460-P1 09/25

FRANKLIN INVESTORS SECURITIES TRUST
SUPPLEMENT DATED SEPTEMBER 30, 2025
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”),
EACH DATED MARCH 1, 2025, OF
FRANKLIN TOTAL RETURN FUND (THE “FUND”)


Effective September 30, 2025, the following changes are made to the Fund’s Summary Prospectus, Prospectus and SAI:

1) The following is added to the section titled “Fund Summary – Portfolio Managers” in the Fund's Summary Prospectus and Prospectus:

Albert Chan, CFA
Portfolio Manager of Advisers and portfolio manager of the Fund since September 2025.

2) The following is added to the section titled “Fund Details – Management” in the Fund’s Prospectus:

Albert Chan, CFA Portfolio Manager of Advisers
Mr. Chan has been a portfolio manager of the Fund since September 2025. He joined Franklin Templeton in 2024. Prior to joining Franklin Templeton, Mr. Chan was a portfolio manager for Putnam Investment Management, LLC (“Putnam Management”). He joined Putnam Management in 2002.

3) The following is added to the section titled “Management and Other Services – Portfolio managers” in the Fund’s SAI:

      

Name

Type of
Account

Number of

Accounts

Managed

Total Assets

Managed

(x $1 million)

Number of Accounts

Managed for which

Advisory Fee is

Performance-Based

Assets Managed for which

Advisory Fee is

Performance-Based

(x $1 million)

Albert Chan*

Registered

Investment

Companies

14

16,616.0

None

None

 

Other Pooled

Investment

Vehicles

9

1,846.0

None

None

 

Other

Accounts

43

3,219.9

1

449.1

*Information is provided as of August 31, 2025.

4) The following is added to the section titled “Management and Other Services – Portfolio managers – Ownership of Fund shares” in the Fund’s SAI:

  

Portfolio Manager

Dollar Range of Fund Shares Beneficially Owned

Albert Chan*

None

  

*Information is provided as of August 31, 2025

 

Please retain this supplement for future reference.