279
4,053
7428908.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
4,396
4,312
7429134.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
5,326
5,132
7429225.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
1,191
1,165
7429278.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
2,593
2,489
7429325.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
56,142
54,036
7430201.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
1,175
1,143
7430230.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
11,428
10,914
7430454.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
13,123
12,385
7430501.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
2,986
2,901
7430588.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
1,792
1,749
7430607.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
850
790
7430672.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
3,204
3,092
7430709.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
7,469
7,195
7430855.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
20,597
20,161
7432037.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
4,170
3,930
7432156.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
3,510
3,435
7432220.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
5,713
5,618
7432354.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
2,662
2,584
7432388.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
45,188
40,604
7433027.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
6,745
4,773
7433191.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
6,655
6,330
7433364.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
13,479
12,859
7435511.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
1,456
1,423
7435620.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
11,275
11,042
7436008.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
5,622
5,304
7436254.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
2,691
2,575
7436351.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
15,387
11,714
7436900.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
3,661
3,553
7437008.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
790
778
7437084.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
14,343
13,857
7437596.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
1,567
1,551
7437643.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
395
384
7437649.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
2,232
2,104
7437691.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
3,748
3,613
7437785.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
569
479
7437813.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
16,472
16,029
7438564.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
12,174
11,517
7438889.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
8,865
8,644
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)
7439178.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
$
1,300
$
1,277
7439197.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
3,001
2,897
7439319.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
963
935
7439385.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
2,995
2,927
7439544.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
978
900
7439576.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
3,438
3,229
7439758.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
10,476
10,252
7440281.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
43,458
41,522
7441191.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
1,755
1,637
7441240.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
4,633
4,064
7441346.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
14,553
13,757
7441808.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
953
896
7441820.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
183
180
7441837.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
3,572
3,496
7441907.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
24,416
23,704
7442087.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
849
485
7442111.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
2,709
2,567
7442139.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
6,482
6,247
7442207.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
1,393
1,154
7442218.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
970
936
7442245.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
1,269
1,031
7442265.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
1,939
1,803
7442292.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
1,985
1,913
7442334.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
284
279
7442388.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
1,765
1,744
7442447.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
625
608
7442460.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
3,769
3,701
7442539.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
1,787
1,749
7442574.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
7,845
7,645
7442721.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
11,786
11,361
7442895.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
3,895
3,795
7442977.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
1,505
1,454
7443004.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
5,393
5,042
7443074.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
1,259
1,243
7443129.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
996
971
7443159.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
10,146
9,441
7443306.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
583
569
7443332.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
1,544
1,519
7443370.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
1,115
1,076
7443380.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
10,746
10,302
7443562.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
1,103
1,072
7443582.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
802
775
7443603.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
9,788
9,507
7444503.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
638
624
7444534.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
3,845
3,685
7444720.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
11,320
10,891
7445467.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
9,602
9,152
7445693.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
1,891
1,827
7445748.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
507
498
7445773.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
5,704
5,615
7445933.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
14,564
13,658
7446169.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
148
147
7446295.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
6,874
6,657
7446374.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
9,444
9,103
7446478.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
7,069
6,881
7446615.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
1,187
1,142
7446642.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
23,246
22,648
7447150.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
4,097
4,003
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7447224.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
$
9,622
$
9,328
7447402.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
10,393
10,276
7447689.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
2,581
2,547
7447709.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
7,113
6,861
7447914.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
5,219
5,066
7448420.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
180
176
7448498.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
2,824
2,702
7448603.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
22,666
21,739
7449437.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
3,371
3,229
7449478.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
25,026
23,978
7449786.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
45,924
42,907
7450516.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
14,060
13,570
7450804.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
1,358
1,332
7450900.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
5,522
5,146
7451025.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
2,822
2,719
7451086.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
3,653
3,508
7451193.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
1,130
1,090
7451207.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
1,714
1,657
7451232.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
2,725
2,645
7451338.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
3,074
2,962
7451494.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
15,484
14,882
7452172.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
3,701
3,576
7452363.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
990
951
7452386.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
1,690
1,633
7452468.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
1,321
1,280
7452521.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
6,772
6,508
7452636.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
1,689
1,631
7452667.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
9,459
9,020
7452761.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
58,957
57,058
7456217.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
1,909
1,850
7456372.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
1,448
1,394
7456414.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
11,117
10,636
7456651.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
10,753
10,323
7457006.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
7,417
7,125
7457496.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
6,583
6,343
7457742.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
8,661
8,281
7457932.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
12,851
12,355
7458239.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
433
418
7458253.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
4,290
4,151
7458333.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
27,610
26,438
7458973.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
21,973
21,045
7459404.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
9,557
9,033
7459742.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
2,440
2,351
7459990.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
2,316
2,226
7460066.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
665
547
7460081.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
2,354
2,266
7460161.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
21,217
19,419
7461040.SQ.FTS.B,
Zero
Cpn
,
8/02/25
...
7,471
7,210
7461251.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
10,644
10,182
7461411.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
793
763
7461437.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
4,094
3,953
7461507.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
28,289
26,949
7461769.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
5,537
5,321
7461854.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
1,930
1,845
7461887.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
3,662
3,500
7461951.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
4,669
4,512
7462051.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
10,849
10,463
7462195.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
5,557
5,252
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)
7462231.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
$
3,521
$
3,381
7462674.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
918
887
7462684.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
5,154
4,945
7462730.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
6,793
6,519
7462840.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
410
399
7462845.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
677
651
7462937.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
1,869
1,781
7462964.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
2,406
2,228
7463009.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
4,395
4,203
7463064.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
2,181
1,965
7463107.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
126
123
7463125.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
12,666
12,179
7463345.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
7,649
7,352
7463461.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
1,561
1,487
7463487.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
8,340
8,025
7463610.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
2,344
2,263
7463655.SQ.FTS.B,
Zero
Cpn,
8/04/25
...
3,049
2,917
7463709.SQ.FTS.B,
Zero
Cpn,
8/04/25
...
1,826
1,643
7463744.SQ.FTS.B,
Zero
Cpn,
8/04/25
...
4,646
4,448
7463823.SQ.FTS.B,
Zero
Cpn,
8/04/25
...
23,565
22,618
7464167.SQ.FTS.B,
Zero
Cpn,
8/04/25
...
6,947
6,679
7464267.SQ.FTS.B,
Zero
Cpn,
8/04/25
...
19,038
18,284
7464857.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
1,549
1,458
7464879.SQ.FTS.B,
Ze
ro
Cpn,
8/05/25
...
2,646
2,557
7464941.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
5,009
4,820
7465040.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
13,375
12,842
7465589.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
11,941
11,541
7466113.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
5,214
5,066
7466589.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
7,091
6,778
7466750.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
8,003
7,510
7466901.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
8,916
7,247
7467005.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
4,826
4,638
7467062.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
757
731
7467089.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
2,954
2,844
7467158.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
22,158
20,752
7467621.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
7,190
6,302
7467729.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
20,644
16,779
7468070.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
12,701
12,207
7468399.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
2,722
2,613
7468449.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
1,045
849
7468541.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
769
750
7468604.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
3,394
3,268
7468664.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
2,781
2,670
7468744.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
3,241
3,051
7468818.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
2,377
2,289
7468884.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
18,153
17,430
7469468.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
2,535
2,292
7469581.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
9,041
8,552
7469860.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
6,280
5,966
7470082.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
2,893
2,212
7470150.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
7,275
6,992
7470464.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
8,697
8,357
7470803.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
52,645
50,703
7471554.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
1,226
1,159
7471657.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
1,543
1,492
7471738.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
2,426
2,344
7471809.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
562
544
7471835.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
12,843
12,241
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7472249.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
$
3,834
$
3,670
7472376.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
4,730
4,426
7472512.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
3,602
3,456
7472610.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
28,517
27,500
7473166.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
2,380
2,284
7473221.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
45,681
42,803
7473774.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
6,832
6,622
7473877.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
15,064
14,554
7474077.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
3,670
3,469
7474120.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
2,956
2,825
7474154.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
12,246
11,707
7474374.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
18,557
17,829
7476679.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
19,156
18,549
7477274.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
3,170
3,028
7477389.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
725
702
7477440.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
17,336
16,644
7478039.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
2,616
2,483
7478124.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
2,682
2,585
7478174.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
8,886
8,525
7478333.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
7,145
5,553
7478441.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
3,175
2,975
7478475.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
11,021
10,614
7478694.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
8,330
7,439
7478924.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
7,818
7,350
7478989.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
1,979
1,898
7479037.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
14,801
14,260
7479216.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
3,667
3,357
7479263.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
3,995
3,851
7479344.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
34,170
32,702
7480144.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
6,960
6,658
7480372.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
4,107
3,865
7480498.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
14,336
13,878
7481211.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
20,538
19,698
7481784.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
3,392
3,296
7481878.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
4,343
4,067
7481933.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
4,759
4,456
7481987.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
1,824
1,677
7482010.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
2,917
2,769
7482085.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
45,393
43,078
7483153.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
1,403
1,341
7483176.SQ.FTS.B,
Zero
Cpn,
8/10/25
...
7,682
5,919
7483263.SQ.FTS.B,
Zero
Cpn,
8/10/25
...
5,809
5,585
7483331.SQ.FTS.B,
Zero
Cpn,
8/10/25
...
1,296
1,247
7483361.SQ.FTS.B,
Zero
Cpn,
8/10/25
...
1,001
965
7483381.SQ.FTS.B,
Zero
Cpn,
8/10/25
...
13,813
13,154
7483561.SQ.FTS.B,
Zero
Cpn,
8/10/25
...
9,995
9,333
7483690.SQ.FTS.B,
Zero
Cpn,
8/10/25
...
5,014
4,840
7483780.SQ.FTS.B,
Zero
Cpn,
8/10/25
...
14,602
14,018
7483996.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
737
705
7484017.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
6
6
7484036.SQ.FTS.B,
Zero
Cpn,
8/11/2
5
...
3,462
3,320
7484075.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
6,767
6,057
7484151.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
937
899
7484169.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
10,406
8,035
7484284.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
2,416
2,262
7484319.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
2,797
2,703
7484380.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
1,619
1,567
7484424.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
8,072
7,682
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)
Block,
Inc.
(continued)
7484541.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
$
873
$
770
7484552.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
4,464
4,244
7484605.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
5,685
4,773
7484714.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
2,550
2,429
7484750.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
2,710
2,616
7485016.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
8,217
7,882
7485234.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
5,269
5,052
7485513.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
3,914
3,753
7485666.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
15,601
14,971
7486242.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
4,556
4,181
7486336.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
3,996
3,808
7486613.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
3,121
2,987
7486648.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
634
617
7486722.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
30,045
28,062
7487023.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
19,107
18,042
7487324.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
2,536
2,147
7487387.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
5,723
4,845
7487488.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
1,885
1,819
7487544.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
3,875
3,628
7487594.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
30,136
26,996
7488036.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
4,204
4,027
7488106.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
5,685
5,309
7488183.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
31,116
29,439
7488418.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
3,030
2,939
7488846.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
14,762
14,222
7489538.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
5,635
5,432
7489754.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
15,520
13,158
7490122.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
7,379
6,968
7490224.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
42,773
41,108
7490950.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
16,896
15,825
7491300.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
6,745
6,468
7491476.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
51,456
49,443
7492025.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
19,181
18,314
7492569.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
2,209
2,131
7492661.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
9,069
8,704
7493132.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
10,159
9,682
7493488.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
5,651
5,378
7493584.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
1,103
1,014
7493620.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
2,596
2,446
7493697.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
6,536
6,013
7493814.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
42,554
40,696
7494553.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
1,546
1,482
7494567.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
5,612
4,961
7494667.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
58,154
55,996
7499989.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
2,177
2,074
7500188.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
6,833
6,576
7500308.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
1,309
1,197
7500332.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
1,750
1,675
7500360.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
2,162
2,090
7500402.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
18,953
18,182
7500859.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
3,294
3,166
7500986.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
823
777
7501008.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
4,499
4,205
7501192.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
2,504
2,127
7501281.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
11,663
11,322
7502011.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
1,995
1,920
7502042.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
6,041
5,819
7502165.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
28,713
27,574
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7502684.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
$
8,040
$
7,732
7502810.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
13,524
12,955
7503000.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
8,275
7,910
7503147.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
6,762
6,452
7503265.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
9,545
8,727
7503466.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
3,389
3,239
7503521.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
15,557
14,908
7503865.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
999
885
7503879.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
548
533
7503909.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
2,474
2,406
7504027.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
4,955
4,698
7504105.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
2,225
2,092
7504169.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
5,040
4,837
7504276.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
11,091
10,602
7504521.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
3,915
3,804
7504770.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
30,752
28,283
7505626.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
812
785
7505700.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
16,849
16,107
7506294.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
1,137
1,060
7506333.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
781
726
7506353.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
1,121
1,078
7506378.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
3,448
3,308
7506448.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
12,500
11,852
7506796.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
8,690
7,998
7506981.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
9,043
8,673
7507080.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
44,207
40,661
7507818.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
1,243
1,195
7507894.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
1,009
975
7507904.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
6,313
5,667
7507941.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
2,805
2,712
7507982.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
4,072
3,871
7508014.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
9,741
9,320
7508370.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
884
854
7508394.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
946
922
7508460.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
3,054
2,822
7508519.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
2,193
1,858
7508579.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
26,739
25,030
7508848.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
534
493
7508877.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
2,301
2,165
7508908.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
25,338
24,084
7509291.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
2,149
1,978
7509314.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
1,608
1,540
7509337.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
22,100
21,299
7509746.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
1,029
773
7509762.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
8,570
7,888
7509888.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
16,673
16,084
7510205.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
11,342
10,781
7510363.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
24,600
23,647
7510776.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
7,282
6,542
7510862.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
1,193
1,113
7510938.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
2,154
2,053
7510974.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
10,493
9,824
7511141.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
951
921
7511163.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
3,039
2,915
7511409.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
1,903
1,832
7511439.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
1,618
1,572
7511481.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
4,236
4,092
7511595.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
6,112
5,828
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)
Block,
Inc.
(continued)
7511651.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
$
25,566
$
24,614
7511957.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
38,710
35,650
7512359.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
2,352
2,252
7512387.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
2,322
2,224
7512418.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
6,610
6,330
7512519.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
1,809
1,748
7512543.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
1,238
1,192
7512563.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
1,539
1,488
7512598.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
6,620
6,391
7512850.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
2,344
2,264
7512925.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
56,519
54,188
7514156.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
50,936
48,581
7514871.SQ.FTS.B,
Ze
ro
Cpn,
8/20/25
...
36,640
35,127
7515364.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
3,324
3,161
7515412.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
5,488
5,205
7515523.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
8,223
7,578
7515624.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
8,365
7,950
7515749.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
19,185
18,485
7516201.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
4,536
4,324
7516277.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
7,684
7,400
7516400.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
14,863
13,369
7516502.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
303
295
7516578.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
3,230
3,096
7516624.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
2,659
2,456
7516657.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
3,496
3,376
7516689.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
15,938
15,315
7516976.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
3,477
3,333
7517080.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
5,489
5,256
7517203.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
9,917
9,483
7517496.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
8,908
8,464
7517764.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
2,814
2,716
7517851.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
1,366
1,308
7517882.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
17,394
16,654
7518265.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
5,115
3,707
7518333.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
6,807
6,521
7518402.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
1,440
1,391
7518420.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
22,065
21,125
7518787.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
1,394
1,344
7518814.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
7,356
6,539
7519122.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
11,834
11,089
7519288.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
8,571
8,254
7519415.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
36,412
34,909
7519904.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
27,003
25,597
7521796.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
6,911
6,640
7522073.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
6,276
5,801
7522198.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
24,089
23,111
7523372.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
13,090
12,436
7523840.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
8,514
8,148
7524109.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
22,777
21,820
7524452.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
86,654
83,049
7525992.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
5,252
5,078
7526074.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
4,690
4,524
7526371.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
1,412
1,273
7526405.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
10,009
9,534
7526695.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
5,792
5,543
7526858.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
10,348
9,916
7527291.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
3,995
3,746
7527457.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
2,061
1,833
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7527495.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
$
5,753
$
5,512
7527660.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
1,010
982
7527715.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
5,213
5,038
7527882.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
1,234
1,201
7527927.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
9,682
9,191
7528115.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
49,730
46,471
7528848.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
23,728
22,272
7529363.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
8,350
7,992
7529550.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
7,311
6,933
7529694.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
9,751
7,131
7529795.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
6,263
6,016
7529889.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
10,235
9,783
7530003.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
3,106
2,969
7530054.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
1,800
1,723
7530073.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
4,538
4,336
7530134.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
5,943
5,109
7530208.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
7,267
6,969
7530311.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
1,769
1,713
7530363.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
1,799
1,722
7530386.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
6,950
6,671
7530481.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
1,730
1,665
7530517.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
1,232
1,181
7530538.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
7,736
7,390
7530623.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
7,145
6,833
7530748.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
14,202
13,595
7530913.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
2,268
2,169
7530940.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
1,372
1,303
7530968.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
963
933
7531007.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
3,278
3,154
7531063.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
8,291
7,978
7531188.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
2,092
1,961
7531218.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
1,270
1,235
7531240.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
2,035
1,702
7531544.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,454
1,397
7531576.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,449
1,388
7531608.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,099
1,041
7531625.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
3,419
3,268
7531682.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
2,773
2,621
7531797.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,586
1,516
7531841.SQ.FTS.B,
Zero
C
pn,
8/26/25
...
8,990
8,014
7532157.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
728
705
7532175.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
19,888
19,033
7532901.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,551
1,454
7532943.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,778
1,708
7533028.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
24,434
23,379
7533601.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,668
1,592
7533614.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
3,312
3,175
7533634.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
3,887
3,757
7533796.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,725
1,632
7533832.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
5,822
5,525
7533947.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
7,549
7,119
7534053.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
3,604
3,102
7534124.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,074
1,039
7534142.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
34,218
32,836
7534642.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
8,020
7,731
7534898.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
2,451
2,349
7534950.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
2,089
1,959
7535079.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
10,628
10,184
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)
Block,
Inc.
(continued)
7535209.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
$
6,900
$
6,605
7535363.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
4,289
4,119
7535457.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
772
728
7535471.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
9,269
8,888
7535638.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
5,998
5,756
7535706.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
7,597
7,015
7535771.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
18,585
17,638
7536198.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
6,328
5,933
7536316.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
2,999
2,873
7536409.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,594
1,529
7536517.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
2,188
2,087
7536558.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
8,627
8,245
7536910.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
5,869
5,672
7537241.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
4,842
4,663
7537412.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,284
1,237
7537436.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,170
1,125
7537473.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
3,738
3,135
7537561.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
4,040
3,730
7537696.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,894
1,814
7537766.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
4,815
4,636
7537888.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,599
1,297
7537945.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
7,096
6,554
7538005.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
2,882
2,791
7538057.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,564
1,500
7538075.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
3,800
3,563
7538139.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
3,379
3,240
7538225.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
32,542
31,187
7538687.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
4,821
4,605
7538804.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,893
1,774
7538823.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
3,336
3,214
7538960.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
8,087
7,741
7539106.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
12,765
12,226
7539273.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
3,080
2,932
7539367.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
2,224
2,135
7539381.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
10,208
9,698
7539593.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,401
1,175
7539605.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
4,392
3,918
7539707.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
6,624
5,321
7539845.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
1,662
1,592
7539954.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
14,061
13,475
7540306.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
5,810
5,614
7540529.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
6,159
5,897
7540704.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
4,145
3,701
7540822.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
7,299
6,977
7541039.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
10,427
10,012
7541318.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
5,254
4,953
7541403.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
3,738
3,524
7541471.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
9,661
9,287
7541633.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
6,010
5,757
7541787.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
4,344
4,151
7541816.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
1,962
1,884
7541838.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
3,062
2,909
7541859.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
16,995
16,328
7542083.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
16,695
16,085
7542507.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
9,787
9,441
7542827.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
50,173
47,524
7546093.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
802
752
7546150.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
62,014
59,307
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7548015.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
$
7,297
$
6,903
7548184.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
26,037
24,914
7548730.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
6,456
6,178
7548813.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
6,493
6,222
7548960.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
33,885
28,488
7549604.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
40,802
39,084
7550399.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
5,258
5,032
7550626.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
4,217
4,025
7550754.SQ.FTS.B,
Ze
ro
Cpn,
9/01/25
...
4,607
4,414
7550886.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
16,449
15,501
7551343.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
775
745
7551427.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
2,303
2,202
7551529.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
5,700
5,472
7551820.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
8,568
8,136
7552043.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
28,571
27,205
7552560.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
4,731
4,431
7552634.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
14,378
12,998
7552823.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
3,691
3,542
7552871.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
20,330
19,355
7553129.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
1,065
975
7553147.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
2,681
2,577
7553228.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
788
758
7553272.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
886
855
7553281.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
1,927
1,833
7553328.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
2,529
2,392
7553390.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
4,855
4,690
7553564.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
13,649
13,098
7553731.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
4,145
3,588
7553805.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
14,153
13,539
7554049.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
12,731
11,167
7554280.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
11,446
10,784
7554503.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
1,042
1,000
7554540.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
24,932
22,556
7554908.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
4,230
4,002
7554991.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
11,861
11,357
7555230.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
255
248
7555241.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
6,520
6,066
7555354.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
1,833
1,740
7555392.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
6,102
5,832
7555538.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
2,822
2,702
7555608.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
2,754
2,650
7556004.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
2,781
2,659
7556089.SQ.FTS.B,
Zero
C
pn,
9/03/25
...
17,207
16,346
7556459.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
6,317
6,045
7556670.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
7,300
6,986
7556836.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
505
477
7556846.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
2,955
2,845
7556916.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
420
409
7556967.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
2,085
2,000
7557023.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
1,616
1,541
7557050.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
8,687
8,269
7557204.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
20,324
19,553
7558425.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
4,566
4,408
7558592.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
7,191
6,855
7558839.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
16,226
15,572
7559392.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
581
565
7559456.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
21,357
20,459
7559929.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
19,150
18,219
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)
Block,
Inc.
(continued)
7560316.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
$
14,127
$
12,418
7560714.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
4,879
4,637
7560827.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
1,626
1,414
7560908.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
2,597
2,484
7560989.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
3,868
3,708
7561084.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
14,538
13,180
7561365.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
19,391
18,552
7561913.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
9,258
8,864
7562161.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
18,059
17,355
7562735.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
15,529
14,869
7562968.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
25,569
24,633
7563527.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
5,844
5,639
7563692.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
4,843
4,636
7563745.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
18,461
17,459
7563965.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
3,640
3,427
7564033.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
974
946
7564071.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
13,286
12,296
7564202.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
1,301
1,252
7564228.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
35,934
34,423
7564822.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
2,518
2,408
7564854.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
2,497
2,358
7564905.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
2,567
2,469
7564966.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
2,275
2,185
7565015.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
1,139
1,098
7565048.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
2,453
2,347
7565129.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
4,382
4,192
7565344.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
3,677
3,477
7565397.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
16,246
15,521
7565726.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
3,835
3,672
7565789.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
7,830
7,491
7565959.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
5,056
4,852
7566126.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
3,596
3,453
7566244.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
465
443
7566256.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
3,511
3,366
7566368.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
4,267
4,113
7566467.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
1,550
1,448
7566494.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
8,741
8,365
7566716.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
3,825
3,608
7566782.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
9,816
8,646
7566884.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
4,740
4,492
7566952.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
13,104
11,541
7567098.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
3,016
2,905
7567130.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
9,755
9,228
7567206.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
46,374
44,365
7567934.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
6,675
6,429
7568123.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
7,501
7,222
7568291.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
3,617
3,447
7568365.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
7,513
7,209
7568497.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
3,053
2,876
7568551.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
17,967
17,081
7570942.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
25,229
20,896
7571410.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
2,468
2,359
7571462.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
9,681
9,245
7571573.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
7,123
5,838
7571608.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
2,469
2,334
7571635.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
7,274
6,530
7571735.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
18,479
17,799
7572492.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
7,762
7,282
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7572648.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
$
15,404
$
14,738
7573011.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
4,098
3,961
7573103.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
8,278
7,929
7573216.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
7,428
7,108
7573307.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
1,319
1,276
7573345.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
981
938
7573376.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
376
363
7573382.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
2,969
2,842
7573399.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
4,771
4,284
7573493.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
3,999
3,867
7573662.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
1,815
1,660
7573674.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
14,349
13,509
7573835.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
11,142
10,414
7573919.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
50,074
46,963
7574758.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
6,325
6,055
7574849.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,224
1,101
7574854.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
2,143
1,891
7574871.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
3,635
3,467
7574915.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
2,117
1,932
7574940.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,708
1,636
7574981.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
5,903
4,848
7575053.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
7,670
7,384
7575187.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
2,636
2,464
7575279.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,196
1,134
7575303.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,088
1,047
7575378.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
2,140
2,060
7575416.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,877
1,802
7575454.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
2,479
2,344
7575552.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
4,031
3,851
7575667.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,200
1,128
7575710.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,863
1,751
7575770.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
4,426
4,161
7575980.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
5,047
4,825
7576125.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
31,750
30,147
7576761.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
6,790
6,487
7576839.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
61,020
58,421
7577642.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
991
946
7577652.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,391
1,336
7577672.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
14,703
13,200
7577879.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
24,281
23,242
7578229.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
6,381
6,053
7578336.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,840
1,748
7578373.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
2,609
2,511
7578405.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
7,415
7,137
7578809.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
1,382
1,323
7578838.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
10,396
9,104
7578995.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
5,120
4,915
7579091.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
5,857
5,495
7579196.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
2,336
2,235
7579230.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
14,545
13,915
7579458.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
4,217
4,024
7579527.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
27,444
24,677
7579966.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
1,213
1,171
7580002.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
3,249
3,108
7580077.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
1,505
1,409
7580105.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
4,089
3,867
7580167.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
1,915
1,827
7580195.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
20,375
19,534
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)
Block,
Inc.
(continued)
7580692.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
$
21,398
$
20,339
7581601.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
15,073
14,416
7583034.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
2,484
2,324
7583167.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
6,324
5,963
7583337.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
8,656
8,238
7583607.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
1,308
1,250
7583634.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
11,122
9,300
7583783.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
1,817
1,728
7583811.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
3,537
3,373
7583875.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
12,265
11,703
7584361.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
10,679
10,179
7584765.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
14,467
13,810
7585159.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
825
758
7585190.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
15,889
15,098
7585646.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
2,998
2,656
7585675.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
2,220
2,125
7585778.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
2,021
1,612
7585808.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
2,892
2,761
7585847.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
6,487
6,005
7585960.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
12,529
11,977
7586174.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
4,245
3,998
7586244.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
15,682
15,050
7586600.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
6,717
6,412
7586676.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
9,898
9,446
7586772.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
406
389
7586777.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
3,426
3,268
7586796.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
970
925
7586805.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
43,801
41,927
7587383.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
7,260
7,030
7587518.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
5,065
4,835
7587601.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
47,837
45,724
7588137.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,541
2,386
7588178.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
20,101
19,190
7588590.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
1,661
1,559
7588636.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
6,942
6,672
7588917.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
1,804
1,724
7588993.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
1,976
1,893
7589045.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,888
2,712
7589106.SQ.FTS.B,
Zero
C
pn,
9/13/25
...
13,637
13,035
7589365.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
1,093
1,046
7589391.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
1,484
1,430
7589422.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
10,190
9,746
7589525.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
55,200
52,826
7590253.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
1,460
1,367
7590270.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
5,395
5,165
7590307.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
47,472
44,011
7590662.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
3,989
3,817
7590688.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,796
2,589
7590709.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
11,114
10,559
7590786.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,306
2,210
7590808.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
1,212
1,041
7590818.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
3,899
3,650
7590864.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
3,545
3,335
7593157.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
2,914
2,799
7593321.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
4,068
3,577
7593355.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
8,158
7,742
7593404.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
1,456
1,253
7593413.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
1,390
1,299
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7593425.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
$
14,991
$
14,174
7593660.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
3,971
3,809
7593755.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
6,878
6,502
7593887.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
1,731
1,661
7593976.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
6,826
6,484
7594217.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
3,492
3,338
7594340.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
4,965
4,702
7594499.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
25,722
24,565
7595062.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
5,578
5,346
7595156.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
64,700
61,666
7595843.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
9,154
8,755
7596091.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
2,367
2,268
7596125.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
1,622
1,223
7596132.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
15,929
14,139
7596310.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
15,166
14,455
7596510.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
5,111
4,834
7596607.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
22,283
20,662
7597086.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
13,038
12,477
7597390.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
5,988
5,722
7597558.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
6,012
5,748
7597755.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
3,299
3,150
7597946.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
14,339
13,608
7598272.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
854
821
7598300.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
69,414
66,115
7599078.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
34,058
32,623
7599889.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
8,694
8,335
7599943.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
6,738
6,453
7600042.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
11,885
11,368
7600156.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
1,788
1,698
7600189.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
3,077
2,932
7600224.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
5,969
5,707
7600284.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
5,807
5,517
7600364.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
3,294
3,162
7600408.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
3,744
3,555
7600455.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
6,261
6,014
7600522.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
6,371
6,098
7600620.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
6,510
6,185
7600673.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
16,843
16,104
7600890.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
5,474
5,239
7600963.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
4,304
3,792
7601007.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
1,015
974
7601018.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
11,606
10,999
7601149.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
9,942
9,514
7601279.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
3,484
3,330
7601324.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
3,110
2,916
7601361.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
5,614
5,350
7601432.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
927
893
7601452.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
4,573
4,386
7601522.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
8,948
8,587
7601633.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
7,452
7,199
7602145.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
2,109
2,025
7602169.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
1,772
1,707
7602189.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
4,784
4,567
7602291.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
26,177
24,585
7603255.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
1,049
997
7603296.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
812
777
7603312.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
777
741
7603372.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
2,834
2,698
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)
Block,
Inc.
(continued)
7603432.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
$
3,599
$
3,444
7603488.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
8,915
8,395
7603633.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
13,978
13,346
7603874.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
6,967
6,711
7603998.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
1,821
1,742
7604027.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
11,775
11,234
7604166.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
462
441
7604170.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
2,929
2,771
7604214.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
4,859
4,651
7604274.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
1,092
1,050
7604303.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
1,313
1,241
7604328.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
2,295
2,162
7604356.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
5,858
5,478
7604471.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
996
952
7604490.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
5,894
5,640
7604540.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
9,265
8,795
7604677.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
1,886
1,784
7604748.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
1,417
1,347
7604805.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
1,235
1,163
7605855.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
1,612
1,532
7605932.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
757
730
7605951.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
4,225
3,665
7606021.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
3,803
3,634
7606139.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
576
559
7606156.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
9,145
8,703
7606346.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
731
647
7606367.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
17,976
17,266
7606946.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
6,849
6,594
7607120.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
7,846
7,271
7607281.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
6,015
5,113
7607343.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
3,127
2,933
7607395.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
580
564
7607443.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
27,049
25,690
7607717.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
3,013
2,902
7607760.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
11,826
11,236
7607900.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
7,566
7,251
7607988.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
7,597
7,301
7608176.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
4,996
4,675
7608236.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
639
613
7608251.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
3,294
3,165
7608289.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
9,025
8,051
7608378.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
29,882
28,521
7608779.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
2,776
2,607
7608808.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
8,117
7,766
7608878.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
21,613
18,170
7609078.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
4,251
3,981
7609105.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
3,139
2,998
7609198.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
1,124
1,066
7609314.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
23,882
22,881
7609970.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
5,850
5,566
7610183.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
2,297
2,207
7610241.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
15,996
15,148
7610531.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
7,091
6,763
7610672.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
1,531
1,254
7610691.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
7,312
7,041
7610836.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
24,137
22,911
7611074.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
32,789
31,518
7611475.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
2,763
2,597
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7611521.SQ.FTS.B,
Ze
ro
Cpn,
9/20/25
...
$
2,475
$
2,369
7611542.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
2,709
2,594
7611577.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
4,610
4,430
7611682.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
11,213
10,727
7611808.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
6,595
6,182
7611882.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
5,426
5,180
7611930.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
17,575
16,749
7612091.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
6,754
6,343
7612139.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
3,644
3,472
7612178.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
2,977
2,826
7612229.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
5,222
4,990
7612330.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
9,398
8,990
7614483.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,810
4,576
7614673.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,289
4,104
7614809.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
6,511
6,198
7614965.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
2,008
1,922
7615043.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
6,469
6,177
7615284.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
3,527
3,366
7615424.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
6,886
6,570
7615580.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
3,401
3,216
7615639.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
1,103
1,046
7615676.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
3,279
3,125
7615774.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,415
4,258
7615928.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,094
3,904
7615986.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
633
491
7616000.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,319
4,118
7616092.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
2,127
2,054
7616200.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
1,731
1,575
7616218.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
3,998
3,790
7616281.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
5,606
5,385
7616318.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
7,018
6,695
7616394.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
21,942
20,742
7616689.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
35,680
34,106
7617124.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
3,245
3,113
7617165.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
1,614
1,540
7617208.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
1,404
1,344
7617243.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
16,096
15,115
7617357.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
1,256
1,208
7617380.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
7,242
6,902
7617506.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
28,293
26,910
7617834.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
19,072
18,166
7618074.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,696
4,496
7618103.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
3,188
3,052
7618230.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
1,679
1,578
7618254.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
1,997
1,924
7618283.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
12,235
11,714
7618414.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
2,142
2,040
7618459.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
8,008
7,639
7618682.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
473
459
7618716.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
2,447
2,169
7618758.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
2,920
2,792
7618821.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
1,588
1,519
7618878.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
1,286
1,239
7618925.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
1,425
1,294
7618963.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
8,087
7,714
7619187.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
6,408
6,097
7619349.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
2,715
2,576
7619405.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
6,507
6,269
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
113
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
7619568.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
$
13,071
$
12,472
7619821.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
21,260
20,425
7620286.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
3,818
3,587
7620455.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
3,461
3,234
7620513.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
15,848
14,739
7620703.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
1,760
1,688
7620736.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
4,059
3,536
7620775.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
2,502
2,389
7620790.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
51,235
48,909
7621255.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
10,148
9,699
7621393.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
8,671
7,762
7621469.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,131
1,058
7621482.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,870
1,774
7621511.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
4,226
4,039
7621567.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,525
1,449
7621586.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
2,698
2,575
7621607.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
2,224
2,025
7621636.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,081
1,037
7621644.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
2,391
2,286
7621662.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
5,223
4,973
7621711.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,365
1,306
7621728.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,490
1,396
7621744.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
5,194
4,945
7621792.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
2,952
2,822
7621824.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,357
1,283
7621850.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
5,973
5,718
7621909.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
5,229
4,968
7621972.SQ.FTS.B,
Zero
C
pn,
9/23/25
...
3,049
2,913
7622010.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
6,128
5,848
7622087.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
2,884
2,752
7622130.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,784
1,686
7622152.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
2,530
2,398
7622180.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
12,582
11,977
7622338.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
6,773
6,486
7622452.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
6,026
5,800
7622540.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
2,369
2,234
7622568.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
3,210
3,045
7622606.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
6,019
5,744
7622698.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
14,270
13,609
7622855.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
2,856
2,597
7622892.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
4,365
4,213
7622967.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
2,934
2,803
7623000.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
2,129
1,728
7623305.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
5,120
4,555
7623369.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
2,991
2,873
7623417.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
1,049
956
7623486.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
1,566
1,370
7623510.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
3,917
3,761
7623635.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
36,950
35,291
7624451.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
17,365
16,654
7625674.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
4,979
4,762
7625779.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
1,926
1,838
7625815.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
513
492
7625834.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
3,870
3,719
7625930.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
8,365
7,845
7626024.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
5,197
4,934
7626135.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
5,210
4,854
7626246.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
9,387
8,741
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7626473.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
$
1,231
$
1,178
7626517.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
2,283
2,171
7626547.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
40,319
37,934
7627357.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
23,169
22,126
7628012.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
1,293
1,239
7628032.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
2,750
2,627
7628124.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
7,133
6,799
7628218.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
10,811
10,333
7628360.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
6,527
5,858
7628436.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
19,180
18,331
7628692.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
914
878
7628763.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
18,619
17,594
7628960.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
2,732
2,583
7628978.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
30,242
28,911
7629364.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
5,932
5,675
7629468.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
2,173
2,043
7629529.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
2,796
2,698
7629601.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
15,615
14,841
7629834.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
6,533
6,200
7629927.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
773
737
7629951.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
3,280
3,131
7630036.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
12,599
12,029
7630264.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
5,850
5,528
7630310.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
3,969
3,684
7630413.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
2,056
1,920
7630437.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
12,498
11,394
7630609.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
5,329
4,902
7630727.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
1,297
1,184
7630761.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
8,982
8,389
7631043.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
12,259
11,447
7631309.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
2,606
2,444
7631341.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
5,316
4,760
7631417.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
3,051
2,851
7631466.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
1,528
1,394
7631476.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
6,058
5,592
7631661.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
11,668
10,936
7632309.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
10,767
10,092
7632418.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
15,324
14,366
7632577.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
1,355
1,250
7632590.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
7,790
7,305
7632709.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
610
557
7632735.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
3,049
2,776
7632786.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
15,804
14,678
7633003.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
2,253
2,073
7633024.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
2,188
2,024
7633051.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
9,759
9,113
7633194.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
5,257
4,872
7633243.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
937
855
7633247.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
6,940
6,337
7633336.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
65,086
60,535
7635770.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
8,910
8,311
7635987.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
11,064
10,336
7636234.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
11,272
10,451
7636576.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
817
755
7636598.SQ.FTS.B,
Zero
C
pn,
9/28/25
...
16,547
15,509
7637040.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
4,252
3,932
7637109.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
3,767
3,532
7637218.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
9,470
8,793
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)
Block,
Inc.
(continued)
7637396.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
$
23,603
$
21,550
7637893.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
2,495
2,298
7637918.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
492
461
7637924.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
4,208
3,842
7637976.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
4,232
3,877
7638088.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
54,682
50,680
7639142.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
22,645
21,040
7639546.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
9,203
8,532
7639738.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
1,955
1,798
7639823.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
9,986
9,344
7640033.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
3,631
3,378
7640139.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
11,039
10,240
7640475.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
1,776
1,615
7640597.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
6,449
5,918
7640803.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
12,481
11,682
7641160.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
10,839
10,120
7641334.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
4,768
4,438
7641451.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
5,801
5,377
7641526.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
86,407
79,952
7642843.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
13,873
13,008
7643143.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
8,597
7,726
7643410.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
4,924
4,615
7643463.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
1,707
1,519
7643527.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
5,100
4,780
7643601.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
4,433
4,123
7643661.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
4,464
4,126
7643728.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
1,123
1,038
7643746.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
2,378
2,198
7643773.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
7,701
7,166
7643905.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
5,637
5,239
7644017.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
1,097
1,008
7644044.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
488
435
7644051.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
13,303
12,338
7644282.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
8,549
7,930
7644433.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
1,843
1,697
7644464.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
3,344
3,108
7644529.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
1,847
1,703
7644555.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
1,811
1,680
7644585.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
1,298
1,198
7644603.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
3,113
2,836
7644653.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
16,836
15,650
7644916.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
26,464
24,773
7645578.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
6,197
5,746
7645742.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
1,595
1,464
7645837.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
6,477
5,847
7646187.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
5,133
4,758
7646393.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
2,087
1,956
7646434.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
7,021
6,557
7646577.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
21,820
20,134
7647042.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
14,883
13,745
7647423.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
10,314
9,575
7647604.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
771
696
7647610.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
1,868
1,752
7647640.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
6,888
6,277
7647771.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
12,503
11,725
7648029.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
2,208
2,048
7648074.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
7,162
6,647
7648210.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
6,082
5,606
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7648334.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
$
1,662
$
1,552
7648382.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
6,987
6,549
7648497.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
10,642
9,938
7648708.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
508
464
7648714.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
16,253
15,178
7649087.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
14,868
13,806
7649633.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
1,263
1,157
7649660.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
10,308
9,420
7649926.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
696
641
7649954.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
11,692
10,919
7650285.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
4,763
4,426
7650417.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
2,010
1,853
7650544.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
743
682
7650571.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
515
472
7650602.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
23,423
21,919
7651364.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
11,069
10,369
7651638.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
10,174
9,535
7651786.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
13,051
11,888
7651981.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
10,543
9,842
7652123.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
9,708
8,865
7652270.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
7,241
6,756
7652433.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
52,249
48,562
7653462.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
2,900
2,658
7653541.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
9,583
8,790
7653704.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
1,398
1,287
7653745.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
21,541
19,797
7653897.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
64,057
59,520
7655526.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
12,188
11,367
7655618.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
1,074
994
7655626.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
7,035
6,594
7655725.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
5,085
4,720
7655822.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
2,579
2,384
7655878.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
6,932
6,398
7656031.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
7,346
6,825
7656108.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
7,782
7,191
7656279.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
34,014
31,662
7656835.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
13,541
12,614
7657031.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
817
749
7657073.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
10,128
9,455
7657210.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
7,498
6,929
7657303.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
4,861
4,534
7657387.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
7,605
7,093
7657535.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
21,257
19,908
7659758.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
15,705
14,379
7660145.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
3,141
2,874
7660246.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
4,112
3,809
7660334.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
10,167
9,502
7660551.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
3,537
3,284
7660650.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
9,606
8,926
7661033.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
4,166
3,897
7661117.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
3,000
2,741
7661178.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
2,890
2,694
7661244.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
3,145
2,946
7661283.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
626
558
7661332.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
31,302
28,772
7661952.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
7,810
7,189
7662064.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
5,124
4,732
7662128.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
15,931
14,585
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)
Block,
Inc.
(continued)
7662351.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
$
19,838
$
18,282
7662638.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
1,281
1,129
7662648.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
5,402
5,054
7662720.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
2,784
2,548
7662812.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
3,402
3,112
7662887.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
2,666
2,437
7662951.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
3,930
3,590
7663011.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
11,717
10,829
7663168.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
45,875
42,799
7663719.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
1,268
1,175
7663730.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
8,942
8,378
7663910.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
9,622
8,908
7664056.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
7,941
7,426
7664116.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
5,111
4,747
7664265.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
5,335
4,933
7664385.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
7,888
7,352
7664553.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
8,048
7,521
7664764.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
762
698
7664795.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
990
905
7664799.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
449
413
7664806.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
2,393
2,187
7664952.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
10,193
9,507
7665229.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
1,086
1,003
7665249.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
2,791
2,604
7665308.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
10,737
10,057
7665593.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
18,682
17,395
7666023.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
4,283
3,962
7666093.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
3,254
3,043
7666180.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
4,452
4,102
7666268.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
39,772
37,274
7666862.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
4,966
4,585
7666930.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
46,665
43,222
7667593.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
2,186
2,002
7667633.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
6,412
5,882
7667727.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
3,695
3,417
7667755.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
2,206
2,056
7667780.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
4,110
3,762
7667844.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
2,762
2,563
7667871.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
1,508
1,390
7667910.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
3,938
3,546
7667970.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
2,788
2,603
7668006.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
1,624
1,518
7668021.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
5,691
5,318
7668197.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
1,056
965
7668218.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
9,911
9,251
7668437.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
6,806
6,289
7668553.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
1,740
1,605
7668587.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
1,686
1,562
7668625.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
957
879
7668638.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
2,673
2,487
7668700.SQ.FTS.B,
Zero
C
pn,
10/06/25
..
2,430
2,240
7668756.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
3,139
2,924
7668805.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
10,703
10,010
7669006.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
1,989
1,819
7669032.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
4,099
3,735
7669106.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
3,040
2,783
7669149.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
1,636
1,498
7669190.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
1,358
1,241
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7669222.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
$
2,610
$
2,425
7669274.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
3,256
3,050
7669335.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
9,611
8,998
7669479.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
6,566
6,080
7669597.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
19,757
18,315
7670325.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
2,715
2,519
7670432.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
2,054
1,869
7670565.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
6,581
6,113
7670835.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
8,933
8,367
7671146.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
22,931
21,432
7671649.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
956
893
7671674.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
10,412
9,730
7671877.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
9,419
8,740
7672063.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
1,512
1,391
7672082.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
11,062
10,184
7672283.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
29,477
27,372
7672965.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
5,097
4,765
7673043.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
4,199
3,850
7673157.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
14,169
12,909
7673560.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
2,384
2,190
7673595.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
11,930
11,090
7673962.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
11,257
10,379
7674174.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
2,230
2,037
7674236.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
7,609
7,084
7674435.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
1,275
1,177
7674465.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
23,241
21,596
7675084.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
5,408
4,948
7675227.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
50,693
47,036
7675858.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
29,938
27,569
7676242.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
28,318
26,150
7676659.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
6,127
5,726
7676761.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
4,896
4,569
7676834.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
2,631
2,404
7676891.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
5,528
5,079
7676971.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
44,924
41,049
7677238.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
1,014
924
7677286.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
1,483
1,344
7677328.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
22,193
20,785
7677953.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
2,157
1,993
7678020.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
6,467
5,917
7678212.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
3,301
3,044
7678325.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
9,234
8,558
7678476.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
3,704
3,412
7678551.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
42,732
39,849
7679023.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
1,598
1,471
7679039.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
2,612
2,392
7679072.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
1,819
1,678
7679109.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
1,078
1,008
7679132.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
14,165
13,214
7679301.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
6,118
5,718
7679386.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
6,851
6,361
7679500.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
13,187
12,329
7679735.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
1,352
1,240
7679769.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
5,060
4,684
7679824.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
2,573
2,395
7679873.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
1,374
1,270
7679904.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
1,087
988
7679932.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
21,551
20,108
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)
Block,
Inc.
(continued)
7680177.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
$
2,482
$
2,267
7680242.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
17,282
16,122
7682287.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
947
861
7682349.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
26,500
24,644
7683137.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
6,966
6,494
7683330.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
1,007
925
7683362.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
2,557
2,333
7683420.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
20,896
19,530
7683918.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
3,759
3,475
7683968.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
12,564
11,765
7684077.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
2,643
2,455
7684114.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
5,986
5,605
7684208.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
1,421
1,321
7684244.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
32,773
30,368
7684714.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
2,208
2,043
7684768.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
65,306
60,684
7685756.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
4,561
4,172
7685832.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
5,414
5,060
7685965.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
3,273
3,035
7686011.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
46,825
43,641
7686046.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
3,835
3,590
7686225.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
2,806
2,606
7686363.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
12,335
11,408
7686699.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
6,605
6,157
7687046.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
14,176
13,007
7687478.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
66,356
61,868
7688769.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
7,229
6,725
7688969.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
21,911
20,360
7689288.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
3,570
3,296
7689348.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
911
827
7689360.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
1,977
1,810
7689383.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
1,220
1,131
7689396.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
827
750
7689406.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
6,402
5,956
7689499.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
1,538
1,413
7689528.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
1,626
1,515
7689554.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
3,785
3,506
7689594.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
10,213
9,518
7689723.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
5,280
4,799
7689794.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
2,609
2,395
7689823.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
3,830
3,579
7689881.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
21,101
19,671
7690173.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
3,874
3,626
7690244.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
2,144
1,987
7690284.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
1,562
1,446
7690305.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
4,940
4,579
7690350.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
1,182
1,077
7690365.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
18,490
17,177
7690576.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
5,505
5,132
7690639.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
545
508
7690645.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
1,133
1,038
7690663.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
2,840
2,618
7690708.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
21,383
19,977
7691188.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
21,752
20,322
7691820.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
17,398
16,167
7692257.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
3,730
3,468
7692327.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
3,601
3,301
7692413.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
3,809
3,510
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7692497.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
$
2,299
$
2,138
7692514.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
9,440
8,772
7692644.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
16,234
15,165
7692901.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
43,421
40,585
7693481.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
10,233
9,497
7693629.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
41,395
38,264
7694203.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
2,463
2,268
7694251.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
42,420
38,985
7694579.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
2,104
1,949
7694647.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
2,895
2,705
7694703.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
2,447
2,236
7694773.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
3,388
3,099
7694877.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
8,838
8,171
7695120.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
1,073
980
7695167.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
14,427
13,473
7695580.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
37,671
35,115
7696246.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
60,347
56,253
7697053.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
4,058
3,760
7697100.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
70,125
64,206
7697586.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
4,416
4,125
7697725.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
1,812
1,669
7697760.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
14,564
13,609
7698114.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
11,370
10,453
7698469.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
4,947
4,621
7698543.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
571
524
7698550.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
16,379
15,264
7698851.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
7,491
6,997
7698956.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
53,799
49,864
7699571.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
6,604
6,155
7699678.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
73,354
68,020
7701604.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
28,641
26,683
7702377.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
14,794
13,607
7702770.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
25,602
23,844
7703272.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
5,587
5,206
7703342.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
4,933
4,608
7703447.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
7,374
6,858
7703659.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
1,898
1,747
7703690.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
4,114
3,784
7703768.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
9,555
8,725
7703931.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
5,965
5,563
7704025.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
4,927
4,575
7704108.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
36,635
34,213
7704446.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
33,582
31,417
7705452.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
10,519
9,630
7705636.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
1,363
1,249
7705658.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
7,389
6,913
7705870.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
11,994
11,196
7706046.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
30,109
27,991
7706641.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
9,465
8,766
7706760.SQ.FTS.B,
Zero
Cpn,
10/20/25
..
1,427
1,312
7706800.SQ.FTS.B,
Zero
Cpn,
10/20/25
..
38,222
35,271
7707236.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
1,874
1,750
7707263.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
12,385
11,474
7707433.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
1,758
1,623
7707465.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
5,167
4,760
7707523.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
10,440
9,551
7707639.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
2,896
2,662
7707663.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
3,361
3,139
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
117
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
7707699.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
$
5,762
$
5,380
7708047.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
755
689
7708069.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
8,626
7,903
7708335.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
9,651
8,785
7708527.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
3,258
2,984
7708559.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
14,897
13,851
7708698.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
21,689
20,241
7708913.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
4,592
4,198
7708954.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
1,857
1,706
7708968.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
5,584
5,214
7708998.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
4,884
4,534
7709065.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
13,685
12,750
7709193.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
12,151
11,118
7709339.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
1,467
1,338
7709358.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
10,822
10,059
7709659.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
40,760
37,887
7709732.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
5,184
4,765
7709871.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
10,319
9,634
7710153.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
7,106
6,577
7710290.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
28,825
26,365
7710649.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
825
764
7710660.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
7,869
7,347
7710838.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
1,292
1,188
7710864.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
23,612
22,048
7712558.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
2,531
2,332
7712790.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
1,381
1,253
7712804.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
10,804
10,043
7713605.SQ.FTS.B,
Zero
Cpn,
10/24/25
..
4,522
4,166
7716286.SQ.FTS.B,
Zero
Cpn,
10/24/25
..
18,053
16,527
7721341.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
6,543
6,011
7721658.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
25,659
23,748
7722216.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
7,157
6,679
7722327.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
4,203
3,923
7722377.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
2,256
2,078
7722407.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
3,648
3,340
7722451.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
39,935
37,106
7722939.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
8,499
7,845
7723018.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
5,112
4,750
7723060.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
10,675
9,807
7723151.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
2,752
2,544
7723191.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
2,142
1,961
7723215.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
1,603
1,484
7723243.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
10,906
10,072
7723359.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
8,232
7,685
7723453.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
6,139
5,704
7723529.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
2,101
1,961
7723554.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
8,759
8,110
7723645.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
9,984
9,277
7723735.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
10,954
10,178
7723818.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
1,992
1,824
7723857.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
989
901
7723871.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
72,259
66,156
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
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
3255010.SQ.FTS.B,
Zero
Cpn,
4/07/32
...
$
1,659
$
–
3260194.SQ.FTS.B,
Zero
Cpn,
4/09/32
...
204
–
3297660.SQ.FTS.B,
Zero
Cpn,
4/24/32
...
556
–
3311752.SQ.FTS.B,
Zero
Cpn,
4/30/32
...
252
–
3320535.SQ.FTS.B,
Zero
Cpn,
5/05/32
...
13,177
–
3336181.SQ.FTS.B,
Zero
Cpn,
5/12/32
...
7,935
–
3336690.SQ.FTS.B,
Zero
Cpn,
5/12/32
...
486
–
3344944.SQ.FTS.B,
Zero
Cpn,
5/17/32
...
877
–
3361155.SQ.FTS.B,
Zero
Cpn,
5/19/32
...
1,466
–
3365511.SQ.FTS.B,
Zero
Cpn,
5/20/32
...
243
–
3366564.SQ.FTS.B,
Zero
Cpn,
5/20/32
...
120
–
3371556.SQ.FTS.B,
Zero
Cpn,
5/23/32
...
698
–
3401486.SQ.FTS.B,
Zero
Cpn,
6/02/32
...
263
–
3407926.SQ.FTS.B,
Zero
Cpn,
6/03/32
...
1,511
–
3411766.SQ.FTS.B,
Zero
Cpn,
6/04/32
...
5,695
1
3414237.SQ.FTS.B,
Zero
Cpn,
6/05/32
...
2,276
–
3415734.SQ.FTS.B,
Zero
Cpn,
6/07/32
...
4,366
–
3419699.SQ.FTS.B,
Zero
Cpn,
6/08/32
...
10,480
–
3425756.SQ.FTS.B,
Zero
Cpn,
6/10/32
...
821
–
3428606.SQ.FTS.B,
Zero
Cpn,
6/11/32
...
2,028
–
3432767.SQ.FTS.B,
Zero
Cpn,
6/14/32
...
1,841
–
3433089.SQ.FTS.B,
Zero
Cpn,
6/14/32
...
396
–
3434383.SQ.FTS.B,
Zero
Cpn,
6/14/32
...
11,741
–
3435958.SQ.FTS.B,
Zero
Cpn,
6/15/32
...
2,155
–
3436460.SQ.FTS.B,
Zero
Cpn,
6/15/32
...
585
–
3436486.SQ.FTS.B,
Zero
Cpn,
6/15/32
...
376
–
3437194.SQ.FTS.B,
Zero
Cpn,
6/15/32
...
1,490
–
3437850.SQ.FTS.B,
Zero
Cpn,
6/16/32
...
4,084
–
3452149.SQ.FTS.B,
Zero
Cpn,
6/21/32
...
969
–
3463095.SQ.FTS.B,
Zero
Cpn,
6/23/32
...
11,405
–
3472489.SQ.FTS.B,
Zero
Cpn,
6/26/32
...
2,604
–
3487584.SQ.FTS.B,
Zero
Cpn,
6/30/32
...
2,184
–
3510070.SQ.FTS.B,
Zero
Cpn,
7/06/32
...
25,800
–
3513483.SQ.FTS.B,
Zero
Cpn,
7/07/32
...
4,792
–
3516078.SQ.FTS.B,
Zero
Cpn,
7/08/32
...
8,033
–
3521469.SQ.FTS.B,
Zero
Cpn,
7/08/32
...
3,422
–
3559884.SQ.FTS.B,
Zero
Cpn,
7/19/32
...
616
–
3566831.SQ.FTS.B,
Zero
Cpn,
7/20/32
...
2,799
–
3572652.SQ.FTS.B,
Zero
Cpn,
7/21/32
...
758
–
3573904.SQ.FTS.B,
Zero
Cpn,
7/21/32
...
2,469
–
3612013.SQ.FTS.B,
Zero
Cpn,
7/29/32
...
3,513
–
3612313.SQ.FTS.B,
Zero
Cpn,
7/30/32
...
3,994
–
3616837.SQ.FTS.B,
Zero
Cpn,
8/01/32
...
1,256
–
3622745.SQ.FTS.B,
Zero
Cpn,
8/03/32
...
5,722
–
3629212.SQ.FTS.B,
Zero
Cpn,
8/05/32
...
316
–
3631012.SQ.FTS.B,
Zero
Cpn,
8/07/32
...
702
–
3693768.SQ.FTS.B,
Zero
Cpn,
8/20/32
...
1,735
–
3700150.SQ.FTS.B,
Zero
Cpn,
8/22/32
...
3,008
–
3760407.SQ.FTS.B,
Zero
Cpn,
9/01/32
...
3,543
–
3842781.SQ.FTS.B,
Zero
Cpn,
9/11/32
...
10,067
1
3849054.SQ.FTS.B,
Zero
Cpn,
9/12/32
...
679
–
3849313.SQ.FTS.B,
Zero
Cpn,
9/12/32
...
204
–
3849333.SQ.FTS.B,
Zero
Cpn,
9/12/32
...
8,085
–
3869455.SQ.FTS.B,
Zero
Cpn,
9/17/32
...
7,514
–
3877914.SQ.FTS.B,
Zero
Cpn,
9/18/32
...
1,608
–
3908447.SQ.FTS.B,
Zero
Cpn,
9/24/32
...
608
–
3944713.SQ.FTS.B,
Zero
Cpn,
9/30/32
...
16,717
–
3948363.SQ.FTS.B,
Zero
Cpn,
9/30/32
...
386
–
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)
Block,
Inc.
(continued)
3953673.SQ.FTS.B,
Zero
Cpn,
9/30/32
...
$
673
$
–
3953788.SQ.FTS.B,
Zero
Cpn,
9/30/32
...
6,116
–
3988483.SQ.FTS.B,
Zero
Cpn,
10/06/32
..
6,804
–
3995187.SQ.FTS.B,
Zero
Cpn,
10/07/32
..
966
–
4006108.SQ.FTS.B,
Zero
Cpn,
10/08/32
..
3,609
–
4012864.SQ.FTS.B,
Zero
Cpn,
10/08/32
..
418
–
4027848.SQ.FTS.B,
Zero
Cpn,
10/13/32
..
13,882
–
4030312.SQ.FTS.B,
Zero
Cpn,
10/13/32
..
596
–
4039216.SQ.FTS.B,
Zero
Cpn,
10/15/32
..
645
–
4042564.SQ.FTS.B,
Zero
Cpn,
10/15/32
..
379
–
4044447.SQ.FTS.B,
Zero
Cpn,
10/16/32
..
14,344
–
4077814.SQ.FTS.B,
Zero
Cpn,
10/23/32
..
2,357
–
4079086.SQ.FTS.B,
Zero
Cpn,
10/23/32
..
3,779
–
4079838.SQ.FTS.B,
Zero
Cpn,
10/23/32
..
6,825
–
4080547.SQ.FTS.B,
Zero
Cpn,
10/24/32
..
1,952
–
4095538.SQ.FTS.B,
Zero
Cpn,
10/28/32
..
3,487
–
4125734.SQ.FTS.B,
Zero
Cpn,
11/05/32
..
4,285
–
4138127.SQ.FTS.B,
Zero
Cpn,
11/09/32
..
2,987
–
4142060.SQ.FTS.B,
Zero
Cpn,
11/10/32
..
1,222
–
4147030.SQ.FTS.B,
Zero
Cpn,
11/11/32
..
346
–
4163065.SQ.FTS.B,
Zero
Cpn,
11/14/32
..
1,168
–
4171680.SQ.FTS.B,
Zero
Cpn,
11/17/32
..
3,222
–
4171907.SQ.FTS.B,
Zero
Cpn,
11/17/32
..
4,783
–
4186988.SQ.FTS.B,
Zero
Cpn,
11/20/32
..
375
–
4189414.SQ.FTS.B,
Zero
Cpn,
11/20/32
..
259
–
4197129.SQ.FTS.B,
Zero
Cpn,
11/21/32
..
38
–
4200379.SQ.FTS.B,
Zero
Cpn,
11/23/32
..
1,060
–
4207561.SQ.FTS.B,
Zero
Cpn,
11/25/32
..
1,742
–
4229796.SQ.FTS.B,
Zero
Cpn,
11/27/32
..
2,213
–
4267608.SQ.FTS.B,
Zero
Cpn,
12/04/32
..
4,641
–
4271659.SQ.FTS.B,
Zero
Cpn,
12/04/32
..
970
–
4280865.SQ.FTS.B,
Zero
Cpn,
12/07/32
..
7,930
–
4309215.SQ.FTS.B,
Zero
Cpn,
12/10/32
..
2,829
–
4314394.SQ.FTS.B,
Zero
Cpn,
12/11/32
..
4,763
–
4315019.SQ.FTS.B,
Zero
Cpn,
12/11/32
..
1,296
–
4315085.SQ.FTS.B,
Zero
Cpn,
12/11/32
..
753
–
4333949.SQ.FTS.B,
Zero
Cpn,
12/17/32
..
1,348
–
4342268.SQ.FTS.B,
Zero
Cpn,
12/20/32
..
3,769
–
4345972.SQ.FTS.B,
Zero
Cpn,
12/21/32
..
457
–
4352084.SQ.FTS.B,
Zero
Cpn,
12/22/32
..
1,688
–
4352239.SQ.FTS.B,
Zero
Cpn,
12/22/32
..
620
1
4383604.SQ.FTS.B,
Zero
Cpn,
12/30/32
..
2,916
–
4390373.SQ.FTS.B,
Zero
Cpn,
1/02/33
...
527
–
4390406.SQ.FTS.B,
Zero
Cpn,
1/02/33
...
861
–
4394687.SQ.FTS.B,
Zero
Cpn,
1/06/33
...
832
–
4413064.SQ.FTS.B,
Zero
Cpn,
1/15/33
...
713
–
4413957.SQ.FTS.B,
Zero
Cpn,
1/16/33
...
356
–
4430691.SQ.FTS.B,
Zero
Cpn,
1/22/33
...
968
–
4431496.SQ.FTS.B,
Zero
Cpn,
1/22/33
...
432
–
4438299.SQ.FTS.B,
Zero
Cpn,
1/27/33
...
2,530
–
4438563.SQ.FTS.B,
Zero
Cpn,
1/27/33
...
14,155
–
4452962.SQ.FTS.B,
Zero
Cpn,
2/03/33
...
8,915
–
4455128.SQ.FTS.B,
Zero
Cpn,
2/04/33
...
2,253
–
4457642.SQ.FTS.B,
Zero
Cpn,
2/05/33
...
3,469
–
4463189.SQ.FTS.B,
Zero
Cpn,
2/09/33
...
2,140
–
4465207.SQ.FTS.B,
Zero
Cpn,
2/10/33
...
3,432
–
4481855.SQ.FTS.B,
Zero
Cpn,
2/19/33
...
1,079
–
4481874.SQ.FTS.B,
Zero
Cpn,
2/19/33
...
1,551
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4484475.SQ.FTS.B,
Zero
Cpn,
2/20/33
...
$
3,439
$
–
4484542.SQ.FTS.B,
Zero
Cpn,
2/20/33
...
6,016
–
4488928.SQ.FTS.B,
Zero
Cpn,
2/23/33
...
703
–
4489974.SQ.FTS.B,
Zero
Cpn,
2/24/33
...
4,041
–
4499783.SQ.FTS.B,
Zero
Cpn,
2/28/33
...
2,186
–
4508723.SQ.FTS.B,
Zero
Cpn,
3/02/33
...
6,372
–
4510936.SQ.FTS.B,
Zero
Cpn,
3/03/33
...
3,094
–
4513287.SQ.FTS.B,
Zero
Cpn,
3/04/33
...
12,361
1
4514072.SQ.FTS.B,
Zero
Cpn,
3/05/33
...
1,866
–
4516974.SQ.FTS.B,
Zero
Cpn,
3/07/33
...
88
–
4519611.SQ.FTS.B,
Zero
Cpn,
3/08/33
...
12,933
–
4532929.SQ.FTS.B,
Zero
Cpn,
3/14/33
...
2,327
–
4534513.SQ.FTS.B,
Zero
Cpn,
3/15/33
...
304
–
4535094.SQ.FTS.B,
Zero
Cpn,
3/15/33
...
3,360
–
4540937.SQ.FTS.B,
Zero
Cpn,
3/17/33
...
6,282
–
4546342.SQ.FTS.B,
Zero
Cpn,
3/20/33
...
3,208
–
4548999.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
4,823
–
4549725.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
3,736
1
4549873.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
201
–
4549880.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
3,819
–
4550163.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
1,397
–
4550265.SQ.FTS.B,
Zero
Cpn,
3/21/33
...
545
–
4555245.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
4,885
–
4556429.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
3,512
–
4556489.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
2,576
–
4556569.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
18,356
–
4557410.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
5,012
–
4558347.SQ.FTS.B,
Zero
Cpn,
3/23/33
...
1,070
–
4561168.SQ.FTS.B,
Zero
Cpn,
3/24/33
...
715
–
4561751.SQ.FTS.B,
Zero
Cpn,
3/25/33
...
3,074
–
4562273.SQ.FTS.B,
Zero
Cpn,
3/26/33
...
3,405
–
4563389.SQ.FTS.B,
Zero
Cpn,
3/27/33
...
3,392
–
4565857.SQ.FTS.B,
Zero
Cpn,
3/27/33
...
14,859
1
4579623.SQ.FTS.B,
Zero
Cpn,
4/01/33
...
30,289
1
4581333.SQ.FTS.B,
Zero
Cpn,
4/02/33
...
3,759
1
4581555.SQ.FTS.B,
Zero
Cpn,
4/02/33
...
12,644
–
4582331.SQ.FTS.B,
Zero
Cpn,
4/03/33
...
5,425
–
4585539.SQ.FTS.B,
Zero
Cpn,
4/04/33
...
643
–
4586510.SQ.FTS.B,
Zero
Cpn,
4/04/33
...
6,337
–
4589242.SQ.FTS.B,
Zero
Cpn,
4/05/33
...
488
–
4600950.SQ.FTS.B,
Zero
Cpn,
4/07/33
...
936
–
4601418.SQ.FTS.B,
Zero
Cpn,
4/08/33
...
4,582
–
4601908.SQ.FTS.B,
Zero
Cpn,
4/08/33
...
835
–
4603785.SQ.FTS.B,
Zero
Cpn,
4/08/33
...
2,545
–
4604781.SQ.FTS.B,
Zero
Cpn,
4/09/33
...
302
1
4606149.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
2,129
–
4606526.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
462
–
4607817.SQ.FTS.B,
Zero
Cpn,
4/12/33
...
768
–
4609191.SQ.FTS.B,
Zero
Cpn,
4/12/33
...
3,706
–
4612864.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
831
–
4612909.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
2,565
1
4618545.SQ.FTS.B,
Zero
Cpn,
4/14/33
...
2,720
–
4618572.SQ.FTS.B,
Zero
Cpn,
4/14/33
...
927
–
4620208.SQ.FTS.B,
Zero
Cpn,
4/14/33
...
2,314
–
4622912.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
12,026
–
4623698.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
4,549
–
4625409.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
1,903
–
4626052.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
3,539
–
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)
Block,
Inc.
(continued)
4626904.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
$
4,667
$
–
4627946.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
189
–
4630150.SQ.FTS.B,
Zero
Cpn,
4/19/33
...
1,275
–
4630473.SQ.FTS.B,
Zero
Cpn,
4/19/33
...
336
–
4631665.SQ.FTS.B,
Zero
Cpn,
4/20/33
...
4,254
–
4637259.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
146
–
4639123.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
1,166
–
4639291.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
2,606
–
4641955.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
13,703
–
4645672.SQ.FTS.B,
Zero
Cpn,
4/26/33
...
10,185
–
4646107.SQ.FTS.B,
Zero
Cpn,
4/26/33
...
2,393
–
4646691.SQ.FTS.B,
Zero
Cpn,
4/26/33
...
582
–
4650952.SQ.FTS.B,
Zero
Cpn,
4/28/33
...
2,708
1
4652170.SQ.FTS.B,
Zero
Cpn,
4/28/33
...
3,326
–
4654724.SQ.FTS.B,
Zero
Cpn,
4/29/33
...
439
–
4655105.SQ.FTS.B,
Zero
Cpn,
4/29/33
...
1,842
–
4656767.SQ.FTS.B,
Zero
Cpn,
4/30/33
...
2,269
–
4660577.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
5,607
–
4660611.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
1,867
–
4662056.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
40,082
–
4665723.SQ.FTS.B,
Zero
Cpn,
5/03/33
...
813
–
4668525.SQ.FTS.B,
Zero
Cpn,
5/04/33
...
412
–
4669203.SQ.FTS.B,
Zero
Cpn,
5/04/33
...
309
–
4669930.SQ.FTS.B,
Zero
Cpn,
5/04/33
...
1,076
–
4679063.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
2,470
–
4681090.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
1,211
–
4682306.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
19,587
–
4684103.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
761
–
4684220.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
332
–
4704761.SQ.FTS.B,
Zero
Cpn,
5/10/33
...
1,417
–
4706260.SQ.FTS.B,
Zero
Cpn,
5/10/33
...
3,411
–
4710517.SQ.FTS.B,
Zero
Cpn,
5/12/33
...
3,151
1
4717011.SQ.FTS.B,
Zero
Cpn,
5/15/33
...
8,731
3
4719485.SQ.FTS.B,
Zero
Cpn,
5/15/33
...
1,259
1
4723323.SQ.FTS.B,
Zero
Cpn,
5/16/33
...
239
–
4746441.SQ.FTS.B,
Zero
Cpn,
5/19/33
...
1,214
1
4761481.SQ.FTS.B,
Zero
Cpn,
5/23/33
...
4,254
8
4763575.SQ.FTS.B,
Zero
Cpn,
5/23/33
...
1,338
2
4773719.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
1,216
3
4789346.SQ.FTS.B,
Zero
Cpn,
5/29/33
...
6,004
8
4790074.SQ.FTS.B,
Zero
Cpn,
5/29/33
...
1,864
2
4794467.SQ.FTS.B,
Zero
Cpn,
5/30/33
...
116
–
4796271.SQ.FTS.B,
Zero
Cpn,
5/30/33
...
1,575
4
4799750.SQ.FTS.B,
Zero
Cpn,
6/01/33
...
3,222
9
4810478.SQ.FTS.B,
Zero
Cpn,
6/03/33
...
13,210
27
4812628.SQ.FTS.B,
Zero
Cpn,
6/03/33
...
7,404
10
4814186.SQ.FTS.B,
Zero
Cpn,
6/03/33
...
3,604
5
4819764.SQ.FTS.B,
Zero
Cpn,
6/07/33
...
1,187
3
4829812.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
291
1
4829826.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
2,529
6
4831455.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
1,012
2
4832246.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
58
–
4839177.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
1,366
1
4839467.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
1,586
7
4840100.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
1,543
6
4860368.SQ.FTS.B,
Zero
Cpn,
6/17/33
...
989
5
4862382.SQ.FTS.B,
Zero
Cpn,
6/18/33
...
5,131
8
4862453.SQ.FTS.B,
Zero
Cpn,
6/18/33
...
264
2
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4862500.SQ.FTS.B,
Zero
Cpn,
6/18/33
...
$
1,216
$
6
4863679.SQ.FTS.B,
Zero
Cpn,
6/20/33
...
16,205
40
4864955.SQ.FTS.B,
Zero
Cpn,
6/20/33
...
7,356
42
4866679.SQ.FTS.B,
Zero
Cpn,
6/20/33
...
1,660
9
4867627.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
2,052
6
4867691.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
43
–
4868123.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
533
2
4868930.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
1,648
5
4871945.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
5,985
16
4872471.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
1,391
3
4872677.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
3,275
22
4873083.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
9,479
25
4873268.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
6,701
44
4873945.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
3,094
7
4874117.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
4,124
26
4877302.SQ.FTS.B,
Zero
Cpn,
6/25/33
...
624
3
4877319.SQ.FTS.B,
Zero
Cpn,
6/25/33
...
1,558
10
4877812.SQ.FTS.B,
Zero
Cpn,
6/26/33
...
2,158
11
4878164.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
1,651
13
4880047.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
132
–
4880109.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
10,497
69
4880571.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
14,651
89
4881617.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
1,646
4
4881988.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
41,908
313
4882604.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
4,323
16
4886936.SQ.FTS.B,
Zero
Cpn,
6/30/33
...
29,822
70
4889578.SQ.FTS.B,
Zero
Cpn,
7/01/33
...
6,235
31
4891549.SQ.FTS.B,
Zero
Cpn,
7/03/33
...
3,445
10
4893163.SQ.FTS.B,
Zero
Cpn,
7/04/33
...
12,426
40
4901122.SQ.FTS.B,
Zero
Cpn,
7/07/33
...
611
3
4905832.SQ.FTS.B,
Zero
Cpn,
7/10/33
...
6,058
44
4907500.SQ.FTS.B,
Zero
Cpn,
7/11/33
...
4,190
22
4908035.SQ.FTS.B,
Zero
Cpn,
7/11/33
...
5,837
15
4923842.SQ.FTS.B,
Zero
Cpn,
7/16/33
...
1,929
11
4924187.SQ.FTS.B,
Zero
Cpn,
7/17/33
...
357
4
4925184.SQ.FTS.B,
Zero
Cpn,
7/18/33
...
2,723
29
4925548.SQ.FTS.B,
Zero
Cpn,
7/18/33
...
16,715
199
4925972.SQ.FTS.B,
Zero
Cpn,
7/18/33
...
7,444
55
4926169.SQ.FTS.B,
Zero
Cpn,
7/18/33
...
261
3
4927104.SQ.FTS.B,
Zero
Cpn,
7/19/33
...
7,625
79
4937358.SQ.FTS.B,
Zero
Cpn,
7/24/33
...
640
3
4938983.SQ.FTS.B,
Zero
Cpn,
7/25/33
...
1,318
6
4942412.SQ.FTS.B,
Zero
Cpn,
7/26/33
...
13,011
80
4955556.SQ.FTS.B,
Zero
Cpn,
7/29/33
...
1,340
3
4960204.SQ.FTS.B,
Zero
Cpn,
7/31/33
...
361
3
4967772.SQ.FTS.B,
Zero
Cpn,
8/02/33
...
6,680
102
4968011.SQ.FTS.B,
Zero
Cpn,
8/02/33
...
732
7
4968065.SQ.FTS.B,
Zero
Cpn,
8/02/33
...
9,113
92
4975394.SQ.FTS.B,
Zero
Cpn,
8/05/33
...
1,503
10
4981564.SQ.FTS.B,
Zero
Cpn,
8/09/33
...
474
4
4981810.SQ.FTS.B,
Zero
Cpn,
8/09/33
...
913
9
4989575.SQ.FTS.B,
Zero
Cpn,
8/11/33
...
1,283
16
4990427.SQ.FTS.B,
Zero
Cpn,
8/12/33
...
646
4
4990812.SQ.FTS.B,
Zero
Cpn,
8/12/33
...
3,319
23
4991412.SQ.FTS.B,
Zero
Cpn,
8/13/33
...
1,244
11
4992493.SQ.FTS.B,
Zero
Cpn,
8/14/33
...
1,237
13
4993580.SQ.FTS.B,
Zero
Cpn,
8/14/33
...
600
7
5006802.SQ.FTS.B,
Zero
Cpn,
8/16/33
...
7,127
109
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)
Block,
Inc.
(continued)
5019192.SQ.FTS.B,
Zero
Cpn,
8/17/33
...
$
10,195
$
92
5026306.SQ.FTS.B,
Zero
Cpn,
8/19/33
...
5,011
77
5027172.SQ.FTS.B,
Zero
Cpn,
8/21/33
...
156
1
5042184.SQ.FTS.B,
Zero
Cpn,
8/25/33
...
127
2
5044278.SQ.FTS.B,
Zero
Cpn,
8/27/33
...
4,435
44
5047301.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
4,140
48
5053049.SQ.FTS.B,
Zero
Cpn,
9/02/33
...
110
2
5058089.SQ.FTS.B,
Zero
Cpn,
9/03/33
...
14,656
198
5062108.SQ.FTS.B,
Zero
Cpn,
9/05/33
...
2,002
9
5065553.SQ.FTS.B,
Zero
Cpn,
9/07/33
...
11,144
47
5075271.SQ.FTS.B,
Zero
Cpn,
9/10/33
...
1,219
10
5075710.SQ.FTS.B,
Zero
Cpn,
9/11/33
...
2,580
69
5075922.SQ.FTS.B,
Zero
Cpn,
9/11/33
...
309
3
5090985.SQ.FTS.B,
Zero
Cpn,
9/17/33
...
383
5
5096024.SQ.FTS.B,
Zero
Cpn,
9/21/33
...
9,361
123
5096286.SQ.FTS.B,
Zero
Cpn,
9/21/33
...
250
4
5099070.SQ.FTS.B,
Zero
Cpn,
9/22/33
...
659
9
5102362.SQ.FTS.B,
Zero
Cpn,
9/23/33
...
26,662
415
5109707.SQ.FTS.B,
Zero
Cpn,
9/25/33
...
478
10
5110232.SQ.FTS.B,
Zero
Cpn,
9/26/33
...
4,917
101
5110450.SQ.FTS.B,
Zero
Cpn,
9/26/33
...
4,298
76
5114631.SQ.FTS.B,
Zero
Cpn,
9/29/33
...
2,038
41
5118658.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
879
19
5122398.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
5,431
92
5123250.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
2,209
43
5123870.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
461
13
5130538.SQ.FTS.B,
Zero
Cpn,
10/04/33
..
2,193
24
5132890.SQ.FTS.B,
Zero
Cpn,
10/05/33
..
30,012
791
5134488.SQ.FTS.B,
Zero
Cpn,
10/05/33
..
1,144
14
5135982.SQ.FTS.B,
Zero
Cpn,
10/05/33
..
11,822
133
5138301.SQ.FTS.B,
Zero
Cpn,
10/06/33
..
2,419
69
5142732.SQ.FTS.B,
Zero
Cpn,
10/07/33
..
172
2
5144732.SQ.FTS.B,
Zero
Cpn,
10/07/33
..
2,684
49
5146188.SQ.FTS.B,
Zero
Cpn,
10/08/33
..
6,782
148
5154060.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
494
15
5155680.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
521
6
5156338.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
2,755
79
5156676.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
1,284
20
5160593.SQ.FTS.B,
Zero
Cpn,
10/13/33
..
14,723
263
5162594.SQ.FTS.B,
Zero
Cpn,
10/14/33
..
508
6
5163731.SQ.FTS.B,
Zero
Cpn,
10/14/33
..
7,221
119
5164639.SQ.FTS.B,
Zero
Cpn,
10/14/33
..
334
11
5172784.SQ.FTS.B,
Zero
Cpn,
10/17/33
..
6,176
150
5179416.SQ.FTS.B,
Zero
Cpn,
10/18/33
..
2,654
63
5181201.SQ.FTS.B,
Zero
Cpn,
10/19/33
..
6,478
189
5183474.SQ.FTS.B,
Zero
Cpn,
10/19/33
..
575
19
5210392.SQ.FTS.B,
Zero
Cpn,
10/23/33
..
2,424
31
5220660.SQ.FTS.B,
Zero
Cpn,
10/26/33
..
1,536
27
5241436.SQ.FTS.B,
Zero
Cpn,
11/01/33
..
3,606
74
5243505.SQ.FTS.B,
Zero
Cpn,
11/02/33
..
20,719
602
5244949.SQ.FTS.B,
Zero
Cpn,
11/02/33
..
2,287
71
5245623.SQ.FTS.B,
Zero
Cpn,
11/02/33
..
4,046
94
5250706.SQ.FTS.B,
Zero
Cpn,
11/03/33
..
1,023
39
5250769.SQ.FTS.B,
Zero
Cpn,
11/03/33
..
1,742
14
5254554.SQ.FTS.B,
Zero
Cpn,
11/04/33
..
5,092
66
5254769.SQ.FTS.B,
Zero
Cpn,
11/04/33
..
1,097
43
5255302.SQ.FTS.B,
Zero
Cpn,
11/04/33
..
19,141
388
5262459.SQ.FTS.B,
Zero
Cpn,
11/05/33
..
220
4
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5266476.SQ.FTS.B,
Zero
Cpn,
11/05/33
..
$
4,839
$
70
5266837.SQ.FTS.B,
Zero
Cpn,
11/05/33
..
3,783
124
5281103.SQ.FTS.B,
Zero
Cpn,
11/10/33
..
8,490
122
5293954.SQ.FTS.B,
Zero
Cpn,
11/14/33
..
344
10
5296287.SQ.FTS.B,
Zero
Cpn,
11/16/33
..
207
6
5305068.SQ.FTS.B,
Zero
Cpn,
11/17/33
..
77,744
1,937
5313405.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
546
11
5316290.SQ.FTS.B,
Zero
Cpn,
11/19/33
..
884
34
5322693.SQ.FTS.B,
Zero
Cpn,
11/20/33
..
874
17
5325004.SQ.FTS.B,
Zero
Cpn,
11/22/33
..
1,379
52
5328895.SQ.FTS.B,
Zero
Cpn,
11/23/33
..
2,371
95
5329785.SQ.FTS.B,
Zero
Cpn,
11/23/33
..
1,629
33
5330101.SQ.FTS.B,
Zero
Cpn,
11/23/33
..
4,351
219
5363132.SQ.FTS.B,
Zero
Cpn,
11/26/33
..
7,301
250
5372948.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
7,104
280
5374200.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
7,532
354
5380422.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
12,758
259
5381740.SQ.FTS.B,
Zero
Cpn,
11/29/33
..
733
15
5394107.SQ.FTS.B,
Zero
Cpn,
11/30/33
..
101
5
5400388.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
2,133
116
5411337.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
839
39
5414116.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
15,698
607
5414769.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
2,336
26
5462926.SQ.FTS.B,
Zero
Cpn,
12/03/33
..
3,148
36
5473313.SQ.FTS.B,
Zero
Cpn,
12/04/33
..
665
26
5474055.SQ.FTS.B,
Zero
Cpn,
12/05/33
..
1,008
49
5507161.SQ.FTS.B,
Zero
Cpn,
12/08/33
..
8,476
321
5518301.SQ.FTS.B,
Zero
Cpn,
12/08/33
..
22,861
1,514
5528209.SQ.FTS.B,
Zero
Cpn,
12/09/33
..
9,462
467
5532399.SQ.FTS.B,
Zero
Cpn,
12/09/33
..
1,906
41
5534237.SQ.FTS.B,
Zero
Cpn,
12/09/33
..
6,220
263
5537587.SQ.FTS.B,
Zero
Cpn,
12/10/33
..
2,687
61
5540468.SQ.FTS.B,
Zero
Cpn,
12/11/33
..
1,805
67
5550397.SQ.FTS.B,
Zero
Cpn,
12/14/33
..
15,348
891
5554806.SQ.FTS.B,
Zero
Cpn,
12/15/33
..
1,418
48
5557572.SQ.FTS.B,
Zero
Cpn,
12/15/33
..
1,381
39
5565100.SQ.FTS.B,
Zero
Cpn,
12/17/33
..
1,552
128
5565348.SQ.FTS.B,
Zero
Cpn,
12/17/33
..
8,568
358
5568047.SQ.FTS.B,
Zero
Cpn,
12/18/33
..
25,893
1,418
5568680.SQ.FTS.B,
Zero
Cpn,
12/18/33
..
302
17
5571589.SQ.FTS.B,
Zero
Cpn,
12/20/33
..
1,376
76
5575033.SQ.FTS.B,
Zero
Cpn,
1
2/21/33
..
1,017
58
5577616.SQ.FTS.B,
Zero
Cpn,
12/22/33
..
314
19
5581276.SQ.FTS.B,
Zero
Cpn,
12/23/33
..
53
4
5584916.SQ.FTS.B,
Zero
Cpn,
12/24/33
..
3,248
216
5588007.SQ.FTS.B,
Zero
Cpn,
12/25/33
..
16,177
420
5588372.SQ.FTS.B,
Zero
Cpn,
12/25/33
..
8,728
352
5588652.SQ.FTS.B,
Zero
Cpn,
12/25/33
..
641
38
5588819.SQ.FTS.B,
Zero
Cpn,
12/26/33
..
1,320
42
5594146.SQ.FTS.B,
Zero
Cpn,
12/28/33
..
3,596
262
5595419.SQ.FTS.B,
Zero
Cpn,
12/28/33
..
1,222
49
5597324.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
569
37
5597616.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
1,268
85
5598446.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
607
15
5600497.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
130
7
5600512.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
8,322
199
5610840.SQ.FTS.B,
Zero
Cpn,
12/30/33
..
7,754
165
5615484.SQ.FTS.B,
Zero
Cpn,
1/01/34
...
9,295
505
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)
Block,
Inc.
(continued)
5618906.SQ.FTS.B,
Zero
Cpn,
1/03/34
...
$
2,590
$
123
5622466.SQ.FTS.B,
Zero
Cpn,
1/05/34
...
1,396
33
5624747.SQ.FTS.B,
Zero
Cpn,
1/05/34
...
1,208
65
5627076.SQ.FTS.B,
Zero
Cpn,
1/06/34
...
7,284
481
5627773.SQ.FTS.B,
Zero
Cpn,
1/06/34
...
1,198
83
5628952.SQ.FTS.B,
Zero
Cpn,
1/06/34
...
4,403
283
5640772.SQ.FTS.B,
Zero
Cpn,
1/07/34
...
553
27
5641349.SQ.FTS.B,
Zero
Cpn,
1/07/34
...
1,084
29
5662108.SQ.FTS.B,
Zero
Cpn,
1/11/34
...
6,816
291
5662396.SQ.FTS.B,
Zero
Cpn,
1/11/34
...
879
49
5667327.SQ.FTS.B,
Zero
Cpn,
1/12/34
...
22,164
1,606
5694516.SQ.FTS.B,
Zero
Cpn,
1/14/34
...
13,188
951
5718687.SQ.FTS.B,
Zero
Cpn,
1/20/34
...
394
24
5719839.SQ.FTS.B,
Zero
Cpn,
1/20/34
...
7,877
702
5729235.SQ.FTS.B,
Zero
Cpn,
1/21/34
...
3,033
113
5732468.SQ.FTS.B,
Zero
Cpn,
1/22/34
...
186
7
5734498.SQ.FTS.B,
Zero
Cpn,
1/22/34
...
1,621
149
5738195.SQ.FTS.B,
Zero
Cpn,
1/25/34
...
854
46
5739159.SQ.FTS.B,
Zero
Cpn,
1/25/34
...
13,484
503
5740833.SQ.FTS.B,
Zero
Cpn,
1/26/34
...
315
12
5741356.SQ.FTS.B,
Zero
Cpn,
1/26/34
...
1,619
31
5742284.SQ.FTS.B,
Zero
Cpn,
1/26/34
...
5,878
547
5744108.SQ.FTS.B,
Zero
Cpn,
1/27/34
...
995
105
5754537.SQ.FTS.B,
Zero
Cpn,
1/29/34
...
930
73
5754674.SQ.FTS.B,
Zero
Cpn,
1/29/34
...
2,696
74
5762467.SQ.FTS.B,
Zero
Cpn,
2/01/34
...
2,052
80
5768898.SQ.FTS.B,
Zero
Cpn,
2/03/34
...
1,889
165
5774005.SQ.FTS.B,
Zero
Cpn,
2/04/34
...
1,473
66
5774288.SQ.FTS.B,
Zero
Cpn,
2/04/34
...
779
33
5779421.SQ.FTS.B,
Zero
Cpn,
2/06/34
...
109
10
5779587.SQ.FTS.B,
Zero
Cpn,
2/06/34
...
969
33
5779612.SQ.FTS.B,
Zero
Cpn,
2/06/34
...
3,348
228
5784284.SQ.FTS.B,
Zero
Cpn,
2/08/34
...
5,640
459
5787095.SQ.FTS.B,
Zero
Cpn,
2/09/34
...
491
45
5790156.SQ.FTS.B,
Zero
Cpn,
2/10/34
...
1,282
94
5790251.SQ.FTS.B,
Zero
Cpn,
2/10/34
...
2,713
93
5801823.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
903
83
5802372.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
5,979
536
5803772.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
752
87
5806812.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
369
29
5807048.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
412
25
5807339.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
7,842
909
5811792.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
1,781
173
5813279.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
2,311
139
5813539.SQ.FTS.B,
Zero
Cpn,
2/13/34
...
2,195
154
5813805.SQ.FTS.B,
Zero
Cpn,
2/13/34
...
190
14
5820502.SQ.FTS.B,
Zero
Cpn,
2/16/34
...
2,422
88
5820697.SQ.FTS.B,
Zero
Cpn,
2/16/34
...
1,220
27
5821573.SQ.FTS.B,
Zero
Cpn,
2/16/34
...
1,346
54
5830235.SQ.FTS.B,
Zero
Cpn,
2/18/34
...
10,562
1,037
5833277.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
1,687
237
5833649.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
7,757
797
5833923.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
3,357
396
5834289.SQ.FTS.B,
Zero
Cpn,
2/20/34
...
609
65
5836241.SQ.FTS.B,
Zero
Cpn,
2/22/34
...
4,473
222
5837597.SQ.FTS.B,
Zero
Cpn,
2/22/34
...
203
22
5837692.SQ.FTS.B,
Zero
Cpn,
2/22/34
...
1,399
82
5837836.SQ.FTS.B,
Zero
Cpn,
2/22/34
...
4,096
301
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5838132.SQ.FTS.B,
Zero
Cpn,
2/22/34
...
$
143
$
12
5842217.SQ.FTS.B,
Zero
Cpn,
2/23/34
...
755
39
5843755.SQ.FTS.B,
Zero
Cpn,
2/24/34
...
5,701
702
5845026.SQ.FTS.B,
Zero
Cpn,
2/24/34
...
716
54
5845038.SQ.FTS.B,
Zero
Cpn,
2/24/34
...
533
48
5846114.SQ.FTS.B,
Zero
Cpn,
2/24/34
...
524
89
5848218.SQ.FTS.B,
Zero
Cpn,
2/25/34
...
270
43
5848518.SQ.FTS.B,
Zero
Cpn,
2/25/34
...
1,179
133
5849069.SQ.FTS.B,
Zero
Cpn,
2/25/34
...
1,694
193
5851164.SQ.FTS.B,
Zero
Cpn,
2/25/34
...
26,208
1,673
5852732.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
6,024
390
5854302.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
3,611
312
5855717.SQ.FTS.B,
Zero
Cpn,
2/27/34
...
1,319
104
5856105.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
129
7
5861074.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
2,179
215
5861387.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
347
18
5862719.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
4,110
191
5867284.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
4,758
326
5871974.SQ.FTS.B,
Zero
Cpn,
3/01/34
...
354
29
5876337.SQ.FTS.B,
Zero
Cpn,
3/02/34
...
2,139
56
5877622.SQ.FTS.B,
Zero
Cpn,
3/03/34
...
1,737
140
5881097.SQ.FTS.B,
Zero
Cpn,
3/06/34
...
1,672
133
5889200.SQ.FTS.B,
Zero
Cpn,
3/08/34
...
402
26
5889950.SQ.FTS.B,
Zero
Cpn,
3/08/34
...
2,001
203
5890652.SQ.FTS.B,
Zero
Cpn,
3/08/34
...
2,944
369
5893134.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
6,287
794
5893733.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
8
1
5894262.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
6,335
736
5894989.SQ.FTS.B,
Zero
Cpn,
3/10/34
...
1,832
237
5901096.SQ.FTS.B,
Zero
Cpn,
3/13/34
...
8,515
875
5901715.SQ.FTS.B,
Zero
Cpn,
3/13/34
...
491
28
5908142.SQ.FTS.B,
Zero
Cpn,
3/15/34
...
5,723
887
5912773.SQ.FTS.B,
Zero
Cpn,
3/16/34
...
13,179
1,577
5914110.SQ.FTS.B,
Zero
Cpn,
3/18/34
...
1,460
230
5918667.SQ.FTS.B,
Zero
Cpn,
3/20/34
...
1,484
320
5922874.SQ.FTS.B,
Zero
Cpn,
3/21/34
...
9,877
1,209
5924210.SQ.FTS.B,
Zero
Cpn,
3/21/34
...
11,933
1,715
5925246.SQ.FTS.B,
Zero
Cpn,
3/21/34
...
3,145
513
5929107.SQ.FTS.B,
Zero
Cpn,
3/22/34
...
4,507
445
5930081.SQ.FTS.B,
Zero
Cpn,
3/22/34
...
1,383
105
5934510.SQ.FTS.B,
Zero
Cpn,
3/24/34
...
877
51
5937710.SQ.FTS.B,
Zero
Cpn,
3/26/34
...
9,403
906
5938544.SQ.FTS.B,
Zero
Cpn,
3/26/34
...
8,920
523
5941408.SQ.FTS.B,
Zero
Cpn,
3/27/34
...
4,276
531
5945430.SQ.FTS.B,
Zero
Cpn,
3/28/34
...
1,621
103
5949113.SQ.FTS.B,
Zero
Cpn,
3/29/34
...
3,452
588
5949246.SQ.FTS.B,
Zero
Cpn,
3/29/34
...
2,143
294
5949611.SQ.FTS.B,
Zero
Cpn,
3/29/34
...
1,338
199
5950325.SQ.FTS.B,
Zero
Cpn,
3/29/34
...
1,266
62
5951713.SQ.FTS.B,
Zero
Cpn,
3/29/34
...
1,794
172
5951743.SQ.FTS.B,
Zero
Cpn,
3/29/34
...
12,231
1,484
5954057.SQ.FTS.B,
Zero
Cpn,
3/30/34
...
10,357
661
5955467.SQ.FTS.B,
Zero
Cpn,
4/01/34
...
4,266
578
5956156.SQ.FTS.B,
Zero
Cpn,
4/01/34
...
4,565
585
5956226.SQ.FTS.B,
Zero
Cpn,
4/02/34
...
5,662
1,200
5961512.SQ.FTS.B,
Zero
Cpn,
4/04/34
...
329
48
5965480.SQ.FTS.B,
Zero
Cpn,
4/05/34
...
2,242
147
5966004.SQ.FTS.B,
Zero
Cpn,
4/05/34
...
25,979
3,870
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.
122
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5966970.SQ.FTS.B,
Zero
Cpn,
4/05/34
...
$
6,042
$
746
5971088.SQ.FTS.B,
Zero
Cpn,
4/06/34
...
549
136
5972193.SQ.FTS.B,
Zero
Cpn,
4/06/34
...
2,834
494
5972346.SQ.FTS.B,
Zero
Cpn,
4/06/34
...
594
40
5974110.SQ.FTS.B,
Zero
Cpn,
4/06/34
...
760
98
5977756.SQ.FTS.B,
Zero
Cpn,
4/07/34
...
10,251
1,483
5978395.SQ.FTS.B,
Zero
Cpn,
4/08/34
...
5,654
351
5978518.SQ.FTS.B,
Zero
Cpn,
4/08/34
...
4,070
327
5980004.SQ.FTS.B,
Zero
Cpn,
4/10/34
...
14,671
1,545
5980834.SQ.FTS.B,
Zero
Cpn,
4/10/34
...
2,059
138
5983711.SQ.FTS.B,
Zero
Cpn,
4/11/34
...
170
12
5983727.SQ.FTS.B,
Zero
Cpn,
4/11/34
...
65
10
5984682.SQ.FTS.B,
Zero
Cpn,
4/12/34
...
390
41
5986413.SQ.FTS.B,
Zero
Cpn,
4/12/34
...
2,347
80
5989761.SQ.FTS.B,
Zero
Cpn,
4/13/34
...
125
14
5991501.SQ.FTS.B,
Zero
Cpn,
4/13/34
...
1,416
141
5991559.SQ.FTS.B,
Zero
Cpn,
4/13/34
...
2,551
284
5992175.SQ.FTS.B,
Zero
Cpn,
4/13/34
...
648
128
5996138.SQ.FTS.B,
Zero
Cpn,
4/14/34
...
2,468
363
5996458.SQ.FTS.B,
Zero
Cpn,
4/15/34
...
9,743
1,897
5997621.SQ.FTS.B,
Zero
Cpn,
4/16/34
...
2,321
132
6000204.SQ.FTS.B,
Zero
Cpn,
4/17/34
...
175
21
6001752.SQ.FTS.B,
Zero
Cpn,
4/18/34
...
3,548
601
6003010.SQ.FTS.B,
Zero
Cpn,
4/18/34
...
1,626
102
6003035.SQ.FTS.B,
Zero
Cpn,
4/18/34
...
40,734
8,988
6004389.SQ.FTS.B,
Zero
Cpn,
4/18/34
...
230
44
6005126.SQ.FTS.B,
Zero
Cpn,
4/19/34
...
3,409
735
6005761.SQ.FTS.B,
Zero
Cpn,
4/19/34
...
771
123
6006837.SQ.FTS.B,
Zero
Cpn,
4/19/34
...
11,360
1,459
6006972.SQ.FTS.B,
Zero
Cpn,
4/19/34
...
377
46
6007073.SQ.FTS.B,
Zero
Cpn,
4/19/34
...
72
12
6007679.SQ.FTS.B,
Zero
Cpn,
4/19/34
...
2,522
268
6010152.SQ.FTS.B,
Zero
Cpn,
4/20/34
...
2,831
216
6011305.SQ.FTS.B,
Zero
Cpn,
4/20/34
...
173
31
6013787.SQ.FTS.B,
Zero
Cpn,
4/21/34
...
291
32
6014176.SQ.FTS.B,
Zero
Cpn,
4/21/34
...
352
33
6015922.SQ.FTS.B,
Zero
Cpn,
4/22/34
...
2,381
425
6017671.SQ.FTS.B,
Zero
Cpn,
4/24/34
...
1,081
208
6020766.SQ.FTS.B,
Zero
Cpn,
4/24/34
...
1,785
276
6020853.SQ.FTS.B,
Zero
Cpn,
4/25/34
...
423
40
6021277.SQ.FTS.B,
Zero
Cpn,
4/25/34
...
4,902
682
6022726.SQ.FTS.B,
Zero
Cpn,
4/25/34
...
660
216
6024779.SQ.FTS.B,
Zero
Cpn,
4/26/34
...
900
147
6025558.SQ.FTS.B,
Zero
Cpn,
4/26/34
...
833
130
6026398.SQ.FTS.B,
Zero
Cpn,
4/26/34
...
2,245
538
6032149.SQ.FTS.B,
Zero
Cpn,
4/27/34
...
1,602
154
6033308.SQ.FTS.B,
Zero
Cpn,
4/28/34
...
2,943
577
6035132.SQ.FTS.B,
Zero
Cpn,
4/28/34
...
352
61
6037303.SQ.FTS.B,
Zero
Cpn,
4/29/34
...
1,979
348
6038307.SQ.FTS.B,
Zero
Cpn,
4/30/34
...
11,023
1,387
6041701.SQ.FTS.B,
Zero
Cpn,
4/30/34
...
6,983
409
6041983.SQ.FTS.B,
Zero
Cpn,
5/01/34
...
40,970
7,779
6046321.SQ.FTS.B,
Zero
Cpn,
5/02/34
...
4,007
504
6046375.SQ.FTS.B,
Zero
Cpn,
5/02/34
...
3,159
158
6047820.SQ.FTS.B,
Zero
Cpn,
5/02/34
...
974
344
6048564.SQ.FTS.B,
Zero
Cpn,
5/02/34
...
844
119
6051129.SQ.FTS.B,
Zero
Cpn,
5/03/34
...
1,570
395
6056014.SQ.FTS.B,
Zero
Cpn,
5/04/34
...
9,034
2,867
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6057856.SQ.FTS.B,
Zero
Cpn,
5/04/34
...
$
4,257
$
736
6058394.SQ.FTS.B,
Zero
Cpn,
5/05/34
...
484
102
6058411.SQ.FTS.B,
Zero
Cpn,
5/05/34
...
454
168
6059813.SQ.FTS.B,
Zero
Cpn,
5/06/34
...
6,787
850
6062536.SQ.FTS.B,
Zero
Cpn,
5/07/34
...
3,143
565
6063093.SQ.FTS.B,
Zero
Cpn,
5/07/34
...
3,406
560
6120750.SQ.FTS.B,
Zero
Cpn,
5/09/34
...
299
72
6120756.SQ.FTS.B,
Zero
Cpn,
5/09/34
...
192
44
6120938.SQ.FTS.B,
Zero
Cpn,
5/09/34
...
19,456
1,748
6122715.SQ.FTS.B,
Zero
Cpn,
5/10/34
...
45,745
16,248
6123680.SQ.FTS.B,
Zero
Cpn,
5/10/34
...
23,836
4,514
6125197.SQ.FTS.B,
Zero
Cpn,
5/11/34
...
130
55
6126608.SQ.FTS.B,
Zero
Cpn,
5/12/34
...
4,440
805
6127192.SQ.FTS.B,
Zero
Cpn,
5/13/34
...
2,501
541
6127273.SQ.FTS.B,
Zero
Cpn,
5/13/34
...
995
139
6127374.SQ.FTS.B,
Zero
Cpn,
5/13/34
...
2,574
229
6133707.SQ.FTS.B,
Zero
Cpn,
5/15/34
...
11,499
1,639
6134623.SQ.FTS.B,
Zero
Cpn,
5/15/34
...
17,381
5,245
6135022.SQ.FTS.B,
Zero
Cpn,
5/16/34
...
3,251
900
6135248.SQ.FTS.B,
Zero
Cpn,
5/16/34
...
8,060
1,827
6135702.SQ.FTS.B,
Zero
Cpn,
5/16/34
...
728
199
6136481.SQ.FTS.B,
Zero
Cpn,
5/16/34
...
4,428
627
6137703.SQ.FTS.B,
Zero
Cpn,
5/16/34
...
654
71
6139899.SQ.FTS.B,
Zero
Cpn,
5/17/34
...
5,390
1,210
6141598.SQ.FTS.B,
Zero
Cpn,
5/17/34
...
3,417
947
6141840.SQ.FTS.B,
Zero
Cpn,
5/17/34
...
3,171
716
6144839.SQ.FTS.B,
Zero
Cpn,
5/18/34
...
4,754
1,584
6145716.SQ.FTS.B,
Zero
Cpn,
5/18/34
...
6,116
1,390
6145876.SQ.FTS.B,
Zero
Cpn,
5/18/34
...
2,747
245
6147217.SQ.FTS.B,
Zero
Cpn,
5/19/34
...
462
117
6147426.SQ.FTS.B,
Zero
Cpn,
5/19/34
...
414
174
6147492.SQ.FTS.B,
Zero
Cpn,
5/19/34
...
324
59
6149785.SQ.FTS.B,
Zero
Cpn,
5/21/34
...
1,256
321
6150201.SQ.FTS.B,
Zero
Cpn,
5/21/34
...
453
65
6151254.SQ.FTS.B,
Zero
Cpn,
5/21/34
...
33,491
6,032
6153219.SQ.FTS.B,
Zero
Cpn,
5/22/34
...
2,899
334
6153275.SQ.FTS.B,
Zero
Cpn,
5/22/34
...
2,353
715
6154042.SQ.FTS.B,
Zero
Cpn,
5/22/34
...
566
288
6155930.SQ.FTS.B,
Zero
Cpn,
5/22/34
...
9,003
920
6157661.SQ.FTS.B,
Zero
Cpn,
5/23/34
...
955
112
6157670.SQ.FTS.B,
Zero
Cpn,
5/23/34
...
930
201
6158976.SQ.FTS.B,
Zero
Cpn,
5/23/34
...
478
68
6161004.SQ.FTS.B,
Zero
Cpn,
5/24/34
...
1,742
632
6161916.SQ.FTS.B,
Zero
Cpn,
5/25/34
...
3,028
378
6163115.SQ.FTS.B,
Zero
Cpn,
5/25/34
...
9,867
2,331
6163558.SQ.FTS.B,
Zero
Cpn,
5/25/34
...
738
133
6165145.SQ.FTS.B,
Zero
Cpn,
5/26/34
...
528
214
6165678.SQ.FTS.B,
Zero
Cpn,
5/27/34
...
4,327
495
6169587.SQ.FTS.B,
Zero
Cpn,
5/28/34
...
3,516
1,016
6171294.SQ.FTS.B,
Zero
Cpn,
5/29/34
...
838
181
6173147.SQ.FTS.B,
Zero
Cpn,
5/29/34
...
3,077
493
24,720,473
Freedom
Financial
Asset
Management
LLC
APP-14939093.FP.FTS.B,
5.99%,
6/01/24
.
652
653
APP-14129567.FP.FTS.B,
5.99%,
6/10/24
.
1,376
537
APP-14038696.FP.FTS.B,
16.49%,
6/10/24
774
774
APP-14317523.FP.FTS.B,
17.49%,
6/12/24
392
392
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14190363.FP.FTS.B,
5.99%,
6/16/24
.
$
462
$
463
APP-14178961.FP.FTS.B,
5.99%,
6/17/24
.
563
564
APP-14304559.FP.FTS.B,
5.99%,
6/20/24
.
384
384
APP-14343981.FP.FTS.B,
5.99%,
6/20/24
.
513
514
APP-15398343.FP.FTS.B,
5.99%,
6/20/24
.
1,008
1,011
APP-14867047.FP.FTS.B,
5.99%,
7/08/24
.
987
989
APP-14918054.FP.FTS.B,
14.99%,
7/08/24
1,787
1,790
APP-15601576.FP.FTS.B,
16.49%,
7/08/24
1,113
1,116
APP-14886138.FP.FTS.B,
5.99%,
7/16/24
.
897
899
APP-15110089.FP.FTS.B,
5.99%,
7/30/24
.
1,195
1,201
APP-14057537.FP.FTS.B,
5.99%,
7/31/24
.
1,566
1,573
APP-15573525.FP.FTS.B,
23.99%,
8/01/24
2,583
2,587
APP-15556796.FP.FTS.B,
5.99%,
8/05/24
.
1,191
1,193
APP-17023826.FP.FTS.B,
5.99%,
8/06/24
.
1,782
1,788
APP-15754991.FP.FTS.B,
5.99%,
8/13/24
.
1,119
1,122
APP-16050735.FP.FTS.B,
5.99%,
8/14/24
.
1,318
1,322
APP-15870402.FP.FTS.B,
5.99%,
8/28/24
.
1,612
1,620
APP-17083152.FP.FTS.B,
5.99%,
9/06/24
.
969
971
APP-17218556.FP.FTS.B,
5.99%,
9/09/24
.
2,102
2,109
APP-17481705.FP.FTS.B,
15.99%,
9/13/24
1,576
1,580
APP-17230704.FP.FTS.B,
5.99%,
9/23/24
.
1,777
1,786
APP-10830803.FP.FTS.B,
23.49%,
11/30/24
3,256
3,284
APP-11673054.FP.FTS.B,
18.99%,
12/16/24
3,988
1,637
APP-11740833.FP.FTS.B,
23.99%,
12/22/24
5,110
5,212
APP-11729669.FP.FTS.B,
10.74%,
1/08/25
688
688
APP-12331634.FP.FTS.B,
7.74%,
2/04/25
.
4,959
4,988
APP-11751656.FP.FTS.B,
9.74%,
2/05/25
.
4,396
4,415
APP-11912407.FP.FTS.B,
15.99%,
2/15/25
6,512
6,577
APP-12050640.FP.FTS.B,
12.24%,
3/15/25
9,210
9,278
APP-12033288.FP.FTS.B,
14.49%,
3/15/25
6,535
6,596
APP-11872506.FP.FTS.B,
19.49%,
3/15/25
6,243
6,318
APP-12270565.FP.FTS.B,
16.49%,
3/17/25
10,058
10,193
APP-12351684.FP.FTS.B,
7.49%,
3/18/25
.
5,051
5,083
APP-12270708.FP.FTS.B,
9.49%,
3/20/25
.
7,572
7,632
APP-12420138.FP.FTS.B,
17.99%,
3/20/25
3,418
3,457
APP-12287521.FP.FTS.B,
16.49%,
3/22/25
4,728
4,784
APP-13752242.FP.FTS.B,
10.09%,
4/01/25
2,937
2,943
APP-13951296.FP.FTS.B,
17.24%,
4/26/25
12,509
1,529
APP-14058368.FP.FTS.B,
12.49%,
5/01/25
9,444
9,500
APP-14113024.FP.FTS.B,
11.59%,
5/03/25
4,454
4,483
APP-14094552.FP.FTS.B,
17.74%,
5/03/25
13,678
13,700
APP-14304933.FP.FTS.B,
14.99%,
5/12/25
4,963
4,997
APP-13745262.FP.FTS.B,
12.84%,
5/16/25
18,465
18,618
APP-13550190.FP.FTS.B,
24.99%,
5/16/25
6,611
6,698
APP-13512883.FP.FTS.B,
9.84%,
5/20/25
.
14,850
14,982
APP-13060190.FP.FTS.B,
10.24%,
5/20/25
10,712
10,810
APP-14613251.FP.FTS.B,
10.49%,
5/25/25
229
229
APP-13957398.FP.FTS.B,
14.49%,
6/01/25
8,735
8,783
APP-13914811.FP.FTS.B,
15.09%,
6/03/25
3,819
3,842
APP-13821733.FP.FTS.B,
22.99%,
6/03/25
6,785
4,433
APP-13609952.FP.FTS.B,
10.09%,
6/04/25
16,761
16,876
APP-13818738.FP.FTS.B,
10.84%,
6/04/25
17,993
18,125
APP-14179362.FP.FTS.B,
17.49%,
6/05/25
3,846
3,867
APP-15039073.FP.FTS.B,
23.49%,
6/05/25
4,742
4,735
APP-13901500.FP.FTS.B,
19.49%,
6/07/25
6,494
6,521
APP-13913960.FP.FTS.B,
25.49%,
6/07/25
4,234
4,247
APP-13968504.FP.FTS.B,
19.49%,
6/08/25
6,590
6,621
APP-14166988.FP.FTS.B,
17.49%,
6/09/25
4,250
4,280
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14165903.FP.FTS.B,
19.24%,
6/12/25
$
21,647
$
21,794
APP-14058139.FP.FTS.B,
11.84%,
6/15/25
5,364
5,406
APP-14058182.FP.FTS.B,
18.49%,
6/15/25
3,307
3,336
APP-14319615.FP.FTS.B,
18.49%,
6/16/25
9,437
9,518
APP-13822936.FP.FTS.B,
9.34%,
6/17/25
.
12,010
12,112
APP-14057042.FP.FTS.B,
7.84%,
6/18/25
.
3,243
3,250
APP-14176007.FP.FTS.B,
7.84%,
6/18/25
.
9,798
9,882
APP-14182518.FP.FTS.B,
7.84%,
6/18/25
.
8,578
8,651
APP-14189826.FP.FTS.B,
9.34%,
6/18/25
.
11,930
12,034
APP-14058031.FP.FTS.B,
16.49%,
6/18/25
4,224
4,271
APP-14147815.FP.FTS.B,
19.99%,
6/18/25
4,989
5,007
APP-14145063.FP.FTS.B,
20.49%,
6/18/25
3,212
3,252
APP-14118175.FP.FTS.B,
10.09%,
6/19/25
7,220
7,285
APP-14058272.FP.FTS.B,
12.59%,
6/19/25
11,369
11,475
APP-14181617.FP.FTS.B,
18.49%,
6/19/25
6,921
6,994
APP-14057653.FP.FTS.B,
10.09%,
6/20/25
7,207
7,273
APP-14215775.FP.FTS.B,
16.49%,
6/20/25
6,131
6,172
APP-14349793.FP.FTS.B,
16.24%,
6/26/25
12,574
12,753
APP-14107541.FP.FTS.B,
10.09%,
6/28/25
3,063
3,075
APP-14318446.FP.FTS.B,
23.49%,
6/28/25
5,094
5,105
APP-15705647.FP.FTS.B,
18.74%,
6/30/25
7,340
7,433
APP-15754423.FP.FTS.B,
25.49%,
7/04/25
5,770
5,812
APP-14867025.FP.FTS.B,
8.24%,
7/06/25
.
9,788
9,858
APP-15716641.FP.FTS.B,
25.49%,
7/06/25
6,467
549
APP-14907939.FP.FTS.B,
17.49%,
7/07/25
10,065
10,074
APP-15017105.FP.FTS.B,
22.49%,
7/11/25
3,204
3,196
APP-15033224.FP.FTS.B,
25.49%,
7/12/25
4,321
4,352
APP-15043725.FP.FTS.B,
12.74%,
7/15/25
6,134
6,180
APP-14866721.FP.FTS.B,
17.49%,
7/15/25
1,402
1,398
APP-14887227.FP.FTS.B,
17.49%,
7/15/25
5,487
5,528
APP-14890683.FP.FTS.B,
17.49%,
7/15/25
4,012
4,048
APP-14134773.FP.FTS.B,
21.99%,
7/15/25
4,904
4,944
APP-14748673.FP.FTS.B,
10.74%,
7/17/25
6,469
6,525
APP-14866669.FP.FTS.B,
17.49%,
7/17/25
6,358
6,408
APP-16047052.FP.FTS.B,
20.74%,
7/17/25
19,748
19,859
APP-14854614.FP.FTS.B,
14.99%,
7/21/25
7,615
7,692
APP-14909153.FP.FTS.B,
16.74%,
7/21/25
14,652
14,798
APP-14920948.FP.FTS.B,
10.49%,
7/22/25
6,768
6,813
APP-14987575.FP.FTS.B,
19.99%,
7/22/25
9,397
1,041
APP-15015830.FP.FTS.B,
25.49%,
7/22/25
4,907
4,955
APP-15036503.FP.FTS.B,
25.49%,
7/22/25
6,967
7,036
APP-15038725.FP.FTS.B,
23.49%,
7/24/25
5,209
5,259
APP-17010427.FP.FTS.B,
8.74%,
7/25/25
.
7,026
7,090
APP-11741918.FP.FTS.B,
16.49%,
7/25/25
2,850
2,864
APP-14192654.FP.FTS.B,
19.49%,
7/25/25
3,210
3,216
APP-14867189.FP.FTS.B,
17.49%,
7/26/25
7,161
7,242
APP-15050243.FP.FTS.B,
18.99%,
7/26/25
4,680
4,734
APP-17491589.FP.FTS.B,
11.49%,
8/03/25
11,877
11,930
APP-15593139.FP.FTS.B,
25.49%,
8/04/25
7,706
7,675
APP-16899367.FP.FTS.B,
25.49%,
8/04/25
4,765
4,811
APP-15739609.FP.FTS.B,
8.74%,
8/07/25
.
13,242
13,335
APP-17496469.FP.FTS.B,
14.99%,
8/10/25
7,718
7,770
APP-15025145.FP.FTS.B,
25.49%,
8/12/25
5,207
5,254
APP-15537240.FP.FTS.B,
25.49%,
8/12/25
6,578
6,594
APP-15235015.FP.FTS.B,
8.74%,
8/15/25
.
5,981
6,003
APP-13337231.FP.FTS.B,
8.99%,
8/15/25
.
7,772
7,838
APP-16002031.FP.FTS.B,
11.49%,
8/19/25
10,329
10,421
APP-10173660.FP.FTS.B,
14.49%,
8/19/25
19,834
20,133
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15744848.FP.FTS.B,
25.49%,
8/20/25
$
6,791
$
6,845
APP-15705051.FP.FTS.B,
11.74%,
8/21/25
20,456
20,648
APP-14371156.FP.FTS.B,
20.49%,
8/22/25
4,038
4,073
APP-15524582.FP.FTS.B,
10.49%,
8/25/25
6,887
6,956
APP-16072062.FP.FTS.B,
25.49%,
8/26/25
3,505
545
APP-16069326.FP.FTS.B,
25.49%,
8/27/25
1,206
1,203
APP-16077556.FP.FTS.B,
14.99%,
8/28/25
19,538
19,765
APP-15532550.FP.FTS.B,
5.99%,
8/30/25
.
1,561
1,569
APP-15032228.
FP.FTS.B,
23.49%,
9/12/25
5,687
5,665
APP-16638019.FP.FTS.B,
15.24%,
9/13/25
6,972
7,023
APP-16609197.FP.FTS.B,
12.99%,
9/15/25
6,925
6,969
APP-17493794.FP.FTS.B,
19.99%,
9/15/25
5,493
5,505
APP-16928712.FP.FTS.B,
17.99%,
9/17/25
8,290
8,369
APP-16931630.FP.FTS.B,
17.99%,
9/17/25
10,709
10,781
APP-17510658.FP.FTS.B,
16.24%,
9/18/25
7,342
7,390
APP-17058236.FP.FTS.B,
9.74%,
9/19/25
.
7,745
7,817
APP-16725749.FP.FTS.B,
13.99%,
9/20/25
10,143
10,236
APP-13608599.FP.FTS.B,
11.49%,
9/23/25
16,250
16,419
APP-15010755.FP.FTS.B,
25.49%,
9/23/25
12,944
12,978
APP-16554677.FP.FTS.B,
13.24%,
9/25/25
19,923
20,118
APP-16062858.FP.FTS.B,
23.99%,
10/14/25
1,725
1,738
APP-10846360.FP.FTS.B,
11.49%,
11/30/25
14,399
14,639
APP-11672772.FP.FTS.B,
13.99%,
12/01/25
14,202
14,395
APP-16065337.FP.FTS.B,
23.49%,
12/14/25
3,068
3,045
APP-11733135.FP.FTS.B,
20.99%,
12/22/25
5,190
5,383
APP-08649280.FP.FTS.B,
9.99%,
12/23/25
10,006
10,152
APP-11461331.FP.FTS.B,
8.99%,
12/25/25
14,227
14,424
APP-14959860.FP.FTS.B,
19.74%,
1/03/26
11,622
11,540
APP-10224409.FP.FTS.B,
10.24%,
1/04/26
6,649
6,733
APP-15129611.FP.FTS.B,
10.49%,
1/16/26
2,714
2,724
APP-11461158.FP.FTS.B,
7.99%,
1/26/26
.
19,761
20,061
APP-11727451.FP.FTS.B,
19.49%,
2/01/26
4,319
4,434
APP-11740312.FP.FTS.B,
20.49%,
2/03/26
10,527
10,930
APP-12270370.FP.FTS.B,
8.99%,
2/04/26
.
25,084
25,415
APP-11750555.FP.FTS.B,
19.49%,
2/06/26
6,138
6,386
APP-11872702.FP.FTS.B,
7.99%,
2/20/26
.
11,084
11,248
APP-12409087.FP.FTS.B,
7.99%,
3/08/26
.
12,448
12,622
APP-12287223.FP.FTS.B,
19.99%,
3/08/26
9,402
9,760
APP-12410099.FP.FTS.B,
10.24%,
3/15/26
8,442
8,566
APP-12417109.FP.FTS.B,
15.49%,
3/21/26
5,278
5,379
APP-13754165.FP.FTS.B,
8.34%,
5/16/26
.
18,838
19,103
APP-12270410.FP.FTS.B,
8.34%,
5/20/26
.
14,683
14,923
APP-13700095.FP.FTS.B,
21.74%,
5/20/26
5,723
5,750
APP-12032996.FP.FTS.B,
12.34%,
5/22/26
6,803
6,920
APP-13485505.FP.FTS.B,
15.74%,
5/22/26
18,099
18,587
APP-11934555.FP.FTS.B,
19.49%,
5/22/26
9,519
9,887
APP-14153218.FP.FTS.B,
17.99%,
6/01/26
17,644
17,981
APP-13826786.FP.FTS.B,
16.49%,
6/03/26
3,173
3,185
APP-13823472.FP.FTS.B,
17.24%,
6/03/26
23,342
23,882
APP-14175261.FP.FTS.B,
20.49%,
6/05/26
19,505
20,178
APP-14058279.FP.FTS.B,
21.74%,
6/10/26
12,818
13,248
APP-14297747.FP.FTS.B,
22.99%,
6/12/26
6,523
3,897
APP-14338698.FP.FTS.B,
14.74%,
6/13/26
28,064
15,316
APP-14057255.FP.FTS.B,
12.34%,
6/15/26
8,124
8,257
APP-14174847.FP.FTS.B,
16.49%,
6/15/26
6,082
6,100
APP-14057971.FP.FTS.B,
17.99%,
6/15/26
9,197
9,449
APP-14185776.FP.FTS.B,
18.49%,
6/16/26
7,983
8,198
APP-14181485.FP.FTS.B,
11.34%,
6/17/26
29,074
29,536
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14057334.FP.FTS.B,
17.49%,
6/18/26
$
14,097
$
14,487
APP-14192027.FP.FTS.B,
9.84%,
6/19/26
.
17,483
17,769
APP-07740556.FP.FTS.B,
12.59%,
6/19/26
14,639
14,896
APP-13767318.FP.FTS.B,
13.34%,
6/19/26
25,120
25,562
APP-13963648.FP.FTS.B,
17.24%,
6/19/26
19,873
20,431
APP-13768424.FP.FTS.B,
17.49%,
6/19/26
15,665
16,111
APP-14214629.FP.FTS.B,
10.34%,
6/20/26
16,833
17,097
APP-14193365.FP.FTS.B,
21.49%,
6/20/26
11,487
11,927
APP-15602395.FP.FTS.B,
17.24%,
6/24/26
13,856
14,231
APP-14329001.FP.FTS.B,
23.49%,
6/24/26
4,854
5,039
APP-14280430.FP.FTS.B,
20.49%,
6/25/26
11,672
12,054
APP-15479960.FP.FTS.B,
24.74%,
6/29/26
6,859
7,115
APP-15673409.FP.FTS.B,
17.24%,
7/01/26
5,502
1,597
APP-14548332.FP.FTS.B,
16.49%,
7/05/26
16,138
16,507
APP-15676938.FP.FTS.B,
14.49%,
7/06/26
6,321
6,403
APP-14801281.FP.FTS.B,
14.99%,
7/08/26
9,675
9,834
APP-14689091.FP.FTS.B,
17.49%,
7/09/26
2,073
2,070
APP-14522661.FP.FTS.B,
15.99%,
7/10/26
16,611
16,871
APP-16070360.FP.FTS.B,
20.74%,
7/10/26
27,793
28,412
APP-15869429.FP.FTS.B,
21.99%,
7/10/26
5,973
6,141
APP-15045798.FP.FTS.B,
17.74%,
7/12/26
29,367
2,984
APP-15054747.FP.FTS.B,
21.49%,
7/12/26
16,962
17,520
APP-16085008.FP.FTS.B,
18.49%,
7/14/26
12,373
12,619
APP-14058114.FP.FTS.B,
16.99%,
7/15/26
12,089
12,298
APP-14920803.FP.FTS.B,
16.99%,
7/15/26
9,816
9,991
APP-14921360.FP.FTS.B,
16.99%,
7/15/26
9,068
9,231
APP-14865932.FP.FTS.B,
17.49%,
7/15/26
17,041
17,494
APP-14882473.FP.FTS.B,
12.99%,
7/17/26
25,060
25,441
APP-14688569.FP.FTS.B,
17.74%,
7/17/26
22,698
23,270
APP-14176550.FP.FTS.B,
10.34%,
7/18/26
19,305
19,616
APP-14816252.FP.FTS.B,
10.74%,
7/18/26
12,617
12,816
APP-14688717.FP.FTS.B,
10.99%,
7/18/26
7,627
7,747
APP-14870900.FP.FTS.B,
17.49%,
7/19/26
12,518
12,762
APP-14905708.FP.FTS.B,
16.99%,
7/20/26
7,905
8,061
APP-14820629.FP.FTS.B,
17.24%,
7/20/26
25,349
26,167
APP-14902088.FP.FTS.B,
11.24%,
7/22/26
9,460
9,616
APP-14865904.FP.FTS.B,
15.74%,
7/23/26
24,704
25,202
APP-14980679.FP.FTS.B,
17.99%,
7/23/26
3,377
3,392
APP-14964964.FP.FTS.B,
18.99%,
7/23/26
16,566
17,169
APP-13767438.FP.FTS.B,
10.74%,
7/25/26
20,975
21,318
APP-15048537.FP.FTS.B,
20.99%,
7/25/26
16,321
16,911
APP-17112981.FP.FTS.B,
10.74%,
8/03/26
11,653
2,126
APP-16811535.FP.FTS.B,
21.74%,
8/03/26
27,345
27,976
APP-17117415.FP.FTS.B,
11.24%,
8/06/26
18,660
18,908
APP-17510305.FP.FTS.B,
18.49%,
8/07/26
16,357
16,561
APP-15589148.FP.FTS.B,
14.49%,
8/08/26
6,697
6,796
APP-10219598.FP.FTS.B,
15.49%,
8/11/26
9,268
5,310
APP-15594842.FP.FTS.B,
17.24%,
8/12/26
13,047
13,344
APP-16036383.FP.FTS.B,
20.24%,
8/13/26
7,901
8,065
APP-15327014.FP.FTS.B,
9.24%,
8/14/26
.
20,869
21,209
APP-15585646.FP.FTS.B,
9.49%,
8/14/26
.
8,441
8,572
APP-15594751.FP.FTS.B,
10.74%,
8/14/26
19,574
19,882
APP-15585110.FP.FTS.B,
11.49%,
8/14/26
11,156
11,328
APP-15449600.FP.FTS.B,
20.74%,
8/15/26
16,497
16,915
APP-15763520.FP.FTS.B,
20.74%,
8/15/26
14,708
14,998
APP-15529270.FP.FTS.B,
24.74%,
8/15/26
559
555
APP-16072518.FP.FTS.B,
12.49%,
8/16/26
31,201
31,652
APP-11443413.FP.FTS.B,
10.59%,
8/17/26
22,987
23,341
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10235724.FP.FTS.B,
15.49%,
8/20/26
$
10,444
$
10,503
APP-15493477.FP.FTS.B,
16.74%,
8/20/26
12,333
12,574
APP-15602180.FP.FTS.B,
18.74%,
8/20/26
10,139
10,344
APP-15747887.FP.FTS.B,
18.74%,
8/20/26
3,013
3,023
APP-15743821.FP.FTS.B,
26.49%,
8/20/26
7,718
7,990
APP-15757972.FP.FTS.B,
18.24%,
8/21/26
10,236
10,443
APP-15750146.FP.FTS.B,
19.24%,
8/21/26
7,977
8,176
APP-15467456.FP.FTS.B,
26.49%,
8/21/26
7,425
7,682
APP-12414817.FP.FTS.B,
15.24%,
8/26/26
12,503
12,716
APP-12674952.FP.FTS.B,
15.24%,
8/26/26
10,477
10,598
APP-16078255.FP.FTS.B,
19.24%,
8/26/26
17,594
18,048
APP-15951898.FP.FTS.B,
16.49%,
8/28/26
19,989
20,312
APP-15872992.FP.FTS.B,
19.24%,
8/28/26
12,391
12,767
APP-16947974.FP.FTS.B,
13.24%,
9/06/26
11,609
11,828
APP-17143594.FP.FTS.B,
9.99%,
9/07/26
.
9,955
10,095
APP-17156366.FP.FTS.B,
11.24%,
9/07/26
14,184
14,346
APP-16728029.FP.FTS.B,
26.49%,
9/09/26
5,683
5,818
APP-17115080.FP.FTS.B,
15.24%,
9/13/26
7,352
7,448
APP-16050065.FP.FTS.B,
23.99%,
9/14/26
5,745
5,889
APP-15872822.FP.FTS.B,
19.24%,
9/15/26
9,177
2,862
APP-16681815.FP.FTS.B,
8.24%,
9/16/26
.
16,445
16,686
APP-16640720.FP.FTS.B,
9.99%,
9/18/26
.
31,719
32,201
APP-16637870.FP.FTS.B,
12.49%,
9/18/26
10,383
10,555
APP-17100593.FP.FTS.B,
9.49%,
9/20/26
.
12,592
12,787
APP-17124398.FP.FTS.B,
9.74%,
9/20/26
.
31,671
32,182
APP-17439783.FP.FTS.B,
10.74%,
9/25/26
3,825
3,886
APP-17331723.FP.FTS.B,
16.99%,
9/25/26
16,181
16,455
APP-14329008.FP.FTS.B,
19.49%,
10/17/26
18,515
18,819
APP-11
742538.FP.FTS.B,
16.49%,
12/15/26
16,326
16,646
APP-11603796.FP.FTS.B,
20.99%,
12/15/26
9,841
10,328
APP-11741994.FP.FTS.B,
18.99%,
12/16/26
10,910
11,277
APP-11695022.FP.FTS.B,
16.49%,
12/17/26
14,879
15,183
APP-11737893.FP.FTS.B,
25.49%,
12/18/26
7,337
7,662
APP-11743333.FP.FTS.B,
16.49%,
12/19/26
9,491
9,693
APP-11694428.FP.FTS.B,
14.49%,
12/22/26
5,943
6,049
APP-11742165.FP.FTS.B,
18.49%,
12/22/26
8,277
1,692
APP-11739845.FP.FTS.B,
19.99%,
12/22/26
8,761
9,162
APP-11751120.FP.FTS.B,
8.99%,
12/23/26
23,403
23,826
APP-11694004.FP.FTS.B,
11.74%,
12/23/26
29,943
30,480
APP-11708423.FP.FTS.B,
20.99%,
12/23/26
23,714
24,617
APP-11743539.FP.FTS.B,
21.74%,
12/23/26
16,371
17,150
APP-11752109.FP.FTS.B,
22.49%,
12/23/26
7,793
1,698
APP-10229823.FP.FTS.B,
25.49%,
12/26/26
6,764
7,080
APP-11890774.FP.FTS.B,
8.99%,
1/06/27
.
24,137
24,516
APP-11920032.FP.FTS.B,
19.99%,
1/07/27
16,665
17,250
APP-11939491.FP.FTS.B,
15.49%,
1/08/27
9,942
10,217
APP-11795112.FP.FTS.B,
19.99%,
1/08/27
4,157
4,162
APP-11929275.FP.FTS.B,
19.99%,
1/08/27
6,661
6,855
APP-12270584.FP.FTS.B,
10.49%,
1/25/27
2,069
1,782
APP-11749683.FP.FTS.B,
16.74%,
1/25/27
17,094
17,601
APP-11704729.FP.FTS.B,
16.99%,
1/25/27
12,775
13,062
APP-11752310.FP.FTS.B,
25.49%,
1/28/27
684
294
APP-12268807.FP.FTS.B,
10.99%,
2/01/27
16,832
17,076
APP-11022562.FP.FTS.B,
11.74%,
2/01/27
5,274
5,331
APP-12396734.FP.FTS.B,
11.74%,
2/03/27
31,744
32,215
APP-11732843.FP.FTS.B,
14.74%,
2/03/27
29,304
29,826
APP-11712261.FP.FTS.B,
18.49%,
2/03/27
10,147
10,425
APP-11745377.FP.FTS.B,
21.49%,
2/04/27
10,850
11,227
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12293217.FP.FTS.B,
17.49%,
2/05/27
$
16,687
$
17,106
APP-11742593.FP.FTS.B,
17.99%,
2/05/27
6,679
6,873
APP-11703116.FP.FTS.B,
19.49%,
2/05/27
8,108
8,361
APP-11799159.FP.FTS.B,
11.49%,
2/15/27
10,119
10,304
APP-11922307.FP.FTS.B,
20.49%,
2/15/27
7,850
8,168
APP-11919163.FP.FTS.B,
10.99%,
2/17/27
17,170
17,469
APP-11904406.FP.FTS.B,
11.24%,
2/19/27
11,871
12,084
APP-11942494.FP.FTS.B,
18.99%,
2/19/27
12,681
13,093
APP-11940530.FP.FTS.B,
13.49%,
2/20/27
11,805
12,039
APP-11944817.FP.FTS.B,
20.49%,
2/20/27
2,727
2,727
APP-11810142.FP.FTS.B,
10.99%,
2/21/27
17,535
1,937
APP-11928189.FP.FTS.B,
18.49%,
2/21/27
1,655
1,652
APP-11939575.FP.FTS.B,
22.49%,
2/21/27
5,664
5,856
APP-11927887.FP.FTS.B,
9.24%,
2/22/27
.
7,684
7,828
APP-11861145.FP.FTS.B,
13.24%,
2/22/27
13,164
13,402
APP-11941579.FP.FTS.B,
16.49%,
2/22/27
12,991
13,239
APP-11612708.FP.FTS.B,
22.99%,
3/04/27
11,612
12,001
APP-12361627.FP.FTS.B,
8.99%,
3/07/27
.
15,503
15,752
APP-12232977.FP.FTS.B,
14.74%,
3/07/27
36,446
3,531
APP-12389833.FP.FTS.B,
16.49%,
3/07/27
7,960
8,185
APP-12410874.FP.FTS.B,
10.99%,
3/08/27
15,814
16,070
APP-12418857.FP.FTS.B,
11.24%,
3/08/27
8,876
9,020
APP-12405015.FP.FTS.B,
13.24%,
3/08/27
13,738
3,953
APP-12415944.FP.FTS.B,
13.24%,
3/08/27
16,568
16,912
APP-12412062.FP.FTS.B,
16.49%,
3/08/27
17,927
18,267
APP-12416735.FP.FTS.B,
11.24%,
3/15/27
8,199
8,340
APP-12032886.FP.FTS.B,
16.99%,
3/16/27
7,167
7,367
APP-12384050.FP.FTS.B,
13.74%,
3/17/27
17,812
18,155
APP-12408565.FP.FTS.B,
17.99%,
3/19/27
15,742
16,274
APP-12270281.FP.FTS.B,
10.99%,
3/20/27
12,941
13,180
APP-11947650.FP.FTS.B,
15.49%,
3/20/27
10,646
10,962
APP-11923837.FP.FTS.B,
19.74%,
3/20/27
30,315
6,483
APP-12270508.FP.FTS.B,
8.99%,
3/21/27
.
8,561
8,632
APP-11694093.FP.FTS.B,
13.49%,
3/21/27
13,871
1,438
APP-12402081.FP.FTS.B,
18.49%,
3/21/27
19,603
20,352
APP-11940575.FP.FTS.B,
25.49%,
3/21/27
6,285
6,559
APP-12412441.FP.FTS.B,
11.24%,
3/22/27
25,579
26,098
APP-11877626.FP.FTS.B,
13.59%,
4/14/27
27,137
27,622
APP-13
682302.FP.FTS.B,
18.49%,
4/15/27
7,230
7,435
APP-13824171.FP.FTS.B,
20.24%,
4/15/27
28,074
28,715
APP-13744711.FP.FTS.B,
26.49%,
4/15/27
6,270
6,432
APP-12119826.FP.FTS.B,
12.09%,
4/16/27
33,319
33,826
APP-13767273.FP.FTS.B,
11.59%,
4/18/27
11,012
11,200
APP-12397582.FP.FTS.B,
19.99%,
4/18/27
18,950
6,169
APP-13929153.FP.FTS.B,
9.59%,
4/20/27
.
8,940
9,090
APP-11872292.FP.FTS.B,
19.99%,
4/22/27
9,910
10,266
APP-14057284.FP.FTS.B,
13.59%,
4/23/27
26,517
26,961
APP-13920277.FP.FTS.B,
17.99%,
4/24/27
14,263
4,550
APP-14059320.FP.FTS.B,
16.99%,
4/30/27
19,700
2,223
APP-14099769.FP.FTS.B,
20.49%,
4/30/27
14,503
15,057
APP-14199304.FP.FTS.B,
13.59%,
5/01/27
24,218
24,582
APP-14146465.FP.FTS.B,
17.99%,
5/01/27
1,295
1,283
APP-14187476.FP.FTS.B,
17.99%,
5/01/27
19,074
19,461
APP-14176600.FP.FTS.B,
22.99%,
5/01/27
8,430
8,631
APP-14087177.FP.FTS.B,
18.99%,
5/02/27
12,355
7,459
APP-14289803.FP.FTS.B,
22.49%,
5/02/27
6,950
7,097
APP-14041540.FP.FTS.B,
11.59%,
5/03/27
14,370
14,599
APP-14129708.FP.FTS.B,
11.34%,
5/05/27
23,002
23,369
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14172338.FP.FTS.B,
18.49%,
5/05/27
$
10,159
$
1,050
APP-14263477.FP.FTS.B,
21.99%,
5/10/27
14,227
1,513
APP-13484916.FP.FTS.B,
14.99%,
5/12/27
14,488
14,767
APP-13720484.FP.FTS.B,
11.34%,
5/15/27
26,653
27,086
APP-14330285.FP.FTS.B,
11.74%,
5/15/27
18,143
18,434
APP-13483981.FP.FTS.B,
16.99%,
5/15/27
8,871
9,114
APP-13485148.FP.FTS.B,
18.49%,
5/15/27
21,177
21,787
APP-13694672.FP.FTS.B,
24.99%,
5/15/27
24,199
2,218
APP-13725984.FP.FTS.B,
13.59%,
5/17/27
20,754
21,124
APP-13302047.FP.FTS.B,
13.74%,
5/17/27
7,282
7,405
APP-13417402.FP.FTS.B,
17.99%,
5/18/27
10,713
11,039
APP-12287013.FP.FTS.B,
18.24%,
5/18/27
19,525
20,046
APP-13849753.FP.FTS.B,
9.34%,
5/20/27
.
20,953
21,306
APP-13800465.FP.FTS.B,
18.49%,
5/20/27
8,466
8,746
APP-13529032.FP.FTS.B,
18.74%,
5/20/27
25,100
25,860
APP-13705972.FP.FTS.B,
26.49%,
5/20/27
7,842
8,073
APP-13542298.FP.FTS.B,
11.34%,
5/21/27
17,217
17,556
APP-13811007.FP.FTS.B,
11.34%,
5/21/27
17,544
17,843
APP-13848454.FP.FTS.B,
16.09%,
5/21/27
7,926
8,071
APP-13767415.FP.FTS.B,
19.49%,
5/21/27
13,633
14,019
APP-13826410.FP.FTS.B,
20.49%,
5/21/27
14,513
15,014
APP-13838022.FP.FTS.B,
22.49%,
5/21/27
5,818
5,994
APP-13660286.FP.FTS.B,
22.99%,
5/21/27
7,556
778
APP-13840262.FP.FTS.B,
23.49%,
5/21/27
9,155
9,480
APP-11743712.FP.FTS.B,
21.49%,
5/22/27
10,996
11,398
APP-13921670.FP.FTS.B,
18.49%,
5/24/27
1,201
1,202
APP-13628676.FP.FTS.B,
16.99%,
5/27/27
8,806
9,017
APP-13485109.FP.FTS.B,
20.49%,
5/27/27
8,732
9,067
APP-13724215.FP.FTS.B,
10.09%,
5/28/27
31,687
32,301
APP-13751462.FP.FTS.B,
11.59%,
5/28/27
25,475
26,007
APP-13899643.FP.FTS.B,
12.09%,
5/28/27
34,226
34,783
APP-13574037.FP.FTS.B,
15.24%,
5/28/27
32,350
33,068
APP-13628755.FP.FTS.B,
19.49%,
5/28/27
7,604
7,846
APP-13521024.FP.FTS.B,
20.99%,
5/28/27
11,706
12,165
APP-13696300.FP.FTS.B,
13.84%,
5/29/27
10,308
10,533
APP-13932583.FP.FTS.B,
15.49%,
5/30/27
2,974
2,982
APP-13836108.FP.FTS.B,
13.59%,
5/31/27
27,348
27,966
APP-13852222.FP.FTS.B,
26.49%,
5/31/27
6,766
6,968
APP-14965459.FP.FTS.B,
17.24%,
6/01/27
21,688
21,996
APP-15037607.FP.FTS.B,
20.99%,
6/01/27
8,346
8,478
APP-13623936.FP.FTS.B,
9.34%,
6/03/27
.
26,989
27,426
APP-13816811.FP.FTS.B,
18.99%,
6/03/27
14,653
14,975
APP-14795053.FP.FTS.B,
26.99%,
6/03/27
7,033
4,333
APP-13628843.FP.FTS.B,
16.99%,
6/04/27
9,084
9,228
APP-14688354.FP.FTS.B,
17.49%,
6/04/27
18,702
18,996
APP-13965578.FP.FTS.B,
22.49%,
6/05/27
2,366
392
APP-14190918.FP.FTS.B,
9.59%,
6/06/27
.
4,427
4,448
APP-14191584.FP.FTS.B,
11.34%,
6/06/27
25,530
25,960
APP-14200239.FP.FTS.B,
11.34%,
6/06/27
26,940
27,364
APP-14177752.FP.FTS.B,
11.59%,
6/06/27
17,699
17,976
APP-14165096.FP.FTS.B,
14.74%,
6/06/27
21,168
21,554
APP-14192451.FP.FTS.B,
17.99%,
6/06/27
21,175
21,597
APP-14083608.FP.FTS.B,
20.49%,
6/06/27
7,868
7,928
APP-13961157.FP.FTS.B,
12.09%,
6/07/27
33,731
34,240
APP-14225512.FP.FTS.B,
20.49%,
6/07/27
7,297
7,460
APP-14212766.FP.FTS.B,
26.49%,
6/07/27
2,400
2,374
APP-14925385.FP.FTS.B,
15.49%,
6/10/27
10,852
11,030
APP-13914635.FP.FTS.B,
20.99%,
6/10/27
14,752
15,145
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14179267.FP.FTS.B,
17.24%,
6/11/27
$
34,657
$
35,244
APP-14324970.FP.FTS.B,
24.74%,
6/12/27
10,646
10,999
APP-14189919.FP.FTS.B,
20.49%,
6/13/27
11,642
11,965
APP-14176860.FP.FTS.B,
20.24%,
6/15/27
22,100
22,701
APP-14227617.FP.FTS.B,
20.99%,
6/15/27
7,358
7,564
APP-14219059.FP.FTS.B,
11.34%,
6/16/27
13,442
13,672
APP-15597460.FP.FTS.B,
16.49%,
6/16/27
22,635
22,981
APP-14301553.FP.FTS.B,
22.49%,
6/16/27
13,417
13,813
APP-14046117.FP.FTS.B,
9.59%,
6/17/27
.
11,024
11,218
APP-14151947.FP.FTS.B,
10.84%,
6/17/27
20,495
20,861
APP-14138938.FP.FTS.B,
11.59%,
6/17/27
11,508
11,713
APP-14104736.FP.FTS.B,
15.49%,
6/17/27
1,921
1,921
APP-14188906.FP.FTS.B,
16.99%,
6/17/27
14,391
14,692
APP-14200894.FP.FTS.B,
23.49%,
6/17/27
10,215
10,544
APP-14243912.FP.FTS.B,
26.49%,
6/17/27
6,517
6,714
APP-14301044.FP.FTS.B,
26.49%,
6/17/27
7,220
2,523
APP-14057201.FP.FTS.B,
15.99%,
6/18/27
8,589
8,811
APP-13986857.FP.FTS.B,
20.49%,
6/18/27
12,126
1,197
APP-14108165.FP.FTS.B,
20.49%,
6/18/27
13,492
13,857
APP-14066107.FP.FTS.B,
9.34%,
6/19/27
.
26,990
27,475
APP-14157257.FP.FTS.B,
11.34%,
6/19/27
14,190
14,452
APP-14165192.FP.FTS.B,
17.99%,
6/19/27
13,744
14,118
APP-14159215.FP.FTS.B,
18.49%,
6/19/27
8,943
1,727
APP-14195378.FP.FTS.B,
19.49%,
6/19/27
20,332
20,912
APP-14025039.FP.FTS.B,
20.49%,
6/19/27
9,488
9,775
APP-14034800.FP.FTS.B,
22.24%,
6/19/27
6,525
2,576
APP-14326267.FP.FTS.B,
23.74%,
6/19/27
24,827
2,946
APP-14194801.FP.FTS.B,
11.34%,
6/20/27
13,746
14,004
APP-14202174.FP.FTS.B,
11.59%,
6/20/27
8,955
9,124
APP-14202404.FP.FTS.B,
12.09%,
6/20/27
34,594
35,249
APP-14077334.FP.FTS.B,
13.59%,
6/20/27
19,927
20,295
APP-14188625.FP.FTS.B,
13.59%,
6/20/27
13,992
14,257
APP-14057492.FP.FTS.B,
16.99%,
6/20/27
10,601
10,767
APP-14194952.FP.FTS.B,
17.99%,
6/20/27
14,525
14,920
APP-14198467.FP.FTS.B,
18.99%,
6/20/27
20,458
6,904
APP-14221223.FP.FTS.B,
19.24%,
6/20/27
15,843
15,898
APP-14172834.FP.FTS.B,
20.99%,
6/20/27
8,551
8,828
APP-14159440.FP.FTS.B,
21.99%,
6/20/27
11,979
12,304
APP-14199815.FP.FTS.B,
22.49%,
6/20/27
8,418
8,645
APP-08640096.FP.FTS.B,
11.34%,
6/21/27
19,233
19,581
APP-14278564.FP.FTS.B,
20.49%,
6/24/27
9,934
1,140
APP-14292674.FP.FTS.B,
21.99%,
6/25/27
12,900
13,375
APP-14215379.FP.FTS.B,
17.49%,
6/26/27
12,950
13,250
APP-14178588.FP.FTS.B,
22.99%,
6/26/27
674
673
APP-13787332.FP.FTS.B,
11.34%,
6/27/27
17,527
17,869
APP-14178884.FP.FTS.B,
17.49%,
6/27/27
7,243
1,101
APP-14335800.FP.FTS.B,
19.99%,
6/27/27
10,892
11,234
APP-14341730.FP.FTS.B,
20.99%,
6/27/27
10,803
11,191
APP-13695730.FP.FTS.B,
26.49%,
6/28/27
5,732
5,951
APP-15748724.FP.FTS.B,
12.49%,
7/01/27
17,182
17,424
APP-15753390.FP.FTS.B,
26.99%,
7/01/27
7,971
8,171
APP-15425472.FP.FTS.B,
18.99%,
7/02/27
23,998
13,498
APP-15635946.FP.FTS.B,
24.74%,
7/03/27
12,835
13,107
APP-15718781.FP.FTS.B,
26.74%,
7/03/27
1,834
1,802
APP-15653357.FP.FTS.B,
21.24%,
7/04/27
6,077
6,183
APP-14163190.FP.FTS.B,
18.74%,
7/05/27
26,799
15,367
APP-14883847.FP.FTS.B,
17.24%,
7/06/27
5,456
5,541
APP-14197811.FP.FTS.B,
20.49%,
7/06/27
14,436
14,818
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-1555
6990.FP.FTS.B,
21.24%,
7/06/27
$
7,612
$
7,732
APP-14902078.FP.FTS.B,
11.74%,
7/07/27
17,420
17,689
APP-14904704.FP.FTS.B,
13.99%,
7/07/27
27,025
27,433
APP-15744265.FP.FTS.B,
14.49%,
7/07/27
6,063
6,076
APP-14143499.FP.FTS.B,
17.24%,
7/07/27
24,642
25,127
APP-14923950.FP.FTS.B,
13.74%,
7/08/27
9,198
9,348
APP-14917832.FP.FTS.B,
16.49%,
7/08/27
2,944
2,928
APP-14840263.FP.FTS.B,
17.49%,
7/08/27
19,674
20,019
APP-14994439.FP.FTS.B,
19.99%,
7/10/27
13,552
13,908
APP-15045243.FP.FTS.B,
21.49%,
7/10/27
14,610
14,911
APP-15007157.FP.FTS.B,
20.99%,
7/11/27
8,941
9,167
APP-14868239.FP.FTS.B,
11.99%,
7/12/27
8,501
8,638
APP-14709072.FP.FTS.B,
17.49%,
7/12/27
15,107
15,379
APP-15042638.FP.FTS.B,
26.99%,
7/12/27
7,740
7,940
APP-14930206.FP.FTS.B,
14.49%,
7/14/27
8,152
8,291
APP-14689546.FP.FTS.B,
11.74%,
7/15/27
19,722
20,045
APP-14818480.FP.FTS.B,
11.74%,
7/15/27
28,096
28,571
APP-14821859.FP.FTS.B,
11.74%,
7/15/27
14,174
14,405
APP-14914496.FP.FTS.B,
11.74%,
7/15/27
28,096
28,571
APP-13767685.FP.FTS.B,
11.99%,
7/15/27
4,635
4,647
APP-14996949.FP.FTS.B,
11.99%,
7/15/27
9,281
9,403
APP-15137192.FP.FTS.B,
11.99%,
7/15/27
12,330
12,525
APP-15039028.FP.FTS.B,
22.99%,
7/16/27
6,074
6,209
APP-14843307.FP.FTS.B,
11.99%,
7/17/27
10,569
10,754
APP-14866235.FP.FTS.B,
12.74%,
7/17/27
34,941
35,527
APP-14906097.FP.FTS.B,
16.74%,
7/18/27
34,889
35,709
APP-14882502.FP.FTS.B,
11.74%,
7/19/27
16,895
17,200
APP-14811744.FP.FTS.B,
13.99%,
7/19/27
25,098
25,578
APP-14688586.FP.FTS.B,
17.49%,
7/19/27
19,828
20,239
APP-14191093.FP.FTS.B,
18.99%,
7/19/27
15,201
15,560
APP-14174912.FP.FTS.B,
22.99%,
7/19/27
23,945
24,765
APP-14160424.FP.FTS.B,
23.99%,
7/19/27
13,171
13,640
APP-14057681.FP.FTS.B,
11.99%,
7/20/27
8,456
8,609
APP-13547748.FP.FTS.B,
12.09%,
7/20/27
36,256
36,929
APP-14766983.FP.FTS.B,
13.99%,
7/20/27
28,702
29,260
APP-14859116.FP.FTS.B,
13.99%,
7/20/27
3,087
3,092
APP-14911982.FP.FTS.B,
15.99%,
7/20/27
9,292
9,406
APP-14902830.FP.FTS.B,
16.24%,
7/20/27
29,223
29,931
APP-15056862.FP.FTS.B,
22.99%,
7/20/27
15,261
15,677
APP-14865961.FP.FTS.B,
11.74%,
7/21/27
25,230
25,698
APP-14937680.FP.FTS.B,
11.99%,
7/21/27
11,369
11,559
APP-14938376.FP.FTS.B,
11.99%,
7/21/27
10,595
10,793
APP-14881643.FP.FTS.B,
17.49%,
7/21/27
16,023
16,369
APP-14877061.FP.FTS.B,
9.99%,
7/22/27
.
11,454
11,663
APP-14728435.FP.FTS.B,
11.99%,
7/22/27
9,186
9,360
APP-15030718.FP.FTS.B,
18.24%,
7/22/27
29,867
30,579
APP-16899204.FP.FTS.B,
16.24%,
7/23/27
21,919
22,225
APP-14529813.FP.FTS.B,
18.24%,
7/23/27
28,223
28,966
APP-14859157.FP.FTS.B,
19.24%,
7/24/27
32,123
3,571
APP-14314279.FP.FTS.B,
23.49%,
7/25/27
5,842
6,021
APP-15053109.FP.FTS.B,
11.74%,
7/29/27
14,095
14,373
APP-16318783.FP.FTS.B,
18.99%,
7/30/27
11,568
11,773
APP-15578753.FP.FTS.B,
11.74%,
8/01/27
21,436
21,735
APP-15576948.FP.FTS.B,
12.24%,
8/01/27
25,111
25,462
APP-16690743.FP.FTS.B,
18.49%,
8/01/27
6,082
6,165
APP-15361603.FP.FTS.B,
19.74%,
8/01/27
13,672
13,879
APP-15584134.FP.FTS.B,
12.99%,
8/03/27
18,996
19,276
APP-16724945.FP.FTS.B,
13.99%,
8/03/27
38,379
19,787
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-16827842.FP.FTS.B,
16.24%,
8/03/27
$
17,996
$
18,252
APP-16934495.FP.FTS.B,
13.99%,
8/05/27
11,683
11,874
APP-17031491.FP.FTS.B,
13.99%,
8/05/27
37,172
37,697
APP-17272402.FP.FTS.B,
21.24%,
8/05/27
24,545
24,887
APP-15713621.FP.FTS.B,
12.49%,
8/06/27
12,368
12,544
APP-15751991.FP.FTS.B,
12.49%,
8/07/27
11,089
11,250
APP-14911217.FP.FTS.B,
13.99%,
8/07/27
17,774
18,051
APP-15763190.FP.FTS.B,
22.24%,
8/08/27
19,829
12,004
APP-15743089.FP.FTS.B,
16.74%,
8/10/27
18,054
18,357
APP-17457181.FP.FTS.B,
16.24%,
8/12/27
7,498
7,603
APP-15231441.FP.FTS.B,
16.99%,
8/12/27
35,277
35,966
APP-15558741.FP.FTS.B,
19.49%,
8/12/27
30,470
9,494
APP-14221142.FP.FTS.B,
24.24%,
8/12/27
19,373
6,690
APP-15594246.FP.FTS.B,
25.49%,
8/12/27
20,947
21,331
APP-15576373.FP.FTS.B,
19.24%,
8/13/27
11,772
12,035
APP-15302717.FP.FTS.B,
20.24%,
8/13/27
16,945
5,659
APP-15437840.FP.FTS.B,
20.24%,
8/13/27
12,103
12,380
APP-16055829.FP.FTS.B,
12.99%,
8/14/27
8,652
8,795
APP-15595170.FP.FTS.B,
15.24%,
8/14/27
38,203
38,877
APP-15805332.FP.FTS.B,
18.74%,
8/14/27
19,705
5,750
APP-16079598.FP.FTS.B,
20.49%,
8/14/27
15,178
15,463
APP-16063371.FP.FTS.B,
20.99%,
8/14/27
19,038
19,395
APP-15638158.FP.FTS.B,
21.24%,
8/14/27
7,356
7,495
APP-15526033.FP.FTS.B,
21.74%,
8/14/27
16,083
16,376
APP-14058523.FP.FTS.B,
21.99%,
8/14/27
25,578
26,148
APP-15802156.FP.FTS.B,
22.24%,
8/14/27
11,444
11,712
APP-15578534.FP.FTS.B,
11.74%,
8/15/27
21,907
22,261
APP-15398960.FP.FTS.B,
12.99%,
8/15/27
31,157
31,725
APP-15709743.FP.FTS.B,
14.49%,
8/15/27
29,314
29,830
APP-15299307.FP.FTS.B,
14.99%,
8/15/27
21,865
22,282
APP-11750409.FP.FTS.B,
17.99%,
8/15/27
13,599
13,931
APP-15544956.FP.FTS.B,
18.74%,
8/15/27
11,777
12,019
APP-15710954.FP.FTS.B,
18.99%,
8/15/27
25,081
7,890
APP-15574568.FP.FTS.B,
20.24%,
8/15/27
22,816
23,351
APP-15702332.FP.FTS.B,
20.24%,
8/15/27
7,635
7,780
APP-15585228.FP.FTS.B,
22.24%,
8/15/27
18,214
18,598
APP-15600789.FP.FTS.B,
22.24%,
8/15/27
5,830
5,961
APP-16074588.FP.FTS.B,
23.49%,
8/15/27
11,561
11,859
APP-16075494.FP.FTS.B,
23.49%,
8/15/27
6,192
6,314
APP-15763149.FP.FTS.B,
26.99%,
8/15/27
8,296
8,495
APP-15868809.FP.FTS.B,
12.99%,
8/16/27
24,810
25,205
APP-13337190.FP.FTS.B,
18.99%,
8/16/27
10,999
11,188
APP-15602475.FP.FTS.B,
12.49%,
8/19/27
12,827
13,059
APP-15591313.FP.FTS.B,
20.74%,
8/19/27
10,891
11,102
APP-15601188.FP.FTS.B,
21.24%,
8/19/27
37,337
38,154
APP-15697643.FP.FTS.B,
19.24%,
8/20/27
15,288
15,648
APP-15811836.FP.FTS.B,
19.74%,
8/20/27
18,989
19,409
APP-15742698.FP.FTS.B,
20.74%,
8/20/27
15,264
15,682
APP-15741986.FP.FTS.B,
12.49%,
8/21/27
22,744
23,179
APP-15602128.FP.FTS.B,
21.74%,
8/21/27
10,403
10,675
APP-15663958.FP.FTS.B,
22.24%,
8/21/27
10,908
11,193
APP-15745269.FP.FTS.B,
22.24%,
8/21/27
12,075
12,403
APP-16024812.FP.FTS.B,
12.99%,
8/22/27
8,695
8,854
APP-15006613.FP.FTS.B,
23.49%,
8/25/27
4,288
4,286
APP-14178173.FP.FTS.B,
15.24%,
8/26/27
15,888
16,208
APP-15871509.FP.FTS.B,
20.49%,
8/26/27
13,900
14,268
APP-16071674.FP.FTS.B,
22.49%,
8/26/27
8,176
8,389
APP-15043328.FP.FTS.B,
22.74%,
8/26/27
10,360
10,688
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14920951.FP.FTS.B,
23.49%,
8/26/27
$
6,007
$
6,205
APP-16053754.FP.FTS.B,
10.99%,
8/27/27
23,488
23,929
APP-15234987.FP.FTS.B,
16.74%,
8/27/27
21,870
22,346
APP-14346063.FP.FTS.B,
18.49%,
8/27/27
19,634
20,066
APP-16061296.FP.FTS.B,
23.49%,
8/27/27
10,989
11,272
APP-12674078.FP.FTS.B,
20.24%,
8/28/27
23,449
24,075
APP-16019364.FP.FTS.B,
20.99%,
8/28/27
22,283
22,882
APP-16813915.FP.FTS.B,
19.99%,
9/04/27
15,528
15,747
APP-17103722.FP.FTS.B,
9.74%,
9/06/27
.
3,592
3,644
APP-17244225.FP.FTS.B,
9.49%,
9/09/27
.
15,109
15,326
APP-17250115.FP.FTS.B,
9.74%,
9/09/27
.
5,393
5,470
APP-17398424.FP.FTS.B,
18.24%,
9/12/27
7,527
7,630
APP-17433516.FP.FTS.B,
20.49%,
9/12/27
19,231
19,557
APP-17430483.FP.FTS.B,
12.99%,
9/13/27
19,479
19,751
APP-17450366.FP.FTS.B,
21.24%,
9/13/27
9,196
9,356
APP-16817244.FP.FTS.B,
18.24%,
9/14/27
38,391
39,093
APP-15589159.FP.FTS.B,
26.74%,
9/14/27
12,840
13,091
APP-16652517.FP.FTS.B,
14.24%,
9/15/27
14,908
15,149
APP-16847088.FP.FTS.B,
18.24%,
9/15/27
7,685
7,835
APP-15040717.FP.FTS.B,
20.99%,
9/15/27
7,332
7,402
APP-1559
3379.FP.FTS.B,
24.74%,
9/15/27
6,420
6,553
APP-15584156.FP.FTS.B,
26.99%,
9/15/27
3,845
3,825
APP-17507239.FP.FTS.B,
16.24%,
9/16/27
4,850
4,854
APP-16896117.FP.FTS.B,
23.99%,
9/16/27
2,810
2,791
APP-16906029.FP.FTS.B,
17.74%,
9/17/27
8,068
8,223
APP-16901085.FP.FTS.B,
22.49%,
9/17/27
13,720
14,024
APP-14132105.FP.FTS.B,
22.99%,
9/17/27
25,942
2,726
APP-16599721.FP.FTS.B,
13.49%,
9/19/27
14,070
14,318
APP-16335329.FP.FTS.B,
11.24%,
9/20/27
13,638
13,874
APP-17455190.FP.FTS.B,
12.74%,
9/20/27
36,768
37,327
APP-17023882.FP.FTS.B,
13.24%,
9/20/27
10,583
10,770
APP-15738048.FP.FTS.B,
24.99%,
9/20/27
14,986
15,336
APP-15718443.FP.FTS.B,
26.99%,
9/20/27
20,110
20,579
APP-17104731.FP.FTS.B,
13.49%,
9/21/27
14,128
14,387
APP-15601763.FP.FTS.B,
24.24%,
9/21/27
9,823
900
APP-15723564.FP.FTS.B,
26.99%,
9/21/27
6,423
6,576
APP-15758289.FP.FTS.B,
26.99%,
9/21/27
8,448
8,651
APP-17193229.FP.FTS.B,
11.99%,
9/22/27
11,036
11,237
APP-17221012.FP.FTS.B,
15.24%,
9/22/27
19,430
19,754
APP-15432924.FP.FTS.B,
18.99%,
9/23/27
19,172
2,118
APP-13628761.FP.FTS.B,
20.99%,
9/23/27
14,182
2,894
APP-15037668.FP.FTS.B,
26.99%,
9/23/27
8,647
8,824
APP-17458369.FP.FTS.B,
14.49%,
9/25/27
6,970
7,095
APP-17362213.FP.FTS.B,
18.49%,
9/25/27
15,382
15,709
APP-17450170.FP.FTS.B,
20.24%,
9/25/27
34,003
34,749
APP-17493809.FP.FTS.B,
20.49%,
9/25/27
13,838
14,103
APP-17329208.FP.FTS.B,
20.99%,
9/25/27
13,547
13,860
APP-17418426.FP.FTS.B,
18.99%,
9/26/27
19,120
19,538
APP-17489430.FP.FTS.B,
8.49%,
9/27/27
.
18,833
19,161
APP-15069494.FP.FTS.B,
11.99%,
9/27/27
12,178
3,496
APP-17458150.FP.FTS.B,
18.99%,
9/27/27
30,923
31,549
APP-16893024.FP.FTS.B,
19.99%,
10/11/27
12,945
6,779
APP-17422584.FP.FTS.B,
18.49%,
10/12/27
16,276
16,429
APP-15307313.FP.FTS.B,
22.24%,
10/12/27
13,358
13,494
APP-15684113.FP.FTS.B,
20.74%,
10/18/27
18,201
18,412
APP-14057430.FP.FTS.B,
14.09%,
10/29/27
11,000
2,391
APP-15634817.FP.FTS.B,
25.24%,
11/12/27
5,019
4,975
APP-15651111.FP.FTS.B,
24.99%,
11/18/27
19,760
20,067
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14122876.FP.FTS.B,
23.49%,
11/20/27
$
29,214
$
29,595
APP-15757316.FP.FTS.B,
24.99%,
11/24/27
17,982
18,137
APP-15398570.FP.FTS.B,
18.99%,
12/14/27
41,476
8,080
APP-14217946.FP.FTS.B,
5.99%,
5/06/34
.
474
474
7,837,376
LendingClub
Corp.
152765318.LC.FTS.B,
17.19%,
6/11/24
...
732
733
153211777.LC.FTS.B,
15.24%,
6/20/24
...
524
525
153987117.LC.FTS.B,
12.4%,
6/24/24
....
930
929
153754650.LC.FTS.B,
16.95%,
6/27/24
...
828
830
154462977.LC.FTS.B,
16.12%,
7/01/24
...
712
711
154940690.LC.FTS.B,
16.12%,
7/09/24
...
1,893
1,892
154267934.LC.FTS.B,
14.3%,
7/15/24
...
2,956
2,954
155164991.LC.FTS.B,
15.24%,
7/18/24
...
2,823
2,820
155246628.LC.FTS.B,
17.74%,
7/30/24
...
1,185
1,180
156078988.LC.FTS.B,
17.74%,
7/30/24
...
2,430
2,424
156134234.LC.FTS.B,
17.74%,
7/30/24
...
972
969
155823373.LC.FTS.B,
15.24%,
7/31/24
...
2,842
2,834
157178824.LC.FTS.B,
16.12%,
8/20/24
...
1,131
1,132
156805347.LC.FTS.B,
17.74%,
8/26/24
...
1,712
1,707
157328472.LC.FTS.B,
14.3%,
8/27/24
...
2,543
2,538
157148290.LC.FTS.B,
14.3%,
8/29/24
...
2,465
2,450
156938647.LC.FTS.B,
16.12%,
8/31/24
...
4,215
4,189
158081866.LC.FTS.B,
16.12%,
9/05/24
...
3,279
3,270
158175447.LC.FTS.B,
17.74%,
9/10/24
...
4,229
4,220
157912310.LC.FTS.B,
17.74%,
9/16/24
...
2,234
2,227
159010378.LC.FTS.B,
17.74%,
9/19/24
...
4,547
561
154841821.LC.FTS.B,
16.12%,
9/22/24
...
3,325
3,308
157396742.LC.FTS.B,
15.24%,
9/23/24
...
4,206
4,198
155360790.LC.FTS.B,
15.24%,
9/25/24
...
2,431
2,419
157742410.LC.FTS.B,
6%,
9/28/24
......
1,235
1,209
159435722.LC.FTS.B,
12.4%,
9/30/24
...
2,597
2,570
156927320.LC.FTS.B,
Zero
Cpn,
10/16/24
4,942
–
160079994.LC.FTS.B,
13.08%,
10/17/24
..
4,006
3,963
160529999.LC.FTS.B,
16.95%,
10/22/24
..
1,696
1,690
160490410.LC.FTS.B,
15.24%,
10/25/24
..
5,493
5,490
161573592.LC.FTS.B,
12.4%,
11/07/24
...
3,143
3,106
154797502.LC.FTS.B,
16.12%,
11/09/24
..
2,238
2,225
161593900.LC.FTS.B,
13.08%,
11/12/24
..
1,388
–
161740410.LC.FTS.B,
17.74%,
11/14/24
..
3,350
3,335
158052058.LC.FTS.B,
14.3%,
11/18/24
...
2,138
2,117
162085568.LC.FTS.B,
16.95%,
11/19/24
..
3,289
3,270
162329802.LC.FTS.B,
20.55%,
11/26/24
..
2,630
2,629
162054102.LC.FTS.B,
14.3%,
11/30/24
...
4,336
4,288
158914371.LC.FTS.B,
16.12%,
11/30/24
..
6,649
6,533
162767538.LC.FTS.B,
12.4%,
12/04/24
...
2,572
2,538
162981224.LC.FTS.B,
20.55%,
12/10/24
..
2,782
2,794
163112532.LC.FTS.B,
14.3%,
12/16/24
...
2,888
2,865
163046946.LC.FTS.B,
15.24%,
12/16/24
..
3,616
3,596
163060788.LC.FTS.B,
13.08%,
12/17/24
..
3,928
3,863
163583417.LC.FTS.B,
20.55%,
12/23/24
..
1,268
1,271
164220289.LC.FTS.B,
16.95%,
1/02/25
...
3,932
3,889
164731071.LC.FTS.B,
18.62%,
1/13/25
...
2,146
2,156
165056556.LC.FTS.B,
20.55%,
1/17/25
...
3,537
3,559
164591978.LC.FTS.B,
12.4%,
1/21/25
...
2,468
2,444
165397300.LC.FTS.B,
14.3%,
1/22/25
...
2,111
2,098
165469392.LC.FTS.B,
14.3%,
1/23/25
...
1,813
1,801
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)
LendingClub
Corp.
(continued)
165808132.LC.FTS.B,
20.55%,
1/29/25
...
$
1,910
$
1,900
165938778.LC.FTS.B,
20.55%,
2/03/25
...
2,932
2,933
165780834.LC.FTS.B,
13.08%,
2/05/25
...
3,091
3,040
155027113.LC.FTS.B,
17.97%,
2/10/25
...
4,301
4,292
166781902.LC.FTS.B,
13.08%,
2/18/25
...
3,222
3,172
166943124.LC.FTS.B,
15.24%,
2/20/25
...
2,152
1,717
165810247.LC.FTS.B,
18.62%,
2/24/25
...
3,248
3,240
166773880.LC.FTS.B,
10.33%,
2/28/25
...
4,173
4,091
167785877.LC.FTS.B,
15.24%,
3/04/25
...
7,324
7,205
168256441.LC.FTS.B,
17.74%,
3/13/25
...
7,639
7,547
167908793.LC.FTS.B,
14.3%,
3/16/25
...
2,834
2,798
168305153.LC.FTS.B,
Zero
Cpn,
3/20/25
.
9,367
–
162782888.LC.FTS.B,
16.95%,
5/25/25
...
9,678
9,536
159782705.LC.FTS.B,
15%,
11/13/25
....
14,205
11,069
166624371.LC.FTS.B,
17.74%,
3/04/33
...
11,490
–
140103085.LC.FTS.B,
Zero
Cpn,
10/05/33
2,083
–
142083793.LC.FTS.B,
24.37%,
10/18/33
..
2,238
2,243
143917879.LC.FTS.B,
16.91%,
11/29/33
..
3,260
–
144940694.LC.FTS.B,
11.8%,
12/13/33
...
3,293
3,242
145998409.LC.FTS.B,
12.98%,
1/14/34
...
2,507
2,474
148711863.LC.FTS.B,
16.4%,
3/12/34
....
1,355
1,343
148849654.LC.FTS.B,
Zero
Cpn,
3/15/34
.
2,340
2,325
148932528.LC.FTS.B,
15%,
3/25/34
.....
4,389
3,725
147890443.LC.FTS.B,
11.02%,
3/26/34
...
2,819
2,800
149957207.LC.FTS.B,
17.19%,
4/09/34
...
8,065
7,916
149399946.LC.FTS.B,
20%,
4/09/34
.....
15,853
–
150241560.LC.FTS.B,
20%,
4/16/34
.....
1,433
1,433
150551318.LC.FTS.B,
20%,
4/29/34
.....
451
451
150850415.LC.FTS.B,
12.4%,
4/30/34
...
372
371
150627709.LC.FTS.B,
20%,
4/30/34
.....
401
399
148529602.LC.FTS.B,
15.57%,
5/01/34
...
22
22
151444001.LC.FTS.B,
14.74%,
5/09/34
...
280
280
150616815.LC.FTS.B,
17.97%,
5/09/34
...
1,524
1,526
148165215.LC.FTS.B,
15.57%,
5/15/34
...
5,834
–
150328755.LC.FTS.B,
13.08%,
5/17/34
...
984
977
146454152.LC.FTS.B,
16.14%,
5/18/34
...
218
218
149314316.LC.FTS.B,
10.33%,
5/19/34
...
39
39
142542297.LC.FTS.B,
11.55%,
5/21/34
...
289
289
151690420.LC.FTS.B,
17.97%,
5/23/34
...
528
531
151495173.LC.FTS.B,
12.4%,
5/24/34
...
292
292
151810309.LC.FTS.B,
13.08%,
5/24/34
...
450
450
151897315.LC.FTS.B,
20%,
5/25/34
.....
637
641
151979821.LC.FTS.B,
13.9%,
5/28/34
...
490
488
151707588.LC.FTS.B,
14.74%,
5/29/34
...
2,138
2,123
225,457
LendingClub
Corp.
-
LCX
155815338.LC.FTS.B,
14.3%,
7/25/24
...
490
491
155893259.LC.FTS.B,
15.24%,
7/25/24
...
2,448
2,463
155929091.LC.FTS.B,
15.24%,
7/25/24
...
1,049
1,055
155673715.LC.FTS.B,
16.12%,
7/25/24
...
2,423
2,438
153882991.LC.FTS.B,
14.3%,
7/31/24
...
1,820
1,816
155970724.LC.FTS.B,
16.95%,
7/31/24
...
1,211
1,208
158294506.LC.FTS.B,
16.12%,
9/09/24
...
1,405
1,408
158749928.LC.FTS.B,
15.24%,
9/24/24
...
1,291
1,294
158302406.LC.FTS.B,
17.74%,
9/25/24
...
3,009
3,026
158297432.LC.FTS.B,
15.24%,
11/09/24
..
4,280
4,270
158338447.LC.FTS.B,
16.12%,
11/17/24
..
6,751
6,729
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
(continued)
165130966.LC.FTS.B,
20.55%,
1/21/25
...
$
1,108
$
1,120
165148027.LC.FTS.B,
20.55%,
1/21/25
...
4,437
4,483
165276233.LC.FTS.B,
20.55%,
1/21/25
...
4,662
4,697
165396953.LC.FTS.B,
11.02%,
1/22/25
...
5,967
5,891
164300242.LC.FTS.B,
16.12%,
1/31/25
...
8,423
8,326
165919458.LC.FTS.B,
15.24%,
2/03/25
...
8,930
8,833
165905919.LC.FTS.B,
16.12%,
2/03/25
...
6,301
6,229
166100453.LC.FTS.B,
14.3%,
2/05/25
...
8,783
8,691
167192844.LC.FTS.B,
23.05%,
2/24/25
...
6,042
6,000
167466474.LC.FTS.B,
11.02%,
2/27/25
...
4,759
4,574
163582275.LC.FTS.B,
16.12%,
2/28/25
...
5,769
5,394
168273324.LC.FTS.B,
18.62%,
3/17/25
...
4,121
3,999
164935272.LC.FTS.B,
20.55%,
3/21/25
...
10,831
10,833
168585809.LC.FTS.B,
15.24%,
3/24/25
...
2,593
2,485
165378648.LC.FTS.B,
11.02%,
3/31/25
...
10,230
9,999
154670467.LC.FTS.B,
16.12%,
3/31/25
...
2,889
2,857
167808300.LC.FTS.B,
13.08%,
4/14/25
...
3,316
3,130
155128973.LC.FTS.B,
15.
24%,
3/25/26
...
12,867
12,517
155983239.LC.FTS.B,
14.3%,
5/09/34
...
11,364
11,173
151286105.LC.FTS.B,
11.71%,
5/10/34
...
1,306
1,074
148,503
LendingClub
Corp.
-
LCX
PM
188248955.LC.FTS.B,
19.49%,
4/12/25
...
9,281
9,264
188336152.LC.FTS.B,
23.99%,
4/19/25
...
10,170
1,789
187760587.LC.FTS.B,
15.99%,
4/21/25
...
5,037
5,044
188588570.LC.FTS.B,
16.29%,
4/21/25
...
1,748
1,740
188585972.LC.FTS.B,
19.44%,
4/21/25
...
7,939
7,977
188593902.LC.FTS.B,
21.49%,
4/21/25
...
8,126
8,223
188631141.LC.FTS.B,
18.19%,
4/22/25
...
15,799
15,855
188664382.LC.FTS.B,
21.49%,
4/22/25
...
4,875
4,935
188534183.LC.FTS.B,
22.99%,
4/22/25
...
1,447
1,478
188686293.LC.FTS.B,
23
.99%,
4/22/25
...
5,171
5,276
188654930.LC.FTS.B,
24.79%,
4/22/25
...
2,505
2,591
188635054.LC.FTS.B,
16.99%,
4/24/25
...
4,325
4,332
188123636.LC.FTS.B,
5%,
4/01/26
......
8,953
8,871
188037917.LC.FTS.B,
22.49%,
3/28/27
...
9,948
1,778
188053341.LC.FTS.B,
6%,
4/08/27
......
4,173
4,145
187991007.LC.FTS.B,
17.19%,
4/08/27
...
4,188
4,073
188072484.LC.FTS.B,
22.49%,
4/08/27
...
6,104
–
187514926.LC.FTS.B,
23.49%,
4/11/27
...
5,765
5,749
188122973.LC.FTS.B,
23.49%,
4/11/27
...
24,140
23,809
188256153.LC.FTS.B,
18.99%,
4/12/27
...
4,453
810
188268197.LC.FTS.B,
Zero
Cpn,
4/13/27
.
6,101
–
188277181.LC.FTS.B,
23.49%,
4/13/27
...
25,575
25,025
188110736.LC.FTS.B,
23.99%,
4/13/27
...
7,332
7,248
188229601.LC.FTS.B,
22.49%,
4/14/27
...
14,522
14,145
188308390.LC.FTS.B,
25.99%,
4/14/27
...
4,458
4,432
188316633.LC.FTS.B,
25.99%,
4/14/27
...
8,009
–
188149297.LC.FTS.B,
27.79%,
4/14/27
...
6,348
6,477
188437817.LC.FTS.B,
18.19%,
4/18/27
...
4,220
4,141
188225211.LC.FTS.B,
20.99%,
4/18/27
...
10,770
10,274
188142269.LC.FTS.B,
27.79%,
4/18/27
...
6,937
7,043
188575003.LC.FTS.B,
22.49%,
4/20/27
...
4,976
4,962
188452079.LC.FTS.B,
23.99%,
4/20/27
...
29,350
2,733
188450442.LC.FTS.B,
15.19%,
4/21/27
...
19,244
18,018
188615522.LC.FTS.B,
16.19%,
4/21/27
...
11,083
10,744
188223031.LC.FTS.B,
18.99%,
4/21/27
...
21,341
20,667
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)
LendingClub
Corp.
-
LCX
PM
(continued)
188623242.LC.FTS.B,
19.41%,
4/21/27
...
$
13,328
$
2,522
188593509.LC.FTS.B,
19.44%,
4/21/27
...
5,112
5,090
188582913.LC.FTS.B,
20.49%,
4/21/27
...
15,550
15,365
188303635.LC.FTS.B,
20.99%,
4/21/27
...
7,927
7,832
188594404.LC.FTS.B,
20.99%,
4/21/27
...
22,214
22,028
188494026.LC.FTS.B,
21.99%,
4/21/27
...
14,982
–
188619005.LC.FTS.B,
23.99%,
4/21/27
...
2,730
342
188633218.LC.FTS.B,
28.99%,
4/21/27
...
9,089
9,311
188476890.LC.FTS.B,
17.49%,
4/22/27
...
5,597
5,500
188630360.LC.FTS.B,
20.49%,
4/22/27
...
15,740
15,622
188277503.LC.FTS.B,
23.19%,
4/22/27
...
7,332
7,237
188087453.LC.FTS.B,
23.99%,
4/22/27
...
5,991
5,990
187548960.LC.FTS.B,
20.49%,
4/25/27
...
13,420
12,679
187548690.LC.FTS.B,
23.49%,
4/25/27
...
10,861
10,852
188528665.LC.FTS.B,
23.99%,
4/25/27
...
5,176
5,113
188400206.LC.FTS.B,
23.19%,
4/27/27
...
9,717
9,565
188048788.LC.FTS.B,
25.99%,
4/28/27
...
18,815
18,146
187899660.LC.FTS.B,
23.99%,
4/29/27
...
15,102
14,702
188557045.LC.FTS.B,
18.99%,
4/30/27
...
19,238
18,393
188352447.LC.FTS.B,
21.49%,
4/30/27
...
7,192
–
188574271.LC.FTS.B,
22.49%,
4/30/27
...
20,988
20,746
188575150.LC.FTS.B,
22.99%,
4/30/27
...
18,689
895
188535698.LC.FTS.B,
21.99%,
8/20/27
...
12,277
11,885
188352437.LC.FTS.B,
23.99%,
10/30/27
..
24,883
2,945
188186124.LC.FTS.B,
15%,
11/12/27
....
5,622
4,219
188415292.LC.FTS.B,
22.99%,
7/20/28
...
25,947
3,339
483,966
Prosper
Funding
LLC
1648237.PS.FTS.B,
15.1%,
10/26/24
....
1,721
1,720
1645289.PS.FTS.B,
15.29%,
10/27/24
...
1,390
1,387
1649764.PS.FTS.B,
10.6%,
10/28/24
....
4,688
307
1646276.PS.FTS.B,
13.36%,
10/28/24
...
3,063
3,043
1657446.PS.FTS.B,
14.79%,
10/29/24
...
4,608
4,658
1649248.PS.FTS.B,
16.6%,
10/29/24
....
5,885
5,999
1651390.PS.FTS.B,
12%,
11/01/24
......
1,116
1,103
1648712.PS.FTS.B,
12.4%,
11/02/24
....
2,691
2,660
1660875.PS.FTS.B,
12%,
11/05/24
......
447
442
1657975.PS.FTS.B,
13.05%,
11/08/24
....
4,545
4,489
1653485.PS.FTS.B,
10.8%,
11/09/24
....
921
912
1658923.PS.FTS.B,
14.39%,
11/09/24
....
2,272
2,252
1667316.PS.FTS.B,
15.4%,
11/10/24
....
2,290
2,274
1644782.PS.FTS.B,
15%,
11/25/24
......
1,691
1,684
1649773.PS.FTS.B,
15.1%,
12/02/24
....
1,503
1,501
1686279.PS.FTS.B,
10.8%,
12/15/24
....
1,276
1,115
1686276.PS.FTS.B,
13.9%,
12/15/24
....
1,556
1,541
1686264.PS.FTS.B,
14.11%,
12/15/24
....
5,788
5,726
1686630.PS.FTS.B,
15.1%,
12/16/24
....
1,575
1,565
1680844.PS.FTS.B,
15.29%,
12/17/24
...
2,763
2,745
1687224.PS.FTS.B,
19.6%,
12/17/24
....
1,375
1,379
1674899.PS.FTS.B,
13.8%,
12/20/24
....
6,476
6,415
1676741.PS.FTS.B,
21.45%,
12/22/24
...
2,928
2,943
1679401.PS.FTS.B,
18.11%,
12/24/24
....
550
545
1659661.PS.FTS.B,
18.6%,
12/26/24
....
3,206
499
1673252.PS.FTS.B,
16.3%,
12/29/24
....
4,641
4,690
1683619.PS.FTS.B,
12.33%,
12/30/24
...
10,072
9,982
1690636.PS.FTS.B,
17%,
1/07/25
.......
287
284
1701024.PS.FTS.B,
15.1%,
1/12/25
.....
4,399
4,355
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1693717.PS.FTS.B,
15.7%,
1/12/25
.....
$
2,314
$
2,290
1695016.PS.FTS.B,
12.2%,
1/13/25
.....
5,412
5,342
1688477.PS.FTS.B,
17.59%,
1/13/25
....
908
897
1701786.PS.FTS.B,
20.01%,
1/13/25
....
923
923
1689320.PS.FTS.B,
12%,
1/14/25
.......
5,683
5,611
1689317.PS.FTS.B,
13.4%,
1/14/25
.....
6,506
6,427
1695337.PS.FTS.B,
13.6%,
1/14/25
.....
576
569
1695322.PS.FTS.B,
13.7%,
1/14/25
.....
1,012
999
1695349.PS.FTS.B,
14.39%,
1/14/25
....
2,414
2,109
1702131.PS.FTS.B,
14.49%,
1/14/25
....
4,664
4,621
1689350.PS.FTS.B,
14.89%,
1/14/25
....
1,463
1,450
1695730.PS.FTS.B,
16.6%,
1/14/25
.....
2,596
2,566
1686609.PS.FTS.B,
11.16%,
1/15/25
....
2,873
2,832
1696453.PS.FTS.B,
14.39%,
1/18/25
....
1,747
1,734
1704912.PS.FTS.B,
12.3%,
1/19/25
.....
2,851
2,818
1705407.PS.FTS.B,
13.5%,
1/20/25
.....
2,857
2,836
1706154.PS.FTS.B,
15.29%,
1/20/25
....
3,812
3,759
1695325.PS.FTS.B,
18.09%,
1/20/25
....
3,046
3,037
1693714.PS.FTS.B,
22.6%,
1/20/25
.....
2,606
2,607
1698682.PS.FTS.B,
22.6%,
1/20/25
.....
1,892
1,910
1693753.PS.FTS.B,
24.4%,
1/21/25
.....
961
962
1690034.PS.FTS.B,
11.6%,
1/25/25
.....
2,220
128
1702114.PS.FTS.B,
16%,
1/25/25
.......
609
605
1700610.PS.FTS.B,
22.6%,
1/26/25
.....
1,775
1,777
1711818.PS.FTS.B,
17.8%,
1/31/25
.....
14,852
2,204
1706943.PS.FTS.B,
17.7%,
2/01/25
.....
6,638
6,667
1693775.PS.FTS.B,
22.6%,
2/01/25
.....
1,800
1,812
1702146.PS.FTS.B,
13.2%,
2/09/25
.....
1,310
1,287
1708013.PS.FTS.B,
11.7%,
2/15/25
.....
2,192
2,161
1721415.PS.FTS.B,
11.7%,
2/15/25
.....
2,975
2,933
1715365.PS.FTS.B,
11.79%,
2/15/25
....
3,399
3,352
1708001.PS.FTS.B,
11.89%,
2/15/25
....
3,137
3,093
1721412.PS.FTS.B,
13.9%,
2/15/25
.....
3,199
3,154
1721856.PS.FTS.B,
14.6%,
2/15/25
.....
3,703
3,665
1720959.PS.FTS.B,
16.6%,
2/15/25
.....
3,282
3,247
1720995.PS.FTS.B,
25.4%,
2/15/25
.....
1,421
1,430
1722456.PS.FTS.B,
14.09%,
2/16/25
....
1,763
1,745
1715869.PS.FTS.B,
23.13%,
2/16/25
....
1,741
1,742
1721859.PS.FTS.B,
15.4%,
2/17/25
.....
6,024
5,943
1716898.PS.FTS.B,
21%,
2/17/25
.......
3,781
–
1708025.PS.FTS.B,
12.3%,
2/21/25
.....
1,064
1,051
1708019.PS.FTS.B,
14.2%,
2/23/25
.....
1,563
1,546
1712990.PS.FTS.B,
17%,
2/23/25
.......
1,812
1,819
1720297.PS.FTS.B,
18.6%,
2/23/25
.....
2,070
2,073
1721877.PS.FTS.B,
14.39%,
2/28/25
....
3,506
3,516
1720956.PS.FTS.B,
15.1%,
2/28/25
.....
4,547
4,555
1722244.PS.FTS.B,
17.54%,
2/28/25
....
9,059
–
1702474.PS.FTS.B,
22%,
2/28/25
.......
9,799
9,810
1752441.PS.FTS.B,
13.7%,
4/05/25
.....
2,850
2,785
1742756.PS.FTS.B,
18.6%,
4/05/25
.....
1,587
1,569
1749697.PS.FTS.B,
13.7%,
4/06/25
.....
8,033
–
1749733.PS.FTS.B,
13.9%,
4/06/25
.....
2,284
2,236
1753725.PS.FTS.B,
14.6%,
4/07/25
.....
1,636
1,606
1743983.PS.FTS.B,
15.86%,
4/07/25
....
1,668
1,634
1744487.PS.FTS.B,
18.09%,
4/07/25
....
8,020
7,935
1744493.PS.FTS.B,
19.3%,
4/07/25
.....
7,986
7,900
1743971.PS.FTS.B,
22.9%,
4/07/25
.....
6,199
6,168
1744373.PS.FTS.B,
23.13%,
4/07/25
....
1,669
1,652
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)
Prosper
Funding
LLC
(continued)
1745288.PS.FTS.B,
15.9%,
4/08/25
.....
$
775
$
759
1755081.PS.FTS.B,
16.06%,
4/08/25
....
2,190
2,151
1745372.PS.FTS.B,
18.41%,
4/08/25
....
1,822
1,785
1752910.PS.FTS.B,
10.5%,
4/11/25
.....
5,471
3,257
1757928.PS.FTS.B,
22.6%,
4/13/25
.....
1,643
1,641
1757065.PS.FTS.B,
22.06%,
4/15/25
....
4,906
4,906
1750469.PS.FTS.B,
19.5%,
4/17/25
.....
2,121
2,112
1745342.PS.FTS.B,
13.9%,
4/20/25
.....
5,626
5,517
1755967.PS.FTS.B,
22.6%,
4/26/25
.....
1,151
1,151
1647314.PS.FTS.B,
20.01%,
4/29/25
....
5,693
5,724
1744502.PS.FTS.B,
20.46%,
4/30/25
....
3,125
3,087
1743599.PS.FTS.B,
24.3%,
4/30/25
.....
986
973
1757895.PS.FTS.B,
24.4%,
5/12/25
.....
4,574
4,563
1721664.PS.FTS.B,
11.4%,
8/15/25
.....
3,392
3,300
1752838.PS.FTS.B,
14.6%,
10/11/25
....
2,388
1,573
1700571.PS.FTS.B,
18.11%,
12/25/25
....
7,488
7,196
1751899.PS.FTS.B,
22.6%,
1/20/26
.....
4,955
4,841
1655640.PS.FTS.B,
16.33%,
10/27/26
...
13,113
12,904
1655235.PS.FTS.B,
24.03%,
10/27/26
...
9,240
9,587
1649857.PS.FTS.B,
10.5%,
10/28/26
....
8,753
8,558
1656498.PS.FTS.B,
10.9%,
10/28/26
....
4,379
4,281
1649350.PS.FTS.B,
18.78%,
10/28/26
...
8,510
8,596
1657464.PS.FTS.B,
10.5%,
10/29/26
....
4,895
4,844
1646555.PS.FTS.B,
10.9%,
10/29/26
....
14,595
14,416
1646513.PS.FTS.B,
13.2%,
10/29/26
....
8,964
8,918
1646915.PS.FTS.B,
16.1%,
10/29/26
....
9,221
9,447
1656576.PS.FTS.B,
16.18%,
10/29/26
...
21,532
21,469
1648681.PS.FTS.B,
12.21%,
11/01/26
....
3,422
3,349
1658775.PS.FTS.B,
12.5%,
11/02/26
....
19,629
19,088
1651286.PS.FTS.B,
24.33%,
11/05/26
....
9,962
10,197
1665042.PS.FTS.B,
14.68%,
11/08/26
....
9,093
8,851
1658917.PS.FTS.B,
10.7%,
11/09/26
....
8,155
7,942
1666464.PS.FTS.B,
15.29%,
11/09/26
....
6,098
5,958
1654475.PS.FTS.B,
10.8%,
11/10/26
....
8,746
8,520
1660093.PS.FTS.B,
10.9%,
11/10/26
....
2,487
2,425
1654034.PS.FTS.B,
13.6%,
11/10/26
....
5,998
5,864
1654907.PS.FTS.B,
16%,
11/12/26
......
6,315
6,308
1665225.PS.FTS.B,
19.53%,
11/14/26
....
4,466
4,460
1652072.PS.FTS.B,
11.1%,
11/15/26
.....
5,875
5,713
1667685.PS.FTS.B,
17.1%,
11/15/26
....
15,552
15,567
1660267.PS.FTS.B,
14%,
12/07/26
......
17,749
17,509
1673249.PS.FTS.B,
10.7%,
12/15/26
....
9,663
9,416
1679392.PS.FTS.B,
13.8%,
12/15/26
....
4,321
4,215
1673255.PS.FTS.B,
17.01%,
12/15/26
...
8,904
8,905
1686612.PS.FTS.B,
16.8%,
12/16/26
....
15,724
15,368
1679746.PS.FTS.B,
16.93%,
12/16/26
...
9,533
9,298
1673612.PS.FTS.B,
19.3%,
12/16/26
....
3,894
3,895
1674065.PS.FTS.B,
27.18%,
12/16/26
...
10,383
10,666
1674635.PS.FTS.B,
13.77%,
12/17/26
...
10,491
10,241
1681423.PS.FTS.B,
10.08%,
12/20/26
...
8,946
8,711
1688043.PS.FTS.B,
10.5%,
12/20/26
....
7,172
6,983
1681000.PS.FTS.B,
11.6%,
12/20/26
....
8,561
6,957
1681408.PS.FTS.B,
14.7%,
12/20/26
....
6,210
6,081
1676714.PS.FTS.B,
12.62%,
12/21/26
...
21,361
20,799
1673600.PS.FTS.B,
11.6%,
12/25/26
....
6,070
5,905
1681444.PS.FTS.B,
9.81%,
12/27/26
....
12,279
11,957
1675322.PS.FTS.B,
21.09%,
12/30/26
...
10,184
10,495
1687683.PS.FTS.B,
11.61%,
1/02/27
....
11,838
2,527
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1687826.PS.FTS.B,
12.6%,
1/12/27
.....
$
7,511
$
7,299
1700562.PS.FTS.B,
15.18%,
1/12/27
....
13,771
13,391
1688201.PS.FTS.B,
24.03%,
1
/12/27
....
6,897
7,086
1686624.PS.FTS.B,
11.2%,
1/13/27
.....
2,478
2,421
1701357.PS.FTS.B,
11.7%,
1/13/27
.....
6,206
6,034
1694575.PS.FTS.B,
11.99%,
1/13/27
....
13,069
12,705
1688543.PS.FTS.B,
16.18%,
1/13/27
....
9,723
9,459
1695334.PS.FTS.B,
15.1%,
1/14/27
.....
7,044
6,871
1702050.PS.FTS.B,
18.78%,
1/14/27
....
6,611
6,614
1689323.PS.FTS.B,
26.88%,
1/14/27
....
2,114
2,172
1689608.PS.FTS.B,
28.23%,
1/14/27
....
10,672
10,964
1691645.PS.FTS.B,
22.9%,
1/19/27
.....
1,454
1,488
1705371.PS.FTS.B,
12.62%,
1/20/27
....
18,781
18,284
1692635.PS.FTS.B,
14.7%,
1/20/27
.....
15,951
15,593
1705833.PS.FTS.B,
18.48%,
1/20/27
....
2,638
2,647
1693711.PS.FTS.B,
21.63%,
1/25/27
....
6,863
7,030
1688975.PS.FTS.B,
12.4%,
1/27/27
.....
14,197
13,785
1689314.PS.FTS.B,
10.26%,
1/28/27
....
22,205
21,568
1689341.PS.FTS.B,
11.7%,
1/28/27
.....
9,623
9,346
1704399.PS.FTS.B,
13.8%,
2/03/27
.....
22,939
22,325
1688138.PS.FTS.B,
13.6%,
2/05/27
.....
22,879
22,215
1689626.PS.FTS.B,
19%,
2/07/27
.......
6,608
6,611
1715428.PS.FTS.B,
9.99%,
2/15/27
.....
3,132
3,044
1714702.PS.FTS.B,
11.6%,
2/15/27
.....
2,225
2,163
1720965.PS.FTS.B,
11.7%,
2/15/27
.....
15,907
15,460
1708892.PS.FTS.B,
11.79%,
2/15/27
....
12,770
12,394
1714669.PS.FTS.B,
11.79%,
2/15/27
....
8,278
8,046
1708910.PS.FTS.B,
12.5%,
2/15/27
.....
2,612
2,558
1708442.PS.FTS.B,
13.5%,
2/15/27
.....
3,501
3,430
1714684.PS.FTS.B,
14.53%,
2/15/27
....
9,737
9,461
1720971.PS.FTS.B,
14.7%,
2/15/27
.....
13,263
12,930
1720962.PS.FTS.B,
15.1%,
2/15/27
.....
6,211
6,050
1715584.PS.FTS.B,
16.33%,
2/15/27
....
4,637
4,520
1708445.PS.FTS.B,
16.63%,
2/15/27
....
1,235
1,231
1715575.PS.FTS.B,
18.59%,
2/15/27
....
6,528
6,517
1708043.PS.FTS.B,
19%,
2/15/27
.......
768
758
1715140.PS.FTS.B,
24.03%,
2/15/27
....
1,099
1,093
1702128.PS.FTS.B,
13.4%,
2/16/27
.....
10,037
9,719
1709420.PS.FTS.B,
21.18%,
2/16/27
....
7,508
7,504
1716991.PS.FTS.B,
13.7%,
2/17/27
.....
16,192
15,798
1709807.PS.FTS.B,
15.1%,
2/17/27
.....
11,808
11,515
1696093.PS.FTS.B,
16%,
2/17/27
.......
10,085
10,061
1711007.PS.FTS.B,
18.78%,
2/18/27
....
11,355
11,367
1710686.PS.FTS.B,
19%,
2/18/27
.......
6,771
6,777
1715893.PS.FTS.B,
10.8%,
2/22/27
.....
5,548
–
1721862.PS.FTS.B,
12.3%,
2/28/27
.....
6,601
6,482
1715572.PS.FTS.B,
21.5%,
2/28/27
.....
10,706
11,135
1725226.PS.FTS.B,
11.5%,
3/03/27
.....
6,518
6,300
1708439.PS.FTS.B,
16.7%,
3/09/27
.....
4,121
4,097
1720876.PS.FTS.B,
18.4%,
3/22/27
.....
13,559
3,425
1710332.PS.FTS.B,
16.18%,
3/24/27
....
11,720
473
1749361.PS.FTS.B,
10.5%,
4/05/27
.....
9,262
8,947
1742753.PS.FTS.B,
11.7%,
4/05/27
.....
9,357
9,038
1749355.PS.FTS.B,
12.7%,
4/05/27
.....
27,990
3,342
1742750.PS.FTS.B,
16.18%,
4/05/27
....
5,892
5,686
1752456.PS.FTS.B,
16.18%,
4/05/27
....
4,247
2,254
1752438.PS.FTS.B,
18.13%,
4/05/27
....
7,036
6,788
1749730.PS.FTS.B,
11.6%,
4/06/27
.....
10,020
9,681
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)
Prosper
Funding
LLC
(continued)
1752882.PS.FTS.B,
12.4%,
4/06/27
.....
$
3,361
$
3,247
1752861.PS.FTS.B,
12.5%,
4/06/27
.....
6,728
6,500
1750048.PS.FTS.B,
13.13%,
4/06/27
....
10,145
9,798
1750153.PS.FTS.B,
16.9%,
4/06/27
.....
6,273
6,184
1744484.PS.FTS.B,
11.2%,
4/07/27
.....
23,294
22,511
1754274.PS.FTS.B,
11.6%,
4/07/27
.....
2,337
2,259
1754268.PS.FTS.B,
13.4%,
4/07/27
.....
6,779
6,549
1751020.PS.FTS.B,
14.49%,
4/07/27
....
3,972
3,844
1753719.PS.FTS.B,
14.68%,
4/07/27
....
10,952
10,594
1744412.PS.FTS.B,
19%,
4/07/27
.......
9,207
9,077
1745348.PS.FTS.B,
10.4%,
4/08/27
.....
19,830
19,169
1745378.PS.FTS.B,
12.2%,
4/08/27
.....
10,068
9,731
1749376.PS.FTS.B,
19.06%,
4/10/27
....
3,917
3,858
1755504.PS.FTS.B,
10.29%,
4/11/27
....
5,943
5,749
1745708.PS.FTS.B,
11.79%,
4/11/27
.....
2,086
256
1752913.PS.FTS.B,
15.5%,
4/11/27
.....
6,894
6,668
1754277.PS.FTS.B,
25.9%,
4/11/27
.....
2,667
28
1756335.PS.FTS.B,
18.33%,
4/12/27
....
16,560
16,370
1755102.PS.FTS.B,
15.29%,
4/13/27
....
20,712
20,013
1759314.PS.FTS.B,
10.8%,
4/14/27
.....
6,633
6,420
1742747.PS.FTS.B,
14.38%,
4/15/27
....
7,224
6,977
1742765.PS.FTS.B,
18%,
4/15/27
.......
4,254
4,191
1762938.PS.FTS.B,
16.83%,
4/20/27
....
11,706
11,661
1755513.PS.FTS.B,
21%,
4/20/27
.......
4,341
4,408
1752091.PS.FTS.B,
13.2%,
4/28/27
.....
26,060
1,430
1760241.PS.FTS.B,
15%,
4/28/27
.......
10,603
10,252
1686267.PS.FTS.B,
21.18%,
6/15/27
....
7,871
7,829
1693040.PS.FTS.B,
15.29%,
9/12/27
....
11,759
11,349
1750289.PS.FTS.B,
15%,
10/22/27
......
15,478
14,814
1693289.PS.FTS.B,
12.9%,
12/21/27
....
6,857
6,640
1710296.PS.FTS.B,
21.18%,
1/17/28
....
7,600
3,155
1744499.PS.FTS.B,
18.48%,
1/31/28
....
7,179
4,006
1743968.PS.FTS.B,
11.2%,
3/07/28
.....
13,308
12,776
1,405,305
Upgrade,
Inc.
22753947.UG.FTS.B,
28.99%,
9/16/24
...
2,835
2,919
22724262.UG.FTS.B,
29.69%,
9/17/24
...
3,720
3,839
23038391.UG.FTS.B,
26.77%,
9/26/24
...
1,779
1,830
22732959.UG.FTS.B,
28.71%,
10/03/24
..
4,362
4,478
23786228.UG.FTS.B,
29.69%,
10/28/24
..
2,253
2,351
24184289.UG.FTS.B,
27.74%,
11/06/24
..
1,651
1,673
24800940.UG.FTS.B,
25.82%,
11/27/24
..
5,759
5,961
24350329.UG.FTS.B,
27.74%,
11/29/24
..
2,378
2,472
24938220.UG.FTS.B,
26.77%,
12/03/24
..
4,361
4,492
24763225.UG.FTS.B,
27.74%,
12/24/24
..
10,048
10,519
25561593.UG.FTS.B,
21.93%,
12/27/24
..
5,422
851
41,385
Upgrade,
Inc.
-
Card
991819588.UG.FTS.B,
29.49%,
12/12/24
.
418
149
991342732.UG.FTS.B,
29.49%,
12/23/24
.
113
118
991740852.UG.FTS.B,
15.97%,
2/08/25
..
70
29
991724808.UG.FTS.B,
17.99%,
2/08/25
..
358
–
991735248.UG.FTS.B,
17.99%,
2/08/25
..
124
22
991732442.UG.FTS.B,
14.98%,
2/10/25
..
286
291
991733275.UG.FTS.B,
14.98%,
2/10/25
..
127
129
991776139.UG.FTS.B,
15.97%,
2/10/25
..
389
396
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991839233.UG.FTS.B,
15.97%,
2/10/25
..
$
46
$
46
991758232.UG.FTS.B,
16.99%,
2/10/25
..
130
133
991771576.UG.FTS.B,
16.99%,
2/10/25
..
176
178
991767919.UG.FTS.B,
17.99%,
2/10/25
..
42
42
991802234.UG.FTS.B,
17.99%,
2/10/25
..
1,677
1,709
991761364.UG.FTS.B,
28.98%,
2/10/25
..
131
135
991827179.UG.FTS.B,
28.98%,
2/10/25
..
104
107
991740362.UG.FTS.B,
16.99%,
2/11/25
..
498
507
991747996.UG.FTS.B,
16.99%,
2/11/25
..
258
263
991755840.UG.FTS.B,
16.99%,
2/11/25
..
88
88
991851331.UG.FTS.B,
28.98%,
2/11/25
..
681
695
991745632.UG.FTS.B,
29.49%,
2/11/25
..
50
51
991815191.UG.FTS.B,
29.49%,
2/11/25
..
8
8
991815738.UG.FTS.B,
29.49%,
2/11/25
..
45
46
991829840.UG.FTS.B,
29.49%,
2/11/25
..
136
140
991772549.UG.FTS.B,
15%,
2/12/25
.....
325
332
991898060.UG.FTS.B,
15.97%,
2/12/25
..
71
71
991758319.UG.FTS.B,
16.99%,
2/12/25
..
95
95
991769114.UG.FTS.B,
17.99%,
2/12/25
..
218
222
991807436.UG.FTS.B,
17.99%,
2/12/25
..
132
135
991827757.UG.FTS.B,
18.97%,
2/12/25
..
73
74
991872148.UG.FTS.B,
18.97%,
2/12/25
..
1,699
1,730
991816619.UG.FTS.B,
19.21%,
2/12/25
..
300
306
991864191.UG.FTS.B,
19.21%,
2/12/25
..
500
510
991840163.UG.FTS.B,
19.8%,
2/12/25
...
248
252
991760875.UG.FTS.B,
19.99%,
2/12/25
..
40
41
991826760.UG.FTS.B,
19.99%,
2/12/25
..
44
44
991752839.UG.FTS.B,
20.46%,
2/12/25
..
461
462
991852722.UG.FTS.B,
20.46%,
2/12/25
..
264
270
992003412.UG.FTS.B,
20.46%,
2/12/25
..
120
16
991957028.UG.FTS.B,
20.97%,
2/12/25
..
36
36
991802583.UG.FTS.B,
21.46%,
2/12/25
..
123
–
991806756.UG.FTS.B,
21.46%,
2/12/25
..
7
7
991863804.UG.FTS.B,
21.98%,
2/12/25
..
486
498
991833350.UG.FTS.B,
22.97%,
2/12/25
..
899
–
991820674.UG.FTS.B,
23.95%,
2/12/25
..
86
88
991849884.UG.FTS.B,
27.99%,
2/12/25
..
275
282
991753187.UG.FTS.B,
28.98%,
2/12/25
..
125
41
991801416.UG.FTS.B,
28.98%,
2/12/25
..
260
270
991803393.UG.FTS.B,
28.98%,
2/12/25
..
203
208
991804110.UG.FTS.B,
28.98%,
2/12/25
..
63
66
991806309.UG.FTS.B,
28.98%,
2/12/25
..
77
25
991812552.UG.FTS.B,
28.98%,
2/12/25
..
25
25
991817728.UG.FTS.B,
28.98%,
2/12/25
..
92
30
991818557.UG.FTS.B,
28.98%,
2/12/25
..
34
34
991829022.UG.FTS.B,
28.98%,
2/12/25
..
33
16
991830871.UG.FTS.B,
28.98%,
2/12/25
..
154
11
991832753.UG.FTS.B,
28.98%,
2/12/25
..
189
195
991836990.UG.FTS.B,
28.98%,
2/12/25
..
46
47
991838664.UG.FTS.B,
28.98%,
2/12/25
..
831
60
991838703.UG.FTS.B,
28.98%,
2/12/25
..
48
49
991841608.UG.FTS.B,
28.98%,
2/12/25
..
166
–
991843868.UG.FTS.B,
28.98%,
2/12/25
..
107
111
991807146.UG.FTS.B,
29.46%,
2/12/25
..
141
146
991753952.UG.FTS.B,
29.49%,
2/12/25
..
237
241
991762228.UG.FTS.B,
29.49%,
2/12/25
..
58
60
991790482.UG.FTS.B,
29.49%,
2/12/25
..
91
93
991798251.UG.FTS.B,
29.49%,
2/12/25
..
53
54
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)
Upgrade,
Inc.
-
Card
(continued)
991803191.UG.FTS.B,
29.49%,
2/12/25
..
$
128
$
44
991806948.UG.FTS.B,
29.49%,
2/12/25
..
66
69
991809346.UG.FTS.B,
29.49%,
2/12/25
..
77
79
991811105.UG.FTS.B,
29.49%,
2/12/25
..
11
11
991813309.UG.FTS.B,
29.49%,
2/12/25
..
92
7
991825037.UG.FTS.B,
29.49%,
2/12/25
..
12
12
991826473.UG.FTS.B,
29.49%,
2/12/25
..
27
2
991828550.UG.FTS.B,
29.49%,
2/12/25
..
222
229
991829556.UG.FTS.B,
29.49%,
2/12/25
..
4
2
991837472.UG.FTS.B,
29.49%,
2/12/25
..
67
70
991846043.UG.FTS.B,
29.49%,
2/12/25
..
53
55
991849938.UG.FTS.B,
29.49%,
2/12/25
..
56
59
991853347.UG.FTS.B,
29.49%,
2/12/25
..
1,160
1,202
991854668.UG.FTS.B,
29.49%,
2/12/25
..
918
953
991837288.UG.FTS.B,
15%,
2/13/25
.....
19
19
991838768.UG.FTS.B,
15%,
2/13/25
.....
145
147
991900934.UG.FTS.B,
15.97%,
2/13/25
..
92
93
991995168.UG.FTS.B,
15.97%,
2/13/25
..
49
50
991772971.UG.FTS.B,
16.99%,
2/13/25
..
491
495
991789526.UG.FTS.B,
16.99%,
2/13/25
..
297
302
991851687.UG.FTS.B,
16.99%,
2/13/25
..
24
24
991863444.UG.FTS.B,
16.99%,
2/13/25
..
62
27
991898765.UG.FTS.B,
16.99%,
2/13/25
..
1,988
2,023
991964092.UG.FTS.B,
16.99%,
2/13/25
..
540
548
991764232.UG.FTS.B,
17.99%,
2/13/25
..
57
58
991765109.UG.FTS.B,
17.99%,
2/13/25
..
7
7
991770734.UG.FTS.B,
17.99%,
2/13/25
..
80
81
991790361.UG.FTS.B,
17.99%,
2/13/25
..
14
14
991762564.UG.FTS.B,
18.97%,
2/13/25
..
178
12
991860430.UG.FTS.B,
18.97%,
2/13/25
..
14
14
991888359.UG.FTS.B,
19.21%,
2/13/25
..
27
14
991994001.UG.FTS.B,
19.21%,
2/13/25
..
235
239
991804993.UG.FTS.B,
19.99%,
2/13/25
..
209
66
991815843.UG.FTS.B,
19.99%,
2/13/25
..
250
254
991831745.UG.FTS.B,
19.99%,
2/13/25
..
120
123
991834564.UG.FTS.B,
19.99%,
2/13/25
..
886
913
991835719.UG.FTS.B,
20.46%,
2/13/25
..
1,122
1,144
991851215.UG.FTS.B,
20.46%,
2/13/25
..
20
20
991826312.UG.FTS.B,
21.46%,
2/13/25
..
313
316
991867322.UG.FTS.B,
21.46%,
2/13/25
..
111
113
991838484.UG.FTS.B,
21.98%,
2/13/25
..
159
160
991884233.UG.FTS.B,
21.98%,
2/13/25
..
49
50
991845521.UG.FTS.B,
22.95%,
2/13/25
..
1,578
1,620
991817461.UG.FTS.B,
27.99%,
2/13/25
..
195
201
991773511.UG.FTS.B,
28.98%,
2/13/25
..
70
72
991777156.UG.FTS.B,
28.98%,
2/13/25
..
548
566
991794293.UG.FTS.B,
28.98%,
2/13/25
..
556
85
991795226.UG.FTS.B,
28.98%,
2/13/25
..
81
82
991804663.UG.FTS.B,
28.98%,
2/13/25
..
64
66
991805844.UG.FTS.B,
28.98%,
2/13/25
..
224
228
991807185.UG.FTS.B,
28.98%,
2/13/25
..
17
18
991808321.UG.FTS.B,
28.98%,
2/13/25
..
251
36
991808486.UG.FTS.B,
28.98%,
2/13/25
..
77
78
991808933.UG.FTS.B,
28.98%,
2/13/25
..
81
84
991809700.UG.FTS.B,
28.98%,
2/13/25
..
271
279
991811977.UG.FTS.B,
28.98%,
2/13/25
..
78
11
991817001.UG.FTS.B,
28.98%,
2/13/25
..
260
93
991817771.UG.FTS.B,
28.98%,
2/13/25
..
50
52
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991822597.UG.FTS.B,
28.98%,
2/13/25
..
$
100
$
104
991832349.UG.FTS.B,
28.98%,
2/13/25
..
66
69
991840865.UG.FTS.B,
28.98%,
2/13/25
..
81
83
991844003.UG.FTS.B,
28.98%,
2/13/25
..
161
166
991845546.UG.FTS.B,
28.98%,
2/13/25
..
61
62
991849019.UG.FTS.B,
28.98%,
2/13/25
..
127
129
991849383.UG.FTS.B,
28.98%,
2/13/25
..
402
417
991853522.UG.FTS.B,
28.98%,
2/13/25
..
1,087
155
991762706.UG.FTS.B,
29.49%,
2/13/25
..
47
49
991794448.UG.FTS.B,
29.49%,
2/13/25
..
43
44
991802525.UG.FTS.B,
29.49%,
2/13/25
..
702
49
991803467.UG.FTS.B,
29.49%,
2/13/25
..
230
237
991810935.UG.FTS.B,
29.49%,
2/13/25
..
111
36
991812601.UG.FTS.B,
29.49%,
2/13/25
..
192
200
991813160.UG.FTS.B,
29.49%,
2/13/25
..
49
50
991814587.UG.FTS.B,
29.49%,
2/13/25
..
61
61
991816392.UG.FTS.B,
29.49%,
2/13/25
..
45
47
991820548.UG.FTS.B,
29.49%,
2/13/25
..
35
35
991820840.UG.FTS.B,
29.49%,
2/13/25
..
106
33
991821533.UG.FTS.B,
29.49%,
2/13/25
..
17
1
991825720.UG.FTS.B,
29.49%,
2/13/25
..
535
546
991857159.UG.FTS.B,
29.49%,
2/13/25
..
291
303
991857606.UG.FTS.B,
29.49%,
2/13/25
..
77
80
991773058.UG.FTS.B,
15.97%,
2/14/25
..
2
2
991770123.UG.FTS.B,
16.99%,
2/14/25
..
291
294
991784739.UG.FTS.B,
16.99%,
2/14/25
..
994
131
991939974.UG.FTS.B,
16.99%,
2/14/25
..
208
212
991962430.UG.FTS.B,
16.99%,
2/14/25
..
115
15
991767560.UG.FTS.B,
17.99%,
2/14/25
..
55
55
991772757.UG.FTS.B,
17.99%,
2/14/25
..
2,603
2,643
991775466.UG.FTS.B,
17.99%,
2/14/25
..
71
71
991813569.UG.FTS.B,
17.99%,
2/14/25
..
236
240
991830188.UG.FTS.B,
18.97%,
2/14/25
..
406
414
991871531.UG.FTS.B,
19.8%,
2/14/25
...
99
101
991873354.UG.FTS.B,
19.8%,
2/14/25
...
9
9
991805685.UG.FTS.B,
19.99%,
2/14/25
..
119
1
991820154.UG.FTS.B,
19.99%,
2/14/25
..
14
14
991842185.UG.FTS.B,
19.99%,
2/14/25
..
35
35
991825048.UG.FTS.B,
20.97%,
2/14/25
..
92
94
991900726.UG.FTS.B,
20.97%,
2/14/25
..
169
23
991889627.UG.FTS.B,
21.46%,
2/14/25
..
93
29
991910744.UG.FTS.B,
21.46%,
2/14/25
..
35
13
991807412.UG.FTS.B,
28.98%,
2/14/25
..
233
237
991814585.UG.FTS.B,
28.98%,
2/14/25
..
340
350
991815145.UG.FTS.B,
28.98%,
2/14/25
..
68
10
991818104.UG.FTS.B,
28.98%,
2/14/25
..
53
53
991820882.UG.FTS.B,
28.98%,
2/14/25
..
299
307
991823151.UG.FTS.B,
28.98%,
2/14/25
..
133
137
991824915.UG.FTS.B,
28.98%,
2/14/25
..
49
51
991835570.UG.FTS.B,
28.98%,
2/14/25
..
74
77
991835935.UG.FTS.B,
28.98%,
2/14/25
..
166
172
991841496.UG.FTS.B,
28.98%,
2/14/25
..
57
59
991803107.UG.FTS.B,
29.49%,
2/14/25
..
74
78
991805019.UG.FTS.B,
29.49%,
2/14/25
..
41
43
991808473.UG.FTS.B,
29.49%,
2/14/25
..
625
634
991811157.UG.FTS.B,
29.49%,
2/14/25
..
22
22
991811373.UG.FTS.B,
29.49%,
2/14/25
..
261
272
991812058.UG.FTS.B,
29.49%,
2/14/25
..
100
–
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)
Upgrade,
Inc.
-
Card
(continued)
991815619.UG.FTS.B,
29.49%,
2/14/25
..
$
15
$
16
991819000.UG.FTS.B,
29.49%,
2/14/25
..
29
29
991820047.UG.FTS.B,
29.49%,
2/14/25
..
378
393
991822073.UG.FTS.B,
29.49%,
2/14/25
..
234
16
991822173.UG.FTS.B,
29.49%,
2/14/25
..
82
85
991823710.UG.FTS.B,
29.49%,
2/14/25
..
147
153
991826813.UG.FTS.B,
29.49%,
2/14/25
..
2
2
991831048.UG.FTS.B,
29.49%,
2/14/25
..
445
456
991832048.UG.FTS.B,
29.49%,
2/14/25
..
51
53
991832343.UG.FTS.B,
29.49%,
2/14/25
..
34
34
991834001.UG.FTS.B,
29.49%,
2/14/25
..
29
29
991835429.UG.FTS.B,
29.49%,
2/14/25
..
368
384
991842038.UG.FTS.B,
29.49%,
2/14/25
..
65
68
991843173.UG.FTS.B,
29.49%,
2/14/25
..
46
47
991843756.UG.FTS.B,
29.49%,
2/14/25
..
935
963
991847323.UG.FTS.B,
29.49%,
2/14/25
..
54
56
991789128.UG.FTS.B,
15%,
2/15/25
.....
433
438
991851600.UG.FTS.B,
15.97%,
2/15/25
..
135
138
991781788.UG.FTS.B,
15.99%,
2/15/25
..
215
220
991818245.UG.FTS.B,
15.99%,
2/15/25
..
191
194
991885852.UG.FTS.B,
16.99%,
2/15/25
..
52
53
991967241.UG.FTS.B,
16.99%,
2/15/25
..
76
77
991784876.UG.FTS.B,
17.99%,
2/15/25
..
362
369
991838452.UG.FTS.B,
18.97%,
2/15/25
..
383
389
991842168.UG.FTS.B,
19.21%,
2/15/25
..
298
21
991860520.UG.FTS.B,
19.21%,
2/15/25
..
502
512
991885352.UG.FTS.B,
19.8%,
2/15/25
...
33
33
991784969.UG.FTS.B,
19.99%,
2/15/25
..
523
531
991802931.UG.FTS.B,
19.99%,
2/15/25
..
53
55
991829098.UG.FTS.B,
19.99%,
2/15/25
..
242
251
991835552.UG.FTS.B,
21.98%,
2/15/25
..
174
178
991946872.UG.FTS.B,
23.95%,
2/15/25
..
150
152
991807279.UG.FTS.B,
27.99%,
2/15/25
..
64
66
991779814.UG.FTS.B,
28.98%,
2/15/25
..
357
371
991808277.UG.FTS.B,
28.98%,
2/15/25
..
141
146
991808466.UG.FTS.B,
28.98%,
2/15/25
..
84
88
991808666.UG.FTS.B,
28.98%,
2/15/25
..
74
74
991811774.UG.FTS.B,
28.98%,
2/15/25
..
82
85
991817978.UG.FTS.B,
28.98%,
2/15/25
..
373
385
991818026.UG.FTS.B,
28.98%,
2/15/25
..
69
71
991825566.UG.FTS.B,
28.98%,
2/15/25
..
49
51
991840458.UG.FTS.B,
28.98%,
2/15/25
..
3
3
991843119.UG.FTS.B,
28.98%,
2/15/25
..
98
100
991844759.UG.FTS.B,
28.98%,
2/15/25
..
141
147
991852017.UG.FTS.B,
28.98%,
2/15/25
..
104
108
991853669.UG.FTS.B,
28.98%,
2/15/25
..
23
23
991855575.UG.FTS.B,
28.98%,
2/15/25
..
77
79
991778437.UG.FTS.B,
29.49%,
2/15/25
..
119
124
991794398.UG.FTS.B,
29.49%,
2/15/25
..
33
33
991804151.UG.FTS.B,
29.49%,
2/15/25
..
42
43
991808493.UG.FTS.B,
29.49%,
2/15/25
..
64
67
991816017.UG.FTS.B,
29.49%,
2/15/25
..
49
49
991818267.UG.FTS.B,
29.49%,
2/15/25
..
37
39
991825651.UG.FTS.B,
29.49%,
2/15/25
..
304
312
991825953.UG.FTS.B,
29.49%,
2/15/25
..
146
146
991826550.UG.FTS.B,
29.49%,
2/15/25
..
19
19
991830568.UG.FTS.B,
29.49%,
2/15/25
..
123
128
991832219.UG.FTS.B,
29.49%,
2/15/25
..
35
36
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991833396.UG.FTS.B,
29.49%,
2/15/25
..
$
212
$
222
991834132.UG.FTS.B,
29.49%,
2/15/25
..
74
77
991834349.UG.FTS.B,
29.49%,
2/15/25
..
55
57
991835600.UG.FTS.B,
29.49%,
2/15/25
..
11
11
991842134.UG.FTS.B,
29.49%,
2/15/25
..
84
85
991842993.UG.FTS.B,
29.49%,
2/15/25
..
67
70
991843227.UG.FTS.B,
29.49%,
2/15/25
..
123
18
991849202.UG.FTS.B,
29.49%,
2/15/25
..
162
163
991851480.UG.FTS.B,
29.49%,
2/15/25
..
243
247
991855015.UG.FTS.B,
29.49%,
2/15/25
..
63
65
991823722.UG.FTS.B,
14.97%,
2/16/25
..
278
283
991797926.UG.FTS.B,
14.98%,
2/16/25
..
54
54
991801116.UG.FTS.B,
15%,
2/16/25
.....
1,065
1,085
991824562.UG.FTS.B,
15.97%,
2/16/25
..
16
16
991787407.UG.FTS.B,
16.99%,
2/16/25
..
233
239
991854632.UG.FTS.B,
16.99%,
2/16/25
..
166
169
991902815.UG.FTS.B,
16.99%,
2/16/25
..
71
72
991929151.UG.FTS.B,
16.99%,
2/16/25
..
10
10
991937144.UG.FTS.B,
16.99%,
2/16/25
..
927
944
991941145.UG.FTS.B,
16.99%,
2/16/25
..
149
13
991964791.UG.FTS.B,
16.99%,
2/16/25
..
900
7
991851044.UG.FTS.B,
17.97%,
2/16/25
..
62
62
991868894.UG.FTS.B,
17.99%,
2/16/25
..
342
349
991921494.UG.FTS.B,
17.99%,
2/16/25
..
1,925
1,960
991854974.UG.FTS.B,
19.99%,
2/17/25
..
108
9
991793801.UG.FTS.B,
28.98%,
2/17/25
..
30
31
991806681.UG.FTS.B,
28.98%,
2/17/25
..
373
387
991822283.UG.FTS.B,
28.98%,
2/17/25
..
1,609
111
991878584.UG.FTS.B,
28.98%,
2/17/25
..
202
14
991985560.UG.FTS.B,
28.98%,
2/17/25
..
184
191
991806949.UG.FTS.B,
29.49%,
2/17/25
..
49
51
991830438.UG.FTS.B,
29.49%,
2/17/25
..
97
101
992003670.UG.FTS.B,
29.49%,
2/17/25
..
88
88
992008864.UG.FTS.B,
29.49%,
2/17/25
..
78
80
991806983.UG.FTS.B,
19.8%,
4/13/25
...
69
70
991941107.UG.FTS.B,
17.99%,
5/12/25
..
148
137
991871804.UG.FTS.B,
20.97%,
5/12/25
..
207
166
991844908.UG.FTS.B,
21.46%,
5/13/25
..
1,044
853
991847760.UG.FTS.B,
28.98%,
5/14/25
..
58
45
991825101.UG.FTS.B,
29.49%,
5/14/25
..
530
139
991849835.UG.FTS.B,
16.99%,
5/15/25
..
370
26
991803612.UG.FTS.B,
29.49%,
5/15/25
..
42
44
991814314.UG.FTS.B,
29.49%,
6/13/25
..
848
58
991792923.UG.FTS.B,
29.49%,
6/14/25
..
79
–
991816717.UG.FTS.B,
29.49%,
6/15/25
..
170
179
991829765.UG.FTS.B,
29.49%,
6/17/25
..
150
157
991785806.UG.FTS.B,
20.46%,
7/12/25
..
154
158
991774883.UG.FTS.B,
16.99%,
8/15/25
..
503
389
991763663.UG.FTS.B,
16.99%,
9/13/25
..
212
217
991809713.UG.FTS.B,
29.49%,
9/14/25
..
88
94
991823702.UG.FTS.B,
28.98%,
10/15/25
.
248
17
991808149.UG.FTS.B,
29.49%,
10/15/25
.
78
82
991872326.UG.FTS.B,
17.99%,
10/16/25
.
3,739
259
991854422.UG.FTS.B,
29.49%,
10/17/25
.
494
519
991835626.UG.FTS.B,
28.98%,
4/15/26
..
227
237
991811876.UG.FTS.B,
28.98%,
5/12/26
..
16
15
991843314.UG.FTS.B,
18.47%,
2/13/29
..
88
6
991851736.UG.FTS.B,
22.47%,
2/14/29
..
24
2
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)
Upgrade,
Inc.
-
Card
(continued)
991802654.UG.FTS.B,
29.49%,
2/14/29
..
$
41
$
3
991807783.UG.FTS.B,
29.49%,
2/14/29
..
7
–
991813506.UG.FTS.B,
29.49%,
2/15/29
..
6
–
991816140.UG.FTS.B,
29.49%,
2/15/29
..
37
1
991997607.UG.FTS.B,
29.49%,
2/17/29
..
16
1
991850187.UG.FTS.B,
29.49%,
5/12/29
..
9
9
991991790.UG.FTS.B,
16.99%,
5/13/29
..
1
1
991807781.UG.FTS.B,
19.8%,
5/13/29
...
19
20
991842634.UG.FTS.B,
29.49%,
5/15/29
..
3
3
56,516
Upstart
Network,
Inc.
L1716943.UP.FTS.B,
9.3%,
9/15/24
.....
1,537
1,534
L1715024.UP.FTS.B,
9.8%,
9/15/24
.....
466
464
L1717347.UP.FTS.B,
10.59%,
9/15/24
....
770
768
L1716025.UP.FTS.B,
10.69%,
9/15/24
....
793
793
L1717926.UP.FTS.B,
11.94%,
9/15/24
....
774
774
L1716380.UP.FTS.B,
13.61%,
9/15/24
....
328
328
L1716238.UP.FTS.B,
14.13%,
9/15/24
....
587
588
L1714869.UP.FTS.B,
15.65%,
9/15/24
....
1,933
1,943
L1715589.UP.FTS.B,
16.64%,
9/15/24
....
2,550
2,567
L1716811.UP.FTS.B,
16.92%,
9/15/24
....
277
278
L1716828.UP.FTS.B,
17.26%,
9/15/24
....
513
517
L1716020.UP.FTS.B,
23.35%,
9/15/24
....
330
332
L1715151.UP.FTS.B,
23.45%,
9/15/24
....
338
340
L1712382.UP.FTS.B,
23.73%,
9/15/24
....
811
807
L1717684.UP.FTS.B,
25.05%,
9/15/24
....
414
417
FW1715798.UP.FTS.B,
29.92%,
9/15/24
..
275
277
L1717607.UP.FTS.B,
13.74%,
9/28/24
....
1,653
1,650
L1886505.UP.FTS.B,
13.79%,
10/20/24
...
196
198
L1888623.UP.FTS.B,
13.96%,
10/20/24
...
77
76
L1887864.UP.FTS.B,
14.09%,
10/20/24
...
394
394
L1887716.UP.FTS.B,
16.64%,
10/20/24
...
956
930
L1889126.UP.FTS.B,
20.94%,
10/20/24
...
2,780
952
L1889255.UP.FTS.B,
22.61%,
10/20/24
...
975
983
FW1885395.UP.FTS.B,
26.24%,
10/20/24
.
675
680
FW1880410.UP.FTS.B,
27.93%,
10/20/24
.
917
923
FW1886414.UP.FTS.B,
28.39%,
10/20/24
.
472
475
L2037773.UP.FTS.B,
5.25%,
11/15/24
....
1,835
1,755
L2046679.UP.FTS.B,
6.86%,
11/15/24
....
2,118
2,102
L2047798.UP.FTS.B,
7.62%,
11/15/24
....
1,069
1,065
L2049330.UP.FTS.B,
8.87%,
11/15/24
....
1,513
1,507
L2048001.UP.FTS.B,
10.35%,
11/15/24
...
1,096
1,094
L2047620.UP.FTS.B,
10.51%,
11/15/24
...
937
134
L2047014.UP.FTS.B,
11.93%,
11/15/24
...
2,086
2,085
L2048784.UP.FTS.B,
13.49%,
11/15/24
...
680
681
L2047716.UP.FTS.B,
15.83%,
11/15/24
...
1,988
2,003
FW2047086.UP.FTS.B,
16.6%,
11/15/24
..
938
946
L2047759.UP.FTS.B,
17.02%,
11/15/24
...
259
261
L2032354.UP.FTS.B,
18.46%,
11/15/24
...
403
406
L2049049.UP.FTS.B,
18.57%,
11/15/24
...
1,685
1,694
L2048756.UP.FTS.B,
19.75%,
11/15/24
...
1,455
1,467
L2048019.UP.FTS.B,
19.76%,
11/15/24
...
412
416
FW2047227.UP.FTS.B,
19.97%,
11/15/24
.
578
41
FW2047688.UP.FTS.B,
20.13%,
11/15/24
.
1,725
1,672
L2047733.UP.FTS.B,
21.64%,
11/15/24
...
1,275
200
L2046773.UP.FTS.B,
21.75%,
11/15/24
...
437
424
L2094775.UP.FTS.B,
7.57%,
11/22/24
....
1,062
1,061
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2095323.UP.FTS.B,
10.22%,
11/22/24
...
$
329
$
328
L2096413.UP.FTS.B,
11.37%,
11/22/24
...
4,434
4,430
L2094380.UP.FTS.B,
14.25%,
11/22/24
...
865
869
L2096824.UP.FTS.B,
14.34%,
11/22/24
...
1,833
1,851
L2095963.UP.FTS.B,
14.96%,
11/22/24
...
458
459
FW2095095.UP.FTS.B,
15.88%,
11/22/24
.
194
193
L2095754.UP.FTS.B,
16.91%,
11/22/24
...
1,153
1,164
FW2096312.UP.FTS.B,
17.78%,
11/22/24
.
1,138
1,104
L2094961.UP.FTS.B,
18.66%,
11/22/24
...
240
242
FW2091484.UP.FTS.B,
19.01%,
11/22/24
.
1,399
1,358
FW2094863.UP.FTS.B,
19.11%,
11/22/24
.
241
243
FW2095652.UP.FTS.B,
28.05%,
11/22/24
.
3,083
2,993
FW2094168.UP.FTS.B,
28.88%,
11/22/24
.
646
651
L2047831.UP.FTS.B,
20.33%,
11/23/24
...
1,820
1,763
FW2095845.UP.FTS.B,
15.91%,
11/28/24
.
1,968
96
L2292994.UP.FTS.B,
5.09%,
12/21/24
....
556
552
L2294913.UP.FTS.B,
5.24%,
12/21/24
....
519
516
FW2294665.UP.FTS.B,
5.75%,
12/21/24
..
473
470
L2295367.UP.FTS.B,
5.78%,
12/21/24
....
522
519
FW2293946.UP.FTS.B,
6.19%,
12/21/24
..
1,354
1,344
L2295100.UP.FTS.B,
7.19%,
12/21/24
....
261
259
FW2294439.UP.FTS.B,
7.72%,
12/21/24
..
2,578
2,573
L2294814.UP.FTS.B,
7.77%,
12/21/24
....
1,493
219
L2294775.UP.FTS.B,
8.85%,
12/21/24
....
716
715
L2294851.UP.FTS.B,
13.12%,
12/21/24
...
518
518
L2294095.UP.FTS.B,
13.3%,
12/21/24
....
454
24
L2296216.UP.FTS.B,
13.69%,
12/21/24
...
895
896
L2295222.UP.FTS.B,
15.07%,
12/21/24
...
919
928
FW2295530.UP.FTS.B,
15.84%,
12/21/24
.
1,663
1,679
L2293609.UP.FTS.B,
16.79%,
12/21/24
...
1,406
1,419
L2294084.UP.FTS.B,
17.86%,
12/21/24
...
405
409
L2294351.UP.FTS.B,
19.21%,
12/21/24
...
835
809
L2285455.UP.FTS.B,
19.28%,
12/21/24
...
548
552
L2295474.UP.FTS.B,
19.79%,
12/21/24
...
1,102
1,113
FW2296126.UP.FTS.B,
21.1%,
12/21/24
..
288
290
L2295046.UP.FTS.B,
21.11%,
12/21/24
...
1,395
1,410
L2295180.UP.FTS.B,
22.24%,
12/21/24
...
1,270
1,283
FW2294007.UP.FTS.B,
24.91%,
12/21/24
.
180
179
FW2295751.UP.FTS.B,
26.57%,
12/21/24
.
1,472
1,487
FW2294187.UP.FTS.B,
27.27%,
12/21/24
.
1,239
1,245
L2296625.UP.FTS.B,
5.45%,
12/22/24
....
1,183
1,175
L2297554.UP.FTS.B,
5.64%,
12/22/24
....
1,303
1,295
L2296988.UP.FTS.B,
5.71%,
12/22/24
....
1,657
1,647
L2297459.UP.FTS.B,
6.46%,
12/22/24
....
1,189
1,181
L2297555.UP.FTS.B,
6.86%,
12/22/24
....
961
955
L2297930.UP.FTS.B,
7.09%,
12/22/24
....
714
709
L2299053.UP.FTS.B,
7.5%,
12/22/24
....
1,452
1,449
L2298344.UP.FTS.B,
7.65%,
12/22/24
....
1,886
1,883
L2298178.UP.FTS.B,
7.89%,
12/22/24
....
1,459
1,455
L2294325.UP.FTS.B,
9.41%,
12/22/24
....
1,473
1,471
L2298627.UP.FTS.B,
10.13%,
12/22/24
...
1,246
1,243
L2298051.UP.FTS.B,
10.22%,
12/22/24
...
1,235
1,234
L2298036.UP.FTS.B,
10.46%,
12/22/24
...
1,750
1,746
L2296736.UP.FTS.B,
10.73%,
12/22/24
...
723
722
L2297100.UP.FTS.B,
11.43%,
12/22/24
...
747
54
L2298636.UP.FTS.B,
11.78%,
12/22/24
...
887
889
L2289317.UP.FTS.B,
12.5%,
12/22/24
....
1,785
1,788
L2297999.UP.FTS.B,
13.52%,
12/22/24
...
258
259
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)
L2296920.UP.FTS.B,
13.62%,
12/22/24
...
$
1,815
$
1,815
L2298784.UP.FTS.B,
14.44%,
12/22/24
...
2,608
2,635
FW2297351.UP.FTS.B,
16.06%,
1
2/22/24
.
1,034
75
L2299210.UP.FTS.B,
16.21%,
12/22/24
...
289
290
L2297197.UP.FTS.B,
17.21%,
12/22/24
...
537
541
L2300066.UP.FTS.B,
17.65%,
12/22/24
...
525
530
L2300339.UP.FTS.B,
18.46%,
12/22/24
...
271
274
L2298393.UP.FTS.B,
19.2%,
12/22/24
....
2,505
2,429
L2286362.UP.FTS.B,
19.22%,
12/22/24
...
2,163
2,183
FW2298373.UP.FTS.B,
19.34%,
12/22/24
.
823
832
FW2299910.UP.FTS.B,
19.59%,
12/22/24
.
1,346
1,359
L2296192.UP.FTS.B,
20.3%,
12/22/24
....
272
275
FW2300328.UP.FTS.B,
21.6%,
12/22/24
..
5,530
5,587
L2297511.UP.FTS.B,
21.76%,
12/22/24
...
2,810
2,841
FW2299932.UP.FTS.B,
21.85%,
12/22/24
.
3,093
3,125
FW2300114.UP.FTS.B,
21.91%,
12/22/24
.
1,407
1,422
L2300171.UP.FTS.B,
22.14%,
12/22/24
...
248
248
L2296425.UP.FTS.B,
22.43%,
12/22/24
...
2,121
2,144
L2299865.UP.FTS.B,
22.56%,
12/22/24
...
356
358
L2296417.UP.FTS.B,
22.8%,
12/22/24
....
3,037
3,069
L2296476.UP.FTS.B,
22.83%,
12/22/24
...
1,890
1,904
L2299850.UP.FTS.B,
23.44%,
12/22/24
...
1,385
1,399
L2299432.UP.FTS.B,
24.17%,
12/22/24
...
983
991
FW2296692.UP.FTS.B,
24.93%,
12/22/24
.
435
440
FW2296914.UP.FTS.B,
26.15%,
12/22/24
.
323
326
L2294199.UP.FTS.B,
20.47%,
1/01/25
....
936
941
L2298428.UP.FTS.B,
8.15%,
1/06/25
....
1,555
1,553
L2424056.UP.FTS.B,
5.61%,
1/13/25
....
1,064
1,056
L2423394.UP.FTS.B,
6.27%,
1/13/25
....
2,677
2,658
L2425497.UP.FTS.B,
7.24%,
1/13/25
....
5,429
5,387
L2425262.UP.FTS.B,
8.32%,
1/13/25
....
1,778
1,775
L2425211.UP.FTS.B,
8.5%,
1/13/25
......
2,550
364
FW2428576.UP.FTS.B,
10.33%,
1/13/25
..
2,415
2,407
L2423475.UP.FTS.B,
10.43%,
1/13/25
....
979
977
L2427021.UP.FTS.B,
11.18%,
1/13/25
....
1,409
1,406
L2398504.UP.FTS.B,
11.71%,
1/13/25
....
284
284
L2428568.UP.FTS.B,
12.86%,
1/13/25
....
2,007
2,007
L2428590.UP.FTS.B,
12.98%,
1/13/25
....
1,855
135
FW2419292.UP.FTS.B,
13.72%,
1/13/25
..
579
578
L2423989.UP.FTS.B,
13.92%,
1/13/25
....
898
906
L2426394.UP.FTS.B,
14.04%,
1/13/25
....
2,083
2,081
FW2423167.UP.FTS.B,
15.7%,
1/13/25
...
222
220
L2425994.UP.FTS.B,
15.97%,
1/13/25
....
478
35
L2416454.UP.FTS.B,
20%,
1/13/25
......
1,840
1,855
L2426497.UP.FTS.B,
20.53%,
1/13/25
....
2,043
2,059
L2424244.UP.FTS.B,
21.43%,
1/13/25
....
2,115
2,129
FW2423092.UP.FTS.B,
22.82%,
1/13/25
..
2,970
2,995
FW2422846.UP.FTS.B,
26.62%,
1/13/25
..
2,086
2,098
FW2423280.UP.FTS.B,
26.88%,
1/13/25
..
3,105
462
FW2426742.UP.FTS.B,
27.82%,
1/13/25
..
335
222
FW2423178.UP.FTS.B,
28.33%,
1/13/25
..
429
429
L2434116.UP.FTS.B,
4.81%,
1/14/25
.....
1,713
1,701
L2418575.UP.FTS.B,
5.02%,
1/14/25
....
10,535
10,461
FW2435057.UP.FTS.B,
5.13%,
1/14/25
...
871
865
L2434822.UP.FTS.B,
5.8%,
1/14/25
.....
1,412
1,402
L2435457.UP.FTS.B,
5.9%,
1/14/25
.....
667
662
L2421481.UP.FTS.B,
5.96%,
1/14/25
....
667
662
L2428662.UP.FTS.B,
6.19%,
1/14/25
....
535
532
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2428904.UP.FTS.B,
6.39%,
1/14/25
....
$
1,340
$
1,331
L2434626.UP.FTS.B,
6.42%,
1/14/25
....
4,383
4,352
FW2432338.UP.FTS.B,
6.53%,
1/14/25
...
3,214
3,191
L2430005.UP.FTS.B,
6.62%,
1/14/25
....
537
534
FW2433653.UP.FTS.B,
7.07%,
1/14/25
...
3,278
235
L2432222.UP.FTS.B,
7.3%,
1/14/25
.....
1,353
1,351
L2432554.UP.FTS.B,
7.39%,
1/14/25
....
4,334
4,327
L2429588.UP.FTS.B,
8.57%,
1/14/25
....
6,036
6,025
FW2428881.UP.FTS.B,
8.87%,
1/14/25
...
2,753
2,748
L2432996.UP.FTS.B,
11.65%,
1/14/25
....
2,266
2,267
L2432213.UP.FTS.B,
12.69%,
1/14/25
....
887
888
FW2428995.UP.FTS.B,
13.01%,
1/14/25
..
1,148
1,149
L2429660.UP.FTS.B,
15.34%,
1/14/25
....
325
314
L2433771.UP.FTS.B,
16.58%,
1/14/25
....
2,923
2,946
L2432759.UP.FTS.B,
18.08%,
1/14/25
....
423
427
L2435184.UP.FTS.B,
18.26%,
1/14/25
....
3,025
3,051
FW2435471.UP.FTS.B,
19.27%,
1/14/25
..
611
616
L2431902.UP.FTS.B,
19.35%,
1/14/25
....
766
770
L2406011.UP.FTS.B,
20.17%,
1/14/25
....
1,695
1,709
L2435303.UP.FTS.B,
22.6%,
1/14/25
....
3,165
470
L2435145.UP.FTS.B,
23.16%,
1/14/25
....
1,585
1,597
L2430162.UP.FTS.B,
23.44%,
1/14/25
....
2,425
172
FW2423306.UP.FTS.B,
29.18%,
1/15/25
..
2,230
2,245
L2436421.UP.FTS.B,
5.98%,
1/18/25
....
1,847
1,834
FW2437692.UP.FTS.B,
6.91%,
1/18/25
...
1,617
1,606
FW2439168.UP.FTS.B,
8.76%,
1/18/25
...
1,370
1,368
L2436781.UP.FTS.B,
9.67%,
1/18/25
....
2,774
2,770
L2438341.UP.FTS.B,
10.14%,
1/18/25
....
419
418
L2436150.UP.FTS.B,
10.72%,
1/18/25
....
1,262
1,263
L2437166.UP.FTS.B,
11.13%,
1/18/25
....
901
863
L2406128.UP.FTS.B,
11.74%,
1/18/25
....
568
568
FW2436511.UP.FTS.B,
13.11%,
1/18/25
..
1,150
1,151
FW2438258.UP.FTS.B,
13.5%,
1/18/25
...
860
861
L2436007.UP.FTS.B,
16.06%,
1/18/25
....
429
433
FW2439200.UP.FTS.B,
18.01%,
1/18/25
..
603
609
L2438734.UP.FTS.B,
18.88%,
1/18/25
....
1,513
1,527
FW2436576.UP.FTS.B,
19.32%,
1/18/25
..
1,222
1,233
L2435933.UP.FTS.B,
21.5%,
1/18/25
....
860
833
L2437623.UP.FTS.B,
21.63%,
1/18/25
....
898
904
L2436538.UP.FTS.B,
21.66%,
1/18/25
....
2,038
2,048
FW2435735.UP.FTS.B,
22.33%,
1/18/25
..
3,040
3,063
L2435694.UP.FTS.B,
23.43%,
1/18/25
....
440
444
L2439081.UP.FTS.B,
9.27%,
1/27/25
....
2,626
2,621
L2428185.UP.FTS.B,
9.7%,
1/28/25
.....
2,787
2,782
L2608076.UP.FTS.B,
6.4%,
2/10/25
.....
1,124
1,116
L2603419.UP.FTS.B,
6.97%,
2/10/25
....
2,145
1,332
L2605161.UP.FTS.B,
8.41%,
2/10/25
....
606
605
L2602588.UP.FTS.B,
8.74%,
2/10/25
....
3,023
3,015
L2604174.UP.FTS.B,
9.25%,
2/10/25
....
1,758
1,753
FW2602705.UP.FTS.B,
10.63%,
2/10/25
..
862
860
FW2604002.UP.FTS.B,
11.31%,
2/10/25
..
9,416
9,391
FW2607521.UP.FTS.B,
11.42%,
2/10/25
..
592
591
L2607713.UP.FTS.B,
11.85%,
2/10/25
....
1,553
1,551
FW2604412.UP.FTS.B,
12.03%,
2/10/25
..
628
628
L2603571.UP.FTS.B,
13.11%,
2/10/25
....
324
322
L2605323.UP.FTS.B,
14.99%,
2/10/25
....
502
37
L2605799.UP.FTS.B,
15.28%,
2/10/25
....
1,620
1,631
L2607677.UP.FTS.B,
18.39%,
2/10/25
....
6,774
6,805
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)
FW2606706.UP.FTS.B,
19.04%,
2/10/25
..
$
504
$
507
FW2607831.UP.FTS.B,
19.55%,
2/10/25
..
337
339
L2606380.UP.FTS.B,
21.09%,
2/10/25
....
1,712
1,720
FW2604398.UP.FTS.B,
25.04%,
2/10/25
..
354
356
FW2602438.UP.FTS.B,
25.48%,
2/10/25
..
1,308
418
FW2608083.UP.FTS.B,
29.04%,
2/10/25
..
1,388
1,392
L2559948.UP.FTS.B,
6.36%,
2/11/25
.....
14,943
14,824
FW2610553.UP.FTS.B,
7.05%,
2/11/25
...
1,794
1,781
L2611637.UP.FTS.B,
7.21%,
2/11/25
.....
1,937
1,923
L2613730.UP.FTS.B,
7.75%,
2/11/25
.....
8,299
8,279
FW2615331.UP.FTS.B,
10.38%,
2/11/25
..
464
463
FW2609609.UP.FTS.B,
11.5%,
2/11/25
...
938
937
L2612036.UP.FTS.B,
13.32%,
2/11/25
....
1,718
1,717
L2607238.UP.FTS.B,
13.47%,
2/11/25
....
956
963
L2614740.UP.FTS.B,
14.28%,
2/11/25
....
3,499
3,524
FW2610423.UP.FTS.B,
17.65%,
2/11/25
..
1,325
1,335
L2615349.UP.FTS.B,
17.97%,
2/11/25
....
554
558
L2614223.UP.FTS.B,
18.74%,
2/11/25
....
1,507
1,517
L2612860.UP.FTS.B,
19.65%,
2/11/25
....
2,125
2,134
FW2614854.UP.FTS.B,
20.12%,
2/11/25
..
496
499
L2611111.UP.FTS.B,
20.83%,
2/11/25
....
576
573
L2610485.UP.FTS.B,
21.72%,
2/11/25
....
3,452
3,458
FW2613906.UP.FTS.B,
22.85%,
2/11/25
..
347
349
L2613386.UP.FTS.B,
22.9%,
2/11/25
.....
2,777
2,789
L2615495.UP.FTS.B,
24.65%,
2/11/25
....
2,923
2,936
FW2611527.UP.FTS.B,
26.67%,
2/11/25
..
7,182
7,220
FW2610708.UP.FTS.B,
31.36%,
2/11/25
..
1,222
1,225
L2608607.UP.FTS.B,
7.29%,
2/12/25
....
3,000
2,977
L2617531.UP.FTS.B,
9.41%,
2/14/25
....
3,944
3,936
L2618393.UP.FTS.B,
12.87%,
2/14/25
....
1,565
1,565
FW2616160.UP.FTS.B,
13.5%,
2/14/25
...
548
547
L2616391.UP.FTS.B,
13.87%,
2/14/25
....
799
799
L2618286.UP.FTS.B,
16.38%,
2/14/25
....
983
990
L2617246.UP.FTS.B,
16.8%,
2/14/25
....
3,123
3,116
FW2616262.UP.FTS.B,
17.76%,
2/14/25
..
539
205
L2584870.UP.FTS.B,
18.22%,
2/14/25
....
662
667
L2616222.UP.FTS.B,
19.49%,
2/14/25
....
576
579
L2617430.UP.FTS.B,
20.47%,
2/14/25
....
5,471
5,486
L2615004.UP.FTS.B,
20.75%,
2/14/25
....
682
687
FW2615790.UP.FTS.B,
25.6%,
2/14/25
...
890
895
FW2617005.UP.FTS.B,
25.65%,
2/14/25
..
712
716
FW2617024.UP.FTS.B,
28.53%,
2/14/25
..
1,825
1,835
L1715704.UP.FTS.B,
11.53%,
2/15/25
....
3,276
3,277
L1716455.UP.FTS.B,
14.23%,
2/15/25
....
413
30
L1715893.UP.FTS.B,
19.55%,
2/15/25
....
973
980
L1888732.UP.FTS.B,
18.47%,
3/20/25
....
1,705
1,644
FW1884445.UP.FTS.B,
29.15%,
3/20/25
..
629
45
FW1889076.UP.FTS.B,
30.32%,
3/20/25
..
1,583
7
L2950073.UP.FTS.B,
6.9%,
4/14/25
.....
3,533
3,506
L2949006.UP.FTS.B,
7.34%,
4/14/25
....
2,650
2,629
FW2950302.UP.FTS.B,
8.61%,
4/14/25
...
765
759
L2949710.UP.FTS.B,
9.46%,
4/14/25
....
3,105
3,095
L2950058.UP.FTS.B,
9.46%,
4/14/25
....
796
794
FW2950661.UP.FTS.B,
9.55%,
4/14/25
...
1,276
1,273
L2950499.UP.FTS.B,
10.1%,
4/14/25
....
955
949
L2949804.UP.FTS.B,
11.24%,
4/14/25
....
729
727
L2950816.UP.FTS.B,
11.31%,
4/14/25
....
632
630
L2949385.UP.FTS.B,
11.88%,
4/14/25
....
3,999
3,985
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2951900.UP.FTS.B,
12.02%,
4/14/25
....
$
2,617
$
2,615
L2950678.UP.FTS.B,
12.4%,
4/14/25
....
816
815
L2951520.UP.FTS.B,
13.5%,
4/14/25
....
1,517
1,513
L2950266.UP.FTS.B,
13.94%,
4/14/25
....
838
836
L2949379.UP.FTS.B,
14.06%,
4/14/25
....
556
555
L2950382.UP.FTS.B,
15.7%,
4/14/25
....
384
387
L2951331.UP.FTS.B,
16.4%,
4/14/25
....
360
361
L2951781.UP.FTS.B,
16.49%,
4/14/25
....
1,582
1,589
L2950169.UP.FTS.B,
16.64%,
4/14/25
....
7,801
7,835
L2942398.UP.FTS.B,
18.94%,
4/14/25
....
1,819
261
FW2949345.UP.FTS.B,
19.25%,
4/14/25
..
1,315
1,316
FW2951691.UP.FTS.B,
20.36%,
4/14/25
..
2,217
2,227
L2949677.UP.FTS.B,
21.51%,
4/14/25
....
5,213
5,219
L2950045.UP.FTS.B,
22.15%,
4/14/25
....
222
221
L2950329.UP.FTS.B,
23.25%,
4/14/25
....
1,044
1,049
L2951079.UP.FTS.B,
23.91%,
4/14/25
....
1,577
1,579
FW2950219.UP.FTS.B,
25.83%,
4/14/25
..
1,031
1,035
FW2951404.UP.FTS.B,
29.21%,
4/14/25
..
596
598
L2047834.UP.FTS.B,
9.02%,
4/15/25
....
992
988
L2047190.UP.FTS.B,
13.12%,
4/15/25
....
1,738
126
L2294127.UP.FTS.B,
16.18%,
5/21/25
....
1,769
1,780
FW2295991.UP.FTS.B,
29.39%,
5/21/25
..
1,681
1,695
FW2298854.UP.FTS.B,
8.03%,
5/22/25
...
789
787
L2298269.UP.FTS.B,
8.91%,
5/22/25
....
7,668
7,646
L2298532.UP.FTS.B,
17.26%,
5/22/25
....
1,130
82
FW2298127.UP.FTS.B,
18.19%,
5/22/25
..
775
780
FW2296618.UP.FTS.B,
19.77%,
5/22/25
..
369
373
L2299568.UP.FTS.B,
21.13%,
5/22/25
....
5,516
5,554
L2294977.UP.FTS.B,
13.32%,
5/27/25
....
2,251
2,245
L2299094.UP.FTS.B,
19.48%,
6/01/25
....
552
556
L2394315.UP.FTS.B,
7.03%,
6/13/25
....
1,776
1,761
L2427527.UP.FTS.B,
22.56%,
6/13/25
....
813
504
FW2423658.UP.FTS.B,
27.05%,
6/13/25
..
789
522
FW2430961.UP.FTS.B,
10.21%,
6/14/25
..
1,651
126
L2435242.UP.FTS.B,
10.25%,
6/14/25
....
1,108
319
L2436629.UP.FTS.B,
13.84%,
6/18/25
....
383
383
FW2603194.UP.FTS.B,
9.76%,
7/10/25
...
1,984
1,973
L2602759.UP.FTS.B,
17.08%,
7/10/25
....
5,163
5,180
FW2607955.UP.FTS.B,
23.75%,
7/10/25
..
1,851
1,846
L2616546.UP.FTS.B,
9.84%,
7/14/25
....
4,721
4,705
L1716921.UP.FTS.B,
23.03%,
7/15/25
....
1,641
1,649
FW2605911.UP.FTS.B,
17.81%,
7/25/25
..
2,159
2,164
FW1885149.UP.FTS.B,
25.87%,
8/20/25
..
1,252
89
L2950494.UP.FTS.B,
7.36%,
9/14/25
....
889
880
FW2951887.UP.FTS.B,
13.49%,
9/14/25
..
703
700
L2951348.UP.FTS.B,
13.94%,
9/14/25
....
1,134
1,129
FW2951735.UP.FTS.B,
15.61%,
9/14/25
..
2,683
2,688
L2950178.UP.FTS.B,
20.99%,
9/14/25
....
5,294
382
L2048994.UP.FTS.B,
24.16%,
9/15/25
....
1,049
1,048
L2297395.UP.FTS.B,
17.85%,
10/22/25
...
3,894
3,923
L2437139.UP.FTS.B,
5.87%,
11/18/25
....
450
446
L2436181.UP.FTS.B,
20.04%,
11/18/25
...
2,951
2,793
FW2428997.UP.FTS.B,
8.05%,
11/28/25
..
1,507
1,499
L1714660.UP.FTS.B,
8.12%,
9/15/26
....
18,998
17,930
L1717453.UP.FTS.B,
9.3%,
9/15/26
.....
27,048
26,905
FW1716114.UP.FTS.B,
10.5%,
9/15/26
...
544
541
L1712309.UP.FTS.B,
10.63%,
9/15/26
....
2,196
2,190
L1714525.UP.FTS.B,
12.1%,
9/15/26
....
29,575
7,584
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)
L1716286.UP.FTS.B,
13.58%,
9/15/26
....
$
8,506
$
8,485
L1718329.UP.FTS.B,
15.98%,
9/15/26
....
2,326
2,327
L1714475.UP.FTS.B,
16.18%,
9/15/26
....
4,050
4,040
L1716175.UP.FTS.B,
19.72%,
9/15/26
....
6,035
6,058
L1714787.UP.FTS.B,
19.9%,
9/15/26
....
1,095
1,105
L1716305.UP.FTS.B,
19.95%,
9/15/26
....
2,969
2,978
L1692458.UP.FTS.B,
22.21%,
9/15/26
....
2,793
2,818
L1713636.UP.FTS.B,
22.84%,
9/15/26
....
2,644
2,670
L1717659.UP.FTS.B,
24.51%,
9/15/26
....
1,898
1,901
L1716148.UP.FTS.B,
25%,
9/15/26
......
761
762
L1714798.UP.FTS.B,
25.5%,
9/15/26
....
3,247
3,290
L1717974.UP.FTS.B,
25.5%,
9/15/26
....
1,782
1,806
L1715574.UP.FTS.B,
25.72%,
9/15/26
....
4,336
4,394
L1713640.UP.FTS.B,
26.25%,
9/15/26
....
2,699
2,730
L1705442.UP.FTS.B,
26.69%,
9/15/26
....
4,506
4,556
FW1718296.UP.FTS.B,
26.73%,
9/15/26
..
4,742
4,797
FW1718853.UP.FTS.B,
27.42%,
9/15/26
..
5,047
355
FW1714570.UP.FTS.B,
27.72%,
9/15/26
..
5,186
5,256
FW1714502.UP.FTS.B,
28.45%,
9/15/26
..
5,419
5,491
FW1718304.UP.FTS.B,
30.56%,
9/15/26
..
1,860
1,884
FW1680820.UP.FTS.B,
31.24%,
9/15/26
..
7,346
7,444
FW1708223.UP.FTS.B,
31.43%,
9/15/26
..
2,543
2,577
FW1712750.UP.FTS.B,
31.43%,
9/15/26
..
12,036
12,196
FW1718952.UP.FTS.B,
31.98%,
9/15/26
..
5,238
5,308
FW1718497.UP.FTS.B,
32.01%,
9/15/26
..
1,545
1,566
FW1717605.UP.FTS.B,
32.67%,
9/15/26
..
1,688
–
FW1886121.UP.FTS.B,
7.36%,
10/20/26
..
2,181
2,165
L1888552.UP.FTS.B,
7.94%,
10/20/26
....
16,482
16,389
L1888883.UP.FTS.B,
8.11%,
10/20/26
....
6,826
6,789
L1882812.UP.FTS.B,
8.28%,
10/20/26
....
16,544
16,451
L1886838.UP.FTS.B,
9.58%,
10/20/26
....
5,034
5,009
L1885593.UP.FTS.B,
10.23%,
10/20/26
...
25,128
25,045
FW1885766.UP.FTS.B,
12.47%,
10/20/26
.
18,406
18,365
L1885346.UP.FTS.B,
12.58%,
10/20/26
...
1,713
1,709
L1885846.UP.FTS.B,
13.96%,
10/20/26
...
14,648
14,603
L1888251.UP.FTS.B,
14.9%,
10/20/26
....
1,828
1,740
L1883791.UP.FTS.B,
16%,
10/20/26
.....
6,568
6,583
L1887062.UP.FTS.B,
16.6%,
10/20/26
....
2,993
3,005
FW1887343.UP.FTS.B,
17.02%,
10/20/26
.
1,515
1,512
L1882034.UP.FTS.B,
17.06%,
10/20/26
...
3,022
3,029
FW1886267.UP.FTS.B,
17.53%,
10/20/26
.
6,316
6,330
L1884411.UP.FTS.B,
17.65%,
10/20/26
...
3,891
3,899
L1884412.UP.FTS.B,
17.98%,
10/20/26
...
4,269
4,278
FW1885177.UP.FTS.B,
19.83%,
10/20/26
.
3,723
3,768
L1888979.UP.FTS.B,
20.2%,
10/20/26
....
11,213
11,345
L1886466.UP.FTS.B,
20.85%,
10/20/26
...
8,716
8,837
L1885611.UP.FTS.B,
20.87%,
10/20/26
...
2,856
2,829
L1889370.UP.FTS.B,
21.62%,
10/20/26
...
6,311
6,325
L1886870.UP.FTS.B,
21.7%,
10/20/26
....
10,733
10,860
L1887570.UP.FTS.B,
22.24%,
10/20/26
...
2,031
2,055
L1887186.UP.FTS.B,
23.15%,
10/20/26
...
1,279
1,295
FW1888999.UP.FTS.B,
23.52%,
10/20/26
.
3,032
3,068
L1886386.UP.FTS.B,
23.7%,
10/20/26
....
3,471
3,512
L1882558.UP.FTS.B,
25.08%,
10/20/26
...
1,043
1,056
FW1887450.UP.FTS.B,
25.16%,
10/20/26
.
9,765
9,882
FW1885417.UP.FTS.B,
25.25%,
10/20/26
.
3,257
3,296
L1888117.UP.FTS.B,
25.32%,
10/20/26
...
2,673
2,705
L1865153.UP.FTS.B,
25.42%,
10/20/26
...
4,762
4,829
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1885219.UP.FTS.B,
25.47%,
10/20/26
...
$
653
$
662
L1888296.UP.FTS.B,
25.48%,
10/20/26
...
5,614
5,681
L1888453.UP.FTS.B,
25.56%,
10/20/26
...
10,410
10,556
L1885428.UP.FTS.B,
25.94%,
10/20/26
...
9,369
9,502
L1862311.UP.FTS.B,
26.09%,
10/20/26
...
5,245
5,320
FW1886962.UP.FTS.B,
27.78%,
10/20/26
.
6,652
6,747
FW1885184.UP.FTS.B,
29.51%,
10/20/26
.
9,041
9,149
FW1884150.UP.FTS.B,
30.85%,
10/20/26
.
844
820
FW1886189.UP.FTS.B,
30.94%,
10/20/26
.
2,393
2,422
FW1888248.UP.FTS.B,
31.19%,
10/20/26
.
8,802
8,889
FW1888517.UP.FTS.B,
31.21%,
10/20/26
.
1,368
1,384
FW1886674.UP.FTS.B,
31.35%,
10/20/26
.
3,160
3,198
FW1888130.UP.FTS.B,
31.35%,
10/20/26
.
890
901
FW1887695.UP.FTS.B,
31.4%,
10/20/26
..
5,274
5,337
L2047884.UP.FTS.B,
7.92%,
11/15/26
....
8,547
8,493
L2049043.UP.FTS.B,
8.02%,
11/15/26
....
9,624
9,568
L2048411.UP.FTS.B,
8.56%,
11/15/26
....
2,264
2,251
L2047237.UP.FTS.B,
9.32%,
11/15/26
....
4,018
3,995
FW2046704.UP.FTS.B,
9.53%,
11/15/26
..
8,630
8,580
L2048415.UP.FTS.B,
9.54%,
11/15/26
....
9,206
9,152
L2039266.UP.FTS.B,
10.56%,
11/15/26
...
2,329
2,315
L2047893.UP.FTS.B,
10.71%,
11/15/26
...
2,911
2,900
L2041972.UP.FTS.B,
10.92%,
11/15/26
...
32,389
1,897
L2047021.UP.FTS.B,
10.99%,
11/15/26
...
21,732
21,653
L2047044.UP.FTS.B,
11.1%,
11/15/26
....
9,496
1,306
L2047288.UP.FTS.B,
11.81%,
11/15/26
...
766
762
FW2047068.UP.FTS.B,
12.14%,
11/15/26
.
634
630
L2048156.UP.FTS.B,
13.55%,
11/15/26
...
4,017
3,796
L2046597.UP.FTS.B,
14.02%,
11/15/26
...
12,043
12,000
L2047243.UP.FTS.B,
14.23%,
11/15/26
...
10,863
10,824
FW2047393.UP.FTS.B,
14.85%,
11/15/26
.
6,070
6,069
L2048500.UP.FTS.B,
14.96%,
11/15/26
...
15,680
14,819
FW2049034.UP.FTS.B,
15.15%,
11/15/26
.
3,923
3,921
L2049134.UP.FTS.B,
15.26%,
11/15/26
...
15,097
15,039
L2048596.UP.FTS.B,
15.55%,
11/15/26
...
3,649
3,635
L2048855.UP.FTS.B,
15.99%,
11/15/26
...
5,787
5,776
FW2048646.UP.FTS.B,
16.12%,
11/15/26
.
4,739
199
FW2047282.UP.FTS.B,
16.13%,
11/15/26
.
2,255
2,239
L2045526.UP.FTS.B,
16.56%,
11/15/26
...
12,341
12,358
FW2046700.UP.FTS.B,
16.57%,
11/15/26
.
5,713
411
L2048386.UP.FTS.B,
16.67%,
11/15/26
...
6,426
6,102
L2048811.UP.FTS.B,
16.74%,
11/15/26
...
613
611
L2046948.UP.FTS.B,
17.39%,
11/15/26
...
9,333
9,330
L2046932.UP.FTS.B,
17.96%,
11/15/26
...
12,495
12,450
L2048349.UP.FTS.B,
19.37%,
11/15/26
...
5,417
794
L2049268.UP.FTS.B,
19.7%,
11/15/26
....
4,447
4,452
L2047722.UP.FTS.B,
19.71%,
11/15/26
...
6,294
6,290
L2049153.UP.FTS.B,
19.94%,
11/15/26
...
6,405
6,462
L2048873.UP.FTS.B,
20.43%,
11/15/26
...
2,837
2,830
L2047238.UP.FTS.B,
20.7%,
11/15/26
....
6,661
6,340
FW2047226.UP.FTS.B,
20.73%,
11/15/26
.
3,206
3,209
L2047279.UP.FTS.B,
20.87%,
11/15/26
...
5,778
5,840
L2047474.UP.FTS.B,
21.16
%,
11/15/26
...
7,697
7,779
L2048606.UP.FTS.B,
21.48%,
11/15/26
...
6,489
6,545
L2047175.UP.FTS.B,
21.59%,
11/15/26
...
782
789
L2047532.UP.FTS.B,
21.84%,
11/15/26
...
3,237
3,272
L2047358.UP.FTS.B,
21.89%,
11/15/26
...
3,238
3,273
L2047197.UP.FTS.B,
21.93%,
11/15/26
...
7,062
7,070
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)
FW2047187.UP.FTS.B,
22.1%,
11/15/26
..
$
10,380
$
10,491
FW2047897.UP.FTS.B,
22.1%,
11/15/26
..
1,447
104
FW2049063.UP.FTS.B,
22.49%,
11/15/26
.
18,234
18,254
FW2047777.UP.FTS.B,
22.57%,
11/15/26
.
2,215
2,239
L2047210.UP.FTS.B,
23.31%,
11/15/26
...
5,899
5,962
L2048190.UP.FTS.B,
23.66%,
11/15/26
...
8,627
8,704
L2048627.UP.FTS.B,
23.71%,
11/15/26
...
600
593
FW2047866.UP.FTS.B,
23.86%,
11/15/26
.
3,570
3,567
L2046912.UP.FTS.B,
23.87%,
11/15/26
...
2,144
2,164
L2048336.UP.FTS.B,
24.12%,
11/15/26
...
2,767
2,657
FW2034466.UP.FTS.B,
24.37%,
11/15/26
.
1,852
1,872
L2047240.UP.FTS.B,
24.44%,
11/15/26
...
4,776
4,794
L2047586.UP.FTS.B,
24.7%,
11/15/26
....
1,525
1,542
L2019591.UP.FTS.B,
24.92%,
11/15/26
...
6,025
6,020
L2047926.UP.FTS.B,
25.21%,
11/15/26
...
9,710
1,424
L2047674.UP.FTS.B,
25.3%,
11/15/26
....
2,679
2,702
L2048978.UP.FTS.B,
25.37%,
11/15/26
...
6,667
6,738
L2049419.UP.FTS.B,
25.38%,
11/15/26
...
744
747
L2048909.UP.FTS.B,
25.5%,
11/15/26
....
1,736
1,754
L2043947.UP.FTS.B,
25.57%,
11/15/26
...
1,603
1,620
FW2027220.UP.FTS.B,
25.94%,
11/15/26
.
1,139
1,151
FW2047100.UP.FTS.B,
26.77%,
11/15/26
.
2,023
2,045
FW2045584.UP.FTS.B,
27.07%,
11/15/26
.
4,373
4,418
FW2048599.UP.FTS.B,
28.16%,
11/15/26
.
633
638
FW2047988.UP.FTS.B,
29.5%,
11/15/26
..
5,726
5,782
FW2047468.UP.FTS.B,
30.8%,
11/15/26
..
1,369
1,369
FW2049349.UP.FTS.B,
30.81%,
11/15/26
.
1,113
1,125
FW2049409.UP.FTS.B,
31.09%,
11/15/26
.
7,076
7,139
FW1979816.UP.FTS.B,
31.12%,
11/15/26
.
1,977
1,995
FW2046950.UP.FTS.B,
31.12%,
11/15/26
.
5,229
5,284
FW2048800.UP.FTS.B,
31.12%,
11/15/26
.
2,123
2,142
FW2048749.UP.FTS.B,
31.13%,
11/15/26
.
1,794
1,812
FW2047818.UP.FTS.B,
31.21%,
11/15/26
.
2,237
2,255
FW2047594.UP.FTS.B,
31.24%,
11/15/26
.
1,117
1,126
FW2048610.UP.FTS.B,
31.92%,
11/15/26
.
4,558
4,606
FW2096102.UP.FTS.B,
7.51%,
11/22/26
..
4,771
4,746
L2094764.UP.FTS.B,
11.93%,
11/22/26
...
1,745
1,740
FW2094906.UP.FTS.B,
12.24%,
11/22/26
.
1,598
1,594
FW2083090.UP.FTS.B,
12.64%,
11/22/26
.
566
564
L2094888.UP.FTS.B,
12.99%,
11/22/26
...
894
892
L2095193.UP.FTS.B,
13.04%,
11/22/26
...
4,286
4,059
L2095349.UP.FTS.B,
13.57%,
11/22/26
...
2,519
2,513
L2094766.UP.FTS.B,
16.38%,
11/22/26
...
2,465
2,469
FW2096834.UP.FTS.B,
16.52%,
11/22/26
.
1,851
1,853
FW2095326.UP.FTS.B,
16.9%,
11/22/26
..
3,096
3,101
L2095105.UP.FTS.B,
17.31%,
11/22/26
...
13,582
12,923
FW2094890.UP.FTS.B,
17.34%,
11/22/26
.
9,325
9,340
FW2096292.UP.FTS.B,
18.39%,
11/22/26
.
5,398
5,417
L2094851.UP.FTS.B,
18.61%,
11/22/26
...
28,814
28,855
FW2096280.UP.FTS.B,
19.26%,
11/22/26
.
6,269
6,351
L2096899.UP.FTS.B,
19.33%,
11/22/26
...
9,932
9,960
L2096144.UP.FTS.B,
19.54%,
11/22/26
...
9,454
9,484
L2095820.UP.FTS.B,
19.69%,
11/22/26
...
6,887
6,906
L2093917.UP.FTS.B,
19.94%,
11/22/26
...
8,718
630
FW2094159.UP.FTS.B,
20.44%,
11/22/26
.
6,011
6,031
FW2096571.UP.FTS.B,
21.28%,
11/22/26
.
1,980
1,912
L2095646.UP.FTS.B,
21.32%,
11/22/26
...
955
955
L2096760.UP.FTS.B,
21.84%,
11/22/26
...
7,120
7,216
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2094894.UP.FTS.B,
22.2%,
11/22/26
....
$
882
$
880
FW2095395.UP.FTS.B,
22.89%,
11/22/26
.
1,208
1,152
FW2096115.UP.FTS.B,
23.24%,
11/22/26
.
2,096
2,125
FW2095271.UP.FTS.B,
23.29%,
11/22/26
.
11,613
11,746
FW2024402.UP.FTS.B,
24.5%,
11/22/26
..
7,944
8,051
L2094789.UP.FTS.B,
24.85%,
11/22/26
...
13,198
13,371
L2094507.UP.FTS.B,
25.13%,
11/22/26
...
866
868
L2094312.UP.FTS.B,
25.16%,
11/22/26
...
20,099
20,368
L2096356.UP.FTS.B,
25.27%,
11/22/26
...
666
675
L2093956.UP.FTS.B,
25.33%,
11/22/26
...
2,276
2,301
FW2095277.UP.FTS.B,
25.75%,
11/22/26
.
10,033
10,167
L2094270.UP.FTS.B,
25.87%,
11/22/26
...
2,142
2,171
FW2096631.UP.FTS.B,
26.76%,
11/22/26
.
2,674
2,709
FW2095637.UP.FTS.B,
26.8%,
11/22/26
..
2,599
2,629
FW2094585.UP.FTS.B,
27.16%,
11/22/26
.
3,436
3,477
FW2094718.UP.FTS.B,
27.18%,
11/22/26
.
7,207
1,091
FW2073665.UP.FTS.B,
27.21%,
11/22/26
.
2,918
443
L2096054.UP.FTS.B,
27.38%,
11/22/26
...
2,236
2,266
L2096384.UP.FTS.B,
27.83%,
11/22/26
...
6,256
6,339
FW2096342.UP.FTS.B,
28.48%,
11/22/26
.
3,422
3,460
FW2094402.UP.FTS.B,
28.65%,
11/22/26
.
2,424
708
FW2096376.UP.FTS.B,
29.0
9%,
11/22/26
.
3,821
3,870
FW2095953.UP.FTS.B,
29.33%,
11/22/26
.
3,372
3,409
FW2094834.UP.FTS.B,
29.86%,
11/22/26
.
3,454
3,500
FW2096279.UP.FTS.B,
30.8%,
11/22/26
..
834
846
FW2094660.UP.FTS.B,
31.22%,
11/22/26
.
7,553
7,650
FW2096663.UP.FTS.B,
31.48%,
11/22/26
.
3,501
3,540
FW2089645.UP.FTS.B,
31.75%,
11/22/26
.
6,654
6,742
L2046907.UP.FTS.B,
21.17%,
11/28/26
...
2,382
2,381
L2096773.UP.FTS.B,
24.83%,
12/03/26
...
1,990
2,015
L2096134.UP.FTS.B,
22.43%,
12/06/26
...
4,370
4,370
FW2295931.UP.FTS.B,
5.9%,
12/21/26
...
8,560
8,495
FW2293082.UP.FTS.B,
6.16%,
12/21/26
..
2,588
2,569
FW2293764.UP.FTS.B,
6.23%,
12/21/26
..
12,594
12,499
L2296513.UP.FTS.B,
7.11%,
12/21/26
....
2,142
2,125
FW2293501.UP.FTS.B,
7.39%,
12/21/26
..
4,283
4,259
L2292686.UP.FTS.B,
7.74%,
12/21/26
....
1,798
1,695
L2295874.UP.FTS.B,
7.93%,
12/21/26
....
4,165
4,141
L2293167.UP.FTS.B,
8.19%,
12/21/26
....
4,669
4,644
L2295697.UP.FTS.B,
8.34%,
12/21/26
....
702
697
FW2294735.UP.FTS.B,
8.57%,
12/21/26
..
2,391
2,254
L2295880.UP.FTS.B,
8.72%,
12/21/26
....
1,761
1,751
L2295310.UP.FTS.B,
9.3%,
12/21/26
....
4,532
4,506
L2294640.UP.FTS.B,
9.73%,
12/21/26
....
1,894
1,887
L2294345.UP.FTS.B,
12.41%,
12/21/26
...
5,176
5,160
L2288385.UP.FTS.B,
12.86%,
12/21/26
...
3,058
3,049
L2295080.UP.FTS.B,
13.33%,
12/21/26
...
3,902
3,881
L2294220.UP.FTS.B,
13.69%,
12/21/26
...
3,700
3,684
L2294373.UP.FTS.B,
13.7%,
12/21/26
....
3,268
3,257
L2294790.UP.FTS.B,
13.78%,
12/21/26
...
3,829
3,814
FW2293923.UP.FTS.B,
16.04%,
12/21/26
.
2,357
2,343
L2294540.UP.FTS.B,
16.91%,
12/21/26
...
1,452
104
FW2293821.UP.FTS.B,
17.3%,
12/21/26
..
973
968
L2296049.UP.FTS.B,
17.33%,
12/21/26
...
3,189
3,185
L2293602.UP.FTS.B,
17.68%,
12/21/26
...
6,702
6,704
L2293520.UP.FTS.B,
17.78%,
12/21/26
...
3,600
260
L2295430.UP.FTS.B,
18.6%,
12/21/26
....
9,718
9,255
L2295608.UP.FTS.B,
18.98%,
12/21/26
...
6,467
6,479
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)
FW2293617.UP.FTS.B,
19.06%,
12/21/26
.
$
4,533
$
4,534
FW2294886.UP.FTS.B,
19.07%,
12/21/26
.
1,277
1,277
FW2293806.UP.FTS.B,
19.41%,
12/21/26
.
5,151
5,150
L2296294.UP.FTS.B,
19.65%,
12/21/26
...
1,077
1,048
FW2289691.UP.FTS.B,
20.05%,
12/21/26
.
3,266
3,298
L2293347.UP.FTS.B,
20.07%,
12/21/26
...
19,598
19,634
L2293707.UP.FTS.B,
21.03%,
12/21/26
...
4,941
4,939
L2295159.UP.FTS.B,
21.2%,
12/21/26
....
2,177
2,203
L2294842.UP.FTS.B,
21.22%,
12/21/26
...
3,299
3,338
L2296434.UP.FTS.B,
21.52%,
12/21/26
...
1,654
1,653
FW2296031.UP.FTS.B,
22.11%,
12/21/26
.
3,455
320
L2296037.UP.FTS.B,
22.38%,
12/21/26
...
3,266
3,301
L2286942.UP.FTS.B,
22.51%,
12/21/26
...
1,501
1,517
L2293386.UP.FTS.B,
22.55%,
12/21/26
...
5,337
5,401
L2294767.UP.FTS.B,
23.15%,
12/21/26
...
1,753
1,770
FW2296289.UP.FTS.B,
23.69%,
12/21/26
.
4,713
4,630
L2296095.UP.FTS.B,
23.73%,
12/21/26
...
6,652
6,726
FW2295460.UP.FTS.B,
23.88%,
12/21/26
.
18,642
17,755
L2295502.UP.FTS.B,
23.94%,
12/21/26
...
6,759
6,516
L2295515.UP.FTS.B,
24.19%,
12/21/26
...
10,142
10,261
L2295990.UP.FTS.B,
24.34%,
12/21/26
...
2,913
2,944
L2293012.UP.FTS.B,
24.54%,
12/21/26
...
2,034
2,033
L2293989.UP.FTS.B,
24.69%,
12/21/26
...
2,036
2,060
L2294601.UP.FTS.B,
24.7%,
12/21/26
....
33,938
34,338
FW2296310.UP.FTS.B,
24.81%,
12/21/26
.
2,309
356
L2246443.UP.FTS.B,
25.23%,
12/21/26
...
754
761
L2295322.UP.FTS.B,
25.28%,
12/21/26
...
2,957
2,990
L2295069.UP.FTS.B,
25.39%,
12/21/26
...
1,583
7
L2293969.UP.FTS.B,
25.41%,
12/21/26
...
9,455
2,740
L2296171.UP.FTS.B,
25.41%,
12/21/26
...
1,570
1,589
L2294392.UP.FTS.B,
25.44%,
12/21/26
...
13,195
13,321
L2287500.UP.FTS.B,
25.45%,
12/21/26
...
4,443
4,486
L2292073.UP.FTS.B,
25.46%,
12/21/26
...
2,049
2,073
L2295101.UP.FTS.B,
25.65%,
12/21/26
...
1,741
1,754
FW2295132.UP.FTS.B,
26.71%,
12/21/26
.
27,364
1,950
L2289495.UP.FTS.B,
27.03%,
12/21/26
...
4,027
285
FW2296329.UP.FTS.B,
27.9%,
12/21/26
..
2,535
2,562
FW2294924.UP.FTS.B,
28.38%,
12/21/26
.
4,050
4,097
L2296578.UP.FTS.B,
28.56%,
12/21/26
...
3,630
1,060
FW2294602.UP.FTS.B,
28.58%,
12/21/26
.
1,227
86
FW2295693.UP.FTS.B,
29.44%,
12/21/26
.
862
839
FW2294300.UP.FTS.B,
29.67%,
12/21/26
.
3,530
3,564
FW2293867.UP.FTS.B,
30.1%,
12/21/26
..
7,507
2,198
FW2293261.UP.FTS.B,
30.26%,
12/21/26
.
779
788
FW2294598.UP.FTS.B,
30.58%,
12/21/26
.
2,447
–
FW2295156.UP.FTS.B,
30.61%,
12/21/26
.
1,477
1,493
FW2296110.UP.FTS.B,
30.89%,
12/21/26
.
786
794
FW2294105.UP.FTS.B,
30.94%,
12/21/26
.
9,077
9,168
FW2295248.UP.FTS.B,
30.94%,
12/21/26
.
2,832
2,724
FW2293727.UP.FTS.B,
31.05%,
12/21/26
.
1,053
1,064
FW2293310.UP.FTS.B,
31.11%,
12/21/26
.
1,282
1,297
FW2295496.UP.FTS.B,
31.18%,
12/21/26
.
1,924
1,947
FW2293684.UP.FTS.B,
31.29%,
12/21/26
.
2,140
2,165
FW2293376.UP.FTS.B,
31.54%,
12/21/26
.
30,018
2,109
L2298042.UP.FTS.B,
5.42%,
12/22/26
....
5,668
5,627
FW2296838.UP.FTS.B,
5.56%,
12/22/26
..
7,738
718
L2300162.UP.FTS.B,
5.78%,
12/22/26
....
854
847
L2298149.UP.FTS.B,
5.81%,
12/22/26
....
26,756
26,560
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2298867.UP.FTS.B,
6.47%,
12/22/26
....
$
8,271
$
8,213
L2298677.UP.FTS.B,
6.71%,
12/22/26
....
2,008
1,994
FW2298647.UP.FTS.B,
6.85%,
12/22/26
..
28,775
28,574
L2296512.UP.FTS.B,
6.86%,
12/22/26
....
17,269
17,144
FW2299026.UP.FTS.B,
7.03%,
12/22/26
..
2,883
2,867
L2299006.UP.FTS.B,
7.25%,
12/22/26
....
9,457
8,916
L2298624.UP.FTS.B,
7.52%,
12/22/26
....
20,257
20,151
L2300059.UP.FTS.B,
7.96%,
12/22/26
....
2,902
2,886
FW2297741.UP.FTS.B,
8.43%,
12/22/26
..
3,511
3,493
L2296751.UP.FTS.B,
9.09%,
12/22/26
....
3,535
3,515
FW2300319.UP.FTS.B,
9.33%,
12/22/26
..
2,481
2,467
L2275171.UP.FTS.B,
9.45%,
12/22/26
....
1,478
1,471
FW2275119.UP.FTS.B,
10.09%,
12/22/26
.
17,855
17,765
L2261699.UP.FTS.B,
10.41%,
12/22/26
...
2,388
2,376
L2299578.UP.FTS.B,
10.73%,
12/22/26
...
2,635
2,628
L2296896.UP.FTS.B,
10.8%,
12/22/26
....
1,799
1,792
L2296884.UP.FTS.B,
10.85%,
12/22/26
...
5,998
5,975
FW2300491.UP.FTS.B,
11.05%,
12/22/26
.
1,680
1,676
L2300049.UP.FTS.B,
11.22%,
12/22/26
...
15,048
15,007
L2299162.UP.FTS.B,
11.99%,
12/22/26
...
7,211
7,190
L2296860.UP.FTS.B,
12.01%,
12/22/26
...
5,210
5,165
L2288091.UP.FTS.B,
12.04%,
12/22/26
...
6,068
6,046
L2296913.UP.FTS.B,
12.48%,
12/22/26
...
6,508
6,161
FW2296819.UP.FTS.B,
12.8%,
12/22/26
..
611
610
L2297301.UP.FTS.B,
13.19%,
12/22/26
...
3,041
3,033
L2297394.UP.FTS.B,
13.43%,
12/22/26
...
2,460
2,454
FW2295002.UP.FTS.B,
13.45%,
12/22/26
.
1,046
1,042
L2298273.UP.FTS.B,
13.81%,
12/22/26
...
17,621
4,567
FW2297621.UP.FTS.B,
13.91%,
12/22/26
.
1,395
1,390
FW2297887.UP.FTS.B,
14.01%,
12/22/26
.
3,616
3,589
L2297583.UP.FTS.B,
14.22%,
12/22/26
...
11,605
11,563
FW2296544.UP.FTS.B,
14.31%,
12/22/26
.
3,102
3,090
L2296608.UP.FTS.B,
15.19%,
12/22/26
...
10,567
10,541
L2298101.UP.FTS.B,
15.46%,
12/22/26
...
2,741
2,730
FW2298689.UP.FTS.B,
15.52%,
12/22/26
.
10,978
10,971
FW2298989.UP.FTS.B,
15.65%,
12/22/26
.
4,835
4,595
L2300266.UP.FTS.B,
15.81%,
12/22/26
...
13,647
13,613
L2297545.UP.FTS.B,
16.01%,
12/22/26
...
2,526
2,517
L2297702.UP.FTS.B,
16.54%,
12/22/26
...
910
910
FW2296844.UP.FTS.B,
16.78%,
12/22/26
.
1,549
1,549
FW2242642.UP.FTS.B,
17.23%,
12/22/26
.
4,427
4,430
L2297622.UP.FTS.B,
17.73%,
12/22/26
...
3,752
3,741
FW2298313.UP.FTS.B,
17.76%,
12/22/26
.
9,732
9,726
L2297195.UP.FTS.B,
18.28%,
12/22/26
...
17,919
2,523
L2297949.UP.FTS.B,
18.76%,
12/22/26
...
2,584
2,591
FW2298046.UP.FTS.B,
19.21%,
12/22/26
.
6,486
6,491
FW2299900.UP.FTS.B,
19.29%,
12/22/26
.
31,540
31,597
L2296627.UP.FTS.B,
19.74%,
12/22/26
...
3,259
3,257
L2298737.UP.FTS.B,
20.98%,
12/22/26
...
3,292
3,295
L2300374.UP.FTS.B,
21.31%,
12/22/26
...
1,961
1,985
L2296777.UP.FTS.B,
21.4%,
12/22/26
....
6,610
6,680
FW2298033.UP.FTS.B,
21.61%,
12/22/26
.
10,922
10,952
L2299056.UP.FTS.B,
22%,
12/22/26
.....
3,852
3,901
L2298829.UP.FTS.B,
22.17%,
12/22/26
...
3,992
3,993
FW2297460.UP.FTS.B,
22.74%,
12/22/26
.
34,373
33,122
L2296427.UP.FTS.B,
22.94%,
12/22/26
...
2,036
144
L2300367.UP.FTS.B,
22.94%,
12/22/26
...
1,339
1,342
L2296515.UP.FTS.B,
22.98%,
12/22/26
...
2,008
2,034
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)
L2298974.UP.FTS.B,
23.47%,
12/22/26
...
$
1,210
$
1,213
FW2300425.UP.FTS.B,
23.57%,
12/22/26
.
6,727
6,814
L2296775.UP.FTS.B,
23.9%,
12/22/26
....
3,035
3,075
L2298860.UP.FTS.B,
23.92%,
12/22/26
...
10,118
10,249
L2296638.UP.FTS.B,
23.96%,
12/22/26
...
666
674
L2300131.UP.FTS.B,
24.08%,
12/22/26
...
10,293
432
L2297604.UP.FTS.B,
24.33%,
12/22/26
...
1,015
1,028
L2277340.UP.FTS.B,
24.46%,
12/22/26
...
3,294
83
FW2296565.UP.FTS.B,
24.56%,
12/22/26
.
1,559
1,580
L2299447.UP.FTS.B,
24.64%,
12/22/26
...
1,358
1,372
FW2295512.UP.FTS.B,
25.12%,
12/22/26
.
5,668
5,651
L2282956.UP.FTS.B,
25.27%,
12/22/26
...
400
397
FW2297623.UP.FTS.B,
25.32%,
12/22/26
.
2,712
189
L2292373.UP.FTS.B,
25.33%,
12/22/26
...
1,160
1,163
L2297988.UP.FTS.B,
25.38%,
12/22/26
...
612
613
L2296962.UP.FTS.B,
25.46%,
12/22/26
...
2,323
2,348
L2298544.UP.FTS.B,
25.47%,
12/22/26
...
3,428
3,310
L2298179.UP.FTS.B,
25.49%,
1
2/22/26
...
3,142
3,183
L2297223.UP.FTS.B,
25.61%,
12/22/26
...
2,120
150
L2297795.UP.FTS.B,
26.01%,
12/22/26
...
8,780
8,893
L2296379.UP.FTS.B,
26.17%,
12/22/26
...
6,868
6,957
FW2299410.UP.FTS.B,
26.2%,
12/22/26
..
4,393
1,286
FW2300548.UP.FTS.B,
26.24%,
12/22/26
.
2,750
2,752
FW2298545.UP.FTS.B,
26.68%,
12/22/26
.
9,376
9,498
FW2297229.UP.FTS.B,
26.75%,
12/22/26
.
8,817
8,914
FW2298735.UP.FTS.B,
26.94%,
12/22/26
.
9,997
10,009
FW2299436.UP.FTS.B,
27.39%,
12/22/26
.
2,871
2,906
FW2296934.UP.FTS.B,
28.08%,
12/22/26
.
3,971
4,023
FW2297196.UP.FTS.B,
28.3%,
12/22/26
..
7,273
2,123
FW2298568.UP.FTS.B,
28.54%,
12/22/26
.
5,315
5,372
FW2297886.UP.FTS.B,
29.13%,
12/22/26
.
2,219
2,141
FW2297392.UP.FTS.B,
29.67%,
12/22/26
.
1,339
1,348
FW2298522.UP.FTS.B,
29.71%,
12/22/26
.
2,471
2,498
FW2296795.UP.FTS.B,
30.46%,
12/22/26
.
1,064
1,075
FW2299169.UP.FTS.B,
30.82%,
12/22/26
.
2,917
2,949
FW2281021.UP.FTS.B,
30.86%,
12/22/26
.
3,978
4,029
FW2299939.UP.FTS.B,
30.93%,
12/22/26
.
783
793
FW2297499.UP.FTS.B,
30.95%,
12/22/26
.
783
793
FW2300108.UP.FTS.B,
31.04%,
12/22/26
.
926
936
FW2298345.UP.FTS.B,
31.12%,
12/22/26
.
679
676
FW2298159.UP.FTS.B,
31.15%,
12/22/26
.
2,067
2,094
FW2296911.UP.FTS.B,
31.17%,
12/22/26
.
850
857
FW2299655.UP.FTS.B,
31.17%,
12/22/26
.
2,852
2,883
FW2294359.UP.FTS.B,
31.33%,
12/22/26
.
35,706
36,091
FW2300018.UP.FTS.B,
31.65%,
12/22/26
.
3,933
3,985
FW2296208.UP.FTS.B,
31.74%,
12/22/26
.
4,876
4,928
FW2296337.UP.FTS.B,
33.15%,
12/22/26
.
4,680
322
FW2296980.UP.FTS.B,
33.56%,
12/22/26
.
1,099
77
L2293224.UP.FTS.B,
25.74%,
1/05/27
....
1,221
1,234
L2297168.UP.FTS.B,
9.21%,
1/06/27
....
3,041
3,022
FW2296458.UP.FTS.B,
30.75%,
1/06/27
..
6,307
6,367
L2424153.UP.FTS.B,
4.86%,
1/13/27
....
28,530
28,317
L2426247.UP.FTS.B,
4.87%,
1/13/27
....
9,050
8,981
L2424670.UP.FTS.B,
5.86%,
1/13/27
....
5,564
5,524
L2425940.UP.FTS.B,
5.96%,
1/13/27
....
11,675
11,589
L2427954.UP.FTS.B,
5.98%,
1/13/27
....
17,597
17,468
FW2427065.UP.FTS.B,
6.14%,
1/13/27
...
5,374
394
L2428807.UP.FTS.B,
6.19%,
1/13/27
....
4,409
4,376
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2425627.UP.FTS.B,
6.24%,
1/13/27
....
$
16,050
$
15,929
FW2418004.UP.FTS.B,
6.27%,
1/13/27
...
17,519
17,392
FW2426682.UP.FTS.B,
6.38%,
1/13/27
...
9,144
4,753
L2424813.UP.FTS.B,
6.62%,
1/13/27
....
10,627
10,550
L2426387.UP.FTS.B,
7.28%,
1/13/27
....
2,675
2,655
FW2427607.UP.FTS.B,
7.35%,
1/13/27
...
9,459
9,397
L2425992.UP.FTS.B,
7.55%,
1/13/27
....
3,159
3,136
L2426489.UP.FTS.B,
7.81%,
1/13/27
....
7,171
7,128
L2427644.UP.FTS.B,
7.93%,
1/13/27
....
1,496
1,487
FW2427445.UP.FTS.B,
7.98%,
1/13/27
...
4,789
4,760
L2424761.UP.FTS.B,
8.01%,
1/13/27
....
3,363
3,341
L2426445.UP.FTS.B,
8.42%,
1/13/27
....
1,721
1,710
FW2426523.UP.FTS.B,
8.45%,
1/13/27
...
2,489
2,471
L2427091.UP.FTS.B,
8.49%,
1/13/27
....
4,211
4,186
L2400286.UP.FTS.B,
8.75%,
1/13/27
....
4,442
4,415
L2424441.UP.FTS.B,
8.96%,
1/13/27
....
794
787
FW2426991.UP.FTS.B,
9.24%,
1/13/27
...
3,637
3,615
L2427076.UP.FTS.B,
9.69%,
1/13/27
....
5,122
5,089
L2427657.UP.FTS.B,
9.7%,
1/13/27
.....
1,466
1,453
L2425208.UP.FTS.B,
9.97%,
1/13/27
....
4,273
4,248
L2428214.UP.FTS.B,
10.52%,
1/13/27
....
1,658
1,647
L2423014.UP.FTS.B,
10.64%,
1/13/27
....
16,586
16,490
FW2425681.UP.FTS.B,
11.84%,
1/13/27
..
19,009
18,925
L2423675.UP.FTS.B,
12.15%,
1/13/27
....
4,051
4,034
L2426699.UP.FTS.B,
13.25%,
1/13/27
....
7,566
7,527
L2426346.UP.FTS.B,
13.31%,
1/13/27
....
3,105
1,772
FW2426488.UP.FTS.B,
14.89%,
1/13/27
..
4,438
4,419
L2428411.UP.FTS.B,
15.14%,
1/13/27
....
3,074
3,069
FW2398372.UP.FTS.B,
15.37%,
1/13/27
..
7,572
7,560
FW2412323.UP.FTS.B,
15.91%,
1/13/27
..
6,450
6,424
FW2423910.UP.FTS.B,
15.96%,
1/13/27
..
5,803
446
L2406518.UP.FTS.B,
16%,
1/13/27
......
3,227
3,222
L2426798.UP.FTS.B,
16.24%,
1/13/27
....
10,349
10,307
L2428444.UP.FTS.B,
16.71%,
1/13/27
....
3,897
3,890
FW2428748.UP.FTS.B,
17.09%,
1/13/27
..
6,515
6,504
L2425118.UP.FTS.B,
17.11%,
1/13/27
....
4,561
4,558
FW2423151.UP.FTS.B,
17.2%,
1/13/27
...
2,870
2,868
L2428394.UP.FTS.B,
17.4%,
1/13/27
....
3,724
3,713
FW2425055.UP.FTS.B,
17.43%,
1/13/27
..
10,718
10,711
L2423964.UP.FTS.B,
18.15%,
1/13/27
....
4,602
4,599
L2428498.UP.FTS.B,
18.5%,
1/13/27
....
3,592
519
L2428454.UP.FTS.B,
18.63%,
1/13/27
....
4,967
4,953
L2422983.UP.FTS.B,
19.45%,
1/13/27
....
18,755
18,725
L2424684.UP.FTS.B,
20.1%,
1/13/27
....
3,969
4,002
L2423758.UP.FTS.B,
20.41%,
1/1
3/27
....
1,286
1,284
L2405396.UP.FTS.B,
20.43%,
1/13/27
....
4,773
4,762
L2426770.UP.FTS.B,
20.84%,
1/13/27
....
10,085
10,176
L2427912.UP.FTS.B,
21.34%,
1/13/27
....
675
681
FW2427047.UP.FTS.B,
22.2%,
1/13/27
...
14,821
14,955
L2428658.UP.FTS.B,
22.41%,
1/13/27
....
7,463
7,519
L2395761.UP.FTS.B,
22.53%,
1/13/27
....
20,448
20,633
L2425900.UP.FTS.B,
23.2%,
1/13/27
....
6,059
6,102
L2422984.UP.FTS.B,
23.24%,
1/13/27
....
8,944
8,998
L2425886.UP.FTS.B,
24.76%,
1/13/27
....
3,500
3,526
L2404751.UP.FTS.B,
24.81%,
1/13/27
....
12,487
12,600
L2422250.UP.FTS.B,
25.13%,
1/13/27
....
2,156
2,175
L2423497.UP.FTS.B,
25.16%,
1/13/27
....
1,112
1,123
L2399706.UP.FTS.B,
25.18%,
1/13/27
....
10,705
1,586
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)
FW2428740.UP.FTS.B,
25.25%,
1/13/27
..
$
2,783
$
2,809
L2427874.UP.FTS.B,
25.33%,
1/13/27
....
590
346
L2426848.UP.FTS.B,
25.4%,
1/13/27
....
6,697
481
L2425077.UP.FTS.B,
25.43%,
1/13/27
....
5,844
5,866
L2424771.UP.FTS.B,
25.96%,
1/13/27
....
1,539
1,553
FW2424834.UP.FTS.B,
26.08%,
1/13/27
..
3,782
3,816
FW2425245.UP.FTS.B,
26.25%,
1/13/27
..
1,122
1,132
FW2426259.UP.FTS.B,
26.65%,
1/13/27
..
3,518
3,550
FW2428725.UP.FTS.B,
26.68%,
1/13/27
..
1,744
1,750
FW2425948.UP.FTS.B,
27.28%,
1/13/27
..
4,945
4,990
FW2424326.UP.FTS.B,
27.8%,
1/13/27
...
6,912
6,965
FW2422977.UP.FTS.B,
28.17%,
1/13/27
..
13,996
14,109
FW2424974.UP.FTS.B,
28.61%,
1/13/27
..
11,968
12,054
FW2425791.UP.FTS.B,
29.41%,
1/13/27
..
2,378
688
FW2426907.UP.FTS.B,
29.43%,
1/13/27
..
28,725
28,889
FW2423451.UP.FTS.B,
30.19%,
1/13/27
..
721
728
FW2426985.UP.FTS.B,
30.26%,
1/13/27
..
23,811
24,001
FW2427875.UP.FTS.B,
30.3%,
1/13/27
...
683
687
FW2423548.UP.FTS.B,
30.41%,
1/13/27
..
1,877
1,894
FW2425371.UP.FTS.B,
30.51%,
1/13/27
..
1,445
1,458
FW2423407.UP.FTS.B,
30.57%,
1/13/27
..
1,590
1,601
FW2425795.UP.FTS.B,
30.94%,
1/13/27
..
3,012
1,781
FW2425961.UP.FTS.B,
31.09%,
1/13/27
..
798
805
FW2423715.UP.FTS.B,
32.57%,
1/13/27
..
733
739
FW2432124.UP.FTS.B,
5.02%,
1/14/27
...
29,038
28,824
L2429437.UP.FTS.B,
5.17%,
1/14/27
....
6,980
6,929
L2435082.UP.FTS.B,
5.24%,
1/14/27
....
15,775
15,659
L2435136.UP.FTS.B,
5.4%,
1/14/27
.....
6,122
6,077
L2435334.UP.FTS.B,
5.79%,
1/14/27
....
1,815
1,802
L2428794.UP.FTS.B,
5.98%,
1/14/27
....
8,797
8,733
FW2431037.UP.FTS.B,
6.01%,
1/14/27
...
2,347
2,330
FW2434481.UP.FTS.B,
6.18%,
1/14/27
...
5,587
5,545
L2434868.UP.FTS.B,
6.25%,
1/14/27
....
6,470
6,423
L2433278.UP.FTS.B,
6.42%,
1/14/27
....
8,247
8,187
L2434814.UP.FTS.B,
6.49%,
1/14/27
....
1,533
1,522
L2432301.UP.FTS.B,
6.51%,
1/14/27
....
2,949
2,928
L2431798.UP.FTS.B,
6.68%,
1/14/27
....
8,196
8,135
FW2429354.UP.FTS.B,
6.79%,
1/14/27
...
29,138
28,926
FW2430872.UP.FTS.B,
6.87%,
1/14/27
...
2,186
538
L2432901.UP.FTS.B,
6.93%,
1/14/27
....
11,241
11,160
FW2430681.UP.FTS.B,
7.21%,
1/14/27
...
18,989
18,853
L2431865.UP.FTS.B,
7.24%,
1/14/27
....
9,087
9,018
L2429292.UP.FTS.B,
7.41%,
1/14/27
....
7,142
7,099
L2430454.UP.FTS.B,
7.62%,
1/14/27
....
8,198
8,149
L2433097.UP.FTS.B,
7.62%,
1/14/27
....
23,079
22,942
L2434635.UP.FTS.B,
7.74%,
1/14/27
....
12,658
12,583
L2433991.UP.FTS.B,
7.94%,
1/14/27
....
4,027
4,001
L2429715.UP.FTS.B,
8.3%,
1/14/27
.....
2,402
2,388
L2434529.UP.FTS.B,
8.37%,
1/14/27
....
4,206
4,181
L2430462.UP.FTS.B,
8.4%,
1/14/27
.....
15,028
14,940
L2435208.UP.FTS.B,
8.4%,
1/14/27
.....
26,972
26,813
L2429477.UP.FTS.B,
8.93%,
1/14/27
....
8,398
8,349
L2429964.UP.FTS.B,
9.01%,
1/14/27
....
3,024
3,006
L2429979.UP.FTS.B,
9.08%,
1/14/27
....
1,815
1,805
L2432796.UP.FTS.B,
9.5%,
1/14/27
.....
1,730
126
L2432514.UP.FTS.B,
9.62%,
1/14/27
....
21,292
21,169
L2434796.UP.FTS.B,
9.68%,
1/14/27
....
15,215
15,127
L2434345.UP.FTS.B,
9.69%,
1/14/27
....
5,482
5,446
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2434787.UP.FTS.B,
9.78%,
1/14/27
....
$
1,988
$
107
L2435560.UP.FTS.B,
10.15%,
1/14/27
....
16,368
16,272
FW2433055.UP.FTS.B,
10.82%,
1/14/27
..
2,156
2,145
L2431423.UP.FTS.B,
11.01%,
1/14/27
....
2,139
156
L2430601.UP.FTS.B,
11.3%,
1/14/27
.....
10,822
10,777
FW2433199.UP.FTS.B,
12.56%,
1/14/27
..
1,877
1,869
L2431067.UP.FTS.B,
12.57%,
1/14/27
....
3,746
3,730
L2429992.UP.FTS.B,
12.6%,
1/14/27
....
3,279
3,265
L2434462.UP.FTS.B,
12.63%,
1/14/27
....
1,259
1,252
FW2432090.UP.FTS.B,
12.83%,
1/14/27
..
4,076
4,060
L2435380.UP.FTS.B,
12.98%,
1/14/27
....
3,421
3,406
FW2430692.UP.FTS.B,
13.13%,
1/14/27
..
5,660
5,637
L2434354.UP.FTS.B,
13.48%,
1/14/27
....
3,155
3,142
L2433923.UP.FTS.B,
13.81%,
1/14/27
....
6,277
6,251
L2430593.UP.FTS.B,
13.89%,
1/14/27
....
7,304
530
FW2429622.UP.FTS.B,
15.13%,
1/14/27
..
3,212
3,196
L2434928.UP.FTS.B,
15.16%,
1/14/27
....
3,203
3,190
L2432300.UP.FTS.B,
15.27%,
1/14/27
....
15
15
FW2435291.UP.FTS.B,
16.08%,
1/14/27
..
30,815
4,226
L2429267.UP.FTS.B,
16.52%,
1/14/27
....
6,518
6,499
FW2435527.UP.FTS.B,
16.65%,
1/14/27
..
11,411
11,384
L2429626.UP.FTS.B,
16.81%,
1/14/27
....
2,600
2,596
L2434502.UP.FTS.B,
17.17%,
1/14/27
....
11,275
3,092
L2432699.UP.FTS.B,
17.44%,
1/14/27
....
4,084
296
L2426379.UP.FTS.B,
19.1%,
1/14/27
....
3,646
3,641
L2429755.UP.FTS.B,
19.15%,
1/14/27
....
9,946
10,039
FW2430438.UP.FTS.B,
20.15%,
1/14/27
..
2,604
2,603
L2430606.UP.FTS.B,
20.16%,
1/14/27
....
4,983
4,926
L2430735.UP.FTS.B,
20.49%,
1/14/27
....
4,704
4,738
L2428990.UP.FTS.B,
21.05%,
1/14/27
....
14,229
2,107
L2431627.UP.FTS.B,
21.05%,
1/14/27
....
6,735
6,726
L2434159.UP.FTS.B,
21.72%,
1/14/27
....
1,013
1,022
L2432761.UP.FTS.B,
21.77%,
1/14/27
....
1,621
1,616
L2434330.UP.FTS.B,
21.77%,
1/14/27
....
6,097
6,089
L2432647.UP.FTS.B,
21.91%,
1/14/27
....
2,448
2,442
L2433930.UP.FTS.B,
22.17%,
1/14/27
....
7,339
7,407
L2433523.UP.FTS.B,
22.41%,
1/14/27
....
10,747
777
L2433884.UP.FTS.B,
22.52%,
1/14/27
....
3,409
3,408
L2432010.UP.FTS.B,
22.75%,
1/14/27
....
20,464
20,655
FW2434152.UP.FTS.B,
22.94%,
1/14/27
..
11,006
11,109
L2429502.UP.FTS.B,
23.45%,
1/14/27
....
1,573
1,511
L2430627.UP.FTS.B,
24.59%,
1/14/27
....
6,809
6,867
L2435514.UP.FTS.B,
24.62%,
1/14/27
....
7,249
6,955
L2429892.UP.FTS.B,
24.74%,
1/14/27
....
1,317
1,329
L2430498.UP.FTS.B,
25.11%,
1/14/27
....
770
776
L2432911.UP.FTS.B,
25.19%,
1/14/27
....
3,674
3,703
L2431333.UP.FTS.B,
25.27%,
1/14/27
....
838
123
L2432337.UP.FTS.B,
25.36%,
1/14/27
....
8,921
8,902
L2428819.UP.FTS.B,
25.51%,
1/14/27
....
6,486
6,547
L2430801.UP.FTS.B,
25.58%,
1/14/27
....
302
21
L2430189.UP.FTS.B,
25.96%,
1/14/27
....
4,351
4,384
FW2427919.UP.FTS.B,
26.2%,
1/14/27
...
7,008
7,074
FW2433321.UP.FTS.B,
26.46%,
1/14/27
..
1,404
1,418
FW2430722.UP.FTS.B,
26.47%,
1/14/27
..
8,290
8,368
FW2434298.UP.FTS.B,
26.5%,
1/14/27
...
2,312
2,334
FW2428882.UP.FTS.B,
27.27%,
1/14/27
..
4,228
4,268
FW2435389.UP.FTS.B,
28.43%,
1/14/27
..
713
720
FW2435458.UP.FTS.B,
28.74%,
1/14/27
..
3,523
3,554
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)
FW2429972.UP.FTS.B,
28.92%,
1/14/27
..
$
1,430
$
1,443
FW2432969.UP.FTS.B,
29.06%,
1/14/27
..
7,155
7,222
FW2431137.UP.FTS.B,
29.79%,
1/14/27
..
3,827
1,112
FW2429314.UP.FTS.B,
30.55%,
1/14/27
..
1,068
1,074
FW2431660.UP.FTS.B,
30.55%,
1/14/27
..
8,576
8,415
FW2434437.UP.FTS.B,
30.78%,
1/14/27
..
1,449
1,463
FW2432136.UP.FTS.B,
30.97%,
1/14/27
..
847
854
FW2431224.UP.FTS.B,
31.01%,
1/14/27
..
855
849
FW2434725.UP.FTS.B,
31.06%,
1/14/27
..
2,327
2,344
FW2431217.UP.FTS.B,
31.18%,
1/14/27
..
4,287
4,327
FW2434302.UP.FTS.B,
31.74%,
1/14/27
..
2,551
2,575
FW2430067.UP.FTS.B,
32.35%,
1/14/27
..
3,585
3,619
FW2433366.UP.FTS.B,
32.7%,
1/14/27
...
1,070
1,067
FW2429192.UP.FTS.B,
34.62%,
1/14/27
..
4,899
4,946
L2434046.UP.FTS.B,
17.57%,
1/15/27
....
6,219
6,189
L2426521.UP.FTS.B,
25.33%,
1/16/27
....
2,443
2,460
L2435572.UP.FTS.B,
5.11%,
1/18/27
.....
4,650
4,616
L2437289.UP.FTS.B,
5.21%,
1/18/27
....
11,636
11,550
L2438850.UP.FTS.B,
5.32%,
1/18/27
....
4,908
4,864
L2435960.UP.FTS.B,
5.66%,
1/18/27
....
2,338
2,321
L2437744.UP.FTS.B,
5.82%,
1/18/27
....
2,045
2,029
L2436314.UP.FTS.B,
6.73%,
1/18/27
....
4,984
4,947
L2437712.UP.FTS.B,
7.07%,
1/18/27
....
3,323
3,298
L2436166.UP.FTS.B,
7.3%,
1/18/27
.....
5,945
5,901
L2437375.UP.FTS.B,
7.41%,
1/18/27
....
8,927
8,862
FW2435037.UP.FTS.B,
7.47%,
1/18/27
...
8,481
7,992
L2437526.UP.FTS.B,
8.11%,
1/18/27
.....
3,237
3,217
L2435968.UP.FTS.B,
8.28%,
1/18/27
....
30,018
29,840
L2437670.UP.FTS.B,
8.31%,
1/18/27
....
2,994
2,976
L2435758.UP.FTS.B,
8.38%,
1/18/27
....
3,906
3,883
L2438360.UP.FTS.B,
8.62%,
1/18/27
....
10,263
10,196
FW2436679.UP.FTS.B,
8.8%,
1/18/27
....
3,017
2,999
L2436019.UP.FTS.B,
8.91%,
1/18/27
....
3,323
3,303
FW2436236.UP.FTS.B,
9.07%,
1/18/27
...
1,392
1,383
L2436597.UP.FTS.B,
9.15%,
1/18/27
....
3,028
3,010
L2439024.UP.FTS.B,
9.19%,
1/18/27
....
30,137
29,957
FW2437428.UP.FTS.B,
9.23%,
1/18/27
...
2,501
2,485
L2439293.UP.FTS.B,
9.38%,
1/18/27
....
3,034
3,016
L2435641.UP.FTS.B,
9.42%,
1/18/27
....
9,098
9,044
FW2437343.UP.FTS.B,
9.49%,
1/18/27
...
3,646
3,624
L2438805.UP.FTS.B,
9.71%,
1/18/27
....
7,004
6,959
L2438298.UP.FTS.B,
9.72%,
1/18/27
....
9,406
8,860
L2435766.UP.FTS.B,
10.44%,
1/18/27
....
7,051
7,009
L2435811.UP.FTS.B,
10.45%,
1/18/27
....
25,334
23,866
L2437164.UP.FTS.B,
11.6%,
1/18/27
.....
3,571
3,554
L2437916.UP.FTS.B,
11.63%,
1/18/27
....
3,101
3,088
L2435975.UP.FTS.B,
12.06%,
1/18/27
....
3,756
3,736
FW2436712.UP.FTS.B,
13.19%,
1/18/27
..
19,038
2,642
L2436053.UP.FTS.B,
13.19%,
1/18/27
....
28,314
28,198
L2435800.UP.FTS.B,
13.45%,
1/18/27
....
862
833
FW2438200.UP.FTS.B,
13.65%,
1/18/27
..
415
411
L2436944.UP.FTS.B,
13.68%,
1/18/27
....
18,969
18,891
L2438233.UP.FTS.B,
13.97%,
1/18/27
....
31,692
31,562
FW2435953.UP.FTS.B,
14.04%,
1/18/27
..
2,219
2,210
FW2386556.UP.FTS.B,
14.67%,
1/18/27
..
17,156
17,086
L2435828.UP.FTS.B,
15.11%,
1/18/27
....
6,403
6,377
L2436120.UP.FTS.B,
16.49%,
1/18/27
....
1,944
1,942
FW2437419.UP.FTS.B,
16.93%,
1/18/27
..
9,759
9,719
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2436235.UP.FTS.B,
19.1%,
1/18/27
....
$
2,985
$
2,979
FW2433283.UP.FTS.B,
19.48%,
1/18/27
..
3,304
3,299
L2437522.UP.FTS.B,
20.01%,
1/18/27
....
1,002
1,001
L2436835.UP.FTS.B,
20.74%,
1/18/27
....
10,077
10,175
L2438983.UP.FTS.B,
22.44%,
1/18/27
....
25,638
25,814
L2438751.UP.FTS.B,
22.96%,
1/18/27
....
4,072
4,110
L2436458.UP.FTS.B,
23.16%,
1/18/27
....
1,355
1,367
FW2436112.UP.FTS.B,
23.4%,
1/18/27
...
2,505
720
L2436533.UP.FTS.B,
23.74%,
1/18/27
....
9,106
573
L2435765.UP.FTS.B,
24.15%,
1/18/27
....
1,104
1,115
L2438451.UP.FTS.B,
24.73%,
1/18/27
....
4,826
4,855
L2436225.UP.FTS.B,
25.02%,
1/18/27
....
969
975
L2437383.UP.FTS.B,
25.04%,
1/18/27
....
8,337
8,416
L2435949.UP.FTS.B,
25.18%,
1/18/27
....
750
32
L2438923.UP.FTS.B,
25.2%,
1/18/27
....
1,392
1,405
L2435111.UP.FTS.B,
25.27%,
1/18/27
....
1,558
112
FW2437643.UP.FTS.B,
25.44%,
1/18/27
..
12,503
12,619
L2435585.UP.FTS.B,
25.45%,
1/18/27
....
798
799
L2435644.UP.FTS.B,
25.47%,
1/18/27
....
8,760
8,842
L2435936.UP.FTS.B,
25.47%,
1/18/27
....
1,394
1,407
L2436279.UP.FTS.B,
25.97%,
1/18/27
....
2,779
2,802
FW2439188.UP.FTS.B,
26.09%,
1/18/27
..
5,389
5,384
L2436823.UP.FTS.B,
26.4%,
1/18/27
....
2,738
2,763
FW2438660.UP.FTS.B,
27.49%,
1/18/27
..
2,831
2,858
FW2437301.UP.FTS.B,
28.28%,
1/18/27
..
19,719
19,832
FW2436660.UP.FTS.B,
28.46%,
1/18/27
..
2,838
2,864
FW2435922.UP.FTS.B,
28.48%,
1/18/27
..
2,851
2,878
FW2438088.UP.FTS.B,
28.61%,
1/18/27
..
3,702
1,082
FW2438349.UP.FTS.B,
30.51%,
1/18/27
..
1,077
1,081
FW2436417.UP.FTS.B,
30.84%,
1/18/27
..
4,453
4,274
FW2437637.UP.FTS.B,
31.11%,
1/18/27
..
1,234
1,245
FW2424349.UP.FTS.B,
31.49%,
1/18/27
..
2,346
2,255
FW2438118.UP.FTS.B,
31.57%,
1/18/27
..
5,969
6,024
FW2438330.UP.FTS.B,
31.74%,
1/18/27
..
2,623
2,647
L2432353.UP.FTS.B,
7.41%,
1/20/27
....
11,919
11,841
FW2426856.UP.FTS.B,
16.14%,
1/21/27
..
6,486
6,465
FW2423642.UP.FTS.B,
28.44%,
1/22/27
..
2,871
2,892
L2433080.UP.FTS.B,
22.02%,
1/24/27
....
10,792
10,871
L2403095.UP.FTS.B,
10.86%,
1/28/27
....
5,248
5,221
L2438087.UP.FTS.B,
9.91%,
2/01/27
....
29,533
29,327
FW2437462.UP.FTS.B,
26.24%,
2/01/27
..
36,125
36,335
FW2437431.UP.FTS.B,
30.95%,
2/01/27
..
1,342
1,349
L2431623.UP.FTS.B,
19.58%,
2/02/27
....
26,481
26,370
L2604537.UP.FTS.B,
4.81%,
2/10/27
....
12,989
12,890
L2607506.UP.FTS.B,
5.59%,
2/10/27
....
30,020
29,793
FW2607187.UP.FTS.B,
7.26%,
2/10/27
...
24,415
24,254
L2528315.UP.FTS.B,
7.51%,
2/10/27
....
7,036
6,990
L2604772.UP.FTS.B,
7.89%,
2/10/27
....
16,642
16,533
FW2594995.UP.FTS.B,
9.66%,
2/10/27
...
18,109
17,992
L2607571.UP.FTS.B,
9.71%,
2/10/27
....
12,496
12,415
L2606288.UP.FTS.B,
9.78%,
2/10/27
....
4,107
4,074
L2604523.UP.FTS.B,
10.02%,
2/10/27
....
10,966
10,895
L2603278.UP.FTS.B,
11.56%,
2/10/27
....
4,184
253
L2606699.UP.FTS.B,
11.87%,
2/10/27
....
15,285
15,203
L2608120.UP.FTS.B,
12.12%,
2/10/27
....
17,180
17,088
L2606144.UP.FTS.B,
12.19%,
2/10/27
....
2,680
2,655
L2602160.UP.FTS.B,
13.05%,
2/10/27
....
5,473
5,444
L2606798.UP.FTS.B,
13.38%,
2/10/27
....
6,458
6,424
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)
L2605310.UP.FTS.B,
13.4%,
2/10/27
....
$
4,342
$
4,315
L2604725.UP.FTS.B,
13.41%,
2/10/27
....
2,134
2,121
L2608712.UP.FTS.B,
13.54%,
2/10/27
....
2,587
2,573
L2607120.UP.FTS.B,
13.67%,
2/10/27
....
11,102
11,034
L2607960.UP.FTS.B,
13.74%,
2/10/27
....
4,859
4,833
FW2604743.UP.FTS.B,
13.75%,
2/10/27
..
8,434
8,380
FW2606882.UP.FTS.B,
13.95%,
2/10/27
..
5,192
5,165
FW2605016.UP.FTS.B,
14.07%,
2/10/27
..
7,425
535
L2560503.UP.FTS.B,
14.15%,
2/10/27
....
17,032
4,346
L2607639.UP.FTS.B,
14.65%,
2/10/27
....
20,831
20,720
L2603034.UP.FTS.B,
14.68%,
2/10/27
....
6,793
6,768
FW2606203.UP.FTS.B,
14.78%,
2/10/27
..
2,092
2,081
FW2602616.UP.FTS.B,
14.79%,
2/10/27
..
32,747
32,540
FW2608870.UP.FTS.B,
15.02%,
2/10/27
..
9,776
9,723
L2602863.UP.FTS.B,
15.13%,
2/10/27
....
2,623
2,613
FW2602511.UP.FTS.B,
15.19%,
2/10/27
..
18,500
18,402
L2605446.UP.FTS.B,
15.44%,
2/10/27
....
2,840
2,828
L2599419.UP.FTS.B,
15.54%,
2/10/27
....
13,026
950
L2606023.UP.FTS.B,
15.7%,
2/10/27
....
2,636
2,622
L2602901.UP.FTS.B,
15.85%,
2/10/27
....
4,692
4,662
L2609082.UP.FTS.B,
16.06%,
2/10/27
....
13,938
13,865
L2603136.UP.FTS.B,
17.13%,
2/10/27
....
13,371
13,301
L2604751.UP.FTS.B,
17.73%,
2/10/27
....
670
668
FW2609494.UP.FTS.B,
18.3%,
2/10/27
...
3,366
3,354
FW2607843.UP.FTS.B,
18.35%,
2/10/27
..
5,016
4,988
FW2603450.UP.FTS.B,
19.07%,
2/10/27
..
8,061
8,032
FW2604033.UP.FTS.B,
19.37%,
2/10/27
..
6,653
6,632
L2608142.UP.FTS.B,
19.78%,
2/10/27
....
5,926
5,964
L2609196.UP.FTS.B,
20.26%,
2/10/27
....
4,104
4,091
L2607782.UP.FTS.B,
20.62%,
2/10/27
....
2,109
2,116
L2607501.UP.FTS.B,
20.9%,
2/10/27
....
4,123
4,150
L2580476.UP.FTS.B,
20.98%,
2/10/27
....
767
756
FW2607597.UP.FTS.B,
21.25%,
2/10/27
..
1,516
1,511
FW2601053.UP.FTS.B,
21.37%,
2/10/27
..
1,002
997
L2609346.UP.FTS.B,
21.52%,
2/10/27
....
14,610
14,538
L2603922.UP.FTS.B,
21.73%,
2/10/27
....
3,804
3,828
L2608576.UP.FTS.B,
21.77%,
2/10/27
....
2,906
2,924
L2608126.UP.FTS.B,
22.06%,
2/10/27
....
3,283
3,296
FW2607078.UP.FTS.B,
22.55%,
2/10/27
..
2,157
2,171
FW2608208.UP.FTS.B,
22.58%,
2/10/27
..
7,659
7,708
L2602456.UP.FTS.B,
22.85%,
2/10/27
....
5,580
5,615
L2608552.UP.FTS.B,
22.9%,
2/10/27
....
2,107
2,117
L2608111.UP.FTS.B,
23.17%,
2/10/27
....
11,255
11,327
L2605681.UP.FTS.B,
23.22%,
2/10/27
....
3,621
2,134
L2603641.UP.FTS.B,
23.37%,
2/10/27
....
2,661
2,678
L2606964.UP.FTS.B,
23.53%,
2/10/27
....
701
706
L2606747.UP.FTS.B,
23.7%,
2/10/27
....
6,922
6,961
L2604424.UP.FTS.B,
24.29%,
2/10/27
....
6,940
6,970
L2604262.UP.FTS.B,
24.39%,
2/10/27
....
3,527
3,549
L2601898.UP.FTS.B,
24.69%,
2/10/27
....
990
996
L2608693.UP.FTS.B,
24.99%,
2/10/27
....
1,180
335
L2608510.UP.FTS.B,
25%,
2/10/27
......
1,417
1,426
L2605594.UP.FTS.B,
25.02%,
2/10/27
....
1,984
1,996
L2604053.UP.FTS.B,
25.25%,
2/10/27
....
1,349
1,357
L2606928.UP.FTS.B,
25.27%,
2/10/27
....
1,491
1,486
L2607974.UP.FTS.B,
25.3%,
2/10/27
....
6,603
6,645
L2609551.UP.FTS.B,
25.3%,
2/10/27
....
1,847
1,859
FW2609019.UP.FTS.B,
25.41%,
2/10/27
..
3,834
3,855
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2572476.UP.FTS.B,
25.45%,
2/10/27
....
$
10,004
$
10,066
L2608348.UP.FTS.B,
25.54%,
2/10/27
....
4,269
4,296
L2603713.UP.FTS.B,
25.81%,
2/10/27
....
2,456
2,470
FW2604813.UP.FTS.B,
25.83%,
2/10/27
..
4,989
5,020
L2586417.UP.FTS.B,
25.9%,
2/10/27
....
6,917
6,961
FW2606426.UP.FTS.B,
26.19%,
2/10/27
..
2,453
2,466
FW2604860.UP.FTS.B,
26.47%,
2/10/27
..
3,937
3,962
FW2607306.UP.FTS.B,
26.66%,
2/10/27
..
2,090
2,101
FW2607888.UP.FTS.B,
27.06%,
2/10/27
..
9,637
2,735
L2604862.UP.FTS.B,
27.57%,
2/10/27
....
7,358
7,403
FW2603425.UP.FTS.B,
27.81%,
2/10/27
..
2,485
2,498
FW2607049.UP.FTS.B,
28.08%,
2/10/27
..
1,502
221
FW2608113.UP.FTS.B,
28.22%,
2/10/27
..
2,226
2,222
FW2605555.UP.FTS.B,
29.52%,
2/10/27
..
1,681
1,692
FW2607282.UP.FTS.B,
30.52%,
2/10/27
..
4,554
4,570
FW2606754.UP.FTS.B,
31.29%,
2/10/27
..
2,809
2,827
FW2607854.UP.FTS.B,
31.49%,
2/10/27
..
4,444
4,471
FW2604730.UP.FTS.B,
31.73%,
2/10/27
..
5,740
5,764
L2610465.UP.FTS.B,
5.18%,
2/11/27
.....
14,897
14,784
L2570795.UP.FTS.B,
6.48%,
2/11/27
.....
6,047
6,002
L2610259.UP.FTS.B,
6.78%,
2/11/27
.....
3,766
3,738
FW2614143.UP.FTS.B,
6.93%,
2/11/27
...
2,433
2,415
L2588879.UP.FTS.B,
7.55%,
2/11/27
.....
918
911
L2611556.UP.FTS.B,
8.27%,
2/11/27
.....
4,319
4,280
L2610842.UP.FTS.B,
9.27%,
2/11/27
.....
6,968
6,924
L2613434.UP.FTS.B,
9.37%,
2/11/27
.....
9,157
9,096
FW2610585.UP.FTS.B,
9.75%,
2/11/27
...
15,569
15,469
L2614166.UP.FTS.B,
10.03%,
2/11/27
....
2,413
143
L2611172.UP.FTS.B,
10.14%,
2/11/27
....
1,882
1,872
L2611011.UP.FTS.B,
11.03%,
2/11/27
....
10,233
10,179
FW2613043.UP.FTS.B,
11.2%,
2/11/27
...
8,106
8,063
L2610880.UP.FTS.B,
11.35%,
2/11/27
....
6,342
6,309
L2615397.UP.FTS.B,
11.54%,
2/11/27
....
4,447
4,423
L2615183.UP.FTS.B,
12.14%,
2/11/27
....
7,668
7,627
L2615652.UP.FTS.B,
12.4%,
2/11/27
.....
2,689
2,675
FW2612477.UP.FTS.B,
12.41%,
2/11/27
..
9,599
9,548
L2614583.UP.FTS.B,
12.97%,
2/11/27
....
7,078
7,042
FW2604554.UP.FTS.B,
13.07%,
2/11/27
..
12,908
12,828
FW2615345.UP.FTS.B,
13.1%,
2/11/27
...
6,394
6,350
L2615756.UP.FTS.B,
13.21%,
2/11/27
....
2,950
2,933
L2614367.UP.FTS.B,
13.3%,
2/11/27
.....
4,133
4,111
L2612579.UP.FTS.B,
13.46%,
2/11/27
....
3,175
3,157
L2612166.UP.FTS.B,
13.67%,
2/11/27
....
3,861
3,832
L2615304.UP.FTS.B,
13.86%,
2/11/27
....
24,587
24,435
L2615143.UP.FTS.B,
13.89%,
2/11/27
....
2,790
2,775
L2614922.UP.FTS.B,
13.97%,
2/11/27
....
7,163
7,119
FW2612651.UP.FTS.B,
14.21%,
2/11/27
..
15,860
15,771
L2612964.UP.FTS.B,
14.24%,
2/11/27
....
7,808
7,768
L2614986.UP.FTS.B,
14.63%,
2/11/27
....
3,264
3,248
L2613480.UP.FTS.B,
14.65%,
2/11/27
....
7,422
7,377
L2615636.UP.FTS.B,
14.73%,
2/11/27
....
18,234
18,156
L2612790.UP.FTS.B,
14.98%,
2/11/27
....
9,836
9,777
L2612114.UP.FTS.B,
14.99%,
2/11/27
....
5,633
5,604
L2614045.UP.FTS.B,
15.28%,
2/11/27
....
3,939
3,919
L2615153.UP.FTS.B,
15.28%,
2/11/27
....
8,109
4,554
L2610220.UP.FTS.B,
15.29%,
2/11/27
....
5,253
5,235
L2610243.UP.FTS.B,
15.41%,
2/11/27
....
5,945
5,917
L2539854.UP.FTS.B,
15.78%,
2/11/27
....
2,967
2,957
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)
L2614929.UP.FTS.B,
16.21%,
2/11/27
....
$
2,978
$
2,963
FW2612990.UP.FTS.B,
16.24%,
2/11/27
..
2,329
2,297
L2611366.UP.FTS.B,
16.4%,
2/11/27
.....
3,314
3,303
L2611260.UP.FTS.B,
17.12%,
2/11/27
....
14,771
3,957
L2612163.UP.FTS.B,
17.53%,
2/11/27
....
2,233
2,222
FW2611103.UP.FTS.B,
17.75%,
2/11/27
..
3,240
3,227
L2615159.UP.FTS.B,
17.82%,
2/11/27
....
3,688
3,678
L2610018.UP.FTS.B,
17.84%,
2/11/27
....
1,366
1,359
L2611326.UP.FTS.B,
18.28%,
2/11/27
....
6,715
6,696
L2613884.UP.FTS.B,
18.39%,
2/11/27
....
2,703
2,690
L2605567.UP.FTS.B,
18.46%,
2/11/27
....
4,036
290
FW2614597.UP.FTS.B,
18.7%,
2/11/27
...
6,951
3,903
FW2610980.UP.FTS.B,
18.94%,
2/11/27
..
6,766
6,744
L2614124.UP.FTS.B,
18.99%,
2/11/27
....
4,925
4,897
L2614413.UP.FTS.B,
19.06%,
2/11/27
....
18,002
17,895
L2601501.UP.FTS.B,
19.21%,
2/11/27
....
3,323
3,313
L2614334.UP.FTS.B,
19.21%,
2/11/27
....
11,867
11,948
L2609505.UP.FTS.B,
19.3%,
2/11/27
.....
1,289
1,283
L2611253.UP.FTS.B,
19.34%,
2/11/27
....
6,788
6,765
FW2611297.UP.FTS.B,
19.83%,
2/11/27
..
10,365
10,318
L2612449.UP.FTS.B,
20.03%,
2/11/27
....
6,810
6,790
FW2614605.UP.FTS.B,
20.34%,
2/11/27
..
3,048
3,067
L2609761.UP.FTS.B,
20.76%,
2/11/27
....
3,432
3,455
L2615540.UP.FTS.B,
20.79%,
2/11/27
....
4,121
4,109
L2610020.UP.FTS.B,
20.86%,
2/11/27
....
4,122
4,150
L2612113.UP.FTS.B,
20.93%,
2/11/27
....
5,827
5,807
FW2612937.UP.FTS.B,
21.48%,
2/11/27
..
17,281
17,400
L2611316.UP.FTS.B,
21.54%,
2/11/27
....
13,817
13,911
L2615221.UP.FTS.B,
21.7%,
2/11/27
.....
6,914
6,961
FW2611510.UP.FTS.B,
22.45%,
2/11/27
..
8,515
616
L2612478.UP.FTS.B,
22.55%,
2/11/27
....
1,113
1,121
L2610047.UP.FTS.B,
22.57%,
2/11/27
....
2,227
2,242
L2612720.UP.FTS.B,
23.21%,
2/11/27
....
699
697
L2614552.UP.FTS.B,
23.24%,
2/11/27
....
3,674
2,165
FW2613747.UP.FTS.B,
23.43%,
2/11/27
..
7,053
7,087
L2611969.UP.FTS.B,
23.47%,
2/11/27
....
2,816
2,829
L2610518.UP.FTS.B,
23.54%,
2/11/27
....
21,382
21,525
L2611149.UP.FTS.B,
23.94%,
2/11/27
....
14,061
14,155
L2615317.UP.FTS.B,
24.12%,
2/11/27
....
5,282
5,264
L2614419.UP.FTS.B,
24.18%,
2/11/27
....
1,972
1,985
L2612809.UP.FTS.B,
24.27%,
2/11/27
....
987
993
L2613285.UP.FTS.B,
24.59%,
2/11/27
....
4,291
2,574
FW2610552.UP.FTS.B,
24.93%,
2/11/27
..
2,832
2,851
L2613569.UP.FTS.B,
25.13%,
2/11/27
....
709
714
FW2613750.UP.FTS.B,
25.19%,
2/11/27
..
1,844
1,839
L2613208.UP.FTS.B,
25.22%,
2/11/27
....
1,064
1,072
L2612096.UP.FTS.B,
25.23%,
2/11/27
....
1,419
1,428
L2613943.UP.FTS.B,
25.28%,
2/11/27
....
2,543
2,550
L2608705.UP.FTS.B,
25.34%,
2/11/27
....
8,400
4,949
FW2614897.UP.FTS.B,
25.36%,
2/11/27
..
2,415
2,431
L2611708.UP.FTS.B,
25.41%,
2/11/27
....
5,041
5,067
L2612279.UP.FTS.B,
25.43%,
2/11/27
....
8,922
8,978
L2613393.UP.FTS.B,
25.43%,
2/11/27
....
1,066
1,073
L2611698.UP.FTS.B,
25.48%,
2/11/27
....
995
1,002
L2615219.UP.FTS.B,
25.79%,
2/11/27
....
8,566
615
L2613952.UP.FTS.B,
25.83%,
2/11/27
....
3,603
534
L2612621.UP.FTS.B,
26.12%,
2/11/27
....
4,585
329
FW2612923.UP.FTS.B,
26.13%,
2/11/27
..
3,571
3,594
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2611604.UP.FTS.B,
26.15%,
2/11/27
....
$
3,571
$
3,595
FW2608384.UP.FTS.B,
26.32%,
2/11/27
..
3,916
277
L2611375.UP.FTS.B,
26.37%,
2/11/27
....
732
431
FW2611559.UP.FTS.B,
26.48%,
2/11/27
..
2,517
2,528
FW2610030.UP.FTS.B,
27.01%,
2/11/27
..
2,528
2,539
FW2611293.UP.FTS.B,
27.26%,
2/1
1/27
..
3,534
3,553
FW2615414.UP.FTS.B,
27.43%,
2/11/27
..
4,035
4,062
FW2609816.UP.FTS.B,
27.78%,
2/11/27
..
10,823
10,894
FW2612642.UP.FTS.B,
27.88%,
2/11/27
..
1,467
1,470
FW2613189.UP.FTS.B,
27.88%,
2/11/27
..
21,696
21,839
FW2614513.UP.FTS.B,
28.27%,
2/11/27
..
1,116
1,121
FW2608240.UP.FTS.B,
28.43%,
2/11/27
..
7,982
8,035
FW2614134.UP.FTS.B,
28.75%,
2/11/27
..
7,272
7,320
FW2615423.UP.FTS.B,
28.85%,
2/11/27
..
10,924
10,996
FW2614677.UP.FTS.B,
28.98%,
2/11/27
..
4,034
4,061
FW2612243.UP.FTS.B,
29.25%,
2/11/27
..
1,303
1,311
FW2611171.UP.FTS.B,
30.34%,
2/11/27
..
1,575
–
FW2611548.UP.FTS.B,
30.39%,
2/11/27
..
1,029
1,036
FW2609716.UP.FTS.B,
30.54%,
2/11/27
..
1,251
1,259
FW2607135.UP.FTS.B,
30.71%,
2/11/27
..
1,989
2,002
FW2612001.UP.FTS.B,
30.9%,
2/11/27
...
1,831
1,842
FW2609619.UP.FTS.B,
30.92%,
2/11/27
..
2,192
634
FW2610795.UP.FTS.B,
30.98%,
2/11/27
..
775
778
FW2611533.UP.FTS.B,
31.12%,
2/11/27
..
3,038
3,045
FW2610773.UP.FTS.B,
31.41%,
2/11/27
..
10,653
10,722
FW2611159.UP.FTS.B,
31.78%,
2/11/27
..
4,745
4,776
FW2610510.UP.FTS.B,
33.6%,
2/11/27
...
1,275
1,284
FW2614310.UP.FTS.B,
33.97%,
2/11/27
..
1,668
1,675
FW2610903.UP.FTS.B,
34.14%,
2/11/27
..
16,146
16,220
L2611816.UP.FTS.B,
21.62%,
2/12/27
....
2,083
2,093
FW2613609.UP.FTS.B,
25.31%,
2/12/27
..
7,111
7,075
L2617298.UP.FTS.B,
5.1%,
2/14/27
.....
6,572
6,522
L2618466.UP.FTS.B,
5.11%,
2/14/27
.....
13,744
13,640
L2617141.UP.FTS.B,
5.84%,
2/14/27
....
4,510
4,476
L2616590.UP.FTS.B,
7.87%,
2/14/27
....
16,225
16,119
L2616809.UP.FTS.B,
11.55%,
2/14/27
....
3,798
3,778
L2616387.UP.FTS.B,
12.27%,
2/14/27
....
4,909
262
L2617640.UP.FTS.B,
13%,
2/14/27
......
9,528
9,207
FW2616181.UP.FTS.B,
13.1%,
2/14/27
...
4,303
4,058
L2616333.UP.FTS.B,
13.75%,
2/14/27
....
22,680
22,562
L2617800.UP.FTS.B,
13.82%,
2/14/27
....
3,451
3,430
L2615653.UP.FTS.B,
14.07%,
2/14/27
....
1,934
1,923
L2610061.UP.FTS.B,
14.43%,
2/14/27
....
16,297
16,212
FW2616422.UP.FTS.B,
14.55%,
2/14/27
..
3,523
3,505
L2616226.UP.FTS.B,
14.8%,
2/14/27
....
3,925
3,912
L2616432.UP.FTS.B,
16.81%,
2/14/27
....
5,321
5,303
FW2616510.UP.FTS.B,
17.3%,
2/14/27
...
3,162
2,998
FW2616193.UP.FTS.B,
17.47%,
2/14/27
..
1,003
1,000
L2617103.UP.FTS.B,
18.14%,
2/14/27
....
5,043
5,030
L2616245.UP.FTS.B,
18.36%,
2/14/27
....
13,471
13,428
L2616269.UP.FTS.B,
19.1%,
2/14/27
....
16,678
16,624
L2612816.UP.FTS.B,
19.36%,
2/14/27
....
13,607
13,540
L2616072.UP.FTS.B,
19.58%,
2/14/27
....
2,761
2,752
L2616722.UP.FTS.B,
19.8%,
2/14/27
....
3,951
3,979
L2616174.UP.FTS.B,
20.55%,
2/14/27
....
956
953
FW2618465.UP.FTS.B,
20.69%,
2/14/27
..
6,805
6,776
FW2615937.UP.FTS.B,
21.82%,
2/14/27
..
6,820
6,865
L2616825.UP.FTS.B,
22.66%,
2/14/27
....
4,524
327
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)
FW2617069.UP.FTS.B,
23.16%,
2/14/27
..
$
21,115
$
21,221
L2616368.UP.FTS.B,
24.5%,
2/14/27
....
7,594
7,645
L2617237.UP.FTS.B,
25.14%,
2/14/27
....
3,263
3,253
L2616717.UP.FTS.B,
25.42%,
2/14/27
....
1,776
1,788
L2617627.UP.FTS.B,
25.47%,
2/14/27
....
1,208
1,217
L2615878.UP.FTS.B,
25.5%,
2/14/27
....
6,057
6,089
L2617283.UP.FTS.B,
25.65%,
2/14/27
....
3,987
4,015
L2617648.UP.FTS.B,
25.74%,
2/14/27
....
7,902
566
FW2617973.UP.FTS.B,
26.17%,
2/14/27
..
5,430
5,466
FW2616127.UP.FTS.B,
27.61%,
2/14/27
..
2,886
2,906
FW2616788.UP.FTS.B,
28.08%,
2/14/27
..
8,862
8,902
FW2617614.UP.FTS.B,
28.35%,
2/14/27
..
15,909
4,610
FW2616093.UP.FTS.B,
29.88%,
2/14/27
..
5,352
5,119
FW2617595.UP.FTS.B,
30.34%,
2/14/27
..
1,512
1,448
FW2618539.UP.FTS.B,
30.94%,
2/14/27
..
4,452
4,473
FW2616908.UP.FTS.B,
31.23%,
2/14/27
..
3,831
3,855
FW2618241.UP.FTS.B,
31.49%,
2/14/27
..
6,662
6,705
L1715513.UP.FTS.B,
13.27%,
2/15/27
....
21,045
5,382
L1694887.UP.FTS.B,
15.52%,
2/15/27
....
3,893
3,867
L1715815.UP.FTS.B,
21.76%,
2/15/27
....
26,350
3,883
L2605322.UP.FTS.B,
26.41%,
2/15/27
....
13,009
13,064
FW1717121.UP.FTS.B,
26.43%,
2/15/27
..
1,777
1,793
L1715518.UP.FTS.B,
26.49%,
2/15/27
....
5,749
5,776
FW1717776.UP.FTS.B,
30.58%,
2/15/27
..
1,879
1,804
FW2613392.UP.FTS.B,
27.98%,
2/18/27
..
8,734
8,775
L2608264.UP.FTS.B,
15.55%,
2/20/27
....
16,991
16,103
L2616168.UP.FTS.B,
18.99%,
2/20/27
....
10,134
1,463
FW2615716.UP.FTS.B,
30.71%,
2/21/27
..
2,007
2,016
FW2612944.UP.FTS.B,
29.57%,
2/24/27
..
5,472
5,498
L2610189.UP.FTS.B,
23.14%,
2/26/27
....
8,151
191
L2618109.UP.FTS.B,
12.08%,
2/27/27
....
21,552
21,420
L2616852.UP.FTS.B,
19.82%,
2/28/27
....
4,910
4,890
L2617672.UP.FTS.B,
23.43%,
2/28/27
....
5,956
1,709
L1886082.UP.FTS.B,
11.37%,
3/20/27
....
28,644
28,492
FW1887715.UP.FTS.B,
13.02%,
3/20/27
..
5,892
5,566
FW1884837.UP.FTS.B,
25.6%,
3/20/27
...
30,498
4,482
FW1886975.UP.FTS.B,
25.84%,
3/20/27
..
1,687
488
FW1884398.UP.FTS.B,
30.02%,
3/20/27
..
4,321
632
FW2949972.UP.FTS.B,
5.25%,
4/14/27
...
3,788
3,759
L2949814.UP.FTS.B,
5.88%,
4/14/27
....
4,819
4,781
L2949121.UP.FTS.B,
6.79%,
4/14/27
....
10,556
10,480
L2950010.UP.FTS.B,
6.8%,
4/14/27
.....
4,482
4,449
L2949215.UP.FTS.B,
6.84%,
4/14/27
....
12,361
12,270
L2951687.UP.FTS.B,
7.49%,
4/14/27
....
7,985
7,925
L2951012.UP.FTS.B,
7.81%,
4/14/27
....
7,512
7,459
L2951121.UP.FTS.B,
7.86%,
4/14/27
.....
10,437
10,368
L2950930.UP.FTS.B,
9.09%,
4/14/27
....
4,182
4,152
L2949685.UP.FTS.B,
9.14%,
4/14/27
....
2,615
2,597
L2949220.UP.FTS.B,
9.21%,
4/14/27
....
5,196
5,159
L2949833.UP.FTS.B,
9.25%,
4/14/27
....
14,199
14,099
L2949108.UP.FTS.B,
9.33%,
4/14/27
....
10,567
10,493
L2951245.UP.FTS.B,
9.94%,
4/14/27
....
6,583
6,538
L2949486.UP.FTS.B,
10.53%,
4/14/27
....
16,569
16,455
L2934626.UP.FTS.B,
10.81%,
4/14/27
....
4,625
4,599
L2948956.UP.FTS.B,
10.94%,
4/14/27
....
17,729
17,611
L2951595.UP.FTS.B,
10.95%,
4/14/27
....
4,251
4,223
L2950964.UP.FTS.B,
11.19%,
4/14/27
....
6,640
6,603
L2950306.UP.FTS.B,
11.59%,
4/14/27
....
16,066
15,966
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2928558.UP.FTS.B,
11.88%,
4/14/27
....
$
7,037
$
6,996
FW2950525.UP.FTS.B,
11.91%,
4/14/27
..
33,492
33,271
L2950021.UP.FTS.B,
11.97%,
4/14/27
....
6,698
6,654
L2944042.UP.FTS.B,
12.19%,
4/14/27
....
12,348
12,267
L2942764.UP.FTS.B,
12.22%,
4/14/27
....
9,061
9,001
L2950992.UP.FTS.B,
12.3%,
4/14/27
....
8,455
8,401
L2950027.UP.FTS.B,
12.33%,
4/14/27
....
30,212
7,704
L2950333.UP.FTS.B,
12.69%,
4/14/27
....
2,696
2,678
FW2951712.UP.FTS.B,
12.87%,
4/14/27
..
3,366
3,336
L2949635.UP.FTS.B,
13.18%,
4/14/27
....
2,639
2,621
L2948733.UP.FTS.B,
13.2%,
4/14/27
....
4,738
4,707
FW2949810.UP.FTS.B,
13.53%,
4/14/27
..
8,617
8,561
FW2949125.UP.FTS.B,
13.6%,
4/14/27
...
2,919
2,900
L2951842.UP.FTS.B,
13.62%,
4/14/27
....
30,349
30,151
L2950742.UP.FTS.B,
13.63%,
4/14/27
....
6,791
6,746
FW2951854.UP.FTS.B,
14.02%,
4/14/27
..
12,944
12,860
L2949763.UP.FTS.B,
14.31%,
4/14/27
....
4,424
4,399
FW2951175.UP.FTS.B,
14.6%,
4/14/27
...
1,506
1,496
FW2949070.UP.FTS.B,
14.69%,
4/14/27
..
18,254
18,151
L2949907.UP.FTS.B,
14.84%,
4/14/27
....
2,606
2,589
FW2949368.UP.FTS.B,
15%,
4/14/27
....
1,923
1,911
L2949507.UP.FTS.B,
15.04%,
4/14/27
....
7,592
7,544
L2948932.UP.FTS.B,
15.2%,
4/14/27
....
1,032
1,025
L2951339.UP.FTS.B,
15.29%,
4/14/27
....
11,921
11,847
FW2950466.UP.FTS.B,
15.31%,
4/14/27
..
989
982
L2951714.UP.FTS.B,
15.35%,
4/14/27
....
9,571
9,510
L2950927.UP.FTS.B,
15.36%,
4/14/27
....
2,617
2,600
L2949017.UP.FTS.B,
15.76%,
4/14/27
....
1,701
1,603
FW2949910.UP.FTS.B,
15.84%,
4/14/27
..
7,655
558
L2950042.UP.FTS.B,
16.06%,
4/14/27
....
1,177
1,170
L2949733.UP.FTS.B,
16.07%,
4/14/27
....
2,158
2,145
FW2946278.UP.FTS.B,
16.33%,
4/14/27
..
9,611
9,567
L2949916.UP.FTS.B,
16.64%,
4/14/27
....
17,388
17,278
L2951791.UP.FTS.B,
16.65%,
4/14/27
....
5,791
5,757
L2948755.UP.FTS.B,
16.72%,
4/14/27
....
6,055
6,020
FW2950896.UP.FTS.B,
16.97%,
4/14/27
..
7,307
1,896
FW2951535.UP.FTS.B,
17.04%,
4/14/27
..
14,095
14,012
L2951449.UP.FTS.B,
17.19%,
4/14/27
....
20,464
20,348
FW2948748.UP.FTS.B,
17.23%,
4/14/27
..
3,353
3,335
L2948803.UP.FTS.B,
17.33%,
4/14/27
....
3,042
3,028
L2949925.UP.FTS.B,
17.43%,
4/14/27
....
7,000
6,959
L2951584.UP.FTS.B,
17.47%,
4/14/27
....
3,510
3,467
L2951624.UP.FTS.B,
17.77%,
4/14/27
....
15,265
15,181
FW2949561.UP.FTS.B,
17.84%,
4/14/27
..
14,741
14,650
L2951172.UP.FTS.B,
17.98%,
4/14/27
....
8,432
8,380
L2950280.UP.FTS.B,
18.73%,
4/14/27
....
3,077
3,063
FW2950372.UP.FTS.B,
18.88%,
4/14/27
..
6,438
6,400
L2950089.UP.FTS.B,
19.5%,
4/14/27
....
9,350
564
L2949923.UP.FTS.B,
19.64%,
4/14/27
....
712
707
L2948840.UP.FTS.B,
19.72%,
4/14/27
....
10,646
10,601
L2951216.UP.FTS.B,
19.73%,
4/14/27
....
1,638
1,627
L2950334.UP.FTS.B,
20.22%,
4/14/27
....
3,127
3,114
L2949824.UP.FTS.B,
20.3%,
4/14/27
....
1,573
1,564
L2947365.UP.FTS.B,
20.51%,
4/14/27
....
14,033
13,952
L2950858.UP.FTS.B,
20.56%,
4/14/27
....
3,565
3,546
L2951820.UP.FTS.B,
20.59%,
4/14/27
....
23,068
22,935
L2949198.UP.FTS.B,
20.86%,
4/14/27
....
3,099
3,058
FW2949268.UP.FTS.B,
20.97%,
4/14/27
..
3,161
3,141
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)
L2951142.UP.FTS.B,
21.23%,
4/14/27
....
$
5,820
$
841
FW2950781.UP.FTS.B,
21.26%,
4/14/27
..
8,059
7,623
L2950447.UP.FTS.B,
21.39%,
4/14/27
....
9,298
9,241
FW2948170.UP.FTS.B,
21.44%,
4/14/27
..
5,771
5,734
FW2951375.UP.FTS.B,
22.32%,
4/14/27
..
2,394
2,402
FW2949464.UP.FTS.B,
22.55%,
4/14/27
..
2,398
2,406
L2950443.UP.FTS.B,
22.7%,
4/14/27
....
725
729
FW2950348.UP.FTS.B,
22.92%,
4/14/27
..
12,303
12,354
FW2948734.UP.FTS.B,
22.93%,
4/14/27
..
5,388
5,331
FW2946360.UP.FTS.B,
23.4%,
4/14/27
...
5,481
5,501
L2951812.UP.FTS.B,
23.47%,
4/14/27
....
2,047
2,054
FW2950779.UP.FTS.B,
23.54%,
4/14/27
..
2,414
2,422
L2951427.UP.FTS.B,
23.72%,
4/14/27
....
4,834
4,851
FW2950242.UP.FTS.B,
24.53%,
4/14/27
..
2,044
2,055
L2948992.UP.FTS.B,
24.59%,
4/14/27
....
22,581
22,639
L2950134.UP.FTS.B,
24.82%,
4/14/27
....
1,024
1,017
L2949079.UP.FTS.B,
24.97%,
4/14/27
....
9,234
9,178
L2950895.UP.FTS.B,
25.02%,
4/14/27
....
739
742
L2950602.UP.FTS.B,
25.04%,
4/14/27
....
1,256
1,261
L2914578.UP.FTS.B,
25.07%,
4/14/27
....
1,264
90
L2943365.UP.FTS.B,
25.08%,
4/14/27
....
893
896
L2950811.UP.FTS.B,
25.09%,
4/14/27
....
816
819
L2951247.UP.FTS.B,
25.15%,
4/14/27
....
814
809
FW2951030.UP.FTS.B,
25.2%,
4/14/27
...
2,812
2,822
L2951862.UP.FTS.B,
25.21%,
4/14/27
....
1,240
1,247
L2942965.UP.FTS.B,
25.22%,
4/14/27
....
7,400
7,427
L2949738.UP.FTS.B,
25.23%,
4/14/27
....
1,480
1,486
L2951261.UP.FTS.B,
25.24%,
4/14/27
....
1,332
1,324
L2951170.UP.FTS.B,
25.33%,
4/14/27
....
1,021
1,026
L2949673.UP.FTS.B,
25.36%,
4/14/27
....
10,481
744
L2950776.UP.FTS.B,
25.38%,
4/14/27
....
2,715
2,726
L2951160.UP.FTS.B,
25.41%,
4/14/27
....
1,944
1,934
L2951384.UP.FTS.B,
25.41%,
4/14/27
....
1,946
1,955
L2950090.UP.FTS.B,
25.42%,
4/14/27
....
1,111
1,105
L2949492.UP.FTS.B,
25.47%,
4/14/27
....
3,410
3,422
L2951548.UP.FTS.B,
25.47%,
4
/14/27
....
1,853
1,842
L2950216.UP.FTS.B,
25.49%,
4/14/27
....
4,080
4,095
L2951869.UP.FTS.B,
25.5%,
4/14/27
....
5,370
1,529
FW2950277.UP.FTS.B,
25.52%,
4/14/27
..
2,448
2,456
FW2950451.UP.FTS.B,
25.69%,
4/14/27
..
2,350
168
L2951153.UP.FTS.B,
25.85%,
4/14/27
....
1,870
1,868
FW2950220.UP.FTS.B,
26.02%,
4/14/27
..
1,488
1,493
L2951255.UP.FTS.B,
26.02%,
4/14/27
....
6,174
6,196
FW2951228.UP.FTS.B,
26.2%,
4/14/27
...
2,700
2,711
FW2944032.UP.FTS.B,
26.21%,
4/14/27
..
2,608
2,617
FW2949934.UP.FTS.B,
26.46%,
4/14/27
..
1,276
91
L2949711.UP.FTS.B,
27.49%,
4/14/27
....
1,875
1,886
FW2948773.UP.FTS.B,
27.56%,
4/14/27
..
3,466
3,479
FW2948716.UP.FTS.B,
27.71%,
4/14/27
..
6,769
6,793
FW2951423.UP.FTS.B,
27.85%,
4/14/27
..
3,421
3,439
FW2949765.UP.FTS.B,
28.19%,
4/14/27
..
7,548
7,575
FW2948843.UP.FTS.B,
28.64%,
4/14/27
..
7,566
7,593
FW2950395.UP.FTS.B,
28.88%,
4/14/27
..
14,016
14,067
FW2950464.UP.FTS.B,
29.27%,
4/14/27
..
2,986
3,000
FW2950412.UP.FTS.B,
30.37%,
4/14/27
..
745
741
FW2951435.UP.FTS.B,
30.37%,
4/14/27
..
1,506
1,513
FW2950357.UP.FTS.B,
30.48%,
4/14/27
..
8,496
8,533
FW2949817.UP.FTS.B,
30.78%,
4/14/27
..
839
59
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2949044.UP.FTS.B,
30.94%,
4/14/27
..
$
3,446
$
3,461
FW2950648.UP.FTS.B,
30.95%,
4/14/27
..
925
929
FW2949727.UP.FTS.B,
30.99%,
4/14/27
..
1,535
1,541
FW2950633.UP.FTS.B,
31.02%,
4/14/27
..
11,368
3,331
FW2950575.UP.FTS.B,
31.06%,
4/14/27
..
2,074
2,081
FW2949627.UP.FTS.B,
31.09%,
4/14/27
..
1,209
177
FW2951097.UP.FTS.B,
31.1%,
4/14/27
...
1,327
92
FW2949803.UP.FTS.B,
31.16%,
4/14/27
..
1,827
529
FW2950561.UP.FTS.B,
31.2%,
4/14/27
...
1,153
1,157
FW2950061.UP.FTS.B,
31.21%,
4/14/27
..
1,231
1,235
FW2950268.UP.FTS.B,
31.44%,
4/14/27
..
1,857
131
FW2949894.UP.FTS.B,
31.82%,
4/14/27
..
2,857
2,868
FW2949051.UP.FTS.B,
32.15%,
4/14/27
..
3,737
3,749
FW2950185.UP.FTS.B,
32.24%,
4/14/27
..
4,169
4,179
FW2950232.UP.FTS.B,
32.3%,
4/14/27
...
20,945
20,953
L2047868.UP.FTS.B,
10.51%,
4/15/27
....
28,587
2,080
L2048072.UP.FTS.B,
11.58%,
4/15/27
....
7,835
7,771
L2048360.UP.FTS.B,
14.07%,
4/15/27
....
4,298
4,267
FW2046887.UP.FTS.B,
17.65%,
4/15/27
..
8,763
8,294
L2046952.UP.FTS.B,
18.41%,
4/15/27
....
2,119
2,103
L2049386.UP.FTS.B,
19.96%,
4/15/27
....
4,213
3,986
FW2048990.UP.FTS.B,
20.89%,
4/15/27
..
2,388
2,373
FW2047914.UP.FTS.B,
21.49%,
4/15/27
..
18,006
17,967
FW2049296.UP.FTS.B,
30.21%,
4/15/27
..
5,987
6,016
L2951305.UP.FTS.B,
20.52%,
4/16/27
....
2,652
2,636
L2949973.UP.FTS.B,
20.99%,
4/16/27
....
4,315
4,289
L2950367.UP.FTS.B,
22.21%,
4/16/27
....
7,909
7,864
FW2932125.UP.FTS.B,
30.95%,
4/18/27
..
6,947
6,988
L2949050.UP.FTS.B,
24.74%,
4/20/27
....
11,104
11,146
L2047847.UP.FTS.B,
25.96%,
4/20/27
....
5,580
5,601
L2096414.UP.FTS.B,
14.36%,
4/22/27
....
3,828
3,716
L2094403.UP.FTS.B,
16.85%,
4/22/27
....
4,812
1,302
L2095546.UP.FTS.B,
17.27%,
4/22/27
....
2,216
326
L2088829.UP.FTS.B,
21.32%,
4/22/27
....
8,284
7,865
L2096815.UP.FTS.B,
21.75%,
4/22/27
....
33,491
2,425
L2096857.UP.FTS.B,
21.9%,
4/22/27
....
26,054
24,687
L2094965.UP.FTS.B,
25.66%,
4/22/27
....
3,336
3,378
FW2094908.UP.FTS.B,
29.15%,
4/22/27
..
38,033
38,300
FW2083347.UP.FTS.B,
31.08%,
4/22/27
..
10,415
10,542
FW2951725.UP.FTS.B,
27.54%,
4/28/27
..
3,035
3,048
FW2095121.UP.FTS.B,
24.32%,
5/05/27
..
6,119
–
L2288895.UP.FTS.B,
8.82%,
5/21/27
....
2,671
194
FW2295879.UP.FTS.B,
25.12%,
5/21/27
..
17,272
2,576
L2295630.UP.FTS.B,
25.47%,
5/21/27
....
6,022
5,800
FW2296510.UP.FTS.B,
28.63%,
5/21/27
..
4,943
4,977
FW2294827.UP.FTS.B,
31.11%,
5/21/27
..
1,706
502
L2298796.UP.FTS.B,
7.68%,
5/22/27
....
1,278
1,269
L2299498.UP.FTS.B,
12.01%,
5/22/27
....
6,166
446
L2298756.UP.FTS.B,
12.5%,
5/22/27
....
42,484
3,090
L2299489.UP.FTS.B,
13.74%,
5/22/27
....
23,806
1,724
FW2297226.UP.FTS.B,
17.41%,
5/22/27
..
9,639
9,620
L2296567.UP.FTS.B,
21.87%,
5/22/27
....
1,418
1,430
L2298303.UP.FTS.B,
22.22%,
5/22/27
....
4,724
1,331
FW2297374.UP.FTS.B,
23.21%,
5/22/27
..
1,564
1,577
L2300368.UP.FTS.B,
25.11%,
5/22/27
....
1,880
552
FW2297812.UP.FTS.B,
27.74%,
5/22/27
..
3,506
3,520
FW2299110.UP.FTS.B,
28.13%,
5/22/27
..
12,373
11,892
FW2297303.UP.FTS.B,
28.74%,
5/22/27
..
9,109
637
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)
FW2296256.UP.FTS.B,
30.68%,
5/22/27
..
$
2,517
$
2,546
L2292250.UP.FTS.B,
12.42%,
5/26/27
....
7,492
7,438
L2300474.UP.FTS.B,
25.38%,
5/27/27
....
1,986
1,999
FW2294223.UP.FTS.B,
31.19%,
6/05/27
..
19,711
19,642
L2275604.UP.FTS.B,
8%,
6
/06/27
.......
6,362
6,307
L2428326.UP.FTS.B,
7.87%,
6/13/27
....
6,593
3,439
FW2423719.UP.FTS.B,
8.04%,
6/13/27
...
10,219
10,137
L2427221.UP.FTS.B,
9.21%,
6/13/27
....
2,279
2,259
FW2427741.UP.FTS.B,
9.76%,
6/13/27
...
5,230
5,190
L2423738.UP.FTS.B,
10.57%,
6/13/27
....
2,125
2,105
L2422943.UP.FTS.B,
17.4%,
6/13/27
....
5,445
279
L2426279.UP.FTS.B,
17.73%,
6/13/27
....
2,849
2,822
L2424490.UP.FTS.B,
25.49%,
6/13/27
....
6,773
482
FW2427001.UP.FTS.B,
25.82%,
6/13/27
..
7,705
7,708
FW2423361.UP.FTS.B,
26.6%,
6/13/27
...
2,648
2,652
FW2425746.UP.FTS.B,
27.06%,
6/13/27
..
7,667
4,514
FW2425689.UP.FTS.B,
27.43%,
6/13/27
..
8,830
8,934
FW2425524.UP.FTS.B,
29.54%,
6/13/27
..
17,958
10,617
FW2427523.UP.FTS.B,
29.85%,
6/13/27
..
2,806
2,820
FW2422585.UP.FTS.B,
30.74%,
6/13/27
..
3,256
227
FW2424580.UP.FTS.B,
31.2%,
6/13/27
...
15,541
15,599
L2432199.UP.FTS.B,
7.42%,
6/14/27
....
2,835
2,811
FW2429579.UP.FTS.B,
8.83%,
6/14/27
...
4,106
4,075
L2432951.UP.FTS.B,
9.1%,
6/14/27
.....
12,213
11,484
L2433061.UP.FTS.B,
9.38%,
6/14/27
....
6,072
820
FW2429553.UP.FTS.B,
9.84%,
6/14/27
...
8,357
606
FW2432260.UP.FTS.B,
13.46%,
6/14/27
..
3,995
288
L2432731.UP.FTS.B,
13.82%,
6/14/27
....
18,624
2,563
L2435410.UP.FTS.B,
17.3%,
6/14/27
....
8,340
8,298
L2435110.UP.FTS.B,
20.58%,
6/14/27
....
1,568
113
L2429021.UP.FTS.B,
22.9%,
6/14/27
....
5,341
5,116
FW2432066.UP.FTS.B,
25.64%,
6/14/27
..
11,593
1,702
FW2434573.UP.FTS.B,
26.92%,
6/14/27
..
8,665
8,738
FW2429288.UP.FTS.B,
33.13%,
6/14/27
..
1,178
1,188
L2434966.UP.FTS.B,
13.37%,
6/15/27
....
7,500
7,065
L2438839.UP.FTS.B,
7.09%,
6/18/27
....
15,492
3,789
FW2435774.UP.FTS.B,
7.71%,
6/18/27
...
1,959
1,943
L2437345.UP.FTS.B,
17.3%,
6/18/27
....
8,034
1,145
L2413076.UP.FTS.B,
22.22%,
6/18/27
....
8,252
199
L2437879.UP.FTS.B,
24.72%,
6/18/27
....
1,226
30
FW2436713.UP.FTS.B,
26.86%,
6/18/27
..
8,873
626
FW2435640.UP.FTS.B,
28.51%,
6/18/27
..
4,318
4,145
L2437642.UP.FTS.B,
9.64%,
6/20/27
....
758
752
L2422890.UP.FTS.B,
23.18%,
6/23/27
....
2,928
2,805
FW2438645.UP.FTS.B,
31.19%,
6/26/27
..
2,687
2,687
L2431725.UP.FTS.B,
12.26%,
6/28/27
....
27,099
26,862
L2608785.UP.FTS.B,
8.52%,
7/10/27
....
10,325
666
L2581968.UP.FTS.B,
13.8%,
7/10/27
....
7,257
7,217
L2607609.UP.FTS.B,
15.09%,
7/10/27
....
2,360
2,337
L2607076.UP.FTS.B,
16.42%,
7/10/27
....
18,438
18,264
FW2602895.UP.FTS.B,
17.44%,
7/10/27
..
8,796
1,245
FW2603295.UP.FTS.B,
23.18%,
7/10/27
..
7,421
7,408
L2608553.UP.FTS.B,
23.5%,
7/10/27
....
8,056
8,081
L2603328.UP.FTS.B,
25.17%,
7/10/27
....
849
–
FW2605866.UP.FTS.B,
29.72%,
7/10/27
..
554
549
FW2603700.UP.FTS.B,
31.08%,
7/10/27
..
1,873
1,107
FW2602032.UP.FTS.B,
31.57%,
7/10/27
..
4,612
4,626
L2611504.UP.FTS.B,
16.36%,
7/11/27
....
4,319
4,278
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2609511.UP.FTS.B,
18.92%,
7/11/27
..
$
10,597
$
10,519
L2612995.UP.FTS.B,
19.69%,
7/11/27
....
7,995
1,120
L2613825.UP.FTS.B,
20.6%,
7/11/27
.....
1,800
1,787
L2612062.UP.FTS.B,
21.51%,
7/11/27
....
1,398
1,380
L2605257.UP.FTS.B,
21.7%,
7/11/27
.....
789
789
FW2610184.UP.FTS.B,
23.94%,
7/11/27
..
16,787
16,746
L2614217.UP.FTS.B,
24.23%,
7/11/27
....
1,972
1,969
FW2611588.UP.FTS.B,
24.58%,
7/11/27
..
7,969
574
FW2613347.UP.FTS.B,
26.68%,
7/11/27
..
1,107
1,109
FW2613777.UP.FTS.B,
27.07%,
7/11/27
..
1,460
1,465
FW2610223.UP.FTS.B,
30.62%,
7/11/27
..
2,848
2,852
FW2610193.UP.FTS.B,
30.94%,
7/11/27
..
9,413
1,369
FW2611798.UP.FTS.B,
31.65%,
7/11/27
..
7,936
4,667
L2618980.UP.FTS.B,
12.97%,
7/14/27
....
12,606
12,480
L2615821.UP.FTS.B,
16.82%,
7/14/27
....
3,419
485
L2615913.UP.FTS.B,
19.56%,
7/14/27
....
4,585
4,534
L2616155.UP.FTS.B,
19.61%,
7/14/27
....
5,989
428
L2614826.UP.FTS.B,
22.6%,
7/14/27
....
4,489
4,503
L2618649.UP.FTS.B,
24.27%,
7/14/27
....
8,389
8,369
FW2618197.UP.FTS.B,
27.81%,
7/14/27
..
16,246
16,361
L1716174.UP.FTS.B,
24.2%,
7/15/27
....
12,798
12,878
FW1716481.UP.FTS.B,
26.69%,
7/15/27
..
18,289
18,192
FW2617490.UP.FTS.B,
27.91%,
7/21/27
..
24,995
24,980
L2603677.UP.FTS.B,
14.69%,
7/25/27
....
12,804
1,757
FW2608779.UP.FTS.B,
24.99%,
7/25/27
..
8,979
9,026
FW1882891.UP.FTS.B,
25.65%,
8/20/27
..
1,503
1,500
FW2951315.UP.FTS.B,
9.91%,
9/14/27
...
4,228
4,199
L2949275.UP.FTS.B,
14.68%,
9/14/27
....
2,857
2,830
L2949405.UP.FTS.B,
16.41%,
9/14/27
....
15,479
15,332
L2950883.UP.FTS.B,
17.71%,
9/14/27
....
11,691
1,594
FW2951370.UP.FTS.B,
20.97%,
9/14/27
..
8,056
7,961
L2951029.UP.FTS.B,
21.05%,
9/14/27
....
16,591
16,400
L2951265.UP.FTS.B,
22.27%,
9/14/27
....
14,842
14,691
L2951399.UP.FTS.B,
22.65%,
9/14/27
....
9,371
9,281
L2949419.UP.FTS.B,
23.06%,
9/14/27
....
2,483
2,490
FW2950826.UP.FTS.B,
23.81%,
9/14/27
..
19,890
–
FW2951123.UP.FTS.B,
24.74%,
9/14/27
..
16,323
15,538
L2949682.UP.FTS.B,
25.05%,
9/14/27
....
1,142
1,133
L2949947.UP.FTS.B,
25.29%,
9/14/27
....
1,703
1,704
L2949603.UP.FTS.B,
25.51%,
9/14/27
....
4,524
4,330
FW2949299.UP.FTS.B,
28.46%,
9/14/27
..
3,602
3,430
FW2948974.UP.FTS.B,
29.39%,
9/14/27
..
7,740
7,382
FW2951059.UP.FTS.B,
31.12%,
9/14/27
..
16,766
2,399
L2047067.UP.FTS.B,
21.22%,
9/15/27
....
14,737
14,644
FW2049311.UP.FTS.B,
21.75%,
9/15/27
..
3,879
3,857
L2949815.UP.FTS.B,
25.48%,
9/15/27
....
8,852
8,840
FW2094263.UP.FTS.B,
30.68%,
9/22/27
..
3,402
236
L2293030.UP.FTS.B,
8.8%,
10/21/27
....
1,853
1,841
FW2292945.UP.FTS.B,
31.23%,
10/21/27
.
1,980
1,992
L2298368.UP.FTS.B,
11.21%,
10/22/27
...
3,251
191
L2300702.UP.FTS.B,
15.45%,
10/22/27
...
27,898
26,183
L2421701.UP.FTS.B,
5.91%,
11/13/27
....
15,342
15,219
FW2424710.UP.FTS.B,
21.52%,
11/13/27
.
12,454
12,243
FW2424742.UP.FTS.B,
30.86%,
11/13/27
.
1,232
86
FW2430164.UP.FTS.B,
9.11%,
11/14/27
..
4,135
4,096
FW2431901.UP.FTS.B,
9.92%,
11/14/27
..
7,291
7,260
L2436109.UP.FTS.B,
9.68%,
11/18/27
....
33,753
2,268
L2435424.UP.FTS.B,
10.13%,
11/21/27
...
3,400
3,374
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)
L2607851.UP.FTS.B,
13.68%,
12/10/27
...
$
29,600
$
15,731
FW2606361.UP.FTS.B,
25.37%,
12/10/27
.
10,218
1,471
FW2605935.UP.FTS.B,
31.23%,
12/10/27
.
5,119
5,065
L2611597.UP.FTS.B,
25.33%,
12/11/27
...
10,486
6,202
L2611511.UP.FTS.B,
25.43%,
12/11/27
...
4,934
714
FW2617504.UP.FTS.B,
30.27%,
12/14/27
.
16,494
16,388
FW2609734.UP.FTS.B,
31%,
12/16/27
...
1,040
1,028
FW2613645.UP.FTS.B,
31.4%,
12/23/27
..
1,559
1,546
FW2951084.UP.FTS.B,
30.63%,
2/14/28
..
13,486
13,396
L1718966.UP.FTS.B,
18.89%,
9/15/28
....
7,702
7,713
L1718702.UP.FTS.B,
26.02%,
9/15/28
....
4,066
4,138
L1886617.UP.FTS.B,
19.5%,
10/20/28
....
7,932
7,571
L1887293.UP.FTS.B,
25.85%,
10/20/28
...
8,864
8,916
L2608032.UP.FTS.B,
17.27%,
2/10/29
....
3,463
3,458
L2605139.UP.FTS.B,
28.33%,
2/10/29
....
2,171
2,190
L1718819.UP.FTS.B,
23.98%,
2/15/29
....
2,600
2,607
L2607986.UP.FTS.B,
25.66%,
7/10/29
....
18,997
10,695
7,841,468
Total
Marketplace
Loans
(Cost
$48,980,053)
.....
$42,760,449
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Low
Duration
Total
Return
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
150
At
April
30,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1
(
e
). 
At
April
30,
2024,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1
(
e
). 
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Short
321
$
34,487,438
6/18/24
$
889,818
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
60
6,613,125
6/18/24
214,217
U.S.
Treasury
2
Year
Notes
.....................
Long
3,634
736,452,812
6/28/24
(6,989,739)
U.S.
Treasury
5
Year
Notes
.....................
Short
959
100,447,758
6/28/24
1,903,502
Total
Futures
Contracts
......................................................................
$(3,982,202)
*
As
of
period
end.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Traded
Index
CDX.NA.HY.41
.
5.00%
Quarterly
12/20/28
8,100,000
$
538,900
$
(74,903)
$
613,803
Non-
Investment
Grade
CDX.NA.HY.42
.
5.00%
Quarterly
6/20/29
4,100,000
264,822
219,237
45,585
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$803,722
$144,334
$659,388
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Carnival
Corp.
..
1.00%
Quarterly
CITI
6/20/27
3,300,000
(34,655)
(375,086)
340,431
BB-
Traded
Index
CDX.NA.HY.33
.
5.00%
Quarterly
CITI
12/20/24
12,600,000
447,374
(95,831)
543,205
Non-
Investment
Grade
CDX.NA.HY.39
.
5.00%
Quarterly
JPHQ
12/20/27
5,500,000
325,411
282,284
43,127
Non-
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$738,130
$(188,633)
$926,763
Total
Credit
Default
Swap
Contracts
....................................
$1,541,852
$
(44,299)
$1,586,151
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
151
See
Not
e
9
r
egarding
other
derivative
information.
(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.
See
Abbreviations
on
page
318
.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Low
Duration
U.S.
Government
Securities
Fund
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Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
152
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.43
$7.48
$7.89
$7.95
$8.02
$8.10
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.147
0.193
0.017
(0.006)
0.125
0.140
Net
realized
and
unrealized
gains
(losses)
0.060
0.003
(0.340)
0.022
(0.025)
0.021
Total
from
investment
operations
........
0.207
0.196
(0.323)
0.016
0.100
0.161
Less
distributions
from:
Net
investment
income
..............
(0.167)
(0.246)
(0.087)
(0.076)
(0.170)
(0.241)
Net
asset
value,
end
of
period
..........
$7.47
$7.43
$7.48
$7.89
$7.95
$8.02
Total
return
c
.......................
2.94%
2.66%
(4.11)%
0.20%
1.26%
2.01%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.98%
1.00%
0.93%
0.97%
0.97%
0.95%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.83%
0.84%
e
0.87%
0.91%
0.96%
e
0.94%
e
Net
investment
income
(loss)
..........
3.95%
2.59%
0.22%
(0.07)%
1.57%
1.73%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$263,915
$284,319
$353,584
$432,447
$460,621
$393,736
Portfolio
turnover
rate
................
3.06%
23.44%
15.99%
68.61%
35.03%
12.72%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
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
153
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.42
$7.48
$7.88
$7.95
$8.02
$8.09
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.153
0.206
0.029
0.006
0.137
0.151
Net
realized
and
unrealized
gains
(losses)
0.070
(0.009)
(0.330)
0.012
(0.024)
0.031
Total
from
investment
operations
........
0.223
0.197
(0.301)
0.018
0.113
0.182
Less
distributions
from:
Net
investment
income
..............
(0.173)
(0.257)
(0.099)
(0.088)
(0.182)
(0.252)
Net
asset
value,
end
of
period
..........
$7.47
$7.42
$7.48
$7.88
$7.95
$8.02
Total
return
c
.......................
2.88%
2.81%
(3.85)%
0.23%
1.41%
2.29%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.83%
0.85%
0.78%
0.82%
0.82%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.68%
0.69%
e
0.72%
0.77%
0.81%
e
0.79%
e
Net
investment
income
...............
4.10%
2.75%
0.37%
0.08%
1.72%
1.88%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$46,603
$47,732
$55,048
$66,942
$77,910
$86,471
Portfolio
turnover
rate
................
3.06%
23.44%
15.99%
68.61%
35.03%
12.72%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
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.
154
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.42
$7.48
$7.88
$7.95
$8.02
$8.09
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.132
0.161
(0.017)
(0.035)
0.093
0.106
Net
realized
and
unrealized
gains
(losses)
0.070
(0.005)
(0.326)
0.010
(0.024)
0.032
Total
from
investment
operations
........
0.202
0.156
(0.343)
(0.025)
0.069
0.138
Less
distributions
from:
Net
investment
income
..............
(0.152)
(0.216)
(0.057)
(0.045)
(0.138)
(0.208)
Net
asset
value,
end
of
period
..........
$7.47
$7.42
$7.48
$7.88
$7.95
$8.02
Total
return
c
.......................
2.74%
2.11%
(4.37)%
(0.32)%
0.86%
1.73%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.38%
1.40%
1.34%
1.38%
1.37%
1.35%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.23%
1.24%
e
1.27%
1.33%
1.36%
e
1.34%
e
Net
investment
income
(loss)
..........
3.54%
2.15%
(0.22)%
(0.45)%
1.16%
1.33%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$11,464
$13,586
$21,568
$36,318
$71,212
$84,685
Portfolio
turnover
rate
................
3.06%
23.44%
15.99%
68.61%
35.03%
12.72%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
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,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.44
$7.50
$7.90
$7.97
$8.03
$8.11
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.158
0.213
0.040
0.021
0.154
0.169
Net
realized
and
unrealized
gains
(losses)
0.070
(0.003)
(0.331)
0.014
(0.014)
0.021
Total
from
investment
operations
........
0.228
0.210
(0.291)
0.035
0.140
0.190
Less
distributions
from:
Net
investment
income
..............
(0.178)
(0.270)
(0.109)
(0.105)
(0.199)
(0.270)
Net
asset
value,
end
of
period
..........
$7.49
$7.44
$7.50
$7.90
$7.97
$8.03
Total
return
c
.......................
3.08%
2.85%
(3.71)%
0.44%
1.75%
2.39%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.63%
0.66%
0.59%
0.63%
0.64%
0.62%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.55%
0.56%
e
0.56%
0.55%
0.60%
e
0.58%
e
Net
investment
income
...............
4.22%
2.84%
0.52%
0.27%
1.93%
2.09%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$18,256
$20,265
$29,513
$41,913
$33,530
$31,953
Portfolio
turnover
rate
................
3.06%
23.44%
15.99%
68.61%
35.03%
12.72%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
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,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.43
$7.49
$7.89
$7.96
$8.03
$8.10
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.157
0.213
0.040
0.014
0.146
0.160
Net
realized
and
unrealized
gains
(losses)
0.069
(0.008)
(0.334)
0.012
(0.025)
0.031
Total
from
investment
operations
........
0.226
0.205
(0.294)
0.026
0.121
0.191
Less
distributions
from:
Net
investment
income
..............
(0.176)
(0.265)
(0.106)
(0.096)
(0.190)
(0.261)
Net
asset
value,
end
of
period
..........
$7.48
$7.43
$7.49
$7.89
$7.96
$8.03
Total
return
c
.......................
3.06%
2.78%
(3.76)%
0.33%
1.51%
2.39%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.73%
0.75%
0.67%
0.72%
0.72%
0.70%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.58%
0.59%
e
0.62%
0.66%
0.71%
e
0.69%
e
Net
investment
income
...............
4.20%
2.84%
0.52%
0.18%
1.82%
1.98%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$82,015
$77,434
$99,817
$86,615
$98,851
$103,639
Portfolio
turnover
rate
................
3.06%
23.44%
15.99%
68.61%
35.03%
12.72%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
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,
2024
Franklin
Low
Duration
U.S.
Government
Securities
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
157
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
14.0%
U.S.
Treasury
Notes
,
2
%,
2/15/25
......................................................
$
10,000,000
$
9,740,706
2
%,
8/15/25
......................................................
5,000,000
4,804,297
2.625
%,
1/31/26
...................................................
10,000,000
9,589,063
2.5
%,
2/28/26
....................................................
10,162,000
9,708,283
2.25
%,
3/31/26
...................................................
15,000,000
14,244,727
2.375
%,
4/30/26
...................................................
11,859,000
11,265,818
Total
U.S.
Government
and
Agency
Securities
(Cost
$
60,467,791
)
.................
59,352,894
Mortgage-Backed
Securities
60.4%
a
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
19.1%
FHLMC
,
5.714
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
6/01/47
...................................................
5,778,470
5,877,366
FHLMC
,
5.797
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
10/01/46
..................................................
3,939,490
4,015,807
FHLMC
,
5.804
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/47
...................................................
5,217,667
5,351,556
FHLMC
,
5.878
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
7/01/46
...................................................
8,186,785
8,278,321
FHLMC
,
5.942
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
11/01/46
..................................................
5,648,939
5,744,392
FHLMC
,
5.996
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
7/01/35
...................................................
1,885,684
1,938,779
FHLMC
,
6.014
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
7/01/43
...................................................
1,967,614
1,994,609
FHLMC
,
6.018
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
11/01/46
..................................................
4,224,977
4,329,922
FHLMC
,
6.022
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
7/01/43
...................................................
2,161,762
2,225,282
FHLMC
,
6.029
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/37
...................................................
4,463,796
4,583,470
FHLMC
,
6.039
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
6/01/37
...................................................
2,099,171
2,160,022
FHLMC
,
6.046
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
10/01/43
..................................................
1,952,454
1,958,236
FHLMC
,
6.219
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
1/01/44
...................................................
2,115,821
2,168,676
FHLMC
,
5.235
%
-
6.903
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/34
-
5/01/45
.......................................
22,170,111
22,454,103
FHLMC
,
6.079
%
-
7.19
%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/36
-
1/01/37
.......................................
265,083
264,326
FHLMC
,
5.94
%
-
7.532
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
8/01/33
-
6/01/37
..
6,958,245
7,103,456
80,448,323
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.5%
FHLMC
Pool,
30
Year
,
6
%,
5/01/53
......................................
2,177,752
2,161,277
a
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
36.1%
FNMA
,
4.474
%,
(
COFI
11th
District
+/-
MBS
Margin),
4/01/34
..................
4,749,741
4,604,365
FNMA
,
3.066
%
-
5.339
%,
(
3-year
CMT
T-Note
+/-
MBS
Margin),
1/01/26
-
7/01/34
...
82,008
80,754
FNMA
,
4.397
%
-
5.761
%,
(
COFI
11th
District
+/-
MBS
Margin),
1/01/25
-
12/01/37
...
2,314,842
2,252,675
FNMA
,
3.564
%
-
5.915
%,
(
5-year
CMT
T-Note
+/-
MBS
Margin),
4/01/27
-
2/01/30
...
23,615
23,428
FNMA
,
6.059
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
7/01/42
...................................................
2,810,585
2,896,260
FNMA
,
6.083
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/47
...................................................
10,370,120
10,702,929
FNMA
,
6.087
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/40
...................................................
2,794,838
2,875,125
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.
158
a
a
Principal
Amount
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
a
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
(continued)
FNMA
,
6.091
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/44
...................................................
$
18,279,981
$
18,759,021
FNMA
,
6.111
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/38
...................................................
7,059,373
7,261,198
FNMA
,
6.144
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/36
.................
4,735,249
4,870,184
FNMA
,
6.324
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
3/01/35
...................................................
2,281,359
2,330,926
FNMA
,
6.396
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
5/01/47
...................................................
4,602,011
4,700,405
FNMA
,
6.503
%,
(
1-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/27
...................................................
73,764
73,626
FNMA
,
6.516
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/45
...................................................
2,755,317
2,827,900
FNMA
,
6.69
%,
(
6-month
H15BDI
+/-
MBS
Margin),
11/01/34
...................
43,162
43,071
FNMA
,
5.003
%
-
7.405
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/32
-
5/01/48
.......................................
56,462,784
57,062,185
FNMA
,
3.653
%
-
7.62
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
9/01/24
-
12/01/40
...
16,188,557
16,303,875
FNMA
,
5.345
%
-
7.94
%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
12/01/24
-
12/01/37
.....................................
11,678,675
11,751,066
FNMA
,
5.507
%
-
8.261
%,
(
12-month
average
of
1-year
CMT
+/-
MBS
Margin),
12/01/26
-
11/01/44
................................................
2,918,117
2,943,828
152,362,821
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
4.7%
FNMA,
30
Year
,
5.5
%,
4/01/53
.........................................
13,157,480
12,787,691
FNMA,
30
Year
,
5.5
%,
3/01/54
.........................................
2,190,765
2,127,601
FNMA,
30
Year
,
6
%,
7/01/53
...........................................
4,925,488
4,884,693
19,799,985
a
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.0%
†
GNMA
II
,
3.625
%
-
4.625
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
9/20/33
-
5/20/36
.
268,931
265,218
265,218
Total
Mortgage-Backed
Securities
(Cost
$
262,886,106
)
...........................
255,037,624
Agency
Commercial
Mortgage-Backed
Securities
20.4%
Financial
Services
20.4%
b
FHLMC
,
4988
,
AF
,
FRN
,
5.784
%
,
(
30-day
SOFR
Average
+
0.464
%
),
10/15/37
..........
4,088,706
4,060,829
4891
,
AF
,
FRN
,
5.834
%
,
(
30-day
SOFR
Average
+
0.514
%
),
7/15/42
...........
6,380,900
6,325,745
343
,
F4
,
FRN
,
5.784
%
,
Strip
,
(
30-day
SOFR
Average
+
0.464
%
),
10/15/37
.......
3,761,442
3,709,198
4989
,
FA
,
FRN
,
5.784
%
,
(
30-day
SOFR
Average
+
0.464
%
),
8/15/40
...........
5,196,878
5,112,957
4915
,
FE
,
FRN
,
5.834
%
,
(
30-day
SOFR
Average
+
0.514
%
),
2/15/38
...........
7,683,674
7,629,580
4895
,
GF
,
FRN
,
5.823
%
,
(
30-day
SOFR
Average
+
0.514
%
),
11/15/43
..........
6,285,035
6,125,418
4197
,
KF
,
FRN
,
5.734
%
,
(
30-day
SOFR
Average
+
0.414
%
),
9/15/37
...........
2,109,218
2,023,802
4107
,
KF
,
FRN
,
5.824
%
,
(
30-day
SOFR
Average
+
0.504
%
),
6/15/38
...........
1,970,901
1,936,147
4215
,
KF
,
FRN
,
5.734
%
,
(
30-day
SOFR
Average
+
0.414
%
),
2/15/40
...........
1,504,373
1,453,820
4730
,
WF
,
FRN
,
5.784
%
,
(
30-day
SOFR
Average
+
0.464
%
),
8/15/38
...........
3,591,328
3,538,476
4794
,
WF
,
FRN
,
5.784
%
,
(
30-day
SOFR
Average
+
0.464
%
),
3/15/43
...........
3,828,240
3,841,642
b
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
KF160
,
AS
,
FRN
,
6.022
%
,
(
30-day
SOFR
Average
+
0.7
%
),
10/25/30
...............................
3,625,398
3,645,678
b
FNMA
,
2019-38
,
AF
,
FRN
,
5.834
%
,
(
30-day
SOFR
Average
+
0.514
%
),
7/25/49
.........
4,276,710
4,212,547
2019-59
,
BF
,
FRN
,
5.834
%
,
(
30-day
SOFR
Average
+
0.514
%
),
10/25/49
........
6,293,138
6,274,586
2019-38
,
CF
,
FRN
,
5.894
%
,
(
30-day
SOFR
Average
+
0.564
%
),
7/25/49
.........
1,357,632
1,327,116
2021-44
,
FA
,
FRN
,
5.52
%
,
(
30-day
SOFR
Average
+
0.2
%
),
6/25/45
............
4,986,043
4,983,556
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
franklintempleton.com
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
159
a
a
Principal
Amount
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
FNMA,
(continued)
2020-54
,
WF
,
FRN
,
3.521
%
,
(
30-day
SOFR
Average
+
0.564
%
),
8/25/50
........
$
3,933,860
$
3,792,699
2021-8
,
YF
,
FRN
,
5.52
%
,
(
30-day
SOFR
Average
+
0.2
%
),
3/25/61
.............
10,517,875
10,377,287
2021-36
,
YF
,
FRN
,
5.52
%
,
(
30-day
SOFR
Average
+
0.2
%
),
6/25/61
............
5,231,449
5,155,900
b
GNMA
,
2010-12
,
FD
,
FRN
,
6.034
%
,
(
1-month
SOFR
+
0.714
%
),
1/16/40
..........
542,533
541,332
86,068,315
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$
87,292,480
)
.........
86,068,315
Total
Long
Term
Investments
(Cost
$
410,646,377
)
...............................
400,458,833
a
a
a
a
a
Short
Term
Investments
4.4%
Shares
a
Money
Market
Funds
4.4%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
..................
18,390,912
18,390,912
Total
Money
Market
Funds
(Cost
$
18,390,912
)
..................................
18,390,912
Total
Short
Term
Investments
(Cost
$
18,390,912
)
................................
18,390,912
a
Total
Investments
(Cost
$
429,037,289
)
99.2
%
...................................
$418,849,745
Other
Assets,
less
Liabilities
0.8
%
.............................................
3,402,984
Net
Assets
100.0%
...........................................................
$422,252,729
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
b
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
c
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Low
Duration
U.S.
Government
Securities
Fund
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Report
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an
integral
part
of
these
financial
statements
160
At
April
30,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1
(
e
). 
See
Not
e
9
r
egarding
other
derivative
information.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
83
$
9,148,156
6/18/24
$
296,333
U.S.
Treasury
2
Year
Notes
.....................
Long
610
123,620,312
6/28/24
(1,159,711)
U.S.
Treasury
5
Year
Notes
.....................
Short
55
5,760,820
6/28/24
110,880
Total
Futures
Contracts
......................................................................
$(752,498)
*
As
of
period
end.
See
Abbreviations
on
page
318
.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Total
Return
Fund
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
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161
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021*
2020
a
2019
a
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.77
$7.94
$9.98
$10.04
$9.92
$9.31
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.149
0.288
0.229
0.176
0.257
0.302
Net
realized
and
unrealized
gains
(losses)
0.252
(0.186)
(2.006)
0.036
0.170
0.618
Total
from
investment
operations
........
0.401
0.102
(1.777)
0.212
0.427
0.920
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.151)
(0.272)
(0.260)
(0.272)
(0.306)
(0.310)
Tax
return
of
capital
................
—
—
(0.003)
—
—
—
Total
distributions
...................
(0.151)
(0.272)
(0.263)
(0.272)
(0.306)
(0.310)
Net
asset
value,
end
of
period
..........
$8.02
$7.77
$7.94
$9.98
$10.04
$9.92
Total
return
d
.......................
5.13%
1.14%
(18.06)%
2.12%
4.38%
10.01%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.94%
0.94%
0.92%
0.89%
0.90%
0.90%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.83%
0.83%
f
0.82%
f
0.83%
0.85%
f
0.86%
f
Net
investment
income
...............
3.65%
3.50%
2.52%
1.75%
2.59%
3.12%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,492,573
$2,494,183
$2,716,548
$3,876,156
$4,031,242
$3,422,747
Portfolio
turnover
rate
................
102.41%
g
127.45%
197.26%
184.44%
g
228.24%
169.95%
g
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
69.75%
g
81.72%
105.09%
59.70%
g
137.82%
98.83%
g
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I
from
November
1,
2020
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
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.
See
Note
12
for
current
year
information.
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.
162
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021*
2020
a
2019
a
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.71
$7.88
$9.90
$9.97
$9.85
$9.25
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.133
0.256
0.193
0.137
0.216
0.262
Net
realized
and
unrealized
gains
(losses)
0.242
(0.186)
(1.985)
0.025
0.171
0.609
Total
from
investment
operations
........
0.375
0.070
(1.792)
0.162
0.387
0.871
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.135)
(0.240)
(0.225)
(0.232)
(0.267)
(0.271)
Tax
return
of
capital
................
—
—
(0.003)
—
—
—
Total
distributions
...................
(0.135)
(0.240)
(0.228)
(0.232)
(0.267)
(0.271)
Net
asset
value,
end
of
period
..........
$7.95
$7.71
$7.88
$9.90
$9.97
$9.85
Total
return
d
.......................
4.83%
0.75%
(18.33)%
1.63%
4.01%
9.52%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.35%
1.35%
1.32%
1.30%
1.30%
1.30%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.23%
1.23%
f
1.23%
f
1.24%
1.25%
f
1.26%
f
Net
investment
income
...............
3.28%
3.12%
2.14%
1.37%
2.20%
2.72%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$27,153
$30,819
$91,669
$141,309
$208,947
$236,838
Portfolio
turnover
rate
................
102.41%
g
127.45%
197.26%
184.44%
g
228.24%
169.95%
g
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
69.75%
g
81.72%
105.09%
59.70%
g
137.82%
98.83%
g
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I
from
November
1,
2020
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
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.
See
Note
12
for
current
year
information.
h
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
163
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021*
2020
a
2019
a
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.74
$7.90
$9.94
$10.00
$9.88
$9.27
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.138
0.268
0.206
0.152
0.232
0.277
Net
realized
and
unrealized
gains
(losses)
0.253
(0.176)
(2.005)
0.035
0.171
0.619
Total
from
investment
operations
........
0.391
0.092
(1.799)
0.187
0.403
0.896
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.141)
(0.252)
(0.238)
(0.247)
(0.282)
(0.286)
Tax
return
of
capital
................
—
—
(0.003)
—
—
—
Total
distributions
...................
(0.141)
(0.252)
(0.241)
(0.247)
(0.282)
(0.286)
Net
asset
value,
end
of
period
..........
$7.99
$7.74
$7.90
$9.94
$10.00
$9.88
Total
return
d
.......................
5.02%
1.03%
(18.34)%
1.87%
4.14%
9.66%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.19%
1.19%
1.17%
1.14%
1.15%
1.15%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.08%
1.08%
f
1.08%
f
1.09%
1.10%
f
1.11%
f
Net
investment
income
...............
3.41%
3.27%
2.29%
1.52%
2.36%
2.87%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$7,368
$7,336
$8,827
$12,623
$17,274
$21,223
Portfolio
turnover
rate
................
102.41%
g
127.45%
197.26%
184.44%
g
228.24%
169.95%
g
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
69.75%
g
81.72%
105.09%
59.70%
g
137.82%
98.83%
g
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I
from
November
1,
2020
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
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.
See
Note
12
for
current
year
information.
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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Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
164
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021*
2020
a
2019
a
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.83
$8.00
$10.05
$10.11
$9.99
$9.38
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.164
0.318
0.263
0.213
0.294
0.340
Net
realized
and
unrealized
gains
(losses)
0.252
(0.186)
(2.017)
0.035
0.168
0.617
Total
from
investment
operations
........
0.416
0.132
(1.754)
0.248
0.462
0.957
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.166)
(0.302)
(0.293)
(0.308)
(0.341)
(0.347)
Tax
return
of
capital
................
—
—
(0.003)
—
—
—
Total
distributions
...................
(0.166)
(0.302)
(0.296)
(0.308)
(0.341)
(0.347)
Net
asset
value,
end
of
period
..........
$8.08
$7.83
$8.00
$10.05
$10.11
$9.99
Total
return
d
.......................
5.27%
1.50%
(17.74)%
2.47%
4.72%
10.35%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.58%
0.58%
0.56%
0.52%
0.54%
0.53%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.47%
0.47%
f
0.44%
f
0.46%
0.48%
f
0.49%
f
Net
investment
income
...............
3.99%
3.84%
2.89%
2.10%
2.95%
3.49%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$391,985
$390,582
$434,834
$601,624
$547,075
$481,399
Portfolio
turnover
rate
................
102.41%
g
127.45%
197.26%
184.44%
g
228.24%
169.95%
g
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
69.75%
g
81.72%
105.09%
59.70%
g
137.82%
98.83%
g
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I
from
November
1,
2020
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
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.
See
Note
12
for
current
year
information.
h
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Financial
Highlights
Franklin
Total
Return
Fund
(continued)
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
165
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021*
2020
a
2019
a
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.82
$7.99
$10.04
$10.10
$9.98
$9.37
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.159
0.309
0.251
0.202
0.281
0.328
Net
realized
and
unrealized
gains
(losses)
0.252
(0.186)
(2.015)
0.035
0.169
0.618
Total
from
investment
operations
........
0.411
0.123
(1.764)
0.237
0.450
0.946
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.161)
(0.293)
(0.283)
(0.297)
(0.329)
(0.336)
Tax
return
of
capital
................
—
—
(0.003)
—
—
—
Total
distributions
...................
(0.161)
(0.293)
(0.286)
(0.297)
(0.329)
(0.336)
Net
asset
value,
end
of
period
..........
$8.07
$7.82
$7.99
$10.04
$10.10
$9.98
Total
return
d
.......................
5.22%
1.39%
(17.86)%
2.36%
4.60%
10.23%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.69%
0.69%
0.66%
0.64%
0.64%
0.65%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.58%
0.58%
f
0.57%
f
0.58%
0.60%
f
0.61%
f
Net
investment
income
...............
3.89%
3.73%
2.76%
2.00%
2.84%
3.37%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$174,586
$156,009
$175,044
$232,016
$293,080
$863,516
Portfolio
turnover
rate
................
102.41%
g
127.45%
197.26%
184.44%
g
228.24%
169.95%
g
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
h
........................
69.75%
g
81.72%
105.09%
59.70%
g
137.82%
98.83%
g
*
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I
from
November
1,
2020
through
April
27,
2021.
a
Includes
the
consolidated
operations
of
FT
Holdings
Corporation
I.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
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.
See
Note
12
for
current
year
information.
h
See
Note
1(g)
regarding
mortgage
dollar
rolls.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Total
Return
Fund
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Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
166
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.1%
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
158,421
Hotels,
Restaurants
&
Leisure
0.0%
†
b
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
13,078
2,387
Machinery
0.0%
†
b
UTEX
Industries,
Inc.
..................................
United
States
4,843
249,414
Oil,
Gas
&
Consumable
Fuels
0.1%
a,b,c
Talos
Energy,
Inc.
.....................................
United
States
204,025
2,662,774
Total
Common
Stocks
(Cost
$3,923,534)
.......................................
3,072,996
Preferred
Stocks
0.1%
Banks
0.1%
Citigroup
Capital
XIII,
11.961%
...........................
United
States
93,000
2,697,000
Hotels,
Restaurants
&
Leisure
0.0%
†
b
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
30,975
465
b
Total
Preferred
Stocks
(Cost
$2,325,465)
.......................................
2,697,465
Warrants
Warrants
0.0%
†
Machinery
0.0%
†
a,b
UTEX
Industries,
Inc.,
2/20/49
............................
United
States
415
77
Total
Warrants
(Cost
$366)
...................................................
77
Principal
Amount
*
Corporate
Bonds
38.9%
Aerospace
&
Defense
0.9%
Boeing
Co.
(The)
,
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
6,500,000
5,588,310
Senior
Note,
5.15%,
5/01/30
...........................
United
States
13,500,000
12,773,587
Lockheed
Martin
Corp.,
Senior
Bond,
4.09%,
9/15/52
..........
United
States
5,000,000
3,947,520
Northrop
Grumman
Corp.
,
Senior
Bond,
4.03%,
10/15/47
..........................
United
States
3,000,000
2,326,725
Senior
Bond,
5.25%,
5/01/50
...........................
United
States
3,500,000
3,264,890
27,901,032
Air
Freight
&
Logistics
0.1%
d
DAE
Funding
LLC,
Senior
Note,
144A,
1.55%,
8/01/24
.........
United
Arab
Emirates
3,300,000
3,258,373
Automobiles
0.0%
†
d
Hyundai
Capital
America,
Senior
Note,
144A,
5.35%,
3/19/29
....
United
States
1,600,000
1,573,001
Banks
7.9%
d,e
ABN
AMRO
Bank
NV,
Senior
Non-Preferred
Note,
144A,
FRN,
6.339%,
(1-year
CMT
T-Note
+
1.65%),
9/18/27
.............
Netherlands
2,500,000
2,522,540
Banco
Santander
SA,
Sub.
Bond,
2.749%,
12/03/30
...........
Spain
3,600,000
2,930,968
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
167
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.
,
Senior
Bond,
2.592%
to
4/28/30,
FRN
thereafter,
4/29/31
.....
United
States
6,700,000
$
5,636,690
Senior
Bond,
1.922%
to
10/23/30,
FRN
thereafter,
10/24/31
...
United
States
5,300,000
4,216,048
Senior
Bond,
2.972%
to
2/03/32,
FRN
thereafter,
2/04/33
.....
United
States
7,500,000
6,194,563
Senior
Bond,
5.468%
to
1/22/34,
FRN
thereafter,
1/23/35
.....
United
States
10,000,000
9,728,828
d
BNP
Paribas
SA,
Senior
Non-Preferred
Note,
144A,
2.819%
to
11/18/24,
FRN
thereafter,
11/19/25
.......................
France
3,200,000
3,143,335
d
BPCE
SA
,
Senior
Non-Preferred
Note,
144A,
2.045%
to
10/18/26,
FRN
thereafter,
10/19/27
..................................
France
9,500,000
8,636,031
e
Senior
Non-Preferred
Note,
144A,
FRN,
5.716%,
(1-year
CMT
T-Note
+
1.959%),
1/18/30
............................
France
7,000,000
6,924,155
Citigroup,
Inc.
,
Senior
Bond,
2.572%
to
6/02/30,
FRN
thereafter,
6/03/31
.....
United
States
8,000,000
6,694,967
Senior
Bond,
3.057%
to
1/24/32,
FRN
thereafter,
1/25/33
.....
United
States
16,100,000
13,320,669
d,e
Danske
Bank
A/S,
Senior
Non-Preferred
Note,
144A,
FRN,
5.705%,
(1-year
CMT
T-Note
+
1.4%),
3/01/30
.....................
Denmark
6,800,000
6,717,483
HSBC
Holdings
plc
,
e
Senior
Bond,
FRN,
3.973%,
(3-month
SOFR
+
1.872%),
5/22/30
United
Kingdom
6,500,000
5,959,115
Senior
Note,
0.976%
to
5/23/24,
FRN
thereafter,
5/24/25
......
United
Kingdom
10,500,000
10,467,274
Senior
Note,
1.589%
to
5/23/26,
FRN
thereafter,
5/24/27
......
United
Kingdom
11,200,000
10,263,804
JPMorgan
Chase
&
Co.
,
Senior
Bond,
4.493%
to
3/23/30,
FRN
thereafter,
3/24/31
.....
United
States
17,100,000
16,202,417
Senior
Bond,
2.58%
to
4/21/31,
FRN
thereafter,
4/22/32
......
United
States
1,700,000
1,399,477
Senior
Bond,
5.336%
to
1/22/34,
FRN
thereafter,
1/23/35
.....
United
States
9,300,000
9,018,941
KeyBank
NA,
Senior
Note,
4.15%,
8/08/25
..................
United
States
6,200,000
6,019,829
Mitsubishi
UFJ
Financial
Group,
Inc.,
Senior
Note,
5.063%
to
9/11/24,
FRN
thereafter,
9/12/25
.........................
Japan
11,100,000
11,059,574
Mizuho
Financial
Group,
Inc.,
Senior
Note,
5.778%
to
7/05/28,
FRN
thereafter,
7/06/29
...................................
Japan
6,000,000
6,021,126
d
Nordea
Bank
Abp,
Senior
Preferred
Note,
144A,
4.75%,
9/22/25
..
Finland
5,200,000
5,146,086
PNC
Financial
Services
Group,
Inc.
(The),
Senior
Note,
5.3%
to
1/20/27,
FRN
thereafter,
1/21/28
........................
United
States
3,800,000
3,767,649
Santander
UK
Group
Holdings
plc,
Senior
Note,
1.673%
to
6/23/26,
FRN
thereafter,
6/14/27
...............................
United
Kingdom
6,500,000
5,927,538
d
Societe
Generale
SA
,
Senior
Non-Preferred
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
...................................
France
10,800,000
9,872,231
e
Senior
Non-Preferred
Note,
144A,
FRN,
6.446%,
(1-year
CMT
T-Note
+
2.55%),
1/10/29
.............................
France
6,500,000
6,585,804
Toronto-Dominion
Bank
(The),
Senior
Note,
4.693%,
9/15/27
.....
Canada
12,000,000
11,728,334
Truist
Financial
Corp.
,
Senior
Note,
7.161%
to
10/29/28,
FRN
thereafter,
10/30/29
....
United
States
4,950,000
5,184,591
Senior
Note,
5.435%
to
1/23/29,
FRN
thereafter,
1/24/30
......
United
States
4,400,000
4,311,457
US
Bancorp,
Senior
Note,
5.727%
to
10/20/25,
FRN
thereafter,
10/21/26
..........................................
United
States
4,300,000
4,299,673
Wells
Fargo
&
Co.
,
Senior
Bond,
3.35%
to
3/01/32,
FRN
thereafter,
3/02/33
......
United
States
9,000,000
7,600,762
Senior
Bond,
5.499%
to
1/22/34,
FRN
thereafter,
1/23/35
.....
United
States
17,500,000
17,005,633
Senior
Note,
4.54%
to
8/14/25,
FRN
thereafter,
8/15/26
.......
United
States
4,000,000
3,937,093
Senior
Note,
5.198%
to
1/22/29,
FRN
thereafter,
1/23/30
......
United
States
5,200,000
5,100,314
243,544,999
Beverages
0.2%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
4.7%,
2/01/36
............................
Belgium
1,800,000
1,676,443
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)
Beverages
(continued)
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.,
(continued)
Senior
Bond,
4.9%,
2/01/46
............................
Belgium
3,400,000
$
3,061,581
4,738,024
Biotechnology
1.3%
AbbVie,
Inc.
,
Senior
Bond,
4.05%,
11/21/39
..........................
United
States
5,000,000
4,238,763
Senior
Bond,
4.7%,
5/14/45
............................
United
States
3,200,000
2,834,214
Senior
Note,
3.2%,
11/21/29
...........................
United
States
3,000,000
2,707,142
Amgen,
Inc.,
Senior
Bond,
5.25%,
3/02/33
...................
United
States
14,300,000
13,994,340
Biogen,
Inc.,
Senior
Bond,
2.25%,
5/01/30
...................
United
States
6,900,000
5,699,211
d
CSL
Finance
plc,
Senior
Bond,
144A,
4.25%,
4/27/32
..........
Australia
6,500,000
5,995,811
Regeneron
Pharmaceuticals,
Inc.,
Senior
Bond,
1.75%,
9/15/30
..
United
States
7,500,000
5,990,371
41,459,852
Broadline
Retail
0.0%
a,d,f,g
K2016470219
South
Africa
Ltd.,
Senior
Secured
Note,
144A,
PIK,
3%,
12/31/22
.......................................
South
Africa
2,492,650
—
a,d,f,g
K2016470260
South
Africa
Ltd.,
Senior
Secured
Note,
144A,
PIK,
25%,
12/31/22
......................................
South
Africa
1,098,025
—
—
Building
Products
0.4%
Carrier
Global
Corp.,
Senior
Bond,
5.9%,
3/15/34
.............
United
States
6,500,000
6,644,335
d
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC,
Senior
Secured
Note,
144A,
6.75%,
4/01/32
.....................
United
States
600,000
596,251
Owens
Corning,
Senior
Bond,
3.875%,
6/01/30
...............
United
States
6,500,000
5,940,281
13,180,867
Capital
Markets
2.9%
Deutsche
Bank
AG,
Senior
Preferred
Note,
5.371%,
9/09/27
.....
Germany
9,500,000
9,447,860
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
....
United
States
15,000,000
12,151,362
Senior
Bond,
3.102%
to
2/23/32,
FRN
thereafter,
2/24/33
.....
United
States
6,500,000
5,409,805
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
9,700,000
8,858,262
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note,
2.5%,
1/15/27
............................
United
States
6,200,000
5,686,468
Senior
Note,
3%,
2/02/29
.............................
United
States
2,000,000
1,741,209
Senior
Note,
3.625%,
1/15/32
..........................
United
States
2,500,000
2,083,612
Senior
Note,
5.75%,
4/01/33
...........................
United
States
6,500,000
6,220,480
Morgan
Stanley
,
Senior
Bond,
1.928%
to
4/27/31,
FRN
thereafter,
4/28/32
.....
United
States
15,200,000
11,910,911
Senior
Bond,
5.466%
to
1/17/34,
FRN
thereafter,
1/18/35
.....
United
States
8,650,000
8,418,661
d
Prologis
Targeted
US
Logistics
Fund
LP,
Senior
Note,
144A,
5.25%,
4/01/29
...........................................
United
States
2,500,000
2,453,403
d
StoneX
Group,
Inc.,
Senior
Secured
Note,
144A,
7.875%,
3/01/31
.
United
States
2,100,000
2,125,462
UBS
Group
AG
,
Senior
Note,
4.55%,
4/17/26
...........................
Switzerland
3,400,000
3,324,932
d
Senior
Note,
144A,
2.193%
to
6/04/25,
FRN
thereafter,
6/05/26
.
Switzerland
1,000,000
959,566
d
Senior
Note,
144A,
6.373%
to
7/14/25,
FRN
thereafter,
7/15/26
.
Switzerland
2,300,000
2,308,961
d,e
Senior
Note,
144A,
FRN,
5.428%,
(1-year
CMT
T-Note
+
1.52%),
2/08/30
...........................................
Switzerland
6,500,000
6,393,900
89,494,854
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
169
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
0.3%
d
Braskem
Idesa
SAPI,
Senior
Secured
Bond,
144A,
6.99%,
2/20/32
Mexico
4,300,000
$
3,231,998
d
Rain
Carbon,
Inc.,
Senior
Secured
Note,
144A,
12.25%,
9/01/29
..
United
States
6,500,000
6,777,173
10,009,171
Commercial
Services
&
Supplies
0.4%
d
Allied
Universal
Holdco
LLC,
Senior
Secured
Note,
144A,
7.875%,
2/15/31
...........................................
United
States
5,300,000
5,318,330
Republic
Services,
Inc.,
Senior
Bond,
5%,
4/01/34
.............
United
States
6,500,000
6,266,451
11,584,781
Communications
Equipment
0.4%
Motorola
Solutions,
Inc.,
Senior
Bond,
2.75%,
5/24/31
..........
United
States
16,800,000
13,963,142
Consumer
Finance
0.7%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust,
Senior
Bond,
3.4%,
10/29/33
.................................
Ireland
22,600,000
18,410,527
d
FirstCash,
Inc.,
Senior
Note,
144A,
6.875%,
3/01/32
...........
United
States
4,800,000
4,745,329
23,155,856
Consumer
Staples
Distribution
&
Retail
0.6%
Dollar
Tree,
Inc.
,
Senior
Bond,
4.2%,
5/15/28
............................
United
States
8,000,000
7,606,249
Senior
Bond,
2.65%,
12/01/31
..........................
United
States
7,500,000
6,076,672
Sysco
Corp.,
Senior
Bond,
6%,
1/17/34
.....................
United
States
2,300,000
2,366,948
Target
Corp.,
Senior
Bond,
2.95%,
1/15/52
..................
United
States
1,600,000
1,015,838
17,065,707
Containers
&
Packaging
0.2%
d
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC,
Senior
Secured
Note,
144A,
4%,
10/15/27
.............
United
States
2,300,000
2,136,207
WRKCo,
Inc.,
Senior
Bond,
3%,
6/15/33
....................
United
States
4,700,000
3,827,766
5,963,973
Diversified
REITs
0.1%
Simon
Property
Group
LP,
Senior
Bond,
3.25%,
9/13/49
........
United
States
2,400,000
1,573,814
d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.,
Senior
Note,
144A,
4.5%,
9/01/26
...........................................
United
States
2,000,000
1,928,479
3,502,293
Diversified
Telecommunication
Services
1.2%
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
..........................
United
States
21,000,000
16,216,283
Senior
Bond,
5.4%,
2/15/34
............................
United
States
6,500,000
6,353,164
Verizon
Communications,
Inc.
,
Senior
Bond,
5.05%,
5/09/33
...........................
United
States
6,500,000
6,290,157
Senior
Note,
2.355%,
3/15/32
..........................
United
States
9,000,000
7,184,427
36,044,031
Electric
Utilities
1.7%
Commonwealth
Edison
Co.,
Senior
Bond,
6.45%,
1/15/38
.......
United
States
700,000
736,714
Duke
Energy
Corp.
,
Senior
Bond,
2.45%,
6/01/30
...........................
United
States
2,900,000
2,444,902
Senior
Bond,
5.75%,
9/15/33
...........................
United
States
6,500,000
6,477,389
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)
Electric
Utilities
(continued)
Duke
Energy
Corp.,
(continued)
Senior
Bond,
3.75%,
9/01/46
...........................
United
States
2,000,000
$
1,429,324
Duke
Energy
Florida
LLC,
Senior
Bond,
6.4%,
6/15/38
.........
United
States
1,300,000
1,356,974
Duke
Energy
Ohio,
Inc.,
Senior
Bond,
5.25%,
4/01/33
..........
United
States
1,300,000
1,269,493
d
Enel
Finance
International
NV,
Senior
Bond,
144A,
6.8%,
9/15/37
.
Italy
3,000,000
3,151,480
Exelon
Corp.,
Senior
Bond,
4.05%,
4/15/30
..................
United
States
8,400,000
7,757,241
Georgia
Power
Co.,
Senior
Bond,
4.3%,
3/15/42
..............
United
States
9,000,000
7,441,386
NextEra
Energy
Capital
Holdings,
Inc.,
Senior
Note,
6.051%,
3/01/25
United
States
3,700,000
3,707,974
Southern
Co.
(The)
,
Senior
Bond,
4.4%,
7/01/46
............................
United
States
2,000,000
1,629,432
A,
Senior
Bond,
3.7%,
4/30/30
.........................
United
States
10,500,000
9,507,782
Virginia
Electric
and
Power
Co.,
Senior
Bond,
6.35%,
11/30/37
...
United
States
520,000
541,539
Xcel
Energy,
Inc.,
Senior
Bond,
5.45%,
8/15/33
...............
United
States
5,500,000
5,316,922
52,768,552
Electrical
Equipment
0.1%
Eaton
Corp.,
Senior
Bond,
4.15%,
3/15/33
...................
United
States
2,400,000
2,207,626
Electronic
Equipment,
Instruments
&
Components
0.2%
Flex
Ltd.,
Senior
Bond,
4.875%,
5/12/30
....................
United
States
7,500,000
7,124,297
Entertainment
0.4%
d
Banijay
Entertainment
SASU,
Senior
Secured
Note,
144A,
8.125%,
5/01/29
...........................................
France
89,095
91,239
Walt
Disney
Co.
(The),
Senior
Bond,
3.5%,
5/13/40
............
United
States
9,000,000
7,013,431
Warnermedia
Holdings,
Inc.,
Senior
Note,
4.279%,
3/15/32
......
United
States
7,000,000
6,032,059
13,136,729
Financial
Services
0.9%
d
Corebridge
Financial,
Inc.,
Senior
Bond,
144A,
6.05%,
9/15/33
...
United
States
6,000,000
6,004,448
Fiserv,
Inc.
,
Senior
Bond,
3.5%,
7/01/29
............................
United
States
1,200,000
1,093,577
Senior
Bond,
2.65%,
6/01/30
...........................
United
States
9,100,000
7,750,244
Senior
Bond,
5.625%,
8/21/33
..........................
United
States
6,500,000
6,453,965
d
GGAM
Finance
Ltd.,
Senior
Note,
144A,
8%,
6/15/28
..........
Ireland
2,500,000
2,576,540
d
Jefferson
Capital
Holdings
LLC,
Senior
Note,
144A,
9.5%,
2/15/29
United
States
3,200,000
3,259,040
Shell
International
Finance
BV,
Senior
Bond,
4.55%,
8/12/43
.....
United
States
1,700,000
1,485,794
28,623,608
Food
Products
0.4%
General
Mills,
Inc.,
Senior
Note,
5.241%,
11/18/25
.............
United
States
1,900,000
1,889,564
Kraft
Heinz
Foods
Co.,
Senior
Note,
3.75%,
4/01/30
...........
United
States
4,000,000
3,677,465
McCormick
&
Co.,
Inc.,
Senior
Bond,
4.95%,
4/15/33
...........
United
States
7,000,000
6,694,386
12,261,415
Ground
Transportation
0.6%
d
Ashtead
Capital,
Inc.,
Senior
Bond,
144A,
5.8%,
4/15/34
........
United
Kingdom
900,000
876,343
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond,
6.15%,
5/01/37
...........................
United
States
6,000,000
6,362,779
Senior
Bond,
4.9%,
4/01/44
............................
United
States
1,600,000
1,449,056
CSX
Corp.,
Senior
Bond,
4.5%,
11/15/52
....................
United
States
6,000,000
5,031,634
Union
Pacific
Corp.,
Senior
Bond,
3.2%,
5/20/41
..............
United
States
5,000,000
3,715,526
17,435,338
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)
Health
Care
Equipment
&
Supplies
0.8%
Baxter
International,
Inc.,
Senior
Bond,
2.539%,
2/01/32
........
United
States
7,500,000
$
6,010,838
Boston
Scientific
Corp.,
Senior
Bond,
2.65%,
6/01/30
..........
United
States
6,000,000
5,160,748
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
5.6%,
11/15/25
...........................
United
States
5,700,000
5,692,470
Senior
Note,
5.905%,
11/22/32
.........................
United
States
6,500,000
6,637,671
STERIS
Irish
FinCo.
UnLtd.
Co.,
Senior
Note,
2.7%,
3/15/31
.....
United
States
2,400,000
1,997,021
25,498,748
Health
Care
Providers
&
Services
1.9%
Centene
Corp.,
Senior
Bond,
3%,
10/15/30
..................
United
States
2,500,000
2,097,823
Cigna
Group
(The),
Senior
Bond,
5.25%,
2/15/34
.............
United
States
6,500,000
6,266,661
CVS
Health
Corp.
,
Senior
Bond,
5.3%,
6/01/33
............................
United
States
5,000,000
4,836,029
Senior
Bond,
4.78%,
3/25/38
...........................
United
States
3,200,000
2,818,922
Senior
Bond,
2.7%,
8/21/40
............................
United
States
2,000,000
1,308,495
d
DaVita,
Inc.,
Senior
Note,
144A,
4.625%,
6/01/30
.............
United
States
1,900,000
1,666,336
Elevance
Health,
Inc.
,
Senior
Bond,
4.75%,
2/15/33
...........................
United
States
7,000,000
6,614,831
Senior
Bond,
4.65%,
1/15/43
...........................
United
States
3,100,000
2,671,353
HCA,
Inc.,
Senior
Note,
3.625%,
3/15/32
....................
United
States
9,000,000
7,743,976
Icon
Investments
Six
Designated
Activity
Co.,
Senior
Secured
Bond,
6%,
5/08/34
........................................
Ireland
500,000
499,480
Kaiser
Foundation
Hospitals,
2019,
Senior
Bond,
3.266%,
11/01/49
United
States
11,270,000
7,844,267
d
Kedrion
SpA,
Senior
Secured
Note,
144A,
6.5%,
9/01/29
........
Italy
1,100,000
994,950
Providence
St
Joseph
Health
Obligated
Group,
H,
2.746%,
10/01/26
United
States
8,875,000
8,267,173
UnitedHealth
Group,
Inc.,
Senior
Bond,
3.05%,
5/15/41
.........
United
States
8,000,000
5,793,763
59,424,059
Health
Care
REITs
0.0%
†
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.,
Senior
Bond,
3.5%,
3/15/31
......................................
United
States
1,400,000
940,191
Health
Care
Technology
0.1%
IQVIA,
Inc.,
Senior
Secured
Note,
6.25%,
2/01/29
.............
United
States
4,300,000
4,373,668
Hotel
&
Resort
REITs
0.2%
d
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.,
Senior
Note,
144A,
6.5%,
4/01/32
......................................
United
States
5,900,000
5,786,460
Hotels,
Restaurants
&
Leisure
0.5%
d
Caesars
Entertainment,
Inc.,
Senior
Note,
144A,
4.625%,
10/15/29
United
States
6,500,000
5,804,251
Marriott
International,
Inc.,
Senior
Bond,
5.3%,
5/15/34
.........
United
States
2,600,000
2,494,592
d,h
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.,
Senior
Secured
Note,
144A,
6.625%,
5/01/32
....................
United
States
4,200,000
4,186,271
Starbucks
Corp.,
Senior
Bond,
2.55%,
11/15/30
...............
United
States
2,500,000
2,113,543
14,598,657
Household
Durables
0.2%
PulteGroup,
Inc.,
Senior
Bond,
6%,
2/15/35
..................
United
States
6,500,000
6,534,807
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Constellation
Energy
Generation
LLC,
Senior
Bond,
6.125%,
1/15/34
United
States
8,950,000
9,164,530
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)
Insurance
2.2%
d
AIA
Group
Ltd.,
Senior
Bond,
144A,
4.95%,
4/04/33
...........
Hong
Kong
3,900,000
$
3,771,585
d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer,
Senior
Secured
Note,
144A,
7%,
1/15/31
.......................
United
States
6,500,000
6,524,909
CNA
Financial
Corp.,
Senior
Bond,
5.125%,
2/15/34
...........
United
States
6,500,000
6,136,138
d
Corebridge
Global
Funding,
Secured
Note,
144A,
5.9%,
9/19/28
..
United
States
3,400,000
3,420,842
d
Five
Corners
Funding
Trust
II,
Senior
Note,
144A,
2.85%,
5/15/30
.
United
States
3,000,000
2,580,312
d
Five
Corners
Funding
Trust
III,
Senior
Note,
144A,
5.791%,
2/15/33
United
States
6,500,000
6,505,283
d
Jones
Deslauriers
Insurance
Management,
Inc.,
Senior
Note,
144A,
10.5%,
12/15/30
.....................................
Canada
3,800,000
4,025,940
Marsh
&
McLennan
Cos.,
Inc.,
Senior
Bond,
4.9%,
3/15/49
......
United
States
5,000,000
4,409,065
d
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
10,300,000
10,162,909
Secured
Note,
144A,
4.3%,
8/25/29
......................
United
States
3,700,000
3,485,332
Progressive
Corp.
(The),
Senior
Bond,
3.7%,
3/15/52
..........
United
States
6,000,000
4,402,224
d
RGA
Global
Funding,
Secured
Note,
144A,
5.5%,
1/11/31
.......
United
States
6,900,000
6,792,460
d
Sammons
Financial
Group,
Inc.,
Senior
Bond,
144A,
6.875%,
4/15/34
...........................................
United
States
4,400,000
4,342,820
66,559,819
Interactive
Media
&
Services
0.6%
Meta
Platforms,
Inc.,
Senior
Bond,
4.95%,
5/15/33
............
United
States
10,100,000
9,899,606
d,i
Tencent
Holdings
Ltd.,
Senior
Note,
144A,
2.39%,
6/03/30
.......
China
10,000,000
8,404,066
18,303,672
Life
Sciences
Tools
&
Services
0.0%
†
Revvity,
Inc.,
Senior
Bond,
2.25%,
9/15/31
..................
United
States
1,800,000
1,441,260
Machinery
0.1%
d
Esab
Corp.,
Senior
Note,
144A,
6.25%,
4/15/29
...............
United
States
800,000
797,998
Hillenbrand,
Inc.,
Senior
Note,
6.25%,
2/15/29
................
United
States
2,300,000
2,284,840
3,082,838
Media
1.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital,
Senior
Secured
Bond,
2.8%,
4/01/31
.......
United
States
12,500,000
9,931,645
d
Clear
Channel
Outdoor
Holdings,
Inc.,
Senior
Secured
Note,
144A,
7.875%,
4/01/30
.....................................
United
States
3,600,000
3,532,319
Comcast
Corp.
,
Senior
Bond,
1.5%,
2/15/31
............................
United
States
4,000,000
3,136,420
Senior
Bond,
4.8%,
5/15/33
............................
United
States
14,700,000
13,993,320
Fox
Corp.,
Senior
Bond,
5.476%,
1/25/39
...................
United
States
4,800,000
4,399,023
Time
Warner
Cable
LLC,
Senior
Secured
Bond,
6.55%,
5/01/37
..
United
States
5,700,000
5,183,640
40,176,367
Metals
&
Mining
0.2%
BHP
Billiton
Finance
USA
Ltd.,
Senior
Bond,
5.25%,
9/08/33
.....
Australia
6,500,000
6,373,926
Multi-Utilities
0.4%
Berkshire
Hathaway
Energy
Co.,
Senior
Bond,
6.125%,
4/01/36
..
United
States
2,700,000
2,764,089
Dominion
Energy,
Inc.,
C,
Senior
Note,
3.375%,
4/01/30
........
United
States
4,351,000
3,855,627
DTE
Energy
Co.,
Senior
Note,
4.875%,
6/01/28
...............
United
States
6,700,000
6,520,623
13,140,339
Office
REITs
0.3%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond,
4.75%,
4/15/35
...........................
United
States
6,500,000
5,922,940
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
Corporate
Bonds
(continued)
Office
REITs
(continued)
Alexandria
Real
Estate
Equities,
Inc.,
(continued)
Senior
Bond,
5.25%,
5/15/36
...........................
United
States
2,600,000
$
2,446,473
8,369,413
Oil,
Gas
&
Consumable
Fuels
3.0%
d
Aker
BP
ASA,
Senior
Bond,
144A,
4%,
1/15/31
...............
Norway
5,400,000
4,815,939
Boardwalk
Pipelines
LP,
Senior
Bond,
3.4%,
2/15/31
...........
United
States
6,275,000
5,397,994
BP
Capital
Markets
America,
Inc.
,
Senior
Bond,
4.812%,
2/13/33
..........................
United
States
6,000,000
5,738,677
Senior
Bond,
4.989%,
4/10/34
..........................
United
States
6,500,000
6,279,427
Cheniere
Energy,
Inc.
,
d
Senior
Bond,
144A,
5.65%,
4/15/34
......................
United
States
1,700,000
1,664,898
Senior
Note,
4.625%,
10/15/28
.........................
United
States
1,700,000
1,626,351
d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note,
144A,
6.375%,
6/15/26
..............
United
States
3,000,000
2,999,255
Senior
Secured
Note,
144A,
8.375%,
1/15/29
..............
United
States
5,800,000
6,007,517
ConocoPhillips
Co.,
Senior
Bond,
5.05%,
9/15/33
.............
United
States
2,500,000
2,436,467
Energy
Transfer
LP
,
Senior
Bond,
4.75%,
1/15/26
...........................
United
States
4,500,000
4,430,953
Senior
Bond,
5.55%,
5/15/34
...........................
United
States
9,500,000
9,251,336
Senior
Note,
3.9%,
5/15/24
............................
United
States
3,600,000
3,597,354
Senior
Note,
6.4%,
12/01/30
...........................
United
States
4,000,000
4,122,580
d
Senior
Note,
144A,
6%,
2/01/29
........................
United
States
2,000,000
1,998,875
Enterprise
Products
Operating
LLC,
Senior
Bond,
3.125%,
7/31/29
United
States
2,000,000
1,805,589
Exxon
Mobil
Corp.,
Senior
Bond,
3.452%,
4/15/51
.............
United
States
2,000,000
1,415,017
d
Matador
Resources
Co.,
Senior
Note,
144A,
6.5%,
4/15/32
......
United
States
3,000,000
2,975,353
MPLX
LP,
Senior
Note,
4.875%,
6/01/25
....................
United
States
4,500,000
4,458,380
d
Sunoco
LP,
Senior
Note,
144A,
7.25%,
5/01/32
...............
United
States
1,800,000
1,829,650
TransCanada
PipeLines
Ltd.,
Senior
Bond,
4.25%,
5/15/28
......
Canada
3,400,000
3,232,661
Transcontinental
Gas
Pipe
Line
Co.
LLC,
Senior
Note,
3.25%,
5/15/30
...........................................
United
States
4,500,000
3,966,495
d
Var
Energi
ASA,
Senior
Bond,
144A,
8%,
11/15/32
............
Norway
6,500,000
7,157,670
d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
2,000,000
1,746,975
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
500,000
442,156
d
Vital
Energy,
Inc.,
Senior
Note,
144A,
7.875%,
4/15/32
.........
United
States
1,400,000
1,421,517
Williams
Cos.,
Inc.
(The),
Senior
Bond,
3.5%,
11/15/30
.........
United
States
3,200,000
2,841,266
93,660,352
Paper
&
Forest
Products
0.1%
Suzano
Austria
GmbH,
DM3N,
Senior
Bond,
3.125%,
1/15/32
....
Brazil
2,300,000
1,850,583
Passenger
Airlines
0.5%
d
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.,
Senior
Secured
Note,
144A,
5.75%,
4/20/29
............................
United
States
1,600,000
1,546,500
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
...............
United
States
6,199,500
6,115,227
Senior
Secured
Note,
144A,
4.75%,
10/20/28
..............
United
States
6,500,000
6,294,269
d
United
Airlines,
Inc.,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
.
United
States
118,793
114,375
14,070,371
Personal
Care
Products
0.4%
Estee
Lauder
Cos.,
Inc.
(The),
Senior
Bond,
4.65%,
5/15/33
.....
United
States
10,700,000
10,154,197
Haleon
US
Capital
LLC,
Senior
Note,
3.625%,
3/24/32
.........
United
States
2,500,000
2,196,949
12,351,146
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
Corporate
Bonds
(continued)
Pharmaceuticals
1.1%
d
Bayer
US
Finance
LLC,
Senior
Note,
144A,
6.375%,
11/21/30
....
Germany
10,000,000
$
10,029,515
Bristol-Myers
Squibb
Co.,
Senior
Bond,
2.55%,
11/13/50
........
United
States
9,700,000
5,590,278
d
Endo
Finance
Holdings,
Inc.,
Senior
Secured
Note,
144A,
8.5%,
4/15/31
...........................................
United
States
300,000
305,195
Pfizer
Investment
Enterprises
Pte.
Ltd.,
Senior
Bond,
4.75%,
5/19/33
United
States
4,100,000
3,907,800
Pfizer,
Inc.,
Senior
Bond,
2.55%,
5/28/40
....................
United
States
5,500,000
3,743,524
Royalty
Pharma
plc,
Senior
Bond,
2.15%,
9/02/31
.............
United
States
11,800,000
9,252,658
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
Senior
Note,
5.125%,
5/09/29
.....................................
Israel
2,000,000
1,896,021
34,724,991
Software
0.2%
d
McAfee
Corp.,
Senior
Note,
144A,
7.375%,
2/15/30
............
United
States
6,500,000
6,026,901
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.,
Senior
Bond,
2.65%,
5/11/50
....................
United
States
3,000,000
1,853,325
Textiles,
Apparel
&
Luxury
Goods
0.6%
d
Hanesbrands,
Inc.,
Senior
Note,
144A,
9%,
2/15/31
............
United
States
900,000
896,408
Tapestry,
Inc.
,
Senior
Bond,
7.85%,
11/27/33
..........................
United
States
6,500,000
6,792,668
Senior
Note,
7.05%,
11/27/25
..........................
United
States
10,000,000
10,155,608
17,844,684
Tobacco
0.8%
Altria
Group,
Inc.,
Senior
Bond,
3.4%,
5/06/30
................
United
States
15,000,000
13,314,549
d
Imperial
Brands
Finance
plc,
Senior
Bond,
144A,
4.25%,
7/21/25
.
United
Kingdom
4,000,000
3,918,785
Philip
Morris
International,
Inc.,
Senior
Bond,
5.375%,
2/15/33
....
United
States
8,800,000
8,629,230
25,862,564
Trading
Companies
&
Distributors
0.5%
d
EquipmentShare.com,
Inc.,
Secured
Note,
144A,
9%,
5/15/28
....
United
States
6,500,000
6,680,892
d
United
Rentals
North
America,
Inc.,
Senior
Bond,
144A,
6.125%,
3/15/34
...........................................
United
States
1,200,000
1,173,159
d
WESCO
Distribution,
Inc.,
Senior
Note,
144A,
6.625%,
3/15/32
...
United
States
6,300,000
6,278,394
14,132,445
Wireless
Telecommunication
Services
0.6%
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.15%,
4/15/34
...........................
United
States
6,500,000
6,260,831
Senior
Note,
3.875%,
4/15/30
..........................
United
States
12,000,000
10,985,369
17,246,200
Total
Corporate
Bonds
(Cost
$1,275,232,905)
...................................
1,203,389,837
j
Senior
Floating
Rate
Interests
1.4%
Aerospace
&
Defense
0.1%
f,h
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
PIK,
14
%
,
3/06/25
.............
United
Kingdom
1,219,410
1,027,048
k
Cobham
Ultra
SeniorCo
SARL
,
CME
Term
Loan,
B
,
9.012
%
,
(
6-month
SOFR
+
3.5
%
),
8/03/29
........................
Luxembourg
540,000
530,383
1,557,431
a
a
a
a
a
a
k
Air
Freight
&
Logistics
0.1%
h
GN
Loanco
LLC
,
CME
Term
Loan,
B
,
9.816
%
,
(
1-month
SOFR
+
4.5
%
),
12/19/30
.....................................
United
States
540,000
527,008
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
j
Senior
Floating
Rate
Interests
(continued)
k
Air
Freight
&
Logistics
(continued)
Rand
Parent
LLC
,
First
Lien,
CME
Term
Loan,
B
,
9.559
%
,
(
3-month
SOFR
+
4.25
%
),
3/17/30
..............................
United
States
563,964
$
567,525
1,094,533
a
a
a
a
a
a
k
Automobile
Components
0.1%
DexKo
Global,
Inc.
,
First
Lien,
Closing
Date
CME
Term
Loan
,
9.321
%
,
(
3-month
SOFR
+
3.75
%
),
10/04/28
...............
United
States
550,798
547,606
First
Brands
Group
LLC
,
First
Lien,
2021
CME
Term
Loan,
10.591%,
(3-month
SOFR
+
5%),
3/30/27
...........................................
United
States
355,700
340,939
Second
Lien,
2021
CME
Term
Loan,
14.141%,
(3-month
SOFR
+
8.5%),
3/30/28
......................................
United
States
296,984
283,620
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.916
%
,
(
1-month
SOFR
+
4.5
%
),
11/09/27
...........
United
States
126,658
127,079
Tenneco,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
10.17
%
,
(
3-month
SOFR
+
5
%
),
11/17/28
................................
United
States
568,793
558,450
TI
Group
Automotive
Systems
LLC
,
Refinancing
U.S.
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
12/16/26
...........
United
States
84,969
85,323
1,943,017
a
a
a
a
a
a
Automobiles
0.0%
†
k
American
Trailer
World
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
................
United
States
217,011
213,282
Beverages
0.0%
†
k
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.814
%
,
(
3-month
SOFR
+
3.25
%
),
3/31/28
................
United
States
554,122
552,631
k
Building
Products
0.0%
†
AZZ,
Inc.
,
Initial
CME
Term
Loan
,
8.566
%
,
(
1-month
SOFR
+
3.25
%
),
5/13/29
...........................................
United
States
190,071
191,462
EMRLD
Borrower
LP
,
Initial
CME
Term
Loan,
B
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
5/31/30
...............................
United
States
177,772
178,527
h
MIWD
Holdco
II
LLC
,
2024
Incremental
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
3/28/31
........................
United
States
80,838
81,310
Quikrete
Holdings,
Inc.
,
CME
Term
Loan,
B2
,
7.569
%
,
(
1-month
SOFR
+
2.25
%
),
3/19/29
..............................
United
States
117,795
118,047
Summit
Materials
LLC
,
CME
Term
Loan,
B2
,
7.799
%
,
(
3-month
SOFR
+
2.5
%
),
1/12/29
...............................
United
States
53,671
54,141
623,487
a
a
a
a
a
a
k
Capital
Markets
0.1%
Citadel
Securities
LP
,
CME
Term
Loan
,
7.566
%
,
(
1-month
SOFR
+
2.25
%
),
7/29/30
.....................................
United
States
117,818
118,186
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
4/07/28
.....
United
States
610,076
611,156
First
Eagle
Holdings,
Inc.
,
CME
Term
Loan,
B2
,
8.334
%
,
(
3-month
SOFR
+
3
%
),
3/05/29
.................................
United
States
540,000
534,978
h
Jane
Street
Group
LLC
,
2024
Repricing
CME
Term
Loan
,
7.93
%
,
(
1-month
SOFR
+
2.5
%
),
1/26/28
........................
United
States
536,423
537,490
Osmosis
Buyer
Ltd.
,
2022
Refinancing
CME
Term
Loan,
B,
9.324%,
(1-month
SOFR
+
4%),
7/31/28
.......................................
United
Kingdom
119,285
119,833
2023
Incremental
Delayed
Draw
CME
Term
Loan,
9.567%,
(1-month
SOFR
+
4.25%),
7/31/28
.......................
United
Kingdom
47,140
47,435
1,969,078
a
a
a
a
a
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
176
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j
Senior
Floating
Rate
Interests
(continued)
Chemicals
0.1%
k
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan,
9.976%,
(3-month
SOFR
+
4.5%),
3/15/29
......................................
United
States
559,507
$
551,159
Second
Lien,
Initial
CME
Term
Loan,
12.853%,
(1-month
SOFR
+
7.438%),
3/15/30
....................................
United
States
196,838
176,761
h,k
Indicor
LLC
,
First
Lien,
Dollar
CME
Term
Loan,
B
,
9.302
%
,
(
3-month
SOFR
+
4
%
),
11/22/29
................................
United
States
100,902
101,811
h,k
INEOS
Quattro
Holdings
UK
Ltd.
,
2029
Dollar
CME
Term
Loan,
B,
9.666%,
(1-month
SOFR
+
4.25%),
4/02/29
.....................................
United
Kingdom
116,577
116,504
2030
Dollar
CME
Term
Loan,
B,
9.166%,
(1-month
SOFR
+
3.75%),
3/14/30
.....................................
United
Kingdom
420,000
419,740
h,k
INEOS
US
Finance
LLC
,
2027-II
Dollar
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
11/08/27
......................
Luxembourg
232,472
233,573
k
LSF11
A5
Holdco
LLC
,
Fourth
Amendment
Incremental
CME
Term
Loan,
B
,
9.666
%
,
(
1-month
SOFR
+
4.25
%
),
10/15/28
........
United
States
182,468
183,198
k
Nouryon
Finance
BV
,
2023
CME
Term
Loan
,
9.423
%
,
(
1-month
SOFR
+
4
%
),
4/03/28
.................................
Netherlands
143,923
144,373
k
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.706
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................................
United
States
304,278
300,407
SCIH
Salt
Holdings,
Inc.
,
l
CME
Term
Loan,
B,
TBD,
3/16/27
........................
United
States
540,000
542,025
k
First
Lien,
Incremental
CME
Term
Loan,
B1,
9.442%,
(1-month
SOFR
+
4%),
3/16/27
.................................
United
States
117,333
117,773
2,887,324
a
a
a
a
a
a
k
Commercial
Services
&
Supplies
0.1%
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
5/12/28
................
United
States
184,895
185,241
h
APX
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.194
%
,
(
1-month
SOFR
+
2.75%;
3-month
SOFR
+
1.75%
),
7/10/28
..................
United
States
179,344
179,818
CCI
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.302
%
,
(
3-month
SOFR
+
4
%
),
12/17/27
................................
United
States
540,546
540,884
h
Covanta
Holding
Corp.
,
Initial
CME
Term
Loan,
B,
7.816%,
(1-month
SOFR
+
2.5%),
11/30/28
..........................................
United
States
501,656
502,305
Initial
CME
Term
Loan,
C,
7.827%,
(1-month
SOFR
+
2.5%),
11/30/28
..........................................
United
States
38,344
38,394
PG
Investment
Co.
59
SARL
,
Initial
CME
Term
Loan
,
8.812
%
,
(
3-month
SOFR
+
3.5
%
),
3/26/31
........................
Luxembourg
186,017
186,908
Pitney
Bowes,
Inc.
,
Refinancing
CME
Term
Loan,
B
,
9.43
%
,
(
1-month
SOFR
+
4
%
),
3/17/28
.........................
United
States
629,227
628,963
Spin
Holdco,
Inc.
,
Initial
CME
Term
Loan
,
9.585
%
,
(
3-month
SOFR
+
4
%
),
3/04/28
.......................................
United
States
302,847
268,209
2,530,722
a
a
a
a
a
a
Communications
Equipment
0.0%
†
k
CommScope,
Inc.
,
Initial
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
4/06/26
.....................................
United
States
127,581
112,803
k
Construction
&
Engineering
0.1%
h
Chromalloy
Corp.
,
CME
Term
Loan
,
9.058
%
,
(
3-month
SOFR
+
3.75
%
),
3/27/30
.....................................
United
States
559,972
563,473
Radar
Bidco
SARL
,
USD
CME
Term
Loan,
B
,
9.558
%
,
(
3-month
SOFR
+
4.25
%
),
4/04/31
..............................
Luxembourg
175,325
176,201
USIC
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.064
%
,
(
3-month
SOFR
+
3.5
%
),
5/12/28
........................
United
States
555,758
556,197
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
j
Senior
Floating
Rate
Interests
(continued)
k
Construction
&
Engineering
(continued)
Zekelman
Industries,
Inc.
,
2024
CME
Term
Loan
,
7.568
%
,
(
1-month
SOFR
+
2.25
%
),
1/24/31
..............................
United
States
540,000
$
541,350
1,837,221
a
a
a
a
a
a
Consumer
Finance
0.0%
†
h,k
Nuvei
Technologies
Corp.
,
Initial
CME
Term
Loan
,
8.416
%
,
(
1-month
SOFR
+
3
%
),
12/19/30
................................
Canada
78,509
78,755
Containers
&
Packaging
0.1%
k
Charter
Next
Generation,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.816
%
,
(
1-month
SOFR
+
3.5
%
),
12/01/27
................
United
States
116,669
117,239
k
Kleopatra
Finco
SARL
,
USD
CME
Term
Loan,
B
,
10.267
%
,
(
6-month
SOFR
+
4.725
%
),
2/12/26
.............................
Luxembourg
406,552
368,609
h,k
LC
Ahab
US
Bidco
LLC
,
CME
Term
Loan,
B
,
8.816
%
,
(
1-month
SOFR
+
3.5
%
),
4/11/31
...............................
United
States
118,162
118,162
k
Pactiv
Evergreen,
Inc.
,
U.S.
CME
Term
Loan,
B3
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
9/24/28
..............................
United
States
81,767
82,295
h,l
SupplyOne,
Inc.
,
Seven
Year
CME
Term
Loan,
B
,
TBD,
3/27/31
...
United
States
540,000
542,362
1,228,667
a
a
a
a
a
a
Diversified
Consumer
Services
0.0%
†
k
WW
International,
Inc.
,
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
4/13/28
...............................
United
States
178,190
81,439
k
Diversified
Telecommunication
Services
0.0%
†
Altice
France
SA
,
USD
CME
Term
Loan,
B14
,
10.829
%
,
(
3-month
SOFR
+
5.5
%
),
8/15/28
...............................
France
73,021
55,062
Global
Tel*Link
Corp.
,
First
Lien,
CME
Term
Loan
,
9.666
%
,
(
1-month
SOFR
+
4.25
%
),
11/29/25
.............................
United
States
246,764
242,831
297,893
a
a
a
a
a
a
Electric
Utilities
0.0%
†
h,k
NRG
Energy,
Inc.
,
CME
Term
Loan
,
7.328
%
,
(
3-month
SOFR
+
2
%
),
3/27/31
...........................................
United
States
540,000
542,786
Entertainment
0.0%
†
k
Banijay
Entertainment
SAS
,
USD
CME
Term
Loan,
B2
,
8.579
%
,
(
1-month
SOFR
+
3.25
%
),
3/01/28
.......................
France
153,932
154,606
h,l
Entain
Holdings
Gibraltar
Ltd.
,
CME
Term
Loan,
B
,
TBD,
1/01/28
..
United
Kingdom
277,126
276,780
k
Playtika
Holding
Corp.
,
CME
Term
Loan,
B1
,
8.18
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
...................................
United
States
121,368
121,607
552,993
a
a
a
a
a
a
k
Financial
Services
0.0%
†
Red
Planet
Borrower
LLC
,
Initial
CME
Term
Loan
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
10/02/28
.............................
United
States
123,283
121,103
h
Verscend
Holding
Corp.
,
CME
Term
Loan,
B1
,
9.445
%
,
(
1-month
SOFR
+
4
%
),
8/27/25
.................................
United
States
158,138
158,336
279,439
a
a
a
a
a
a
Food
Products
0.0%
†
k
Fiesta
Purchaser,
Inc.
,
Initial
CME
Term
Loan
,
9.317
%
,
(
1-month
SOFR
+
4
%
),
2/12/31
.................................
United
States
145,033
145,785
k
Ground
Transportation
0.0%
†
Avis
Budget
Car
Rental
LLC
,
New
CME
Term
Loan,
C
,
8.416
%
,
(
1-month
SOFR
+
3
%
),
3/16/29
.........................
United
States
535,555
534,329
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
j
Senior
Floating
Rate
Interests
(continued)
k
Ground
Transportation
(continued)
h
Savage
Enterprises
LLC
,
Initial
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
9/15/28
..............................
United
States
133,443
$
134,194
668,523
a
a
a
a
a
a
k
Health
Care
Equipment
&
Supplies
0.0%
†
Bausch
+
Lomb
Corp.
,
Initial
CME
Term
Loan
,
8.669
%
,
(
1-month
SOFR
+
3.25
%
),
5/10/27
..............................
United
States
538,629
536,006
Medline
Borrower
LP
,
Refinancing
CME
Term
Loan
,
8.068
%
,
(
1-month
SOFR
+
2.75
%
),
10/23/28
......................
United
States
100,864
101,244
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
CME
Term
Loan
,
10.702
%
,
(
3-month
SOFR
+
5.25
%
),
12/15/27
....................................
United
States
109,982
110,383
747,633
a
a
a
a
a
a
Health
Care
Providers
&
Services
0.1%
k
ADMI
Corp.
,
Amendment
No.
4
Refinancing
CME
Term
Loan
,
8.805
%
,
(
1-month
SOFR
+
3.375
%
),
12/23/27
..............
United
States
590,455
570,843
k
Charlotte
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
10.571
%
,
(
1-month
SOFR
+
5.25
%
),
2/11/28
.......................
United
States
181,324
182,400
k
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.83
%
,
(
3-month
SOFR
+
3.5
%
),
11/08/27
.......................
United
States
77,395
77,755
h,l
DaVita,
Inc.
,
CME
Term
Loan,
B1
,
TBD,
1/01/28
..............
United
States
540,000
537,554
h,k
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.666
%
,
(
1-month
SOFR
+
3.25
%
),
11/01/28
...............
United
States
187,538
166,474
k
National
Mentor
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.659
%
,
(
3-month
SOFR
+
7.25
%
),
3/02/29
...............
United
States
296,984
265,060
k
Pacific
Dental
Services
LLC
,
Refinancing
CME
Term
Loan
,
8.571
%
,
(
1-month
SOFR
+
3.25
%
),
3/15/31
.......................
United
States
210,162
210,929
k
Radiology
Partners,
Inc.
,
CME
Term
Loan,
B
,
10.587
%
,
(
3-month
SOFR
+
5
%
),
1/31/29
.................................
United
States
275,646
265,195
k
Star
Parent,
Inc.
,
CME
Term
Loan
,
9.309
%
,
(
3-month
SOFR
+
4
%
),
9/27/30
...........................................
United
States
74,246
74,316
k
Surgery
Center
Holdings,
Inc.
,
Initial
CME
Term
Loan
,
8.815
%
,
(
1-month
SOFR
+
3.5
%
),
12/19/30
.......................
United
States
16,922
17,043
k
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.692
%
,
(
1-month
SOFR
+
4.25
%
),
10/01/28
...............
United
States
564,916
547,909
k
Waystar
Technologies,
Inc.
,
First
Lien,
2024
Initial
CME
Term
Loan
,
9.316
%
,
(
1-month
SOFR
+
4
%
),
10/22/29
..................
United
States
103,197
103,906
3,019,384
a
a
a
a
a
a
Health
Care
Technology
0.0%
†
k
athenahealth
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.566
%
,
(
1-month
SOFR
+
3.25
%
),
2/15/29
..............................
United
States
540,000
539,833
k
Hotels,
Restaurants
&
Leisure
0.1%
f
24
Hour
Fitness
Worldwide,
Inc.
,
CME
Term
Loan,
1
,
PIK,
6.571
%
,
(
3-month
SOFR
+
1
%
),
12/29/25
........................
United
States
669,138
329,884
h
Aramark
Intermediate
Holdco
Corp.
,
U.S.
CME
Term
Loan,
B7
,
7.316
%
,
(
1-month
SOFR
+
2
%
),
4/06/28
..................
United
States
540,000
540,958
Bally's
Corp.
,
CME
Term
Loan,
B
,
8.836
%
,
(
3-month
SOFR
+
3.25
%
),
10/02/28
....................................
United
States
495,354
467,723
Dave
&
Buster's,
Inc.
,
2024
Refinancing
CME
Term
Loan,
B
,
8.625
%
,
(
1-month
SOFR
+
3.25
%
),
6/29/29
.......................
United
States
120,184
120,752
h
Flutter
Entertainment
plc
,
CME
Term
Loan,
B
,
7.559
%
,
(
3-month
SOFR
+
2.25
%
),
11/25/30
.............................
Ireland
540,000
541,639
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
CME
Term
Loan
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
8/02/28
.................
United
States
105,456
105,739
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
j
Senior
Floating
Rate
Interests
(continued)
k
Hotels,
Restaurants
&
Leisure
(continued)
Ontario
Gaming
GTA
LP
,
CME
Term
Loan,
B
,
9.559
%
,
(
3-month
SOFR
+
4.25
%
),
8/01/30
..............................
Canada
58,386
$
58,775
Raptor
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.59
%
,
(
3-month
SOFR
+
4
%
),
11/01/26
........................
United
States
157,188
157,974
Scientific
Games
Holdings
LP
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.556
%
,
(
3-month
SOFR
+
3.25
%
),
4/04/29
...........
United
States
531,350
532,221
2,855,665
a
a
a
a
a
a
Household
Durables
0.0%
†
k
Hunter
Douglas
Holding
BV
,
CME
Term
Loan,
B1
,
8.824
%
,
(
3-month
SOFR
+
3.5
%
),
2/26/29
...............................
Netherlands
537,357
534,576
k
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
h
Calpine
Construction
Finance
Co.
LP
,
Refinancing
CME
Term
Loan
,
7.566
%
,
(
1-month
SOFR
+
2.25
%
),
7/31/30
................
United
States
540,000
540,491
h
Calpine
Corp.
,
2019
CME
Term
Loan
,
7.33
%
,
(
1-month
SOFR
+
2
%
),
1/31/31
...........................................
United
States
540,000
539,830
1,080,321
a
a
a
a
a
a
k
Insurance
0.1%
Acrisure
LLC
,
First
Lien,
2021-1
Additional
Term
Loan,
9.18%,
(1-month
Synthetic
USD
LIBOR
+
3.75%),
2/15/27
..........................
United
States
119,927
120,226
First
Lien,
2021-2
Additional
Term
Loan,
9.68%,
(1-month
Synthetic
USD
LIBOR
+
4.25%),
2/15/27
..........................
United
States
81,889
82,264
h
AssuredPartners,
Inc.
,
2024
CME
Term
Loan
,
8.827
%
,
(
1-month
SOFR
+
3.5
%
),
2/14/31
...............................
United
States
228,064
229,320
Asurion
LLC
,
New
CME
Term
Loan,
B10,
9.416%,
(1-month
SOFR
+
4%),
8/19/28
...........................................
United
States
69,476
67,662
h
New
CME
Term
Loan,
B11,
9.666%,
(1-month
SOFR
+
4.25%),
8/19/28
...........................................
United
States
544,036
531,967
Second
Lien,
New
CME
Term
Loan,
B4,
10.68%,
(1-month
SOFR
+
5.25%),
1/20/29
...................................
United
States
663,780
600,306
1,631,745
a
a
a
a
a
a
k
IT
Services
0.0%
†
Aventiv
Technologies
LLC
,
h
First
Lien,
Initial
CME
Term
Loan,
10.461%,
(3-month
SOFR
+
4.89%),
11/01/24
....................................
United
States
405,768
302,299
First
Lien,
Second-Out
CME
Term
Loan,
13.071%,
(3-month
SOFR
+
7.5%),
7/31/25
....................................
United
States
7,857
7,955
h
Second
Lien,
CME
Term
Loan,
14.221%,
(3-month
SOFR
+
8.912%),
11/01/25
...................................
United
States
1,670,746
307,000
Gainwell
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.409
%
,
(
3-month
SOFR
+
4
%
),
10/01/27
........................
United
States
240,721
230,265
Peraton
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.166
%
,
(
1-month
SOFR
+
3.75
%
),
2/01/28
..............................
United
States
63,325
63,427
910,946
a
a
a
a
a
a
k
Leisure
Products
0.0%
†
19th
Holdings
Golf
LLC
,
Initial
CME
Term
Loan
,
8.673
%
,
(
1-month
SOFR
+
3.25
%
),
2/07/29
..............................
United
States
498,731
493,123
Topgolf
Callaway
Brands
Corp.
,
Initial
CME
Term
Loan
,
8.316
%
,
(
1-month
SOFR
+
3
%
),
3/15/30
.........................
United
States
498,741
501,057
994,180
a
a
a
a
a
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j
Senior
Floating
Rate
Interests
(continued)
k
Machinery
0.0%
†
CD&R
Hydra
Buyer,
Inc.
,
First
Refinancing
CME
Term
Loan
,
9.42
%
,
(
3-month
SOFR
+
4
%
),
3/25/31
.........................
United
States
310,345
$
313,448
Crosby
US
Acquisition
Corp.
,
Amendment
No.
3
Replacement
CME
Term
Loan
,
9.316
%
,
(
1-month
SOFR
+
4
%
),
8/16/29
.........
United
States
225,188
227,064
540,512
a
a
a
a
a
a
k
Media
0.0%
†
Cengage
Learning,
Inc.
,
CME
Term
Loan,
B
,
9.565
%
,
(
1-month
SOFR
+
4.25
%
),
3/24/31
..............................
United
States
148,793
149,272
Gray
Television,
Inc.
,
CME
Term
Loan,
D
,
8.442
%
,
(
1-month
SOFR
+
3
%
),
12/01/28
......................................
United
States
223,754
210,964
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2023
May
Incremental
CME
Term
Loan
,
9.566
%
,
(
1-month
SOFR
+
4.25
%
),
5/03/28
...........................................
United
States
542,693
541,583
Univision
Communications,
Inc.
,
First
Lien,
2021
Replacement
Converted
CME
Term
Loan
,
8.68
%
,
(
1-month
SOFR
+
3.25
%
),
3/15/26
...........................................
United
States
187,043
187,404
1,089,223
a
a
a
a
a
a
Metals
&
Mining
0.0%
†
k
Arsenal
AIC
Parent
LLC
,
2024
CME
Term
Loan,
B
,
9.08
%
,
(
1-month
SOFR
+
3.75
%
),
8/18/30
..............................
United
States
68,345
68,943
Oil,
Gas
&
Consumable
Fuels
0.0%
†
k
Oryx
Midstream
Services
Permian
Basin
LLC
,
2024
Refinancing
CME
Term
Loan
,
8.436
%
,
(
1-month
SOFR
+
3
%
),
10/05/28
....
United
States
498,750
500,977
k
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
CME
Term
Loan
,
10.336
%
,
(
3-month
SOFR
+
4.75
%
),
4/20/28
......
United
States
104,399
108,717
Air
Canada
,
CME
Term
Loan
,
7.833
%
,
(
3-month
SOFR
+
2.5
%
),
3/21/31
...........................................
Canada
88,945
89,668
American
Airlines,
Inc.
,
Initial
CME
Term
Loan
,
8.775
%
,
(
6-month
SOFR
+
3.5
%
),
6/04/29
...............................
United
States
178,190
179,044
h
Kestrel
Bidco,
Inc.
,
Initial
CME
Term
Loan
,
9.048
%
,
(
3-month
SOFR
+
3.75
%
),
2/14/31
...................................
Canada
540,000
541,658
United
Airlines,
Inc.
,
2024
CME
Term
Loan,
B
,
8.076
%
,
(
3-month
SOFR
+
2.75
%
),
2/22/31
..............................
United
States
224,395
225,622
1,144,709
a
a
a
a
a
a
k
Pharmaceuticals
0.0%
†
Endo
Luxembourg
Finance
Co.
I
SARL
,
Term
Loan,
B
,
9.828
%
,
(
3-month
SOFR
+
4.5
%
),
4/09/31
........................
United
States
166,256
166,028
Grifols
Worldwide
Operations
Ltd.
,
Dollar
CME
Term
Loan,
B
,
7.459
%
,
(
3-month
SOFR
+
2
%
),
11/15/27
..................
Spain
88,632
86,831
h
Jazz
Pharmaceuticals
plc
,
Additional
Dollar
CME
Term
Loan,
B1
,
8.43
%
,
(
1-month
SOFR
+
3
%
),
5/05/28
...................
United
States
181,363
182,639
Organon
&
Co.
,
Dollar
CME
Term
Loan
,
8.433
%
,
(
1-month
SOFR
+
3
%
),
6/02/28
.......................................
United
States
116,411
117,193
552,691
a
a
a
a
a
a
k
Professional
Services
0.0%
†
h
CoreLogic,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
540,000
523,800
h
Inizio
Group
Ltd.
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
9.659
%
,
(
3-month
SOFR
+
4.25
%
),
8/19/28
.......................
United
Kingdom
540,000
541,350
1,065,150
a
a
a
a
a
a
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
181
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j
Senior
Floating
Rate
Interests
(continued)
Real
Estate
Management
&
Development
0.0%
†
k
Cushman
&
Wakefield
US
Borrower
LLC
,
2024-1
CME
Term
Loan
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
1/31/30
................
United
States
538,650
$
541,343
Semiconductors
&
Semiconductor
Equipment
0.0%
†
k
MKS
Instruments,
Inc.
,
2023-1
Dollar
CME
Term
Loan,
B
,
7.823
%
,
(
1-month
SOFR
+
2.5
%
),
8/17/29
........................
United
States
162,419
162,927
k
Software
0.1%
AppLovin
Corp.
,
2024
Initial
CME
Term
Loan
,
7.816
%
,
(
1-month
SOFR
+
2.5
%
),
8/16/30
...............................
United
States
302,730
303,026
h
Flexera
Software
LLC
,
First
Lien,
CME
Term
Loan,
B1
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
.......................
United
States
50,847
51,059
Genesys
Cloud
Services
Holdings
I
LLC
,
2024
Incremental
No.
2
Dollar
CME
Term
Loan
,
8.816
%
,
(
1-month
SOFR
+
3.5
%
),
12/01/27
..........................................
United
States
172,433
173,433
Idera,
Inc.
,
First
Lien,
CME
Term
Loan,
B1
,
9.206
%
,
(
3-month
SOFR
+
3.75
%
),
3/02/28
...................................
United
States
534,952
533,572
h
IGT
Holding
IV
AB
,
CME
Term
Loan,
B2
,
8.998
%
,
(
3-month
SOFR
+
4.75
%
),
3/31/28
.....................................
Sweden
540,000
542,362
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
CME
Term
Loan,
9.814%,
(3-month
SOFR
+
4.25%),
12/01/27
......................
United
States
317,273
295,560
First
Lien,
First
Amendment
CME
Term
Loan,
9.555%,
(3-month
SOFR
+
4%),
12/01/27
................................
United
States
36,244
33,571
McAfee
Corp.
,
CME
Term
Loan,
B1
,
9.177
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
.....................................
United
States
533,996
535,852
Polaris
Newco
LLC
,
First
Lien,
Dollar
CME
Term
Loan
,
9.591
%
,
(
3-month
SOFR
+
4
%
),
6/02/28
.........................
United
States
233,707
232,621
Rocket
Software,
Inc.
,
Extended
Dollar
CME
Term
Loan
,
10.066
%
,
(
1-month
SOFR
+
4.75
%
),
11/28/28
......................
United
States
118,866
118,374
Sovos
Compliance
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.93
%
,
(
1-month
SOFR
+
4.5
%
),
8/11/28
........................
United
States
460,000
455,269
VS
Buyer
LLC
,
2024
Refinancing
Initial
CME
Term
Loan
,
8.569
%
,
(
1-month
SOFR
+
3.25
%
),
4/12/31
.......................
United
States
123,288
123,792
3,398,491
a
a
a
a
a
a
k
Specialty
Retail
0.1%
Evergreen
AcqCo
1
LP
,
Initial
CME
Term
Loan
,
9.36
%
,
(
3-month
SOFR
+
3.75
%
),
4/26/28
..............................
United
States
123,363
124,057
GNC
Holdings,
Inc.
,
Second
Lien,
CME
Term
Loan
,
11.427
%
,
(
1-month
SOFR
+
6
%
),
10/07/26
........................
United
States
867,290
693,832
Great
Outdoors
Group
LLC
,
CME
Term
Loan,
B2
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
3/06/28
..............................
United
States
129,387
129,607
h
Harbor
Freight
Tools
USA,
Inc.
,
Initial
CME
Term
Loan
,
8.18
%
,
(
1-month
SOFR
+
2.75
%
),
10/19/27
......................
United
States
540,000
541,158
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.821
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
..............................
United
States
170,551
159,445
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.814
%
,
(
3-month
SOFR
+
3.25
%
),
12/28/27
......................
United
States
66,076
65,361
Petco
Health
&
Wellness
Co.,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.821
%
,
(
3-month
SOFR
+
3.25
%
),
3/03/28
................
United
States
540,000
468,971
RealTruck
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.93
%
,
(
1-month
SOFR
+
3.5
%
),
1/31/28
...............................
United
States
180,751
179,735
Restoration
Hardware,
Inc.
,
2022
Incremental
CME
Term
Loan
,
8.666
%
,
(
1-month
SOFR
+
3.25
%
),
10/20/28
...............
United
States
247,545
244,450
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
10.443
%
,
(
1-month
Synthetic
USD
LIBOR
+
5
%
),
4/16/26
.............
United
States
271,616
268,760
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j
Senior
Floating
Rate
Interests
(continued)
k
Specialty
Retail
(continued)
White
Cap
Supply
Holdings
LLC
,
Initial
Closing
Date
CME
Term
Loan
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
10/19/27
..........
United
States
61,668
$
61,961
2,937,337
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
h,l
Infloblox,
Inc.
,
CME
Term
Loan,
B
,
TBD,
1/01/38
..............
United
States
304,397
304,930
k
Magenta
Buyer
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
10.574
%
,
(
3-month
SOFR
+
5
%
),
7/27/28
.........................
United
States
191,868
97,912
402,842
a
a
a
a
a
a
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
k
Hanesbrands,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.066
%
,
(
1-month
SOFR
+
3.75
%
),
3/08/30
..............................
United
States
535,539
536,653
k
Transportation
Infrastructure
0.0%
†
First
Student
Bidco,
Inc.
,
Initial
CME
Term
Loan,
B,
8.564%,
(3-month
SOFR
+
3%),
7/21/28
United
States
412,593
413,657
Initial
CME
Term
Loan,
C,
8.564%,
(3-month
SOFR
+
3%),
7/21/28
United
States
125,490
125,814
LaserShip,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
10.071
%
,
(
3-month
SOFR
+
4.5
%
),
5/07/28
........................
United
States
195,940
184,183
723,654
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$45,304,857)
..........................
45,177,544
m
Marketplace
Loans
1.3%
a
Financial
Services
1.3%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$46,901,976)
....................................
40,969,156
Foreign
Government
and
Agency
Securities
2.4%
d
African
Export-Import
Bank
(The)
,
Senior
Bond,
144A,
3.994%,
9/21/29
.....................
Supranational
n
1,400,000
1,245,420
Senior
Bond,
144A,
3.798%,
5/17/31
.....................
Supranational
n
11,600,000
9,775,274
d
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
n
10,700,000
10,126,587
Colombia
Government
Bond
,
Senior
Bond
,
5
%
,
6/15/45
........
Colombia
8,800,000
6,096,776
d
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
12,200,000
9,899,485
d
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
144A,
3.75
%
,
1/15/31
...........................................
Chile
6,500,000
5,691,640
d
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
......
France
2,100,000
2,109,098
d
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
3,900,000
3,887,484
d
Panama
Government
Bond
,
Senior
Note
,
144A,
3.75
%
,
4/17/26
..
Panama
5,700,000
5,383,650
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.........
Peru
8,000,000
6,659,200
Petroleos
Mexicanos
,
Senior
Bond
,
6.625
%
,
6/15/35
...........
Mexico
6,000,000
4,436,735
d
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
.
Romania
9,500,000
8,914,800
Total
Foreign
Government
and
Agency
Securities
(Cost
$91,030,125)
..............
74,226,149
U.S.
Government
and
Agency
Securities
21.2%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
9,300,000
6,736,798
U.S.
Treasury
Bonds
,
1.125%,
5/15/40
.....................................
United
States
4,000,000
2,356,406
1.75%,
8/15/41
.....................................
United
States
73,200,000
46,500,586
3.875%,
2/15/43
.....................................
United
States
12,800,000
11,185,500
2.5%,
5/15/46
......................................
United
States
9,000,000
6,088,184
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Bonds,
(continued)
2.25%,
8/15/46
.....................................
United
States
45,800,000
$
29,379,985
2.75%,
11/15/47
.....................................
United
States
25,500,000
17,839,043
3.125%,
5/15/48
.....................................
United
States
16,500,000
12,365,332
2.875%,
5/15/49
.....................................
United
States
16,350,000
11,623,189
2.25%,
8/15/49
.....................................
United
States
39,000,000
24,218,086
1.25%,
5/15/50
.....................................
United
States
47,800,000
22,594,836
1.875%,
11/15/51
....................................
United
States
83,850,000
46,520,373
3.625%,
5/15/53
.....................................
United
States
6,000,000
4,905,469
U.S.
Treasury
Notes
,
0.25%,
9/30/25
.....................................
United
States
38,500,000
35,939,599
0.375%,
11/30/25
....................................
United
States
128,000,000
118,840,000
0.375%,
12/31/25
....................................
United
States
41,000,000
37,928,203
o
Index
Linked,
0.625%,
1/15/26
..........................
United
States
35,400,000
44,712,218
0.75%,
5/31/26
.....................................
United
States
2,000,000
1,832,734
1.875%,
2/28/27
.....................................
United
States
27,900,000
25,696,336
2.75%,
4/30/27
.....................................
United
States
138,300,000
130,207,290
3.25%,
6/30/27
.....................................
United
States
18,100,000
17,261,461
Total
U.S.
Government
and
Agency
Securities
(Cost
$749,717,031)
................
654,731,628
Asset-Backed
Securities
8.4%
Financial
Services
8.4%
d,k
Antares
CLO
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
7.236
%
,
(
3-month
SOFR
+
1.912
%
),
4/20/31
.
..................................
United
States
12,900,000
12,892,998
d,k
Bain
Capital
Credit
CLO
Ltd.
,
2018-1A,
A1,
144A,
FRN,
6.548%,
(3-month
SOFR
+
1.222%),
4/23/31
...........................................
United
States
9,034,691
9,070,025
2018-1A,
A2,
144A,
FRN,
6.738%,
(3-month
SOFR
+
1.412%),
4/23/31
...........................................
United
States
5,100,000
5,106,311
d,k
Barings
CLO
Ltd.
,
2018-4A
,
A1R
,
144A,
FRN
,
6.479
%
,
(
3-month
SOFR
+
1.15
%
),
10/15/30
.
.............................
United
States
16,120,000
16,120,013
d,k
Carlyle
Direct
Lending
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
7.79
%
,
(
3-month
SOFR
+
2.462
%
),
10/15/31
.
....................
United
States
10,000,000
10,042,054
d,k
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2014-1A,
A1R2,
144A,
FRN,
6.549%,
(3-month
SOFR
+
1.232%),
4/17/31
...........................................
United
States
509,737
509,986
2014-1A,
A2R2,
144A,
FRN,
6.709%,
(3-month
SOFR
+
1.392%),
4/17/31
...........................................
United
States
6,300,000
6,289,415
2015-4A,
A1RR,
144A,
FRN,
6.545%,
(3-month
SOFR
+
1.22%),
7/20/32
...........................................
United
States
15,290,000
15,343,516
d,k
CIFC
Funding
Ltd.
,
2022-2A,
A1,
144A,
FRN,
6.647%,
(3-month
SOFR
+
1.32%),
4/19/35
...........................................
United
States
23,690,000
23,757,690
2024-2A,
A1,
144A,
FRN,
6.85%,
(3-month
SOFR
+
1.52%),
4/22/37
...........................................
United
States
7,200,000
7,200,000
d,p
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
13.482%,
8/15/44
................
United
States
113,001
107,723
2019-31,
PT,
144A,
FRN,
9.601%,
9/15/44
.................
United
States
112,357
104,600
2019-37,
PT,
144A,
FRN,
15.123%,
10/17/44
...............
United
States
139,222
132,790
2019-42,
PT,
144A,
FRN,
14.183%,
11/15/44
...............
United
States
147,858
140,166
2019-51,
PT,
144A,
FRN,
13.703%,
1/15/45
................
United
States
232,887
221,124
2019-52,
PT,
144A,
FRN,
14.256%,
1/15/45
................
United
States
201,208
190,861
2019-S2,
PT,
144A,
FRN,
13.654%,
5/16/44
................
United
States
15,607
15,372
2019-S3,
PT,
144A,
FRN,
9.085%,
6/15/44
.................
United
States
16,593
16,240
2019-S4,
PT,
144A,
FRN,
4.658%,
8/15/44
.................
United
States
43,056
42,112
2019-S5,
PT,
144A,
FRN,
6.992%,
9/15/44
.................
United
States
71,762
68,212
2019-S6,
PT,
144A,
FRN,
7.352%,
10/17/44
................
United
States
101,631
96,147
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d,p
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I,
(continued)
2019-S7,
PT,
144A,
FRN,
7.153%,
12/15/44
................
United
States
87,786
$
83,252
2019-S8,
PT,
144A,
FRN,
8.461%,
1/15/45
.................
United
States
118,364
111,478
2020-2,
PT,
144A,
FRN,
14.818%,
3/15/45
.................
United
States
235,124
221,863
2020-7,
PT,
144A,
FRN,
13.611%,
4/17/45
.................
United
States
158,546
147,628
d,k
Cook
Park
CLO
Ltd.
,
2018-1A
,
A2
,
144A,
FRN
,
6.699
%
,
(
3-month
SOFR
+
1.382
%
),
4/17/30
.
.............................
United
States
6,000,000
6,001,739
k
CWABS,
Inc.
,
2004-1
,
M1
,
FRN
,
6.181
%
,
(
1-month
SOFR
+
0.864
%
),
3/25/34
.
...................................
United
States
132,499
132,013
d,k
Dryden
97
CLO
Ltd.
,
2022-97A
,
A
,
144A,
FRN
,
6.625
%
,
(
3-month
SOFR
+
1.3
%
),
4/20/35
.
...............................
United
States
17,750,000
17,750,887
d,k
Ellington
CLO
III
Ltd.
,
2018-3A,
A1,
144A,
FRN,
7.236%,
(3-month
SOFR
+
1.912%),
7/20/30
...........................................
United
States
2,453,854
2,460,373
2018-3A,
A2R,
144A,
FRN,
7.336%,
(3-month
SOFR
+
2.012%),
7/20/30
...........................................
United
States
4,544,174
4,550,990
d
FirstKey
Homes
Trust
,
2020-SFR2
,
A
,
144A,
1.266
%
,
10/19/37
.
...
United
States
10,982,601
10,267,284
d,k
Galaxy
XXVII
CLO
Ltd.
,
2018-27A
,
A
,
144A,
FRN
,
6.607
%
,
(
3-month
SOFR
+
1.282
%
),
5/16/31
.
.............................
United
States
799,381
801,551
d
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
......................
United
States
15,253,304
13,863,162
2021-3,
B,
144A,
2.649%,
1/17/41
.......................
United
States
5,795,004
5,058,980
d,k
Logan
CLO
I
Ltd.
,
2021-1A
,
A
,
144A,
FRN
,
6.746
%
,
(
3-month
SOFR
+
1.422
%
),
7/20/34
.
..................................
United
States
4,750,000
4,755,061
d,k
Madison
Park
Funding
XXIX
Ltd.
,
2018-29A
,
AR
,
144A,
FRN
,
6.507
%
,
(
3-month
SOFR
+
1.18
%
),
10/18/30
.
...............
United
States
15,488,334
15,485,100
d,k
Neuberger
Berman
CLO
XVIII
Ltd.
,
2014-18A
,
A1BR
,
144A,
FRN
,
6.986
%
,
(
3-month
SOFR
+
1.662
%
),
10/21/30
.
..............
United
States
1,700,000
1,706,178
d
New
Economy
Assets
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
....................................
United
States
19,400,000
16,930,413
d,k
OCP
CLO
Ltd.
,
2014-6A
,
A1R2
,
144A,
FRN
,
6.467
%
,
(
3-month
SOFR
+
1.15
%
),
10/17/30
.
.............................
United
States
15,820,000
15,827,909
d,k
Octagon
Investment
Partners
35
Ltd.
,
2018-1A
,
A1B
,
144A,
FRN
,
6.686
%
,
(
3-month
SOFR
+
1.362
%
),
1/20/31
.
...............
United
States
3,325,000
3,326,179
d,k
Octagon
Investment
Partners
36
Ltd.
,
2018-1A,
A1,
144A,
FRN,
6.56%,
(3-month
SOFR
+
1.232%),
4/15/31
...........................................
United
States
15,885,104
15,908,932
2018-1A,
A2,
144A,
FRN,
6.79%,
(3-month
SOFR
+
1.462%),
4/15/31
...........................................
United
States
8,500,000
8,512,676
d,k
Pikes
Peak
CLO
6
,
2020-6A
,
AR2
,
144A,
FRN
,
6.751
%
,
(
3-month
SOFR
+
1.432
%
),
5/18/34
.
.............................
United
States
4,500,000
4,493,691
d,p
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
10.558%,
3/15/26
................
United
States
124,823
112,188
2020-PT2,
A,
144A,
FRN,
12.371%,
4/15/26
................
United
States
169,159
155,349
2020-PT3,
A,
144A,
FRN,
2.553%,
5/15/26
.................
United
States
56,535
47,152
d,k
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
7.79
%
,
(
3-month
SOFR
+
2.462
%
),
1/15/31
.
...................................
United
States
269,802
269,802
d,p
Upgrade
Master
Pass-Thru
Trust
,
2019-PT1,
A,
144A,
FRN,
12.058%,
6/15/25
................
United
States
18,587
16,092
2019-PT2,
A,
144A,
FRN,
11.192%,
2/15/26
................
United
States
102,928
101,672
d,k
Voya
CLO
Ltd.
,
2018-2A
,
A2
,
144A,
FRN
,
6.84
%
,
(
3-month
SOFR
+
1.512
%
),
7/15/31
.
...................................
United
States
1,500,000
1,502,348
258,069,297
a
a
a
a
a
a
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Ground
Transportation
0.0%
†
Union
Pacific
Railroad
Co.
Pass-Through
Trust
,
2005-1
,
5.082
%
,
1/02/29
.
...........................................
United
States
16,186
$
15,886
Passenger
Airlines
0.0%
†
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
..
United
States
756,000
738,611
Total
Asset-Backed
Securities
(Cost
$263,540,457)
..............................
258,823,794
Commercial
Mortgage-Backed
Securities
1.4%
Financial
Services
1.4%
p
Benchmark
Mortgage
Trust
,
2023-V3
,
A3
,
FRN
,
6.363
%
,
7/15/56
..
United
States
1,200,000
1,224,375
d,k
BX
Commercial
Mortgage
Trust
,
2021-VOLT
,
B
,
144A,
FRN
,
6.385
%
,
(
1-month
SOFR
+
1.064
%
),
9/15/36
......................
United
States
9,840,000
9,737,634
d,k
BX
Mortgage
Trust
,
2021-PAC
,
B
,
144A,
FRN
,
6.334
%
,
(
1-month
SOFR
+
1.013
%
),
10/15/36
............................
United
States
9,220,000
9,073,339
d,k
BX
Trust
,
2022-IND
,
A
,
144A,
FRN
,
6.812
%
,
(
1-month
SOFR
+
1.491
%
),
4/15/37
....................................
United
States
11,365,259
11,369,592
d,k
DBCG
Mortgage
Trust
,
2017-BBG
,
A
,
144A,
FRN
,
8.5
%
,
(
PRIME
+
0
%
),
6/15/34
.......................................
United
States
9,840,000
9,840,120
d,p
Eleven
Madison
Mortgage
Trust
,
2015-11MD
,
A
,
144A,
FRN
,
3.673
%
,
9/10/35
.....................................
United
States
3,255,000
3,050,956
44,296,016
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$44,799,168)
................
44,296,016
Mortgage-Backed
Securities
33.0%
q
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
4.397%,
(COFI
11th
District
+/-
MBS
Margin),
11/01/27
..
United
States
311,933
304,862
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
13.3%
FHLMC
Gold
Pool,
30
Year,
4.5%,
3/01/39
..................
United
States
492,641
469,067
FHLMC
Gold
Pool,
30
Year,
5%,
8/01/33
-
2/01/39
.............
United
States
3,072,428
2,995,405
FHLMC
Gold
Pool,
30
Year,
5.5%,
1/01/35
-
12/01/37
..........
United
States
290,795
290,034
FHLMC
Gold
Pool,
30
Year,
6%,
5/01/33
-
4/01/38
.............
United
States
362,188
367,008
FHLMC
Gold
Pool,
30
Year,
6.5%,
8/01/25
-
3/01/39
...........
United
States
294,493
301,584
FHLMC
Gold
Pool,
30
Year,
7%,
1/01/28
-
7/01/32
.............
United
States
17,774
18,189
FHLMC
Gold
Pool,
30
Year,
7.5%,
3/01/32
..................
United
States
6,418
6,650
FHLMC
Gold
Pool,
30
Year,
8%,
2/01/30
....................
United
States
4,387
4,480
FHLMC
Gold
Pool,
30
Year,
8.5%,
10/01/24
-
8/01/30
..........
United
States
702
727
FHLMC
Pool,
15
Year,
2%,
4/01/37
........................
United
States
4,527,735
3,904,001
FHLMC
Pool,
15
Year,
2.5%,
4/01/37
-
5/01/37
...............
United
States
8,497,950
7,535,190
FHLMC
Pool,
15
Year,
3%,
4/01/37
-
9/01/37
.................
United
States
5,413,670
4,914,438
FHLMC
Pool,
30
Year,
2%,
3/01/51
........................
United
States
49,981,522
38,091,660
FHLMC
Pool,
30
Year,
2%,
3/01/52
........................
United
States
39,447,898
29,853,617
FHLMC
Pool,
30
Year,
2%,
4/01/52
........................
United
States
72,158,372
54,601,368
FHLMC
Pool,
30
Year,
2%,
9/01/51
-
3/01/52
.................
United
States
4,660,234
3,524,049
FHLMC
Pool,
30
Year,
2.5%,
10/01/51
......................
United
States
36,480,279
29,023,494
FHLMC
Pool,
30
Year,
2.5%,
5/01/52
.......................
United
States
27,790,462
22,061,041
FHLMC
Pool,
30
Year,
2.5%,
1/01/52
.......................
United
States
608,777
482,324
FHLMC
Pool,
30
Year,
3%,
2/01/52
........................
United
States
63,767,403
52,860,502
FHLMC
Pool,
30
Year,
3%,
10/01/51
-
7/01/52
................
United
States
978,030
808,790
FHLMC
Pool,
30
Year,
3.5%,
6/01/52
-
12/01/52
..............
United
States
17,605,734
15,195,732
FHLMC
Pool,
30
Year,
4%,
8/01/52
........................
United
States
42,805,924
38,347,091
FHLMC
Pool,
30
Year,
4%,
5/01/53
-
11/01/53
................
United
States
8,058,475
7,213,464
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.......................
United
States
100,433,496
92,626,675
FHLMC
Pool,
30
Year,
4.5%,
5/01/54
.......................
United
States
4,333,000
3,994,756
FHLMC
Pool,
30
Year,
5%,
5/01/54
........................
United
States
1,022,000
968,911
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
30
Year,
6.5%,
2/01/54
.......................
United
States
290,518
$
292,886
410,753,133
q
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
4.397%
-
5.058%,
(COFI
11th
District
+/-
MBS
Margin),
12/01/27
-
9/01/34
...................................
United
States
778,493
750,511
FNMA,
5.698%,
(6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
10/01/32
.....................
United
States
45,779
45,456
FNMA,
5.845%
-
6.158%,
(1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
2/01/34
-
3/01/37
..........
United
States
274,101
275,004
FNMA,
6.279%
-
6.352%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
-
10/01/36
..................................
United
States
50,947
50,900
1,121,871
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
18.3%
FNMA,
15
Year,
2%,
4/01/37
.............................
United
States
4,792,210
4,133,567
FNMA,
15
Year,
3%,
9/01/37
-
10/01/37
.....................
United
States
4,742,353
4,305,034
FNMA,
30
Year,
2%,
2/01/52
.............................
United
States
4,436,809
3,355,928
FNMA,
30
Year,
2.5%,
2/01/51
-
5/01/52
....................
United
States
19,554,524
15,513,810
FNMA,
30
Year,
3%,
1/01/52
.............................
United
States
34,309,677
28,412,267
FNMA,
30
Year,
3%,
2/01/52
-
3/01/52
......................
United
States
6,121,326
5,061,089
FNMA,
30
Year,
3.5%,
12/01/52
...........................
United
States
33,779,392
29,148,310
FNMA,
30
Year,
4%,
1/01/54
-
4/01/54
......................
United
States
8,504,485
7,611,828
FNMA,
30
Year,
5%,
6/01/36
-
5/01/39
......................
United
States
581,346
565,180
FNMA,
30
Year,
5.5%,
6/01/33
-
8/01/37
....................
United
States
2,224,911
2,215,263
FNMA,
30
Year,
6%,
9/01/32
-
9/01/38
......................
United
States
2,380,036
2,410,300
FNMA,
30
Year,
6.5%,
8/01/28
-
5/01/54
....................
United
States
4,834,610
4,876,605
FNMA,
30
Year,
7%,
11/01/25
............................
United
States
605
618
FNMA,
30
Year,
7.5%,
1/01/30
...........................
United
States
3,223
3,291
FNMA,
30
Year,
8.5%,
4/01/30
-
5/01/32
....................
United
States
15,601
16,218
r
FNMA,
Single-family,
30
Year,
2%,
5/25/54
..................
United
States
80,530,000
60,800,887
r
FNMA,
Single-family,
30
Year,
2.5%,
5/25/54
.................
United
States
87,290,000
69,071,733
r
FNMA,
Single-family,
30
Year,
3.5%,
5/25/54
.................
United
States
33,130,000
28,557,895
r
FNMA,
Single-family,
30
Year,
4%,
5/25/54
..................
United
States
47,690,000
42,657,804
r
FNMA,
Single-family,
30
Year,
5%,
5/25/54
..................
United
States
98,683,000
93,518,317
r
FNMA,
Single-family,
30
Year,
5.5%,
5/25/54
.................
United
States
168,062,000
163,138,993
565,374,937
q
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.0%
†
GNMA
II,
3.75%
-
3.75%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
10/20/26
-
10/20/26
..................................
United
States
4,184
4,099
4,099
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.4%
GNMA
I,
30
Year,
7%,
10/15/27
-
6/15/31
....................
United
States
6,272
6,449
GNMA
I,
Single-family,
30
Year,
6%,
1/15/39
.................
United
States
47,777
49,240
GNMA
I,
Single-family,
30
Year,
6.5%,
10/15/31
-
7/15/38
........
United
States
8,278
8,533
GNMA
I,
Single-family,
30
Year,
7%,
4/15/28
.................
United
States
2,110
2,106
GNMA
I,
Single-family,
30
Year,
7.5%,
8/15/25
-
2/15/26
........
United
States
1,231
1,229
GNMA
II,
Single-family,
30
Year,
2%,
4/20/52
-
7/20/52
.........
United
States
20,850,683
16,438,845
GNMA
II,
Single-family,
30
Year,
2.5%,
6/20/52
-
7/20/52
........
United
States
17,911,115
14,703,404
GNMA
II,
Single-family,
30
Year,
3%,
10/20/49
................
United
States
24,152
20,709
r
GNMA
II,
Single-family,
30
Year,
5.5%,
5/15/54
...............
United
States
11,120,000
10,902,933
GNMA
II,
Single-family,
30
Year,
6%,
5/20/31
.................
United
States
1,091
1,108
GNMA
II,
Single-family,
30
Year,
6.5%,
3/20/28
-
3/20/54
........
United
States
423,067
433,455
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year,
7.5%,
8/20/30
-
1/20/33
........
United
States
17,323
$
17,601
42,585,612
Total
Mortgage-Backed
Securities
(Cost
$1,068,442,936)
.........................
1,020,144,514
Municipal
Bonds
1.9%
California
1.5%
California
Municipal
Finance
Authority
,
United
States
General
Services
Administration
,
Revenue
,
2020
,
2.519
%
,
10/01/35
....
United
States
9,575,000
6,679,523
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.............................
United
States
18,610,000
16,985,728
San
Bernardino
Community
College
District
,
GO,
2021,
Refunding,
2.686%,
8/01/41
...................
United
States
20,405,000
14,491,660
GO,
2021,
Refunding,
2.856%,
8/01/49
...................
United
States
11,880,000
7,656,907
45,813,818
Ohio
0.4%
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
...........................................
United
States
16,585,000
12,206,776
Texas
0.0%
†
City
of
Austin
,
Electric
Utility
,
Revenue
,
2019
C
,
Refunding
,
2.785
%
,
11/15/31
..........................................
United
States
370,000
318,335
Total
Municipal
Bonds
(Cost
$76,381,268)
......................................
58,338,929
Residential
Mortgage-Backed
Securities
3.3%
Capital
Markets
0.0%
†
k
Merrill
Lynch
Mortgage
Investors
Trust
,
2003-A
,
1A
,
FRN
,
6.171
%
,
(
1-month
SOFR
+
0.854
%
),
3/25/28
......................
United
States
116,777
110,336
Financial
Services
3.3%
d
BRAVO
Residential
Funding
Trust
,
2019-1,
A1C,
144A,
3.5%,
3/25/58
.......................
United
States
791,394
781,271
p
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
...................
United
States
3,395,758
3,174,507
d,p
CIM
Trust
,
2018-INV1,
A4,
144A,
FRN,
4%,
8/25/48
..................
United
States
1,036,534
928,835
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
..................
United
States
600,087
549,857
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
..................
United
States
1,710,782
1,548,367
d,p
Citigroup
Mortgage
Loan
Trust
,
2013-A
,
A
,
144A,
FRN
,
3
%
,
5/25/42
United
States
154,507
144,269
d,p
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
3,042,422
2,914,766
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
,
2004-6
,
3A1
,
5
%
,
1/25/38
........................................
Switzerland
74,230
42,328
k
FHLMC
STACR
Debt
Notes
,
2016-DNA2,
M3,
FRN,
10.095%,
(30-day
SOFR
Average
+
4.764%),
10/25/28
...................................
United
States
8,127,916
8,537,765
2016-HQA2,
M3,
FRN,
10.595%,
(30-day
SOFR
Average
+
5.264%),
11/25/28
...................................
United
States
8,383,589
8,891,145
d,k
FHLMC
STACR
REMIC
Trust
,
2022-DNA3
,
M1A
,
144A,
FRN
,
7.33
%
,
(
30-day
SOFR
Average
+
2
%
),
4/25/42
....................
United
States
4,669,072
4,720,386
k
FNMA
Connecticut
Avenue
Securities
,
2014-C02,
2M2,
FRN,
8.044%,
(30-day
SOFR
Average
+
2.714%),
5/25/24
...........................................
United
States
1,203,960
1,205,414
2014-C03,
2M2,
FRN,
8.345%,
(30-day
SOFR
Average
+
3.014%),
7/25/24
...........................................
United
States
311,279
312,097
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
d,p
J.P.
Morgan
Mortgage
Trust
,
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
14,716,508
$
12,618,222
2021-14,
A4,
144A,
FRN,
2.5%,
5/25/52
...................
United
States
11,781,320
10,053,861
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
6,956,851
5,926,067
d,p
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
...........................................
United
States
4,729,588
4,547,742
d,p
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...........
United
States
3,018,142
2,583,083
d,p
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
10,094,781
8,593,090
d,p
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
..........................................
United
States
1,632,937
1,348,077
d,p
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
17,559,159
15,171,872
d,p
Towd
Point
Mortgage
Trust
,
2017-1
,
A2
,
144A,
FRN
,
3.5
%
,
10/25/56
United
States
8,652,946
8,478,309
103,071,330
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$115,860,750)
................
103,181,666
Agency
Commercial
Mortgage-Backed
Securities
0.0%
†
Financial
Services
0.0%
†
k
FNMA
,
2005-122
,
FN
,
FRN
,
5.794
%
,
(
30-day
SOFR
Average
+
0.464
%
),
1/25/36
....................................
United
States
379,846
373,113
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$352,307)
...........
373,113
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
172,500
Total
Escrows
and
Litigation
Trusts
(Cost
$2,814,454)
...........................
172,500
Total
Long
Term
Investments
(Cost
$3,786,627,599)
.............................
3,509,595,384
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.0%
†
Puts
-
Over-the-Counter
Credit
Default
Swaptions
0.0%
†
Buy
protection
on
Markit
CDX
North
American
High
Yield
Index
Series
41-V2,
Strike
Price
$105.00,
Counterparty
BNDP,
Expires
6/20/24
...........................................
1
32,000,000
175,889
Buy
protection
on
Markit
CDX
North
American
High
Yield
Index
Series
42-V1,
Strike
Price
$106.50,
Counterparty
MSCO,
Expires
9/18/24
...........................................
1
32,000,000
839,322
Total
Options
Purchased
(Cost
$1,492,480)
.....................................
1,015,211
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
Short
Term
Investments
1.3%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.3%
s,t
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
....
United
States
41,278,724
$
41,278,724
Total
Money
Market
Funds
(Cost
$41,278,724)
..................................
41,278,724
Total
Short
Term
Investments
(Cost
$41,278,724
)
................................
41,278,724
a
Total
Investments
(Cost
$3,829,398,803)
114.7%
.................................
$3,551,889,319
Options
Written
(0.0)%
†
......................................................
(423,065)
Other
Assets,
less
Liabilities
(14.7)%
..........................................
(457,801,917)
Net
Assets
100.0%
...........................................................
$3,093,664,337
a
a
a
Number
of
Contracts
Notional
Amount
#
u
Options
Written
(0.0)%
†
Puts
-
Over-the-Counter
Credit
Default
Swaptions
(0.0)%
†
Sell
protection
on
Markit
CDX
North
American
High
Yield
Index
Series
41-V2,
Strike
Price
$101.00,
Counterparty
BNDP,
Expires
6/20/24
...........................................
1
(32,000,000)
(35,502)
Sell
protection
on
Markit
CDX
North
American
High
Yield
Index
Series
42-V1,
Strike
Price
$103.50,
Counterparty
MSCO,
Expires
9/18/24
...........................................
1
(32,000,000)
(387,563)
(423,065)
Total
Options
Written
(Premiums
received
$633,920)
............................
$
(423,065)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
13
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
8
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2024,
the
aggregate
value
of
these
securities
was
$722,658,411,
representing
23.4%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(d).
i
Variable
interest
entity
(VIE).
See
the
Fund’s
notes
to
financial
statements
regarding
investments
made
through
a
VIE
structure.
At
April
30,
2024,
the
value
of
this
security
was
$8,404,066,
representing
0.3%
of
net
assets.
j
See
Note
1(h)
regarding
senior
floating
rate
interests.
k
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
l
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.
m
See
Note
1(i)
regarding
Marketplace
Lending.
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
n
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
o
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
See
Note
1(k).
p
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.
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
q
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).
r
Security
purchased
on
a
to-be-announced
(TBA)
basis.
See
Note
1(d).
s
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
t
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
u
See
Note
1(e)
regarding
written
options.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Total
Return
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
191
At
April
30,
2024,
the
Fund
had
the
following
marketplace
loans
outstanding.
See
Note
1(i).
Description
Principal
Amount
Value
Marketplace
Loans
-
1.3%
Block,
Inc.
6175658.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
$
9,500
$
2,650
6178835.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
652
101
6183074.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
160
73
6183434.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
1,580
493
6192461.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,353
330
6192486.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,185
707
6192662.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,450
1,408
6193258.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
232
155
6193931.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
717
233
6205648.SQ.FTS.B,
Zero
Cpn,
6/08/2
4
...
1,955
614
6205978.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
325
204
6206656.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
595
173
6206801.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
19,575
9,376
6208776.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
492
278
6210528.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
10,451
1,601
6214190.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
642
80
6215457.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
302
115
6215661.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
2,638
1,242
6215908.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
494
115
6220236.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
669
73
6220519.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
36,091
10,005
6223659.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
2,491
1,110
6226015.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
3,446
1,139
6228013.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
672
120
6235468.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
2,236
288
6236092.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
432
172
6236243.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
4,867
3,020
6243419.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
7,274
2,580
6244954.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
8,954
3,004
6245712.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
6,156
1,775
6251624.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
3,662
1,845
6255252.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
2,186
667
6255384.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
1,263
226
6255606.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
488
111
6256913.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
20,373
8,523
6258547.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
6,260
1,241
6261098.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,141
881
6261595.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
26,584
8,461
6262209.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,243
974
6265195.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
500
194
6267222.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
366
333
6270813.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,115
215
6270889.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,488
435
6271153.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,174
504
6271425.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
200
94
6271434.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
10,893
4,780
6272419.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
206
174
6274028.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
7,166
2,328
6274889.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
13,388
7,042
6275552.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
4,752
1,524
6275869.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
11,727
2,967
6277479.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
855
601
6278505.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
791
220
6280355.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
150
78
6281173.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
574
365
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6285204.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
$
583
$
196
6285446.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
26,464
6,848
6285882.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
3,875
1,280
6287671.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,739
879
6287743.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
609
235
6289898.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
4,065
1,157
6289942.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
334
119
6290999.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
530
173
6292293.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
107
88
6293487.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
769
269
6297788.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
884
365
6304026.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
7,829
3,458
6308685.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
49
39
6309000.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
616
272
6310025.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,162
2,097
6314871.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
1,235
648
6318980.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
2,179
1,057
6319360.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
5,859
2,828
6319563.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,561
1,132
6320273.SQ.FTS.B,
Zero
Cpn,
7/22/24
...
27,687
11,005
6321367.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
661
189
6321567.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
485
138
6321614.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,153
540
6321698.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,327
544
6353228.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
483
318
6356496.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
20,511
6,702
6363039.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
355
271
6363174.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
686
509
6364604.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
757
303
6365762.SQ.FTS.B,
Zero
Cpn,
7/28/24
...
10,292
2,843
6366494.SQ.FTS.B,
Zero
Cpn,
7/29/24
...
559
218
6368774.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,169
439
6369144.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
10,787
3,564
6372613.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
561
159
6372686.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
145
83
6378771.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,938
485
6379121.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
420
67
6382018.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
950
347
6383753.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
1,678
1,058
6384067.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
1,541
960
6388737.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
417
145
6389131.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
18,635
6,245
6390359.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
678
379
6390695.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
935
216
6395807.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
300
239
6400774.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
3,908
2,707
6404006.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
1,972
893
6406738.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,921
929
6406944.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
623
604
6407288.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
274
243
6412546.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,861
740
6412810.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
10,889
1,927
6418289.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
503
367
6419039.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
13,386
5,775
6420892.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
8,853
3,279
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)
6421500.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
$
2,688
$
1,235
6423098.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
350
307
6424077.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
3,020
871
6425168.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
4,759
463
6426485.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
1,709
1,470
6429767.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
7,138
3,765
6430086.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,048
497
6442143.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
624
404
6442489.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
1,889
760
6444477.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
2,497
1,850
6444790.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
2,054
1,079
6450208.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
2,651
1,339
6450465.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,097
563
6452261.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
17,124
8,456
6452845.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
954
893
6453792.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
14,580
5,376
6457332.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
13,514
3,502
6457685.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
6,089
2,534
6458130.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
2,653
1,912
6458789.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
1,324
998
6462555.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
2,019
641
6462890.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
5,449
4,583
6464461.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
634
288
6464819.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
4,031
1,164
6464900.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
4,011
888
6465644.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
465
83
6467167.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
170
132
6468011.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,262
341
6469480.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
20,372
8,874
6472736.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
2,197
1,735
6473054.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
5,366
3,553
6474092.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
5,696
2,698
6475579.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
5,395
1,710
6479816.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
573
560
6484176.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
1,425
1,092
6484465.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
566
422
6484685.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
11,274
9,802
6485170.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
312
281
6487088.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
206
203
6488353.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
2,419
2,396
6490386.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,645
1,056
6492312.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
492
454
6494767.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,108
929
6499194.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
2,339
2,138
6501410.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
2,005
737
6501697.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
1,781
710
6502565.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
336
126
6502730.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
387
370
6502765.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
3,734
2,192
6502909.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
704
613
6502972.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
707
567
6503327.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
5,315
1,427
6504216.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
547
398
6504374.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
7,132
3,150
6506259.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
7,627
3,075
6506724.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
575
259
6509194.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
9,914
5,294
6510726.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
88
83
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6515856.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
$
4,299
$
3,569
6516418.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,537
688
6516876.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,687
1,710
6516932.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
1,317
782
6516970.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,800
2,110
6518976.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
156
146
6524458.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,541
175
6524668.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
3,158
1,728
6526166.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
1,424
542
6526193.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
1,059
480
6527382.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
8,447
4,087
6531187.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
2,633
2,253
6532408.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
3,788
774
6532453.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
568
452
6533239.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
4,187
1,845
6535057.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,036
689
6536403.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
532
354
6537870.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,850
923
6538002.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,103
256
6539997.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
878
850
6540710.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,961
1,303
6541945.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
6,200
1,693
6543168.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
2,821
1,233
6543316.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,927
655
6547733.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
304
279
6547885.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
2,338
2,163
6548015.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
2,395
414
6548822.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,334
260
6552148.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
4,192
3,163
6552657.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,239
1,688
6554014.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
910
609
6554472.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
109
104
6555576.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
318
255
6559553.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
702
268
6560175.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,602
1,246
6560340.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,556
3,279
6560703.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
185
166
6561895.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
8,321
4,275
6562473.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
15,241
10,034
6565095.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
13,753
12,677
6567003.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
1,457
714
6567346.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
936
873
6567395.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
224
129
6567760.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
980
434
6568147.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,604
1,518
6568392.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
740
638
6568579.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,077
964
6569506.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,636
810
6569526.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
6,710
5,568
6570268.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
236
217
6570382.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
8,264
1,092
6571312.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,951
1,007
6572299.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
770
259
6577330.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
2,374
1,518
6579843.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
475
423
6580088.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
492
207
6581619.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
6,475
2,904
6584579.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
528
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
193
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6585051.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
$
2,948
$
2,572
6586088.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,052
1,007
6586446.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
3,485
1,117
6587229.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
6,734
4,408
6588397.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
555
528
6589068.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
6,446
2,557
6589273.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
927
806
6589618.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
147
128
6590392.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,216
938
6590448.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
2,324
1,106
6590809.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
7,185
4,743
6591176.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,457
1,244
6591260.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
2,973
614
6593217.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
5,560
598
6593461.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
274
245
6593772.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
7,748
1,181
6594679.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
15,314
8,006
6595988.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
8,412
6,998
6596418.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
839
624
6596486.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,699
1,683
6596636.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,775
430
6596810.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
2,737
1,866
6601765.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
2,098
960
6604465.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
1,412
981
6605221.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
352
339
6607285.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
18,108
11,300
6608453.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
269
201
6608757.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
220
215
6609951.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,600
618
6610631.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
5,391
2,640
6611256.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,013
958
6612273.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
764
248
6617231.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
740
266
6618546.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
859
609
6618920.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
1,733
1,204
6619662.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
41
40
6620032.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
1,663
918
6621287.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
2,952
2,438
6621897.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
272
241
6622368.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
2,757
1,389
6624836.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
286
182
6624917.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
670
645
6624976.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
3,147
1,590
6627159.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
911
556
6627196.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
191
115
6627207.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
1,583
1,530
6627396.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
8,593
2,407
6627640.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
3,246
2,176
6628804.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
123
111
6630070.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
1,252
1,203
6631659.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
5,893
1,315
6633298.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
432
318
6633896.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
6,947
3,024
6635230.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
61,854
9,296
6640359.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
220
204
6641603.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
1,337
590
6643735.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
2,133
2,066
6644797.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
3,657
1,174
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6645156.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
$
11,898
$
8,996
6645579.SQ.FTS.B,
Zero
Cpn,
11/07/24
..
5,478
3,032
6646196.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
345
221
6648200.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
3,585
1,319
6648768.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
806
764
6650053.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
696
508
6651239.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
5,241
4,245
6651430.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
14,598
10,840
6654358.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
264
263
6654689.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
1,981
1,528
6655118.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
2,053
2,014
6655481.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
1,421
923
6658300.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
4,125
3,896
6660473.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
11,286
10,630
6664909.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
263
256
6664996.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
106
106
6665406.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
1,331
663
6666031.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
2,751
642
6666475.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
2,260
793
6666594.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
981
660
6666734.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,484
1,410
6667033.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
3,156
2,410
6667225.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
428
180
6667810.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
2,693
625
6668228.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,149
988
6669028.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,413
471
6669109.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
394
238
6674370.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
12,265
4,688
6674734.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
5,080
4,487
6675685.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
4,327
2,700
6675956.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
130
121
6676291.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,975
1,340
6678246.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
526
312
6678361.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
106
102
6679967.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
61,681
23,149
6683503.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
1,750
1,693
6683733.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
9,658
9,194
6685010.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
2,226
1,695
6685085.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
402
390
6685190.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
8,219
2,779
6685341.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
1,581
1,406
6685433.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
3,394
2,153
6685699.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
324
255
6685864.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
219
168
6686438.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
2,238
1,368
6689080.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
3,318
1,642
6692358.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
2,611
1,130
6692474.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
7,433
2,464
6692888.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
1,713
1,529
6693018.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
5,958
2,976
6693424.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
40,254
22,362
6695787.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
5,158
4,738
6696092.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
1,280
637
6699676.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
1,055
825
6699767.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
911
882
6702439.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
1,739
678
6704162.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
1,851
1,729
6705796.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
9,630
2,803
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)
6706476.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
$
23,370
$
22,699
6707586.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
2,715
2,234
6707813.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
271
263
6708561.SQ.FTS.B,
Zero
Cpn,
11/28/24
..
754
680
6708688.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
7,295
4,925
6709168.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
33,347
8,888
6717870.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
9,755
9,574
6719237.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
4,055
1,430
6719567.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
24,428
23,233
6721629.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
2,019
2,004
6725305.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
9,331
8,662
6725887.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
212
206
6725980.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
535
506
6726121.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
620
267
6726142.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
346
334
6726167.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
378
355
6726466.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
376
347
6728835.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
13,439
13,208
6730202.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
4,389
4,267
6733364.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
4,825
2,101
6733499.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
4,523
2,873
6735811.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
3,265
2,492
6739997.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
1,377
930
6740277.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
544
531
6744525.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
48,006
20,922
6746302.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
4,614
3,123
6746628.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
751
698
6746943.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
669
228
6747167.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
765
754
6747235.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
3,203
923
6747304.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
4,102
3,652
6747494.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
342
338
6748637.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
651
556
6749144.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
2,412
2,245
6749349.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
835
279
6750398.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
256
139
6750769.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
6,280
6,004
6752342.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
71
71
6753751.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
1,029
922
6753977.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
4,421
1,546
6754071.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
5,796
3,659
6754538.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
1,474
1,184
6756576.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,264
731
6756802.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
461
458
6756917.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
5,889
3,582
6757700.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,392
1,301
6763456.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
7,396
3,371
6763757.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
1,939
1,075
6765118.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
4,828
4,684
6765702.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
4,700
4,507
6768886.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
1,970
1,893
6769038.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
1,575
1,556
6769363.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
2,820
2,640
6770082.SQ.FTS.B,
Zero
Cpn,
12/18/24
..
651
639
6770205.SQ.FTS.B,
Zero
Cpn,
12/18/24
..
1,163
572
6770233.SQ.FTS.B,
Zero
Cpn,
12/18/24
..
3,237
2,912
6770614.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
756
600
6771044.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
2,859
2,077
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6771935.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
$
6,622
$
3,774
6772647.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
1,385
1,015
6774068.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
104
102
6774158.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
20,908
7,412
6774418.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
685
610
6774564.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
37,388
20,150
6775508.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
191
183
6775621.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
153
152
6776044.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
405
385
6776773.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
57,840
10,868
6779449.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
10,058
8,623
6780993.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
1,352
1,304
6782184.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
3,770
3,311
6782781.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
380
365
6783006.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
2,609
2,558
6783525.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
396
381
6783818.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
3,196
2,481
6784212.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
1,111
1,008
6784413.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
1,814
1,342
6784546.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
701
675
6784616.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
13,566
1,850
6784963.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
901
857
6785321.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
325
279
6785344.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
875
856
6785456.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
677
651
6786325.SQ.FTS.B,
Zero
Cpn,
12/24/24
..
468
458
6786396.SQ.FTS.B,
Zero
Cpn,
12/24/24
..
6,516
4,875
6786785.SQ.FTS.B,
Zero
Cpn,
12/25/24
..
2,627
2,506
6786973.SQ.FTS.B,
Zero
Cpn,
12/25/24
..
216
199
6788197.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
554
550
6788880.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
460
365
6788927.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
7,951
7,749
6789675.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
1,273
1,207
6790513.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
2,508
1,009
6791327.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
931
713
6791649.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
2,961
2,553
6792194.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
209
201
6792282.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
980
566
6792381.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
924
916
6792564.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
30,731
13,581
6794243.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
2,448
2,413
6795128.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,402
1,337
6796611.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
4,928
3,098
6796705.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
886
556
6796729.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
923
892
6797024.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,892
1,811
6797088.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,956
1,713
6797945.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
2,567
2,424
6798052.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,684
1,066
6798091.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,323
1,281
6800307.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,438
614
6800352.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
2,368
1,285
6801281.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
643
301
6801908.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,571
1,543
6802509.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
589
555
6802644.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
669
542
6802838.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
887
815
6802903.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
5,854
5,397
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)
6803108.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
$
3,139
$
2,974
6806417.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
8,721
8,452
6807324.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
1,789
1,237
6807410.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
1,200
1,022
6807789.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
2,456
290
6807877.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
14,065
13,241
6808725.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
2,359
2,175
6809289.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
12,073
9,797
6809663.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
606
601
6811299.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
806
465
6811597.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
1,150
216
6811743.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
2,013
557
6811790.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
1,778
1,304
6812155.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
2,586
493
6812766.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
318
310
6812774.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
4,685
4,493
6813278.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
244
233
6813956.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
666
639
6814032.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
673
542
6814107.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
3,568
3,466
6818923.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
1,285
1,033
6819674.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
2,803
2,755
6820662.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
6,377
3,082
6821755.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
249
245
6821796.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
4,691
4,597
6822498.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
1,020
287
6822538.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
4,065
3,830
6823837.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
8,236
5,646
6824339.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
897
828
6824434.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
4,505
4,094
6824604.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
911
613
6826594.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
64
62
6826997.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
1,175
1,094
6827377.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
7,294
5,940
6828390.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
1,967
1,926
6829019.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
4,623
1,969
6829166.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
396
381
6829704.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
1,713
1,682
6830215.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
1,936
1,887
6830306.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
3,348
3,048
6830462.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
832
155
6831530.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
7,677
5,525
6831833.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
328
306
6832199.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
4,010
1,804
6832295.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
136
130
6832320.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
5,547
4,833
6833213.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,329
1,123
6833270.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
2,995
2,797
6833495.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
379
342
6833876.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
3,115
2,978
6834530.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
4,911
4,769
6835094.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
4,029
3,662
6835888.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
3,808
3,728
6836010.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
5,038
4,127
6836244.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
775
727
6836420.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
47,006
37,003
6838979.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
1,801
1,728
6839211.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
2,663
2,384
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6839507.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
$
684
$
389
6839536.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
3,809
3,575
6840245.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
7,600
4,839
6840558.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
5,041
4,731
6841366.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
4,060
3,724
6841524.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
488
188
6842195.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
349
321
6842447.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
5,617
4,899
6843676.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
4,745
4,677
6844523.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
3,833
3,724
6845307.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
1,614
1,396
6845418.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
2,392
1,244
6845464.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
2,396
1,791
6845530.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
956
936
6845639.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
2,929
2,886
6845952.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
4,216
4,051
6846112.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
1,593
1,509
6846419.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
3,526
3,473
6846703.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
742
515
6846816.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
8,357
7,325
6848002.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
1,491
1,478
6848139.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
6,781
6,545
6848392.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
2,221
2,034
6848514.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
1,463
1,334
6848819.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
809
790
6849620.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
1,460
1,348
6850168.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
4,541
3,986
6850739.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
9,336
9,143
6851480.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
752
703
6851525.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
394
384
6852102.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
1,483
1,470
6852271.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
8,575
8,212
6852970.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
3,995
3,933
6853608.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
3,854
3,708
6853937.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
12,375
9,384
6854721.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
2,946
2,895
6858335.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
1,838
957
6858955.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
1,998
1,959
6859133.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
14,388
14,117
6860515.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
1,714
1,686
6860701.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
931
901
6860790.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
4,246
3,184
6861047.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
2,297
2,084
6861105.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
6,839
6,225
6861352.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
242
232
6861397.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
1,252
1,222
6861516.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
2,500
1,436
6862190.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
598
483
6862302.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
420
366
6863090.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
6,775
6,523
6863964.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
1,322
865
6864013.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
3,753
3,647
6864270.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
1,198
1,179
6864423.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
9,668
7,375
6864699.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
519
183
6864707.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
346
336
6864814.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
954
918
6865115.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
671
440
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)
6865136.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
$
6,671
$
6,518
6865584.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
16,723
5,437
6865790.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
1,368
1,304
6865878.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
3,698
3,605
6866845.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
2,401
2,372
6867082.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
18,244
15,521
6867693.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
7,462
5,104
6868623.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
126
124
6868793.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
2,518
2,459
6869170.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
2,506
1,153
6869352.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
7
7
6869515.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
7,609
4,187
6870949.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
2,399
1,852
6871091.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
10,719
10,329
6871457.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
12,181
11,713
6871898.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
7,121
7,001
6872655.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
177
176
6873475.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,211
1,166
6873558.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
596
581
6873613.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
5,738
931
6875301.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
4,756
2,777
6875513.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
26,046
19,992
6877284.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
4,892
4,324
6877760.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
3,319
3,265
6878142.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
1,600
690
6878251.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
20,951
13,592
6880857.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
9,850
9,193
6881544.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
4,649
4,570
6884076.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
1,588
1,554
6884186.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
4,027
3,428
6884323.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
3,582
3,457
6884628.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
2,543
1,854
6884701.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
810
639
6884835.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
1,419
1,375
6884928.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
1,039
988
6884983.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
2,182
2,045
6885060.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
9,492
8,131
6885320.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
2,289
2,149
6885929.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
303
260
6886037.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
2,699
2,657
6886509.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
2,324
2,264
6886852.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
946
937
6888845.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
2,890
1,028
6888884.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
1,310
1,277
6888950.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
1,122
819
6888984.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
9,218
5,669
6889126.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
2,090
2,056
6889281.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
687
669
6890197.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
440
426
6890262.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
5,110
4,973
6890558.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
728
719
6891153.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
578
571
6891737.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
2,706
1,074
6892735.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
1,248
1,228
6892879.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
2,690
2,516
6893042.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
2,051
1,803
6893872.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
2,071
1,998
6893962.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
7,534
7,044
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6894415.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
$
7,235
$
1,800
6894583.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
3,963
3,898
6894824.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
404
246
6894905.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
178
170
6897627.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
15,207
14,494
6898798.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
483
441
6898880.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
620
582
6899064.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
1,697
1,511
6902363.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
1,303
1,280
6903129.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
6,451
6,292
6903970.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
2,610
1,606
6904150.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
47,821
34,761
6904250.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
2,422
2,359
6904370.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
3,523
1,510
6904888.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
539
404
6904916.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
173
172
6904950.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
1,580
1,561
6906570.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
896
809
6906644.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
225
219
6906728.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
1,198
536
6906812.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
7,908
3,582
6908369.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
4,933
4,766
6908782.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
4,559
4,472
6909059.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
3,599
1,863
6909161.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
4,669
4,588
6910152.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
3,178
2,992
6910288.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
1,369
1,278
6910971.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
21,142
11,298
6911673.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
2,634
2,568
6911844.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
399
394
6911989.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
4,713
4,394
6912172.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
2,515
2,466
6912323.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
29,028
27,273
6913886.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
3,089
3,041
6914333.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
1,658
1,610
6914438.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
2,633
2,578
6914559.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
4,340
4,154
6916077.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
977
911
6916150.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
502
407
6917410.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
24,137
19,598
6918604.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
1,918
1,558
6918720.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
2,155
1,965
6918968.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
3,090
3,046
6919310.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
6,173
5,644
6919669.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
593
580
6919945.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
148
141
6919965.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
25,252
17,435
6920407.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
1,595
1,560
6920562.SQ.FTS.B,
Zero
Cpn,
2/12/25
...
1,273
1,164
6920895.SQ.FTS.B,
Zero
Cpn,
2/12/25
...
177
172
6920907.SQ.FTS.B,
Zero
Cpn,
2/12/25
...
2,160
2,051
6921174.SQ.FTS.B,
Zero
Cpn,
2/13/25
...
2,478
2,455
6921810.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
152
150
6921838.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
2,406
2,303
6922474.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
3,566
3,396
6922517.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
7,687
3,714
6922785.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
493
491
6922960.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
5,261
4,842
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)
6923831.SQ.FTS.B,
Zero
Cpn,
2/15/25
...
$
1,021
$
717
6923899.SQ.FTS.B,
Zero
Cpn,
2/15/25
...
28,152
19,202
6928566.SQ.FTS.B,
Zero
Cpn,
2/16/25
...
11,058
5,071
6933212.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
3,858
3,763
6933459.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
2,173
481
6933527.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
865
852
6933558.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
3,195
1,694
6934088.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
554
548
6934151.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
5,852
3,555
6934354.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
1,991
1,934
6934453.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
2,370
2,278
6934660.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
6,931
6,683
6935864.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
14,624
7,220
6936331.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
10,283
8,633
6936543.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
1,129
832
6936557.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
19,108
18,423
6936956.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
1,185
1,159
6937013.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
15,899
9,226
6937199.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
5,591
2,620
6937431.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,360
2,990
6937568.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
1,452
1,409
6937656.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
442
433
6937698.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
1,500
1,422
6937751.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
980
915
6938956.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
2,761
2,295
6939128.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
20,503
12,544
6939835.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
7,996
7,841
6940298.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
7,263
6,622
6940677.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
2,008
1,961
6941020.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
1,240
1,227
6941121.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
21
21
6941187.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
409
399
6941601.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
939
863
6942273.SQ.FTS.B,
Zero
Cpn,
2/20/25
...
6,819
6,605
6942921.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
14,537
11,865
6943698.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
717
702
6943747.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
15,422
7,331
6944112.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
7,643
4,832
6944346.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
1,105
129
6944702.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
2,705
2,666
6945334.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
1,259
1,234
6945502.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
170
169
6945544.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
2,495
2,325
6945708.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
1,848
1,627
6945775.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
2,014
1,953
6946194.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
5,795
5,686
6946425.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
215
214
6946824.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
902
825
6947294.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
750
475
6947569.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
7,688
6,511
6947893.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
2,216
1,994
6948228.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
1,151
1,040
6948274.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
2,202
2,091
6948357.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
2,030
1,983
6948731.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
182
180
6949409.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
699
334
6949847.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
3,054
3,021
6950014.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
6,301
5,691
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6950215.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
$
8,252
$
8,157
6951159.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
5,681
1,932
6951254.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
2,441
2,322
6951488.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
887
764
6951521.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
540
532
6951641.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
4,168
4,093
6951770.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
1,439
1,394
6951821.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
1,980
1,958
6951912.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
4,597
4,528
6952319.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
425
421
6952910.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
444
246
6952926.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
4,355
2,424
6952992.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
5,809
5,395
6955062.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
289
288
6955315.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
13,586
10,684
6956614.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
51,645
32,547
6958455.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
5,064
4,969
6959107.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
4,806
3,804
6959616.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
834
807
6959785.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
19,442
14,505
6960283.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
1,861
1,809
6960337.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
3,724
2,723
6961097.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
4,906
1,266
6961801.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
2,107
2,038
6961943.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
7,409
5,954
6962356.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
1,033
1,001
6962417.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
3,969
3,894
6962505.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
1,420
1,058
6962536.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
733
720
6962643.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
1,000
989
6962747.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
1,434
1,324
6963176.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
839
803
6963222.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
1,563
445
6963284.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
2,797
2,730
6963462.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
10,922
10,412
6964271.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
243
240
6964345.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,010
1,985
6965609.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,992
1,840
6965758.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,104
2,068
6966312.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
15,671
15,360
6967045.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,977
1,980
6967101.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
6,817
6,147
6967238.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
411
405
6967263.SQ.FTS.B,
Zero
Cpn
,
2/28/25
...
870
756
6967280.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,304
3,210
6967472.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
16,292
8,077
6967559.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,388
4,261
6967858.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,190
2,476
6968019.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
17,455
14,578
6968588.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
5,236
3,303
6969008.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,143
4,016
6969820.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,531
4,395
6970003.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
8,136
4,277
6970418.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
982
930
6970498.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,645
1,215
6971293.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,571
4,440
6971491.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,498
1,469
6971634.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,694
1,167
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)
6971869.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
$
977
$
884
6972449.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,063
3,010
6972568.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,666
2,435
6972677.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,490
852
6972693.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
9,160
9,057
6973798.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
5,166
5,088
6974153.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
7,080
6,415
6978300.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
21,968
16,780
6978986.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,352
2,305
6979136.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,523
2,178
6980267.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,109
2,069
6980832.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
25,378
21,629
6981583.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
4,331
4,221
6982235.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
3,411
3,321
6982550.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
3,731
3,666
6982939.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
1,751
1,717
6983073.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
4,858
3,916
6983423.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
2,775
2,736
6983553.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
6,720
6,116
6983763.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
33,920
25,382
6984837.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
2,601
2,221
6985030.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
4,984
4,760
6985361.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
7,611
7,045
6985572.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
2,743
2,620
6985856.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
6,570
5,297
6985990.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
1,117
1,093
6986082.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
13,094
12,471
6986458.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
602
449
6986554.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
2,991
2,477
6986599.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
2,587
1,408
6986724.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
1,469
1,395
6986764.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
2,416
2,358
6986852.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
312
303
6986941.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
7,516
7,088
6987103.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
1,840
1,736
6987199.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
572
447
6987258.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
1,351
623
6988180.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
1,330
1,250
6988244.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
634
596
6988728.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
942
388
6988757.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
2,019
1,988
6988899.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
6,322
5,246
6989677.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
20,163
19,679
6990092.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
1,232
1,219
6990423.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
2,051
1,610
6991531.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
7,683
7,530
6993229.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
1,662
1,493
6993319.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
1,646
1,226
6993384.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
14,205
13,211
6995636.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
599
391
6995688.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
852
744
6995736.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
1,407
1,180
6995930.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
25,284
24,178
6997213.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
3,331
3,150
6997399.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
2,356
2,286
6997622.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
822
804
6997706.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
1,217
1,205
6997746.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
757
724
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6997762.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
$
650
$
577
6997773.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
3,257
3,179
6997907.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
437
429
6998035.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
1,790
1,630
6998100.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
16,710
16,433
6999846.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
2,829
2,581
7000026.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
2,676
1,966
7000186.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
5,115
4,532
7000376.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
362
352
7000421.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
2,649
2,219
7000558.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
1,674
1,594
7000646.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
3,303
3,160
7001359.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
7,841
7,265
7001661.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
25,431
24,937
7002319.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
1,311
1,288
7002372.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
1,978
1,841
7002435.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
7,584
7,491
7002817.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
16,629
15,917
7003292.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
12,154
5,150
7003460.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
3,791
3,743
7003650.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
2,995
1,702
7003681.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
19,478
17,868
7005441.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
1,285
1,232
7005879.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
13,242
13,014
7006362.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
464
442
7006394.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
2,139
2,029
7006470.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
4,360
3,982
7006650.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
1,232
1,195
7006719.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
4,795
4,678
7006908.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
851
722
7006924.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
1,396
1,291
7006969.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
3,428
3,346
7007470.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
6,280
6,126
7007777.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
9,521
8,885
7008407.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
7,884
7,693
7008894.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
29,533
27,065
7009641.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
12,183
4,323
7009787.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
7,296
6,862
7010276.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
11,842
10,932
7010697.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
797
778
7010834.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
2,137
1,805
7010912.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
520
440
7010939.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
1,186
1,173
7011243.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
3,831
3,722
7011593.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
2,653
2,217
7012852.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
635
614
7013038.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
92
90
7013065.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
1,360
338
7013097.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
4,794
4,600
7013332.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
3,346
2,518
7013579.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
29,934
28,857
7016321.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
56,319
37,718
7020336.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
542
529
7020509.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,744
1,701
7020618.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,437
1,283
7020694.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,017
1,983
7020839.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,220
1,985
7020990.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
9,252
5,336
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)
7021464.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
$
959
$
727
7021519.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
3,002
2,922
7021682.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
40,962
35,617
7023051.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
28,420
27,210
7024547.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,594
2,502
7024614.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
5,239
5,173
7024857.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
1,865
1,302
7024910.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
2,911
2,878
7025095.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
1,605
1,593
7025579.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
3,264
3,124
7025720.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
9,139
5,852
7025889.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
283
269
7026736.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,033
1,002
7026841.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
826
815
7027040.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
619
606
7027121.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,995
1,486
7027203.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
3,049
2,975
7027365.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
2,117
2,061
7027501.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,846
1,195
7027579.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
2,307
2,247
7027836.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
3,333
2,892
7028051.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
2,423
2,301
7028878.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
374
270
7029092.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,381
1,324
7030045.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,660
1,593
7030123.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
31,808
29,377
7030470.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
1,341
1,291
7030572.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
18,634
18,255
7032731.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
1,150
1,126
7032794.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
7,321
6,004
7033299.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
1,148
1,117
7033343.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
1,170
1,085
7033375.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
9,492
7,456
7033691.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
8,196
7,989
7034178.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
18,800
18,035
7035330.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
1,396
1,359
7035743.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
459
440
7035906.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
2,833
2,354
7036032.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
651
633
7036081.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
4,346
4,294
7036717.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
7,353
6,969
7036941.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
2,000
1,919
7037923.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
3,198
2,244
7037990.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
3,174
3,064
7039954.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
556
510
7039991.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
53
51
7040006.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
758
745
7040103.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
3,305
3,199
7040398.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
6,881
6,774
7041104.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
2,104
2,062
7041281.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
7,863
7,641
7041655.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
1,992
1,939
7041800.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
3,385
2,931
7041995.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
1,753
1,712
7042355.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
1,866
1,059
7042399.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
4,302
4,233
7042606.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
20,858
12,081
7043072.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
4,295
4,195
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7043366.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
$
6,731
$
6,010
7043570.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
27,825
25,747
7044059.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
1,921
1,590
7044164.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
3,371
3,300
7045027.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
4,238
4,127
7045336.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
24,461
21,969
7046710.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
1,274
1,057
7046749.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
10,088
9,052
7047133.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
3,426
3,344
7047230.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
2,796
2,698
7047537.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
56
55
7047741.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
5,643
5,549
7048345.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
3,868
3,709
7048439.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
1,938
1,864
7048479.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
6,781
6,576
7049723.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
4,586
4,474
7049913.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
558
542
7049971.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
3,843
3,570
7050225.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
9,024
4,625
7050403.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
4,668
4,511
7050843.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
3,626
3,520
7050945.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
5,211
4,979
7051031.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
7,782
7,683
7051594.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,307
1,274
7051629.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
891
875
7051723.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
2,958
2,830
7051798.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,414
1,400
7051888.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
31,694
30,461
7052627.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
3,455
3,336
7052708.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
4,382
3,860
7053059.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
3,907
3,769
7053270.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
295
288
7053546.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
2,451
2,423
7053870.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
1,867
1,235
7053912.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
4,937
4,731
7054471.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
3,260
1,896
7054556.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
3,565
3,520
7056324.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
988
944
7056403.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
2,218
2,155
7057115.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
10,680
10,174
7057737.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
107
106
7057770.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
10,648
10,198
7058690.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
249
247
7058716.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
2,239
1,546
7061299.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
1,429
1,369
7061389.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
3,192
1,933
7061463.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
15,030
10,557
7062067.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
886
744
7062192.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
3,924
3,746
7063395.SQ.FTS.B,
Zero
Cpn
,
3/28/25
...
2,633
2,558
7063450.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
60,646
53,412
7065028.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
19,836
18,216
7066289.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
1,826
1,737
7066437.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
274
271
7066539.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
18,128
15,905
7067466.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
1,644
1,095
7067563.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
2,685
2,542
7068145.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
4,568
4,295
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)
7068252.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
$
784
$
764
7068279.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
3,448
3,059
7068348.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
2,972
2,905
7068539.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
1,517
1,496
7068632.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
1,650
1,610
7068880.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
156
154
7068893.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
1,071
1,024
7068948.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
3,847
1,860
7069134.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
1,663
1,613
7069182.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
11,270
10,978
7069489.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
744
729
7069579.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
7,531
5,371
7069743.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
4,202
4,032
7070120.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
15,301
14,690
7071377.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
3,974
3,907
7071556.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
7,931
7,780
7071936.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
4,370
4,302
7072244.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
4,196
3,966
7072516.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
7,417
6,947
7072751.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
8,037
7,912
7073426.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
18,189
12,446
7074066.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
11,357
10,698
7074413.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
11,337
11,166
7076084.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
18,910
18,322
7077204.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
147
145
7077217.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
3,795
3,724
7077341.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,379
820
7077415.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,050
1,018
7077467.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,604
1,565
7077535.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,033
351
7077567.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
10,236
6,169
7077718.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
525
355
7077722.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
4,372
3,894
7077920.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
12,801
12,554
7078667.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
1,260
1,223
7079472.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
2,315
2,058
7079531.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
11,442
11,179
7080187.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
1,169
1,144
7080219.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
1,581
949
7084958.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
423
418
7085179.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
1,271
1,206
7085369.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
2,111
1,864
7085488.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
5,306
4,260
7086293.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
6,305
3,322
7086453.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
1,343
1,320
7086533.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
6,319
6,247
7086912.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
1,006
968
7087008.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
790
778
7087092.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
16,131
15,714
7087684.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
4,020
3,575
7087923.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
9,129
8,810
7088298.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
296
277
7088429.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
2,624
2,565
7088513.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
5,019
3,393
7088740.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
13,092
12,594
7088949.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
5,412
5,263
7089296.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
2,274
2,224
7089469.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
1,443
1,409
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7089567.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
$
839
$
803
7089636.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
1,331
933
7089913.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
5,925
5,550
7091114.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
3,662
3,498
7091199.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
11,965
11,850
7091848.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
3,720
2,197
7091928.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
1,293
1,208
7091971.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
17,548
17,142
7092354.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
2,724
2,693
7092629.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
4,538
4,365
7092886.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
208
205
7092922.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
683
674
7092966.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
1,446
1,383
7093179.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
1,005
990
7093289.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
1,463
1,408
7093388.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
2,109
2,065
7093547.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
280
272
7093574.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
4,743
4,439
7093891.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
200
191
7093914.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
1,595
1,495
7094035.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
3,704
3,003
7094299.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
262
261
7094377.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
5,813
5,580
7094803.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
4,620
4,111
7094917.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
2,441
1,445
7095400.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
4,936
4,852
7095928.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
2,108
2,055
7096246.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
504
382
7096289.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
2,311
2,264
7096498.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
1,688
1,633
7096855.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
1,236
1,172
7096934.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
3,341
2,160
7097064.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
1,028
1,002
7097160.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
2,437
1,934
7097395.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
24,669
17,890
7098152.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
2,207
1,214
7098222.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
1,053
1,027
7098332.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
535
528
7098415.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
6,070
5,966
7098877.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
3,021
2,936
7099046.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
1,688
1,647
7099099.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
1,019
716
7099170.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
18,588
18,376
7100329.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
8,290
8,177
7101484.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
23,371
22,918
7102272.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
11,709
11,554
7105122.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
15,553
14,521
7105597.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
3,584
3,365
7105877.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,222
783
7105919.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,285
1,225
7106100.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
11,017
10,577
7106563.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
2,599
2,097
7106709.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
8,576
7,304
7106887.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
14,205
10,633
7107293.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
574
554
7107425.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,881
1,843
7107483.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
40,399
32,085
7108113.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
8,687
6,064
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)
7108231.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
$
2,409
$
1,655
7108337.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
9,969
8,019
7108591.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
3,161
3,032
7108788.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
21,701
20,952
7110206.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
4,148
4,117
7111109.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
1,646
1,631
7111548.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
3,151
3,071
7111810.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
4,012
3,842
7112071.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
11,983
11,686
7112521.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
5,187
5,092
7112782.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
6,054
5,911
7113005.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
6,711
2,601
7113153.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
5,306
5,094
7113491.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
1,770
1,730
7113653.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
1,324
1,249
7113733.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
252
244
7113747.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
7,056
6,204
7114211.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
10,122
10,005
7115476.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
6,351
2,351
7115927.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
5,431
5,322
7116188.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
11,903
11,638
7116663.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
333
293
7116821.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
28,095
20,816
7117411.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
6,848
6,363
7117915.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
4,840
4,640
7118135.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
5,686
5,562
7118591.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,962
1,914
7118685.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
2,768
2,407
7119141.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
399
391
7119216.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
13,167
12,775
7119518.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,276
1,187
7119571.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,325
1,301
7119623.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
8,721
8,546
7119834.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
30,777
28,905
7120797.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
20,220
7,909
7121142.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,428
1,161
7121176.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
5,226
4,929
7121365.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
2,296
2,077
7121532.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
1,283
790
7121704.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
3,814
3,792
7122864.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
586
448
7122870.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
5,186
5,107
7123188.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
423
317
7123197.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
1,214
1,196
7123225.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
1,035
993
7123254.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
2,192
1,821
7123629.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
1,647
938
7124145.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
2,538
1,417
7124189.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
3,917
3,778
7124348.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
4,017
3,958
7124948.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
4,356
2,270
7125103.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
2,822
2,435
7125155.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
5,532
5,369
7125417.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
467
464
7125536.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
10,222
10,001
7128415.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
12,558
11,237
7130577.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
4,814
4,662
7131670.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
543
533
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7131773.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
$
3,700
$
3,552
7131984.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
974
850
7132423.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
1,128
1,114
7133291.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
4,167
4,047
7133554.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
12,421
11,762
7134624.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
642
619
7134648.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
2,473
2,372
7134683.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
1,675
937
7134941.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
5,000
4,785
7135060.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
2,009
1,525
7135084.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
22,240
20,910
7135567.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
6,968
6,741
7136132.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
3,814
3,645
7136331.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
2,110
2,056
7136418.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
6,331
6,129
7136960.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
1,766
1,746
7137101.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
1,301
1,274
7138762.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
42,449
41,651
7142737.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
1,495
1,468
7142854.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
2,013
1,952
7143037.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
1,764
1,524
7143084.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
5,077
4,969
7143733.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
2,010
1,538
7144914.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
3,732
3,339
7145207.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
3,892
3,822
7145762.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
8,917
8,690
7146074.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
10,360
10,048
7146434.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
9,972
7,031
7146587.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
7,685
5,622
7147009.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
1,590
1,552
7147083.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
6,861
5,695
7147377.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
7,134
5,507
7147695.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
831
780
7147738.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
7,486
5,721
7147920.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
1,432
1,384
7147954.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
4,728
4,524
7148038.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
1,070
1,035
7148458.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
366
362
7149361.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
2,605
2,526
7149676.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
15,860
15,437
7150120.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
51,832
47,901
7151392.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
760
632
7151435.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
782
293
7151519.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
7,613
3,573
7151674.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
531
518
7151965.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
5,711
4,788
7152642.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
7,013
6,706
7152852.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
12,829
12,411
7153215.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
1,459
1,446
7153412.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
37,599
34,857
7154334.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
3,078
2,989
7154428.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
2,310
1,512
7154556.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
968
803
7154574.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
1,798
1,748
7154700.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
3,951
3,729
7156753.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
4,816
4,253
7157005.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,006
990
7157045.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
6,655
5,726
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)
7157319.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
$
3,716
$
3,629
7157474.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
9,025
8,820
7157857.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
937
565
7157889.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,502
1,476
7157946.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
26,229
25,797
7159250.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,727
1,625
7159272.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
3,290
3,190
7159526.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
19,111
18,163
7160005.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
37,459
23,204
7160724.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
4,290
4,172
7160817.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,077
1,066
7160947.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
13,742
13,380
7161636.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,762
1,729
7161719.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
4,362
4,238
7161896.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
6,233
5,791
7162150.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
3,017
2,986
7162394.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
38,367
37,285
7163775.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,149
783
7163794.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
13,984
13,199
7164064.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
2,226
2,117
7164101.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,809
1,770
7164159.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,547
1,403
7164194.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
389
349
7164244.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
11,201
10,982
7164691.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
2,280
2,075
7164728.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
683
661
7164816.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
4,972
4,459
7166285.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
4,779
3,404
7165443.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
1,233
905
7165490.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
5,324
5,158
7165633.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
1,631
1,616
7165779.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
6,546
5,850
7166001.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
816
793
7166497.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
688
677
7166751.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,300
1,261
7166903.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
5,310
5,144
7167298.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
5,222
4,966
7167665.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
11,521
11,301
7168281.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,082
1,071
7168394.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
23,237
22,954
7170226.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,071
1,051
7170266.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
3,296
3,267
7170499.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,263
1,233
7170562.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
4,106
4,013
7170863.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
6,985
6,296
7171215.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,161
2,112
7171282.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,817
2,459
7171371.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,514
1,470
7171604.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
4,919
4,817
7171804.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
20,060
19,180
7172245.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,095
1,079
7172353.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
40,102
39,167
7173156.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,035
1,906
7173191.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
6,938
6,783
7173413.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,213
1,102
7173445.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,852
2,798
7173877.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
33,379
32,256
7174919.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
1,017
987
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7175025.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
$
1,336
$
1,313
7175610.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
598
589
7175709.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
7,495
7,275
7176006.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
657
647
7176053.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
2,129
2,096
7176166.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
16,574
16,289
7176762.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
3,073
3,004
7176877.SQ.FTS.B,
Zero
Cpn
,
5/01/25
...
1,841
1,271
7176897.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
3,626
3,565
7177016.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
2,162
2,031
7177080.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
5,754
5,522
7177195.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
1,001
991
7179248.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
4,226
3,488
7179389.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
3,065
2,141
7179445.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
7,756
7,293
7179621.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,382
1,350
7179921.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
8,782
8,397
7180177.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
20,063
19,411
7180590.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
7,217
7,079
7180716.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
2,615
2,582
7180924.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,425
1,249
7180972.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
6,518
6,401
7182156.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
7,138
6,970
7182843.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
809
717
7182876.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
2,992
2,905
7183043.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,079
1,070
7183135.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,799
1,694
7183637.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
3,090
2,953
7184101.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
9,652
9,552
7185055.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
3,591
3,512
7185178.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
6,624
6,306
7185295.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
6,680
6,605
7185649.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
16,114
13,650
7185951.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
559
512
7185963.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
15,406
15,176
7187093.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
1,570
1,411
7187135.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
11,279
9,920
7187326.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
1,207
1,170
7187396.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
1,873
1,818
7187459.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
5,595
5,357
7187664.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
1,005
983
7187764.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
4,219
4,089
7187938.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
2,349
2,283
7188028.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
3,767
3,662
7188188.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
1,101
759
7188214.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
6,402
6,226
7188501.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
9,141
8,712
7188903.SQ.FTS.B,
Zero
Cpn,
5/05/25
...
1,118
1,082
7188959.SQ.FTS.B,
Zero
Cpn,
5/05/25
...
11,408
10,837
7189880.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
6,904
5,497
7190544.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
5,757
5,611
7191050.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,708
1,650
7191141.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,934
1,818
7191222.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
3,380
3,232
7191487.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
4,174
4,107
7192312.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
2,753
2,680
7192432.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
2,418
2,341
7192510.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
4,643
4,492
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)
7192716.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
$
3,024
$
2,690
7192804.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,734
1,679
7192834.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
4,377
4,065
7192991.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
10,548
10,002
7193396.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,121
566
7193427.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
12,104
11,771
7193864.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
19,742
18,926
7194348.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
3,248
1,716
7194461.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
6,433
6,289
7195000.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
4,617
4,428
7195173.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
11,551
10,539
7195905.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
4,886
4,784
7196175.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
848
832
7196196.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
543
541
7196348.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
11,631
10,521
7196536.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
18,536
17,627
7197422.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
1,338
1,310
7197504.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
797
789
7197609.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
450
439
7197655.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
5,349
4,182
7197781.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
6,013
4,062
7197889.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,007
984
7197930.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
2,459
2,189
7197999.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
3,997
3,890
7198086.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
5,452
5,249
7198257.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
6,999
6,319
7198435.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
3,924
3,827
7198585.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
827
805
7198653.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
6,214
6,137
7198987.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
7,434
7,203
7199233.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,865
1,704
7199261.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
13,204
12,655
7199713.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
16,776
16,060
7199993.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
22,487
21,563
7200476.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
2,321
2,270
7200539.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
3,723
3,505
7200855.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,425
1,398
7200903.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
6,421
6,271
7203377.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
21,649
17,153
7203775.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
1,005
982
7203811.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
711
701
7203867.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
1,560
1,493
7204158.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
544
538
7204182.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
3,384
3,135
7204878.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
7,016
6,787
7205000.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
475
467
7205005.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
10,069
9,931
7205468.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
343
338
7205511.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
10,715
10,014
7205899.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
11,772
11,387
7206238.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
2,369
2,159
7206541.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
23,338
22,887
7207367.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
4,238
4,130
7207439.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
2,487
2,411
7207508.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
11,181
10,867
7207825.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
7,072
6,847
7208043.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
5,705
5,546
7208240.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
1,864
1,786
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7208343.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
$
1,412
$
1,010
7208965.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
427
421
7208975.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
6,808
6,412
7209100.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
4,221
4,119
7209211.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
20,233
16,146
7209663.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
2,737
1,469
7209689.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
6,967
6,908
7210617.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
12,402
11,875
7210903.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
7,109
6,354
7211090.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
11,350
11,095
7211511.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
12,527
11,413
7211869.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
12,678
12,415
7212502.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
1,729
1,685
7213077.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,993
1,967
7213925.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
403
398
7214313.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
44,136
43,096
7216608.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
596
350
7216644.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,155
1,119
7216696.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
788
721
7216706.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
477
453
7216989.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
1,613
1,504
7217049.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
6,869
5,906
7217211.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
1,834
1,777
7217278.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
255
253
7217319.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
18,370
11,384
7217666.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
4,336
4,158
7217915.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
8,849
8,635
7218256.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
564
549
7218285.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
518
508
7218349.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
2,962
2,823
7218429.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
4,428
4,292
7218518.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
7,659
7,507
7218651.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
579
562
7218769.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
3,082
2,988
7218858.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
7,571
6,851
7218931.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
39,360
37,610
7220342.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
9,849
9,572
7220570.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
8,247
6,979
7220771.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
2,306
2,197
7220910.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
9,817
9,496
7221200.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
811
790
7221230.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
4,928
4,763
7221400.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
8,739
6,061
7221567.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
2,307
2,251
7221661.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
2,716
2,628
7221738.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
5,436
5,296
7222042.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
5,004
4,032
7222143.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
1,128
1,008
7222160.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
519
515
7222234.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
1,389
1,250
7222273.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
8,660
8,532
7222885.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
6,558
6,378
7223144.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
6,325
5,456
7223258.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
2,725
1,949
7223306.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
27,862
26,712
7224046.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
12,865
8,968
7224266.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
4,521
3,920
7224388.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
669
584
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)
7224414.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
$
5,380
$
5,292
7224710.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
2,336
2,239
7226881.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
2,397
2,329
7227012.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
47,447
46,244
7229798.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
13,906
10,922
7229907.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
4,195
4,060
7229934.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
7,116
6,916
7230043.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
17,177
16,725
7230286.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
8,140
7,600
7230607.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
1,956
1,844
7230694.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
2,988
2,405
7230795.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
1,102
1,072
7231179.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
5,924
5,725
7231464.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
2,281
2,215
7231620.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
22,921
16,015
7232425.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
3,367
3,262
7232628.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
1,782
1,718
7232693.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
5,844
5,263
7232869.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
4,444
4,349
7232997.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
353
347
7233046.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
2,132
2,005
7233278.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
573
557
7233311.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
639
630
7233336.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
12,155
11,665
7233681.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
11,337
10,722
7233933.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
2,126
2,073
7234021.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
6,559
4,717
7234148.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
1,140
1,105
7234179.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
4,079
3,966
7234351.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
9,103
8,934
7234707.SQ.FTS.B,
Zero
Cpn,
5/18/25
...
56,536
48,751
7236116.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
19,170
18,685
7237384.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
6,490
4,481
7237655.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
6,294
6,130
7238054.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
395
388
7238080.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
5,234
5,009
7238281.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
304
295
7238318.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
32,322
30,150
7239102.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
633
597
7239103.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
21,786
20,836
7239649.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
681
658
7239689.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
42,183
38,358
7241898.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
27,288
26,427
7242324.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
9,319
9,044
7243567.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
896
883
7243603.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
10,176
9,731
7243704.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
4,688
4,524
7243771.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
11,299
10,779
7243868.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
473
457
7243888.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
5,186
4,359
7243983.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
438
424
7243996.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
1,196
1,185
7244047.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,501
2,362
7244081.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
3,360
3,267
7244132.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
3,498
3,406
7244208.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
1,136
724
7244322.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,855
2,493
7247410.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
13,731
13,379
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7247771.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
$
1,067
$
1,039
7247823.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,479
1,459
7247914.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
4,546
4,430
7248009.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,170
2,485
7248070.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
49,088
47,140
7249120.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
4,797
4,696
7249235.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,066
2,969
7249390.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
24,589
23,604
7250906.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,452
1,409
7251035.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
493
481
7251046.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,921
3,815
7251189.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,850
2,724
7251279.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
6,847
4,875
7251361.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
4,557
4,426
7251447.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
8,205
7,858
7251613.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
25,532
24,654
7251956.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
7,879
7,609
7252243.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
4,234
3,867
7252374.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
1,366
1,233
7252493.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
5,038
3,729
7252685.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
5,397
5,338
7253307.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
573
518
7253382.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
6,176
6,030
7254093.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
2,604
2,285
7254338.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
1,428
1,388
7254457.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
14,001
13,608
7254493.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
498
487
7254520.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
509
497
7254528.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
2,827
1,636
7254548.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
9,278
8,969
7254644.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,922
1,820
7254664.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
5,051
4,906
7254732.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
2,535
2,480
7255214.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
2,851
2,607
7255250.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,963
1,528
7255271.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
2,608
1,728
7255307.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
7,351
4,867
7255368.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
7,192
6,977
7255503.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,094
1,073
7255536.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
245
243
7255562.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
12,497
12,094
7255742.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,955
1,871
7255764.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
3,582
3,500
7255834.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
10,666
10,441
7256032.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
12,199
11,788
7256218.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
6,270
4,467
7256450.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
1,492
1,472
7256487.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
944
917
7256502.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
2,138
1,639
7256540.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
680
665
7256560.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
12,163
11,983
7256895.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
1,109
1,007
7256906.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
3,178
2,511
7260904.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
319
287
7260974.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
10,909
9,477
7261087.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
3,398
3,232
7261112.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
1,963
1,907
7261302.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
7,869
7,671
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)
7261610.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
$
1,576
$
1,544
7261662.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
26,046
25,136
7262332.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
5,541
3,120
7262792.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
7,213
7,082
7262908.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
4,078
3,991
7262979.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
1,274
1,206
7263020.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
1,359
1,284
7263049.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
3,869
3,760
7263203.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
3,094
3,014
7263277.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
920
880
7263294.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
1,008
970
7263310.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
5,861
5,732
7263389.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
1,633
1,606
7263407.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
1,123
933
7263424.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
940
854
7263448.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
801
661
7263455.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
174
172
7264270.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
1,282
1,212
7264300.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
2,252
2,130
7264377.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
669
518
7264394.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
860
783
7264472.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
693
682
7264566.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
2,178
2,126
7264689.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
12,817
12,314
7265380.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
8,026
7,668
7265488.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
14,238
13,084
7265849.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
3,586
3,193
7265966.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
5,243
4,233
7266032.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
1,245
1,158
7266047.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
6,919
6,300
7266114.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
562
554
7266132.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
29,293
28,664
7266927.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
6,317
6,151
7267066.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
2,018
1,983
7267139.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
3,068
3,000
7267303.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
3,332
3,265
7269888.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
6,376
6,206
7270130.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
8,456
6,147
7270346.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
4,597
4,387
7271599.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
3,183
3,097
7271724.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
601
576
7271812.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
1,481
1,459
7271910.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
15,163
14,742
7272266.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
2,213
2,195
7272422.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
8,891
8,498
7272737.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
5,153
5,022
7273073.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
1,190
1,167
7273105.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
6,641
6,436
7273347.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
992
971
7273398.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
5,922
5,692
7273588.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
5,402
5,279
7273854.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
9,960
9,504
7274149.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
5,225
3,730
7274307.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
1,294
1,248
7274385.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
1,079
991
7274412.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
4,240
4,090
7274690.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
1,335
1,307
7274753.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
15,780
15,429
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7275352.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
$
1,651
$
1,560
7275478.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
995
972
7275547.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
4,894
4,743
7275856.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
3,322
3,208
7275937.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
4,926
4,757
7276628.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
2,757
2,698
7277430.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
1,803
1,772
7277510.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
7,677
7,535
7277683.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
11,957
11,715
7277970.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
20,082
19,254
7278430.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
2,191
2,128
7278478.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
7,933
7,593
7278630.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
784
756
7278794.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
12,240
12,104
7279297.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
2,036
1,951
7279337.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
1,939
1,566
7279372.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
1,957
1,890
7279438.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
2,459
2,401
7279532.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
562
550
7279543.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
1,759
1,360
7279915.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
11,884
11,618
7280624.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
1,832
1,421
7280688.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
1,360
1,298
7280739.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
917
880
7280886.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,248
2,187
7280988.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,953
2,832
7281065.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
4,732
4,630
7281366.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,990
2,911
7281465.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
593
580
7281489.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
200
197
7281553.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
4,329
4,095
7281662.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
3,988
3,818
7281773.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
12,977
12,626
7282128.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
11,213
11,022
7282775.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
8,181
8,045
7283057.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
25,075
24,044
7283880.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
3,636
2,731
7283942.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
132
130
7283943.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
9,446
9,200
7284052.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
434
421
7284088.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
11,362
10,828
7284313.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
890
875
7284365.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
14,715
14,454
7285157.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
1,939
1,848
7285261.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
16,842
15,853
7285801.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
13,556
13,130
7286208.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
7,984
7,800
7286345.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
26,515
25,736
7286957.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
5,352
5,220
7287159.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
16,586
15,949
7287630.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
3,063
2,943
7287713.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
972
956
7287747.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,166
2,089
7287779.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,420
1,386
7287890.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,929
1,748
7287927.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
2,572
2,497
7287997.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
980
951
7288048.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
3,442
2,516
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)
7288120.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
$
4,716
$
4,092
7288306.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,864
1,827
7288409.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
581
489
7288439.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
7,044
6,830
7288807.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
9,756
9,399
7289147.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,413
1,401
7289279.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
24,191
23,460
7289745.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,575
1,554
7289938.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
2,670
2,577
7290020.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
898
867
7290035.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
3,673
3,167
7290125.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,780
1,729
7290242.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
12,671
12,264
7290602.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
2,334
2,291
7290668.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
4,880
3,563
7290740.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
11,780
10,964
7290984.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
9,149
8,950
7291225.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,101
1,051
7291240.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
5,009
4,141
7291331.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,300
1,130
7293656.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
9,226
8,834
7294015.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,362
2,237
7294091.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
3,519
3,396
7294211.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
6,340
6,178
7294544.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
14,224
13,930
7295203.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
1,669
1,599
7295319.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
3,767
3,449
7295473.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
352
337
7295480.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,708
1,525
7295556.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
5,198
5,041
7295692.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
3,768
2,594
7295736.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
8,743
8,385
7296106.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
659
629
7296128.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
10,845
10,524
7296434.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
751
740
7296773.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
1,578
1,470
7296787.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
192
189
7296803.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,465
2,393
7297106.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
6,471
6,309
7297274.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
20,863
19,759
7297861.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
3,825
3,485
7297955.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
4,241
4,146
7298154.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
4,985
4,785
7298390.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
832
825
7298474.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
4,666
4,426
7299023.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
3,437
3,312
7299111.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
39,435
37,828
7299947.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
41,593
32,741
7300556.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
732
715
7300569.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
40,272
38,811
7301524.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
3,051
2,376
7301678.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
6,051
5,910
7301793.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
1,149
1,112
7301825.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
533
488
7301849.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
2,994
2,834
7301930.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
3,086
3,003
7301992.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
1,667
1,635
7302032.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
3,138
3,051
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7302117.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
$
2,962
$
2,499
7302162.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
4,872
4,475
7302266.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
1,315
1,277
7302302.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
1,747
1,721
7302371.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
1,897
1,836
7302425.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
8,890
7,376
7302557.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
6,580
6,380
7302669.SQ.FTS.B,
Zero
Cpn,
6/10/25
...
8,597
6,568
7302800.SQ.FTS.B,
Zero
Cpn,
6/10/25
...
5,421
5,193
7303458.SQ.FTS.B,
Zero
Cpn,
6/10/25
...
8,794
8,034
7303666.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
2,668
2,608
7304096.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
2,609
2,572
7304195.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
43
42
7304258.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
1,886
1,862
7304594.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
19,758
19,091
7305654.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
52,301
51,203
7307231.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
20,660
20,262
7308085.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
2,432
2,396
7308243.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
14,834
13,601
7308511.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
22,016
21,453
7309437.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
227
225
7309552.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
2,958
2,879
7309653.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
3,702
3,397
7309739.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
6,474
6,265
7311634.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
4,273
4,175
7312996.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
6,431
6,238
7313199.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
5,296
5,119
7313406.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
41,977
40,486
7314137.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
8,631
8,174
7314276.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
5,368
4,501
7314373.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
26,660
24,772
7314656.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
2,857
2,789
7314803.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
3,102
2,903
7315379.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
19,041
15,501
7316100.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
2,928
2,759
7316156.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
3,038
2,906
7316254.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
2,541
2,451
7316286.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
867
850
7316329.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
6,803
6,661
7316629.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
3,691
3,525
7316677.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
9,050
8,622
7316797.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
7,838
7,647
7316950.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
11,754
8,423
7317122.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
15,759
15,605
7317744.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
2,719
2,650
7318006.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
1,217
1,199
7318044.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
8,512
8,272
7320326.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
753
731
7320392.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
6,153
5,804
7320581.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
2,551
2,082
7320655.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
3,907
3,817
7321532.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
1,098
1,081
7321685.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
1,236
948
7321720.SQ.FTS.B,
Zero
Cpn
,
6/14/25
...
3,284
3,176
7321814.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
4,792
4,568
7322047.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
7,920
7,670
7322501.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
34,447
32,649
7323263.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
23,856
20,560
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)
7323733.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
$
3,586
$
3,465
7323793.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
42
41
7323826.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
801
766
7323851.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
156
156
7323935.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
10,331
10,139
7324306.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
1,185
1,106
7324334.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
3,353
3,263
7324399.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
6,426
6,157
7324500.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
11,864
11,318
7324963.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
6,040
5,817
7325237.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
2,625
2,530
7325383.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
21,580
20,744
7326147.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,285
1,137
7326189.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
18,070
17,710
7326462.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,367
1,322
7326524.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
2,323
2,279
7326696.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
3,579
3,494
7326825.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,287
1,215
7326930.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,457
1,409
7327041.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
3,949
3,919
7327635.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
4,692
3,936
7327690.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
868
848
7327705.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
3,004
2,805
7327797.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
11,695
11,372
7328064.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
1,560
1,497
7328106.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
2,356
2,246
7328195.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
5,206
4,590
7328299.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
2,227
2,174
7328390.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
144
142
7328408.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
3,246
2,725
7328482.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
9,863
8,483
7328664.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
5,432
5,236
7328785.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
8,113
7,871
7329032.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
1,261
1,198
7329078.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
3,990
3,863
7329209.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
935
925
7329269.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
436
387
7329281.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
3,577
3,518
7329399.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
9,603
7,574
7329570.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
14,518
13,871
7329934.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
3,832
3,548
7330356.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
15,456
13,877
7330945.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
4,412
3,985
7331688.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
6,892
6,553
7331926.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
988
923
7331943.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
40,577
39,460
7333086.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
2,048
2,005
7333141.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
6,698
6,569
7333386.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
3,949
3,802
7333634.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
1,461
1,107
7333694.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
1,177
1,144
7333733.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
16,806
16,484
7334394.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
2,397
2,254
7334458.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
569
553
7334477.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
7,774
7,359
7334639.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
8,242
8,107
7334993.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
1,466
1,426
7335033.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
16,644
16,092
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7335667.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
$
7,610
$
7,315
7335835.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
1,447
1,415
7335892.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
5,234
4,941
7335985.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
15,629
15,054
7336220.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
5,869
5,610
7336337.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
37,934
35,842
7336852.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
4,117
4,031
7336914.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
417
397
7336917.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
15,052
14,347
7337152.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
27,067
25,758
7337984.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
1,958
1,903
7338059.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
3,049
2,444
7338165.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
404
398
7338337.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
2,427
1,733
7338391.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
10,507
10,101
7338662.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
6,444
6,169
7338777.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
6,053
5,748
7338876.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
6,195
5,910
7338972.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,676
1,609
7339030.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
2,963
2,926
7339268.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
2,234
2,078
7339403.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,195
1,069
7339440.SQ.FTS.B,
Zero
C
pn,
6/20/25
...
2,029
1,075
7339477.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
18,587
18,123
7339839.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
814
808
7339873.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
5,364
5,057
7339973.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
19,049
18,637
7340262.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
3,193
3,094
7340314.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
28,288
24,135
7340525.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
2,361
2,324
7340564.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
5,158
4,871
7340646.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
11,108
9,811
7340745.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,976
1,902
7340760.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
2,058
1,931
7340777.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
2,213
2,050
7340785.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,156
756
7340929.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,467
1,330
7344546.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
18,375
17,840
7344910.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
16,991
16,462
7345408.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
12,347
11,868
7345527.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
10,412
10,152
7345720.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
7,274
7,001
7345849.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
4,193
4,004
7345915.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
5,169
4,988
7346033.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
764
747
7346059.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
1,885
1,818
7346123.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
13,136
11,433
7346312.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
11,294
10,864
7346601.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
14,738
14,314
7347119.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
1,747
1,692
7347161.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
1,672
1,624
7347199.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
10,523
10,145
7347412.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
992
971
7347531.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
7,185
6,976
7347634.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
1,737
1,160
7347644.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
1,210
1,126
7347663.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
1,892
1,818
7347758.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
2,124
2,084
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)
7348176.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
$
37,052
$
36,377
7349176.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
4,429
4,110
7349335.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
2,641
2,499
7349387.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
4,344
3,575
7349442.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,909
1,774
7349551.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
9,060
8,685
7349801.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
907
883
7349867.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,317
1,227
7349943.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
177
174
7350007.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
4,297
4,242
7350229.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
2,467
2,384
7350346.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
5,852
5,523
7350489.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,659
1,592
7350547.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
10,113
9,553
7350753.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
12,213
11,762
7351047.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,324
1,299
7351090.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,892
1,828
7351131.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,071
1,057
7351150.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
8,494
8,389
7351560.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
1,827
925
7351591.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
10,790
10,305
7351763.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
2,316
2,254
7351823.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
3,005
2,864
7351853.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
5,993
5,899
7351966.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
1,912
1,849
7352009.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
2,354
2,307
7352061.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
6,765
6,541
7352142.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
1,051
978
7352154.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
2,054
1,871
7352175.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
22,979
20,359
7352428.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
8,938
8,752
7352602.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
15,258
14,378
7352758.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
10,581
10,140
7352911.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
342
339
7352926.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
23,942
22,773
7353214.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
6,370
6,077
7353332.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
3,970
2,751
7353367.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
4,493
4,406
7353459.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
4,645
4,232
7353518.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
2,484
1,168
7353531.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
3,181
2,981
7353572.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
1,207
1,190
7353595.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
880
837
7353602.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
909
867
7353620.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
14,704
13,979
7353671.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
10,572
9,889
7353779.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
404
392
7353785.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
1,955
1,814
7353813.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
5,734
5,527
7353896.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
1,654
854
7353920.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
2,039
1,977
7358629.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
14,970
14,486
7359023.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
2,063
2,030
7359113.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
3,442
3,408
7359461.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
4,955
4,835
7359600.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
38,264
36,846
7360145.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
44,552
42,519
7360615.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
21,044
20,252
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7360805.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
$
2,319
$
1,382
7360828.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
3,977
3,698
7360875.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
4,147
4,051
7360923.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
9,170
8,780
7361101.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
913
901
7361261.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
133
132
7363981.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
18,061
16,029
7364343.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
225
218
7364354.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
27,976
25,416
7365117.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
772
746
7365153.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
3,514
3,048
7365222.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
6,144
6,053
7365501.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
5,813
5,493
7365594.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
5,169
5,060
7365762.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
1,974
1,906
7365795.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
1,277
1,225
7365827.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
12,811
12,123
7366164.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
4,694
4,374
7366252.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
3,206
3,167
7366353.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
939
920
7366379.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
5,391
5,083
7366703.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
742
733
7367414.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
2,360
2,261
7367516.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
959
925
7367527.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
4,519
4,316
7367665.SQ.FTS.B,
Zero
Cpn,
6/29
/25
...
16,628
16,118
7368256.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
2,462
2,337
7368440.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
811
777
7368483.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
845
777
7368490.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
4,443
4,316
7368668.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
19,852
19,399
7370107.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
17,219
16,647
7370368.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
8,133
7,456
7370508.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
3,131
3,062
7370572.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
3,135
2,353
7370619.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
16,003
15,739
7370970.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,423
1,366
7371001.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
4,644
4,421
7371071.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
571
551
7371115.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
3,926
3,799
7371364.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,657
1,545
7371390.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,099
1,064
7371563.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,566
1,486
7371598.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
610
604
7371632.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
4,125
2,779
7371688.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
4,110
3,858
7371811.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
375
366
7371820.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
842
747
7371839.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
1,808
1,227
7371871.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
1,570
1,503
7371906.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
2,195
1,608
7371937.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
791
743
7371952.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
4,040
3,856
7372024.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
2,424
2,252
7372078.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
1,151
1,120
7372108.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
7,408
6,796
7372211.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
7,161
6,877
7372347.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
9,279
9,018
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
209
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
7372521.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
$
1,949
$
1,891
7372856.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
2,338
2,314
7373026.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
3,356
3,182
7373216.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
20,377
18,985
7373853.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
5,141
3,676
7373963.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
3,972
3,660
7374170.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
25,611
24,965
7374811.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
4,166
4,006
7374891.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
2,125
1,127
7374941.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
7,647
7,302
7375093.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
725
613
7375109.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
59,681
22,902
7375993.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
12,993
12,556
7376285.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
21,642
21,298
7377279.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
12,480
11,896
7377495.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
13,906
11,813
7377896.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
999
979
7377915.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
5,384
5,320
7378034.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
2,658
2,554
7378060.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
2,074
2,024
7378133.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
27,003
26,289
7378930.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
2,199
1,830
7378968.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
18,421
15,290
7380832.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
3,851
1,255
7380905.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
3,205
3,071
7380990.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
1,118
1,071
7381058.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
6,838
6,648
7381217.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
1,902
1,809
7381287.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
413
386
7381291.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
2,835
2,708
7381490.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
2,417
2,335
7381659.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
9,836
9,542
7381898.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
1,678
1,624
7381967.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
3,779
3,714
7382116.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
3,444
3,177
7382187.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
444
437
7382222.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
5,402
5,107
7382377.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
1,205
1,173
7382445.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
1,178
1,151
7382472.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
1,645
1,461
7382525.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
1,431
1,391
7382560.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
8,740
8,435
7382819.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
2,032
1,865
7382941.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
11,757
11,082
7383171.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
15,610
14,884
7383642.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
2,374
1,711
7383685.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
10,072
9,909
7384006.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
2,868
2,780
7384128.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
7,933
7,211
7384305.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
6,446
5,377
7384449.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
1,233
1,206
7384570.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
4,552
4,192
7384683.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
2,080
1,986
7384763.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
2,316
2,242
7384944.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
3,306
3,180
7385127.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
689
652
7385142.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
7,279
6,988
7385388.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
1,661
1,624
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7385870.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
$
2,486
$
2,417
7385944.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
1,392
1,359
7386004.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
5,076
4,864
7386126.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
5,017
4,900
7386225.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
3,024
2,666
7386306.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
14,516
12,919
7386578.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
1,816
1,582
7386619.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
539
530
7386645.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
16,178
15,356
7386936.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
4,299
3,689
7387011.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
22,467
21,855
7387351.SQ.FTS.B,
Zero
C
pn,
7/06/25
...
2,442
1,425
7387389.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
5,567
5,417
7387502.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
17,021
16,669
7387904.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
2,471
2,132
7387946.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
4,561
4,382
7388021.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
12,483
12,235
7388247.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
21,962
21,562
7389521.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
3,218
3,023
7389620.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
4,255
4,142
7389761.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
556
549
7389801.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
18,974
17,716
7390025.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
58,720
56,418
7390931.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
3,259
3,217
7391026.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
10,382
8,687
7391152.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
1,800
1,688
7391195.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
5,931
5,811
7391369.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
25,017
21,187
7391592.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
5,902
3,237
7391709.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
10,332
7,767
7391950.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
15,319
14,550
7392291.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
1,117
1,079
7392358.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
9,605
9,427
7392715.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
5,749
5,388
7392856.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
479
467
7392910.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
9,080
8,924
7393202.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
1,795
1,677
7393235.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
5,629
5,473
7393382.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
6,262
5,953
7393495.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
6,496
6,342
7393677.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
398
394
7393704.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
1,881
1,824
7393766.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
1,765
1,419
7393791.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
5,408
5,303
7393832.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
6,665
6,442
7394034.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
16,597
15,976
7394351.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
5,596
5,330
7394433.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
12,049
9,984
7394535.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
530
524
7394781.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
1,400
1,358
7394814.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
2,870
2,777
7394867.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
22,741
22,285
7395626.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
1,747
1,697
7395683.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
2,734
2,534
7395717.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
7,809
7,499
7395853.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
1,402
1,381
7395888.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
54,689
48,961
7396709.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
23,280
22,513
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)
7400535.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
$
9,150
$
8,820
7400662.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
4,063
3,877
7400721.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
4,554
3,213
7400778.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
436
431
7400804.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
7,078
6,941
7401159.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
10,967
10,481
7401469.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
2,168
1,454
7401533.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
2,041
1,984
7401623.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
1,126
1,107
7401729.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
2,200
2,083
7401757.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
3,076
3,009
7401829.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
533
516
7401856.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
1,670
1,452
7401887.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
9,523
8,240
7402053.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
34,776
32,198
7402970.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
1,510
1,262
7402982.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
35,067
33,489
7403593.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
1,535
1,454
7403758.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
2,105
2,030
7403854.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
9,754
9,401
7404129.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
8,509
8,013
7404529.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
11,156
10,540
7404861.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
2,931
2,834
7404931.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
12,181
11,768
7405222.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
2,267
2,154
7405273.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
914
876
7405293.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
324
321
7405305.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
1,676
1,636
7405337.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
209
207
7405344.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
1,720
1,600
7405407.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
15,636
15,045
7405704.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
1,356
1,340
7405781.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
262
261
7405987.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
2,900
2,477
7406074.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
4,747
4,645
7406282.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
2,633
2,554
7406380.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
62,217
60,400
7406511.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
17,334
15,241
7406693.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
5,476
5,378
7406827.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
7,285
7,100
7406989.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
26,978
21,440
7407468.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
2,324
2,222
7407524.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
5,201
5,040
7407628.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
1,611
1,554
7407661.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
640
611
7407679.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
1,948
1,876
7407711.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
3,066
2,999
7407933.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
7,632
7,388
7408113.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
4,461
4,260
7408191.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
2,638
2,565
7408240.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
2,103
2,026
7408277.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
7,297
7,075
7408420.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
1,441
1,400
7408690.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
2,102
2,048
7408724.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
21,226
20,449
7409605.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
3,060
2,994
7409748.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
5,382
5,160
7409916.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
28,194
26,402
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7410335.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
$
3,949
$
3,306
7410407.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
10,183
9,541
7410659.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
44,398
42,411
7411597.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
2,672
2,578
7411662.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
4,385
4,294
7411856.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
6,790
6,517
7412053.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
685
661
7412116.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
1,481
1,446
7412183.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
15,463
15,251
7413041.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
3,842
3,701
7413116.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
25,325
23,198
7413447.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
2,733
2,700
7413564.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
41,301
40,064
7414409.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
49,356
46,123
7416118.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
1,375
1,340
7416216.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
61,876
59,552
7418055.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
35,789
35,014
7419116.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
2,390
2,218
7419159.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
7,734
7,467
7419240.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
3,339
2,780
7419400.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
24,762
23,417
7420489.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
1,843
1,813
7420540.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
6,392
6,240
7420704.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
74,074
70,482
7422447.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
22,645
21,812
7422788.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
11,592
11,150
7423021.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
973
962
7423060.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
21,929
20,976
7423386.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
3,324
3,253
7423428.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
2,746
2,652
7423477.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
7,865
7,583
7423624.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
1,069
1,056
7423657.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
7,200
6,625
7423820.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
739
677
7423833.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
10,734
10,511
7425061.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
8,385
7,998
7425367.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
13,304
12,493
7425647.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
11,498
10,668
7425835.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
9,905
9,371
7426188.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
1,212
1,194
7426255.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
3,568
3,405
7426327.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
856
795
7426350.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
4,480
4,360
7426430.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
1,103
1,077
7426502.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
18,782
17,939
7427050.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
20,152
15,280
7427325.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
647
637
7427387.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
1,478
1,404
7427416.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
8,149
7,781
7427569.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
10,036
9,555
7427771.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
4,579
4,368
7427851.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
5,795
5,711
7428342.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
3,817
3,730
7428663.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
8,491
8,169
7428823.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
23,698
22,892
7429631.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
11,696
11,334
7429768.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
16,664
16,102
7430066.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
36,017
34,765
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)
7430680.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
$
8,478
$
8,237
7430917.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
18,942
18,400
7431703.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
192
190
7431859.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
2,944
2,878
7431939.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
4,469
4,148
7431987.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
1,382
1,343
7431999.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
76,414
60,777
7433056.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
10,966
10,649
7433415.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
25,146
24,479
7435516.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
1,481
1,454
7435635.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
438
423
7435657.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
8,377
8,165
7435918.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
1,727
1,693
7436046.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
12,115
11,554
7436646.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
5,721
5,634
7436971.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
2,309
2,203
7437062.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
3,762
3,581
7437247.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
1,729
1,677
7437662.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
2,350
2,239
7437725.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
9,175
9,035
7438338.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
1,483
1,462
7438474.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
4,786
4,568
7438614.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
5,459
5,027
7438729.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
4,611
4,370
7438902.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
9,218
8,764
7439179.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
1,163
1,015
7439189.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
11,363
10,964
7439698.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
3,784
3,727
7440035.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
1,661
1,619
7440092.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
4,892
4,787
7440287.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
1,112
1,093
7440318.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
4,717
4,570
7440471.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
4,926
4,762
7440592.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
899
874
7440620.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
3,364
3,184
7440684.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
6,070
5,610
7440744.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
7,005
6,535
7440842.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
9,913
9,454
7441037.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
1,984
1,909
7441107.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
1,301
1,274
7441185.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
14,386
12,901
7441533.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
991
962
7441613.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
11,194
11,018
7441937.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
1,241
1,045
7441985.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
1,698
1,661
7442030.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
10,075
9,746
7442092.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
4,526
4,294
7442156.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
13,293
9,314
7442323.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
3,354
3,225
7442376.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
2,564
2,491
7442430.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
6,641
6,413
7442540.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
1,643
1,597
7442569.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
10,285
9,900
7442747.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
1,848
1,799
7442798.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
3,140
3,045
7442855.SQ.FTS.B,
Zero
Cpn,
7/27/25
...
2,495
2,419
7442897.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
6,374
6,159
7443013.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
2,055
1,985
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7443050.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
$
9,483
$
9,097
7443208.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
1,134
1,114
7443238.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
1,696
1,648
7443270.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
2,980
2,742
7443464.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
2,791
2,725
7443523.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
548
537
7443538.SQ.FTS.B,
Zero
Cpn,
7/28/25
...
7,487
7,206
7444163.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
1,641
1,577
7444181.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
2,762
2,642
7444315.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
22,268
21,466
7445544.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
2,132
2,057
7445604.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
1,608
1,550
7445629.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
2,123
1,543
7445696.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
2,982
2,934
7445806.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
41,506
40,779
7446581.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
6,122
5,467
7446704.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
5,335
5,033
7446808.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
46,968
44,850
7447596.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
349
340
7447608.SQ.FTS.B,
Zero
Cpn,
7/29/25
...
8,553
8,220
7447727.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
12,645
11,551
7448051.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
4,715
4,538
7448168.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
2,566
2,474
7448292.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
8,167
7,647
7448587.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
524
499
7448618.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
6,525
6,286
7449054.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
32,587
31,334
7449635.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
2,434
2,359
7449674.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
5,980
5,356
7449832.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
23,712
19,309
7450217.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
7,228
6,954
7450341.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
4,824
3,400
7450385.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
24,065
21,384
7450836.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
711
686
7450843.SQ.FTS.B,
Zero
Cpn
,
7/30/25
...
535
436
7450851.SQ.FTS.B,
Zero
Cpn,
7/30/25
...
17,130
16,558
7451096.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
2,344
2,266
7451190.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
4,701
4,480
7451238.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
7,684
7,350
7451527.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
4,836
4,660
7451725.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
25,857
24,750
7452565.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
45,197
43,246
7453174.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
8,380
8,022
7453402.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
7,341
6,873
7453555.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
5,185
4,987
7453701.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
5,750
5,508
7453953.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
5,046
4,851
7454034.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
689
618
7454083.SQ.FTS.B,
Zero
Cpn,
7/31/25
...
1,653
1,526
7456232.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
1,786
1,717
7456324.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
1,030
1,004
7456391.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
2,275
2,180
7456486.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
496
481
7456506.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
1,377
1,313
7456558.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
2,508
2,389
7456604.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
8,804
6,637
7456717.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
3,260
3,160
7456866.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
2,933
2,818
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)
7457066.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
$
9,242
$
8,838
7457540.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
1,690
1,621
7457600.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
15,379
14,844
7458051.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
8,469
7,943
7458237.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
3,544
3,387
7458281.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
8,121
5,462
7458414.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
961
923
7458450.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
6,018
5,834
7458680.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
313
303
7458721.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
2,220
2,126
7458753.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
6,058
5,847
7458896.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
1,864
1,774
7458970.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
13,916
13,153
7459192.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
2,982
2,006
7459244.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
1,271
1,210
7459286.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
12,780
12,173
7459663.SQ.FTS.B,
Zero
Cpn,
8/01/25
...
5,131
4,946
7459895.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
3,796
3,585
7460101.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
331
319
7460112.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
1,788
1,726
7460197.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
12,236
11,791
7461094.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
2,488
2,397
7461204.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
923
814
7461360.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
1,575
1,519
7461384.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
1,254
1,191
7461398.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
2,976
2,827
7461453.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
743
721
7461465.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
4,165
3,483
7461512.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
5,966
5,070
7461553.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
4,338
4,149
7461589.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
538
520
7461609.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
5,284
5,105
7461672.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
11,040
10,674
7461863.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
864
722
7461871.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
24,489
23,619
7462647.SQ.FTS.B,
Zero
Cpn,
8/02/25
...
9,162
8,792
7462735.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
3,896
3,683
7462809.SQ.FTS.B,
Zero
Cpn,
8/03/25
...
78,103
74,783
7464052.SQ.FTS.B,
Zero
Cpn,
8/04/25
...
23,049
22,121
7464363.SQ.FTS.B,
Zero
Cpn,
8/04/25
...
5,758
5,046
7464515.SQ.FTS.B,
Zero
Cpn,
8/04/25
...
9,066
8,638
7464926.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
7,192
5,183
7465024.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
11,161
10,719
7465427.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
2,831
2,301
7465583.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
2,131
2,046
7465684.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
5,311
5,099
7465978.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
1,841
1,750
7466019.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
9,229
8,800
7466258.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
1,451
1,358
7466314.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
6,381
6,091
7466474.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
5,366
4,573
7466592.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
2,591
2,479
7466645.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
6,590
6,333
7466822.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
2,112
2,036
7466854.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
13,008
11,918
7467012.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
2,075
1,719
7467043.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
1,106
1,054
7467058.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
5,572
5,372
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7467174.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
$
1,556
$
1,447
7467190.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
4,173
4,004
7467225.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
14,117
13,444
7467572.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
12,815
12,306
7467854.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
3,865
3,626
7467944.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
3,771
3,629
7468014.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
2,845
2,678
7468040.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
592
575
7468055.SQ.FTS.B,
Zero
Cpn,
8/05/25
...
45,912
43,401
7468723.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
8,358
7,836
7468945.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
1,649
1,593
7469010.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
29,733
28,241
7470121.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
3,488
3,283
7470201.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
10,382
9,864
7470814.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
32,329
31,068
7471382.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
1,821
1,759
7471476.SQ.FTS.B,
Zero
Cpn,
8/06/25
...
2,490
2,351
7471564.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
983
954
7471655.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
12,234
11,448
7471926.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
1,071
1,017
7471939.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
22,931
21,689
7472709.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
12,775
12,224
7472913.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
7,121
6,862
7473053.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
41,403
37,977
7473568.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
9,383
9,017
7473677.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
4,351
4,178
7473748.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
59,544
57,182
7474742.SQ.FTS.B,
Zero
Cpn,
8/07/25
...
3,089
2,640
7476690.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
3,674
3,548
7476849.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
1,528
1,483
7476877.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
39,012
37,475
7477993.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
2,454
2,370
7478115.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
2,649
2,210
7478148.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
2,165
2,076
7478188.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
1,912
1,842
7478221.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
947
917
7478245.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
4,971
4,056
7478314.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
33,370
29,797
7478767.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
1,898
1,775
7478796.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
11,530
11,074
7479042.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
5,234
5,027
7479092.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
1,032
861
7479113.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
1,150
1,104
7479131.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
36,215
34,724
7479810.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
7,396
7,117
7479973.SQ.FTS.B,
Zero
Cpn,
8/08/25
...
17,611
16,353
7480168.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
545
528
7480273.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
30,147
28,836
7481296.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
2,464
2,377
7481403.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
4,241
4,027
7481668.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
1,339
1,293
7481690.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
9,588
9,171
7481823.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
21,052
20,124
7482168.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
1,026
988
7482194.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
1,374
1,328
7482232.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
1,074
1,019
7482244.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
2,118
2,017
7482274.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
13,938
13,277
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)
7482632.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
$
4,633
$
4,474
7482809.SQ.FTS.B,
Zero
Cpn,
8/09/25
...
23,607
22,657
7483220.SQ.FTS.B,
Zero
Cpn,
8/10/25
...
2,733
2,603
7483256.SQ.FTS.B,
Zero
Cpn,
8/10/25
...
52,284
50,200
7484096.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
5,382
5,048
7484189.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
21,056
19,713
7484471.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
2,592
1,698
7484514.SQ.FTS.B,
Zero
Cpn,
8/11/25
...
29,352
28,215
7485386.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
6,846
6,040
7485659.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
2,385
2,203
7485847.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
2,626
2,518
7485949.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
13,324
12,808
7486310.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
16,505
15,883
7486700.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
3,318
3,189
7486727.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
2,158
2,070
7486754.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
808
782
7486772.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
43,943
42,188
7487370.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
1,275
1,227
7487397.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
25,814
24,729
7487839.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
4,114
3,930
7487915.SQ.FTS.B,
Zero
Cpn,
8/12/25
...
44,140
41,322
7488367.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
12,119
11,610
7488686.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
9,582
8,972
7488986.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
362
354
7489008.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
4,935
4,765
7489288.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
16,240
15,574
7489972.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
17,305
14,670
7490319.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
31,721
30,408
7490860.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
9,236
7,779
7491011.SQ.FTS.B,
Zero
Cpn,
8/13/25
...
992
901
7491096.SQ.FTS.B,
Zero
C
pn,
8/13/25
...
56,990
54,654
7492036.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
1,313
1,258
7492120.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
560
541
7492149.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
14,793
14,185
7492564.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
13,123
12,632
7493166.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
9,247
8,875
7493445.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
5,854
4,551
7493533.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
4,477
4,297
7493663.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
1,062
1,025
7493693.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
9,236
8,648
7493868.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
3,437
3,083
7493939.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
2,140
2,064
7493977.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
419
408
7493998.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
23,952
21,481
7494332.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
14,522
13,954
7494646.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
3,005
2,814
7494742.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
6,392
6,150
7494967.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
91
77
7494978.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
4,078
3,908
7495215.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
15,692
14,076
7495531.SQ.FTS.B,
Zero
Cpn,
8/14/25
...
44,673
42,656
7500125.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
15,164
14,552
7500382.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
2,194
2,096
7500412.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
2,003
1,926
7500489.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
1,678
1,612
7500546.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
5,728
5,476
7500684.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
960
929
7500707.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
18,466
17,905
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7501683.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
$
10,018
$
9,682
7502046.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
18,772
17,950
7502359.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
18,564
17,858
7502720.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
2,589
2,487
7502755.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
8,331
7,797
7502831.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
14,796
14,167
7503077.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
6,030
5,206
7503156.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
23,744
22,227
7503563.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
14,616
13,972
7503959.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
3,840
3,680
7504041.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
1,026
909
7504047.SQ.FTS.B,
Zero
Cpn,
8/15/25
...
33,677
31,661
7504528.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
6,059
5,814
7504681.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
1,056
1,015
7504764.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
6,881
6,610
7504978.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
22,652
19,558
7505604.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
8,158
7,737
7505976.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
6,953
6,709
7506371.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
2,516
2,142
7506425.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
4,910
4,737
7506588.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
32,811
31,536
7507182.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
2,115
2,026
7507222.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
2,709
2,605
7507303.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
9,085
8,723
7507480.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
5,600
5,372
7507529.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
6,511
6,209
7507658.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
210
205
7507718.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
7,733
7,241
7507896.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
17,118
16,413
7508064.SQ.FTS.B,
Zero
Cpn,
8/16/25
...
38,731
37,103
7508857.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
1,374
1,302
7508898.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
4,515
4,359
7508988.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
12,077
11,363
7509164.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
2,759
2,645
7509221.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
15,188
14,394
7509485.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
8,290
7,800
7509610.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
1,791
1,722
7509634.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
7,168
6,813
7509745.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
2,402
2,260
7509789.SQ.FTS.B,
Zero
Cpn,
8/17/25
...
25,026
23,977
7510155.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
15,439
14,793
7510417.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
2,540
2,437
7510461.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
3,505
3,107
7510503.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
3,070
2,758
7510547.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
8,613
8,260
7510656.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
5,861
5,530
7510756.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
9,060
8,698
7510879.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
3,030
2,898
7510920.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
7,910
7,576
7511037.SQ.FTS.B,
Zero
Cpn,
8/18/25
...
12,185
11,691
7511244.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
7,172
6,880
7511405.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
4,398
4,238
7511473.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
3,727
3,572
7511541.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
467
453
7511573.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
65,546
58,161
7512260.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
3,718
3,553
7512315.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
5,438
5,198
7512384.SQ.FTS.B,
Zero
Cpn
,
8/19/25
...
4,510
4,346
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)
7512447.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
$
7,283
$
6,961
7512538.SQ.FTS.B,
Zero
Cpn,
8/19/25
...
21,208
20,324
7512941.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
11,212
10,758
7513040.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
1,809
1,719
7513049.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
6,982
6,722
7513537.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
1,402
1,354
7513664.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
5,710
5,405
7513784.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
3,580
3,470
7513911.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
3,384
2,937
7513968.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
957
909
7513981.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
35,508
34,049
7514529.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
2,803
2,684
7514593.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
28,386
27,295
7514996.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
3,128
3,003
7515032.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
7,018
6,668
7515105.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
1,443
1,379
7515133.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
15,985
15,387
7515365.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
7,403
7,098
7515515.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
9,936
9,533
7515681.SQ.FTS.B,
Zero
Cpn,
8/20/25
...
52,092
49,790
7516512.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
7,434
6,458
7516654.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
5,354
5,172
7516701.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
168
161
7516707.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
2,943
2,806
7516742.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
27,101
26,018
7517338.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
3,168
3,063
7517505.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
4,296
4,103
7517685.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
5,590
5,253
7517826.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
16,008
15,420
7518224.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
4,046
3,879
7518279.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
1,278
1,012
7518303.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
3,062
2,967
7518373.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
1,183
1,134
7518657.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
45,971
40,860
7519347.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
15,391
14,798
7519545.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
1,799
1,731
7519572.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
4,846
4,605
7519624.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
3,156
2,974
7519671.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
3,716
3,566
7519753.SQ.FTS.B,
Zero
Cpn,
8/21/25
...
15,345
14,722
7521805.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
12,017
11,502
7522111.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
8,550
8,184
7522282.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
8,127
7,780
7522649.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
4,361
4,183
7522835.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
2,782
2,688
7523139.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
17,862
17,186
7523812.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
2,834
2,709
7523965.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
11,036
10,642
7524290.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
5,780
5,206
7524340.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
9,425
9,075
7524489.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
9,453
8,717
7524572.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
41,206
39,140
7525159.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
8,023
7,678
7525285.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
2,061
1,978
7525298.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
23,207
22,245
7525770.SQ.FTS.B,
Zero
Cpn,
8/22/25
...
24,010
23,077
7526086.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
2,305
2,209
7526223.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
5,129
4,900
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7526404.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
$
7,160
$
6,777
7526571.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
806
777
7526657.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
1,802
1,741
7526747.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
1,889
1,803
7526787.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
2,604
2,490
7526878.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
9,020
8,684
7527338.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
1,209
1,130
7527430.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
1,957
1,845
7527481.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
5,260
3,654
7527624.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
4,108
3,953
7527745.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
720
525
7527754.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
5,119
4,899
7527894.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
1,282
1,243
7527949.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
5,710
5,495
7528062.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
909
878
7528096.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
22,420
21,474
7528450.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
1,222
1,168
7528460.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
8,482
8,129
7528588.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
245
238
7528609.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
3,660
3,429
7528647.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
3,961
3,760
7528697.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
10,356
9,899
7528939.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
12,331
11,712
7529210.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
1,486
1,435
7529246.SQ.FTS.B,
Zero
Cpn,
8/23/25
...
54,047
51,645
7529703.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
4,419
4,165
7529757.SQ.FTS.B,
Ze
ro
Cpn,
8/24/25
...
28,330
27,060
7530132.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
5,542
5,114
7530204.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
1,219
1,129
7530224.SQ.FTS.B,
Zero
Cpn,
8/24/25
...
4,543
4,261
7530292.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
1,684
1,619
7530328.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
5,022
4,812
7530396.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
1,733
1,665
7530429.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
1,216
1,175
7530460.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
18,467
17,414
7530753.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
9,042
8,608
7530872.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
5,026
4,828
7530955.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
7,609
7,304
7531099.SQ.FTS.B,
Zero
Cpn,
8/25/25
...
6,054
5,843
7531647.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,664
1,597
7531677.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
951
897
7531725.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
23,142
22,185
7532648.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
507
491
7532697.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,523
1,464
7532803.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
3,955
3,525
7532902.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
981
920
7532927.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
9,042
8,653
7533202.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
27,693
23,871
7533668.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,138
1,091
7533709.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
2,680
2,574
7533773.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
790
750
7533792.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,746
1,683
7533844.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
1,859
1,776
7533882.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
11,778
11,314
7534105.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
9,851
9,235
7534222.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
5,798
5,491
7534319.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
14,580
14,006
7534581.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
58,220
55,732
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)
7535724.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
$
1,380
$
1,320
7535759.SQ.FTS.B,
Zero
Cpn,
8/26/25
...
3,555
3,365
7535783.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
7,551
7,056
7535983.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,154
1,096
7536001.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
800
769
7536011.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
9,139
8,764
7536218.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,906
1,823
7536249.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
4,373
3,513
7536350.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
5,958
5,706
7536551.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
33,166
31,804
7537685.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
2,774
2,675
7537805.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
43,923
42,141
7538544.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
17,330
16,585
7538783.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
3,044
2,917
7538831.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
5,548
5,256
7538962.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
12,255
11,859
7539289.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
10,544
9,944
7539480.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
1,225
1,179
7539538.SQ.FTS.B,
Zero
Cpn,
8/27/25
...
14,723
13,753
7539851.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
8,582
8,092
7540141.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
9,174
7,913
7540350.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
85,606
81,555
7542082.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
1,267
1,225
7542122.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
2,459
2,364
7542196.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
38,418
36,511
7543131.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
2,061
1,962
7543175.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
1,571
1,498
7543238.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
3,702
3,559
7543351.SQ.FTS.B,
Zero
Cpn,
8/28/25
...
20,766
19,934
7546106.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
4,299
4,129
7546216.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
18,366
17,675
7546728.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
20,370
19,549
7547466.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
23,350
22,217
7548174.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
117
113
7548215.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
25,052
24,002
7548784.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
2,790
2,160
7548812.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
2,818
2,709
7548879.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
9,566
9,158
7549125.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
2,205
2,109
7549172.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
978
938
7549195.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
116
113
7549210.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
3,060
2,937
7549234.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
1,928
1,857
7549270.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
3,804
3,667
7549349.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
4,353
4,167
7549540.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
2,250
2,168
7549575.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
6,283
5,956
7549763.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
1,319
1,247
7549794.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
7,920
7,583
7549990.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
888
859
7550055.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
17,804
15,908
7550323.SQ.FTS.B,
Zero
Cpn,
8/29/25
...
44,974
42,105
7550424.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
4,254
4,072
7550614.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
1,712
1,630
7550662.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
1,029
984
7550687.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
5,468
5,235
7550911.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
5,292
5,072
7551061.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
14,628
14,040
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7551827.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
$
13,879
$
12,550
7552208.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
4,861
4,693
7552349.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
15,293
14,408
7552618.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
3,601
3,377
7552685.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
93,599
86,490
7554193.SQ.FTS.B,
Zero
Cpn,
9/01/25
...
11,860
11,438
7554508.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
9,088
8,698
7554667.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
3,260
2,829
7554714.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
2,813
2,627
7554763.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
23,319
22,315
7555295.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
13,503
12,918
7555578.SQ.FTS.B,
Zero
Cpn,
9/02/25
...
3,005
2,838
7555665.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
14,191
13,569
7555977.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
762
716
7555997.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
4,109
3,901
7556110.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
1,761
1,700
7556166.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
10,981
10,509
7556443.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
2,661
2,475
7556553.SQ.FTS.B,
Zero
Cpn,
9/03/25
...
29,018
27,909
7557781.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
2,472
2,344
7557901.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
5,510
5,288
7558147.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
4,461
4,292
7558367.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
6,276
6,051
7558607.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
12,389
11,929
7559029.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
63,207
60,520
7560321.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
2,758
2,577
7560418.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
2,279
2,200
7560511.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
4,768
4,502
7560645.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
645
561
7560685.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
2,061
1,980
7560748.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
1,023
975
7560813.SQ.FTS.B,
Zero
Cpn,
9/04/25
...
7,346
7,026
7560996.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
4,681
4,479
7561089.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
2,412
2,278
7561266.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
14,067
13,470
7561634.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
32,385
30,981
7562519.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
13,821
13,150
7562843.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
4,075
3,655
7562885.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
9,268
8,835
7563048.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
577
542
7563058.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
13,561
12,550
7563355.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
5,623
5,410
7563453.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
70,438
67,053
7564343.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
1,828
1,691
7564381.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
836
807
7564395.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
2,436
2,231
7564459.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
2,187
2,109
7564507.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
8,133
7,793
7564611.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
1,186
1,135
7564634.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
5,878
5,623
7564687.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
2,143
2,053
7564723.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
9,215
8,831
7564897.SQ.FTS.B,
Zero
Cpn,
9/05/25
...
6,121
5,868
7565054.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
6,639
6,362
7565355.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
4,417
4,228
7565470.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
2,543
2,437
7565514.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
2,411
2,285
7565576.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
2,893
2,773
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)
7565626.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
$
13,955
$
13,345
7565835.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
24,520
23,457
7566454.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
1,220
1,158
7566473.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
1,806
1,722
7566502.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
6,232
5,794
7566683.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
15,201
14,487
7566892.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
15,774
14,602
7567072.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
16,849
15,818
7567247.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
27,926
26,698
7567689.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
19,061
18,106
7567979.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
15,550
14,869
7568254.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
2,028
1,944
7568304.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
8,015
7,548
7568432.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
1,367
1,308
7568458.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
14,865
14,151
7568624.SQ.FTS.B,
Zero
Cpn,
9/06/25
...
11,113
10,570
7570949.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
14,044
13,426
7571315.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
2,889
2,733
7571356.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
30,805
27,950
7571626.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
10,513
10,047
7571798.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
18,216
16,870
7572337.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
2,313
2,208
7572383.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
26,077
24,662
7572942.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
1,429
1,350
7572986.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
1,252
1,197
7573018.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
31,409
29,967
7573520.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
23,330
22,153
7573833.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
2,167
2,087
7573856.SQ.FTS.B,
Zero
Cpn,
9/07/25
...
50,638
48,259
7574770.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
29,125
27,714
7575136.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
64,687
62,000
7576846.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
45,180
43,161
7577292.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
26,744
25,680
7577775.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,275
1,222
7577799.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
1,907
1,836
7577861.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
12,882
12,315
7578016.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
7,257
6,924
7578081.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
4,291
4,108
7578161.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
6,083
5,855
7578294.SQ.FTS.B,
Zero
Cpn,
9/08/25
...
5,385
5,061
7578410.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
21,561
20,684
7578744.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
1,776
1,679
7578775.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
3,056
2,934
7578835.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
1,890
1,809
7578880.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
4,537
4,348
7578960.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
6,618
6,407
7579126.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
5,220
4,997
7579215.SQ.FTS.B,
Zero
Cpn,
9/09/25
...
14,650
14,027
7579451.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
3,506
3,366
7579512.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
3,167
3,058
7579584.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
4,780
4,561
7579691.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
4,490
4,314
7579763.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
5,507
5,294
7579886.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
1,968
1,874
7579925.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
7,875
7,513
7580080.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
9,524
8,652
7580226.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
911
882
7580239.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
3,334
3,228
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7580308.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
$
1,548
$
1,464
7580356.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
1,305
1,250
7580380.SQ.FTS.B,
Zero
Cpn,
9/10/25
...
2,134
1,977
7580549.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
734
709
7580559.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
912
872
7580581.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
2,243
2,130
7580618.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
2,191
2,117
7580654.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
18,431
17,118
7581381.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
2,790
2,630
7581478.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
4,972
4,721
7581677.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
11,580
11,066
7581939.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
801
771
7581984.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
783
757
7583029.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
14,243
13,644
7583547.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
2,062
1,984
7583615.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
16,111
15,438
7583915.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
2,726
2,596
7584006.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
3,229
3,054
7584085.SQ.FTS.B,
Zero
Cpn,
9/11/25
...
3,251
3,094
7584366.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
12,721
12,143
7584814.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
879
851
7584863.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
23,439
17,554
7585483.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
10,826
10,437
7585818.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
6,282
5,773
7585917.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
3,761
3,598
7585994.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
26,716
25,478
7586465.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
9,937
9,454
7586626.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
2,386
2,095
7586653.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
48,971
46,747
7587250.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
4,541
4,345
7587304.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
5,013
4,759
7587356.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
3,953
3,755
7587403.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
3,198
2,969
7587451.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
2,636
2,508
7587494.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
20,869
19,925
7587712.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
2,672
2,572
7587754.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
11,598
10,889
7587908.SQ.FTS.B,
Zero
Cpn,
9/12/25
...
10,069
9,549
7588141.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
6,743
6,140
7588211.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
578
434
7588214.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
10,890
10,424
7588476.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
4,094
3,904
7588555.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
804
761
7588583.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,996
2,862
7588655.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
6,810
6,507
7588897.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,270
2,146
7588976.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
1,374
1,318
7589012.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
17,407
16,703
7589355.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
1,472
1,294
7589380.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
711
680
7589399.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,424
2,314
7589431.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
5,426
4,989
7589495.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
12,596
11,950
7589657.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,162
2,072
7589673.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
4,988
4,773
7589717.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,135
2,030
7589738.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,695
2,453
7589770.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
43,389
41,373
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)
7590250.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
$
4,854
$
4,594
7590297.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
7,407
7,085
7590335.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
4,060
3,815
7590349.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
3,098
2,957
7590362.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,152
2,055
7590383.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
2,364
2,237
7590426.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
12,419
11,905
7590555.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
481
457
7590558.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
21,341
20,415
7590731.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
6,810
6,448
7590782.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
3,436
3,306
7590816.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
753
686
7590822.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
1,367
1,288
7590831.SQ.FTS.B,
Zero
Cpn,
9/13/25
...
12,384
11,756
7593175.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
1,765
1,689
7593312.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
38,224
36,575
7593928.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
10,848
9,878
7594305.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
1,607
1,383
7594369.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
3,523
3,365
7594462.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
436
421
7594490.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
3,570
3,403
7594561.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
25,065
23,940
7595073.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
4,609
4,356
7595152.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
15,210
14,499
7595360.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
3,063
2,920
7595375.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
5,444
5,207
7595428.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
6,757
6,152
7595512.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
65,881
62,130
7596445.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
3,668
3,481
7596477.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
4,999
4,818
7596619.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
1,075
1,034
7596656.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
9,970
9,496
7596868.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
4,767
4,555
7597023.SQ.FTS.B,
Zero
Cpn,
9/14/25
...
791
764
7597172.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
674
596
7597206.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
11,538
10,908
7597366.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
36,610
34,894
7598436.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
973
921
7598449.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
47,722
45,219
7598984.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
18,343
17,342
7599124.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
3,890
3,511
7599157.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
20,319
19,372
7599801.SQ.FTS.B,
Zero
Cpn,
9/15/25
...
25,230
24,170
7599947.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
21,321
20,167
7600208.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
850
819
7600240.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
3,349
3,204
7600280.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
4,465
4,267
7600354.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
2,515
2,402
7600381.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
2,848
2,723
7600423.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
3,684
3,498
7600470.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
2,508
2,422
7600507.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
26,913
25,496
7600838.SQ.FTS.B,
Zero
Cpn,
9/16/25
...
18,249
17,523
7601104.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
6,641
6,341
7601177.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
2,152
2,015
7601211.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
4,740
4,360
7601274.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
7,290
6,983
7601366.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
1,498
1,449
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7601396.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
$
1,487
$
1,407
7601419.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
6,123
5,830
7601493.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
6,113
5,901
7601601.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
1,187
1,145
7601615.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
3,008
2,822
7601652.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
3,125
3,001
7601699.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
2,897
2,766
7601738.SQ.FTS.B,
Zero
Cpn,
9/17/25
...
2,525
2,227
7602127.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
5,252
5,020
7602187.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
1,315
1,140
7602196.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
5,006
4,772
7602306.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
4,499
4,304
7602429.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
34,486
32,928
7603549.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
2,306
1,958
7603590.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
4,044
3,847
7603660.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
7,610
7,286
7603817.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
12,041
11,507
7603979.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
8,525
8,133
7604094.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
571
543
7604100.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
6,913
6,598
7604207.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
4,444
4,272
7604268.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
6,165
5,905
7604367.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
2,801
2,659
7604419.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
403
377
7604438.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
482
467
7604448.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
2,502
2,393
7604491.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
7,876
6,821
7604587.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
8,630
8,259
7604736.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
2,044
1,917
7604921.SQ.FTS.B,
Zero
Cpn,
9/18/25
...
765
732
7605865.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
6,422
6,152
7606041.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
7,285
6,972
7606209.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
11,463
10,775
7606439.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
1,680
1,618
7606507.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
1,804
1,694
7606547.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
7,732
7,294
7606842.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
6,872
6,564
7606959.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
838
813
7606974.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
10,431
9,910
7607183.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
4,107
3,922
7607251.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
6,537
5,832
7607330.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
2,363
2,250
7607357.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
16,116
15,314
7607604.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
2,967
2,836
7607629.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
3,980
3,801
7607663.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
8,553
8,170
7607719.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
3,223
3,089
7607761.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
929
886
7607769.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
3,453
3,271
7607799.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
23,776
22,485
7608108.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
1,594
1,409
7608128.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
5,192
4,925
7608213.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
15,047
14,395
7608382.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
61,295
58,508
7609168.SQ.FTS.B,
Zero
Cpn,
9/19/25
...
1,288
1,228
7609214.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
5,743
5,487
7609354.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
5,109
4,851
7609464.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
11,479
10,992
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)
7609756.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
$
2,254
$
2,167
7609861.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
800
729
7609893.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
18,782
17,992
7610390.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
1,434
1,377
7610441.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
4,907
4,343
7610524.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
3,475
3,321
7610598.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
24,685
23,491
7610911.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
16,054
14,567
7611066.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
2,639
2,533
7611123.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
6,652
6,350
7611162.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
6,364
6,112
7611237.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
2,035
1,940
7611257.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
1,832
1,767
7611276.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
14,317
13,680
7611418.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
1,376
1,106
7611441.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
12,444
11,773
7611595.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
1,557
1,505
7611671.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
688
619
7611675.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
6,376
5,837
7611749.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
23,114
22,050
7611957.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
979
949
7611976.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
14,344
13,604
7612104.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
1,929
1,841
7612120.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
1,865
1,776
7612144.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
2,664
2,533
7612174.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
3,228
3,035
7612216.SQ.FTS.B,
Zero
Cpn,
9/20/25
...
10,683
10,253
7614490.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
1,253
1,176
7614583.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,766
4,567
7614705.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
2,000
1,924
7614796.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
3,016
2,894
7614867.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,848
4,623
7615016.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,691
4,510
7615195.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
12,210
10,300
7615548.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
5,134
4,897
7615637.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
27,018
25,862
7616265.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
22,006
21,016
7616461.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
12,610
11,824
7616674.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,317
4,118
7616722.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
4,676
4,459
7616765.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
47,819
45,647
7617312.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
1,994
1,605
7617327.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
44,224
40,109
7617805.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
2,833
2,547
7617851.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
8,960
8,499
7617917.SQ.FTS.B,
Zero
Cpn,
9/21/25
...
12,375
11,758
7618126.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
2,874
2,726
7618194.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
19,042
18,360
7618615.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
4,222
3,776
7618679.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
8,351
7,962
7618915.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
5,846
5,559
7619093.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
4,706
4,488
7619208.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
6,953
6,631
7619384.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
6,922
6,625
7619521.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
2,586
2,489
7619618.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
8,173
7,879
7619796.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
11,507
10,291
7619999.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
1,113
954
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7620015.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
$
25,850
$
24,684
7620569.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
7,279
6,608
7620641.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
3,839
3,639
7620711.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
1,771
1,659
7620735.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
11,233
10,640
7620823.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
5,604
5,383
7620881.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
8,817
8,362
7621018.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
8,923
8,457
7621120.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
1,093
1,047
7621147.SQ.FTS.B,
Zero
Cpn,
9/22/25
...
22,399
21,177
7621259.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,045
958
7621281.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
5,763
5,516
7621346.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
2,051
1,915
7621371.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,241
1,182
7621398.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
4,719
4,526
7621436.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
5,530
5,278
7621510.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
2,418
2,297
7621541.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
1,682
1,579
7621564.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
18,676
17,757
7621751.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
353
343
7621763.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
16,809
16,023
7621935.SQ.FTS.B,
Zero
Cpn,
9/23/25
...
22,627
20,704
7622216.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
6,245
5,893
7622285.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
4,865
4,542
7622342.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
969
888
7622379.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
9,561
9,181
7622528.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
1,711
1,649
7622553.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
5,389
5,143
7622631.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
12,129
11,544
7622777.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
4,973
4,689
7622832.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
8,202
7,458
7622928.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
1,535
1,461
7622953.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
4,606
4,397
7623010.SQ.FTS.B,
Zero
Cpn,
9/24/25
...
3,212
2,764
7623320.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
3,207
3,056
7623372.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
2,634
2,504
7623408.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
14,323
13,691
7623864.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
9,043
8,653
7624121.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
926
890
7624139.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
1,386
1,322
7624158.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
18,254
17,467
7624500.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
5,938
5,599
7625481.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
48,976
45,785
7626430.SQ.FTS.B,
Zero
Cpn,
9/25/25
...
9,357
8,942
7626562.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
2,481
2,275
7626636.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
47,598
45,411
7627820.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
1,857
1,742
7627870.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
1,809
1,724
7627911.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
7,721
7,377
7628118.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
3,172
3,025
7628162.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
958
916
7628170.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
12,166
11,622
7628336.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
1,599
1,531
7628364.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
13,670
12,991
7628517.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
19,646
18,576
7628791.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
36,634
35,239
7629269.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
5,532
5,315
7629381.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
14,936
14,328
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)
7629647.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
$
7,440
$
7,035
7629744.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
7,615
7,261
7629887.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
1,781
1,702
7629910.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
10,983
10,526
7630120.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
1,347
1,279
7630126.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
5,596
5,259
7630281.SQ.FTS.B,
Zero
Cpn,
9/26/25
...
2,339
2,199
7630315.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
5,165
4,807
7630432.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
31,333
29,302
7631077.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
2,589
2,331
7631160.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
3,703
3,457
7631227.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
9,856
9,239
7631377.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
8,096
7,558
7631450.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
17,347
16,063
7632269.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
19,796
18,418
7632487.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
799
722
7632497.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
16,146
15,142
7632695.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
3,213
2,992
7632770.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
23,785
22,135
7633058.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
5,791
5,432
7633143.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
20,365
18,892
7633393.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
7,274
6,698
7633493.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
4,423
4,091
7633539.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
10,692
9,939
7633704.SQ.FTS.B,
Zero
Cpn,
9/27/25
...
6,785
6,109
7635785.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
10,206
9,563
7636007.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
2,198
2,037
7636061.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
25,082
23,122
7636792.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
3,440
3,208
7636866.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
3,504
3,184
7636982.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
681
626
7636998.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
2,567
2,375
7637054.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
15,558
14,475
7637379.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
5,795
5,371
7637440.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
991
911
7637460.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
8,310
7,699
7637677.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
47,433
44,289
7638496.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
21,372
19,618
7638871.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
2,482
2,265
7638920.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
2,516
2,337
7638946.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
26,228
24,320
7639345.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
2,081
1,912
7639363.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
2,557
2,385
7639388.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
985
903
7639410.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
5,257
4,909
7639525.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
3,597
3,357
7639579.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
2,201
2,048
7639605.SQ.FTS.B,
Zero
Cpn,
9/28/25
...
14,442
13,344
7639750.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
2,138
1,985
7639826.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
10,986
10,091
7640069.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
9,601
8,843
7640370.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
4,184
3,922
7640549.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
8,368
7,844
7640815.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
5,565
5,217
7640965.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
5,936
5,451
7641180.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
6,627
6,201
7641285.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
4,444
4,045
7641373.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
3,589
3,310
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7641463.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
$
6,001
$
5,508
7641597.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
8,791
8,218
7641799.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
6,168
5,708
7641906.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
38,284
35,531
7642419.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
13,357
12,348
7642626.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
8,080
7,570
7642769.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
1,715
1,584
7642787.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
4,496
4,193
7642888.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
13,051
12,142
7643182.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
3,025
2,780
7643287.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
3,203
2,899
7643344.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
1,848
1,701
7643394.SQ.FTS.B,
Zero
Cpn,
9/29/25
...
43,156
40,412
7643470.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
11,770
10,944
7643697.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
2,912
2,728
7643750.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
2,418
2,261
7643781.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
3,056
2,825
7643854.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
2,003
1,774
7643914.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
18,618
17,445
7644312.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
11,992
11,223
7644545.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
25,944
24,226
7645018.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
13,839
12,637
7645285.SQ.FTS.B,
Zero
Cpn,
9/30/25
...
9,427
8,752
7645735.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
1,094
1,002
7645813.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
960
875
7645870.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
16,517
15,476
7646554.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
36,682
34,363
7647526.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
24,741
22,908
7648107.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
20,680
19,251
7648585.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
5,832
5,355
7648709.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
5,125
4,745
7648874.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
4,009
3,739
7648989.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
1,533
1,421
7649023.SQ.FTS.B,
Zero
Cpn,
10/01/25
..
13,319
12,427
7649639.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
7,537
6,908
7649865.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
4,969
4,516
7649988.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
6,275
5,836
7650136.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
1,303
1,200
7650164.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
1,249
1,148
7650248.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
4,016
3,728
7650345.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
3,443
3,226
7650453.SQ.FTS.B,
Ze
ro
Cpn,
10/02/25
..
3,331
3,108
7650626.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
5,307
4,882
7650943.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
19,169
17,828
7651482.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
11,283
10,492
7651686.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
1,111
1,015
7651705.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
4,844
4,410
7651790.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
461
421
7651792.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
21,095
19,692
7652073.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
42,105
39,308
7652960.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
1,475
1,347
7653005.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
3,443
3,201
7653050.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
48,068
44,882
7653830.SQ.FTS.B,
Zero
Cpn,
10/02/25
..
4,299
3,924
7653916.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
1,145
1,040
7653967.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
2,444
2,286
7654037.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
46,863
43,580
7655257.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
41,610
38,824
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)
7655755.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
$
961
$
888
7655768.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
3,461
3,160
7655826.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
13,947
12,768
7656099.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
24,000
22,324
7656528.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
1,913
1,786
7656556.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
10,965
10,274
7656711.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
5,244
4,807
7656805.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
16,255
14,976
7657081.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
10,951
10,110
7657226.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
1,104
1,010
7657242.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
2,485
2,293
7657269.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
17,325
16,211
7657540.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
4,443
4,050
7657597.SQ.FTS.B,
Zero
Cpn,
10/03/25
..
11,995
11,228
7659774.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
3,563
3,318
7659875.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
710
646
7659887.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
3,760
3,517
7659938.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
11,873
10,944
7660264.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
25,842
24,170
7660990.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
28,349
26,392
7661564.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
2,299
2,117
7661595.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
2,969
2,770
7661640.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
3,682
3,374
7661730.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
32,905
30,816
7662217.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
6,396
5,919
7662304.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
101,828
95,021
7663594.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
2,679
2,494
7663637.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
4,777
4,422
7663716.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
4,635
4,312
7663786.SQ.FTS.B,
Zero
Cpn,
10/04/25
..
25,176
23,227
7664125.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
10,601
9,702
7664448.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
1,325
1,228
7664462.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
2,893
2,685
7664516.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
22,659
20,969
7665222.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
6,259
5,816
7665345.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
1,519
1,399
7665377.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
1,379
1,266
7665427.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
11,263
10,246
7665718.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
19,988
18,474
7666168.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
5,789
5,365
7666278.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
2,397
2,227
7666333.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
48,233
44,887
7667040.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
6,337
5,913
7667122.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
12,610
11,817
7667293.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
2,543
2,286
7667343.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
1,608
1,474
7667360.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
4,299
3,921
7667434.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
6,456
5,931
7667536.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
13,917
13,008
7667738.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
8,220
7,621
7667847.SQ.FTS.B,
Zero
Cpn,
10/05/25
..
1,405
1,293
7667877.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
3,060
2,830
7667933.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
34,867
31,982
7668617.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
5,898
5,456
7668732.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
1,915
1,734
7668773.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
1,725
1,585
7668798.SQ.FTS.B,
Zero
Cpn,
10/06/25
..
11,237
10,428
7668989.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
4,819
4,464
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7669086.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
$
16,567
$
15,341
7669373.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
9,992
9,301
7669539.SQ.FTS.B,
Zero
Cpn,
10/07/25
..
9,979
9,347
7669994.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
5,229
4,767
7670094.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
13,484
12,570
7670642.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
2,432
2,229
7670758.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
4,962
4,581
7670931.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
768
663
7671011.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
499
463
7671022.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
5,998
5,525
7671209.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
26,091
24,242
7671758.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
1,835
1,697
7671787.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
6,224
5,820
7671923.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
5,459
5,028
7672033.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
15,594
14,512
7672289.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
13,305
12,258
7672574.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
11,241
10,369
7672835.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
14,070
13,092
7673124.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
3,728
3,473
7673194.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
7,164
6,675
7673355.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
5,380
5,017
7673435.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
1,696
1,546
7673474.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
3,181
2,939
7673573.SQ.FTS.B,
Zero
Cpn,
10/08/25
..
8,097
7,476
7673616.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
21,509
20,110
7674143.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
581
533
7674163.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
18,610
17,000
7674704.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
1,189
1,091
7674741.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
1,652
1,509
7674807.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
2,274
2,124
7674860.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
2,135
1,970
7674912.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
3,240
2,955
7674982.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
5,414
5,063
7675118.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
1,328
1,227
7675149.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
6,516
6,104
7675272.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
10,441
9,751
7675427.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
5,054
4,699
7675471.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
2,983
2,747
7675516.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
2,029
1,854
7675548.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
3,491
3,256
7675579.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
3,220
2,966
7675637.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
25,255
23,349
7675955.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
5,172
4,788
7676029.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
3,225
3,015
7676081.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
3,175
2,942
7676122.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
4,375
3,988
7676186.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
2,193
1,992
7676203.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
1,412
1,298
7676230.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
46,857
42,845
7676986.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
4,858
4,532
7677059.SQ.FTS.B,
Zero
Cpn,
10/09/25
..
40,898
37,910
7677246.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
11,003
10,058
7677613.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
7,591
6,926
7677812.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
868
801
7677832.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
19,810
18,458
7678409.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
2,687
2,279
7678508.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
537
431
7678592.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
50,553
47,233
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
221
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
7679202.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
$
4,004
$
3,660
7679256.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
29,371
27,044
7679736.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
1,237
1,138
7679766.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
5,508
5,158
7679832.SQ.FTS.B,
Zero
Cpn,
10/10/25
..
59,875
55,897
7682300.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
4,184
3,900
7682410.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
21,687
20,301
7683127.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
2,409
2,211
7683197.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
4,241
3,938
7683322.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
6,675
6,163
7683502.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
763
709
7683518.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
5,433
5,078
7683706.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
8,457
7,905
7683899.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
93,484
86,636
7685453.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
4,237
3,964
7685513.SQ.FTS.B,
Zero
Cpn,
10/11/25
..
57,623
52,875
7686059.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
3,159
2,886
7686198.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
5,556
5,164
7686421.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
4,728
4,380
7686514.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
12,980
12,148
7687000.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
3,604
3,311
7687178.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
12,685
11,684
7687505.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
693
637
7687518.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
9,831
8,988
7687750.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
2,081
1,912
7687803.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
17,723
16,368
7688253.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
52,958
49,352
7689138.SQ.FTS.B,
Zero
Cpn,
10/12/25
..
27,976
25,771
7689293.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
5,705
5,317
7689371.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
7,789
7,275
7689469.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
8,554
7,938
7689601.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
2,089
1,928
7689627.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
16,984
15,898
7689832.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
1,496
1,362
7689857.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
13,166
12,045
7690074.SQ.FTS.B,
Zero
Cpn,
10/13/25
..
6,643
6,138
7690162.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
13,590
12,543
7690353.SQ.FTS.B
,
Zero
Cpn,
10/14/25
..
2,129
1,975
7690384.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
420
387
7690387.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
6,408
5,872
7690477.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
2,248
2,098
7690511.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
1,322
1,212
7690525.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
7,856
7,341
7690594.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
4,317
3,989
7690656.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
5,307
4,864
7690720.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
2,472
2,283
7690754.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
4,407
4,106
7690814.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
3,258
3,049
7690870.SQ.FTS.B,
Zero
Cpn,
10/14/25
..
17,054
15,965
7691347.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
909
848
7691362.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
1,984
1,840
7691438.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
6,211
5,803
7691637.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
5,342
4,911
7691830.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
2,021
1,845
7691925.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
3,726
3,430
7692013.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
9,012
8,287
7692227.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
3,306
3,062
7692302.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
15,561
14,474
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7692563.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
$
1,653
$
1,538
7692581.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
5,969
5,496
7692666.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
1,441
1,338
7692692.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
1,739
1,603
7692735.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
4,053
3,765
7692826.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
18,641
17,039
7693126.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
5,907
5,484
7693227.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
14,935
13,765
7693405.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
3,832
3,525
7693460.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
3,317
3,038
7693492.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
39,165
36,189
7693971.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
18,017
16,701
7694275.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
5,789
5,336
7694390.SQ.FTS.B,
Zero
Cpn,
10/15/25
..
27,222
25,427
7694584.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
19,805
18,402
7695144.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
2,128
1,975
7695254.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
2,097
1,950
7695295.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
7,168
6,699
7695489.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
997
928
7695517.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
1,107
1,029
7695534.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
8,602
7,898
7695718.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
7,067
6,513
7695846.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
6,283
5,872
7695998.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
1,573
1,466
7696027.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
15,696
14,578
7696233.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
6,398
5,842
7696304.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
6,330
5,868
7696384.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
16,177
14,942
7696562.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
1,940
1,799
7696585.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
9,559
8,892
7696704.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
5,082
4,691
7696775.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
3,184
2,974
7696814.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
32,332
29,693
7697279.SQ.FTS.B,
Zero
Cpn,
10/16/25
..
32,091
29,404
7697595.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
4,484
4,197
7697716.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
9,664
8,828
7697915.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
3,315
3,042
7697987.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
5,378
5,025
7698140.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
16,426
15,217
7698526.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
2,049
1,897
7698556.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
4,734
4,404
7698643.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
3,944
3,656
7698716.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
5,347
4,993
7698820.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
3,782
3,456
7698853.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
18,703
17,284
7699047.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
45,738
41,873
7699550.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
11,122
10,393
7699696.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
45,503
42,047
7700190.SQ.FTS.B,
Zero
Cpn,
10/17/25
..
7,913
7,393
7701611.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
3,725
3,425
7701703.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
757
698
7701719.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
2,251
2,071
7701757.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
1,750
1,589
7701772.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
4,359
3,989
7701828.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
3,621
3,352
7701936.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
11,921
10,890
7702244.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
2,806
2,600
7702400.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
2,424
2,254
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)
Block,
Inc.
(continued)
7702437.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
$
6,897
$
6,425
7702604.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
3,257
2,979
7702698.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
3,504
3,239
7702787.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
57,030
52,955
7703816.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
2,643
2,467
7703868.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
1,087
1,012
7703885.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
5,877
5,469
7703968.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
3,590
3,291
7704012.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
2,298
2,129
7704065.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
2,911
2,718
7704101.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
722
663
7704118.SQ.FTS.B,
Zero
Cpn,
10/18/25
..
22,055
20,555
7704455.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
1,244
1,143
7704502.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
3,745
3,490
7704604.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
12,156
11,286
7705039.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
20,394
18,748
7705505.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
7,409
6,841
7705618.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
4,779
4,357
7705667.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
30,117
27,810
7706301.SQ.FTS.B,
Zero
Cpn,
10/19/25
..
31,118
28,826
7706766.SQ.FTS.B,
Zero
Cpn,
10/20/25
..
4,194
3,886
7706826.SQ.FTS.B,
Zero
Cpn,
10/20/25
..
3,152
2,861
7706860.SQ.FTS.B,
Zero
Cpn,
10/20/25
..
33,970
31,725
7707225.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
7,618
7,093
7707326.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
1,737
1,592
7707353.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
4,559
4,200
7707410.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
5,379
5,010
7707481.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
2,845
2,636
7707515.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
7,389
6,911
7707604.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
1,035
944
7707609.SQ.FTS.B,
Zero
Cpn,
10/21/25
..
12,093
11,261
7707955.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
2,439
2,260
7708026.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
7,585
6,951
7708185.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
2,745
2,536
7708336.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
3,424
3,171
7708402.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
19,107
17,511
7708642.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
4,170
3,804
7708676.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
61,563
57,483
7709235.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
2,491
2,326
7709257.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
9,130
8,456
7709365.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
2,932
2,679
7709387.SQ.FTS.B,
Zero
Cpn,
10/22/25
..
15,685
14,499
7709743.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
5,081
4,732
7709864.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
9,133
8,394
7710105.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
760
702
7710132.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
6,016
5,559
7710213.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
2,915
2,706
7710277.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
5,863
5,454
7710384.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
7,548
6,933
7710459.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
8,646
8,059
7710533.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
44,041
40,991
7712570.SQ.FTS.B,
Zero
Cpn,
10/23/25
..
28,395
26,515
7714661.SQ.FTS.B,
Zero
Cpn,
10/24/25
..
10,808
9,894
7721370.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
5,713
5,290
7721630.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
1,146
1,050
7721660.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
8,293
7,739
7721804.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
10,364
9,489
7722005.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
3,695
3,403
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7722120.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
$
8,672
$
8,057
7722271.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
15,633
14,313
7722484.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
9,275
8,588
7722622.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
3,335
3,064
7722653.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
4,946
4,580
7722695.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
9,656
9,011
7722826.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
4,052
3,743
7722860.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
7,199
6,563
7722925.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
2,954
2,714
7722951.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
4,476
4,177
7722996.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
4,222
3,859
7723033.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
7,295
6,679
7723093.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
8,179
7,633
7723156.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
4,145
3,869
7723206.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
13,064
12,192
7723355.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
4,708
4,357
7723400.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
3,682
3,372
7723449.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
1,056
986
7723458.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
1,285
1,177
7723475.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
17,425
16,009
7723653.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
3,181
2,969
7723682.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
15,336
14,312
7723793.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
2,493
2,290
7723826.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
2,582
2,364
7723869.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
9,537
8,694
7723970.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
6,123
5,714
7724116.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
6,126
5,672
7724188.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
1,749
1,633
7724222.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
24,754
23,109
7724441.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
8,130
7,527
7724525.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
1,123
1,028
7724542.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
4,872
4,527
7724584.SQ.FTS.B,
Zero
Cpn,
10/25/25
..
8,151
7,527
4581962.SQ.FTS.B,
Ze
ro
Cpn,
4/03/33
...
1,755
–
4581979.SQ.FTS.B,
Zero
Cpn,
4/03/33
...
2,035
–
4582384.SQ.FTS.B,
Zero
Cpn,
4/03/33
...
863
–
4586446.SQ.FTS.B,
Zero
Cpn,
4/04/33
...
5,636
–
4590729.SQ.FTS.B,
Zero
Cpn,
4/06/33
...
1,383
–
4591813.SQ.FTS.B,
Zero
Cpn,
4/06/33
...
2,891
–
4591961.SQ.FTS.B,
Zero
Cpn,
4/06/33
...
1,338
–
4592572.SQ.FTS.B,
Zero
Cpn,
4/06/33
...
449
–
4593610.SQ.FTS.B,
Zero
Cpn,
4/06/33
...
1,504
–
4604000.SQ.FTS.B,
Zero
Cpn,
4/09/33
...
8,181
–
4604804.SQ.FTS.B,
Zero
Cpn,
4/09/33
...
785
–
4605063.SQ.FTS.B,
Zero
Cpn,
4/10/33
...
1,320
–
4605658.SQ.FTS.B,
Zero
Cpn,
4/10/33
...
6,711
–
4606063.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
2,752
–
4606489.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
12,498
–
4606620.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
668
–
4606932.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
2,572
–
4609460.SQ.FTS.B,
Zero
Cpn,
4/12/33
...
2,479
–
4609493.SQ.FTS.B,
Zero
Cpn,
4/12/33
...
1,353
–
4610482.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
3,367
–
4622664.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
3,107
–
4622864.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
782
–
4624391.SQ.FTS.B,
Zero
Cpn,
4/17/33
...
3,087
–
4624796.SQ.FTS.B,
Zero
Cpn,
4/17/33
...
457
–
4625048.SQ.FTS.B,
Zero
Cpn,
4/17/33
...
871
–
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)
Block,
Inc.
(continued)
4626040.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
$
5,792
$
–
4628862.SQ.FTS.B,
Zero
Cpn,
4/19/33
...
8,296
–
4632078.SQ.FTS.B,
Zero
Cpn,
4/20/33
...
21,052
–
4638327.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
8,661
–
4640261.SQ.FTS.B,
Zero
Cpn,
4/24/33
...
549
–
4640985.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
1,692
1
4641063.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
710
–
4643805.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
751
–
4649015.SQ.FTS.B,
Zero
Cpn,
4/27/33
...
5,124
–
4649299.SQ.FTS.B,
Zero
Cpn,
4/27/33
...
109
–
4655501.SQ.FTS.B,
Zero
Cpn,
4/29/33
...
4,154
–
4657541.SQ.FTS.B,
Zero
Cpn,
4/30/33
...
836
–
4660081.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
422
–
4664137.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
2,149
–
4666640.SQ.FTS.B,
Zero
Cpn,
5/03/33
...
10,212
–
4674918.SQ.FTS.B,
Zero
Cpn,
5/05/33
...
9,934
–
4675113.SQ.FTS.B,
Zero
Cpn,
5/05/33
...
163
–
4684412.SQ.FTS.B,
Zero
Cpn,
5/08/33
...
2,706
–
4707828.SQ.FTS.B,
Zero
Cpn,
5/11/33
...
69
–
4713712.SQ.FTS.B,
Zero
Cpn,
5/13/33
...
167
–
4720634.SQ.FTS.B,
Zero
Cpn,
5/16/33
...
7,932
4
4725524.SQ.FTS.B,
Zero
Cpn,
5/17/33
...
19,384
17
4741690.SQ.FTS.B,
Zero
Cpn,
5/18/33
...
524
–
4744012.SQ.FTS.B,
Zero
Cpn,
5/18/33
...
2,547
3
4755474.SQ.FTS.B,
Zero
Cpn,
5/22/33
...
1,198
3
4756626.SQ.FTS.B,
Zero
Cpn,
5/22/33
...
1,687
2
4757364.SQ.FTS.B,
Zero
Cpn,
5/22/33
...
2,804
1
4790013.SQ.FTS.B,
Zero
Cpn,
5/29/33
...
144
–
4807316.SQ.FTS.B,
Zero
Cpn,
6/02/33
...
297
1
4810447.SQ.FTS.B,
Zero
Cpn,
6/03/33
...
2,379
7
4814556.SQ.FTS.B,
Zero
Cpn,
6/04/33
...
616
1
4814833.SQ.FTS.B,
Zero
Cpn,
6/04/33
...
24,496
79
4815651.SQ.FTS.B,
Zero
Cpn,
6/05/33
...
629
1
4818987.SQ.FTS.B,
Zero
Cpn,
6/06/33
...
2,640
6
4819180.SQ.FTS.B,
Zero
Cpn,
6/07/33
...
266
1
4819217.SQ.FTS.B,
Zero
Cpn,
6/07/33
...
12,317
41
4821611.SQ.FTS.B,
Zero
Cpn,
6/08/33
...
702
1
4823342.SQ.FTS.B,
Zero
Cpn,
6/08/33
...
723
1
4827165.SQ.FTS.B,
Zero
Cpn,
6/09/33
...
1,298
2
4831089.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
3,668
14
4832985.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
12,795
38
4836929.SQ.FTS.B,
Zero
Cpn,
6/13/33
...
6,637
23
4837116.SQ.FTS.B,
Zero
Cpn,
6/13/33
...
2,784
10
4838193.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
1,565
8
4839366.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
11,177
44
4839716.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
727
3
4840254.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
488
2
4840334.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
1,577
6
4840427.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
6,145
19
4840766.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
2,241
10
4842339.SQ.FTS.B,
Zero
Cpn,
6/15/33
...
565
3
4843142.SQ.FTS.B,
Zero
Cpn,
6/15/33
...
5,444
21
4848471.SQ.FTS.B,
Zero
Cpn,
6/16/33
...
2,931
8
4848662.SQ.FTS.B,
Zero
Cpn,
6/16/33
...
5,372
14
4848703.SQ.FTS.B,
Zero
Cpn,
6/16/33
...
1,526
5
4850020.SQ.FTS.B,
Zero
Cpn,
6/16/33
...
156
–
4850454.SQ.FTS.B,
Zero
Cpn,
6/16/33
...
1,505
4
4858016.SQ.FTS.B,
Zero
Cpn,
6/17/33
...
1,782
4
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4860376.SQ.FTS.B,
Zero
Cpn,
6/17/33
...
$
1,539
$
5
4860428.SQ.FTS.B,
Zero
Cpn,
6/17/33
...
179
–
4860575.SQ.FTS.B,
Zero
Cpn,
6/17/33
...
431
2
4861177.SQ.FTS.B,
Zero
Cpn,
6/17/33
...
526
2
4861282.SQ.FTS.B,
Zero
Cpn,
6/17/33
...
2,636
5
4861902.SQ.FTS.B,
Zero
Cpn,
6/18/33
...
1,428
4
4861917.SQ.FTS.B,
Zero
Cpn,
6/18/33
...
3,378
17
4863326.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
3,221
17
4863471.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
7,932
45
4866438.SQ.FTS.B,
Zero
Cpn,
6/20/33
...
954
2
4866709.SQ.FTS.B,
Zero
Cpn,
6/20/33
...
1,837
5
4867919.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
6,047
20
4868143.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
4,894
30
4868584.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
5,694
22
4881733.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
726
6
4881919.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
793
3
4882161.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
203
1
4884630.SQ.FTS.B,
Zero
Cpn,
6/29/33
...
527
3
4885937.SQ.FTS.B,
Zero
Cpn,
6/29/33
...
2,665
21
4889629.SQ.FTS.B,
Zero
Cpn,
7/01/33
...
2,050
9
4889899.SQ.FTS.B,
Zero
Cpn,
7/02/33
...
5,336
20
4890016.SQ.FTS.B,
Zero
Cpn,
7/02/33
...
1,471
2
4891423.SQ.FTS.B,
Zero
Cpn,
7/03/33
...
3,072
22
4901412.SQ.FTS.B,
Zero
Cpn,
7/07/33
...
183
1
4901767.SQ.FTS.B,
Zero
Cpn,
7/07/33
...
6,806
63
4903860.SQ.FTS.B,
Zero
Cpn,
7/09/33
...
2,275
10
4905084.SQ.FTS.B,
Zero
Cpn,
7/10/33
...
1,978
19
4906129.SQ.FTS.B,
Zero
Cpn,
7/10/33
...
885
12
4910039.SQ.FTS.B,
Zero
Cpn,
7/12/33
...
2,468
33
4924498.SQ.FTS.B,
Zero
Cpn,
7/17/33
...
2,892
19
4925900.SQ.FTS.B,
Zero
Cpn,
7/18/33
...
4,762
49
4926237.SQ.FTS.B,
Zero
Cpn,
7/18/33
...
7,821
34
4926957.SQ.FTS.B,
Zero
Cpn,
7/19/33
...
1,660
21
4928138.SQ.FTS.B,
Zero
Cpn,
7/19/33
...
6,946
64
4928279.SQ.FTS.B,
Zero
Cpn,
7/19/33
...
991
6
4928795.SQ.FTS.B,
Zero
Cpn,
7/19/33
...
21,198
102
4931407.SQ.FTS.B,
Zero
Cpn,
7/20/33
...
758
5
4931889.SQ.FTS.B,
Zero
Cpn,
7/20/33
...
1,469
17
4933844.SQ.FTS.B,
Zero
Cpn,
7/21/33
...
19,305
113
4935340.SQ.FTS.B,
Zero
Cpn,
7/22/33
...
172
1
4935527.SQ.FTS.B,
Zero
Cpn,
7/22/33
...
1,418
9
4935556.SQ.FTS.B,
Zero
Cpn,
7/22/33
...
579
4
4935758.SQ.FTS.B,
Zero
Cpn,
7/23/33
...
717
12
4935784.SQ.FTS.B,
Zero
Cpn,
7/23/33
...
749
5
4936861.SQ.FTS.B,
Zero
Cpn,
7/24/33
...
1,307
10
4937255.SQ.FTS.B,
Zero
Cpn,
7/24/33
...
1,941
26
4954900.SQ.FTS.B,
Zero
Cpn,
7/28/33
...
4,177
21
4962054.SQ.FTS.B,
Zero
Cpn,
7/31/33
...
8,398
59
4962523.SQ.FTS.B,
Zero
Cpn,
7/31/33
...
4,563
71
4964207.SQ.FTS.B,
Zero
Cpn,
8/01/33
...
872
5
4967874.SQ.FTS.B,
Zero
Cpn,
8/02/33
...
6,630
72
4976894.SQ.FTS.B,
Zero
Cpn,
8/07/33
...
2,452
15
4977295.SQ.FTS.B,
Zero
Cpn,
8/07/33
...
5,717
44
4980302.SQ.FTS.B,
Zero
Cpn,
8/08/33
...
5,164
42
4980891.SQ.FTS.B,
Zero
Cpn,
8/08/33
...
7,938
89
4985573.SQ.FTS.B,
Zero
Cpn,
8/10/33
...
3,505
47
4985801.SQ.FTS.B,
Zero
Cpn,
8/10/33
...
3,070
31
4986950.SQ.FTS.B,
Zero
Cpn,
8/10/33
...
1,026
11
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)
Block,
Inc.
(continued)
4989680.SQ.FTS.B,
Zero
Cpn,
8/11/33
...
$
6,187
$
63
4990405.SQ.FTS.B,
Zero
Cpn,
8/12/33
...
4,006
42
4990803.SQ.FTS.B,
Zero
Cpn,
8/12/33
...
420
6
4990927.SQ.FTS.B,
Zero
Cpn,
8/12/33
...
1,216
7
4991162.SQ.FTS.B,
Zero
Cpn,
8/13/33
...
5,956
69
4993286.SQ.FTS.B,
Zero
Cpn,
8/14/33
...
1,167
7
4993377.SQ.FTS.B,
Zero
Cpn,
8/14/33
...
1,027
6
4993884.SQ.FTS.B,
Zero
Cpn,
8/14/33
...
2,371
17
4994536.SQ.FTS.B,
Zero
Cpn,
8/14/33
...
172
1
4994636.SQ.FTS.B,
Zero
Cpn,
8/15/33
...
1,945
17
4999801.SQ.FTS.B,
Zero
Cpn,
8/15/33
...
7,631
37
5002638.SQ.FTS.B,
Zero
Cpn,
8/15/33
...
1,671
21
5002851.SQ.FTS.B,
Zero
Cpn,
8/15/33
...
2,134
22
5003760.SQ.FTS.B,
Zero
Cpn,
8/15/33
...
2,712
28
5017280.SQ.FTS.B,
Zero
Cpn,
8/17/33
...
6,962
71
5019634.SQ.FTS.B,
Zero
Cpn,
8/17/33
...
1,814
30
5024347.SQ.FTS.B,
Zero
Cpn,
8/18/33
...
2,526
9
5025260.SQ.FTS.B,
Zero
Cpn,
8/18/33
...
427
7
5025377.SQ.FTS.B,
Zero
Cpn,
8/18/33
...
4,937
65
5025999.SQ.FTS.B,
Zero
Cpn,
8/19/33
...
4,449
46
5026387.SQ.FTS.B,
Zero
Cpn,
8/19/33
...
1,641
10
5027200.SQ.FTS.B,
Zero
Cpn,
8/21/33
...
811
13
5034542.SQ.FTS.B,
Zero
Cpn,
8/23/33
...
3,605
53
5035879.SQ.FTS.B,
Zero
Cpn,
8/23/33
...
757
11
5037885.SQ.FTS.B,
Zero
Cpn,
8/24/33
...
10,799
190
5041320.SQ.FTS.B,
Zero
Cpn,
8/25/33
...
6,419
71
5044612.SQ.FTS.B,
Zero
Cpn,
8/27/33
...
309
4
5045398.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
9,125
62
5045876.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
6,187
85
5047833.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
3,738
55
5048228.SQ.FTS.B,
Zero
Cpn,
9/01/33
...
273
3
5049827.SQ.FTS.B,
Zero
Cpn,
9/01/33
...
3,982
33
5050370.SQ.FTS.B,
Zero
Cpn,
9/01/33
...
17,390
249
5051202.SQ.FTS.B,
Zero
Cpn,
9/02/33
...
402
3
5051339.SQ.FTS.B,
Zero
Cpn,
9/02/33
...
1,372
16
5059388.SQ.FTS.B,
Zero
Cpn,
9/04/33
...
578
7
5059779.SQ.FTS.B,
Zero
Cpn,
9/04/33
...
14,894
177
5061477.SQ.FTS.B,
Zero
Cpn,
9/04/33
...
5,939
121
5062144.SQ.FTS.B,
Zero
Cpn,
9/05/33
...
400
6
5065231.SQ.FTS.B,
Zero
Cpn,
9/07/33
...
7,752
157
5066009.SQ.FTS.B,
Zero
Cpn,
9/08/33
...
7,197
122
5067639.SQ.FTS.B,
Zero
Cpn,
9/08/33
...
8,253
94
5068585.SQ.FTS.B,
Zero
Cpn,
9/08/33
...
2,845
25
5069032.SQ.FTS.B,
Zero
Cpn,
9/09/33
...
5,192
81
5069067.SQ.FTS.B,
Zero
Cpn,
9/09/33
...
12,169
121
5073148.SQ.FTS.B,
Zero
Cpn,
9/10/33
...
7,251
140
5074113.SQ.FTS.B,
Zero
Cpn,
9/10/33
...
38,423
272
5074740.SQ.FTS.B,
Zero
Cpn,
9/10/33
...
3,052
44
5074780.SQ.FTS.B,
Zero
Cpn,
9/10/33
...
1,174
17
5078382.SQ.FTS.B,
Zero
Cpn,
9/12/33
...
979
28
5080951.SQ.FTS.B,
Zero
Cpn,
9/14/33
...
654
7
5081394.SQ.FTS.B,
Zero
Cpn,
9/14/33
...
9,547
44
5082041.SQ.FTS.B,
Zero
Cpn,
9/14/33
...
2,897
44
5082286.SQ.FTS.B,
Zero
Cpn,
9/15/33
...
2,381
30
5086472.SQ.FTS.B,
Zero
Cpn,
9/16/33
...
1,617
14
5086626.SQ.FTS.B,
Zero
Cpn,
9/16/33
...
1,016
18
5089593.SQ.FTS.B,
Zero
Cpn,
9/17/33
...
3,289
52
5090813.SQ.FTS.B,
Zero
Cpn,
9/17/33
...
4,919
103
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5091416.SQ.FTS.B,
Zero
Cpn,
9/18/33
...
$
13,886
$
279
5092572.SQ.FTS.B,
Zero
Cpn,
9/18/33
...
4,043
46
5093886.SQ.FTS.B,
Zero
Cpn,
9/19/33
...
2,277
21
5094586.SQ.FTS.B,
Zero
Cpn,
9/20/33
...
2,003
44
5095170.SQ.FTS.B,
Zero
Cpn,
9/21/33
...
2,536
24
5096503.SQ.FTS.B,
Zero
Cpn,
9/21/33
...
9,495
224
5097173.SQ.FTS.B,
Zero
Cpn,
9/21/33
...
729
8
5098444.SQ.FTS.B,
Zero
Cpn,
9/22/33
...
4,780
92
5099132.SQ.FTS.B,
Zero
Cpn,
9/22/33
...
37,393
621
5102220.SQ.FTS.B,
Zero
Cpn,
9/23/33
...
2,484
66
5104481.SQ.FTS.B,
Zero
Cpn,
9/24/33
...
1,513
28
5107188.SQ.FTS.B,
Zero
Cpn,
9/24/33
...
2,474
35
5109124.SQ.FTS.B,
Zero
Cpn,
9/25/33
...
519
5
5109714.SQ.FTS.B,
Zero
Cpn,
9/25/33
...
8,108
83
5111943.SQ.FTS.B,
Zero
Cpn,
9/28/33
...
851
6
5113482.SQ.FTS.B,
Zero
Cpn,
9/28/33
...
1,780
29
5114309.SQ.FTS.B,
Zero
Cpn,
9/28/33
...
906
19
5114403.SQ.FTS.B,
Zero
Cpn,
9/28/33
...
1,028
7
5115191.SQ.FTS.B,
Zero
Cpn,
9/29/33
...
312
3
5115942.SQ.FTS.B,
Zero
Cpn,
9/29/33
...
25,309
231
5117310.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
4,690
104
5118308.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
6,298
127
5118981.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
3,773
91
5119496.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
4,666
67
5122010.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
629
7
5122298.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
1,008
11
5124626.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
30
–
5125832.SQ.FTS.B,
Zero
Cpn,
10/01/33
..
649
7
5126318.SQ.FTS.B,
Zero
Cpn,
10/01/33
..
305
7
5128139.SQ.FTS.B,
Zero
Cpn,
10/02/33
..
1,521
41
5128160.SQ.FTS.B,
Zero
Cpn,
10/02/33
..
2,113
23
5129089.SQ.FTS.B,
Zero
Cpn,
10/03/33
..
5,922
62
5131068.SQ.FTS.B,
Zero
Cpn,
10/04/33
..
995
20
5134453.SQ.FTS.B,
Zero
Cpn,
10/05/33
..
589
7
5134858.SQ.FTS.B,
Zero
Cpn,
10/05/33
..
206
3
5135989.SQ.FTS.B,
Zero
Cpn,
10/05/33
..
6,343
138
5138063.SQ.FTS.B,
Zero
Cpn,
10/06/33
..
13,589
313
5143578.SQ.FTS.B,
Zero
Cpn,
10/07/33
..
597
7
5143602.SQ.FTS.B,
Zero
Cpn,
10/07/33
..
1,106
25
5143636.SQ.FTS.B,
Zero
Cpn,
10/0
7/33
..
22,568
824
5144702.SQ.FTS.B,
Zero
Cpn,
10/07/33
..
2,530
20
5145611.SQ.FTS.B,
Zero
Cpn,
10/08/33
..
415
7
5145759.SQ.FTS.B,
Zero
Cpn,
10/08/33
..
11,012
302
5147227.SQ.FTS.B,
Zero
Cpn,
10/08/33
..
2,903
44
5148494.SQ.FTS.B,
Zero
Cpn,
10/09/33
..
769
10
5149258.SQ.FTS.B,
Zero
Cpn,
10/10/33
..
2,200
17
5153196.SQ.FTS.B,
Zero
Cpn,
10/11/33
..
13,914
465
5154671.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
674
8
5154721.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
389
10
5155863.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
10,908
218
5158276.SQ.FTS.B,
Zero
Cpn,
10/13/33
..
4,505
70
5164900.SQ.FTS.B,
Zero
Cpn,
10/14/33
..
2,484
60
5165031.SQ.FTS.B,
Zero
Cpn,
10/14/33
..
523
11
5165513.SQ.FTS.B,
Zero
Cpn,
10/14/33
..
535
7
5167068.SQ.FTS.B,
Zero
Cpn,
10/15/33
..
924
36
5167306.SQ.FTS.B,
Zero
Cpn,
10/15/33
..
500
6
5167520.SQ.FTS.B,
Zero
Cpn,
10/15/33
..
792
10
5178623.SQ.FTS.B,
Zero
Cpn,
10/18/33
..
2,451
82
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)
Block,
Inc.
(continued)
5184669.SQ.FTS.B,
Zero
Cpn,
10/19/33
..
$
3,872
$
47
5185667.SQ.FTS.B,
Zero
Cpn,
10/20/33
..
14,866
463
5204516.SQ.FTS.B,
Zero
Cpn,
10/22/33
..
12,116
109
5207596.SQ.FTS.B,
Zero
Cpn,
10/22/33
..
875
31
5216243.SQ.FTS.B,
Zero
Cpn,
10/26/33
..
2,570
74
5218743.SQ.FTS.B,
Zero
Cpn,
10/26/33
..
14,574
378
5220666.SQ.FTS.B,
Zero
Cpn,
10/26/33
..
343
9
5220688.SQ.FTS.B,
Zero
Cpn,
10/26/33
..
25,349
745
5234308.SQ.FTS.B,
Zero
Cpn,
10/28/33
..
2,041
59
5235201.SQ.FTS.B,
Zero
Cpn,
10/29/33
..
1,059
22
5239980.SQ.FTS.B,
Zero
Cpn,
10/30/33
..
4,342
69
5240149.SQ.FTS.B,
Zero
Cpn,
10/30/33
..
487
12
5240240.SQ.FTS.B,
Zero
Cpn,
10/30/33
..
3,565
86
5240977.SQ.FTS.B,
Zero
Cpn,
11/01/33
..
1,605
31
5243643.SQ.FTS.B,
Zero
Cpn,
11/02/33
..
3,274
83
5243677.SQ.FTS.B,
Zero
Cpn,
11/02/33
..
199
4
5246929.SQ.FTS.B,
Zero
Cpn,
11/03/33
..
3,004
45
5248838.SQ.FTS.B,
Zero
Cpn,
11/03/33
..
3,589
50
5249081.SQ.FTS.B,
Zero
Cpn,
11/03/33
..
1,535
21
5250046.SQ.FTS.B,
Zero
Cpn,
11/03/33
..
104
2
5251234.SQ.FTS.B,
Zero
Cpn,
11/03/33
..
12,595
568
5251513.SQ.FTS.B,
Zero
Cpn,
11/03/33
..
1,257
61
5262859.SQ.FTS.B,
Zero
Cpn,
11/05/33
..
6,228
226
5270493.SQ.FTS.B,
Zero
Cpn,
11/06/33
..
1,448
15
5271294.SQ.FTS.B,
Zero
Cpn,
11/06/33
..
743
38
5271481.SQ.FTS.B,
Zero
Cpn,
11/06/33
..
872
31
5271882.SQ.FTS.B,
Zero
Cpn,
11/06/33
..
6,771
100
5273816.SQ.FTS.B,
Zero
Cpn,
11/08/33
..
1,760
66
5273861.SQ.FTS.B,
Zero
Cpn,
11/08/33
..
2,965
79
5281948.SQ.FTS.B,
Zero
Cpn,
11/10/33
..
29,541
1,057
5282925.SQ.FTS.B,
Zero
Cpn,
11/11/33
..
2,496
109
5291714.SQ.FTS.B,
Zero
Cpn,
11/13/33
..
7,230
244
5292413.SQ.FTS.B,
Zero
Cpn,
11/13/33
..
7,292
348
5293647.SQ.FTS.B,
Zero
Cpn,
11/14/33
..
3,154
167
5294178.SQ.FTS.B,
Zero
Cpn,
11/14/33
..
4,625
58
5294931.SQ.FTS.B,
Zero
Cpn,
11/15/33
..
875
35
5296152.SQ.FTS.B,
Zero
Cpn,
11/16/33
..
3,005
100
5297124.SQ.FTS.B,
Zero
Cpn,
11/16/33
..
4,734
135
5297679.SQ.FTS.B,
Zero
Cpn,
11/16/33
..
4,327
162
5297749.SQ.FTS.B,
Zero
Cpn,
11/16/33
..
4,815
87
5297998.SQ.FTS.B,
Zero
Cpn,
11/16/33
..
636
7
5303192.SQ.FTS.B,
Zero
Cpn,
11/17/33
..
51
2
5303325.SQ.FTS.B,
Zero
Cpn,
11/17/33
..
2,069
83
5308374.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
1,834
33
5308440.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
1,850
46
5309472.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
3,112
60
5310662.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
1,371
65
5310909.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
14,880
530
5312989.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
886
15
5313199.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
2,846
102
5313296.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
1,043
28
5313526.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
1,853
67
5313775.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
3,232
134
5316141.SQ.FTS.B,
Zero
Cpn,
11/19/33
..
3,608
147
5318154.SQ.FTS.B,
Zero
Cpn,
11/19/33
..
1,339
63
5318776.SQ.FTS.B,
Zero
Cpn,
11/19/33
..
15,271
838
5319254.SQ.FTS.B,
Zero
Cpn,
11/19/33
..
875
26
5321246.SQ.FTS.B,
Zero
Cpn,
11/20/33
..
9,240
165
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5324445.SQ.FTS.B,
Zero
Cpn,
11/21/33
..
$
1,503
$
90
5324505.SQ.FTS.B,
Zero
Cpn,
11/21/33
..
732
23
5324511.SQ.FTS.B,
Zero
Cpn,
11/21/33
..
775
32
5325032.SQ.FTS.B,
Zero
Cpn,
11/22/33
..
1,289
62
5325685.SQ.FTS.B,
Zero
Cpn,
11/22/33
..
671
13
5326604.SQ.FTS.B,
Zero
Cpn,
11/23/33
..
1,332
53
5330352.SQ.FTS.B,
Zero
Cpn,
11/23/33
..
4,757
72
5330620.SQ.FTS.B,
Zero
Cpn,
11/24/33
..
262
12
5331180.SQ.FTS.B,
Zero
Cpn,
11/24/33
..
2,904
56
5336855.SQ.FTS.B,
Zero
Cpn,
11/25/33
..
1,938
78
5337877.SQ.FTS.B,
Zero
Cpn,
11/25/33
..
256
14
5368153.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
1,070
11
5369187.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
260
13
5376799.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
4,624
174
5378398.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
32,690
1,372
5381030.SQ.FTS.B,
Zero
Cpn,
11/28/33
..
10,498
541
5381932.SQ.FTS.B,
Zero
Cpn,
11/29/33
..
741
23
5383396.SQ.FTS.B,
Zero
Cpn,
11/30/33
..
105
3
5383412.SQ.FTS.B,
Zero
Cpn,
11/30/33
..
2,807
128
5398394.SQ.FTS.B,
Zero
Cpn,
11/30/33
..
777
23
5413606.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
2,850
146
5440393.SQ.FTS.B,
Zero
Cpn,
12/02/33
..
513
9
5442439.SQ.FTS.B,
Zero
Cpn,
12/02/33
..
1,242
45
5471273.SQ.FTS.B,
Zero
Cpn,
12/03/33
..
1,167
56
5471332.SQ.FTS.B,
Zero
Cpn,
12/03/33
..
12,560
673
5472730.SQ.FTS.B,
Zero
Cpn,
12/04/33
..
3,743
138
5472763.SQ.FTS.B,
Zero
Cpn,
12/04/33
..
2,711
74
5473236.SQ.FTS.B,
Zero
Cpn,
12/04/33
..
6,897
332
5473309.SQ.FTS.B,
Zero
Cpn,
12/04/33
..
1,962
139
5474033.SQ.FTS.B,
Zero
Cpn,
12/05/33
..
1,011
36
5493687.SQ.FTS.B,
Zero
Cpn,
12/07/33
..
1,582
96
5495244.SQ.FTS.B,
Zero
Cpn,
12/07/33
..
1,565
43
5501790.SQ.FTS.B,
Zero
Cpn,
12/07/33
..
1,322
102
5502597.SQ.FTS.B,
Zero
Cpn,
12/07/33
..
6,676
464
5504275.SQ.FTS.B,
Zero
Cpn,
12/07/33
..
1,678
64
5504334.SQ.FTS.B,
Zero
Cpn,
12/07/33
..
2,881
55
5515632.SQ.FTS.B,
Zero
Cpn,
12/08/33
..
876
30
5515935.SQ.FTS.B,
Zero
Cpn,
12/08/33
..
1,582
47
5517225.SQ.FTS.B,
Zero
Cpn,
12/08/33
..
132
5
5530682.SQ.FTS.B,
Zero
Cpn,
12/09/33
..
8,257
261
5531634.SQ.FTS.B,
Zero
Cpn,
12/09/33
..
16,877
789
5534538.SQ.FTS.B,
Zero
Cpn,
12/10/33
..
3,044
67
5537511.SQ.FTS.B,
Zero
Cpn,
12/10/33
..
182
9
5539742.SQ.FTS.B,
Zero
Cpn,
12/11/33
..
3,222
162
5542232.SQ.FTS.B,
Zero
Cpn,
12/13/33
..
9,576
253
5543476.SQ.FTS.B,
Zero
Cpn,
12/13/33
..
697
29
5546767.SQ.FTS.B,
Zero
Cpn,
12/13/33
..
9,786
500
5551837.SQ.FTS.B,
Zero
Cpn,
12/14/33
..
3,976
151
5553801.SQ.FTS.B,
Zero
Cpn,
12/14/33
..
15,160
679
5553995.SQ.FTS.B,
Zero
Cpn,
12/14/33
..
680
16
5564400.SQ.FTS.B,
Zero
Cpn,
12/16/33
..
4,180
290
5564465.SQ.FTS.B,
Zero
Cpn,
12/16/33
..
3,809
83
5564739.SQ.FTS.B,
Zero
Cpn,
12/17/33
..
4,014
120
5565342.SQ.FTS.B,
Zero
Cpn,
12/17/33
..
1,550
37
5565718.SQ.FTS.B,
Zero
Cpn,
12/17/33
..
1,113
39
5566977.SQ.FTS.B,
Zero
Cpn,
12/17/33
..
4,680
60
5568613.SQ.FTS.B,
Zero
Cpn,
12/18/33
..
7,092
91
5571039.SQ.FTS.B,
Zero
Cpn,
12/20/33
..
585
50
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)
Block,
Inc.
(continued)
5571610.SQ.FTS.B,
Zero
Cpn,
12/20/33
..
$
10,025
$
430
5574449.SQ.FTS.B,
Zero
Cpn,
12/21/33
..
8,365
471
5574619.SQ.FTS.B,
Zero
Cpn,
12/21/33
..
1,300
33
5574770.SQ.FTS.B,
Zero
Cpn,
12/21/33
..
6,975
398
5575277.SQ.FTS.B,
Zero
Cpn,
12/21/33
..
733
42
5575354.SQ.FTS.B,
Zero
Cpn,
12/21/33
..
1,841
102
5578293.SQ.FTS.B,
Zero
Cpn,
12/22/33
..
4,171
149
5578934.SQ.FTS.B,
Zero
Cpn,
12/22/33
..
1,027
48
5581220.SQ.FTS.B,
Zero
Cpn,
12/23/33
..
3,130
191
5581405.SQ.FTS.B,
Zero
Cpn,
12/23/33
..
1,251
70
5581428.SQ.FTS.B,
Zero
Cpn,
12/23/33
..
3,325
200
5581964.SQ.FTS.B,
Zero
Cpn,
12/23/33
..
4,980
345
5582638.SQ.FTS.B,
Zero
Cpn,
12/23/33
..
1,582
39
5582775.SQ.FTS.B,
Zero
Cpn,
12/23/33
..
565
16
5583691.SQ.FTS.B,
Zero
Cpn,
12/23/33
..
1,683
121
5585193.SQ.FTS.B,
Zero
Cpn,
12/24/33
..
1,038
62
5587763.SQ.FTS.B,
Zero
Cpn,
12/24/33
..
13,450
322
5587897.SQ.FTS.B,
Zero
Cpn,
12/24/33
..
21,318
466
5588620.SQ.FTS.B,
Zero
Cpn,
12/25/33
..
4,534
278
5588868.SQ.FTS.B,
Zero
Cpn,
12/26/33
..
2,471
141
5589011.SQ.FTS.B,
Zero
Cpn,
12/26/33
..
996
27
5589268.SQ.FTS.B,
Zero
Cpn,
12/26/33
..
447
12
5589338.SQ.FTS.B,
Zero
Cpn,
12/26/33
..
1,181
112
5593696.SQ.FTS.B,
Zero
Cpn,
12/28/33
..
16,651
928
5594128.SQ.FTS.B,
Zero
Cpn,
12/28/33
..
3,289
122
5609439.SQ.FTS.B,
Zero
Cpn,
12/30/33
..
2,708
165
5611249.SQ.FTS.B,
Zero
Cpn,
12/30/33
..
1,749
107
5613593.SQ.FTS.B,
Zero
Cpn,
1/01/34
...
960
29
5614043.SQ.FTS.B,
Zero
Cpn,
1/01/34
...
624
19
5619805.SQ.FTS.B,
Zero
Cpn,
1/04/34
...
756
36
5629056.SQ.FTS.B,
Zero
Cpn,
1/06/34
...
1,080
44
5641293.SQ.FTS.B,
Zero
Cpn,
1/07/34
...
2,612
91
5644715.SQ.FTS.B,
Zero
Cpn,
1/07/34
...
4,969
376
5644959.SQ.FTS.B,
Zero
Cpn,
1/07/34
...
10,493
716
5646926.SQ.FTS.B,
Zero
Cpn,
1/07/34
...
4,350
424
5655794.SQ.FTS.B,
Zero
Cpn,
1/09/34
...
265
15
5655805.SQ.FTS.B,
Zero
Cpn,
1/09/34
...
9,103
485
5656317.SQ.FTS.B,
Zero
Cpn,
1/10/34
...
3,805
273
5656603.SQ.FTS.B,
Zero
Cpn,
1/10/34
...
812
36
5656707.SQ.FTS.B,
Zero
Cpn,
1/10/34
...
3,920
167
5656852.SQ.FTS.B,
Zero
Cpn,
1/10/34
...
716
52
5661432.SQ.FTS.B,
Zero
Cpn,
1/11/34
...
27,848
2,355
5666857.SQ.FTS.B,
Zero
Cpn,
1/12/34
...
50,254
3,935
5670099.SQ.FTS.B,
Zero
Cpn,
1/12/34
...
1,442
73
5670219.SQ.FTS.B,
Zero
Cpn,
1/12/34
...
4,820
340
5672062.SQ.FTS.B,
Zero
Cpn,
1/12/34
...
957
48
5672657.SQ.FTS.B,
Zero
Cpn,
1/13/34
...
1,961
148
5672716.SQ.FTS.B,
Zero
Cpn,
1/13/34
...
1,622
92
5676023.SQ.FTS.B,
Zero
Cpn,
1/13/34
...
249
9
5677506.SQ.FTS.B,
Zero
Cpn,
1/13/34
...
2,154
159
5678063.SQ.FTS.B,
Zero
Cpn,
1/13/34
...
37
1
5689054.SQ.FTS.B,
Zero
Cpn,
1/14/34
...
354
21
5694752.SQ.FTS.B,
Zero
Cpn,
1/14/34
...
35,953
1,648
5696224.SQ.FTS.B,
Zero
Cpn,
1/15/34
...
4,134
220
5698837.SQ.FTS.B,
Zero
Cpn,
1/15/34
...
8,377
531
5701510.SQ.FTS.B,
Zero
Cpn,
1/15/34
...
251
9
5702064.SQ.FTS.B,
Zero
Cpn,
1/15/34
...
1,794
176
5703564.SQ.FTS.B,
Zero
Cpn,
1/17/34
...
5,948
313
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5705331.SQ.FTS.B,
Zero
Cpn,
1/18/34
...
$
619
$
22
5709306.SQ.FTS.B,
Zero
Cpn,
1/18/34
...
5,112
309
5714621.SQ.FTS.B,
Zero
Cpn,
1/19/34
...
25,006
1,266
5715524.SQ.FTS.B,
Zero
Cpn,
1/19/34
...
1,945
183
5719339.SQ.FTS.B,
Zero
Cpn,
1/20/34
...
1,667
59
5720196.SQ.FTS.B,
Zero
Cpn,
1/20/34
...
869
46
5720995.SQ.FTS.B,
Zero
Cpn,
1/20/34
...
383
14
5721008.SQ.FTS.B,
Zero
Cpn,
1/20/34
...
4,207
137
5721363.SQ.FTS.B,
Zero
Cpn,
1/20/34
...
47,507
3,386
5726619.SQ.FTS.B,
Zero
Cpn,
1/21/34
...
11,825
893
5729353.SQ.FTS.B,
Zero
Cpn,
1/21/34
...
3,449
170
5732481.SQ.FTS.B,
Zero
Cpn,
1/22/34
...
913
32
5733912.SQ.FTS.B,
Zero
Cpn,
1/22/34
...
14,207
1,007
5734330.SQ.FTS.B,
Zero
Cpn,
1/22/34
...
164
6
5734473.SQ.FTS.B,
Zero
Cpn,
1/22/34
...
4,239
330
5739318.SQ.FTS.B,
Zero
Cpn,
1/25/34
...
9,310
770
5741480.SQ.FTS.B,
Zero
Cpn,
1/26/34
...
259
10
5741942.SQ.FTS.B,
Zero
Cpn,
1/26/34
...
5,690
673
5743692.SQ.FTS.B,
Zero
Cpn,
1/27/34
...
2,366
242
5743913.SQ.FTS.B,
Zero
Cpn,
1/27/34
...
14,974
767
5745337.SQ.FTS.B,
Zero
Cpn,
1/27/34
...
50
4
5745525.SQ.FTS.B,
Zero
Cpn,
1/27/34
...
3,073
360
5754429.SQ.FTS.B,
Zero
Cpn,
1/29/34
...
723
40
5756490.SQ.FTS.B,
Zero
Cpn,
1/29/34
...
28,616
772
5756660.SQ.FTS.B,
Zero
Cpn,
1/30/34
...
17,332
599
5757260.SQ.FTS.B,
Zero
Cpn,
1/30/34
...
124
7
5757294.SQ.FTS.B,
Zero
Cpn,
1/30/34
...
5,660
591
5767523.SQ.FTS.B,
Zero
Cpn,
2/03/34
...
17,755
1,537
5767979.SQ.FTS.B,
Zero
Cpn,
2/03/34
...
2,624
76
5769375.SQ.FTS.B,
Zero
Cpn,
2/03/34
...
2,824
165
5769480.SQ.FTS.B,
Zero
Cpn,
2/03/34
...
2,265
208
5772616.SQ.FTS.B,
Zero
Cpn,
2/04/34
...
10,404
788
5774638.SQ.FTS.B,
Zero
Cpn,
2/04/34
...
424
30
5775630.SQ.FTS.B,
Zero
Cpn,
2/05/34
...
3,081
198
5776421.SQ.FTS.B,
Zero
Cpn,
2/05/34
...
138
15
5777849.SQ.FTS.B,
Zero
Cpn,
2/05/34
...
3,303
185
5778637.SQ.FTS.B,
Zero
Cpn,
2/05/34
...
745
39
5778756.SQ.FTS.B,
Zero
Cpn,
2/05/34
...
2,847
110
5778865.SQ.FTS.B,
Zero
Cpn,
2/05/34
...
3,082
277
5779535.SQ.FTS.B,
Zero
Cpn,
2/06/34
...
88
8
5779967.SQ.FTS.B,
Zero
Cpn,
2/06/34
...
2,379
153
5780239.SQ.FTS.B,
Zero
Cpn,
2/07/34
...
7,900
664
5782195.SQ.FTS.B,
Zero
Cpn,
2/08/34
...
1,128
83
5784888.SQ.FTS.B,
Zero
Cpn,
2/09/34
...
838
80
5788233.SQ.FTS.B,
Zero
Cpn,
2/09/34
...
881
60
5788805.SQ.FTS.B,
Zero
Cpn,
2/09/34
...
20,630
1,981
5789379.SQ.FTS.B,
Zero
Cpn,
2/09/34
...
225
22
5793198.SQ.FTS.B,
Zero
Cpn,
2/10/34
...
14,656
1,584
5795334.SQ.FTS.B,
Zero
Cpn,
2/10/34
...
2,288
217
5796633.SQ.FTS.B,
Zero
Cpn,
2/10/34
...
2,959
126
5796654.SQ.FTS.B,
Zero
Cpn,
2/10/34
...
23,973
973
5801833.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
1,116
104
5802042.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
49,428
2,318
5804251.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
4,467
343
5805328.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
297
21
5805369.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
2,188
75
5805398.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
2,828
387
5805490.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
629
47
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)
Block,
Inc.
(continued)
5808150.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
$
1,081
$
105
5809849.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
2,395
232
5811504.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
13,131
825
5816654.SQ.FTS.B,
Zero
Cpn,
2/15/34
...
13,550
1,512
5818363.SQ.FTS.B,
Zero
Cpn,
2/15/34
...
196
16
5818437.SQ.FTS.B,
Zero
Cpn,
2/15/34
...
2,310
146
5818633.SQ.FTS.B,
Zero
Cpn,
2/15/34
...
830
94
5821663.SQ.FTS.B,
Zero
Cpn,
2/16/34
...
2,685
272
5821739.SQ.FTS.B,
Zero
Cpn,
2/16/34
...
28,448
3,351
5822507.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
534
35
5823402.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
17,003
2,072
5824064.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
16,472
2,402
5824290.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
1,207
56
5827715.SQ.FTS.B,
Zero
Cpn,
2/18/34
...
3,528
238
5831642.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
3,872
454
5832876.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
888
40
5832933.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
871
73
5832996.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
558
59
5833744.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
4,166
97
5835427.SQ.FTS.B,
Zero
Cpn,
2/21/34
...
156
11
5840032.SQ.FTS.B,
Zero
Cpn,
2/23/34
...
18,482
1,226
5840997.SQ.FTS.B,
Zero
Cpn,
2/23/34
...
150
17
5843566.SQ.FTS.B,
Zero
Cpn,
2/24/34
...
5,389
618
5843736.SQ.FTS.B,
Zero
Cpn,
2/24/34
...
1,277
97
5844917.SQ.FTS.B,
Zero
Cpn,
2/24/34
...
2,860
205
5845524.SQ.FTS.B,
Zero
Cpn,
2/24/34
...
134
7
5848650.SQ.FTS.B,
Zero
Cpn,
2/25/34
...
2,710
258
5851134.SQ.FTS.B,
Zero
Cpn,
2/25/34
...
6,071
750
5853107.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
1,186
130
5853687.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
1,153
129
5855247.SQ.FTS.B,
Zero
Cpn,
2/27/34
...
2,503
425
5855330.SQ.FTS.B,
Zero
Cpn,
2/27/34
...
1,119
149
5855815.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
2,097
185
5856506.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
1,492
237
5856524.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
199
10
5857271.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
5,828
384
5860934.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
931
111
5862832.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
22,002
3,875
5864281.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
1,939
316
5865016.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
592
68
5870230.SQ.FTS.B,
Zero
Cpn,
3/01/34
...
26
2
5871100.SQ.FTS.B,
Zero
Cpn,
3/01/34
...
19,844
2,190
5872195.SQ.FTS.B,
Zero
Cpn,
3/01/34
...
11,306
1,289
5873503.SQ.FTS.B,
Zero
Cpn,
3/01/34
...
1,500
266
5875346.SQ.FTS.B,
Zero
Cpn,
3/02/34
...
462
64
5876448.SQ.FTS.B,
Zero
Cpn,
3/02/34
...
334
26
5876942.SQ.FTS.B,
Zero
Cpn,
3/02/34
...
11,879
1,231
5878878.SQ.FTS.B,
Zero
Cpn,
3/05/34
...
429
22
5884476.SQ.FTS.B,
Zero
Cpn,
3/07/34
...
2,127
326
5884756.SQ.FTS.B,
Zero
Cpn,
3/07/34
...
787
82
5885927.SQ.FTS.B,
Zero
Cpn,
3/07/34
...
159
20
5889537.SQ.FTS.B,
Zero
Cpn,
3/08/34
...
114
18
5890737.SQ.FTS.B,
Zero
Cpn,
3/08/34
...
31,239
3,535
5891388.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
3,614
204
5891940.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
361
30
5892236.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
1,959
181
5892257.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
1,074
137
5892501.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
760
85
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5892907.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
$
2,548
$
183
5893120.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
3,245
451
5893532.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
2,683
343
5894049.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
5,935
307
5894227.SQ.FTS.B,
Zero
Cpn,
3/09/34
...
6,594
613
5894383.SQ.FTS.B,
Zero
Cpn,
3/10/34
...
146
23
5894856.SQ.FTS.B,
Zero
Cpn,
3/10/34
...
88
8
5899146.SQ.FTS.B,
Zero
Cpn,
3/12/34
...
1,011
132
5899767.SQ.FTS.B,
Zero
Cpn,
3/13/34
...
507
46
5900522.SQ.FTS.B,
Zero
Cpn,
3/13/34
...
449
25
5900917.SQ.FTS.B,
Zero
Cpn,
3/13/34
...
206
32
5900966.SQ.FTS.B,
Zero
Cpn,
3/13/34
...
1,908
221
5902007.SQ.FTS.B,
Zero
Cpn,
3/13/34
...
1,148
85
5902039.SQ.FTS.B,
Zero
Cpn,
3/13/34
...
4,574
361
5902049.SQ.FTS.B,
Zero
Cpn,
3/13/34
...
510
103
5902335.SQ.FTS.B,
Zero
Cpn,
3/14/34
...
5,207
639
5903502.SQ.FTS.B,
Zero
Cpn,
3/14/34
...
140
22
5904049.SQ.FTS.B,
Zero
Cpn,
3/14/34
...
29
1
5905115.SQ.FTS.B,
Zero
Cpn,
3/14/34
...
813
71
5907307.SQ.FTS.B,
Zero
Cpn,
3/15/34
...
4,223
541
5908497.SQ.FTS.B,
Zero
Cpn,
3/15/34
...
1,168
182
5908792.SQ.FTS.B,
Zero
Cpn,
3/15/34
...
3,955
668
5908891.SQ.FTS.B,
Zero
Cpn,
3/15/34
...
528
73
5909844.SQ.FTS.B,
Zero
Cpn,
3/15/34
...
8,247
471
5911132.SQ.FTS.B,
Zero
Cpn,
3/16/34
...
31,967
2,581
5912428.SQ.FTS.B,
Zero
Cpn,
3/16/34
...
2,401
138
5912454.SQ.FTS.B,
Zero
Cpn,
3/16/34
...
2,264
152
5912708.SQ.FTS.B,
Zero
Cpn,
3/16/34
...
1,135
156
5912751.SQ.FTS.B,
Zero
Cpn,
3/16/34
...
10,877
1,719
5913409.SQ.FTS.B,
Zero
Cpn,
3/17/34
...
2,690
556
5914346.SQ.FTS.B,
Zero
Cpn,
3/18/34
...
208
19
5915002.SQ.FTS.B,
Zero
Cpn,
3/19/34
...
572
61
5916186.SQ.FTS.B,
Zero
Cpn,
3/19/34
...
3,408
517
5917212.SQ.FTS.B,
Zero
Cpn,
3/19/34
...
1,529
129
5917300.SQ.FTS.B,
Zero
Cpn,
3/19/34
...
2,055
124
5917893.SQ.FTS.B,
Zero
Cpn,
3/19/34
...
14,215
2,310
5918205.SQ.FTS.B,
Zero
Cpn,
3/19/34
...
693
60
5918675.SQ.FTS.B,
Zero
Cpn,
3/20/34
...
305
18
5918972.SQ.FTS.B,
Zero
Cpn,
3/20/34
...
8,974
704
5919520.SQ.FTS.B,
Zero
Cpn,
3/20/34
...
165
24
5919756.SQ.FTS.B,
Zero
Cpn,
3/20/34
...
9,188
972
5921812.SQ.FTS.B,
Zero
Cpn,
3/20/34
...
1,536
82
5921964.SQ.FTS.B,
Zero
Cpn,
3/20/34
...
623
33
5922077.SQ.FTS.B,
Zero
Cpn,
3/20/34
...
1,538
81
5923853.SQ.FTS.B,
Zero
Cpn,
3/21/34
...
34,589
2,026
5927683.SQ.FTS.B,
Zero
Cpn,
3/22/34
...
4,609
286
5928998.SQ.FTS.B,
Zero
Cpn,
3/22/34
...
4,209
667
5929652.SQ.FTS.B,
Zero
Cpn,
3/22/34
...
919
190
5929950.SQ.FTS.B,
Zero
Cpn,
3/22/34
...
1,002
139
5932127.SQ.FTS.B,
Zero
Cpn,
3/23/34
...
336
50
5934829.SQ.FTS.B,
Zero
Cpn,
3/25/34
...
469
78
5936987.SQ.FTS.B,
Zero
Cpn,
3/26/34
...
631
77
5938180.SQ.FTS.B,
Zero
Cpn,
3/26/34
...
195
19
5940897.SQ.FTS.B,
Zero
Cpn,
3/27/34
...
8,579
1,419
5945156.SQ.FTS.B,
Zero
Cpn,
3/28/34
...
1,617
186
5945212.SQ.FTS.B,
Zero
Cpn,
3/28/34
...
475
68
5945223.SQ.FTS.B,
Zero
Cpn,
3/28/34
...
1,380
138
5950020.SQ.FTS.B,
Zero
Cpn,
3/29/34
...
2,365
233
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)
Block,
Inc.
(continued)
5953400.SQ.FTS.B,
Zero
Cpn,
3/30/34
...
$
157
$
23
5953421.SQ.FTS.B,
Zero
Cpn,
3/30/34
...
3,220
742
5953778.SQ.FTS.B,
Zero
Cpn,
3/30/34
...
470
30
5955157.SQ.FTS.B,
Zero
Cpn,
3/30/34
...
946
41
5956046.SQ.FTS.B,
Zero
Cpn,
4/01/34
...
325
40
5958081.SQ.FTS.B,
Zero
Cpn,
4/03/34
...
1,192
203
5960150.SQ.FTS.B,
Zero
Cpn,
4/03/34
...
2,473
149
5960313.SQ.FTS.B,
Zero
Cpn,
4/03/34
...
1,041
169
5960372.SQ.FTS.B,
Zero
Cpn,
4/03/34
...
215
35
5960485.SQ.FTS.B,
Zero
Cpn,
4/04/34
...
1,198
79
5960736.SQ.FTS.B,
Zero
Cpn,
4/04/34
...
9,716
1,127
5961632.SQ.FTS.B,
Zero
Cpn,
4/04/34
...
10,451
457
5963161.SQ.FTS.B,
Zero
Cpn,
4/04/34
...
5,666
378
5966390.SQ.FTS.B,
Zero
Cpn,
4/05/34
...
452
75
5973170.SQ.FTS.B,
Zero
Cpn,
4/06/34
...
733
48
5976781.SQ.FTS.B,
Zero
Cpn,
4/07/34
...
979
154
5977275.SQ.FTS.B,
Zero
Cpn,
4/07/34
...
12,616
1,526
5977823.SQ.FTS.B,
Zero
Cpn,
4/07/34
...
855
54
5979050.SQ.FTS.B,
Zero
Cpn,
4/09/34
...
322
35
5981753.SQ.FTS.B,
Zero
Cpn,
4/11/34
...
329
37
5984496.SQ.FTS.B,
Zero
Cpn,
4/11/34
...
1,089
146
5985197.SQ.FTS.B,
Zero
Cpn,
4/12/34
...
2,689
339
5985802.SQ.FTS.B,
Zero
Cpn,
4/12/34
...
1,837
344
5986301.SQ.FTS.B,
Zero
Cpn,
4/12/34
...
2,618
506
5991306.SQ.FTS.B,
Zero
Cpn,
4/13
/34
...
1,478
177
5992494.SQ.FTS.B,
Zero
Cpn,
4/13/34
...
90
10
5993993.SQ.FTS.B,
Zero
Cpn,
4/14/34
...
738
48
5996742.SQ.FTS.B,
Zero
Cpn,
4/15/34
...
1,129
192
5998129.SQ.FTS.B,
Zero
Cpn,
4/17/34
...
1,586
328
6000281.SQ.FTS.B,
Zero
Cpn,
4/17/34
...
394
73
6000300.SQ.FTS.B,
Zero
Cpn,
4/17/34
...
2,058
346
6002949.SQ.FTS.B,
Zero
Cpn,
4/18/34
...
628
69
6010749.SQ.FTS.B,
Zero
Cpn,
4/20/34
...
2,360
660
6011014.SQ.FTS.B,
Zero
Cpn,
4/20/34
...
1,683
357
6012358.SQ.FTS.B,
Zero
Cpn,
4/20/34
...
1,708
460
6012743.SQ.FTS.B,
Zero
Cpn,
4/21/34
...
8,938
2,314
6013463.SQ.FTS.B,
Zero
Cpn,
4/21/34
...
5,991
1,283
6014061.SQ.FTS.B,
Zero
Cpn,
4/21/34
...
92
18
6016419.SQ.FTS.B,
Zero
Cpn,
4/22/34
...
1,692
510
6016649.SQ.FTS.B,
Zero
Cpn,
4/23/34
...
380
32
6016723.SQ.FTS.B,
Zero
Cpn,
4/23/34
...
2,068
172
6024496.SQ.FTS.B,
Zero
Cpn,
4/26/34
...
5,106
253
6024650.SQ.FTS.B,
Zero
Cpn,
4/26/34
...
1,830
155
6027166.SQ.FTS.B,
Zero
Cpn,
4/26/34
...
2,396
529
6027397.SQ.FTS.B,
Zero
Cpn,
4/26/34
...
1,633
253
6033057.SQ.FTS.B,
Zero
Cpn,
4/27/34
...
2,031
666
6033105.SQ.FTS.B,
Zero
Cpn,
4/27/34
...
760
254
6035360.SQ.FTS.B,
Zero
Cpn,
4/28/34
...
1,397
457
6036390.SQ.FTS.B,
Zero
Cpn,
4/28/34
...
356
61
6037075.SQ.FTS.B,
Zero
Cpn,
4/29/34
...
2,702
257
6042134.SQ.FTS.B,
Zero
Cpn,
5/01/34
...
3,000
751
6042763.SQ.FTS.B,
Zero
Cpn,
5/01/34
...
1,770
308
6043509.SQ.FTS.B,
Zero
Cpn,
5/01/34
...
5,104
1,282
6045560.SQ.FTS.B,
Zero
Cpn,
5/01/34
...
1,003
260
6046999.SQ.FTS.B,
Zero
Cpn,
5/02/34
...
3,065
1,206
6047302.SQ.FTS.B,
Zero
Cpn,
5/02/34
...
11,789
2,091
6047637.SQ.FTS.B,
Zero
Cpn,
5/02/34
...
629
157
6047712.SQ.FTS.B,
Zero
Cpn,
5/02/34
...
13,712
3,276
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6048521.SQ.FTS.B,
Zero
Cpn,
5/02/34
...
$
266
$
77
6050979.SQ.FTS.B,
Zero
Cpn,
5/03/34
...
2,052
355
6051734.SQ.FTS.B,
Zero
Cpn,
5/03/34
...
7,797
2,169
6054000.SQ.FTS.B,
Zero
Cpn,
5/03/34
...
3,298
333
6058991.SQ.FTS.B,
Zero
Cpn,
5/05/34
...
927
165
6062202.SQ.FTS.B,
Zero
Cpn,
5/07/34
...
3,703
1,186
6064347.SQ.FTS.B,
Zero
Cpn,
5/08/34
...
6,014
618
6066747.SQ.FTS.B,
Zero
Cpn,
5/08/34
...
4,039
834
6108715.SQ.FTS.B,
Zero
Cpn,
5/09/34
...
415
97
6123389.SQ.FTS.B,
Zero
Cpn,
5/10/34
...
404
153
6123772.SQ.FTS.B,
Zero
Cpn,
5/10/34
...
4,168
711
6125833.SQ.FTS.B,
Zero
Cpn,
5/11/34
...
1,483
365
6126498.SQ.FTS.B,
Zero
Cpn,
5/12/34
...
1,036
96
6126544.SQ.FTS.B,
Zero
Cpn,
5/12/34
...
467
46
6135095.SQ.FTS.B,
Zero
Cpn,
5/16/34
...
749
207
6136354.SQ.FTS.B,
Zero
Cpn,
5/16/34
...
6,097
953
6136825.SQ.FTS.B,
Zero
Cpn,
5/16/34
...
2,392
643
6137596.SQ.FTS.B,
Zero
Cpn,
5/16/34
...
3,266
847
6140493.SQ.FTS.B,
Zero
Cpn,
5/17/34
...
567
120
6140505.SQ.FTS.B,
Zero
Cpn,
5/17/34
...
3,963
426
6140691.SQ.FTS.B,
Zero
Cpn,
5/17/34
...
4,711
978
6141081.SQ.FTS.B,
Zero
Cpn,
5/17/34
...
1,187
130
6142889.SQ.FTS.B,
Zero
Cpn,
5/17/34
...
1,621
536
6142953.SQ.FTS.B,
Zero
Cpn,
5/17/34
...
810
201
6143114.SQ.FTS.B,
Zero
Cpn,
5/17/34
...
1,489
278
6143863.SQ.FTS.B,
Zero
Cpn,
5/18/34
...
78
21
6145923.SQ.FTS.B,
Zero
Cpn,
5/18/34
...
967
49
6149563.SQ.FTS.B,
Zero
Cpn,
5/21/34
...
2,619
790
6149973.SQ.FTS.B,
Zero
Cpn,
5/21/34
...
176
60
6152853.SQ.FTS.B,
Zero
Cpn,
5/22/34
...
56,251
12,350
6157524.SQ.FTS.B,
Zero
Cpn,
5/23/34
...
1,489
493
6159043.SQ.FTS.B,
Zero
Cpn,
5/23/34
...
1,726
495
6160613.SQ.FTS.B,
Zero
Cpn,
5/23/34
...
7,019
2,316
6160881.SQ.FTS.B,
Zero
Cpn,
5/24/34
...
4,729
1,490
6161027.SQ.FTS.B,
Zero
Cpn,
5/24/34
...
777
152
6163054.SQ.FTS.B,
Zero
Cpn,
5/25/34
...
7,614
2,343
6163213.SQ.FTS.B,
Zero
Cpn,
5/25/34
...
5,720
1,253
6165071.SQ.FTS.B,
Zero
Cpn,
5/26/34
...
596
248
6165147.SQ.FTS.B,
Zero
Cpn,
5/26/34
...
1,177
606
6165447.SQ.FTS.B,
Zero
Cpn,
5/26/34
...
173
58
6165760.SQ.FTS.B,
Zero
Cpn,
5/27/34
...
2,769
416
6168543.SQ.FTS.B,
Zero
Cpn,
5/28/34
...
602
276
23,682,029
Freedom
Financial
Asset
Management
LLC
APP-08969780.FP.FTS.B,
14.49%,
5/21/24
945
944
APP-09086628.FP.FTS.B,
16.99%,
6/15/24
380
380
APP-09353776.FP.FTS.B,
21.99%,
6/27/24
4,363
1,461
APP-09583612.FP.FTS.B,
15.24%,
7/01/24
816
815
APP-09354267.FP.FTS.B,
17.49%,
7/01/24
1,136
1,136
APP-09343576.FP.FTS.B,
23.49%,
7/10/24
2,268
2,296
APP-12243834.FP.FTS.B,
18.49%,
7/27/24
483
485
APP-09726602.FP.FTS.B,
17.49%,
8/12/24
1,845
1,857
APP-09799095.FP.FTS.B,
19.99%,
8/12/24
822
827
APP-10159829.FP.FTS.B,
15.49%,
8/15/24
1,828
1,836
APP-09726592.FP.FTS.B,
12.24%,
8/20/24
2,546
2,555
APP-09726689.FP.FTS.B,
15.99%,
8/20/24
1,799
1,808
APP-10203850.FP.FTS.B,
10.49%,
8/21/24
2,742
2,753
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-09808886.FP.FTS.B,
19.99%,
8/24/24
$
1,106
$
1,119
APP-09726492.FP.FTS.B,
12.24%,
8/25/24
1,722
1,729
APP-09939798.FP.FTS.B,
17.99%,
9/23/24
1,669
1,684
APP-09776493.FP.FTS.B,
10.49%,
9/25/24
3,297
3,317
APP-10170244.FP.FTS.B,
13.24%,
10/02/24
6,353
6,376
APP-09776210.FP.FTS.B,
13.49%,
10/04/24
4,931
4,954
APP-10060644.FP.FTS.B,
13.99%,
10/04/24
7,985
8,014
APP-10195787.FP.FTS.B,
25.49%,
10/04/24
2,140
2,157
APP-10402043.FP.FTS.B,
17.99%,
10/05/24
4,058
4,091
APP-10481124.FP.FTS.B,
12.74%,
10/12/24
3,726
3,743
APP-10135442.FP.FTS.B,
10.99%,
10/16/24
5,374
5,399
APP-10451908.FP.FTS.B,
11.99%,
10/20/24
8,237
8,279
APP-10444462.FP.FTS.B,
8.49%,
10/23/24
4,797
4,823
APP-10314676.FP.FTS.B,
12.74%,
10/26/24
3,652
3,677
APP-10687787.FP.FTS.B,
23.99%,
11/02/24
1,950
1,963
APP-10566736.FP.FTS.B,
16.49%,
11/04/24
2,992
3,011
APP-10769779.FP.FTS.B,
5.99%,
11/09/24
810
811
APP-10693186.FP.FTS.B,
10.49%,
11/10/24
3,348
3,363
APP-11194733.FP.FTS.B,
8.99%,
11/11/24
7,746
7,787
APP-10096028.FP.FTS.B,
9.99%,
11/14/24
8,785
8,830
APP-10670881.FP.FTS.B,
10.24%,
11/17/24
2,582
2,597
APP-11237920.FP.FTS.B,
17.99%,
11/17/24
2,495
2,537
APP-11333230.FP.FTS.B,
12.49%,
11/25/24
6,326
6,384
APP-11382302.FP.FTS.B,
16.99%,
11/25/24
2,383
2,402
APP-10459273.FP.FTS.B,
15.99%,
12/03/24
5,521
5,558
APP-11799510.FP.FTS.B,
16.99%,
12/15/24
2,583
2,599
APP-10372817.FP.FTS.B,
15.49%,
12/17/24
5,892
5,946
APP-11316386.FP.FTS.B,
13.49%,
12/20/24
4,036
4,068
APP-11799271.FP.FTS.B,
14.99%,
12/21/24
5,493
5,580
APP-11383917.FP.FTS.B,
12.74%,
12/26/24
3,602
3,631
APP-11045167.FP.FTS.B,
10.49%,
12/28/24
4,010
4,041
APP-11802632.FP.FTS.B,
9.74%,
12/29/24
2,976
2,999
APP-11297354.FP.FTS.B,
8.49%,
1/01/25
.
3,448
3,464
APP-11237990.FP.FTS.B,
10.74%,
1/02/25
1,857
1,856
APP-11333266.FP.FTS.B,
15.49%,
1/02/25
2,862
2,877
APP-11307931.FP.FTS.B,
21.99%,
1/02/25
1,525
1,512
APP-11265704.FP.FTS.B,
13.99%,
1/03/25
10,085
10,147
APP-11382734.FP.FTS.B,
23.49%,
1/04/25
3,388
3,417
APP-11320650.FP.FTS.B,
23.99%,
1/06/25
5,919
1,402
APP-09356867.FP.FTS.B,
9.99%,
1/08/25
.
12,368
12,439
APP-11389002.FP.FTS.B,
17.99%,
1/09/25
2,101
2,119
APP-11319269.FP.FTS.B,
21.99%,
1/09/25
5,850
5,926
APP-11694688.FP.FTS.B,
18.99%,
1/12/25
3,737
3,771
APP-12106244.FP.FTS.B,
18.99%,
1/22/25
3,899
3,974
APP-12207671.FP.FTS.B,
16.99%,
1/25/25
2,948
2,974
APP-12266979.FP.FTS.B,
11.74%,
1/28/25
6,491
6,550
APP-11792552.FP.FTS.B,
17.49%,
2/01/25
8,419
8,461
APP-11767460.FP.FTS.B,
13.74%,
2/12/25
9,202
9,274
APP-10657504.FP.FTS.B,
14.99%,
2/22/25
11,353
11,493
APP-12227846.FP.FTS.B,
9.49%,
3/01/25
.
7,235
7,275
APP-11194436.FP.FTS.B,
15.99%,
3/01/25
10,211
10,376
APP-12257518.FP.FTS.B,
18.99%,
3/01/25
4,741
4,762
APP-11946510.FP.FTS.B,
12.74%,
3/04/25
3,231
3,257
APP-12119651.FP.FTS.B,
8.99%,
3/12/25
.
9,408
9,475
APP-12139540.FP.FTS.B,
9.99%,
3/12/25
.
4,682
4,717
APP-12246852.FP.FTS.B,
23.99%,
3/12/25
6,113
6,192
APP-10005462.FP.FTS.B,
9.74%,
3/13/25
.
4,572
4,607
APP-12216739.FP.FTS.B,
16.99%,
3/13/25
7,003
7,078
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11394558.FP.FTS.B,
14.99%,
4/15/25
$
6,226
$
6,290
APP-08980006.FP.FTS.B,
16.49%,
4/17/25
4,115
4,166
APP-09058670.FP.FTS.B,
16.49%,
4/27/25
3,133
3,188
APP-08976296.FP.FTS.B,
18.49%,
5/17/25
3,757
3,807
APP-09335187.FP.FTS.B,
16.99%,
5/20/25
4,468
4,599
APP-08870796.FP.FTS.B,
19.49%,
5/23/25
2,983
3,068
APP-08914897.FP.FTS.B,
12.99%,
5/29/25
6,006
6,089
APP-08967293.FP.FTS.B,
17.49%,
5/29/25
6,583
6,793
APP-09014884.FP.FTS.B,
14.99%,
5/31/25
13,942
14,099
APP-09231496.FP.FTS.B,
14.99%,
6/01/25
17,615
17,793
APP-08988851.FP.FTS.B,
16.99%,
6/01/25
17,955
18,236
APP-09029616.FP.FTS.B,
21.49%,
6/03/25
1,158
1,166
APP-09036276.FP.FTS.B,
18.99%,
6/05/25
14,502
14,750
APP-09134525.FP.FTS.B,
19.99%,
6/05/25
10,082
10,452
APP-09045917.FP.FTS.B,
18.99%,
6/11/25
12,769
13,202
APP-09106073.FP.FTS.B,
19.99%,
6/14/25
3,290
3,394
APP-09130603.FP.FTS.B,
12.99%,
6/15/25
6,586
6,667
APP-09046414.FP.FTS.B,
14.99%,
6/23/25
11,777
11,928
APP-09302995.FP.FTS.B,
14.99%,
7/10/25
4,030
4,089
APP-09352779.FP.FTS.B,
18.49%,
7/10/25
3,493
3,557
APP-09375788.FP.FTS.B,
18.49%,
7/10/25
3,785
3,902
APP-09012739.FP.FTS.B,
14.49%,
7/15/25
3,824
3,870
APP-09717803.FP.FTS.B,
18.49%,
8/10/25
3,893
3,957
APP-10142907.FP.FTS.B,
14.99%,
8/12/25
15,372
15,564
APP-09813384.FP.FTS.B,
12.74%,
8/13/25
9,058
9,169
APP-08970788.FP.FTS.B,
17.49%,
8/16/25
4,238
4,359
APP-09776164.FP.FTS.B,
15.99%,
8/25/25
5,244
5,354
APP-10450365.FP.FTS.B,
10.99%,
9/03/25
7,219
7,301
APP-10476920.FP.FTS.B,
8.99%,
9/06/25
.
8,067
8,165
APP-10400942.FP.FTS.B,
10.99%,
9/10/25
6,126
6,204
APP-09354577.FP.FTS.B,
18.49%,
9/11/25
3,618
3,645
APP-10561719.FP.FTS.B,
12.74%,
9/20/25
5,064
5,142
APP-10156735.FP.FTS.B,
16.49%,
9/23/25
11,027
11,353
APP-10561277.FP.FTS.B,
19.49%,
9/25/25
2,250
2,267
APP-10156534.FP.FTS.B,
10.99%,
9/30/25
10,675
10,806
APP-10204096.FP.FTS.B,
10.99%,
10/01/25
8,622
8,734
APP-09708653.FP.FTS.B,
13.24%,
10/01/25
9,829
9,963
APP-10060747.FP.FTS.B,
13.74%,
10/01/25
11,786
11,959
APP-10157176.FP.FTS.B,
16.49%,
10/01/25
9,965
10,234
APP-10203214.FP.FTS.B,
18.99%,
10/01/25
9,534
9,914
APP-1
0684832.FP.FTS.B,
20.99%,
10/02/25
5,167
5,334
APP-10485308.FP.FTS.B,
16.99%,
10/12/25
6,247
6,405
APP-10384915.FP.FTS.B,
16.49%,
10/17/25
7,793
7,933
APP-10497677.FP.FTS.B,
12.74%,
10/20/25
5,403
5,488
APP-10567121.FP.FTS.B,
13.24%,
10/20/25
9,877
10,030
APP-10578108.FP.FTS.B,
14.49%,
10/22/25
12,680
13,059
APP-10519197.FP.FTS.B,
15.99%,
10/29/25
15,316
15,650
APP-09341214.FP.FTS.B,
21.49%,
10/31/25
4,230
1,580
APP-10606420.FP.FTS.B,
10.99%,
11/15/25
13,554
13,748
APP-10839237.FP.FTS.B,
10.99%,
11/15/25
10,194
10,335
APP-11210666.FP.FTS.B,
10.99%,
11/15/25
9,909
10,038
APP-11237796.FP.FTS.B,
16.49%,
11/15/25
8,502
8,784
APP-10776817.FP.FTS.B,
16.99%,
11/15/25
18,863
19,407
APP-10681833.FP.FTS.B,
15.99%,
11/16/25
13,889
14,154
APP-10692429.FP.FTS.B,
20.99%,
11/22/25
5,348
5,560
APP-11376181.FP.FTS.B,
10.99%,
12/15/25
6,827
6,917
APP-11802431.FP.FTS.B,
10.24%,
12/18/25
6,323
6,409
APP-10770088.FP.FTS.B,
10.99%,
12/18/25
12,909
13,092
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-11253357.FP.FTS.B,
13.24%,
12/20/25
$
8,771
$
8,892
APP-10746117.FP.FTS.B,
8.99%,
12/26/25
8,273
8,391
APP-11379674.FP.FTS.B,
11.49%,
12/26/25
17,640
17,902
APP-11772465.FP.FTS.B,
10.99%,
12/27/25
8,051
8,093
APP-11374960.FP.FTS.B,
14.99%,
1/02/26
269
267
APP-11104135.FP.FTS.B,
11.49%,
1/03/26
18,401
18,663
APP-11321062.FP.FTS.B,
14.49%,
1/03/26
5,416
5,474
APP-11411443.FP.FTS.B,
17.49%,
1/03/26
6,741
6,979
APP-11287073.FP.FTS.B,
21.99%,
1/03/26
17,146
17,895
APP-11378327.FP.FTS.B,
17.99%,
1/07/26
7,361
2,549
APP-11279539.FP.FTS.B,
15.99%,
1/09/26
5,279
5,367
APP-11403530.FP.FTS.B,
19.49%,
1/09/26
5,458
5,618
APP-11104456.FP.FTS.B,
10.99%,
1/17/26
5,451
5,524
APP-11237745.FP.FTS.B,
17.49%,
1/20/26
4,787
4,875
APP-12229052.FP.FTS.B,
17.99%,
1/26/26
10,494
10,927
APP-12243882.FP.FTS.B,
19.49%,
1/27/26
5,592
5,794
APP-11816651.FP.FTS.B,
26.49%,
2/01/26
3,115
3,177
APP-11770041.FP.FTS.B,
15.99%,
2/02/26
6,327
6,491
APP-11792403.FP.FTS.B,
13.99%,
2/03/26
11,953
12,237
APP-11335385.FP.FTS.B,
10.99%,
2/04/26
8,791
8,908
APP-11751019.FP.FTS.B,
15.99%,
2/05/26
976
975
APP-10480296.FP.FTS.B,
19.49%,
2/12/26
3,625
3,686
APP-11817724.FP.FTS.B,
20.74%,
2/12/26
12,653
13,234
APP-12125189.FP.FTS.B,
19.49%,
2/25/26
4,103
4,158
APP-12285827.FP.FTS.B,
13.24%,
3/01/26
5,604
5,677
APP-11946533.FP.FTS.B,
16.24%,
3/01/26
15,596
16,000
APP-12236342.FP.FTS.B,
16.49%,
3/08/26
13,662
14,152
APP-12223796.FP.FTS.B,
21.24%,
3/11/26
15,594
5,324
APP-12243350.FP.FTS.B,
9.99%,
3/12/26
.
4,185
4,205
APP-12201290.FP.FTS.B,
14.74%,
3/12/26
9,240
9,273
APP-12106220.FP.FTS.B,
18.99%,
3/12/26
7,279
7,509
APP-08739403.FP.FTS.B,
16.99%,
3/21/26
13,704
13,988
APP-10476373.FP.FTS.B,
10.99%,
3/25/26
7,933
8,065
APP-11799543.FP.FTS.B,
13.24%,
4/12/26
5,546
5,642
APP-08907777.FP.FTS.B,
17.99%,
4/12/26
3,948
4,077
APP-08330688.FP.FTS.B,
14.99%,
4/15/26
11,988
12,201
APP-09077004.FP.FTS.B,
16.99%,
4/17/26
5,187
5,286
APP-08698355.FP.FTS.B,
18.99%,
4/17/26
8,192
8,415
APP-09019999.FP.FTS.B,
13.49%,
4/22/26
23,033
23,427
APP-09087999.FP.FTS.B,
21.49%,
4/30/26
17,162
17,913
APP-08979983.FP.FTS.B,
19.99%,
5/01/26
6,278
6,453
APP-08726744.FP.FTS.B,
21.49%,
5/01/26
19,545
20,163
APP-08741967.FP.FTS.B,
17.49%,
5/05/26
14,882
15,144
APP-09321377.FP.FTS.B,
17.49%,
5/15/26
13,481
13,695
APP-08975984.FP.FTS.B,
16.99%,
5/17/26
10,649
10,841
APP-08950723.FP.FTS.B,
14.99%,
5/21/26
7,768
7,910
APP-09015317.FP.FTS.B,
18.99%,
5/22/26
11,557
11,984
APP-08994245.FP.FTS.B,
22.99%,
5/22/26
9,273
9,393
APP-09024930.FP.FTS.B,
13.49%,
5/23/26
4,484
4,553
APP-08902866.FP.FTS.B,
20.49%,
5/23/26
13,986
14,674
APP-0901
2359.FP.FTS.B,
23.49%,
5/23/26
8,691
9,145
APP-09356444.FP.FTS.B,
17.49%,
5/27/26
11,752
1,326
APP-09352425.FP.FTS.B,
14.99%,
5/28/26
15,996
16,261
APP-08989489.FP.FTS.B,
22.99%,
5/28/26
5,487
5,744
APP-09057834.FP.FTS.B,
18.99%,
5/29/26
13,392
13,951
APP-08923777.FP.FTS.B,
12.99%,
5/30/26
14,217
14,493
APP-08970713.FP.FTS.B,
12.99%,
5/30/26
14,243
14,527
APP-08976475.FP.FTS.B,
20.99%,
5/30/26
7,272
7,703
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-09021433.FP.FTS.B,
21.99%,
5/30/26
$
1,431
$
1,446
APP-08924285.FP.FTS.B,
14.99%,
5/31/26
10,323
10,520
APP-08974488.FP.FTS.B,
21.49%,
5/31/26
8,470
8,815
APP-09060458.FP.FTS.B,
22.49%,
5/31/26
7,042
7,481
APP-09095478.FP.FTS.B,
13.49%,
6/01/26
4,104
4,107
APP-09020308.FP.FTS.B,
16.99%,
6/01/26
11,072
6,038
APP-09029242.FP.FTS.B,
17.49%,
6/01/26
26,291
26,782
APP-08816539.FP.FTS.B,
20.49%,
6/01/26
13,239
13,700
APP-09109896.FP.FTS.B,
21.99%,
6/01/26
2,704
2,705
APP-08847606.FP.FTS.B,
15.49%,
6/04/26
20,940
21,266
APP-08979954.FP.FTS.B,
12.99%,
6/05/26
13,401
13,644
APP-09017269.FP.FTS.B,
14.99%,
6/05/26
14,622
1,490
APP-09105301.FP.FTS.B,
14.99%,
6/05/26
8,597
8,741
APP-09142993.FP.FTS.B,
17.99%,
6/05/26
14,052
14,535
APP-09027027.FP.FTS.B,
21.49%,
6/05/26
12,356
12,958
APP-08960524.FP.FTS.B,
12.99%,
6/06/26
12,320
12,528
APP-08923668.FP.FTS.B,
21.49%,
6/06/26
7,512
7,792
APP-09232139.FP.FTS.B,
22.49%,
6/07/26
20,788
4,340
APP-09070140.FP.FTS.B,
12.99%,
6/12/26
7,986
8,126
APP-09074502.FP.FTS.B,
17.49%,
6/12/26
18,694
19,121
APP-09074432.FP.FTS.B,
19.99%,
6/12/26
6,621
6,927
APP-09070087.FP.FTS.B,
24.49%,
6/12/26
17,556
18,380
APP-08447667.FP.FTS.B,
12.99%,
6/13/26
12,592
12,815
APP-08649324.FP.FTS.B,
20.49%,
6/13/26
13,901
14,486
APP-09045278.FP.FTS.B,
12.99%,
6/14/26
6,344
6,452
APP-12262753.FP.FTS.B,
14.99%,
6/14/26
13,151
13,479
APP-09096903.FP.FTS.B,
12.99%,
6/15/26
8,527
8,669
APP-08847769.FP.FTS.B,
14.99%,
6/15/26
7,946
8,092
APP-09241097.FP.FTS.B,
20.49%,
6/15/26
12,188
12,798
APP-09029834.FP.FTS.B,
18.49%,
6/18/26
6,668
6,821
APP-09132903.FP.FTS.B,
18.99%,
6/18/26
11,463
11,904
APP-09125842.FP.FTS.B,
20.49%,
6/18/26
6,401
6,496
APP-09281875.FP.FTS.B,
14.99%,
6/20/26
14,244
14,466
APP-09290922.FP.FTS.B,
25.49%,
6/22/26
11,830
12,438
APP-09198220.FP.FTS.B,
15.49%,
6/28/26
7,292
7,570
APP-09238269.FP.FTS.B,
15.49%,
6/28/26
25,811
26,330
APP-09096348.FP.FTS.B,
18.99%,
6/28/26
13,103
13,427
APP-09201816.FP.FTS.B,
19.49%,
6/28/26
5,790
6,094
APP-08924259.FP.FTS.B,
15.49%,
6/29/26
19,073
19,497
APP-09355512.FP.FTS.B,
20.99%,
6/29/26
7,864
8,096
APP-08984739.FP.FTS.B,
17.49%,
7/01/26
26,539
27,017
APP-09785029.FP.FTS.B,
17.99%,
7/01/26
4,282
4,324
APP-09789894.FP.FTS.B,
21.49%,
7/01/26
12,568
13,063
APP-09771718.FP.FTS.B,
18.49%,
7/02/26
20,881
21,487
APP-09274045.FP.FTS.B,
22.49%,
7/02/26
16,247
1,515
APP-09717698.FP.FTS.B,
13.24%,
7/03/26
11,803
11,964
APP-09290915.FP.FTS.B,
17.49%,
7/04/26
11,020
11,356
APP-09379010.FP.FTS.B,
22.49%,
7/04/26
13,202
13,715
APP-09490392.FP.FTS.B,
13.99%,
7/05/26
26,304
26,673
APP-09569037.FP.FTS.B,
13.24%,
7/06/26
15,104
15,322
APP-09445164.FP.FTS.B,
13.49%,
7/06/26
18,323
18,597
APP-09427047.FP.FTS.B,
19.99%,
7/06/26
6,914
7,194
APP-09448166.FP.FTS.B,
14.99%,
7/07/26
15,134
15,428
APP-09354737.FP.FTS.B,
15.49%,
7/07/26
4,018
4,088
APP-08684302.FP.FTS.B,
13.74%,
7/08/26
19,359
19,643
APP-09331398.FP.FTS.B,
14.99%,
7/09/26
12,896
13,155
APP-09768010.FP.FTS.B,
17.99%,
7/09/26
18,825
19,451
APP-09336762.FP.FTS.B,
12.99%,
7/10/26
6,616
6,732
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-09291214.FP.FTS.B,
17.99%,
7/10/26
$
16,172
$
16,714
APP-09424879.FP.FTS.B,
17.99%,
7/10/26
4,738
4,881
APP-09351977.FP.FTS.B,
19.49%,
7/10/26
11,309
11,696
APP-09208095.FP.FTS.B,
17.49%,
7/11/26
9,171
9,468
APP-08684475.FP.FTS.B,
18.99%,
7/11/26
5,689
5,918
APP-09328185.FP.FTS.B,
15.49%,
7/12/26
19,580
19,950
APP-09358023.FP.FTS.B,
16.99%,
7/12/26
15,313
15,647
APP-09045901.FP.FTS.B,
14.99%,
7/13/26
11,831
12,040
APP-09133899.FP.FTS.B,
22.99%,
7/16/26
23,655
24,646
APP-08914924.FP.FTS.B,
24.99%,
7/19/26
8,234
8,655
APP-09356919.FP.FTS.B,
15.49%,
7/20/26
14,637
14,954
APP-09360053.FP.FTS.B,
20.99%,
7/20/26
7,370
737
APP-08924296.FP.FTS.B,
22.49%,
7/30/26
17,160
17,909
APP-10156862.FP.FTS.B,
17.99%,
8/06/26
24,680
24,985
APP-09708763.FP.FTS.B,
17.49%,
8/10/26
11,131
11,485
APP-09780659.FP.FTS.B,
17.49%,
8/10/26
17,696
18,051
APP-09780914.FP.FTS.B,
18.99%,
8/10/26
9,612
9,945
APP-09787054.FP.FTS.B,
19.99%,
8/10/26
8,569
8,898
APP-09789653.FP.FTS.B,
23.49%,
8/10/26
11,830
12,389
APP-09759315.FP.FTS.B,
13.24%,
8/11/26
12,481
12,680
APP-09593157.FP.FTS.B,
14.74%,
8/12/26
19,596
10,565
APP-09781342.FP.FTS.B,
17.99%,
8/12/26
16,487
17,015
APP-09717599.FP.FTS.B,
19.99%,
8/12/26
6,237
6,446
APP-09291173.FP.FTS.B,
13.24%,
8/15/26
15,009
15,254
APP-09778508.FP.FTS.B,
13.24%,
8/15/26
14,198
14,430
APP-09795345.FP.FTS.B,
13.24%,
8/15/26
14,928
15,175
APP-10045496.FP.FTS.B,
14.49%,
8/15/26
5,800
5,888
APP-09788637.FP.FTS.B,
17.99%,
8/15/26
19,721
20,357
APP-09745779.FP.FTS.B,
18.49%,
8/15/26
1,316
1,315
APP-09708666.FP.FTS.B,
19.49%,
8/15/26
13,048
13,628
APP-09766832.FP.FTS.B,
19.99%,
8/15/26
4,607
4,769
APP-09242266.FP.FTS.B,
22.99%,
8/15/26
21,071
21,808
APP-10272491.FP.FTS.B,
14.24%,
8/17/26
10,576
10,765
APP-09780110.FP.FTS.B,
15.99%,
8/17/26
26,189
26,683
APP-10214566.FP.FTS.B,
17.99%,
8/18/26
14,463
14,947
APP-10213964.FP.FTS.B,
18.99%,
8/18/26
10,502
10,883
APP-10246936.FP.FTS.B,
9.99%,
8/20/26
.
9,697
9,861
APP-10244412.FP.FTS.B,
14.24%,
8/20/26
10,453
10,647
APP-09717880.FP.FTS.B,
15.74%,
8/20/26
14,754
15,047
APP-10195666.FP.FTS.B,
20.99%,
8/20/26
18,595
19,367
APP-10244692.FP.FTS.B,
20.99%,
8/20/26
5,148
5,165
APP-09811789.FP.FTS.B,
22.49%,
8/20/26
4,468
4,682
APP-10127112.FP.FTS.B,
16.49%,
8/21/26
8,507
8,692
APP-10233694.FP.FTS.B,
18.99%,
8/21/26
10,919
11,341
APP-10293482.FP.FTS.B,
11.99%,
8/22/26
9,011
9,147
APP-09717638.FP.FTS.B,
13.24%,
8/22/26
11,059
11,261
APP-09766134.FP.FTS.B,
15.24%,
8/23/26
13,783
14,070
APP-09778481.FP.FTS.B,
19.99%,
8/23/26
8,020
2,705
APP-09726787.FP.FTS.B,
15.24%,
8/24/26
8,876
9,063
APP-09787833.FP.FTS.B,
15.74%,
8/24/26
22,220
22,692
APP-09794319.FP.FTS.B,
15.74%,
8/24/26
14,993
15,311
APP-09708684.FP.FTS.B,
21.49%,
8/24/26
29,733
31,061
APP-09759659.FP.FTS.B,
13.24%,
8/25/26
17,226
17,558
APP-09812236.FP.FTS.B,
13.24%,
8/26/26
12,008
12,237
APP-09811518.FP.FTS.B,
15.74%,
8/27/26
15,242
15,584
APP-10308476.FP.FTS.B,
20.49%,
8/28/26
14,568
15,299
APP-10352432.FP.FTS.B,
11.99%,
9/01/26
10,673
10,822
APP-09019228.FP.FTS.B,
16.99%,
9/05/26
11,808
12,099
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10389562.FP.FTS.B,
17.49%,
9/05/26
$
11,618
$
11,947
APP-08114000.FP.FTS.B,
13.24%,
9/10/26
13,021
13,224
APP-10525907.FP.FTS.B,
11.99%,
9/15/26
11,179
3,335
APP-10400798.FP.FTS.B,
14.24%,
9/15/26
13,135
13,384
APP-09778451.FP.FTS.B,
18.99%,
9/20/26
14,179
14,708
APP-10158390.FP.FTS.B,
12.49%,
9/21/26
21,726
22,093
APP-10209954.FP.FTS.B,
16.49%,
9/23/26
7,448
7,622
APP-10203826.FP.FTS.B,
13.24%,
9/25/26
27,609
28,126
APP-09433444.FP.FTS.B,
14.99%,
9/26/26
11,694
11,896
APP-10663520.FP.FTS.B,
12.49%,
9/30/26
21,523
21,908
APP-10211394.FP.FTS.B,
14.24%,
9/30/26
11,557
11,771
APP-09094872.FP.FTS.B,
14.99%,
10/01/26
17,255
17,528
APP
-10203378.FP.FTS.B,
18.99%,
10/01/26
9,357
9,592
APP-10115186.FP.FTS.B,
23.49%,
10/01/26
13,235
13,858
APP-10206598.FP.FTS.B,
23.49%,
10/01/26
6,863
7,150
APP-10195837.FP.FTS.B,
11.99%,
10/02/26
9,825
9,984
APP-10622691.FP.FTS.B,
18.99%,
10/02/26
7,984
8,298
APP-10210290.FP.FTS.B,
19.99%,
10/02/26
5,129
5,284
APP-10156986.FP.FTS.B,
19.99%,
10/03/26
13,329
13,799
APP-10220069.FP.FTS.B,
11.99%,
10/04/26
16,883
17,184
APP-10156629.FP.FTS.B,
14.49%,
10/04/26
5,700
5,796
APP-10156876.FP.FTS.B,
17.49%,
10/04/26
25,650
26,140
APP-10229284.FP.FTS.B,
18.99%,
10/04/26
9,549
3,077
APP-10374305.FP.FTS.B,
11.99%,
10/05/26
11,131
11,302
APP-10237302.FP.FTS.B,
13.24%,
10/05/26
28,813
29,309
APP-10157026.FP.FTS.B,
14.24%,
10/05/26
8,857
9,021
APP-10156578.FP.FTS.B,
17.99%,
10/07/26
17,260
17,831
APP-10692650.FP.FTS.B,
11.99%,
10/08/26
10,187
10,348
APP-10091993.FP.FTS.B,
19.99%,
10/08/26
12,372
12,833
APP-10776411.FP.FTS.B,
11.99%,
10/09/26
17,183
17,458
APP-10710819.FP.FTS.B,
16.99%,
10/09/26
10,898
11,115
APP-10291582.FP.FTS.B,
17.49%,
10/09/26
11,838
12,184
APP-10682190.FP.FTS.B,
19.49%,
10/09/26
12,632
13,181
APP-10476345.FP.FTS.B,
13.24%,
10/12/26
28,225
28,681
APP-10477663.FP.FTS.B,
20.99%,
10/12/26
11,167
11,261
APP-10477679.FP.FTS.B,
17.49%,
10/14/26
17,002
17,593
APP-10433068.FP.FTS.B,
15.49%,
10/15/26
28,989
29,513
APP-10199991.FP.FTS.B,
16.99%,
10/15/26
11,863
12,122
APP-10480948.FP.FTS.B,
17.49%,
10/15/26
10,885
11,224
APP-10274873.FP.FTS.B,
20.49%,
10/15/26
11,862
12,385
APP-10365188.FP.FTS.B,
14.24%,
10/17/26
8,649
8,821
APP-10514404.FP.FTS.B,
18.99%,
10/17/26
14,680
15,235
APP-10463389.FP.FTS.B,
12.49%,
10/20/26
22,550
22,951
APP-10096145.FP.FTS.B,
14.24%,
10/20/26
15,039
15,350
APP-10519975.FP.FTS.B,
20.99%,
10/20/26
3,158
3,160
APP-10243564.FP.FTS.B,
20.49%,
10/21/26
13,632
14,172
APP-10518491.FP.FTS.B,
20.49%,
10/22/26
14,750
15,450
APP-10201640.FP.FTS.B,
21.49%,
10/22/26
13,123
13,746
APP-10520303.FP.FTS.B,
12.49%,
10/23/26
19,142
19,503
APP-10432275.FP.FTS.B,
12.49%,
10/24/26
12,506
12,652
APP-10463469.FP.FTS.B,
18.99%,
10/24/26
30,639
31,749
APP-10364110.FP.FTS.B,
11.24%,
10/25/26
27,888
28,415
APP-10476876.FP.FTS.B,
16.99%,
10/25/26
14,757
15,117
APP-10512737.FP.FTS.B,
17.49%,
10/25/26
11,975
12,416
APP-10511819.FP.FTS.B,
14.74%,
10/28/26
20,889
21,358
APP-10352498.FP.FTS.B,
18.49%,
10/28/26
8,405
8,755
APP-10352813.FP.FTS.B,
14.24%,
10/29/26
11,545
3,461
APP-10432641.FP.FTS.B,
15.49%,
10/29/26
18,028
18,496
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10521838.FP.FTS.B,
17.99%,
10/29/26
$
15,628
$
16,243
APP-10459435.FP.FTS.B,
19.99%,
10/29/26
7,659
8,057
APP-10527263.FP.FTS.B,
12.24%,
10/30/26
9,695
1,064
APP-10482600.FP.FTS.B,
16.49%,
10/30/26
7,291
7,460
APP-10481822.FP.FTS.B,
18.49%,
10/30/26
15,923
16,590
APP-10537549.FP.FTS.B,
11.99%,
11/02/26
16,260
16,533
APP-10583684.FP.FTS.B,
16.99%,
11/02/26
12,236
12,605
APP-10606158.FP.FTS.B,
14.74%,
11/05/26
16,640
16,917
APP-11307937.FP.FTS.B,
11.99%,
11/08/26
13,099
13,294
APP-09709453.FP.FTS.B,
14.24%,
11/09/26
11,581
11,765
APP-11099818.FP.FTS.B,
16.49%,
11/09/26
7,322
7,457
APP-11236671.FP.FTS.B,
14.49%,
11/10/26
5,701
5,786
APP-10765319.FP.FTS.B,
14.49%,
11/11/26
4,415
4,487
APP-11395641.FP.FTS.B,
11.99%,
11/14/26
17,732
3,245
APP-10679263.FP.FTS.B,
17.49%,
11/14/26
1,824
1,822
APP-10714394.FP.FTS.B,
11.99%,
11/15/26
17,263
17,556
APP-10763123.FP.FTS.B,
13.24%,
11/15/26
29,159
29,656
APP-10508459.FP.FTS.B,
15.99%,
11/15/26
27,567
28,093
APP-11304024.FP.FTS.B,
17.49%,
11/15/26
8,687
8,966
APP-10672023.FP.FTS.B,
18.49%,
11/15/26
12,432
12,953
APP-11314507.FP.FTS.B,
19.99%,
11/15/26
9,565
9,978
APP-10688392.FP.FTS.B,
21.99%,
11/15/26
16,150
16,870
APP-10606168.FP.FTS.B,
11.99%,
11/16/26
14,580
14,863
APP-10624425.FP.FTS.B,
11.99%,
11/16/26
12,251
12,473
APP-10683987.FP.FTS.B,
12.49%,
11/16/26
23,318
23,743
APP-10689192.FP.FTS.B,
12.49%,
11/16/26
23,308
23,733
APP-10561131.FP.FTS.B,
17.49%,
11/16/26
21,367
21,855
APP-10768778.FP.FTS.B,
14.74%,
11/18/26
23,764
24,233
APP-11305757.FP.FTS.B,
11.99%,
11/19/26
14,755
15,017
APP-11296028.FP.FTS.B,
23.49%,
11/19/26
34,217
35,462
APP-10170330.FP.FTS.B,
11.99%,
11/20/26
7,763
7,894
APP-10756762.FP.FTS.B,
12.49%,
11/21/26
19,219
19,577
APP-10750422.FP.FTS.B,
17.49%,
11/21/26
12,858
13,275
APP-10769483.FP.FTS.B,
17.99%,
11/22/26
17,611
18,212
APP-10764525.FP.FTS.B,
20.49%,
11/22/26
11,724
12,265
APP-10624096.FP.FTS.B,
14.24%,
11/23/26
11,154
11,391
APP-11103030.FP.FTS.B,
20.49%,
11/23/26
16,139
5,443
APP-10692601.FP.FTS.B,
22.49%,
11/23/26
6,288
6,586
APP-10762415.FP.FTS.B,
17.99%,
11/24/26
8,682
9,089
APP-11304530.FP.FTS.B,
21.49%,
11/24
/26
32,177
33,531
APP-11333408.FP.FTS.B,
17.99%,
11/25/26
8,472
8,887
APP-11386113.FP.FTS.B,
18.99%,
11/25/26
4,729
4,897
APP-10244251.FP.FTS.B,
20.49%,
11/28/26
17,391
17,827
APP-10780891.FP.FTS.B,
17.99%,
11/30/26
28,239
28,967
APP-10234140.FP.FTS.B,
15.49%,
12/01/26
29,151
15,318
APP-10253670.FP.FTS.B,
19.99%,
12/06/26
4,978
5,128
APP-10744150.FP.FTS.B,
20.49%,
12/08/26
17,538
18,076
APP-11741440.FP.FTS.B,
19.99%,
12/16/26
6,739
6,957
APP-11277516.FP.FTS.B,
18.49%,
12/18/26
16,385
16,935
APP-11301348.FP.FTS.B,
15.99%,
12/19/26
16,259
16,809
APP-11304077.FP.FTS.B,
18.99%,
12/20/26
13,590
14,065
APP-11312173.FP.FTS.B,
20.49%,
12/20/26
4,877
4,899
APP-11283905.FP.FTS.B,
15.99%,
12/21/26
31,254
31,907
APP-11187285.FP.FTS.B,
12.49%,
12/22/26
23,783
24,210
APP-11798644.FP.FTS.B,
18.99%,
12/24/26
5,253
5,431
APP-11387591.FP.FTS.B,
14.49%,
12/25/26
5,833
5,933
APP-11800198.FP.FTS.B,
16.99%,
12/25/26
12,804
13,084
APP-11318066.FP.FTS.B,
17.49%,
12/25/26
9,951
10,307
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11194578.FP.FTS.B,
18.99%,
12/25/26
$
12,583
$
4,060
APP-11283955.FP.FTS.B,
14.24%,
12/26/26
10,254
10,464
APP-11399469.FP.FTS.B,
16.49%,
12/26/26
3,221
3,240
APP-11395038.FP.FTS.B,
16.99%,
12/26/26
7,035
7,160
APP-11361916.FP.FTS.B,
23.49%,
12/26/26
32,831
34,584
APP-11305667.FP.FTS.B,
20.49%,
12/27/26
17,945
18,824
APP-11776378.FP.FTS.B,
20.49%,
12/27/26
25,119
26,303
APP-11124061.FP.FTS.B,
11.99%,
12/28/26
16,006
16,318
APP-11306747.FP.FTS.B,
14.24%,
12/28/26
9,771
9,967
APP-11740044.FP.FTS.B,
15.24%,
12/28/26
24,394
25,283
APP-11800507.FP.FTS.B,
18.49%,
12/28/26
12,874
13,381
APP-11410923.FP.FTS.B,
23.49%,
12/28/26
6,555
6,886
APP-11789125.FP.FTS.B,
11.24%,
12/29/26
12,329
12,454
APP-11798578.FP.FTS.B,
11.74%,
12/29/26
27,108
27,619
APP-09940038.FP.FTS.B,
17.49%,
12/29/26
12,120
12,524
APP-11807330.FP.FTS.B,
17.99%,
12/29/26
6,416
6,561
APP-11789087.FP.FTS.B,
18.99%,
12/29/26
9,697
10,082
APP-11266733.FP.FTS.B,
11.99%,
12/30/26
16,156
16,458
APP-11217813.FP.FTS.B,
14.24%,
12/30/26
14,554
14,875
APP-11277746.FP.FTS.B,
25.49%,
12/30/26
6,666
6,974
APP-11138919.FP.FTS.B,
11.99%,
1/01/27
8,401
8,533
APP-11377526.FP.FTS.B,
20.49%,
1/01/27
15,845
16,316
APP-11271721.FP.FTS.B,
11.99%,
1/02/27
10,407
10,586
APP-11279541.FP.FTS.B,
12.49%,
1/02/27
21,968
22,353
APP-11315623.FP.FTS.B,
15.49%,
1/02/27
11,919
12,310
APP-10840208.FP.FTS.B,
18.49%,
1/02/27
10,839
11,190
APP-11319315.FP.FTS.B,
19.99%,
1/02/27
1,899
1,891
APP-11341268.FP.FTS.B,
12.49%,
1/03/27
24,562
24,968
APP-11333109.FP.FTS.B,
15.99%,
1/03/27
14,114
14,466
APP-11333811.FP.FTS.B,
16.99%,
1/03/27
9,650
9,920
APP-11265912.FP.FTS.B,
17.49%,
1/03/27
8,173
8,401
APP-11323384.FP.FTS.B,
12.74%,
1/04/27
18,420
18,715
APP-11332983.FP.FTS.B,
18.99%,
1/04/27
9,854
10,136
APP-11399720.FP.FTS.B,
21.49%,
1/04/27
14,011
14,521
APP-11355890.FP.FTS.B,
14.74%,
1/07/27
25,092
25,544
APP-11389311.FP.FTS.B,
17.49%,
1/07/27
25,861
26,416
APP-11333372.FP.FTS.B,
18.49%,
1/07/27
12,654
13,114
APP-11370718.FP.FTS.B,
23.49%,
1/07/27
13,687
14,230
APP-11306719.FP.FTS.B,
11.99%,
1/08/27
9,661
9,835
APP-11128695.FP.FTS.B,
14.49%,
1/08/27
4,710
4,796
APP-11385154.FP.FTS.B,
18.99%,
1/08/27
9,817
10,109
APP-11396422.FP.FTS.B,
18.99%,
1/08/27
12,152
12,533
APP-10916969.FP.FTS.B,
19.99%,
1/08/27
7,137
7,363
APP-10266247.FP.FTS.B,
21.99%,
1/08/27
6,811
7,063
APP-11393205.FP.FTS.B,
21.99%,
1/08/27
2,812
2,822
APP-11294990.FP.FTS.B,
22.49%,
1/08/27
8,250
8,559
APP-11373885.FP.FTS.B,
14.49%,
1/09/27
6,599
6,730
APP-11380536.FP.FTS.B,
17.49%,
1/09/27
12,961
13,347
APP-11335531.FP.FTS.B,
16.99%,
1/10/27
11,659
12,032
APP-12243964.FP.FTS.B,
19.99%,
1/15/27
9,866
10,251
APP-12266273.FP.FTS.B,
23.74%,
1/18/27
18,014
18,793
APP-12233402.FP.FTS.B,
21.49%,
1/20/27
12,318
12,861
APP-09818529.FP.FTS.B,
17.49%,
1/25/27
12,535
12,960
APP-12231521.FP.FTS.B,
17.24%,
1/26/27
23,814
24,636
APP-12146298.FP.FTS.B,
8.99%,
1/27/27
.
22,528
22,915
APP-12251026.FP.FTS.B,
11.24%,
1/27/27
9,756
9,939
APP-12244510.FP.FTS.B,
17.49%,
1/27/27
10,518
2,148
APP-12151284.FP.FTS.B,
17.99%,
1/27/27
13,132
13,750
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12241564.FP.FTS.B,
19.99%,
1/27/27
$
7,215
$
7,293
APP-12247637.FP.FTS.B,
19.99%,
1/27/27
21,103
22,143
APP-12243989.FP.FTS.B,
21.99%,
1/27/27
6,652
6,927
APP-10606291.FP.FTS.B,
18.49%,
1/28/27
5,995
6,065
APP-11306703.FP.FTS.B,
18.99%,
1/28/27
15,811
16,363
APP-09045963.FP.FTS.B,
15.49%,
1/31/27
11,383
11,466
APP-11285613.FP.FTS.B,
16.49%,
1/31/27
9,140
1,897
APP-11693698.FP.FTS.B,
16.74%,
2/02/27
32,615
33,222
APP-11317083.FP.FTS.B,
20.49%,
2/03/27
7,326
7,541
APP-11795116.FP.FTS.B,
11.74%,
2/04/27
16,209
16,491
APP-11791702.FP.FTS.B,
13.24%,
2/05/27
19,588
19,937
APP-11785699.FP.FTS.B,
18.99%,
2/05/27
10,935
11,247
APP-11393178.FP.FTS.B,
18.99%,
2/07/27
10,331
10,625
APP-11753813.FP.FTS.B,
9.24%,
2/09/27
.
9,183
9,352
APP-11798862.FP.FTS.B,
16.49%,
2/09/27
8,511
8,690
APP-11810406.FP.FTS.B,
11.74%,
2/10/27
31,355
31,936
APP-11810344.FP.FTS.B,
17.49%,
2/10/27
17,343
17,797
APP-11787878.FP.FTS.B,
19.99%,
2/10/27
5,073
5,230
APP-11740981.FP.FTS.B,
9.24%,
2/11/27
.
10,322
2,991
APP-11779303.FP.FTS.B,
10.99%,
2/11/27
12,429
12,652
APP-11791248.FP.FTS.B,
11.24%,
2/11/27
24,922
25,400
APP-11799511.FP.FTS.B,
13.49%,
2/11/27
8,424
8,570
APP-11496149.FP.FTS.B,
13.74%,
2/11/27
2,813
2,830
APP-11788952.FP.FTS.B,
16.49%,
2/11/27
9,849
10,067
APP-11795686.FP.FTS.B,
16.49%,
2/11/27
10,295
5,500
APP-11779953.FP.FTS.B,
16.74%,
2/11/27
32,911
33,640
APP-11789582.FP.FTS.B,
19.49%,
2/11/27
8,923
9,226
APP-11805082.FP.FTS.B,
19.49%,
2/11/27
14,393
14,903
APP-11804667.FP.FTS.B,
19.99%,
2/11/27
14,726
15,317
APP-11807542.FP.FTS.B,
10.99%,
2/12/27
24,872
25,326
APP-11793986.FP.FTS.B,
11.24%,
2/12/27
9,040
9,205
APP-11794207.FP.FTS.B,
11.49%,
2/12/27
9,376
9,559
APP-11694425.FP.FTS.B,
11.74%,
2/12/27
26,571
27,057
APP-11798052.FP.FTS.B,
18.49%,
2/12/27
19,696
20,435
APP-11753796.FP.FTS.B,
19.99%,
2/12/27
10,117
10,489
APP-11805436.FP.FTS.B,
22.49%,
2/12/27
6,954
7,219
APP-10315402.FP.FTS.B,
22.99%,
2/15/27
11,140
11,644
APP-10688549.FP.FTS.B,
18.99%,
2/16/27
21,620
22,331
APP-11237906.FP.FTS.B,
14.99%,
2/20/27
16,216
1,613
APP-11339522.FP.FTS.B,
23.49%,
2/21/27
13,904
14,489
APP-10580822.FP.FTS.B,
18.49%,
2/22/27
14,290
14,783
APP-10459721.FP.FTS.B,
20.99%,
2/23/27
28,041
28,909
APP-11391376.FP.FTS.B,
19.99%,
2/28/27
15,851
16,187
APP-12237250.FP.FTS.B,
10.99%,
3/01/27
28,632
3,059
APP-12280379.FP.FTS.B,
16.49%,
3/01/27
13,277
13,625
APP-12228409.FP.FTS.B,
19.99%,
3/01/27
9,120
9,381
APP-12245849.FP.FTS.B,
19.99%,
3/01/27
12,691
2,617
APP-11277041.FP.FTS.B,
20.49%,
3/02/27
16,649
17,095
APP-11194668.FP.FTS.B,
14.24%,
3/03/27
13,519
13,761
APP-12106034.FP.FTS.B,
11.24%,
3/04/27
14,922
15,182
APP-12189756.FP.FTS.B,
18.24%,
3/04/27
21,515
22,08
9
APP-12262293.FP.FTS.B,
10.99%,
3/05/27
23,039
4,140
APP-12172287.FP.FTS.B,
19.99%,
3/07/27
11,121
11,507
APP-12017319.FP.FTS.B,
10.99%,
3/09/27
20,414
20,775
APP-12130498.FP.FTS.B,
13.24%,
3/10/27
13,857
14,128
APP-11496336.FP.FTS.B,
11.24%,
3/11/27
11,009
11,210
APP-11823747.FP.FTS.B,
13.74%,
3/11/27
7,594
7,736
APP-12213871.FP.FTS.B,
19.99%,
3/11/27
14,125
14,702
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11799128.FP.FTS.B,
10.99%,
3/12/27
$
14,243
$
14,511
APP-12244387.FP.FTS.B,
11.24%,
3/12/27
20,204
20,598
APP-12250156.FP.FTS.B,
11.74%,
3/12/27
32,155
32,755
APP-12246518.FP.FTS.B,
13.24%,
3/13/27
14,641
14,941
APP-12236483.FP.FTS.B,
15.24%,
3/13/27
25,697
26,448
APP-11238158.FP.FTS.B,
16.49%,
3/13/27
6,679
6,715
APP-12050299.FP.FTS.B,
17.99%,
3/13/27
7,345
7,561
APP-10550902.FP.FTS.B,
9.99%,
3/24/27
.
7,539
7,578
APP-10156518.FP.FTS.B,
19.99%,
3/31/27
3,969
3,995
APP-12263763.FP.FTS.B,
22.49%,
4/01/27
26,892
9,167
APP-12180444.FP.FTS.B,
25.49%,
4/04/27
7,622
7,858
APP-11396135.FP.FTS.B,
18.99%,
4/08/27
18,047
18,405
APP-11794186.FP.FTS.B,
14.74%,
4/12/27
31,228
31,953
APP-12245031.FP.FTS.B,
19.99%,
4/12/27
18,061
18,614
APP-12241288.FP.FTS.B,
22.99%,
4/13/27
35,445
21,882
APP-09447903.FP.FTS.B,
23.49%,
5/06/27
15,104
15,552
APP-11579250.FP.FTS.B,
11.24%,
5/15/27
22,342
22,741
APP-11301237.FP.FTS.B,
18.49%,
6/02/27
13,235
13,629
APP-12077324.FP.FTS.B,
17.99%,
6/10/27
19,197
19,654
APP-10608955.FP.FTS.B,
19.49%,
6/23/27
39,192
5,101
APP-12222310.FP.FTS.B,
18.24%,
9/21/27
31,580
32,366
APP-11800371.FP.FTS.B,
19.74%,
10/10/27
33,034
33,466
APP-11254936.FP.FTS.B,
20.99%,
3/17/28
10,285
10,356
6,401,742
LendingClub
Corp.
-
LCX
157826557.LC.FTS.B,
12.4%,
11/03/24
...
4,336
4,200
160977025.LC.FTS.B,
12.4%,
11/12/24
...
7,816
933
162072108.LC.FTS.B,
17.74%,
11/19/24
..
24,592
–
161569311.LC.FTS.B,
8.19%,
11/20/24
...
5,654
5,612
163477091.LC.FTS.B,
11.02%,
12/20/24
..
5,041
4,978
163859690.LC.FTS.B,
16.95%,
1/03/25
...
4,168
4,064
164222970.LC.FTS.B,
8.19%,
1/07/25
...
7,088
7,022
164714191.LC.FTS.B,
13.08%,
1/10/25
...
7,259
–
163973756.LC.FTS.B,
12.4%,
1/12/25
...
7,978
7,861
164807302.LC.FTS.B,
8.81%,
1/15/25
...
7,187
7,115
165157005.LC.FTS.B,
14.3%,
1/21/25
...
5,590
2,330
165333612.LC.FTS.B,
11.71%,
1/23/25
...
2,274
2,205
165427525.LC.FTS.B,
14.3%,
1/23/25
...
2,479
2,463
165461334.LC.FTS.B,
14.3%,
1/24/25
...
1,192
1,186
164424854.LC.FTS.B,
16.12%,
1/24/25
...
4,562
845
165508383.LC.FTS.B,
15.24%,
1/27/25
...
7,076
6,987
165618377.LC.FTS.B,
8.81%,
1/28/25
...
2,331
2,249
166868646.LC.FTS.B,
16.12%,
2/18/25
...
1,134
1,104
166982249.LC.FTS.B,
20.55%,
2/21/25
...
2,932
2,957
166977058.LC.FTS.B,
23.05%,
2/22/25
...
4,414
4,438
167008405.LC.FTS.B,
16.95%,
2/24/25
...
7,595
7,525
168170703.LC.FTS.B,
8.19
%,
3/13/25
...
3,169
3,052
163371603.LC.FTS.B,
10.33%,
3/13/25
...
2,481
2,367
168563219.LC.FTS.B,
8.81%,
3/19/25
...
2,524
2,470
165509821.LC.FTS.B,
11.71%,
3/31/25
...
3,539
3,350
165799463.LC.FTS.B,
12.4%,
3/31/25
...
3,412
3,252
165450743.LC.FTS.B,
16.95%,
3/31/25
...
9,532
–
168657342.LC.FTS.B,
Zero
Cpn,
4/14/25
.
11,609
–
163257946.LC.FTS.B,
13.08%,
10/24/25
..
10,756
10,449
101,014
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
182191083.LC.FTS.B,
18.99%,
10/13/24
..
$
1,039
$
1,033
182251543.LC.FTS.B,
15.99%,
10/14/24
..
1,915
1,903
182168238.LC.FTS.B,
18.99%,
10/14/24
..
3,750
3,708
182308670.LC.FTS.B,
19.49%,
10/15/24
..
1,884
1,900
182215764.LC.FTS.B,
20.99%,
10/15/24
..
4,256
4,292
182310621.LC.FTS.B,
21.49%,
10/15/24
..
4,450
4,487
182294171.LC.FTS.B,
22.99%,
10/15/24
..
2,041
2,063
182334375.LC.FTS.B,
23.99%,
10/15/24
..
3,301
3,342
181823934.LC.FTS.B,
18.99%,
10/16/24
..
3,142
3,124
182279306.LC.FTS.B,
15.99%,
10/17/24
..
6,011
–
182332114.LC.FTS.B,
22.99%,
10/18/24
..
435
442
182127030.LC.FTS.B,
23.99%,
10/18/24
..
2,640
2,191
182352192.LC.FTS.B,
17.44%,
10/19/24
..
3,003
366
182455989.LC.FTS.B,
17.44%,
10/19/24
..
2,047
2,042
182112904.LC.FTS.B,
19.49%,
10/19/24
..
4,082
4,084
182327350.LC.FTS.B,
18.99%,
10/23/24
..
1,780
1,778
182222867.LC.FTS.B,
18.49%,
10/25/24
..
2,911
565
182434150.LC.FTS.B,
20.44%,
10/25/24
..
1,520
1,533
182545979.LC.FTS.B,
11.99%,
11/01/24
..
4,028
4,010
182713608.LC.FTS.B,
22.99%,
11/01/24
..
1,509
1,525
182830334.LC.FTS.B,
12.99%,
11/02/24
..
2,259
2,245
182852118.LC.FTS.B,
16.49%,
11/02/24
..
2,582
2,570
182842810.LC.FTS.B,
17.49%,
11/02/24
..
3,533
332
182863345.LC.FTS.B,
18.99%,
11/02/24
..
1,205
1,199
182863664.LC.FTS.B,
19.99%,
11/02/24
..
877
879
182914089.LC.FTS.B,
17.19%,
11/03/24
..
1,065
1,060
182877276.LC.FTS.B,
17.49%,
11/03/24
..
1,547
1,540
182882751.LC.FTS.B,
18.99%,
11/03/24
..
1,068
187
182406475.LC.FTS.B,
19.99%,
11/03/24
..
4,908
227
182901080.LC.FTS.B,
22.49%,
11/03/24
..
1,390
159
182343246.LC.FTS.B,
22.99%,
11/03/24
..
1,508
1,528
182914824.LC.FTS.B,
16.49%,
11/04/24
..
2,353
2,343
182953244.LC.FTS.B,
17.49%,
11/04/24
..
2,372
2,362
182726206.LC.FTS.B,
19.99%,
11/04/24
..
1,096
1,103
182766834.LC.FTS.B,
Zero
Cpn,
11/05/24
12,939
–
183008113.LC.FTS.B,
11.99%,
11/05/24
..
1,341
1,333
182892987.LC.FTS.B,
18.99%,
11/05/24
..
2,892
2,881
182923000.LC.FTS.B,
18.99%,
11/05/24
..
6,028
6,002
182854752.LC.FTS.B,
18.99%,
11/07/24
..
4,886
4,867
182990403.LC.FTS.B,
16.49%,
11/08/24
..
1,947
1,939
182991246.LC.FTS.B,
16.49%,
11/08/24
..
1,878
1,871
182769411.LC.FTS.B,
18.44%,
11/08/24
..
1,165
1,163
182999357.LC.FTS.B,
18.44%,
11/08/24
..
3,752
3,738
182946096.LC.FTS.B,
22.99%,
11/08/24
..
1,256
1,274
182967907.LC.FTS.B,
Zero
Cpn,
11/09/24
18,600
–
182737632.LC.FTS.B,
20.99%,
11/10/24
..
2,534
2,545
182923608.LC.FTS.B,
Zero
Cpn,
11/12/24
4,235
–
183149370.LC.FTS.B,
15.19%,
11/12/24
..
1,157
1,154
183022196.LC.FTS.B,
15.99%,
11/12/24
..
2,240
2,234
183143740.LC.FTS.B,
16.49%,
11/12/24
..
1,995
1,987
182716700.LC.FTS.B,
14.99%,
11/14/24
..
2,362
2,356
182341717.LC.FTS.B,
18.99%,
11/14/24
..
2,546
2,539
182828421.LC.FTS.B,
11.49%,
11/15/24
..
6,742
6,727
182991991.LC.FTS.B,
11.49%,
11/15/24
..
1,882
1,873
183154424.LC.FTS.B,
15.99%,
11/15/24
..
3,268
3,261
182547090.LC.FTS.B,
18.99%,
11/15/24
..
3,788
3,774
183150801.LC.FTS.B,
18.99%,
11/15/24
..
2,411
2,405
183164730.LC.FTS.B,
18.99%,
11/15/24
..
289
288
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
182850730.LC.FTS.B,
22.99%,
11/15/24
..
$
5,485
$
4,513
183261327.LC.FTS.B,
11.04%,
11/16/24
..
4,365
845
183334882.LC.FTS.B,
11.99%,
11/16/24
..
1,525
1,234
182487044.LC.FTS.B,
14.99%,
11/16/24
..
3,588
3,545
182762119.LC.FTS.B,
15.49%,
11/16/24
..
1,931
1,927
183199016.LC.FTS.B,
18.99%,
11/16/24
..
1,207
1,200
183248270.LC.FTS.B,
18.99%,
11/16/24
..
4,968
–
183265092.LC.FTS.B,
20.44%,
11/16/24
..
2,115
2,122
182940512.LC.FTS.B,
9.34%,
11/17/24
...
448
444
183199235.LC.FTS.B,
10.99%,
11/17/24
..
3,315
3,301
183036723.LC.FTS.B,
16.49%,
11/17/24
..
3,380
3,373
183258872.LC.FTS.B,
17.99%,
11/17/24
..
2,576
2,570
183131010.LC.FTS.B,
18.99%,
11/17/24
..
1,539
143
183281498.LC.FTS.B,
18.99%,
11/17/24
..
2,411
2,405
182874149.LC.FTS.B,
22.99%,
11/17/24
..
4,239
4,297
183376238.LC.FTS.B,
15.19%,
11/18/24
..
3,669
2,978
183297337.LC.FTS.B,
15.49%,
11/18/24
..
2,554
2,549
183031081.LC.FTS.B,
15.99%,
11/18/24
..
4,817
3,895
183195827.LC.FTS.B,
16.49%,
11/18/24
..
8,215
8,160
183237884.LC.FTS.B,
18.19%,
11/18/24
..
5,736
5,726
183307678.LC.FTS.B,
18.99%,
11/18/24
..
1,808
1,804
183319106.LC.FTS.B,
18.99%,
11/18/24
..
2,779
2,766
183239686.LC.FTS.B,
20.44%,
11/18/24
..
5,936
5,980
183308830.LC.FTS.B,
22.99%,
11/18/24
..
905
920
183351808.LC.FTS.B,
11.49%,
11/19/24
..
3,333
3,320
183325965.LC.FTS.B,
15.99%,
11/19/24
..
4,257
4,249
183273399.LC.FTS.B,
18.99%,
11/19/24
..
2,011
388
183366235.LC.FTS.B,
22.99%,
11/19/24
..
1,256
1,279
182746441.LC.FTS.B,
Zero
Cpn,
11/20/24
7,836
–
182810364.LC.FTS.B,
19.49%,
11/20/24
..
4,847
4,889
183009664.LC.FTS.B,
14.19%,
11/21/24
..
3,475
3,470
182983769.LC.FTS.B,
12.99%,
11/22/24
..
1,084
1,082
183422493.LC.FTS.B,
14.99%,
11/22/24
..
554
553
183428100.LC.FTS.B,
16.99%,
11/22/24
..
5,402
5,376
183268922.LC.FTS.B,
17.99%,
11/22/24
..
5,900
5,892
183326198.LC.FTS.B,
18.99%,
11/22/24
..
3,838
–
183394488.LC.FTS.B,
18.99%,
11/22/24
..
1,205
1,204
183369334.LC.FTS.B,
22.99%,
11/22/24
..
3,039
3,070
183464008.LC.FTS.B,
15.24%,
11/23/24
..
6,297
6,267
182618845.LC.FTS.B,
18.99%,
11/23/24
..
2,411
2,405
183430526.LC.FTS.B,
18.99%,
11/23/24
..
2,411
2,408
183464408.LC.FTS.B,
Zero
Cpn,
11/24/24
2,701
–
183476973.LC.FTS.B,
16.49%,
11/24/24
..
3,503
3,483
183540917.LC.FTS.B,
16.49%,
11/24/24
..
587
586
183540900.LC.FTS.B,
18.44%,
11/24/24
..
599
598
183371602.LC.FTS.B,
18.99%,
11/24/24
..
4,861
4,856
183407963.LC.FTS.B,
18.99%,
11/24/24
..
2,387
2,385
183339903.LC.FTS.B,
Zero
Cpn,
11/26/24
7,801
–
183343101.LC.FTS.B,
Zero
Cpn,
11/26/24
4,473
–
183520286.LC.FTS.B,
16.99%,
11/26/24
..
2,433
2,425
183504509.LC.FTS.B,
18.49%,
11/26/24
..
4,828
4,806
183441212.LC.FTS.B,
22.99%,
11/26/24
..
542
548
183494147.LC.FTS.B,
Zero
Cpn,
11/28/24
1,968
–
183259213.LC.FTS.B,
18.99%,
11/28/24
..
1,329
1,322
183402694.LC.FTS.B,
11.99%,
11/29/24
..
2,734
2,715
183250462.LC.FTS.B,
14.99%,
11/29/24
..
2,105
2,095
183425417.LC.FTS.B,
16.49%,
11/29/24
..
3,484
3,460
183522405.LC.FTS.B,
17.99%,
11/29/24
..
8,346
8,307
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)
183102073.LC.FTS.B,
18.99%,
11/29/24
..
$
1,122
$
1,116
183619170.LC.FTS.B,
14.19%,
11/30/24
..
2,600
2,589
183500540.LC.FTS.B,
15.99%,
11/30/24
..
2,120
2,110
183356155.LC.FTS.B,
16.99%,
11/30/24
..
6,858
6,826
183602959.LC.FTS.B,
18.49%,
11/30/24
..
1,600
1,594
183339461.LC.FTS.B,
18.99%,
11/30/24
..
5,046
5,022
183616976.LC.FTS.B,
18.99%,
11/30/24
..
2,842
2,828
183362712.LC.FTS.B,
15.99%,
12/01/24
..
4,344
4,324
183663596.LC.FTS.B,
16.19%,
12/01/24
..
4,250
4,230
183359486.LC.FTS.B,
16.99%,
12/01/24
..
2,629
2,617
183673337.LC.FTS.B,
23.99%,
12/01/24
..
11,130
1,034
183762903.LC.FTS.B,
15.44%,
12/02/24
..
2,016
2,003
183697716.LC.FTS.B,
22.99%,
12/02/24
..
380
–
183695987.LC.FTS.B,
15.99%,
12/03/24
..
5,443
5,388
183777683.LC.FTS.B,
18.99%,
12/03/24
..
2,296
2,287
183773059.LC.FTS.B,
21.99%,
12/03/24
..
4,226
4,286
183788267.LC.FTS.B,
22.99%,
12/03/24
..
1,024
1,039
183609082.LC.FTS.B,
19.49%,
12/04/24
..
1,100
1,104
183502968.LC.FTS.B,
Zero
Cpn,
12/05/24
3,757
–
183189944.LC.FTS.B,
13.04%,
12/06/24
..
3,850
3,832
183203390.LC.FTS.B,
15.49%,
12/06/24
..
6,655
6,630
183766217.LC.FTS.B,
16.49%,
12/06/24
..
4,426
–
183802837.LC.FTS.B,
17.99%,
12/06/24
..
7,665
7,635
183558965.LC.FTS.B,
18.99%,
12/06/24
..
3,474
–
183799482.LC.FTS.B,
18.99%,
12/06/24
..
2,796
2,792
183818205.LC.FTS.B,
18.99%,
12/06/24
..
6,561
6,536
183645675.LC.FTS.B,
19.99%,
12/06/24
..
1,109
1,113
183541347.LC.FTS.B,
22.99%,
12/06/24
..
3,172
1,330
183169104.LC.FTS.B,
12.34%,
12/07/24
..
6,632
6,593
183193558.LC.FTS.B,
12.49%,
12/07/24
..
6,377
6,309
183568984.LC.FTS.B,
15.99%,
12/07/24
..
8,085
8,038
183882045.LC.FTS.B,
15.99%,
12/07/24
..
3,976
3,947
183901831.LC.FTS.B,
16.49%,
12/07/24
..
7,993
7,965
183893289.LC.FTS.B,
18.44%,
12/07/24
..
851
151
183710611.LC.FTS.B,
22.49%,
12/07/24
..
1,149
1,165
183842381.LC.FTS.B,
24.99%,
12/07/24
..
3,482
3,548
183294973.LC.FTS.B,
27.99%,
12/07/24
..
5,376
5,503
183582634.LC.FTS.B,
11.04%,
12/08/24
..
1,978
188
184003016.LC.FTS.B,
13.19%,
12/08/24
..
386
384
183915427.LC.FTS.B,
13.24%,
12/08/24
..
10,517
–
183732977.LC.FTS.B,
14.49%,
12/08/24
..
3,914
3,901
183913486.LC.FTS.B,
14.49%,
12/08/24
..
1,304
1,300
183955270.LC.FTS.B,
16.49%,
12/08/24
..
666
664
183942961.LC.FTS.B,
18.99%,
12/08/24
..
2,317
–
183961259.LC.FTS.B,
12.74%,
12/09/24
..
2,562
2,554
184035228.LC.FTS.B,
13.04%,
12/09/24
..
3,855
3,834
184037141.LC.FTS.B,
13.19%,
12/09/24
..
1,793
1,783
183294173.LC.FTS.B,
15.99%,
12/09/24
..
1,609
1,606
183610510.LC.FTS.B,
15.99%,
12/09/24
..
5,832
5,806
183951356.LC.FTS.B,
17.49%,
12/09/24
..
4,711
4,696
183972047.LC.FTS.B,
17.49%,
12/09/24
..
380
46
183968599.LC.FTS.B,
18.99%,
12/09/24
..
1,748
673
183576580.LC.FTS.B,
20.44%,
12/09/24
..
13,377
–
183880382.LC.FTS.B,
22.99%,
12/09/24
..
1,429
1,447
183967026.LC.FTS.B,
22.99%,
12/09/24
..
6,012
6,128
183983228.LC.FTS.B,
26.49%,
12/09/24
..
6,483
6,598
183493762.LC.FTS.B,
12.24%,
12/10/24
..
9,134
9,085
184037034.LC.FTS.B,
12.49%,
12/10/24
..
255
255
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
184000110.LC.FTS.B,
15.49%,
12/10/24
..
$
4,219
$
4,206
183974082.LC.FTS.B,
15.99%,
12/10/24
..
4,530
4,515
184004060.LC.FTS.B,
16.49%,
12/10/24
..
2,107
2,098
184001961.LC.FTS.B,
16.99%,
12/10/24
..
2,390
1,921
184006108.LC.FTS.B,
16.99%,
12/10/24
..
3,348
3,338
184044208.LC.FTS.B,
16.99%,
12/10/24
..
7,071
7,049
184008894.LC.FTS.B,
17.99%,
12/10/24
..
2,706
2,698
183687452.LC.FTS.B,
18.99%,
12/10/24
..
273
272
184026094.LC.FTS.B,
22.99%,
12/10/24
..
2,985
279
182860020.LC.FTS.B,
15.44%,
12/12/24
..
9,674
9,647
184035087.LC.FTS.B,
10.34%,
12/13/24
..
2,496
2,484
184049185.LC.FTS.B,
13.24%,
12/13/24
..
4,635
4,624
184074389.LC.FTS.B,
16.49%,
12/13/24
..
2,798
2,790
184003705.LC.FTS.B,
17.99%,
12/13/24
..
4,059
4,048
184046281.LC.FTS.B,
18.99%,
12/13/24
..
498
21
184091538.LC.FTS.B,
Zero
Cpn,
12/14/24
3,227
–
184127825.LC.FTS.B,
Zero
Cpn,
12/14/24
3,005
–
184106683.LC.FTS.B,
9.99%,
12/14/24
...
3,730
3,660
184070958.LC.FTS.B,
10.49%,
12/14/24
..
1,415
1,408
184058069.LC.FTS.B,
11.04%,
12/14/24
..
1,761
1,741
184078696.LC.FTS.B,
17.99%,
12/14/24
..
2,623
2,611
183959795.LC.FTS.B,
Zero
Cpn,
12/15/24
5,560
–
184202834.LC.FTS.B,
10.49%,
12/15/24
..
4,001
3,982
183776421.LC.FTS.B,
11.04%,
12/15/24
..
1,951
1,931
183184685.LC.FTS.B,
13.24%,
12/15/24
..
2,106
2,101
183835923.LC.FTS.B,
15.19%,
12/15/24
..
3,021
3,014
184073189.LC.FTS.B,
15.19%,
12/15/24
..
525
114
183926594.LC.FTS.B,
15.99%,
12/15/24
..
2,261
2,256
183974444.LC.FTS.B,
16.99%,
12/15/24
..
1,360
1,357
183796732.LC.FTS.B,
18.99%,
12/15/24
..
2,245
2,240
184104394.LC.FTS.B,
18.99%,
12/15/24
..
6,834
6,818
184125379.LC.FTS.B,
10.34%,
12/16/24
..
4,743
4,666
184230024.LC.FTS.B,
15.44%,
12/16/24
..
4,217
4,209
184167764.LC.FTS.B,
15.99%,
12/16/24
..
4,103
4,094
184016559.LC.FTS.B,
16.44%,
12/16/24
..
1,650
1,639
184118078.LC.FTS.B,
17.44%,
12/16/24
..
1,345
1,342
184245291.LC.FTS.B,
13.19%,
12/17/24
..
9,008
8,993
184142932.LC.FTS.B,
13.99%,
12/17/24
..
5,970
5,888
184191218.LC.FTS.B,
13.99%,
12/17/24
..
6,160
1,114
184235593.LC.FTS.B,
15.19%,
12/17/24
..
657
656
184248232.LC.FTS.B,
16.19%,
12/17/24
..
1,328
1,326
184243930.LC.FTS.B,
16.49%,
12/17/24
..
1,599
1,596
183862855.LC.FTS.B,
17.44%,
12/17/24
..
2,208
2,200
184015727.LC.FTS.B,
18.99%,
12/17/24
..
2,734
2,729
184246546.LC.FTS.B,
18.99%,
12/17/24
..
5,468
5,457
184252044.LC.FTS.B,
18.99%,
12/17/24
..
1,736
1,732
184252099.LC.FTS.B,
18.99%,
12/17/24
..
1,367
1,364
184253714.LC.FTS.B,
19.49%,
12/17/24
..
7,957
7,984
183943415.LC.FTS.B,
19.99%,
12/17/24
..
4,142
4,180
183402493.LC.FTS.B,
22.99%,
12/18/24
..
1,983
2,018
183874684.LC.FTS.B,
19.49%,
12/19/24
..
3,133
3,157
184238507.LC.FTS.B,
12.49%,
12/20/24
..
810
805
184245796.LC.FTS.B,
14.44%,
12/20/24
..
3,610
3,580
183409645.LC.FTS.B,
14.49%,
12/20/24
..
8,914
729
184065895.LC.FTS.B,
15.49%,
12/20/24
..
3,576
3,558
184281222.LC.FTS.B,
15.99%,
12/20/24
..
2,650
2,647
183474005.LC.FTS.B,
16.49%,
12/20/24
..
2,504
2,500
184274458.LC.FTS.B,
18.49%,
12/20/24
..
4,896
4,889
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)
183828952.LC.FTS.B,
18.99%,
12/20/24
..
$
2,243
$
2,239
184210526.LC.FTS.B,
18.99%,
12/20/24
..
3,937
3,931
184281792.LC.FTS.B,
18.99%,
12/20/24
..
1,367
1,365
184284744.LC.FTS.B,
18.99%,
12/20/24
..
957
955
184409177.LC.FTS.B,
12.24%,
12/21/24
..
5,293
5,273
184344324.LC.FTS.B,
14.19%,
12/21/24
..
2,081
2,079
184336095.LC.FTS.B,
17.44%,
12/21/24
..
3,229
3,220
184350898.LC.FTS.B,
17.44%,
12/21/24
..
4,036
4,025
184063399.LC.FTS.B,
18.99%,
12/21/24
..
1,952
1,949
184376915.LC.FTS.B,
18.99%,
12/21/24
..
5,249
5,242
184340869.LC.FTS.B,
22.99%,
12/21/24
..
1,479
1,506
184369171.LC.FTS.B,
12.19%,
12/22/24
..
2,546
2,534
184353845.LC.FTS.B,
15.99%,
12/22/24
..
2,539
2,523
184394307.LC.FTS.B,
18.99%,
12/22/24
..
1,230
1,229
184441891.LC.FTS.B,
8.99%,
12/23/24
...
3,000
2,990
184389245.LC.FTS.B,
11.99%,
12/23/24
..
7,623
7,576
184048740.LC.FTS.B,
12.49%,
12/23/24
..
4,535
4,519
184408809.LC.FTS.B,
13.44%,
12/23/24
..
3,905
3,897
183756956.LC.FTS.B,
17.49%,
12/23/24
..
2,961
2,959
184435348.LC.FTS.B,
17.99%,
12/23/24
..
2,631
–
184197580.LC.FTS.B,
18.99%,
12/23/24
..
2,009
2,007
184065866.LC.FTS.B,
19.49%,
12/23/24
..
3,767
3,760
184367167.LC.FTS.B,
21.49%,
12/23/24
..
1,962
1,983
184168561.LC.FTS.B,
21.99%,
12/24/24
..
1,037
1,056
184068690.LC.FTS.B,
18.49%,
12/25/24
..
4,565
207
184443285.LC.FTS.B,
Zero
Cpn,
12/27/24
23,620
–
184379124.LC.FTS.B,
9.29%,
12/27/24
...
6,170
6,051
184405061.LC.FTS.B,
11.84%,
12/27/24
..
2,556
2,538
184447670.LC.FTS.B,
14.44%,
12/27/24
..
2,924
2,910
184448743.LC.FTS.B,
15.99%,
12/27/24
..
2,969
2,955
184418501.LC.FTS.B,
16.19%,
12/27/24
..
1,594
1,583
184454192.LC.FTS.B,
16.19%,
12/27/24
..
2,258
2,247
184121693.LC.FTS.B,
16.49%,
12/27/24
..
2,705
2,693
184445591.LC.FTS.B,
17.44%,
12/27/24
..
8,339
786
184228216.LC.FTS.B,
18.44%,
12/27/24
..
7,612
7,577
184457887.LC.FTS.B,
18.49%,
12/27/24
..
3,667
3,651
184034650.LC.FTS.B,
18.99%,
12/27/24
..
5,048
234
184460632.LC.FTS.B,
22.99%,
12/27/24
..
484
490
184157711.LC.FTS.B,
16.19%,
12/28/24
..
721
717
183457596.LC.FTS.B,
18.99%,
12/29/24
..
3,021
3,006
184038361.LC.FTS.B,
18.44%,
12/30/24
..
2,368
954
184428613.LC.FTS.B,
13.24%,
12/31/24
..
8,644
8,552
184090151.LC.FTS.B,
19.99%,
12/31/24
..
9,404
9,428
183555873.LC.FTS.B,
16.99%,
1/02/25
...
5,343
5,301
184378148.LC.FTS.B,
Zero
Cpn,
1/03/25
.
3,721
–
183797655.LC.FTS.B,
15.99%,
1/04/25
...
5,463
5,425
184111598.LC.FTS.B,
22.99%,
1/05/25
...
1,016
1,031
184412079.LC.FTS.B,
18.99%,
1/06/25
...
3,155
3,143
184415798.LC.FTS.B,
22.99%,
1/20/25
...
3,325
3,386
184149278.LC.FTS.B,
16.49%,
1/28/25
...
4,746
1,872
183559023.LC.FTS.B,
15.99%,
1/30/25
...
2,630
2,618
182884112.LC.FTS.B,
15%,
2/25/25
.....
10,480
8,887
182227875.LC.FTS.B,
19.49%,
2/27/25
...
6,194
6,177
183979122.LC.FTS.B,
18.99%,
3/10/25
...
738
595
183473491.LC.FTS.B,
18.99%,
3/15/25
...
12,869
10,335
183342456.LC.FTS.B,
15%,
3/26/25
.....
9,384
8,082
182593987.LC.FTS.B,
Zero
Cpn,
4/01/25
.
7,268
1,256
183354385.LC.FTS.B,
12.49%,
4/03/25
...
2,157
2,148
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
183170547.LC.FTS.B,
15%,
4/13/25
.....
$
9,700
$
8,005
183602283.LC.FTS.B,
15.99%,
4/16/25
...
11,446
1,370
184253510.LC.FTS.B,
18.49%,
4/21/25
...
6,852
6,841
184272023.LC.FTS.B,
19.49%,
4/23/25
...
6,659
6,710
183027816.LC.FTS.B,
18.99%,
4/26/25
...
3,959
3,936
183711809.LC.FTS.B,
17.49%,
4/29/25
...
7,361
5,967
184200182.LC.FTS.B,
13.19%,
4/30/25
...
8,631
8,558
184277567.LC.FTS.B,
15.49%,
4/30/25
...
3,667
3,648
182322335.LC.FTS.B,
20.4
9%,
5/18/25
...
12,991
1,213
184149207.LC.FTS.B,
18.99%,
5/22/25
...
4,925
901
184111504.LC.FTS.B,
18.99%,
5/28/25
...
5,192
428
183388949.LC.FTS.B,
14.19%,
5/30/25
...
12,273
9,984
184226087.LC.FTS.B,
15.49%,
5/30/25
...
5,972
4,760
182783983.LC.FTS.B,
17.49%,
5/31/25
...
9,390
9,319
183532866.LC.FTS.B,
5%,
6/20/25
......
2,368
1,993
184279960.LC.FTS.B,
13.99%,
7/14/25
...
14,099
1,717
183532916.LC.FTS.B,
Zero
Cpn,
7/20/25
.
4,770
4,821
183872755.LC.FTS.B,
22.99%,
9/07/25
...
4,978
5,026
171045369.LC.FTS.B,
16.08%,
10/07/25
..
3,873
3,825
171130012.LC.FTS.B,
17.3%,
10/09/25
...
4,646
4,588
170762714.LC.FTS.B,
16.08%,
10/13/25
..
7,741
7,637
172000836.LC.FTS.B,
15.4%,
11/28/25
...
8,200
8,063
183281940.LC.FTS.B,
22.99%,
11/30/25
..
2,643
476
172876605.LC.FTS.B,
17.3%,
12/14/25
...
5,183
5,119
172960729.LC.FTS.B,
14.02%,
12/19/25
..
9,098
8,868
184051226.LC.FTS.B,
5%,
12/20/25
.....
16,140
15,871
172424365.LC.FTS.B,
15.4%,
12/20/25
...
4,676
4,614
173018414.LC.FTS.B,
13.33%,
12/22/25
..
6,543
6,389
172834572.LC.FTS.B,
15.4%,
12/24/25
...
6,636
6,544
173277936.LC.FTS.B,
16.08%,
12/31/25
..
17,719
17,434
173400785.LC.FTS.B,
16.08%,
12/31/25
..
4,537
4,475
173394313.LC.FTS.B,
16.08%,
1/04/26
...
7,794
7,691
173423229.LC.FTS.B,
16.08%,
1/04/26
...
8,866
8,759
173604231.LC.FTS.B,
14.02%,
1/12/26
...
7,768
7,416
173383392.LC.FTS.B,
15.4%,
1/12/26
...
5,272
5,134
173663810.LC.FTS.B,
17.3%,
1/13/26
...
3,830
3,771
173666949.LC.FTS.B,
20.74%,
1/25/26
...
4,848
4,811
174084354.LC.FTS.B,
12.49%,
1/26/26
...
16,893
16,219
174042657.LC.FTS.B,
13.74%,
1/26/26
...
8,560
8,266
173441334.LC.FTS.B,
17.3%,
1/28/26
...
16,216
15,976
174232024.LC.FTS.B,
21.49%,
1/29/26
...
8,526
8,532
174293135.LC.FTS.B,
14.74%,
2/04/26
...
14,934
14,471
174332832.LC.FTS.B,
15.99%,
2/04/26
...
17,493
1,658
174267823.LC.FTS.B,
16.99%,
2/04/26
...
6,967
6,865
174354729.LC.FTS.B,
17.24%,
2/04/26
...
4,124
4,057
174297080.LC.FTS.B,
15.74%,
2/05/26
...
4,595
4,522
174102738.LC.FTS.B,
15.44%,
2/08/26
...
3,716
3,668
174284597.LC.FTS.B,
17.44%,
2/20/26
...
5,993
5,929
171905795.LC.FTS.B,
16.08%,
5/15/26
...
6,733
6,601
181324642.LC.FTS.B,
15.19%,
10/13/26
..
19,235
2,262
182237890.LC.FTS.B,
18.49%,
10/14/26
..
9,190
8,768
181671017.LC.FTS.B,
19.49%,
10/14/26
..
15,538
12,114
181681556.LC.FTS.B,
19.49%,
10/14/26
..
9,278
9,136
182220241.LC.FTS.B,
23.99%,
10/14/26
..
5,476
5,486
182100249.LC.FTS.B,
28.99%,
10/15/26
..
6,717
6,808
182239660.LC.FTS.B,
19.99%,
10/16/26
..
9,327
9,223
182337953.LC.FTS.B,
15.19%,
10/17/26
..
9,808
9,603
182196271.LC.FTS.B,
20.49%,
10/18/26
..
6,243
6,188
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)
182283124.LC.FTS.B,
21.99%,
10/18/26
..
$
12,975
$
13,016
182365065.LC.FTS.B,
23.99%,
10/18/26
..
4,514
4,507
182404645.LC.FTS.B,
Zero
Cpn,
10/19/26
19,979
–
182419678.LC.FTS.B,
19.99%,
10/19/26
..
13,662
13,545
182424479.LC.FTS.B,
28.99%,
10/19/26
..
13,696
2,608
182447710.LC.FTS.B,
18.44%,
10/20/26
..
11,758
11,502
182489147.LC.FTS.B,
18.99%,
10/20/26
..
21,547
21,077
182400546.LC.FTS.B,
20.44%,
10/20/26
..
4,317
4,242
182279442.LC.FTS.B,
21.99%,
10/20/26
..
15,190
15,204
182381955.LC.FTS.B,
26.99%,
10/20/26
..
2,643
2,684
181832576.LC.FTS.B,
27.49%,
10/21/26
..
16,631
16,860
182373053.LC.FTS.B,
20.44%,
10/22/26
..
12,506
12,383
182135115.LC.FTS.B,
24.99%,
10/28/26
..
16,007
15,819
182708985.LC.FTS.B,
21.99%,
11/01/26
..
10,237
963
182412380.LC.FTS.B,
23.99%,
11/01/26
..
6,385
6,331
182763696.LC.FTS.B,
23.99%,
11/01/26
..
9,935
9,873
182249975.LC.FTS.B,
25.99%,
11/01/26
..
8,254
8,160
182785608.LC.FTS.B,
15.19%,
11/02/26
..
18,593
3,168
182425449.LC.FTS.B,
15.44%,
11/02/26
..
9,163
8,684
182814285.LC.FTS.B,
15.44%,
11/02/26
..
17,105
16,358
182836852.LC.FTS.B,
17.44%,
11/02/26
..
13,982
13,643
182871113.LC.FTS.B,
21.99%,
11/02/26
..
12,973
12,918
182810881.LC.FTS.B,
28.99%,
11/02/26
..
4,121
4,102
182655109.LC.FTS.B,
13.19%,
11/03/26
..
7,844
7,658
182715994.LC.FTS.B,
18.99%,
11/03/26
..
7,247
7,072
182871003.LC.FTS.B,
24.99%,
11/03/26
..
11,976
11,960
182883867.LC.FTS.B,
24.99%,
11/03/26
..
4,657
4,651
182932552.LC.FTS.B,
13.19%,
11/04/26
..
8,957
8,751
182934282.LC.FTS.B,
15.44%,
11/04/26
..
8,552
8,353
182296093.LC.FTS.B,
18.19%,
11/04/26
..
3,762
3,667
181746904.LC.FTS.B,
12.99%,
11/05/26
..
18,840
18,251
182469398.LC.FTS.B,
15%,
11/05/26
....
14,202
11,295
182956744.LC.FTS.B,
16.49%,
11/05/26
..
18,511
17,926
182845986.LC.FTS.B,
19.99%,
11/05/26
..
5,566
5,494
182433195.LC.FTS.B,
25.99%,
11/05/26
..
6,165
1,155
182567782.LC.FTS.B,
13.74%,
11/08/26
..
3,074
3,029
182834096.LC.FTS.B,
15.49%,
11/08/26
..
16,403
16,004
183010490.LC.FTS.B,
16.49%,
11/08/26
..
13,625
13,018
182905174.LC.FTS.B,
22.99%,
11/10/26
..
15,413
15,353
182988585.LC.FTS.B,
19.49%,
11/12/26
..
9,516
9,412
183032996.LC.FTS.B,
19.99%,
11/12/26
..
1,812
1,784
182925771.LC.FTS.B,
23.99%,
11/12/26
..
23,095
22,866
182931548.LC.FTS.B,
24.99%,
11/12/26
..
7,413
7,402
182761588.LC.FTS.B,
Zero
Cpn,
11/14/26
14,917
–
183224681.LC.FTS.B,
13.49%,
11/15/26
..
9,589
9,336
183101425.LC.FTS.B,
17.44%,
11/15/26
..
17,433
17,065
182999628.LC.FTS.B,
17.74%,
11/15/26
..
7,554
7,382
182975891.LC.FTS.B,
18.49%,
11/15/26
..
8,773
8,580
182675743.LC.FTS.B,
19.49%,
11/15/26
..
23,078
18,092
182737896.LC.FTS.B,
19.49%,
11/15/26
..
12,280
12,135
183084148.LC.FTS.B,
21.49%,
11/15/26
..
2,902
2,855
182379386.LC.FTS.B,
23.99%,
11/15/26
..
14,517
14,471
182921002.LC.FTS.B,
23.99%,
11/15/26
..
8,728
8,712
182946956.LC.FTS.B,
24.99%,
11/15/26
..
13,248
13,031
182962134.LC.FTS.B,
24.99%,
11/15/26
..
13,480
13,468
183159092.LC.FTS.B,
28.99%,
11/15/26
..
4,505
–
183263467.LC.FTS.B,
Zero
Cpn,
11/16/26
5,428
–
183274263.LC.FTS.B,
15.44%,
11/16/26
..
12,722
12,376
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
182977646.LC.FTS.B,
16.99%,
11/16/26
..
$
18,767
$
18,346
183238822.LC.FTS.B,
16.99%,
11/16/26
..
14,663
14,139
183287259.LC.FTS.B,
18.19%,
11/16/26
..
6,805
6,641
183154136.LC.FTS.B,
18.49%,
11/16/26
..
6,288
6,145
183200190.LC.FTS.B,
19.49%,
11/16/26
..
3,806
3,756
182845074.LC.FTS.B,
20.99%,
11/16/26
..
19,587
15,337
183239755.LC.FTS.B,
21.99%,
11/16/26
..
16,216
16,228
183239325.LC.FTS.B,
24.99%,
11/16/26
..
10,862
–
183197788.LC.FTS.B,
25.99%,
11/16/26
..
13,433
13,245
183321499.LC.FTS.B,
16.49%,
11/17/26
..
1,974
1,934
183270309.LC.FTS.B,
18.99%,
11/17/26
..
16,549
3,052
183336838.LC.FTS.B,
20.99%,
11/17/26
..
16,531
2,024
183253428.LC.FTS.B,
25.99%,
11/17/26
..
13,416
13,469
183354100.LC.FTS.B,
Zero
Cpn,
11/18/26
11,355
–
182954228.LC.FTS.B,
13.49%,
11/18/26
..
16,376
15,931
182922353.LC.FTS.B,
15.49%,
11/18/26
..
21,391
20,966
183368090.LC.FTS.B,
19.49%,
11/18/26
..
7,011
5,512
183287872.LC.FTS.B,
23.99%,
11/18/26
..
7,316
7,300
183371105.LC.FTS.B,
Zero
Cpn,
11/19/26
16,796
–
183409505.LC.FTS.B,
15.19%,
11/19/26
..
18,292
17,901
183394419.LC.FTS.B,
16.49%,
11/19/26
..
3,481
330
183197708.LC.FTS.B,
21.99%,
11/19/26
..
15,567
15,603
183391565.LC.FTS.B,
23.99%,
11/19/26
..
4,525
4,528
183321695.LC.FTS.B,
21.49%,
11/21/26
..
10,916
10,818
183333541.LC.FTS.B,
14.19%,
11/22/26
..
13,277
12,946
183227368.LC.FTS.B,
16.44%,
11/22/26
..
15,184
14,639
182980965.LC.FTS.B,
17.24%,
11/22/26
..
12,429
12,188
183371257.LC.FTS.B,
17.74%,
11/22/26
..
19,217
18,785
183425358.LC.FTS.B,
18.49%,
11/22/26
..
5,029
4,931
183430858.LC.FTS.B,
18.49%,
11/22/26
..
8,280
–
183418746.LC.FTS.B,
19.49%,
11/22/26
..
19,016
18,850
183426724.LC.FTS.B,
21.49%,
11/22/26
..
7,750
7,681
183434742.LC.FTS.B,
23.19%,
11/22/26
..
5,407
5,421
182942183.LC.FTS.B,
24.99%,
11/22/26
..
3,397
3,405
183446729.LC.FTS.B,
Zero
Cpn,
11/23/26
10,407
–
183436461.LC.FTS.B,
12.74%,
11/23/26
..
21,427
20,863
183477091.LC.FTS.B,
13.19%,
11/23/26
..
5,975
5,847
183306593.LC.FTS.B,
13.44%,
11/23/26
..
13,179
12,933
183485184.LC.FTS.B,
13.99%,
11/23/26
..
3,614
3,536
183298862.LC.FTS.B,
14.19%,
11/23/26
..
24,249
23,757
183490789.LC.FTS.B,
14.49%,
11/23/26
..
4,842
4,723
183000324.LC.FTS.B,
15.44%,
11/23/26
..
4,096
4,011
183459184.LC.FTS.B,
15.44%,
11/23/26
..
524
516
183505251.LC.FTS.B,
16.49%,
11/23/26
..
6,170
6,054
183373318.LC.FTS.B,
16.99%,
11/23/26
..
12,211
11,958
183447586.LC.FTS.B,
17.49%,
11/23/26
..
13,080
12,597
183425539.LC.FTS.B,
18.49%,
11/23/26
..
11,685
11,376
183430694.LC.FTS.B,
18.49%,
11/23/26
..
13,202
12,713
183430676.LC.FTS.B,
21.99%,
11/23/26
..
14,919
14,970
183407041.LC.FTS.B,
24.99%,
11/23/26
..
1,610
1,588
183095344.LC.FTS.B,
13.44%,
11/24/26
..
23,961
23,527
183249731.LC.FTS.B,
17.49%,
11/24/26
..
8,628
8,449
183149701.LC.FTS.B,
18.49%,
11/24/26
..
19,056
18,669
183470077.LC.FTS.B,
18.99%,
11/24/26
..
15,564
15,229
182933015.LC.FTS.B,
19.49%,
11/24/26
..
17,764
17,628
182954964.LC.FTS.B,
19.49%,
11/24/26
..
13,640
13,536
183015727.LC.FTS.B,
20.44%,
11/24/26
..
9,560
9,479
183384203.LC.FTS.B,
20.49%,
11/24/26
..
10,005
–
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)
183167278.LC.FTS.B,
20.99%,
11/24/26
..
$
18,738
$
–
183287022.LC.FTS.B,
21.99%,
11/24/26
..
12,986
12,999
182882013.LC.FTS.B,
24.99%,
11/24/26
..
13,600
13,706
183514721.LC.FTS.B,
Zero
Cpn,
11/26/26
4,664
–
183548843.LC.FTS.B,
Zero
Cpn,
11/26/26
6,494
–
183524584.LC.FTS.B,
13.19%,
11/26/26
..
5,977
5,849
183499719.LC.FTS.B,
15.44%,
11/26/26
..
9,165
8,698
183557623.LC.FTS.B,
16.19%,
11/26/26
..
9,229
9,006
183499818.LC.FTS.B,
16.44%,
11/26/26
..
24,672
23,623
183145768.LC.FTS.B,
19.49%,
11/26/26
..
170
167
183505272.LC.FTS.B,
21.49%,
11/26/26
..
4,004
3,974
183525639.LC.FTS.B,
21.99%,
11/26/26
..
3,892
3,912
183478931.LC.FTS.B,
22.49%,
11/26/26
..
4,659
4,630
183193272.LC.FTS.B,
15.44%,
11/27/26
..
3,248
3,163
183340558.LC.FTS.B,
17.74%,
11/28/26
..
20,792
20,208
183180134.LC.FTS.B,
19.49%,
11/28/26
..
23,480
8,544
183556398.LC.FTS.B,
23.99%,
11/28/26
..
6,567
6,518
183476845.LC.FTS.B,
16.49%,
11/29/26
..
8,991
8,742
183447683.LC.FTS.B,
20.44%,
11/29/26
..
12,477
12,280
183369356.LC.FTS.B,
20.99%,
11/29/26
..
3,311
3,262
183304070.LC.FTS.B,
15.99%,
11/30/26
..
23,874
8,547
183359968.LC.FTS.B,
16.49%,
11/30/26
..
13,669
13,318
183649644.LC.FTS.B,
16.99%,
11/30/26
..
6,993
6,813
183434269.LC.FTS.B,
17.24%,
11/30/26
..
5,006
4,868
183636681.LC.FTS.B,
18.49%,
11/30/26
..
21,649
21,087
183630947.LC.FTS.B,
18.99%,
11/30/26
..
16,268
2,828
183585512.LC.FTS.B,
19.99%,
11/30/26
..
15,669
15,243
182816829.LC.FTS.B,
21.99%,
11/30/26
..
7,025
6,964
183544070.LC.FTS.B,
21.99%,
11/30/26
..
13,279
13,190
183623738.LC.FTS.B,
21.99%,
11/30/26
..
3,858
–
183618524.LC.FTS.B,
22.99%,
11/30/26
..
16,737
16,622
182592773.LC.FTS.B,
23.99%,
11/30/26
..
6,837
6,731
183540100.LC.FTS.B,
23.99%,
11/30/26
..
4,049
4,021
183611465.LC.FTS.B,
24.99%,
11/30/26
..
8,169
8,080
183633965.LC.FTS.B,
24.99%,
11/30/26
..
4,082
4,058
183562403.LC.FTS.B,
Zero
Cpn,
12/01/26
8,430
–
183638388.LC.FTS.B,
17.24%,
12/01/26
..
13,742
–
183676944.LC.FTS.B,
17.24%,
12/01/26
..
3,823
3,724
183333618.LC.FTS.B,
21.49%,
12/01/26
..
7,416
–
183683504.LC.FTS.B,
Zero
Cpn,
12/02/26
7,198
–
183067587.LC.FTS.B,
6%,
12/02/26
.....
15,594
15,411
183768813.LC.FTS.B,
13.24%,
12/02/26
..
9,209
8,927
183695657.LC.FTS.B,
15.44%,
12/02/26
..
9,402
9,166
183699303.LC.FTS.B,
17.24%,
12/02/26
..
11,359
544
183702434.LC.FTS.B,
20.49%,
12/02/26
..
19,327
19,037
183789584.LC.FTS.B,
Zero
Cpn,
12/03/26
12,845
–
183499399.LC.FTS.B,
15.44%,
12/03/26
..
7,587
7,388
183483610.LC.FTS.B,
17.24%,
12/03/26
..
12,170
11,867
183721314.LC.FTS.B,
17.44%,
12/03/26
..
10,303
10,058
183651950.LC.FTS.B,
18.49%,
12/03/26
..
14,186
13,804
183746554.LC.FTS.B,
18.49%,
12/03/26
..
3,274
3,188
183771895.LC.FTS.B,
21.99%,
12/03/26
..
11,954
11,886
182329589.LC.FTS.B,
24.99%,
12/03/26
..
6,009
5,877
183877324.LC.FTS.B,
16.49%,
12/06/26
..
25,317
24,548
183799901.LC.FTS.B,
17.74%,
12/06/26
..
6,401
6,243
183790054.LC.FTS
.B,
18.49%,
12/06/26
..
4,060
3,959
183710879.LC.FTS.B,
19.95%,
12/06/26
..
15,869
15,627
183788160.LC.FTS.B,
23.99%,
12/06/26
..
7,148
–
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
183862022.LC.FTS.B,
Zero
Cpn,
12/07/26
$
2,286
$
–
183809680.LC.FTS.B,
17.24%,
12/07/26
..
21,412
20,321
183882896.LC.FTS.B,
17.24%,
12/07/26
..
11,472
11,106
183312099.LC.FTS.B,
18.99%,
12/07/26
..
7,330
7,143
183415342.LC.FTS.B,
19.49%,
12/07/26
..
19,503
18,763
183762991.LC.FTS.B,
19.49%,
12/07/26
..
14,448
14,075
183495228.LC.FTS.B,
20.44%,
12/07/26
..
3,930
3,863
183520272.LC.FTS.B,
21.49%,
12/07/26
..
14,235
14,034
183719486.LC.FTS.B,
21.99%,
12/07/26
..
13,282
12,891
183885314.LC.FTS.B,
21.99%,
12/07/26
..
3,985
3,966
183867910.LC.FTS.B,
23.99%,
12/07/26
..
10,126
10,075
183866613.LC.FTS.B,
25.99%,
12/07/26
..
6,859
6,789
183909323.LC.FTS.B,
28.99%,
12/07/26
..
8,699
8,698
183046392.LC.FTS.B,
13.19%,
12/08/26
..
15,341
14,977
183492757.LC.FTS.B,
16.99%,
12/08/26
..
9,563
9,333
183536773.LC.FTS.B,
19.74%,
12/08/26
..
22,903
22,606
183933487.LC.FTS.B,
23.99%,
12/08/26
..
10,126
10,079
183999420.LC.FTS.B,
12.99%,
12/09/26
..
24,499
23,789
183274086.LC.FTS.B,
14.44%,
12/09/26
..
10,557
10,310
184040533.LC.FTS.B,
14.49%,
12/09/26
..
12,426
12,063
183461812.LC.FTS.B,
16.74%,
12/09/26
..
12,370
12,005
183576479.LC.FTS.B,
17.44%,
12/09/26
..
15,405
15,045
183996173.LC.FTS.B,
17.44%,
12/09/26
..
22,982
22,303
184003319.LC.FTS.B,
18.19%,
12/09/26
..
6,427
6,274
183987324.LC.FTS.B,
23.99%,
12/09/26
..
10,817
10,744
183966000.LC.FTS.B,
24.99%,
12/09/26
..
3,413
3,394
183970462.LC.FTS.B,
24.99%,
12/09/26
..
2,041
2,037
183532974.LC.FTS.B,
Zero
Cpn,
12/10/26
10,683
–
184009395.LC.FTS.B,
9.49%,
12/10/26
...
19,522
18,631
184012121.LC.FTS.B,
13.44%,
12/10/26
..
11,687
11,385
183680345.LC.FTS.B,
16.44%,
12/10/26
..
8,224
8,032
183129988.LC.FTS.B,
16.99%,
12/10/26
..
11,294
10,995
183607115.LC.FTS.B,
17.24%,
12/10/26
..
14,724
14,265
183793588.LC.FTS.B,
17.24%,
12/10/26
..
4,480
4,367
183974150.LC.FTS.B,
19.99%,
12/10/26
..
16,325
16,090
184022156.LC.FTS.B,
20.49%,
12/10/26
..
6,485
6,386
183611528.LC.FTS.B,
23.99%,
12/10/26
..
16,064
15,869
183942336.LC.FTS.B,
24.99%,
12/10/26
..
13,610
13,584
183970602.LC.FTS.B,
24.99%,
12/10/26
..
8,167
8,111
184013288.LC.FTS.B,
24.99%,
12/10/26
..
13,615
13,522
183943387.LC.FTS.B,
15.44%,
12/13/26
..
14,731
14,308
184056742.LC.FTS.B,
15.44%,
12/13/26
..
10,674
–
183935167.LC.FTS.B,
16.19%,
12/13/26
..
12,146
11,626
183965552.LC.FTS.B,
16.49%,
12/13/26
..
9,495
9,262
184033080.LC.FTS.B,
17.44%,
12/13/26
..
13,935
13,466
183788093.LC.FTS.B,
17.49%,
12/13/26
..
5,275
–
183731402.LC.FTS.B,
19.44%,
12/13/26
..
10,397
10,269
184062734.LC.FTS.B,
21.49%,
12/13/26
..
3,288
590
184039087.LC.FTS.B,
24.99%,
12/13/26
..
6,466
6,426
184051343.LC.FTS.B,
28.99%,
12/13/26
..
12,630
12,776
184176824.LC.FTS.B,
14.99%,
12/14/26
..
8,754
8,491
183228318.LC.FTS.B,
15.19%,
12/14/26
..
22,008
20,791
183578940.LC.FTS.B,
15.19%,
12/14/26
..
8,224
7,969
184127951.LC.FTS.B,
15.44%,
12/14/26
..
13,163
12,867
184144008.LC.FTS.B,
16.99%,
12/14/26
..
11,648
11,356
184142978.LC.FTS.B,
17.44%,
12/14/26
..
9,576
9,358
184109137.LC.FTS.B,
17.74%,
12/14/26
..
9,602
9,268
184114198.LC.FTS.B,
18.99%,
12/14/26
..
15,858
15,494
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)
183841644.LC.FTS.B,
19.99%,
12/14/26
..
$
8,490
$
8,219
184107799.LC.FTS.B,
19.99%,
12/14/26
..
9,141
9,030
184130928.LC.FTS.B,
21.99%,
12/14/26
..
10,277
8,167
183623138.LC.FTS.B,
23.99%,
12/14/26
..
8,101
8,081
184107590.LC.FTS.B,
23.99%,
12/14/26
..
4,731
4,660
183641094.LC.FTS.B,
24.99%,
12/14/26
..
6,838
6,801
183971412.LC.FTS.B,
28.49%,
12/14/26
..
6,782
6,862
183159318.LC.FTS.B,
6%,
12/15/26
.....
8,157
7,984
183916918.LC.FTS.B,
13.19%,
12/15/26
..
14,193
13,857
184198353.LC.FTS.B,
14.01%,
12/15/26
..
24,489
23,801
183712326.LC.FTS.B,
15.44%,
12/15/26
..
4,062
3,954
184146721.LC.FTS.B,
16.44%,
12/15/26
..
9,493
9,152
184204044.LC.FTS.B,
16.49%,
12/15/26
..
9,494
9,225
183603668.LC.FTS.B,
17.19%,
12/15/26
..
11,630
11,247
184108646.LC.FTS.B,
18.49%,
12/15/26
..
5,419
5,247
184036052.LC.FTS.B,
19.49%,
12/15/26
..
16,715
13,093
183649794.LC.FTS.B,
21.49%,
12/15/26
..
17,427
17,228
183917868.LC.FTS.B,
21.49%,
12/15/26
..
12,350
12,202
183758691.LC.FTS.B,
23.99%,
12/15/26
..
4,050
4,042
184003793.LC.FTS.B,
23.99%,
12/15/26
..
13,597
13,538
183593989.LC.FTS.B,
27.49%,
12/15/26
..
17,721
17,923
184184924.LC.FTS.B,
13.19%,
12/16/26
..
9,576
602
183905553.LC.FTS.B,
13.44%,
12/16/26
..
3,998
3,805
184144886.LC.FTS.B,
15.19%,
12/16/26
..
17,511
17,130
184230527.LC.FTS.B
,
16.49%,
12/16/26
..
18,988
18,572
183805030.LC.FTS.B,
17.49%,
12/16/26
..
17,954
17,201
184233755.LC.FTS.B,
18.49%,
12/16/26
..
8,446
–
183706984.LC.FTS.B,
21.49%,
12/16/26
..
6,280
6,206
183840993.LC.FTS.B,
21.49%,
12/16/26
..
15,887
15,682
183590285.LC.FTS.B,
21.99%,
12/16/26
..
13,460
10,689
184185617.LC.FTS.B,
26.99%,
12/16/26
..
6,338
6,407
183936400.LC.FTS.B,
Zero
Cpn,
12/17/26
12,633
–
183612692.LC.FTS.B,
13.49%,
12/17/26
..
8,616
8,381
184223937.LC.FTS.B,
16.44%,
12/17/26
..
12,031
11,751
184141163.LC.FTS.B,
17.49%,
12/17/26
..
1,829
1,778
184248806.LC.FTS.B,
18.49%,
12/17/26
..
18,108
17,706
184237123.LC.FTS.B,
21.99%,
12/17/26
..
11,059
1,045
184251864.LC.FTS.B,
21.99%,
12/17/26
..
6,047
6,025
183868559.LC.FTS.B,
23.99%,
12/17/26
..
6,091
–
184214073.LC.FTS.B,
27.99%,
12/17/26
..
8,357
8,474
183656375.LC.FTS.B,
14.44%,
12/18/26
..
4,312
4,080
183673632.LC.FTS.B,
15.44%,
12/18/26
..
9,539
9,148
183874472.LC.FTS.B,
15.44%,
12/18/26
..
10,107
9,569
183852446.LC.FTS.B,
17.99%,
12/18/26
..
10,396
9,995
184073751.LC.FTS.B,
20.49%,
12/18/26
..
13,084
12,696
184082880.LC.FTS.B,
15.44%,
12/20/26
..
5,641
5,421
183977917.LC.FTS.B,
16.49%,
12/20/26
..
15,913
15,065
184270452.LC.FTS.B,
16.99%,
12/20/26
..
7,630
7,467
184104646.LC.FTS.B,
17.44%,
12/20/26
..
12,130
11,871
184283202.LC.FTS.B,
19.49%,
12/20/26
..
5,201
5,146
184059193.LC.FTS.B,
21.99%,
12/20/26
..
14,553
14,520
184343324.LC.FTS.B,
Zero
Cpn,
12/21/26
15,514
–
184382909.LC.FTS.B,
12.99%,
12/21/26
..
12,249
11,924
184130767.LC.FTS.B,
16.44%,
12/21/26
..
13,285
12,725
184309308.LC.FTS.B,
17.24%,
12/21/26
..
8,245
7,985
184365323.LC.FTS.B,
18.74%,
12/21/26
..
12,917
12,643
184032290.LC.FTS.B,
20.99%,
12/21/26
..
13,703
13,136
184358622.LC.FTS.B,
21.99%,
12/21/26
..
8,327
8,310
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
184040777.LC.FTS.B,
23.99%,
12/21/26
..
$
6,751
$
6,751
184066327.LC.FTS.B,
14.19%,
12/22/26
..
8,673
8,499
184190300.LC.FTS.B,
16.49%,
12/22/26
..
7,888
–
183529593.LC.FTS.B,
17.49%,
12/22/26
..
11,369
11,068
183940387.LC.FTS.B,
19.99%,
12/22/26
..
11,904
11,771
184397264.LC.FTS.B,
23.99%,
12/22/26
..
10,399
10,361
184035152.LC.FTS.B,
Zero
Cpn,
12/23/26
5,377
–
184471382.LC.FTS.B,
13.49%,
12/23/26
..
2,526
2,453
184224030.LC.FTS.B,
15.49%,
12/23/26
..
12,579
12,226
184421299.LC.FTS.B,
16.74%,
12/23/26
..
4,758
4,662
183436430.LC.FTS.B,
16.99%,
12/23/26
..
22,395
21,907
184427346.LC.FTS.B,
19.74%,
12/23/26
..
18,242
18,072
184321733.LC.FTS.B,
23.99%,
12/23/26
..
16,877
16,897
184451850.LC.FTS.B,
23.99%,
12/23/26
..
13,501
13,517
184033253.LC.FTS.B,
28.99%,
12/23/26
..
6,493
6,594
184005719.LC.FTS.B,
20.44%,
12/25/26
..
8,607
8,522
184009581.LC.FTS.B,
22.99%,
12/25/26
..
23,824
23,811
184404343.LC.FTS.B,
13.24%,
12/27/26
..
24,558
23,752
184283871.LC.FTS.B,
21.99%,
12/27/26
..
13,282
13,159
184275242.LC.FTS.B,
23.99%,
12/27/26
..
13,501
13,373
184249796.LC.FTS.B,
15.44%,
12/28/26
..
10,136
9,844
184172800.LC.FTS.B,
16.44%,
12/28/26
..
8,237
7,867
184029644.LC.FTS.B,
17.49%,
12/28/26
..
19,414
18,852
184075164.LC.FTS.B,
17.74%,
12/29/26
..
20,268
19,681
184298012.LC.FTS.B,
18.74%,
12/30/26
..
3,769
3,665
184273228.LC.FTS.B,
21.99%,
12/30/26
..
10,337
10,216
184017343.LC.FTS.B,
23.99%,
12/30/26
..
8,392
8,304
184149742.LC.FTS.B,
26.49%,
12/30/26
..
15,306
15,080
184473440.LC.FTS.B,
28.99%,
12/30/26
..
14,326
14,397
183794746.LC.FTS.B,
21.99%,
12/31/26
..
21,710
–
184286578.LC.FTS.B,
17.49%,
1/01/27
...
14,565
14,062
184379539.LC.FTS.B,
12.19%,
1/02/27
...
18,778
17,904
183888494.LC.FTS.B,
17.99%,
1/06/27
...
6,152
5,976
184927724.LC.FTS.B,
22.49%,
1/11/27
...
15,686
15,513
184934200.LC.FTS.B,
23.49%,
1/11/27
...
20,621
20,380
184924956.LC.FTS.B,
24.99%,
1/16/27
...
14,247
11,268
183431866.LC.FTS.B,
15%,
3/15/27
.....
17,964
14,867
184445530.LC.FTS.B,
15%,
3/15/27
.....
14,048
11,515
183328750.LC.FTS.B,
28.99%,
3/22/27
...
5,425
5,505
183562559.LC.FTS.B,
15%,
3/26/27
.....
18,483
14,239
183426450.LC.FTS.B,
Zero
Cpn,
3/31/27
.
22,993
–
182925976.LC.FTS.B,
18.99%,
4/03/27
...
5,591
5,421
183902344.LC.FTS.B,
10%,
5/07/27
.....
13,806
10,817
183766454.LC.FTS.B,
16.99%,
5/10/27
...
16,510
–
182312904.LC.FTS.B,
28.99%,
5/18/27
...
5,889
5,972
184033235.LC.FTS.B,
24.99%,
5/24/27
...
17,987
17,710
182386753.LC.FTS.B,
23.19%,
6/04/27
...
14,298
109
184102080.LC.FTS.B,
10%,
6/20/27
.....
6,723
5,466
183844253.LC.FTS.B,
18.99%,
6/20/27
...
22,085
1,041
183437929.LC.FTS.B,
20.49%,
6/30/27
...
18,608
18,257
183877158.LC.FTS.B,
20.44%,
7/21/27
...
11,501
–
184211532.LC.FTS.B,
21.99%,
7/28/27
...
26,301
25,801
183252907.LC.FTS.B,
16.49%,
9/17/27
...
11,316
10,903
182185437.LC.FTS.B,
5%,
10/29/27
.....
12,697
12,282
183767102.LC.FTS.B,
5%,
12/31/27
.....
19,332
1,917
184064152.LC.FTS.B,
19.49%,
10/13/28
..
17,704
13,790
174146725.LC.FTS.B,
Zero
Cpn,
2/05/34
.
21,361
–
174279916.LC.FTS.B,
13.04%,
2/08/34
...
9,259
–
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)
$
4,504,748
Prosper
Funding
LLC
1613502.PS.FTS.B,
15.1%,
8/11/24
.....
$
655
653
1613526.PS.FTS.B,
19.1%,
8/11/24
.....
1,415
1,412
1607545.PS.FTS.B,
12.7%,
8/12/24
.....
1,964
1,950
1607185.PS.FTS.B,
17.1%,
8/12/24
.....
828
827
1607575.PS.FTS.B,
20%,
8/12/24
.......
714
713
1603754.PS.FTS.B,
21.49%,
8/12/24
....
1,454
1,452
1614891.PS.FTS.B,
16.7%,
8/13/24
.....
687
683
1604669.PS.FTS.B,
19.8%,
8/13/24
.....
285
285
1615005.PS.FTS.B,
20.1%,
8/13/24
.....
2,147
347
1608406.PS.FTS.B,
18.11%,
8/15/24
....
2,824
2,810
1615146.PS.FTS.B,
20.8%,
8/15/24
.....
424
153
1606436.PS.FTS.B,
28.64%,
8/17/24
....
791
801
1610068.PS.FTS.B,
20%,
8/22/24
.......
730
731
1618998.PS.FTS.B,
12.79%,
8/23/24
....
4,585
4,563
1620645.PS.FTS.B,
16.6%,
8/25/24
.....
824
823
1614574.PS.FTS.B,
27.56%,
8/26/24
....
1,925
1,943
1615534.PS.FTS.B,
15.9%,
8/27/24
.....
387
388
1611857.PS.FTS.B,
16.4%,
8/27/24
.....
1,019
1,019
1610723.PS.FTS.B,
16.9%,
9/03/24
.....
1,111
1,110
1606394.PS.FTS.B,
20.9%,
9/15/24
.....
1,473
1,475
1633506.PS.FTS.B,
12.2%,
9/20/24
.....
1,937
1,929
1612025.PS.FTS.B,
15.6%,
9/20/24
.....
491
491
1623956.PS.FTS.B,
12.3%,
9/21/24
.....
1,018
1,015
1634463.PS.FTS.B,
13.05%,
9/21/24
....
326
325
1623944.PS.FTS.B,
13.36%,
9/21/24
....
2,782
2,771
1634439.PS.FTS.B,
16.57%,
9/21/24
....
849
849
1627600.PS.FTS.B,
18.41%,
9/21/24
....
1,317
1,316
1635159.PS.FTS.B,
11.89%,
9/22/24
....
2,893
2,875
1635147.PS.FTS.B,
16%,
9/22/24
.......
2,031
2,060
1624508.PS.FTS.B,
18.41%,
9/22/24
....
867
868
1625753.PS.FTS.B,
14.7%,
9/24/24
.....
980
980
1618596.PS.FTS.B,
14.7%,
9/27/24
.....
2,432
98
1630810.PS.FTS.B,
14.79%,
9/27/24
....
4,962
4,973
1637601.PS.FTS.B,
15.4%,
9/27/24
.....
4,972
4,982
1630930.PS.FTS.B,
13.2%,
9/28/24
.....
829
825
1631206.PS.FTS.B,
13.66%,
9/28/24
....
1,176
1,173
1638273.PS.FTS.B,
16.43%,
9/28/24
....
1,314
1,317
1627844.PS.FTS.B,
16.61%,
9/28/24
....
1,013
1,015
1632436.PS.FTS.B,
15%,
9/29/24
.......
1,392
1,413
1624058.PS.FTS.B,
12.9%,
10/04/24
....
2,004
1,988
1640814.PS.FTS.B,
13.87%,
10/04/24
...
1,931
1,912
1645020.PS.FTS.B,
11.86%,
10/08/24
....
2,888
2,857
1634696.PS.FTS.B,
13.66%,
10/08/24
...
1,374
1,359
1627369.PS.FTS.B,
15.4%,
10/20/24
....
8,235
393
1638691.PS.FTS.B,
11.6%,
10/26/24
....
5,590
5,535
1645625.PS.FTS.B,
13.7%,
10/27/24
....
2,277
2,262
1656237.PS.FTS.B,
13.68%,
10/28/24
...
797
795
1649647.PS.FTS.B,
15.29%,
10/28/24
...
2,549
2,543
1646081.PS.FTS.B,
16.43%,
10/28/24
...
3,049
3,043
1649827.PS.FTS.B,
17%,
10/28/24
......
1,214
1,222
1646261.PS.FTS.B,
18.26%,
10/28/24
...
6,603
6,587
1657158.PS.FTS.B,
10.8%,
10/29/24
....
1,764
1,771
1657215.PS.FTS.B,
14.6%,
10/29/24
....
377
381
1649938.PS.FTS.B,
15.4%,
10/29/24
....
1,392
1,408
1650670.PS.FTS.B,
16.3%,
10/29/24
....
468
478
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1647092.PS.FTS.B,
16.9%,
10/29/24
....
$
8,251
$
8,355
1647332.PS.FTS.B,
22.6%,
10/29/24
....
501
516
1652014.PS.FTS.B,
13.36%,
11/02/24
....
1,541
1,523
1648529.PS.FTS.B,
19.5%,
11/02/24
....
473
470
1648733.PS.FTS.B,
21.2%,
11/02/24
....
8,645
8,532
1651427.PS.FTS.B,
10.5%,
11/05/24
....
659
652
1654330.PS.FTS.B,
11.4%,
11/05/24
.....
1,109
1,097
1654084.PS.FTS.B,
13.4%,
11/05/24
....
907
899
1651250.PS.FTS.B,
16.83%,
11/05/24
....
2,823
2,816
1664829.PS.FTS.B,
12.95%,
11/08/24
....
2,309
2,289
1658140.PS.FTS.B,
13.9%,
11/08/24
....
1,173
1,161
1652381.PS.FTS.B,
18.9%,
11/08/24
....
6,242
6,220
1652924.PS.FTS.B,
12.5%,
11/09/24
....
3,368
3,334
1665921.PS.FTS.B,
13.4%,
11/09/24
....
1,247
1,238
1665984.PS.FTS.B,
14.63%,
11/09/24
....
3,996
3,956
1659139.PS.FTS.B,
18.41%,
11/09/24
....
1,890
1,876
1654091.PS.FTS.B,
15.9%,
11/10/24
....
1,806
1,788
1648630.PS.FTS.B,
22.6%,
11/10/24
....
1,170
1,184
1655651.PS.FTS.B,
12.87%,
11/15/24
....
769
–
1662703.PS.FTS.B,
16%,
11/15/24
......
2,342
2,330
1663073.PS.FTS.B,
18.41%,
11/29/24
....
1,357
1,377
1651826.PS.FTS.B,
11.7%,
12/02/24
....
3,944
3,888
1672970.PS.FTS.B,
13.5%,
12/15/24
....
2,324
2,299
1685973.PS.FTS.B,
16%,
12/15/24
......
1,856
1,842
1686549.PS.FTS.B,
13%,
12/16/24
......
2,312
2,288
1674656.PS.FTS.B,
10.89%,
12/17/24
...
3,767
3,729
1680451.PS.FTS.B,
12.3%,
12/17/24
....
465
460
1685280.PS.FTS.B,
12.3%,
12/17/24
....
4,594
4,535
1674668.PS.FTS.B,
12.65%,
12/17/24
...
2,559
2,533
1674647.PS.FTS.B,
13.1%,
12/17/24
....
2,299
2,283
1680760.PS.FTS.B,
19.91%,
12/17/24
...
552
553
1685979.PS.FTS.B,
13.7%,
12/18/24
....
2,600
2,574
1651004.PS.FTS.B,
16.6%,
12/18/24
....
3,363
3,319
1672952.PS.FTS.B,
12%,
12/20/24
......
718
708
1687806.PS.FTS.B,
14.7%,
12/31/24
....
4,488
4,439
1692690.PS.FTS.B,
19.1%,
1/02/25
.....
921
917
1630058.PS.FTS.B,
19.3%,
1/16/25
.....
1,464
1,453
1603442.PS.FTS.B,
18.2%,
7/20/25
.....
3,505
3,454
1652180.PS.FTS.B,
12.1%,
8/08/25
.....
12,192
11,811
1672340.PS.FTS.B,
15.1%,
11/14/25
....
9,839
9,605
1613481.PS.FTS.B,
19.78%,
8/11/26
....
8,820
8,861
1604105.PS.FTS.B,
13.74%,
8/12/26
....
16,551
16,160
1614300.PS.FTS.B,
13.8%,
8/12/26
.....
12,141
11,900
1613874.PS.FTS.B,
15.2%,
8/12/26
.....
5,606
5,494
1614306.PS.FTS.B,
18.5%,
8/12/26
.....
11,608
11,670
1613892.PS.FTS.B,
19.18%,
8/12/26
....
3,739
3,767
1603802.PS.FTS.B,
20.3%,
8/12/26
.....
5,911
5,940
1603823.PS.FTS.B,
28.4%,
8/12/26
.....
1,275
1,312
1607647.PS.FTS.B,
15%,
8/13/26
.......
4,475
4,388
1615164.PS.FTS.B,
17%,
8/13/26
.......
5,898
5,925
1614735.PS.FTS.B,
18.73%,
8/13/26
....
6,981
6,840
1607977.PS.FTS.B,
25.48%,
8/13/26
....
2,795
2,880
1604924.PS.FTS.B,
28.4%,
8/13/26
.....
4,114
4,245
1605023.PS.FTS.B,
14.2%,
8/16/26
.....
11,420
9,368
1608526.PS.FTS.B,
19.78%,
8/16/26
....
4,704
4,737
1604936.PS.FTS.B,
25%,
8/16/26
.......
1,241
1,278
1616271.PS.FTS.B,
12.5%,
8/17/26
.....
6,530
6,383
1609138.PS.FTS.B,
16.18%,
8/17/26
....
8,502
8,308
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)
Prosper
Funding
LLC
(continued)
1609525.PS.FTS.B,
17%,
8/17/26
.......
$
4,639
$
643
1611388.PS.FTS.B,
15.8%,
8/19/26
.....
14,273
14,040
1608397.PS.FTS.B,
20.3%,
8/21/26
.....
4,988
5,017
1612375.PS.FTS.B,
14.29%,
8/23/26
....
5,551
5,461
1609286.PS.FTS.B,
15.2%,
8/23/26
.....
1,155
1,140
1610333.PS.FTS.B,
14.39%,
8/24/26
....
2,223
2,187
1620525.PS.FTS.B,
16.4%,
8/24/26
.....
3,407
3,352
1606978.PS.FTS.B,
13.3%,
8/25/26
.....
7,325
7,163
1606780.PS.FTS.B,
29.08%,
8/25/26
....
4,626
4,750
1622217.PS.FTS.B,
16.7%,
8/27/26
.....
3,464
3,417
1604606.PS.FTS.B,
29.74%,
9/07/26
....
6,823
7,017
1605623.PS.FTS.B,
16.64%,
9/15/26
....
7,139
6,995
1625707.PS.FTS.B,
11.7%,
9/16/26
.....
13,956
13,653
1626049.PS.FTS.B,
15.18%,
9/17/26
....
14,129
13,813
1633221.PS.FTS.B,
18.13%,
9/17/26
....
20,853
20,440
1632897.PS.FTS.B,
18.48%,
9/17/26
....
11,925
12,038
1627039.PS.FTS.B,
12.7%,
9/20/26
.....
2,247
2,199
1627618.PS.FTS.B,
11.79%,
9/21/26
....
6,119
5,989
1634841.PS.FTS.B,
11.79%,
9/21/26
....
6,675
6,533
1628728.PS.FTS.B,
12.5%,
9/22/26
.....
3,924
3,841
1628947.PS.FTS.B,
12.5%,
9/23/26
.....
6,166
6,037
1635732.PS.FTS.B,
12.7%,
9/23/26
.....
7,303
7,150
1635660.PS.FTS.B,
12.87%,
9/23/26
....
5,628
5,510
1625255.PS.FTS.B,
13.2%,
9/23/26
.....
4,518
4,424
1636926.PS.FTS.B,
11.6%,
9/24/26
.....
6,383
6,252
1629340.PS.FTS.B,
12.9%,
9/24/26
.....
4,349
553
1634442.PS.FTS.B,
13.93%,
9/26/26
....
5,576
5,450
1630456.PS.FTS.B,
12.76%,
9/27/26
....
8,677
8,503
1630462.PS.FTS.B,
13.5%,
9/27/26
.....
156
155
1630438.PS.FTS.B,
15.29%,
9/27/26
....
5,936
5,852
1630432.PS.FTS.B,
15.9%,
9/27/26
.....
7,166
7,065
1628431.PS.FTS.B,
16.64%,
9/30/26
....
6,962
6,826
1627061.PS.FTS.B,
19.5%,
10/01/26
....
15,202
15,377
1636347.PS.FTS.B,
12.9%,
10/17/26
....
14,878
14,528
1624733.PS.FTS.B,
16.33%,
10/17/26
...
3,987
3,910
1648981.PS.FTS.B,
10.7%,
10/27/26
....
15,112
14,761
1645613.PS.FTS.B,
12.62%,
10/27/26
...
8,021
7,839
1655382.PS.FTS.B,
12.8%,
10/27/26
....
20,832
20,360
1655400.PS.FTS.B,
13.7%,
10/27/26
....
3,603
3,540
1648636.PS.FTS.B,
15.2%,
10/27/26
....
1,219
1,197
1645256.PS.FTS.B,
16.33%,
10/27/26
...
4,929
4,841
1645280.PS.FTS.B,
18.78%,
10/27/26
...
13,567
3,429
1645934.PS.FTS.B,
10.5%,
10/28/26
....
4,651
4,547
1649530.PS.FTS.B,
13.5%,
10/28/26
....
4,211
4,139
1649821.PS.FTS.B,
13.66%,
10/28/26
...
5,524
5,415
1649653.PS.FTS.B,
14.7%,
10/28/26
....
4,064
3,993
1646096.PS.FTS.B,
15.1%,
10/28/26
....
3,653
3,590
1646336.PS.FTS.B,
16.33%,
10/28/26
...
12,341
12,125
1656207.PS.FTS.B,
23.64%,
10/28/26
...
16,395
16,926
1646984.PS.FTS.B,
10.08%,
10/29/26
...
6,946
6,857
1657014.PS.FTS.B,
10.5%,
10/29/26
....
20,347
20,093
1650649.PS.FTS.B,
13.8%,
10/29/26
....
4,786
4,773
1657059.PS.FTS.B,
17%,
10/29/26
......
9,920
10,169
1646327.PS.FTS.B,
13.8%,
10/31/26
....
12,046
11,817
1657476.PS.FTS.B,
13.8%,
11/01/26
....
9,015
8,786
1658550.PS.FTS.B,
9.45%,
11/02/26
....
8,624
8,387
1649888.PS.FTS.B,
11.2%,
11/03/26
.....
14,051
13,667
1651424.PS.FTS.B,
10.8%,
11/05/26
....
6,997
6,809
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1651418.PS.FTS.B,
11.6%,
11/05/26
.....
$
1,176
$
1,144
1650998.PS.FTS.B,
12.7%,
11/05/26
....
8,917
8,675
1660986.PS.FTS.B,
16.8%,
11/05/26
....
15,466
15,087
1654327.PS.FTS.B,
22.55%,
11/05/26
....
5,256
5,384
1651841.PS.FTS.B,
15.4%,
11/08/26
....
3,358
3,279
1665054.PS.FTS.B,
16.93%,
11/08/26
....
14,927
14,576
1653053.PS.FTS.B,
11.55%,
11/09/26
....
4,113
4,006
1665906.PS.FTS.B,
11.7%,
11/09/26
.....
4,708
4,585
1652894.PS.FTS.B,
12.7%,
11/09/26
....
5,512
5,369
1658878.PS.FTS.B,
12.98%,
11/09/26
....
14,903
14,512
1659130.PS.FTS.B,
15.18%,
11/09/26
....
8,528
8,333
1652711.PS.FTS.B,
16.2%,
11/09/26
.....
7,689
7,710
1659562.PS.FTS.B,
26.43%,
11/09/26
....
10,090
10,378
1654496.PS.FTS.B,
11.79%,
11/10/26
....
5,890
5,738
1660783.PS.FTS.B,
11.7%,
11/12/26
.....
10,592
10,322
1659238.PS.FTS.B,
10.8%,
11/15/26
....
4,383
4,263
1656380.PS.FTS.B,
10.9%,
11/15/26
....
4,663
4,548
1658161.PS.FTS.B,
13.3%,
11/15/26
....
5,112
4,985
1653980.PS.FTS.B,
13.7%,
11/15/26
....
9,071
8,851
1653277.PS.FTS.B,
13.8%,
11/16/26
....
14,556
14,174
1654759.PS.FTS.B,
11.89%,
11/19/26
....
2,984
2,899
1660438.PS.FTS.B,
16%,
11/19/26
......
3,098
3,099
1672608.PS.FTS.B,
16%,
11/19/26
......
3,684
3,712
1665885.PS.FTS.B,
13.7%,
11/20/26
....
15,539
15,158
1645619.PS.FTS.B,
18.78%,
11/20/26
....
8,421
8,467
1651010.PS.FTS.B,
10.8%,
11/21/26
....
8,727
8,493
1659142.PS.FTS.B,
14.6%,
11/21/26
....
4,902
4,781
1667304.PS.FTS.B,
13.48%,
12/10/26
...
21,920
21,288
1672670.PS.FTS.B,
12%,
12/14/26
......
4,246
4,129
1672667.PS.FTS.B,
18.78%,
12/14/26
...
7,624
7,618
1685589.PS.FTS.B,
22.8%,
12/14/26
....
5,865
5,957
1679077.PS.FTS.B,
15.12%,
12/15/26
...
12,500
12,192
1685964.PS.FTS.B,
15.29%,
12/15/26
...
12,520
12,211
1672964.PS.FTS.B,
28.23%,
12/15/26
...
6,978
7,161
1680172.PS.FTS.B,
13.4%,
12/16/26
....
7,379
7,201
1680709.PS.FTS.B,
10.5%,
12/17/26
....
11,953
11,631
1687677.PS.FTS.B,
18.4%,
12/17/26
....
12,879
12,889
1674683.PS.FTS.B,
19%,
12/17/26
......
5,179
5,183
1680733.PS.FTS.B,
26.5%,
12/17/26
....
5,526
5,682
1681081.PS.FTS.B,
11.33%,
12/20/26
....
5,743
5,591
1681270.PS.FTS.B,
13.08%,
12/20/26
...
4,291
4,177
1681027.PS.FTS.B,
25.9%,
12/20/26
....
3,822
3,931
1677662.PS.FTS.B,
18.25%,
12/2
3/26
...
14,148
14,202
1608338.PS.FTS.B,
15.5%,
2/20/27
.....
6,685
6,503
1659106.PS.FTS.B,
22.55%,
5/09/27
....
5,961
2,603
1656341.PS.FTS.B,
15.29%,
6/09/27
....
11,288
10,940
1687065.PS.FTS.B,
16.4%,
6/16/27
.....
13,694
11,205
1624370.PS.FTS.B,
16.18%,
8/21/27
....
10,131
4,497
1630162.PS.FTS.B,
16.33%,
8/22/27
....
19,103
18,392
1661409.PS.FTS.B,
21.18%,
10/05/27
...
6,365
2,634
1668165.PS.FTS.B,
22.6%,
10/12/27
....
3,558
3,642
1,163,033
Upgrade,
Inc.
23553668.UG.FTS.B,
29.69%,
10/15/24
..
2,128
2,204
23546722.UG.FTS.B,
29.69%,
10/22/24
..
3,197
3,318
23816823.UG.FTS.B,
25.82%,
10/24/24
..
2,494
2,571
23793303.UG.FTS.B,
27.74%,
11/05/24
..
7,695
8,053
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)
Upgrade,
Inc.
(continued)
24174311.UG.FTS.B,
29.69%,
11/05/24
..
$
22,146
$
1,724
24254995.UG.FTS.B,
29.69%,
11/14/24
..
10,561
11,210
24485661.UG.FTS.B,
29.69%,
11/18/24
..
10,112
10,733
24677388.UG.FTS.B,
29.69%,
12/06/24
..
4,940
5,219
24909623.UG.FTS.B,
27.74%,
12/08/24
..
21,013
17,621
24672526.UG.FTS.B,
29.69%,
12/11/24
..
8,465
1,318
25312483.UG.FTS.B,
29.69%,
12/18/24
..
6,374
6,770
24959142.UG.FTS.B,
29.69%,
12/20/24
..
10,629
9,119
25843226.UG.FTS.B,
28.99%,
1/07/25
...
5,460
5,689
24789598.UG.FTS.B,
25.26%,
11/27/27
..
103
103
85,652
Upgrade,
Inc.
-
Card
991232706.UG.FTS.B,
21.98%,
5/13/24
..
33
13
991026911.UG.FTS.B,
28.98%,
6/09/24
..
9
8
991115770.UG.FTS.B,
19.8%,
6/17/24
...
10
10
991200208.UG.FTS.B,
28.48%,
6/18/24
..
7
7
991067743.UG.FTS.B,
28.48%,
7/15/24
..
25
26
991285666.UG.FTS.B,
29.49%,
7/17/24
..
7
7
991297615.UG.FTS.B,
29.49%,
7/18/24
..
28
29
991291326.UG.FTS.B,
21.46%,
7/22/24
..
17
17
991159214.UG.FTS.B,
29.49%,
7/26/24
..
19
20
991167434.UG.FTS.B,
29.48%,
8/29/24
..
108
109
991216248.UG.FTS.B,
19.3%,
9/26/24
...
50
50
991255753.UG.FTS.B,
14.47%,
10/12/24
.
33
33
990928675.UG.FTS.B,
29.49%,
10/19/24
.
48
1
991217199.UG.FTS.B,
29.49%,
10/21/24
.
21
19
991255614.UG.FTS.B,
29.49%,
10/21/24
.
21
22
991195046.UG.FTS.B,
20.46%,
10/24/24
.
24
24
991155738.UG.FTS.B,
29.49%,
10/24/24
.
39
3
991029860.UG.FTS.B,
16.99%,
11/08/24
.
318
318
991020888.UG.FTS.B,
19.8%,
11/08/24
..
789
–
991010233.UG.FTS.B,
19.99%,
11/08/24
.
47
26
991025022.UG.FTS.B,
20.46%,
11/08/24
.
73
74
991043299.UG.FTS.B,
20.46%,
11/08/24
.
236
84
991008862.UG.FTS.B,
22.97%,
11/08/24
.
251
253
991015963.UG.FTS.B,
28.98%,
11/08/24
.
55
55
991044464.UG.FTS.B,
28.98%,
11/08/24
.
16
16
991049421.UG.FTS.B,
28.98%,
11/08/24
.
20
20
991062658.UG.FTS.B,
28.98%,
11/08/24
.
138
139
991089676.UG.FTS.B,
28.98%,
11/08/24
.
568
566
991188631.UG.FTS.B,
28.98%,
11/08/24
.
77
77
991009200.UG.FTS.B,
29.49%,
11/08/24
.
91
93
991009218.UG.FTS.B,
29.49%,
11/08/24
.
86
6
991009403.UG.FTS.B,
29.49%,
11/08/24
.
5
5
991011019.UG.FTS.B,
29.49%,
11/08/24
.
33
33
991011039.UG.FTS.B,
29.49%,
11/08/24
.
406
417
991016135.UG.FTS.B,
29.49%,
11/08/24
.
147
148
991016360.UG.FTS.B,
29.49%,
11/08/24
.
121
124
991051891.UG.FTS.B,
29.49%,
11/08/24
.
183
186
991065536.UG.FTS.B,
29.49%,
11/08/24
.
45
46
991089599.UG.FTS.B,
29.49%,
11/08/24
.
572
578
991200927.UG.FTS.B,
29.49%,
11/08/24
.
88
89
991039862.UG.FTS.B,
14.98%,
11/09/24
.
310
312
991032070.UG.FTS.B,
16.99%,
11/09/24
.
78
79
991037178.UG.FTS.B,
16.99%,
11/09/24
.
176
179
991043832.UG.FTS.B,
17.99%,
11/09/24
.
14
14
991104757.UG.FTS.B,
19.21%,
11/09/24
.
99
99
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991017861.UG.FTS.B,
19.8%,
11/09/24
..
$
35
$
35
991213119.UG.FTS.B,
19.99%,
11/09/24
.
37
37
991214327.UG.FTS.B,
21.98%,
11/09/24
.
71
72
991015386.UG.FTS.B,
22.97%,
11/09/24
.
124
124
991207204.UG.FTS.B,
27.99%,
11/09/24
.
30
30
991021150.UG.FTS.B,
28.98%,
11/09/24
.
96
99
991024150.UG.FTS.B,
28.98%,
11/09/24
.
174
177
991024317.UG.FTS.B,
28.98%,
11/09/24
.
77
77
991024437.UG.FTS.B,
28.98%,
11/09/24
.
191
195
991036639.UG.FTS.B,
28.98%,
11/09/24
.
143
145
991050918.UG.FTS.B,
28.98%,
11/09/24
.
211
217
991066590.UG.FTS.B,
28.98%,
11/09/24
.
172
175
991109146.UG.FTS.B,
28.98%,
11/09/24
.
167
168
991175878.UG.FTS.B,
28.98%,
11/09/24
.
21
21
991213946.UG.FTS.B,
28.98%,
11/09/24
.
40
40
991016307.UG.FTS.B,
29.49%,
11/09/24
.
99
102
991017635.UG.FTS.B,
29.49%,
11/09/24
.
41
41
991032461.UG.FTS.B,
29.49%,
11/09/24
.
73
75
991033194.UG.FTS.B,
29.49%,
11/09/24
.
12
1
991055838.UG.FTS.B,
29.49%,
11/09/24
.
5
5
991057649.UG.FTS.B,
29.49%,
11/09/24
.
129
9
991075118.UG.FTS.B,
29.49%,
11/09/24
.
711
251
991076041.UG.FTS.B,
29.49%,
11/09/24
.
96
15
991088136.UG.FTS.B,
29.49%,
11/09/24
.
41
41
991139880.UG.FTS.B,
29.49%,
11/09/24
.
76
78
991171418.UG.FTS.B,
29.49%,
11/09/24
.
55
56
991215398.UG.FTS.B,
29.49%,
11/09/24
.
97
99
991065102.UG.FTS.B,
15.97%,
11/10/24
.
149
150
991129317.UG.FTS.B,
15.97%,
11/10/24
.
944
949
991171941.UG.FTS.B,
15.97%,
11/10/24
.
843
846
991022677.UG.FTS.B,
18.97%,
11/10/24
.
216
218
991224324.UG.FTS.B,
18.97%,
11/10/24
.
169
169
991034507.UG.FTS.B,
19.8%,
11/10/24
..
1,601
1,622
991020976.UG.FTS.B,
19.99%,
11/10/24
.
147
150
991234666.UG.FTS.B,
20.46%,
11/10/24
.
26
26
991072869.UG.FTS.B,
21.46%,
11/10/24
.
30
6
991216720.UG.FTS.B,
21.46%,
11/10/24
.
2,967
3,011
991023237.UG.FTS.B,
21.97%,
11/10/24
.
92
37
991026806.UG.FTS.B,
21.98%,
11/10/24
.
50
50
991036128.UG.FTS.B,
21.98%,
11/10/24
.
11
11
991055480.UG.FTS.B,
27.99%,
11/10/24
.
53
55
991020520.UG.FTS.B,
28.98%,
11/10/24
.
56
56
991021327.UG.FTS.B,
28.98%,
11/10/24
.
64
65
991022344.UG.FTS.B,
28.98%,
11/10/24
.
130
130
991022916.UG.FTS.B,
28.98%,
11/10/24
.
79
80
991033626.UG.FTS.B,
28.98%,
11/10/24
.
44
46
991103426.UG.FTS.B,
28.98%,
11/10/24
.
44
45
991130087.UG.FTS.B,
28.98%,
11/10/24
.
67
69
991203709.UG.FTS.B,
28.98%,
11/10/24
.
37
38
991203855.UG.FTS.B,
28.98%,
11/10/24
.
84
86
991023261.UG.FTS.B,
29.49%,
11/10/24
.
215
105
991030343.UG.FTS.B,
29.49%,
11/10/24
.
208
213
991054015.UG.FTS.B,
29.49%,
11/10/24
.
333
23
991056370.UG.FTS.B,
29.49%,
11/10/24
.
22
23
991100707.UG.FTS.B,
29.49%,
11/10/24
.
129
133
991160546.UG.FTS.B,
29.49%,
11/10/24
.
214
216
991207636.UG.FTS.B,
29.49%,
11/10/24
.
226
13
991042328.UG.FTS.B,
14.98%,
11/11/24
.
323
328
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)
Upgrade,
Inc.
-
Card
(continued)
991080741.UG.FTS.B,
15.97%,
11/11/24
.
$
352
$
357
991065340.UG.FTS.B,
16.99%,
11/11/24
.
10
10
991225418.UG.FTS.B,
16.99%,
11/11/24
.
228
229
991033893.UG.FTS.B,
17.97%,
11/11/24
.
129
129
991033250.UG.FTS.B,
17.99%,
11/11/24
.
174
175
991079063.UG.FTS.B,
17.99%,
11/11/24
.
56
56
991099988.UG.FTS.B,
17.99%,
11/11/24
.
42
41
991104909.UG.FTS.B,
18.97%,
11/11/24
..
180
180
991148541.UG.FTS.B,
18.97%,
11/11/24
..
114
17
991031272.UG.FTS.B,
19.21%,
11/11/24
.
307
311
991069631.UG.FTS.B,
19.21%,
11/11/24
.
29
30
991095162.UG.FTS.B,
19.46%,
11/11/24
.
527
531
991030105.UG.FTS.B,
19.8%,
11/11/24
..
29
6
991135236.UG.FTS.B,
19.8%,
11/11/24
...
471
479
991182015.UG.FTS.B,
19.8%,
11/11/24
...
9
9
991030107.UG.FTS.B,
19.99%,
11/11/24
.
498
508
991030291.UG.FTS.B,
19.99%,
11/11/24
.
304
312
991035914.UG.FTS.B,
19.99%,
11/11/24
.
93
95
991105048.UG.FTS.B,
19.99%,
11/11/24
..
44
45
991115949.UG.FTS.B,
19.99%,
11/11/24
..
60
61
991134848.UG.FTS.B,
19.99%,
11/11/24
..
177
25
991148839.UG.FTS.B,
19.99%,
11/11/24
..
238
244
991174012.UG.FTS.B,
19.99%,
11/11/24
..
101
104
991181923.UG.FTS.B,
19.99%,
11/11/24
..
277
283
991034527.UG.FTS.B,
20.46%,
11/11/24
.
490
499
991063618.UG.FTS.B,
20.46%,
11/11/24
.
273
19
991149259.UG.FTS.B,
20.46%,
11/11/24
..
490
498
991029731.UG.FTS.B,
20.97%,
11/11/24
.
646
658
991090708.UG.FTS.B,
20.97%,
11/11/24
.
87
87
991126570.UG.FTS.B,
20.97%,
11/11/24
..
472
481
991166977.UG.FTS.B,
20.97%,
11/11/24
..
220
32
991139420.UG.FTS.B,
21.46%,
11/11/24
..
97
98
991141383.UG.FTS.B,
21.46%,
11/11/24
..
74
75
991026361.UG.FTS.B,
21.98%,
11/11/24
.
247
248
991187665.UG.FTS.B,
21.98%,
11/11/24
..
114
116
991217106.UG.FTS.B,
21.98%,
11/11/24
.
116
118
991125236.UG.FTS.B,
22.48%,
11/11/24
..
143
142
991058286.UG.FTS.B,
22.95%,
11/11/24
.
329
334
991080911.UG.FTS.B,
25.95%,
11/11/24
..
148
151
991029732.UG.FTS.B,
27.99%,
11/11/24
.
1,059
1,090
991048527.UG.FTS.B,
27.99%,
11/11/24
.
187
193
991024878.UG.FTS.B,
28.98%,
11/11/24
.
169
173
991026090.UG.FTS.B,
28.98%,
11/11/24
.
39
39
991032710.UG.FTS.B,
28.98%,
11/11/24
.
37
37
991033906.UG.FTS.B,
28.98%,
11/11/24
.
39
39
991034495.UG.FTS.B,
28.98%,
11/11/24
.
47
49
991036245.UG.FTS.B,
28.98%,
11/11/24
.
31
32
991036674.UG.FTS.B,
28.98%,
11/11/24
.
32
32
991040917.UG.FTS.B,
28.98%,
11/11/24
.
42
43
991044613.UG.FTS.B,
28.98%,
11/11/24
.
156
159
991045675.UG.FTS.B,
28.98%,
11/11/24
.
17
17
991047937.UG.FTS.B,
28.98%,
11/11/24
.
80
81
991049893.UG.FTS.B,
28.98%,
11/11/24
.
48
49
991052684.UG.FTS.B,
28.98%,
11/11/24
.
58
59
991053400.UG.FTS.B,
28.98%,
11/11/24
.
436
446
991057928.UG.FTS.B,
28.98%,
11/11/24
.
293
20
991059607.UG.FTS.B,
28.98%,
11/11/24
.
105
108
991062449.UG.FTS.B,
28.98%,
11/11/24
.
48
49
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991062713.UG.FTS.B,
28.98%,
11/11/24
.
$
38
$
38
991071859.UG.FTS.B,
28.98%,
11/11/24
.
69
70
991076272.UG.FTS.B,
28.98%,
11/11/24
.
107
109
991078682.UG.FTS.B,
28.98%,
11/11/24
.
396
407
991079069.UG.FTS.B,
28.98%,
11/11/24
.
1
1
991080796.UG.FTS.B,
28.98%,
11/11/24
.
145
149
991085565.UG.FTS.B,
28.98%,
11/11/24
.
44
45
991087454.UG.FTS.B,
28.98%,
11/11/24
.
64
66
991091995.UG.FTS.B,
28.98%,
11/11/24
.
14
13
991120675.UG.FTS.B,
28.98%,
11/11/24
..
127
130
991132831.UG.FTS.B,
28.98%,
11/11/24
..
85
85
991144617.UG.FTS.B,
28.98%,
11/11/24
..
43
43
991149570.UG.FTS.B,
28.98%,
11/11/24
..
160
164
991151147.UG.FTS.B,
28.98%,
11/11/24
..
434
439
991167851.UG.FTS.B,
28.98%,
11/11/24
..
60
22
991171156.UG.FTS.B,
28.98%,
11/11/24
..
25
25
991182117.UG.FTS.B,
28.98%,
11/11/24
..
65
66
991197445.UG.FTS.B,
28.98%,
11/11/24
..
843
861
991214495.UG.FTS.B,
28.98%,
11/11/24
.
100
102
991024882.UG.FTS.B,
29.49%,
11/11/24
.
70
71
991026021.UG.FTS.B,
29.49%,
11/11/24
.
199
205
991026664.UG.FTS.B,
29.49%,
11/11/24
.
91
93
991029636.UG.FTS.B,
29.49%,
11/11/24
.
398
409
991030862.UG.FTS.B,
29.49%,
11/11/24
.
326
340
991031493.UG.FTS.B,
29.49%,
11/11/24
.
99
7
991032433.UG.FTS.B,
29.49%,
11/11/24
.
28
28
991039519.UG.FTS.B,
29.49%,
11/11/24
.
27
27
991039534.UG.FTS.B,
29.49%,
11/11/24
.
174
178
991044948.UG.FTS.B,
29.49%,
11/11/24
.
51
52
991046828.UG.FTS.B,
29.49%,
11/11/24
.
46
47
991048668.UG.FTS.B,
29.49%,
11/11/24
.
717
739
991051905.UG.FTS.B,
29.49%,
11/11/24
.
85
85
991057411.UG.FTS.B,
29.49%,
11/11/24
..
25
25
991062394.UG.FTS.B,
29.49%,
11/11/24
.
244
247
991062748.UG.FTS.B,
29.49%,
11/11/24
.
173
178
991063512.UG.FTS.B,
29.49%,
11/11/24
.
609
623
991069527.UG.FTS.B,
29.49%,
11/11/24
.
99
100
991070297.UG.FTS.B,
29.49%,
11/11/24
.
5
5
991074770.UG.FTS.B,
29.49%,
11/11/24
.
66
66
991079129.UG.FTS.B,
29.49%,
11/11/24
.
17
6
991081273.UG.FTS.B,
29.49%,
11/11/24
.
51
53
991084245.UG.FTS.B,
29.49%,
11/11/24
.
18
18
991086224.UG.FTS.B,
29.49%,
11/11/24
.
37
38
991087089.UG.FTS.B,
29.49%,
11/11/24
.
162
167
991089870.UG.FTS.B,
29.49%,
11/11/24
.
199
202
991091062.UG.FTS.B,
29.49%,
11/11/24
.
125
9
991092922.UG.FTS.B,
29.49%,
11/11/24
.
58
58
991097673.UG.FTS.B,
29.49%,
11/11/24
.
39
15
991102456.UG.FTS.B,
29.49%,
11/11/24
..
243
249
991105795.UG.FTS.B,
29.49%,
11/11/24
..
194
52
991113486.UG.FTS.B,
29.49%,
11/11/24
..
50
51
991113621.UG.FTS.B,
29.49%,
11/11/24
..
292
121
991115785.UG.FTS.B,
29.49%,
11/11/24
..
715
51
991120196.UG.FTS.B,
29.49%,
11/11/24
..
51
53
991120336.UG.FTS.B,
29.49%,
11/11/24
..
135
139
991121030.UG.FTS.B,
29.49%,
11/11/24
..
102
40
991128140.UG.FTS.B,
29.49%,
11/11/24
..
51
53
991138007.UG.FTS.B,
29.49%,
11/11/24
..
39
39
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)
Upgrade,
Inc.
-
Card
(continued)
991152299.UG.FTS.B,
29.49%,
11/11/24
..
$
42
$
42
991161751.UG.FTS.B,
29.49%,
11/11/24
..
67
69
991162321.UG.FTS.B,
29.49%,
11/11/24
..
29
30
991166506.UG.FTS.B,
29.49%,
11/11/24
..
40
40
991169853.UG.FTS.B,
29.49%,
11/11/24
..
51
52
991191286.UG.FTS.B,
29.49%,
11/11/24
..
47
48
991192289.UG.FTS.B,
29.49%,
11/11/24
..
8
8
991197313.UG.FTS.B,
29.49%,
11/11/24
..
68
70
991217280.UG.FTS.B,
29.49%,
11/11/24
.
270
277
991042459.UG.FTS.B,
14%,
11/12/24
....
2,286
2,303
991036968.UG.FTS.B,
14.97%,
11/12/24
.
1,209
1,217
991036334.UG.FTS.B,
14.98%,
11/12/24
.
42
42
991043719.UG.FTS.B,
14.98%,
11/12/24
.
243
245
991036209.UG.FTS.B,
15%,
11/12/24
....
1,538
1,548
991049725.UG.FTS.B,
15.97%,
11/12/24
.
161
161
991042437.UG.FTS.B,
15.99%,
11/12/24
.
1,161
1,169
991130973.UG.FTS.B,
15.99%,
11/12/24
.
1,280
1,289
991035103.UG.FTS.B,
16.99%,
11/12/24
.
250
250
991214646.UG.FTS.B,
16.99%,
11/12/24
.
348
127
991039148.UG.FTS.B,
17.97%,
11/12/24
.
2,894
1,036
991041313.UG.FTS.B,
17.97%,
11/12/24
.
284
283
991034794.UG.FTS.B,
17.99%,
11/12/24
.
120
120
991217835.UG.FTS.B,
17.99%,
11/12/24
.
237
238
991038677.UG.FTS.B,
18.21%,
11/12/24
.
1,696
1,710
991034560.UG.FTS.B,
18.97%,
11/12/24
.
73
74
991036429.UG.FTS.B,
18.97%,
11/12/24
.
161
162
991038296.UG.FTS.B,
18.97%,
11/12/24
.
77
77
991043248.UG.FTS.B,
18.97%,
11/12/24
.
53
54
991043614.UG.FTS.B,
18.97%,
11/12/24
.
225
227
991046047.UG.FTS.B,
18.97%,
11/12/24
.
113
114
991135510.UG.FTS.B,
18.97%,
11/12/24
.
145
146
991149515.UG.FTS.B,
18.97%,
11/12/24
.
145
145
991039912.UG.FTS.B,
19.21%,
11/12/24
.
78
78
991043544.UG.FTS.B,
19.21%,
11/12/24
.
6
6
991055412.UG.FTS.B,
19.21%,
11/12/24
.
748
755
991077162.UG.FTS.B,
19.21%,
11/12/24
.
132
132
991039753.UG.FTS.B,
19.8%,
11/12/24
..
202
204
991196590.UG.FTS.B,
19.8%,
11/12/24
..
73
73
991032173.UG.FTS.B,
20.46%,
11/12/24
.
82
82
991040953.UG.FTS.B,
20.46%,
11/12/24
.
315
318
991042127.UG.FTS.B,
20.46%,
11/12/24
.
476
481
991067392.UG.FTS.B,
20.46%,
11/12/24
.
1
1
991085590.UG.FTS.B,
20.46%,
11/12/24
.
242
244
991094480.UG.FTS.B,
20.46%,
11/12/24
.
98
99
991129109.UG.FTS.B,
20.46%,
11/12/24
.
110
111
991163006.UG.FTS.B,
20.46%,
11/12/24
.
119
120
991176027.UG.FTS.B,
20.46%,
11/12/24
.
14
14
991194498.UG.FTS.B,
20.46%,
11/12/24
.
5
5
991032939.UG.FTS.B,
20.97%,
11/12/24
.
154
154
991039115.UG.FTS.B,
20.97%,
11/12/24
.
479
482
991106317.UG.FTS.B,
20.97%,
11/12/24
.
158
160
991047526.UG.FTS.B,
21.46%,
11/12/24
.
223
226
991057765.UG.FTS.B,
21.46%,
11/12/24
.
25
25
991086819.UG.FTS.B,
21.46%,
11/12/24
.
469
34
991130390.UG.FTS.B,
21.46%,
11/12/24
.
33
33
991149555.UG.FTS.B,
21.46%,
11/12/24
.
345
25
991154332.UG.FTS.B,
21.46%,
11/12/24
.
348
348
991166904.UG.FTS.B,
21.46%,
11/12/24
.
14
14
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991167965.UG.FTS.B,
21.46%,
11/12/24
.
$
490
$
496
991046804.UG.FTS.B,
21.98%,
11/12/24
.
328
330
991121938.UG.FTS.B,
21.98%,
11/12/24
.
107
108
991131569.UG.FTS.B,
21.98%,
11/12/24
.
10
10
991224208.UG.FTS.B,
21.98%,
11/12/24
.
84
85
991039683.UG.FTS.B,
22.95%,
11/12/24
.
37
37
991222051.UG.FTS.B,
22.97%,
11/12/24
.
76
76
991103112.UG.FTS.B,
25.95%,
11/12/24
..
191
193
991149520.UG.FTS.B,
25.95%,
11/12/24
.
259
263
991183694.UG.FTS.B,
25.95%,
11/12/24
.
47
47
991039659.UG.FTS.B,
26.94%,
11/12/24
.
33
33
991059570.UG.FTS.B,
26.94%,
11/12/24
.
77
78
991054425.UG.FTS.B,
18.97%,
11/13/24
.
57
57
991092009.UG.FTS.B,
18.97%,
11/13/24
.
430
429
991119492.UG.FTS.B,
18.97%,
11/13/24
..
604
609
991053667.UG.FTS.B,
19.21%,
11/13/24
.
411
412
991148899.UG.FTS.B,
19.21%,
11/13/24
.
10
5
991044384.UG.FTS.B,
19.8%,
11/13/24
..
284
–
991051776.UG.FTS.B,
19.8%,
11/13/24
..
144
145
991070292.UG.FTS.B,
19.8%,
11/13/24
..
249
251
991239015.UG.FTS.B,
19.8%,
11/13/24
..
40
40
991059119.UG.FTS.B,
21.46%,
11/13/24
.
16
16
991094103.UG.FTS.B,
21.46%,
11/13/24
.
249
252
991043243.UG.FTS.B,
21.98%,
11/13/24
.
40
40
991078122.UG.FTS.B,
21.98%,
11/13/24
.
741
747
991073136.UG.FTS.B,
22.97%,
11/13/24
.
192
12
991084697.UG.FTS.B,
22.97%,
11/13/24
.
246
247
991120433.UG.FTS.B,
25.95%,
11/13/24
.
260
264
991176572.UG.FTS.B,
25.95%,
11/13/24
.
254
257
991165927.UG.FTS.B,
18.8%,
11/14/24
..
49
3
991047941.UG.FTS.B,
18.97%,
11/14/24
.
119
120
991060835.UG.FTS.B,
18.97%,
11/14/24
.
105
106
991064005.UG.FTS.B,
18.97%,
11/14/24
.
124
124
991135967.UG.FTS.B,
18.97%,
11/14/24
.
301
304
991147340.UG.FTS.B,
18.97%,
11/14/24
.
1
1
991058880.UG.FTS.B,
19.21%,
11/14/24
.
57
57
991065337.UG.FTS.B,
19.21%,
11/14/24
.
24
24
991076720.UG.FTS.B,
19.21%,
11/14/24
.
12
12
991115058.UG.FTS.B,
19.21%,
11/14/24
..
24
24
991230067.UG.FTS.B,
19.21%,
11/14/24
.
71
71
991186061.UG.FTS.B,
19.8%,
11/14/24
..
116
117
991177227.UG.FTS.B,
20.46%,
11/14/24
.
41
41
991068021.UG.FTS.B,
20.97%,
11/14/24
.
34
34
991075171.UG.FTS.B,
20.97%,
11/14/24
.
543
80
991133151.UG.FTS.B,
20.97%,
11/14/24
.
226
226
991053215.UG.FTS.B,
21.46%,
11/14/24
.
70
–
991184898.UG.FTS.B,
21.46%,
11/14/24
.
412
415
991084216.UG.FTS.B,
21.98%,
11/14/24
.
284
287
991143542.UG.FTS.B,
21.98%,
11/14/24
.
36
36
991184091.UG.FTS.B,
22.97%,
11/14/24
.
128
129
991224639.UG.FTS.B,
22.97%,
11/14/24
.
102
102
991068096.UG.FTS.B,
26.94%,
11/14/24
.
102
–
991062678.UG.FTS.B,
18.97%,
11/15/24
.
45
45
991146941.UG.FTS.B,
18.97%,
11/15/24
.
43
43
991226714.UG.FTS.B,
18.97%,
11/15/24
.
312
314
991062012.UG.FTS.B,
19.21%,
11/15/24
.
34
34
991116196.UG.FTS.B,
19.21%,
11/15/24
..
297
299
991159422.UG.FTS.B,
19.21%,
11/15/24
.
42
42
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)
991058435.UG.FTS.B,
19.8%,
11/15/24
..
$
305
$
–
991060645.UG.FTS.B,
19.8%,
11/15/24
..
106
107
991067501.UG.FTS.B,
20.46%,
11/15/24
.
62
63
991075795.UG.FTS.B,
20.46%,
11/15/24
.
15
15
991121275.UG.FTS.B,
20.46%,
11/15/24
.
1,473
1,488
991060260.UG.FTS.B,
20.97%,
11/15/24
.
373
377
991058892.UG.FTS.B,
21.46%,
11/15/24
.
340
344
991082388.UG.FTS.B,
21.46%,
11/15/24
.
7
7
991092471.UG.FTS.B,
21.46%,
11/15/24
.
88
14
991099369.UG.FTS.B,
21.46%,
11/15/24
.
97
16
991153690.UG.FTS.B,
21.46%,
11/15/24
.
20
20
991177667.UG.FTS.B,
21.46%,
11/15/24
.
51
51
991218740.UG.FTS.B,
21.46%,
11/15/24
.
60
60
991082558.UG.FTS.B,
21.98%,
11/15/24
.
95
96
991112513.UG.FTS.B,
22.97%,
11/15/24
..
151
153
991218382.UG.FTS.B,
22.97%,
11/15/24
.
73
73
991118927.UG.FTS.B,
23.95%,
11/15/24
..
103
37
991136525.UG.FTS.B,
29.49%,
11/15/24
.
1
1
991236091.UG.FTS.B,
19.21%,
11/16/24
.
26
26
991165568.UG.FTS.B,
19.8%,
11/16/24
..
57
58
991060668.UG.FTS.B,
19.99%,
11/16/24
.
67
69
991077083.UG.FTS.B,
19.99%,
11/16/24
.
48
49
991075585.UG.FTS.B,
22.97%,
11/16/24
.
135
135
991060227.UG.FTS.B,
28.98%,
11/16/24
.
370
372
991061800.UG.FTS.B,
28.98%,
11/16/24
.
43
44
991078886.UG.FTS.B,
28.98%,
11/16/24
.
37
37
991093834.UG.FTS.B,
28.98%,
11/16/24
.
101
103
991112308.UG.FTS.B,
28.98%,
11/16/24
..
55
56
991130100.UG.FTS.B,
28.98%,
11/16/24
.
233
233
991132906.UG.FTS.B,
28.98%,
11/16/24
.
61
62
991183042.UG.FTS.B,
28.98%,
11/16/24
.
115
42
991061934.UG.FTS.B,
29.49%,
11/16/24
.
227
231
991137323.UG.FTS.B,
29.49%,
11/16/24
.
307
312
991175491.UG.FTS.B,
29.49%,
11/16/24
.
20
20
991182164.UG.FTS.B,
29.49%,
11/16/24
.
95
97
991213983.UG.FTS.B,
29.49%,
11/16/24
.
73
75
991245774.UG.FTS.B,
29.49%,
11/16/24
.
141
144
991076389.UG.FTS.B,
19.21%,
11/17/24
.
134
135
991183019.UG.FTS.B,
19.8%,
11/17/24
..
1,082
1,089
991065873.UG.FTS.B,
19.99%,
11/17/24
.
32
33
991275120.UG.FTS.B,
19.99%,
11/17/24
.
48
49
991232167.UG.FTS.B,
20.46%,
11/17/24
.
56
4
991087993.UG.FTS.B,
21.46%,
11/17/24
.
22
22
991092687.UG.FTS.B,
21.46%,
11/17/24
.
14
14
991102607.UG.FTS.B,
21.98%,
11/17/24
.
432
437
991122048.UG.FTS.B,
21.98%,
11/17/24
.
71
72
991090075.UG.FTS.B,
22.95%,
11/17/24
.
47
48
991079431.UG.FTS.B,
25.95%,
11/17/24
.
76
77
991065007.UG.FTS.B,
27.99%,
11/17/24
.
99
101
991065027.UG.FTS.B,
27.99%,
11/17/24
.
151
152
991067567.UG.FTS.B,
28.98%,
11/17/24
.
542
548
991068760.UG.FTS.B,
28.98%,
11/17/24
.
95
–
991070550.UG.FTS.B,
28.98%,
11/17/24
.
206
210
991082307.UG.FTS.B,
28.98%,
11/17/24
.
39
40
991086365.UG.FTS.B,
28.98%,
11/17/24
.
11
11
991104333.UG.FTS.B,
28.98%,
11/17/24
.
272
275
991120282.UG.FTS.B,
28.98%,
11/17/24
.
133
136
991129484.UG.FTS.B,
28.98%,
11/17/24
.
5
5
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991138661.UG.FTS.B,
28.98%,
11/17/24
.
$
70
$
71
991147163.UG.FTS.B,
28.98%,
11/17/24
.
15
15
991161863.UG.FTS.B,
28.98%,
11/17/24
.
14
14
991222252.UG.FTS.B,
28.98%,
11/17/24
.
7
7
991253944.UG.FTS.B,
28.98%,
11/17/24
.
20
20
991265366.UG.FTS.B,
28.98%,
11/17/24
.
2
2
991064180.UG.FTS.B,
29.49%,
11/17/24
.
155
158
991064475.UG.FTS.B,
29.49%,
11/17/24
.
163
169
991064822.UG.FTS.B,
29.49%,
11/17/24
.
55
56
991064865.UG.FTS.B,
29.49%,
11/17/24
.
63
65
991070165.UG.FTS.B,
29.49%,
11/17/24
.
98
99
991076785.UG.FTS.B,
29.49%,
11/17/24
.
125
125
991077041.UG.FTS.B,
29.49%,
11/17/24
.
637
43
991081268.UG.FTS.B,
29.49%,
11/17/24
.
47
48
991083068.UG.FTS.B,
29.49%,
11/17/24
.
85
86
991090724.UG.FTS.B,
29.49%,
11/17/24
.
514
516
991091518.UG.FTS.B,
29.49%,
11/17/24
.
104
9
991097714.UG.FTS.B,
29.49%,
11/17/24
.
66
67
991100307.UG.FTS.B,
29.49%,
11/17/24
.
13
–
991125316.UG.FTS.B,
29.49%,
11/17/24
.
401
411
991155141.UG.FTS.B,
29.49%,
11/17/24
.
96
97
991260308.UG.FTS.B,
29.49%,
11/17/24
.
46
46
991275005.UG.FTS.B,
29.49%,
11/17/24
.
249
253
991076070.UG.FTS.B,
19.21%,
11/18/24
.
173
174
991231361.UG.FTS.B,
19.8%,
11/18/24
..
43
44
991068853.UG.FTS.B,
19.99%,
11/18/24
.
28
28
991253040.UG.FTS.B,
20.46%,
11/18/24
.
123
8
991099861.UG.FTS.B,
20.97%,
11/18/24
.
91
92
991105387.UG.FTS.B,
20.97%,
11/18/24
.
255
257
991187853.UG.FTS.B,
20.97%,
11/18/24
.
56
57
991076711.UG.FTS.B,
21.46%,
11/18/24
.
199
202
991148797.UG.FTS.B,
21.46%,
11/18/24
.
185
187
991131564.UG.FTS.B,
21.98%,
11/18/24
.
226
229
991134666.UG.FTS.B,
21.98%,
11/18/24
.
248
252
991173310.UG.FTS.B,
22.97%,
11/18/24
.
13
13
991070388.UG.FTS.B,
23.95%,
11/18/24
.
1
1
991164077.UG.FTS.B,
23.95%,
11/18/24
.
14
14
991257896.UG.FTS.B,
26.94%,
11/18/24
.
335
12
991070331.UG.FTS.B,
28.98%,
11/18/24
.
19
19
991071737.UG.FTS.B,
28.98%,
11/18/24
.
184
188
991085878.UG.FTS.B,
28.98%,
11/18/24
.
97
14
991097338.UG.FTS.B,
28.98%,
11/18/24
.
31
32
991104647.UG.FTS.B,
28.98%,
11/18/24
.
271
–
991113097.UG.FTS.B,
28.98%,
11/18/24
..
103
–
991115818.UG.FTS.B,
28.98%,
11/18/24
..
20
21
991117034.UG.FTS.B,
28.98%,
11/18/24
..
193
197
991138076.UG.FTS.B,
28.98%,
11/18/24
.
157
159
991148076.UG.FTS.B,
28.98%,
11/18/24
.
94
8
991233679.UG.FTS.B,
28.98%,
11/18/24
.
123
125
991255587.UG.FTS.B,
28.98%,
11/18/24
.
186
189
991256863.UG.FTS.B,
28.98%,
11/18/24
.
49
50
991259091.UG.FTS.B,
28.98%,
11/18/24
.
119
121
991265478.UG.FTS.B,
28.98%,
11/18/24
.
156
11
991274554.UG.FTS.B,
28.98%,
11/18/24
.
18
19
991070037.UG.FTS.B,
29.49%,
11/18/24
.
21
21
991079864.UG.FTS.B,
29.49%,
11/18/24
.
54
54
991081828.UG.FTS.B,
29.49%,
11/18/24
.
224
15
991083550.UG.FTS.B,
29.49%,
11/18/24
.
191
197
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)
991086378.UG.FTS.B,
29.49%,
11/18/24
.
$
63
$
64
991092822.UG.FTS.B,
29.49%,
11/18/24
.
42
1
991099356.UG.FTS.B,
29.49%,
11/18/24
.
5
5
991112167.UG.FTS.B,
29.49%,
11/18/24
..
28
29
991123315.UG.FTS.B,
29.49%,
11/18/24
.
86
88
991123768.UG.FTS.B,
29.49%,
11/18/24
.
47
47
991136853.UG.FTS.B,
29.49%,
11/18/24
.
98
99
991138306.UG.FTS.B,
29.49%,
11/18/24
.
158
11
991149128.UG.FTS.B,
29.49%,
11/18/24
.
114
114
991222559.UG.FTS.B,
29.49%,
11/18/24
.
141
10
991236920.UG.FTS.B,
29.49%,
11/18/24
.
64
65
991250623.UG.FTS.B,
29.49%,
11/18/24
.
53
54
991253050.UG.FTS.B,
29.49%,
11/18/24
.
110
113
991261895.UG.FTS.B,
29.49%,
11/18/24
.
29
29
991270949.UG.FTS.B,
29.49%,
11/18/24
.
22
22
991273989.UG.FTS.B,
29.49%,
11/18/24
.
403
411
991286648.UG.FTS.B,
29.49%,
11/18/24
.
63
63
991110204.UG.FTS.B,
18.97%,
11/19/24
..
373
26
991126405.UG.FTS.B,
18.97%,
11/19/24
.
159
161
991224732.UG.FTS.B,
18.97%,
11/19/24
.
475
479
991086533.UG.FTS.B,
19.21%,
11/19/24
.
51
51
991088805.UG.FTS.B,
19.21%,
11/19/24
.
97
97
991081336.UG.FTS.B,
19.8%,
11/19/24
..
106
107
991098979.UG.FTS.B,
19.8%,
11/19/24
..
186
188
991130913.UG.FTS.B,
19.8%,
11/19/24
..
185
185
991266414.UG.FTS.B,
19.8%,
11/19/24
..
132
133
991077647.UG.FTS.B,
19.99%,
11/19/24
.
88
–
991081249.UG.FTS.B,
19.99%,
11/19/24
.
42
43
991087313.UG.FTS.B,
19.99%,
11/19/24
.
616
629
991126671.UG.FTS.B,
19.99%,
11/19/24
.
36
36
991132221.UG.FTS.B,
19.99%,
11/19/24
.
389
398
991141300.UG.FTS.B,
19.99%,
11/19/24
.
104
104
991188678.UG.FTS.B,
19.99%,
11/19/24
.
120
123
991085469.UG.FTS.B,
20.46%,
11/19/24
.
908
917
991102726.UG.FTS.B,
20.46%,
11/19/24
.
115
117
991247033.UG.FTS.B,
20.46%,
11/19/24
.
396
27
991087156.UG.FTS.B,
20.97%,
11/19/24
.
423
428
991183459.UG.FTS.B,
20.97%,
11/19/24
.
247
250
991078051.UG.FTS.B,
21.98%,
11/19/24
.
108
109
991129402.UG.FTS.B,
21.98%,
11/19/24
.
173
175
991079026.UG.FTS.B,
22.97%,
11/19/24
.
322
326
991236066.UG.FTS.B,
22.97%,
11/19/24
.
56
57
991078717.UG.FTS.B,
28.98%,
11/19/24
.
676
688
991079074.UG.FTS.B,
28.98%,
11/19/24
.
198
202
991079861.UG.FTS.B,
28.98%,
11/19/24
.
10
10
991080093.UG.FTS.B,
28.98%,
11/19/24
.
38
39
991080857.UG.FTS.B,
28.98%,
11/19/24
.
2,059
147
991082502.UG.FTS.B,
28.98%,
11/19/24
.
103
105
991087646.UG.FTS.B,
28.98%,
11/19/24
.
44
44
991089448.UG.FTS.B,
28.98%,
11/19/24
.
146
149
991092094.UG.FTS.B,
28.98%,
11/19/24
.
698
47
991093210.UG.FTS.B,
28.98%,
11/19/24
.
54
55
991097697.UG.FTS.B,
28.98%,
11/19/24
.
49
50
991097893.UG.FTS.B,
28.98%,
11/19/24
.
106
107
991100106.UG.FTS.B,
28.98%,
11/19/24
.
3
3
991101044.UG.FTS.B,
28.98%,
11/19/24
.
86
88
991101178.UG.FTS.B,
28.98%,
11/19/24
..
85
6
991102831.UG.FTS.B,
28.98%,
11/19/24
.
142
145
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991103262.UG.FTS.B,
28.98%,
11/19/24
.
$
117
$
118
991103415.UG.FTS.B,
28.98%,
11/19/24
.
9
9
991103976.UG.FTS.B,
28.98%,
11/19/24
.
255
260
991104468.UG.FTS.B,
28.98%,
11/19/24
.
1,188
1,199
991107342.UG.FTS.B,
28.98%,
11/19/24
.
44
44
991107864.UG.FTS.B,
28.98%,
11/19/24
.
61
62
991108896.UG.FTS.B,
28.98%,
11/19/24
.
105
15
991110326.UG.FTS.B,
28.98%,
11/19/24
..
651
44
991110570.UG.FTS.B,
28.98%,
11/19/24
..
45
46
991113372.UG.FTS.B,
28.98%,
11/19/24
..
136
139
991114496.UG.FTS.B,
28.98%,
11/19/24
..
43
44
991114522.UG.FTS.B,
28.98%,
11/19/24
..
122
124
991114717.UG.FTS.B,
28.98%,
11/19/24
..
63
–
991115278.UG.FTS.B,
28.98%,
11/19/24
..
224
227
991117632.UG.FTS.B,
28.98%,
11/19/24
..
121
121
991121740.UG.FTS.B,
28.98%,
11/19/24
.
41
42
991122095.UG.FTS.B,
28.98%,
11/19/24
.
107
108
991124198.UG.FTS.B,
28.98%,
11/19/24
.
133
136
991125441.UG.FTS.B,
28.98%,
11/19/24
.
281
287
991127107.UG.FTS.B,
28.98%,
11/19/24
.
79
81
991132991.UG.FTS.B,
28.98%,
11/19/24
.
66
66
991134220.UG.FTS.B,
28.98%,
11/19/24
.
54
55
991135049.UG.FTS.B,
28.98%,
11/19/24
.
56
4
991140740.UG.FTS.B,
28.98%,
11/19/24
.
4
4
991140959.UG.FTS.B,
28.98%,
11/19/24
.
360
–
991144190.UG.FTS.B,
28.98%,
11/19/24
.
154
157
991144684.UG.FTS.B,
28.98%,
11/19/24
.
135
138
991148491.UG.FTS.B,
28.98%,
11/19/24
.
215
219
991150543.UG.FTS.B,
28.98%,
11/19/24
.
143
146
991160191.UG.FTS.B,
28.98%,
11/19/24
.
38
39
991164721.UG.FTS.B,
28.98%,
11/19/24
.
23
23
991166387.UG.FTS.B,
28.98%,
11/19/24
.
27
28
991173637.UG.FTS.B,
28.98%,
11/19/24
.
5
5
991180832.UG.FTS.B,
28.98%,
11/19/24
.
37
38
991181040.UG.FTS.B,
28.98%,
11/19/24
.
382
389
991183616.UG.FTS.B,
28.98%,
11/19/24
.
211
215
991185484.UG.FTS.B,
28.98%,
11/19/24
.
40
40
991196539.UG.FTS.B,
28.98%,
11/19/24
.
9
9
991200084.UG.FTS.B,
28.98%,
11/19/24
.
42
42
991205228.UG.FTS.B,
28.98%,
11/19/24
.
20
21
991212005.UG.FTS.B,
28.98%,
11/19/24
.
20
20
991218732.UG.FTS.B,
28.98%,
11/19/24
.
51
52
991224492.UG.FTS.B,
28.98%,
11/19/24
.
400
406
991225580.UG.FTS.B,
28.98%,
11/19/24
.
11
11
991260584.UG.FTS.B,
28.98%,
11/19/24
.
319
324
991264197.UG.FTS.B,
28.98%,
11/19/24
.
29
30
991267970.UG.FTS.B,
28.98%,
11/19/24
.
80
81
991269614.UG.FTS.B,
28.98%,
11/19/24
.
157
160
991272220.UG.FTS.B,
28.98%,
11/19/24
.
72
73
991274553.UG.FTS.B,
28.98%,
11/19/24
.
55
56
991285040.UG.FTS.B,
28.98%,
11/19/24
.
40
41
991285978.UG.FTS.B,
28.98%,
11/19/24
.
110
112
991291090.UG.FTS.B,
28.98%,
11/19/24
.
51
52
991079459.UG.FTS.B,
29.49%,
11/19/24
.
291
299
991079567.UG.FTS.B,
29.49%,
11/19/24
.
61
63
991083975.UG.FTS.B,
29.49%,
11/19/24
.
55
55
991084120.UG.FTS.B,
29.49%,
11/19/24
.
158
160
991086865.UG.FTS.B,
29.49%,
11/19/24
.
7
7
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)
991088510.UG.FTS.B,
29.49%,
11/19/24
.
$
94
$
96
991091799.UG.FTS.B,
29.49%,
11/19/24
.
30
30
991096428.UG.FTS.B,
29.49%,
11/19/24
.
114
116
991098909.UG.FTS.B,
29.49%,
11/19/24
.
262
269
991100113.UG.FTS.B,
29.49%,
11/19/24
..
52
53
991102829.UG.FTS.B,
29.49%,
11/19/24
.
37
37
991103770.UG.FTS.B,
29.49%,
11/19/24
.
50
51
991103901.UG.FTS.B,
29.49%,
11/19/24
.
147
150
991104175.UG.FTS.B,
29.49%,
11/19/24
.
2
–
991104178.UG.FTS.B,
29.49%,
11/19/24
.
616
629
991104280.UG.FTS.B,
29.49%,
11/19/24
.
76
78
991104410.UG.FTS.B,
29.49%,
11/19/24
.
230
233
991106337.UG.FTS.B,
29.49%,
11/19/24
.
46
47
991106684.UG.FTS.B,
29.49%,
11/19/24
.
73
75
991109457.UG.FTS.B,
29.49%,
11/19/24
.
118
121
991110529.UG.FTS.B,
29.49%,
11/19/24
..
91
94
991111418.UG.FTS.B,
29.49%,
11/19/24
..
206
208
991114314.UG.FTS.B,
29.49%,
11/19/24
..
147
150
991114749.UG.FTS.B,
29.49%,
11/19/24
..
142
144
991125628.UG.FTS.B,
29.49%,
11/19/24
.
343
353
991130441.UG.FTS.B,
29.49%,
11/19/24
.
61
9
991130674.UG.FTS.B,
29.49%,
11/19/24
.
20
20
991133364.UG.FTS.B,
29.49%,
11/19/24
.
9
9
991138434.UG.FTS.B,
29.49%,
11/19/24
.
92
93
991139198.UG.FTS.B,
29.49%,
11/19/24
.
138
142
991139453.UG.FTS.B,
29.49%,
11/19/24
.
198
203
991146154.UG.FTS.B,
29.49%,
11/19/24
.
131
133
991148151.UG.FTS.B,
29.49%,
11/19/24
.
33
34
991149232.UG.FTS.B,
29.49%,
11/19/24
.
189
193
991153991.UG.FTS.B,
29.49%,
11/19/24
.
44
45
991154641.UG.FTS.B,
29.49%,
11/19/24
.
109
112
991156120.UG.FTS.B,
29.49%,
11/19/24
.
60
62
991157117.UG.FTS.B,
29.49%,
11/19/24
..
78
80
991167820.UG.FTS.B,
29.49%,
11/19/24
.
102
104
991173134.UG.FTS.B,
29.49%,
11/19/24
.
11
11
991176843.UG.FTS.B,
29.49%,
11/19/24
.
600
604
991182291.UG.FTS.B,
29.49%,
11/19/24
.
168
172
991186425.UG.FTS.B,
29.49%,
11/19/24
.
83
85
991188709.UG.FTS.B,
29.49%,
11/19/24
.
80
82
991206897.UG.FTS.B,
29.49%,
11/19/24
.
27
28
991211016.UG.FTS.B,
29.49%,
11/19/24
.
76
78
991229419.UG.FTS.B,
29.49%,
11/19/24
.
190
193
991239313.UG.FTS.B,
29.49%,
11/19/24
.
96
98
991242783.UG.FTS.B,
29.49%,
11/19/24
.
135
137
991259761.UG.FTS.B,
29.49%,
11/19/24
.
65
66
991261749.UG.FTS.B,
29.49%,
11/19/24
.
55
56
991267836.UG.FTS.B,
29.49%,
11/19/24
.
54
55
991268203.UG.FTS.B,
29.49%,
11/19/24
.
120
122
991268346.UG.FTS.B,
29.49%,
11/19/24
.
27
27
991278085.UG.FTS.B,
29.49%,
11/19/24
.
217
223
991086006.UG.FTS.B,
18.97%,
11/20/24
.
234
236
991131248.UG.FTS.B,
18.97%,
11/20/24
.
101
102
991212667.UG.FTS.B,
18.97%,
11/20/24
.
318
319
991168973.UG.FTS.B,
19.21%,
11/20/24
.
16
16
991204096.UG.FTS.B,
19.8%,
11/20/24
..
59
59
991204791.UG.FTS.B,
19.8%,
11/20/24
..
44
44
991267411.UG.FTS.B,
19.8%,
11/20/24
..
77
77
991105915.UG.FTS.B,
19.99%,
11/20/24
.
61
63
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991108309.UG.FTS.B,
19.99%,
11/20/24
.
$
88
$
89
991108487.UG.FTS.B,
19.99%,
11/20/24
.
125
127
991112938.UG.FTS.B,
19.99%,
11/20/24
..
39
39
991171504.UG.FTS.B,
19.99%,
11/20/24
.
122
122
991175975.UG.FTS.B,
19.99%,
11/20/24
.
58
59
991181647.UG.FTS.B,
19.99%,
11/20/24
.
31
32
991188505.UG.FTS.B,
19.99%,
11/20/24
.
68
69
991210688.UG.FTS.B,
19.99%,
11/20/24
.
20
20
991237192.UG.FTS.B,
19.99%,
11/20/24
.
349
355
991263955.UG.FTS.B,
19.99%,
11/20/24
.
34
34
991084611.UG.FTS.B,
20.46%,
11/20/24
.
218
220
991085501.UG.FTS.B,
20.46%,
11/20/24
.
314
317
991100911.UG.FTS.B,
20.46%,
11/20/24
..
140
142
991102814.UG.FTS.B,
20.46%,
11/20/24
.
73
74
991112817.UG.FTS.B,
20.46%,
11/20/24
..
1,142
1,153
991125492.UG.FTS.B,
20.46%,
11/20/24
.
59
59
991160910.UG.FTS.B,
20.46%,
11/20/24
.
36
36
991204119.UG.FTS.B,
20.46%,
11/20/24
.
5
5
991204576.UG.FTS.B,
20.46%,
11/20/24
.
44
44
991086619.UG.FTS.B,
20.97%,
11/20/24
.
1,311
1,321
991171843.UG.FTS.B,
20.97%,
11/20/24
.
1
1
991085535.UG.FTS.B,
21.46%,
11/20/24
.
49
49
991133819.UG.FTS.B,
21.46%,
11/20/24
.
44
44
991215411.UG.FTS.B,
21.46%,
11/20/24
.
136
138
991151893.UG.FTS.B,
23.95%,
11/20/24
.
288
291
991089655.UG.FTS.B,
25.94%,
11/20/24
.
59
58
991128669.UG.FTS.B,
26.94%,
11/20/24
.
38
38
991137301.UG.FTS.B,
27.99%,
11/20/24
.
51
52
991099607.UG.FTS.B,
28.98%,
11/20/24
.
160
163
991100214.UG.FTS.B,
28.98%,
11/20/24
.
61
62
991107307.UG.FTS.B,
28.98%,
11/20/24
.
40
41
991110958.UG.FTS.B,
28.98%,
11/20/24
..
11
11
991122709.UG.FTS.B,
28.98%,
11/20/24
.
54
55
991122834.UG.FTS.B,
28.98%,
11/20/24
.
49
51
991123392.UG.FTS.B,
28.98%,
11/20/24
.
46
46
991130160.UG.FTS.B,
28.98%,
11/20/24
.
28
28
991133560.UG.FTS.B,
28.98%,
11/20/24
.
41
42
991133721.UG.FTS.B,
28.98%,
11/20/24
.
165
168
991136884.UG.FTS.B,
28.98%,
11/20/24
.
95
96
991139188.UG.FTS.B,
28.98%,
11/20/24
.
514
525
991139408.UG.FTS.B,
28.98%,
11/20/24
.
25
25
991140250.UG.FTS.B,
28.98%,
11/20/24
.
73
75
991145878.UG.FTS.B,
28.98%,
11/20/24
.
296
300
991149223.UG.FTS.B,
28.98%,
11/20/24
.
11
11
991151618.UG.FTS.B,
28.98%,
11/20/24
.
367
25
991159138.UG.FTS.B,
28.98%,
11/20/24
.
59
60
991179992.UG.FTS.B,
28.98%,
11/20/24
.
57
58
991187570.UG.FTS.B,
28.98%,
11/20/24
.
68
69
991190395.UG.FTS.B,
28.98%,
11/20/24
.
28
29
991194988.UG.FTS.B,
28.98%,
11/20/24
.
175
175
991198786.UG.FTS.B,
28.98%,
11/20/24
.
181
–
991204942.UG.FTS.B,
28.98%,
11/20/24
.
54
55
991226698.UG.FTS.B,
28.98%,
11/20/24
.
59
60
991232543.UG.FTS.B,
28.98%,
11/20/24
.
73
74
991247369.UG.FTS.B,
28.98%,
11/20/24
.
886
60
991263045.UG.FTS.B,
28.98%,
11/20/24
.
335
23
991267705.UG.FTS.B,
28.98%,
11/20/24
.
80
81
991268970.UG.FTS.B,
28.98%,
11/20/24
.
213
216
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)
991272832.UG.FTS.B,
28.98%,
11/20/24
.
$
126
$
129
991298120.UG.FTS.B,
28.98%,
11/20/24
.
495
–
991098513.UG.FTS.B,
29.49%,
11/20/24
.
32
32
991107977.UG.FTS.B,
29.49%,
11/20/24
.
65
66
991110253.UG.FTS.B,
29.49%,
11/20/24
..
64
65
991110617.UG.FTS.B,
29.49%,
11/20/24
..
113
116
991112071.UG.FTS.B,
29.49%,
11/20/24
..
88
90
991113693.UG.FTS.B,
29.49%,
11/20/24
..
58
60
991117048.UG.FTS.B,
29.49%,
11/20/24
..
51
52
991117581.UG.FTS.B,
29.49%,
11/20/24
..
174
177
991125322.UG.FTS.B,
29.49%,
11/20/24
.
74
75
991129659.UG.FTS.B,
29.49%,
11/20/24
.
118
8
991133485.UG.FTS.B,
29.49%,
11/20/24
.
41
41
991142389.UG.FTS.B,
29.49%,
11/20/24
.
321
329
991145294.UG.FTS.B,
29.49%,
11/20/24
.
29
29
991165138.UG.FTS.B,
29.49%,
11/20/24
.
63
65
991167362.UG.FTS.B,
29.49%,
11/20/24
.
162
166
991169205.UG.FTS.B,
29.49%,
11/20/24
.
810
828
991189207.UG.FTS.B,
29.49%,
11/20/24
.
3
3
991195573.UG.FTS.B,
29.49%,
11/20/24
.
148
11
991211764.UG.FTS.B,
29.49%,
11/20/24
.
20
20
991213653.UG.FTS.B,
29.49%,
11/20/24
.
147
150
991215595.UG.FTS.B,
29.49%,
11/20/24
.
161
167
991216973.UG.FTS.B,
29.49%,
11/20/24
.
164
167
991219254.UG.FTS.B,
29.49%,
11/20/24
.
30
–
991233863.UG.FTS.B,
29.49%,
11/20/24
.
719
738
991239830.UG.FTS.B,
29.49%,
11/20/24
.
239
244
991247212.UG.FTS.B,
29.49%,
11/20/24
.
103
105
991255946.UG.FTS.B,
29.49%,
11/20/24
.
30
31
991267259.UG.FTS.B,
29.49%,
11/20/24
.
47
48
991267347.UG.FTS.B,
29.49%,
11/20/24
.
87
89
991267709.UG.FTS.B,
29.49%,
11/20/24
.
76
77
991269003.UG.FTS.B,
29.49%,
11/20/24
.
330
338
991299902.UG.FTS.B,
29.49%,
11/20/24
.
52
52
991219638.UG.FTS.B,
6%,
11/21/24
.....
25
25
991093963.UG.FTS.B,
18.97%,
11/21/24
.
249
251
991224989.UG.FTS.B,
18.97%,
11/21/24
.
424
428
991141090.UG.FTS.B,
19.8%,
11/21/24
..
184
185
991101910.UG.FTS.B,
19.99%,
11/21/24
.
515
520
991110283.UG.FTS.B,
19.99%,
11/21/24
..
89
90
991129682.UG.FTS.B,
19.99%,
11/21/24
.
137
140
991170878.UG.FTS.B,
19.99%,
11/21/24
.
3
3
991174755.UG.FTS.B,
19.99%,
11/21/24
.
156
12
991091686.UG.FTS.B,
20.97%,
11/21/24
.
52
52
991282683.UG.FTS.B,
20.97%,
11/21/24
.
6
6
991109801.UG.FTS.B,
21.46%,
11/21/24
.
195
195
991206543.UG.FTS.B,
21.97%,
11/21/24
.
2,001
2,029
991109825.UG.FTS.B,
21.98%,
11/21/24
.
99
100
991114413.UG.FTS.B,
21.98%,
11/21/24
..
131
133
991207630.UG.FTS.B,
21.98%,
11/21/24
.
143
144
991104066.UG.FTS.B,
23.95%,
11/21/24
.
129
131
991091300.UG.FTS.B,
26.94%,
11/21/24
.
29
29
991128509.UG.FTS.B,
27.99%,
11/21/24
.
83
85
991098805.UG.FTS.B,
28.98%,
11/21/24
.
19
2
991099584.UG.FTS.B,
28.98%,
11/21/24
.
62
4
991101503.UG.FTS.B,
28.98%,
11/21/24
.
382
390
991103359.UG.FTS.B,
28.98%,
11/21/24
.
338
345
991103505.UG.FTS.B,
28.98%,
11/21/24
.
160
163
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991106632.UG.FTS.B,
28.98%,
11/21/24
.
$
116
$
118
991107547.UG.FTS.B,
28.98%,
11/21/24
.
90
90
991107910.UG.FTS.B,
28.98%,
11/21/24
.
25
25
991112083.UG.FTS.B,
28.98%,
11/21/24
..
815
123
991112673.UG.FTS.B,
28.98%,
11/21/24
..
37
38
991115757.UG.FTS.B,
28.98%,
11/21/24
..
60
61
991122560.UG.FTS.B,
28.98%,
11/21/24
.
82
83
991123355.UG.FTS.B,
28.98%,
11/21/24
.
20
20
991123406.UG.FTS.B,
28.98%,
11/21/24
.
6
6
991129275.UG.FTS.B,
28.98%,
11/21/24
.
230
232
991133989.UG.FTS.B,
28.98%,
11/21/24
.
9
9
991140811.UG.FTS.B,
28.98%,
11/21/24
..
38
39
991144473.UG.FTS.B,
28.98%,
11/21/24
.
85
87
991157081.UG.FTS.B,
28.98%,
11/21/24
.
6
6
991169889.UG.FTS.B,
28.98%,
11/21/24
.
176
179
991170155.UG.FTS.B,
28.98%,
11/21/24
.
430
434
991171491.UG.FTS.B,
28.98%,
11/21/24
.
21
21
991174647.UG.FTS.B,
28.98%,
11/21/24
.
139
141
991178506.UG.FTS.B,
28.98%,
11/21/24
.
103
105
991181062.UG.FTS.B,
28.98%,
11/21/24
.
401
406
991185383.UG.FTS.B,
28.98%,
11/21/24
.
222
226
991194541.UG.FTS.B,
28.98%,
11/21/24
.
51
52
991204271.UG.FTS.B,
28.98%,
11/21/24
.
54
55
991205445.UG.FTS.B,
28.98%,
11/21/24
.
148
152
991212789.UG.FTS.B,
28.98%,
11/21/24
.
42
43
991218149.UG.FTS.B,
28.98%,
11/21/24
.
535
547
991223136.UG.FTS.B,
28.98%,
11/21/24
.
182
184
991225496.UG.FTS.B,
28.98%,
11/21/24
.
10
10
991233789.UG.FTS.B,
28.98%,
11/21/24
.
59
59
991237119.UG.FTS.B,
28.98%,
11/21/24
.
691
708
991243049.UG.FTS.B,
28.98%,
11/21/24
.
41
42
991257871.UG.FTS.B,
28.98%,
11/21/24
.
55
56
991263992.UG.FTS.B,
28.98%,
11/21/24
.
94
95
991264140.UG.FTS.B,
28.98%,
11/21/24
.
275
280
991297865.UG.FTS.B,
28.98%,
11/21/24
.
78
79
991098822.UG.FTS.B,
29.49%,
11/21/24
.
89
91
991099891.UG.FTS.B,
29.49%,
11/21/24
.
93
94
991100418.UG.FTS.B,
29.49%,
11/21/24
.
147
151
991103642.UG.FTS.B,
29.49%,
11/21/24
.
84
84
991104423.UG.FTS.B,
29.49%,
11/21/24
.
189
192
991107662.UG.FTS.B,
29.49%,
11/21/24
.
5
5
991107906.UG.FTS.B,
29.49%,
11/21/24
.
521
532
991108326.UG.FTS.B,
29.49%,
11/21/24
.
12
12
991112882.UG.FTS.B,
29.49%,
11/21/24
..
274
281
991113103.UG.FTS.B,
29.49%,
11/21/24
..
9
9
991123851.UG.FTS.B,
29.49%,
11/21/24
.
152
155
991124929.UG.FTS.B,
29.49%,
11/21/24
.
15
15
991125417.UG.FTS.B,
29.49%,
11/21/24
.
41
42
991130355.UG.FTS.B,
29.49%,
11/21/24
.
205
208
991131801.UG.FTS.B,
29.49%,
11/21/24
.
35
36
991132792.UG.FTS.B,
29.49%,
11/21/24
.
56
58
991133817.UG.FTS.B,
29.49%,
11/21/24
.
94
95
991137083.UG.FTS.B,
29.49%,
11/21/24
.
243
16
991138608.UG.FTS.B,
29.49%,
11/21/24
.
6
6
991139966.UG.FTS.B,
29.49%,
11/21/24
.
28
28
991155328.UG.FTS.B,
29.49%,
11/21/24
.
78
80
991157022.UG.FTS.B,
29.49%,
11/21/24
.
271
276
991157333.UG.FTS.B,
29.49%,
11/21/24
.
21
21
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)
991179856.UG.FTS.B,
29.49%,
11/21/24
.
$
102
$
103
991187695.UG.FTS.B,
29.49%,
11/21/24
.
52
53
991191726.UG.FTS.B,
29.49%,
11/21/24
.
22
22
991197725.UG.FTS.B,
29.49%,
11/21/24
.
699
722
991243146.UG.FTS.B,
29.49%,
11/21/24
.
525
536
991248040.UG.FTS.B,
29.49%,
11/21/24
.
106
108
991257574.UG.FTS.B,
29.49%,
11/21/24
.
3
3
991259033.UG.FTS.B,
29.49%,
11/21/24
.
112
114
991263744.UG.FTS.B,
29.49%,
11/21/24
.
130
132
991269668.UG.FTS.B,
29.49%,
11/21/24
.
78
80
991273052.UG.FTS.B,
29.49%,
11/21/24
.
34
34
991275188.UG.FTS.B,
29.49%,
11/21/24
.
133
136
991114211.UG.FTS.B,
18.97%,
11/22/24
..
139
140
991122742.UG.FTS.B,
18.97%,
11/22/24
.
58
58
991154003.UG.FTS.B,
18.97%,
11/22/24
.
323
326
991118023.UG.FTS.B,
19.21%,
11/22/24
..
31
31
991119286.UG.FTS.B,
19.21%,
11/22/24
..
165
166
991199042.UG.FTS.B,
19.21%,
11/22/24
.
214
216
991103401.UG.FTS.B,
19.99%,
11/22/24
.
163
166
991121665.UG.FTS.B,
19.99%,
11/22/24
.
40
41
991132324.UG.FTS.B,
19.99%,
11/22/24
.
28
28
991213596.UG.FTS.B,
20.46%,
11/22/24
.
970
981
991264755.UG.FTS.B,
20.46%,
11/22/24
.
51
51
991112744.UG.FTS.B,
21.46%,
11/22/24
..
583
588
991118422.UG.FTS.B,
21.46%,
11/22/24
..
619
628
991131049.UG.FTS.B,
21.46%,
11/22/24
.
69
70
991099821.UG.FTS.B,
21.98%,
11/22/24
.
68
68
991196292.UG.FTS.B,
22.97%,
11/22/24
.
67
68
991104265.UG.FTS.B,
27.99%,
11/22/24
.
1,293
1,328
991115779.UG.FTS.B,
27.99%,
11/22/24
..
506
513
991102922.UG.FTS.B,
28.98%,
11/22/24
.
186
191
991102964.UG.FTS.B,
28.98%,
11/22/24
.
56
57
991103009.UG.FTS.B,
28.98%,
11/22/24
.
94
96
991104196.UG.FTS.B,
28.98%,
11/22/24
.
96
98
991104504.UG.FTS.B,
28.98%,
11/22/24
.
153
10
991105023.UG.FTS.B,
28.98%,
11/22/24
.
1,219
1,248
991105794.UG.FTS.B,
28.98%,
11/22/24
.
522
534
991106035.UG.FTS.B,
28.98%,
11/22/24
.
55
56
991107556.UG.FTS.B,
28.98%,
11/22/24
.
279
279
991107575.UG.FTS.B,
28.98%,
11/22/24
.
53
53
991107921.UG.FTS.B,
28.98%,
11/22/24
.
424
429
991110155.UG.FTS.B,
28.98%,
11/22/24
..
22
22
991110618.UG.FTS.B,
28.98%,
11/22/24
..
22
22
991116602.UG.FTS.B,
28.98%,
11/22/24
..
153
156
991116973.UG.FTS.B,
28.98%,
11/22/24
..
116
118
991122119.UG.FTS.B,
28.98%,
11/22/24
..
32
33
991123827.UG.FTS.B,
28.98%,
11/22/24
.
284
289
991127224.UG.FTS.B,
28.98%,
11/22/24
.
268
275
991127588.UG.FTS.B,
28.98%,
11/22/24
.
37
38
991131367.UG.FTS.B,
28.98%,
11/22/24
.
154
157
991131812.UG.FTS.B,
28.98%,
11/22/24
.
66
67
991137246.UG.FTS.B,
28.98%,
11/22/24
.
215
218
991143933.UG.FTS.B,
28.98%,
11/22/24
.
138
142
991149451.UG.FTS.B,
28.98%,
11/22/24
.
269
275
991153364.UG.FTS.B,
28.98%,
11/22/24
.
145
147
991156074.UG.FTS.B,
28.98%,
11/22/24
.
28
28
991156523.UG.FTS.B,
28.98%,
11/22/24
.
35
36
991159179.UG.FTS.B,
28.98%,
11/22/24
.
146
150
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991161581.UG.FTS.B,
28.98%,
11/22/24
.
$
148
$
150
991163227.UG.FTS.B,
28.98%,
11/22/24
.
152
155
991163764.UG.FTS.B,
28.98%,
11/22/24
.
49
50
991169488.UG.FTS.B,
28.98%,
11/22/24
.
93
95
991173036.UG.FTS.B,
28.98%,
11/22/24
.
33
33
991173716.UG.FTS.B,
28.98%,
11/22/24
.
268
272
991177122.UG.FTS.B,
28.98%,
11/22/24
.
228
15
991180530.UG.FTS.B,
28.98%,
11/22/24
.
85
87
991184097.UG.FTS.B,
28.98%,
11/22/24
.
98
101
991184113.UG.FTS.B,
28.98%,
11/22/24
..
477
481
991195764.UG.FTS.B,
28.98%,
11/22/24
.
37
38
991197771.UG.FTS.B,
28.98%,
11/22/24
.
61
62
991204158.UG.FTS.B,
28.98%,
11/22/24
.
10
10
991219493.UG.FTS.B,
28.98%,
11/22/24
.
58
59
991223597.UG.FTS.B,
28.98%,
11/22/24
.
75
76
991224526.UG.FTS.B,
28.98%,
11/22/24
.
84
85
991228922.UG.FTS.B,
28.98%,
11/22/24
.
51
52
991234896.UG.FTS.B,
28.98%,
11/22/24
.
180
184
991255263.UG.FTS.B,
28.98%,
11/22/24
.
43
43
991299270.UG.FTS.B,
28.98%,
11/22/24
.
265
270
991304220.UG.FTS.B,
28.98%,
11/22/24
.
42
43
991304298.UG.FTS.B,
28.98%,
11/22/24
.
205
208
991307686.UG.FTS.B,
28.98%,
11/22/24
.
13
13
991311847.UG.FTS.B,
28.98%,
11/22/24
.
151
21
991100054.UG.FTS.B,
29.49%,
11/22/24
.
114
116
991100376.UG.FTS.B,
29.49%,
11/22/24
.
47
47
991100555.UG.FTS.B,
29.49%,
11/22/24
.
590
607
991101821.UG.FTS.B,
29.49%,
11/22/24
.
60
60
991102587.UG.FTS.B,
29.49%,
11/22/24
.
122
125
991102823.UG.FTS.B,
29.49%,
11/22/24
.
46
48
991103865.UG.FTS.B,
29.49%,
11/22/24
.
30
30
991104396.UG.FTS.B,
29.49%,
11/22/24
.
50
52
991105680.UG.FTS.B,
29.49%,
11/22/24
.
32
33
991107152.UG.FTS.B,
29.49%,
11/22/24
.
21
21
991107154.UG.FTS.B,
29.49%,
11/22/24
.
173
177
991107318.UG.FTS.B,
29.49%,
11/22/24
.
74
74
991107494.UG.FTS.B,
29.49%,
11/22/24
.
162
11
991108800.UG.FTS.B,
29.49%,
11/22/24
.
76
77
991109990.UG.FTS.B,
29.49%,
11/22/24
.
137
140
991112073.UG.FTS.B,
29.49%,
11/22/24
..
87
89
991112758.UG.FTS.B,
29.49%,
11/22/24
..
99
99
991113516.UG.FTS.B,
29.49%,
11/22/24
..
63
64
991115007.UG.FTS.B,
29.49%,
11/22/24
..
105
107
991116896.UG.FTS.B,
29.49%,
11/22/24
..
63
64
991119993.UG.FTS.B,
29.49%,
11/22/24
..
80
82
991124015.UG.FTS.B,
29.49%,
11/22/24
.
119
122
991124721.UG.FTS.B,
29.49%,
11/22/24
.
84
86
991132446.UG.FTS.B,
29.49%,
11/22/24
.
34
35
991138174.UG.FTS.B,
29.49%,
11/22/24
.
77
79
991141918.UG.FTS.B,
29.49%,
11/22/24
.
344
348
991144588.UG.FTS.B,
29.49%,
11/22/24
.
102
105
991149855.UG.FTS.B,
29.49%,
11/22/24
.
230
236
991150981.UG.FTS.B,
29.49%,
11/22/24
.
46
9
991153231.UG.FTS.B,
29.49%,
11/22/24
.
53
55
991155708.UG.FTS.B,
29.49%,
11/22/24
.
161
166
991168948.UG.FTS.B,
29.49%,
11/22/24
.
271
278
991173886.UG.FTS.B,
29.49%,
11/22/24
.
51
51
991175535.UG.FTS.B,
29.49%,
11/22/24
.
62
5
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)
991176814.UG.FTS.B,
29.49%,
11/22/24
.
$
568
$
85
991179561.UG.FTS.B,
29.49%,
11/22/24
.
47
–
991182736.UG.FTS.B,
29.49%,
11/22/24
.
47
48
991219101.UG.FTS.B,
29.49%,
11/22/24
.
37
38
991223979.UG.FTS.B,
29.49%,
11/22/24
.
23
23
991255887.UG.FTS.B,
29.49%,
11/22/24
.
54
55
991267717.UG.FTS.B,
29.49%,
11/22/24
.
266
271
991278795.UG.FTS.B,
29.49%,
11/22/24
.
49
50
991279836.UG.FTS.B,
29.49%,
11/22/24
.
56
57
991281331.UG.FTS.B,
29.49%,
11/22/24
.
156
11
991281845.UG.FTS.B,
29.49%,
11/22/24
.
28
28
991288087.UG.FTS.B,
29.49%,
11/22/24
.
39
40
991290240.UG.FTS.B,
29.49%,
11/22/24
.
66
67
991293465.UG.FTS.B,
29.49%,
11/22/24
.
102
105
991302610.UG.FTS.B,
29.49%,
11/22/24
.
180
184
991196638.UG.FTS.B,
14.98%,
11/23/24
.
232
233
991229244.UG.FTS.B,
18.97%,
11/23/24
.
238
240
991313399.UG.FTS.B,
19.21%,
11/23/24
.
83
85
991108230.UG.FTS.B,
19.99%,
11/23/24
.
16
16
991108654.UG.FTS.B,
19.99%,
11/23/24
.
43
44
991114531.UG.FTS.B,
19.99%,
11/23/24
..
94
96
991123941.UG.FTS.B,
19.99%,
11/23/24
.
579
597
991126181.UG.FTS.B,
19.99%,
11/23/24
.
253
18
991126600.UG.FTS.B,
19.99%,
11/23/24
.
580
593
991126654.UG.FTS.B,
19.99%,
11/23/24
.
86
88
991132671.UG.FTS.B,
19.99%,
11/23/24
.
50
51
991133827.UG.FTS.B,
19.99%,
11/23/24
.
79
80
991147270.UG.FTS.B,
19.99%,
11/23/24
.
20
20
991167674.UG.FTS.B,
19.99%,
11/23/24
.
113
114
991229310.UG.FTS.B,
19.99%,
11/23/24
.
83
85
991244136.UG.FTS.B,
19.99%,
11/23/24
.
152
153
991262811.UG.FTS.B,
19.99%,
11/23/24
.
37
38
991296137.UG.FTS.B,
19.99%,
11/23/24
.
68
70
991300760.UG.FTS.B,
19.99%,
11/23/24
.
70
72
991184027.UG.FTS.B,
20.97%,
11/23/24
.
74
75
991113758.UG.FTS.B,
21.46%,
11/23/24
..
42
43
991125579.UG.FTS.B,
21.46%,
11/23/24
.
224
227
991148866.UG.FTS.B,
21.46%,
11/23/24
.
1,246
1,265
991155217.UG.FTS.B,
21.46%,
11/23/24
.
109
110
991106966.UG.FTS.B,
21.98%,
11/23/24
.
261
264
991191830.UG.FTS.B,
22.95%,
11/23/24
.
126
128
991121850.UG.FTS.B,
26.94%,
11/23/24
.
80
80
991147765.UG.FTS.B,
27.95%,
11/23/24
.
57
58
991109616.UG.FTS.B,
27.99%,
11/23/24
.
222
228
991105483.UG.FTS.B,
28.98%,
11/23/24
.
202
204
991105842.UG.FTS.B,
28.98%,
11/23/24
.
96
97
991106233.UG.FTS.B,
28.98%,
11/23/24
.
34
35
991108227.UG.FTS.B,
28.98%,
11/23/24
.
110
111
991108887.UG.FTS.B,
28.98%,
11/23/24
.
44
45
991110526.UG.FTS.B,
28.98%,
11/23/24
..
72
73
991110800.UG.FTS.B,
28.98%,
11/23/24
..
185
191
991110924.UG.FTS.B,
28.98%,
11/23/24
..
49
50
991115378.UG.FTS.B,
28.98%,
11/23/24
..
47
47
991117626.UG.FTS.B,
28.98%,
11/23/24
..
881
899
991121613.UG.FTS.B,
28.98%,
11/23/24
.
78
79
991128711.UG.FTS.B,
28.98%,
11/23/24
..
4
–
991131479.UG.FTS.B,
28.98%,
11/23/24
.
199
203
991132894.UG.FTS.B,
28.98%,
11/23/24
.
47
47
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991139844.UG.FTS.B,
28.98%,
11/23/24
.
$
64
$
65
991147458.UG.FTS.B,
28.98%,
11/23/24
.
185
13
991148591.UG.FTS.B,
28.98%,
11/23/24
.
80
80
991158618.UG.FTS.B,
28.98%,
11/23/24
.
73
75
991169414.UG.FTS.B,
28.98%,
11/23/24
.
51
51
991170456.UG.FTS.B,
28.98%,
11/23/24
.
142
145
991178866.UG.FTS.B,
28.98%,
11/23/24
.
161
164
991181974.UG.FTS.B,
28.98%,
11/23/24
.
370
377
991187003.UG.FTS.B,
28.98%,
11/23/24
.
287
292
991187197.UG.FTS.B,
28.98%,
11/23/24
.
47
48
991216950.UG.FTS.B,
28.98%,
11/23/24
.
128
129
991221838.UG.FTS.B,
28.98%,
11/23/24
.
7
7
991225329.UG.FTS.B,
28.98%,
11/23/24
.
87
6
991234421.UG.FTS.B,
28.98%,
11/23/24
.
44
44
991238195.UG.FTS.B,
28.98%,
11/23/24
.
2
2
991239647.UG.FTS.B,
28.98%,
11/23/24
.
39
40
991239983.UG.FTS.B,
28.98%,
11/23/24
.
114
10
991240082.UG.FTS.B,
28.98%,
11/23/24
.
403
412
991245554.UG.FTS.B,
28.98%,
11/23/24
.
223
227
991263923.UG.FTS.B,
28.98%,
11/23/24
.
33
33
991264563.UG.FTS.B,
28.98%,
11/23/24
.
177
181
991268038.UG.FTS.B,
28.98%,
11/23/24
.
209
213
991271407.UG.FTS.B,
28.98%,
11/23/24
.
48
49
991282136.UG.FTS.B,
28.98%,
11/23/24
.
226
230
991299505.UG.FTS.B,
28.98%,
11/23/24
.
250
22
991105648.UG.FTS.B,
29.49%,
11/23/24
.
34
35
991105654.UG.FTS.B,
29.49%,
11/23/24
.
196
198
991106576.UG.FTS.B,
29.49%,
11/23/24
.
105
105
991106876.UG.FTS.B,
29.49%,
11/23/24
.
37
38
991109761.UG.FTS.B,
29.49%,
11/23/24
.
52
53
991110089.UG.FTS.B,
29.49%,
11/23/24
..
73
75
991111371.UG.FTS.B,
29.49%,
11/23/24
..
184
29
991112160.UG.FTS.B,
29.49%,
11/23/24
..
172
174
991112242.UG.FTS.B,
29.49%,
11/23/24
..
291
301
991113220.UG.FTS.B,
29.49%,
11/23/24
..
22
23
991113469.UG.FTS.B,
29.49%,
11/23/24
..
54
56
991116572.UG.FTS.B,
29.49%,
11/23/24
..
41
42
991117538.UG.FTS.B,
29.49%,
11/23/24
..
139
143
991124838.UG.FTS.B,
29.49%,
11/23/24
.
209
212
991125428.UG.FTS.B,
29.49%,
11/23/24
.
23
24
991133996.UG.FTS.B,
29.49%,
11/23/24
.
48
49
991136186.UG.FTS.B,
29.49%,
11/23/24
.
604
93
991141906.UG.FTS.B,
29.49%,
11/23/24
.
143
146
991145858.UG.FTS.B,
29.49%,
11/23/24
.
147
148
991146628.UG.FTS.B,
29.49%,
11/23/24
.
43
44
991151065.UG.FTS.B,
29.49%,
11/23/24
.
158
162
991155401.UG.FTS.B,
29.49%,
11/23/24
.
65
67
991165122.UG.FTS.B,
29.49%,
11/23/24
.
621
628
991171535.UG.FTS.B,
29.49%,
11/23/24
.
77
79
991175162.UG.FTS.B,
29.49%,
11/23/24
.
115
118
991180111.UG.FTS.B,
29.49%,
11/23/24
..
95
98
991183124.UG.FTS.B,
29.49%,
11/23/24
.
4
4
991208929.UG.FTS.B,
29.49%,
11/23/24
.
52
53
991211494.UG.FTS.B,
29.49%,
11/23/24
.
238
244
991230430.UG.FTS.B,
29.49%,
11/23/24
.
57
58
991244025.UG.FTS.B,
29.49%,
11/23/24
.
38
39
991256878.UG.FTS.B,
29.49%,
11/23/24
.
77
–
991267903.UG.FTS.B,
29.49%,
11/23/24
.
90
92
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)
991270894.UG.FTS.B,
29.49%,
11/23/24
.
$
33
$
34
991280169.UG.FTS.B,
29.49%,
11/23/24
.
113
115
991280901.UG.FTS.B,
29.49%,
11/23/24
.
198
199
991293772.UG.FTS.B,
29.49%,
11/23/24
.
304
21
991115361.UG.FTS.B,
19.21%,
11/24/24
..
196
198
991111330.UG.FTS.B,
19.8%,
11/24/24
...
261
264
991130672.UG.FTS.B,
19.99%,
11/24/24
.
39
6
991132353.UG.FTS.B,
19.99%,
11/24/24
.
640
98
991134660.UG.FTS.B,
19.99%,
11/24/24
.
9
9
991137740.UG.FTS.B,
19.99%,
11/24/24
.
69
5
991169645.UG.FTS.B,
19.99%,
11/24/24
.
145
148
991241069.UG.FTS.B,
19.99%,
11/24/24
.
302
25
991266535.UG.FTS.B,
19.99%,
11/24/24
.
143
146
991323110.UG.FTS.B,
19.99%,
11/24/24
.
206
212
991112640.UG.FTS.B,
21.46%,
11/24/24
..
136
138
991179536.UG.FTS.B,
21.46%,
11/24/24
.
37
37
991331734.UG.FTS.B,
21.46%,
11/24/24
.
504
510
991185001.UG.FTS.B,
21.98%,
11/24/24
.
148
149
991110984.UG.FTS.B,
28.98%,
11/24/24
..
102
103
991111495.UG.FTS.B,
28.98%,
11/24/24
..
125
8
991114456.UG.FTS.B,
28.98%,
11/24/24
..
21
22
991115106.UG.FTS.B,
28.98%,
11/24/24
..
36
37
991115731.UG.FTS.B,
28.98%,
11/24/24
..
190
194
991115771.UG.FTS.B,
28.98%,
11/24/24
..
19
19
991116765.UG.FTS.B,
28.98%,
11/24/24
..
53
54
991132332.UG.FTS.B,
28.98%,
11/24/24
.
699
711
991133108.UG.FTS.B,
28.98%,
11/24/24
.
55
57
991136873.UG.FTS.B,
28.98%,
11/24/24
.
26
27
991141492.UG.FTS.B,
28.98%,
11/24/24
.
247
253
991143702.UG.FTS.B,
28.98%,
11/24/24
.
59
60
991146475.UG.FTS.B,
28.98%,
11/24/24
.
175
12
991146950.UG.FTS.B,
28.98%,
11/24/24
.
103
105
991159323.UG.FTS.B,
28.98%,
11/24/24
.
110
113
991165417.UG.FTS.B,
28.98%,
11/24/24
.
178
182
991174153.UG.FTS.B,
28.98%,
11/24/24
.
26
–
991193965.UG.FTS.B,
28.98%,
11/24/24
.
50
51
991205194.UG.FTS.B,
28.98%,
11/24/24
.
181
186
991211967.UG.FTS.B,
28.98%,
11/24/24
.
360
363
991266274.UG.FTS.B,
28.98%,
11/24/24
.
53
54
991270229.UG.FTS.B,
28.98%,
11/24/24
.
51
52
991280149.UG.FTS.B,
28.98%,
11/24/24
.
168
171
991281993.UG.FTS.B,
28.98%,
11/24/24
.
82
82
991306063.UG.FTS.B,
28.98%,
11/24/24
.
107
109
991320497.UG.FTS.B,
28.98%,
11/24/24
.
53
54
991321225.UG.FTS.B,
28.98%,
11/24/24
.
133
136
991118786.UG.FTS.B,
29.46%,
11/24/24
..
527
543
991113830.UG.FTS.B,
29.49%,
11/24/24
..
573
39
991115666.UG.FTS.B,
29.49%,
11/24/24
..
172
174
991117158.UG.FTS.B,
29.49%,
11/24/24
..
138
139
991117180.UG.FTS.B,
29.49%,
11/24/24
..
40
40
991122231.UG.FTS.B,
29.49%,
11/24/24
.
14
14
991122863.UG.FTS.B,
29.49%,
11/24/24
.
295
298
991124601.UG.FTS.B,
29.49%,
11/24/24
.
59
60
991124779.UG.FTS.B,
29.49%,
11/24/24
.
155
158
991129314.UG.FTS.B,
29.49%,
11/24/24
.
73
12
991132841.UG.FTS.B,
29.49%,
11/24/24
.
88
90
991133954.UG.FTS.B,
29.49%,
11/24/24
.
95
98
991136294.UG.FTS.B,
29.49%,
11/24/24
.
83
84
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991136470.UG.FTS.B,
29.49%,
11/24/24
.
$
59
$
61
991139572.UG.FTS.B,
29.49%,
11/24/24
.
135
139
991140287.UG.FTS.B,
29.49%,
11/24/24
.
82
84
991141971.UG.FTS.B,
29.49%,
11/24/24
.
564
579
991142998.UG.FTS.B,
29.49%,
11/24/24
.
60
62
991143703.UG.FTS.B,
29.49%,
11/24/24
.
189
191
991156213.UG.FTS.B,
29.49%,
11/24/24
.
69
69
991163344.UG.FTS.B,
29.49%,
11/24/24
.
113
116
991164259.UG.FTS.B,
29.49%,
11/24/24
.
50
51
991168963.UG.FTS.B,
29.49%,
11/24/24
.
515
533
991170242.UG.FTS.B,
29.49%,
11/24/24
.
13
13
991176160.UG.FTS.B,
29.49%,
11/24/24
.
135
139
991181375.UG.FTS.B,
29.49%,
11/24/24
.
24
25
991186396.UG.FTS.B,
29.49%,
11/24/24
.
44
7
991187559.UG.FTS.B,
29.49%,
11/24/24
.
36
37
991204547.UG.FTS.B,
29.49%,
11/24/24
.
103
105
991210110.UG.FTS.B,
29.49%,
11/24/24
.
183
189
991214440.UG.FTS.B,
29.49%,
11/24/24
.
74
75
991222437.UG.FTS.B,
29.49%,
11/24/24
.
121
124
991235136.UG.FTS.B,
29.49%,
11/24/24
.
66
69
991236708.UG.FTS.B,
29.49%,
11/24/24
.
98
7
991268450.UG.FTS.B,
29.49%,
11/24/24
.
71
73
991270507.UG.FTS.B,
29.49%,
11/24/24
.
627
639
991279385.UG.FTS.B,
29.49%,
11/24/24
.
28
29
991281718.UG.FTS.B,
29.49%,
11/24/24
.
2
2
991282728.UG.FTS.B,
29.49%,
11/24/24
.
106
107
991323531.UG.FTS.B,
29.49%,
11/24/24
.
337
347
991114903.UG.FTS.B,
16.99%,
11/25/24
..
1,960
1,977
991143730.UG.FTS.B,
16.99%,
11/25/24
.
11
11
991117535.UG.FTS.B,
18.97%,
11/25/24
..
60
60
991306855.UG.FTS.B,
18.97%,
11/25/24
.
33
33
991313299.UG.FTS.B,
18.97%,
11/25/24
.
141
143
991116937.UG.FTS.B,
19.21%,
11/25/24
..
84
85
991172772.UG.FTS.B,
19.21%,
11/25/24
.
48
49
991135355.UG.FTS.B,
19.8%,
11/25/24
..
159
161
991270419.UG.FTS.B,
19.8%,
11/25/24
..
72
74
991122293.UG.FTS.B,
19.99%,
11/25/24
.
109
111
991131747.UG.FTS.B,
19.99%,
11/25/24
.
82
84
991140060.UG.FTS.B,
19.99%,
11/25/24
.
74
76
991163175.UG.FTS.B,
19.99%,
11/25/24
.
133
138
991215203.UG.FTS.B,
19.99%,
11/25/24
.
49
49
991224252.UG.FTS.B,
19.99%,
11/25/24
.
49
49
991236723.UG.FTS.B,
19.99%,
11/25/24
.
34
34
991267063.UG.FTS.B,
19.99%,
11/25/24
.
44
45
991119847.UG.FTS.B,
20.46%,
11/25/24
..
39
40
991182494.UG.FTS.B,
20.46%,
11/25/24
.
357
361
991264715.UG.FTS.B,
20.46%,
11/25/24
.
33
33
991121647.UG.FTS.B,
21.46%,
11/25/24
.
440
448
991142513.UG.FTS.B,
21.46%,
11/25/24
.
189
191
991164983.UG.FTS.B,
21.46%,
11/25/24
.
97
98
991286579.UG.FTS.B,
21.46%,
11/25/24
.
135
9
991255671.UG.FTS.B,
21.98%,
11/25/24
.
41
3
991261427.UG.FTS.B,
22.97%,
11/25/24
.
28
29
991175860.UG.FTS.B,
23.95%,
11/25/24
.
599
615
991277527.UG.FTS.B,
23.95%,
11/25/24
.
61
62
991189173.UG.FTS.B,
26.94%,
11/25/24
.
148
152
991127467.UG.FTS.B,
27.95%,
11/25/24
.
1,059
166
991136925.UG.FTS.B,
27.95%,
11/25/24
.
10
10
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)
991114837.UG.FTS.B,
28.98%,
11/25/24
..
$
355
$
367
991118441.UG.FTS.B,
28.98%,
11/25/24
..
54
56
991122683.UG.FTS.B,
28.98%,
11/25/24
.
164
169
991124327.UG.FTS.B,
28.98%,
11/25/24
.
165
13
991124698.UG.FTS.B,
28.98%,
11/25/24
.
318
328
991125540.UG.FTS.B,
28.98%,
11/25/24
.
58
60
991125717.UG.FTS.B,
28.98%,
11/25/24
.
130
10
991125944.UG.FTS.B,
28.98%,
11/25/24
.
38
40
991126266.UG.FTS.B,
28.98%,
11/25/24
.
94
94
991129030.UG.FTS.B,
28.98%,
11/25/24
.
169
174
991133589.UG.FTS.B,
28.98%,
11/25/24
.
37
38
991145121.UG.FTS.B,
28.98%,
11/25/24
.
75
5
991145424.UG.FTS.B,
28.98%,
11/25/24
.
174
178
991147130.UG.FTS.B,
28.98%,
11/25/24
.
76
6
991147206.UG.FTS.B,
28.98%,
11/25/24
.
91
94
991149439.UG.FTS.B,
28.98%,
11/25/24
.
223
226
991150565.UG.FTS.B,
28.98%,
11/25/24
.
6
6
991156387.UG.FTS.B,
28.98%,
11/25/24
.
261
265
991161711.UG.FTS.B,
28.98%,
11/25/24
..
189
196
991162242.UG.FTS.B,
28.98%,
11/25/24
.
112
114
991165048.UG.FTS.B,
28.98%,
11/25/24
.
25
25
991190392.UG.FTS.B,
28.98%,
11/25/24
.
104
106
991192050.UG.FTS.B,
28.98%,
11/25/24
.
97
100
991217697.UG.FTS.B,
28.98%,
11/25/24
.
260
269
991271427.UG.FTS.B,
28.98%,
11/25/24
.
68
70
991298998.UG.FTS.B,
28.98%,
11/25/24
.
133
137
991300522.UG.FTS.B,
28.98%,
11/25/24
.
155
160
991315551.UG.FTS.B,
28.98%,
11/25/24
.
77
78
991321544.UG.FTS.B,
28.98%,
11/25/24
.
290
298
991116837.UG.FTS.B,
29.49%,
11/25/24
..
185
189
991117085.UG.FTS.B,
29.49%,
11/25/24
..
277
282
991117532.UG.FTS.B,
29.49%,
11/25/24
..
89
93
991117679.UG.FTS.B,
29.49%,
11/25/24
..
110
114
991118346.UG.FTS.B,
29.49%,
11/25/24
..
852
870
991121686.UG.FTS.B,
29.49%,
11/25/24
.
202
206
991122800.UG.FTS.B,
29.49%,
11/25/24
.
507
522
991124925.UG.FTS.B,
29.49%,
11/25/24
.
94
98
991125210.UG.FTS.B,
29.49%,
11/25/24
.
10
11
991125662.UG.FTS.B,
29.49%,
11/25/24
.
133
138
991131758.UG.FTS.B,
29.49%,
11/25/24
.
61
63
991134480.UG.FTS.B,
29.49%,
11/25/24
.
81
84
991158315.UG.FTS.B,
29.49%,
11/25/24
.
80
83
991160063.UG.FTS.B,
29.49%,
11/25/24
.
143
147
991163261.UG.FTS.B,
29.49%,
11/25/24
.
136
141
991164308.UG.FTS.B,
29.49%,
11/25/24
.
48
49
991166873.UG.FTS.B,
29.49%,
11/25/24
.
39
41
991170031.UG.FTS.B,
29.49%,
11/25/24
.
81
83
991173770.UG.FTS.B,
29.49%,
11/25/24
.
35
35
991191585.UG.FTS.B,
29.49%,
11/25/24
.
68
70
991193559.UG.FTS.B,
29.49%,
11/25/24
.
135
135
991194512.UG.FTS.B,
29.49%,
11/25/24
.
68
70
991196856.UG.FTS.B,
29.49%,
11/25/24
.
175
183
991197724.UG.FTS.B,
29.49%,
11/25/24
.
88
92
991200416.UG.FTS.B,
29.49%,
11/25/24
.
97
102
991200661.UG.FTS.B,
29.49%,
11/25/24
.
299
313
991206631.UG.FTS.B,
29.49%,
11/25/24
.
38
39
991206760.UG.FTS.B,
29.49%,
11/25/24
.
33
34
991226122.UG.FTS.B,
29.49%,
11/25/24
.
66
69
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991230132.UG.FTS.B,
29.49%,
11/25/24
.
$
359
$
370
991233017.UG.FTS.B,
29.49%,
11/25/24
.
81
84
991244179.UG.FTS.B,
29.49%,
11/25/24
.
1
1
991252608.UG.FTS.B,
29.49%,
11/25/24
.
65
10
991263083.UG.FTS.B,
29.49%,
11/25/24
.
51
4
991283279.UG.FTS.B,
29.49%,
11/25/24
.
112
116
991288985.UG.FTS.B,
29.49%,
11/25/24
.
23
24
991321816.UG.FTS.B,
29.49%,
11/25/24
.
200
206
991321882.UG.FTS.B,
29.49%,
11/25/24
.
149
152
991238481.UG.FTS.B,
15%,
11/26/24
....
41
41
991151613.UG.FTS.B,
15.97%,
11/26/24
.
73
73
991124907.UG.FTS.B,
16.99%,
11/26/24
.
2
2
991207377.UG.FTS.B,
16.99%,
11/26/24
.
215
217
991221696.UG.FTS.B,
16.99%,
11/26/24
.
167
166
991132812.UG.FTS.B,
18.97%,
11/26/24
.
584
591
991123371.UG.FTS.B,
19.21%,
11/26/24
.
36
36
991170972.UG.FTS.B,
19.21%,
11/26/24
.
17
17
991190181.UG.FTS.B,
19.8%,
11/26/24
..
67
68
991232410.UG.FTS.B,
19.8%,
11/26/24
..
425
431
991270877.UG.FTS.B,
19.8%,
11/26/24
..
198
2
991146497.UG.FTS.B,
19.99%,
11/26/24
.
9
9
991135690.UG.FTS.B,
20.46%,
11/26/24
.
63
64
991165225.UG.FTS.B,
20.46%,
11/26/24
.
70
70
991197495.UG.FTS.B,
20.97%,
11/26/24
.
4
1
991254536.UG.FTS.B,
20.97%,
11/26/24
.
174
177
991147177.UG.FTS.B,
21.46%,
11/26/24
.
23
23
991147747.UG.FTS.B,
21.46%,
11/26/24
.
187
188
991202672.UG.FTS.B,
21.46%,
11/26/24
.
17
17
991205269.UG.FTS.B,
21.46%,
11/26/24
.
61
61
991217520.UG.FTS.B,
21.46%,
11/26/24
.
295
300
991134541.UG.FTS.B,
21.98%,
11/26/24
.
548
556
991183089.UG.FTS.B,
21.98%,
11/26/24
.
41
42
991199081.UG.FTS.B,
22.97%,
11/26/24
.
5
5
991314717.UG.FTS.B,
22.97%,
11/26/24
.
64
65
991172299.UG.FTS.B,
26.94%,
11/26/24
.
132
134
991147362.UG.FTS.B,
28.98%,
11/26/24
.
56
58
991179397.UG.FTS.B,
29.49%,
11/26/24
.
3
3
991194474.UG.FTS.B,
14.98%,
11/27/24
.
247
249
991197902.UG.FTS.B,
15.97%,
11/27/24
.
2,000
2,019
991269633.UG.FTS.B,
15.97%,
11/27/24
.
1,277
1,283
991213989.UG.FTS.B,
16.99%,
11/27/24
.
219
220
991346650.UG.FTS.B,
16.99%,
11/27/24
.
1,355
1,364
991135757.UG.FTS.B,
17.99%,
11/27/24
.
636
640
991164583.UG.FTS.B,
17.99%,
11/27/24
.
80
80
991165876.UG.FTS.B,
17.99%,
11/27/24
.
512
513
991167230.UG.FTS.B,
17.99%,
11/27/24
.
353
356
991229636.UG.FTS.B,
17.99%,
11/27/24
.
55
55
991302342.UG.FTS.B,
17.99%,
11/27/24
.
21
21
991187964.UG.FTS.B,
18.97%,
11/27/24
.
1
1
991330539.UG.FTS.B,
18.97%,
11/27/24
.
62
62
991133969.UG.FTS.B,
19.21%,
11/27/24
.
562
568
991140136.UG.FTS.B,
19.21%,
11/27/24
.
174
176
991154356.UG.FTS.B,
19.21%,
11/27/24
.
96
98
991227450.UG.FTS.B,
19.21%,
11/27/24
.
101
7
991221997.UG.FTS.B,
19.8%,
11/27/24
..
169
171
991223353.UG.FTS.B,
19.8%,
11/27/24
..
103
104
991133653.UG.FTS.B,
19.99%,
11/27/24
.
287
292
991137535.UG.FTS.B,
19.99%,
11/27/24
.
462
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
253
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991279516.UG.FTS.B,
20.46%,
11/27/24
.
$
202
$
204
991137442.UG.FTS.B,
21.46%,
11/27/24
.
165
167
991210617.UG.FTS.B,
21.98%,
11/27/24
.
23
1
991139768.UG.FTS.B,
22.97%,
11/27/24
.
816
828
991151923.UG.FTS.B,
22.97%,
11/27/24
.
157
160
991157209.UG.FTS.B,
22.97%,
11/27/24
.
191
193
991342840.UG.FTS.B,
23.95%,
11/27/24
.
138
140
991145320.UG.FTS.B,
25.94%,
11/27/24
.
74
75
991133623.UG.FTS.B,
28.98%,
11/27/24
.
172
174
991136113.UG.FTS.B,
28.98%,
11/27/24
..
248
249
991141680.UG.FTS.B,
28.98%,
11/27/24
.
373
377
991145237.UG.FTS.B,
28.98%,
11/27/24
.
71
72
991146536.UG.FTS.B,
28.98%,
11/27/24
.
518
527
991154494.UG.FTS.B,
28.98%,
11/27/24
.
73
75
991157851.UG.FTS.B,
28.98%,
11/27/24
.
89
91
991136166.UG.FTS.B,
29.49%,
11/27/24
.
263
268
991139221.UG.FTS.B,
29.49%,
11/27/24
.
527
538
991140086.UG.FTS.B,
29.49%,
11/27/24
.
163
168
991141537.UG.FTS.B,
29.49%,
11/27/24
.
166
169
991141591.UG.FTS.B,
29.49%,
11/27/24
.
1,588
1,635
991142241.UG.FTS.B,
29.49%,
11/27/24
.
30
30
991147761.UG.FTS.B,
29.49%,
11/27/24
.
46
47
991149782.UG.FTS.B,
29.49%,
11/27/24
.
139
142
991154506.UG.FTS.B,
29.49%,
11/27/24
.
21
22
991148717.UG.FTS.B,
14.98%,
11/28/24
.
30
30
991195096.UG.FTS.B,
15.97%,
11/28/24
.
62
63
991144663.UG.FTS.B,
16.99%,
11/28/24
.
103
104
991149169.UG.FTS.B,
16.99%,
11/28/24
.
233
236
991213840.UG.FTS.B,
16.99%,
11/28/24
.
60
14
991345796.UG.FTS.B,
16.99%,
11/28/24
.
346
348
991193408.UG.FTS.B,
17.99%,
11/28/24
.
125
9
991217642.UG.FTS.B,
17.99%,
11/28/24
.
119
120
991195592.UG.FTS.B,
18.97%,
11/28/24
.
85
13
991196672.UG.FTS.B,
18.97%,
11/28/24
.
381
384
991217180.UG.FTS.B,
18.97%,
11/28/24
.
249
250
991254497.UG.FTS.B,
18.97%,
11/28/24
.
124
125
991331498.UG.FTS.B,
18.97%,
11/28/24
.
231
232
991188168.UG.FTS.B,
19.21%,
11/28/24
.
83
84
991198356.UG.FTS.B,
19.21%,
11/28/24
.
219
1
991201541.UG.FTS.B,
19.21%,
11/28/24
.
722
730
991274860.UG.FTS.B,
19.21%,
11/28/24
.
114
115
991293437.UG.FTS.B,
19.21%,
11/28/24
.
77
78
991151832.UG.FTS.B,
19.8%,
11/28/24
..
89
90
991222744.UG.FTS.B,
19.8%,
11/28/24
..
59
60
991252549.UG.FTS.B,
19.8%,
11/28/24
..
333
337
991258450.UG.FTS.B,
19.8%,
11/28/24
..
93
93
991355941.UG.FTS.B,
19.8%,
11/28/24
..
373
376
991145907.UG.FTS.B,
19.99%,
11/28/24
.
222
226
991159150.UG.FTS.B,
19.99%,
11/28/24
.
29
30
991146514.UG.FTS.B,
20.97%,
11/28/24
.
43
9
991190759.UG.FTS.B,
20.97%,
11/28/24
.
110
112
991153356.UG.FTS.B,
21.97%,
11/28/24
.
98
100
991143292.UG.FTS.B,
21.98%,
11/28/24
.
133
133
991251155.UG.FTS.B,
21.98%,
11/28/24
.
299
302
991270842.UG.FTS.B,
22.97%,
11/28/24
.
70
71
991322514.UG.FTS.B,
22.97%,
11/28/24
.
530
536
991216089.UG.FTS.B,
26.94%,
11/28/24
.
82
82
991146472.UG.FTS.B,
27.99%,
11/28/24
.
270
277
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991142817.UG.FTS.B,
28.98%,
11/28/24
.
$
3
$
3
991142924.UG.FTS.B,
28.98%,
11/28/24
.
47
47
991151631.UG.FTS.B,
28.98%,
11/28/24
.
27
28
991158343.UG.FTS.B,
28.98%,
11/28/24
.
505
516
991158370.UG.FTS.B,
28.98%,
11/28/24
.
60
60
991163899.UG.FTS.B,
28.98%,
11/28/24
.
25
25
991204352.UG.FTS.B,
28.98%,
11/28/24
.
5
5
991220671.UG.FTS.B,
28.98%,
11/28/24
.
162
165
991143196.UG.FTS.B,
29.49%,
11/28/24
.
100
103
991143321.UG.FTS.B,
29.49%,
11/28/24
.
85
88
991144250.UG.FTS.B,
29.49%,
11/28/24
.
75
78
991146041.UG.FTS.B,
29.49%,
11/28/24
.
132
136
991146864.UG.FTS.B,
29.49%,
11/28/24
.
44
45
991146991.UG.FTS.B,
29.49%,
11/28/24
.
19
20
991151597.UG.FTS.B,
29.49%,
11/28/24
.
79
79
991152923.UG.FTS.B,
29.49%,
11/28/24
.
191
196
991154246.UG.FTS.B,
29.49%,
11/28/24
.
12
12
991159070.UG.FTS.B,
29.49%,
11/28/24
.
77
79
991179981.UG.FTS.B,
29.49%,
11/28/24
.
2
2
991182908.UG.FTS.B,
15.97%,
11/29/24
.
84
85
991201692.UG.FTS.B,
16.99%,
11/29/24
.
37
37
991217625.UG.FTS.B,
16.99%,
11/29/24
.
355
359
991154797.UG.FTS.B,
17.99%,
11/29/24
.
272
19
991246744.UG.FTS.B,
17.99%,
11/29/24
.
23
23
991217075.UG.FTS.B,
18.8%,
11/29/24
..
162
162
991196288.UG.FTS.B,
18.97%,
11/29/24
.
3
3
991258245.UG.FTS.B,
18.97%,
11/29/24
.
59
59
991159773.UG.FTS.B,
19.21%,
11/29/24
.
255
258
991177776.UG.FTS.B,
19.21%,
11/29/24
.
385
389
991190438.UG.FTS.B,
19.21%,
11/29/24
.
592
598
991289288.UG.FTS.B,
19.21%,
11/29/24
.
85
86
991217431.UG.FTS.B,
19.8%,
11/29/24
..
56
57
991266355.UG.FTS.B,
19.8%,
11/29/24
..
150
1
991155273.UG.FTS.B,
19.99%,
11/29/24
.
91
92
991161380.UG.FTS.B,
19.99%,
11/29/24
.
1,662
1,681
991179894.UG.FTS.B,
19.99%,
11/29/24
.
142
145
991185891.UG.FTS.B,
19.99%,
11/29/24
.
556
570
991178388.UG.FTS.B,
20.46%,
11/29/24
.
65
66
991150621.UG.FTS.B,
20.97%,
11/29/24
.
59
60
991163927.UG.FTS.B,
20.97%,
11/29/24
.
2
2
991199463.UG.FTS.B,
20.97%,
11/29/24
.
2
2
991276814.UG.FTS.B,
21.46%,
11/29/24
.
9
9
991211732.UG.FTS.B,
21.98%,
11/29/24
.
7
7
991230066.UG.FTS.B,
21.98%,
11/29/24
.
44
44
991151698.UG.FTS.B,
22.97%,
11/29/24
.
321
326
991149684.UG.FTS.B,
28.98%,
11/29/24
.
43
44
991149945.UG.FTS.B,
28.98%,
11/29/24
.
388
398
991151364.UG.FTS.B,
28.98%,
11/29/24
.
133
136
991151477.UG.FTS.B,
28.98%,
11/29/24
.
99
101
991152201.UG.FTS.B,
28.98%,
11/29/24
.
204
206
991157592.UG.FTS.B,
28.98%,
11/29/24
.
65
66
991157704.UG.FTS.B,
28.98%,
11/29/24
.
229
234
991157882.UG.FTS.B,
28.98%,
11/29/24
.
38
1
991158118.UG.FTS.B,
28.98%,
11/29/24
..
59
61
991162272.UG.FTS.B,
28.98%,
11/29/24
.
229
234
991165881.UG.FTS.B,
28.98%,
11/29/24
.
66
67
991202283.UG.FTS.B,
28.98%,
11/29/24
.
110
111
991203049.UG.FTS.B,
28.98%,
11/29/24
.
300
307
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)
991250633.UG.FTS.B,
28.98%,
11/29/24
.
$
7
$
7
991367704.UG.FTS.B,
28.98%,
11/29/24
.
158
161
991150696.UG.FTS.B,
29.49%,
11/29/24
.
28
28
991151085.UG.FTS.B,
29.49%,
11/29/24
.
250
40
991151981.UG.FTS.B,
29.49%,
11/29/24
.
67
68
991153994.UG.FTS.B,
29.49%,
11/29/24
.
298
306
991158334.UG.FTS.B,
29.49%,
11/29/24
.
194
199
991159782.UG.FTS.B,
29.49%,
11/29/24
.
45
46
991164378.UG.FTS.B,
29.49%,
11/29/24
.
101
103
991171550.UG.FTS.B,
29.49%,
11/29/24
.
231
235
991171572.UG.FTS.B,
29.49%,
11/29/24
.
27
27
991178434.UG.FTS.B,
29.49%,
11/29/24
.
22
23
991178591.UG.FTS.B,
29.49%,
11/29/24
.
66
66
991350865.UG.FTS.B,
29.49%,
11/29/24
.
12
12
991352691.UG.FTS.B,
29.49%,
11/29/24
.
41
42
991167597.UG.FTS.B,
19.21%,
11/30/24
.
55
56
991377384.UG.FTS.B,
19.21%,
11/30/24
.
67
69
991157062.UG.FTS.B,
19.99%,
11/30/24
.
325
333
991162077.UG.FTS.B,
19.99%,
11/30/24
.
146
150
991210693.UG.FTS.B,
19.99%,
11/30/24
.
140
144
991220098.UG.FTS.B,
19.99%,
11/30/24
.
36
36
991222899.UG.FTS.B,
19.99%,
11/30/24
.
25
25
991239767.UG.FTS.B,
19.99%,
11/30/24
.
109
111
991157471.UG.FTS.B,
20.97%,
11/30/24
.
265
268
991266991.UG.FTS.B,
20.97%,
11/30/24
.
380
382
991273272.UG.FTS.B,
20.97%,
11/30/24
.
311
311
991178246.UG.FTS.B,
21.46%,
11/30/24
.
1,097
1,101
991179425.UG.FTS.B,
26.94%,
11/30/24
.
301
305
991310873.UG.FTS.B,
27.99%,
11/30/24
.
61
62
991156770.UG.FTS.B,
28.98%,
11/30/24
.
81
83
991159902.UG.FTS.B,
28.98%,
11/30/24
.
100
103
991161240.UG.FTS.B,
28.98%,
11/30/24
.
381
385
991162342.UG.FTS.B,
28.98%,
11/30/24
.
247
253
991164810.UG.FTS.B,
28.98%,
11/30/24
.
21
21
991165694.UG.FTS.B,
28.98%,
11/30/24
.
242
248
991170960.UG.FTS.B,
28.98%,
11/30/24
.
56
56
991174311.UG.FTS.B,
28.98%,
11/30/24
..
86
88
991174605.UG.FTS.B,
28.98%,
11/30/24
.
393
404
991180572.UG.FTS.B,
28.98%,
11/30/24
.
106
108
991181728.UG.FTS.B,
28.98%,
11/30/24
.
98
100
991184808.UG.FTS.B,
28.98%,
11/30/24
.
101
104
991186519.UG.FTS.B,
28.98%,
11/30/24
.
75
76
991190495.UG.FTS.B,
28.98%,
11/30/24
.
149
151
991194174.UG.FTS.B,
28.98%,
11/30/24
.
93
95
991226444.UG.FTS.B,
28.98%,
11/30/24
.
43
43
991247306.UG.FTS.B,
28.98%,
11/30/24
.
1,357
1,387
991253813.UG.FTS.B,
28.98%,
11/30/24
.
20
20
991255130.UG.FTS.B,
28.98%,
11/30/24
.
158
162
991263077.UG.FTS.B,
28.98%,
11/30/24
.
143
147
991301389.UG.FTS.B,
28.98%,
11/30/24
.
127
129
991312114.UG.FTS.B,
28.98%,
11/30/24
.
159
162
991325045.UG.FTS.B,
28.98%,
11/30/24
.
42
43
991353871.UG.FTS.B,
28.98%,
11/30/24
.
36
37
991354445.UG.FTS.B,
28.98%,
11/30/24
.
30
30
991372018.UG.FTS.B,
28.98%,
11/30/24
.
87
89
991378438.UG.FTS.B,
28.98%,
11/30/24
.
72
74
991283230.UG.FTS.B,
29.48%,
11/30/24
.
78
79
991156148.UG.FTS.B,
29.49%,
11/30/24
.
340
23
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991156343.UG.FTS.B,
29.49%,
11/30/24
.
$
164
$
166
991156625.UG.FTS.B,
29.49%,
11/30/24
.
166
172
991158386.UG.FTS.B,
29.49%,
11/30/24
.
312
317
991159301.UG.FTS.B,
29.49%,
11/30/24
.
41
42
991161270.UG.FTS.B,
29.49%,
11/30/24
.
17
17
991169195.UG.FTS.B,
29.49%,
11/30/24
.
323
333
991170244.UG.FTS.B,
29.49%,
11/30/24
.
25
25
991182361.UG.FTS.B,
29.49%,
11/30/24
.
58
59
991183630.UG.FTS.B,
29.49%,
11/30/24
.
299
306
991184149.UG.FTS.B,
29.49%,
11/30/24
.
130
132
991185246.UG.FTS.B,
29.49%,
11/30/24
.
145
149
991186053.UG.FTS.B,
29.49%,
11/30/24
.
33
34
991192752.UG.FTS.B,
29.49%,
11/30/24
.
65
67
991193473.UG.FTS.B,
29.49%,
11/30/24
.
58
59
991194009.UG.FTS.B,
29.49%,
11/30/24
.
49
–
991195243.UG.FTS.B,
29.49%,
11/30/24
.
1,366
1,404
991201454.UG.FTS.B,
29.49%,
11/30/24
.
73
75
991205442.UG.FTS.B,
29.49%,
11/30/24
.
454
461
991206111.UG.FTS.B,
29.49%,
11/30/24
..
49
49
991215049.UG.FTS.B,
29.49%,
11/30/24
.
51
51
991219200.UG.FTS.B,
29.49%,
11/30/24
.
42
43
991220330.UG.FTS.B,
29.49%,
11/30/24
.
79
80
991237242.UG.FTS.B,
29.49%,
11/30/24
.
39
40
991262641.UG.FTS.B,
29.49%,
11/30/24
.
173
177
991273969.UG.FTS.B,
29.49%,
11/30/24
.
157
160
991295869.UG.FTS.B,
29.49%,
11/30/24
.
665
679
991302156.UG.FTS.B,
29.49%,
11/30/24
.
98
101
991319229.UG.FTS.B,
29.49%,
11/30/24
.
353
360
991321305.UG.FTS.B,
29.49%,
11/30/24
.
3
3
991354554.UG.FTS.B,
29.49%,
11/30/24
.
46
47
991360797.UG.FTS.B,
29.49%,
11/30/24
.
20
20
991368424.UG.FTS.B,
29.49%,
11/30/24
.
79
81
991194398.UG.FTS.B,
19.99%,
12/01/24
.
31
31
991239748.UG.FTS.B,
19.99%,
12/01/24
.
549
560
991262568.UG.FTS.B,
19.99%,
12/01/24
.
33
33
991324541.UG.FTS.B,
19.99%,
12/01/24
.
87
89
991334704.UG.FTS.B,
19.99%,
12/01/24
.
41
–
991359215.UG.FTS.B,
19.99%,
12/01/24
.
42
43
991231427.UG.FTS.B,
20.46%,
12/01/24
.
179
12
991225649.UG.FTS.B,
20.97%,
12/01/24
.
2,283
2,315
991167443.UG.FTS.B,
21.46%,
12/01/24
.
871
879
991167927.UG.FTS.B,
21.46%,
12/01/24
.
142
144
991165518.UG.FTS.B,
23.95%,
12/01/24
.
97
97
991164749.UG.FTS.B,
27.99%,
12/01/24
.
127
130
991162320.UG.FTS.B,
28.98%,
12/01/24
.
65
67
991165954.UG.FTS.B,
28.98%,
12/01/24
.
53
54
991170068.UG.FTS.B,
28.98%,
12/01/24
.
1,012
1,035
991174550.UG.FTS.B,
28.98%,
12/01/24
.
62
63
991176007.UG.FTS.B,
28.98%,
12/01/24
.
18
18
991181086.UG.FTS.B,
28.98%,
12/01/24
.
41
42
991182500.UG.FTS.B,
28.98%,
12/01/24
.
421
431
991189706.UG.FTS.B,
28.98%,
12/01/24
.
102
104
991190745.UG.FTS.B,
28.98%,
12/01/24
.
36
37
991196333.UG.FTS.B,
28.98%,
12/01/24
.
74
76
991200338.UG.FTS.B,
28.98%,
12/01/24
.
100
102
991203281.UG.FTS.B,
28.98%,
12/01/24
.
162
163
991213420.UG.FTS.B,
28.98%,
12/01/24
.
226
230
991226847.UG.FTS.B,
28.98%,
12/01/24
.
259
263
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)
991228529.UG.FTS.B,
28.98%,
12/01/24
.
$
142
$
145
991230587.UG.FTS.B,
28.98%,
12/01/24
.
88
90
991231739.UG.FTS.B,
28.98%,
12/01/24
.
98
100
991251429.UG.FTS.B,
28.98%,
12/01/24
.
103
106
991267046.UG.FTS.B,
28.98%,
12/01/24
.
76
5
991267527.UG.FTS.B,
28.98%,
12/01/24
.
265
271
991305273.UG.FTS.B,
28.98%,
12/01/24
.
96
99
991323706.UG.FTS.B,
28.98%,
12/01/24
.
249
255
991325531.UG.FTS.B,
28.98%,
12/01/24
.
342
349
991328743.UG.FTS.B,
28.98%,
12/01/24
.
397
405
991352854.UG.FTS.B,
28.98%,
12/01/24
.
12
13
991358666.UG.FTS.B,
28.98%,
12/01/24
.
265
271
991372098.UG.FTS.B,
28.98%,
12/01/24
.
12
12
991378052.UG.FTS.B,
28.98%,
12/01/24
.
41
42
991161940.UG.FTS.B,
29.46%,
12/01/24
.
170
174
991163350.UG.FTS.B,
29.49%,
12/01/24
.
92
94
991165411.UG.FTS.B,
29.49%,
12/01/24
.
111
115
991166278.UG.FTS.B,
29.49%,
12/01/24
.
34
35
991166742.UG.FTS.B,
29.49%,
12/01/24
.
57
58
991168466.UG.FTS.B,
29.49%,
12/01/24
.
134
136
991170942.UG.FTS.B,
29.49%,
12/01/24
.
117
118
991171218.UG.FTS.B,
29.49%,
12/01/24
.
487
500
991172237.UG.FTS.B,
29.49%,
12/01/24
.
9
9
991174137.UG.FTS.B,
29.49%,
12/01/24
.
125
127
991174516.UG.FTS.B,
29.49%,
12/01/24
.
178
184
991177853.UG.FTS.B,
29.49%,
12/01/24
.
478
–
991178641.UG.FTS.B,
29.49%,
12/01/24
.
23
23
991180960.UG.FTS.B,
29.49%,
12/01/24
.
129
133
991186231.UG.FTS.B,
29.49%,
12/01/24
.
71
74
991187762.UG.FTS.B,
29.49%,
12/01/24
.
33
33
991195836.UG.FTS.B,
29.49%,
12/01/24
.
25
25
991196169.UG.FTS.B,
29.49%,
12/01/24
.
67
68
991241447.UG.FTS.B,
29.49%,
12/01/24
.
80
82
991246447.UG.FTS.B,
29.49%,
12/01/24
.
167
171
991253430.UG.FTS.B,
29.49%,
12/01/24
.
31
31
991256494.UG.FTS.B,
29.49%,
12/01/24
.
305
311
991279786.UG.FTS.B,
29.49%,
12/01/24
.
12
12
991283740.UG.FTS.B,
29.49%,
12/01/24
.
35
36
991290418.UG.FTS.B,
29.49%,
12/01/24
.
90
93
991290834.UG.FTS.B,
29.49%,
12/01/24
.
33
33
991323578.UG.FTS.B,
29.49%,
12/01/24
.
134
137
991345338.UG.FTS.B,
29.49%,
12/01/24
.
8
8
991383117.UG.FTS.B,
29.49%,
12/01/24
.
134
140
991383396.UG.FTS.B,
29.49%,
12/01/24
.
53
55
991330023.UG.FTS.B,
28.98%,
12/02/24
.
60
62
991347910.UG.FTS.B,
28.98%,
12/02/24
.
81
83
991356309.UG.FTS.B,
28.98%,
12/02/24
.
38
39
991364192.UG.FTS.B,
28.98%,
12/02/24
.
59
62
991348609.UG.FTS.B,
29.49%,
12/02/24
.
30
31
991348696.UG.FTS.B,
29.49%,
12/02/24
.
42
43
991353863.UG.FTS.B,
29.49%,
12/02/24
.
42
7
991354003.UG.FTS.B,
29.49%,
12/02/24
.
39
40
991361643.UG.FTS.B,
29.49%,
12/02/24
.
12
12
991370712.UG.FTS.B,
29.49%,
12/02/24
.
55
57
991373345.UG.FTS.B,
29.49%,
12/02/24
.
54
5
991187412.UG.FTS.B,
19.99%,
12/05/24
.
147
149
991195736.UG.FTS.B,
27.99%,
12/05/24
.
76
77
991190483.UG.FTS.B,
29.49%,
12/05/24
.
45
46
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991200707.UG.FTS.B,
29.49%,
12/05/24
.
$
51
$
51
991249125.UG.FTS.B,
29.49%,
12/05/24
.
11
11
991301956.UG.FTS.B,
29.49%,
12/05/24
.
13
13
991357406.UG.FTS.B,
29.49%,
12/05/24
.
5
–
991191497.UG.FTS.B,
14.98%,
12/06/24
.
127
129
991214247.UG.FTS.B,
15.97%,
12/06/24
.
51
51
991191303.UG.FTS.B,
16.99%,
12/06/24
.
816
828
991419325.UG.FTS.B,
27.99%,
12/06/24
.
96
98
991201139.UG.FTS.B,
28.98%,
12/06/24
.
95
96
991202979.UG.FTS.B,
28.98%,
12/06/24
.
78
79
991317869.UG.FTS.B,
28.98%,
12/06/24
.
2
2
991378952.UG.FTS.B,
28.98%,
12/06/24
.
69
71
991201759.UG.FTS.B,
29.46%,
12/06/24
.
290
39
991190969.UG.FTS.B,
29.49%,
12/06/24
.
61
24
991223558.UG.FTS.B,
29.49%,
12/06/24
.
9
9
991204789.UG.FTS.B,
15.97%,
12/07/24
.
33
33
991199058.UG.FTS.B,
16.99%,
12/07/24
.
39
40
991205035.UG.FTS.B,
16.99%,
12/07/24
.
744
755
991202225.UG.FTS.B,
19.8%,
12/07/24
..
213
214
991202795.UG.FTS.B,
19.8%,
12/07/24
..
406
408
991313472.UG.FTS.B,
19.99%,
12/07/24
.
158
161
991203276.UG.FTS.B,
28.98%,
12/07/24
.
47
48
991218043.UG.FTS.B,
28.98%,
12/07/24
.
746
768
991221020.UG.FTS.B,
28.98%,
12/07/24
.
50
51
991433855.UG.FTS.B,
28.98%,
12/07/24
.
88
90
991204182.UG.FTS.B,
29.49%,
12/07/24
.
549
564
991206725.UG.FTS.B,
29.49%,
12/07/24
.
231
236
991233663.UG.FTS.B,
14.98%,
12/08/24
.
87
88
991345394.UG.FTS.B,
14.98%,
12/08/24
.
203
206
991238380.UG.FTS.B,
15.97%,
12/08/24
.
134
136
991340673.UG.FTS.B,
15.97%,
12/08/24
.
266
269
991205558.UG.FTS.B,
16.99%,
12/08/24
.
156
158
991206337.UG.FTS.B,
16.99%,
12/08/24
.
186
188
991206750.UG.FTS.B,
16.99%,
12/08/24
.
210
210
991206979.UG.FTS.B,
16.99%,
12/08/24
.
2,596
182
991218331.UG.FTS.B,
16.99%,
12/08/24
.
806
819
991287220.UG.FTS.B,
16.99%,
12/08/24
.
120
122
991212387.UG.FTS.B,
17.97%,
12/08/24
.
2,480
2,520
991360888.UG.FTS.B,
17.99%,
12/08/24
.
116
117
991362465.UG.FTS.B,
17.99%,
12/08/24
.
592
597
991386259.UG.FTS.B,
17.99%,
12/08/24
.
38
38
991213249.UG.FTS.B,
19.8%,
12/08/24
..
131
132
991273011.UG.FTS.B,
19.8%,
12/08/24
..
250
34
991029759.UG.FTS.B,
19.99%,
12/08/24
.
68
69
991207067.UG.FTS.B,
19.99%,
12/08/24
.
137
140
991210935.UG.FTS.B,
19.99%,
12/08/24
.
328
45
991214641.UG.FTS.B,
19.99%,
12/08/24
.
1,389
1,429
991275636.UG.FTS.B,
19.99%,
12/08/24
.
48
7
991297237.UG.FTS.B,
20.46%,
12/08/24
.
84
84
991358922.UG.FTS.B,
20.46%,
12/08/24
.
139
10
991223797.UG.FTS.B,
22.97%,
12/08/24
.
142
144
991214712.UG.FTS.B,
28.98%,
12/08/24
.
719
740
991217853.UG.FTS.B,
28.98%,
12/08/24
.
925
950
991220601.UG.FTS.B,
28.98%,
12/08/24
.
80
81
991260535.UG.FTS.B,
28.98%,
12/08/24
.
33
33
991265277.UG.FTS.B,
28.98%,
12/08/24
.
57
57
991278212.UG.FTS.B,
28.98%,
12/08/24
.
326
335
991317659.UG.FTS.B,
28.98%,
12/08/24
.
43
44
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)
991334924.UG.FTS.B,
28.98%,
12/08/24
.
$
465
$
477
991346915.UG.FTS.B,
28.98%,
12/08/24
.
53
54
991350123.UG.FTS.B,
28.98%,
12/08/24
.
94
96
991358361.UG.FTS.B,
28.98%,
12/08/24
.
64
66
991396086.UG.FTS.B,
28.98%,
12/08/24
.
50
51
991210459.UG.FTS.B,
29.48%,
12/08/24
.
491
491
991214958.UG.FTS.B,
29.48%,
12/08/24
.
421
433
991203718.UG.FTS.B,
29.49%,
12/08/24
.
193
199
991203729.UG.FTS.B,
29.49%,
12/08/24
.
119
123
991207112.UG.FTS.B,
29.49%,
12/08/24
.
79
–
991210195.UG.FTS.B,
29.49%,
12/08/24
.
721
743
991213079.UG.FTS.B,
29.49%,
12/08/24
.
510
528
991244332.UG.FTS.B,
29.49%,
12/08/24
.
42
39
991248866.UG.FTS.B,
29.49%,
12/08/24
.
265
79
991252807.UG.FTS.B,
29.49%,
12/08/24
.
166
170
991259595.UG.FTS.B,
29.49%,
12/08/24
.
112
112
991264409.UG.FTS.B,
29.49%,
12/08/24
.
213
215
991287259.UG.FTS.B,
29.49%,
12/08/24
.
4
4
991317879.UG.FTS.B,
29.49%,
12/08/24
.
149
154
991318654.UG.FTS.B,
29.49%,
12/08/24
.
24
24
991342288.UG.FTS.B,
29.49%,
12/08/24
.
45
41
991349015.UG.FTS.B,
29.49%,
12/08/24
.
332
341
991377012.UG.FTS.B,
29.49%,
12/08/24
.
662
221
991391597.UG.FTS.B,
29.49%,
12/08/24
.
151
155
991433950.UG.FTS.B,
29.49%,
12/08/24
.
38
39
991311660.UG.FTS.B,
14.98%,
12/09/24
.
833
838
991329494.UG.FTS.B,
15.97%,
12/09/24
.
99
99
991355729.UG.FTS.B,
16.99%,
12/09/24
.
77
78
991384624.UG.FTS.B,
16.99%,
12/09/24
.
8
8
991338916.UG.FTS.B,
18.97%,
12/09/24
.
205
206
991405926.UG.FTS.B,
18.97%,
12/09/24
.
39
39
991333702.UG.FTS.B,
19.8%,
12/09/24
..
776
775
991341287.UG.FTS.B,
20.46%,
12/09/24
.
417
421
991355570.UG.FTS.B,
20.46%,
12/09/24
.
102
103
991370075.UG.FTS.B,
20.97%,
12/09/24
.
93
31
991329266.UG.FTS.B,
23.95%,
12/09/24
.
552
556
991173041.UG.FTS.B,
28.98%,
12/09/24
.
60
4
991311758.UG.FTS.B,
28.98%,
12/09/24
.
36
36
991319463.UG.FTS.B,
28.98%,
12/09/24
.
82
83
991327625.UG.FTS.B,
28.98%,
12/09/24
.
48
49
991336814.UG.FTS.B,
28.98%,
12/09/24
.
314
314
991425673.UG.FTS.B,
28.98%,
12/09/24
.
128
129
991300935.UG.FTS.B,
29.49%,
12/09/24
.
3
3
991308780.UG.FTS.B,
29.49%,
12/09/24
.
42
43
991322433.UG.FTS.B,
29.49%,
12/09/24
.
150
154
991367240.UG.FTS.B,
29.49%,
12/09/24
.
178
181
991407585.UG.FTS.B,
29.49%,
12/09/24
.
117
118
991366767.UG.FTS.B,
14.98%,
12/10/24
.
125
125
991416701.UG.FTS.B,
14.98%,
12/10/24
.
1,574
1,580
991354349.UG.FTS.B,
15.99%,
12/10/24
.
22
22
991441221.UG.FTS.B,
16.99%,
12/10/24
.
174
174
991402286.UG.FTS.B,
17.99%,
12/10/24
.
570
573
991338806.UG.FTS.B,
19.21%,
12/10/24
.
986
393
991361774.UG.FTS.B,
19.8%,
12/10/24
..
1
1
991323566.UG.FTS.B,
19.99%,
12/10/24
.
1,070
1,090
991391063.UG.FTS.B,
19.99%,
12/10/24
.
74
74
991334473.UG.FTS.B,
21.46%,
12/10/24
.
65
65
991302262.UG.FTS.B,
28.98%,
12/10/24
.
228
76
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991318295.UG.FTS.B,
28.98%,
12/10/24
.
$
88
$
90
991333962.UG.FTS.B,
28.98%,
12/10/24
.
44
45
991360120.UG.FTS.B,
28.98%,
12/10/24
.
286
290
991331833.UG.FTS.B,
29.49%,
12/10/24
.
369
376
991397722.UG.FTS.B,
29.49%,
12/10/24
.
54
55
991398718.UG.FTS.B,
29.49%,
12/10/24
.
608
621
991407945.UG.FTS.B,
29.49%,
12/10/24
.
304
309
991275626.UG.FTS.B,
14.98%,
12/11/24
.
18
18
991383476.UG.FTS.B,
16.99%,
12/11/24
.
1,647
1,649
991421136.UG.FTS.B,
17.99%,
12/11/24
.
53
–
991322847.UG.FTS.B,
18.97%,
12/11/24
.
203
202
991309704.UG.FTS.B,
19.21%,
12/11/24
.
225
226
991313630.UG.FTS.B,
19.21%,
12/11/24
.
68
68
991359085.UG.FTS.B,
19.21%,
12/11/24
.
268
271
991299880.UG.FTS.B,
19.8%,
12/11/24
..
110
111
991302424.UG.FTS.B,
22.97%,
12/11/24
.
78
79
991331015.UG.FTS.B,
22.97%,
12/11/24
.
70
70
991314763.UG.FTS.B,
26.94%,
12/11/24
.
227
32
991308149.UG.FTS.B,
28.98%,
12/11/24
.
27
27
991400497.UG.FTS.B,
28.98%,
12/11/24
.
151
153
991425034.UG.FTS.B,
28.98%,
12/11/24
.
373
377
991339855.UG.FTS.B,
15.97%,
12/12/24
.
158
159
991447662.UG.FTS.B,
15.97%,
12/12/24
.
317
318
991334534.UG.FTS.B,
16.99%,
12/12/24
.
76
77
991326016.UG.FTS.B,
17.97%,
12/12/24
.
560
564
991302143.UG.FTS.B,
17.99%,
12/12/24
.
147
147
991341778.UG.FTS.B,
17.99%,
12/12/24
.
244
246
991318950.UG.FTS.B,
19.99%,
12/12/24
.
105
107
991314252.UG.FTS.B,
20.46%,
12/12/24
.
270
272
991447468.UG.FTS.B,
23.95%,
12/12/24
.
429
433
991299959.UG.FTS.B,
28.98%,
12/12/24
.
47
48
991397130.UG.FTS.B,
28.98%,
12/12/24
.
526
533
991300821.UG.FTS.B,
29.49%,
12/12/24
.
159
162
991304189.UG.FTS.B,
29.49%,
12/12/24
.
23
23
991312106.UG.FTS.B,
29.49%,
12/12/24
.
8
8
991387894.UG.FTS.B,
29.49%,
12/12/24
.
258
263
991398771.UG.FTS.B,
29.49%,
12/12/24
.
54
54
991405158.UG.FTS.B,
29.49%,
12/12/24
.
5
5
991424612.UG.FTS.B,
29.49%,
12/12/24
.
60
61
991431493.UG.FTS.B,
29.49%,
12/12/24
.
671
678
991248124.UG.FTS.B,
14.98%,
12/13/24
.
53
54
991302421.UG.FTS.B,
14.98%,
12/13/24
.
995
1,011
991384387.UG.FTS.B,
15.97%,
12/13/24
.
281
281
991417112.UG.FTS.B,
15.97%,
12/13/24
.
2,385
2,401
991309513.UG.FTS.B,
16.99%,
12/13/24
.
344
345
991341019.UG.FTS.B,
17.99%,
12/13/24
.
179
179
991440734.UG.FTS.B,
18.97%,
12/13/24
.
75
76
991346666.UG.FTS.B,
19.21%,
12/13/24
.
82
82
991331713.UG.FTS.B,
19.99%,
12/13/24
.
54
54
991343301.UG.FTS.B,
19.99%,
12/13/24
.
257
261
991373941.UG.FTS.B,
20.46%,
12/13/24
.
142
143
991375502.UG.FTS.B,
20.46%,
12/13/24
.
55
55
991296644.UG.FTS.B,
20.97%,
12/13/24
.
345
352
991345917.UG.FTS.B,
21.46%,
12/13/24
.
470
34
991303612.UG.FTS.B,
28.98%,
12/13/24
.
117
119
991313210.UG.FTS.B,
28.98%,
12/13/24
.
113
112
991346962.UG.FTS.B,
28.98%,
12/13/24
.
61
62
991347766.UG.FTS.B,
28.98%,
12/13/24
.
40
41
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)
991364308.UG.FTS.B,
28.98%,
12/13/24
.
$
93
$
95
991367977.UG.FTS.B,
28.98%,
12/13/24
.
102
104
991388005.UG.FTS.B,
28.98%,
12/13/24
.
31
12
991391691.UG.FTS.B,
28.98%,
12/13/24
.
584
595
991411685.UG.FTS.B,
28.98%,
12/13/24
.
217
220
991310090.UG.FTS.B,
29.49%,
12/13/24
.
139
142
991312918.UG.FTS.B,
29.49%,
12/13/24
.
83
85
991334231.UG.FTS.B,
29.49%,
12/13/24
.
322
328
991334276.UG.FTS.B,
29.49%,
12/13/24
.
66
66
991455918.UG.FTS.B,
29.49%,
12/13/24
.
241
245
991249792.UG.FTS.B,
15.97%,
12/14/24
.
2,291
957
991258056.UG.FTS.B,
16.99%,
12/14/24
.
110
111
991248746.UG.FTS.B,
17.99%,
12/14/24
.
62
62
991267867.UG.FTS.B,
14.98%,
12/15/24
.
2,644
2,690
991305580.UG.FTS.B,
14.98%,
12/15/24
.
106
107
991375848.UG.FTS.B,
14.98%,
12/15/24
.
89
90
991274754.UG.FTS.B,
15.97%,
12/15/24
.
1,710
1,736
991289456.UG.FTS.B,
15.97%,
12/15/24
.
204
205
991481298.UG.FTS.B,
15.97%,
12/15/24
.
69
69
991484132.UG.FTS.B,
15.97%,
12/15/24
.
899
903
991255967.UG.FTS.B,
16.99%,
12/15/24
.
50
50
991265175.UG.FTS.B,
16.99%,
12/15/24
.
183
184
991256520.UG.FTS.B,
17.99%,
12/15/24
.
121
123
991290002.UG.FTS.B,
17.99%,
12/15/24
.
63
65
991341386.UG.FTS.B,
17.99%,
12/15/24
.
669
681
991425011.UG.FTS.B,
17.99%,
12/15/24
.
75
76
991447659.UG.FTS.B,
17.99%,
12/15/24
.
108
108
991286797.UG.FTS.B,
18.8%,
12/15/24
..
31
2
991405120.UG.FTS.B,
18.97%,
12/15/24
.
205
209
991313442.UG.FTS.B,
19.21%,
12/15/24
.
49
50
991484626.UG.FTS.B,
19.21%,
12/15/24
.
607
614
991409003.UG.FTS.B,
19.8%,
12/15/24
..
88
90
991341925.UG.FTS.B,
20.97%,
12/15/24
.
104
106
991415618.UG.FTS.B,
20.97%,
12/15/24
.
154
155
991256653.UG.FTS.B,
21.46%,
12/15/24
.
87
89
991296657.UG.FTS.B,
23.95%,
12/15/24
.
255
18
991478310.UG.FTS.B,
14.98%,
12/16/24
.
78
79
991375810.UG.FTS.B,
15%,
12/16/24
....
26
26
991391018.UG.FTS.B,
15%,
12/16/24
....
263
265
991263041.UG.FTS.B,
15.97%,
12/16/24
.
90
90
991260873.UG.FTS.B,
16.99%,
12/16/24
.
346
349
991260935.UG.FTS.B,
16.99%,
12/16/24
.
185
187
991263408.UG.FTS.B,
16.99%,
12/16/24
.
182
183
991298844.UG.FTS.B,
16.99%,
12/16/24
.
281
281
991331384.UG.FTS.B,
16.99%,
12/16/24
.
269
271
991263277.UG.FTS.B,
17.99%,
12/16/24
.
246
245
991282278.UG.FTS.B,
17.99%,
12/16/24
.
61
61
991291197.UG.FTS.B,
17.99%,
12/16/24
.
660
663
991288835.UG.FTS.B,
18.97%,
12/16/24
.
298
21
991339363.UG.FTS.B,
21.46%,
12/16/24
.
13
13
991324832.UG.FTS.B,
21.98%,
12/16/24
.
77
78
991513641.UG.FTS.B,
23.95%,
12/16/24
.
118
40
991270332.UG.FTS.B,
14.98%,
12/17/24
.
126
128
991398838.UG.FTS.B,
14.98%,
12/17/24
.
788
795
991309883.UG.FTS.B,
15%,
12/17/24
....
87
88
991473570.UG.FTS.B,
15%,
12/17/24
....
54
54
991333878.UG.FTS.B,
15.97%,
12/17/24
.
154
153
991515245.UG.FTS.B,
15.97%,
12/17/24
.
3
3
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991517884.UG.FTS.B,
15.97%,
12/17/24
.
$
1
$
1
991289176.UG.FTS.B,
16.99%,
12/17/24
.
1,164
1,170
991303485.UG.FTS.B,
16.99%,
12/17/24
.
64
64
991304516.UG.FTS.B,
16.99%,
12/17/24
.
600
80
991313589.UG.FTS.B,
16.99%,
12/17/24
.
513
514
991415822.UG.FTS.B,
16.99%,
12/17/24
.
420
56
991427457.UG.FTS.B,
16.99%,
12/17/24
.
23
23
991438848.UG.FTS.B,
16.99%,
12/17/24
.
1,297
1,302
991289039.UG.FTS.B,
17.99%,
12/17/24
.
193
195
991301102.UG.FTS.B,
17.99%,
12/17/24
.
53
54
991472819.UG.FTS.B,
17.99%,
12/17/24
.
228
227
991451584.UG.FTS.B,
18.97%,
12/17/24
.
285
287
991319714.UG.FTS.B,
19.21%,
12/17/24
.
23
23
991368537.UG.FTS.B,
19.21%,
12/17/24
.
43
43
991390886.UG.FTS.B,
19.21%,
12/17/24
.
124
125
991425383.UG.FTS.B,
19.21%,
12/17/24
.
74
75
991370788.UG.FTS.B,
19.8%,
12/17/24
..
354
355
991382959.UG.FTS.B,
19.8%,
12/17/24
..
14
14
991407951.UG.FTS.B,
19.8%,
12/17/24
..
280
282
991523409.UG.FTS.B,
19.8%,
12/17/24
..
4,549
4,572
991278450.UG.FTS.B,
20.46%,
12/17/24
.
69
70
991488102.UG.FTS.B,
20.46%,
12/17/24
.
164
164
991279256.UG.FTS.B,
20.97%,
12/17/24
.
66
9
991437221.UG.FTS.B,
21.46%,
12/17/24
.
364
122
991499186.UG.FTS.B,
21.98%,
12/17/24
.
106
107
991270128.UG.FTS.B,
28.98%,
12/17/24
.
42
43
991284992.UG.FTS.B,
15.99%,
12/18/24
.
254
255
991298134.UG.FTS.B,
15.99%,
12/18/24
.
153
154
991374578.UG.FTS.B,
16.99%,
12/18/24
.
55
56
991322304.UG.FTS.B,
17.99%,
12/18/24
.
164
22
991329588.UG.FTS.B,
17.99%,
12/18/24
.
474
477
991343423.UG.FTS.B,
17.99%,
12/18/24
.
460
464
991478169.UG.FTS.B,
17.99%,
12/18/24
.
1,756
1,765
991517094.UG.FTS.B,
17.99%,
12/18/24
.
45
46
991290938.UG.FTS.B,
19.21%,
12/18/24
.
759
763
991340064.UG.FTS.B,
19.21%,
12/18/24
.
92
93
991362195.UG.FTS.B,
19.21%,
12/18/24
.
115
8
991355888.UG.FTS.B,
20.46%,
12/18/24
.
1,300
1,311
991279501.UG.FTS.B,
20.97%,
12/18/24
.
160
161
991283292.UG.FTS.B,
21.46%,
12/18/24
.
179
178
991286343.UG.FTS.B,
21.46%,
12/18/24
.
596
602
991300398.UG.FTS.B,
23.95%,
12/18/24
.
281
19
991316123.UG.FTS.B,
23.95%,
12/18/24
.
181
183
991287107.UG.FTS.B,
14.98%,
12/19/24
.
68
68
991339453.UG.FTS.B,
15.97%,
12/19/24
.
57
57
991446289.UG.FTS.B,
15.97%,
12/19/24
.
79
79
991511356.UG.FTS.B,
15.97%,
12/19/24
.
241
242
991351714.UG.FTS.B,
16.99%,
12/19/24
.
543
47
991489325.UG.FTS.B,
16.99%,
12/19/24
.
74
75
991469894.UG.FTS.B,
17.99%,
12/19/24
.
116
117
991348742.UG.FTS.B,
18.97%,
12/19/24
.
34
34
991454147.UG.FTS.B,
20.46%,
12/19/24
.
46
47
991395795.UG.FTS.B,
20.97%,
12/19/24
.
359
358
991294927.UG.FTS.B,
21.98%,
12/19/24
.
148
149
991328367.UG.FTS.B,
14.98%,
12/20/24
.
84
84
991296195.UG.FTS.B,
15%,
12/20/24
....
216
218
991333020.UG.FTS.B,
15%,
12/20/24
....
475
479
991348628.UG.FTS.B,
15.97%,
12/20/24
.
386
53
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)
991365579.UG.FTS.B,
15.97%,
12/20/24
.
$
993
$
147
991375709.UG.FTS.B,
15.97%,
12/20/24
.
92
92
991457206.UG.FTS.B,
15.97%,
12/20/24
.
395
398
991504029.UG.FTS.B,
15.97%,
12/20/24
.
265
266
991303599.UG.FTS.B,
16.99%,
12/20/24
.
563
567
991310742.UG.FTS.B,
16.99%,
12/20/24
.
64
64
991350184.UG.FTS.B,
16.99%,
12/20/24
.
152
153
991371806.UG.FTS.B,
16.99%,
12/20/24
.
1,120
78
991423752.UG.FTS.B,
16.99%,
12/20/24
.
63
63
991440844.UG.FTS.B,
16.99%,
12/20/24
.
780
781
991458324.UG.FTS.B,
16.99%,
12/20/24
.
209
210
991521970.UG.FTS.B,
16.99%,
12/20/24
.
52
52
991304140.UG.FTS.B,
17.99%,
12/20/24
.
117
118
991346525.UG.FTS.B,
17.99%,
12/20/24
.
409
412
991349664.UG.FTS.B,
17.99%,
12/20/24
.
73
73
991512531.UG.FTS.B,
17.99%,
12/20/24
.
35
35
991381262.UG.FTS.B,
18.97%,
12/20/24
.
57
58
991422168.UG.FTS.B,
19.21%,
12/20/24
.
1,531
1,538
991425928.UG.FTS.B,
19.46%,
12/20/24
.
48
48
991305111.UG.FTS.B,
19.8%,
12/20/24
..
336
337
991309911.UG.FTS.B,
19.8%,
12/20/24
..
639
644
991415873.UG.FTS.B,
19.8%,
12/20/24
..
758
764
991438242.UG.FTS.B,
15.97%,
12/21/24
.
106
107
991495192.UG.FTS.B,
16.99%,
12/21/24
.
669
672
991505343.UG.FTS.B,
17.99%,
12/21/24
.
108
109
991152322.UG.FTS.B,
26.94%,
12/27/24
.
804
70
991216328.UG.FTS.B,
26.94%,
12/27/24
.
162
14
991182116.UG.FTS.B,
28.98%,
12/28/24
.
49
50
991039478.UG.FTS.B,
16.99%,
1/09/25
..
248
250
991031280.UG.FTS.B,
28.98%,
1/09/25
..
64
66
991063837.UG.FTS.B,
19.8%,
1/13/25
...
93
93
991130059.UG.FTS.B,
19.8%,
1/13/25
...
72
72
991104861.UG.FTS.B,
25.95%,
1/13/25
..
33
28
991253923.UG.FTS.B,
25.95%,
1/16/25
..
125
109
991070598.UG.FTS.B,
28.98%,
1/16/25
..
545
553
991145095.UG.FTS.B,
29.49%,
1/17/25
..
43
44
991254871.UG.FTS.B,
29.49%,
1/17/25
..
63
4
991198112.UG.FTS.B,
19.8%,
1/19/25
...
150
152
991166382.UG.FTS.B,
26.94%,
1/20/25
..
60
61
991149182.UG.FTS.B,
28.48%,
1/21/25
..
69
69
991182716.UG.FTS.B,
21.98%,
1/26/25
..
142
119
991236126.UG.FTS.B,
28.98%,
1/29/25
..
37
38
991364689.UG.FTS.B,
19.99%,
1/30/25
..
58
48
991015397.UG.FTS.B,
21.46%,
2/06/25
..
89
6
991174773.UG.FTS.B,
29.49%,
2/06/25
..
69
4
991036234.UG.FTS.B,
21.98%,
2/07/25
..
181
152
991032314.UG.FTS.B,
29.49%,
2/07/25
..
289
242
991338381.UG.FTS.B,
16.99%,
2/09/25
..
87
87
991184036.UG.FTS.B,
19.21%,
2/09/25
..
69
69
991345307.UG.FTS.B,
29.49%,
2/09/25
..
62
50
991229420.UG.FTS.B,
18.97%,
2/10/25
..
210
211
991037811.UG.FTS.B,
19.8%,
2/10/25
...
16
16
991231578.UG.FTS.B,
18.97%,
2/12/25
..
1,538
1,545
991247002.UG.FTS.B,
19.8%,
2/12/25
...
174
175
991232539.UG.FTS.B,
20.97%,
2/12/25
..
108
88
991052998.UG.FTS.B,
20.46%,
2/13/25
..
11
11
991239064.UG.FTS.B,
23.95%,
2/13/25
..
261
80
991263681.UG.FTS.B,
29.49%,
2/14/25
..
76
22
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991100419.UG.FTS.B,
19.8%,
2/15/25
...
$
53
$
43
991257818.UG.FTS.B,
28.98%,
2/15/25
..
126
129
991266466.UG.FTS.B,
18.97%,
2/17/25
..
267
221
991084445.UG.FTS.B,
28.98%,
2/17/25
..
102
92
991222930.UG.FTS.B,
28.98%,
2/17/25
..
129
105
991113882.UG.FTS.B,
29.49%,
2/17/25
..
178
185
991191696.UG.FTS.B,
29.49%,
2/17/25
..
174
141
991258723.UG.FTS.B,
29.49%,
2/17/25
..
72
61
991259944.UG.FTS.B,
29.49%,
2/17/25
..
48
39
991125422.UG.FTS.B,
28.98%,
2/18/25
..
553
446
991163497.UG.FTS.B,
28.98%,
2/18/25
..
330
22
991150600.UG.FTS.B,
29.49%,
2/18/25
..
713
50
991185927.UG.FTS.B,
29.49%,
2/18/25
..
51
42
991267091.UG.FTS.B,
21.98%,
2/19/25
..
1,534
120
991138300.UG.FTS.B,
28.98%,
2/19/25
..
24
22
991177091.UG.FTS.B,
28.98%,
2/19/25
..
490
502
991114374.UG.FTS.B,
29.49%,
2/19/25
..
177
181
991195967.UG.FTS.B,
29.49%,
2/19/25
..
120
100
991180574.UG.FTS.B,
26.94%,
2/20/25
..
183
186
991116156.UG.FTS.B,
29.49%,
2/20/25
..
67
68
991126095.UG.FTS.B,
19.46%,
2/21/25
..
68
57
991168372.UG.FTS.B,
19.8%,
2/21/25
...
973
798
991132382.UG.FTS.B,
19.99%,
2/21/25
..
75
6
991119625.UG.FTS.B,
21.46%,
2/21/25
..
303
306
991114478.UG.FTS.B,
28.98%,
2/21/25
..
140
143
991189874.UG.FTS.B,
28.98%,
2/21/25
..
1,003
86
991120312.UG.FTS.B,
29.49%,
2/21/25
..
918
939
991127127.UG.FTS.B,
29.49%,
2/21/25
..
146
10
991139033.UG.FTS.B,
29.49%,
2/21/25
..
543
557
991126948.UG.FTS.B,
28.98%,
2/22/25
..
700
713
991323210.UG.FTS.B,
28.98%,
2/22/25
..
364
377
991123245.UG.FTS.B,
26.94%,
2/23/25
..
415
61
991124999.UG.FTS.B,
28.98%,
2/23/25
..
246
202
991134858.UG.FTS.B,
28.98%,
2/23/25
..
949
782
991277503.UG.FTS.B,
19.8%,
2/24/25
...
187
188
991137424.UG.FTS.B,
19.8%,
2/25/25
...
612
612
991212968.UG.FTS.B,
19.8%,
2/26/25
...
461
467
991187935.UG.FTS.B,
20.97%,
2/27/25
..
35
29
991231794.UG.FTS.B,
20.97%,
2/27/25
..
857
689
991198258.UG.FTS.B,
21.46%,
2/27/25
..
298
302
991178511.UG.FTS.B,
22.97%,
2/27/25
..
137
9
991151079.UG.FTS.B,
29.49%,
2/27/25
..
69
71
991157887.UG.FTS.B,
29.49%,
2/27/25
..
62
64
991217237.UG.FTS.B,
28.98%,
2/28/25
..
51
42
991247481.UG.FTS.B,
29.49%,
2/28/25
..
304
246
991284608.UG.FTS.B,
21.98%,
3/04/25
..
216
199
991233872.UG.FTS.B,
17.99%,
3/05/25
..
81
67
991216498.UG.FTS.B,
19.99%,
3/05/25
..
3,142
910
991226863.UG.FTS.B,
28.98%,
3/05/25
..
133
138
991216602.UG.FTS.B,
29.48%,
3/05/25
..
437
373
991323235.UG.FTS.B,
18.97%,
3/07/25
..
222
223
991312810.UG.FTS.B,
29.49%,
3/07/25
..
82
75
991423603.UG.FTS.B,
29.49%,
3/07/25
..
68
56
991299810.UG.FTS.B,
29.49%,
3/08/25
..
83
6
991297454.UG.FTS.B,
28.98%,
3/09/25
..
45
46
991315274.UG.FTS.B,
28.98%,
3/09/25
..
420
–
991038962.UG.FTS.B,
29.49%,
3/09/25
..
36
37
991451736.UG.FTS.B,
19.8%,
3/10/25
...
603
613
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)
991097752.UG.FTS.B,
29.49%,
3/17/25
..
$
61
$
63
991256789.UG.FTS.B,
28.98%,
3/18/25
..
338
345
991164566.UG.FTS.B,
29.49%,
3/18/25
..
129
–
991169914.UG.FTS.B,
28.98%,
3/20/25
..
292
20
991253796.UG.FTS.B,
29.49%,
3/22/25
..
102
16
991170025.UG.FTS.B,
29.49%,
3/23/25
..
67
–
991297898.UG.FTS.B,
29.49%,
3/23/25
..
59
62
991198311.UG.FTS.B,
29.49%,
3/28/25
..
106
109
991282718.UG.FTS.B,
29.49%,
3/28/25
..
45
46
991229899.UG.FTS.B,
28.98%,
3/29/25
..
66
68
991342598.UG.FTS.B,
28.98%,
4/05/25
..
69
72
991356417.UG.FTS.B,
29.49%,
4/05/25
..
109
112
991147993.UG.FTS.B,
20.46%,
4/12/25
..
258
259
991089356.UG.FTS.B,
28.98%,
4/17/25
..
87
89
991152518.UG.FTS.B,
18.97%,
4/23/25
..
124
127
991176181.UG.FTS.B,
19.99%,
4/23/25
..
1,130
160
991179044.UG.FTS.B,
21.46%,
4/29/25
..
457
353
991072361.UG.FTS.B,
21.46%,
5/10/25
..
306
242
991226484.UG.FTS.B,
21.46%,
5/10/25
..
370
291
991515123.UG.FTS.B,
17.99%,
5/17/25
..
904
62
991204148.UG.FTS.B,
21.98%,
5/17/25
..
5
5
991104826.UG.FTS.B,
29.49%,
5/20/25
..
91
94
991137652.UG.FTS.B,
29.49%,
5/20/25
..
11
11
991217394.UG.FTS.B,
29.49%,
5/20/25
..
91
72
991168137.UG.FTS.B,
19.8%,
5/21/25
...
220
221
991171681.UG.FTS.B,
17.99%,
5/25/25
..
92
92
991223413.UG.FTS.B,
28.98%,
5/28/25
..
101
104
991182789.UG.FTS.B,
28.98%,
5/29/25
..
153
155
991014881.UG.FTS.B,
20.46%,
6/07/25
..
892
910
991031395.UG.FTS.B,
29.49%,
6/09/25
..
83
–
991031396.UG.FTS.B,
29.49%,
6/09/25
..
59
62
991060601.UG.FTS.B,
22.97%,
6/12/25
..
172
135
991329135.UG.FTS.B,
19.8%,
6/17/25
...
4,577
4,604
991191984.UG.FTS.B,
29.49%,
6/17/25
..
61
54
991260952.UG.FTS.B,
28.98%,
6/20/25
..
83
4
991148239.UG.FTS.B,
29.49%,
6/20/25
..
487
501
991112802.UG.FTS.B,
28.98%,
6/22/25
..
513
413
991285509.UG.FTS.B,
29.49%,
6/22/25
..
1,043
–
991169188.UG.FTS.B,
29.49%,
6/23/25
..
442
343
991180816.UG.FTS.B,
29.49%,
6/23/25
..
146
115
991311828.UG.FTS.B,
17.99%,
6/25/25
..
269
190
991217112.UG.FTS.B,
21.46%,
6/25/25
..
280
214
991242367.UG.FTS.B,
29.49%,
6/28/25
..
76
5
991213890.UG.FTS.B,
29.49%,
7/07/25
..
88
22
991025029.UG.FTS.B,
21.46%,
7/09/25
..
182
186
991052299.UG.FTS.B,
20.97%,
7/12/25
..
637
44
991259405.UG.FTS.B,
22.97%,
7/12/25
..
821
640
991293334.UG.FTS.B,
16.99%,
7/13/25
..
1,756
1,764
991078332.UG.FTS.B,
25.95%,
7/17/25
..
139
19
991184596.UG.FTS.B,
27.99%,
7/17/25
..
649
665
991146431.UG.FTS.B,
28.98%,
7/17/25
..
62
63
991169822.UG.FTS.B,
29.49%,
7/17/25
..
504
522
991119833.UG.FTS.B,
19.21%,
7/20/25
..
615
442
991131752.UG.FTS.B,
29.49%,
7/20/25
..
118
117
991125415.UG.FTS.B,
28.98%,
7/21/25
..
196
201
991119119.UG.FTS.B,
29.49%,
7/23/25
...
160
168
991149915.UG.FTS.B,
29.49%,
7/25/25
..
102
–
991300215.UG.FTS.B,
21.46%,
8/08/25
..
92
70
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991108267.UG.FTS.B,
29.49%,
8/08/25
..
$
173
$
41
991358540.UG.FTS.B,
14.98%,
8/15/25
..
385
290
991168160.UG.FTS.B,
21.46%,
8/16/25
..
179
181
991280082.UG.FTS.B,
29.49%,
8/19/25
..
57
58
991103252.UG.FTS.B,
29.46%,
8/20/25
..
238
241
991239388.UG.FTS.B,
29.49%,
8/21/25
..
90
93
991138789.UG.FTS.B,
21.46%,
8/22/25
..
147
109
991115956.UG.FTS.B,
28.98%,
8/22/25
..
1,171
918
991131037.UG.FTS.B,
21.46%,
9/08/25
..
302
233
991201385.UG.FTS.B,
28.98%,
9/09/25
..
182
135
991054142.UG.FTS.B,
19.8%,
9/11/25
...
68
50
991147839.UG.FTS.B,
22.97%,
9/11/25
..
501
374
991096721.UG.FTS.B,
19.21%,
9/16/25
..
193
14
991421184.UG.FTS.B,
29.49%,
10/06/25
.
185
134
991054408.UG.FTS.B,
28.98%,
10/08/25
.
494
516
991418802.UG.FTS.B,
29.49%,
10/10/25
.
96
22
991178650.UG.FTS.B,
28.98%,
10/19/25
.
404
20
991299072.UG.FTS.B,
29.49%,
10/23/25
.
197
147
991074295.UG.FTS.B,
29.49%,
11/09/25
.
170
130
991258611.UG.FTS.B,
21.98%,
11/14/25
.
1,914
1,904
991215163.UG.FTS.B,
19.8%,
11/15/25
..
656
653
991237888.UG.FTS.B,
28.98%,
11/15/25
.
538
548
991264341.UG.FTS.B,
29.49%,
11/16/25
.
337
18
991099491.UG.FTS.B,
29.49%,
11/17/25
.
225
232
991092476.UG.FTS.B,
21.46%,
11/19/25
.
240
17
991239091.UG.FTS.B,
29.49%,
11/20/25
.
663
679
991134257.UG.FTS.B,
29.49%,
11/21/25
.
2,431
2,503
991228566.UG.FTS.B,
29.49%,
11/23/25
.
148
157
991252958.UG.FTS.B,
18.97%,
11/24/25
.
294
292
991258407.UG.FTS.B,
29.49%,
11/28/25
.
197
28
991326057.UG.FTS.B,
29.49%,
11/28/25
.
105
106
991186676.UG.FTS.B,
29.49%,
11/29/25
.
544
560
991339390.UG.FTS.B,
29.49%,
12/05/25
.
482
356
991026129.UG.FTS.B,
29.49%,
12/06/25
.
179
182
991369350.UG.FTS.B,
21.46%,
12/07/25
.
86
63
991098718.UG.FTS.B,
23.95%,
12/09/25
.
505
26
991102904.UG.FTS.B,
29.49%,
12/09/25
.
104
7
991305854.UG.FTS.B,
29.49%,
12/09/25
.
207
153
991257232.UG.FTS.B,
28.98%,
12/28/25
.
213
219
991269532.UG.FTS.B,
29.46%,
1/05/26
..
134
140
991238529.UG.FTS.B,
19.8%,
1/16/26
...
1,558
1,549
991218283.UG.FTS.B,
14.98%,
1/27/26
..
3,728
2,491
991319523.UG.FTS.B,
15.97%,
2/10/26
..
93
63
991116103.UG.FTS.B,
29.49%,
2/23/26
..
122
130
991037607.UG.FTS.B,
28.98%,
3/08/26
..
104
74
991033157.UG.FTS.B,
22.97%,
3/09/26
..
973
973
991178342.UG.FTS.B,
28.98%,
3/28/26
..
343
244
991080210.UG.FTS.B,
28.98%,
4/08/26
..
290
211
991046765.UG.FTS.B,
15.97%,
4/10/26
..
130
86
991120791.UG.FTS.B,
15.97%,
4/10/26
..
1,433
948
991058306.UG.FTS.B,
20.46%,
4/11/26
..
505
332
991115841.UG.FTS.B,
29.49%,
4/21/26
..
977
694
991231725.UG.FTS.B,
29.49%,
5/18/26
..
290
291
991110203.UG.FTS.B,
29.49%,
5/19/26
..
195
25
991158407.UG.FTS.B,
29.49%,
5/28/26
..
124
89
991069043.UG.FTS.B,
26.49%,
6/09/26
..
258
18
991042430.UG.FTS.B,
17.99%,
6/10/26
..
2,464
1,738
991089727.UG.FTS.B,
17.99%,
6/10/26
..
5,812
3,712
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)
991225567.UG.FTS.B,
19.8%,
6/18/26
...
$
239
$
26
991161030.UG.FTS.B,
29.49%,
6/18/26
..
146
148
991299503.UG.FTS.B,
17.99%,
6/27/26
..
282
182
991162953.UG.FTS.B,
26.94%,
7/27/26
..
158
101
991127641.UG.FTS.B,
29.49%,
8/22/26
..
423
426
991015912.UG.FTS.B,
20.97%,
9/07/26
..
588
584
991142024.UG.FTS.B,
28.98%,
10/19/26
.
1,520
973
991020944.UG.FTS.B,
15.99%,
11/08/26
.
2,433
2,486
991197071.UG.FTS.B,
21.98%,
11/09/26
.
218
45
991074802.UG.FTS.B,
22.36%,
11/11/26
.
5,701
5,986
991215907.UG.FTS.B,
16.99%,
11/12/26
.
1,236
1,264
991164893.UG.FTS.B,
19.99%,
11/13/26
.
58
58
991087378.UG.FTS.B,
21.36%,
11/15/26
.
516
536
991223479.UG.FTS.B,
29.49%,
11/18/26
.
192
23
991240407.UG.FTS.B,
28.98%,
11/20/26
.
671
397
991120820.UG.FTS.B,
29.49%,
11/21/26
.
812
55
991120297.UG.FTS.B,
22.97%,
11/23/26
.
1,812
1,842
991322375.UG.FTS.B,
28.98%,
11/28/26
.
742
50
991383601.UG.FTS.B,
20.97%,
11/29/26
.
238
148
991262312.UG.FTS.B,
29.49%,
11/29/26
.
144
144
991356469.UG.FTS.B,
16.99%,
12/07/26
.
68
68
991226691.UG.FTS.B,
15.99%,
12/09/26
.
209
219
991249712.UG.FTS.B,
15.99%,
12/09/26
.
2,613
2,723
991265247.UG.FTS.B,
16.99%,
12/12/26
.
341
354
991359359.UG.FTS.B,
15.99%,
12/14/26
.
552
572
991467528.UG.FTS.B,
15.99%,
12/14/26
.
330
342
991258909.UG.FTS.B,
16.99%,
12/14/26
.
675
696
991469109.UG.FTS.B,
18.98%,
12/15/26
.
574
587
991326633.UG.FTS.B,
21.99%,
12/19/26
.
561
577
991389147.UG.FTS.B,
22.36%,
12/19/26
.
108
110
991143728.UG.FTS.B,
18.21%,
12/26/26
.
529
319
991418120.UG.FTS.B,
14.98%,
1/13/27
..
168
104
991115930.UG.FTS.B,
29.49%,
4/19/27
..
630
384
991266262.UG.FTS.B,
19.8%,
7/16/27
...
1,305
1,276
991363340.UG.FTS.B,
29.49%,
2/28/28
..
8
1
991188769.UG.FTS.B,
21.46%,
4/25/28
..
25
22
991080461.UG.FTS.B,
29.49%,
8/17/28
..
27
24
991233225.UG.FTS.B,
29.48%,
10/19/28
.
1
1
991034815.UG.FTS.B,
29.49%,
11/09/28
.
1
–
991113763.UG.FTS.B,
20.47%,
11/11/28
..
10
1
991063812.UG.FTS.B,
19.96%,
11/12/28
.
1
–
991089483.UG.FTS.B,
29.49%,
11/15/28
.
168
165
991102474.UG.FTS.B,
29.49%,
11/16/28
.
2,500
2,474
991081404.UG.FTS.B,
18.71%,
11/17/28
.
68
67
991218561.UG.FTS.B,
20.47%,
11/17/28
.
5
–
991110963.UG.FTS.B,
22.47%,
11/17/28
..
1
–
991317220.UG.FTS.B,
28.48%,
11/21/28
.
21
1
991123210.UG.FTS.B,
29.49%,
11/21/28
.
26
26
991228271.UG.FTS.B,
29.49%,
11/29/28
.
1
–
991211029.UG.FTS.B,
29.48%,
12/05/28
.
55
14
991448905.UG.FTS.B,
29.49%,
12/06/28
.
6
–
991309417.UG.FTS.B,
20.47%,
12/15/28
.
236
16
991072454.UG.FTS.B,
29.49%,
2/09/29
..
30
1
991108107.UG.FTS.B,
29.49%,
2/17/29
..
9
8
991269656.UG.FTS.B,
29.49%,
3/17/29
..
3
1
991158478.UG.FTS.B,
29.49%,
3/27/29
..
39
36
991323937.UG.FTS.B,
29.49%,
3/28/29
..
14
14
991130453.UG.FTS.B,
29.49%,
4/17/29
..
16
16
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991192873.UG.FTS.B,
29.49%,
4/18/29
..
$
10
$
1
991218514.UG.FTS.B,
29.49%,
4/28/29
..
21
1
991334897.UG.FTS.B,
29.49%,
5/07/29
..
5
5
991046688.UG.FTS.B,
18.71%,
5/11/29
..
77
5
991298521.UG.FTS.B,
15%,
5/13/29
.....
3
3
991133361.UG.FTS.B,
29.49%,
5/14/29
..
19
2
991113138.UG.FTS.B,
28.98%,
5/17/29
..
1
1
991206154.UG.FTS.B,
29.49%,
5/17/29
..
1
1
991150671.UG.FTS.B,
28.98%,
5/18/29
..
5
–
991101168.UG.FTS.B,
29.49%,
5/19/29
..
12
2
991162076.UG.FTS.B,
28.98%,
5/20/29
..
1
1
991274490.UG.FTS.B,
29.49%,
5/20/29
..
10
10
991305981.UG.FTS.B,
29.49%,
5/20/29
..
1
1
991238561.UG.FTS.B,
28.98%,
5/21/29
..
3
3
991308841.UG.FTS.B,
28.98%,
5/21/29
..
20
2
991283471.UG.FTS.B,
29.49%,
5/21/29
..
19
19
991160218.UG.FTS.B,
29.49%,
5/28/29
..
3
3
991219825.UG.FTS.B,
28.98%,
5/29/29
..
3
3
413,032
Upstart
Network,
Inc.
L1410764.UP.FTS.B,
15.3%,
7/09/24
....
307
307
FW1612116.UP.FTS.B,
6%,
8/23/24
.....
696
692
L1612016.UP.FTS.B,
8.95%,
8/23/24
....
366
365
FW1611989.UP.FTS.B,
12.35%,
8/23/24
..
486
469
L1611926.UP.FTS.B,
17.14%,
8/23/24
....
114
115
L1612903.UP.FTS.B,
17.72%,
8/23/24
....
695
699
L1612795.UP.FTS.B,
19.34%,
8/23/24
....
1,068
1,075
FW1611869.UP.FTS.B,
19.81%,
8/23/24
..
271
273
L1612495.UP.FTS.B,
22.7%,
8/23/24
....
741
53
L1612257.UP.FTS.B,
22.94%,
8/23/24
....
2,960
2,980
FW1606291.UP.FTS.B,
27.01%,
8/23/24
..
620
624
FW1604455.UP.FTS.B,
27.65%,
8/23/24
..
790
795
FW1613150.UP.FTS.B,
30.32%,
8/23/24
..
390
58
FW1611405.UP.FTS.B,
30.92%,
8/23/24
..
1,148
1,156
FW1612870.UP.FTS.B,
32.37%,
8/23/24
..
826
832
FW1618227.UP.FTS.B,
7.62%,
8/24/24
...
1,947
1,935
L1615041.UP.FTS.B,
7.72%,
8/24/24
....
737
732
L1613537.UP.FTS.B,
10.76%,
8/24/24
....
1,149
1,146
FW1616172.UP.FTS.B,
14.22%,
8/24/24
..
501
501
L1617307.UP.FTS.B,
16.47%,
8/24/24
....
191
192
FW1612144.UP.FTS.B,
17.97%,
8/24/24
..
411
414
L1616998.UP.FTS.B,
18.36%,
8/24/24
....
661
248
FW1616441.UP.FTS.B,
18.68%,
8/24/24
..
339
342
L1613531.UP.FTS.B,
19.04%,
8/24/24
....
424
427
L1616789.UP.FTS.B,
21.29%,
8/24/24
....
172
172
L1613701.UP.FTS.B,
22.48%,
8/24/24
....
1,324
1,333
L1614621.UP.FTS.B,
22.87%,
8/24/24
....
1,295
1,307
L1614292.UP.FTS.B,
22.91%,
8/24/24
....
148
149
FW1616265.UP.FTS.B,
25.8%,
8/24/24
...
920
927
FW1613406.UP.FTS.B,
26.85%,
8/24/24
..
1,599
1,612
FW1617697.UP.FTS.B,
29%,
8/24/24
....
442
446
FW1617880.UP.FTS.B,
29.1%,
8/24/24
...
317
319
L1620409.UP.FTS.B,
9.92%,
8/25/24
....
253
252
L1609249.UP.FTS.B,
10.93%,
8/25/24
....
640
640
L1618817.UP.FTS.B,
13.07%,
8/25/24
....
925
52
L1618890.UP.FTS.B,
13.2%,
8/25/24
....
983
45
L1619755.UP.FTS.B,
13.74%,
8/25/24
....
742
742
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)
Upstart
Network,
Inc.
(continued)
L1595806.UP.FTS.B,
16.33%,
8/25/24
....
$
465
$
468
FW1618611.UP.FTS.B,
19.46%,
8/25/24
..
584
588
L1620021.UP.FTS.B,
20.47%,
8/25/24
....
288
290
L1620934.UP.FTS.B,
22.56%,
8/25/24
....
559
563
L1618207.UP.FTS.B,
22.64%,
8/25/24
....
589
594
FW1618720.UP.FTS.B,
30.08%,
8/25/24
..
1,154
1,162
L1612835.UP.FTS.B,
11.9%,
8/26/24
.....
520
520
L1706751.UP.FTS.B,
6.12%,
9/13/24
....
1,452
1,443
L1707041.UP.FTS.B,
6.68%,
9/13/24
....
4,079
4,052
L1706804.UP.FTS.B,
14.15%,
9/13/24
....
1,991
1,993
L1706922.UP.FTS.B,
15.62%,
9/13/24
....
6,721
6,762
L1704236.UP.FTS.B,
15.99%,
9/13/24
....
1,486
1,495
L1702670.UP.FTS.B,
17.62%,
9/13/24
....
684
236
FW1704884.UP.FTS.B,
18%,
9/13/24
....
183
183
L1706370.UP.FTS.B,
22.24%,
9/13/24
....
543
546
FW1690887.UP.FTS.B,
23.14%,
9/13/24
..
745
748
L1705591.UP.FTS.B,
23.35%,
9/13/24
....
774
774
FW1704787.UP.FTS.B,
26.17%,
9/13/24
..
874
124
FW1706468.UP.FTS.B,
26.54%,
9/13/24
..
505
36
FW1706959.UP.FTS.B,
28.41%,
9/13/24
..
387
389
L1705350.UP.FTS.B,
7.7%,
9/26/24
.....
735
733
L1880417.UP.FTS.B,
5.63%,
10/19/24
....
252
250
L1877544.UP.FTS.B,
9.08%,
10/19/24
....
186
185
L1828554.UP.FTS.B,
9.21%,
10/19/24
....
279
279
L1880929.UP.FTS.B,
9.86%,
10/19/24
....
939
937
L1877810.UP.FTS.B,
10.5%,
10/19/24
....
417
416
FW1880015.UP.FTS.B,
10.71%,
10/19/24
.
3,240
3,238
FW1880412.UP.FTS.B,
11.4%,
10/19/24
..
1,912
1,911
FW1881446.UP.FTS.B,
11.54%,
10/19/24
.
192
191
L1879230.UP.FTS.B,
12.91%,
10/19/24
...
1,246
1,245
L1879927.UP.FTS.B,
13.42%,
10/19/24
...
1,076
1,083
L1881269.UP.FTS.B,
13.94%,
10/19/24
...
509
512
L1878015.UP.FTS.B,
14.68%,
10/19/24
...
198
200
FW1878235.UP.FTS.B,
16.59%,
10/19/24
.
203
205
L1876177.UP.FTS.B,
16.95%,
10/19/24
...
204
205
FW1880539.UP.FTS.B,
18.7%,
10/19/24
..
728
732
FW1877508.UP.FTS.B,
20.09%,
10/19/24
.
1,274
1,239
L1880362.UP.FTS.B,
23.34%,
10/19/24
...
209
211
FW1877656.UP.FTS.B,
23.66%,
10/19/24
.
318
318
FW1877532.UP.FTS.B,
24.41%,
10/19/24
.
659
665
FW1881583.UP.FTS.B,
25.39%,
10/19/24
.
1,115
1,122
FW1879233.UP.FTS.B,
26.7%,
10/19/24
..
226
228
FW1880823.UP.FTS.B,
27.61%,
10/19/24
.
801
806
FW1873483.UP.FTS.B,
27.95%,
10/19/24
.
321
323
FW1881404.UP.FTS.B,
28.73%,
10/19/24
.
1,399
98
FW1875773.UP.FTS.B,
28.85%,
10/19/24
.
1,497
1,509
FW1877220.UP.FTS.B,
29.16%,
10/19/24
.
373
375
L1877399.UP.FTS.B,
18.99%,
10/28/24
...
209
211
L1843265.UP.FTS.B,
9.92%,
11/01/24
....
2,629
2,622
L1876918.UP.FTS.B,
23.43%,
11/01/24
...
357
359
FW1991266.UP.FTS.B,
5.75%,
11/08/24
..
1,433
937
L1996492.UP.FTS.B,
5.82%,
11/08/24
....
521
517
L1994177.UP.FTS.B,
6.01%,
11/08/24
....
1,961
636
FW1997734.UP.FTS.B,
6.36%,
11/08/24
..
1,731
1,719
L1991938.UP.FTS.B,
7.13%,
11/08/24
....
1,965
1,950
L1997129.UP.FTS.B,
7.49%,
11/08/24
....
1,486
1,482
L1989289.UP.FTS.B,
9.6%,
11/08/24
.....
709
706
FW1988815.UP.FTS.B,
10.61%,
11/08/24
.
330
329
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1990488.UP.FTS.B,
10.69%,
11/08/24
...
$
3,089
$
3,082
L1990483.UP.FTS.B,
10.71%,
11/08/24
...
218
217
L1989128.UP.FTS.B,
11.31%,
11/08/24
...
554
553
L1997576.UP.FTS.B,
11.59%,
11/08/24
...
201
201
L1998240.UP.FTS.B,
14.07%,
11/08/24
...
4,110
4,136
FW1989018.UP.FTS.B,
14.66%,
11/08/24
.
2,068
2,081
FW1999553.UP.FTS.B,
14.97%,
11/08/24
.
233
233
L1990825.UP.FTS.B,
15.23%,
11/08/24
...
1,176
366
FW1991866.UP.FTS.B,
15.28%,
11/08/24
.
1,737
1,748
L1989094.UP.FTS.B,
15.37%,
11/08/24
...
278
280
L1992799.UP.FTS.B,
15.97%,
11/08/24
...
1,165
1,172
L1994442.UP.FTS.B,
16.18%,
11/08/24
...
467
470
L1969331.UP.FTS.B,
16.28%,
11/08/24
...
234
236
L1991018.UP.FTS.B,
17.05%,
11/08/24
...
590
593
L1987185.UP.FTS.B,
17.72%,
11/08/24
...
353
352
FW1991976.UP.FTS.B,
18.69%,
11/08/24
.
1,007
1,014
FW1998538.UP.FTS.B,
20.31%,
11/08/24
.
1,179
1,185
L1999186.UP.FTS.B,
20.9%,
11/08/24
....
852
857
L1993163.UP.FTS.B,
22.06%,
11/08/24
...
1,592
115
L1990534.UP.FTS.B,
22.07%,
11/08/24
...
2,513
2,520
FW1989573.UP.FTS.B,
22.36%,
11/08/24
.
374
376
L1994045.UP.FTS.B,
22.76%,
11/08/24
...
676
680
L1992601.UP.FTS.B,
23.37%,
11/08/24
...
240
240
L1995328.UP.FTS.B,
23.72%,
11/08/24
...
1,578
515
FW1998906.UP.FTS.B,
25.05%,
11/08/24
.
743
742
FW1990565.UP.FTS.B,
26.42%,
11/08/24
.
701
705
FW1999321.UP.FTS.B,
26.61%,
11/08/24
.
1,939
138
FW1990425.UP.FTS.B,
27.28%,
11/08/24
.
1,798
254
FW1997204.UP.FTS.B,
28.06%,
11/08/24
.
1,284
1,291
FW1999260.UP.FTS.B,
28.83%,
11/08/24
.
2,788
2,799
FW1989730.UP.FTS.B,
9.3%,
11/10/24
...
3,234
3,225
FW1984213.UP.FTS.B,
18.47%,
11/15/24
.
1,280
93
L1990206.UP.FTS.B,
19.65%,
11/15/24
...
809
811
L2074995.UP.FTS.B,
6.25%,
11/18/24
....
1,093
1,046
L2075196.UP.FTS.B,
6.5%,
11/18/24
.....
315
313
L2071075.UP.FTS.B,
6.65%,
11/18/24
....
1,754
1,742
L2067255.UP.FTS.B,
7.27%,
11/18/24
....
2,755
2,748
L2074717.UP.FTS.B,
9.11%,
11/18/24
....
1,730
1,727
L2071958.UP.FTS.B,
10.19%,
11/18/24
...
984
983
L2042230.UP.FTS.B,
10.36%,
11/18/24
...
263
263
L2069761.UP.FTS.B,
11.37%,
11/18/24
...
267
267
L2073296.UP.FTS.B,
11.88%,
11/18/24
...
2,051
2,053
L2074825.UP.FTS.B,
11.88%,
11/18/24
...
401
402
L2069517.UP.FTS.B,
12.06%,
11/18/24
...
2,529
2,436
L2074624.UP.FTS.B,
14.71%,
11/18/24
...
690
696
L2070735.UP.FTS.B,
15.91%,
11/18/24
...
2,561
2,584
L2070764.UP.FTS.B,
16.31%,
11/18/24
...
586
590
L2070361.UP.FTS.B,
16.86%,
11/18/24
...
1,885
1,902
L2043746.UP.FTS.B,
18%,
11/18/24
.....
1,430
1,443
L2075163.UP.FTS.B,
19.13%,
11/18/24
...
1,321
1,333
L2070689.UP.FTS.B,
19.39%,
11/18/24
...
2,425
2,441
L2074866.UP.FTS.B,
20.36%,
11/18/24
...
255
255
FW2070210.UP.FTS.B,
21.14%,
11/18/24
.
6,520
474
L2069989.UP.FTS.B,
21.94%,
11/18/24
...
2,124
2,137
FW2074575.UP.FTS.B,
21.98%,
11/18/24
.
1,241
1,253
L2075360.UP.FTS.B,
22.53%,
11/18/24
...
249
252
L2071339.UP.FTS.B,
23.22%,
11/18/24
...
2,463
2,487
FW2074738.UP.FTS.B,
25.07%,
11/18/24
.
1,029
1,035
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)
Upstart
Network,
Inc.
(continued)
FW2072771.UP.FTS.B,
26.31%,
11/18/24
.
$
241
$
242
FW2073544.UP.FTS.B,
26.86%,
11/18/24
.
521
526
FW2074174.UP.FTS.B,
27.6%,
11/18/24
..
316
318
FW2074893.UP.FTS.B,
28.12%,
11/18/24
.
596
42
FW2074605.UP.FTS.B,
29%,
11/18/24
...
1,054
1,062
L1989270.UP.FTS.B,
6.75%,
11/23/24
....
1,372
1,362
L1998424.UP.FTS.B,
19%,
11/23/24
.....
1,222
1,230
L2215514.UP.FTS.B,
6.51%,
12/09/24
....
1,652
1,639
L2218454.UP.FTS.B,
6.62%,
12/09/24
....
767
761
L2218367.UP.FTS.B,
9.23%,
12/09/24
....
247
246
FW2216772.UP.FTS.B,
10.45%,
12/09/24
.
628
626
L2218057.UP.FTS.B,
12.68%,
12/09/24
...
1,126
1,124
L2214428.UP.FTS.B,
14.33%,
12/09/24
...
1,009
1,015
FW2215617.UP.FTS.B,
17.98%,
12/09/24
.
798
803
L2217273.UP.FTS.B,
18.07%,
12/09/24
...
554
556
FW2217838.UP.FTS.B,
18.43%,
12/09/24
.
4,700
4,717
L2216494.UP.FTS.B,
18.54%,
12/09/24
...
3,974
3,992
L2215879.UP.FTS.B,
21.14%,
12/09/24
...
1,193
1,199
L2214773.UP.FTS.B,
21.94%,
12/09/24
...
930
932
L2214203.UP.FTS.B,
22.16%,
12/09/24
...
2,257
2,271
L2215694.UP.FTS.B,
22.23%,
12/09/24
...
1,693
1,704
L2217794.UP.FTS.B,
22.85%,
12/09/24
...
568
572
L2217826.UP.FTS.B,
23.12%,
12/09/24
...
1,270
835
FW2194665.UP.FTS.B,
23.32%,
12/09/24
.
339
341
L2219730.UP.FTS.B,
6.81%,
12/10/24
....
2,402
2,383
L2221277.UP.FTS.B,
9.11%,
12/10/24
....
2,463
2,457
L2220268.UP.FTS.B,
10.33%,
12/10/24
...
1,248
1,245
L2220173.UP.FTS.B,
10.59%,
12/10/24
...
489
488
L2220491.UP.FTS.B,
10.62%,
12/10/24
...
250
250
L2221024.UP.FTS.B,
11.5%,
12/10/24
....
1,087
1,086
FW2221592.UP.FTS.B,
12.68%,
12/10/24
.
1,070
1,068
FW2219110.UP.FTS.B,
14.72%,
12/10/24
.
1,751
1,748
FW2219902.UP.FTS.B,
15.07%,
12/10/24
.
3,936
3,965
L2219054.UP.FTS.B,
16.23%,
12/10/24
...
1,463
1,470
FW2220767.UP.FTS.B,
16.93%,
12/10/24
.
936
943
L2222176.UP.FTS.B,
17.82%,
12/10/24
...
810
816
FW2219362.UP.FTS.B,
18.87%,
12/10/24
.
1,228
1,237
L2220530.UP.FTS.B,
19.78%,
12/10/24
...
810
815
L2222285.UP.FTS.B,
19.82%,
12/10/24
...
229
230
L2219790.UP.FTS.B,
20.59%,
12/10/24
...
1,566
1,021
L2221774.UP.FTS.B,
21.93%,
12/10/24
...
2,910
1,942
FW2219561.UP.FTS.B,
22.18%,
12/10/24
.
705
711
L2221302.UP.FTS.B,
22.2%,
12/10/24
....
2,731
423
L2219861.UP.FTS.B,
23.85%,
12/10/24
...
1,606
1,617
FW2215089.UP.FTS.B,
25.18%,
12/10/24
.
6,741
481
FW2221043.UP.FTS.B,
26.33%,
12/10/24
.
1,792
1,799
L2220175.UP.FTS.B,
12.44%,
12/25/24
...
1,026
1,026
L2219716.UP.FTS.B,
17.42%,
12/25/24
...
1,581
1,591
L1612705.UP.FTS.B,
21.91%,
1/23/25
....
1,753
562
FW1611995.UP.FTS.B,
26.04%,
1/23/25
..
1,934
1,952
FW1611967.UP.FTS.B,
27.5%,
1/23/25
...
1,922
1,937
FW1618121.UP.FTS.B,
27.49%,
1/24/25
..
3,044
3,067
FW1615843.UP.FTS.B,
29.08%,
1/24/25
..
439
442
FW1619402.UP.FTS.B,
29.13%,
1/25/25
..
809
816
L1876344.UP.FTS.B,
21.57%,
3/19/25
....
1,156
1,159
L1996950.UP.FTS.B,
14.91%,
4/08/25
....
1,968
1,190
FW1988077.UP.FTS.B,
17.51%,
4/08/25
..
1,558
113
FW1996652.UP.FTS.B,
20.84%,
4/08/25
..
559
561
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1989183.UP.FTS.B,
20.95%,
4/08/25
....
$
5,698
$
3,495
L1992210.UP.FTS.B,
21.73%,
4/16/25
....
1,068
1,074
FW2060208.UP.FTS.B,
8.38%,
4/18/
25
...
1,214
1,212
L2074442.UP.FTS.B,
9.61%,
4/18/25
....
1,368
1,364
L2072070.UP.FTS.B,
14.5%,
4/18/25
....
1,291
1,299
L2071251.UP.FTS.B,
17.57%,
4/18/25
....
365
366
L1959123.UP.FTS.B,
23.14%,
4/18/25
....
1,992
594
FW2071617.UP.FTS.B,
24.28%,
4/18/25
..
4,005
4,023
L2215619.UP.FTS.B,
17.97%,
5/09/25
....
1,072
156
FW2216954.UP.FTS.B,
19.2%,
5/09/25
...
2,729
1,666
L2215113.UP.FTS.B,
19.57%,
5/09/25
....
1,679
1,685
L2214186.UP.FTS.B,
22.58%,
5/09/25
....
1,176
1,179
L2218938.UP.FTS.B,
7.83%,
5/10/25
....
2,709
2,697
L2220009.UP.FTS.B,
18.38%,
5/10/25
....
1,246
179
FW2220220.UP.FTS.B,
21.76%,
5/10/25
..
2,088
152
FW2221895.UP.FTS.B,
22.51%,
5/10/25
..
2,409
2,415
FW2219263.UP.FTS.B,
25.61%,
5/10/25
..
3,028
3,026
L1701616.UP.FTS.B,
19.62%,
7/13/25
....
1,032
75
L1707019.UP.FTS.B,
22.94%,
7/28/25
....
4,793
4,764
L2000015.UP.FTS.B,
20.73%,
9/08/25
....
472
287
L1994247.UP.FTS.B,
23.34%,
9/08/25
....
818
818
L2215156.UP.FTS.B,
18.88%,
10/09/25
...
3,066
3,071
L1410769.UP.FTS.B,
17.3%,
7/09/26
....
2,559
2,566
L1410682.UP.FTS.B,
18.43%,
7/09/26
....
5,117
5,129
L1410871.UP.FTS.B,
19.36%,
7/09/26
....
2,277
2,282
L1406959.UP.FTS.B,
19.7%,
7/09/26
....
1,546
894
FW1410862.UP.FTS.B,
30.65%,
7/09/26
..
1,333
1,348
L1612245.UP.FTS.B,
7.13%,
8/23/26
....
2,445
2,427
L1612759.UP.FTS.B,
7.7%,
8/23/26
.....
2,830
2,815
L1613031.UP.FTS.B,
10.95%,
8/23/26
....
9,561
9,532
L1613160.UP.FTS.B,
11.35%,
8/23/26
....
16,717
15,845
L1612983.UP.FTS.B,
11.8%,
8/23/26
.....
27,993
26,527
L1612198.UP.FTS.B,
11.94%,
8/23/26
....
6,970
6,959
L1606587.UP.FTS.B,
14.39%,
8/23/26
....
27,704
27,666
L1612751.UP.FTS.B,
14.6%,
8/23/26
....
9,092
1,317
L1611811.UP.FTS.B,
15.17%,
8/23/26
....
11,497
10,979
FW1611006.UP.FTS.B,
15.64
%,
8/23/26
..
11,708
11,688
L1613087.UP.FTS.B,
17.25%,
8/23/26
....
4,577
4,606
L1612462.UP.FTS.B,
18.65%,
8/23/26
....
5,655
5,686
FW1613143.UP.FTS.B,
19.39%,
8/23/26
..
11,711
11,762
L1612696.UP.FTS.B,
19.76%,
8/23/26
....
6,467
6,557
L1611808.UP.FTS.B,
20.24%,
8/23/26
....
5,906
5,988
FW1613287.UP.FTS.B,
21.05%,
8/23/26
..
1,786
1,810
L1611961.UP.FTS.B,
21.45%,
8/23/26
....
3,288
3,334
L1611980.UP.FTS.B,
21.62%,
8/23/26
....
2,731
196
L1612389.UP.FTS.B,
21.85%,
8/23/26
....
3,911
3,747
FW1613265.UP.FTS.B,
23.28%,
8/23/26
..
3,651
3,702
L1612902.UP.FTS.B,
24.91%,
8/23/26
....
8,981
9,110
L1605896.UP.FTS.B,
25.03%,
8/23/26
....
19,360
18,728
L1612867.UP.FTS.B,
25.04%,
8/23/26
....
1,114
1,129
L1611991.UP.FTS.B,
25.15%,
8/23/26
....
542
539
L1612115.UP.FTS.B,
25.2%,
8/23/26
.....
807
123
L1612430.UP.FTS.B,
25.3%,
8/23/26
....
682
692
L1610778.UP.FTS.B,
25.4%,
8/23/26
....
2,615
2,655
L1612475.UP.FTS.B,
25.7%,
8/23/26
....
932
144
L1613041.UP.FTS.B,
26.53%,
8/23/26
....
3,629
3,672
FW1612416.UP.FTS.B,
27.52%,
8/23/26
..
7,079
497
FW1613053.UP.FTS.B,
30.42%,
8/23/26
..
299
297
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)
Upstart
Network,
Inc.
(continued)
FW1612948.UP.FTS.B,
30.7%,
8/23/26
...
$
6,504
$
6,594
FW1598463.UP.FTS.B,
30.71%,
8/23/26
..
9,611
9,756
FW1612884.UP.FTS.B,
30.9%,
8/23/26
...
1,808
1,828
FW1614135.UP.FTS.B,
6%,
8/24/26
.....
9,160
9,349
L1613929.UP.FTS.B,
6.38%,
8/24/26
....
7,595
7,537
L1613779.UP.FTS.B,
8.38%,
8/24/26
....
7,268
7,230
L1614080.UP.FTS.B,
9.53%,
8/24/26
....
1,561
1,554
L1613335.UP.FTS.B,
10.66%,
8/24/26
....
799
795
L1615613.UP.FTS.B,
11.71%,
8/24/26
....
3,453
3,445
L1617085.UP.FTS.B,
12.5%,
8/24/26
....
6,903
6,892
L1613877.UP.FTS.B,
13.09%,
8/24/26
....
9,437
680
L1613838.UP.FTS.B,
13.27%,
8/24/26
....
545
544
L1615725.UP.FTS.B,
13.27%,
8/24/26
....
3,055
3,045
L1617795.UP.FTS.B,
13.57%,
8/24/26
....
13,766
13,735
L1614941.UP.FTS.B,
13.72%,
8/24/26
....
5,259
5,248
FW1614076.UP.FTS.B,
14.66%,
8/24/26
..
5,534
5,527
L1617016.UP.FTS.B,
15.82%,
8/24/26
....
9,817
9,840
L1616977.UP.FTS.B,
16.49%,
8/24/26
....
1,531
1,533
L1617004.UP.FTS.B,
16.62%,
8/24/26
....
3,414
3,423
L1613683.UP.FTS.B,
16.65%,
8/24/26
....
3,654
3,667
FW1613769.UP.FTS.B,
16.69%,
8/24/26
..
2,843
2,862
L1616581.UP.FTS.B,
16.94%,
8/24/26
....
1,698
1,704
L1614751.UP.FTS.B,
17.63%,
8/24/26
....
8,560
8,615
L1614375.UP.FTS.B,
18.88%,
8/24/26
....
4,660
4,682
L1616929.UP.FTS.B,
19.05%,
8/24/26
....
5,836
5,863
L1613574.UP.FTS.B,
19.14%,
8/24/26
....
1,752
1,760
L1617202.UP.FTS.B,
19.24%,
8/24/26
....
1,993
142
L1618259.UP.FTS.B,
19.27%,
8/24/26
....
4,679
4,746
L1613957.UP.FTS.B,
19.33%,
8/24/26
....
7,064
1,065
L1617047.UP.FTS.B,
19.37%,
8/2
4/26
....
797
794
L1614886.UP.FTS.B,
19.82%,
8/24/26
....
6,586
6,602
L1617537.UP.FTS.B,
20.26%,
8/24/26
....
2,185
2,196
L1613128.UP.FTS.B,
21.09%,
8/24/26
....
29,767
29,968
L1614925.UP.FTS.B,
21.15%,
8/24/26
....
545
551
FW1617037.UP.FTS.B,
21.16%,
8/24/26
..
6,147
6,228
L1617008.UP.FTS.B,
21.28%,
8/24/26
....
1,911
1,938
FW1617548.UP.FTS.B,
21.5%,
8/24/26
...
2,870
2,912
L1615113.UP.FTS.B,
21.5%,
8/24/26
.....
1,930
1,957
FW1616680.UP.FTS.B,
21.59%,
8/24/26
..
7,182
7,216
FW1615331.UP.FTS.B,
21.76%,
8/24/26
..
14,524
14,742
L1615740.UP.FTS.B,
22.58%,
8/24/26
....
2,731
195
L1613261.UP.FTS.B,
22.8%,
8/24/26
....
2,171
625
L1617314.UP.FTS.B,
23.08%,
8/24/26
....
1,498
1,522
FW1614723.UP.FTS.B,
23.32%,
8/24/26
..
9,128
9,258
FW1614111.UP.FTS.B,
23.36%,
8/24/26
..
7,305
7,409
L1617338.UP.FTS.B,
23.46%,
8/24/26
....
1,524
1,546
L1617363.UP.FTS.B,
23.46%,
8/24/26
....
4,792
4,809
FW1616273.UP.FTS.B,
23.5%,
8/24/26
...
583
591
L1615756.UP.FTS.B,
23.61%,
8/24/26
....
6,104
6,191
L1615616.UP.FTS.B,
23.96%,
8/24/26
....
1,080
1,072
L1616072.UP.FTS.B,
24%,
8/24/26
......
3,655
3,701
L1599086.UP.FTS.B,
24.44%,
8/24/26
....
4,850
4,926
FW1613731.UP.FTS.B,
24.96%,
8/24/26
..
12,043
12,223
FW1615802.UP.FTS.B,
24.99%,
8/24/26
..
2,402
172
L1617884.UP.FTS.B,
24.99%,
8/24/26
....
742
752
FW1616803.UP.FTS.B,
25.11%,
8/24/26
..
3,096
3,140
L1617253.UP.FTS.B,
25.15%,
8/24/26
....
8,668
8,791
FW1591289.UP.FTS.B,
25.18%,
8/24/26
..
2,106
2,136
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1613599.UP.FTS.B,
25.21%,
8/24/26
....
$
1,549
$
1,571
L1616132.UP.FTS.B,
25.25%,
8/24/26
....
744
754
L1614231.UP.FTS.B,
25.4%,
8/24/26
....
1,179
1,196
FW1618114.UP.FTS.B,
25.78%,
8/24/26
..
1,993
2,022
L1615232.UP.FTS.B,
25.93%,
8/24/26
....
2,681
2,719
FW1614557.UP.FTS.B,
26.33%,
8/24/26
..
8,083
2,369
FW1615022.UP.FTS.B,
26.47%,
8/24/26
..
4,222
297
FW1616600.UP.FTS.B,
27.4%,
8/24/26
...
4,580
4,646
FW1617924.UP.FTS.B,
27.4%,
8/24/26
...
5,055
5,127
FW1614841.UP.FTS.B,
27.56%,
8/24/26
..
1,814
1,843
FW1618115.UP.FTS.B,
29.51%,
8/24/26
..
7,547
7,666
FW1614066.UP.FTS.B,
29.58%,
8/24/26
..
3,520
3,573
FW1617403.UP.FTS.B,
29.66%,
8/24/26
..
5,595
395
FW1617836.UP.FTS.B,
29.73%,
8/24/26
..
2,582
2,619
FW1614632.UP.FTS.B,
29.76%,
8/24/26
..
1,059
166
FW1613869.UP.FTS.B,
30.42%,
8/24/26
..
844
856
FW1615250.UP.FTS.B,
30.57%,
8/24/26
..
1,189
1,204
FW1615073.UP.FTS.B,
30.97%,
8/24/26
..
1,958
1,986
FW1612909.UP.FTS.B,
31.01%,
8/24/26
..
770
779
FW1617590.UP.FTS.B,
31.04%,
8/24/26
..
1,733
514
FW1617796.UP.FTS.B,
31.5%,
8/24/26
...
2,553
176
FW1614110.UP.FTS.B,
32.03%,
8/24/26
..
2,642
2,677
FW1616102.UP.FTS.B,
32.95%,
8/24/26
..
3,050
3,094
L1619126.UP.FTS.B,
9.43%,
8/25/26
....
5,253
5,227
L1618202.UP.FTS.B,
10.07%,
8/25/26
....
2,645
2,643
L1619565.UP.FTS.B,
11.35%,
8/25/26
....
4,350
4,342
L1619757.UP.FTS.B,
12.57%,
8/25/26
....
4,352
4,349
L1572047.UP.FTS.B,
12.99%,
8/25/26
....
3,491
3,486
L1620282.UP.FTS.B,
13.89%,
8/25/26
....
6,498
6,491
L1620912.UP.FTS.B,
14.91%,
8/25/26
....
2,794
2,789
L1620125.UP.FTS.B,
15.38%,
8/25/26
....
562
563
FW1619311.UP.FTS.B,
16.02%,
8/25/26
..
3,494
3,501
L1619826.UP.FTS.B,
16.95%,
8/25/26
....
8,754
8,807
FW1619065.UP.FTS.B,
16.98%,
8/25/26
..
14,283
14,327
L1619610.UP.FTS.B,
17.18%,
8/25/26
....
2,835
2,856
L1620043.UP.FTS.B,
17.72%,
8/25/26
....
1,788
1,786
FW1618685.UP.FTS.B,
19.7%,
8/25/26
...
6,137
1,631
L1619055.UP.FTS.B,
19.81%,
8/25/26
....
1,956
71
FW1618558.UP.FTS.B,
20.33%,
8/25/26
..
3,397
3,414
L1618616.UP.FTS.B,
21.44%,
8/25/26
....
5,979
6,071
FW1620348.UP.FTS.B,
22.68%,
8/25/26
..
2,167
2,176
FW1619947.UP.FTS.B,
22.69%,
8/25/26
..
1,031
1,030
L1620763.UP.FTS.B,
23.08%,
8/25/26
....
3,281
3,332
L1620526.UP.FTS.B,
23.25%,
8/25/26
....
1,216
1,235
L1619251.UP.FTS.B,
24.92%,
8/25/26
....
1,359
1,380
L1619746.UP.FTS.B,
25.05%,
8/25/26
....
3,782
3,841
L1621031.UP.FTS.B,
25.07%,
8/25/26
....
3,712
3,769
L1619585.UP.FTS.B,
25.33%,
8/25/26
....
4,527
4,596
L1618792.UP.FTS.B,
25.43%,
8/25/26
....
2,110
2,143
FW1620759.UP.FTS.B,
25.44%,
8/25/26
..
2,483
2,521
L1621068.UP.FTS.B,
25.46%,
8/25/26
....
2,608
2,648
FW1617532.UP.FTS.B,
25.68%,
8/25/26
..
1,866
1,895
L1620151.UP.FTS.B,
26.66%,
8/25/26
....
9,667
9,808
L1612935.UP.FTS.B,
25.45%,
9/01/26
....
1,169
176
L1706771.UP.FTS.B,
9.86%,
9/13/26
....
9,799
9,768
FW1703655.UP.FTS.B,
10.14%,
9/13/26
..
2,463
2,453
FW1705224.UP.FTS.B,
10.49%,
9/
13/26
..
13,707
13,664
L1694396.UP.FTS.B,
11.41%,
9/13/26
....
5,723
3,128
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)
Upstart
Network,
Inc.
(continued)
L1706158.UP.FTS.B,
11.42%,
9/13/26
....
$
2,216
$
2,209
L1706444.UP.FTS.B,
12.27%,
9/13/26
....
3,355
3,344
L1704834.UP.FTS.B,
12.73%,
9/13/26
....
5,063
5,042
FW1704921.UP.FTS.B,
13.23%,
9/13/26
..
1,001
996
L1706652.UP.FTS.B,
13.34%,
9/13/26
....
12,346
12,307
L1705580.UP.FTS.B,
14.66%,
9/13/26
....
10,611
10,620
L1706707.UP.FTS.B,
14.84%,
9/13/26
....
11,490
11,455
L1706806.UP.FTS.B,
15.22%,
9/13/26
....
4,500
4,486
L1705731.UP.FTS.B,
15.3%,
9/13/26
....
9,545
5,395
L1704776.UP.FTS.B,
15.5%,
9/13/26
....
4,050
4,054
FW1705595.UP.FTS.B,
15.51%,
9/13/26
..
8,644
8,650
FW1701565.UP.FTS.B,
15.8%,
9/13/26
...
12,558
12,505
L1706683.UP.FTS.B,
16.01%,
9/13/26
....
1,396
1,391
L1705287.UP.FTS.B,
16.2%,
9/13/26
....
6,701
6,707
L1705607.UP.FTS.B,
16.78%,
9/13/26
....
19,966
1,440
L1705598.UP.FTS.B,
17.01%,
9/13/26
....
1,704
1,705
FW1706882.UP.FTS.B,
17.33%,
9/13/26
..
2,731
2,729
L1699552.UP.FTS.B,
17.37%,
9/13/26
....
2,476
2,483
L1706066.UP.FTS.B,
18.08%,
9/13/26
....
3,505
3,492
L1705021.UP.FTS.B,
18.29%,
9/13/26
....
4,805
4,810
FW1701942.UP.FTS.B,
19.32%,
9/13/26
..
9,025
9,030
L1705864.UP.FTS.B,
19.54%,
9/13/26
....
18,800
18,990
L1705415.UP.FTS.B,
19.86%,
9/13/26
....
5,616
5,627
L1699219.UP.FTS.B,
19.88%,
9/13/26
....
8,467
8,550
L1706913.UP.FTS.B,
20.18%,
9/13/26
....
4,451
4,503
L1705062.UP.FTS.B,
20.27%,
9/13/26
....
1,340
59
L1706223.UP.FTS.B,
20.97%,
9/13/26
....
9,713
5,747
L1706832.UP.FTS.B,
21.04%,
9/13/26
....
3,597
3,636
L1706013.UP.FTS.B,
21.25%,
9/13/26
....
5,510
5,524
FW1705757.UP.FTS.B,
21.7%,
9/13/26
...
2,213
2,240
L1706836.UP.FTS.B,
21.71%,
9/13/26
....
3,789
3,785
FW1706388.UP.FTS.B,
21.83%,
9/13/26
..
4,246
308
L1706178.UP.FTS.B,
22.1%,
9/13/26
....
2,160
2,186
L1706147.UP.FTS.B,
23.21%,
9/13/26
....
3,123
3,153
L1706970.UP.FTS.B,
23.23%,
9/13/26
....
1,259
1,271
L1706443.UP.FTS.B,
23.44%,
9/13/26
....
1,895
1,914
L1706931.UP.FTS.B,
24.04%,
9/13/26
....
754
763
L1706350.UP.FTS.B,
24.39%,
9/13/26
....
13,073
7,719
L1706467.UP.FTS.B,
24.5%,
9/13/26
....
802
802
L1705774.UP.FTS.B,
24.52%,
9/13/26
....
5,058
5,107
L1699725.UP.FTS.B,
24.98%,
9/13/26
....
1,229
1,242
L1705130.UP.FTS.B,
24.98%,
9/13/26
....
1,901
1,924
L1705055.UP.FTS.B,
24.99%,
9/13/26
....
1,180
1,190
FW1694399.UP.FTS.B,
25.04%,
9/13/26
..
2,056
587
L1706179.UP.FTS.B,
25.28%,
9/13/26
....
826
828
L1705964.UP.FTS.B,
25.31%,
9/13/26
....
3,239
3,278
L1671620.UP.FTS.B,
25.49%,
9/13/26
....
2,216
323
L1707003.UP.FTS.B,
25.5%,
9/13/26
....
1,082
1,095
FW1705410.UP.FTS.B,
26.37%,
9/13/26
..
12,103
12,216
L1706122.UP.FTS.B,
26.74%,
9/13/26
....
3,903
3,903
FW1706840.UP.FTS.B,
26.82%,
9/13/26
..
23,221
23,444
FW1705300.UP.FTS.B,
26.94%,
9/13/26
..
1,418
1,435
FW1706600.UP.FTS.B,
28.17%,
9/13/26
..
5,332
3,142
FW1705464.UP.FTS.B,
28.92%,
9/13/26
..
4,916
4,974
FW1706656.UP.FTS.B,
29.5%,
9/13/26
...
1,293
1,307
FW1706055.UP.FTS.B,
29.52%,
9/13/26
..
1,157
1,169
FW1706229.UP.FTS.B,
30.24%,
9/13/26
..
2,961
2,994
FW1705888.UP.FTS.B,
30.31%,
9/13/26
..
1,951
1,971
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1706453.UP.FTS.B,
30.32%,
9/13/26
..
$
178
$
176
FW1705881.UP.FTS.B,
30.81%,
9/13/26
..
3,533
2,094
FW1705876.UP.FTS.B,
30.83%,
9/13/26
..
1,133
1,144
FW1706907.UP.FTS.B,
30.87%,
9/13/26
..
1,199
1,213
FW1706713.UP.FTS.B,
30.93%,
9/13/26
..
3,868
3,905
FW1704990.UP.FTS.B,
31.11%,
9/13/26
..
842
847
FW1706597.UP.FTS.B,
31.11%,
9/13/26
..
1,268
1,282
FW1706293.UP.FTS.B,
31.37%,
9/13/26
..
1,325
1,328
FW1703542.UP.FTS.B,
31.45%,
9/13/26
..
16,540
16,681
FW1706582.UP.FTS.B,
31.84%,
9/13/26
..
2,065
146
FW1706420.UP.FTS.B,
32.09%,
9/13/26
..
3,294
3,333
FW1705213.UP.FTS.B,
29.91%,
9/28/26
..
4,379
1,269
FW1705791.UP.FTS.B,
30.47%,
9/28/26
..
3,457
3,488
L1880089.UP.FTS.B,
6%,
10/19/26
......
5,144
392
L1877184.UP.FTS.B,
9.06%,
10/19/26
....
5,036
5,009
L1851771.UP.FTS.B,
9.22%,
10/19/26
....
1,950
1,939
L1878256.UP.FTS.B,
9.69%,
10/19/26
....
4,842
4,819
L1880702.UP.FTS.B,
9.87%,
10/19/26
....
9,765
9,708
L1875318.UP.FTS.B,
10.07%,
10/19/26
...
3,239
3,229
FW1879016.UP.FTS.B,
10.84%,
10/19/26
.
14,178
14,125
L1881256.UP.FTS.B,
11.03%,
10/19/26
...
6,739
6,719
L1878336.UP.FTS.B,
11.06%,
10/19/26
...
819
812
L1879834.UP.FTS.B,
11.35%,
10/19/26
...
14,573
13,800
L1879823.UP.FTS.B,
11.68%,
10/19/26
...
11,733
11,690
FW1879031.UP.FTS.B,
13.13%,
10/19/26
.
4,734
341
FW1878185.UP.FTS.B,
13.38%,
10/19/26
.
23,300
23,215
L1879789.UP.FTS.B,
13.49%,
10/19/26
...
12,170
12,108
L1878258.UP.FTS.B,
14.16%,
10/19/26
...
4,707
4,690
L1877450.UP.FTS.B,
14.9%,
10/19/26
....
2,229
2,221
L1880586.UP.FTS.B,
15.78%,
10/19/26
...
4,482
4,481
L1864741.UP.FTS.B,
16.15%,
10/19/26
...
3,597
3,596
L1881295.UP.FTS.B,
16.28%,
10/19/26
...
4,515
1,224
L1878278.UP.FTS.B,
16.38%,
10/19/26
...
6,004
6,003
L1877933.UP.FTS.B,
16.4%,
10/19/26
....
1,754
1,749
L1832966.UP.FTS.B,
16.66%,
10/19/26
...
2,791
2,760
L1860514.UP.FTS.B,
16.68%,
10/19/26
...
6,514
6,523
L1878027.UP.FTS.B,
16.7%,
10/19/26
....
5,927
5,933
L1881555.UP.FTS.B,
17.31%,
10/19/26
...
4,081
3,894
FW1876338.UP.FTS.B,
17.58%,
10/19/26
.
2,187
2,186
FW1881188.UP.FTS.B,
17.77%,
10/19/26
.
1,597
1,590
L1879412.UP.FTS.B,
17.84%,
10/19/26
...
3,136
3,129
L1880095.UP.FTS.B,
17.84%,
10/19/26
...
9,135
9,103
L1880587.UP.FTS.B,
18.12%,
10/19/26
...
2,442
2,442
L1876765.UP.FTS.B,
18.15%,
10/19/26
...
1,688
121
L1871080.UP.FTS.B,
18.23%,
10/19/26
...
3,677
3,683
FW1881398.UP.FTS.B,
18.35%,
10/19/26
.
2,137
2,140
FW1877226.UP.FTS.B,
19.27%,
10/19/26
.
7,796
7,889
L1879198.UP.FTS.B,
19.39%,
10/19/26
...
7,951
7,966
L1876835.UP.FTS.B,
19.58%,
10/19/26
...
619
620
L1879737.UP.FTS.B,
19.73%,
10/19/26
...
3,684
119
L1877523.UP.FTS.B,
19.9%,
10/19/26
....
3,649
3,661
L1871750.UP.FTS.B,
19.96%,
10/19/26
...
3,712
3,761
FW1880709.UP.FTS.B,
20.07%,
10/19/26
.
4,354
4,353
L1876035.UP.FTS.B,
20.11%,
10/19/26
...
2,489
2,516
L1877722.UP.FTS.B,
20.57%,
10/19/26
...
10,445
9,967
FW1880186.UP.FTS.B,
20.64%,
10/19/26
.
3,480
3,524
L1879731.UP.FTS.B,
20.78%,
10/19/26
...
3,615
261
L1881502.UP.FTS.B,
21.09%,
10/19/26
...
5,992
434
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)
Upstart
Network,
Inc.
(continued)
L1876777.UP.FTS.B,
21.6%,
10/19/26
....
$
5,332
$
5,395
L1881182.UP.FTS.B,
21.66%,
10/19/26
...
3,475
3,474
L1881025.UP.FTS.B,
21.78%,
10/19/26
...
24,741
24,801
L1877982.UP.FTS.B,
21.8%,
10/19/26
....
979
970
L1876819.UP.FTS.B,
22.33%,
10/19/26
...
10,573
10,676
FW1878006.UP.FTS.B,
22.44%,
10/19/26
.
7,628
7,711
L1862143.UP.FTS.B,
22.66%,
10/19/26
...
2,388
171
FW1875013.UP.FTS.B,
22.78%,
10/19/26
.
5,737
5,799
L1877299.UP.FTS.B,
22.84%,
10/19/26
...
7,655
7,738
FW1866351.UP.FTS.B,
22.85%,
10/19/26
.
1,594
1,615
FW1880160.UP.FTS.B,
22.89%,
10/19/26
.
3,256
3,290
L1876513.UP.FTS.B,
22.94%,
10/19/26
...
2,812
2,843
FW1880551.UP.FTS.B,
23.22%,
10/19/26
.
4,235
4,089
L1879610.UP.FTS.B,
23.28%,
10/19/26
...
4,529
4,581
FW1880088.UP.FTS.B,
23.43%,
10/19/26
.
5,899
5,963
FW1876728.UP.FTS.B,
23.57%,
10/19/26
.
9,325
9,431
L1880563.UP.FTS.B,
24.05%,
10/19/26
...
1,785
1,807
FW1877179.UP.FTS.B,
24.14%,
10/19/26
.
12,812
12,975
L1878749.UP.FTS.B,
24.6%,
10/19/26
....
2,591
2,625
L1881431.UP.FTS.B,
24.79%,
10/19/26
...
1,038
1,052
L1877594.UP.FTS.B,
24.95%,
10/19/26
...
2,274
2,299
L1880129.UP.FTS.B,
24.99%,
10/19/26
...
2,235
2,263
L1877074.UP.FTS.B,
25.09%,
10/19/26
...
20,835
20,078
FW1881461.UP.FTS.B,
25.38%,
10/19/26
.
3,912
3,963
L1876477.UP.FTS.B,
25.39%,
10/19/26
...
2,283
2,307
L1876404.UP.FTS.B,
25.47%,
10/19/26
...
1,305
1,320
L1873948.UP.FTS.B,
25.57%,
10/19/26
...
6,532
6,603
L1880045.UP.FTS.B,
25.59%,
10/19/26
...
1,618
1,561
L1880707.UP.FTS.B,
25.7%,
10/19/26
....
1,547
230
FW1879167.UP.FTS.B,
25.8%,
10/19/26
..
691
200
L1879783.UP.FTS.B,
25.86%,
10/19/26
...
2,162
2,185
L1876834.UP.FTS.B,
26.05%,
10/19/26
...
10,498
10,616
FW1877802.UP.FTS.B,
26.08%,
10/19/26
.
4,939
4,994
L1877874.UP.FTS.B,
26.52%,
10/19/26
...
3,356
239
FW1877751.UP.FTS.B,
26.95%,
10/19/26
.
2,652
2,681
FW1878828.UP.FTS.B,
27.6%,
10/19/26
..
7,356
1,108
FW1877173.UP.FTS.B,
27.96%,
10/19/26
.
7,107
2,059
FW1877218.UP.FTS.B,
28.56%,
10/19/26
.
6,689
6,776
FW1876795.UP.FTS.B,
29.56%,
10/19/26
.
2,160
2,183
FW1880308.UP.FTS.B,
29.56%,
10/19/26
.
868
879
FW1879914.UP.FTS.B,
30.16%,
10/19/26
.
1,389
98
FW1871822.UP.FTS.B,
30.64%,
10/19/26
.
6,806
6,880
FW1878098.UP.FTS.B,
30.84%,
10/19/26
.
818
829
FW1878489.UP.FTS.B,
30.93%,
10/19/26
.
1,074
1,034
FW1878108.UP.FTS.B,
31%,
10/19/26
...
2,396
166
FW1878804.UP.FTS.B,
31.02%,
10/19/26
.
1,674
1,682
FW1880218.UP.FTS.B,
31.05%,
10/19/26
.
380
376
FW1880229.UP.FTS.B,
31.05%,
10/19/26
.
956
966
FW1881168.UP.FTS.B,
31.09%,
10/19/26
.
1,431
416
FW1881200.UP.FTS.B,
31.14%,
10/19/26
.
2,999
211
FW1877253.UP.FTS.B,
31.23%,
10/19/26
.
250
17
FW1878691.UP.FTS.B,
31.38%,
10/19/26
.
9,910
10,031
FW1880576.UP.FTS.B,
31.56%,
10/19/26
.
2,240
158
FW1877716.UP.FTS.B,
31.6%,
10/19/26
..
2,743
2,773
FW1876495.UP.FTS.B,
31.7%,
10/19/26
..
4,392
4,439
FW1876692.UP.FTS.B,
32.21%,
10/19/26
.
6,430
6,501
FW1879021.UP.FTS.B,
32.25%,
10/19/26
.
4,253
4,096
FW1876979.UP.FTS.B,
30.26%,
10/23/26
.
2,297
162
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1879612.UP.FTS.B,
25.74%,
10/28/26
...
$
5,940
$
6,011
L1879363.UP.FTS.B,
23.97%,
11/03/26
...
4,661
4,706
FW1876658.UP.FTS.B,
27.58%,
11/03/26
.
2,404
2,427
L1990756.UP.FTS.B,
7.18%,
11/08/26
....
6,732
6,689
L1990115.UP.FTS.B,
8.12%,
11/08/26
....
2,833
2,816
L1991806.UP.FTS.B,
8.35%,
11/08/26
....
647
641
FW1995576.UP.FTS.B,
8.64%,
11/08/26
..
8,634
8,574
L1994718.UP.FTS.B,
8.83%,
11/08/26
....
10,852
10,785
L1991230.UP.FTS.B,
9.13%,
11/08/26
....
14,451
14,358
L1996991.UP.FTS.B,
9.23%,
11/08/26
....
15,919
15,820
L1994652.UP.FTS.B,
9.68%,
11/08/26
....
10,372
10,308
L1993451.UP.FTS.B,
9.84%,
11/08/26
....
7,088
7,043
L1997701.UP.FTS.B,
10.05%,
11/08/26
...
2,620
191
L1993369.UP.FTS.B,
10.08%,
11/08/26
...
480
477
L1992632.UP.FTS.B,
10.14%,
11/08/26
...
3,127
3,113
L1996044.UP.FTS.B,
10.24%,
11/08/26
...
9,212
9,144
L1996355.UP.FTS.B,
10.29%,
11/08/26
...
7,539
7,505
L1992891.UP.FTS.B,
10.76%,
11/08/26
...
4,677
4,651
FW1995006.UP.FTS.B,
10.93%,
11/08/26
.
7,589
7,555
L1988958.UP.FTS.B,
10.98%,
11/08/26
...
876
872
L1994793.UP.FTS.B,
11.1%,
11/08/26
....
8,805
8,757
L1998866.UP.FTS.B,
11.49%,
11/08/26
...
9,974
9,930
L1996448.UP.FTS.B,
11.66%,
11/08/26
...
23,403
23,295
FW1993483.UP.FTS.B,
11.78%,
11/08/26
.
11,338
11,281
L1994627.UP.FTS.B,
11.81%,
11/08/26
...
3,534
3,512
L1999369.UP.FTS.B,
11.96%,
11/08/26
...
1,118
1,112
L1995371.UP.FTS.B,
12.23%,
11/08/26
...
2,366
2,356
L1995435.UP.FTS.B,
12.23%,
11/08/26
...
1,006
1,001
L1999575.UP.FTS.B,
12.84%,
11/08/26
...
655
652
L1989008.UP.FTS.B,
12.93%,
11/08/26
...
1,013
1,008
L1989940.UP.FTS.B,
12.93%,
11/08/26
...
1,668
1,661
L1996493.UP.FTS.B,
13.68%,
11/08/26
...
12,868
3,282
L1995820.UP.FTS.B,
14.08%,
11/08/26
...
5,208
5,178
L1993366.UP.FTS.B,
14.1%,
11/08/26
....
1,205
1,200
L1994789.UP.FTS.B,
14.19%,
11/08/26
...
4,223
4,204
L1996580.UP.FTS.B,
14.28%,
11/08/26
...
5,134
5,111
FW1997293.UP.FTS.B,
14.33%,
11/08/26
.
3,020
3,007
L1995404.UP.FTS.B,
14.33%,
11/08/26
...
4,832
4,824
FW1992670.UP.FTS.B,
14.58%,
11/08/26
.
19,379
19,294
L1993869.UP.FTS.B,
14.59%,
11/08/26
...
3,837
3,806
L1993214.UP.FTS.B,
14.6%,
11/08/26
....
6,840
492
L1991804.UP.FTS.B,
14.89%,
11/08/26
...
4,861
4,835
L1995379.UP.FTS.B,
15.15%,
11/08/26
...
4,262
4,244
FW1998913.UP.FTS.B,
15.22%,
11/08/26
.
2,706
2,701
L1994098.UP.FTS.B,
15.34%,
11/08/26
...
9,149
9,109
L1992261.UP.FTS.B,
15.59%,
11/08/26
...
1,712
1,704
FW1998360.UP.FTS.B,
15.76%,
11/08/26
.
4,845
2,746
FW1991255.UP.FTS.B,
15.82%,
11/08/26
.
7,049
7,018
FW1994230.UP.FTS.B,
15.86%,
11/08/26
.
2,453
2,449
L1992540.UP.FTS.B,
16%,
11/08/26
.....
10,364
10,317
L1992970.UP.FTS.B,
16.04%,
11/08/26
...
9,146
9,129
L1989989.UP.FTS.B,
16.18%,
11/08/26
...
6,593
6,572
FW1992743.UP.FTS.B,
16.8%,
11/08/26
..
2,641
704
L1989606.UP.FTS.B,
16.9%,
11/08/26
....
2,477
2,473
L1993463.UP.FTS.B,
16.94%,
11/08/26
...
5,883
5,874
FW1999118.UP.FTS.B,
17.22%,
11/08/26
.
3,726
3,720
L1993764.UP.FTS.B,
17.26%,
11/08/26
...
932
928
FW1998398.UP.FTS.B,
17.48%,
11/08/26
.
3,099
3,094
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)
Upstart
Network,
Inc.
(continued)
L1991180.UP.FTS.B,
17.58%,
11/08/26
...
$
2,189
$
2,182
FW1995939.UP.FTS.B,
17.87%,
11/08/26
.
10,056
10,025
L1988482.UP.FTS.B,
18.26%,
11/08/26
...
4,891
4,888
FW1989355.UP.FTS.B,
18.43%,
11/08/26
.
11,981
11,943
L1996438.UP.FTS.B,
18.51%,
11/08/26
...
2,596
2,572
FW1997639.UP.FTS.B,
18.71%,
11/08/26
.
6,340
6,308
L1995842.UP.FTS.B,
18.87%,
11/08/26
...
2,206
2,197
L1998235.UP.FTS.B,
19.5%,
11/08/26
....
1,935
1,931
L1996217.UP.FTS.B,
19.54%,
11/08/26
...
2,891
2,889
FW1994680.UP.FTS.B,
20.27%,
11/08/26
.
2,144
155
L1998611.UP.FTS.B,
20.35%,
11/08/26
...
15,679
15,663
L1996185.UP.FTS.B,
20.69%,
11/08/26
...
3,204
3,199
L1996508.UP.FTS.B,
20.76%,
11/08/26
...
7,282
524
L1988462.UP.FTS.B,
20.81%,
11/08/26
...
4,142
2,329
L1991281.UP.FTS.B,
20.82%,
11/08/26
...
1,412
1,411
L1992016.UP.FTS.B,
21%,
11/08/26
.....
20,635
20,772
L1994689.UP.FTS.B,
21.04%,
11/08/26
...
2,588
2,582
L1993906.UP.FTS.B,
21.28%,
11/08/26
...
3,714
1,037
L1989334.UP.FTS.B,
21.32%,
11/08/26
...
12,886
12,999
L1991956.UP.FTS.B,
21.37%,
11/08/26
...
1,290
1,288
FW1991047.UP.FTS.B,
21.84%,
11/08/26
.
2,528
182
L1989095.UP.FTS.B,
21.9
1%,
11/08/26
...
5,778
5,762
L1991663.UP.FTS.B,
21.95%,
11/08/26
...
6,666
6,721
FW1989899.UP.FTS.B,
22.28%,
11/08/26
.
1,804
1,818
L1991475.UP.FTS.B,
22.35%,
11/08/26
...
1,300
1,312
FW1998089.UP.FTS.B,
22.65%,
11/08/26
.
6,219
1,714
L1994202.UP.FTS.B,
22.77%,
11/08/26
...
37,558
2,050
FW1995331.UP.FTS.B,
23.11%,
11/08/26
.
4,908
4,951
FW1994811.UP.FTS.B,
23.15%,
11/08/26
.
6,817
6,810
L1996768.UP.FTS.B,
23.2%,
11/08/26
....
6,476
6,528
L1998723.UP.FTS.B,
23.2%,
11/08/26
....
2,187
157
L1999817.UP.FTS.B,
23.27%,
11/08/26
...
3,932
3,966
L1970963.UP.FTS.B,
23.87%,
11/08/26
...
3,560
3,582
L1989785.UP.FTS.B,
23.91%,
11/08/26
...
8,658
8,709
L1988349.UP.FTS.B,
24.02%,
11/08/26
...
2,540
183
L1996843.UP.FTS.B,
24.19%,
11/08/26
...
6,603
6,661
FW1994028.UP.FTS.B,
24.21%,
11/08/26
.
4,624
4,664
L1997965.UP.FTS.B,
24.59%,
11/08/26
...
4,865
702
FW1991474.UP.FTS.B,
24.66%,
11/08/26
.
3,977
4,011
L1989848.UP.FTS.B,
24.75%,
11/08/26
...
5,119
5,149
FW1991387.UP.FTS.B,
24.97%,
11/08/26
.
2,831
2,852
L1991759.UP.FTS.B,
24.98%,
11/08/26
...
3,192
3,213
L1991265.UP.FTS.B,
25.27%,
11/08/26
...
1,828
1,841
L1919784.UP.FTS.B,
25.31%,
11/08/26
...
7,465
7,530
L1995398.UP.FTS.B,
25.36%,
11/08/26
...
1,734
1,749
L1988232.UP.FTS.B,
25.43%,
11/08/26
...
1,231
1,217
L1973901.UP.FTS.B,
25.44%,
11/08/26
...
5,175
5,210
L1992549.UP.FTS.B,
25.44%,
11/08/26
...
6,741
6,787
L1989064.UP.FTS.B,
25.45%,
11/08/26
...
1,608
1,616
L1967532.UP.FTS.B,
25.5%,
11/08/26
....
3,017
1,780
FW1994341.UP.FTS.B,
25.59%,
11/08/26
.
8,016
8,086
L1995984.UP.FTS.B,
26.08%,
11/08/26
...
1,544
1,557
L1992732.UP.FTS.B,
26.2%,
11/08/26
....
3,021
3,047
L1989312.UP.FTS.B,
26.43%,
11/08/26
...
2,556
2,578
FW1998563.UP.FTS.B,
26.46%,
11/08/26
.
1,665
1,679
FW1995329.UP.FTS.B,
26.52%,
11/08/26
.
4,712
4,752
FW1998048.UP.FTS.B,
26.92%,
11/08/26
.
1,688
1,703
L1990551.UP.FTS.B,
26.95%,
11/08/26
...
8,090
8,154
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1997243.UP.FTS.B,
26.96%,
11/08/26
.
$
3,186
$
3,205
FW1994443.UP.FTS.B,
27.95%,
11/08/26
.
6,814
6,857
FW1994756.UP.FTS.B,
28%,
11/08/26
...
2,304
2,321
FW1996342.UP.FTS.B,
28.14%,
11/08/26
.
4,772
4,813
FW1993779.UP.FTS.B,
28.2%,
11/08/26
..
10,229
10,316
FW1996228.UP.FTS.B,
28.64%,
11/08/26
.
8,455
8,509
FW1992877.UP.FTS.B,
28.84%,
11/08/26
.
718
715
FW1992839.UP.FTS.B,
29.33%,
11/08/26
.
3,589
1,015
FW1991541.UP.FTS.B,
29.36%,
11/08/26
.
4,128
4,163
FW1999851.UP.FTS.B,
29.4%,
11/08/26
..
3,448
3,470
FW1995866.UP.FTS.B,
29.41%,
11/08/26
.
2,201
2,215
FW1995850.UP.FTS.B,
29.69%,
11/08/26
.
754
760
FW1992347.UP.FTS.B,
29.82%,
11/08/26
.
20,714
20,891
FW1998032.UP.FTS.B,
29.86%,
11/08/26
.
3,144
3,156
FW1994293.UP.FTS.B,
30.31%,
11/08/26
.
983
989
FW1997312.UP.FTS.B,
30.32%,
11/08/26
.
694
699
FW1989533.UP.FTS.B,
30.48%,
11/08/26
.
1,085
1,084
FW1996257.UP.FTS.B,
30.52%,
11/08/26
.
1,197
1,192
FW1991024.UP.FTS.B,
30.67%,
11/08/26
.
765
772
FW1996943.UP.FTS.B,
30.67%,
11/08/26
.
1,619
1,599
FW1998245.UP.FTS.B,
30.99%,
11/08/26
.
6,198
6,250
FW1991582.UP.FTS.B,
31.04%,
11/08/26
.
6,681
1,895
FW1996197.UP.FTS.B,
31.07%,
11/08/26
.
2,927
2,952
FW1994376.UP.FTS.B,
31.11%,
11/08/26
.
1,115
1,125
FW1991890.UP.FTS.B,
31.12%,
11/08/26
.
2,113
2,128
FW1994027.UP.FTS.B,
31.13%,
11/08/26
.
1,885
1,901
FW1991332.UP.FTS.B,
31.15%,
11/08/26
.
2,868
2,886
FW1988381.UP.FTS.B,
31.18%,
11/08/26
.
2,913
2,907
FW1999282.UP.FTS.B,
31.18%,
11/08/26
.
6,181
6,229
FW1999590.UP.FTS.B,
31.42%,
11/08/26
.
3,494
3,523
L1995369.UP.FTS.B,
8.19%,
11/10/26
....
4,540
4,509
L1989003.UP.FTS.B,
15.35%,
11/12/26
...
15,244
15,177
L1997469.UP.FTS.B,
17.09%,
11/15/26
...
5,726
5,712
L1992552.UP.FTS.B,
20.32%,
11/15/26
...
11,969
1,688
L1997541.UP.FTS.B,
23.86%,
11/15/26
...
4,962
4,946
FW1988425.UP.FTS.B,
30.92%,
11/16/26
.
968
137
L2073684.UP.FTS.B,
7.58%,
11/18/26
....
5,600
5,569
L2071601.UP.FTS.B,
7.69%,
11/18/26
....
1,693
1,684
L2070708.UP.FTS.B,
7.71%,
11/18/26
....
11,262
11,201
L2074361.UP.FTS.B,
7.81%,
11/18/26
....
7,346
7,302
L2070082.UP.FTS.B,
8.09%,
11/18/26
....
11,331
11,270
L2041907.UP.FTS.B,
9.16%,
11/18/26
....
2,293
2,280
L2073150.UP.FTS.B,
9.42%,
11/18/26
....
9,393
9,342
L2071865.UP.FTS.B,
10.09%,
11/18/26
...
4,340
4,327
L2075029.UP.FTS.B,
10.15%,
11/18/26
...
6,287
6,268
L2074643.UP.FTS.B,
10.22%,
11/18/26
...
11,476
11,442
L2072338.UP.FTS.B,
10.5%,
11/18/26
....
4,359
4,337
L2075077.UP.FTS.B,
11.07%,
11/18/26
...
1,754
1,749
L2074489.UP.FTS.B,
11.1
1%,
11/18/26
...
13,334
13,296
FW2074336.UP.FTS.B,
11.25%,
11/18/26
.
3,923
3,909
L2075040.UP.FTS.B,
11.45%,
11/18/26
...
8,201
8,177
FW2073066.UP.FTS.B,
11.7%,
11/18/26
..
2,749
2,738
L2074193.UP.FTS.B,
12.02%,
11/18/26
...
5,559
5,542
L2075044.UP.FTS.B,
12.3%,
11/18/26
....
2,368
2,361
L2074536.UP.FTS.B,
12.35%,
11/18/26
...
3,554
3,544
L2071456.UP.FTS.B,
12.81%,
11/18/26
...
22,127
22,044
L2073228.UP.FTS.B,
13.71%,
11/18/26
...
6,124
6,107
L2069740.UP.FTS.B,
13.83%,
11/18/26
...
9,689
9,652
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)
Upstart
Network,
Inc.
(continued)
L2073949.UP.FTS.B,
13.85%,
11/18/26
...
$
3,005
$
2,996
L2070988.UP.FTS.B,
13.92%,
11/18/26
...
4,813
4,799
L2070587.UP.FTS.B,
14.32%,
11/18/26
...
4,832
4,836
L2073985.UP.FTS.B,
14.6%,
11/18/26
....
3,108
2,942
L2074701.UP.FTS.B,
14.63%,
11/18/26
...
3,877
3,880
L2074516.UP.FTS.B,
14.71%,
11/18/26
...
6,358
294
FW2061676.UP.FTS.B,
14.9%,
11/18/26
..
13,100
1,819
FW2075148.UP.FTS.B,
14.93%,
11/18/26
.
2,431
2,433
FW2072823.UP.FTS.B,
15.21%,
11/18/26
.
1,498
1,493
L2074544.UP.FTS.B,
15.5%,
11/18/26
....
3,473
248
L1995487.UP.FTS.B,
15.52%,
11/18/26
...
3,069
3,059
L2074846.UP.FTS.B,
15.74%,
11/18/26
...
9,185
9,193
L2073860.UP.FTS.B,
16.19%,
11/18/26
...
1,845
1,847
L2071348.UP.FTS.B,
16.45%,
11/18/26
...
7,994
7,963
L2071149.UP.FTS.B,
16.73%,
11/18/26
...
15,712
15,720
L2071590.UP.FTS.B,
16.75%,
11/18/26
...
4,438
4,224
FW2074457.UP.FTS.B,
16.98%,
11/18/26
.
15,491
15,532
FW2075122.UP.FTS.B,
17.19%,
11/18/26
.
2,483
2,485
L2074833.UP.FTS.B,
17.19%,
11/18/26
...
8,710
8,704
FW2075446.UP.FTS.B,
17.4%,
11/18/26
..
2,442
2,443
FW2075299.UP.FTS.B,
17.67%,
11/18/26
.
2,494
2,497
L2069944.UP.FTS.B,
18.01%,
11/18/26
...
6,268
6,265
L2063418.UP.FTS.B,
18.03%,
11/18/26
...
2,503
2,505
L2074570.UP.FTS.B,
18.15%,
11/18/26
...
10,494
2,863
L2074700.UP.FTS.B,
18.17%,
11/18/26
...
4,073
4,077
L2073937.UP.FTS.B,
18.46%,
11/18/26
...
7,436
7,440
FW2070090.UP.FTS.B,
18.57%,
11/18/26
.
1,177
1,176
FW2072266.UP.FTS.B,
18.67%,
11/18/26
.
1,833
132
FW2074803.UP.FTS.B,
18.88%,
11/18/26
.
7,883
7,891
L2071288.UP.FTS.B,
18.9%,
11/18/26
....
2,659
2,657
FW2070966.UP.FTS.B,
18.96%,
11/18/26
.
3,786
3,796
L2071754.UP.FTS.B,
19.22%,
11/18/26
...
2,586
2,577
FW2074495.UP.FTS.B,
19.61%,
11/18/26
.
5,706
5,721
L2074954.UP.FTS.B,
19.66%,
11/18/26
...
3,461
3,464
L2067851.UP.FTS.B,
19.79%,
11/18/26
...
9,075
9,083
L2060606.UP.FTS.B,
19.84%,
11/18/26
...
25,118
23,894
L2073597.UP.FTS.B,
19.97%,
11/18/26
...
712
706
L2072694.UP.FTS.B,
20.25%,
11/18/26
...
2,107
2,112
L2071378.UP.FTS.B,
20.26%,
11/18/26
...
4,806
4,809
FW2070300.UP.FTS.B,
20.46%,
11/18/26
.
6,456
6,230
L2073048.UP.FTS.B,
20.74%,
11/18/26
...
3,206
3,214
L2074379.UP.FTS.B,
20.93%,
11/18/26
...
11,689
11,820
L2073994.UP.FTS.B,
21.04%,
11/18/26
...
3,214
3,222
L2074856.UP.FTS.B,
21.95%,
11/18/26
...
7,151
7,227
L2074792.UP.FTS.B,
22.51%,
11/18/26
...
3,732
270
L2072786.UP.FTS.B,
22.57%,
11/18/26
...
9,165
9,261
L2074520.UP.FTS.B,
22.63%,
11/18/26
...
140
138
L2074658.UP.FTS.B,
22.83%,
11/18/26
...
6,529
6,610
L2074869.UP.FTS.B,
22.9%,
11/18/26
....
2,518
2,442
L2073707.UP.FTS.B,
22.91%,
11/18/26
...
1,830
1,852
L2074779.UP.FTS.B,
22.95%,
11/18/26
...
6,541
6,607
L2073694.UP.FTS.B,
22.99%,
11/18/26
...
3,858
3,903
L2075061.UP.FTS.B,
23.07%,
11/18/26
...
6,061
6,127
L2073355.UP.FTS.B,
23.21%,
11/18/26
...
3,274
3,315
L2074657.UP.FTS.B,
23.23%,
11/18/26
...
2,489
2,520
L2075024.UP.FTS.B,
23.38%,
11/18/26
...
3,021
3,048
L2069953.UP.FTS.B,
23.63%,
11/18/26
...
1,597
1,594
L2074932.UP.FTS.B,
23.75%,
11/18/26
...
6,284
6,055
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2074997.UP.FTS.B,
24.24%,
11/18/26
...
$
2,752
$
2,785
FW2074736.UP.FTS.B,
24.49%,
11/18/26
.
5,259
378
L2074747.UP.FTS.B,
24.82%,
11/18/26
...
2,122
613
L2073148.UP.FTS.B,
24.83%,
11/18/26
...
996
999
L2069647.UP.FTS.B,
24.91%,
11/18/26
...
3,049
3,066
FW2073759.UP.FTS.B,
25.15%,
11/18/26
.
797
807
L2075027.UP.FTS.B,
25.16%,
11/18/26
...
3,996
4,046
L2070719.UP.FTS.B,
25.21%,
11/18/26
...
4,431
4,485
L2075204.UP.FTS.B,
25.29%,
11/18/26
...
3,265
3,306
L2070829.UP.FTS.B,
25.31%,
11/18/26
...
666
667
FW2074782.UP.FTS.B,
25.34%,
11/18/26
.
2,136
153
L2070733.UP.FTS.B,
25.4%,
11/18/26
....
2,014
2,035
L2071257.UP.FTS.B,
25.4%,
11/18/26
....
667
656
L2045168.UP.FTS.B,
25.61%,
11/18/26
...
5,920
5,977
FW2075060.UP.FTS.B,
26.35%,
11/18/26
.
3,250
3,285
FW2074102.UP.FTS.B,
27.44%,
11/18/26
.
1,756
1,777
FW2073976.UP.FTS.B,
27.83%,
11/18/26
.
1,242
1,252
FW2074553.UP.FTS.B,
28.4%,
11/18/26
..
764
54
FW2075115.UP.FTS.B,
29.25%,
11/18/26
.
4,125
4,176
FW2074160.UP.FTS.B,
29.41%,
11/18/26
.
532
526
FW2074265.UP.FTS.B,
29.67%,
11/18/26
.
5,862
5,935
FW2067233.UP.FTS.B,
29.68%,
11/18/26
.
1,242
1,257
FW2074064.UP.FTS.B,
29.92%,
11/18/26
.
1,244
1,260
FW2071058.UP.FTS.B,
30.15%,
11/18/26
.
1,766
262
FW2073506.UP.FTS.B,
30.43%,
11/18/26
.
667
673
FW2072059.UP.FTS.B,
30.46%,
11/18/26
.
3,131
3,164
FW2072695.UP.FTS.B,
30.47%,
11/18/26
.
694
703
FW2074740.UP.FTS.B,
30.66%,
11/18/26
.
22,324
22,603
FW2073859.UP.FTS.B,
30.99%,
11/18/26
.
1,462
1,481
FW2070830.UP.FTS.B,
31%,
11/18/26
...
2,716
2,750
FW2074592.UP.FTS.B,
31.05%,
11/18/26
.
776
54
FW2070865.UP.FTS.B,
31.17%,
11/18/26
.
1,258
193
FW2070287.UP.FTS.B,
31.24%,
11/18/26
.
2,584
2,617
FW2074713.UP.FTS.B,
31.25%,
11/18/26
.
4,915
4,966
FW2070592.UP.FTS.B,
31.39%,
11/18/26
.
2,449
2,450
L1989271.UP.FTS.B,
15.62%,
11/22/26
...
7,621
7,199
FW1991256.UP.FTS.B,
25.07%,
11/22/26
.
14,868
14,976
L1990580.UP.FTS.B,
19.47%,
11/23/26
...
16,469
15,643
L2074195.UP.FTS.B,
15.15%,
11/24/26
...
6,105
6,082
L2070126.UP.FTS.B,
12.98%,
12/03/26
...
4,651
644
L2213943.UP.FTS.B,
8.37%,
12/09/26
....
5,644
5,608
L2216952.UP.FTS.B,
8.42%,
12/09/26
....
10,502
10,436
L2217859.UP.FTS.B,
8.75%,
12/09/26
....
11,743
11,664
FW2218197.UP.FTS.B,
9.08%,
12/09/26
..
31,897
4,259
L2215533.UP.FTS.B,
9.49%,
12/09/26
....
2,842
2,823
L2214523.UP.FTS.B,
9.75%,
12/09/26
....
14,920
14,822
L2214639.UP.FTS.B,
9.77%,
12/09/26
....
5,042
5,011
L2217330.UP.FTS.B,
10.1%,
12/09/26
....
1,938
1,921
L2217133.UP.FTS.B,
11.03%,
12/09/26
...
14,949
14,880
FW2216190.UP.FTS.B,
12.02%,
12/09/26
.
3,034
3,017
L2216322.UP.FTS.B,
12.95%,
12/09/26
...
6,611
6,582
L2215565.UP.FTS.B,
13.14%,
12/09/26
...
3,680
3,664
FW2214435.UP.FTS.B,
13.25%,
12/09/26
.
15,351
15,267
L2214819.UP.FTS.B,
13.75%,
12/09/26
...
3,683
3,667
L2215433.UP.FTS.B,
14.02%,
12/09/26
...
1,237
1,232
L2218351.UP.FTS.B,
14.35%,
12/09/26
...
605
603
L2215625.UP.FTS.B,
15.65%,
12/09/26
...
7,423
1,975
L2216039.UP.FTS.B,
16.11%,
12/09/26
...
3,153
3,147
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)
Upstart
Network,
Inc.
(continued)
FW2215838.UP.FTS.B,
16.38%,
12/09/26
.
$
5,050
$
5,041
L2215859.UP.FTS.B,
16.43%,
12/09/26
...
2,720
2,715
L2217862.UP.FTS.B,
16.51%,
12/09/26
...
6,964
6,939
L2215442.UP.FTS.B,
16.68%,
12/09/26
...
1,830
1,029
L2217548.UP.FTS.B,
17.23%,
12/09/26
...
9,556
9,538
L2216029.UP.FTS.B,
17.52%,
12/09/26
...
4,616
2,597
L2217603.UP.FTS.B,
17.91%,
12/09/26
...
4,031
4,020
FW2216465.UP.FTS.B,
18.28%,
12/09/26
.
1,145
1,140
L2215903.UP.FTS.B,
18.3%,
12/09/26
....
2,557
2,552
L2214500.UP.FTS.B,
18.31%,
12/09/26
...
21,562
12,142
L2217227.UP.FTS.B,
18.97%,
12/09/26
...
7,118
7,111
L2213701.UP.FTS.B,
19.91%,
12/09/26
...
1,892
1,886
L2215303.UP.FTS.B,
20.05%,
12/09/26
...
4,572
4,611
L2215373.UP.FTS.B,
20.25%,
12/09/26
...
654
652
FW2214210.UP.FTS.B,
20.55%,
12/09/26
.
3,280
3,277
FW2213572.UP.FTS.B,
21.18%,
12/09/26
.
1,649
1,659
FW2215010.UP.FTS.B,
21.32%,
12/09/26
.
1,321
1,317
L2214734.UP.FTS.B,
21.37%,
12/09/26
...
7,119
7,109
FW2215319.UP.FTS.B,
21.51%,
12/09/26
.
2,645
2,668
L2216265.UP.FTS.B,
21.78%,
12/09/26
...
3,560
518
L2217016.UP.FTS.B,
21.8%,
12/09/26
....
2,967
2,983
L2214771.UP.FTS.B,
21.93%,
12/09/26
...
1,593
1,606
L2217244.UP.FTS.B,
21.96%,
12/09/26
...
3,320
3,310
FW2217920.UP.FTS.B,
22.05%,
12/09/26
.
2,818
795
L2213576.UP.FTS.B,
22.2%,
12/09/26
....
2,370
2,367
L2217530.UP.FTS.B,
22.65%,
12/09/26
...
3,007
3,026
L2199212.UP.FTS.B,
23.01%,
12/09/26
...
10,088
10,145
L1410812.UP.FTS.B,
23.09%,
12/09/26
...
7,470
4,375
FW2209695.UP.FTS.B,
23.37%,
12/09/26
.
3,321
3,347
L2214174.UP.FTS.B,
23.38%,
12/09/26
...
683
680
L2218623.UP.FTS.B,
23.41%,
12/09/26
...
3,022
1,775
FW2215830.UP.FTS.B,
23.46%,
12/09/26
.
739
746
L2217598.UP.FTS.B,
23.52%,
12/09/26
...
6,456
6,511
L2218003.UP.FTS.B,
23.87%,
12/09/26
...
1,627
1,639
FW2218127.UP.FTS.B,
24.14%,
12/09/26
.
6,759
6,816
L2216002.UP.FTS.B,
24.2%,
12/09/26
....
3,214
3,236
FW2214164.UP.FTS.B,
24.23%,
12/09/26
.
23,809
23,737
L2215396.UP.FTS.B,
24.34%,
12/09/26
...
2,901
2,925
FW2214689.UP.FTS.B,
24.38%,
12/09/26
.
5,332
5,346
L2218752.UP.FTS.B,
24.44%,
12/09/26
...
1,082
1,088
L2217516.UP.FTS.B,
24.76%,
12/09/26
...
1,007
1,015
L2218428.UP.FTS.B,
25.03%,
12/09/26
...
1,021
1,028
L2216782.UP.FTS.B,
25.06%,
12/09/26
...
2,428
1,392
L2215729.UP.FTS.B,
25.13%,
12/09/26
...
10,302
10,371
L2215559.UP.FTS.B,
25.
19%,
12/09/26
...
1,011
1,010
L2215557.UP.FTS.B,
25.29%,
12/09/26
...
1,569
1,582
FW2217958.UP.FTS.B,
25.35%,
12/09/26
.
3,072
3,091
L2213659.UP.FTS.B,
25.4%,
12/09/26
....
2,595
2,611
L2217765.UP.FTS.B,
25.4%,
12/09/26
....
751
757
L2215136.UP.FTS.B,
25.42%,
12/09/26
...
3,225
3,218
L2214897.UP.FTS.B,
25.44%,
12/09/26
...
11,199
11,294
L2214140.UP.FTS.B,
25.45%,
12/09/26
...
1,792
1,786
L2217964.UP.FTS.B,
25.45%,
12/09/26
...
4,370
4,407
L2214064.UP.FTS.B,
25.48%,
12/09/26
...
3,347
3,375
L2216607.UP.FTS.B,
25.48%,
12/09/26
...
2,049
2,067
FW2216203.UP.FTS.B,
25.54%,
12/09/26
.
4,525
4,552
L2214388.UP.FTS.B,
25.7%,
12/09/26
....
2,508
2,528
L2218260.UP.FTS.B,
25.7%,
12/09/26
....
4,516
4,554
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2218303.UP.FTS.B,
25.88%,
12/09/26
...
$
4,941
$
727
L2216795.UP.FTS.B,
26.15%,
12/09/26
...
9,270
9,349
L2217875.UP.FTS.B,
26.21%,
12/09/26
...
5,532
5,568
FW2215725.UP.FTS.B,
28.05%,
12/09/26
.
5,575
5,610
FW2215661.UP.FTS.B,
28.62%,
12/09/26
.
8,283
8,345
FW2216442.UP.FTS.B,
29.14%,
12/09/26
.
6,403
6,448
FW2218562.UP.FTS.B,
29.96%,
12/09/26
.
708
712
FW2217960.UP.FTS.B,
30.51%,
12/09/26
.
3,549
3,571
FW2217757.UP.FTS.B,
30.55%,
12/09/26
.
2,176
2,188
FW2214286.UP.FTS.B,
30.83%,
12/09/26
.
16,929
1,181
FW2216633.UP.FTS.B,
30.84%,
12/09/26
.
711
717
FW2213785.UP.FTS.B,
30.97%,
12/09/26
.
2,261
2,274
FW2205180.UP.FTS.B,
31.15%,
12/09/26
.
20,310
20,483
FW2214022.UP.FTS.B,
31.21%,
12/09/26
.
3,823
271
FW2217843.UP.FTS.B,
31.21%,
12/09/26
.
865
869
FW2216011.UP.FTS.B,
31.3%,
12/09/26
..
1,588
1,600
FW2215916.UP.FTS.B,
31.42%,
12/09/26
.
1,213
1,224
FW2215821.UP.FTS.B,
31.64%,
12/09/26
.
6,155
–
FW2216867.UP.FTS.B,
31.83%,
12/09/26
.
3,752
3,781
FW2217138.UP.FTS.B,
32.58%,
12/09/26
.
5,048
5,079
FW2219336.UP.FTS.B,
7.29%,
12/10/26
..
5,782
5,746
L2221765.UP.FTS.B,
7.56%,
12/10/26
....
5,785
5,750
FW2218855.UP.FTS.B,
7.72%,
12/10/26
..
2,024
2,005
L2220935.UP.FTS.B,
8.04%,
12/10/26
....
6,424
6,381
L2220551.UP.FTS.B,
8.19%,
12/10/26
....
1,284
1,276
L2222014.UP.FTS.B,
9.11%,
12/10/26
....
14,731
14,642
L2220654.UP.FTS.B,
9.13%,
12/10/26
....
13,050
12,958
L2220216.UP.FTS.B,
9.67%,
12/10/26
....
10,000
9,918
L2221664.UP.FTS.B,
9.98%,
12/10/26
....
2,100
2,076
FW2219804.UP.FTS.B,
10.44%,
12/10/26
.
5,972
5,946
FW2222412.UP.FTS.B,
10.49%,
12/10/26
.
598
594
L2220336.UP.FTS.B,
11.03%,
12/10/26
...
3,286
3,267
L2220236.UP.FTS.B,
11.73%,
12/10/26
...
12,980
12,923
L2222184.UP.FTS.B,
12.02%,
12/10/26
...
5,097
5,069
L2220260.UP.FTS.B,
12.23%,
12/10/26
...
30,398
30,235
FW2220027.UP.FTS.B,
13.09%,
12/10/26
.
6,130
6,103
L2221352.UP.FTS.B,
13.11%,
12/10/26
...
564
561
L2221255.UP.FTS.B,
13.17%,
12/10/26
...
4,607
4,582
L2220245.UP.FTS.B,
13.24%,
12/10/26
...
16,331
16,244
L2218875.UP.FTS.B,
13.44%,
12/10/26
...
7,380
7,349
L2221936.UP.FTS.B,
13.59%,
12/10/26
...
3,943
3,922
L2220922.UP.FTS.B,
13.6%,
12/10/26
....
4,312
4,294
L2222570.UP.FTS.B,
13.7%,
12/10/26
....
3,094
3,078
L2211103.UP.FTS.B,
13.86%,
12/10/26
...
8,073
8,032
L2221071.UP.FTS.B,
14.15%,
12/10/26
...
4,599
4,570
FW2219337.UP.FTS.B,
14.64%,
12/10/26
.
3,226
3,206
L2221548.UP.FTS.B,
14.74%,
12/10/26
...
623
620
FW2222326.UP.FTS.B,
14.82%,
12/10/26
.
10,905
10,859
L2219252.UP.FTS.B,
15.58%,
12/10/26
...
3,131
1,789
L2218671.UP.FTS.B,
15.6%,
12/10/26
....
3,373
472
L2194261.UP.FTS.B,
15.71%,
12/10/26
...
7,207
7,187
FW2219230.UP.FTS.B,
15.75%,
12/10/26
.
6,981
6,959
FW2221359.UP.FTS.B,
17.28%,
12/10/26
.
1,977
1,968
FW2221538.UP.FTS.B,
17.36%,
12/10/26
.
10,206
10,189
L2219356.UP.FTS.B,
17.56%,
12/10/26
...
6,840
6,817
L2183750.UP.FTS.B,
17.62%,
12/10/26
...
5,116
5,099
L2220037.UP.FTS.B,
17.77%,
12/10/26
...
2,049
2,045
L2219692.UP.FTS.B,
18.1%,
12/10/26
....
2,048
2,044
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)
Upstart
Network,
Inc.
(continued)
L2222111.UP.FTS.B,
18.1%,
12/10/26
....
$
3,532
$
3,526
FW2217304.UP.FTS.B,
18.29%,
12/10/26
.
627
626
L2220278.UP.FTS.B,
18.47%,
12/10/26
...
3,865
3,859
L2210120.UP.FTS.B,
18.97%,
12/10/26
...
2,201
2,195
FW2219505.UP.FTS.B,
19.04%,
12/10/26
.
14,978
14,941
FW2219062.UP.FTS.B,
19.4%,
12/10/26
..
4,160
597
L2221797.UP.FTS.B,
19.44%,
12/10/26
...
10,626
10,606
L2221919.UP.FTS.B,
19.66%,
12/10/26
...
3,646
3,643
L2221739.UP.FTS.B,
19.78%,
12/10/26
...
5,865
5,917
L2221097.UP.FTS.B,
19.86%,
12/10/26
...
1,526
1,522
L2220113.UP.FTS.B,
20.52%,
12/10/26
...
3,278
3,307
L2219823.UP.FTS.B,
20.59%,
12/10/26
...
3,625
3,616
L2221612.UP.FTS.B,
20.59%,
12/10/26
...
7,893
7,945
L2222005.UP.FTS.B,
20.98
%,
12/10/26
...
9,301
9,272
L2221600.UP.FTS.B,
21.39%,
12/10/26
...
5,000
4,964
L2222012.UP.FTS.B,
21.64%,
12/10/26
...
2,332
2,348
FW2219145.UP.FTS.B,
21.86%,
12/10/26
.
11,145
11,217
FW2220653.UP.FTS.B,
22.15%,
12/10/26
.
4,037
4,066
FW2220221.UP.FTS.B,
22.46%,
12/10/26
.
4,666
4,708
L2219015.UP.FTS.B,
22.73%,
12/10/26
...
4,677
4,718
FW2220294.UP.FTS.B,
22.87%,
12/10/26
.
13,405
13,493
L2220670.UP.FTS.B,
23.96%,
12/10/26
...
1,937
1,937
FW2214196.UP.FTS.B,
23.98%,
12/10/26
.
4,083
4,111
L2219719.UP.FTS.B,
24.34%,
12/10/26
...
1,016
1,023
FW2220794.UP.FTS.B,
24.46%,
12/10/26
.
3,743
1,059
L2221940.UP.FTS.B,
24.71%,
12/10/26
...
2,496
2,484
FW2222025.UP.FTS.B,
24.95%,
12/10/26
.
6,830
6,877
L2221560.UP.FTS.B,
25.03%,
12/10/26
...
1,628
1,642
L2220844.UP.FTS.B,
25.09%,
12/10/26
...
1,770
1,786
L2222466.UP.FTS.B,
25.12%,
12/10/26
...
7,153
7,200
L2222460.UP.FTS.B,
25.39%,
12/10/26
...
2,140
2,151
L2219737.UP.FTS.B,
25.45%,
12/10/26
...
1,760
259
L2222516.UP.FTS.B,
25.46%,
12/10/26
...
670
670
L2222196.UP.FTS.B,
25.5%,
12/10/26
....
1,777
507
L2222524.UP.FTS.B,
25.5%,
12/10/26
....
1,844
1,861
L2219005.UP.FTS.B,
25.75%,
12/10/26
...
2,468
2,484
L2219909.UP.FTS.B,
25.83%,
12/10/26
...
2,267
334
FW2219378.UP.FTS.B,
27.07%,
12/10/26
.
8,298
8,371
FW2218817.UP.FTS.B,
27.5%,
12/10/26
..
2,958
2,955
FW2221398.UP.FTS.B,
27.53%,
12/10/26
.
3,678
3,707
FW2221651.UP.FTS.B,
27.6%,
12/10/26
..
6,873
6,930
FW2220064.UP.FTS.B,
27.61%,
12/10/26
.
1,646
1,660
FW2219847.UP.FTS.B,
28.03%,
12/10/26
.
4,133
4,167
FW2220128.UP.FTS.B,
28.06%,
12/10/26
.
3,484
3,515
FW2221547.UP.FTS.B,
28.78%,
12/10/26
.
2,452
2,468
FW2222054.UP.FTS.B,
29.08%,
12/10/26
.
5,617
5,666
FW2218160.UP.FTS.B,
29.47%,
12/10/26
.
3,380
3,410
FW2219414.UP.FTS.B,
29.72%,
12/10/26
.
4,384
1,263
FW2220353.UP.FTS.B,
29.92%,
12/10/26
.
2,131
2,146
FW2221075.UP.FTS.B,
30.26%,
12/10/26
.
2,479
2,501
FW2221564.UP.FTS.B,
30.28%,
12/10/26
.
2,691
2,715
FW2217065.UP.FTS.B,
30.33%,
12/10/26
.
3,250
1,912
FW2221531.UP.FTS.B,
30.36%,
12/10/26
.
2,480
2,502
FW2221439.UP.FTS.B,
30.5%,
12/10/26
..
1,560
1,574
FW2222124.UP.FTS.B,
30.9%,
12/10/26
..
167
164
FW2219745.UP.FTS.B,
31.03%,
12/10/26
.
1,637
1,652
FW2216231.UP.FTS.B,
31.22%,
12/10/26
.
2,496
2,518
FW2218939.UP.FTS.B,
31.36%,
12/10/26
.
2,854
2,880
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2219989.UP.FTS.B,
31.38%,
12/10/26
.
$
2,813
$
2,836
FW2219361.UP.FTS.B,
31.69%,
12/10/26
.
10,517
10,610
FW2219266.UP.FTS.B,
31.97%,
12/10/26
.
27,361
1,901
L2220687.UP.FTS.B,
23.72%,
12/11/26
...
1,817
1,826
L2219088.UP.FTS.B,
10.44%,
12/13/26
...
12,811
12,754
L2217252.UP.FTS.B,
25.25%,
12/14/26
...
1,369
1,365
FW2221416.UP.FTS.B,
26.49%,
12/14/26
.
2,820
2,710
L2216987.UP.FTS.B,
17.24%,
12/16/26
...
6,368
6,349
FW2217553.UP.FTS.B,
16.03%,
12/23/26
.
3,797
3,777
FW2214828.UP.FTS.B,
15.83%,
12/24/26
.
6,964
6,941
FW2213955.UP.FTS.B,
18.45%,
12/24/26
.
5,842
5,823
FW2220958.UP.FTS.B,
32.58%,
12/25/26
.
5,598
5,630
L1612765.UP.FTS.B,
17.19%,
1/23/27
....
11,113
10,579
L1611722.UP.FTS.B,
19.13%,
1/23/27
....
4,937
4,929
L1611110.UP.FTS.B,
20.52%,
1/23/27
....
11,946
11,496
L1612410.UP.FTS.B,
21.86%,
1/23/27
....
3,384
3,385
L1612489.UP.FTS.B,
23.23%,
1/23/27
....
2,900
2,923
L1613013.UP.FTS.B,
25.41%,
1/23/27
....
1,565
453
FW1612781.UP.FTS.B,
27.12%,
1/23/27
..
7,341
7,056
FW1611792.UP.FTS.B,
28.67%,
1/23/27
..
5,750
5,468
L1616604.UP.FTS.B,
10.09%,
1/24/27
....
8,501
8,450
L1614273.UP.FTS.B,
14.09%,
1/24/27
....
6,803
6,771
L1599969.UP.FTS.B,
14.68%,
1/24/27
....
5,158
727
L1616477.UP.FTS.B,
19.45%,
1/24/27
....
3,900
3,897
L1613477.UP.FTS.B,
20.77%,
1/24/27
....
2,875
2,879
L1614645.UP.FTS.B,
22.79%,
1/24/27
....
2,088
2,115
L1616362.UP.FTS.B,
23.47%,
1/24/27
....
4,200
4,244
L1613119.UP.FTS.B,
24.86%,
1/24/27
....
10,997
10,986
FW1613124.UP.FTS.B,
26.6%,
1/24/27
...
11,607
11,709
FW1605600.UP.FTS.B,
29.46%,
1/24/27
..
5,424
5,508
FW1616426.UP.FTS.B,
30.21%,
1/24/27
..
1,373
1,387
FW1615354.UP.FTS.B,
31.17%,
1/24/27
..
9,321
9,398
L1619050.UP.FTS.B,
15.55%,
1/25/27
....
2,530
2,524
L1618708.UP.FTS.B,
19.03%,
1/25/27
....
13,714
397
FW1615921.UP.FTS.B,
28.4%,
1/25/27
...
13,225
13,391
FW1620982.UP.FTS.B,
29.78%,
1/25/27
..
26,257
1,828
FW1705472.UP.FTS.B,
19.5%,
2/13/27
...
5,972
5,970
L1705495.UP.FTS.B,
19.78%,
2/13/27
....
2,196
159
L1706676.UP.FTS.B,
24.2%,
2/13/27
....
12,907
7,604
L1705353.UP.FTS.B,
25.94%,
2/13/27
....
3,089
219
L1706613.UP.FTS.B,
27.15%,
2/13/
27
....
6,314
3,751
FW1704923.UP.FTS.B,
29.37%,
2/13/27
..
1,766
502
L1879248.UP.FTS.B,
19.71%,
3/19/27
....
4,198
3,979
L1876648.UP.FTS.B,
22.83%,
3/19/27
....
8,526
411
L1880795.UP.FTS.B,
23.65%,
3/19/27
....
2,454
177
FW1880786.UP.FTS.B,
24.67%,
3/19/27
..
4,057
4,087
L1880423.UP.FTS.B,
25.24%,
3/19/27
....
5,153
5,178
FW1879017.UP.FTS.B,
25.45%,
3/19/27
..
18,439
2,817
L1878925.UP.FTS.B,
26.03%,
3/19/27
....
5,975
6,010
FW1880356.UP.FTS.B,
28.86%,
3/19/27
..
1,838
1,851
FW1878756.UP.FTS.B,
30.15%,
3/19/27
..
27
2
FW1876491.UP.FTS.B,
30.62%,
3/19/27
..
5,038
5,077
FW1880852.UP.FTS.B,
31.2%,
3/19/27
...
2,556
356
FW1876421.UP.FTS.B,
26.08%,
3/27/27
..
4,152
4,176
L1991593.UP.FTS.B,
11.07%,
4/08/27
....
31,332
31,038
FW1989633.UP.FTS.B,
11.19%,
4/08/27
..
3,774
3,747
L1988372.UP.FTS.B,
13.34%,
4/08/27
....
3,546
3,530
L1998298.UP.FTS.B,
13.53%,
4/08/27
....
3,098
3,075
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)
Upstart
Network,
Inc.
(continued)
L1993514.UP.FTS.B,
16.68%,
4/08/27
....
$
2,673
$
376
L1990886.UP.FTS.B,
17.65%,
4/08/27
....
5,008
4,971
L1991140.UP.FTS.B,
17.85%,
4/08/27
....
3,510
3,489
L1999227.UP.FTS.B,
17.88%,
4/08/27
....
13,784
13,683
L1989102.UP.FTS.B,
19.31%,
4/08/27
....
8,901
642
FW1990125.UP.FTS.B,
20.11%,
4/08/27
..
5,982
5,931
L1991181.UP.FTS.B,
20.28%,
4/08/27
....
7,356
7,346
L1997930.UP.FTS.B,
20.97%,
4/08/27
....
2,964
2,938
L1995141.UP.FTS.B,
22.04%,
4/08/27
....
21,377
21,400
FW1995724.UP.FTS.B,
22.43%,
4/08/27
..
10,777
6,178
L1990332.UP.FTS.B,
24.87%,
4/08/27
....
9,351
9,387
L1996816.UP.FTS.B,
26.05%,
4/08/27
....
12,407
1,771
FW1990199.UP.FTS.B,
27.43%,
4/08/27
..
10,803
10,843
FW1996955.UP.FTS.B,
27.91%,
4/08/27
..
1,151
1,152
FW1999057.UP.FTS.B,
28%,
4/08/27
....
18,818
11,001
FW1993453.UP.FTS.B,
28.76%,
4/08/27
..
9,504
9,520
FW1996092.UP.FTS.B,
29.72%,
4/08/27
..
2,563
2,575
FW1988366.UP.FTS.B,
30.88%,
4/08/27
..
4,640
2,745
FW1990513.UP.FTS.B,
31.11%,
4/08/27
..
3,751
3,757
FW1995947.UP.FTS.B,
31.02%,
4/17/27
..
3,417
239
L2073169.UP.FTS.B,
10.97%,
4/18/27
....
14,945
1,087
FW2073202.UP.FTS.B,
16.18%,
4/18/27
..
12,083
873
L2075589.UP.FTS.B,
16.26%,
4/18/27
....
5,088
5,055
L2074108.UP.FTS.B,
16.87%,
4/18/27
....
2,031
2,017
L2070593.UP.FTS.B,
17.59%,
4/18/27
....
14,392
14,312
L2074593.UP.FTS.B,
18.9%,
4/18/27
....
1,238
1,235
FW2071863.UP.FTS.B,
19.94%,
4/18/27
..
35,914
35,817
L2074730.UP.FTS.B,
20.02%,
4/18/27
....
3,302
3,307
L2073933.UP.FTS.B,
20.06%,
4/18/27
....
4,012
3,982
L2074554.UP.FTS.B,
20.64%,
4/18/27
....
15,297
15,245
L2072150.UP.FTS.B,
21.62%,
4/18/27
....
23,031
1,630
L2074432.UP.FTS.B,
21.97%,
4/18/27
....
2,146
2,065
FW2075442.UP.FTS.B,
22.23%,
4/18/27
..
5,492
5,467
L2073235.UP.FTS.B,
22.81%,
4/18/27
....
5,116
5,095
L2072907.UP.FTS.B,
25.45%,
4/18/27
....
3,024
2,902
L2072180.UP.FTS.B,
25.94%,
4/18/27
....
17,621
1,248
FW2075168.UP.FTS.B,
30.19%,
4/18/27
..
2,323
2,328
FW2069880.UP.FTS.B,
30.4%,
4/18/27
...
4,898
4,926
FW2069864.UP.FTS.B,
31.2%,
4/18/27
...
3,023
–
FW1990667.UP.FTS.B,
27.83%,
4/22/27
..
3,355
3,209
L1993049.UP.FTS.B,
14.87%,
4/23/27
....
14,038
13,935
L1996800.UP.FTS.B,
25.32%,
4/23/27
....
18,676
18,564
L2214144.UP.FTS.B,
11.27%,
5/09/27
....
6,173
6,129
L2163677.UP.FTS.B,
11.56%,
5/09/27
....
22,240
3,003
L2218652.UP.FTS.B,
13.28%,
5/09/27
....
7,075
7,017
L1410942.UP.FTS.B,
18.88%,
5/09/27
....
7,069
1,936
L2218508.UP.FTS.B,
20.09%,
5/09/27
....
4,684
1,322
L2217490.UP.FTS.B,
20.86%,
5/09/27
....
20,619
5,741
L2217932.UP.FTS.B,
21.91%,
5/09/27
....
11,384
11,342
FW2216167.UP.FTS.B,
23.76%,
5/09/27
..
4,757
4,765
FW2215962.UP.FTS.B,
24.1%,
5/09/27
...
3,805
541
L2198465.UP.FTS.B,
24.17%,
5/09/27
....
3,577
3,591
FW2217399.UP.FTS.B,
24.73%,
5/09/27
..
5,960
859
L2216524.UP.FTS.B,
25.42%,
5/09/27
....
8,035
8,074
FW2214150.UP.FTS.B,
26.84%,
5/09/27
..
1,863
1,868
FW2218340.UP.FTS.B,
31.07%,
5/09/27
..
7,506
7,576
L2218865.UP.FTS.B,
12.56%,
5/10/27
....
2,319
115
L2211511.UP.FTS.B,
12.64%,
5/10/27
....
38,316
38,024
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2221618.UP.FTS.B,
12.8%,
5/10/27
....
$
3,601
$
3,584
FW2219474.UP.FTS.B,
13.95%,
5/10/27
..
8,124
8,085
L2220695.UP.FTS.B,
14.81%,
5/10/27
....
3,955
1,013
L2221125.UP.FTS.B,
15.5%,
5/10/27
.....
1,392
1,381
L2219741.UP.FTS.B,
18.33%,
5/10/27
....
4,314
1,175
L2221646.UP.FTS.B,
18.79%,
5/10/27
....
7,438
4,266
FW2218896.UP.FTS.B,
19.03%,
5/10/27
..
7,131
515
L2221701.UP.FTS.B,
19.55%,
5/10/27
....
5,015
4,978
L2220257.UP.FTS.B,
19.73%,
5/10/27
....
3,617
3,589
L2220292.UP.FTS.B,
21.61%,
5/
10/27
....
8,750
631
L2221731.UP.FTS.B,
23.05%,
5/10/27
....
5,194
375
L2222062.UP.FTS.B,
23.82%,
5/10/27
....
8,112
8,095
L2222302.UP.FTS.B,
24.68%,
5/10/27
....
4,135
298
FW2220970.UP.FTS.B,
26.98%,
5/10/27
..
666
670
FW2222345.UP.FTS.B,
30.23%,
5/10/27
..
1,410
1,392
FW2220084.UP.FTS.B,
30.41%,
5/10/27
..
1,673
979
FW2219211.UP.FTS.B,
31.11%,
5/10/27
..
3,893
3,911
FW2218821.UP.FTS.B,
31.13%,
5/10/27
..
1,875
–
FW2219137.UP.FTS.B,
32.32%,
5/10/27
..
6,339
6,402
FW2218331.UP.FTS.B,
30.75%,
5/14/27
..
4,709
4,486
L2219046.UP.FTS.B,
24.89%,
5/15/27
....
4,936
4,975
FW2219236.UP.FTS.B,
30.82%,
5/25/27
..
1,727
489
L1600527.UP.FTS.B,
20.35%,
6/24/27
....
6,580
6,511
FW1613781.UP.FTS.B,
20.91%,
6/24/27
..
134
133
L1619343.UP.FTS.B,
16.69%,
6/25/27
....
6,966
6,972
L1706347.UP.FTS.B,
23.37%,
7/13/27
....
6,004
6,052
FW1705037.UP.FTS.B,
26.99%,
7/13/27
..
1,414
1,401
FW1998543.UP.FTS.B,
22.52%,
9/13/27
..
10,843
10,764
L2074857.UP.FTS.B,
16.11%,
9/18/27
....
15,003
14,851
FW1992674.UP.FTS.B,
30.71%,
9/23/27
..
1,470
1,390
L2217220.UP.FTS.B,
24.27%,
10/09/27
...
4,602
4,606
FW2217284.UP.FTS.B,
26.82%,
10/09/27
.
3,527
3,496
FW2221749.UP.FTS.B,
30.5%,
10/10/27
..
902
905
L1700175.UP.FTS.B,
15.87%,
9/13/28
....
11,253
11,224
L1703901.UP.FTS.B,
26.94%,
9/13/28
....
8,045
1,172
L2074618.UP.FTS.B,
27.13%,
4/18/29
....
3,192
3,201
4,617,906
Total
Marketplace
Loans
(Cost
$46,901,976)
.....
$40,969,156
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Total
Return
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
Semiannual
Report
271
At
April
30,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1
(
e
). 
At
April
30,
2024,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1
(
e
). 
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Long
76
$
8,165,250
6/18/24
$
(203,889)
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
1,286
141,741,312
6/18/24
3,898,000
U.S.
Treasury
2
Year
Notes
.....................
Long
1,004
203,466,875
6/28/24
(1,627,468)
U.S.
Treasury
5
Year
Notes
.....................
Long
2,209
231,375,493
6/28/24
(4,184,102)
U.S.
Treasury
Long
Bonds
.....................
Short
222
25,266,375
6/18/24
680,950
U.S.
Treasury
Ultra
Bonds
......................
Long
30
3,586,875
6/18/24
(221,297)
Total
Futures
Contracts
......................................................................
$(1,657,806)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Japanese
Yen
......
JPHQ
Buy
1,145,000,000
7,762,192
10/04/24
$
—
$
(325,385)
Total
Forward
Exchange
Contracts
...................................................
—
$(325,385)
Net
unrealized
appreciation
(depreciation)
............................................
$(325,385)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements
272
At
April
30,
2024,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1
(
e
). 
At
April
30,
2024,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1(e). 
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Buy
Protection
(c)
Traded
Index
CDX.NA.HY.42
.
(5.00)%
Quarterly
6/20/29
24,000,000
$
(1,550,181)
$
(1,638,897)
$
88,716
Total
Centrally
Cleared
Swap
Contracts
.....................................
$(1,550,181)
$(1,638,897)
$88,716
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Carnival
Corp.
..
1.00%
Quarterly
CITI
6/20/27
7,880,000
(82,753)
(895,661)
812,908
BB-
Traded
Index
CDX.NA.HY.33
.
5.00%
Quarterly
CITI
12/20/24
37,700,000
1,338,571
(57,428)
1,395,999
Non-
Investment
Grade
CDX.NA.HY.39
.
5.00%
Quarterly
JPHQ
12/20/27
16,900,000
999,900
867,382
132,518
Non-
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$2,255,718
$(85,707)
$2,341,425
Total
Credit
Default
Swap
Contracts
....................................
$705,537
$
(1,724,604)
$2,430,141
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
1.924%
...
Annual
8/12/27
34,300,000
$
3,718,398
$
1,851
$
3,716,547
Total
Interest
Rate
Swap
Contracts
....................................
$3,718,398
$
1,851
$3,716,547
*
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
273
At
April
30,
2024,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Not
e
1(e).
See
Not
e
9
r
egarding
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
Long
(a)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
6/20/24
30,000,000
$
824,186
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
BNDP
9/20/24
30,000,000
765,516
Total
Return
Swap
Contracts
....................................................................
$1,589,702
*
In
U.S.
dollars
unless
otherwise
indicated.
(a)
The
Fund
receives
the
total
return
on
the
underlying
instrument
and
pays
a
variable
financing
rate.
See
Abbreviations
on
page
318
.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
April
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
274
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
.................................
$1,401,133,819
$76,240,672
$2,010,085,232
Cost
-
Non-controlled
affiliates
(Note
3f
and
10
)
.................
101,004,463
244,140
40,546,171
Cost
-
Unaffiliated
repurchase
agreements
....................
87,180,371
—
11,497,665
Value
-
Unaffiliated
issuers
................................
$1,379,592,959
$76,682,911
$1,956,806,316
Value
-
Non-controlled
affiliates
(Note
3f
and
10
)
................
87,986,199
244,140
40,546,171
Value
-
Unaffiliated
repurchase
agreements
....................
87,180,371
—
11,497,665
Cash
..................................................
15,706,535
640,768
4,249,209
Receivables:
Investment
securities
sold
.................................
25,036,608
361,405
1,773,944
Capital
shares
sold
......................................
3,321,287
—
2,055,680
Dividends
and
interest
...................................
7,235,244
1,045,139
12,952,839
Deposits
with
brokers
for:
Futures
contracts
......................................
—
—
4,067,578
OTC
swap
contracts
(upfront
payments
$–,
$–
and
$298,864,
respectively)
............................................
—
—
282,284
Unrealized
appreciation
on
OTC
swap
contracts
..................
—
—
926,763
Offering
costs
...........................................
—
18,658
—
Total
assets
........................................
1,606,059,203
78,993,021
2,035,158,449
Liabilities:
Payables:
Investment
securities
purchased
............................
103,942,624
883,993
6,966,511
Capital
shares
redeemed
.................................
3,915,445
—
5,303,523
Management
fees
.......................................
667,322
11,259
318,626
Distribution
fees
........................................
234,120
—
301,969
Transfer
agent
fees
......................................
317,758
164
413,579
Trustees'
fees
and
expenses
...............................
17
48
1,014
Distributions
to
shareholders
...............................
1,329,854
—
194,498
Variation
margin
on
futures
contracts
.........................
—
—
481,899
Variation
margin
on
centrally
cleared
swap
contracts
.............
—
—
61,130
OTC
swap
contracts
(upfront
receipts
$–,
$–
and
$894,750,
respectively)
—
—
470,917
Accrued
expenses
and
other
liabilities
.........................
175,353
105,831
443,187
Total
liabilities
.......................................
110,582,493
1,001,295
14,956,853
Net
assets,
at
value
...............................
$1,495,476,710
$77,991,726
$2,020,201,596
Net
assets
consist
of:
Paid-in
capital
...........................................
$2,068,565,742
$76,970,720
$2,430,477,844
Total
distributable
earnings
(losses)
...........................
(573,089,032)
1,021,006
(410,276,248)
Net
assets,
at
value
...............................
$1,495,476,710
$77,991,726
$2,020,201,596
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
275
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Class
A:
Net
assets,
at
value
.....................................
$926,251,405
$—
$1,366,846,142
Shares
outstanding
......................................
118,844,462
—
155,066,280
Net
asset
value
per
share
a,b
................................
$7.79
$—
$8.81
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%,
—%
and
97.75%,
respectively)
b
............................
$7.97
$—
$9.01
Class
C:
Net
assets,
at
value
.....................................
$86,334,242
$—
$36,446,549
Shares
outstanding
......................................
11,073,940
—
4,154,995
Net
asset
value
and
maximum
offering
price
per
share
a,b
..........
$7.80
$—
$8.77
Class
R:
Net
assets,
at
value
.....................................
$—
$—
$303,096
Shares
outstanding
......................................
—
—
34,416
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$—
$—
$8.81
Class
R6:
Net
assets,
at
value
.....................................
$118,441,669
$77,991,726
$448,715,107
Shares
outstanding
......................................
15,172,935
7,816,386
50,570,281
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$7.81
$9.98
$8.87
Advisor
Class:
Net
assets,
at
value
.....................................
$364,449,394
$—
$167,890,702
Shares
outstanding
......................................
46,739,230
—
18,940,600
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$7.80
$—
$8.86
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
276
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
..................................................
$410,646,377
$3,788,120,079
Cost
-
Non-controlled
affiliates
(Note
3f
and
10
)
..................................
18,390,912
41,278,724
Value
-
Unaffiliated
issuers
.................................................
$400,458,833
$3,510,610,595
Value
-
Non-controlled
affiliates
(Note
3f
and
10
)
.................................
18,390,912
41,278,724
Cash
...................................................................
4
3,130,299
Receivables:
Investment
securities
sold
..................................................
1,798,746
1,747,122
Capital
shares
sold
.......................................................
104,743
1,876,999
Dividends
and
interest
....................................................
2,347,508
23,514,036
Deposits
with
brokers
for:
TBA
transactions
.......................................................
—
7,572,222
Futures
contracts
.......................................................
670,858
2,279,335
Variation
margin
on
centrally
cleared
swap
contracts
..............................
—
200,809
OTC
swap
contracts
(upfront
payments
$–
and
$1,057,789,
respectively)
................
—
867,382
Unrealized
appreciation
on
OTC
swap
contracts
...................................
—
3,931,127
Deferred
tax
benefit
........................................................
—
95,813
Total
assets
.........................................................
423,771,604
3,597,104,463
Liabilities:
Payables:
Investment
securities
purchased
.............................................
—
492,765,556
Capital
shares
redeemed
..................................................
882,592
5,820,173
Management
fees
........................................................
128,593
980,560
Distribution
fees
.........................................................
64,471
535,173
Transfer
agent
fees
.......................................................
136,518
769,707
Trustees'
fees
and
expenses
................................................
288
662
Distributions
to
shareholders
................................................
58,744
129,589
Variation
margin
on
futures
contracts
..........................................
100,352
151,909
OTC
swap
contracts
(upfront
receipts
$–
and
$1,796,121,
respectively)
.................
—
953,089
Options
written,
at
value
(premiums
received
$–
and
$633,920,
respectively)
.............
—
423,065
Unrealized
depreciation
on
OTC
forward
exchange
contracts
.........................
—
325,385
Accrued
expenses
and
other
liabilities
..........................................
147,317
585,258
Total
liabilities
........................................................
1,518,875
503,440,126
Net
assets,
at
value
................................................
$422,252,729
$3,093,664,337
Net
assets
consist
of:
Paid-in
capital
............................................................
$595,008,665
$4,054,503,031
Total
distributable
earnings
(losses)
............................................
(172,755,936)
(960,838,694)
Net
assets,
at
value
................................................
$422,252,729
$3,093,664,337
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
277
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Class
A:
Net
assets,
at
value
......................................................
$263,914,839
$2,492,573,013
Shares
outstanding
.......................................................
35,306,344
310,735,829
Net
asset
value
per
share
a,b
.................................................
$7.47
$8.02
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%
and
96.25%,
respectively)
b
...........................................................
$7.64
$8.33
Class
A1:
Net
assets,
at
value
......................................................
$46,602,656
$—
Shares
outstanding
.......................................................
6,236,308
—
Net
asset
value
per
share
a,b
.................................................
$7.47
$—
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%
and
—%,
respectively)
b
...........................................................
$7.64
$—
Class
C:
Net
assets,
at
value
......................................................
$11,464,275
$27,152,600
Shares
outstanding
.......................................................
1,534,870
3,414,040
Net
asset
value
and
maximum
offering
price
per
share
a,b
...........................
$7.47
$7.95
Class
R:
Net
assets,
at
value
......................................................
$—
$7,367,616
Shares
outstanding
.......................................................
—
922,560
Net
asset
value
and
maximum
offering
price
per
share
b
............................
$—
$7.99
Class
R6:
Net
assets,
at
value
......................................................
$18,255,854
$391,984,648
Shares
outstanding
.......................................................
2,438,128
48,504,231
Net
asset
value
and
maximum
offering
price
per
share
b
............................
$7.49
$8.08
Advisor
Class:
Net
assets,
at
value
......................................................
$82,015,105
$174,586,460
Shares
outstanding
.......................................................
10,961,699
21,631,891
Net
asset
value
and
maximum
offering
price
per
share
b
............................
$7.48
$8.07
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Operations
for
the
six
months
ended
April
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
278
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
......................................
$540,999
$—
$—
Non-controlled
affiliates
(Not
e
3f
and
10
)
......................
1,816,234
11,058
3,061,673
Interest:
(net
of
foreign
taxes
of
$—,
$—
and
$7,240,
respectively)
Unaffiliated
issuers
......................................
66,959,404
2,171,778
48,188,855
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
...................
18,382
—
—
Total
investment
income
.................................
69,335,019
2,182,836
51,250,528
Expenses:
Management
fees
(Note
3
a
)
.................................
4,091,625
116,351
5,357,027
Distribution
fees:
(Note
3c
)
    Class
A
..............................................
1,118,662
—
1,771,683
    Class
C
..............................................
269,927
—
129,823
    Class
R
..............................................
—
—
728
Transfer
agent
fees:
(Note
3e
)
    Class
A
..............................................
449,819
—
812,757
    Class
C
..............................................
41,731
—
22,933
    Class
R
..............................................
—
—
167
    Class
R6
.............................................
14,413
4,134
46,913
    Advisor
Class
..........................................
170,228
—
96,917
Custodian
fees
...........................................
275
562
8,551
Reports
to
shareholders
fees
................................
45,586
12,432
108,833
Registration
and
filing
fees
..................................
78,326
—
90,951
Professional
fees
.........................................
56,585
34,810
79,449
Trustees'
fees
and
expenses
................................
8,380
74
13,949
Amortization
of
offering
costs
(Not
e
1l)
.........................
—
29,786
—
Marketplace
lending
fees
(Note
1
i
)
............................
—
—
568,802
Other
..................................................
33,346
2,856
172,638
Total
expenses
.......................................
6,378,903
201,005
9,282,121
Expenses
waived/paid
by
affiliates
(Not
e
3f
and
3g)
............
(120,619)
(134,805)
(3,308,720)
Net
expenses
.......................................
6,258,284
66,200
5,973,401
Net
investment
income
..............................
63,076,735
2,116,636
45,277,127
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Operations
(continued)
for
the
six
months
ended
April
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
279
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
*
Unaffiliated
issuers
....................................
(14,223,234)
654,568
506,199
Non-controlled
affiliates
(Note
3
f
and
10
)
....................
40,330,457
—
(2,725,535)
Foreign
currency
transactions
..............................
(5,353)
—
1,768
Forward
exchange
contracts
...............................
—
—
1,153,692
Futures
contracts
.......................................
—
—
(2,063,086)
Swap
contracts
.........................................
—
—
(328,334)
Net
realized
gain
(loss)
................................
26,101,870
654,568
(3,455,296)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
....................................
28,439,120
4,179,012
21,923,135
Non-controlled
affiliates
(Note
3
f
and
10
)
....................
(22,775,827)
—
613,633
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
...........................................
1,867
—
(91,951)
Unfunded
loan
commitments
...............................
(5,028)
—
—
Forward
exchange
contracts
...............................
—
—
(1,198,559)
Futures
contracts
.......................................
—
—
(4,015,165)
Swap
contracts
.........................................
—
—
3,318,127
Net
change
in
unrealized
appreciation
(depreciation)
..........
5,660,132
4,179,012
20,549,220
Net
realized
and
unrealized
gain
(loss)
..........................
31,762,002
4,833,580
17,093,924
Net
increase
(decrease)
in
net
assets
resulting
from
operations
........
$94,838,737
$6,950,216
$62,371,051
*
Includes
losses
from
redemption
in-kind
(Note
12).
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Operations
(continued)
for
the
six
months
ended
April
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
280
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
.......................................................
$—
$141,654
Non-controlled
affiliates
(Not
e
3f
and
10
)
.......................................
324,941
7,263,883
Interest:
Unaffiliated
issuers:
Paydown
gain
(loss)
....................................................
(1,112,268)
136,780
Paid
in
cash
a
..........................................................
11,061,698
63,392,080
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
....................................
—
1,964
Total
investment
income
..................................................
10,274,371
70,936,361
Expenses:
Management
fees
(Note
3
a
)
..................................................
1,075,326
7,698,514
Distribution
fees:
(Note
3c
)
    Class
A
...............................................................
341,032
3,210,069
    Class
A1
..............................................................
24,080
—
    Class
C
...............................................................
39,933
97,292
    Class
R
...............................................................
—
19,135
Transfer
agent
fees:
(Note
3e
)
    Class
A
...............................................................
192,321
1,682,189
    Class
A1
..............................................................
33,945
—
    Class
C
...............................................................
8,686
19,668
    Class
R
...............................................................
—
5,017
    Class
R6
..............................................................
4,425
44,682
    Advisor
Class
...........................................................
54,541
106,104
Custodian
fees
............................................................
2,106
11,539
Reports
to
shareholders
fees
.................................................
27,545
184,542
Registration
and
filing
fees
...................................................
47,673
85,432
Professional
fees
..........................................................
41,207
81,406
Trustees'
fees
and
expenses
.................................................
2,916
20,081
Marketplace
lending
fees
(Note
1
i
)
.............................................
—
585,096
Other
...................................................................
66,345
205,370
Total
expenses
........................................................
1,962,081
14,056,136
Expenses
waived/paid
by
affiliates
(Not
e
3f
and
3g)
.............................
(312,557)
(1,762,543)
Net
expenses
........................................................
1,649,524
12,293,593
Net
investment
income
...............................................
8,624,847
58,642,768
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Operations
(continued)
for
the
six
months
ended
April
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
281
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
.....................................................
(30,251)
(12,895,053)
Non-controlled
affiliates
(Note
3
f
and
10
)
.....................................
—
(60,513,663)
Foreign
currency
transactions
...............................................
—
(750)
Forward
exchange
contracts
................................................
—
686,344
Futures
contracts
........................................................
(517,024)
(4,862,479)
TBA
sale
commitments
....................................................
—
(10,353)
Swap
contracts
..........................................................
—
(13,087,819)
Net
realized
gain
(loss)
.................................................
(547,275)
(90,683,773)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
.....................................................
5,713,326
101,766,361
Non-controlled
affiliates
(Note
3
f
and
10
)
.....................................
—
78,340,488
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
.............
—
17,932
Written
options
..........................................................
—
210,855
Forward
exchange
contracts
................................................
—
(1,210,164)
Futures
contracts
........................................................
(1,108,473)
3,642,859
Swap
contracts
..........................................................
—
8,253,792
Net
change
in
unrealized
appreciation
(depreciation)
...........................
4,604,853
191,022,123
Net
realized
and
unrealized
gain
(loss)
...........................................
4,057,578
100,338,350
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................
$12,682,425
$158,981,118
*
Includes
losses
from
redemption
in-kind
(Note
12).
a
Includes
amortization
of
premium
and
accretion
of
discount.
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.
282
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
a
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$63,076,735
$108,946,430
$2,116,636
$472,279
Net
realized
gain
(loss)
............
26,101,870
(20,028,131)
654,568
(61,249)
Net
change
in
unrealized
appreciation
(depreciation)
.................
5,660,132
77,386,916
4,179,012
(3,736,773)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
94,838,737
166,305,215
6,950,216
(3,325,743)
Distributions
to
shareholders:
Class
A
........................
(40,018,374)
(67,380,157)
—
—
Class
C
........................
(3,546,843)
(6,288,208)
—
—
Class
R6
.......................
(5,576,679)
(11,740,781)
(2,148,423)
(466,500)
Advisor
Class
...................
(15,588,079)
(20,229,545)
—
—
Total
distributions
to
shareholders
.....
(64,729,975)
(105,638,691)
(2,148,423)
(466,500)
Capital
share
transactions:
(Note
2
)
Class
A
........................
34,059,704
6,334,471
—
—
Class
C
........................
3,999,978
(12,682,250)
—
—
Class
R6
.......................
(1,469,762)
(91,423,965)
6,982,176
70,000,000
Advisor
Class
...................
38,423,888
7,074,979
—
—
Total
capital
share
transactions
.......
75,013,808
(90,696,765)
6,982,176
70,000,000
Net
increase
(decrease)
in
net
assets
.....................
105,122,570
(30,030,241)
11,783,969
66,207,757
Net
assets:
Beginning
of
period
................
1,390,354,140
1,420,384,381
66,207,757
—
End
of
period
.....................
$1,495,476,710
$1,390,354,140
$77,991,726
$66,207,757
a
For
the
period
August
22,
2023
(commencement
of
operations)
to
October
31,
2023.
Franklin
Investors
Securities
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
283
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$45,277,127
$89,525,326
$8,624,847
$12,963,759
Net
realized
gain
(loss)
............
(3,455,296)
(86,357,657)
(547,275)
(10,283,240)
Net
change
in
unrealized
appreciation
(depreciation)
.................
20,549,220
107,285,943
4,604,853
10,276,561
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
62,371,051
110,453,612
12,682,425
12,957,080
Distributions
to
shareholders:
Class
A
........................
(31,219,341)
(60,114,911)
(6,104,852)
(10,206,136)
Class
A1
.......................
—
—
(1,114,259)
(1,764,658)
Class
C
........................
(803,431)
(1,779,542)
(250,123)
(481,704)
Class
R
........................
(6,039)
(9,432)
—
—
Class
R6
.......................
(11,021,334)
(22,632,127)
(454,319)
(858,315)
Advisor
Class
...................
(3,913,309)
(7,876,607)
(1,839,582)
(2,939,772)
Total
distributions
to
shareholders
.....
(46,963,454)
(92,412,619)
(9,763,135)
(16,250,585)
Capital
share
transactions:
(Note
2
)
Class
A
........................
(114,609,142)
(267,236,877)
(22,316,433)
(67,204,335)
Class
A1
.......................
—
—
(1,454,260)
(6,950,555)
Class
C
........................
(8,061,266)
(18,742,695)
(2,218,298)
(7,882,453)
Class
R
........................
(2,240)
127,578
—
—
Class
R6
.......................
(38,551,374)
(121,871,187)
(2,144,060)
(9,081,349)
Advisor
Class
...................
(7,819,480)
(25,478,070)
4,129,768
(21,781,251)
Total
capital
share
transactions
.......
(169,043,502)
(433,201,251)
(24,003,283)
(112,899,943)
Net
increase
(decrease)
in
net
assets
.....................
(153,635,905)
(415,160,258)
(21,083,993)
(116,193,448)
Net
assets:
Beginning
of
period
................
2,173,837,501
2,588,997,759
443,336,722
559,530,170
End
of
period
.....................
$2,020,201,596
$2,173,837,501
$422,252,729
$443,336,722
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.
284
Franklin
Total
Return
Fund
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$58,642,768
$121,018,350
Net
realized
gain
(loss)
.................................................
(90,683,773)
(176,580,674)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
191,022,123
112,069,649
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
158,981,118
56,507,325
Distributions
to
shareholders:
Class
A
.............................................................
(47,574,963)
(89,525,537)
Class
C
.............................................................
(499,581)
(2,443,232)
Class
R
.............................................................
(132,702)
(265,784)
Class
R6
............................................................
(8,081,180)
(16,264,861)
Advisor
Class
........................................................
(3,191,301)
(6,064,374)
Total
distributions
to
shareholders
..........................................
(59,479,727)
(114,563,788)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(82,251,200)
(175,192,116)
Class
C
.............................................................
(4,749,763)
(61,491,375)
Class
R
.............................................................
(205,995)
(1,380,651)
Class
R6
............................................................
(11,269,229)
(35,606,769)
Advisor
Class
........................................................
13,709,941
(16,265,094)
Total
capital
share
transactions
............................................
(84,766,246)
(289,936,005)
Net
increase
(decrease)
in
net
assets
...................................
14,735,145
(347,992,468)
Net
assets:
Beginning
of
period
.....................................................
3,078,929,192
3,426,921,660
End
of
period
..........................................................
$3,093,664,337
$3,078,929,192
Franklin
Investors
Securities
Trust
285
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 eight
separate
funds, five
of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
classes
of
shares
offered
within
each
of
the
Funds
are
indicated
below.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years. Each
class
of
shares
may
differ
by
its initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Class
A,
Class
C,
Class
R6
&
Advisor
Class
Franklin
Floating
Rate
Daily
Access
Fund
Class
A,
Class
R,
Class
R6
&
Advisor
Class
Franklin
Long
Duration
Credit
Fund
Class
A,
Class
C,
Class
R,
Class
R6
&
Advisor
Class
Franklin
Low
Duration
Total
Return
Fund
Franklin
Total
Return
Fund
Class
A,
Class
A1,
Class
C,
Class
R6
&
Advisor
Class
Franklin
Low
Duration
U.S.
Government
Securities
Fund
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)
286
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.
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.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
287
franklintempleton.com
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Report
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
30,
2024.
d.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
Certain
or
all
Funds
may
purchase
securities
on
a
when-
issued,
forward
commitment
or
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)
c.
Joint
Repurchase
Agreement
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
288
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,
2024,
Franklin
Floating
Rate
Daily
Access
Fund
and
Franklin
Long
Duration
Credit
Fund
had
no
futures
contracts.
Certain
or
all
Funds
entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date. At
April
30,
2024, Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Long
Duration
Credit
Fund,
Franklin
Low
Duration Total
Return
Fund and
Franklin
Low
Duration
U.S.
Government
Securities
Fund
had
no
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,
2024,
Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Long
Duration
Credit
Fund
and
Franklin
Low
Duration
U.S.
Government
Securities
Fund
had
no
credit
default
swap
contracts.
Certain
or
all
Funds entered
into
interest
rate
swap
contracts
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
289
franklintempleton.com
Semiannual
Report
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the Statements
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized. At
April
30,
2024, Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Long
Duration
Credit
Fund,
Franklin
Low
Duration
Total
Return
Fund
and
Franklin
Low
Duration
U.S.
Government
Securities
Fund had
no
interest
rate
swap
contracts.
Certain
or
all
Funds
entered
into
OTC total
return
swap
contracts
primarily
to
manage
and/or
gain
exposure
to credit risk
of
an
underlying
instrument
such
as
a
stock,
bond,
index
or
basket
of
securities
or
indices.
A
total
return
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
a
return
linked
to
an
underlying
instrument
for
a
floating
or
fixed
rate
payment,
both
based
upon
a
notional
amount.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
or
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
recognized
as
realized
gain
or
loss.
At
April
30,
2024,
Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Long
Duration
Credit
Fund,
Franklin
Low
Duration
Total
Return
Fund
and
Franklin
Low
Duration
U.S.
Government
Securities
Fund
had
no
total
return
swap
contracts.
Certain
or
all
Funds
purchased
or
wrote
OTC option
contracts
primarily
to
manage
and/or
gain exposure
to
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,
2024,
Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Long
Duration
Credit
Fund,
Franklin
Low
Duration
Total
Return
Fund
and
Franklin
Low
Duration
U.S.
Government
Securities
Fund
had
no
option
contracts.
See
Note
9
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. 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,
2024,
Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Long
Duration
Credit
Fund,
Franklin
Low
Duration
Total
Return
Fund,
Franklin
Low
Duration
U.S.
Government
Securities
Fund
and
Franklin
Total
Return
Fund had
no
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
290
franklintempleton.com
Semiannual
Report
price
is
recorded
as
an
unrealized
gain
or
loss
to
the
Fund
upon
entering
into
the
mortgage
dollar
roll.
In
addition,
the
Fund
may
invest
the
cash
proceeds
that
are
received
from
the
initial
sale.
During
the
period
between
the
sale
and
repurchase,
the
Fund
is
not
entitled
to
principal
and
interest
paid
on
the
mortgage
backed
securities.
Transactions
in
mortgage
dollar
rolls
are
accounted
for
as
purchases
and
sales
and
may
result
in
an
increase
to
the
Fund's
portfolio
turnover
rate.
The
risks
of
mortgage
dollar
roll
transactions
include
the
potential
inability
of
the
counterparty
to
fulfill
its
obligations.
h.
Senior
Floating
Rate
Interests
Certain
or
all
Funds
invest
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank,
or
the
London
Interbank
Offered
Rate
(LIBOR),
or
the
Secured
Overnight
Financing
Rate
(SOFR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the
Funds
invest
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
i.
Marketplace
Lending
Certain
or
all
Funds
invest in
loans
obtained
through
marketplace
lending.
Marketplace
lending,
sometimes
referred
to
as
peer-to-peer
lending,
is
a
method
of
financing
in
which
a
platform
facilitates
the
borrowing
and
lending
of
money.
It
is
considered
an
alternative
to
more
traditional
forms
of
debt
financing.
Prospective
borrowers
are
required
to
provide
certain
financial
information
to
the
platform,
including,
but
not
limited
to,
the
intended
purpose
of
the
loan,
income,
employment
information,
credit
score,
debt-
to-income
ratio,
credit
history
(including
defaults
and
delinquencies)
and
home
ownership
status.
Based
on
this
and
other
information,
the
platform
assigns
its
own
credit
rating
to
the
borrower
and
sets
the
interest
rate
for
the
requested
loan.
The
platform
then
posts
the
borrowing
requests
online,
giving
investors
the
opportunity
to
purchase
the
loans
based
on
factors
such
as
the
interest
rates
and
expected
yields
of
the
loans,
the
borrower
background
data,
and
the
credit
rating
assigned
by
the
platform.
When
the
Funds
invest
in
these
loans,
they
usually
purchase
all
rights,
title
and
interest
in
the
loans
pursuant
to
a
loan
purchase
agreement
directly
from
the
platform.
The
platform
or
a
third-party
servicer
typically
continues
to
service
the
loans,
collecting
payments
and
distributing
them
to
the
Funds,
less
any
servicing
fees
assessed.
The
servicer
is
typically
responsible
for
taking
actions
against
a
borrower
in
the
event
of
a
default
on
the
loan.
Servicing
fees,
along
with
other
administration
fees,
are
included
in
marketplace
lending
fees
in
the
Statements
of
Operations.
The
Funds,
as
investors
in
a
loan,
would
be
entitled
to
receive
payment
only
from
the
borrower
and
would
not
be
able
to
recover
any
deficiency
from
the
platform,
except
under
very
narrow
circumstances.
The
loans
in
which
the
Funds
may
invest
are
unsecured.
j.
Income
and
Deferred
Taxes
It
is each
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. Each
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
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,
2024, 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
1.
Organization
and
Significant
Accounting
Policies
(continued)
g.
Mortgage
Dollar
Rolls
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
291
franklintempleton.com
Semiannual
Report
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
k.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
separately
on the
Statements
of
Operations.
Certain
or
all
Funds
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These fees
are
recorded
as
income
when
received
by
the
Fund. Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan.
Dividend
income
and
realized
gain
distributions
are
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Funds. Dividends from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid monthly
to
shareholders. Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Net
investment
income,
excluding
class
specific
expenses,
is
allocated
daily
to
each
class
of
shares
based
upon
the
relative
value
of
the
settled
shares
of
each
class.
Realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
interest
income in
the
Statements
of
Operations.
l.
Organization
and
Offering
Costs
Organization
costs
were
expensed
as
incurred.
Offering
costs
are
amortized
on
a
straight
line
basis
over
twelve
months.
m.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
n.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Funds, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
j.
Income
and
Deferred
Taxes
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
292
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
April
30,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par value).
Transactions
in
the
Funds'
shares
were
as
follows:
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
a
...................................
16,880,724
$131,228,376
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
4,841,271
37,651,377
—
—
Shares
redeemed
...............................
(17,354,591)
(134,820,049)
—
—
Net
increase
(decrease)
..........................
4,367,404
$34,059,704
—
$—
Year
ended
October
31,
2023
Shares
sold
a
...................................
27,387,103
$206,459,760
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
8,420,096
63,329,198
—
—
Shares
redeemed
...............................
(35,114,593)
(263,454,487)
—
—
Net
increase
(decrease)
..........................
692,606
$6,334,471
—
$—
Class
C
Class
C
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
1,757,091
$13,665,591
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
440,851
3,430,961
—
—
Shares
redeemed
a
..............................
(1,686,458)
(13,096,574)
—
—
Net
increase
(decrease)
..........................
511,484
$3,999,978
—
$—
Year
ended
October
31,
2023
Shares
sold
...................................
2,794,924
$21,052,363
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
808,394
6,077,848
—
—
Shares
redeemed
a
..............................
(5,315,439)
(39,812,461)
—
—
Net
increase
(decrease)
..........................
(1,712,121)
$(12,682,250)
—
$—
Class
R6
Class
R6
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
3,827,810
$29,867,585
600,465
$6,256,428
Shares
issued
in
reinvestment
of
distributions
..........
185,674
1,447,666
70,015
725,923
Shares
redeemed
...............................
(4,189,856)
(32,785,013)
(17)
(175)
Net
increase
(decrease)
..........................
(176,372)
$(1,469,762)
670,463
$6,982,176
Year
ended
October
31,
2023
b
Shares
sold
...................................
2,969,497
$22,188,448
7,145,923
$70,000,000
Shares
issued
in
reinvestment
of
distributions
..........
356,601
2,682,088
—
—
Shares
redeemed
...............................
(15,642,171)
(116,294,501)
—
—
Net
increase
(decrease)
..........................
(12,316,073)
$(91,423,965)
7,145,923
$70,000,000
Advisor
Class
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
293
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Shares
Amount
Shares
Amount
Advisor
Class
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
13,244,256
$102,853,611
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
1,890,573
14,714,253
—
—
Shares
redeemed
...............................
(10,201,796)
(79,143,976)
—
—
Net
increase
(decrease)
..........................
4,933,033
$38,423,888
—
$—
Year
ended
October
31,
2023
Shares
sold
...................................
24,304,350
$184,648,111
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
2,486,193
18,713,657
—
—
Shares
redeemed
...............................
(26,308,618)
(196,286,789)
—
—
Net
increase
(decrease)
..........................
481,925
$7,074,979
—
$—
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
a
...................................
11,287,406
$100,060,567
1,670,184
$12,535,689
Shares
issued
in
reinvestment
of
distributions
..........
3,426,373
30,403,290
779,722
5,850,362
Shares
redeemed
...............................
(27,638,289)
(245,072,999)
(5,427,463)
(40,702,484)
Net
increase
(decrease)
..........................
(12,924,510)
$(114,609,142)
(2,977,557)
$(22,316,433)
Year
ended
October
31,
2023
Shares
sold
a
...................................
29,608,294
$260,349,394
5,709,156
$42,688,818
Shares
issued
in
reinvestment
of
distributions
..........
6,659,167
58,583,503
1,312,142
9,785,379
Shares
redeemed
...............................
(66,631,177)
(586,169,774)
(15,994,684)
(119,678,532)
Net
increase
(decrease)
..........................
(30,363,716)
$(267,236,877)
(8,973,386)
$(67,204,335)
Class
A1
Class
A1
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
—
$—
477,598
$3,573,993
Shares
issued
in
reinvestment
of
distributions
..........
—
—
141,802
1,063,758
Shares
redeemed
...............................
—
—
(812,103)
(6,092,011)
Net
increase
(decrease)
..........................
—
$—
(192,703)
$(1,454,260)
Year
ended
October
31,
2023
Shares
sold
...................................
—
$—
346,454
$2,585,684
Shares
issued
in
reinvestment
of
distributions
..........
—
—
225,992
1,684,795
Shares
redeemed
...............................
—
—
(1,502,871)
(11,221,034)
Net
increase
(decrease)
..........................
—
$—
(930,425)
$(6,950,555)
Class
C
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
294
franklintempleton.com
Semiannual
Report
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Shares
Amount
Shares
Amount
Class
C
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
217,923
$1,919,704
115,885
$867,542
Shares
issued
in
reinvestment
of
distributions
..........
88,273
779,634
32,950
247,055
Shares
redeemed
a
..............................
(1,220,961)
(10,760,604)
(444,747)
(3,332,895)
Net
increase
(decrease)
..........................
(914,765)
$(8,061,266)
(295,912)
$(2,218,298)
Year
ended
October
31,
2023
Shares
sold
...................................
1,156,370
$10,121,461
420,213
$3,134,036
Shares
issued
in
reinvestment
of
distributions
..........
197,911
1,733,115
63,715
474,926
Shares
redeemed
a
..............................
(3,494,626)
(30,597,271)
(1,538,348)
(11,491,415)
Net
increase
(decrease)
..........................
(2,140,345)
$(18,742,695)
(1,054,420)
$(7,882,453)
Class
R
Class
R
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
9,127
$80,835
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
681
6,039
—
—
Shares
redeemed
...............................
(10,022)
(89,114)
—
—
Net
increase
(decrease)
..........................
(214)
$(2,240)
—
$—
Year
ended
October
31,
2023
Shares
sold
...................................
31,102
$273,159
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
1,070
9,403
—
—
Shares
redeemed
...............................
(17,626)
(154,984)
—
—
Net
increase
(decrease)
..........................
14,546
$127,578
—
$—
Class
R6
Class
R6
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
5,357,427
$47,814,453
181,124
$1,361,775
Shares
issued
in
reinvestment
of
distributions
..........
1,230,808
10,995,302
60,412
454,179
Shares
redeemed
...............................
(10,906,985)
(97,361,129)
(527,355)
(3,960,014)
Net
increase
(decrease)
..........................
(4,318,750)
$(38,551,374)
(285,819)
$(2,144,060)
Year
ended
October
31,
2023
Shares
sold
...................................
13,842,489
$122,573,246
440,518
$3,297,266
Shares
issued
in
reinvestment
of
distributions
..........
2,551,165
22,597,484
114,657
856,879
Shares
redeemed
...............................
(30,144,651)
(267,041,917)
(1,767,331)
(13,235,494)
Net
increase
(decrease)
..........................
(13,750,997)
$(121,871,187)
(1,212,156)
$(9,081,349)
Advisor
Class
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
295
franklintempleton.com
Semiannual
Report
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Shares
Amount
Shares
Amount
Advisor
Class
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
2,697,360
$24,029,530
2,723,339
$20,474,166
Shares
issued
in
reinvestment
of
distributions
..........
407,200
3,633,547
237,729
1,785,166
Shares
redeemed
...............................
(3,981,293)
(35,482,557)
(2,416,591)
(18,129,564)
Net
increase
(decrease)
..........................
(876,733)
$(7,819,480)
544,477
$4,129,768
Year
ended
October
31,
2023
Shares
sold
...................................
10,777,954
$95,220,405
4,873,393
$36,619,209
Shares
issued
in
reinvestment
of
distributions
..........
834,345
7,381,408
379,697
2,834,156
Shares
redeemed
...............................
(14,477,202)
(128,079,883)
(8,165,132)
(61,234,616)
Net
increase
(decrease)
..........................
(2,864,903)
$(25,478,070)
(2,912,042)
$(21,781,251)
Franklin
Total
Return
Fund
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
a
...................................
18,999,561
$155,762,891
Shares
issued
in
reinvestment
of
distributions
..........
5,726,663
47,021,310
Shares
redeemed
...............................
(34,832,065)
(285,035,401)
Net
increase
(decrease)
..........................
(10,105,841)
$(82,251,200)
Year
ended
October
31,
2023
Shares
sold
a
...................................
40,135,566
$329,527,884
Shares
issued
in
reinvestment
of
distributions
..........
10,747,121
88,422,093
Shares
redeemed
...............................
(72,247,715)
(593,142,093)
Net
increase
(decrease)
..........................
(21,365,028)
$(175,192,116)
Class
C
Class
C
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
254,742
$2,070,750
Shares
issued
in
reinvestment
of
distributions
..........
60,482
492,441
Shares
redeemed
a
..............................
(899,729)
(7,312,954)
Net
increase
(decrease)
..........................
(584,505)
$(4,749,763)
Year
ended
October
31,
2023
Shares
sold
...................................
4,933,521
$40,521,635
Shares
issued
in
reinvestment
of
distributions
..........
296,394
2,427,229
Shares
redeemed
a
..............................
(12,869,901)
(104,440,239)
Net
increase
(decrease)
..........................
(7,639,986)
$(61,491,375)
Class
R
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
296
franklintempleton.com
Semiannual
Report
Franklin
Total
Return
Fund
Shares
Amount
Class
R
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
108,085
$882,551
Shares
issued
in
reinvestment
of
distributions
..........
16,128
131,937
Shares
redeemed
...............................
(149,562)
(1,220,483)
Net
increase
(decrease)
..........................
(25,349)
$(205,995)
Year
ended
October
31,
2023
Shares
sold
...................................
246,663
$2,023,662
Shares
issued
in
reinvestment
of
distributions
..........
32,071
262,818
Shares
redeemed
...............................
(447,741)
(3,667,131)
Net
increase
(decrease)
..........................
(169,007)
$(1,380,651)
Class
R6
Class
R6
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
4,664,496
$38,517,108
Shares
issued
in
reinvestment
of
distributions
..........
969,321
8,019,142
Shares
redeemed
...............................
(7,000,759)
(57,805,479)
Net
increase
(decrease)
..........................
(1,366,942)
$(11,269,229)
Year
ended
October
31,
2023
Shares
sold
...................................
10,273,885
$85,228,450
Shares
issued
in
reinvestment
of
distributions
..........
1,790,240
14,832,666
Shares
redeemed
...............................
(16,566,915)
(135,667,885)
Net
increase
(decrease)
..........................
(4,502,790)
$(35,606,769)
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
4,586,618
$37,630,885
Shares
issued
in
reinvestment
of
distributions
..........
364,611
3,011,998
Shares
redeemed
...............................
(3,266,064)
(26,932,942)
Net
increase
(decrease)
..........................
1,685,165
$13,709,941
Year
ended
October
31,
2023
Shares
sold
...................................
4,562,433
$37,680,401
Shares
issued
in
reinvestment
of
distributions
..........
689,130
5,703,323
Shares
redeemed
...............................
(7,222,881)
(59,648,818)
Net
increase
(decrease)
..........................
(1,971,318)
$(16,265,094)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
b
For
the
period
August
22,
2023
(commencement
of
operations)
to
October
31,
2023.
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
297
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
Floating
Rate
Daily
Access
Fund pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to
Advisers based
on the
average
daily
net
assets
of
the
Fund
as
follows:
Franklin
Long
Duration
Credit
Fund pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to FT
Institutional
of
0.30%
per
year
of
the
average
daily
net
assets
of
the
Fund.
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:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Institutional,
LLC
(FT
Institutional)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.650%
Up
to
and
including
$500
million
0.550%
Over
$500
million,
up
to
and
including
$1
billion
0.500%
Over
$1
billion,
up
to
and
including
$1.5
billion
0.450%
Over
$1.5
billion,
up
to
and
including
$6.5
billion
0.425%
Over
$6.5
billion,
up
to
and
including
$11.5
billion
0.400%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.390%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.380%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.370%
In
excess
of
$21.5
billion
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
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
298
franklintempleton.com
Semiannual
Report
Franklin
Low
Duration
U.S.
Government
Securities
Fund pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to
Advisers based
on the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
April
30,
2024,
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
Fund's
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:
Annualized
Fee
Rate
Net
Assets
0.500%
Up
to
and
including
$5
billion
0.440%
Over
$5
billion,
up
to
and
including
$10
billion
0.410%
Over
$10
billion,
up
to
and
including
$15
billion
0.380%
In
excess
of
$15
billion
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Gross
effective
investment
management
fee
rate
........
0.569%
0.300%
0.512%
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Gross
effective
investment
management
fee
rate
........
0.500%
0.486%
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Class
A
...............................
0.25%
0.25%
0.25%
Class
C
...............................
0.65%
—%
0.65%
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
299
franklintempleton.com
Semiannual
Report
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:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Funds
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Class
R
...............................
—%
0.50%
0.50%
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Class
A
...............................
0.25%
0.25%
Class
A1
..............................
0.10%
—%
Class
C
...............................
0.65%
0.65%
Class
R
...............................
—%
0.50%
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$18,976
$—
$10,834
CDSC
retained
...........................
$41,646
$—
$10,677
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$1,415
$37,881
CDSC
retained
...........................
$2,893
$6,368
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
300
franklintempleton.com
Semiannual
Report
For
the
period
ended
April
30,
2024,
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,
2024,
investments
in
affiliated
management
investment
companies
were
as
follows:
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Transfer
agent
fees
........................
$264,382
$4,134
$287,201
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Transfer
agent
fees
........................
$116,077
$462,206
    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
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$69,605,515
$10,215,696
$(5,294,140)
$—
$—
$74,527,071
74,527,071
$1,816,234
Total
Affiliated
Securities
...
$69,605,515
$10,215,696
$(5,294,140)
$—
$—
$74,527,071
$1,816,234
Franklin
Long
Duration
Credit
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$19,752,974
$10,034,207
$(29,543,041)
$—
$—
$244,140
244,140
$11,058
Total
Affiliated
Securities
...
$19,752,974
$10,034,207
$(29,543,041)
$—
$—
$244,140
$11,058
3.
Transactions
with
Affiliates
(continued)
e.
Transfer
Agent
Fees
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
301
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
Effective
March
1,
2024,
FT
Institutional has contractually
agreed
in
advance
to
waive
or
limit
its fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by Franklin
Long
Duration
Credit
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)
of
the
Fund
do
not
exceed 0.09%
based
on
the
average
net
assets
of
each
class
until February
28,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
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
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
    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
Low
Duration
Total
Return
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$49,548,481
$—
$(47,436,579)
a
$(2,725,535)
$613,633
$—
—
$2,035,516
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
43,685,347
38,151,647
(41,290,823)
—
—
40,546,171
40,546,171
1,026,157
Total
Affiliated
Securities
...
$93,233,828
$38,151,647
$(88,727,402)
$(2,725,535)
$613,633
$40,546,171
$3,061,673
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$9,206,156
$64,857,121
$(55,672,365)
$—
$—
$18,390,912
18,390,912
$324,941
Total
Affiliated
Securities
...
$9,206,156
$64,857,121
$(55,672,365)
$—
$—
$18,390,912
$324,941
Franklin
Total
Return
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$26,002,517
$—
$(24,894,213)
a
$(1,731,315)
$623,011
$—
—
$1,068,217
Franklin
Investment
Grade
Corporate
ETF
...........
274,724,000
—
(293,128,855)
(57,312,245)
75,717,100
—
—
4,200,315
Franklin
Senior
Loan
ETF
....
41,662,852
—
(42,193,126)
(1,470,103)
2,000,377
—
—
850,838
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
77,626,917
334,668,931
(371,017,124)
—
—
41,278,724
41,278,724
1,144,513
Total
Affiliated
Securities
...
$420,016,286
$334,668,931
$(731,233,318)
$(60,513,663)
$78,340,488
$41,278,724
$7,263,883
a
Includes
in-kind
activity.
See
Note
12
.
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
302
franklintempleton.com
Semiannual
Report
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
28,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
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
28,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
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
28,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Additionally,
FT
Institutional
has
contractually
agreed
in
advance
to
limit
the
investment
management
fees
for
Franklin
Long
Duration
Credit
Fund
to
0.00%
of
the
average
daily
net
assets
of
the
Fund
until
February
28,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Long Duration
Credit
Fund
and
Franklin
Low Duration
U.S.
Government
Securities
Fund
have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
February
28,
2025.
h.
Other
Affiliated
Transactions
At
April
30,
2024, Templeton
International
Inc.
owned
64.0%
of Franklin
Long
Duration
Credit Fund's
outstanding
shares.
Investment
activities
of
this
shareholder
could
have
a
material
impact
on
the
Fund.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
October
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
1
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
36,110,021
$
36,291
$
102,675,183
Long
term
.............................
522,954,163
—
232,442,117
Total
capital
loss
carryforwards
............
$559,064,184
$36,291
$335,117,300
3.
Transactions
with
Affiliates
(continued)
g.
Waiver
and
Expense
Reimbursements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
303
franklintempleton.com
Semiannual
Report
At
April
30,
2024,
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,
wash
sales,
paydown
losses,
bond
discounts
and
premiums,
derivative
financial
instruments,
complex
securities
and
in-kind
transactions.
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities
and
in-kind
transactions)
for
the
period
ended
April
30,
2024,
were
as
follows:
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
26,198,792
$
179,061,521
Long
term
.............................
133,563,833
397,455,350
Total
capital
loss
carryforwards
............
$159,762,625
$576,516,871
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
a
a
a
a
Cost
of
investments
.......................
$1,594,242,515
$76,506,775
$2,075,317,705
Unrealized
appreciation
.....................
$13,910,948
$1,210,695
$7,843,603
Unrealized
depreciation
.....................
(53,393,934)
(790,419)
(76,751,506)
Net
unrealized
appreciation
(depreciation)
.......
$(39,482,986)
$420,276
$(68,907,903)
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
a
a
a
Cost
of
investments
.......................
$429,379,063
$3,845,565,821
Unrealized
appreciation
.....................
$644,446
$25,178,649
Unrealized
depreciation
.....................
(11,926,262)
(315,247,770)
Net
unrealized
appreciation
(depreciation)
.......
$(11,281,816)
$(290,069,121)
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Long
Duration
Credit
Fund
Franklin
Low
Duration
Total
Return
Fund
Purchases
..............................
$353,704,443
$27,599,005
$752,012,975
Sales
..................................
$289,179,923
$21,191,170
$856,592,886
4.
Income
Taxes
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
304
franklintempleton.com
Semiannual
Report
6.
Credit
Risk
and
Defaulted
Securities
At
April
30,
2024, certain
or
all
Funds had a
portion 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,
2024,
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.
7.
Concentration
of
Risk
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
VIE.
In
a
VIE
structure,
foreign
investors,
such
as
the
Franklin
Total
Return
Fund,
will
only
own
stock
in
a
shell
company
rather
than
directly
in
the
VIE,
which
must
be
owned
by
Chinese
nationals
(and/or
Chinese
companies)
to
obtain
the
licenses
and/or
assets
required
to
operate
in
a
restricted
or
prohibited
sector
in
China.
The
value
of
the
shell
company
is
derived
from
its
ability
to
consolidate
the
VIE
into
its
financials
pursuant
to
contractual
arrangements
that
allow
the
shell
company
to
exert
a
degree
of
control
over,
and
obtain
economic
benefits
arising
from,
the
VIE
without
formal
legal
ownership.
While
VIEs
are
a
longstanding
industry
practice
and
are
well
known
by
Chinese
officials
and
regulators,
the
structure
historically
has
not
been
formally
recognized
under
Chinese
law
and
it
is
uncertain
whether
Chinese
officials
or
regulators
will
withdraw
their
implicit
acceptance
of
the
structure.
It
is
also
uncertain
whether
the
contractual
arrangements,
which
may
be
subject
to
conflicts
of
interest
between
the
legal
owners
of
the
VIE
and
foreign
investors,
would
be
enforced
by
Chinese
courts
or
arbitration
bodies.
Prohibitions
of
these
structures
by
the
Chinese
government,
or
the
inability
to
enforce
such
contracts,
from
which
the
shell
company
derives
its
value,
would
likely
cause
the
VIE-structured
holdings
to
suffer
significant,
detrimental,
and
possibly
permanent
losses,
and
in
turn,
adversely
affect
the
Fund’s
returns
and
net
asset
value.
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Purchases
..............................
$12,703,194
$3,618,255,329
Sales
..................................
$47,712,130
$3,569,918,658
Franklin
Floating
Rate
Daily
Access
Fund
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Credit
risk
.....................................
81.9%
7.4%
20.5%
5.6%
5.
Investment
Transactions
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
305
franklintempleton.com
Semiannual
Report
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,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Floating
Rate
Daily
Access
Fund
961,663
Talos
Energy,
Inc.
............................
3/04/24
$
12,742,035
$
12,550,870
Total
Restricted
Securities
(Value
is
0.8%
of
Net
Assets)
..............
$12,742,035
$12,550,870
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
—
189,474
Talos
Energy,
Inc.
............................
3/04/24
2,510,531
2,472,866
Total
Restricted
Securities
(Value
is
0.1%
of
Net
Assets)
..............
$2,603,519
$2,472,866
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Total
Return
Fund
28,762,824
a
K2016470219
South
Africa
Ltd.,
A
...............
4/15/13
-
2/01/17
$
221,469
$
—
2,862,311
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
2,125
—
204,025
Talos
Energy,
Inc.
............................
3/04/24
2,703,331
2,662,774
Total
Restricted
Securities
(Value
is
0.1%
of
Net
Assets)
..............
$2,926,925
$2,662,774
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
April
30,
2024.
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
306
franklintempleton.com
Semiannual
Report
9.
Other
Derivative
Information
At
April
30,
2024,
investments
in
derivative
contracts
are
reflected
in
the
Statements
of
Assets
and
Liabilities
as
follows:
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Franklin
Low
Duration
Total
Return
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
3,007,537
a
Variation
margin
on
futures
contracts
$
6,989,739
a
Credit
contracts
............
Variation
margin
on
centrally
cleared
swap
contracts
659,388
b
Variation
margin
on
centrally
cleared
swap
contracts
—
OTC
swap
contracts
(upfront
payments)
282,284
OTC
swap
contracts
(upfront
receipts)
470,917
Unrealized
appreciation
on
OTC
swap
contracts
926,763
Unrealized
depreciation
on
OTC
swap
contracts
—
Total
....................
$4,875,972
$7,460,656
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
407,213
a
Variation
margin
on
futures
contracts
1,159,711
a
Total
....................
$407,213
$1,159,711
Franklin
Total
Return
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
4,578,950
a
Variation
margin
on
futures
contracts
6,236,756
a
Variation
margin
on
centrally
cleared
swap
contracts
3,716,547
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
325,385
Credit
contracts
............
Investments
in
securities,
at
value
1,015,211
c
Options
written,
at
value
423,065
Variation
margin
on
centrally
cleared
swap
contracts
88,716
b
Variation
margin
on
centrally
cleared
swap
contracts
—
OTC
swap
contracts
(upfront
payments)
867,382
OTC
swap
contracts
(upfront
receipts)
953,089
Unrealized
appreciation
on
OTC
swap
contracts
3,931,127
Unrealized
depreciation
on
OTC
swap
contracts
—
Total
....................
$14,197,933
$7,938,295
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.
c
Purchased
option
contracts
are
included
in
investments
in
securities,
at
value
in
the
Statements
of
Assets
and
Liabilities.
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
307
franklintempleton.com
Semiannual
Report
For
the
period
ended
April
30,
2024,
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
$(2,063,086)
Futures
contracts
$(4,015,165)
Foreign
exchange
contracts
.....
Forward
exchange
contracts
1,153,692
Forward
exchange
contracts
(1,198,559)
Credit
contracts
...............
Swap
contracts
(328,334)
Swap
contracts
3,318,127
Total
.......................
$(1,237,728)
$(1,895,597)
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
(517,024)
Futures
contracts
(1,108,473)
Total
.......................
$(517,024)
$(1,108,473)
Franklin
Total
Return
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
(4,862,479)
Futures
contracts
3,642,859
Swap
contracts
(282)
Swap
contracts
322,954
Foreign
exchange
contracts
.....
Forward
exchange
contracts
686,344
Forward
exchange
contracts
(1,210,164)
Credit
contracts
...............
Investments
—
Investments
(477,269)
a
Written
options
—
Written
options
210,855
Swap
contracts
(13,087,537)
Swap
contracts
7,930,838
Total
.......................
$(17,263,954)
$10,420,073
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.
9.
Other
Derivative
Information
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
308
franklintempleton.com
Semiannual
Report
For
the
period
ended
April
30,
2024,
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,
2024,
the
Funds'
OTC
derivative
assets
and
liabilities
are
as
follows:
At
April
30,
2024,
OTC
derivative
assets,
which
may
be
offset
against
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Franklin
Low
Duration
Total
Return
Fund
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Franklin
Total
Return
Fund
Futures
contracts
....................
$
849,901,868
$
113,189,153
$
663,792,458
Swap
Contracts
.....................
51,669,564
–
236,537,518
Forwards
exchange
contracts
...........
39,900,365
–
43,917,857
Options
............................
–
–
32,000,000
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Franklin
Low
Duration
Total
Return
Fund
Swap
contracts
.......................................
$
1,209,047
$
470,917
Total
.............................................
$1,209,047
$470,917
Franklin
Total
Return
Fund
Forward
exchange
contracts
.............................
—
325,385
Options
purchased
.....................................
1,015,211
—
Options
written
........................................
—
423,065
Swap
contracts
.......................................
4,798,509
953,089
Total
.............................................
$5,813,720
$1,701,539
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.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
a,b
Cash
Collateral
Received
Net
Amount
(Not
less
than
zero)
Franklin
Low
Duration
Total
Return
Fund
Counterparty
CITI
.....................
$883,636
$(470,917)
$(412,498)
$—
$221
JPHQ
...................
325,411
—
(298,525)
—
26,886
Total
...................
$1,209,047
$(470,917)
$
(711,023)
$—
$27,107
Franklin
Total
Return
Fund
Counterparty
BNDP
...................
941,405
(35,502)
(878,344)
—
27,559
CITI
.....................
2,208,907
(953,089)
(1,252,484)
—
3,334
JPHQ
...................
999,900
(325,385)
(674,515)
—
—
MSCO
...................
1,663,508
(387,563)
(1,122,182)
—
153,763
Total
...................
$5,813,720
$(1,701,539)
$(3,927,525)
$—
$184,656
9.
Other
Derivative
Information
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
309
franklintempleton.com
Semiannual
Report
At
April
30,
2024,
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
318.
10.
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,
2024,
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
Cash
Collateral
Pledged
Net
Amount
(Not
less
than
zero)
Franklin
Low
Duration
Total
Return
Fund
Counterparty
CITI
.....................
$470,917
$(470,917)
$—
$—
$—
JPHQ
...................
—
—
—
—
—
Total
...................
$470,917
$(470,917)
$—
$—
$—
Franklin
Total
Return
Fund
Counterparty
BNDP
...................
35,502
(35,502)
—
—
—
CITI
.....................
953,089
(953,089)
—
—
—
JPHQ
...................
325,385
(325,385)
—
—
—
MSCO
...................
387,563
(387,563)
—
—
—
Total
...................
$1,701,539
$(1,701,539)
$—
$—
$—
a
At
April
30,
2024,
the
Fund
received
U.S.
Treasury
Bills,
Bonds,
Notes
and
Inflation
Indexed
Bonds
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
collateral
amounts
to
avoid
of
over
collateralization.  Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
9.
Other
Derivative
Information
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
310
franklintempleton.com
Semiannual
Report
11.
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
January
31,
2025.
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.
Franklin
Long
Duration
Credit
Fund
began
participating
in
the
Global
Credit
Facility
on
February
2,
2024.
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,
2024,
the
Funds
did
not
use
the
Global
Credit
Facility.
12.
Redemption
In-Kind
During
the period
ended
April
30,
2024,
Franklin
Low Duration Total
Return
Fund
and
Franklin
Total
Return
Fund
(Funds) realized
$2,725,535
and
$1,731,315,
respectively,
of
net
losses
resulting
from
in-kind
transactions
in
which
the
Funds
redeemed
shares
of
the
Franklin Floating
Rate
Income
Fund,
a
series
of
Franklin
Floating
Rate
Master
Trust, for
securities
held
by
the
underlying
fund
rather
than
for
cash.
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.,
Escrow
Account
....
$
—
$
—
$
(359,138)
a
$
359,138
$
—
$
—
b
—
$
—
Quarternorth
Energy
Holding,
Inc.
......
68,112,343
—
(88,444,982)
a
39,971,319
(19,638,680)
—
b
—
—
UTEX
Industries,
Inc.
..
16,595,090
—
—
—
(3,136,080)
13,459,010
261,340
—
UTEX
Industries,
Inc.,
2/20/49
..........
1,185
—
—
—
(1,067)
118
634
—
Total
Affiliated
Securities
(Value
is
0.9%
of
Net
Assets)
..........
$84,708,618
$—
$(88,804,120)
$40,330,457
$(22,775,827)
$13,459,128
$—
a
May
include
accretion,
amortization,
and/or
other
cost
basis
adjustments.
b
As
of
April
30,
2024,
no
longer
held
by
the
fund.
10.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
311
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,
2024,
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
:
Hotels,
Restaurants
&
Leisure
.............
$
—
$
52,529
$
—
$
52,529
Machinery
............................
—
13,459,010
—
13,459,010
Oil,
Gas
&
Consumable
Fuels
.............
—
—
12,550,870
12,550,870
Management
Investment
Companies
.........
12,960,380
—
—
12,960,380
Preferred
Stocks
.........................
—
10,225
—
10,225
Warrants
...............................
—
—
118
118
Corporate
Bonds
........................
—
77,568,395
—
77,568,395
Senior
Floating
Rate
Interests
...............
—
1,267,405,004
—
1,267,405,004
Asset-Backed
Securities
...................
—
9,045,556
—
9,045,556
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
74,527,071
87,180,371
—
161,707,442
Total
Investments
in
Securities
...........
$87,487,451
$1,454,721,090
$12,550,988
$1,554,759,529
Franklin
Long
Duration
Credit
Fund
Assets:
Investments
in
Securities:
b
Corporate
Bonds
........................
—
73,546,811
—
73,546,811
Foreign
Government
and
Agency
Securities
....
—
2,409,246
—
2,409,246
U.S.
Government
and
Agency
Securities
.......
—
514,513
—
514,513
Municipal
Bonds
.........................
—
212,341
—
212,341
Short
Term
Investments
...................
244,140
—
—
244,140
Total
Investments
in
Securities
...........
$244,140
$76,682,911
$—
$76,927,051
Franklin
Low
Duration
Total
Return
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.......................
—
—
—
a
—
Hotels,
Restaurants
&
Leisure
.............
—
4,548
—
4,548
Machinery
............................
—
475,242
—
475,242
Oil,
Gas
&
Consumable
Fuels
.............
—
—
2,472,866
2,472,866
Specialty
Retail
........................
—
—
—
a
—
Preferred
Stocks
.........................
—
885
—
885
Warrants
...............................
—
—
148
148
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
17,710,337
—
17,710,337
Air
Freight
&
Logistics
...................
—
1,678,556
—
1,678,556
Automobile
Components
.................
—
2,104,879
—
2,104,879
Automobiles
..........................
—
17,673,376
—
17,673,376
Banks
...............................
—
244,208,649
—
244,208,649
Beverages
...........................
—
3,990,203
—
3,990,203
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
312
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:
Biotechnology
.........................
$
—
$
11,970,031
$
—
$
11,970,031
Broadline
Retail
.......................
—
—
—
a
—
Building
Products
......................
—
4,607,549
—
4,607,549
Capital
Markets
........................
—
79,847,570
—
79,847,570
Chemicals
...........................
—
3,336,455
—
3,336,455
Commercial
Services
&
Supplies
...........
—
6,952,733
—
6,952,733
Communications
Equipment
..............
—
712,125
—
712,125
Consumer
Finance
.....................
—
24,274,472
—
24,274,472
Consumer
Staples
Distribution
&
Retail
......
—
7,283,308
—
7,283,308
Containers
&
Packaging
.................
—
1,635,328
—
1,635,328
Diversified
Consumer
Services
............
—
1,865,781
—
1,865,781
Diversified
REITs
......................
—
3,942,341
—
3,942,341
Diversified
Telecommunication
Services
.....
—
20,707,651
—
20,707,651
Electric
Utilities
........................
—
46,086,403
—
46,086,403
Entertainment
.........................
—
19,617,119
—
19,617,119
Financial
Services
......................
—
13,568,701
—
a
13,568,701
Food
Products
........................
—
6,007,708
—
6,007,708
Ground
Transportation
..................
—
3,931,797
—
3,931,797
Health
Care
Equipment
&
Supplies
.........
—
8,111,283
—
8,111,283
Health
Care
Providers
&
Services
..........
—
26,119,445
—
26,119,445
Health
Care
REITs
.....................
—
3,275,980
—
3,275,980
Health
Care
Technology
.................
—
3,356,536
—
3,356,536
Hotel
&
Resort
REITs
...................
—
1,104,691
—
1,104,691
Hotels,
Restaurants
&
Leisure
.............
—
9,584,648
—
9,584,648
Household
Durables
....................
—
4,017,038
—
4,017,038
Industrial
REITs
.......................
—
7,679,911
—
7,679,911
Insurance
............................
—
85,981,173
—
85,981,173
Interactive
Media
&
Services
..............
—
12,447,644
—
12,447,644
Life
Sciences
Tools
&
Services
............
—
4,840,090
—
4,840,090
Machinery
............................
—
6,276,810
—
6,276,810
Media
...............................
—
16,061,971
—
16,061,971
Metals
&
Mining
.......................
—
936,044
—
936,044
Multi-Utilities
..........................
—
10,037,066
—
10,037,066
Oil,
Gas
&
Consumable
Fuels
.............
—
47,841,308
—
47,841,308
Passenger
Airlines
.....................
—
3,635,397
—
3,635,397
Personal
Care
Products
.................
—
17,761,844
—
17,761,844
Pharmaceuticals
.......................
—
28,333,137
—
28,333,137
Semiconductors
&
Semiconductor
Equipment
.
—
9,947,510
—
9,947,510
Specialized
REITs
......................
—
1,292,394
—
1,292,394
Specialty
Retail
........................
—
5,032,192
—
5,032,192
Technology
Hardware,
Storage
&
Peripherals
.
—
5,692,126
—
5,692,126
Textiles,
Apparel
&
Luxury
Goods
..........
—
7,435,283
—
7,435,283
Tobacco
.............................
—
17,712,303
—
17,712,303
Trading
Companies
&
Distributors
..........
—
6,273,002
—
6,273,002
Wireless
Telecommunication
Services
.......
—
7,060,894
—
7,060,894
Senior
Floating
Rate
Interests
...............
—
46,958,790
—
46,958,790
Marketplace
Loans
.......................
—
—
42,760,449
42,760,449
Foreign
Government
and
Agency
Securities
....
—
36,428,007
—
36,428,007
U.S.
Government
and
Agency
Securities
.......
—
333,225,478
—
333,225,478
Asset-Backed
Securities
...................
—
427,895,334
—
427,895,334
Commercial
Mortgage-Backed
Securities
......
—
36,475,320
—
36,475,320
Mortgage-Backed
Securities
................
—
25,489,533
—
25,489,533
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
313
franklintempleton.com
Semiannual
Report
Level
1
Level
2
Level
3
Total
Franklin
Low
Duration
Total
Return
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Commercial
Mortgage-Backed
Securities
Municipal
Bonds
.........................
$
—
$
20,558,719
$
—
$
20,558,719
Residential
Mortgage-Backed
Securities
.......
—
82,390,955
—
82,390,955
Escrows
and
Litigation
Trusts
...............
—
109,250
—
a
109,250
Short
Term
Investments
...................
40,546,171
11,497,665
—
52,043,836
Total
Investments
in
Securities
...........
$40,546,171
$1,923,070,518
$45,233,463
$2,008,850,152
Other
Financial
Instruments:
Futures
Contracts
.......................
$
3,007,537
$
—
$
—
$
3,007,537
Swap
Contracts
.........................
—
1,586,151
—
1,586,151
Total
Other
Financial
Instruments
.........
$3,007,537
$1,586,151
$—
$4,593,688
Liabilities:
Other
Financial
Instruments:
Futures
Contracts
........................
$
6,989,739
$
—
$
—
$
6,989,739
Total
Other
Financial
Instruments
.........
$6,989,739
$—
$—
$6,989,739
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
b
U.S.
Government
and
Agency
Securities
.......
—
59,352,894
—
59,352,894
Mortgage-Backed
Securities
................
—
255,037,624
—
255,037,624
Agency
Commercial
Mortgage-Backed
Securities
—
86,068,315
—
86,068,315
Short
Term
Investments
...................
18,390,912
—
—
18,390,912
Total
Investments
in
Securities
...........
$18,390,912
$400,458,833
$—
$418,849,745
Other
Financial
Instruments:
Futures
Contracts
.......................
$407,213
$—
$—
$407,213
Total
Other
Financial
Instruments
.........
$407,213
$—
$—
$407,213
Liabilities:
Other
Financial
Instruments:
Futures
Contracts
........................
$1,159,711
$—
$—
$1,159,711
Total
Other
Financial
Instruments
.........
$1,159,711
$—
$—
$1,159,711
Franklin
Total
Return
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.......................
—
—
—
a
—
Energy
Equipment
&
Services
.............
158,421
—
—
158,421
Hotels,
Restaurants
&
Leisure
.............
—
2,387
—
2,387
Machinery
............................
—
249,414
—
249,414
Oil,
Gas
&
Consumable
Fuels
.............
—
—
2,662,774
2,662,774
Preferred
Stocks
:
Banks
...............................
2,697,000
—
—
2,697,000
Hotels,
Restaurants
&
Leisure
.............
—
465
—
465
Warrants
...............................
—
—
77
77
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
27,901,032
—
27,901,032
Air
Freight
&
Logistics
...................
—
3,258,373
—
3,258,373
Automobiles
..........................
—
1,573,001
—
1,573,001
Banks
...............................
—
243,544,999
—
243,544,999
Beverages
...........................
—
4,738,024
—
4,738,024
Biotechnology
.........................
—
41,459,852
—
41,459,852
Broadline
Retail
.......................
—
—
—
a
—
Building
Products
......................
—
13,180,867
—
13,180,867
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
314
franklintempleton.com
Semiannual
Report
Level
1
Level
2
Level
3
Total
Franklin
Total
Return
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Capital
Markets
........................
$
—
$
89,494,854
$
—
$
89,494,854
Chemicals
...........................
—
10,009,171
—
10,009,171
Commercial
Services
&
Supplies
...........
—
11,584,781
—
11,584,781
Communications
Equipment
..............
—
13,963,142
—
13,963,142
Consumer
Finance
.....................
—
23,155,856
—
23,155,856
Consumer
Staples
Distribution
&
Retail
......
—
17,065,707
—
17,065,707
Containers
&
Packaging
.................
—
5,963,973
—
5,963,973
Diversified
REITs
......................
—
3,502,293
—
3,502,293
Diversified
Telecommunication
Services
.....
—
36,044,031
—
36,044,031
Electric
Utilities
........................
—
52,768,552
—
52,768,552
Electrical
Equipment
....................
—
2,207,626
—
2,207,626
Electronic
Equipment,
Instruments
&
Components
........................
—
7,124,297
—
7,124,297
Entertainment
.........................
—
13,136,729
—
13,136,729
Financial
Services
......................
—
28,623,608
—
28,623,608
Food
Products
........................
—
12,261,415
—
12,261,415
Ground
Transportation
..................
—
17,435,338
—
17,435,338
Health
Care
Equipment
&
Supplies
.........
—
25,498,748
—
25,498,748
Health
Care
Providers
&
Services
..........
—
59,424,059
—
59,424,059
Health
Care
REITs
.....................
—
940,191
—
940,191
Health
Care
Technology
.................
—
4,373,668
—
4,373,668
Hotel
&
Resort
REITs
...................
—
5,786,460
—
5,786,460
Hotels,
Restaurants
&
Leisure
.............
—
14,598,657
—
14,598,657
Household
Durables
....................
—
6,534,807
—
6,534,807
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
9,164,530
—
9,164,530
Insurance
............................
—
66,559,819
—
66,559,819
Interactive
Media
&
Services
..............
—
18,303,672
—
18,303,672
Life
Sciences
Tools
&
Services
............
—
1,441,260
—
1,441,260
Machinery
............................
—
3,082,838
—
3,082,838
Media
...............................
—
40,176,367
—
40,176,367
Metals
&
Mining
.......................
—
6,373,926
—
6,373,926
Multi-Utilities
..........................
—
13,140,339
—
13,140,339
Office
REITs
..........................
—
8,369,413
—
8,369,413
Oil,
Gas
&
Consumable
Fuels
.............
—
93,660,352
—
93,660,352
Paper
&
Forest
Products
.................
—
1,850,583
—
1,850,583
Passenger
Airlines
.....................
—
14,070,371
—
14,070,371
Personal
Care
Products
.................
—
12,351,146
—
12,351,146
Pharmaceuticals
.......................
—
34,724,991
—
34,724,991
Software
.............................
—
6,026,901
—
6,026,901
Technology
Hardware,
Storage
&
Peripherals
.
—
1,853,325
—
1,853,325
Textiles,
Apparel
&
Luxury
Goods
..........
—
17,844,684
—
17,844,684
Tobacco
.............................
—
25,862,564
—
25,862,564
Trading
Companies
&
Distributors
..........
—
14,132,445
—
14,132,445
Wireless
Telecommunication
Services
.......
—
17,246,200
—
17,246,200
Senior
Floating
Rate
Interests
...............
—
45,177,544
—
45,177,544
Marketplace
Loans
.......................
—
—
40,969,156
40,969,156
Foreign
Government
and
Agency
Securities
....
—
74,226,149
—
74,226,149
U.S.
Government
and
Agency
Securities
.......
—
654,731,628
—
654,731,628
Asset-Backed
Securities
...................
—
258,823,794
—
258,823,794
Commercial
Mortgage-Backed
Securities
......
—
44,296,016
—
44,296,016
Mortgage-Backed
Securities
................
—
1,020,144,514
—
1,020,144,514
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
315
franklintempleton.com
Semiannual
Report
Level
1
Level
2
Level
3
Total
Franklin
Total
Return
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Commercial
Mortgage-Backed
Securities
Municipal
Bonds
.........................
$
—
$
58,338,929
$
—
$
58,338,929
Residential
Mortgage-Backed
Securities
.......
—
103,181,666
—
103,181,666
Agency
Commercial
Mortgage-Backed
Securities
—
373,113
—
373,113
Escrows
and
Litigation
Trusts
...............
—
172,500
—
a
172,500
Options
Purchased
.......................
—
1,015,211
—
1,015,211
Short
Term
Investments
...................
41,278,724
—
—
41,278,724
Total
Investments
in
Securities
...........
$44,134,145
$3,464,123,167
$43,632,007
$3,551,889,319
Other
Financial
Instruments:
Futures
Contracts
.......................
$4,578,950
$—
$—
$4,578,950
Swap
Contracts
.........................
—
7,736,390
—
7,736,390
Total
Other
Financial
Instruments
.........
$4,578,950
$7,736,390
$—
$12,315,340
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$325,385
$—
$325,385
Futures
Contracts
........................
6,236,756
—
—
6,236,756
Options
Written
..........................
—
423,065
—
423,065
Total
Other
Financial
Instruments
.........
$6,236,756
$748,450
$—
$6,985,206
a
Includes
financial
instruments
determined
to
have
no
value.
b
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
316
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,
2024,
the
reconciliations
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Low
Duration
Total
Return
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
$
—
d
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
d
$
—
Oil,
Gas
&
Consumable
Fuels
..........
—
2,510,531
—
—
—
—
—
(37,665)
2,472,866
(37,665)
Specialty
Retail
.....
—
—
—
73,017
—
—
—
(73,017)
—
d
(73,017)
Warrants
:
Machinery
.........
—
699
—
—
—
—
—
(551)
148
(551)
Corporate
Bonds
:
Broadline
Retail
.....
—
d
—
—
—
—
—
—
—
—
d
—
Financial
Services
...
818,811
—
—
—
—
(2,181)
—
(816,630)
—
d
(816,630)
Marketplace
Loans
:
Financial
Services
...
55,313,777
6,899,953
(19,151,698)
—
—
—
(270,960)
(30,623)
42,760,449
(1,359,407)
Escrows
and
Litigation
Trusts
:
—
d
—
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$56,132,588
$9,411,183
$(19,151,698)
$73,017
$—
$(2,181)
$(270,960)
$(958,486)
$45,233,463
$(2,287,270)
Franklin
Total
Return
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
—
d
—
—
—
—
—
—
—
—
d
—
Oil,
Gas
&
Consumable
Fuels
..........
—
2,703,331
—
—
—
—
—
(40,557)
2,662,774
(40,557)
Warrants
:
Machinery
.........
—
367
—
—
—
—
—
(290)
77
(290)
Corporate
Bonds
:
Broadline
Retail
.....
—
d
—
—
—
—
—
—
—
—
d
—
Marketplace
Loans
:
Financial
Services
...
48,961,503
10,178,442
(18,280,526)
—
—
—
(1,014,295)
1,124,032
40,969,156
(209,971)
Commercial
Mortgage-
Backed
Securities
:
Financial
Services
...
480
—
(480)
—
—
—
22
(22)
—
—
Escrows
and
Litigation
Trusts
:
—
d
—
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$48,961,983
$12,882,140
$(18,281,006)
$—
$—
$—
$(1,014,273)
$1,083,163
$43,632,007
$(250,818)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
Level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
317
franklintempleton.com
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
unobservable
valuation
inputs
as
of
April
30,
2024,
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:
Financial
Services.
.
.
.
.
.
.
.
.
$42,760,449
Discounted
cash
flow
Loss-adjusted
discount
rate
0.7%
–
19.7%
(9.5%)
Decrease
Projected
loss
rate
4.1%
–
80.6%
(17.3%)
Decrease
All
Other
Investments.
.
.
.
.......
2,473,014
c,d
Total.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.........
$45,233,463
Franklin
Total
Return
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services.
.
.
.
.
.
.
.
.
$40,969,156
Discounted
cash
flow
Loss-adjusted
discount
rate
2.4%
–
20.0%
(9.7%)
Decrease
Projected
loss
rate
1.1%
–
51.0%
(16.3%)
Decrease
All
Other
Investments.
.
.
.
.......
2,662,851
c,d
Total.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.........
$43,632,007
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
c
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value.
13.
Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Financial
Statements
(unaudited)
318
franklintempleton.com
Semiannual
Report
15.
Subsequent
Events
The
Funds
have
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
CITI
Citibank
NA
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
Currency
BRL
Brazilian
Real
USD
United
States
Dollar
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
5.34%
Selected
Portfolio
BZDIOVRA
Brazil
Inter-Bank
Deposit
Rate
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
COFI
Cost
of
Funds
Index
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
H15BDI
U.S.
Treasury
Bill
Auction
High
Discount
Rate
IBOR
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
MBS
Mortgage-Backed
Security
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
T-Note
Treasury
Note
Franklin
Investors
Securities
Trust
Shareholder
Information
319
franklintempleton.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Trust’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
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
06/24
©
2024
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
Franklin
Investors
Securities
Trust
Investment
Managers
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Templeton
Institutional,
LLC
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.


Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4. Principal Accountant Fees and Services. 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. Recovery of Erroneously Awarded Compensation.
 
(a) N/A


(b) N/A
 
 
Item 14. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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 Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  June 27, 2024


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\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  June 27, 2024
 
 
By S\JEFFREY WHITE______________________
      Jeffrey White
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  June 27, 2024