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Schedules
of
Investments
(unaudited)
Franklin
Convertible
Securities
Fund
2
Franklin
Equity
Income
Fund
7
Franklin
Floating
Rate
Daily
Access
Fund
12
Franklin
Long
Duration
Credit
Fund
27
Franklin
Low
Duration
Total
Return
Fund
39
Franklin
Low
Duration
U.S.
Government
Securities
Fund
92
Franklin
Managed
Income
Fund
96
Franklin
Total
Return
Fund
104
Notes
to
Schedules
of
Investments
159
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Convertible
Securities
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.2%
Semiconductors
&
Semiconductor
Equipment
0.2%
a
Wolfspeed,
Inc.
.....................................
United
States
297,457
$
4,658,177
Total
Common
Stocks
(Cost
$
8,528,092
)
.....................................
4,658,177
Convertible
Preferred
Stocks
18.7%
Capital
Markets
3.3%
Ares
Management
Corp.
,
B
,
6.75
%
......................
United
States
1,066,000
50,986,780
KKR
&
Co.,
Inc.
,
D
,
6.25
%
.............................
United
States
967,000
47,324,980
98,311,760
Chemicals
2.4%
Albemarle
Corp.
,
7.25
%
..............................
United
States
1,063,200
73,722,288
Electric
Utilities
3.1%
NextEra
Energy,
Inc.
,
7.299
%
..........................
United
States
1,040,000
57,688,800
Southern
Co.
(The)
,
A
,
7.125
%
.........................
United
States
668,569
34,264,161
91,952,961
Financial
Services
2.5%
Apollo
Global
Management,
Inc.
,
6.75
%
..................
United
States
810,000
56,189,700
Shift4
Payments,
Inc.
,
6
%
.............................
United
States
262,500
19,724,250
75,913,950
Life
Sciences
Tools
&
Services
1.8%
Bruker
Corp.
,
6.375
%
................................
United
States
156,400
54,247,340
Semiconductors
&
Semiconductor
Equipment
1.4%
Microchip
Technology,
Inc.
,
7.5
%
........................
United
States
636,000
42,510,240
Technology
Hardware,
Storage
&
Peripherals
2.1%
Hewlett
Packard
Enterprise
Co.
,
7.625
%
..................
United
States
1,020,000
61,781,400
Trading
Companies
&
Distributors
2.1%
QXO,
Inc.
,
5.5
%
....................................
United
States
1,010,000
63,983,500
Total
Convertible
Preferred
Stocks
(Cost
$
476,196,775
)
........................
562,423,439
Principal
Amount
*
Convertible
Bonds
78.7%
Biotechnology
7.7%
b
,c
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
2
.55
%
,
9/15/28
.........................................
United
States
15,600,000
14,603,108
Ascendis
Pharma
A/S
,
Senior
Note
,
2.25
%
,
4/01/28
.........
Denmark
32,500,000
48,124,375
b
Bridgebio
Pharma,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
3/01/31
....
United
States
46,200,000
80,503,500
Immunocore
Holdings
plc
,
Senior
Note
,
2.5
%
,
2/01/30
........
United
Kingdom
20,000,000
18,050,916
PTC
Therapeutics,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/26
..........
United
States
48,000,000
71,359,200
232,641,099
Broadline
Retail
3.2%
Alibaba
Group
Holding
Ltd.
,
Senior
Note
,
0.5
%
,
6/01/31
......
China
37,000,000
64,916,099
Etsy,
Inc.
,
Senior
Note
,
0.125
%
,
9/01/27
..................
United
States
34,500,000
32,214,375
97,130,474
Capital
Markets
1.6%
b
,c
Coinbase
Global,
Inc.
,
Senior
Note
,
144A,
2
.47
%
,
10/01/32
....
United
States
55,500,000
47,169,844
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Convertible
Securities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Communications
Equipment
3.3%
b
Lumentum
Holdings,
Inc.
,
Senior
Note
,
144A,
0.375
%
,
3/15/32
.
United
States
27,400,000
$
62,168,969
Viavi
Solutions,
Inc.
,
1.625
%
,
3/15/26
....................
United
States
20,709,000
36,995,672
99,164,641
Construction
&
Engineering
1.6%
Fluor
Corp.
,
Senior
Note
,
1.125
%
,
8/15/29
.................
United
States
39,000,000
48,207,900
Consumer
Staples
Distribution
&
Retail
1.1%
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
21,000,000
32,354,700
Electric
Utilities
3.2%
PG&E
Corp.
,
Senior
Secured
Note
,
4.25
%
,
12/01/27
.........
United
States
52,000,000
52,936,000
TXNM
Energy,
Inc.
,
Junior
Sub.
Bond
,
5.75
%
,
6/01/54
........
United
States
31,500,000
42,342,300
95,278,300
Electronic
Equipment,
Instruments
&
Components
1.0%
b
Mirion
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/01/31
United
States
27,000,000
30,386,478
Energy
Equipment
&
Services
1.0%
Oil
States
International,
Inc.
,
Senior
Note
,
4.75
%
,
4/01/26
.....
United
States
28,000,000
28,614,453
Entertainment
1.5%
Live
Nation
Entertainment,
Inc.
,
Senior
Note
,
2.875
%
,
1/15/30
........................
United
States
13,600,000
14,429,600
b
Senior
Note
,
144A,
2.875
%
,
10/15/31
..................
United
States
30,000,000
30,009,000
44,438,600
Financial
Services
2.3%
Global
Payments,
Inc.
,
Senior
Note
,
1.5
%
,
3/01/31
..........
United
States
50,000,000
44,350,000
Shift4
Payments,
Inc.
,
Senior
Note
,
0.5
%
,
8/01/27
...........
United
States
27,200,000
26,193,600
70,543,600
Food
Products
2.2%
Freshpet,
Inc.
,
Senior
Note
,
3
%
,
4/01/28
..................
United
States
22,500,000
27,888,750
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
.............
United
States
36,000,000
39,618,000
67,506,750
Ground
Transportation
2.9%
b
Lyft,
Inc.
,
Senior
Note
,
144A,
0.625
%
,
3/01/29
..............
United
States
54,300,000
61,367,145
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
20,500,000
26,312,379
87,679,524
Health
Care
Equipment
&
Supplies
4.5%
Dexcom,
Inc.
,
Senior
Note
,
0.375
%
,
5/15/28
...............
United
States
32,250,000
30,129,563
c
Haemonetics
Corp.
,
Senior
Note
,
Zero
Cpn.,
3/01/26
......................
United
States
25,500,000
25,500,000
Senior
Note
,
2.5
%
,
6/01/29
..........................
United
States
31,000,000
30,705,500
b
Integer
Holdings
Corp.
,
Senior
Note
,
144A,
1.875
%
,
3/15/30
...
United
States
52,500,000
50,242,500
136,577,563
Health
Care
REITs
2.4%
b
Welltower
OP
LLC
,
Senior
Note
,
144A,
3.125
%
,
7/15/29
......
United
States
47,000,000
71,722,000
Hotel
&
Resort
REITs
1.0%
b
Pebblebrook
Hotel
Trust
,
Senior
Note
,
144A,
1.625
%
,
1/15/30
..
United
States
30,000,000
29,505,000
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Convertible
Securities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
1.8%
b
DoorDash,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/15/30
.......
United
States
54,500,000
$
54,663,500
Industrial
REITs
2.0%
b
Rexford
Industrial
Realty
LP
,
Senior
Note
,
144A,
4.375
%
,
3/15/27
...................
United
States
20,000,000
20,060,000
Senior
Note
,
144A,
4.125
%
,
3/15/29
...................
United
States
40,000,000
40,296,000
60,356,000
Interactive
Media
&
Services
0.8%
Snap,
Inc.
,
Senior
Note
,
0.5
%
,
5/01/30
...................
United
States
28,000,000
24,218,270
IT
Services
3.6%
c
Cloudflare,
Inc.
,
Senior
Note
,
0
.047
%
,
8/15/26
..............
United
States
50,200,000
55,255,140
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn.,
10/01/29
...........
United
States
37,600,000
53,091,200
108,346,340
Leisure
Products
1.4%
Peloton
Interactive,
Inc.
,
Senior
Note
,
5.5
%
,
12/01/29
........
United
States
27,000,000
42,152,595
Life
Sciences
Tools
&
Services
1.3%
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
36,000,000
38,316,987
Machinery
1.1%
b
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
31,300,000
33,647,500
Media
2.3%
b
Liberty
Broadband
Corp.
,
Senior
Bond
,
144A,
3.125
%
,
3/31/53
.
United
States
45,500,000
45,340,753
Sirius
XM
Holdings,
Inc.
,
Senior
Note
,
3.75
%
,
3/15/28
........
United
States
23,000,000
23,391,000
68,731,753
Metals
&
Mining
1.5%
b
B2Gold
Corp.
,
Senior
Note
,
144A,
2.75
%
,
2/01/30
...........
Canada
25,300,000
43,599,541
Multi-Utilities
1.9%
CenterPoint
Energy,
Inc.
,
Senior
Note
,
4.25
%
,
8/15/26
........
United
States
51,500,000
57,551,250
Pharmaceuticals
2.2%
Jazz
Investments
I
Ltd.
,
Senior
Note
,
2
%
,
6/15/26
...........................
United
States
35,000,000
38,818,415
Senior
Note
,
3.125
%
,
9/15/30
........................
United
States
20,000,000
26,090,000
64,908,415
Real
Estate
Management
&
Development
0.5%
b
Compass,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
4/15/31
..........
United
States
13,900,000
15,012,042
Semiconductors
&
Semiconductor
Equipment
7.1%
MACOM
Technology
Solutions
Holdings,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/15/29
....................................
United
States
45,366,000
65,392,401
Microchip
Technology,
Inc.
,
Senior
Note
,
0.75
%
,
6/01/30
......
United
States
27,000,000
27,817,869
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
40,000,000
67,377,714
b
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
...........
Israel
27,400,000
44,005,222
Wolfspeed,
Inc.
,
Secured
Note
,
2.5
%
,
6/15/31
.........................
United
States
4,608,000
6,278,400
b
Secured
Note
,
144A,
2.5
%
,
6/15/31
....................
United
States
2,208,000
3,008,400
213,880,006
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Convertible
Securities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
A
bbreviations
on
page
171
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Software
5.0%
b
Alkami
Technology,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
3/15/30
....
United
States
19,300,000
$
18,967,075
c
BILL
Holdings,
Inc.
,
Senior
Note
,
2
.64
%
,
4/01/30
............
United
States
32,800,000
29,417,500
c
Datadog,
Inc.
,
Senior
Note
,
0
.34
%
,
12/01/29
...............
United
States
23,400,000
23,101,650
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
8,000,000
7,756,000
Nutanix,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/29
.................
United
States
17,500,000
15,951,250
Workiva,
Inc.
,
Senior
Note
,
1.125
%
,
8/15/26
........................
United
States
7,000,000
7,621,600
Senior
Note
,
1.25
%
,
8/15/28
.........................
United
States
49,000,000
47,517,750
150,332,825
Specialty
Retail
5.7%
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
42,287,000
64,212,809
b
RealReal,
Inc.
(The)
,
Senior
Note
,
144A,
4
%
,
2/15/31
........
United
States
24,000,000
39,286,165
Wayfair,
Inc.
,
Senior
Note
,
3.25
%
,
9/15/27
.................
United
States
39,250,000
67,270,575
170,769,549
Total
Convertible
Bonds
(Cost
$
1,985,833,195
)
................................
2,365,407,499
Corporate
Bonds
0.2%
Semiconductors
&
Semiconductor
Equipment
0.2%
d
Wolfspeed,
Inc.
,
Secured
Note
,
PIK,
7
%
,
6/15/31
............
United
States
6,251,578
5,095,036
Total
Corporate
Bonds
(Cost
$
5,618,064
)
.....................................
5,095,036
Total
Long
Term
Investments
(Cost
$
2,476,176,126
)
...........................
2,937,584,151
a
Short
Term
Investments
1.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.6%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
48,960,465
48,960,465
Total
Money
Market
Funds
(Cost
$
48,960,465
)
................................
48,960,465
Total
Short
Term
Investments
(Cost
$
48,960,465
)
..............................
48,960,465
a
Total
Investments
(Cost
$
2,525,136,591
)
99.4
%
................................
$2,986,544,616
Other
Assets,
less
Liabilities
0.6
%
...........................................
18,131,054
Net
Assets
100.0%
.........................................................
$3,004,675,670
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$835,563,742,
representing
27.8%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Convertible
Securities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Equity
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
83.0%
Aerospace
&
Defense
1.5%
RTX
Corp.
........................................
United
States
357,500
$
71,832,475
Banks
6.9%
Bank
of
America
Corp.
...............................
United
States
2,560,000
136,192,000
JPMorgan
Chase
&
Co.
...............................
United
States
620,000
189,651,800
325,843,800
Beverages
1.4%
Coca-Cola
Co.
(The)
.................................
United
States
910,000
68,077,100
Broadline
Retail
1.4%
a
Amazon.com,
Inc.
...................................
United
States
282,500
67,602,250
Building
Products
1.0%
Carrier
Global
Corp.
.................................
United
States
750,000
44,685,000
Capital
Markets
8.2%
Ares
Management
Corp.
,
A
............................
United
States
45,000
6,735,150
BlackRock,
Inc.
.....................................
United
States
60,000
67,136,400
Blackstone,
Inc.
....................................
United
States
362,500
51,627,250
Charles
Schwab
Corp.
(The)
...........................
United
States
777,501
80,797,904
Intercontinental
Exchange,
Inc.
.........................
United
States
162,500
28,239,250
Morgan
Stanley
.....................................
United
States
830,000
151,724,000
386,259,954
Chemicals
2.3%
Corteva,
Inc.
.......................................
United
States
517,500
37,674,000
Linde
plc
..........................................
United
States
150,000
68,545,500
106,219,500
Commercial
Services
&
Supplies
0.2%
Republic
Services,
Inc.
,
A
.............................
United
States
50,000
10,754,500
Communications
Equipment
2.0%
Cisco
Systems,
Inc.
.................................
United
States
1,185,000
92,809,200
Consumer
Finance
1.6%
American
Express
Co.
...............................
United
States
215,000
75,716,550
Consumer
Staples
Distribution
&
Retail
3.1%
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
305,000
28,194,200
Casey's
General
Stores,
Inc.
...........................
United
States
56,500
34,267,250
Walmart,
Inc.
......................................
United
States
715,000
85,185,100
147,646,550
Electric
Utilities
5.4%
Duke
Energy
Corp.
..................................
United
States
670,000
81,304,500
Evergy,
Inc.
........................................
United
States
640,000
49,107,200
NextEra
Energy,
Inc.
.................................
United
States
872,500
76,692,750
PPL
Corp.
.........................................
United
States
1,360,000
49,300,000
256,404,450
Electrical
Equipment
3.2%
Eaton
Corp.
plc
.....................................
United
States
200,000
70,284,000
Emerson
Electric
Co.
................................
United
States
110,000
16,165,600
Hubbell,
Inc.
,
B
.....................................
United
States
132,500
64,652,050
151,101,650
Electronic
Equipment,
Instruments
&
Components
0.9%
TE
Connectivity
plc
..................................
Switzerland
200,500
44,667,390
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Equity
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
0.4%
SLB
Ltd.
..........................................
United
States
350,000
$
16,933,000
Health
Care
Equipment
&
Supplies
2.7%
a
Boston
Scientific
Corp.
...............................
United
States
212,500
19,875,125
GE
HealthCare
Technologies,
Inc.
.......................
United
States
380,000
30,008,600
Medtronic
plc
......................................
United
States
730,000
75,160,800
125,044,525
Health
Care
Providers
&
Services
2.4%
HCA
Healthcare,
Inc.
.................................
United
States
122,000
59,568,940
UnitedHealth
Group,
Inc.
..............................
United
States
185,000
53,082,050
112,650,990
Health
Care
REITs
1.4%
Ventas,
Inc.
........................................
United
States
870,000
67,572,900
Hotels,
Restaurants
&
Leisure
0.8%
McDonald's
Corp.
...................................
United
States
125,000
39,375,000
Household
Durables
0.5%
Lennar
Corp.
,
A
.....................................
United
States
215,000
23,510,250
Household
Products
2.1%
Procter
&
Gamble
Co.
(The)
...........................
United
States
652,500
99,029,925
Industrial
REITs
1.2%
Prologis,
Inc.
.......................................
United
States
420,000
54,835,200
Interactive
Media
&
Services
2.7%
Alphabet,
Inc.
,
A
....................................
United
States
377,500
127,595,000
Life
Sciences
Tools
&
Services
2.2%
Danaher
Corp.
.....................................
United
States
150,000
32,833,500
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
120,000
69,433,200
102,266,700
Machinery
4.2%
Caterpillar,
Inc.
.....................................
United
States
99,500
65,407,320
Ingersoll
Rand,
Inc.
..................................
United
States
600,000
51,654,000
Parker-Hannifin
Corp.
................................
United
States
85,000
79,546,400
196,607,720
Multi-Utilities
1.0%
CenterPoint
Energy,
Inc.
..............................
United
States
1,170,000
46,437,300
Oil,
Gas
&
Consumable
Fuels
5.2%
Canadian
Natural
Resources
Ltd.
.......................
Canada
732,500
27,256,325
Chevron
Corp.
.....................................
United
States
740,000
130,906,000
Shell
plc
,
ADR
......................................
United
States
627,500
48,336,325
Suncor
Energy,
Inc.
..................................
Canada
700,000
37,079,000
243,577,650
Pharmaceuticals
4.6%
AstraZeneca
plc
,
ADR
................................
United
Kingdom
832,500
77,231,025
Johnson
&
Johnson
.................................
United
States
607,500
138,054,375
215,285,400
Residential
REITs
1.2%
Mid-America
Apartment
Communities,
Inc.
................
United
States
430,000
57,749,000
Semiconductors
&
Semiconductor
Equipment
3.0%
Broadcom,
Inc.
.....................................
United
States
110,000
36,443,000
KLA
Corp.
.........................................
United
States
24,500
34,984,530
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Equity
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Texas
Instruments,
Inc.
...............................
United
States
317,500
$
68,437,125
139,864,655
Software
0.8%
Oracle
Corp.
.......................................
United
States
215,000
35,384,700
Specialty
Retail
3.0%
Lowe's
Cos.,
Inc.
....................................
United
States
290,000
77,447,400
Tractor
Supply
Co.
..................................
United
States
1,280,000
65,126,400
142,573,800
Technology
Hardware,
Storage
&
Peripherals
0.5%
Dell
Technologies,
Inc.
,
C
.............................
United
States
207,500
23,746,300
Tobacco
1.8%
Philip
Morris
International,
Inc.
.........................
United
States
472,500
84,785,400
Trading
Companies
&
Distributors
0.9%
United
Rentals,
Inc.
..................................
United
States
52,000
40,667,120
Wireless
Telecommunication
Services
1.3%
T-Mobile
US,
Inc.
...................................
United
States
312,500
61,628,125
Total
Common
Stocks
(Cost
$
2,467,154,188
)
..................................
3,906,741,029
Equity-Linked
Securities
9.6%
Broadline
Retail
0.5%
b
Mizuho
Markets
Cayman
LP
into
Amazon.com,
Inc.
,
144A,
5
%
,
8/21/26
.........................................
United
States
99,500
23,053,324
Building
Products
0.4%
b
Barclays
Bank
plc
into
Carrier
Global
Corp.
,
144A,
6.5
%
,
6/25/26
United
States
294,000
17,611,420
Capital
Markets
0.6%
b
Wells
Fargo
Bank
NA
into
Charles
Schwab
Corp.
(The)
,
144A,
6.5
%
,
1/08/27
....................................
United
States
275,000
28,322,299
Consumer
Finance
0.7%
b
Toronto-Dominion
Bank
(The)
into
American
Express
Co.
,
144A,
6.5
%
,
3/13/26
....................................
United
States
91,800
31,337,236
Consumer
Staples
Distribution
&
Retail
0.4%
b
Toronto-Dominion
Bank
(The)
into
BJ's
Wholesale
Club
Holdings,
Inc.
,
144A,
6
%
,
12/29/26
............................
United
States
197,000
18,171,580
Electrical
Equipment
1.0%
b
Merrill
Lynch
BV
into
Eaton
Corp.
plc
,
144A,
7
%
,
5/08/26
......
United
States
59,000
19,881,807
b
National
Bank
of
Canada
into
Hubbell,
Inc.
,
144A,
7
%
,
7/31/26
.
United
States
61,000
28,165,489
48,047,296
Energy
Equipment
&
Services
0.5%
b
Royal
Bank
of
Canada
into
Schlumberger
NV
,
144A,
8.5
%
,
10/30/26
........................................
United
States
548,500
22,096,096
Health
Care
Providers
&
Services
0.8%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
HCA
Healthcare,
Inc.
,
144A,
6.5
%
,
4/16/26
...............................
United
States
59,000
24,677,361
b
National
Bank
of
Canada
into
UnitedHealth
Group,
Inc.
,
144A,
6.5
%
,
2/05/26
....................................
United
States
41,500
11,937,910
36,615,271
Household
Durables
0.4%
b
Royal
Bank
of
Canada
into
Lennar
Corp.
,
144A,
7
%
,
9/30/26
...
United
States
193,000
21,716,373
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Equity
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Industrial
REITs
0.4%
b
Barclays
Bank
plc
into
Prologis,
Inc.
,
144A,
6.5
%
,
1/28/27
.....
United
States
161,500
$
21,043,559
Interactive
Media
&
Services
0.6%
b
Wells
Fargo
Bank
NA
into
Alphabet,
Inc.
,
144A,
6
%
,
4/30/26
...
United
States
151,000
28,946,419
Life
Sciences
Tools
&
Services
0.6%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Thermo
Fisher
Scientific,
Inc.
,
144A,
6
%
,
11/06/26
.....................
United
States
47,500
27,550,564
Machinery
1.1%
b
Barclays
Bank
plc
into
Parker-Hannifin
Corp.
,
144A,
7
%
,
11/30/26
United
States
33,000
29,459,627
b
Wells
Fargo
Bank
NA
into
Ingersoll
Rand,
Inc.
,
144A,
5
%
,
8/14/26
United
States
257,500
20,958,316
50,417,943
Oil,
Gas
&
Consumable
Fuels
0.6%
b
Barclays
Bank
plc
into
Canadian
Natural
Resources
Ltd.
,
144A,
9
%
,
2/25/26
......................................
Canada
825,100
29,724,683
Software
0.4%
b
Royal
Bank
of
Canada
into
Oracle
Corp.
,
144A,
9
%
,
3/20/26
...
United
States
111,500
17,345,070
Technology
Hardware,
Storage
&
Peripherals
0.2%
b
Wells
Fargo
Bank
NA
into
Dell
Technologies,
Inc.
,
144A,
9
%
,
12/18/26
........................................
United
States
98,500
11,898,387
Trading
Companies
&
Distributors
0.4%
b
Toronto-Dominion
Bank
(The)
into
United
Rentals,
Inc.
,
144A,
7.5
%
,
6/12/26
....................................
United
States
24,500
19,642,341
Total
Equity-Linked
Securities
(Cost
$
442,347,123
)
............................
453,539,861
Convertible
Preferred
Stocks
5.6%
Aerospace
&
Defense
1.7%
Boeing
Co.
(The)
,
6
%
................................
United
States
1,075,000
80,324,000
Capital
Markets
1.1%
Ares
Management
Corp.
,
B
,
6.75
%
......................
United
States
1,095,000
52,373,850
Electric
Utilities
1.0%
Southern
Co.
(The)
,
A
,
7.125
%
.........................
United
States
947,500
48,559,375
Financial
Services
1.8%
Apollo
Global
Management,
Inc.
,
6.75
%
..................
United
States
1,195,000
82,897,150
Total
Convertible
Preferred
Stocks
(Cost
$
232,976,867
)
........................
264,154,375
Total
Long
Term
Investments
(Cost
$
3,142,478,178
)
...........................
4,624,435,265
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Equity
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
See
Abbreviations
on
page
171
.
Short
Term
Investments
1.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.7%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
78,231,350
$
78,231,350
Total
Money
Market
Funds
(Cost
$
78,231,350
)
................................
78,231,350
Total
Short
Term
Investments
(Cost
$
78,231,350
)
..............................
78,231,350
a
Total
Investments
(Cost
$
3,220,709,528
)
99.9
%
................................
$4,702,666,615
Other
Assets,
less
Liabilities
0.1
%
...........................................
6,655,628
Net
Assets
100.0%
.........................................................
$4,709,322,243
a
a
a
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$453,539,861,
representing
9.6%
of
net
assets.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Floating
Rate
Daily
Access
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
1.1%
Diversified
Consumer
Services
0.0%
a,b
All
Day
Electric,
Inc.
.................................
United
States
1,845
$
—
Machinery
1.1%
a
UTEX
Industries,
Inc.
................................
United
States
261,340
13,768,178
Oil,
Gas
&
Consumable
Fuels
0.0%
†
b
Talos
Energy,
Inc.
...................................
United
States
25,473
303,638
Total
Common
Stocks
(Cost
$
26,814,910
)
....................................
14,071,816
Management
Investment
Companies
0.9%
Capital
Markets
0.9%
Invesco
Senior
Loan
ETF
.............................
United
States
613,270
12,719,220
Total
Management
Investment
Companies
(Cost
$
13,115,665
)
..................
12,719,220
Principal
Amount
*
Corporate
Bonds
6.6%
Aerospace
&
Defense
0.0%
†
c
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/31/34
..
United
States
378,000
390,831
Air
Freight
&
Logistics
0.3%
c
Rand
Parent
LLC
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/30
..
United
States
3,550,000
3,711,953
Capital
Markets
0.4%
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
.............................
United
States
5,277,000
5,377,564
Chemicals
0.3%
c
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
.........................................
United
States
3,900,000
3,892,421
Commercial
Services
&
Supplies
0.4%
c
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...................................
United
States
1,500,000
1,579,512
c
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.29
%
,
4/15/29
.........................................
United
States
3,600,000
3,699,328
5,278,840
Construction
Materials
0.3%
c
Cemex
SAB
de
CV
,
Senior
Bond
,
144A,
5.2
%
,
9/17/30
.......
Mexico
3,875,000
3,920,678
Containers
&
Packaging
0.1%
c
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
240,000
242,039
c
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/15/30
..............................
United
States
694,000
707,578
949,617
Electric
Utilities
0.3%
c
Vistra
Operations
Co.
LLC
,
Senior
Secured
Bond
,
144A,
5.25
%
,
10/15/35
........................................
United
States
4,000,000
3,962,878
Entertainment
0.2%
c
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
2,300,000
2,394,139
Ground
Transportation
0.3%
c
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
5/21/30
.....................
Luxembourg
1,100,900
1,148,103
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Ground
Transportation
(continued)
c
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
.....................
United
States
3,300,000
$
3,216,606
4,364,709
Health
Care
Equipment
&
Supplies
0.1%
c
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
1,320,000
1,377,750
Hotels,
Restaurants
&
Leisure
0.9%
c
Brightstar
Lottery
plc
,
Senior
Secured
Note
,
144A,
5.25
%
,
1/15/29
United
States
2,300,000
2,297,484
c
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
2/15/32
.........................................
United
States
3,600,000
3,682,854
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
c
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
............
Canada
5,820,000
5,921,920
11,902,258
Independent
Power
and
Renewable
Electricity
Producers
0.3%
c
Calpine
Corp.
,
Senior
Secured
Note
,
144A,
4.5
%
,
2/15/28
.....
United
States
4,400,000
4,398,457
Insurance
0.8%
c
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.25
%
,
2/15/29
...................................
United
States
1,470,600
1,425,364
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...................
United
States
5,300,000
5,318,195
Senior
Secured
Note
,
144A,
6.5
%
,
10/01/31
.............
United
States
4,000,000
4,116,400
10,859,959
IT
Services
0.2%
c
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
1,800,000
1,835,793
Machinery
0.1%
c
Columbus
McKinnon
Corp.
,
Senior
Secured
Note
,
144A,
7.125
%
,
2/01/33
.........................................
United
States
750,000
754,459
Oil,
Gas
&
Consumable
Fuels
0.2%
Cheniere
Energy,
Inc.
,
Senior
Note
,
4.625
%
,
10/15/28
........
United
States
2,400,000
2,400,094
Passenger
Airlines
0.9%
c
Allegiant
Travel
Co.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/15/27
United
States
3,316,000
3,355,865
c
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
.........................................
United
States
4,300,000
4,489,703
c
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
....................
United
States
616,675
617,418
c
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
United
States
2,485,000
2,484,582
10,947,568
Software
0.3%
c
Cloud
Software
Group,
Inc.
,
Secured
Note
,
144A,
9
%
,
9/30/29
.
United
States
3,900,000
3,942,710
Specialty
Retail
0.1%
c
,d
Petco
Health
&
Wellness
Co.,
Inc.
,
Senior
Secured
Note
,
144A,
8.25
%
,
2/01/31
...................................
United
States
1,515,152
1,520,544
Wireless
Telecommunication
Services
0.1%
c
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
144A,
4.25
%
,
1/31/31
.........................................
United
Kingdom
1,430,000
1,294,767
Total
Corporate
Bonds
(Cost
$
83,649,348
)
....................................
85,477,989
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
84.0%
e
Aerospace
&
Defense
1.5%
Dynasty
Acquisition
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B1
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
10/31/31
............
United
States
1,873,284
$
1,880,411
Dynasty
Acquisition
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B2
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
10/31/31
............
United
States
712,537
715,249
Signia
Aerospace
LLC,
First
Lien,
CME
Term
Loan
,
6.571
%
,
(
3-month
SOFR
+
2.75
%
),
12/11/31
....................
United
States
2,595,092
2,602,656
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
2/28/31
.............................
United
States
4,120,666
4,123,406
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
K
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
3/22/30
............................
United
States
6,184,500
6,186,046
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
M
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
8/19/32
......................
United
States
3,475,161
3,476,482
18,984,250
a
a
a
a
a
a
e
Air
Freight
&
Logistics
0.8%
Clue
Opco
LLC,
First
Lien,
CME
Term
Loan,
B
,
8.167
%
,
(
3-month
SOFR
+
4.5
%
),
12/19/30
............................
United
States
5,380,366
5,372,134
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.672
%
,
(
3-month
SOFR
+
3
%
),
3/18/30
.......................
United
States
4,484,120
4,499,523
9,871,657
a
a
a
a
a
a
e
Automobile
Components
1.9%
Adient
US
LLC,
First
Lien,
CME
Term
Loan,
B2
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
1/31/31
.......................
United
States
3,581,480
3,582,877
d
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
Incremental
CME
Term
Loan,
C
,
7.408
%
,
(
12-month
SOFR
+
3.25
%
),
9/20/32
..
United
States
2,835,821
2,846,455
d
Autokiniton
US
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
7.786
%
,
(
1-month
SOFR
+
4
%
),
4/06/28
................
United
States
5,300,000
5,293,375
Clarios
Global
LP,
First
Lien,
2024
Dollar
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
5/06/30
...............
United
States
2,010,411
2,011,989
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan
,
6.422
%
,
(
1-month
SOFR
+
2.75
%
),
1/28/32
.........
United
States
4,817,099
4,830,635
DexKo
Global,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan
,
7.917
%
,
(
3-month
SOFR
+
4.25
%
),
10/04/28
.............
United
States
3,636,709
3,618,525
DexKo
Global,
Inc.,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan
,
7.678
%
,
(
3-month
SOFR
+
3.75
%
),
10/04/28
........
United
States
1,397,364
1,392,299
f
First
Brands
Group
LLC,
First
Lien,
2021
CME
Term
Loan
,
PIK,
10.814
%
,
(
1-month
SOFR
+
7
%
),
3/30/27
................
United
States
5,097,476
28,470
d
First
Brands
Group
LLC,
First
Lien,
2022-II
Incremental
CME
Term
Loan
,
10.814
%
,
(
1-month
SOFR
+
7
%
),
3/30/27
......
United
States
5,211,308
29,105
f
First
Brands
Group
LLC,
First
Lien,
Debtor-In-Possession
Roll
Up
CME
Term
Loan
,
PIK,
13.759
%
,
(
12-month
SOFR
+
10
%
),
6/29/26
.........................................
United
States
5,375,168
42,356
f
First
Brands
Group
LLC,
First
Lien,
USD
Debtor-In-Possession
New
Money
CME
Term
Loan
,
PIK,
5.238
%
,
(
1-month
SOFR
+
1.55
%
),
6/29/26
...................................
United
States
4,608,298
597,742
f
First
Brands
Group
LLC,
Second
Lien,
2021
CME
Term
Loan
,
PIK,
14.314
%
,
(
1-month
SOFR
+
10.5
%
),
3/30/28
.........
United
States
6,286,261
18,010
Highline
Aftermarket
Acquisition
LLC,
First
Lien,
2025-1
CME
Term
Loan
,
7.322
%
,
(
3-month
SOFR
+
3.5
%
),
2/13/30
......
United
States
374,993
376,635
24,668,473
a
a
a
a
a
a
Beverages
0.5%
e
Primo
Brands
Corp.,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
5.922
%
,
(
3-month
SOFR
+
2.25
%
),
3/31/28
.........
United
States
5,858,159
5,866,712
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Biotechnology
0.2%
d,g
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
CME
Term
Loan
,
TBD,
12/28/32
........................................
United
States
1,572,909
$
1,576,841
e
Genmab
A/S,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.733
%
,
(
3-month
SOFR
+
3
%
),
12/13/32
......................
Denmark
966,687
971,433
2,548,274
a
a
a
a
a
a
e
Broadline
Retail
0.5%
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B4B
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
10/28/30
.....................
Netherlands
475,164
475,698
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
7/01/31
......................
Netherlands
4,438,514
4,443,508
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8
,
5.922
%
,
(
3-month
SOFR
+
2.25
%
),
9/29/32
.....................
Netherlands
1,371,653
1,373,799
6,293,005
a
a
a
a
a
a
e
Building
Products
2.1%
Chariot
Buyer
LLC,
First
Lien,
Amendment
No.
5
Incremental
CME
Term
Loan
,
6.466
%
,
(
1-month
SOFR
+
2.75
%
),
9/08/32
.
United
States
1,507,047
1,507,815
Cornerstone
Building
Brands,
Inc.,
First
Lien,
CME
Term
Loan,
C
,
8.18
%
,
(
1-month
SOFR
+
4.5
%
),
5/15/31
................
United
States
2,637,842
1,823,409
Cornerstone
Building
Brands,
Inc.,
First
Lien,
New
CME
Term
Loan,
B
,
7.03
%
,
(
1-month
SOFR
+
3.25
%
),
4/12/28
........
United
States
4,407,980
3,427,205
Groundworks
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.673
%
,
(
1-month
SOFR
+
3
%
),
3/14/31
.......................
United
States
1,428,571
1,432,364
MIWD
Holdco
II
LLC,
First
Lien,
2024
Incremental
CME
Term
Loan
,
6.422
%
,
(
1-month
SOFR
+
2.75
%
),
3/28/31
.........
United
States
3,641,146
3,645,934
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
4/14/31
.....................
United
States
4,413,804
4,421,771
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
3/19/29
.....................
United
States
6,402,061
6,417,330
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
2/10/32
.....................
United
States
3,970,000
3,974,228
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
3/30/29
............
United
States
671,080
671,503
27,321,559
a
a
a
a
a
a
e
Capital
Markets
2.0%
Aretec
Group,
Inc.,
First
Lien,
CME
Term
Loan,
B4
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
8/09/30
.......................
United
States
4,611,133
4,597,599
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
Initial
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
4/07/28
...
United
States
5,290,248
5,298,369
Edelman
Financial
Engines
Center
LLC
(The),
Second
Lien,
2024
Refinancing
CME
Term
Loan
,
8.922
%
,
(
1-month
SOFR
+
5.25
%
),
10/20/28
..................................
United
States
4,000,000
4,011,680
GIH
Borrower
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
11/26/31
.....................
United
States
1,683,780
1,687,989
GTCR
Everest
Borrower
LLC,
First
Lien,
2025
CME
Term
Loan
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
9/05/31
..............
United
States
1,970,199
1,970,967
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan
,
5.822
%
,
(
3-month
SOFR
+
2
%
),
12/15/31
................
United
States
5,236,217
5,204,800
Nexus
Buyer
LLC,
First
Lien,
Amendment
No.
10
CME
Term
Loan
,
7.716
%
,
(
1-month
SOFR
+
4
%
),
7/31/31
............
United
States
2,083,488
2,056,142
Victory
Capital
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3
,
5.672
%
,
(
3-month
SOFR
+
2
%
),
9/23/32
................
United
States
1,496,250
1,501,113
26,328,659
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Chemicals
1.2%
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan
,
11.209
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
............
United
States
1,785,337
$
1,720,628
INEOS
US
Finance
LLC,
First
Lien,
2030
Dollar
CME
Term
Loan
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
2/18/30
..............
Luxembourg
1,446,885
1,048,992
INEOS
US
Petrochem
LLC,
First
Lien,
New
CME
Term
Loan,
B1
,
8.022
%
,
(
1-month
SOFR
+
4.25
%
),
4/02/29
..............
United
States
3,525,665
2,470,892
Lummus
Technology
Holdings
V
LLC,
First
Lien,
Amendment
No.
4
Refinancing
CME
Term
Loan,
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
12/31/29
...................................
United
States
3,045,438
3,053,295
Nouryon
Finance
BV,
First
Lien,
November
2024
Dollar
CME
Term
Loan,
B1
,
7.036
%
,
(
3-month
SOFR
+
3.25
%
),
4/03/28
..
Netherlands
3,816,358
3,821,128
SCIH
Salt
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
6.522
%
,
(
3-month
SOFR
+
2.75
%
),
1/31/29
.....................
United
States
3,015,703
3,021,870
Vibrantz
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.05
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
...............
United
States
2,234,463
932,899
16,069,704
a
a
a
a
a
a
e
Commercial
Services
&
Supplies
4.4%
Allied
Universal
Holdco
LLC,
First
Lien,
Amendment
No.
7
Replacement
USD
CME
Term
Loan
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
8/20/32
...................................
United
States
6,769,034
6,789,883
Aramark
Services,
Inc.,
First
Lien,
U.S.
CME
Term
Loan,
B10
,
5.422
%
,
(
1-month
SOFR
+
1.75
%
),
6/24/30
..............
United
States
1,765,248
1,771,647
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B
,
6.422
%
,
(
1-month
SOFR
+
2.75
%
),
10/23/28
..
United
States
9,912,028
9,942,012
Madison
IAQ
LLC,
First
Lien,
2025
Repriced
Incremental
CME
Term
Loan
,
6.378
%
,
(
6-month
SOFR
+
2.75
%
),
11/08/32
....
United
States
4,392,295
4,406,373
Madison
IAQ
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.128
%
,
(
6-month
SOFR
+
2.5
%
),
6/21/28
......................
United
States
5,303,944
5,312,590
Neptune
Bidco
US,
Inc.,
First
Lien,
Dollar
CME
Term
Loan,
B
,
8.767
%
,
(
3-month
SOFR
+
5
%
),
4/11/29
.................
United
States
8,771,836
8,784,643
PG
Polaris
BidCo
SARL,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan
,
5.922
%
,
(
3-month
SOFR
+
2.25
%
),
3/26/31
...................................
Luxembourg
4,239,484
4,245,165
Pitney
Bowes,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
7.422
%
,
(
3-month
SOFR
+
3.75
%
),
3/19/32
.....................
United
States
8,038,501
8,000,841
Prime
Security
Services
Borrower
LLC,
First
Lien,
2024-1
Refinancing
CME
Term
Loan,
B1
,
5.688
%
,
(
1-month
SOFR
+
2
%
),
10/15/30
....................................
United
States
4,557,613
4,554,765
Reworld
Holding
Corp.,
First
Lien,
2025
Incremental
CME
Term
Loan
,
5.923
%
,
(
1-month
SOFR
+
2.25
%
),
1/15/31
.........
United
States
2,272,727
2,273,795
Spin
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.934
%
,
(
3-month
SOFR
+
4
%
),
3/06/28
.......................
United
States
1,567,335
1,276,594
57,358,308
a
a
a
a
a
a
Communications
Equipment
0.7%
e
Delta
Topco,
Inc.,
First
Lien,
Fourth
Amendment
Refinancing
CME
Term
Loan
,
6.41
%
,
(
3-month
SOFR
+
2.75
%
),
11/30/29
.....
United
States
9,056,948
8,846,691
e
Construction
&
Engineering
1.9%
Artera
Services
LLC,
First
Lien,
CME
Term
Loan,
C
,
8.172
%
,
(
3-month
SOFR
+
4.5
%
),
2/18/31
......................
United
States
8,052,204
6,524,097
d
Azuria
Water
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.191
%
,
(
12-month
SOFR
+
2.75
%
),
1/27/33
.............
United
States
3,831,269
3,816,902
Brand
Industrial
Services,
Inc.,
First
Lien,
CME
Term
Loan,
C
,
8.354
%
,
(
3-month
SOFR
+
4.5
%
),
8/01/30
...............
United
States
6,176,637
5,481,765
Chromalloy
Corp.,
First
Lien,
CME
Term
Loan
,
6.911
%
,
(
3-month
SOFR
+
3.25
%
),
3/27/31
............................
United
States
3,803,301
3,814,597
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Construction
&
Engineering
(continued)
DG
Investment
Intermediate
Holdings
2,
Inc.,
First
Lien,
Closing
Date
Initial
CME
Term
Loan
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
7/09/32
.........................................
United
States
939,597
$
943,511
d
Dycom
Industries,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.167
%
,
(
12-month
SOFR
+
1.75
%
),
1/20/33
....................
United
States
365,044
366,186
Red
SPV
LLC,
First
Lien,
Initial
CME
Term
Loan
,
5.921
%
,
(
1-month
SOFR
+
2.25
%
),
3/15/32
.....................
United
Kingdom
2,716,844
2,723,650
Zekelman
Industries,
Inc.,
First
Lien,
2024
CME
Term
Loan
,
5.927
%
,
(
1-month
SOFR
+
2.25
%
),
1/24/31
..............
United
States
1,338,144
1,345,484
25,016,192
a
a
a
a
a
a
Consumer
Finance
0.1%
e
Shift4
Payments
LLC,
First
Lien,
Amendment
No.
2
CME
Term
Loan
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
6/30/32
..........
United
States
1,894,196
1,908,004
Consumer
Staples
Distribution
&
Retail
0.1%
e
Boots
Group
Finco
LP,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan
,
7.206
%
,
(
3-month
SOFR
+
3.5
%
),
8/30/32
..........
United
Kingdom
1,245,675
1,251,642
e
Containers
&
Packaging
2.7%
BradyPlus
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.19
%
,
(
3-month
SOFR
+
3.5
%
),
12/29/32
...............
United
States
1,200,000
1,194,996
Charter
Next
Generation,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.438
%
,
(
1-month
SOFR
+
2.75
%
),
11/29/30
.............
United
States
10,687,705
10,706,996
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
4/01/32
...................................
United
States
6,940,491
6,914,499
d
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
Term
Loan,
B
,
7.413
%
,
(
1-month
SOFR
+
3.25
%
),
4/01/32
...................................
United
States
97,921
97,554
d
Graham
Packaging
Co.,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.691
%
,
(
12-month
SOFR
+
2.25
%
),
1/14/33
.............
United
States
837,054
837,359
Kleopatra
Finco
SARL,
First
Lien,
Debtor-In-Possession
Roll-Up
CME
Term
Loan
,
6.675
%
,
(
1-month
SOFR
+
3
%
),
8/07/26
...
Luxembourg
3,613,450
3,246,071
Kleopatra
Finco
SARL,
First
Lien,
USD
Debtor-In-Possession
CME
Term
Loan
Term
Loan
,
6.675
%
,
(
1-month
SOFR
+
3
%
),
8/07/26
.........................................
Luxembourg
2,401,728
2,157,544
Klockner
Pentaplast
of
America,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B
,
9.044
%
,
(
6-month
SOFR
+
4.75
%
),
2/12/26
.......
Luxembourg
7,512,397
1,201,984
Mauser
Packaging
Solutions
Holding
Co.,
First
Lien,
2025
CME
Term
Loan
,
7.232
%
,
(
1-month
SOFR
+
3.5
%
),
4/15/30
......
United
States
3,703,291
3,622,615
ProAmpac
PG
Borrower
LLC,
First
Lien,
2024
CME
Term
Loan,
B
,
7.761
%
,
(
3-month
SOFR
+
4
%
),
9/15/28
..............
United
States
5,533,477
5,546,149
35,525,767
a
a
a
a
a
a
e
Distributors
1.0%
BCPE
Empire
Holdings,
Inc.,
First
Lien,
Amendment
No.
8
Incremental
CME
Term
Loan
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
12/11/30
..................................
United
States
5,160,147
5,142,421
Core
&
Main
LP,
First
Lien,
CME
Term
Loan,
E
,
5.69
%
,
(
3-month
SOFR
+
2
%
),
2/10/31
...............................
United
States
1,719,463
1,722,154
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan
,
7.672
%
,
(
3-month
SOFR
+
4
%
),
11/30/30
...........
United
States
5,751,238
5,644,121
12,508,696
a
a
a
a
a
a
e
Diversified
Consumer
Services
1.2%
Ascend
Learning
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.716
%
,
(
1-month
SOFR
+
3
%
),
12/11/28
......................
United
States
4,351,431
4,314,727
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Diversified
Consumer
Services
(continued)
d
Belron
Finance
2019
LLC,
First
Lien,
CME
Term
Loan,
B
,
5.424
%
,
(
12-month
SOFR
+
2
%
),
10/16/31
.....................
United
States
2,273,684
$
2,283,916
Learning
Care
Group
US
No.
2,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
7.699
%
,
(
3-month
SOFR
+
4
%
),
8/11/28
..............
United
States
1,671,978
1,270,703
Mavis
Tire
Express
Services
Topco
Corp.,
First
Lien,
2025
Incremental
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
5/04/28
.........................................
United
States
3,480,882
3,485,877
Spring
Education
Group,
Inc.,
First
Lien,
CME
Term
Loan
,
6.922
%
,
(
3-month
SOFR
+
3.25
%
),
9/30/30
..............
United
States
1,503,759
1,508,188
Wand
NewCo
3,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
1/30/31
......................
United
States
2,139,809
2,141,211
15,004,622
a
a
a
a
a
a
Diversified
Telecommunication
Services
0.4%
e
Zayo
Group
Holdings,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
6.831
%
,
(
1-month
SOFR
+
3
%
),
3/11/30
............
United
States
5,653,313
5,446,097
e
Electric
Utilities
0.4%
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
5.68
%
,
(
1-month
SOFR
+
2
%
),
9/30/31
.................
United
States
2,984,887
2,985,454
Hamilton
Projects
Acquiror
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.216
%
,
(
1-month
SOFR
+
2.5
%
),
5/30/31
...............
United
States
1,576,054
1,586,463
4,571,917
a
a
a
a
a
a
Electrical
Equipment
0.2%
e
Indicor
LLC,
First
Lien,
Dollar
CME
Term
Loan,
D
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
11/22/29
....................
United
States
2,884,334
2,887,608
e
Electronic
Equipment,
Instruments
&
Components
0.4%
MX
Holdings
US,
Inc.,
First
Lien,
Senior
USD
CME
Term
Loan,
B
,
5.721
%
,
(
1-month
SOFR
+
2
%
),
3/17/32
................
United
States
1,263,248
1,265,617
Project
Aurora
US
Finco,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
6.49
%
,
(
3-month
SOFR
+
2.75
%
),
9/30/32
...............
United
States
664,688
666,769
Sanmina
Corp.,
First
Lien,
Incremental
CME
Term
Loan,
B1
,
5.7
%
,
(
1-month
SOFR
+
2
%
),
10/27/32
.................
United
States
3,018,868
3,033,962
4,966,348
a
a
a
a
a
a
e
Entertainment
1.9%
Banijay
Entertainment
SAS,
First
Lien,
CME
Term
Loan,
B3
,
6.438
%
,
(
1-month
SOFR
+
2.75
%
),
3/01/28
..............
France
1,713,189
1,723,039
d
Crown
Finance
US,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.188
%
,
(
1-month
SOFR
+
4.5
%
),
12/02/31
..............
United
Kingdom
3,800,000
3,712,619
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
6.536
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
.....................
United
States
4,074,732
3,963,472
TKO
Worldwide
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B5
,
5.868
%
,
(
3-month
SOFR
+
2
%
),
11/21/31
................
United
States
15,672,477
15,724,275
25,123,405
a
a
a
a
a
a
e
Financial
Services
3.3%
Belfor
Holdings,
Inc.,
First
Lien,
Replacement
CME
Term
Loan,
B5
,
6.422
%
,
(
1-month
SOFR
+
2.75
%
),
11/01/30
..........
United
States
3,504,512
3,511,100
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.172
%
,
(
3-month
SOFR
+
3.5
%
),
8/16/32
...............
United
States
5,001,789
4,969,752
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B1
,
6.425
%
,
(
1-month
SOFR
+
2.75
%
),
3/18/30
..............
United
States
4,350,251
4,339,832
d
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2
,
6.173
%
,
(
1-month
SOFR
+
2.5
%
),
3/18/30
...............
United
States
2,170,542
2,165,344
Orion
US
Finco,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.15
%
,
(
3-month
SOFR
+
3.5
%
),
10/08/32
.....................
United
States
6,168,123
6,179,071
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Financial
Services
(continued)
d
Osaic
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.167
%
,
(
12-month
SOFR
+
2.75
%
),
8/02/32
....................
United
States
3,500,000
$
3,479,017
Osaic
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.595
%
,
(
6-month
SOFR
+
3
%
),
8/02/32
.......................
United
States
7,029,033
6,986,894
Priority
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B
,
7.422
%
,
(
1-month
SOFR
+
3.75
%
),
7/30/32
.....................
United
States
3,749,903
3,688,030
d
Red
Planet
Borrower
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.672
%
,
(
1-month
SOFR
+
4
%
),
9/08/32
................
United
States
5,500,000
5,487,543
Speed
Midco
3
SARL,
First
Lien,
USD
CME
Term
Loan,
B
,
6.288
%
,
(
6-month
SOFR
+
2.5
%
),
10/01/32
..............
Luxembourg
2,631,579
2,641,447
43,448,030
a
a
a
a
a
a
e
Food
Products
0.4%
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
10/28/32
....................
United
States
3,435,282
3,447,306
Nourish
Buyer
I,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.172
%
,
(
3-month
SOFR
+
4.5
%
),
7/09/32
......................
United
States
1,546,756
1,549,014
4,996,320
a
a
a
a
a
a
e
Ground
Transportation
2.8%
Aggreko
Holdings,
Inc.,
First
Lien,
2025
Amended
USD
CME
Term
Loan
,
6.868
%
,
(
3-month
SOFR
+
3
%
),
5/21/31
.......
United
Kingdom
3,805,499
3,795,396
First
Student
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
8/15/30
......................
United
States
7,259,115
7,260,639
First
Student
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
C
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
8/15/30
......................
United
States
1,328,238
1,327,407
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
CME
Term
Loan,
B4
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
1/25/29
......
United
States
10,073,337
9,990,232
f
LaserShip,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
PIK,
5.434
%
,
(
3-month
SOFR
+
1.5
%
),
8/10/29
......................
United
States
7,567,721
5,711,052
f
LaserShip,
Inc.,
First
Lien,
CME
Term
Loan,
D
,
PIK,
5.434
%
,
(
3-month
SOFR
+
1.5
%
),
8/10/29
......................
United
States
5,480,074
1,503,976
Savage
Enterprises
LLC,
First
Lien,
Amendment
No.
7
CME
Term
Loan
,
6.175
%
,
(
1-month
SOFR
+
2.5
%
),
8/05/32
..........
United
States
785,752
788,455
WWEX
Uni
Topco
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.672
%
,
(
3-month
SOFR
+
4
%
),
7/26/28
............
United
States
5,609,033
5,616,073
35,993,230
a
a
a
a
a
a
e
Health
Care
Equipment
&
Supplies
1.9%
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan
,
7.422
%
,
(
1-month
SOFR
+
3.75
%
),
1/15/31
.........
United
States
2,804,091
2,828,627
d
Hologic,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.755
%
,
(
12-month
SOFR
+
2.25
%
),
1/14/33
............................
United
States
16,500,000
16,400,010
Medline
Borrower
LP,
First
Lien,
2028
Refinancing
CME
Term
Loan
,
5.422
%
,
(
1-month
SOFR
+
1.75
%
),
10/23/28
........
United
States
3,352,961
3,364,914
Medline
Borrower
LP,
First
Lien,
2030
Refinancing
CME
Term
Loan
,
5.466
%
,
(
1-month
SOFR
+
1.75
%
),
10/23/30
........
United
States
2,686,500
2,697,286
25,290,837
a
a
a
a
a
a
e
Health
Care
Providers
&
Services
5.8%
ADMI
Corp.,
First
Lien,
Amendment
No.
4
Refinancing
CME
Term
Loan
,
7.161
%
,
(
1-month
SOFR
+
3.375
%
),
12/23/27
.......
United
States
3,311,833
3,170,253
ADMI
Corp.,
First
Lien,
Amendment
No.
5
CME
Term
Loan
,
7.536
%
,
(
1-month
SOFR
+
3.75
%
),
12/23/27
.............
United
States
3,842,377
3,676,674
ADMI
Corp.,
First
Lien,
CME
Term
Loan,
B5
,
9.422
%
,
(
1-month
SOFR
+
5.75
%
),
12/23/27
...........................
United
States
1,145,455
1,116,818
Charlotte
Buyer,
Inc.,
First
Lien,
Second
Refinancing
CME
Term
Loan
,
7.924
%
,
(
1-month
SOFR
+
4.25
%
),
2/11/28
.........
United
States
9,521,511
9,323,654
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Health
Care
Providers
&
Services
(continued)
CNT
Holdings
I
Corp.,
First
Lien,
2025
Replacement
CME
Term
Loan
,
6.167
%
,
(
3-month
SOFR
+
2.5
%
),
11/08/32
.........
United
States
6,928,172
$
6,929,627
Concentra
Health
Services,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
7/28/31
................
United
States
456,932
458,648
Dermatology
Intermediate
Holdings
III,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.917
%
,
(
3-month
SOFR
+
4.25
%
),
3/26/29
.....
United
States
7,595,874
7,327,322
LifePoint
Health,
Inc.,
First
Lien,
2024-2
Refinancing
CME
Term
Loan
,
7.152
%
,
(
3-month
SOFR
+
3.5
%
),
5/19/31
..........
United
States
3,232,546
3,229,863
LifePoint
Health,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
7.422
%
,
(
3-month
SOFR
+
3.75
%
),
5/19/31
.....................
United
States
10,202,279
10,213,451
Medical
Solutions
Holdings,
Inc.,
First
Lien,
CME
Term
Loan
,
7.267
%
,
(
3-month
SOFR
+
3.5
%
),
11/01/28
..............
United
States
4,716,228
1,058,204
MPH
Acquisition
Holdings
LLC,
First
Lien,
Exchange
First
Out
CME
Term
Loan
,
7.417
%
,
(
3-month
SOFR
+
3.75
%
),
12/31/30
United
States
807,507
807,172
MPH
Acquisition
Holdings
LLC,
First
Lien,
Second
Out
CME
Term
Loan
,
8.702
%
,
(
3-month
SOFR
+
4.6
%
),
12/31/30
.........
United
States
2,227,474
2,058,331
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan
,
8.172
%
,
(
3-month
SOFR
+
4.5
%
),
4/16/32
......................
United
States
7,281,750
6,244,100
Pathway
Vet
Alliance
LLC,
First
Lien,
CME
Term
Loan,
A
,
8.84
%
,
(
3-month
SOFR
+
5
%
),
6/30/28
.......................
United
States
2,532,284
2,543,046
f
Pathway
Vet
Alliance
LLC,
First
Lien,
CME
Term
Loan,
B
,
PIK,
8.84
%
,
(
3-month
SOFR
+
5
%
),
6/30/28
.................
United
States
8,101,115
5,522,287
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
2/21/31
......................
United
States
2,978,057
2,977,387
Surgery
Center
Holdings,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
12/19/30
.....
United
States
909,780
912,227
US
Anesthesia
Partners,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.814
%
,
(
1-month
SOFR
+
4
%
),
10/02/28
................
United
States
5,226,790
5,233,349
US
Fertility
Enterprises
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.221
%
,
(
1-month
SOFR
+
3.5
%
),
12/10/32
..............
United
States
3,213,158
3,234,043
76,036,456
a
a
a
a
a
a
e
Health
Care
Technology
1.5%
AthenaHealth
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.422
%
,
(
1-month
SOFR
+
2.75
%
),
2/15/29
..............
United
States
10,341,079
10,225,828
Cotiviti,
Inc.,
First
Lien,
Amendment
No.
2
CME
Term
Loan
,
6.45
%
,
(
1-month
SOFR
+
2.75
%
),
3/26/32
...............
United
States
3,681,500
3,416,432
Cotiviti,
Inc.,
First
Lien,
New
CME
Term
Loan,
B
,
6.45
%
,
(
1-month
SOFR
+
2.75
%
),
5/01/31
............................
United
States
6,316,473
5,862,508
19,504,768
a
a
a
a
a
a
e
Hotels,
Restaurants
&
Leisure
6.4%
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
2/06/30
...
United
States
6,441,366
6,415,214
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.966
%
,
(
1-month
SOFR
+
3.25
%
),
1/29/29
..............
United
States
7,405,219
7,398,443
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B
,
5.422
%
,
(
3-month
SOFR
+
1.75
%
),
12/02/30
......
Ireland
4,410,446
4,411,549
Flynn
Restaurant
Group
LP,
First
Lien,
2025
CME
Term
Loan
,
7.422
%
,
(
1-month
SOFR
+
3.75
%
),
1/28/32
..............
United
States
11,651,521
11,666,085
Golden
State
Foods
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.672
%
,
(
3-month
SOFR
+
4
%
),
12/04/31
................
United
States
2,789,618
2,800,442
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B
,
8.445
%
,
(
3-month
SOFR
+
4.75
%
),
11/01/29
.............
Canada
6,929,589
6,795,328
Hilton
Grand
Vacations
Borrower
LLC,
First
Lien,
Initial
CME
Term
Loan
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
8/02/28
............
United
States
2,913,266
2,911,708
IRB
Holding
Corp.,
First
Lien,
2025
Replacement
CME
Term
Loan,
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
12/16/30
.......
United
States
12,085,255
12,100,361
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Hotels,
Restaurants
&
Leisure
(continued)
Light
&
Wonder
International,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
5.925
%
,
(
1-month
SOFR
+
2.25
%
),
4/16/29
...........
United
States
4,266,869
$
4,266,869
Ontario
Gaming
GTA
LP,
First
Lien,
CME
Term
Loan,
B
,
7.922
%
,
(
3-month
SOFR
+
4.25
%
),
8/01/30
.....................
Canada
9,678,597
9,075,185
Penn
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
5/03/29
......................
United
States
3,460,957
3,464,366
Raising
Cane's
Restaurants
LLC,
First
Lien,
First
Amendment
New
CME
Term
Loan
,
5.688
%
,
(
1-month
SOFR
+
2
%
),
11/03/32
United
States
3,975,659
3,970,710
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan
,
6.652
%
,
(
3-month
SOFR
+
3
%
),
4/04/29
...
United
States
2,675,485
2,635,366
Whatabrands
LLC,
First
Lien,
2024-2
Refinancing
CME
Term
Loan.
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
8/03/28
........
United
States
5,157,287
5,158,886
83,070,512
a
a
a
a
a
a
e
Household
Durables
1.0%
AI
Aqua
Merger
Sub,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B
,
6.773
%
,
(
3-month
SOFR
+
3
%
),
7/31/28
..........
United
States
7,884,221
7,896,086
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
6.672
%
,
(
3-month
SOFR
+
3
%
),
1/16/32
.......................
Netherlands
5,144,299
5,140,004
13,036,090
a
a
a
a
a
a
Household
Products
0.0%
†
e
Energizer
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
5.671
%
,
(
1-month
SOFR
+
2
%
),
3/19/32
................
United
States
343,322
343,322
e
Independent
Power
and
Renewable
Electricity
Producers
0.9%
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
CME
Term
Loan,
B
,
6.353
%
,
(
3-month
SOFR
+
2.5
%
),
12/11/31
...
United
States
1,065,471
1,067,639
Talen
Energy
Supply
LLC,
First
Lien,
2025-1
Incremental
CME
Term
Loan,
B
,
5.672
%
,
(
3-month
SOFR
+
2
%
),
11/25/32
.....
United
States
1,030,928
1,032,474
Talen
Energy
Supply
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.353
%
,
(
3-month
SOFR
+
2.5
%
),
5/17/30
...............
United
States
9,723,334
9,740,691
11,840,804
a
a
a
a
a
a
e
Insurance
7.6%
Acrisure
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
6/21/32
..............
United
States
1,684,964
1,686,716
Acrisure
LLC,
First
Lien,
CME
Term
Loan,
B6
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
11/06/30
..............................
United
States
10,750,620
10,733,150
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
9/19/31
..........
United
States
13,646,440
13,622,968
AmWINS
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
5.966
%
,
(
1-month
SOFR
+
2.25
%
),
1/30/32
.....................
United
States
4,490,814
4,487,917
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B10
,
7.772
%
,
(
1-month
SOFR
+
4
%
),
8/21/28
.......................
United
States
2,392,764
2,398,746
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B11
,
8.022
%
,
(
1-month
SOFR
+
4.25
%
),
8/21/28
.....................
United
States
3,967,963
3,979,113
Asurion
LLC,
Second
Lien,
New
CME
Term
Loan,
B4
,
9.036
%
,
(
1-month
SOFR
+
5.25
%
),
1/19/29
.....................
United
States
4,169,499
4,174,711
Broadstreet
Partners
Group
LLC,
First
Lien,
2024
CME
Term
Loan,
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
6/16/31
........
United
States
7,185,088
7,155,270
CRC
Insurance
Group
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
5/06/31
..............
United
States
6,146,024
6,140,277
HUB
International
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan
,
5.92
%
,
(
3-month
SOFR
+
2.25
%
),
6/20/30
..........
United
States
20,946,668
20,973,270
OneDigital
Borrower
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
7/02/31
............
United
States
5,865,892
5,861,023
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Insurance
(continued)
Sedgwick
Claims
Management
Services,
Inc.,
First
Lien,
2024
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
7/31/31
..
United
States
17,507,087
$
17,464,720
98,677,881
a
a
a
a
a
a
e
IT
Services
2.4%
Barracuda
Networks,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.167
%
,
(
3-month
SOFR
+
4.5
%
),
8/15/29
...............
United
States
4,509,431
3,513,140
Fortress
Intermediate
3,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.675
%
,
(
1-month
SOFR
+
3
%
),
6/27/31
................
United
States
6,448,339
6,343,554
Gainwell
Acquisition
Corp.,
First
Lien,
CME
Term
Loan,
B
,
7.772
%
,
(
3-month
SOFR
+
4
%
),
10/01/27
................
United
States
5,298,429
5,084,266
Kaseya,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
3/22/32
...............................
United
States
6,088,559
5,881,183
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan
,
7.922
%
,
(
1-month
SOFR
+
4.25
%
),
12/31/31
.............
United
States
12,635,780
10,388,443
31,210,586
a
a
a
a
a
a
e
Machinery
1.6%
d
Columbus
McKinnon
Corp.,
First
Lien,
CME
Term
Loan,
B
,
6.924
%
,
(
12-month
SOFR
+
3.5
%
),
1/21/33
..............
United
States
897,807
893,318
CompoSecure
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan
,
5.928
%
,
(
1-month
SOFR
+
2.25
%
),
1/14/33
..............
United
States
1,505,376
1,504,443
CPM
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.2
%
,
(
1-month
SOFR
+
4.5
%
),
9/28/28
......................
United
States
4,604,610
4,548,503
Crosby
US
Acquisition
Corp.,
First
Lien,
Amendment
No.
4
Replacement
CME
Term
Loan
,
7.216
%
,
(
1-month
SOFR
+
3.5
%
),
8/16/29
....................................
United
States
3,853,112
3,860,626
d
Engineered
Machinery
Holdings,
Inc.,
First
Lien,
2025
USD
Refinancing
CME
Term
Loan
,
6.922
%
,
(
3-month
SOFR
+
3.25
%
),
11/26/32
..................................
United
States
2,267,751
2,279,487
Madison
Safety
&
Flow
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
B
,
6.174
%
,
(
1-month
SOFR
+
2.5
%
),
9/26/31
....
United
States
2,486,191
2,495,514
TK
Elevator
Midco
GmbH,
First
Lien,
CME
Term
Loan,
B1
,
6.947
%
,
(
6-month
SOFR
+
2.75
%
),
4/30/30
..............
Germany
5,499,601
5,519,894
21,101,785
a
a
a
a
a
a
e
Media
1.5%
Cengage
Learning,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.263
%
,
(
1-month
SOFR
+
3.5%;
3-month
SOFR
+
3.5%
),
3/24/31
....................................
United
States
2,317,394
2,318,112
d
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.786
%
,
(
1-month
SOFR
+
4
%
),
8/23/28
.........................................
United
States
2,405,151
2,410,743
CMG
Media
Corp.,
First
Lien,
CME
Term
Loan
,
7.272
%
,
(
3-month
SOFR
+
3.5
%
),
6/18/29
.............................
United
States
8,669,713
8,127,856
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B
,
9.178
%
,
(
3-month
SOFR
+
5.25
%
),
8/02/29
.......
United
States
630,769
632,563
Gray
Media,
Inc.,
First
Lien,
CME
Term
Loan,
D
,
6.814
%
,
(
1-month
SOFR
+
3
%
),
12/01/28
......................
United
States
1,272,776
1,269,823
iHeartCommunications,
Inc.,
First
Lien,
Refinanced
CME
Term
Loan,
B
,
9.606
%
,
(
1-month
SOFR
+
5.775
%
),
5/01/29
......
United
States
3,823,295
3,508,925
McGraw-Hill
Education,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.422
%
,
(
1-month
SOFR
+
2.75
%
),
8/06/31
..............
United
States
920,671
926,283
19,194,305
a
a
a
a
a
a
Oil,
Gas
&
Consumable
Fuels
0.2%
d,g
CPPIB
OVM
Member
US
LLC,
First
Lien,
CME
Term
Loan,
B
,
TBD,
1/01/33
.....................................
United
States
75,758
75,758
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
e
UGI
Energy
Services
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
2/22/30
...............
United
States
2,766,982
$
2,772,169
2,847,927
a
a
a
a
a
a
e
Passenger
Airlines
1.0%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan
,
6.918
%
,
(
3-month
SOFR
+
3.25
%
),
5/28/32
.....
United
States
1,600,806
1,605,809
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan
,
5.918
%
,
(
3-month
SOFR
+
2.25
%
),
4/20/28
.....................
United
States
11,647,322
11,671,607
13,277,416
a
a
a
a
a
a
e
Pharmaceuticals
0.4%
Endo
Finance
Holdings
LP,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.422
%
,
(
1-month
SOFR
+
3.75
%
),
4/23/31
.....
United
States
1,216,133
1,218,413
Organon
&
Co.,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
5/19/31
.........
United
States
1,310,647
1,272,966
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan
,
6.173
%
,
(
1-month
SOFR
+
2.5
%
),
12/04/31
.....
United
States
2,463,868
2,465,420
4,956,799
a
a
a
a
a
a
e
Professional
Services
2.4%
AlixPartners
LLP,
First
Lien,
2025
Dollar
CME
Term
Loan
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
8/12/32
................
United
States
7,853,403
7,820,458
CHG
Healthcare
Services,
Inc.,
First
Lien,
Amendment
No.
7
Refinancing
CME
Term
Loan
,
6.59
%
,
(
3-month
SOFR
+
2.75
%
),
9/29/28
.........................................
United
States
3,687,556
3,695,115
CoreLogic,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.286
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
......................
United
States
8,052,821
8,051,170
Ensemble
RCM
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.667
%
,
(
3-month
SOFR
+
3
%
),
8/01/29
.......................
United
States
852,317
846,325
d
Grant
Thornton
Advisors
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan
,
6.422
%
,
(
1-month
SOFR
+
2.75
%
),
6/02/31
.....
United
States
4,094,555
4,047,079
Grant
Thornton
Advisors
LLC,
First
Lien,
2025-2
Incremental
CME
Term
Loan
,
6.716
%
,
(
1-month
SOFR
+
3
%
),
6/02/31
.......
United
States
5,486,250
5,422,637
Ingenovis
Health,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.334
%
,
(
1-month
SOFR
+
4.25
%
),
3/06/28
.....................
United
States
6,010,186
1,549,787
31,432,571
a
a
a
a
a
a
Real
Estate
Management
&
Development
0.0%
†
e
Cushman
&
Wakefield
US
Borrower
LLC,
First
Lien,
2025-2
CME
Term
Loan
,
6.466
%
,
(
1-month
SOFR
+
2.75
%
),
1/31/30
.....
United
States
531,257
535,908
e
Semiconductors
&
Semiconductor
Equipment
0.4%
MKS
Instruments,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.174
%
,
(
12-month
SOFR
+
1.75
%
),
1/27/33
....................
United
States
1,634,042
1,639,965
MKS,
Inc.,
First
Lien,
2025-1
Dollar
CME
Term
Loan,
B
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
8/17/29
.......................
United
States
3,798,098
3,811,866
5,451,831
a
a
a
a
a
a
e
Software
11.3%
Avalara,
Inc.,
First
Lien,
First
Amendment
CME
Term
Loan
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
3/26/32
..............
United
States
3,690,750
3,626,162
Azalea
Topco,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
4/30/31
................
United
States
2,985,000
2,989,134
Boxer
Parent
Co.,
Inc.,
First
Lien,
2031
Replacement
Dollar
CME
Term
Loan
,
6.822
%
,
(
3-month
SOFR
+
3
%
),
7/30/31
.......
United
States
2,878,250
2,777,511
Central
Parent
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
6.922
%
,
(
3-month
SOFR
+
3.25
%
),
7/06/29
.........
United
States
5,353,237
4,309,356
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Software
(continued)
d
Cloud
Software
Group,
Inc.,
First
Lien,
Incremental
CME
Term
Loan,
B
,
6.922
%
,
(
3-month
SOFR
+
3.25
%
),
3/21/31
.......
United
States
6,712,063
$
6,527,481
Cloud
Software
Group,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
B
,
6.922
%
,
(
3-month
SOFR
+
3.25
%
),
8/16/32
.......
United
States
4,607,340
4,482,550
Cloudera,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.566
%
,
(
1-month
SOFR
+
3.75
%
),
10/09/28
....................
United
States
6,044,496
5,218,425
Cloudera,
Inc.,
Second
Lien,
Initial
CME
Term
Loan
,
9.772
%
,
(
1-month
SOFR
+
6
%
),
10/10/29
......................
United
States
3,000,000
2,250,000
Clover
Holdings
2
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.674
%
,
(
1-month
SOFR
+
4
%
),
12/09/31
......................
United
States
3,143,310
3,096,160
ConnectWise
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.434
%
,
(
3-month
SOFR
+
3.5
%
),
9/29/28
......................
United
States
3,118,782
3,017,421
d
Dawn
Bidco
LLC,
First
Lien,
CME
Term
Loan
,
6.759
%
,
(
12-month
SOFR
+
3
%
),
8/20/32
...............................
United
States
12,500,000
12,179,688
ECI
Macola/Max
Holding
LLC,
First
Lien,
2025
Repricing
CME
Term
Loan
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
5/09/30
.....
United
States
6,294,894
6,233,928
Epicor
Software
Corp.,
First
Lien,
CME
Term
Loan,
E
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
5/30/31
......................
United
States
7,365,759
7,327,789
Genesys
Cloud
Services,
Inc.,
First
Lien,
2025
Dollar
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
1/30/32
..........
United
States
8,481,935
8,314,968
IGT
Holding
IV
AB,
First
Lien,
CME
Term
Loan,
B8
,
6.672
%
,
(
3-month
SOFR
+
3
%
),
9/02/31
.......................
Sweden
3,423,908
3,396,088
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
3/01/29
...............................
United
States
11,712,970
10,409,902
Mermaid
Bidco,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B
,
7.151
%
,
(
3-month
SOFR
+
3.25
%
),
7/03/31
.....................
United
States
4,927,086
4,853,180
PointClickCare
Technologies,
Inc.,
First
Lien,
2025
CME
Term
Loan
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
11/03/31
........
Canada
2,315,862
2,307,178
Polaris
Newco
LLC,
First
Lien,
Dollar
CME
Term
Loan
,
7.852
%
,
(
3-month
SOFR
+
3.75
%
),
6/02/28
.....................
United
States
3,078,535
2,851,894
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan
,
6.922
%
,
(
3-month
SOFR
+
3.25
%
),
10/28/30
...........................
United
States
5,849,028
5,454,248
Project
Boost
Purchaser
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
7/16/31
..............
United
States
2,761,497
2,719,577
Proofpoint,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
6.672
%
,
(
3-month
SOFR
+
3
%
),
8/31/28
................
United
States
6,637,326
6,602,082
Rocket
Software,
Inc.,
First
Lien,
CME
Term
Loan
,
7.466
%
,
(
1-month
SOFR
+
3.75
%
),
11/28/28
....................
United
States
5,092,211
4,880,579
Sophos
Holdings
LLC,
First
Lien,
Dollar
CME
Term
Loan
,
7.331
%
,
(
1-month
SOFR
+
3.5
%
),
3/05/27
......................
United
States
4,883,793
4,849,314
Sovos
Compliance
LLC,
First
Lien,
Amendment
No.
3
Replacement
CME
Term
Loan
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
8/13/29
...................................
United
States
3,675,342
3,592,647
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.167
%
,
(
3-month
SOFR
+
2.5
%
),
2/10/31
.............................
United
States
19,749,516
19,301,004
Waystar
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
10/22/29
................
United
States
3,090,556
3,078,966
146,647,232
a
a
a
a
a
a
e
Specialty
Retail
4.0%
AIP
RD
Buyer
Corp.,
First
Lien,
CME
Term
Loan
,
7.172
%
,
(
1-month
SOFR
+
3.5
%
),
12/23/30
.....................
United
States
7,814,419
7,763,157
a,f
GNC
Holdings,
Inc.,
Second
Lien,
CME
Term
Loan
,
PIK,
9.772
%
,
(
1-month
SOFR
+
6
%
),
10/07/26
......................
United
States
18,184,086
13,638,065
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
1/23/32
..............
United
States
5,571,372
5,579,032
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Specialty
Retail
(continued)
Michaels
Cos.,
Inc.
(The),
First
Lien,
CME
Term
Loan,
B
,
8.184
%
,
(
3-month
SOFR
+
4.25
%
),
4/17/28
.....................
United
States
2,956,410
$
2,935,967
d
Petco
Health
&
Wellness
Co.,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
7.674
%
,
(
12-month
SOFR
+
4.25
%
),
1/22/31
.............
United
States
2,909,468
2,852,835
Petco
Health
&
Wellness
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.184
%
,
(
3-month
SOFR
+
3.25
%
),
3/03/28
.........
United
States
3,403,881
3,403,047
PetSmart
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.671
%
,
(
1-month
SOFR
+
4
%
),
8/18/32
.......................
United
States
5,900,000
5,905,163
RealTruck
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.536
%
,
(
1-month
SOFR
+
3.75
%
),
1/31/28
.....................
United
States
1,773,969
1,387,474
RealTruck
Group,
Inc.,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan
,
8.786
%
,
(
1-month
SOFR
+
5
%
),
1/31/28
.........................................
United
States
4,498,530
3,528,557
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C
,
6.966
%
,
(
1-month
SOFR
+
3.25
%
),
10/19/29
.............
United
States
5,460,992
5,458,070
52,451,367
a
a
a
a
a
a
e
Textiles,
Apparel
&
Luxury
Goods
0.6%
ABG
Intermediate
Holdings
2
LLC,
First
Lien,
CME
Term
Loan,
B1
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
12/21/28
..........
United
States
2,713,958
2,715,817
Beach
Acquisition
Bidco
LLC,
First
Lien,
CME
Term
Loan,
B1
,
6.922
%
,
(
3-month
SOFR
+
3.25
%
),
9/13/32
..............
United
States
318,450
319,445
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
7.354
%
,
(
3-month
SOFR
+
3.5
%
),
3/02/28
......................
United
States
4,846,436
4,350,888
7,386,150
a
a
a
a
a
a
Water
Utilities
0.1%
e
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.438
%
,
(
1-month
SOFR
+
2.75
%
),
10/01/32
.............
United
States
1,471,758
1,478,205
Wireless
Telecommunication
Services
0.4%
e
Crown
Subsea
Communications
Holding,
Inc.,
First
Lien,
2025
CME
Term
Loan
,
7.172
%
,
(
1-month
SOFR
+
3.5
%
),
1/30/31
..
United
States
5,155,121
5,177,675
Total
Senior
Floating
Rate
Interests
(Cost
$
1,152,903,674
)
......................
1,093,755,597
Total
Long
Term
Investments
(Cost
$
1,276,483,597
)
...........................
1,206,024,622
a
Short
Term
Investments
10.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
10.8%
h,i
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
140,605,599
140,605,599
Total
Money
Market
Funds
(Cost
$
140,605,599
)
...............................
140,605,599
Total
Short
Term
Investments
(Cost
$
140,605,599
)
.............................
140,605,599
a
Total
Investments
(Cost
$
1,417,089,196
)
103.4
%
..............................
$1,346,630,221
Other
Assets,
less
Liabilities
(
3.4
)
%
.........................................
(44,457,373)
Net
Assets
100.0%
.........................................................
$1,302,172,848
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
See
Abbreviations
on
page
171
.
*
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
6
regarding
fair
value
measurements.
b
Non-income
producing.
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
January
31,
2026,
the
aggregate
value
of
these
securities
was
$83,077,895,
representing
6.4%
of
net
assets.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
A
portion
or
all
of
the
security
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.
h
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Long
Duration
Credit
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
89.7%
Aerospace
&
Defense
4.0%
a
BAE
Systems
plc
,
Senior
Bond
,
144A,
5.5
%
,
3/26/54
.........
United
Kingdom
200,000
$
201,345
Boeing
Co.
(The)
,
Senior
Bond
,
3.6
%
,
5/01/34
..........................
United
States
180,000
163,910
Senior
Bond
,
3.25
%
,
2/01/35
.........................
United
States
100,000
87,566
Senior
Bond
,
5.705
%
,
5/01/40
........................
United
States
40,000
40,911
Senior
Bond
,
3.75
%
,
2/01/50
.........................
United
States
260,000
190,547
Senior
Bond
,
6.858
%
,
5/01/54
........................
United
States
100,000
112,838
Senior
Bond
,
5.93
%
,
5/01/60
.........................
United
States
270,000
265,958
Senior
Bond
,
7.008
%
,
5/01/64
........................
United
States
120,000
137,123
General
Dynamics
Corp.
,
Senior
Bond
,
2.85
%
,
6/01/41
.........................
United
States
85,000
64,209
Senior
Bond
,
3.6
%
,
11/15/42
.........................
United
States
110,000
89,127
Howmet
Aerospace,
Inc.
,
Senior
Bond
,
5.95
%
,
2/01/37
.......
United
States
230,000
249,213
Lockheed
Martin
Corp.
,
Senior
Bond
,
4.07
%
,
12/15/42
........................
United
States
125,000
107,617
Senior
Bond
,
2.8
%
,
6/15/50
..........................
United
States
50,000
31,924
Northrop
Grumman
Corp.
,
Senior
Bond
,
4.03
%
,
10/15/47
........................
United
States
280,000
226,613
Senior
Bond
,
4.95
%
,
3/15/53
.........................
United
States
130,000
118,281
RTX
Corp.
,
Senior
Bond
,
4.05
%
,
5/04/47
.........................
United
States
175,000
142,480
Senior
Bond
,
2.82
%
,
9/01/51
.........................
United
States
150,000
94,221
Senior
Bond
,
3.03
%
,
3/15/52
.........................
United
States
150,000
98,106
Senior
Bond
,
5.375
%
,
2/27/53
........................
United
States
140,000
134,884
2,556,873
Automobiles
0.2%
a
Hyundai
Capital
America
,
Senior
Note
,
144A,
5.4
%
,
3/29/32
...
United
States
125,000
129,993
Banks
6.4%
Bank
of
America
Corp.
,
Senior
Bond
,
2.676%
to
6/18/40,
FRN
thereafter
,
6/19/41
...
United
States
800,000
586,669
Sub.
Bond
,
5.744%
to
2/11/35,
FRN
thereafter
,
2/12/36
.....
United
States
370,000
382,702
Sub.
Bond
,
6.11
%
,
1/29/37
..........................
United
States
245,000
262,489
Citigroup,
Inc.
,
b
Junior
Sub.
Bond
,
6.625%
to
2/14/31,
FRN
thereafter
,
Perpetual
.......................................
United
States
230,000
234,284
Senior
Bond
,
2.904%
to
11/02/41,
FRN
thereafter
,
11/03/42
..
United
States
300,000
221,277
Cooperatieve
Rabobank
UA
,
Senior
Bond
,
5.25
%
,
5/24/41
....
Netherlands
135,000
134,662
HSBC
Holdings
plc
,
Senior
Bond
,
6.332%
to
3/08/43,
FRN
thereafter
,
3/09/44
.................................
United
Kingdom
200,000
218,546
ING
Groep
NV
,
Senior
Bond
,
5.525%
to
3/24/35,
FRN
thereafter
,
3/25/36
.........................................
Netherlands
200,000
207,469
JPMorgan
Chase
&
Co.
,
Senior
Bond
,
5.572%
to
4/21/35,
FRN
thereafter
,
4/22/36
...
United
States
150,000
156,576
Senior
Bond
,
4.898%
to
1/21/36,
FRN
thereafter
,
1/22/37
...
United
States
140,000
138,989
Senior
Bond
,
3.109%
to
4/21/40,
FRN
thereafter
,
4/22/41
...
United
States
300,000
234,119
Senior
Bond
,
2.525%
to
11/18/40,
FRN
thereafter
,
11/19/41
..
United
States
320,000
229,632
Senior
Bond
,
5.534%
to
11/28/44,
FRN
thereafter
,
11/29/45
..
United
States
160,000
161,322
Sub.
Bond
,
5.193%
to
2/04/36,
FRN
thereafter
,
2/05/37
.....
United
States
140,000
139,588
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
5.676%
to
1/21/34,
FRN
thereafter
,
1/22/35
...
United
States
50,000
52,474
Senior
Bond
,
5.373%
to
7/20/35,
FRN
thereafter
,
7/21/36
...
United
States
85,000
87,062
Truist
Financial
Corp.
,
Senior
Bond
,
4.964%
to
10/22/35,
FRN
thereafter
,
10/23/36
................................
United
States
50,000
49,248
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Wells
Fargo
&
Co.
,
Senior
Bond
,
4.96%
to
1/22/36,
FRN
thereafter
,
1/23/37
....
United
States
90,000
$
89,300
Senior
Bond
,
3.068%
to
4/29/40,
FRN
thereafter
,
4/30/41
...
United
States
300,000
231,669
Senior
Bond
,
3.9
%
,
5/01/45
..........................
United
States
300,000
242,903
4,060,980
Beverages
1.8%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.9
%
,
2/01/46
......................
Belgium
721,000
665,722
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.439
%
,
10/06/48
........................................
Belgium
240,000
206,604
Coca-Cola
Co.
(The)
,
Senior
Bond
,
5.4
%
,
5/13/64
...........
United
States
250,000
242,643
PepsiCo,
Inc.
,
Senior
Bond
,
4.2
%
,
7/18/52
................
United
States
55,000
45,369
1,160,338
Biotechnology
2.6%
AbbVie,
Inc.
,
Senior
Bond
,
4.45
%
,
5/14/46
.........................
United
States
490,000
425,315
Senior
Bond
,
4.875
%
,
11/14/48
.......................
United
States
190,000
172,459
Senior
Bond
,
4.25
%
,
11/21/49
........................
United
States
140,000
115,412
Amgen,
Inc.
,
Senior
Bond
,
3.15
%
,
2/21/40
.........................
United
States
180,000
141,924
Senior
Bond
,
5.6
%
,
3/02/43
..........................
United
States
175,000
176,401
Senior
Bond
,
5.65
%
,
3/02/53
.........................
United
States
180,000
177,298
Senior
Bond
,
5.75
%
,
3/02/63
.........................
United
States
60,000
58,706
a
CSL
Finance
plc
,
Senior
Bond
,
144A,
4.75
%
,
4/27/52
....................
Australia
130,000
112,886
Senior
Bond
,
144A,
5.417
%
,
4/03/54
...................
Australia
75,000
71,876
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
2.8
%
,
9/15/50
.
United
States
300,000
183,967
1,636,244
Broadline
Retail
1.0%
Amazon.com,
Inc.
,
Senior
Bond
,
2.875
%
,
5/12/41
........................
United
States
580,000
437,663
Senior
Bond
,
5.45
%
,
11/20/55
........................
United
States
170,000
165,677
603,340
Building
Products
1.1%
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.55
%
,
9/15/40
............
United
States
180,000
182,966
Carrier
Global
Corp.
,
Senior
Bond
,
3.377
%
,
4/05/40
.........
United
States
180,000
145,123
CRH
America
Finance,
Inc.
,
Senior
Bond
,
5.6
%
,
2/09/56
......
United
States
145,000
142,737
Owens
Corning
,
Senior
Bond
,
4.3
%
,
7/15/47
..........................
United
States
85,000
70,008
Senior
Bond
,
5.95
%
,
6/15/54
.........................
United
States
175,000
178,738
719,572
Capital
Markets
3.8%
BlackRock
Funding,
Inc.
,
Senior
Bond
,
5.25
%
,
3/14/54
.......
United
States
160,000
152,136
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
4.939%
to
10/20/35,
FRN
thereafter
,
10/21/36
.
United
States
130,000
128,238
Senior
Bond
,
5.065%
to
1/20/36,
FRN
thereafter
,
1/21/37
...
United
States
85,000
84,668
Senior
Bond
,
2.908%
to
7/20/41,
FRN
thereafter
,
7/21/42
...
United
States
200,000
146,282
Senior
Bond
,
3.436%
to
2/23/42,
FRN
thereafter
,
2/24/43
...
United
States
250,000
195,007
Senior
Bond
,
5.734%
to
1/27/55,
FRN
thereafter
,
1/28/56
...
United
States
120,000
121,059
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
a
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
220,000
$
228,934
LPL
Holdings,
Inc.
,
Senior
Bond
,
5.75
%
,
6/15/35
............
United
States
250,000
256,978
Moody's
Corp.
,
Senior
Bond
,
2.75
%
,
8/19/41
...............
United
States
85,000
61,562
Morgan
Stanley
,
Senior
Bond
,
5.587%
to
1/17/35,
FRN
thereafter
,
1/18/36
...
United
States
80,000
83,319
c
Senior
Bond
,
FRN
,
3.971
%
,
7/22/38
...................
United
States
550,000
493,790
Senior
Bond
,
5.516%
to
11/18/54,
FRN
thereafter
,
11/19/55
..
United
States
120,000
118,495
I
,
Senior
Bond
,
4.892%
to
10/21/35,
FRN
thereafter
,
10/22/36
United
States
200,000
196,967
Nasdaq,
Inc.
,
Senior
Bond
,
3.95
%
,
3/07/52
.........................
United
States
84,000
64,545
Senior
Bond
,
6.1
%
,
6/28/63
..........................
United
States
80,000
83,301
2,415,281
Communications
Equipment
0.6%
Cisco
Systems,
Inc.
,
Senior
Bond
,
5.3
%
,
2/26/54
............
United
States
250,000
239,070
Motorola
Solutions,
Inc.
,
Senior
Bond
,
5.5
%
,
9/01/44
.........
United
States
145,000
141,684
380,754
Construction
Materials
0.3%
Martin
Marietta
Materials,
Inc.
,
Senior
Bond
,
5.5
%
,
12/01/54
...
United
States
60,000
58,171
Vulcan
Materials
Co.
,
Senior
Bond
,
5.7
%
,
12/01/54
..........
United
States
135,000
134,459
192,630
Consumer
Finance
1.2%
American
Express
Co.
,
Senior
Bond
,
5.667%
to
4/24/35,
FRN
thereafter
,
4/25/36
.................................
United
States
120,000
125,764
Capital
One
Financial
Corp.
,
Sub.
Bond
,
6.183%
to
1/29/35,
FRN
thereafter
,
1/30/36
.................................
United
States
290,000
300,400
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
6.15
%
,
7/15/35
United
States
300,000
317,552
743,716
Consumer
Staples
Distribution
&
Retail
0.9%
Kroger
Co.
(The)
,
Senior
Bond
,
5.65
%
,
9/15/64
.............
United
States
320,000
304,841
Sysco
Corp.
,
Senior
Bond
,
3.3
%
,
2/15/50
.................
United
States
80,000
56,064
Walmart,
Inc.
,
Senior
Bond
,
4.05
%
,
6/29/48
.........................
United
States
85,000
71,153
Senior
Bond
,
2.65
%
,
9/22/51
.........................
United
States
220,000
138,679
Senior
Bond
,
4.5
%
,
4/15/53
..........................
United
States
35,000
30,914
601,651
Containers
&
Packaging
0.3%
Smurfit
Kappa
Treasury
ULC
,
Senior
Bond
,
5.777
%
,
4/03/54
...
Ireland
220,000
222,651
Diversified
Consumer
Services
1.6%
Leland
Stanford
Junior
University
(The)
,
3.647
%
,
5/01/48
.....
United
States
400,000
314,762
Massachusetts
Institute
of
Technology
,
G
,
2.294
%
,
7/01/51
....
United
States
330,000
190,128
President
and
Fellows
of
Harvard
College
,
3.745
%
,
11/15/52
...
United
States
270,000
207,193
University
of
Miami
,
2022
,
Senior
Bond
,
4.063
%
,
4/01/52
.....
United
States
240,000
192,761
University
of
Southern
California
,
3.028
%
,
10/01/39
..........
United
States
150,000
124,457
1,029,301
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
REITs
0.4%
Simon
Property
Group
LP
,
Senior
Bond
,
4.75
%
,
3/15/42
.........................
United
States
60,000
$
55,473
Senior
Bond
,
4.25
%
,
11/30/46
........................
United
States
110,000
91,930
VICI
Properties
LP
,
Senior
Bond
,
5.75
%
,
4/01/34
............
United
States
125,000
129,017
276,420
Diversified
Telecommunication
Services
5.4%
AT&T,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/41
..........................
United
States
150,000
117,958
Senior
Bond
,
4.35
%
,
6/15/45
.........................
United
States
310,000
255,540
Senior
Bond
,
4.75
%
,
5/15/46
.........................
United
States
550,000
475,402
Senior
Bond
,
3.5
%
,
9/15/53
..........................
United
States
580,000
387,702
d
Senior
Bond
,
6
%
,
4/30/56
...........................
United
States
360,000
357,397
Comcast
Corp.
,
Senior
Bond
,
3.4
%
,
7/15/46
..........................
United
States
280,000
194,782
Senior
Bond
,
3.969
%
,
11/01/47
.......................
United
States
420,000
315,416
Senior
Bond
,
2.887
%
,
11/01/51
.......................
United
States
500,000
294,531
Verizon
Communications,
Inc.
,
Senior
Bond
,
2.65
%
,
11/20/40
........................
United
States
600,000
427,807
Senior
Bond
,
3.85
%
,
11/01/42
........................
United
States
80,000
64,010
Senior
Bond
,
4.125
%
,
8/15/46
........................
United
States
290,000
231,976
Senior
Bond
,
5.875
%
,
11/30/55
.......................
United
States
300,000
296,352
3,418,873
Electric
Utilities
9.9%
Alabama
Power
Co.
,
Senior
Bond
,
4.15
%
,
8/15/44
..........
United
States
320,000
270,041
Appalachian
Power
Co.
,
Senior
Bond
,
7
%
,
4/01/38
..........
United
States
50,000
56,669
Baltimore
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
6/01/52
..
United
States
185,000
156,181
Commonwealth
Edison
Co.
,
Senior
Bond
,
3.85
%
,
3/15/52
.........................
United
States
215,000
162,096
130
,
Senior
Bond
,
3.125
%
,
3/15/51
....................
United
States
60,000
39,885
DTE
Electric
Co.
,
Senior
Bond
,
5.85
%
,
5/15/55
.........................
United
States
70,000
72,119
B
,
Senior
Bond
,
3.65
%
,
3/01/52
.......................
United
States
270,000
199,684
Duke
Energy
Carolinas
LLC
,
Senior
Bond
,
3.95
%
,
3/15/48
....
United
States
430,000
340,566
Duke
Energy
Corp.
,
Senior
Bond
,
3.5
%
,
6/15/51
............
United
States
340,000
236,462
Duke
Energy
Florida
LLC
,
Senior
Bond
,
3.4
%
,
10/01/46
......
United
States
270,000
197,194
Duke
Energy
Progress
LLC
,
Senior
Bond
,
4.15
%
,
12/01/44
........................
United
States
195,000
162,666
Senior
Bond
,
3.6
%
,
9/15/47
..........................
United
States
70,000
52,414
Entergy
Louisiana
LLC
,
Senior
Bond
,
3.1
%
,
6/15/41
.........
United
States
150,000
114,471
Florida
Power
&
Light
Co.
,
Senior
Bond
,
4.05
%
,
6/01/42
.........................
United
States
580,000
494,629
Senior
Bond
,
3.95
%
,
3/01/48
.........................
United
States
70,000
55,789
Georgia
Power
Co.
,
B
,
Senior
Bond
,
3.7
%
,
1/30/50
..........
United
States
90,000
67,300
Kentucky
Utilities
Co.
,
Senior
Bond
,
5.85
%
,
8/15/55
.........
United
States
90,000
91,331
MidAmerican
Energy
Co.
,
Senior
Bond
,
3.95
%
,
8/01/47
.........................
United
States
145,000
115,482
Senior
Bond
,
3.15
%
,
4/15/50
.........................
United
States
755,000
509,940
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
5.9
%
,
3/15/55
.........................................
United
States
170,000
171,127
Northern
States
Power
Co.
,
Senior
Bond
,
2.6
%
,
6/01/51
......
United
States
255,000
156,180
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
3.3
%
,
8/01/40
..........................
United
States
170,000
$
129,134
Senior
Bond
,
4.75
%
,
2/15/44
.........................
United
States
180,000
153,132
Senior
Bond
,
4
%
,
12/01/46
..........................
United
States
75,000
56,442
PECO
Energy
Co.
,
Senior
Bond
,
4.8
%
,
10/15/43
............
United
States
175,000
158,531
PG&E
Wildfire
Recovery
Funding
LLC
,
A-5
,
Senior
Secured
Bond
,
5.099
%
,
6/01/52
..............................
United
States
280,000
260,798
PPL
Electric
Utilities
Corp.
,
Senior
Bond
,
3.95
%
,
6/01/47
......
United
States
275,000
221,549
Public
Service
Co.
of
Colorado
,
Senior
Bond
,
3.8
%
,
6/15/47
...
United
States
200,000
153,561
Public
Service
Electric
and
Gas
Co.
,
Senior
Bond
,
5.45
%
,
8/01/53
.........................
United
States
30,000
29,389
Senior
Secured
Bond
,
3
%
,
3/01/51
....................
United
States
300,000
196,797
a
RWE
Finance
US
LLC
,
Senior
Bond
,
144A,
5.875
%
,
9/18/55
...
Germany
150,000
147,615
Southern
California
Edison
Co.
,
Senior
Bond
,
4
%
,
4/01/47
.....
United
States
80,000
60,446
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
4.45
%
,
2/15/44
.........................
United
States
450,000
391,559
D
,
Senior
Bond
,
5.6
%
,
9/15/55
.......................
United
States
265,000
258,043
a
Vistra
Operations
Co.
LLC
,
Senior
Secured
Bond
,
144A,
5.7
%
,
12/30/34
.............
United
States
200,000
205,162
Senior
Secured
Bond
,
144A,
5.25
%
,
10/15/35
............
United
States
90,000
89,165
6,233,549
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.
,
Senior
Bond
,
5.3
%
,
11/15/55
.............
United
States
140,000
133,645
Corning,
Inc.
,
Senior
Bond
,
4.75
%
,
3/15/42
.........................
United
States
130,000
120,205
Senior
Bond
,
3.9
%
,
11/15/49
.........................
United
States
100,000
77,951
Senior
Bond
,
4.375
%
,
11/15/57
.......................
United
States
100,000
81,954
413,755
Entertainment
0.2%
Walt
Disney
Co.
(The)
,
Senior
Bond
,
3.8
%
,
5/13/60
..........
United
States
140,000
102,698
Financial
Services
1.4%
Global
Payments,
Inc.
,
Senior
Bond
,
5.95
%
,
8/15/52
.........
United
States
200,000
192,276
Mastercard,
Inc.
,
Senior
Bond
,
3.65
%
,
6/01/49
.............
United
States
200,000
151,326
a
Siemens
Financieringsmaatschappij
NV
,
Senior
Bond
,
144A,
2.875
%
,
3/11/41
...................................
Germany
465,000
351,801
Visa,
Inc.
,
Senior
Bond
,
4.3
%
,
12/14/45
...................
United
States
235,000
204,181
899,584
Food
Products
1.9%
a
Cargill,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
4/22/52
...................
United
States
40,000
33,431
Senior
Bond
,
144A,
5.375
%
,
10/23/55
..................
United
States
115,000
110,498
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Bond
,
4.375
%
,
2/02/52
........................
United
States
325,000
254,378
Senior
Bond
,
6.5
%
,
12/01/52
.........................
United
States
50,000
52,022
JBS
NV/JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Bond
,
6.375
%
,
2/25/55
.............
United
States
70,000
72,299
Kellanova
,
Senior
Bond
,
4.5
%
,
4/01/46
...................
United
States
50,000
44,138
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
4.625
%
,
10/01/39
.......................
United
States
175,000
158,135
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Food
Products
(continued)
Kraft
Heinz
Foods
Co.,
(continued)
Senior
Bond
,
4.375
%
,
6/01/46
........................
United
States
130,000
$
106,770
Senior
Bond
,
5.5
%
,
6/01/50
..........................
United
States
115,000
107,165
a
Mars,
Inc.
,
Senior
Bond
,
144A,
2.375
%
,
7/16/40
...................
United
States
150,000
107,633
Senior
Bond
,
144A,
5.7
%
,
5/01/55
.....................
United
States
150,000
149,607
1,196,076
Gas
Utilities
0.4%
Southern
California
Gas
Co.
,
Senior
Bond
,
5.75
%
,
6/01/53
.........................
United
States
160,000
159,318
Senior
Bond
,
6
%
,
6/15/55
...........................
United
States
70,000
71,862
231,180
Ground
Transportation
2.4%
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.75
%
,
5/01/40
.........................
United
States
700,000
739,014
Senior
Bond
,
4.15
%
,
4/01/45
.........................
United
States
140,000
117,676
CSX
Corp.
,
Senior
Bond
,
4.5
%
,
11/15/52
..................
United
States
140,000
119,082
Norfolk
Southern
Corp.
,
Senior
Bond
,
3.942
%
,
11/01/47
.......................
United
States
120,000
94,872
Senior
Bond
,
4.15
%
,
2/28/48
.........................
United
States
120,000
97,870
Union
Pacific
Corp.
,
Senior
Bond
,
4.05
%
,
3/01/46
...........
United
States
400,000
326,814
1,495,328
Health
Care
Equipment
&
Supplies
0.1%
Medtronic,
Inc.
,
Senior
Bond
,
4.625
%
,
3/15/45
.............
United
States
100,000
91,649
Health
Care
Providers
&
Services
6.2%
Ascension
Health
,
Senior
Bond
,
3.945
%
,
11/15/46
.......................
United
States
150,000
121,074
B
,
Senior
Bond
,
3.106
%
,
11/15/39
.....................
United
States
170,000
135,008
Cigna
Group
(The)
,
Senior
Bond
,
3.2
%
,
3/15/40
..........................
United
States
50,000
39,180
Senior
Bond
,
4.9
%
,
12/15/48
.........................
United
States
125,000
110,901
Senior
Bond
,
3.4
%
,
3/15/50
..........................
United
States
125,000
87,347
CommonSpirit
Health
,
Senior
Secured
Bond
,
4.187
%
,
10/01/49
.
United
States
280,000
221,949
CVS
Health
Corp.
,
Senior
Bond
,
4.78
%
,
3/25/38
.........................
United
States
410,000
385,004
Senior
Bond
,
5.125
%
,
7/20/45
........................
United
States
500,000
449,408
Senior
Bond
,
6
%
,
6/01/63
...........................
United
States
50,000
48,088
Elevance
Health,
Inc.
,
Senior
Bond
,
4.65
%
,
1/15/43
.........
United
States
230,000
204,917
HCA,
Inc.
,
Senior
Bond
,
4.625
%
,
3/15/52
........................
United
States
520,000
424,709
Senior
Bond
,
5.7
%
,
11/15/55
.........................
United
States
50,000
47,681
a
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
Senior
Bond
,
144A,
5.875
%
,
6/15/54
.........................
United
States
80,000
77,326
Kaiser
Foundation
Hospitals
,
2021
,
3.002
%
,
6/01/51
.........
United
States
230,000
150,808
Mayo
Clinic
,
2021
,
3.196
%
,
11/15/61
.....................
United
States
240,000
153,205
Sutter
Health
,
5.547
%
,
8/15/53
.........................
United
States
100,000
100,457
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
3.95
%
,
10/15/42
........................
United
States
170,000
140,073
Senior
Bond
,
4.45
%
,
12/15/48
........................
United
States
150,000
124,888
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.,
(continued)
Senior
Bond
,
5.95
%
,
6/15/55
.........................
United
States
80,000
$
81,774
Senior
Bond
,
6.05
%
,
2/15/63
.........................
United
States
245,000
248,788
Senior
Bond
,
5.2
%
,
4/15/63
..........................
United
States
110,000
98,091
Senior
Bond
,
5.75
%
,
7/15/64
.........................
United
States
310,000
301,008
UPMC
,
Secured
Bond
,
5.377
%
,
5/15/43
..................
United
States
200,000
193,858
3,945,542
Health
Care
REITs
0.2%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond
,
3.55
%
,
3/15/52
.........................................
United
States
150,000
103,806
Hotels,
Restaurants
&
Leisure
0.4%
Marriott
International,
Inc.
,
Senior
Bond
,
5.5
%
,
4/15/37
.......
United
States
125,000
127,630
McDonald's
Corp.
,
Senior
Bond
,
4.45
%
,
3/01/47
............
United
States
140,000
120,093
247,723
Independent
Power
and
Renewable
Electricity
Producers
0.4%
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.5
%
,
10/01/53
........................................
United
States
230,000
249,111
Industrial
Conglomerates
0.3%
Honeywell
International,
Inc.
,
Senior
Bond
,
5.25
%
,
3/01/54
....
United
States
170,000
161,441
Insurance
3.7%
American
International
Group,
Inc.
,
Senior
Bond
,
4.5
%
,
7/16/44
.
United
States
170,000
149,678
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.......
United
States
75,000
55,986
Arch
Capital
Group
US,
Inc.
,
Senior
Bond
,
5.144
%
,
11/01/43
...
United
States
245,000
232,992
Arthur
J
Gallagher
&
Co.
,
Senior
Bond
,
3.5
%
,
5/20/51
..........................
United
States
100,000
69,351
Senior
Bond
,
3.05
%
,
3/09/52
.........................
United
States
300,000
188,783
Athene
Holding
Ltd.
,
Senior
Bond
,
3.45
%
,
5/15/52
.........................
United
States
120,000
75,769
Senior
Bond
,
6.625
%
,
5/19/55
........................
United
States
180,000
184,213
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond
,
2.85
%
,
10/15/50
........................
United
States
80,000
50,976
Senior
Bond
,
3.85
%
,
3/15/52
.........................
United
States
300,000
229,174
Brown
&
Brown,
Inc.
,
Senior
Bond
,
4.95
%
,
3/17/52
..........
United
States
150,000
130,348
Chubb
INA
Holdings
LLC
,
Senior
Bond
,
3.05
%
,
12/15/61
......
United
States
115,000
70,623
a
Great-West
Lifeco
Finance
Delaware
LP
,
Senior
Bond
,
144A,
4.15
%
,
6/03/47
...................................
Canada
160,000
130,313
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.9
%
,
3/15/49
..........................
United
States
85,000
76,998
Senior
Bond
,
5.45
%
,
3/15/53
.........................
United
States
60,000
58,176
Senior
Bond
,
5.4
%
,
3/15/55
..........................
United
States
125,000
120,775
a
Northwestern
Mutual
Life
Insurance
Co.
(The)
,
Sub.
Bond
,
144A,
3.45
%
,
3/30/51
...................................
United
States
220,000
155,652
Progressive
Corp.
(The)
,
Senior
Bond
,
4.125
%
,
4/15/47
......
United
States
250,000
205,953
Travelers
Cos.,
Inc.
(The)
,
Senior
Bond
,
4
%
,
5/30/47
.........
United
States
155,000
124,823
2,310,583
Interactive
Media
&
Services
1.3%
Alphabet,
Inc.
,
Senior
Bond
,
5.45
%
,
11/15/55
..............
United
States
440,000
429,467
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Interactive
Media
&
Services
(continued)
Meta
Platforms,
Inc.
,
Senior
Bond
,
5.75
%
,
5/15/63
.........................
United
States
110,000
$
104,598
Senior
Bond
,
5.75
%
,
11/15/65
........................
United
States
280,000
264,965
799,030
IT
Services
0.4%
a
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
150,000
156,288
IBM
International
Capital
Pte.
Ltd.
,
Senior
Bond
,
5.3
%
,
2/05/54
.
United
States
100,000
92,881
249,169
Life
Sciences
Tools
&
Services
0.1%
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
5.404
%
,
8/10/43
...
United
States
50,000
50,248
Machinery
0.3%
Deere
&
Co.
,
Senior
Bond
,
5.7
%
,
1/19/55
.................
United
States
140,000
145,464
Ingersoll
Rand,
Inc.
,
Senior
Bond
,
5.7
%
,
6/15/54
............
United
States
50,000
50,195
195,659
Media
2.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
5.375
%
,
4/01/38
.................
United
States
530,000
483,557
Senior
Secured
Bond
,
3.5
%
,
6/01/41
...................
United
States
150,000
107,426
Senior
Secured
Bond
,
3.5
%
,
3/01/42
...................
United
States
420,000
291,815
Senior
Secured
Bond
,
5.375
%
,
5/01/47
.................
United
States
200,000
164,363
Fox
Corp.
,
Senior
Bond
,
5.476
%
,
1/25/39
.................
United
States
180,000
179,564
Paramount
Global
,
Senior
Bond
,
6.875
%
,
4/30/36
........................
United
States
100,000
97,610
Senior
Bond
,
4.9
%
,
8/15/44
..........................
United
States
165,000
117,612
1,441,947
Metals
&
Mining
1.2%
a
Anglo
American
Capital
plc
,
Senior
Bond
,
144A,
4.75
%
,
3/16/52
South
Africa
200,000
169,625
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.45
%
,
3/15/43
.......
United
States
200,000
195,031
Newmont
Corp.
/
Newcrest
Finance
Pty.
Ltd.
,
Senior
Bond
,
4.2
%
,
5/13/50
.........................................
United
States
200,000
163,926
Rio
Tinto
Finance
USA
plc
,
Senior
Bond
,
5.75
%
,
3/14/55
......
Australia
200,000
203,934
732,516
Multi-Utilities
1.4%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Senior
Bond
,
4.45
%
,
3/15/44
.........................................
United
States
300,000
260,902
Consumers
Energy
Co.
,
Senior
Bond
,
4.05
%
,
5/15/48
.........................
United
States
120,000
97,235
Senior
Bond
,
4.35
%
,
4/15/49
.........................
United
States
220,000
185,679
Dominion
Energy,
Inc.
,
B
,
Senior
Bond
,
4.85
%
,
8/15/52
.......
United
States
110,000
94,739
NiSource,
Inc.
,
Senior
Bond
,
5.85
%
,
4/01/55
...............
United
States
230,000
228,874
867,429
Oil,
Gas
&
Consumable
Fuels
7.0%
a
Aker
BP
ASA
,
Senior
Bond
,
144A,
5.8
%
,
10/01/54
...........
Norway
250,000
230,569
BP
Capital
Markets
America,
Inc.
,
Senior
Bond
,
3.06
%
,
6/17/41
.
United
States
225,000
171,572
ConocoPhillips
Co.
,
Senior
Bond
,
3.8
%
,
3/15/52
............
United
States
220,000
162,943
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Diamondback
Energy,
Inc.
,
Senior
Bond
,
4.4
%
,
3/24/51
.......
United
States
170,000
$
137,688
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond
,
5.65
%
,
10/15/54
United
States
200,000
194,813
Energy
Transfer
LP
,
Senior
Bond
,
5.15
%
,
3/15/45
.........................
United
States
400,000
356,844
Senior
Bond
,
6.125
%
,
12/15/45
.......................
United
States
80,000
79,590
Senior
Bond
,
6
%
,
6/15/48
...........................
United
States
320,000
312,980
Enterprise
Products
Operating
LLC
,
Senior
Bond
,
4.9
%
,
5/15/46
United
States
170,000
154,676
Exxon
Mobil
Corp.
,
Senior
Bond
,
3.452
%
,
4/15/51
...........
United
States
350,000
251,294
Hess
Corp.
,
Senior
Bond
,
5.6
%
,
2/15/41
..........................
United
States
115,000
119,054
Senior
Bond
,
5.8
%
,
4/01/47
..........................
United
States
120,000
124,151
a
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
4.25
%
,
2/15/30
.........................................
United
States
250,000
244,331
Kinder
Morgan,
Inc.
,
Senior
Bond
,
5.55
%
,
6/01/45
...........
United
States
160,000
155,460
MPLX
LP
,
Senior
Bond
,
5.4
%
,
9/15/35
..........................
United
States
150,000
151,292
Senior
Bond
,
4.95
%
,
3/14/52
.........................
United
States
150,000
126,617
ONEOK,
Inc.
,
Senior
Bond
,
5.7
%
,
11/01/54
................
United
States
165,000
154,331
a
Shell
Finance
US,
Inc.
,
Senior
Bond
,
144A,
3
%
,
11/26/51
.....
United
States
220,000
142,530
Targa
Resources
Corp.
,
Senior
Bond
,
4.95
%
,
4/15/52
........
United
States
150,000
128,159
TotalEnergies
Capital
SA
,
Senior
Bond
,
5.638
%
,
4/05/64
........................
France
175,000
170,578
Senior
Bond
,
5.425
%
,
9/10/64
........................
France
150,000
141,367
a
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Bond
,
144A,
5.75
%
,
3/15/56
...................................
United
States
230,000
228,566
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
301,000
306,605
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.1
%
,
9/15/45
........
United
States
200,000
184,762
4,430,772
Personal
Care
Products
0.6%
Haleon
US
Capital
LLC
,
Senior
Bond
,
4
%
,
3/24/52
..........
United
States
250,000
197,214
Kenvue,
Inc.
,
Senior
Bond
,
5.05
%
,
3/22/53
................
United
States
180,000
164,914
362,128
Pharmaceuticals
4.0%
a
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.4
%
,
7/15/44
...
Germany
200,000
162,004
Bristol-Myers
Squibb
Co.
,
Senior
Bond
,
4.35
%
,
11/15/47
........................
United
States
100,000
84,522
Senior
Bond
,
4.55
%
,
2/20/48
.........................
United
States
100,000
86,212
Senior
Bond
,
2.55
%
,
11/13/50
........................
United
States
150,000
88,755
Senior
Bond
,
3.7
%
,
3/15/52
..........................
United
States
120,000
87,851
Senior
Bond
,
5.55
%
,
2/22/54
.........................
United
States
20,000
19,581
Eli
Lilly
&
Co.
,
Senior
Bond
,
5
%
,
2/09/54
...........................
United
States
145,000
134,126
Senior
Bond
,
4.95
%
,
2/27/63
.........................
United
States
55,000
49,498
Senior
Bond
,
5.2
%
,
8/14/64
..........................
United
States
110,000
102,697
Senior
Bond
,
5.65
%
,
10/15/65
........................
United
States
150,000
150,077
Merck
&
Co.,
Inc.
,
Senior
Bond
,
2.75
%
,
12/10/51
........................
United
States
200,000
123,272
Senior
Bond
,
5.55
%
,
12/04/55
........................
United
States
250,000
245,805
Novartis
Capital
Corp.
,
Senior
Bond
,
3.7
%
,
9/21/42
..........................
United
States
140,000
116,490
Senior
Bond
,
2.75
%
,
8/14/50
.........................
United
States
140,000
89,862
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
(continued)
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
5.3
%
,
5/19/53
.........................................
United
States
475,000
$
450,823
a
Roche
Holdings,
Inc.
,
Senior
Bond
,
144A,
2.607
%
,
12/13/51
...
United
States
495,000
303,898
Royalty
Pharma
plc
,
Senior
Bond
,
3.35
%
,
9/02/51
...........
United
States
370,000
246,611
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond
,
4.1
%
,
10/01/46
...................................
Israel
15,000
11,487
2,553,571
Semiconductors
&
Semiconductor
Equipment
2.1%
Analog
Devices,
Inc.
,
Senior
Bond
,
2.95
%
,
10/01/51
.........
United
States
270,000
175,218
Broadcom,
Inc.
,
Senior
Bond
,
5.7
%
,
1/15/56
...............
United
States
275,000
277,318
a
Foundry
JV
Holdco
LLC
,
Senior
Secured
Bond
,
144A,
6.2
%
,
1/25/37
.........................................
United
States
400,000
423,152
Intel
Corp.
,
Senior
Bond
,
3.734
%
,
12/08/47
.......................
United
States
250,000
180,198
Senior
Bond
,
4.9
%
,
8/05/52
..........................
United
States
200,000
168,122
Senior
Bond
,
5.6
%
,
2/21/54
..........................
United
States
90,000
84,450
1,308,458
Software
2.6%
Intuit,
Inc.
,
Senior
Bond
,
5.5
%
,
9/15/53
...................
United
States
160,000
154,531
Microsoft
Corp.
,
Senior
Bond
,
2.525
%
,
6/01/50
........................
United
States
75,000
45,502
Senior
Bond
,
2.921
%
,
3/17/52
........................
United
States
580,000
378,174
Oracle
Corp.
,
Senior
Bond
,
3.6
%
,
4/01/40
..........................
United
States
600,000
443,540
Senior
Bond
,
4
%
,
7/15/46
...........................
United
States
370,000
255,498
Senior
Bond
,
4.375
%
,
5/15/55
........................
United
States
160,000
109,869
Salesforce,
Inc.
,
Senior
Bond
,
2.9
%
,
7/15/51
...............
United
States
55,000
34,432
Synopsys,
Inc.
,
Senior
Bond
,
5.7
%
,
4/01/55
...............
United
States
200,000
197,441
1,618,987
Specialty
Retail
1.8%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond
,
4.1
%
,
1/15/52
......
United
States
210,000
153,678
Home
Depot,
Inc.
(The)
,
Senior
Bond
,
4.25
%
,
4/01/46
.........................
United
States
130,000
110,596
Senior
Bond
,
3.9
%
,
6/15/47
..........................
United
States
120,000
95,597
Senior
Bond
,
3.125
%
,
12/15/49
.......................
United
States
200,000
136,579
Senior
Bond
,
3.35
%
,
4/15/50
.........................
United
States
30,000
21,257
Senior
Bond
,
3.625
%
,
4/15/52
........................
United
States
180,000
132,396
Senior
Bond
,
5.3
%
,
6/25/54
..........................
United
States
60,000
57,639
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
3.7
%
,
4/15/46
..........................
United
States
125,000
95,345
Senior
Bond
,
4.05
%
,
5/03/47
.........................
United
States
320,000
255,402
Senior
Bond
,
3
%
,
10/15/50
..........................
United
States
80,000
51,308
1,109,797
Technology
Hardware,
Storage
&
Peripherals
1.4%
Apple,
Inc.
,
Senior
Bond
,
3.85
%
,
5/04/43
..................
United
States
850,000
716,353
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
3.375
%
,
12/15/41
........................................
United
States
200,000
151,259
867,612
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Textiles,
Apparel
&
Luxury
Goods
0.2%
Tapestry,
Inc.
,
Senior
Bond
,
5.5
%
,
3/11/35
.................
United
States
115,000
$
117,354
Tobacco
1.4%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
2/04/41
..............
United
States
90,000
69,378
BAT
Capital
Corp.
,
Senior
Bond
,
4.39
%
,
8/15/37
.........................
United
Kingdom
230,000
211,248
Senior
Bond
,
3.734
%
,
9/25/40
........................
United
Kingdom
320,000
260,147
Philip
Morris
International,
Inc.
,
Senior
Bond
,
3.875
%
,
8/21/42
..
United
States
310,000
255,625
Reynolds
American,
Inc.
,
Senior
Bond
,
5.85
%
,
8/15/45
.......
United
Kingdom
110,000
108,359
904,757
Water
Utilities
0.3%
American
Water
Capital
Corp.
,
Senior
Bond
,
3.45
%
,
5/01/50
...
United
States
300,000
213,290
Wireless
Telecommunication
Services
1.6%
Rogers
Communications,
Inc.
,
Senior
Bond
,
4.55
%
,
3/15/52
...
Canada
110,000
88,776
T-Mobile
USA,
Inc.
,
Senior
Bond
,
3
%
,
2/15/41
...........................
United
States
100,000
74,188
Senior
Bond
,
3.4
%
,
10/15/52
.........................
United
States
750,000
502,992
Vodafone
Group
plc
,
Senior
Bond
,
5.75
%
,
6/28/54
.........................
United
Kingdom
190,000
184,837
Senior
Bond
,
5.875
%
,
6/28/64
........................
United
Kingdom
140,000
136,477
987,270
Total
Corporate
Bonds
(Cost
$
55,214,342
)
....................................
56,640,636
Foreign
Government
and
Agency
Securities
4.7%
a
Bermuda
Government
Bond
,
Senior
Bond
,
144A,
3.375
%
,
8/20/50
.........................................
United
States
200,000
138,164
Chile
Government
Bond
,
Senior
Bond
,
3.86
%
,
6/21/47
.......
Chile
400,000
319,980
a
Electricite
de
France
SA
,
Senior
Bond
,
144A,
6
%
,
4/22/64
.....
France
200,000
196,302
Mexico
Government
Bond
,
Senior
Bond
,
6.05
%
,
1/11/40
.........................
Mexico
150,000
148,725
Senior
Bond
,
4.75
%
,
3/08/44
.........................
Mexico
250,000
205,088
Senior
Bond
,
6.338
%
,
5/04/53
........................
Mexico
330,000
313,681
Senior
Bond
,
7.375
%
,
5/13/55
........................
Mexico
350,000
375,253
Peru
Government
Bond
,
Senior
Bond
,
5.875
%
,
8/08/54
........................
Peru
230,000
226,205
Senior
Bond
,
6.2
%
,
6/30/55
..........................
Peru
220,000
225,269
Philippines
Government
Bond
,
Senior
Bond
,
4.2
%
,
3/29/47
....
Philippines
410,000
338,121
a
Saudi
Arabia
Government
Bond
,
Senior
Bond
,
144A,
5
%
,
1/18/53
Saudi
Arabia
200,000
174,561
Uruguay
Government
Bond
,
Senior
Bond
,
5.1
%
,
6/18/50
......
Uruguay
300,000
280,470
Total
Foreign
Government
and
Agency
Securities
(Cost
$
2,863,623
)
.............
2,941,819
U.S.
Government
and
Agency
Securities
2.1%
U.S.
Treasury
Bonds
,
e
Strip,
5
.04
%
,
11/15/44
..............................
United
States
770,000
305,509
5
%,
5/15/45
.....................................
United
States
220,000
224,881
4.625
%,
11/15/45
.................................
United
States
375,000
364,776
4.75
%,
8/15/55
...................................
United
States
450,000
440,227
Total
U.S.
Government
and
Agency
Securities
(Cost
$
1,350,896
)
................
1,335,393
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
See
Abbreviations
on
page
171
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
2.2%
California
0.2%
Los
Angeles
Community
College
District
,
GO
,
2010
E
,
6.6
%
,
8/01/42
.........................................
United
States
125,000
$
135,409
New
York
0.9%
f
City
of
New
York
,
GO
,
2026
E-1
,
5.559
%
,
10/01/45
..........
United
States
200,000
200,199
United
Nations
Development
Corp.
,
City
of
New
York
,
Revenue
,
2025
A
,
Refunding
,
6.536
%
,
8/01/55
...................
United
States
330,000
350,282
550,481
Texas
1.1%
f
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue
,
2025
A
,
Refunding
,
5.469
%
,
2/01/45
..........................
United
States
130,000
131,398
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2022
A
,
4.507
%
,
11/01/51
........................................
United
States
245,000
212,209
State
of
Texas
,
GO
,
2009
A
,
5.517
%
,
4/01/39
..............
United
States
332,745
340,470
684,077
Total
Municipal
Bonds
(Cost
$
1,353,059
)
.....................................
1,369,967
Total
Long
Term
Investments
(Cost
$
60,781,920
)
..............................
62,287,815
a
Short
Term
Investments
0.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.5%
g,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
310,601
310,601
Total
Money
Market
Funds
(Cost
$
310,601
)
...................................
310,601
Total
Short
Term
Investments
(Cost
$
310,601
)
................................
310,601
a
Total
Investments
(Cost
$
61,092,521
)
99.2
%
..................................
$62,598,416
Other
Assets,
less
Liabilities
0.8
%
...........................................
534,036
Net
Assets
100.0%
.........................................................
$63,132,452
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$4,873,227,
representing
7.7%
of
net
assets.
b
Perpetual
security
with
no
stated
maturity
date.
c
The
coupon
rate
shown
represents
the
rate
at
period
end.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
The
rate
shown
represents
the
yield
at
period
end.
f
Security
purchased
on
a
when-issued
basis.
g
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Low
Duration
Total
Return
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
,
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
†
Diversified
Consumer
Services
0.0%
a,b
All
Day
Electric,
Inc.
.................................
United
States
160
$
—
Machinery
0.0%
†
a
UTEX
Industries,
Inc.
................................
United
States
9,228
486,159
Total
Common
Stocks
(Cost
$618,276)
.......................................
486,159
Principal
Amount
*
Corporate
Bonds
34.7%
Aerospace
&
Defense
1.3%
c
BAE
Systems
plc
,
Senior
Note
,
144A,
5
%
,
3/26/27
..........
United
Kingdom
3,300,000
3,339,401
Boeing
Co.
(The)
,
Senior
Note,
2.196%,
2/04/26
........................
United
States
10,400,000
10,398,235
Senior
Note,
6.298%,
5/01/29
........................
United
States
3,400,000
3,612,421
Senior
Note,
5.15%,
5/01/30
.........................
United
States
2,200,000
2,261,846
General
Electric
Co.
,
Senior
Note
,
4.3
%
,
7/29/30
............
United
States
1,165,000
1,173,433
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
4,855,000
4,889,473
25,674,809
Automobile
Components
0.1%
c
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
4.75
%
,
10/01/27
United
States
1,900,000
1,900,893
Automobiles
0.8%
c
BMW
US
Capital
LLC
,
Senior
Note
,
144A,
4.5
%
,
8/11/30
......
Germany
2,525,000
2,536,137
c
Hyundai
Capital
America
,
Senior
Note,
144A,
5.25%,
1/08/27
....................
United
States
4,000,000
4,049,043
Senior
Note,
144A,
4.85%,
3/25/27
....................
United
States
2,750,000
2,775,112
c
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
5.4
%
,
3/20/26
....................................
Germany
6,700,000
6,712,086
16,072,378
Banks
8.1%
c
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
1,800,000
1,825,088
Bank
of
America
Corp.
,
Senior
Bond,
3.974%
to
2/06/29,
FRN
thereafter,
2/07/30
...
United
States
6,000,000
5,972,448
Senior
Note,
4.376%
to
4/26/27,
FRN
thereafter,
4/27/28
....
United
States
8,000,000
8,037,832
Bank
of
Montreal
,
Senior
Note
,
4.567%
to
9/09/26,
FRN
thereafter
,
9/10/27
.................................
Canada
2,700,000
2,709,571
c
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note,
144A,
4.591%,
10/16/28
...........
France
5,100,000
5,159,218
Senior
Preferred
Note,
144A,
4.541%,
1/15/31
...........
France
1,530,000
1,526,873
c
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
4.634%
to
7/02/28,
FRN
thereafter
,
7/03/29
......................
Spain
3,480,000
3,517,414
Citibank
NA
,
Senior
Note
,
4.576
%
,
5/29/27
................
United
States
6,200,000
6,258,376
Citigroup,
Inc.
,
Senior
Note,
5.174%
to
2/12/29,
FRN
thereafter,
2/13/30
....
United
States
2,100,000
2,158,171
Senior
Note,
4.503%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
4,890,000
4,895,522
Sub.
Bond,
4.6%,
3/09/26
...........................
United
States
2,600,000
2,601,487
c
Credit
Agricole
SA
,
Senior
Non-Preferred
Note
,
144A,
5.222%
to
5/26/30,
FRN
thereafter
,
5/27/31
......................
France
6,400,000
6,576,150
c
Danske
Bank
A/S
,
Senior
Non-Preferred
Note
,
144A,
5.705%
to
2/28/29,
FRN
thereafter
,
3/01/30
......................
Denmark
5,300,000
5,514,236
Fifth
Third
Bank
NA
,
Senior
Note
,
4.967%
to
1/27/27,
FRN
thereafter
,
1/28/28
.................................
United
States
2,430,000
2,451,464
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
HSBC
Holdings
plc
,
Senior
Note
,
2.013%
to
9/21/27,
FRN
thereafter
,
9/22/28
.................................
United
Kingdom
7,600,000
$
7,354,783
Huntington
Bancshares,
Inc.
,
Senior
Note
,
6.208%
to
8/20/28,
FRN
thereafter
,
8/21/29
.............................
United
States
3,000,000
3,144,947
Huntington
National
Bank
(The)
,
Senior
Note
,
4.552%
to
5/16/27,
FRN
thereafter
,
5/17/28
.............................
United
States
7,400,000
7,445,590
JPMorgan
Chase
&
Co.
,
Senior
Note,
5.012%
to
1/22/29,
FRN
thereafter,
1/23/30
....
United
States
3,600,000
3,692,038
Senior
Note,
4.255%
to
10/21/30,
FRN
thereafter,
10/22/31
..
United
States
2,800,000
2,786,630
Lloyds
Banking
Group
plc
,
Senior
Note,
3.75%
to
3/17/27,
FRN
thereafter,
3/18/28
.....
United
Kingdom
8,400,000
8,377,964
Senior
Note,
5.087%
to
11/25/27,
FRN
thereafter,
11/26/28
..
United
Kingdom
2,730,000
2,780,222
NatWest
Group
plc
,
Senior
Note
,
1.642%
to
6/13/26,
FRN
thereafter
,
6/14/27
.................................
United
Kingdom
7,000,000
6,940,890
c
NatWest
Markets
plc
,
Senior
Note
,
144A,
4.412
%
,
11/06/30
....
United
Kingdom
3,360,000
3,356,456
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Note
,
5.3%
to
1/20/27,
FRN
thereafter
,
1/21/28
......................
United
States
2,000,000
2,025,786
Royal
Bank
of
Canada
,
Senior
Note
,
4.696%
to
8/05/30,
FRN
thereafter
,
8/06/31
.................................
Canada
6,500,000
6,585,532
Santander
Holdings
USA,
Inc.
,
Senior
Note
,
5.473%
to
3/19/28,
FRN
thereafter
,
3/20/29
.............................
United
States
8,000,000
8,183,760
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
......................
United
Kingdom
5,900,000
5,847,652
c
Shinhan
Bank
Co.
Ltd.
,
Senior
Note
,
144A,
1.375
%
,
10/21/26
..
South
Korea
6,500,000
6,393,991
c
Societe
Generale
SA
,
Senior
Non-Preferred
Note
,
144A,
1.792%
to
6/08/26,
FRN
thereafter
,
6/09/27
.....................
France
3,900,000
3,866,315
Truist
Financial
Corp.
,
Senior
Note
,
5.435%
to
1/23/29,
FRN
thereafter
,
1/24/30
.................................
United
States
7,400,000
7,659,879
Wells
Fargo
&
Co.
,
Senior
Note,
6.303%
to
10/22/28,
FRN
thereafter,
10/23/29
..
United
States
4,000,000
4,224,971
Senior
Note,
5.198%
to
1/22/29,
FRN
thereafter,
1/23/30
....
United
States
2,550,000
2,626,194
Sub.
Bond,
4.1%,
6/03/26
...........................
United
States
3,000,000
3,001,844
155,499,294
Beverages
0.2%
c
Coca-Cola
Europacific
Partners
plc
,
Senior
Note
,
144A,
1.5
%
,
1/15/27
.........................................
United
Kingdom
4,400,000
4,297,609
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Note
,
4.1
%
,
11/20/30
............
United
States
1,275,000
1,275,570
a,c,d
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
3
%
,
12/31/22
........................................
South
Africa
1,068,278
—
a,c,d
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
25
%
,
12/31/22
....................................
South
Africa
470,581
—
1,275,570
Building
Products
0.4%
Carrier
Global
Corp.
,
Senior
Note
,
2.493
%
,
2/15/27
..........
United
States
5,000,000
4,931,490
c
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
...................................
United
States
75,000
76,326
Owens
Corning
,
Senior
Note
,
5.5
%
,
6/15/27
...............
United
States
3,500,000
3,568,806
8,576,622
Capital
Markets
2.1%
Bank
of
New
York
Mellon
(The)
,
Senior
Note
,
4.729%
to
4/19/28,
FRN
thereafter
,
4/20/29
.............................
United
States
650,000
661,122
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Goldman
Sachs
Bank
USA
,
Senior
Note
,
5.283%
to
3/17/26,
FRN
thereafter
,
3/18/27
.................................
United
States
6,800,000
$
6,810,506
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
4.387%
to
6/14/26,
FRN
thereafter,
6/15/27
....
United
States
2,700,000
2,703,492
Senior
Note,
2.64%
to
2/23/27,
FRN
thereafter,
2/24/28
.....
United
States
5,500,000
5,422,156
Morgan
Stanley
,
Senior
Note,
5.173%
to
1/15/29,
FRN
thereafter,
1/16/30
....
United
States
5,500,000
5,647,974
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
1,135,000
1,134,501
I,
Senior
Note,
4.133%
to
10/17/28,
FRN
thereafter,
10/18/29
United
States
3,665,000
3,662,885
Sub.
Bond,
4.35%,
9/08/26
..........................
United
States
7,800,000
7,822,424
c
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...................................
United
States
1,800,000
1,853,874
UBS
Group
AG
,
Senior
Note
,
4.55
%
,
4/17/26
..............
Switzerland
5,100,000
5,108,171
40,827,105
Chemicals
0.2%
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
3,200,000
3,404,140
Commercial
Services
&
Supplies
0.1%
Waste
Management,
Inc.
,
Senior
Note
,
3.875
%
,
1/15/29
......
United
States
1,000,000
998,877
Communications
Equipment
0.2%
Motorola
Solutions,
Inc.
,
Senior
Note
,
4.85
%
,
8/15/30
........
United
States
3,100,000
3,164,107
Consumer
Finance
2.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
6.1%,
1/15/27
..........................
Ireland
2,200,000
2,242,143
Senior
Note,
3%,
10/29/28
..........................
Ireland
3,000,000
2,910,998
Senior
Note,
4.125%,
2/28/29
........................
Ireland
525,000
523,286
American
Express
Co.
,
Senior
Note
,
5.645%
to
4/22/26,
FRN
thereafter
,
4/23/27
.................................
United
States
6,700,000
6,724,652
c
Avolon
Holdings
Funding
Ltd.
,
Senior
Note
,
144A,
4.9
%
,
10/10/30
Ireland
2,065,000
2,078,055
Capital
One
Financial
Corp.
,
Senior
Bond,
3.8%,
1/31/28
..........................
United
States
7,000,000
6,967,208
Senior
Note,
4.493%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
2,190,000
2,176,120
Senior
Note,
4.722%
to
1/29/31,
FRN
thereafter,
1/30/32
....
United
States
1,435,000
1,435,744
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.125%,
11/05/26
.......................
United
States
3,200,000
3,218,803
Senior
Note,
5.85%,
5/17/27
.........................
United
States
3,400,000
3,456,561
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
1.5%,
6/10/26
..........................
United
States
13,200,000
13,087,045
Senior
Note,
4.2%,
10/27/28
.........................
United
States
635,000
636,761
OneMain
Finance
Corp.
,
Senior
Note
,
6.625
%
,
5/15/29
.......
United
States
2,000,000
2,064,054
SLM
Corp.
,
Senior
Note
,
6.5
%
,
1/31/30
...................
United
States
1,000,000
1,032,486
48,553,916
Containers
&
Packaging
0.1%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
1,205,000
1,212,914
c
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
425,000
410,540
1,623,454
Diversified
REITs
0.2%
c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...................................
United
States
4,200,000
4,176,896
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
0.1%
c
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
615,000
$
639,596
c
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
370,000
381,715
c
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
460,000
480,217
1,501,528
Electric
Utilities
1.1%
c
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
2,250,000
2,245,538
Exelon
Corp.
,
Senior
Bond
,
3.4
%
,
4/15/26
.................
United
States
7,000,000
6,992,918
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
4.685
%
,
9/01/27
.........................................
United
States
1,575,000
1,593,492
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
7/01/30
....
United
States
5,000,000
4,988,342
c
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
3,400,000
3,359,035
Senior
Secured
Note,
144A,
4.7%,
1/31/31
..............
United
States
1,240,000
1,238,846
20,418,171
Electrical
Equipment
0.1%
Eaton
Capital
ULC
,
Senior
Note
,
4.45
%
,
5/09/30
............
United
States
1,100,000
1,109,194
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
1,395,000
1,394,943
Energy
Equipment
&
Services
0.1%
c
Transocean
International
Ltd.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
...................................
United
States
1,125,000
1,173,306
Entertainment
0.2%
c
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
2,569,773
2,674,954
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
3.755
%
,
3/15/27
....
United
States
1,758,000
1,746,010
4,420,964
Financial
Services
0.5%
c
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/30
...................................
United
States
170,000
172,761
Fiserv,
Inc.
,
Senior
Note
,
2.25
%
,
6/01/27
..................
United
States
5,200,000
5,079,401
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
6.875
%
,
5/01/31
.........................................
United
States
900,000
893,789
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
2,600,000
2,730,195
c
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
1,510,000
1,557,118
10,433,264
Food
Products
0.6%
Campbell's
Co.
(The)
,
Senior
Note
,
5.2
%
,
3/19/27
...........
United
States
3,300,000
3,342,483
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
.................
United
States
900,000
871,408
c
Mars,
Inc.
,
Senior
Note
,
144A,
4.8
%
,
3/01/30
...............
United
States
7,805,000
7,976,711
12,190,602
Ground
Transportation
0.6%
c
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
105,000
109,987
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Ground
Transportation
(continued)
c
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Note
,
144A,
5.35
%
,
3/30/29
...............................
United
States
4,000,000
$
4,121,947
c
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.1
%
,
4/01/30
.........................................
Ireland
6,500,000
6,643,263
10,875,197
Health
Care
Equipment
&
Supplies
0.7%
Edwards
Lifesciences
Corp.
,
Senior
Bond
,
4.3
%
,
6/15/28
.....
United
States
300,000
302,106
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
5.65%,
11/15/27
........................
United
States
5,000,000
5,143,365
Senior
Note,
4.15%,
12/15/28
........................
United
States
1,035,000
1,038,390
c
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
6,520,000
6,379,854
12,863,715
Health
Care
Providers
&
Services
1.6%
Centene
Corp.
,
Senior
Note
,
3.375
%
,
2/15/30
..............
United
States
2,700,000
2,492,104
c
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
.................................
United
States
3,200,000
3,193,600
Cigna
Group
(The)
,
Senior
Note
,
1.25
%
,
3/15/26
............
United
States
3,451,000
3,440,375
CVS
Health
Corp.
,
Senior
Bond,
1.875%,
2/28/31
........................
United
States
725,000
638,655
Senior
Note,
5%,
1/30/29
...........................
United
States
4,700,000
4,803,004
Elevance
Health,
Inc.
,
Senior
Bond
,
4.101
%
,
3/01/28
.........
United
States
4,000,000
4,011,019
Icon
Investments
Six
DAC
,
Senior
Secured
Note
,
5.809
%
,
5/08/27
.........................................
United
States
4,700,000
4,789,566
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
3,000,000
2,963,464
Providence
St.
Joseph
Health
Obligated
Group
,
H
,
2.746
%
,
10/01/26
........................................
United
States
15,000
14,866
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
3.45
%
,
6/01/26
........
United
States
4,150,000
4,142,294
30,488,947
Health
Care
REITs
0.1%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5
%
,
10/15/27
................................
United
States
2,550,000
2,494,703
Health
Care
Technology
0.2%
IQVIA,
Inc.
,
Senior
Secured
Note
,
6.25
%
,
2/01/29
...........
United
States
3,300,000
3,474,524
Hotel
&
Resort
REITs
0.1%
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
4.5
%
,
2/15/29
...............................
United
States
1,200,000
1,183,600
Hotels,
Restaurants
&
Leisure
0.6%
c
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
10/15/29
........................................
United
States
3,400,000
3,266,830
c
Carnival
Corp.
,
Senior
Note
,
144A,
5.75
%
,
3/15/30
..........
United
States
2,000,000
2,060,448
c
Rivers
Enterprise
Lender
LLC
/
Rivers
Enterprise
Lender
Corp.
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
.............
United
States
2,610,000
2,650,802
Sands
China
Ltd.
,
Senior
Note
,
2.3
%
,
3/08/27
..............
Macau
3,400,000
3,328,245
11,306,325
Household
Durables
0.5%
DR
Horton,
Inc.
,
Senior
Note
,
4.85
%
,
10/15/30
.............
United
States
4,575,000
4,682,287
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Household
Durables
(continued)
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
4.35
%
,
2/15/28
.....
United
States
4,200,000
$
4,223,033
8,905,320
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Constellation
Energy
Generation
LLC
,
Senior
Note
,
4.4
%
,
1/15/31
United
States
825,000
823,295
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
1,085,000
1,082,677
1,905,972
Insurance
3.1%
c
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/15/29
.........................................
United
States
900,000
942,044
c
AEGON
Funding
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
4/16/27
..
Netherlands
7,000,000
7,104,201
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note,
144A,
5.875%,
11/01/29
..................
United
States
1,200,000
1,197,159
Senior
Secured
Note,
144A,
6.75%,
4/15/28
.............
United
States
2,000,000
2,034,200
c
Athene
Global
Funding
,
Senior
Secured
Note
,
144A,
5.516
%
,
3/25/27
.........................................
United
States
7,000,000
7,106,072
Brown
&
Brown,
Inc.
,
Senior
Note
,
4.9
%
,
6/23/30
...........
United
States
2,085,000
2,117,574
c
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.9
%
,
9/19/28
United
States
4,700,000
4,909,502
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
850,000
883,713
c
F&G
Global
Funding
,
Secured
Note
,
144A,
5.875
%
,
6/10/27
...
United
States
5,800,000
5,922,250
c
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
4.4
%
,
9/23/27
..
United
States
7,200,000
7,227,267
c
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
5.05
%
,
1/06/28
.........................................
United
States
4,100,000
4,193,813
c
Mutual
of
Omaha
Cos.
Global
Funding
,
Secured
Note
,
144A,
5.35
%
,
4/09/27
...................................
United
States
6,700,000
6,796,613
c
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.9
%
,
6/12/28
.........................................
United
States
5,000,000
5,107,459
c
Principal
Life
Global
Funding
II
,
Secured
Note
,
144A,
4.6
%
,
8/19/27
.........................................
United
States
2,000,000
2,020,101
c
RGA
Global
Funding
,
Secured
Note
,
144A,
5.448
%
,
5/24/29
...
United
States
2,100,000
2,176,292
59,738,260
Interactive
Media
&
Services
0.4%
Alphabet,
Inc.
,
Senior
Note
,
4.1
%
,
11/15/30
................
United
States
2,835,000
2,838,099
Meta
Platforms,
Inc.
,
Senior
Note
,
4.2
%
,
11/15/30
...........
United
States
4,710,000
4,702,943
7,541,042
Life
Sciences
Tools
&
Services
0.1%
Bio-Rad
Laboratories,
Inc.
,
Senior
Note
,
3.3
%
,
3/15/27
.......
United
States
900,000
893,560
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
1,600,000
1,604,258
2,497,818
Machinery
0.1%
c
ESAB
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
............
United
States
500,000
514,391
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
..............
United
States
1,100,000
1,112,008
1,626,399
Media
0.4%
c
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
2,750,000
2,787,837
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
..................
United
States
410,000
412,208
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
45
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
Paramount
Global
,
Senior
Bond
,
7.875
%
,
7/30/30
...........
United
States
4,600,000
$
4,945,848
8,145,893
Metals
&
Mining
0.2%
c
Glencore
Funding
LLC
,
Senior
Note
,
144A,
4.907
%
,
4/01/28
...
Australia
3,335,000
3,395,691
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.1%
c
Starwood
Property
Trust,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
1/15/31
United
States
1,600,000
1,622,109
Multi-Utilities
0.5%
Dominion
Energy,
Inc.
,
D
,
Senior
Bond
,
2.85
%
,
8/15/26
.......
United
States
1,300,000
1,292,639
DTE
Energy
Co.
,
Senior
Note
,
4.95
%
,
7/01/27
..............
United
States
2,200,000
2,228,144
c
Engie
SA
,
Senior
Note
,
144A,
5.25
%
,
4/10/29
..............
France
4,000,000
4,137,929
Southern
Co.
Gas
Capital
Corp.
,
A
,
Senior
Note
,
4.05
%
,
9/15/28
United
States
1,095,000
1,096,255
8,754,967
Oil,
Gas
&
Consumable
Fuels
1.9%
c
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
1,100,000
1,042,023
Energy
Transfer
LP
,
Senior
Bond
,
3.9
%
,
7/15/26
............
United
States
3,900,000
3,899,516
c
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
......
United
Kingdom
6,800,000
6,810,606
c
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
300,000
305,837
Senior
Note,
144A,
6.5%,
6/01/29
.....................
United
States
2,000,000
2,071,138
c
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
1,520,000
1,559,017
MPLX
LP
,
Senior
Note
,
4.8
%
,
2/15/31
....................
United
States
6,500,000
6,572,597
ONEOK,
Inc.
,
Senior
Bond
,
4.85
%
,
7/15/26
................
United
States
3,900,000
3,909,772
c
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
1,120,000
1,140,012
c
Sunoco
LP
,
Senior
Note
,
144A,
7
%
,
5/01/29
...............
United
States
2,000,000
2,080,812
c
Var
Energi
ASA
,
Senior
Note
,
144A,
7.5
%
,
1/15/28
..........
Norway
4,000,000
4,231,538
c
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
.........................................
United
States
2,000,000
2,048,844
Viper
Energy
Partners
LLC
,
Senior
Note
,
4.9
%
,
8/01/30
.......
United
States
846,000
857,146
36,528,858
Paper
&
Forest
Products
0.1%
Suzano
Austria
GmbH
,
Senior
Note
,
6
%
,
1/15/29
...........
Brazil
1,120,000
1,158,251
Passenger
Airlines
0.1%
c
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
....................
United
States
108,335
108,466
c
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
............
United
States
526,364
526,275
Senior
Secured
Note,
144A,
4.625%,
4/15/29
............
United
States
1,118,000
1,117,495
1,752,236
Personal
Care
Products
0.4%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
7,700,000
7,652,491
Pharmaceuticals
0.6%
c
Bayer
US
Finance
LLC
,
Senior
Note
,
144A,
6.25
%
,
1/21/29
....
Germany
3,200,000
3,364,942
Novartis
Capital
Corp.
,
Senior
Note
,
4.1
%
,
11/05/30
.........
United
States
4,120,000
4,121,177
Royalty
Pharma
plc
,
Senior
Note
,
4.45
%
,
3/25/31
...........
United
States
2,000,000
1,997,316
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
(continued)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
4.75
%
,
5/09/27
...................................
Israel
1,696,000
$
1,697,295
11,180,730
Semiconductors
&
Semiconductor
Equipment
0.3%
c
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/30
.........................................
United
States
5,900,000
6,187,899
Software
0.1%
Oracle
Corp.
,
Senior
Note
,
4.45
%
,
9/26/30
................
United
States
1,525,000
1,489,157
Specialized
REITs
0.8%
Crown
Castle,
Inc.
,
Senior
Bond,
3.7%,
6/15/26
..........................
United
States
7,330,000
7,318,845
Senior
Note,
1.05%,
7/15/26
.........................
United
States
2,270,000
2,240,931
c
Iron
Mountain,
Inc.
,
Senior
Bond,
144A,
4.875%,
9/15/29
...................
United
States
700,000
691,487
Senior
Note,
144A,
4.875%,
9/15/27
...................
United
States
2,000,000
1,999,804
c
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
2,950,000
3,013,027
15,264,094
Specialty
Retail
0.5%
c
Dick's
Sporting
Goods,
Inc.
,
Senior
Note
,
144A,
4
%
,
10/01/29
..
United
States
9,450,000
9,320,599
Tobacco
0.5%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
650,000
663,198
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
1,805,000
1,951,394
Philip
Morris
International,
Inc.
,
Senior
Note
,
4.875
%
,
2/15/28
..
United
States
7,700,000
7,847,997
10,462,589
Trading
Companies
&
Distributors
0.3%
c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
..
United
States
3,200,000
3,348,144
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
.
United
States
3,000,000
3,096,816
6,444,960
Wireless
Telecommunication
Services
0.5%
c
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
3,000,000
3,187,851
T-Mobile
USA,
Inc.
,
Senior
Note,
2.25%,
2/15/26
.........................
United
States
2,900,000
2,898,049
Senior
Note,
4.95%,
3/15/28
.........................
United
States
4,200,000
4,280,581
10,366,481
Total
Corporate
Bonds
(Cost
$656,932,010)
...................................
663,316,469
Senior
Floating
Rate
Interests
2.2%
e
Aerospace
&
Defense
0.0%
†
Goat
Holdco
LLC,
First
Lien,
CME
Term
Loan,
B,
6.172%,
(1-month
SOFR
+
2.5%),
1/27/32
......................
United
States
397,851
398,456
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
K,
5.922%,
(1-month
SOFR
+
2.25%),
3/22/30
............................
United
States
329,175
329,257
727,713
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Air
Freight
&
Logistics
0.0%
†
Clue
Opco
LLC,
First
Lien,
CME
Term
Loan,
B,
8.167%,
(3-month
SOFR
+
4.5%),
12/19/30
............................
United
States
420,000
$
419,358
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.672%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
353,223
354,436
773,794
a
a
a
a
a
a
e
Automobile
Components
0.1%
f
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
Incremental
CME
Term
Loan,
C,
7.408%,
(12-month
SOFR
+
3.25%),
9/20/32
..
United
States
321,393
322,598
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan,
6.422%,
(1-month
SOFR
+
2.75%),
1/28/32
.........
United
States
369,016
370,053
DexKo
Global,
Inc.,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan,
7.678%,
(3-month
SOFR
+
3.75%),
10/04/28
........
United
States
533,662
531,727
g
First
Brands
Group
LLC,
First
Lien,
2021
CME
Term
Loan,
PIK,
10.814%,
(1-month
SOFR
+
7%),
3/30/27
................
United
States
321,081
1,793
g
First
Brands
Group
LLC,
First
Lien,
Debtor-In-Possession
Roll
Up
CME
Term
Loan,
PIK,
13.759%,
(12-month
SOFR
+
10%),
6/29/26
.........................................
United
States
208,110
1,640
g
First
Brands
Group
LLC,
First
Lien,
USD
Debtor-In-Possession
New
Money
CME
Term
Loan,
PIK,
5.238%,
(1-month
SOFR
+
1.55%),
6/29/26
...................................
United
States
178,621
23,169
g
First
Brands
Group
LLC,
Second
Lien,
2021
CME
Term
Loan,
PIK,
14.314%,
(1-month
SOFR
+
10.5%),
3/30/28
.........
United
States
600,875
1,722
Highline
Aftermarket
Acquisition
LLC,
First
Lien,
2025-1
CME
Term
Loan,
7.322%,
(3-month
SOFR
+
3.5%),
2/13/30
......
United
States
237,130
238,168
1,490,870
a
a
a
a
a
a
Beverages
0.0%
†
e
Primo
Brands
Corp.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
5.922%,
(3-month
SOFR
+
2.25%),
3/31/28
.........
United
States
351,029
351,541
Broadline
Retail
0.0%
†
e
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B,
6.172%,
(3-month
SOFR
+
2.5%),
7/01/31
......................
Netherlands
486,835
487,383
e
Building
Products
0.1%
Chariot
Buyer
LLC,
First
Lien,
Amendment
No.
5
Incremental
CME
Term
Loan,
6.466%,
(1-month
SOFR
+
2.75%),
9/08/32
.
United
States
101,827
101,879
EMRLD
Borrower
LP,
First
Lien,
Initial
CME
Term
Loan,
B,
6.072%,
(3-month
SOFR
+
2.25%),
5/31/30
..............
United
States
363,937
364,004
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.122%,
(6-month
SOFR
+
2.25%),
8/04/31
.
United
States
102,260
102,257
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.922%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
416,256
417,249
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.922%,
(1-month
SOFR
+
2.25%),
2/10/32
.....................
United
States
273,793
274,085
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
6.672%,
(1-month
SOFR
+
3%),
3/30/29
............
United
States
76,056
76,104
Watlow
Electric
Manufacturing
Co.,
First
Lien,
Initial
CME
Term
Loan,
6.667%,
(3-month
SOFR
+
3%),
3/02/28
............
United
States
570,393
573,424
1,909,002
a
a
a
a
a
a
e
Capital
Markets
0.1%
Citadel
Securities
Global
Holdings
LLC,
First
Lien,
2024
CME
Term
Loan,
5.672%,
(3-month
SOFR
+
2%),
10/31/31
......
United
States
517,388
518,751
CPI
Holdco
B
LLC,
First
Lien,
Initial
Term
Loan,
5.916%,
(1-month
SOFR
+
2%),
5/19/31
...............................
United
States
348,111
346,926
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
48
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Capital
Markets
(continued)
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
Initial
CME
Term
Loan,
6.672%,
(1-month
SOFR
+
3%),
4/07/28
...
United
States
587,567
$
588,469
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan,
5.822%,
(3-month
SOFR
+
2%),
12/15/31
................
United
States
513,674
510,592
1,964,738
a
a
a
a
a
a
e
Chemicals
0.1%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.417%,
(3-month
SOFR
+
2.75%),
9/09/31
.....................
United
States
208,812
209,595
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.417%,
(3-month
SOFR
+
3.75%),
4/06/29
.....................
United
States
504,718
493,362
INEOS
US
Finance
LLC,
First
Lien,
2030
Dollar
CME
Term
Loan,
6.922%,
(1-month
SOFR
+
3.25%),
2/18/30
..............
Luxembourg
437,445
317,148
INEOS
US
Petrochem
LLC,
First
Lien,
New
CME
Term
Loan,
B1,
8.022%,
(1-month
SOFR
+
4.25%),
4/02/29
..............
United
States
218,254
152,959
Nouryon
Finance
BV,
First
Lien,
November
2024
Dollar
CME
Term
Loan,
B2,
6.917%,
(3-month
SOFR
+
3.25%),
4/03/28
..
Netherlands
270,830
270,957
Paint
Intermediate
III
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.87%,
(3-month
SOFR
+
3%),
10/09/31
................
United
States
576,843
576,485
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.593%,
(3-month
SOFR
+
1.75%),
10/29/32
.............
United
States
244,898
246,353
2,266,859
a
a
a
a
a
a
e
Commercial
Services
&
Supplies
0.1%
Allied
Universal
Holdco
LLC,
First
Lien,
Amendment
No.
7
Replacement
USD
CME
Term
Loan,
6.922%,
(1-month
SOFR
+
3.25%),
8/20/32
...................................
United
States
180,840
181,397
APi
Group
DE,
Inc.,
First
Lien,
2021
Incremental
CME
Term
Loan,
5.422%,
(1-month
SOFR
+
1.75%),
1/03/29
..............
United
States
350,000
351,276
Aramark
Services,
Inc.,
First
Lien,
U.S.
CME
Term
Loan,
B10,
5.422%,
(1-month
SOFR
+
1.75%),
6/24/30
..............
United
States
67,069
67,312
Cimpress
USA,
Inc.,
First
Lien,
2024-2
Refinancing
CME
Term
Loan,
B1,
6.172%,
(1-month
SOFR
+
2.5%),
5/17/28
.......
Ireland
460,434
461,299
Garda
World
Security
Corp.,
First
Lien,
Twelfth
Additional
CME
Term
Loan,
6.667%,
(3-month
SOFR
+
3%),
2/01/29
.......
Canada
345,380
345,380
OPENLANE,
Inc.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.365%,
(3-month
SOFR
+
2.5%),
10/01/32
..............
United
States
272,000
272,510
PG
Polaris
BidCo
SARL,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan,
5.922%,
(3-month
SOFR
+
2.25%),
3/26/31
...................................
Luxembourg
174,634
174,869
Prime
Security
Services
Borrower
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
B2,
5.438%,
(1-month
SOFR
+
1.75%),
3/08/32
...................................
United
States
345,380
344,157
Spin
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.934%,
(3-month
SOFR
+
4%),
3/06/28
.......................
United
States
66,335
54,030
2,252,230
a
a
a
a
a
a
Construction
&
Engineering
0.0%
†
e
Radar
Bidco
SARL,
First
Lien,
CME
Term
Loan,
B3,
6.896%,
(3-month
SOFR
+
3.25%),
4/04/31
.....................
Luxembourg
207,809
208,502
Construction
Materials
0.0%
†
e
Knife
River
Corp.,
First
Lien,
CME
Term
Loan,
B,
5.738%,
(3-month
SOFR
+
2%),
3/08/32
.......................
United
States
56,870
57,226
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
49
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Consumer
Finance
0.0%
†
e
Neon
Maple
US
Debt
Mergersub,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.216%,
(1-month
SOFR
+
2.5%),
11/17/31
......
United
States
522,988
$
519,531
e
Containers
&
Packaging
0.1%
Charter
Next
Generation,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.438%,
(1-month
SOFR
+
2.75%),
11/29/30
.............
United
States
218,293
218,687
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.922%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
578,374
576,208
f
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
Term
Loan,
B,
7.413%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
8,160
8,130
Kleopatra
Finco
SARL,
First
Lien,
Debtor-In-Possession
Roll-Up
CME
Term
Loan,
6.675%,
(1-month
SOFR
+
3%),
8/07/26
...
Luxembourg
367,826
330,429
Kleopatra
Finco
SARL,
First
Lien,
USD
Debtor-In-Possession
CME
Term
Loan
Term
Loan,
6.675%,
(1-month
SOFR
+
3%),
8/07/26
.........................................
Luxembourg
244,480
219,624
Klockner
Pentaplast
of
America,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B,
9.044%,
(6-month
SOFR
+
4.75%),
2/12/26
.......
Luxembourg
764,713
122,354
Owens-Brockway
Glass
Container,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.672%,
(1-month
SOFR
+
3%),
9/30/32
.........
United
States
336,301
337,668
1,813,100
a
a
a
a
a
a
e
Distributors
0.1%
Core
&
Main
LP,
First
Lien,
CME
Term
Loan,
D,
5.69%,
(3-month
SOFR
+
2%),
7/27/28
...............................
United
States
314,389
315,471
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.672%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
571,755
561,106
876,577
a
a
a
a
a
a
Diversified
Consumer
Services
0.0%
†
e
Wand
NewCo
3,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.172%,
(1-month
SOFR
+
2.5%),
1/30/31
......................
United
States
322,247
322,458
e
Electrical
Equipment
0.1%
Indicor
LLC,
First
Lien,
Dollar
CME
Term
Loan,
D,
6.422%,
(3-month
SOFR
+
2.75%),
11/22/29
....................
United
States
583,904
584,567
Pinnacle
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.161%,
(3-month
SOFR
+
2.5%),
10/01/32
..............
United
States
198,222
198,767
783,334
a
a
a
a
a
a
e
Electronic
Equipment,
Instruments
&
Components
0.0%
†
MX
Holdings
US,
Inc.,
First
Lien,
Senior
USD
CME
Term
Loan,
B,
5.721%,
(1-month
SOFR
+
2%),
3/17/32
................
United
States
67,674
67,802
Project
Aurora
US
Finco,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
6.49%,
(3-month
SOFR
+
2.75%),
9/30/32
...............
United
States
40,356
40,482
108,284
a
a
a
a
a
a
Energy
Equipment
&
Services
0.0%
†
e
Star
Holding
LLC,
First
Lien,
CME
Term
Loan,
B,
8.172%,
(1-month
SOFR
+
4.5%),
7/18/31
......................
United
States
443,239
435,981
e
Entertainment
0.1%
Banijay
Entertainment
SAS,
First
Lien,
CME
Term
Loan,
B3,
6.438%,
(1-month
SOFR
+
2.75%),
3/01/28
..............
France
137,440
138,230
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
50
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Entertainment
(continued)
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.536%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
721,903
$
702,191
840,421
a
a
a
a
a
a
Financial
Services
0.0%
†
e
Speed
Midco
3
SARL,
First
Lien,
USD
CME
Term
Loan,
B,
6.288%,
(6-month
SOFR
+
2.5%),
10/01/32
..............
Luxembourg
198,830
199,576
e
Food
Products
0.1%
Aspire
Bakeries
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.672%,
(1-month
SOFR
+
3%),
12/23/30
................
United
States
189,265
190,488
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan,
5.922%,
(1-month
SOFR
+
2.25%),
10/28/32
....................
United
States
316,264
317,371
Froneri
International
Ltd.,
First
Lien,
CME
Term
Loan,
B4,
6.285%,
(6-month
SOFR
+
2.25%),
9/30/31
..............
United
Kingdom
402,538
402,369
910,228
a
a
a
a
a
a
e
Ground
Transportation
0.1%
Aggreko
Holdings,
Inc.,
First
Lien,
2025
Amended
USD
CME
Term
Loan,
6.868%,
(3-month
SOFR
+
3%),
5/21/31
.......
United
Kingdom
60,692
60,531
First
Student
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.172%,
(3-month
SOFR
+
2.5%),
8/15/30
......................
United
States
436,757
436,849
First
Student
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
C,
6.172%,
(3-month
SOFR
+
2.5%),
8/15/30
......................
United
States
79,916
79,866
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
CME
Term
Loan,
B4,
6.922%,
(1-month
SOFR
+
3.25%),
1/25/29
......
United
States
497,475
493,371
WWEX
Uni
Topco
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.672%,
(3-month
SOFR
+
4%),
7/26/28
............
United
States
452,283
452,850
1,523,467
a
a
a
a
a
a
Health
Care
Equipment
&
Supplies
0.0%
†
e
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan,
7.422%,
(1-month
SOFR
+
3.75%),
1/15/31
.........
United
States
323,923
326,757
e
Health
Care
Providers
&
Services
0.1%
Medical
Solutions
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
7.267%,
(3-month
SOFR
+
3.5%),
11/01/28
..............
United
States
351,011
78,758
Pacific
Dental
Services,
Inc.,
First
Lien,
CME
Term
Loan,
6.175%,
(1-month
SOFR
+
2.5%),
3/17/31
......................
United
States
283,414
283,748
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.172%,
(3-month
SOFR
+
4.5%),
4/16/32
......................
United
States
299,250
256,607
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5,
6.172%,
(1-month
SOFR
+
2.5%),
2/21/31
......................
United
States
246,256
246,201
Surgery
Center
Holdings,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
6.172%,
(1-month
SOFR
+
2.5%),
12/19/30
.....
United
States
31,683
31,768
US
Anesthesia
Partners,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.814%,
(1-month
SOFR
+
4%),
10/02/28
................
United
States
534,509
535,180
1,432,262
a
a
a
a
a
a
Health
Care
Technology
0.0%
†
e
Cotiviti,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
6.45%,
(1-month
SOFR
+
2.75%),
5/01/31
............................
United
States
338,287
313,974
e
Hotels,
Restaurants
&
Leisure
0.1%
1011778
BC
ULC,
First
Lien,
CME
Term
Loan,
B5,
5.466%,
(1-month
SOFR
+
1.75%),
9/20/30
.....................
Canada
328,793
328,464
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
51
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Hotels,
Restaurants
&
Leisure
(continued)
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B,
5.922%,
(1-month
SOFR
+
2.25%),
2/06/30
...
United
States
214,380
$
213,509
Dave
&
Buster's,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
7.125%,
(3-month
SOFR
+
3.25%),
6/29/29
.......
United
States
351,719
328,377
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.422%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
343,442
343,528
Flynn
Restaurant
Group
LP,
First
Lien,
2025
CME
Term
Loan,
7.422%,
(1-month
SOFR
+
3.75%),
1/28/32
..............
United
States
339,782
340,206
Golden
State
Foods
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.672%,
(3-month
SOFR
+
4%),
12/04/31
................
United
States
145,060
145,623
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B,
8.445%,
(3-month
SOFR
+
4.75%),
11/01/29
.............
Canada
618,803
606,814
Whatabrands
LLC,
First
Lien,
2024-2
Refinancing
CME
Term
Loan.
B,
6.172%,
(1-month
SOFR
+
2.5%),
8/03/28
........
United
States
121,381
121,418
2,427,939
a
a
a
a
a
a
e
Household
Durables
0.1%
AI
Aqua
Merger
Sub,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B,
6.773%,
(3-month
SOFR
+
3%),
7/31/28
..........
United
States
313,168
313,640
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.672%,
(3-month
SOFR
+
3%),
1/16/32
.......................
Netherlands
466,100
465,711
Tecta
America
Corp.,
First
Lien,
CME
Term
Loan,
B,
6.422%,
(1-month
SOFR
+
2.75%),
2/18/32
.....................
United
States
213,214
213,957
993,308
a
a
a
a
a
a
Household
Products
0.0%
†
e,f
Lavender
Dutch
BorrowerCo
BV,
First
Lien,
USD
CME
Term
Loan,
B,
6.935%,
(3-month
SOFR
+
3.25%),
12/02/32
......
Netherlands
231,489
232,551
e
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan,
5.422%,
(1-month
SOFR
+
1.75%),
7/31/30
...................................
United
States
250,000
250,595
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
CME
Term
Loan,
B,
6.353%,
(3-month
SOFR
+
2.5%),
12/11/31
...
United
States
133,184
133,455
384,050
a
a
a
a
a
a
e
Insurance
0.1%
Acrisure
LLC,
First
Lien,
CME
Term
Loan,
B6,
6.672%,
(1-month
SOFR
+
3%),
11/06/30
..............................
United
States
154,095
153,845
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.172%,
(1-month
SOFR
+
2.5%),
9/19/31
..........
United
States
443,261
442,499
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B10,
7.772%,
(1-month
SOFR
+
4%),
8/21/28
.......................
United
States
130,035
130,360
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B11,
8.022%,
(1-month
SOFR
+
4.25%),
8/21/28
.....................
United
States
358,357
359,364
Broadstreet
Partners
Group
LLC,
First
Lien,
2024
CME
Term
Loan,
B,
6.172%,
(1-month
SOFR
+
2.5%),
6/16/31
........
United
States
510,155
508,037
1,594,105
a
a
a
a
a
a
e
IT
Services
0.1%
Indy
US
Holdco
LLC,
First
Lien,
Thirteenth
Amendment
Refinancing
CME
Term
Loan,
5.966%,
(1-month
SOFR
+
2.25%),
10/31/30
..................................
United
States
445,136
442,354
Kaseya,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.672%,
(1-month
SOFR
+
3%),
3/22/32
...............................
United
States
325,486
314,400
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
52
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
IT
Services
(continued)
MH
Sub
I
LLC
(Micro
Holding
Corp.),
First
Lien,
CME
Term
Loan,
7.922%,
(1-month
SOFR
+
4.25%),
5/03/28
..............
United
States
304,855
$
277,636
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan,
7.922%,
(1-month
SOFR
+
4.25%),
12/31/31
.............
United
States
206,347
169,647
1,204,037
a
a
a
a
a
a
e
Leisure
Products
0.0%
†
GBT
US
III
LLC,
First
Lien,
CME
Term
Loan,
B1,
6.358%,
(3-month
SOFR
+
2.5%),
7/25/31
......................
United
States
9,925
9,897
Horizon
US
Finco
LP,
First
Lien,
CME
Term
Loan,
B,
8.777%,
(6-month
SOFR
+
4.5%),
10/31/31
.....................
United
States
442,893
436,803
446,700
a
a
a
a
a
a
e
Machinery
0.0%
†
f
Columbus
McKinnon
Corp.,
First
Lien,
CME
Term
Loan,
B,
6.924%,
(12-month
SOFR
+
3.5%),
1/21/33
..............
United
States
65,163
64,838
Crown
Equipment
Corp.,
First
Lien,
Initial
CME
Term
Loan,
B1,
5.675%,
(1-month
SOFR
+
2%),
10/10/31
................
United
States
345,368
347,024
Tiger
Acquisition
LLC,
First
Lien,
Refinancing
Initial
CME
Term
Loan,
6.173%,
(1-month
SOFR
+
2.5%),
8/23/32
..........
United
States
112,767
112,743
524,605
a
a
a
a
a
a
e
Media
0.1%
f
Advantage
Sales
&
Marketing,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
8.163%,
(3-month
SOFR
+
4.25%),
10/28/27
..........
United
States
319,036
270,737
Cengage
Learning,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.263%,
(1-month
SOFR
+
3.5%;
3-month
SOFR
+
3.5%),
3/24/31
....................................
United
States
272,680
272,765
Charter
Communications
Operating
LLC,
First
Lien,
CME
Term
Loan
B5,
5.911%,
(3-month
SOFR
+
2.25%),
12/15/31
......
United
States
344,375
344,337
887,839
a
a
a
a
a
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
e
Starwood
Property
Mortgage
LLC,
First
Lien,
CME
Term
Loan,
B5,
5.672%,
(1-month
SOFR
+
2%),
1/02/30
.............
United
States
247,506
247,816
e
Oil,
Gas
&
Consumable
Fuels
0.1%
Delek
US
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.316%,
(1-month
SOFR
+
3.5%),
11/09/29
.....................
United
States
497,436
496,993
Hilcorp
Energy
I
LP,
First
Lien,
Initial
CME
Term
Loan,
5.675%,
(1-month
SOFR
+
2%),
2/06/30
.......................
United
States
340,286
341,136
Oryx
Midstream
Services
Permian
Basin
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.924%,
(1-month
SOFR
+
2.25%),
10/05/28
United
States
490,050
490,901
UGI
Energy
Services
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.172%,
(1-month
SOFR
+
2.5%),
2/22/30
...............
United
States
359,708
360,382
1,689,412
a
a
a
a
a
a
e
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.918%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
160,423
160,758
AS
Mileage
Plan
IP
Ltd.,
First
Lien,
Initial
CME
Term
Loan,
5.418%,
(3-month
SOFR
+
1.75%),
10/15/31
.............
United
States
293,010
295,118
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.673%,
(1-month
SOFR
+
2%),
2/24/31
.......................
United
States
223,785
224,437
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Passenger
Airlines
(continued)
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
6.422%,
(3-month
SOFR
+
2.75%),
2/14/31
.....................
Canada
361,281
$
359,812
1,040,125
a
a
a
a
a
a
Pharmaceuticals
0.0%
†
e
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.173%,
(1-month
SOFR
+
2.5%),
12/04/31
.....
United
States
299,250
299,439
e
Professional
Services
0.1%
CoreLogic,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.286%,
(1-month
SOFR
+
3.5%),
6/02/28
......................
United
States
443,029
442,938
Creative
Artists
Agency
LLC,
First
Lien,
CME
Term
Loan,
6.172%,
(1-month
SOFR
+
2.5%),
10/01/31
.....................
United
States
569,822
569,942
Maximus,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.672%,
(1-month
SOFR
+
2%),
5/30/31
...............................
United
States
193,429
194,316
1,207,196
a
a
a
a
a
a
Real
Estate
Management
&
Development
0.0%
†
e
Cushman
&
Wakefield
US
Borrower
LLC,
First
Lien,
2025-2
CME
Term
Loan,
6.466%,
(1-month
SOFR
+
2.75%),
1/31/30
.....
United
States
440,700
444,558
Semiconductors
&
Semiconductor
Equipment
0.0%
†
e
Altar
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
6.783%,
(12-month
SOFR
+
3.1%),
2/01/29
.............................
United
States
547,165
541,556
e
Software
0.1%
Adeia,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B6,
6.172%,
(1-month
SOFR
+
2.5%),
6/08/28
......................
United
States
395,454
395,948
Central
Parent
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
6.922%,
(3-month
SOFR
+
3.25%),
7/06/29
.........
United
States
359,732
289,584
Clover
Holdings
2
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.674%,
(1-month
SOFR
+
4%),
12/09/31
......................
United
States
102,158
100,625
f
Dawn
Bidco
LLC,
First
Lien,
CME
Term
Loan,
6.759%,
(12-month
SOFR
+
3%),
8/20/32
...............................
United
States
555,000
540,778
KnowBe4,
Inc.,
First
Lien,
CME
Term
Loan,
7.417%,
(3-month
SOFR
+
3.75%),
7/23/32
............................
United
States
312,500
301,562
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.672%,
(1-month
SOFR
+
3%),
3/01/29
...............................
United
States
443,915
394,530
Skopima
Consilio
Parent
LLC,
First
Lien,
Amendment
No.
5
CME
Term
Loan,
7.422%,
(1-month
SOFR
+
3.75%),
5/12/28
.....
United
States
443,252
382,083
2,405,110
a
a
a
a
a
a
e
Specialty
Retail
0.1%
Evergreen
Acqco
1
LP,
First
Lien,
Initial
CME
Term
Loan,
6.701%,
(3-month
SOFR
+
3%),
9/17/32
.......................
United
States
224,537
225,379
a,g
GNC
Holdings,
Inc.,
Second
Lien,
CME
Term
Loan,
PIK,
9.772%,
(1-month
SOFR
+
6%),
10/07/26
......................
United
States
1,659,135
1,244,351
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.922%,
(1-month
SOFR
+
3.25%),
1/23/32
..............
United
States
242,208
242,541
RealTruck
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.536%,
(1-month
SOFR
+
3.75%),
1/31/28
.....................
United
States
338,213
264,527
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
6.966%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
344,900
344,715
2,321,513
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
e
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
7.354%,
(3-month
SOFR
+
3.5%),
3/02/28
......................
United
States
457,597
$
410,808
Water
Utilities
0.0%
†
e
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.438%,
(1-month
SOFR
+
2.75%),
10/01/32
.............
United
States
135,243
135,835
Total
Senior
Floating
Rate
Interests
(Cost
$44,914,644)
........................
42,334,310
h
Marketplace
Loans
0.2%
a
Financial
Services
0.2%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$9,524,518)
...................................
3,327,449
Foreign
Government
and
Agency
Securities
2.3%
c
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.25
%
,
5/09/28
.
Angola
920,000
928,343
c
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
......................................
Supranational
i
3,900,000
3,906,725
Brazil
Government
Bond
,
Senior
Bond
,
4.5
%
,
5/30/29
........
Brazil
770,000
765,303
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
1,130,000
1,152,883
Colombia
Government
Bond
,
Senior
Note,
7.375%,
4/25/30
.........................
Colombia
730,000
765,040
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
400,000
EUR
468,244
c
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
Reg
S,
3
%
,
9/30/29
.........................................
Chile
820,000
780,226
c
Dominican
Republic
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
1/25/27
...................................
Dominican
Republic
1,520,000
1,541,280
c
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
1,150,000
1,169,631
c
Egypt
Government
Bond
,
Senior
Bond
,
Reg
S,
7.6
%
,
3/01/29
..
Egypt
850,000
894,550
c
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
840,000
904,982
c
Guatemala
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
2/13/28
.........................................
Guatemala
1,540,000
1,548,585
c
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
1,510,000
1,540,432
Indonesia
Government
Bond
,
Senior
Bond
,
3.85
%
,
10/15/30
...
Indonesia
790,000
775,571
c
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.375
%
,
3/03/28
.........................................
Ivory
Coast
1,140,000
1,160,075
Jamaica
Government
Bond
,
Senior
Bond
,
6.75
%
,
4/28/28
.....
Bermuda
1,140,000
1,180,379
c
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
South
Korea
2,800,000
2,807,256
Mexico
Government
Bond
,
Senior
Bond
,
4.15
%
,
3/28/27
......
Mexico
780,000
779,844
c
Montenegro
Government
Bond
,
Senior
Bond
,
144A,
2.55
%
,
10/03/29
........................................
Montenegro
830,000
EUR
943,728
c
Morocco
Government
Bond
,
Senior
Note
,
144A,
5.95
%
,
3/08/28
Morocco
1,120,000
1,153,098
c
Nigeria
Government
Bond
,
Senior
Note
,
144A,
8.375
%
,
3/24/29
Nigeria
860,000
915,962
Panama
Government
Bond
,
Senior
Bond
,
9.375
%
,
4/01/29
....
Panama
1,110,000
1,265,844
c
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
4.7
%
,
3/27/27
Paraguay
1,550,000
1,565,097
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
1,470,000
1,360,264
Philippines
Government
Bond
,
Senior
Bond
,
9.5
%
,
2/02/30
....
Philippines
1,270,000
1,519,242
Poland
Government
Bond
,
4.875
%
,
2/12/30
...............
Poland
1,880,000
1,933,693
c
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
1,190,000
1,158,088
c
Romania
Government
Bond
,
Senior
Bond
,
144A,
2.875
%
,
5/26/28
Romania
1,680,000
EUR
1,991,949
c
Serbia
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
5/26/28
..
Serbia
1,090,000
1,130,541
South
Africa
Government
Bond
,
Senior
Bond
,
4.85
%
,
9/27/27
..
South
Africa
1,920,000
1,938,192
Turkiye
Government
Bond
,
Senior
Note
,
8.6
%
,
9/24/27
.......
Turkiye
1,090,000
1,162,750
Uruguay
Government
Bond
,
Senior
Bond
,
4.375
%
,
10/27/27
...
Uruguay
1,940,000
1,954,550
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
c
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
7.85
%
,
10/12/28
........................................
Uzbekistan
1,090,000
$
1,168,439
Total
Foreign
Government
and
Agency
Securities
(Cost
$44,218,761)
............
44,230,786
U.S.
Government
and
Agency
Securities
19.6%
U.S.
Treasury
Bonds
,
3.58%
,
11/15/27
...................
United
States
42,300,000
39,721,229
U.S.
Treasury
Notes
,
j
Index
Linked,
0.125%,
4/15/26
.......................
United
States
23,400,000
28,900,161
0.625%,
3/31/27
..................................
United
States
70,000,000
67,712,695
k
0.5%,
8/31/27
....................................
United
States
26,000,000
24,804,609
2.875%,
8/15/28
..................................
United
States
54,000,000
53,096,133
3.75%,
12/31/28
..................................
United
States
42,000,000
42,173,906
4.625%,
4/30/29
..................................
United
States
91,000,000
93,733,555
4%,
10/31/29
....................................
United
States
25,000,000
25,264,649
Total
U.S.
Government
and
Agency
Securities
(Cost
$373,657,850)
..............
375,406,937
Asset-Backed
Securities
15.1%
Consumer
Finance
2.9%
American
Express
Credit
Account
Master
Trust
,
2023-1
,
A
,
4.87
%
,
5/15/28
.
.........................................
United
States
10,380,000
10,412,890
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-4,
A3,
5.78%,
8/16/28
..........................
United
States
4,812,857
4,863,532
2024-1,
A3,
4.85%,
12/18/28
.........................
United
States
8,429,573
8,485,886
Hyundai
Auto
Receivables
Trust
,
2023-B,
A3,
5.48%,
4/17/28
..........................
United
States
1,687,535
1,698,944
2024-A,
A3,
4.99%,
2/15/29
..........................
United
States
3,291,736
3,321,369
2025-B,
A2A,
4.45%,
8/15/28
.........................
United
States
10,393,915
10,425,174
Nissan
Auto
Receivables
Owner
Trust
,
2023-A
,
A3
,
4.91
%
,
11/15/27
.
........................................
United
States
4,626,245
4,639,999
Toyota
Auto
Receivables
Owner
Trust
,
2024-A,
A3,
4.83%,
10/16/28
.........................
United
States
5,194,735
5,229,216
2024-B,
A3,
5.33%,
1/16/29
..........................
United
States
7,255,619
7,334,733
56,411,743
a
a
a
a
a
a
Financial
Services
12.2%
c,e
AGL
CLO
13
Ltd.
,
2021-13A
,
A1R
,
144A,
FRN
,
4.768
%
,
(
3-month
SOFR
+
1.1
%
),
10/20/34
.
............................
United
States
2,550,000
2,552,542
c,e
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.497
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
789,488
795,523
c,e
Apex
Credit
CLO
LLC
,
2021-2A
,
A1AR
,
144A,
FRN
,
4.848
%
,
(
3-month
SOFR
+
1.18
%
),
10/20/34
.
...................
United
States
4,500,000
4,506,233
c,e
Apidos
CLO
XXXI
Ltd.
,
2019-31A
,
A1R
,
144A,
FRN
,
5.034
%
,
(
3-month
SOFR
+
1.362
%
),
4/15/31
.
...................
United
States
1,224,687
1,227,676
c,e
Apidos
CLO
XXXV
Ltd.
,
2021-35A
,
A
,
144A,
FRN
,
4.979
%
,
(
3-month
SOFR
+
1.312
%
),
4/20/34
.
...................
United
States
19,306,000
19,329,025
c,e
Bain
Capital
Credit
CLO
Ltd.
,
2020-1A,
A1RR,
144A,
FRN,
4.658%,
(3-month
SOFR
+
0.99%),
4/18/33
...................................
United
States
2,901,814
2,904,235
2022-2A,
A1R,
144A,
FRN,
4.819%,
(3-month
SOFR
+
1.15%),
4/22/35
.........................................
United
States
2,500,000
2,502,496
c,e
Battalion
CLO
IX
Ltd.
,
2015-9A
,
ARR
,
144A,
FRN
,
4.632
%
,
(
3-month
SOFR
+
0.96
%
),
7/15/31
.
....................
United
States
3,419,347
3,423,960
c,e
Beechwood
Park
CLO
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
4.738
%
,
(
3-month
SOFR
+
1.07
%
),
1/17/35
.
....................
Jersey
10,000,000
10,020,967
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
c,e
BlueMountain
CLO
Ltd.
,
2016-3A
,
A1R2
,
144A,
FRN
,
5.052
%
,
(
3-month
SOFR
+
1.2
%
),
11/15/30
.
....................
United
States
2,205,332
$
2,207,938
c,e
BlueMountain
CLO
XXXI
Ltd.
,
2021-31A
,
A1R
,
144A,
FRN
,
4.768
%
,
(
3-month
SOFR
+
1.1
%
),
4/19/34
.
...............
United
States
3,130,000
3,137,132
c,e
BRAVO
Residential
Funding
Trust
,
2025-HE1
,
A1
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
.
........
United
States
5,911,878
5,929,093
c,e
Buckhorn
Park
CLO
Ltd.
,
2019-1A
,
ARR
,
144A,
FRN
,
4.738
%
,
(
3-month
SOFR
+
1.07
%
),
7/18/34
.
....................
United
States
2,480,000
2,483,714
c,e
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2015-4A
,
A1R3
,
144A,
FRN
,
4.588
%
,
(
3-month
SOFR
+
0.92
%
),
7/20/32
.
.........
United
States
2,668,518
2,674,596
c
CF
Hippolyta
Issuer
LLC
,
2020-1
,
A1
,
144A,
1.69
%
,
7/15/60
.
...
United
States
3,245,201
2,753,157
c
Compass
Datacenters
Issuer
II
LLC
,
2024-2A,
A1,
144A,
5.022%,
8/25/49
...................
United
States
953,000
955,377
2025-1A,
A1,
144A,
5.316%,
5/25/50
...................
United
States
1,023,000
1,031,707
2025-2A,
A1,
144A,
4.926%,
11/25/50
..................
United
States
2,246,000
2,238,962
e
CWABS,
Inc.
Asset-Backed
Certificates
Trust
,
2004-1
,
M1
,
FRN
,
4.537
%
,
(
1-month
SOFR
+
0.864
%
),
3/25/34
.
.............
United
States
18,483
19,154
c,e
Dryden
68
CLO
Ltd.
,
2019-68A
,
ARR
,
144A,
FRN
,
4.772
%
,
(
3-month
SOFR
+
1.1
%
),
7/15/35
.
.....................
United
States
6,450,000
6,456,449
c,e
Dryden
80
CLO
Ltd.
,
2019-80A
,
ARR
,
144A,
FRN
,
4.618
%
,
(
3-month
SOFR
+
0.95
%
),
1/17/33
.
....................
United
States
7,410,265
7,416,337
c,e
Elevation
CLO
Ltd.
,
2018-10A
,
AR
,
144A,
FRN
,
4.588
%
,
(
3-month
SOFR
+
0.92
%
),
10/20/31
.
...........................
United
States
4,602
4,602
c
FIGRE
Trust
,
2025-FL1,
A1,
144A,
5.265%,
7/25/55
..................
United
States
1,610,829
1,621,462
2025-FL2,
A1,
144A,
5.053%,
11/25/55
.................
United
States
2,646,376
2,657,695
l
2025-HE4,
A,
144A,
FRN,
5.408%,
7/25/55
..............
United
States
4,005,211
4,067,014
l
2025-HE5,
A,
144A,
FRN,
5.285%,
8/25/55
..............
United
States
1,170,924
1,184,991
Ford
Credit
Auto
Owner
Trust
,
2024-A
,
A3
,
5.09
%
,
12/15/28
.
...
United
States
5,850,427
5,903,700
c,e
GoldenTree
Loan
Management
US
CLO
11
Ltd.
,
2021-11A
,
AR
,
144A,
FRN
,
4.748
%
,
(
3-month
SOFR
+
1.08
%
),
10/20/34
.
...
United
States
9,960,000
9,969,060
c
GS
Mortgage-Backed
Securities
Trust
,
2025-CES2
,
A1
,
144A,
5.18
%
,
9/25/55
.
...................................
United
States
1,777,467
1,788,793
c
Home
Partners
of
America
Trust
,
2021-3
,
B
,
144A,
2.649
%
,
1/17/41
.
.........................................
United
States
1,347,053
1,269,528
Honda
Auto
Receivables
Owner
Trust
,
2023-3,
A3,
5.41%,
2/18/28
..........................
United
States
3,829,400
3,856,562
2023-4,
A3,
5.67%,
6/21/28
..........................
United
States
4,585,252
4,634,746
c
J.P.
Morgan
Mortgage
Trust
,
2024-CES1,
A1A,
144A,
5.919%,
6/25/54
................
United
States
817,709
826,307
e
2024-HE3,
A1,
144A,
FRN,
4.902%,
(30-day
SOFR
Average
+
1.2%),
2/25/55
....................................
United
States
1,185,019
1,187,376
e
2025-HE3,
A1,
144A,
FRN,
5.053%,
(30-day
SOFR
Average
+
1.35%),
3/20/56
...................................
United
States
1,336,257
1,342,959
c,e
KKR
CLO
43
Ltd.
,
2022-43A
,
A1R
,
144A,
FRN
,
5.422
%
,
(
3-month
SOFR
+
1.75
%
),
1/15/36
.
............................
Jersey
3,250,000
3,261,331
c,e
Madison
Park
Funding
XLV
Ltd.
,
2020-45A
,
ARR
,
144A,
FRN
,
4.752
%
,
(
3-month
SOFR
+
1.08
%
),
7/15/34
.
..............
United
States
7,000,000
7,013,973
c,e
Marble
Point
CLO
XV
Ltd.
,
2019-1A
,
A1R2
,
144A,
FRN
,
4.711
%
,
(
3-month
SOFR
+
1.04
%
),
7/23/32
.
....................
United
States
1,546,202
1,550,831
c,e
Neuberger
Berman
Loan
Advisers
CLO
50
Ltd.
,
2022-50A
,
AR
,
144A,
FRN
,
4.921
%
,
(
3-month
SOFR
+
1.25
%
),
7/23/36
.
....
Jersey
355,000
355,835
c
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
13,870,000
11,685,805
c,e
Northwoods
Capital
25
Ltd.
,
2021-25A
,
AR
,
144A,
FRN
,
4.788
%
,
(
3-month
SOFR
+
1.12
%
),
7/20/34
.
....................
United
States
2,000,000
2,002,333
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
c,e
Octagon
56
Ltd.
,
2021-1A
,
A
,
144A,
FRN
,
5.094
%
,
(
3-month
SOFR
+
1.422
%
),
10/15/34
.
..........................
United
States
15,000,000
$
15,023,318
c,e
Octagon
Investment
Partners
45
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
4.822
%
,
(
3-month
SOFR
+
1.15
%
),
4/15/35
.
.........
United
States
1,395,000
1,397,772
c
PK
Alift
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
..
United
States
961,469
963,321
e
RAAC
Trust
,
2004-SP1
,
AII
,
FRN
,
4.487
%
,
(
1-month
SOFR
+
0.814
%
),
3/25/34
.
.................................
United
States
48,661
48,594
c,e
RR
14
Ltd.
,
2021-14A
,
A1
,
144A,
FRN
,
5.054
%
,
(
3-month
SOFR
+
1.382
%
),
4/15/36
.
................................
United
States
23,418,000
23,445,259
c,f
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
3,612,000
3,632,882
c,e
Sound
Point
CLO
XXII
Ltd.
,
2019-1A
,
ARR
,
144A,
FRN
,
4.698
%
,
(
3-month
SOFR
+
1.03
%
),
1/20/32
.
....................
United
States
1,561,278
1,564,459
c,e
Southwick
Park
CLO
LLC
,
2019-4A
,
A1RR
,
144A,
FRN
,
4.668
%
,
(
3-month
SOFR
+
1
%
),
7/20/32
.
.......................
United
States
3,040,562
3,049,622
c,e
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.572
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
2,217,125
2,218,230
c,e
TCI-Flatiron
CLO
Ltd.
,
2018-1A
,
AR2
,
144A,
FRN
,
4.621
%
,
(
3-month
SOFR
+
0.95
%
),
7/29/35
.
....................
United
States
6,746,284
6,762,037
c
Tesla
Electric
Vehicle
Trust
,
2023-1
,
A3
,
144A,
5.38
%
,
6/20/28
.
.
United
States
4,393,496
4,436,275
c
Towd
Point
Mortgage
Trust
,
l
2024-CES1,
A1A,
144A,
FRN,
5.848%,
1/25/64
...........
United
States
1,479,219
1,489,817
e
2025-HE1,
A1A,
144A,
FRN,
5.047%,
(30-day
SOFR
Average
+
1.35%),
7/25/65
...................................
United
States
802,016
805,542
c,e
Trinitas
CLO
XII
Ltd.
,
2020-12A
,
A1R2
,
144A,
FRN
,
4.718
%
,
(
3-month
SOFR
+
1.05
%
),
4/25/33
.
....................
United
States
1,424,200
1,425,745
c
Truist
Bank
Auto
Credit-Linked
Notes
,
2025-1
,
B
,
144A,
4.728
%
,
9/26/33
.
.........................................
United
States
2,545,484
2,558,952
c
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
1,164,000
1,166,905
c,e
Venture
41
CLO
Ltd.
,
2021-41A
,
A1RR
,
144A,
FRN
,
4.798
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/34
.
....................
United
States
8,500,000
8,509,583
c,e
Voya
CLO
Ltd.
,
2018-2A,
A2,
144A,
FRN,
5.184%,
(3-month
SOFR
+
1.512%),
7/15/31
.........................................
United
States
2,500,000
2,503,681
2019-3A,
AR,
144A,
FRN,
5.009%,
(3-month
SOFR
+
1.342%),
10/17/32
........................................
United
States
1,309,170
1,313,535
233,066,705
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
29,225
28,624
Total
Asset-Backed
Securities
(Cost
$290,907,613)
............................
289,507,072
Commercial
Mortgage-Backed
Securities
4.8%
Financial
Services
4.8%
l
BANK5
Trust
,
m
2025-5YR15,
XA,
IO,
FRN,
1.221%,
7/15/58
.............
United
States
34,979,193
1,669,403
2025-5YR18,
AS,
FRN,
5.466%,
12/15/58
...............
United
States
2,534,000
2,597,692
m
2025-5YR18,
XA,
IO,
FRN,
1.048%,
12/15/58
.............
United
States
43,179,878
1,915,006
l,m
BBCMS
Mortgage
Trust
,
2025-5C34
,
XA
,
IO,
FRN
,
1.167
%
,
5/15/58
.........................................
United
States
61,967,905
2,771,688
Benchmark
Mortgage
Trust
,
2019-B13,
A2,
2.889%,
8/15/57
.......................
United
States
4,046,728
3,915,106
l,m
2025-V15,
XA,
IO,
FRN,
1.119%,
6/15/58
................
United
States
46,777,819
2,015,085
c,l,m
2025-V18,
XA,
IO,
144A,
FRN,
1.258%,
10/15/58
..........
United
States
15,818,407
820,262
l
2025-V19,
AS,
FRN,
5.597%,
1/15/58
...................
United
States
2,832,000
2,928,860
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
Benchmark
Mortgage
Trust,
(continued)
f
2026-V20,
AM,
5.436%,
2/15/59
.......................
United
States
2,374,000
$
2,451,858
l,m
BMO
Mortgage
Trust
,
2025-5C10
,
XA
,
IO,
FRN
,
1.354
%
,
5/15/58
United
States
41,286,447
2,032,123
c,e
BX
Mortgage
Trust
,
2021-PAC
,
A
,
144A,
FRN
,
4.484
%
,
(
1-month
SOFR
+
0.804
%
),
10/15/36
..........................
United
States
7,517,000
7,510,377
c
BX
Trust
,
e
2022-IND,
A,
144A,
FRN,
5.171%,
(1-month
SOFR
+
1.491%),
4/15/37
.........................................
United
States
4,560,851
4,569,946
l
2025-ARIA,
A,
144A,
FRN,
5.031%,
12/13/42
.............
United
States
3,111,000
3,166,995
l
2025-ARIA,
B,
144A,
FRN,
5.177%,
12/13/42
.............
United
States
2,124,000
2,152,630
e
2025-VOLT,
A,
144A,
FRN,
5.38%,
(1-month
SOFR
+
1.7%),
12/15/44
........................................
United
States
1,389,000
1,397,864
Cantor
Commercial
Real
Estate
Lending
LP
,
2019-CF3
,
A2
,
2.942
%
,
1/15/53
...................................
United
States
2,832,269
2,722,188
l
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
1,402,000
1,377,791
Citigroup
Commercial
Mortgage
Trust
,
2016-C3,
A4,
3.154%,
11/15/49
.......................
United
States
4,928,000
4,885,863
2016-P4,
A2,
2.45%,
7/10/49
.........................
United
States
1,250,750
1,249,323
l
2018-C5,
AS,
FRN,
4.408%,
6/10/51
...................
United
States
2,517,188
2,504,935
CSAIL
Commercial
Mortgage
Trust
,
2017-CX10
,
A3
,
3.398
%
,
11/15/50
........................................
United
States
2,700,215
2,695,959
c,l
CSTL
Commercial
Mortgage
Trust
,
2025-GATE2
,
A
,
144A,
FRN
,
4.56
%
,
11/10/42
...................................
United
States
2,612,000
2,598,784
GS
Mortgage
Securities
Trust
,
2016-GS2,
A4,
3.05%,
5/10/49
........................
United
States
890,000
887,996
2016-GS3,
A3,
2.592%,
10/10/49
......................
United
States
3,745,707
3,726,256
2016-GS3,
A4,
2.85%,
10/10/49
.......................
United
States
600,000
594,258
2019-GC42,
A2,
2.933%,
9/10/52
......................
United
States
5,597,327
5,464,509
JPMBB
Commercial
Mortgage
Securities
Trust
,
2016-C1
,
A5
,
3.576
%
,
3/17/49
...................................
United
States
865,588
864,060
JPMDB
Commercial
Mortgage
Securities
Trust
,
2017-C5
,
A4
,
3.414
%
,
3/15/50
...................................
United
States
1,784,801
1,767,915
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
2025-5C2,
AS,
5.384%,
11/15/58
......................
United
States
3,794,000
3,877,767
l,m
2025-5C2,
XA,
IO,
FRN,
1.25%,
11/15/58
................
United
States
31,776,000
1,658,354
c,l
NYC
Commercial
Mortgage
Trust
,
2025-28L
,
A
,
144A,
FRN
,
4.668
%
,
11/05/38
..................................
United
States
3,145,000
3,162,374
c
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
2,422,000
2,258,364
UBS
Commercial
Mortgage
Trust
,
2019-C16,
A2,
3.44%,
4/15/52
........................
United
States
1,416,954
1,389,278
2019-C16,
A3,
3.344%,
4/15/52
.......................
United
States
3,460,000
3,410,459
Wells
Fargo
Commercial
Mortgage
Trust
,
l
2015-C31,
C,
FRN,
4.78%,
11/15/48
...................
United
States
332,117
327,316
2018-C46,
AS,
4.382%,
8/15/51
.......................
United
States
1,676,000
1,661,434
91,000,078
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$90,539,795)
..............
91,000,078
Mortgage-Backed
Securities
1.0%
n
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
6.447%
-
6.842%,
(1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
10/01/36
-
6/01/37
.......
United
States
353,437
366,390
366,390
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
59
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.9%
FHLMC
Gold
Pool,
30
Year,
5%,
1/01/39
..................
United
States
33,188
$
34,083
FHLMC
Pool,
15
Year,
3%,
10/01/37
.....................
United
States
8,448,343
8,119,167
FHLMC
Pool,
15
Year,
3.5%,
10/01/37
....................
United
States
8,582,834
8,329,434
16,482,684
n
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.1%
FNMA,
4.463%,
(3-year
CMT
T-Note
+/-
MBS
Margin),
6/01/34
.
United
States
10,715
10,814
FNMA,
4.975%
-
5.205%,
(1-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/28
-
7/01/34
United
States
10,865
10,856
FNMA,
4.079%
-
5.6%,
(COFI
11th
District
+/-
MBS
Margin),
8/01/27
-
12/01/36
.................................
United
States
18,295
18,155
FNMA,
5.993%,
(5-year
CMT
T-Note
+/-
MBS
Margin),
2/01/30
.
United
States
6,896
6,888
FNMA,
5.285%
-
6.245%,
(6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/27
-
8/01/37
United
States
241,099
245,132
FNMA,
5.171%
-
6.405%,
(12-month
average
of
1-year
CMT
+/-
MBS
Margin),
11/01/30
-
10/01/44
.....................
United
States
69,380
70,215
FNMA,
5.455%
-
6.875%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
11/01/32
-
2/01/44
........
United
States
2,063,860
2,130,259
FNMA,
5.145%
-
6.971%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
11/01/26
-
4/01/40
.................................
United
States
423,942
435,440
2,927,759
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year,
5%,
3/01/38
...........................
United
States
5,107
5,239
n
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.0%
†
GNMA
II,
5.375%
-
5.625%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
4/20/26
-
9/20/26
..................................
United
States
423
424
424
Total
Mortgage-Backed
Securities
(Cost
$19,407,949)
..........................
19,782,496
Residential
Mortgage-Backed
Securities
7.8%
Capital
Markets
0.0%
†
e
Merrill
Lynch
Mortgage
Investors
Trust
,
2003-A,
1A,
FRN,
4.527%,
(1-month
SOFR
+
0.854%),
3/25/28
United
States
17,874
17,341
2003-E,
A1,
FRN,
4.407%,
(
1-month
SOFR
+
0.734%),
10/25/28
........................................
United
States
71,115
67,835
85,176
a
a
a
a
a
a
Financial
Services
7.8%
c
A&D
Mortgage
Trust
,
2023-NQM2,
A1,
144A,
6.132%,
5/25/68
................
United
States
916,595
917,786
2023-NQM3,
A1,
144A,
6.733%,
7/25/68
................
United
States
1,748,769
1,763,070
e
American
Home
Mortgage
Investment
Trust
,
2005-1
,
6A
,
FRN
,
6.033
%
,
(
6-month
SOFR
+
2.428
%
),
6/25/45
.............
United
States
2,602
2,593
c,e
Bellemeade
Re
Ltd.
,
2021-3A
,
B1
,
144A,
FRN
,
7.547
%
,
(
30-day
SOFR
Average
+
3.85
%
),
9/25/31
.....................
United
States
2,488,000
2,570,778
c
BRAVO
Residential
Funding
Trust
,
l
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
.................
United
States
1,669,573
1,614,129
2023-NQM4,
A1,
144A,
6.435%,
5/25/63
................
United
States
3,907,033
3,922,756
2023-NQM5,
A1,
144A,
6.505%,
6/25/63
................
United
States
424,708
427,130
2023-NQM6,
A1,
144A,
6.602%,
9/25/63
................
United
States
840,475
846,655
2023-NQM8,
A1,
144A,
6.394%,
10/25/63
...............
United
States
2,128,434
2,146,515
2024-NQM1,
A1,
144A,
5.943%,
12/01/63
...............
United
States
1,262,392
1,273,628
2024-NQM2,
A1,
144A,
6.285%,
2/25/64
................
United
States
734,961
742,830
2024-NQM3,
A1,
144A,
6.191%,
3/25/64
................
United
States
3,550,535
3,596,850
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
c
CAFL
Issuer
LP
,
2025-RRTL1
,
A1
,
144A,
5.684
%
,
5/28/40
.....
United
States
757,000
$
763,874
c,e
Chase
Home
Lending
Mortgage
Trust
,
2024-7,
A11,
144A,
FRN,
4.997%,
(30-day
SOFR
Average
+
1.3%),
6/25/55
....................................
United
States
598,364
603,541
2026-1,
A11,
144A,
FRN,
4.786%,
(30-day
SOFR
Average
+
1.1%),
5/25/56
....................................
United
States
5,752,000
5,766,317
l
CHL
Mortgage
Pass-Through
Trust
,
2004-11
,
2A1
,
FRN
,
4.95
%
,
7/25/34
.........................................
United
States
407,091
389,851
c,l
CIM
Trust
,
2019-INV1
,
A1
,
144A,
FRN
,
4
%
,
2/25/49
.........
United
States
40,901
39,389
c
COLT
Mortgage
Loan
Trust
,
2024-1,
A1,
144A,
5.835%,
2/25/69
....................
United
States
2,049,551
2,064,505
2024-INV1,
A1,
144A,
5.903%,
12/25/68
.................
United
States
1,584,214
1,597,127
2024-INV4,
A1,
144A,
5.607%,
5/25/69
.................
United
States
4,197,991
4,251,793
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
,
2004-6
,
3A1
,
5
%
,
1/25/38
..................................
Switzerland
99,755
55,912
c
Cross
Mortgage
Trust
,
2024-H1,
A1,
144A,
6.085%,
12/25/68
..................
United
States
3,377,429
3,410,184
2024-H5,
A1,
144A,
5.854%,
8/26/69
...................
United
States
1,264,111
1,279,773
l
2025-H1,
A1,
144A,
FRN,
5.735%,
2/25/70
...............
United
States
1,522,960
1,543,669
l
2025-H3,
A1,
144A,
FRN,
5.883%,
4/25/70
...............
United
States
1,019,052
1,035,943
c,l
CSMC
Trust
,
2014-IVR3
,
A1
,
144A,
FRN
,
3.5
%
,
7/25/44
......
United
States
232,408
221,063
c,e
FHLMC
STACR
REMIC
Trust
,
2021-DNA7,
M1,
144A,
FRN,
4.547%,
(30-day
SOFR
Average
+
0.85%),
11/25/41
.................................
United
States
195,453
195,348
2024-HQA2,
M1,
144A,
FRN,
4.897%,
(30-day
SOFR
Average
+
1.2%),
8/25/44
..................................
United
States
4,081,694
4,088,834
2025-DNA1,
A1,
144A,
FRN,
4.647%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
1,521,005
1,523,674
2025-DNA2,
A1,
144A,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
5/25/45
....................................
United
States
1,299,900
1,303,455
2025-DNA3,
A1,
144A,
FRN,
4.647%,
(30-day
SOFR
Average
+
0.95%),
9/25/45
...................................
United
States
2,083,350
2,087,059
e
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C01,
1M2,
FRN,
10.562%,
(
30-day
SOFR
Average
+
6.864%),
8/25/28
..................................
United
States
135,809
136,426
2016-C01,
2M2,
FRN,
10.762%,
(30-day
SOFR
Average
+
7.064%),
8/25/28
..................................
United
States
409,228
411,187
c
2023-R08,
1M1,
144A,
FRN,
5.197%,
(30-day
SOFR
Average
+
1.5%),
10/25/43
...................................
United
States
3,683,220
3,690,971
c
2024-R02,
1M1,
144A,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
2/25/44
....................................
United
States
1,263,456
1,265,226
c
2024-R03,
2M1,
144A,
FRN,
4.847%,
(30-day
SOFR
Average
+
2.3%),
3/25/44
....................................
United
States
1,455,349
1,457,413
c
2024-R05,
2M1,
144A,
FRN,
4.697%,
(30-day
SOFR
Average
+
1%),
7/25/44
.....................................
United
States
258,484
258,530
c
2025-R01,
1A1,
144A,
FRN,
4.647%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
1,446,149
1,447,694
c
2025-R02,
1A1,
144A,
FRN,
4.697%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
937,223
938,471
c
2025-R03,
2A1,
144A,
FRN,
5.147%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
1,286,094
1,293,885
c
2025-R04,
1A1,
144A,
FRN,
4.697%,
(30-day
SOFR
Average
+
1%),
5/25/45
.....................................
United
States
1,165,382
1,167,031
c,e
GS
Mortgage-Backed
Securities
Trust
,
2025-PJ8,
A27,
144A,
FRN,
4.997%,
(30-day
SOFR
Average
+
1.3%),
2/25/56
....................................
United
States
657,496
661,804
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
c,e
GS
Mortgage-Backed
Securities
Trust,
(continued)
2026-PJ1,
A27,
144A,
FRN,
4.957%,
(30-day
SOFR
Average
+
1.25%),
6/25/56
...................................
United
States
481,000
$
482,061
l
GSR
Mortgage
Loan
Trust
,
2005-AR1
,
1A1
,
FRN
,
6.449
%
,
1/25/35
.........................................
United
States
49,911
47,764
c,e
Home
Re
Ltd.
,
2026-1
,
M1A
,
144A,
FRN
,
5.428
%
,
(
30-day
SOFR
Average
+
1.2
%
),
1/25/36
............................
United
States
1,004,000
1,007,055
c
HOMES
Trust
,
2024-NQM1,
A1,
144A,
5.915%,
7/25/69
................
United
States
1,490,315
1,509,566
2025-NQM1,
A1,
144A,
5.554%,
1/25/70
................
United
States
7,980,201
8,067,722
c
Imperial
Fund
Mortgage
Trust
,
2023-NQM1
,
A1
,
144A,
5.941
%
,
2/25/68
.........................................
United
States
1,597,859
1,594,012
l
J.P.
Morgan
Mortgage
Trust
,
2004-A1,
5A1,
FRN,
6.31%,
2/25/34
....................
United
States
13,253
13,489
c
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
.................
United
States
1,675,503
1,514,775
c,l
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
715,000
722,396
c,l
Mill
City
Mortgage
Loan
Trust
,
2018-1,
A1,
144A,
FRN,
3.25%,
5/25/62
.................
United
States
402,211
400,769
2018-4,
A1B,
144A,
FRN,
3.5%,
4/25/66
.................
United
States
2,300,851
2,273,869
c
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
e
2024-4,
AF,
144A,
FRN,
5.047%,
(30-day
SOFR
Average
+
1.35%),
9/25/54
...................................
United
States
1,489,108
1,493,759
2024-NQM1,
A1,
144A,
6.152%,
12/25/68
...............
United
States
1,772,998
1,791,928
e
New
York
Mortgage
Trust
,
2005-3
,
M1
,
FRN
,
4.462
%
,
(
1-month
SOFR
+
0.789
%
),
2/25/36
...........................
United
States
16,552
16,407
c
OBX
Trust
,
e
2018-1,
A2,
144A,
FRN,
4.437%,
(1-month
SOFR
+
0.764%),
6/25/57
.........................................
United
States
438,780
435,164
l
2021-J3,
A4,
144A,
FRN,
2.5%,
10/25/51
................
United
States
640,557
581,028
2023-NQM10,
A1,
144A,
6.465%,
10/25/63
..............
United
States
3,245,220
3,277,412
2024-NQM1,
A1,
144A,
5.928%,
11/25/63
...............
United
States
1,340,063
1,351,168
2024-NQM2,
A1,
144A,
5.878%,
12/25/63
...............
United
States
1,188,356
1,198,638
2024-NQM3,
A1,
144A,
6.129%,
12/25/63
...............
United
States
1,332,856
1,348,707
2024-NQM4,
A1,
144A,
6.067%,
1/25/64
................
United
States
800,551
809,328
2024-NQM8,
A1,
144A,
6.233%,
5/25/64
................
United
States
2,180,842
2,213,341
c,l
OLIT
,
2025-HB2
,
A
,
144A,
FRN
,
3
%
,
11/25/38
..............
United
States
3,291,464
3,228,854
c,l
Onity
Loan
Investment
Trust
,
2025-HB1
,
A
,
144A,
FRN
,
3
%
,
6/25/38
.........................................
United
States
1,127,372
1,110,683
c,e
PMT
Loan
Trust
,
2025-J2
,
A11
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
8/25/56
.....................
United
States
430,934
433,007
c
PRKCM
Trust
,
2024-AFC1,
A1,
144A,
6.333%,
3/25/59
.................
United
States
1,158,689
1,173,923
2024-HOME1,
A1,
144A,
6.431%,
5/25/59
...............
United
States
1,316,330
1,338,643
c,l
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
....................................
United
States
1,233,209
1,112,760
c,l
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
.........
United
States
5,812,247
5,305,123
c,e
Station
Place
Securitization
Trust
,
2025-1,
A,
144A,
FRN,
4.573%,
(1-month
SOFR
+
0.9%),
7/23/26
.........................................
United
States
6,868,000
6,951,838
2025-3,
A,
144A,
FRN,
4.573%,
(
1-month
SOFR
+
0.9%),
9/23/26
.........................................
United
States
6,890,000
6,913,522
2025-7,
A,
144A,
FRN,
4.573%,
(1-month
SOFR
+
0.9%),
11/24/26
........................................
United
States
6,909,000
6,926,051
e
Thornburg
Mortgage
Securities
Trust
,
2004-3
,
A
,
FRN
,
4.527
%
,
(
1-month
SOFR
+
0.854
%
),
9/25/34
....................
United
States
185,298
176,470
c
Toorak
Mortgage
Trust
,
2025-RRTL1
,
A1
,
144A,
5.524
%
,
2/25/40
United
States
910,000
916,644
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
c,l
Towd
Point
Mortgage
Trust
,
2018-4,
A1,
144A,
FRN,
3%,
6/25/58
...................
United
States
6,227,805
$
5,960,811
2019-1,
A1,
144A,
FRN,
3.75%,
3/25/58
.................
United
States
4,226,292
4,132,337
c
Verus
Securitization
Trust
,
2023-6,
A1,
144A,
6.665%,
9/25/68
....................
United
States
415,093
418,864
2023-INV2,
A1,
144A,
6.443%,
8/25/68
.................
United
States
603,696
606,915
l
2023-INV3,
A1,
144A,
FRN,
6.876%,
11/25/68
............
United
States
1,224,653
1,240,524
2024-2,
A1,
144A,
6.095%,
2/25/69
....................
United
States
440,396
445,146
2024-3,
A1,
144A,
6.338%,
4/25/69
....................
United
States
1,935,130
1,964,153
2024-4,
A1,
144A,
6.218%,
6/25/69
....................
United
States
1,365,165
1,385,645
2024-INV1,
A1,
144A,
6.116%,
3/25/69
..................
United
States
534,988
541,822
149,208,762
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$150,391,404)
..............
149,293,938
Agency
Commercial
Mortgage-Backed
Securities
6.8%
Financial
Services
6.8%
FHLMC
,
e
413,
F23,
FRN,
4.747%,
(30-day
SOFR
Average
+
1.05%),
5/25/54
.........................................
United
States
2,793,063
2,810,258
m
5365,
IO,
2.5%,
7/25/51
.............................
United
States
19,155,464
3,054,731
e
5420,
CF,
FRN,
4.647%,
(30-day
SOFR
Average
+
0.95%),
6/25/54
.........................................
United
States
3,385,599
3,404,907
e
5438,
FB,
FRN,
4.597%,
(
30-day
SOFR
Average
+
0.9%),
8/25/54
.........................................
United
States
4,115,072
4,131,824
e
5438,
FC,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
8/25/54
.........................................
United
States
5,163,600
5,202,624
e
5478,
FK,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
2/25/54
.........................................
United
States
6,033,342
6,075,106
e
5510,
FK,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
2/25/55
.........................................
United
States
4,468,974
4,499,919
e
5517,
FH,
FRN,
4.847%,
(30-day
SOFR
Average
+
1.15%),
3/25/55
.........................................
United
States
5,811,848
5,845,340
e
5534,
FY,
FRN,
4.897%,
(30-day
SOFR
Average
+
1.2%),
5/25/55
.........................................
United
States
8,578,376
8,667,287
e
5537,
FC,
FRN,
4.847%,
(30-day
SOFR
Average
+
1.15%),
5/25/55
.........................................
United
States
8,963,364
9,039,433
e
5549,
FE,
FRN,
4.897%,
(30-day
SOFR
Average
+
1.2%),
6/25/55
.........................................
United
States
8,180,601
8,246,398
e
5568,
FG,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
8/25/55
.........................................
United
States
7,214,819
7,274,632
FNMA
,
m
2020-77,
HI,
IO,
4%,
11/25/50
........................
United
States
11,468,871
2,352,303
e
2024-22,
FG,
FRN,
4.897%,
(
30-day
SOFR
Average
+
1.2%),
5/25/54
.........................................
United
States
5,581,080
5,630,080
e
2024-39,
DF,
FRN,
4.797%,
(30-day
SOFR
Average
+
1.1%),
6/25/54
.........................................
United
States
6,069,770
6,108,679
e
2024-54,
FC,
FRN,
4.667%,
(30-day
SOFR
Average
+
0.97%),
8/25/54
.........................................
United
States
3,301,736
3,325,828
e
2024-77,
DF,
FRN,
4.897%,
(30-day
SOFR
Average
+
1.2%),
10/25/53
........................................
United
States
8,093,821
8,172,736
e
2024-77,
FM,
FRN,
4.647%,
(30-day
SOFR
Average
+
0.95%),
11/25/54
........................................
United
States
4,594,474
4,613,309
e
2024-8,
FA,
FRN,
4.747%,
(30-day
SOFR
Average
+
1.05%),
3/25/54
.........................................
United
States
5,877,275
5,918,634
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
63
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FNMA,
(continued)
e
2024-93,
FD,
FRN,
4.747%,
(30-day
SOFR
Average
+
1.05%),
12/25/54
........................................
United
States
6,229,117
$
6,267,119
e
2024-98,
FA,
FRN,
4.847%,
(
30-day
SOFR
Average
+
1.15%),
12/25/53
........................................
United
States
6,140,465
6,188,677
m
438,
C7,
IO,
3%,
1/25/53
............................
United
States
19,525,008
3,477,230
m
GNMA
,
2019-137,
PI,
IO,
3.5%,
11/20/49
......................
United
States
19,330,021
3,808,395
2020-189,
IA,
IO,
4%,
12/20/49
.......................
United
States
15,678,826
3,451,312
2022-155,
IA,
IO,
2.5%,
10/20/50
......................
United
States
20,092,370
3,029,325
130,596,086
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$129,621,078)
......
130,596,086
Municipal
Bonds
0.9%
California
0.2%
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
...........................
United
States
3,820,000
3,501,011
New
York
0.5%
Empire
State
Development
Corp.
,
Revenue,
2019
B,
ETM,
2.25%,
3/15/26
.................
United
States
8,750,000
8,733,413
8,733,413
Texas
0.2%
Texas
State
University
System
,
Revenue
,
2019
B
,
Refunding
,
2.351
%
,
3/15/26
...................................
United
States
4,825,000
4,817,651
Total
Municipal
Bonds
(Cost
$17,222,728)
....................................
17,052,075
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
60,686
990
b
Mesquite
Energy,
Inc.,
Escrow
Account
...................
United
States
1,900,000
9,595
Total
Escrows
and
Litigation
Trusts
(Cost
$1,838,967)
.........................
10,585
Total
Long
Term
Investments
(Cost
$1,829,795,593)
...........................
1,826,344,440
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.0%
†
Puts
-
Over-the-Counter
Currency
Options
0.0%
†
Foreign
Exchange
EUR/JPY,
Counterparty
JPHQ,
March
Strike
Price
181.05
JPY,
Expires
3/16/26
.....................
1
26,177,000
EUR
238,900
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
64
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
(continued)
Puts
-
Over-the-Counter
Credit
Default
Swaptions
0.0%
†
Buy
protection
on
Markit
CDX
North
American
Investment
Grade
Index
Series
45-V1,
Strike
Price
$0.01,
Counterparty
CITI,
Expires
2/18/26
...................................
1
49,100,000
$
31,697
270,597
Total
Options
Purchased
(Cost
$597,306)
....................................
270,597
Short
Term
Investments
3.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.4%
o,p
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
.........................................
United
States
65,310,235
65,310,235
Total
Money
Market
Funds
(Cost
$65,310,235)
................................
65,310,235
Total
Short
Term
Investments
(Cost
$65,310,235
)
..............................
65,310,235
a
Total
Investments
(Cost
$1,895,703,134)
98.8%
................................
$1,891,925,272
Options
Written
(0.0)%
†
....................................................
(99,366)
Other
Assets,
less
Liabilities
1.2%
...........................................
21,800,698
Net
Assets
100.0%
.........................................................
$1,913,626,604
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Puts
-
Over-the-Counter
Currency
Options
(0.0)%
†
Foreign
Exchange
EUR/JPY,
Counterparty
JPHQ,
March
Strike
Price
176.45
JPY,
Expires
3/16/26
.....................
1
26,177,000
EUR
(87,672)
Credit
Default
Swaptions
(0.0)%
†
Sell
protection
on
Markit
CDX
North
American
Investment
Grade
Index
Series
45-V1,
Strike
Price
$0.01,
Counterparty
CITI,
Expires
2/18/26
...................................
1
(98,200,000)
(11,694)
(99,366)
Total
Options
Written
(Premiums
received
$343,574)
..........................
$
(99,366)
#
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
6
regarding
fair
value
measurements.
b
Non-income
producing.
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
January
31,
2026,
the
aggregate
value
of
these
securities
was
$681,712,394,
representing
35.6%
of
net
assets.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
g
Income
may
be
received
in
additional
securities
and/or
cash.
h
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
i
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
j
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
k
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
January
31,
2026,
the
value
of
this
security
pledged
amounted
to
$4,197,701,
representing
0.2%
of
net
assets.
l
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
m
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
n
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;
they
are
based
on
the
weighted
average
rates
of
the
underlying
mortgage
loans,
less
the
applicable
servicing
and
guarantee
fees
(MBS
margin).
o
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Low
Duration
Total
Return
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
,
At
January
31,
2026,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
0.2%
Block,
Inc.
a
8143539.SQ.FTS.B
,
6
.162
%
,
3/01/26
....
$
724
$
422
a,b
8146384.SQ.FTS.B
,
5
.91
%
,
3/03/26
.....
10,073
268
a
8151554.SQ.FTS.B
,
4
.78
%
,
3/04/26
.....
216
199
a
8157388.SQ.FTS.B
,
4
.958
%
,
3/05/26
....
644
460
a
8157766.SQ.FTS.B
,
6
.42
%
,
3/05/26
.....
6,243
3,591
a
8159049.SQ.FTS.B
,
4
.781
%
,
3/06/26
....
5,073
3,529
a,b
8158900.SQ.FTS.B
,
4
.953
%
,
3/06/26
....
2,749
48
a,b
8162106.SQ.FTS.B
,
5
.113
%
,
3/06/26
....
4,653
2,446
a
8162740.SQ.FTS.B
,
5
.666
%
,
3/07/26
....
3,065
2,016
a
8164341.SQ.FTS.B
,
6
.153
%
,
3/09/26
....
495
402
a
8166181.SQ.FTS.B
,
6
.341
%
,
3/09/26
....
809
502
a,b
8169173.SQ.FTS.B
,
4
.78
%
,
3/10/26
.....
3,690
2,130
a,b
8170308.SQ.FTS.B
,
6
.151
%
,
3/10/26
....
42,780
1,881
a,b
8169308.SQ.FTS.B
,
6
.42
%
,
3/10/26
.....
12,467
271
a
8171784.SQ.FTS.B
,
6
.141
%
,
3/11/26
....
313
143
a,b
8185099.SQ.FTS.B
,
6
.158
%
,
3/14/26
....
1,440
24
a,b
8186943.SQ.FTS.B
,
6
.428
%
,
3/16/26
....
3,070
56
a,b
8189328.SQ.FTS.B
,
6
.676
%
,
3/16/26
....
3,422
67
a,b
8193280.SQ.FTS.B
,
6
.416
%
,
3/17/26
....
1,300
37
a
8194971.SQ.FTS.B
,
4
.78
%
,
3/18/26
.....
21,043
16,958
a,b
8193543.SQ.FTS.B
,
4
.946
%
,
3/18/26
....
313
143
a,b
8196327.SQ.FTS.B
,
6
.426
%
,
3/18/26
....
2,858
58
a
8199561.SQ.FTS.B
,
5
.66
%
,
3/19/26
.....
1,336
1,064
a
8202121.SQ.FTS.B
,
5
.676
%
,
3/19/26
....
853
632
a
8204568.SQ.FTS.B
,
5
.112
%
,
3/20/26
....
2,846
2,542
a,b
8203457.SQ.FTS.B
,
6
.419
%
,
3/20/26
....
1,771
624
a
8205366.SQ.FTS.B
,
6
.55
%
,
3/20/26
.....
387
270
a,b
8205130.SQ.FTS.B
,
6
.676
%
,
3/20/26
....
1,250
35
a,b
8206377.SQ.FTS.B
,
6
.145
%
,
3/21/26
....
1,432
918
a,b
8209936.SQ.FTS.B
,
6
.326
%
,
3/23/26
....
7,494
189
a,b
8212774.SQ.FTS.B
,
4
.962
%
,
3/24/26
....
1,957
1,060
a
8212645.SQ.FTS.B
,
5
.919
%
,
3/24/26
....
782
524
a
8217192.SQ.FTS.B
,
4
.779
%
,
3/25/26
....
6,120
5,027
a,b
3212181.SQ.FTS.B
,
7
.601
%
,
3/18/32
....
380
–
a,b
3210332.SQ.FTS.B
,
7
.921
%
,
3/18/32
....
4,369
–
a,b
3232249.SQ.FTS.B
,
3
.398
%
,
3/25/32
....
828
–
a,b
3233993.SQ.FTS.B
,
4
.689
%
,
3/26/32
....
355
–
a,b
3234758.SQ.FTS.B
,
5
.438
%
,
3/28/32
....
637
–
a,b
3238373.SQ.FTS.B
,
4
.759
%
,
3/29/32
....
870
–
a,b
3255010.SQ.FTS.B
,
7
.921
%
,
4/07/32
....
1,659
–
a,b
3260194.SQ.FTS.B
,
3
.38
%
,
4/09/32
.....
204
–
a,b
3297660.SQ.FTS.B
,
5
.348
%
,
4/24/32
....
556
–
a,b
3311752.SQ.FTS.B
,
2
.821
%
,
4/30/32
....
252
–
a,b
3320535.SQ.FTS.B
,
7
.19
%
,
5/05/32
.....
13,177
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
3336690.SQ.FTS.B
,
5
.389
%
,
5/12/32
....
$
486
$
–
a,b
3336181.SQ.FTS.B
,
5
.769
%
,
5/12/32
....
7,935
–
a,b
3344944.SQ.FTS.B
,
5
.449
%
,
5/17/32
....
877
–
a,b
3361155.SQ.FTS.B
,
2
.72
%
,
5/19/32
.....
1,466
–
a,b
3366564.SQ.FTS.B
,
2
.747
%
,
5/20/32
....
120
–
a,b
3365511.SQ.FTS.B
,
4
.762
%
,
5/20/32
....
243
–
a,b
3371556.SQ.FTS.B
,
2
.72
%
,
5/23/32
.....
698
–
a,b
3401486.SQ.FTS.B
,
4
.108
%
,
6/02/32
....
263
–
a,b
3407926.SQ.FTS.B
,
2
.742
%
,
6/03/32
....
1,511
–
a,b
3411766.SQ.FTS.B
,
4
.65
%
,
6/04/32
.....
5,695
1
a,b
3414237.SQ.FTS.B
,
6
.046
%
,
6/05/32
....
2,276
–
a,b
3415734.SQ.FTS.B
,
5
.449
%
,
6/07/32
....
4,366
–
a,b
3419699.SQ.FTS.B
,
3
.363
%
,
6/08/32
....
10,480
–
a,b
3425756.SQ.FTS.B
,
2
.712
%
,
6/10/32
....
821
–
a,b
3428606.SQ.FTS.B
,
7
.19
%
,
6/11/32
.....
2,028
–
a,b
3433089.SQ.FTS.B
,
4
.075
%
,
6/14/32
....
396
–
a,b
3432767.SQ.FTS.B
,
5
.396
%
,
6/14/32
....
1,841
–
a,b
3434383.SQ.FTS.B
,
7
.19
%
,
6/14/32
.....
11,741
–
a,b
3436460.SQ.FTS.B
,
2
.718
%
,
6/15/32
....
585
–
a,b
3437194.SQ.FTS.B
,
2
.73
%
,
6/15/32
.....
1,490
–
a,b
3435958.SQ.FTS.B
,
2
.734
%
,
6/15/32
....
2,155
–
a,b
3436486.SQ.FTS.B
,
2
.761
%
,
6/15/32
....
376
–
a,b
3437850.SQ.FTS.B
,
4
.739
%
,
6/16/32
....
4,084
–
a,b
3452149.SQ.FTS.B
,
4
.717
%
,
6/21/32
....
969
–
a,b
3463095.SQ.FTS.B
,
4
.008
%
,
6/23/32
....
11,405
–
a,b
3472489.SQ.FTS.B
,
4
.098
%
,
6/26/32
....
2,604
–
a,b
3487584.SQ.FTS.B
,
2
.731
%
,
6/30/32
....
2,184
–
a,b
3510070.SQ.FTS.B
,
7
.19
%
,
7/06/32
.....
25,800
–
a,b
3513483.SQ.FTS.B
,
7
.194
%
,
7/07/32
....
4,792
–
a,b
3521469.SQ.FTS.B
,
4
.648
%
,
7/08/32
....
3,422
–
a,b
3516078.SQ.FTS.B
,
6
.046
%
,
7/08/32
....
8,033
–
a,b
3559884.SQ.FTS.B
,
5
.409
%
,
7/19/32
....
616
–
a,b
3566831.SQ.FTS.B
,
4
.006
%
,
7/20/32
....
2,799
–
a,b
3573904.SQ.FTS.B
,
7
.19
%
,
7/21/32
.....
2,469
–
a,b
3572652.SQ.FTS.B
,
7
.205
%
,
7/21/32
....
758
–
a,b
3612013.SQ.FTS.B
,
3
.339
%
,
7/29/32
....
3,513
–
a,b
3612313.SQ.FTS.B
,
3
.338
%
,
7/30/32
....
3,994
–
a,b
3616837.SQ.FTS.B
,
3
.338
%
,
8/01/32
....
1,256
–
a,b
3622745.SQ.FTS.B
,
6
.472
%
,
8/03/32
....
5,722
–
a,b
3629212.SQ.FTS.B
,
4
.021
%
,
8/05/32
....
316
–
a,b
3631012.SQ.FTS.B
,
3
.34
%
,
8/07/32
.....
702
–
a,b
3693768.SQ.FTS.B
,
6
.472
%
,
8/20/32
....
1,735
–
a,b
3700150.SQ.FTS.B
,
4
.77
%
,
8/22/32
.....
3,008
–
a,b
3760407.SQ.FTS.B
,
3
.331
%
,
9/01/32
....
3,543
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
3842781.SQ.FTS.B
,
5
.079
%
,
9/11/32
....
$
10,067
$
1
a,b
3849313.SQ.FTS.B
,
3
.333
%
,
9/12/32
....
204
–
a,b
3849333.SQ.FTS.B
,
3
.336
%
,
9/12/32
....
8,085
–
a,b
3849054.SQ.FTS.B
,
4
.762
%
,
9/12/32
....
679
–
a,b
3869455.SQ.FTS.B
,
6
.476
%
,
9/17/32
....
7,514
–
a,b
3877914.SQ.FTS.B
,
6
.472
%
,
9/18/32
....
1,608
–
a,b
3908447.SQ.FTS.B
,
6
.149
%
,
9/24/32
....
608
–
a,b
3948363.SQ.FTS.B
,
3
.327
%
,
9/30/32
....
386
–
a,b
3953788.SQ.FTS.B
,
5
.339
%
,
9/30/32
....
6,116
–
a,b
3953673.SQ.FTS.B
,
6
.149
%
,
9/30/32
....
673
–
a,b
3944713.SQ.FTS.B
,
6
.472
%
,
9/30/32
....
16,717
–
a,b
3988483.SQ.FTS.B
,
3
.332
%
,
10/06/32
...
6,804
–
a,b
3995187.SQ.FTS.B
,
5
.079
%
,
10/07/32
...
966
–
a,b
4012864.SQ.FTS.B
,
3
.365
%
,
10/08/32
...
417
–
a,b
4006108.SQ.FTS.B
,
6
.472
%
,
10/08/32
...
3,609
–
a,b
4030312.SQ.FTS.B
,
4
.693
%
,
10/13/32
...
596
–
a,b
4027848.SQ.FTS.B
,
5
.079
%
,
10/13/32
...
13,882
–
a,b
4039216.SQ.FTS.B
,
4
.675
%
,
10/15/32
...
645
–
a,b
4044447.SQ.FTS.B
,
4
.764
%
,
10/16/32
...
14,344
–
a,b
4077814.SQ.FTS.B
,
3
.972
%
,
10/23/32
...
2,357
–
a,b
4079086.SQ.FTS.B
,
5
.079
%
,
10/23/32
...
3,779
–
a,b
4079838.SQ.FTS.B
,
5
.079
%
,
10/23/32
...
6,825
–
a,b
4080547.SQ.FTS.B
,
4
.688
%
,
10/24/32
...
1,952
–
a,b
4095538.SQ.FTS.B
,
6
.472
%
,
10/28/32
...
3,487
–
a,b
4125734.SQ.FTS.B
,
5
.079
%
,
11/05/32
...
4,285
–
a,b
4138127.SQ.FTS.B
,
5
.079
%
,
11/09/32
...
2,987
–
a,b
4142060.SQ.FTS.B
,
4
.771
%
,
11/10/32
...
1,222
–
a,b
4147030.SQ.FTS.B
,
3
.342
%
,
11/11/32
...
346
–
a,b
4163065.SQ.FTS.B
,
4
.762
%
,
11/14/32
...
1,168
–
a,b
4171907.SQ.FTS.B
,
3
.973
%
,
11/17/32
...
4,783
–
a,b
4171680.SQ.FTS.B
,
5
.083
%
,
11/17/32
...
3,222
–
a,b
4186988.SQ.FTS.B
,
3
.34
%
,
11/20/32
....
375
–
a,b
4189414.SQ.FTS.B
,
3
.351
%
,
11/20/32
...
259
–
a,b
4197129.SQ.FTS.B
,
3
.302
%
,
11/21/32
...
38
–
a,b
4200379.SQ.FTS.B
,
3
.351
%
,
11/23/32
...
1,060
–
a,b
4207561.SQ.FTS.B
,
3
.968
%
,
11/25/32
...
1,742
–
a,b
4229796.SQ.FTS.B
,
5
.093
%
,
11/27/32
...
2,213
–
a,b
4271659.SQ.FTS.B
,
3
.327
%
,
12/04/32
...
970
–
a,b
4267608.SQ.FTS.B
,
5
.079
%
,
12/04/32
...
4,641
–
a,b
4280865.SQ.FTS.B
,
4
.762
%
,
12/07/32
...
7,930
–
a,b
4309215.SQ.FTS.B
,
4
.77
%
,
12/10/32
....
2,829
–
a,b
4315085.SQ.FTS.B
,
3
.322
%
,
12/11/32
...
753
–
a,b
4315019.SQ.FTS.B
,
4
.779
%
,
12/11/32
...
1,296
–
a,b
4314394.SQ.FTS.B
,
5
.079
%
,
12/11/32
...
4,763
–
a,b
4333949.SQ.FTS.B
,
5
.097
%
,
12/17/32
...
1,348
–
a,b
4342268.SQ.FTS.B
,
5
.079
%
,
12/20/32
...
3,769
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
4345972.SQ.FTS.B
,
4
.762
%
,
12/21/32
...
$
457
$
–
a,b
4352084.SQ.FTS.B
,
3
.963
%
,
12/22/32
...
1,688
–
a,b
4352239.SQ.FTS.B
,
4
.762
%
,
12/22/32
...
620
1
a,b
4383604.SQ.FTS.B
,
4
.739
%
,
12/30/32
...
2,916
–
a,b
4390373.SQ.FTS.B
,
2
.977
%
,
1/02/33
....
527
–
a,b
4390406.SQ.FTS.B
,
3
.628
%
,
1/02/33
....
834
–
a,b
4394687.SQ.FTS.B
,
3
.012
%
,
1/06/33
....
832
–
a,b
4413064.SQ.FTS.B
,
4
.739
%
,
1/15/33
....
661
–
a,b
4413957.SQ.FTS.B
,
2
.97
%
,
1/16/33
.....
356
–
a,b
4430691.SQ.FTS.B
,
3
.002
%
,
1/22/33
....
968
–
a,b
4431496.SQ.FTS.B
,
3
.002
%
,
1/22/33
....
432
–
a,b
4438299.SQ.FTS.B
,
4
.423
%
,
1/27/33
....
2,530
–
a,b
4438563.SQ.FTS.B
,
4
.739
%
,
1/27/33
....
14,155
–
a,b
4452962.SQ.FTS.B
,
4
.739
%
,
2/03/33
....
8,915
–
a,b
4455128.SQ.FTS.B
,
3
.003
%
,
2/04/33
....
2,253
–
a,b
4457642.SQ.FTS.B
,
3
.633
%
,
2/05/33
....
3,469
–
a,b
4463189.SQ.FTS.B
,
2
.996
%
,
2/09/33
....
2,140
–
a,b
4465207.SQ.FTS.B
,
3
.007
%
,
2/10/33
....
3,432
–
a,b
4481874.SQ.FTS.B
,
3
.005
%
,
2/19/33
....
1,551
–
a,b
4481855.SQ.FTS.B
,
3
.016
%
,
2/19/33
....
1,079
–
a,b
4484475.SQ.FTS.B
,
2
.998
%
,
2/20/33
....
3,439
–
a,b
4484542.SQ.FTS.B
,
4
.744
%
,
2/20/33
....
6,016
–
a,b
4488928.SQ.FTS.B
,
2
.992
%
,
2/23/33
....
703
–
a,b
4489974.SQ.FTS.B
,
4
.423
%
,
2/24/33
....
4,041
–
a,b
4499783.SQ.FTS.B
,
4
.403
%
,
2/28/33
....
63
–
a,b
4508723.SQ.FTS.B
,
3
.299
%
,
3/02/33
....
6,372
–
a,b
4510936.SQ.FTS.B
,
4
.403
%
,
3/03/33
....
3,094
–
a,b
4513287.SQ.FTS.B
,
4
.562
%
,
3/04/33
....
12,361
1
a,b
4514072.SQ.FTS.B
,
3
.309
%
,
3/05/33
....
1,866
–
a,b
4516974.SQ.FTS.B
,
4
.093
%
,
3/07/33
....
88
–
a,b
4519611.SQ.FTS.B
,
2
.673
%
,
3/08/33
....
12,933
–
a,b
4532929.SQ.FTS.B
,
4
.403
%
,
3/14/33
....
2,327
–
a,b
4534513.SQ.FTS.B
,
2
.683
%
,
3/15/33
....
304
–
a,b
4535094.SQ.FTS.B
,
4
.403
%
,
3/15/33
....
3,118
–
a,b
4540937.SQ.FTS.B
,
2
.677
%
,
3/17/33
....
6,282
–
a,b
4546342.SQ.FTS.B
,
3
.302
%
,
3/20/33
....
3,208
–
a,b
4549873.SQ.FTS.B
,
3
.774
%
,
3/21/33
....
201
–
a,b
4550163.SQ.FTS.B
,
4
.403
%
,
3/21/33
....
1,397
–
a,b
4549880.SQ.FTS.B
,
4
.557
%
,
3/21/33
....
3,819
–
a,b
4549725.SQ.FTS.B
,
4
.56
%
,
3/21/33
.....
3,736
1
a,b
4548999.SQ.FTS.B
,
4
.562
%
,
3/21/33
....
4,823
–
a,b
4550265.SQ.FTS.B
,
4
.886
%
,
3/21/33
....
545
–
a,b
4555245.SQ.FTS.B
,
3
.302
%
,
3/23/33
....
4,885
–
a,b
4557410.SQ.FTS.B
,
3
.304
%
,
3/23/33
....
5,012
–
a,b
4556429.SQ.FTS.B
,
3
.927
%
,
3/23/33
....
3,512
–
a,b
4558347.SQ.FTS.B
,
4
.55
%
,
3/23/33
.....
1,070
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
68
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
4556489.SQ.FTS.B
,
4
.56
%
,
3/23/33
.....
$
2,476
$
–
a,b
4556569.SQ.FTS.B
,
4
.561
%
,
3/23/33
....
18,356
–
a,b
4561168.SQ.FTS.B
,
4
.56
%
,
3/24/33
.....
715
–
a,b
4561751.SQ.FTS.B
,
4
.728
%
,
3/25/33
....
3,074
–
a,b
4562273.SQ.FTS.B
,
4
.403
%
,
3/26/33
....
3,405
–
a,b
4565857.SQ.FTS.B
,
4
.561
%
,
3/27/33
....
14,859
1
a,b
4563389.SQ.FTS.B
,
5
.031
%
,
3/27/33
....
3,392
–
a,b
4579623.SQ.FTS.B
,
4
.561
%
,
4/01/33
....
30,289
1
a,b
4581555.SQ.FTS.B
,
3
.774
%
,
4/02/33
....
12,639
1
a,b
4581333.SQ.FTS.B
,
5
.031
%
,
4/02/33
....
3,759
1
a,b
4582331.SQ.FTS.B
,
4
.406
%
,
4/03/33
....
5,425
–
a,b
4585539.SQ.FTS.B
,
2
.695
%
,
4/04/33
....
643
–
a,b
4586510.SQ.FTS.B
,
5
.031
%
,
4/04/33
....
6,337
–
a,b
4589242.SQ.FTS.B
,
4
.582
%
,
4/05/33
....
488
–
a,b
4600950.SQ.FTS.B
,
4
.56
%
,
4/07/33
.....
936
–
a,b
4601908.SQ.FTS.B
,
4
.566
%
,
4/08/33
....
835
–
a,b
4603785.SQ.FTS.B
,
4
.726
%
,
4/08/33
....
2,545
–
a,b
4601418.SQ.FTS.B
,
4
.873
%
,
4/08/33
....
4,582
–
a,b
4604781.SQ.FTS.B
,
3
.774
%
,
4/09/33
....
302
1
a,b
4606526.SQ.FTS.B
,
3
.31
%
,
4/11/33
.....
462
–
a,b
4606149.SQ.FTS.B
,
4
.556
%
,
4/11/33
....
2,129
–
a,b
4607817.SQ.FTS.B
,
3
.296
%
,
4/12/33
....
768
–
a,b
4609191.SQ.FTS.B
,
3
.303
%
,
4/12/33
....
3,661
–
a,b
4612864.SQ.FTS.B
,
3
.302
%
,
4/13/33
....
831
–
a,b
4612909.SQ.FTS.B
,
4
.56
%
,
4/13/33
.....
2,565
1
a,b
4618572.SQ.FTS.B
,
4
.403
%
,
4/14/33
....
927
–
a,b
4620208.SQ.FTS.B
,
4
.873
%
,
4/14/33
....
2,314
–
a,b
4618545.SQ.FTS.B
,
5
.031
%
,
4/14/33
....
2,720
–
a,b
4623698.SQ.FTS.B
,
4
.557
%
,
4/15/33
....
4,549
–
a,b
4622912.SQ.FTS.B
,
4
.56
%
,
4/15/33
.....
12,026
–
a,b
4626052.SQ.FTS.B
,
3
.306
%
,
4/18/33
....
3,539
–
a,b
4627946.SQ.FTS.B
,
4
.406
%
,
4/18/33
....
189
–
a,b
4625409.SQ.FTS.B
,
4
.565
%
,
4/18/33
....
1,903
–
a,b
4626904.SQ.FTS.B
,
5
.031
%
,
4/18/33
....
4,667
–
a,b
4630473.SQ.FTS.B
,
4
.571
%
,
4/19/33
....
336
–
a,b
4631665.SQ.FTS.B
,
4
.72
%
,
4/20/33
.....
4,254
–
a,b
4637259.SQ.FTS.B
,
3
.922
%
,
4/22/33
....
146
–
a,b
4639123.SQ.FTS.B
,
3
.945
%
,
4/22/33
....
1,166
–
a,b
4639291.SQ.FTS.B
,
4
.715
%
,
4/22/33
....
2,606
–
a,b
4641955.SQ.FTS.B
,
4
.559
%
,
4/25/33
....
13,703
–
a,b
4645672.SQ.FTS.B
,
4
.405
%
,
4/26/33
....
10,185
–
a,b
4646691.SQ.FTS.B
,
4
.553
%
,
4/26/33
....
582
–
a,b
4646107.SQ.FTS.B
,
4
.561
%
,
4/26/33
....
2,393
–
a,b
4650952.SQ.FTS.B
,
4
.56
%
,
4/28/33
.....
2,708
1
a,b
4652170.SQ.FTS.B
,
4
.568
%
,
4/28/33
....
3,326
–
a,b
4655105.SQ.FTS.B
,
4
.557
%
,
4/29/33
....
1,842
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
4654724.SQ.FTS.B
,
4
.56
%
,
4/29/33
.....
$
439
$
–
a,b
4656767.SQ.FTS.B
,
5
.031
%
,
4/30/33
....
2,269
–
a,b
4660611.SQ.FTS.B
,
3
.774
%
,
5/01/33
....
1,867
–
a,b
4660577.SQ.FTS.B
,
4
.557
%
,
5/01/33
....
5,607
–
a,b
4662056.SQ.FTS.B
,
4
.56
%
,
5/02/33
.....
40,082
–
a,b
4665723.SQ.FTS.B
,
4
.569
%
,
5/03/33
....
813
–
a,b
4669203.SQ.FTS.B
,
3
.27
%
,
5/04/33
.....
309
–
a,b
4669930.SQ.FTS.B
,
3
.935
%
,
5/04/33
....
1,076
–
a,b
4668525.SQ.FTS.B
,
3
.983
%
,
5/04/33
....
412
–
a,b
4679063.SQ.FTS.B
,
3
.302
%
,
5/08/33
....
2,470
–
a,b
4682306.SQ.FTS.B
,
4
.403
%
,
5/08/33
....
19,587
–
a,b
4684220.SQ.FTS.B
,
4
.566
%
,
5/08/33
....
332
–
a,b
4684103.SQ.FTS.B
,
4
.574
%
,
5/08/33
....
761
–
a,b
4681090.SQ.FTS.B
,
4
.886
%
,
5/08/33
....
1,211
–
a,b
4704761.SQ.FTS.B
,
5
.031
%
,
5/10/33
....
1,417
–
a,b
4710517.SQ.FTS.B
,
4
.717
%
,
5/12/33
....
3,035
–
a,b
4719485.SQ.FTS.B
,
4
.555
%
,
5/15/33
....
1,259
–
a,b
4717011.SQ.FTS.B
,
4
.874
%
,
5/15/33
....
8,731
–
a,b
4746441.SQ.FTS.B
,
4
.557
%
,
5/19/33
....
1,214
–
a,b
4763575.SQ.FTS.B
,
4
.403
%
,
5/23/33
....
1,338
–
a,b
4761481.SQ.FTS.B
,
5
.031
%
,
5/23/33
....
4,254
–
a,b
4773719.SQ.FTS.B
,
4
.72
%
,
5/24/33
.....
1,216
–
a,b
4790074.SQ.FTS.B
,
4
.568
%
,
5/29/33
....
1,864
–
a,b
4789346.SQ.FTS.B
,
5
.031
%
,
5/29/33
....
6,004
–
a,b
4794467.SQ.FTS.B
,
4
.539
%
,
5/30/33
....
116
–
a,b
4796271.SQ.FTS.B
,
4
.874
%
,
5/30/33
....
1,575
–
a,b
4799750.SQ.FTS.B
,
4
.403
%
,
6/01/33
....
3,222
–
a,b
4812628.SQ.FTS.B
,
4
.403
%
,
6/03/33
....
7,404
–
a,b
4810478.SQ.FTS.B
,
4
.717
%
,
6/03/33
....
13,210
–
a,b
4814186.SQ.FTS.B
,
4
.874
%
,
6/03/33
....
3,604
–
a,b
4819764.SQ.FTS.B
,
5
.031
%
,
6/07/33
....
1,187
–
a,b
4829812.SQ.FTS.B
,
4
.088
%
,
6/10/33
....
291
–
a,b
4831455.SQ.FTS.B
,
4
.57
%
,
6/10/33
.....
1,012
–
a,b
4832246.SQ.FTS.B
,
4
.734
%
,
6/10/33
....
58
–
a,b
4829826.SQ.FTS.B
,
4
.877
%
,
6/10/33
....
2,529
–
a,b
4839177.SQ.FTS.B
,
3
.593
%
,
6/14/33
....
1,366
–
a,b
4839467.SQ.FTS.B
,
4
.403
%
,
6/14/33
....
1,586
–
a,b
4840100.SQ.FTS.B
,
4
.729
%
,
6/14/33
....
1,543
–
a,b
4860368.SQ.FTS.B
,
4
.874
%
,
6/17/33
....
989
–
a,b
4862500.SQ.FTS.B
,
4
.225
%
,
6/18/33
....
1,169
–
a,b
4862382.SQ.FTS.B
,
4
.251
%
,
6/18/33
....
5,131
–
a,b
4866679.SQ.FTS.B
,
4
.695
%
,
6/20/33
....
1,660
–
a,b
4863679.SQ.FTS.B
,
4
.938
%
,
6/20/33
....
16,205
–
a,b
4867627.SQ.FTS.B
,
4
.72
%
,
6/21/33
.....
2,052
–
a,b
4867691.SQ.FTS.B
,
4
.892
%
,
6/21/33
....
43
–
a,b
4868930.SQ.FTS.B
,
5
.371
%
,
6/21/33
....
1,648
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
69
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
4868123.SQ.FTS.B
,
5
.391
%
,
6/21/33
....
$
533
$
–
a,b
4872677.SQ.FTS.B
,
2
.973
%
,
6/22/33
....
3,275
–
a,b
4873945.SQ.FTS.B
,
3
.603
%
,
6/22/33
....
3,094
–
a,b
4872471.SQ.FTS.B
,
4
.22
%
,
6/22/33
.....
1,391
–
a,b
4873268.SQ.FTS.B
,
4
.403
%
,
6/22/33
....
6,701
–
a,b
4874117.SQ.FTS.B
,
4
.406
%
,
6/22/33
....
3,842
–
a,b
4873083.SQ.FTS.B
,
4
.538
%
,
6/22/33
....
9,479
–
a,b
4871945.SQ.FTS.B
,
4
.557
%
,
6/22/33
....
5,985
–
a,b
4877319.SQ.FTS.B
,
3
.555
%
,
6/25/33
....
1,558
–
a,b
4877302.SQ.FTS.B
,
4
.741
%
,
6/25/33
....
624
–
a,b
4877812.SQ.FTS.B
,
4
.225
%
,
6/26/33
....
2,156
–
a,b
4880109.SQ.FTS.B
,
3
.428
%
,
6/27/33
....
10,497
–
a,b
4878164.SQ.FTS.B
,
4
.56
%
,
6/27/33
.....
1,101
–
a,b
4880047.SQ.FTS.B
,
4
.945
%
,
6/27/33
....
132
–
a,b
4881617.SQ.FTS.B
,
2
.961
%
,
6/28/33
....
1,646
–
a,b
4882604.SQ.FTS.B
,
3
.791
%
,
6/28/33
....
4,323
–
a,b
4880571.SQ.FTS.B
,
4
.403
%
,
6/28/33
....
14,651
–
a,b
4881988.SQ.FTS.B
,
4
.56
%
,
6/28/33
.....
41,908
3
a,b
4886936.SQ.FTS.B
,
4
.56
%
,
6/30/33
.....
29,822
–
a,b
4889578.SQ.FTS.B
,
4
.874
%
,
7/01/33
....
6,235
–
a,b
4891549.SQ.FTS.B
,
4
.717
%
,
7/03/33
....
3,445
–
a,b
4893163.SQ.FTS.B
,
4
.716
%
,
7/04/33
....
12,426
–
a,b
4901122.SQ.FTS.B
,
3
.919
%
,
7/07/33
....
611
–
a,b
4905832.SQ.FTS.B
,
3
.893
%
,
7/10/33
....
6,058
–
a,b
4907500.SQ.FTS.B
,
4
.789
%
,
7/11/33
....
4,190
–
a,b
4908035.SQ.FTS.B
,
4
.87
%
,
7/11/33
.....
5,837
–
a,b
4923842.SQ.FTS.B
,
4
.565
%
,
7/16/33
....
1,929
–
a,b
4924187.SQ.FTS.B
,
3
.294
%
,
7/17/33
....
357
–
a,b
4925184.SQ.FTS.B
,
3
.774
%
,
7/18/33
....
2,723
–
a,b
4925548.SQ.FTS.B
,
4
.071
%
,
7/18/33
....
16,715
–
a,b
4925972.SQ.FTS.B
,
4
.287
%
,
7/18/33
....
7,444
1
a,b
4926169.SQ.FTS.B
,
5
.233
%
,
7/18/33
....
261
–
a,b
4927104.SQ.FTS.B
,
5
.031
%
,
7/19/33
....
7,625
1
a,b
4937358.SQ.FTS.B
,
4
.44
%
,
7/24/33
.....
640
–
a,b
4938983.SQ.FTS.B
,
2
.516
%
,
7/25/33
....
1,318
–
a,b
4942412.SQ.FTS.B
,
3
.587
%
,
7/26/33
....
13,011
1
a,b
4955556.SQ.FTS.B
,
3
.321
%
,
7/29/33
....
1,340
–
a,b
4968011.SQ.FTS.B
,
4
.403
%
,
8/02/33
....
732
–
a,b
4968065.SQ.FTS.B
,
4
.403
%
,
8/02/33
....
9,113
1
a,b
4975394.SQ.FTS.B
,
3
.941
%
,
8/05/33
....
1,503
–
a,b
4981810.SQ.FTS.B
,
3
.587
%
,
8/09/33
....
904
–
a,b
4981564.SQ.FTS.B
,
4
.735
%
,
8/09/33
....
474
–
a,b
4989575.SQ.FTS.B
,
4
.874
%
,
8/11/33
....
1,283
–
a,b
4990812.SQ.FTS.B
,
3
.57
%
,
8/12/33
.....
3,319
–
a,b
4990427.SQ.FTS.B
,
4
.183
%
,
8/12/33
....
646
–
a,b
4991412.SQ.FTS.B
,
5
.031
%
,
8/13/33
....
1,244
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
4992493.SQ.FTS.B
,
4
.403
%
,
8/14/33
....
$
1,237
$
–
a,b
4993580.SQ.FTS.B
,
4
.92
%
,
8/14/33
.....
600
–
a,b
5006802.SQ.FTS.B
,
5
.031
%
,
8/16/33
....
7,127
–
a,b
5019192.SQ.FTS.B
,
3
.57
%
,
8/17/33
.....
10,195
1
a,b
5026306.SQ.FTS.B
,
2
.39
%
,
8/19/33
.....
5,011
–
a,b
5027172.SQ.FTS.B
,
4
.88
%
,
8/21/33
.....
156
–
a,b
5042184.SQ.FTS.B
,
3
.774
%
,
8/25/33
....
127
–
a,b
5044278.SQ.FTS.B
,
4
.559
%
,
8/27/33
....
3,444
–
a,b
5047301.SQ.FTS.B
,
4
.403
%
,
8/28/33
....
4,140
–
a,b
5053049.SQ.FTS.B
,
4
.873
%
,
9/02/33
....
110
–
a,b
5058089.SQ.FTS.B
,
4
.56
%
,
9/03/33
.....
14,655
–
a,b
5062108.SQ.FTS.B
,
3
.866
%
,
9/05/33
....
2,002
–
a,b
5065553.SQ.FTS.B
,
4
.72
%
,
9/07/33
.....
11,144
–
a,b
5075271.SQ.FTS.B
,
5
.031
%
,
9/10/33
....
1,219
–
a,b
5075922.SQ.FTS.B
,
3
.308
%
,
9/11/33
....
298
–
a,b
5075710.SQ.FTS.B
,
3
.358
%
,
9/11/33
....
2,580
–
a,b
5090985.SQ.FTS.B
,
4
.55
%
,
9/17/33
.....
383
–
a,b
5096024.SQ.FTS.B
,
4
.292
%
,
9/21/33
....
9,361
–
a,b
5096286.SQ.FTS.B
,
4
.561
%
,
9/21/33
....
250
–
a,b
5099070.SQ.FTS.B
,
4
.881
%
,
9/22/33
....
659
–
a,b
5102362.SQ.FTS.B
,
4
.874
%
,
9/23/33
....
26,662
–
a,b
5109707.SQ.FTS.B
,
4
.553
%
,
9/25/33
....
478
–
a,b
5110450.SQ.FTS.B
,
4
.717
%
,
9/26/33
....
4,298
–
a,b
5110232.SQ.FTS.B
,
5
.212
%
,
9/26/33
....
4,917
–
a,b
5114631.SQ.FTS.B
,
4
.867
%
,
9/29/33
....
2,038
–
a,b
5123870.SQ.FTS.B
,
4
.277
%
,
9/30/33
....
461
–
a,b
5123250.SQ.FTS.B
,
4
.56
%
,
9/30/33
.....
2,209
–
a,b
5118658.SQ.FTS.B
,
4
.717
%
,
9/30/33
....
542
–
a,b
5122398.SQ.FTS.B
,
4
.719
%
,
9/30/33
....
5,431
–
a,b
5130538.SQ.FTS.B
,
4
.159
%
,
10/04/33
...
2,193
–
a,b
5132890.SQ.FTS.B
,
3
.78
%
,
10/05/33
....
30,012
–
a,b
5135982.SQ.FTS.B
,
4
.403
%
,
10/05/33
...
11,822
1
a,b
5134488.SQ.FTS.B
,
5
.87
%
,
10/05/33
....
1,144
–
a,b
5138301.SQ.FTS.B
,
4
.56
%
,
10/06/33
....
2,419
–
a,b
5144732.SQ.FTS.B
,
3
.953
%
,
10/07/33
...
2,684
–
a,b
5142732.SQ.FTS.B
,
4
.579
%
,
10/07/33
...
163
–
a,b
5146188.SQ.FTS.B
,
5
.34
%
,
10/08/33
....
6,760
–
a,b
5155680.SQ.FTS.B
,
4
.337
%
,
10/12/33
...
521
–
a,b
5154060.SQ.FTS.B
,
4
.403
%
,
10/12/33
...
494
–
a,b
5156338.SQ.FTS.B
,
4
.557
%
,
10/12/33
...
2,755
–
a,b
5156676.SQ.FTS.B
,
4
.56
%
,
10/12/33
....
1,284
–
a,b
5160593.SQ.FTS.B
,
4
.56
%
,
10/13/33
....
14,723
–
a,b
5162594.SQ.FTS.B
,
3
.459
%
,
10/14/33
...
500
–
a,b
5163731.SQ.FTS.B
,
4
.56
%
,
10/14/33
....
7,221
–
a,b
5172784.SQ.FTS.B
,
4
.558
%
,
10/17/33
...
6,176
–
a,b
5179416.SQ.FTS.B
,
4
.717
%
,
10/18/33
...
2,654
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5181201.SQ.FTS.B
,
3
.655
%
,
10/19/33
...
$
6,478
$
–
a,b
5183474.SQ.FTS.B
,
4
.56
%
,
10/19/33
....
575
–
a,b
5210392.SQ.FTS.B
,
4
.454
%
,
10/23/33
...
2,309
–
a,b
5220660.SQ.FTS.B
,
4
.564
%
,
10/26/33
...
1,490
–
a,b
5241436.SQ.FTS.B
,
4
.563
%
,
11/01/33
...
3,502
–
a,b
5243505.SQ.FTS.B
,
4
.13
%
,
11/02/33
....
20,719
1
a,b
5244949.SQ.FTS.B
,
4
.556
%
,
11/02/33
...
2,287
–
a,b
5245623.SQ.FTS.B
,
4
.562
%
,
11/02/33
...
4,046
–
a,b
5250769.SQ.FTS.B
,
3
.293
%
,
11/03/33
...
1,742
–
a,b
5250706.SQ.FTS.B
,
3
.704
%
,
11/03/33
...
1,023
–
a,b
5255302.SQ.FTS.B
,
2
.584
%
,
11/04/33
...
19,141
–
a,b
5254769.SQ.FTS.B
,
3
.306
%
,
11/04/33
...
1,097
–
a,b
5254554.SQ.FTS.B
,
4
.558
%
,
11/04/33
...
5,092
–
a,b
5266837.SQ.FTS.B
,
3
.031
%
,
11/05/33
...
3,783
–
a,b
5266476.SQ.FTS.B
,
4
.563
%
,
11/05/33
...
4,712
–
a,b
5262459.SQ.FTS.B
,
4
.568
%
,
11/05/33
...
220
–
a,b
5281103.SQ.FTS.B
,
5
.979
%
,
11/10/33
...
8,490
–
a,b
5293954.SQ.FTS.B
,
3
.21
%
,
11/14/33
....
344
–
a,b
5296287.SQ.FTS.B
,
3
.774
%
,
11/16/33
...
207
–
a,b
5305068.SQ.FTS.B
,
4
.56
%
,
11/17/33
....
77,744
–
a,b
5313405.SQ.FTS.B
,
3
.938
%
,
11/18/33
...
546
–
a,b
5316290.SQ.FTS.B
,
4
.577
%
,
11/19/33
...
884
–
a,b
5322693.SQ.FTS.B
,
5
.031
%
,
11/20/33
...
874
–
a,b
5325004.SQ.FTS.B
,
5
.207
%
,
11/22/33
...
1,379
–
a,b
5330101.SQ.FTS.B
,
3
.774
%
,
11/23/33
...
1,778
–
a,b
5328895.SQ.FTS.B
,
4
.563
%
,
11/23/33
...
2,371
–
a,b
5329785.SQ.FTS.B
,
4
.717
%
,
11/23/33
...
1,629
–
a,b
5363132.SQ.FTS.B
,
5
.031
%
,
11/26/33
...
7,301
–
a,b
5374200.SQ.FTS.B
,
3
.996
%
,
11/27/33
...
7,532
–
a,b
5372948.SQ.FTS.B
,
4
.559
%
,
11/27/33
...
7,104
–
a,b
5380422.SQ.FTS.B
,
4
.56
%
,
11/27/33
....
12,758
–
a,b
5381740.SQ.FTS.B
,
3
.913
%
,
11/29/33
...
733
–
a,b
5394107.SQ.FTS.B
,
4
.552
%
,
11/30/33
...
101
–
a,b
5411337.SQ.FTS.B
,
3
.132
%
,
12/01/33
...
839
–
a,b
5400388.SQ.FTS.B
,
3
.308
%
,
12/01/33
...
2,133
–
a,b
5414769.SQ.FTS.B
,
3
.883
%
,
12/01/33
...
2,336
–
a,b
5414116.SQ.FTS.B
,
4
.215
%
,
12/01/33
...
15,698
–
a,b
5462926.SQ.FTS.B
,
4
.214
%
,
12/03/33
...
3,148
–
a,b
5473313.SQ.FTS.B
,
4
.528
%
,
12/04/33
...
665
–
a,b
5474055.SQ.FTS.B
,
4
.563
%
,
12/05/33
...
1,008
–
a,b
5518301.SQ.FTS.B
,
3
.302
%
,
12/08/33
...
22,861
1
a,b
5507161.SQ.FTS.B
,
4
.561
%
,
12/08/33
...
8,476
–
a,b
5528209.SQ.FTS.B
,
3
.774
%
,
12/09/33
...
9,462
–
a,b
5534237.SQ.FTS.B
,
3
.985
%
,
12/09/33
...
6,220
–
a,b
5532399.SQ.FTS.B
,
5
.225
%
,
12/09/33
...
1,906
–
a,b
5537587.SQ.FTS.B
,
4
.207
%
,
12/10/33
...
2,685
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5540468.SQ.FTS.B
,
5
.594
%
,
12/11/33
...
$
1,805
$
–
a,b
5550397.SQ.FTS.B
,
4
.403
%
,
12/14/33
...
15,348
–
a,b
5557572.SQ.FTS.B
,
3
.296
%
,
12/15/33
...
1,381
–
a,b
5554806.SQ.FTS.B
,
4
.057
%
,
12/15/33
...
1,418
–
a,b
5565348.SQ.FTS.B
,
4
.56
%
,
12/17/33
....
8,568
–
a,b
5565100.SQ.FTS.B
,
4
.874
%
,
12/17/33
...
1,552
–
a,b
5568047.SQ.FTS.B
,
4
.875
%
,
12/18/33
...
25,893
–
a,b
5571589.SQ.FTS.B
,
4
.555
%
,
12/20/33
...
1,376
–
a,b
5575033.SQ.FTS.B
,
4
.551
%
,
12/21/33
...
1,017
–
a,b
5584916.SQ.FTS.B
,
3
.774
%
,
12/24/33
...
3,248
–
a,b
5588007.SQ.FTS.B
,
3
.301
%
,
12/25/33
...
16,177
–
a,b
5588652.SQ.FTS.B
,
4
.275
%
,
12/25/33
...
14
–
a,b
5588372.SQ.FTS.B
,
5
.031
%
,
12/25/33
...
8,728
–
a,b
5588819.SQ.FTS.B
,
4
.891
%
,
12/26/33
...
1,320
–
a,b
5595419.SQ.FTS.B
,
3
.858
%
,
12/28/33
...
1,222
–
a,b
5594146.SQ.FTS.B
,
4
.047
%
,
12/28/33
...
3,596
–
a,b
5598446.SQ.FTS.B
,
3
.281
%
,
12/29/33
...
607
–
a,b
5597324.SQ.FTS.B
,
3
.296
%
,
12/29/33
...
341
–
a,b
5600512.SQ.FTS.B
,
4
.406
%
,
12/29/33
...
8,322
–
a,b
5600497.SQ.FTS.B
,
4
.41
%
,
12/29/33
....
130
–
a,b
5610840.SQ.FTS.B
,
3
.305
%
,
12/30/33
...
7,751
–
a,b
5615484.SQ.FTS.B
,
5
.031
%
,
1/01/34
....
9,295
–
a,b
5618906.SQ.FTS.B
,
4
.56
%
,
1/03/34
.....
2,590
–
a,b
5622466.SQ.FTS.B
,
5
.37
%
,
1/05/34
.....
1,396
–
a,b
5628952.SQ.FTS.B
,
4
.715
%
,
1/06/34
....
4,403
–
a,b
5627076.SQ.FTS.B
,
4
.717
%
,
1/06/34
....
7,284
–
a,b
5627773.SQ.FTS.B
,
4
.724
%
,
1/06/34
....
1,198
–
a,b
5641349.SQ.FTS.B
,
4
.379
%
,
1/07/34
....
1,084
–
a,b
5662108.SQ.FTS.B
,
5
.031
%
,
1/11/34
....
6,816
–
a,b
5667327.SQ.FTS.B
,
4
.921
%
,
1/12/34
....
22,164
1
a,b
5694516.SQ.FTS.B
,
3
.774
%
,
1/14/34
....
411
–
a,b
5718687.SQ.FTS.B
,
4
.559
%
,
1/20/34
....
174
–
a,b
5719839.SQ.FTS.B
,
4
.717
%
,
1/20/34
....
7,877
–
a,b
5729235.SQ.FTS.B
,
3
.774
%
,
1/21/34
....
3,033
1
a,b
5734498.SQ.FTS.B
,
3
.302
%
,
1/22/34
....
1,621
–
a,b
5732468.SQ.FTS.B
,
3
.883
%
,
1/22/34
....
186
–
a,b
5739159.SQ.FTS.B
,
4
.561
%
,
1/25/34
....
13,484
1
a,b
5738195.SQ.FTS.B
,
4
.874
%
,
1/25/34
....
854
–
a,b
5742284.SQ.FTS.B
,
4
.56
%
,
1/26/34
.....
5,670
–
a,b
5741356.SQ.FTS.B
,
4
.738
%
,
1/26/34
....
1,619
–
a,b
5744108.SQ.FTS.B
,
3
.774
%
,
1/27/34
....
995
–
a,b
5754674.SQ.FTS.B
,
3
.492
%
,
1/29/34
....
2,696
–
a,b
5754537.SQ.FTS.B
,
5
.136
%
,
1/29/34
....
930
–
a,b
5762467.SQ.FTS.B
,
4
.375
%
,
2/01/34
....
2,052
–
a,b
5768898.SQ.FTS.B
,
4
.723
%
,
2/03/34
....
1,889
–
a,b
5774005.SQ.FTS.B
,
3
.923
%
,
2/04/34
....
1,473
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
71
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5774288.SQ.FTS.B
,
4
.313
%
,
2/04/34
....
$
779
$
–
a,b
5779587.SQ.FTS.B
,
4
.557
%
,
2/06/34
....
969
–
a,b
5779612.SQ.FTS.B
,
5
.251
%
,
2/06/34
....
3,348
–
a,b
5784284.SQ.FTS.B
,
5
.031
%
,
2/08/34
....
5,640
–
a,b
5787095.SQ.FTS.B
,
5
.031
%
,
2/09/34
....
491
–
a,b
5790156.SQ.FTS.B
,
4
.69
%
,
2/10/34
.....
1,282
–
a,b
5790251.SQ.FTS.B
,
5
.258
%
,
2/10/34
....
2,713
–
a,b
5801823.SQ.FTS.B
,
4
.555
%
,
2/11/34
....
903
–
a,b
5806812.SQ.FTS.B
,
4
.867
%
,
2/11/34
....
369
–
a,b
5803772.SQ.FTS.B
,
4
.885
%
,
2/11/34
....
752
–
a,b
5802372.SQ.FTS.B
,
5
.156
%
,
2/11/34
....
5,979
–
a,b
5807339.SQ.FTS.B
,
4
.56
%
,
2/12/34
.....
7,842
–
a,b
5807048.SQ.FTS.B
,
5
.022
%
,
2/12/34
....
343
–
a,b
5813279.SQ.FTS.B
,
5
.037
%
,
2/12/34
....
2,311
–
a,b
5813539.SQ.FTS.B
,
5
.161
%
,
2/13/34
....
2,195
–
a,b
5821573.SQ.FTS.B
,
3
.29
%
,
2/16/34
.....
1,346
–
a,b
5820502.SQ.FTS.B
,
4
.559
%
,
2/16/34
....
2,422
–
a,b
5820697.SQ.FTS.B
,
5
.042
%
,
2/16/34
....
1,220
–
a,b
5830235.SQ.FTS.B
,
4
.561
%
,
2/18/34
....
10,562
–
a,b
5833923.SQ.FTS.B
,
3
.305
%
,
2/19/34
....
3,357
–
a,b
5833277.SQ.FTS.B
,
3
.77
%
,
2/19/34
.....
1,687
–
a,b
5833649.SQ.FTS.B
,
4
.561
%
,
2/19/34
....
7,646
–
a,b
5834289.SQ.FTS.B
,
4
.571
%
,
2/20/34
....
378
–
a,b
5836241.SQ.FTS.B
,
3
.964
%
,
2/22/34
....
4,473
–
a,b
5837692.SQ.FTS.B
,
4
.558
%
,
2/22/34
....
789
–
a,b
5837836.SQ.FTS.B
,
4
.939
%
,
2/22/34
....
3,875
–
a,b
5842217.SQ.FTS.B
,
5
.058
%
,
2/23/34
....
755
–
a,b
5843755.SQ.FTS.B
,
4
.56
%
,
2/24/34
.....
5,701
–
a,b
5845038.SQ.FTS.B
,
4
.565
%
,
2/24/34
....
533
–
a,b
5845026.SQ.FTS.B
,
4
.612
%
,
2/24/34
....
716
–
a,b
5851164.SQ.FTS.B
,
5
.252
%
,
2/25/34
....
26,208
–
a,b
5852732.SQ.FTS.B
,
3
.963
%
,
2/26/34
....
6,024
–
a,b
5854302.SQ.FTS.B
,
5
.443
%
,
2/26/34
....
3,389
–
a,b
5855717.SQ.FTS.B
,
5
.201
%
,
2/27/34
....
1,319
–
a,b
5856105.SQ.FTS.B
,
3
.975
%
,
2/28/34
....
78
–
a,b
5862719.SQ.FTS.B
,
5
.093
%
,
2/28/34
....
4,110
–
a,b
5861074.SQ.FTS.B
,
5
.155
%
,
2/28/34
....
2,179
–
a,b
5867284.SQ.FTS.B
,
5
.162
%
,
2/28/34
....
4,758
–
a,b
5871974.SQ.FTS.B
,
5
.451
%
,
3/01/34
....
354
–
a,b
5876337.SQ.FTS.B
,
4
.753
%
,
3/02/34
....
2,139
–
a,b
5877622.SQ.FTS.B
,
5
.369
%
,
3/03/34
....
1,737
–
a,b
5881097.SQ.FTS.B
,
4
.688
%
,
3/06/34
....
1,672
–
a,b
5890652.SQ.FTS.B
,
4
.753
%
,
3/08/34
....
2,944
–
a,b
5889950.SQ.FTS.B
,
5
.031
%
,
3/08/34
....
2,001
–
a,b
5894262.SQ.FTS.B
,
5
.285
%
,
3/09/34
....
6,335
–
a,b
5894989.SQ.FTS.B
,
4
.743
%
,
3/10/34
....
1,832
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5901715.SQ.FTS.B
,
4
.835
%
,
3/13/34
....
$
491
$
–
a,b
5901096.SQ.FTS.B
,
5
.031
%
,
3/13/34
....
8,515
–
a,b
5912773.SQ.FTS.B
,
5
.439
%
,
3/16/34
....
13,179
–
a,b
5918667.SQ.FTS.B
,
4
.531
%
,
3/20/34
....
495
–
a,b
5924210.SQ.FTS.B
,
4
.748
%
,
3/21/34
....
11,933
2
a,b
5925246.SQ.FTS.B
,
5
.031
%
,
3/21/34
....
3,145
1
a,b
5922874.SQ.FTS.B
,
5
.44
%
,
3/21/34
.....
9,877
–
a,b
5929107.SQ.FTS.B
,
4
.021
%
,
3/22/34
....
4,507
–
a,b
5930081.SQ.FTS.B
,
5
.526
%
,
3/22/34
....
1,383
–
a,b
5934510.SQ.FTS.B
,
5
.52
%
,
3/24/34
.....
877
–
a,b
5938544.SQ.FTS.B
,
5
.156
%
,
3/26/34
....
8,920
–
a,b
5937710.SQ.FTS.B
,
5
.377
%
,
3/26/34
....
9,403
–
a,b
5941408.SQ.FTS.B
,
5
.034
%
,
3/27/34
....
4,263
–
a,b
5951713.SQ.FTS.B
,
4
.741
%
,
3/29/34
....
1,763
–
a,b
5950325.SQ.FTS.B
,
4
.754
%
,
3/29/34
....
1,266
–
a,b
5951743.SQ.FTS.B
,
5
.094
%
,
3/29/34
....
6,697
–
a,b
5949246.SQ.FTS.B
,
5
.103
%
,
3/29/34
....
2,143
–
a,b
5954057.SQ.FTS.B
,
5
.283
%
,
3/30/34
....
10,357
–
a,b
5956156.SQ.FTS.B
,
5
.536
%
,
4/01/34
....
4,565
–
a,b
5956226.SQ.FTS.B
,
4
.307
%
,
4/02/34
....
5,662
–
a,b
5966970.SQ.FTS.B
,
4
.53
%
,
4/05/34
.....
6,042
1
a,b
5966004.SQ.FTS.B
,
5
.031
%
,
4/05/34
....
13,909
1
a,b
5972346.SQ.FTS.B
,
4
.588
%
,
4/06/34
....
594
1
a,b
5974110.SQ.FTS.B
,
5
.031
%
,
4/06/34
....
760
–
a,b
5972193.SQ.FTS.B
,
5
.097
%
,
4/06/34
....
2,834
–
a,b
5977756.SQ.FTS.B
,
5
.376
%
,
4/07/34
....
10,251
1
a,b
5978395.SQ.FTS.B
,
4
.748
%
,
4/08/34
....
5,654
–
a,b
5980004.SQ.FTS.B
,
4
.433
%
,
4/10/34
....
14,671
–
a,b
5980834.SQ.FTS.B
,
5
.536
%
,
4/10/34
....
2,059
–
a,b
5983711.SQ.FTS.B
,
5
.433
%
,
4/11/34
....
170
–
a,b
5984682.SQ.FTS.B
,
5
.198
%
,
4/12/34
....
390
–
a,b
5986413.SQ.FTS.B
,
5
.546
%
,
4/12/34
....
2,347
–
a,b
5989761.SQ.FTS.B
,
4
.034
%
,
4/13/34
....
125
–
a,b
5991501.SQ.FTS.B
,
4
.764
%
,
4/13/34
....
1,416
–
a,b
5991559.SQ.FTS.B
,
4
.843
%
,
4/13/34
....
2,551
–
a,b
5996138.SQ.FTS.B
,
4
.907
%
,
4/14/34
....
2,468
–
a,b
5997621.SQ.FTS.B
,
5
.542
%
,
4/16/34
....
2,321
–
a,b
6000204.SQ.FTS.B
,
4
.02
%
,
4/17/34
.....
175
–
a,b
6003035.SQ.FTS.B
,
4
.748
%
,
4/18/34
....
40,734
–
a,b
6003010.SQ.FTS.B
,
5
.031
%
,
4/18/34
....
1,626
–
a,b
6007679.SQ.FTS.B
,
5
.039
%
,
4/19/34
....
2,522
–
a,b
6006837.SQ.FTS.B
,
5
.189
%
,
4/19/34
....
11,360
–
a,b
6007073.SQ.FTS.B
,
5
.552
%
,
4/19/34
....
72
–
a,b
6013787.SQ.FTS.B
,
4
.852
%
,
4/21/34
....
291
–
a,b
6014176.SQ.FTS.B
,
5
.191
%
,
4/21/34
....
76
–
a,b
6015922.SQ.FTS.B
,
4
.75
%
,
4/22/34
.....
2,381
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
72
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6020766.SQ.FTS.B
,
4
.032
%
,
4/24/34
....
$
1,785
$
–
a,b
6017671.SQ.FTS.B
,
4
.92
%
,
4/24/34
.....
1,081
–
a,b
6022726.SQ.FTS.B
,
4
.747
%
,
4/25/34
....
440
–
a,b
6021277.SQ.FTS.B
,
5
.031
%
,
4/25/34
....
4,902
–
a,b
6026398.SQ.FTS.B
,
4
.913
%
,
4/26/34
....
2,245
–
a,b
6025558.SQ.FTS.B
,
5
.46
%
,
4/26/34
.....
833
–
a,b
6032149.SQ.FTS.B
,
5
.157
%
,
4/27/34
....
1,557
1
a,b
6033308.SQ.FTS.B
,
5
.157
%
,
4/28/34
....
2,943
–
a,b
6038307.SQ.FTS.B
,
4
.906
%
,
4/30/34
....
11,023
–
a,b
6041701.SQ.FTS.B
,
5
.535
%
,
4/30/34
....
6,983
–
a,b
6041983.SQ.FTS.B
,
4
.748
%
,
5/01/34
....
40,970
1
a,b
6046321.SQ.FTS.B
,
4
.753
%
,
5/02/34
....
4,007
–
a,b
6047820.SQ.FTS.B
,
5
.027
%
,
5/02/34
....
649
–
a,b
6046375.SQ.FTS.B
,
5
.383
%
,
5/02/34
....
3,102
–
a,b
6057856.SQ.FTS.B
,
5
.437
%
,
5/04/34
....
4,257
–
a,b
6059813.SQ.FTS.B
,
4
.525
%
,
5/06/34
....
6,787
–
a,b
6063093.SQ.FTS.B
,
5
.28
%
,
5/07/34
.....
3,406
–
a,b
6120938.SQ.FTS.B
,
5
.158
%
,
5/09/34
....
17,933
–
a,b
6120756.SQ.FTS.B
,
5
.393
%
,
5/09/34
....
192
–
a,b
6122715.SQ.FTS.B
,
4
.528
%
,
5/10/34
....
45,745
2
a,b
6126608.SQ.FTS.B
,
5
.537
%
,
5/12/34
....
4,440
–
a,b
6127374.SQ.FTS.B
,
4
.748
%
,
5/13/34
....
2,574
–
a,b
6127192.SQ.FTS.B
,
4
.906
%
,
5/13/34
....
2,501
–
a,b
6134623.SQ.FTS.B
,
4
.528
%
,
5/15/34
....
17,381
–
a,b
6133707.SQ.FTS.B
,
4
.938
%
,
5/15/34
....
11,499
–
a,b
6135248.SQ.FTS.B
,
4
.751
%
,
5/16/34
....
8,060
–
a,b
6135022.SQ.FTS.B
,
5
.156
%
,
5/16/34
....
3,251
–
a,b
6136481.SQ.FTS.B
,
5
.442
%
,
5/16/34
....
4,428
–
a,b
6139899.SQ.FTS.B
,
4
.526
%
,
5/17/34
....
5,390
–
a,b
6141598.SQ.FTS.B
,
5
.031
%
,
5/17/34
....
3,417
–
a,b
6141840.SQ.FTS.B
,
5
.164
%
,
5/17/34
....
3,171
–
a,b
6145876.SQ.FTS.B
,
5
.538
%
,
5/18/34
....
2,747
–
a,b
6147492.SQ.FTS.B
,
5
.429
%
,
5/19/34
....
224
–
a,b
6147217.SQ.FTS.B
,
5
.456
%
,
5/19/34
....
462
–
a,b
6151254.SQ.FTS.B
,
5
.031
%
,
5/21/34
....
33,491
2
a,b
6149785.SQ.FTS.B
,
5
.377
%
,
5/21/34
....
1,256
–
a,b
6153219.SQ.FTS.B
,
5
.372
%
,
5/22/34
....
2,899
–
a,b
6155930.SQ.FTS.B
,
5
.438
%
,
5/22/34
....
9,003
–
a,b
6157670.SQ.FTS.B
,
4
.54
%
,
5/23/34
.....
895
–
a,b
6158976.SQ.FTS.B
,
5
.153
%
,
5/23/34
....
478
–
a,b
6157661.SQ.FTS.B
,
5
.546
%
,
5/23/34
....
955
–
a,b
6161004.SQ.FTS.B
,
5
.16
%
,
5/24/34
.....
1,742
–
a,b
6163115.SQ.FTS.B
,
4
.748
%
,
5/25/34
....
9,867
–
a,b
6161916.SQ.FTS.B
,
5
.433
%
,
5/25/34
....
3,028
–
a,b
6163558.SQ.FTS.B
,
5
.559
%
,
5/25/34
....
676
–
a,b
6165678.SQ.FTS.B
,
5
.542
%
,
5/27/34
....
4,327
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6169587.SQ.FTS.B
,
5
.534
%
,
5/28/34
....
$
3,516
$
–
a,b
6174665.SQ.FTS.B
,
4
.525
%
,
5/30/34
....
517
–
a,b
6181401.SQ.FTS.B
,
5
.296
%
,
6/01/34
....
341
–
a,b
6182359.SQ.FTS.B
,
4
.749
%
,
6/02/34
....
635
–
a,b
6190783.SQ.FTS.B
,
4
.732
%
,
6/05/34
....
1,090
–
a,b
6192067.SQ.FTS.B
,
4
.777
%
,
6/06/34
....
497
–
a,b
6200609.SQ.FTS.B
,
5
.427
%
,
6/07/34
....
1,061
–
a,b
6196734.SQ.FTS.B
,
5
.451
%
,
6/07/34
....
1,042
–
a,b
6196936.SQ.FTS.B
,
5
.533
%
,
6/07/34
....
1,154
–
a,b
6204820.SQ.FTS.B
,
5
.387
%
,
6/08/34
....
1,654
–
a,b
6207861.SQ.FTS.B
,
4
.748
%
,
6/09/34
....
37,929
–
a,b
6207369.SQ.FTS.B
,
5
.154
%
,
6/09/34
....
618
–
a,b
6213794.SQ.FTS.B
,
5
.44
%
,
6/12/34
.....
3,389
–
a,b
6216601.SQ.FTS.B
,
4
.743
%
,
6/13/34
....
2,272
–
a,b
6215032.SQ.FTS.B
,
5
.286
%
,
6/13/34
....
3,341
–
a,b
6216579.SQ.FTS.B
,
5
.513
%
,
6/13/34
....
580
–
a,b
6220076.SQ.FTS.B
,
4
.749
%
,
6/14/34
....
3,725
–
a,b
6220695.SQ.FTS.B
,
4
.749
%
,
6/14/34
....
23,011
–
a,b
6226503.SQ.FTS.B
,
4
.75
%
,
6/15/34
.....
3,035
–
a,b
6234555.SQ.FTS.B
,
4
.322
%
,
6/16/34
....
1,536
–
a,b
6229129.SQ.FTS.B
,
4
.749
%
,
6/16/34
....
44,854
–
a,b
6235160.SQ.FTS.B
,
5
.436
%
,
6/17/34
....
6,431
–
a,b
6235824.SQ.FTS.B
,
5
.588
%
,
6/17/34
....
1,663
–
a,b
6235797.SQ.FTS.B
,
5
.66
%
,
6/17/34
.....
5,020
–
a,b
6236427.SQ.FTS.B
,
5
.252
%
,
6/18/34
....
10,363
–
a,b
6240143.SQ.FTS.B
,
5
.374
%
,
6/19/34
....
3,654
–
a,b
6240208.SQ.FTS.B
,
5
.279
%
,
6/20/34
....
5,830
–
a,b
6244041.SQ.FTS.B
,
4
.54
%
,
6/21/34
.....
154
–
a,b
6245007.SQ.FTS.B
,
5
.283
%
,
6/21/34
....
832
–
a,b
6255542.SQ.FTS.B
,
4
.73
%
,
6/24/34
.....
396
–
a,b
6255997.SQ.FTS.B
,
4
.749
%
,
6/25/34
....
1,357
–
a,b
6255909.SQ.FTS.B
,
5
.627
%
,
6/25/34
....
975
–
a,b
6256740.SQ.FTS.B
,
5
.445
%
,
6/26/34
....
688
–
a,b
6262497.SQ.FTS.B
,
4
.747
%
,
6/28/34
....
8,184
–
a,b
6265155.SQ.FTS.B
,
5
.595
%
,
6/29/34
....
6,047
–
a,b
6270473.SQ.FTS.B
,
5
.751
%
,
6/30/34
....
3,312
–
a,b
6276763.SQ.FTS.B
,
5
.129
%
,
7/04/34
....
2,289
–
a,b
6276874.SQ.FTS.B
,
5
.603
%
,
7/04/34
....
1,212
–
a,b
6277246.SQ.FTS.B
,
5
.66
%
,
7/04/34
.....
349
–
a,b
6279862.SQ.FTS.B
,
5
.472
%
,
7/05/34
....
16,989
–
a,b
6280869.SQ.FTS.B
,
5
.476
%
,
7/05/34
....
4,517
–
a,b
6284870.SQ.FTS.B
,
4
.748
%
,
7/06/34
....
4,590
1
a,b
6286798.SQ.FTS.B
,
5
.127
%
,
7/09/34
....
3,737
–
a,b
6290969.SQ.FTS.B
,
4
.743
%
,
7/10/34
....
1,070
–
a,b
6304870.SQ.FTS.B
,
4
.529
%
,
7/15/34
....
15,082
–
a,b
6304502.SQ.FTS.B
,
5
.378
%
,
7/15/34
....
9,016
1
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
73
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6306494.SQ.FTS.B
,
4
.969
%
,
7/17/34
....
$
12,186
$
–
a,b
6308429.SQ.FTS.B
,
5
.595
%
,
7/17/34
....
715
–
a,b
6308976.SQ.FTS.B
,
5
.752
%
,
7/18/34
....
3,197
–
a,b
6314524.SQ.FTS.B
,
5
.124
%
,
7/19/34
....
1,404
–
a,b
6315256.SQ.FTS.B
,
5
.447
%
,
7/19/34
....
3,856
–
a,b
6314730.SQ.FTS.B
,
5
.66
%
,
7/19/34
.....
3,074
–
a,b
6319933.SQ.FTS.B
,
5
.378
%
,
7/21/34
....
14,196
–
a,b
6320178.SQ.FTS.B
,
5
.441
%
,
7/22/34
....
3,234
–
a,b
6321758.SQ.FTS.B
,
4
.967
%
,
7/23/34
....
4,486
–
a,b
6353710.SQ.FTS.B
,
5
.441
%
,
7/24/34
....
4,027
1
a,b
6352903.SQ.FTS.B
,
5
.593
%
,
7/24/34
....
2,446
–
a,b
6355005.SQ.FTS.B
,
4
.969
%
,
7/25/34
....
11,762
–
a,b
6364953.SQ.FTS.B
,
4
.531
%
,
7/27/34
....
4,175
–
a,b
6362699.SQ.FTS.B
,
4
.969
%
,
7/27/34
....
42,087
1
a,b
6369186.SQ.FTS.B
,
5
.246
%
,
7/30/34
....
158
–
a,b
6373846.SQ.FTS.B
,
4
.747
%
,
7/31/34
....
4,529
–
a,b
6378691.SQ.FTS.B
,
5
.126
%
,
8/02/34
....
5,925
–
a,b
6385845.SQ.FTS.B
,
4
.767
%
,
8/04/34
....
326
–
a,b
6385666.SQ.FTS.B
,
5
.66
%
,
8/04/34
.....
1,880
–
a,b
6390840.SQ.FTS.B
,
5
.66
%
,
8/07/34
.....
3,830
–
a,b
6394386.SQ.FTS.B
,
5
.362
%
,
8/08/34
....
816
–
a,b
6403479.SQ.FTS.B
,
5
.126
%
,
8/10/34
....
3,187
–
a,b
6401953.SQ.FTS.B
,
5
.427
%
,
8/10/34
....
876
–
a,b
6401970.SQ.FTS.B
,
5
.442
%
,
8/10/34
....
1,665
–
a,b
6404445.SQ.FTS.B
,
5
.139
%
,
8/11/34
....
1,220
–
a,b
6405166.SQ.FTS.B
,
5
.252
%
,
8/12/34
....
19,913
–
a,b
6407824.SQ.FTS.B
,
4
.73
%
,
8/13/34
.....
460
–
a,b
6408523.SQ.FTS.B
,
5
.252
%
,
8/13/34
....
5,951
1
a,b
6411150.SQ.FTS.B
,
5
.377
%
,
8/14/34
....
2,180
–
a,b
6414405.SQ.FTS.B
,
4
.765
%
,
8/15/34
....
1,715
–
a,b
6414098.SQ.FTS.B
,
5
.76
%
,
8/15/34
.....
3,987
–
a,b
6420149.SQ.FTS.B
,
4
.971
%
,
8/16/34
....
12,660
1
a,b
6423702.SQ.FTS.B
,
5
.253
%
,
8/17/34
....
19,832
–
a,b
6426793.SQ.FTS.B
,
4
.749
%
,
8/20/34
....
568
–
a,b
6428407.SQ.FTS.B
,
5
.439
%
,
8/21/34
....
7,388
–
a,b
6429640.SQ.FTS.B
,
5
.441
%
,
8/21/34
....
5,813
–
a,b
6427509.SQ.FTS.B
,
5
.664
%
,
8/21/34
....
4,726
–
a,b
6439475.SQ.FTS.B
,
5
.256
%
,
8/23/34
....
709
–
a,b
6439293.SQ.FTS.B
,
5
.472
%
,
8/23/34
....
7,365
–
a,b
6441111.SQ.FTS.B
,
4
.964
%
,
8/24/34
.....
680
–
a,b
6443707.SQ.FTS.B
,
5
.598
%
,
8/24/34
....
35,282
–
a,b
6448554.SQ.FTS.B
,
4
.743
%
,
8/27/34
....
1,900
–
a,b
6447640.SQ.FTS.B
,
4
.974
%
,
8/27/34
....
2,396
–
a,b
6448205.SQ.FTS.B
,
5
.252
%
,
8/27/34
....
7,623
–
a,b
6448059.SQ.FTS.B
,
5
.471
%
,
8/27/34
....
5,140
–
a,b
6447919.SQ.FTS.B
,
5
.597
%
,
8/27/34
....
267
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6448382.SQ.FTS.B
,
5
.756
%
,
8/27/34
....
$
3,199
$
–
a,b
6452451.SQ.FTS.B
,
4
.748
%
,
8/28/34
....
3,082
1
a,b
6462554.SQ.FTS.B
,
5
.251
%
,
9/03/34
....
7,251
–
a,b
6463889.SQ.FTS.B
,
5
.253
%
,
9/04/34
....
16,330
–
a,b
6464362.SQ.FTS.B
,
5
.66
%
,
9/04/34
.....
4,169
–
a,b
6468636.SQ.FTS.B
,
5
.663
%
,
9/06/34
....
10,598
–
a,b
6477840.SQ.FTS.B
,
5
.247
%
,
9/09/34
....
3,007
–
a,b
6478752.SQ.FTS.B
,
5
.436
%
,
9/09/34
....
2,553
–
a,b
6479843.SQ.FTS.B
,
5
.596
%
,
9/09/34
....
2,419
–
a,b
6484618.SQ.FTS.B
,
4
.751
%
,
9/10/34
....
4,048
–
a,b
6482925.SQ.FTS.B
,
5
.473
%
,
9/10/34
....
4,228
–
a,b
6483587.SQ.FTS.B
,
5
.597
%
,
9/10/34
....
6,888
1
a,b
6485200.SQ.FTS.B
,
5
.126
%
,
9/11/34
....
6,526
–
a,b
6485862.SQ.FTS.B
,
4
.529
%
,
9/12/34
....
13,536
–
a,b
6486219.SQ.FTS.B
,
4
.742
%
,
9/12/34
....
389
–
a,b
6487587.SQ.FTS.B
,
4
.735
%
,
9/13/34
....
1,298
–
a,b
6487981.SQ.FTS.B
,
4
.741
%
,
9/13/34
....
1,310
–
a,b
6492780.SQ.FTS.B
,
5
.377
%
,
9/14/34
....
14,698
–
a,b
6492212.SQ.FTS.B
,
5
.597
%
,
9/14/34
....
11,554
–
a,b
6494237.SQ.FTS.B
,
4
.969
%
,
9/15/34
....
1,303
–
a,b
6496902.SQ.FTS.B
,
5
.473
%
,
9/15/34
....
6,581
–
a,b
6494041.SQ.FTS.B
,
6
.072
%
,
9/15/34
....
2,210
–
a,b
6499048.SQ.FTS.B
,
4
.968
%
,
9/16/34
....
6,099
–
a,b
6500866.SQ.FTS.B
,
5
.031
%
,
9/16/34
....
4,974
–
a,b
6499996.SQ.FTS.B
,
5
.472
%
,
9/16/34
....
487
–
a,b
6504715.SQ.FTS.B
,
5
.125
%
,
9/17/34
....
2,724
–
a,b
6505793.SQ.FTS.B
,
5
.124
%
,
9/18/34
....
2,242
–
a,b
6506509.SQ.FTS.B
,
4
.766
%
,
9/19/34
....
14
–
a,b
6510179.SQ.FTS.B
,
4
.749
%
,
9/20/34
....
24,604
–
a,b
6511415.SQ.FTS.B
,
5
.129
%
,
9/21/34
....
2,844
–
a,b
6514021.SQ.FTS.B
,
5
.218
%
,
9/21/34
....
1,302
–
a,b
6512222.SQ.FTS.B
,
6
.161
%
,
9/21/34
....
2,610
–
a,b
6516725.SQ.FTS.B
,
4
.747
%
,
9/22/34
....
3,769
–
a,b
6514949.SQ.FTS.B
,
5
.129
%
,
9/22/34
....
6,188
–
a,b
6521243.SQ.FTS.B
,
5
.442
%
,
9/23/34
....
2,252
–
a,b
6519286.SQ.FTS.B
,
5
.618
%
,
9/23/34
....
873
–
a,b
6525421.SQ.FTS.B
,
5
.412
%
,
9/24/34
....
181
–
a,b
6525021.SQ.FTS.B
,
5
.601
%
,
9/24/34
....
4,816
–
a,b
6526070.SQ.FTS.B
,
5
.251
%
,
9/25/34
....
839
–
a,b
6526542.SQ.FTS.B
,
4
.748
%
,
9/26/34
....
8,056
–
a,b
6526493.SQ.FTS.B
,
5
.58
%
,
9/26/34
.....
1,269
–
a,b
6527010.SQ.FTS.B
,
5
.765
%
,
9/26/34
....
515
–
a,b
6529506.SQ.FTS.B
,
5
.237
%
,
9/27/34
....
313
–
a,b
6537839.SQ.FTS.B
,
4
.969
%
,
9/29/34
....
7,900
–
a,b
6535332.SQ.FTS.B
,
5
.61
%
,
9/29/34
.....
2,055
–
a,b
6540169.SQ.FTS.B
,
4
.717
%
,
9/30/34
....
349
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6546312.SQ.FTS.B
,
4
.843
%
,
9/30/34
....
$
7,082
$
–
a,b
6546599.SQ.FTS.B
,
5
.046
%
,
9/30/34
....
729
–
a,b
6545807.SQ.FTS.B
,
5
.66
%
,
9/30/34
.....
2,423
–
a,b
6548112.SQ.FTS.B
,
4
.31
%
,
10/02/34
....
3,856
–
a,b
6550814.SQ.FTS.B
,
4
.755
%
,
10/03/34
...
4,948
–
a,b
6554172.SQ.FTS.B
,
5
.758
%
,
10/04/34
...
370
–
a,b
6556061.SQ.FTS.B
,
5
.366
%
,
10/05/34
...
74
–
a,b
6566878.SQ.FTS.B
,
6
.155
%
,
10/08/34
...
445
–
a,b
6567237.SQ.FTS.B
,
4
.655
%
,
10/09/34
...
18,447
1
a,b
6567114.SQ.FTS.B
,
4
.754
%
,
10/09/34
...
1,756
–
a,b
6567779.SQ.FTS.B
,
4
.935
%
,
10/10/34
...
5,256
–
a,b
6574116.SQ.FTS.B
,
5
.679
%
,
10/11/34
...
1,449
–
a,b
6571593.SQ.FTS.B
,
5
.755
%
,
10/11/34
...
12,853
–
a,b
6577574.SQ.FTS.B
,
5
.186
%
,
10/12/34
...
548
–
a,b
6581222.SQ.FTS.B
,
5
.66
%
,
10/13/34
....
596
–
a,b
6582526.SQ.FTS.B
,
6
.412
%
,
10/13/34
...
2,123
–
a,b
6584354.SQ.FTS.B
,
4
.591
%
,
10/14/34
...
3,884
1
a,b
6585824.SQ.FTS.B
,
5
.188
%
,
10/14/34
...
632
–
a,b
6587169.SQ.FTS.B
,
5
.125
%
,
10/15/34
...
6,563
–
a,b
6587941.SQ.FTS.B
,
5
.764
%
,
10/16/34
...
781
–
a,b
6587383.SQ.FTS.B
,
6
.248
%
,
10/16/34
...
549
–
a,b
6590442.SQ.FTS.B
,
5
.756
%
,
10/17/34
...
10,462
–
a,b
6591293.SQ.FTS.B
,
5
.759
%
,
10/17/34
...
3,441
–
a,b
6594291.SQ.FTS.B
,
6
.163
%
,
10/18/34
...
6,540
–
a,b
6598899.SQ.FTS.B
,
5
.565
%
,
10/20/34
...
6,856
–
a,b
6602728.SQ.FTS.B
,
5
.418
%
,
10/21/34
...
117
–
a,b
6602960.SQ.FTS.B
,
6
.007
%
,
10/21/34
...
2,073
–
a,b
6604310.SQ.FTS.B
,
6
.417
%
,
10/21/34
...
799
–
a,b
6604504.SQ.FTS.B
,
4
.717
%
,
10/22/34
...
453
–
a,b
6604448.SQ.FTS.B
,
4
.934
%
,
10/22/34
...
1,707
–
a,b
6607977.SQ.FTS.B
,
5
.426
%
,
10/24/34
...
1,603
–
a,b
6608828.SQ.FTS.B
,
4
.938
%
,
10/25/34
...
43,918
–
a,b
6609985.SQ.FTS.B
,
4
.948
%
,
10/25/34
...
228
–
a,b
6609650.SQ.FTS.B
,
5
.565
%
,
10/25/34
...
3,296
–
a,b
6614501.SQ.FTS.B
,
4
.748
%
,
10/26/34
...
3,498
–
a,b
6614956.SQ.FTS.B
,
4
.751
%
,
10/26/34
...
3,077
–
a,b
6611828.SQ.FTS.B
,
5
.559
%
,
10/26/34
...
3,208
–
a,b
6620227.SQ.FTS.B
,
5
.756
%
,
10/27/34
...
26,251
–
a,b
6619927.SQ.FTS.B
,
6
.16
%
,
10/27/34
....
147
–
a,b
6617184.SQ.FTS.B
,
6
.278
%
,
10/27/34
...
212
–
a,b
6621448.SQ.FTS.B
,
5
.378
%
,
10/28/34
...
15,313
–
a,b
6620476.SQ.FTS.B
,
5
.756
%
,
10/28/34
...
18,146
–
a,b
6624855.SQ.FTS.B
,
5
.451
%
,
10/29/34
...
780
–
a,b
6624765.SQ.FTS.B
,
6
.01
%
,
10/29/34
....
7,023
–
a,b
6624896.SQ.FTS.B
,
4
.653
%
,
10/30/34
...
9,039
–
a,b
6628718.SQ.FTS.B
,
5
.187
%
,
11/01/34
...
5,279
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6626390.SQ.FTS.B
,
6
.007
%
,
11/01/34
...
$
10,527
$
–
a,b
6630658.SQ.FTS.B
,
5
.199
%
,
11/02/34
...
635
–
a,b
6631472.SQ.FTS.B
,
5
.562
%
,
11/02/34
...
3,298
–
a,b
6632572.SQ.FTS.B
,
6
.005
%
,
11/02/34
...
4,959
–
a,b
6634481.SQ.FTS.B
,
4
.754
%
,
11/03/34
...
3,060
–
a,b
6639552.SQ.FTS.B
,
4
.753
%
,
11/04/34
...
182
–
a,b
6641178.SQ.FTS.B
,
5
.75
%
,
11/04/34
....
3,481
–
a,b
6643579.SQ.FTS.B
,
4
.655
%
,
11/05/34
...
7,884
–
a,b
6643893.SQ.FTS.B
,
5
.381
%
,
11/05/34
...
1,563
–
a,b
6644138.SQ.FTS.B
,
5
.458
%
,
11/05/34
...
1,010
–
a,b
6645397.SQ.FTS.B
,
4
.943
%
,
11/07/34
...
3,532
–
a,b
6649272.SQ.FTS.B
,
4
.739
%
,
11/08/34
...
412
–
a,b
6647657.SQ.FTS.B
,
5
.192
%
,
11/08/34
...
990
–
a,b
6646778.SQ.FTS.B
,
5
.563
%
,
11/08/34
...
2,271
–
a,b
6649665.SQ.FTS.B
,
4
.935
%
,
11/09/34
...
2,943
–
a,b
6653616.SQ.FTS.B
,
6
.009
%
,
11/10/34
...
1,792
–
a,b
6669152.SQ.FTS.B
,
6
.415
%
,
11/15/34
...
25,018
1
a,b
6671137.SQ.FTS.B
,
4
.65
%
,
11/16/34
....
3,947
–
a,b
6672511.SQ.FTS.B
,
4
.748
%
,
11/16/34
...
927
–
a,b
6674450.SQ.FTS.B
,
4
.749
%
,
11/17/34
...
18,581
–
a,b
6676382.SQ.FTS.B
,
5
.748
%
,
11/17/34
...
3,159
–
a,b
6681781.SQ.FTS.B
,
6
.16
%
,
11/19/34
....
6,908
–
a,b
6685517.SQ.FTS.B
,
5
.583
%
,
11/20/34
...
131
–
a,b
6686240.SQ.FTS.B
,
5
.374
%
,
11/21/34
...
873
–
a,b
6688197.SQ.FTS.B
,
5
.384
%
,
11/22/34
...
5,403
–
a,b
6690132.SQ.FTS.B
,
4
.793
%
,
11/23/34
...
148
–
a,b
6691756.SQ.FTS.B
,
5
.57
%
,
11/23/34
....
5,992
–
a,b
6696314.SQ.FTS.B
,
5
.188
%
,
11/24/34
...
4,176
–
a,b
6701550.SQ.FTS.B
,
5
.378
%
,
11/25/34
...
1,306
–
a,b
6706540.SQ.FTS.B
,
4
.653
%
,
11/26/34
...
5,175
–
a,b
6706359.SQ.FTS.B
,
4
.654
%
,
11/26/34
...
867
–
a,b
6705352.SQ.FTS.B
,
5
.182
%
,
11/26/34
...
998
–
a,b
6705288.SQ.FTS.B
,
5
.382
%
,
11/26/34
...
1,013
–
a,b
6706486.SQ.FTS.B
,
5
.77
%
,
11/26/34
....
1,318
–
a,b
6704732.SQ.FTS.B
,
6
.009
%
,
11/26/34
...
3,627
–
a,b
6707571.SQ.FTS.B
,
5
.563
%
,
11/27/34
...
3,680
–
a,b
6708125.SQ.FTS.B
,
5
.454
%
,
11/28/34
...
1,147
–
a,b
6709200.SQ.FTS.B
,
6
.003
%
,
11/29/34
...
2,318
–
a,b
6719031.SQ.FTS.B
,
4
.762
%
,
12/01/34
...
39
–
a,b
6728590.SQ.FTS.B
,
5
.557
%
,
12/05/34
...
2,208
–
a,b
6729839.SQ.FTS.B
,
5
.755
%
,
12/05/34
...
18,147
–
a,b
6733026.SQ.FTS.B
,
4
.654
%
,
12/06/34
...
13,883
3
a,b
6731578.SQ.FTS.B
,
5
.753
%
,
12/06/34
...
11,760
–
a,b
6736022.SQ.FTS.B
,
6
.169
%
,
12/07/34
...
2,969
–
a,b
6742781.SQ.FTS.B
,
5
.414
%
,
12/08/34
...
322
–
a,b
6752687.SQ.FTS.B
,
4
.652
%
,
12/13/34
...
202
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
75
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6753526.SQ.FTS.B
,
5
.192
%
,
12/13/34
...
$
5,887
$
–
a,b
6764422.SQ.FTS.B
,
4
.765
%
,
12/15/34
...
248
–
a,b
6762066.SQ.FTS.B
,
4
.937
%
,
12/15/34
...
2,676
–
a,b
6762927.SQ.FTS.B
,
5
.436
%
,
12/15/34
...
1,084
–
a,b
6767980.SQ.FTS.B
,
5
.188
%
,
12/16/34
...
6,752
1
a,b
6767536.SQ.FTS.B
,
5
.566
%
,
12/16/34
...
12,331
1
a,b
6767251.SQ.FTS.B
,
6
.155
%
,
12/16/34
...
280
–
a,b
6769991.SQ.FTS.B
,
5
.379
%
,
12/18/34
...
9,490
–
a,b
6771253.SQ.FTS.B
,
5
.566
%
,
12/19/34
...
4,761
–
a,b
6777288.SQ.FTS.B
,
5
.439
%
,
12/21/34
...
18,873
–
a,b
6777037.SQ.FTS.B
,
5
.997
%
,
12/21/34
...
1,896
–
a,b
6776064.SQ.FTS.B
,
6
.415
%
,
12/21/34
...
32,761
–
a,b
6781242.SQ.FTS.B
,
5
.433
%
,
12/22/34
...
1,457
–
a,b
6785072.SQ.FTS.B
,
5
.374
%
,
12/23/34
...
1,478
–
a,b
6785551.SQ.FTS.B
,
5
.747
%
,
12/23/34
...
1,563
–
a,b
6788053.SQ.FTS.B
,
4
.661
%
,
12/26/34
...
1,148
–
a,b
6797317.SQ.FTS.B
,
4
.648
%
,
12/28/34
...
1,406
–
a,b
6796725.SQ.FTS.B
,
5
.189
%
,
12/28/34
...
13,083
–
a,b
6813899.SQ.FTS.B
,
6
.004
%
,
1/04/35
....
3,779
–
a,b
6813242.SQ.FTS.B
,
6
.01
%
,
1/04/35
.....
4,341
–
a,b
6815496.SQ.FTS.B
,
4
.937
%
,
1/05/35
....
23,295
3
a,b
6816661.SQ.FTS.B
,
5
.189
%
,
1/05/35
....
8,210
–
a,b
6823299.SQ.FTS.B
,
5
.453
%
,
1/07/35
....
394
–
a,b
6827188.SQ.FTS.B
,
5
.464
%
,
1/09/35
....
145
–
a,b
6826936.SQ.FTS.B
,
5
.58
%
,
1/09/35
.....
1,253
–
a,b
6829291.SQ.FTS.B
,
4
.938
%
,
1/10/35
....
13,368
–
a,b
6839017.SQ.FTS.B
,
6
.254
%
,
1/13/35
....
512
–
a,b
6853678.SQ.FTS.B
,
4
.745
%
,
1/19/35
....
4,528
–
a,b
6854061.SQ.FTS.B
,
6
.259
%
,
1/19/35
....
1,548
–
a,b
6860713.SQ.FTS.B
,
4
.931
%
,
1/20/35
....
4,164
–
a,b
6858854.SQ.FTS.B
,
5
.566
%
,
1/20/35
....
8,486
–
a,b
6860765.SQ.FTS.B
,
5
.568
%
,
1/20/35
....
6,489
–
a,b
6864433.SQ.FTS.B
,
4
.654
%
,
1/21/35
....
2,330
–
a,b
6865330.SQ.FTS.B
,
6
.155
%
,
1/23/35
....
1,222
–
a,b
6868707.SQ.FTS.B
,
4
.772
%
,
1/24/35
....
918
–
a,b
6867756.SQ.FTS.B
,
5
.393
%
,
1/24/35
....
1,352
–
a,b
6868681.SQ.FTS.B
,
6
.418
%
,
1/24/35
....
975
–
a,b
6871309.SQ.FTS.B
,
4
.755
%
,
1/25/35
....
1,693
–
a,b
6872268.SQ.FTS.B
,
5
.566
%
,
1/25/35
....
539
–
a,b
6878988.SQ.FTS.B
,
4
.749
%
,
1/27/35
....
31,652
–
a,b
6879546.SQ.FTS.B
,
6
.232
%
,
1/27/35
....
216
–
a,b
6885061.SQ.FTS.B
,
5
.188
%
,
1/30/35
....
13,984
–
a,b
6884806.SQ.FTS.B
,
6
.25
%
,
1/30/35
.....
382
–
a,b
6888509.SQ.FTS.B
,
4
.748
%
,
1/31/35
....
2,816
–
a,b
6888564.SQ.FTS.B
,
5
.378
%
,
1/31/35
....
3,048
–
a,b
6886999.SQ.FTS.B
,
6
.276
%
,
1/31/35
....
714
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6893064.SQ.FTS.B
,
4
.654
%
,
2/02/35
....
$
4,746
$
–
a,b
6894291.SQ.FTS.B
,
4
.78
%
,
2/02/35
.....
756
–
a,b
6892716.SQ.FTS.B
,
5
.442
%
,
2/02/35
....
15,393
–
a,b
6893482.SQ.FTS.B
,
5
.762
%
,
2/02/35
....
3,169
–
a,b
6903390.SQ.FTS.B
,
5
.442
%
,
2/04/35
....
6,892
–
a,b
6901684.SQ.FTS.B
,
6
.257
%
,
2/04/35
....
2,747
–
a,b
6903487.SQ.FTS.B
,
6
.413
%
,
2/04/35
....
8,725
–
a,b
6912511.SQ.FTS.B
,
5
.754
%
,
2/09/35
....
13,290
1
a,b
6918684.SQ.FTS.B
,
4
.937
%
,
2/10/35
....
41,388
–
a,b
6916843.SQ.FTS.B
,
6
.003
%
,
2/10/35
....
4,830
–
a,b
6917870.SQ.FTS.B
,
6
.257
%
,
2/10/35
....
2,669
1
a,b
6919873.SQ.FTS.B
,
5
.187
%
,
2/11/35
....
1,223
–
a,b
6920256.SQ.FTS.B
,
6
.007
%
,
2/11/35
....
9,169
–
a,b
6920356.SQ.FTS.B
,
6
.407
%
,
2/11/35
....
580
–
a,b
6922314.SQ.FTS.B
,
5
.565
%
,
2/14/35
....
14,464
–
a,b
6936577.SQ.FTS.B
,
5
.377
%
,
2/17/35
....
2,714
–
a,b
6935560.SQ.FTS.B
,
5
.747
%
,
2/17/35
....
1,794
–
a,b
6938046.SQ.FTS.B
,
4
.652
%
,
2/18/35
....
2,723
–
a,b
6941070.SQ.FTS.B
,
6
.435
%
,
2/18/35
....
398
–
a,b
6941294.SQ.FTS.B
,
4
.94
%
,
2/19/35
.....
4,003
–
a,b
6941545.SQ.FTS.B
,
5
.189
%
,
2/19/35
....
3,472
–
a,b
6941280.SQ.FTS.B
,
5
.991
%
,
2/19/35
....
1,029
–
a,b
6942187.SQ.FTS.B
,
5
.189
%
,
2/20/35
....
2,732
–
a,b
6944390.SQ.FTS.B
,
5
.187
%
,
2/21/35
....
2,510
–
a,b
6943108.SQ.FTS.B
,
6
.251
%
,
2/21/35
....
1,826
–
a,b
6949328.SQ.FTS.B
,
5
.445
%
,
2/22/35
....
5,721
–
a,b
6955667.SQ.FTS.B
,
5
.436
%
,
2/24/35
....
107
–
a,b
6957595.SQ.FTS.B
,
5
.442
%
,
2/24/35
....
2,541
–
a,b
6955514.SQ.FTS.B
,
5
.746
%
,
2/24/35
....
2,666
–
a,b
6962075.SQ.FTS.B
,
4
.735
%
,
2/25/35
....
391
–
a,b
6961528.SQ.FTS.B
,
5
.993
%
,
2/25/35
....
14
–
a,b
6958559.SQ.FTS.B
,
6
.163
%
,
2/25/35
....
14,245
–
a,b
6963451.SQ.FTS.B
,
5
.998
%
,
2/27/35
....
1,876
1
a,b
6969701.SQ.FTS.B
,
4
.937
%
,
2/28/35
....
11,360
9
a,b
6965888.SQ.FTS.B
,
5
.189
%
,
2/28/35
....
1,187
–
a,b
6977932.SQ.FTS.B
,
5
.552
%
,
2/28/35
....
1,435
–
a,b
6967265.SQ.FTS.B
,
5
.567
%
,
2/28/35
....
21,768
–
a,b
6980139.SQ.FTS.B
,
5
.569
%
,
2/28/35
....
716
24
a,b
6965159.SQ.FTS.B
,
5
.753
%
,
2/28/35
....
6,724
–
a,b
6966807.SQ.FTS.B
,
5
.756
%
,
2/28/35
....
14,197
–
a,b
6973530.SQ.FTS.B
,
6
.271
%
,
2/28/35
....
1,364
–
a,b
6971273.SQ.FTS.B
,
6
.422
%
,
2/28/35
....
771
1
a,b
6983671.SQ.FTS.B
,
5
.189
%
,
3/01/35
....
5,611
1
a,b
6982903.SQ.FTS.B
,
5
.564
%
,
3/01/35
....
3,016
–
a,b
6985220.SQ.FTS.B
,
5
.398
%
,
3/02/35
....
458
–
a,b
6985273.SQ.FTS.B
,
6
.415
%
,
3/02/35
....
1,182
23
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
76
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6985777.SQ.FTS.B
,
5
.451
%
,
3/03/35
....
$
755
$
–
a,b
6986211.SQ.FTS.B
,
6
.259
%
,
3/03/35
....
2,111
1
a,b
6987677.SQ.FTS.B
,
5
.409
%
,
3/05/35
....
107
–
a,b
6989032.SQ.FTS.B
,
5
.754
%
,
3/05/35
....
475
–
a,b
6990296.SQ.FTS.B
,
6
.005
%
,
3/05/35
....
4,702
–
a,b
6993196.SQ.FTS.B
,
5
.381
%
,
3/06/35
....
2,107
1
a,b
6991196.SQ.FTS.B
,
5
.437
%
,
3/06/35
....
8,279
2
a,b
6991595.SQ.FTS.B
,
5
.76
%
,
3/06/35
.....
5,054
–
a,b
6996992.SQ.FTS.B
,
5
.377
%
,
3/07/35
....
26,963
–
a,b
7001929.SQ.FTS.B
,
5
.189
%
,
3/08/35
....
13,810
2
a,b
7002610.SQ.FTS.B
,
6
.007
%
,
3/09/35
....
17,254
–
a,b
7002426.SQ.FTS.B
,
6
.179
%
,
3/09/35
....
573
–
a,b
7005506.SQ.FTS.B
,
5
.378
%
,
3/11/35
....
18,115
3
a,b
7008617.SQ.FTS.B
,
6
.161
%
,
3/12/35
....
3,028
–
a,b
7009259.SQ.FTS.B
,
6
.255
%
,
3/12/35
....
3,012
1
a,b
7012805.SQ.FTS.B
,
5
.988
%
,
3/13/35
....
522
–
a,b
7019673.SQ.FTS.B
,
5
.581
%
,
3/14/35
....
1,295
–
a,b
7025124.SQ.FTS.B
,
4
.744
%
,
3/16/35
....
1,689
1
a,b
7025111.SQ.FTS.B
,
5
.439
%
,
3/16/35
....
513
–
a,b
7025788.SQ.FTS.B
,
6
.255
%
,
3/17/35
....
11,440
–
a,b
7026048.SQ.FTS.B
,
6
.268
%
,
3/17/35
....
598
–
a,b
7028614.SQ.FTS.B
,
4
.717
%
,
3/18/35
....
78
–
a,b
7027254.SQ.FTS.B
,
4
.752
%
,
3/18/35
....
1,929
–
a,b
7028576.SQ.FTS.B
,
5
.457
%
,
3/18/35
....
32
–
a,b
7027686.SQ.FTS.B
,
5
.768
%
,
3/18/35
....
1,246
1
a,b
7027442.SQ.FTS.B
,
6
.006
%
,
3/18/35
....
911
1
a,b
7032162.SQ.FTS.B
,
4
.742
%
,
3/19/35
....
565
–
a,b
7039769.SQ.FTS.B
,
6
.005
%
,
3/21/35
....
3,895
2
a,b
7040905.SQ.FTS.B
,
6
.007
%
,
3/21/35
....
22,019
13
a,b
7047140.SQ.FTS.B
,
4
.75
%
,
3/23/35
.....
2,597
1
a,b
7050581.SQ.FTS.B
,
5
.375
%
,
3/25/35
....
8,131
–
a,b
7050136.SQ.FTS.B
,
6
.253
%
,
3/25/35
....
3,652
2
a,b
7056063.SQ.FTS.B
,
4
.935
%
,
3/27/35
....
174
–
a,b
7055970.SQ.FTS.B
,
6
.01
%
,
3/27/35
.....
786
1
a,b
7066194.SQ.FTS.B
,
5
.377
%
,
3/29/35
....
28,131
44
a,b
7064997.SQ.FTS.B
,
5
.761
%
,
3/29/35
....
2,134
1
a,b
7065185.SQ.FTS.B
,
5
.763
%
,
3/29/35
....
1,401
1
a,b
7068868.SQ.FTS.B
,
5
.445
%
,
3/30/35
....
1,970
1
a,b
7069196.SQ.FTS.B
,
5
.446
%
,
4/01/35
....
461
–
a,b
7071249.SQ.FTS.B
,
6
.416
%
,
4/02/35
....
7,885
2
a,b
7075884.SQ.FTS.B
,
5
.438
%
,
4/03/35
....
4,223
3
a,b
7078893.SQ.FTS.B
,
5
.568
%
,
4/04/35
....
13,551
9
a,b
7085122.SQ.FTS.B
,
6
.164
%
,
4/05/35
....
2,518
2
a,b
7088413.SQ.FTS.B
,
6
.289
%
,
4/05/35
....
185
–
a,b
7092138.SQ.FTS.B
,
5
.188
%
,
4/06/35
....
5,761
2
a,b
7093323.SQ.FTS.B
,
5
.438
%
,
4/08/35
....
1,093
1
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7097479.SQ.FTS.B
,
5
.565
%
,
4/10/35
....
$
9,363
$
5
a,b
7101561.SQ.FTS.B
,
4
.937
%
,
4/11/35
....
27,006
12
a,b
7113376.SQ.FTS.B
,
5
.368
%
,
4/15/35
....
844
3
a,b
7118185.SQ.FTS.B
,
5
.751
%
,
4/17/35
....
5,235
305
a,b
7121348.SQ.FTS.B
,
6
.003
%
,
4/17/35
....
1,474
1
a,b
7124599.SQ.FTS.B
,
4
.937
%
,
4/18/35
....
38,369
32
a,b
7124204.SQ.FTS.B
,
5
.74
%
,
4/18/35
.....
545
1
a,b
7135706.SQ.FTS.B
,
4
.707
%
,
4/19/35
....
608
–
a,b
7128660.SQ.FTS.B
,
5
.37
%
,
4/19/35
.....
1,168
1
a,b
7135686.SQ.FTS.B
,
5
.439
%
,
4/19/35
....
376
–
a,b
7135696.SQ.FTS.B
,
5
.468
%
,
4/19/35
....
190
–
a,b
7141603.SQ.FTS.B
,
5
.191
%
,
4/21/35
....
2,734
6
a,b
7147299.SQ.FTS.B
,
5
.377
%
,
4/23/35
....
12,972
34
a,b
7154213.SQ.FTS.B
,
5
.189
%
,
4/25/35
....
811
5
a,b
7153341.SQ.FTS.B
,
5
.756
%
,
4/25/35
....
6,870
5
a,b
7161885.SQ.FTS.B
,
5
.562
%
,
4/27/35
....
6,709
9
a,b
7163945.SQ.FTS.B
,
5
.754
%
,
4/27/35
....
3,045
1
a,b
7162414.SQ.FTS.B
,
5
.758
%
,
4/27/35
....
526
1
a,b
7164732.SQ.FTS.B
,
6
.175
%
,
4/28/35
....
197
–
a,b
7173037.SQ.FTS.B
,
5
.572
%
,
4/30/35
....
3,983
4
a,b
7172761.SQ.FTS.B
,
6
.258
%
,
4/30/35
....
5,904
13
a,b
7180248.SQ.FTS.B
,
5
.379
%
,
5/02/35
....
12,879
29
a,b
7185609.SQ.FTS.B
,
4
.94
%
,
5/03/35
.....
2,798
4
a,b
7187139.SQ.FTS.B
,
5
.374
%
,
5/03/35
....
2,571
3
a,b
7188015.SQ.FTS.B
,
5
.197
%
,
5/04/35
....
2,620
3
a,b
7192505.SQ.FTS.B
,
6
.414
%
,
5/06/35
....
704
1
a,b
7196193.SQ.FTS.B
,
5
.185
%
,
5/07/35
....
2,811
4
a,b
7199286.SQ.FTS.B
,
5
.754
%
,
5/08/35
....
19,004
138
a,b
7197712.SQ.FTS.B
,
6
.411
%
,
5/08/35
....
4,332
3
a,b
7203363.SQ.FTS.B
,
5
.189
%
,
5/09/35
....
8,775
7
a,b
7205388.SQ.FTS.B
,
5
.759
%
,
5/09/35
....
4,440
6
a,b
7210899.SQ.FTS.B
,
6
.006
%
,
5/11/35
....
25,899
42
a,b
7219666.SQ.FTS.B
,
4
.744
%
,
5/14/35
....
3,640
11
a,b
7220564.SQ.FTS.B
,
5
.432
%
,
5/14/35
....
1,109
1
a,b
7220676.SQ.FTS.B
,
5
.987
%
,
5/14/35
....
1,149
2
a,b
7222126.SQ.FTS.B
,
4
.654
%
,
5/15/35
....
10,174
15
a,b
7222571.SQ.FTS.B
,
5
.195
%
,
5/15/35
....
1,606
3
a,b
7229617.SQ.FTS.B
,
5
.44
%
,
5/16/35
.....
4,248
11
a,b
7231172.SQ.FTS.B
,
4
.656
%
,
5/17/35
....
1,053
87
a,b
7238134.SQ.FTS.B
,
5
.762
%
,
5/20/35
....
1,439
3
a,b
7240071.SQ.FTS.B
,
5
.996
%
,
5/20/35
....
744
1
a,b
7242591.SQ.FTS.B
,
5
.193
%
,
5/21/35
....
906
3
a,b
7249019.SQ.FTS.B
,
6
.005
%
,
5/22/35
....
11,562
9
a,b
7251914.SQ.FTS.B
,
4
.941
%
,
5/23/35
....
4,096
7
a,b
7262080.SQ.FTS.B
,
6
.006
%
,
5/28/35
....
56,215
79
a,b
7267389.SQ.FTS.B
,
6
.019
%
,
5/29/35
....
651
2
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
77
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7269980.SQ.FTS.B
,
5
.441
%
,
5/30/35
....
$
5,639
$
853
a,b
7275203.SQ.FTS.B
,
6
.259
%
,
6/01/35
....
4,292
7
a,b
7277957.SQ.FTS.B
,
6
.006
%
,
6/02/35
....
1,696
3
a,b
7288280.SQ.FTS.B
,
5
.378
%
,
6/06/35
....
3,733
12
a,b
7289262.SQ.FTS.B
,
5
.56
%
,
6/06/35
.....
4,382
6
a,b
7296575.SQ.FTS.B
,
5
.569
%
,
6/07/35
....
5,158
18
a,b
7301207.SQ.FTS.B
,
5
.38
%
,
6/08/35
.....
103
14
a,b
7303557.SQ.FTS.B
,
5
.384
%
,
6/10/35
....
702
1
a,b
7306657.SQ.FTS.B
,
5
.566
%
,
6/11/35
....
12,522
26
a,b
7305713.SQ.FTS.B
,
6
.006
%
,
6/11/35
....
1,687
3
a,b
7313394.SQ.FTS.B
,
5
.189
%
,
6/12/35
....
6,942
11
a,b
7308932.SQ.FTS.B
,
5
.412
%
,
6/12/35
....
10
1
a,b
7314028.SQ.FTS.B
,
5
.565
%
,
6/12/35
....
12,817
24
a,b
7309149.SQ.FTS.B
,
6
.257
%
,
6/12/35
....
17,102
58
a,b
7316316.SQ.FTS.B
,
5
.439
%
,
6/13/35
....
7,722
14
a,b
7327011.SQ.FTS.B
,
5
.755
%
,
6/15/35
....
4,808
8
a,b
7332055.SQ.FTS.B
,
4
.652
%
,
6/18/35
....
3,088
657
a,b
7333444.SQ.FTS.B
,
5
.758
%
,
6/18/35
....
3,031
13
a,b
7334250.SQ.FTS.B
,
6
.289
%
,
6/18/35
....
760
98
a,b
7335968.SQ.FTS.B
,
5
.379
%
,
6/19/35
....
7,165
16
a,b
7336967.SQ.FTS.B
,
6
.41
%
,
6/19/35
.....
4,561
16
a,b
7340626.SQ.FTS.B
,
5
.438
%
,
6/20/35
....
678
140
a,b
7340672.SQ.FTS.B
,
5
.755
%
,
6/20/35
....
21,574
59
a,b
7347685.SQ.FTS.B
,
5
.449
%
,
6/21/35
....
659
99
a,b
7347201.SQ.FTS.B
,
5
.742
%
,
6/21/35
....
738
3
a,b
7348507.SQ.FTS.B
,
4
.938
%
,
6/22/35
....
2,451
8
a,b
7351847.SQ.FTS.B
,
6
.006
%
,
6/23/35
....
5,842
13
a,b
7351639.SQ.FTS.B
,
6
.164
%
,
6/23/35
....
3,152
9
a,b
7353529.SQ.FTS.B
,
6
.25
%
,
6/25/35
.....
1,275
2
a,b
7353683.SQ.FTS.B
,
6
.256
%
,
6/25/35
....
1,229
14
a,b
7353412.SQ.FTS.B
,
6
.402
%
,
6/25/35
....
101
–
a,b
7360226.SQ.FTS.B
,
4
.654
%
,
6/27/35
....
13,891
59
a,b
7361057.SQ.FTS.B
,
5
.558
%
,
6/27/35
....
128
8
a,b
7366336.SQ.FTS.B
,
4
.655
%
,
6/28/35
....
4,998
25
a,b
7367489.SQ.FTS.B
,
5
.569
%
,
6/29/35
....
1,709
4
a,b
7371639.SQ.FTS.B
,
4
.941
%
,
6/30/35
....
2,712
238
a,b
7370441.SQ.FTS.B
,
5
.379
%
,
6/30/35
....
9,362
43
a,b
7370806.SQ.FTS.B
,
5
.468
%
,
6/30/35
....
595
1
a,b
7372112.SQ.FTS.B
,
5
.754
%
,
7/01/35
....
4,946
7
a,b
7372906.SQ.FTS.B
,
5
.754
%
,
7/02/35
....
11,654
391
a,b
7373979.SQ.FTS.B
,
5
.997
%
,
7/02/35
....
594
2
a,b
7378207.SQ.FTS.B
,
6
.009
%
,
7/03/35
....
9,549
16
a,b
7378050.SQ.FTS.B
,
6
.164
%
,
7/03/35
....
83
6
a,b
7378054.SQ.FTS.B
,
6
.259
%
,
7/03/35
....
419
110
a,b
7380824.SQ.FTS.B
,
4
.753
%
,
7/04/35
....
1,279
2
a,b
7382858.SQ.FTS.B
,
5
.382
%
,
7/04/35
....
4,780
47
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7384366.SQ.FTS.B
,
5
.444
%
,
7/05/35
....
$
2,246
$
6
a,b
7385423.SQ.FTS.B
,
6
.006
%
,
7/05/35
....
1,828
7
a,b
7390664.SQ.FTS.B
,
5
.19
%
,
7/08/35
.....
10,504
16
a,b
7389557.SQ.FTS.B
,
5
.38
%
,
7/08/35
.....
427
1
a,b
7396701.SQ.FTS.B
,
5
.567
%
,
7/10/35
....
3,637
25
a,b
7395779.SQ.FTS.B
,
6
.005
%
,
7/10/35
....
12,121
19
a,b
7403168.SQ.FTS.B
,
5
.38
%
,
7/11/35
.....
7,909
19
a,b
7406047.SQ.FTS.B
,
6
.027
%
,
7/12/35
....
1,167
3
a,b
7408049.SQ.FTS.B
,
4
.924
%
,
7/15/35
....
1,733
7
a,b
7408322.SQ.FTS.B
,
5
.565
%
,
7/15/35
....
8,489
31
a,b
7410978.SQ.FTS.B
,
4
.747
%
,
7/16/35
....
1,609
4
a,b
7423709.SQ.FTS.B
,
6
.415
%
,
7/21/35
....
1,285
254
a,b
7436351.SQ.FTS.B
,
5
.754
%
,
7/25/35
....
9,358
28
a,b
7441240.SQ.FTS.B
,
4
.745
%
,
7/26/35
....
3,314
11
a,b
7439758.SQ.FTS.B
,
5
.379
%
,
7/26/35
....
5,557
33
a,b
7442460.SQ.FTS.B
,
5
.193
%
,
7/27/35
....
1,313
5
a,b
7442087.SQ.FTS.B
,
6
.191
%
,
7/27/35
....
681
2
a,b
7442292.SQ.FTS.B
,
6
.268
%
,
7/27/35
....
635
3
a,b
7447150.SQ.FTS.B
,
5
.568
%
,
7/29/35
....
3,715
25
a,b
7450900.SQ.FTS.B
,
5
.442
%
,
7/30/35
....
721
78
a,b
7461507.SQ.FTS.B
,
5
.378
%
,
8/02/35
....
21,883
177
a,b
7462684.SQ.FTS.B
,
6
.003
%
,
8/02/35
....
1,215
9
a,b
7461437.SQ.FTS.B
,
6
.412
%
,
8/02/35
....
1,125
8
a,b
7463744.SQ.FTS.B
,
5
.378
%
,
8/04/35
....
2,237
12
a,b
7466589.SQ.FTS.B
,
5
.567
%
,
8/05/35
....
7,091
44
a,b
7468449.SQ.FTS.B
,
6
.038
%
,
8/05/35
....
69
22
a,b
7466750.SQ.FTS.B
,
6
.257
%
,
8/05/35
....
4,423
25
a,b
7469860.SQ.FTS.B
,
6
.258
%
,
8/06/35
....
5,369
20
a,b
7472610.SQ.FTS.B
,
4
.937
%
,
8/07/35
....
11,494
3,632
a,b
7474077.SQ.FTS.B
,
5
.749
%
,
8/07/35
....
364
29
a,b
7478694.SQ.FTS.B
,
5
.192
%
,
8/08/35
....
5,302
1,079
a,b
7478441.SQ.FTS.B
,
6
.008
%
,
8/08/35
....
1,070
6
a,b
7481878.SQ.FTS.B
,
5
.561
%
,
8/09/35
....
2,953
11
a,b
7483153.SQ.FTS.B
,
5
.747
%
,
8/09/35
....
1,034
9
a,b
7484605.SQ.FTS.B
,
4
.75
%
,
8/11/35
.....
3,161
14
a,b
7484169.SQ.FTS.B
,
6
.416
%
,
8/11/35
....
9,733
62
a,b
7485016.SQ.FTS.B
,
5
.378
%
,
8/12/35
....
512
55
a,b
7487387.SQ.FTS.B
,
5
.75
%
,
8/12/35
.....
3,973
24
a,b
7490950.SQ.FTS.B
,
5
.566
%
,
8/13/35
....
4,533
30
a,b
7506333.SQ.FTS.B
,
5
.438
%
,
8/16/35
....
591
3
a,b
7516624.SQ.FTS.B
,
6
%
,
8/21/35
.......
559
151
a,b
7530073.SQ.FTS.B
,
5
.75
%
,
8/24/35
.....
3,686
17
a,b
7531240.SQ.FTS.B
,
6
.017
%
,
8/25/35
....
1,180
10
a,b
7530940.SQ.FTS.B
,
6
.172
%
,
8/25/35
....
1,322
6
a,b
7531841.SQ.FTS.B
,
5
.376
%
,
8/26/35
....
704
89
a,b
7535771.SQ.FTS.B
,
5
.377
%
,
8/27/35
....
12,186
89
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7541816.SQ.FTS.B
,
6
.264
%
,
8/28/35
....
$
698
$
7
a,b
7548813.SQ.FTS.B
,
5
.757
%
,
8/29/35
....
6,364
42
a,b
7554908.SQ.FTS.B
,
5
.562
%
,
9/02/35
....
1,474
15
a,b
7555230.SQ.FTS.B
,
6
.175
%
,
9/02/35
....
199
1
a,b
7556670.SQ.FTS.B
,
6
.261
%
,
9/03/35
....
829
7
a,b
7564905.SQ.FTS.B
,
5
.757
%
,
9/05/35
....
1,505
9
a,b
7566244.SQ.FTS.B
,
4
.776
%
,
9/06/35
....
308
2
a,b
7568291.SQ.FTS.B
,
5
.379
%
,
9/06/35
....
283
3
a,b
7566782.SQ.FTS.B
,
5
.565
%
,
9/06/35
....
6,213
58
a,b
7572492.SQ.FTS.B
,
4
.653
%
,
9/07/35
....
5,502
58
a,b
7571635.SQ.FTS.B
,
5
.379
%
,
9/07/35
....
7,183
41
a,b
7575416.SQ.FTS.B
,
6
.004
%
,
9/08/35
....
1,622
16
a,b
7578838.SQ.FTS.B
,
5
.758
%
,
9/09/35
....
5,942
424
a,b
7583811.SQ.FTS.B
,
4
.654
%
,
9/11/35
....
1,993
23
a,b
7585646.SQ.FTS.B
,
5
.577
%
,
9/12/35
....
2,998
9
a,b
7586174.SQ.FTS.B
,
6
.166
%
,
9/12/35
....
2,624
23
a,b
7596132.SQ.FTS.B
,
5
.565
%
,
9/14/35
....
15,381
49
a,b
7593321.SQ.FTS.B
,
5
.749
%
,
9/14/35
....
3,989
14
a,b
7593404.SQ.FTS.B
,
6
.01
%
,
9/14/35
.....
1,041
96
a,b
7600963.SQ.FTS.B
,
5
.759
%
,
9/16/35
....
4,304
14
a,b
7602291.SQ.FTS.B
,
6
.007
%
,
9/18/35
....
26,123
110
a,b
7605951.SQ.FTS.B
,
6
.003
%
,
9/19/35
....
2,094
20
a,b
7612178.SQ.FTS.B
,
4
.756
%
,
9/20/35
....
2,687
27
a,b
7611808.SQ.FTS.B
,
5
.759
%
,
9/20/35
....
3,871
509
a,b
7616218.SQ.FTS.B
,
6
.166
%
,
9/21/35
....
385
3
a,b
7618103.SQ.FTS.B
,
4
.657
%
,
9/22/35
....
3,603
24
a,b
7618821.SQ.FTS.B
,
5
.549
%
,
9/22/35
....
464
55
a,b
7618716.SQ.FTS.B
,
5
.762
%
,
9/22/35
....
231
84
a,b
7620736.SQ.FTS.B
,
5
.999
%
,
9/22/35
....
2,920
17
a,b
7618459.SQ.FTS.B
,
6
.261
%
,
9/22/35
....
6,239
676
a,b
7623486.SQ.FTS.B
,
5
.995
%
,
9/25/35
....
862
9
a,b
7631309.SQ.FTS.B
,
4
.654
%
,
9/27/35
....
349
152
a,b
7633336.SQ.FTS.B
,
5
.189
%
,
9/27/35
....
27,598
348
a,b
7631341.SQ.FTS.B
,
6
.009
%
,
9/27/35
....
4,005
48
a,b
7630437.SQ.FTS.B
,
6
.26
%
,
9/27/35
.....
3,990
41
a,b
7643773.SQ.FTS.B
,
5
.188
%
,
9/30/35
....
4,718
688
a,b
7649087.SQ.FTS.B
,
5
.378
%
,
10/01/35
...
9,266
115
a,b
7648074.SQ.FTS.B
,
5
.379
%
,
10/01/35
...
1,647
26
a,b
7647640.SQ.FTS.B
,
6
.412
%
,
10/01/35
...
5,142
57
a,b
7652433.SQ.FTS.B
,
5
.189
%
,
10/02/35
...
33,294
230
a,b
7649633.SQ.FTS.B
,
6
.14
%
,
10/02/35
....
63
24
a,b
7656279.SQ.FTS.B
,
5
.189
%
,
10/03/35
...
15,826
6,814
a,b
7656835.SQ.FTS.B
,
5
.189
%
,
10/03/35
...
5,007
2,234
a,b
7657031.SQ.FTS.B
,
5
.597
%
,
10/03/35
...
412
5
a,b
7668700.SQ.FTS.B
,
5
.572
%
,
10/06/35
...
1,857
18
a,b
7672063.SQ.FTS.B
,
5
.93
%
,
10/08/35
....
642
5
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7673560.SQ.FTS.B
,
6
%
,
10/08/35
.......
$
1,534
$
25
a,b
7673962.SQ.FTS.B
,
5
.722
%
,
10/09/35
...
5,478
79
a,b
7680242.SQ.FTS.B
,
4
.937
%
,
10/10/35
...
16,681
120
a,b
7679932.SQ.FTS.B
,
4
.938
%
,
10/10/35
...
19,659
154
a,b
7678020.SQ.FTS.B
,
6
.26
%
,
10/10/35
....
2,311
33
a,b
7689723.SQ.FTS.B
,
6
.259
%
,
10/13/35
...
4,931
34
a,b
7690365.SQ.FTS.B
,
5
.188
%
,
10/14/35
...
12,369
147
a,b
7703931.SQ.FTS.B
,
4
.753
%
,
10/18/35
...
1,959
16
a,b
7705636.SQ.FTS.B
,
6
.162
%
,
10/19/35
...
817
9
a,b
7707263.SQ.FTS.B
,
5
.346
%
,
10/21/35
...
11,690
89
a,b
7721658.SQ.FTS.B
,
5
.377
%
,
10/25/35
...
7,766
76
a,b
7721341.SQ.FTS.B
,
5
.91
%
,
10/25/35
....
450
60
a,b
7723857.SQ.FTS.B
,
6
.511
%
,
10/25/35
...
516
6
a,b
7725971.SQ.FTS.B
,
4
.754
%
,
10/26/35
...
3,081
23
a,b
7726791.SQ.FTS.B
,
5
.09
%
,
10/26/35
....
2,036
30
a,b
7726860.SQ.FTS.B
,
5
.103
%
,
10/26/35
...
968
16
a,b
7727004.SQ.FTS.B
,
5
.346
%
,
10/26/35
...
906
460
a,b
7730750.SQ.FTS.B
,
5
.346
%
,
10/27/35
...
32,835
402
a,b
7736276.SQ.FTS.B
,
4
.787
%
,
10/29/35
...
924
15
a,b
7741295.SQ.FTS.B
,
5
.339
%
,
10/30/35
...
1,832
28
a,b
7743177.SQ.FTS.B
,
5
.912
%
,
11/01/35
...
10,923
167
a,b
7745686.SQ.FTS.B
,
5
.913
%
,
11/01/35
...
1,881
48
a,b
7750529.SQ.FTS.B
,
4
.778
%
,
11/02/35
...
2,067
31
a,b
7752431.SQ.FTS.B
,
4
.78
%
,
11/02/35
....
1,767
955
a,b
7758233.SQ.FTS.B
,
5
.097
%
,
11/04/35
...
735
397
a,b
7759395.SQ.FTS.B
,
5
.438
%
,
11/05/35
...
1,671
27
a,b
7767426.SQ.FTS.B
,
4
.754
%
,
11/07/35
...
1,600
15
a,b
7771470.SQ.FTS.B
,
5
.91
%
,
11/08/35
....
1,839
271
a,b
7771118.SQ.FTS.B
,
6
.162
%
,
11/08/35
....
11,006
1,313
a,b
7777130.SQ.FTS.B
,
5
.722
%
,
11/09/35
...
6,864
513
a,b
7778609.SQ.FTS.B
,
5
.913
%
,
11/10/35
...
6,564
104
a,b
7782728.SQ.FTS.B
,
6
.163
%
,
11/12/35
...
8,643
3,224
a,b
7787720.SQ.FTS.B
,
4
.734
%
,
11/13/35
...
509
5
a,b
7786619.SQ.FTS.B
,
5
.915
%
,
11/13/35
...
4,392
40
a,b
7789785.SQ.FTS.B
,
5
.346
%
,
11/14/35
...
1,184
25
a,b
7799914.SQ.FTS.B
,
4
.748
%
,
11/16/35
...
13,481
128
a,b
7797027.SQ.FTS.B
,
5
.094
%
,
11/16/35
...
1,719
998
a,b
7800202.SQ.FTS.B
,
5
.344
%
,
11/17/35
...
10,005
104
a,b
7801213.SQ.FTS.B
,
6
.154
%
,
11/17/35
...
1,802
230
a,b
7804801.SQ.FTS.B
,
6
.163
%
,
11/18/35
...
17,812
140
a,b
7805105.SQ.FTS.B
,
5
.348
%
,
11/19/35
...
3,618
622
a,b
7806254.SQ.FTS.B
,
4
.78
%
,
11/20/35
....
2,206
1,155
a,b
7807568.SQ.FTS.B
,
5
.914
%
,
11/20/35
...
1,418
809
a,b
7811989.SQ.FTS.B
,
4
.717
%
,
11/21/35
...
467
4
a,b
7812032.SQ.FTS.B
,
5
.538
%
,
11/21/35
...
721
23
a,b
7812847.SQ.FTS.B
,
6
.144
%
,
11/21/35
...
86
45
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
79
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7811277.SQ.FTS.B
,
6
.164
%
,
11/21/35
...
$
512
$
48
a,b
7816657.SQ.FTS.B
,
6
.164
%
,
11/22/35
...
1,034
18
a,b
7826584.SQ.FTS.B
,
5
.444
%
,
11/24/35
...
4,735
309
a,b
7825597.SQ.FTS.B
,
6
.156
%
,
11/24/35
...
2,444
26
a,b
7835872.SQ.FTS.B
,
5
.094
%
,
11/28/35
...
2,409
1,302
a,b
7840060.SQ.FTS.B
,
4
.78
%
,
11/29/35
....
363
226
a,b
7836917.SQ.FTS.B
,
5
.457
%
,
11/29/35
...
255
109
a,b
7836366.SQ.FTS.B
,
5
.535
%
,
11/29/35
...
1,951
1,021
a,b
7838689.SQ.FTS.B
,
5
.912
%
,
11/29/35
...
14,155
7,074
a,b
7839709.SQ.FTS.B
,
6
.463
%
,
11/29/35
...
684
79
a,b
7849083.SQ.FTS.B
,
5
.535
%
,
11/30/35
...
18,903
11,693
a
7853646.SQ.FTS.B
,
4
.78
%
,
12/03/35
....
8,710
5,309
a,b
7856900.SQ.FTS.B
,
6
.162
%
,
12/04/35
...
2,525
44
a,b
7863894.SQ.FTS.B
,
4
.751
%
,
12/05/35
...
3,546
39
a
7863771.SQ.FTS.B
,
5
.098
%
,
12/05/35
...
349
224
a,b
7868430.SQ.FTS.B
,
5
.092
%
,
12/06/35
...
2,574
68
a,b
7869279.SQ.FTS.B
,
6
.134
%
,
12/06/35
...
223
4
a,b
7869425.SQ.FTS.B
,
6
.154
%
,
12/06/35
...
621
341
a,b
7868834.SQ.FTS.B
,
6
.284
%
,
12/06/35
...
2,780
48
a
7870287.SQ.FTS.B
,
6
.154
%
,
12/07/35
...
178
96
a
7874044.SQ.FTS.B
,
5
.723
%
,
12/08/35
...
433
245
a,b
7873942.SQ.FTS.B
,
6
.507
%
,
12/08/35
...
715
12
a,b
7874931.SQ.FTS.B
,
5
.348
%
,
12/09/35
...
1,670
47
a,b
7875074.SQ.FTS.B
,
5
.91
%
,
12/09/35
....
2,664
51
a,b
7876689.SQ.FTS.B
,
5
.098
%
,
12/10/35
...
4,269
114
a,b
7882477.SQ.FTS.B
,
6
.166
%
,
12/11/35
...
2,881
54
a,b
7884810.SQ.FTS.B
,
4
.728
%
,
12/12/35
...
1,095
12
a
7885251.SQ.FTS.B
,
4
.747
%
,
12/12/35
...
2,547
1,361
a,b
7891927.SQ.FTS.B
,
4
.729
%
,
12/13/35
...
450
9
a
7889618.SQ.FTS.B
,
5
.099
%
,
12/13/35
...
637
369
a
7890802.SQ.FTS.B
,
6
.16
%
,
12/13/35
....
287
151
a,b
7889784.SQ.FTS.B
,
6
.168
%
,
12/13/35
...
2,381
43
a
7898972.SQ.FTS.B
,
4
.78
%
,
12/15/35
....
5,391
3,495
a,b
7899837.SQ.FTS.B
,
4
.752
%
,
12/16/35
...
3,998
71
a
7899916.SQ.FTS.B
,
5
.346
%
,
12/16/35
...
3,439
809
a,b
7901578.SQ.FTS.B
,
5
.535
%
,
12/17/35
...
1,306
693
a,b
7914492.SQ.FTS.B
,
5
.907
%
,
12/20/35
...
576
11
a,b
7912392.SQ.FTS.B
,
6
.164
%
,
12/20/35
...
198
109
a,b
7918484.SQ.FTS.B
,
4
.745
%
,
12/21/35
...
4,063
42
a,b
7915836.SQ.FTS.B
,
4
.781
%
,
12/21/35
...
2,661
62
a
7915632.SQ.FTS.B
,
4
.784
%
,
12/21/35
...
9
6
a
7919391.SQ.FTS.B
,
5
.921
%
,
12/22/35
...
393
234
a,b
7919249.SQ.FTS.B
,
6
.171
%
,
12/22/35
...
2,442
410
a
7921388.SQ.FTS.B
,
5
.338
%
,
12/24/35
...
182
103
a
7924093.SQ.FTS.B
,
5
.346
%
,
12/24/35
...
8,656
4,798
a,b
7931938.SQ.FTS.B
,
4
.757
%
,
12/26/35
...
1,074
14
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7928332.SQ.FTS.B
,
6
.144
%
,
12/26/35
...
$
468
$
10
a,b
7929817.SQ.FTS.B
,
6
.164
%
,
12/26/35
...
994
17
a
7931303.SQ.FTS.B
,
6
.474
%
,
12/26/35
...
2,008
476
a,b
7936898.SQ.FTS.B
,
5
.446
%
,
12/27/35
...
788
9
a,b
7936014.SQ.FTS.B
,
5
.913
%
,
12/27/35
...
17,355
353
a
7939609.SQ.FTS.B
,
5
.534
%
,
12/28/35
...
525
363
a,b
7938565.SQ.FTS.B
,
6
.294
%
,
12/28/35
...
1,744
435
a,b
7942328.SQ.FTS.B
,
4
.759
%
,
12/29/35
...
2,917
31
a
7942380.SQ.FTS.B
,
5
.726
%
,
12/29/35
...
2,133
1,329
a,b
7943096.SQ.FTS.B
,
6
.162
%
,
12/30/35
...
6,986
3,787
a,b
7942994.SQ.FTS.B
,
6
.178
%
,
12/30/35
...
531
7
a,b
7946958.SQ.FTS.B
,
4
.75
%
,
1/01/36
.....
4,192
92
a,b
7944951.SQ.FTS.B
,
4
.762
%
,
1/01/36
....
688
14
a,b
7945338.SQ.FTS.B
,
4
.78
%
,
1/01/36
.....
7,494
5,126
a
7944011.SQ.FTS.B
,
4
.784
%
,
1/01/36
....
1,767
1,152
a,b
7947625.SQ.FTS.B
,
6
.163
%
,
1/01/36
....
1,915
29
a,b
7951311.SQ.FTS.B
,
4
.777
%
,
1/02/36
....
537
8
a
7951847.SQ.FTS.B
,
5
.094
%
,
1/02/36
....
23,603
13,833
a,b
7952600.SQ.FTS.B
,
5
.35
%
,
1/02/36
.....
5,840
133
a,b
7951787.SQ.FTS.B
,
5
.407
%
,
1/02/36
....
997
7
a,b
7951448.SQ.FTS.B
,
5
.444
%
,
1/02/36
....
2,679
107
a,b
7951324.SQ.FTS.B
,
5
.535
%
,
1/02/36
....
294
6
a
7949460.SQ.FTS.B
,
5
.937
%
,
1/02/36
....
207
120
a,b
7950492.SQ.FTS.B
,
6
.475
%
,
1/02/36
....
4,103
80
a,b
7955770.SQ.FTS.B
,
4
.78
%
,
1/03/36
.....
11,019
435
a
7957118.SQ.FTS.B
,
5
.091
%
,
1/03/36
....
2,657
1,820
a,b
7957773.SQ.FTS.B
,
5
.911
%
,
1/03/36
....
7,202
4,182
a
7957265.SQ.FTS.B
,
5
.915
%
,
1/03/36
....
1,146
658
a
7966867.SQ.FTS.B
,
4
.762
%
,
1/08/36
....
276
157
a
7966654.SQ.FTS.B
,
5
.528
%
,
1/08/36
....
590
340
a
7967183.SQ.FTS.B
,
6
.163
%
,
1/08/36
....
302
189
a
7966492.SQ.FTS.B
,
6
.164
%
,
1/08/36
....
271
159
a,b
7970899.SQ.FTS.B
,
5
.349
%
,
1/09/36
....
8,001
175
a,b
7971514.SQ.FTS.B
,
5
.436
%
,
1/09/36
....
3,454
78
a
7971048.SQ.FTS.B
,
5
.739
%
,
1/09/36
....
531
356
a,b
7971074.SQ.FTS.B
,
6
.164
%
,
1/09/36
....
4,437
2,447
a,b
7980290.SQ.FTS.B
,
5
.346
%
,
1/11/36
....
18,424
493
a
7982077.SQ.FTS.B
,
5
.351
%
,
1/12/36
....
627
454
a,b
7981977.SQ.FTS.B
,
5
.917
%
,
1/12/36
....
2,349
93
a,b
7983412.SQ.FTS.B
,
5
.92
%
,
1/12/36
.....
1,117
18
a,b
7981527.SQ.FTS.B
,
6
.164
%
,
1/12/36
....
2,038
88
a
7984094.SQ.FTS.B
,
4
.776
%
,
1/13/36
....
1,061
735
a,b
7984186.SQ.FTS.B
,
6
.162
%
,
1/13/36
....
1,037
616
a,b
7984217.SQ.FTS.B
,
6
.491
%
,
1/13/36
....
1,790
950
a,b
7985368.SQ.FTS.B
,
5
.436
%
,
1/14/36
....
2,349
38
a,b
7987855.SQ.FTS.B
,
4
.735
%
,
1/15/36
....
1,031
26
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
80
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a
7987790.SQ.FTS.B
,
4
.78
%
,
1/15/36
.....
$
1,525
$
1,029
a
7988632.SQ.FTS.B
,
5
.346
%
,
1/15/36
....
2,297
1,550
a,b
7987273.SQ.FTS.B
,
5
.357
%
,
1/15/36
....
1,447
62
a,b
7991684.SQ.FTS.B
,
4
.775
%
,
1/16/36
....
3,015
44
a
7994568.SQ.FTS.B
,
5
.092
%
,
1/17/36
....
683
504
a,b
8000882.SQ.FTS.B
,
5
.913
%
,
1/17/36
....
14,351
367
a
7993734.SQ.FTS.B
,
6
.147
%
,
1/17/36
....
624
185
a
7993784.SQ.FTS.B
,
6
.289
%
,
1/17/36
....
496
308
a
8004901.SQ.FTS.B
,
5
.355
%
,
1/18/36
....
359
252
a,b
8004961.SQ.FTS.B
,
6
.166
%
,
1/18/36
....
12,843
168
a,b
8007128.SQ.FTS.B
,
4
.78
%
,
1/19/36
.....
3,770
1,940
a
8006609.SQ.FTS.B
,
6
.164
%
,
1/19/36
....
589
183
a,b
8007977.SQ.FTS.B
,
6
.172
%
,
1/19/36
....
1,517
40
a
8008058.SQ.FTS.B
,
6
.48
%
,
1/19/36
.....
429
261
a
8009940.SQ.FTS.B
,
4
.745
%
,
1/20/36
....
1,310
891
a,b
8014750.SQ.FTS.B
,
5
.716
%
,
1/22/36
....
3,086
41
a,b
8013310.SQ.FTS.B
,
5
.723
%
,
1/22/36
....
38,986
1,690
a,b
8016211.SQ.FTS.B
,
5
.451
%
,
1/23/36
....
2,578
34
a
8016338.SQ.FTS.B
,
5
.525
%
,
1/23/36
....
643
262
a,b
8029246.SQ.FTS.B
,
4
.78
%
,
1/26/36
.....
25,021
681
a
8033451.SQ.FTS.B
,
6
.263
%
,
1/29/36
....
298
147
a,b
8038749.SQ.FTS.B
,
4
.78
%
,
1/30/36
.....
148
4
a
8042258.SQ.FTS.B
,
5
.097
%
,
1/31/36
....
2,689
1,595
a
8049787.SQ.FTS.B
,
4
.758
%
,
2/01/36
....
112
44
a,b
8046718.SQ.FTS.B
,
5
.354
%
,
2/01/36
....
2,330
70
a
8046874.SQ.FTS.B
,
5
.522
%
,
2/01/36
....
430
304
a
8048248.SQ.FTS.B
,
5
.535
%
,
2/01/36
....
11,338
5,432
a,b
8053068.SQ.FTS.B
,
4
.749
%
,
2/02/36
....
762
13
a
8055848.SQ.FTS.B
,
5
.909
%
,
2/04/36
....
409
286
a,b
8058200.SQ.FTS.B
,
4
.739
%
,
2/05/36
....
634
239
a
8058016.SQ.FTS.B
,
5
.097
%
,
2/05/36
....
951
674
a,b
8060490.SQ.FTS.B
,
4
.78
%
,
2/06/36
.....
1,882
40
a,b
8063150.SQ.FTS.B
,
5
.911
%
,
2/06/36
....
32,004
696
a,b
8073414.SQ.FTS.B
,
5
.095
%
,
2/09/36
....
7,891
192
a
8075041.SQ.FTS.B
,
5
.348
%
,
2/09/36
....
300
208
a
8074973.SQ.FTS.B
,
5
.445
%
,
2/09/36
....
1,499
594
a,b
8076658.SQ.FTS.B
,
5
.428
%
,
2/10/36
....
870
16
a
8076290.SQ.FTS.B
,
5
.433
%
,
2/10/36
....
1,189
661
a
8077232.SQ.FTS.B
,
4
.785
%
,
2/11/36
....
473
347
a
8079163.SQ.FTS.B
,
5
.461
%
,
2/12/36
....
304
162
a,b
8087504.SQ.FTS.B
,
4
.749
%
,
2/14/36
....
869
26
a,b
8084982.SQ.FTS.B
,
5
.35
%
,
2/14/36
.....
2,214
61
a,b
8084848.SQ.FTS.B
,
6
.17
%
,
2/14/36
.....
588
11
a
8086839.SQ.FTS.B
,
6
.17
%
,
2/14/36
.....
599
451
a
8093270.SQ.FTS.B
,
4
.78
%
,
2/15/36
.....
3,666
2,583
a
8097209.SQ.FTS.B
,
5
.532
%
,
2/17/36
....
297
241
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
8099047.SQ.FTS.B
,
4
.747
%
,
2/19/36
....
$
4,041
$
71
a
8100556.SQ.FTS.B
,
6
.289
%
,
2/19/36
....
1,091
436
a
8104401.SQ.FTS.B
,
5
.094
%
,
2/20/36
....
16,613
10,999
a,b
8107707.SQ.FTS.B
,
4
.762
%
,
2/21/36
....
762
14
a
8107578.SQ.FTS.B
,
4
.78
%
,
2/21/36
.....
635
552
a,b
8112993.SQ.FTS.B
,
4
.78
%
,
2/22/36
.....
3,243
164
a
8116985.SQ.FTS.B
,
5
.346
%
,
2/23/36
....
830
579
a
8117025.SQ.FTS.B
,
5
.43
%
,
2/23/36
.....
981
468
a
8117644.SQ.FTS.B
,
6
.132
%
,
2/23/36
....
316
152
a
8119126.SQ.FTS.B
,
4
.778
%
,
2/24/36
....
3,079
1,905
a
8119327.SQ.FTS.B
,
6
.152
%
,
2/24/36
....
3,152
1,623
a
8119812.SQ.FTS.B
,
4
.778
%
,
2/25/36
....
1,138
596
a
8121851.SQ.FTS.B
,
5
.086
%
,
2/26/36
....
985
648
a,b
8130671.SQ.FTS.B
,
4
.78
%
,
2/28/36
.....
67,056
1,437
a
8128102.SQ.FTS.B
,
4
.79
%
,
2/28/36
.....
38
35
a
8128205.SQ.FTS.B
,
5
.112
%
,
2/28/36
....
6,351
4,934
a,b
8143126.SQ.FTS.B
,
5
.66
%
,
2/28/36
.....
10,383
5,741
a,b
8136487.SQ.FTS.B
,
6
.145
%
,
2/28/36
....
2,070
38
a,b
8134991.SQ.FTS.B
,
6
.422
%
,
2/28/36
....
11,676
3,688
a
8139109.SQ.FTS.B
,
6
.432
%
,
2/28/36
....
1,421
788
a
8139490.SQ.FTS.B
,
6
.681
%
,
2/28/36
....
937
607
230,003
Freedom
Financial
Asset
Management
LLC
APP-12410099.FP.FTS.B
,
10
.24
%
,
3/15/26
470
470
APP-12032996.FP.FTS.B
,
12
.34
%
,
5/22/26
1,001
1,007
APP-13485505.FP.FTS.B
,
15
.74
%
,
5/22/26
2,799
2,835
APP-14181485.FP.FTS.B
,
11
.34
%
,
6/17/26
5,384
5,414
APP-14057334.FP.FTS.B
,
17
.49
%
,
6/18/26
2,849
2,899
APP-14192027.FP.FTS.B
,
9
.84
%
,
6/19/26
.
2,201
2,210
APP-13963648.FP.FTS.B
,
17
.24
%
,
6/19/26
4,028
4,100
APP-15602395.FP.FTS.B
,
17
.24
%
,
6/24/26
2,883
2,939
APP-14329001.FP.FTS.B
,
23
.49
%
,
6/24/26
1,073
1,104
APP-15676938.FP.FTS.B
,
14
.49
%
,
7/06/26
1,589
1,598
APP-15869429.FP.FTS.B
,
21
.99
%
,
7/10/26
1,566
1,609
APP-15054747.FP.FTS.B
,
21
.49
%
,
7/12/26
3,921
4,021
APP-16085008.FP.FTS.B
,
18
.49
%
,
7/14/26
3,732
3,803
APP-14882473.FP.FTS.B
,
12
.99
%
,
7/17/26
5,474
5,512
APP-14688717.FP.FTS.B
,
10
.99
%
,
7/18/26
1,666
1,677
APP-14118175.FP.FTS.B
,
10
.09
%
,
7/19/26
525
524
APP-14870900.FP.FTS.B
,
17
.49
%
,
7/19/26
2,979
3,009
APP-14964964.FP.FTS.B
,
18
.99
%
,
7/23/26
4,056
4,195
APP-13767438.FP.FTS.B
,
10
.74
%
,
7/25/26
2,408
2,418
APP-15048537.FP.FTS.B
,
20
.99
%
,
7/25/26
4,060
4,203
APP-16811535.FP.FTS.B
,
21
.74
%
,
8/03/26
8,171
8,401
APP-17117415.FP.FTS.B
,
11
.24
%
,
8/06/26
5,110
5,145
APP-16036383.FP.FTS.B
,
20
.24
%
,
8/13/26
2,080
2,120
APP-15327014.FP.FTS.B
,
9
.24
%
,
8/14/26
.
5,227
5,270
APP-15585646.FP.FTS.B
,
9
.49
%
,
8/14/26
.
2,091
2,106
APP-15594751.FP.FTS.B
,
10
.74
%
,
8/14/26
4,920
4,956
APP-15493477.FP.FTS.B
,
16
.74
%
,
8/20/26
3,333
3,372
APP-14820629.FP.FTS.B
,
17
.24
%
,
8/20/26
7,207
7,449
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
81
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15743821.FP.FTS.B
,
26
.49
%
,
8/20/26
$
2,360
$
2,459
APP-15757972.FP.FTS.B
,
18
.24
%
,
8/21/26
2,227
2,249
APP-15750146.FP.FTS.B
,
19
.24
%
,
8/21/26
2,232
2,280
APP-12414817.FP.FTS.B
,
15
.24
%
,
8/26/26
3,183
3,208
APP-16078255.FP.FTS.B
,
19
.24
%
,
8/26/26
4,899
5,010
APP-16947974.FP.FTS.B
,
13
.24
%
,
9/06/26
3,228
3,285
APP-17143594.FP.FTS.B
,
9
.99
%
,
9/07/26
.
2,705
2,726
b
APP-16728029.FP.FTS.B
,
26
.49
%
,
9/09/26
2,703
248
APP-16681815.FP.FTS.B
,
8
.24
%
,
9/16/26
.
4,465
4,500
APP-16640720.FP.FTS.B
,
9
.99
%
,
9/18/26
.
8,794
8,866
b
APP-14176550.FP.FTS.B
,
10
.34
%
,
9/18/26
6,158
1,774
APP-16637870.FP.FTS.B
,
12
.49
%
,
9/18/26
2,995
3,024
APP-17100593.FP.FTS.B
,
9
.49
%
,
9/20/26
.
3,432
3,461
APP-17124398.FP.FTS.B
,
9
.74
%
,
9/20/26
.
2,343
2,349
APP-17439783.FP.FTS.B
,
10
.74
%
,
9/25/26
1,065
1,074
APP-15589148.FP.FTS.B
,
14
.49
%
,
10/08/26
..........................
2,424
2,446
APP-14329008.FP.FTS.B
,
19
.49
%
,
10/17/26
..........................
7,849
8,208
APP-11741994.FP.FTS.B
,
18
.99
%
,
12/16/26
..........................
4,294
4,414
APP-11737893.FP.FTS.B
,
25
.49
%
,
12/18/26
..........................
3,059
3,183
APP-11694428.FP.FTS.B
,
14
.49
%
,
12/22/26
..........................
520
520
APP-11751120.FP.FTS.B
,
8
.99
%
,
12/23/26
8,576
8,667
APP-11694004.FP.FTS.B
,
11
.74
%
,
12/23/26
11,177
11,295
APP-11708423.FP.FTS.B
,
20
.99
%
,
12/23/26
..........................
9,690
10,015
APP-11743539.FP.FTS.B
,
21
.74
%
,
12/23/26
..........................
1,461
1,472
b
APP-11752109.FP.FTS.B
,
22
.49
%
,
12/23/26
..........................
4,683
706
APP-14548332.FP.FTS.B
,
16
.49
%
,
1/05/27
2,649
2,672
APP-11939491.FP.FTS.B
,
15
.49
%
,
1/08/27
4,093
4,190
APP-11603796.FP.FTS.B
,
20
.99
%
,
1/15/27
4,503
4,708
APP-11749683.FP.FTS.B
,
16
.74
%
,
1/25/27
4,041
4,099
APP-11703116.FP.FTS.B
,
19
.49
%
,
2/05/27
3,580
3,685
APP-11922307.FP.FTS.B
,
20
.49
%
,
2/15/27
3,174
3,293
APP-11904406.FP.FTS.B
,
11
.24
%
,
2/19/27
5,201
5,261
APP-11942494.FP.FTS.B
,
18
.99
%
,
2/19/27
5,513
5,679
APP-11940530.FP.FTS.B
,
13
.49
%
,
2/20/27
4,882
4,946
APP-11861145.FP.FTS.B
,
13
.24
%
,
2/22/27
5,297
5,355
b
APP-10229823.FP.FTS.B
,
25
.49
%
,
2/26/27
4,097
901
APP-12361627.FP.FTS.B
,
8
.99
%
,
3/07/27
.
6,378
6,441
APP-12389833.FP.FTS.B
,
16
.49
%
,
3/07/27
3,401
3,489
APP-12410874.FP.FTS.B
,
10
.99
%
,
3/08/27
3,565
3,580
APP-12408565.FP.FTS.B
,
17
.99
%
,
3/19/27
7,148
7,398
APP-12412441.FP.FTS.B
,
11
.24
%
,
3/22/27
10,927
11,081
APP-11877626.FP.FTS.B
,
13
.59
%
,
4/14/27
12,661
12,826
APP-13682302.FP.FTS.B
,
18
.49
%
,
4/15/27
3,476
3,584
APP-13744711.FP.FTS.B
,
26
.49
%
,
4/15/27
3,081
3,212
APP-12119826.FP.FTS.B
,
12
.09
%
,
4/16/27
15,216
15,384
APP-13929153.FP.FTS.B
,
9
.59
%
,
4/20/27
.
4,024
4,072
APP-14057284.FP.FTS.B
,
13
.59
%
,
4/23/27
12,189
12,353
APP-14187476.FP.FTS.B
,
17
.99
%
,
5/01/27
9,494
9,728
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14087177.FP.FTS.B
,
18
.99
%
,
5/02/27
$
6,157
$
6,371
APP-14041540.FP.FTS.B
,
11
.59
%
,
5/03/27
6,844
6,930
APP-13483981.FP.FTS.B
,
16
.99
%
,
5/15/27
4,319
4,455
APP-13485148.FP.FTS.B
,
18
.49
%
,
5/15/27
9,559
9,873
APP-13849753.FP.FTS.B
,
9
.34
%
,
5/20/27
.
9,499
9,614
APP-13800465.FP.FTS.B
,
18
.49
%
,
5/20/27
4,109
4,279
APP-13529032.FP.FTS.B
,
18
.74
%
,
5/20/27
12,553
12,989
APP-13705972.FP.FTS.B
,
26
.49
%
,
5/20/27
4,078
4,265
APP-13542298.FP.FTS.B
,
11
.34
%
,
5/21/27
8,001
8,112
APP-13767415.FP.FTS.B
,
19
.49
%
,
5/21/27
4,678
4,777
APP-13838022.FP.FTS.B
,
22
.49
%
,
5/21/27
2,918
3,024
APP-13628676.FP.FTS.B
,
16
.99
%
,
5/27/27
4,322
4,409
APP-13485109.FP.FTS.B
,
20
.49
%
,
5/27/27
4,433
4,646
APP-13724215.FP.FTS.B
,
10
.09
%
,
5/28/27
16,308
5,417
APP-13899643.FP.FTS.B
,
12
.09
%
,
5/28/27
16,626
16,845
APP-13574037.FP.FTS.B
,
15
.24
%
,
5/28/27
15,499
15,810
APP-13628755.FP.FTS.B
,
19
.49
%
,
5/28/27
3,830
3,962
APP-13521024.FP.FTS.B
,
20
.99
%
,
5/28/27
5,992
6,285
APP-13836108.FP.FTS.B
,
13
.59
%
,
5/31/27
12,927
13,093
APP-13623936.FP.FTS.B
,
9
.34
%
,
6/03/27
.
12,754
12,901
APP-14688354.FP.FTS.B
,
17
.49
%
,
6/04/27
9,683
9,826
APP-14165096.FP.FTS.B
,
14
.74
%
,
6/06/27
10,483
10,661
APP-14192451.FP.FTS.B
,
17
.99
%
,
6/06/27
10,628
10,894
APP-14083608.FP.FTS.B
,
20
.49
%
,
6/06/27
1,191
1,188
APP-14225512.FP.FTS.B
,
20
.49
%
,
6/07/27
3,738
3,840
APP-14324970.FP.FTS.B
,
24
.74
%
,
6/12/27
5,741
6,027
APP-14219059.FP.FTS.B
,
11
.34
%
,
6/16/27
4,827
4,870
APP-15597460.FP.FTS.B
,
16
.49
%
,
6/16/27
11,368
11,546
APP-14301553.FP.FTS.B
,
22
.49
%
,
6/16/27
6,126
6,340
APP-14138938.FP.FTS.B
,
11
.59
%
,
6/17/27
5,478
5,550
APP-14243912.FP.FTS.B
,
26
.49
%
,
6/17/27
3,864
4,046
APP-14057201.FP.FTS.B
,
15
.99
%
,
6/18/27
4,342
4,477
APP-14108165.FP.FTS.B
,
20
.49
%
,
6/18/27
6,507
6,737
APP-14066107.FP.FTS.B
,
9
.34
%
,
6/19/27
.
12,755
12,925
APP-13484916.FP.FTS.B
,
14
.99
%
,
6/19/27
6,007
6,098
APP-14165192.FP.FTS.B
,
17
.99
%
,
6/19/27
911
912
APP-14025039.FP.FTS.B
,
20
.49
%
,
6/19/27
4,633
4,827
APP-14202174.FP.FTS.B
,
11
.59
%
,
6/20/27
4,326
4,386
APP-14077334.FP.FTS.B
,
13
.59
%
,
6/20/27
6,064
6,115
APP-14194952.FP.FTS.B
,
17
.99
%
,
6/20/27
7,477
7,719
APP-11743712.FP.FTS.B
,
21
.49
%
,
6/22/27
6,262
6,561
b
APP-14227617.FP.FTS.B
,
20
.99
%
,
6/25/27
4,716
578
APP-14292674.FP.FTS.B
,
21
.99
%
,
6/28/27
7,206
7,607
b
APP-13695730.FP.FTS.B
,
26
.49
%
,
6/28/27
3,839
356
APP-15753390.FP.FTS.B
,
26
.99
%
,
7/01/27
4,655
4,895
APP-15653357.FP.FTS.B
,
21
.24
%
,
7/04/27
3,315
3,404
APP-14883847.FP.FTS.B
,
17
.24
%
,
7/06/27
2,809
2,845
APP-15556990.FP.FTS.B
,
21
.24
%
,
7/06/27
4,167
4,276
APP-14902078.FP.FTS.B
,
11
.74
%
,
7/07/27
8,569
8,670
APP-14923950.FP.FTS.B
,
13
.74
%
,
7/08/27
4,608
4,672
APP-14868239.FP.FTS.B
,
11
.99
%
,
7/12/27
4,226
4,280
APP-14709072.FP.FTS.B
,
17
.49
%
,
7/12/27
3,107
3,116
APP-14818480.FP.FTS.B
,
11
.74
%
,
7/15/27
10,245
10,341
APP-14914496.FP.FTS.B
,
11
.74
%
,
7/15/27
13,967
14,152
APP-15137192.FP.FTS.B
,
11
.99
%
,
7/15/27
6,101
6,178
APP-14843307.FP.FTS.B
,
11
.99
%
,
7/17/27
4,589
4,643
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
82
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14811744.FP.FTS.B
,
13
.99
%
,
7/19/27
$
12,777
$
12,986
APP-14688586.FP.FTS.B
,
17
.49
%
,
7/19/27
10,418
10,623
b
APP-14188625.FP.FTS.B
,
13
.59
%
,
7/20/27
8,851
994
APP-14902830.FP.FTS.B
,
16
.24
%
,
7/20/27
15,201
15,688
APP-15056862.FP.FTS.B
,
22
.99
%
,
7/20/27
8,337
8,728
APP-14865961.FP.FTS.B
,
11
.74
%
,
7/21/27
12,545
12,726
APP-14937680.FP.FTS.B
,
11
.99
%
,
7/21/27
3,548
3,575
APP-14881643.FP.FTS.B
,
17
.49
%
,
7/21/27
8,442
8,615
APP-14877061.FP.FTS.B
,
9
.99
%
,
7/22/27
.
5,643
5,725
APP-14314279.FP.FTS.B
,
23
.49
%
,
7/25/27
3,154
3,300
APP-14335800.FP.FTS.B
,
19
.99
%
,
7/27/27
6,564
2,279
APP-13417402.FP.FTS.B
,
17
.99
%
,
7/28/27
6,316
6,638
APP-15053109.FP.FTS.B
,
11
.74
%
,
7/29/27
7,041
7,150
APP-16690743.FP.FTS.B
,
18
.49
%
,
8/01/27
3,344
3,391
APP-15584134.FP.FTS.B
,
12
.99
%
,
8/03/27
9,793
9,926
APP-16724945.FP.FTS.B
,
13
.99
%
,
8/03/27
5,322
5,344
APP-16827842.FP.FTS.B
,
16
.24
%
,
8/03/27
9,755
9,876
APP-17031491.FP.FTS.B
,
13
.99
%
,
8/05/27
19,935
20,230
APP-17272402.FP.FTS.B
,
21
.24
%
,
8/05/27
13,598
14,031
APP-15713621.FP.FTS.B
,
12
.49
%
,
8/06/27
6,344
6,420
APP-14143499.FP.FTS.B
,
17
.24
%
,
8/07/27
12,943
13,303
APP-15045243.FP.FTS.B
,
21
.49
%
,
8/10/27
8,012
8,329
APP-15437840.FP.FTS.B
,
20
.24
%
,
8/13/27
6,715
7,008
APP-16055829.FP.FTS.B
,
12
.99
%
,
8/14/27
4,453
4,531
APP-16079598.FP.FTS.B
,
20
.49
%
,
8/14/27
8,290
8,534
APP-15638158.FP.FTS.B
,
21
.24
%
,
8/14/27
3,936
4,052
APP-15398960.FP.FTS.B
,
12
.99
%
,
8/15/27
16,231
16,470
APP-15709743.FP.FTS.B
,
14
.49
%
,
8/15/27
15,391
15,638
APP-15299307.FP.FTS.B
,
14
.99
%
,
8/15/27
12,303
12,523
APP-15544956.FP.FTS.B
,
18
.74
%
,
8/15/27
6,466
6,598
APP-15702332.FP.FTS.B
,
20
.24
%
,
8/15/27
4,208
4,290
APP-16074588.FP.FTS.B
,
23
.49
%
,
8/15/27
6,445
6,714
APP-15763149.FP.FTS.B
,
26
.99
%
,
8/15/27
4,838
5,076
APP-15602475.FP.FTS.B
,
12
.49
%
,
8/19/27
6,640
6,739
APP-15601188.FP.FTS.B
,
21
.24
%
,
8/19/27
20,840
21,523
APP-15811836.FP.FTS.B
,
19
.74
%
,
8/20/27
10,408
10,747
APP-15602128.FP.FTS.B
,
21
.74
%
,
8/21/27
5,869
6,119
APP-14178173.FP.FTS.B
,
15
.24
%
,
8/26/27
8,430
8,584
APP-15871509.FP.FTS.B
,
20
.49
%
,
8/26/27
7,728
8,033
b
APP-16071674.FP.FTS.B
,
22
.49
%
,
8/26/27
5,223
1,084
APP-15234987.FP.FTS.B
,
16
.74
%
,
8/27/27
11,775
12,034
APP-16019364.FP.FTS.B
,
20
.99
%
,
8/28/27
12,486
12,950
APP-15594246.FP.FTS.B
,
25
.49
%
,
8/30/27
13,014
13,662
APP-14911217.FP.FTS.B
,
13
.99
%
,
9/07/27
10,126
10,295
APP-17244225.FP.FTS.B
,
9
.49
%
,
9/09/27
.
7,776
7,876
APP-17250115.FP.FTS.B
,
9
.74
%
,
9/09/27
.
2,781
2,817
APP-17450366.FP.FTS.B
,
21
.24
%
,
9/13/27
5,088
5,249
APP-16817244.FP.FTS.B
,
18
.24
%
,
9/14/27
21,427
21,855
APP-16652517.FP.FTS.B
,
14
.24
%
,
9/15/27
6,329
6,406
APP-11750409.FP.FTS.B
,
17
.99
%
,
9/15/27
7,592
7,885
APP-16847088.FP.FTS.B
,
18
.24
%
,
9/15/27
4,541
4,708
APP-16906029.FP.FTS.B
,
17
.74
%
,
9/17/27
4,500
4,581
APP-14177752.FP.FTS.B
,
11
.59
%
,
9/18/27
10,402
10,573
APP-16599721.FP.FTS.B
,
13
.49
%
,
9/19/27
1,888
1,897
APP-15742698.FP.FTS.B
,
20
.74
%
,
9/20/27
9,264
9,726
APP-15738048.FP.FTS.B
,
24
.99
%
,
9/20/27
7,066
7,315
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15758289.FP.FTS.B
,
26
.99
%
,
9/21/27
$
5,001
$
5,264
APP-17193229.FP.FTS.B
,
11
.99
%
,
9/22/27
5,850
5,953
APP-13628761.FP.FTS.B
,
20
.99
%
,
9/23/27
1,028
1,032
APP-15037668.FP.FTS.B
,
26
.99
%
,
9/23/27
5,298
5,590
b
APP-17329208.FP.FTS.B
,
20
.99
%
,
9/25/27
8,850
876
APP-16061296.FP.FTS.B
,
23
.49
%
,
10/27/27
..........................
3,018
3,042
APP-15449600.FP.FTS.B
,
20
.74
%
,
11/15/27
..........................
2,933
2,963
APP-14122876.FP.FTS.B
,
23
.49
%
,
11/20/27
..........................
14,969
15,705
APP-15757316.FP.FTS.B
,
24
.99
%
,
11/24/27
..........................
11,760
12,405
APP-15718443.FP.FTS.B
,
26
.99
%
,
11/30/27
..........................
14,084
14,841
APP-14840263.FP.FTS.B
,
17
.49
%
,
12/08/27
..........................
12,638
12,888
APP-13914635.FP.FTS.B
,
20
.99
%
,
12/10/27
..........................
3,646
3,719
APP-17433516.FP.FTS.B
,
20
.49
%
,
12/12/27
..........................
12,838
13,234
APP-12293217.FP.FTS.B
,
17
.49
%
,
1/05/28
3,791
3,810
APP-16893024.FP.FTS.B
,
19
.99
%
,
1/11/28
9,229
9,421
b
APP-15032228.FP.FTS.B
,
23
.49
%
,
9/12/35
476
71
APP-11740312.FP.FTS.B
,
20
.49
%
,
2/03/36
253
253
1,298,393
LendingClub
Corp.
-
LCX
PM
188053341.LC.FTS.B
,
6
%
,
4/08/27
......
1,816
1,855
187514926.LC.FTS.B
,
23
.49
%
,
4/11/27
...
2,826
2,919
188110736.LC.FTS.B
,
23
.99
%
,
4/13/27
...
5,163
–
188308390.LC.FTS.B
,
25
.99
%
,
4/14/27
...
2,281
2,376
188225211.LC.FTS.B
,
20
.99
%
,
4/18/27
...
5,319
5,322
188575003.LC.FTS.B
,
22
.49
%
,
4/20/27
...
2,022
2,073
188450442.LC.FTS.B
,
15
.19
%
,
4/21/27
...
9,086
8,988
188615522.LC.FTS.B
,
16
.19
%
,
4/21/27
...
5,273
5,305
188593509.LC.FTS.B
,
19
.44
%
,
4/21/27
...
2,493
2,555
188582913.LC.FTS.B
,
20
.49
%
,
4/21/27
...
12,724
–
188633218.LC.FTS.B
,
28
.99
%
,
4/21/27
...
4,698
4,901
188630360.LC.FTS.B
,
20
.49
%
,
4/22/27
...
7,735
7,917
188277503.LC.FTS.B
,
23
.19
%
,
4/22/27
...
3,718
3,829
187548960.LC.FTS.B
,
20
.49
%
,
4/25/27
...
6,582
6,577
187548690.LC.FTS.B
,
23
.49
%
,
4/25/27
...
8,593
–
188528665.LC.FTS.B
,
23
.99
%
,
4/25/27
...
2,654
2,736
187899660.LC.FTS.B
,
23
.99
%
,
4/29/27
...
8,054
8,296
188186124.LC.FTS.B
,
21
.49
%
,
11/12/27
..
3,395
3,354
188574271.LC.FTS.B
,
22
.49
%
,
11/30/27
..
17,468
–
188256153.LC.FTS.B
,
18
.99
%
,
12/12/27
..
3,048
1,127
b
188223031.LC.FTS.B
,
18
.99
%
,
1/28/28
...
18,375
1,754
188415292.LC.FTS.B
,
22
.99
%
,
7/20/28
...
15,340
15,436
87,320
Prosper
Funding
LLC
1655235.PS.FTS.B
,
24
.03
%
,
10/27/26
...
3,299
3,421
1657464.PS.FTS.B
,
10
.5
%
,
10/29/26
....
398
401
1646555.PS.FTS.B
,
10
.9
%
,
10/29/26
....
5,167
5,237
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
83
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1658775.PS.FTS.B
,
12
.5
%
,
11/02/26
....
$
6,046
$
6,032
1658917.PS.FTS.B
,
10
.7
%
,
11/09/26
....
2,880
2,879
1666464.PS.FTS.B
,
15
.29
%
,
11/09/26
....
2,234
2,262
1654475.PS.FTS.B
,
10
.8
%
,
11/10/26
....
4,580
2,626
1660093.PS.FTS.B
,
10
.9
%
,
11/10/26
....
511
510
1654907.PS.FTS.B
,
16
%
,
11/12/26
......
2,509
2,549
1667685.PS.FTS.B
,
17
.1
%
,
11/15/26
....
5,820
5,911
1665225.PS.FTS.B
,
19
.53
%
,
11/18/26
....
898
900
1673612.PS.FTS.B
,
19
.3
%
,
12/16/26
....
1,570
1,597
1674065.PS.FTS.B
,
27
.18
%
,
12/16/26
...
4,440
4,594
1674635.PS.FTS.B
,
13
.77
%
,
12/17/26
...
4,049
4,092
1681423.PS.FTS.B
,
10
.08
%
,
12/20/26
...
3,366
3,372
1688043.PS.FTS.B
,
10
.5
%
,
12/20/26
....
2,696
2,701
1673600.PS.FTS.B
,
11
.6
%
,
12/25/26
....
2,326
2,328
1686612.PS.FTS.B
,
16
.8
%
,
12/25/26
....
6,110
6,189
1681444.PS.FTS.B
,
9
.81
%
,
12/27/26
....
7,402
1,706
1675322.PS.FTS.B
,
21
.09
%
,
12/30/26
...
4,759
4,963
1687826.PS.FTS.B
,
12
.6
%
,
1/12/27
.....
3,034
3,037
1688201.PS.FTS.B
,
24
.03
%
,
1/12/27
....
3,039
3,149
1694575.PS.FTS.B
,
11
.99
%
,
1/13/27
....
5,255
5,260
1688543.PS.FTS.B
,
16
.18
%
,
1/13/27
....
4,064
4,096
1702050.PS.FTS.B
,
18
.78
%
,
1/14/27
....
2,802
2,857
1689323.PS.FTS.B
,
26
.88
%
,
1/14/27
....
951
986
1689608.PS.FTS.B
,
28
.23
%
,
1/14/27
....
4,844
5,024
1705371.PS.FTS.B
,
12
.62
%
,
1/20/27
....
7,589
7,609
1693711.PS.FTS.B
,
21
.63
%
,
1/31/27
....
3,305
3,433
1715428.PS.FTS.B
,
9
.99
%
,
2/15/27
.....
1,319
1,319
1715575.PS.FTS.B
,
18
.59
%
,
2/15/27
....
1,703
1,715
1709420.PS.FTS.B
,
21
.18
%
,
2/16/27
....
3,399
3,471
1709807.PS.FTS.B
,
15
.1
%
,
2/17/27
.....
5,117
5,174
1696093.PS.FTS.B
,
16
%
,
2/17/27
.......
4,108
4,191
1711007.PS.FTS.B
,
18
.78
%
,
2/18/27
....
5,052
5,164
1710686.PS.FTS.B
,
19
%
,
2/18/27
.......
3,017
3,084
1708892.PS.FTS.B
,
11
.79
%
,
2/20/27
....
5,449
5,451
1688975.PS.FTS.B
,
12
.4
%
,
2/26/27
.....
6,271
6,269
1708439.PS.FTS.B
,
16
.7
%
,
3/09/27
.....
2,155
2,198
1749361.PS.FTS.B
,
10
.5
%
,
4/05/27
.....
4,232
4,217
1742753.PS.FTS.B
,
11
.7
%
,
4/05/27
.....
4,305
4,290
1752456.PS.FTS.B
,
16
.18
%
,
4/05/27
....
2,359
545
1749730.PS.FTS.B
,
11
.6
%
,
4/06/27
.....
4,609
4,594
1752861.PS.FTS.B
,
12
.5
%
,
4/06/27
.....
3,116
3,105
1750153.PS.FTS.B
,
16
.9
%
,
4/06/27
.....
3,008
3,050
1754274.PS.FTS.B
,
11
.6
%
,
4/07/27
.....
1,074
1,071
1751020.PS.FTS.B
,
14
.49
%
,
4/07/27
....
1,761
1,766
1745348.PS.FTS.B
,
10
.4
%
,
4/08/27
.....
9,027
9,003
1755504.PS.FTS.B
,
10
.29
%
,
4/11/27
....
2,703
2,698
1752913.PS.FTS.B
,
15
.5
%
,
4/11/27
.....
3,270
3,280
1756335.PS.FTS.B
,
18
.33
%
,
4/12/27
....
8,028
8,165
1755102.PS.FTS.B
,
15
.29
%
,
4/13/27
....
9,859
9,882
1755513.PS.FTS.B
,
21
%
,
4/20/27
.......
2,175
2,258
b
1704399.PS.FTS.B
,
13
.8
%
,
11/03/27
....
18,713
2,455
1693289.PS.FTS.B
,
12
.9
%
,
12/21/27
....
3,995
3,977
1743968.PS.FTS.B
,
11
.2
%
,
3/15/28
.....
8,195
8,061
b
1700571.PS.FTS.B
,
18
.11
%
,
1/24/36
....
2,054
167
210,341
Description
Principal
Amount
Value
b
Upgrade,
Inc.
-
Card
991835626.UG.FTS.B
,
28
.98
%
,
4/15/26
..
$
32
$
32
Upstart
Network,
Inc.
L1714660.UP.FTS.B
,
8
.12
%
,
9/15/26
....
5,915
4,710
L1717453.UP.FTS.B
,
9
.3
%
,
9/15/26
.....
8,071
7,940
L1712309.UP.FTS.B
,
10
.63
%
,
9/15/26
....
662
653
L1716286.UP.FTS.B
,
13
.58
%
,
9/15/26
....
2,628
2,591
L1714787.UP.FTS.B
,
19
.9
%
,
9/15/26
....
169
167
L1717659.UP.FTS.B
,
24
.51
%
,
9/15/26
....
645
637
L1715574.UP.FTS.B
,
25
.72
%
,
9/15/26
....
741
730
b
L1713640.UP.FTS.B
,
26
.25
%
,
9/15/26
....
1,453
104
L1705442.UP.FTS.B
,
26
.69
%
,
9/15/26
....
1,543
1,522
FW1718296.UP.FTS.B
,
26
.73
%
,
9/15/26
..
1,447
1,427
FW1718304.UP.FTS.B
,
30
.56
%
,
9/15/26
..
652
644
FW1708223.UP.FTS.B
,
31
.43
%
,
9/15/26
..
900
889
FW1718952.UP.FTS.B
,
31
.98
%
,
9/15/26
..
1,854
1,831
FW1718497.UP.FTS.B
,
32
.01
%
,
9/15/26
..
547
541
b
L1888552.UP.FTS.B
,
7
.94
%
,
10/20/26
....
6,571
1,286
L1888883.UP.FTS.B
,
8
.11
%
,
10/20/26
....
2,085
2,051
FW1885766.UP.FTS.B
,
12
.47
%
,
10/20/26
.
6,104
6,020
L1885346.UP.FTS.B
,
12
.58
%
,
10/20/26
...
573
565
L1883791.UP.FTS.B
,
16
%
,
10/20/26
.....
2,281
2,260
L1887062.UP.FTS.B
,
16
.6
%
,
10/20/26
....
1,019
1,006
FW1886267.UP.FTS.B
,
17
.53
%
,
10/20/26
.
2,193
2,166
FW1885177.UP.FTS.B
,
19
.83
%
,
10/20/26
.
1,315
1,298
L1888979.UP.FTS.B
,
20
.2
%
,
10/20/26
....
3,976
3,925
L1887570.UP.FTS.B
,
22
.24
%
,
10/20/26
...
731
722
L1887186.UP.FTS.B
,
23
.15
%
,
10/20/26
...
464
458
L1882558.UP.FTS.B
,
25
.08
%
,
10/20/26
...
386
382
FW1887450.UP.FTS.B
,
25
.16
%
,
10/20/26
.
3,575
3,534
FW1885417.UP.FTS.B
,
25
.25
%
,
10/20/26
.
1,200
1,186
L1888117.UP.FTS.B
,
25
.32
%
,
10/20/26
...
985
974
b
L1885428.UP.FTS.B
,
25
.94
%
,
10/20/26
...
4,802
129
L1862311.UP.FTS.B
,
26
.09
%
,
10/20/26
...
2,147
1,735
FW1885184.UP.FTS.B
,
29
.51
%
,
10/20/26
.
3,433
3,396
b
FW1888517.UP.FTS.B
,
31
.21
%
,
10/20/26
.
675
124
FW1886674.UP.FTS.B
,
31
.35
%
,
10/20/26
.
1,049
1,038
L2047884.UP.FTS.B
,
7
.92
%
,
11/15/26
....
2,545
2,502
L2048411.UP.FTS.B
,
8
.56
%
,
11/15/26
....
774
760
L2047237.UP.FTS.B
,
9
.32
%
,
11/15/26
....
1,402
1,376
FW2046704.UP.FTS.B
,
9
.53
%
,
11/15/26
..
3,026
2,971
L2048156.UP.FTS.B
,
13
.55
%
,
11/15/26
...
1,566
1,194
L2046597.UP.FTS.B
,
14
.02
%
,
11/15/26
...
4,361
4,297
L2047243.UP.FTS.B
,
14
.23
%
,
11/15/26
...
3,944
3,886
FW2047393.UP.FTS.B
,
14
.85
%
,
11/15/26
.
2,220
2,196
FW2049034.UP.FTS.B
,
15
.15
%
,
11/15/26
.
1,401
1,386
L2048596.UP.FTS.B
,
15
.55
%
,
11/15/26
...
1,323
1,303
L2048855.UP.FTS.B
,
15
.99
%
,
11/15/26
...
2,077
2,055
b
L2048386.UP.FTS.B
,
16
.67
%
,
11/15/26
...
3,625
264
L2046932.UP.FTS.B
,
17
.96
%
,
11/15/26
...
4,309
4,249
b
L2049268.UP.FTS.B
,
19
.7
%
,
11/15/26
....
2,430
177
L2049153.UP.FTS.B
,
19
.94
%
,
11/15/26
...
2,415
2,379
L2047279.UP.FTS.B
,
20
.87
%
,
11/15/26
...
2,207
2,175
L2048606.UP.FTS.B
,
21
.48
%
,
11/15/26
...
2,547
2,509
L2047532.UP.FTS.B
,
21
.84
%
,
11/15/26
...
1,245
1,227
b
L2047358.UP.FTS.B
,
21
.89
%
,
11/15/26
...
1,892
138
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
84
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2047197.UP.FTS.B
,
21
.93
%
,
11/15/26
...
$
2,437
$
2,404
FW2047187.UP.FTS.B
,
22
.1
%
,
11/15/26
..
4,000
3,942
b
FW2047777.UP.FTS.B
,
22
.57
%
,
11/15/26
.
1,333
97
FW2034466.UP.FTS.B
,
24
.37
%
,
11/15/26
.
726
715
b
L2047240.UP.FTS.B
,
24
.44
%
,
11/15/26
...
1,209
38
L2047586.UP.FTS.B
,
24
.7
%
,
11/15/26
....
599
591
L2048978.UP.FTS.B
,
25
.37
%
,
11/15/26
...
2,630
2,593
L2049419.UP.FTS.B
,
25
.38
%
,
11/15/26
...
152
150
L2048909.UP.FTS.B
,
25
.5
%
,
11/15/26
....
687
678
FW2027220.UP.FTS.B
,
25
.94
%
,
11/15/26
.
451
445
FW2047100.UP.FTS.B
,
26
.77
%
,
11/15/26
.
807
796
b
FW2047468.UP.FTS.B
,
30
.8
%
,
11/15/26
..
350
25
FW2049349.UP.FTS.B
,
30
.81
%
,
11/15/26
.
456
450
FW2049409.UP.FTS.B
,
31
.09
%
,
11/15/26
.
3,044
3,004
FW1979816.UP.FTS.B
,
31
.12
%
,
11/15/26
.
827
816
FW2048749.UP.FTS.B
,
31
.13
%
,
11/15/26
.
713
703
FW2047594.UP.FTS.B
,
31
.24
%
,
11/15/26
.
223
220
FW2048610.UP.FTS.B
,
31
.92
%
,
11/15/26
.
1,883
1,859
FW2096102.UP.FTS.B
,
7
.51
%
,
11/22/26
..
1,629
1,600
L2094764.UP.FTS.B
,
11
.93
%
,
11/22/26
...
523
515
FW2083090.UP.FTS.B
,
12
.64
%
,
11/22/26
.
177
175
b
L2094766.UP.FTS.B
,
16
.38
%
,
11/22/26
...
1,160
198
FW2095326.UP.FTS.B
,
16
.9
%
,
11/22/26
..
1,148
1,138
L2095105.UP.FTS.B
,
17
.31
%
,
11/22/26
...
5,659
4,319
FW2096292.UP.FTS.B
,
18
.39
%
,
11/22/26
.
2,022
1,999
L2094851.UP.FTS.B
,
18
.61
%
,
11/22/26
...
10,691
10,604
L2096899.UP.FTS.B
,
19
.33
%
,
11/22/26
...
3,166
3,129
L2096144.UP.FTS.B
,
19
.54
%
,
11/22/26
...
3,512
3,472
FW2094159.UP.FTS.B
,
20
.44
%
,
11/22/26
.
2,288
2,262
L2096760.UP.FTS.B
,
21
.84
%
,
11/22/26
...
2,738
2,707
FW2095395.UP.FTS.B
,
22
.89
%
,
11/22/26
.
505
395
L2094312.UP.FTS.B
,
25
.16
%
,
11/22/26
...
7,912
7,828
L2096356.UP.FTS.B
,
25
.27
%
,
11/22/26
...
263
260
FW2095277.UP.FTS.B
,
25
.75
%
,
11/22/26
.
3,969
3,928
L2094270.UP.FTS.B
,
25
.87
%
,
11/22/26
...
849
840
L2096054.UP.FTS.B
,
27
.38
%
,
11/22/26
...
900
891
L2096384.UP.FTS.B
,
27
.83
%
,
11/22/26
...
2,518
2,493
FW2096342.UP.FTS.B
,
28
.48
%
,
11/22/26
.
1,527
1,210
FW2096279.UP.FTS.B
,
30
.8
%
,
11/22/26
..
342
338
FW2096663.UP.FTS.B
,
31
.48
%
,
11/22/26
.
1,576
1,255
FW2089645.UP.FTS.B
,
31
.75
%
,
11/22/26
.
2,745
2,741
FW2094660.UP.FTS.B
,
31
.22
%
,
11/24/26
.
3,092
3,062
L2096773.UP.FTS.B
,
24
.83
%
,
12/03/26
...
746
738
FW2024402.UP.FTS.B
,
24
.5
%
,
12/06/26
..
3,434
3,394
FW2293082.UP.FTS.B
,
6
.16
%
,
12/21/26
..
777
761
FW2293501.UP.FTS.B
,
7
.39
%
,
12/21/26
..
1,567
1,538
L2292686.UP.FTS.B
,
7
.74
%
,
12/21/26
....
642
630
L2295697.UP.FTS.B
,
8
.34
%
,
12/21/26
....
122
120
L2295880.UP.FTS.B
,
8
.72
%
,
12/21/26
....
652
640
L2295310.UP.FTS.B
,
9
.3
%
,
12/21/26
....
1,532
1,506
L2288385.UP.FTS.B
,
12
.86
%
,
12/21/26
...
1,172
1,155
L2294220.UP.FTS.B
,
13
.69
%
,
12/21/26
...
1,427
1,406
L2294790.UP.FTS.B
,
13
.78
%
,
12/21/26
...
1,458
1,437
L2296049.UP.FTS.B
,
17
.33
%
,
12/21/26
...
1,265
1,254
L2295430.UP.FTS.B
,
18
.6
%
,
12/21/26
....
4,297
3,246
L2295608.UP.FTS.B
,
18
.98
%
,
12/21/26
...
2,831
2,173
FW2293617.UP.FTS.B
,
19
.06
%
,
12/21/26
.
2,008
666
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2294886.UP.FTS.B
,
19
.07
%
,
12/21/26
.
$
498
$
494
FW2293806.UP.FTS.B
,
19
.41
%
,
12/21/26
.
2,029
2,012
b
L2296294.UP.FTS.B
,
19
.65
%
,
12/21/26
...
429
78
L2293347.UP.FTS.B
,
20
.07
%
,
12/21/26
...
8,582
6,543
L2294842.UP.FTS.B
,
21
.22
%
,
12/21/26
...
1,348
1,331
L2296434.UP.FTS.B
,
21
.52
%
,
12/21/26
...
678
670
L2296037.UP.FTS.B
,
22
.38
%
,
12/21/26
...
1,276
1,260
L2286942.UP.FTS.B
,
22
.51
%
,
12/21/26
...
583
576
L2293386.UP.FTS.B
,
22
.55
%
,
12/21/26
...
2,202
2,175
L2294767.UP.FTS.B
,
23
.15
%
,
12/21/26
...
732
723
FW2295460.UP.FTS.B
,
23
.88
%
,
12/21/26
.
8,185
6,260
b
L2295515.UP.FTS.B
,
24
.19
%
,
12/21/26
...
5,539
255
L2294601.UP.FTS.B
,
24
.7
%
,
12/21/26
....
15,352
11,866
L2294392.UP.FTS.B
,
25
.44
%
,
12/21/26
...
5,579
5,514
L2287500.UP.FTS.B
,
25
.45
%
,
12/21/26
...
2,122
721
L2292073.UP.FTS.B
,
25
.46
%
,
12/21/26
...
864
854
FW2293261.UP.FTS.B
,
30
.26
%
,
12/21/26
.
339
336
FW2296110.UP.FTS.B
,
30
.89
%
,
12/21/26
.
349
346
FW2294105.UP.FTS.B
,
30
.94
%
,
12/21/26
.
3,712
3,674
FW2295248.UP.FTS.B
,
30
.94
%
,
12/21/26
.
1,223
1,211
FW2293727.UP.FTS.B
,
31
.05
%
,
12/21/26
.
444
440
FW2295496.UP.FTS.B
,
31
.18
%
,
12/21/26
.
722
714
FW2293684.UP.FTS.B
,
31
.29
%
,
12/21/26
.
940
931
L2298149.UP.FTS.B
,
5
.81
%
,
12/22/26
....
9,672
9,449
L2298867.UP.FTS.B
,
6
.47
%
,
12/22/26
....
3,030
2,960
L2299006.UP.FTS.B
,
7
.25
%
,
12/22/26
....
3,373
3,310
L2300059.UP.FTS.B
,
7
.96
%
,
12/22/26
....
1,059
1,040
FW2297741.UP.FTS.B
,
8
.43
%
,
12/22/26
..
1,296
1,273
L2296751.UP.FTS.B
,
9
.09
%
,
12/22/26
....
1,426
1,053
FW2300319.UP.FTS.B
,
9
.33
%
,
12/22/26
..
923
907
L2275171.UP.FTS.B
,
9
.45
%
,
12/22/26
....
550
540
FW2275119.UP.FTS.B
,
10
.09
%
,
12/22/26
.
6,684
6,564
L2261699.UP.FTS.B
,
10
.41
%
,
12/22/26
...
896
880
L2299578.UP.FTS.B
,
10
.73
%
,
12/22/26
...
884
872
L2296896.UP.FTS.B
,
10
.8
%
,
12/22/26
....
678
668
L2296884.UP.FTS.B
,
10
.85
%
,
12/22/26
...
2,260
2,227
L2288091.UP.FTS.B
,
12
.04
%
,
12/22/26
...
2,308
2,275
L2296913.UP.FTS.B
,
12
.48
%
,
12/22/26
...
1,693
1,671
FW2296819.UP.FTS.B
,
12
.8
%
,
12/22/26
..
234
231
L2297301.UP.FTS.B
,
13
.19
%
,
12/22/26
...
743
54
L2297394.UP.FTS.B
,
13
.43
%
,
12/22/26
...
946
932
FW2296544.UP.FTS.B
,
14
.31
%
,
12/22/26
.
1,202
1,185
L2296608.UP.FTS.B
,
15
.19
%
,
12/22/26
...
4,119
4,062
L2298101.UP.FTS.B
,
15
.46
%
,
12/22/26
...
422
418
FW2298689.UP.FTS.B
,
15
.52
%
,
12/22/26
.
4,293
4,257
L2300266.UP.FTS.B
,
15
.81
%
,
12/22/26
...
5,345
5,272
L2297702.UP.FTS.B
,
16
.54
%
,
12/22/26
...
321
318
FW2296844.UP.FTS.B
,
16
.78
%
,
12/22/26
.
547
543
FW2242642.UP.FTS.B
,
17
.23
%
,
12/22/26
.
1,722
1,708
FW2298313.UP.FTS.B
,
17
.76
%
,
12/22/26
.
3,873
3,842
L2297949.UP.FTS.B
,
18
.76
%
,
12/22/26
...
1,036
1,024
FW2298046.UP.FTS.B
,
19
.21
%
,
12/22/26
.
2,611
2,581
L2298737.UP.FTS.B
,
20
.98
%
,
12/22/26
...
1,343
1,328
L2300374.UP.FTS.B
,
21
.31
%
,
12/22/26
...
780
771
L2296777.UP.FTS.B
,
21
.4
%
,
12/22/26
....
2,706
2,674
FW2298033.UP.FTS.B
,
21
.61
%
,
12/22/26
.
4,474
4,426
FW2297460.UP.FTS.B
,
22
.74
%
,
12/22/26
.
15,287
11,817
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
85
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2296515.UP.FTS.B
,
22
.98
%
,
12/22/26
...
$
831
$
822
L2298974.UP.FTS.B
,
23
.47
%
,
12/22/26
...
502
497
FW2300425.UP.FTS.B
,
23
.57
%
,
12/22/26
.
1,847
1,825
L2296775.UP.FTS.B
,
23
.9
%
,
12/22/26
....
1,265
1,251
b
L2296638.UP.FTS.B
,
23
.96
%
,
12/22/26
...
391
28
L2297604.UP.FTS.B
,
24
.33
%
,
12/22/26
...
424
420
L2292373.UP.FTS.B
,
25
.33
%
,
12/22/26
...
488
483
L2296962.UP.FTS.B
,
25
.46
%
,
12/22/26
...
983
972
L2298544.UP.FTS.B
,
25
.47
%
,
12/22/26
...
717
709
L2296379.UP.FTS.B
,
26
.17
%
,
12/22/26
...
3,607
1,190
FW2298545.UP.FTS.B
,
26
.68
%
,
12/22/26
.
3,987
3,946
FW2299436.UP.FTS.B
,
27
.39
%
,
12/22/26
.
1,179
1,167
FW2296934.UP.FTS.B
,
28
.08
%
,
12/22/26
.
1,705
1,688
FW2298568.UP.FTS.B
,
28
.54
%
,
12/22/26
.
2,309
2,287
FW2297392.UP.FTS.B
,
29
.67
%
,
12/22/26
.
396
392
FW2296795.UP.FTS.B
,
30
.46
%
,
12/22/26
.
465
460
b
FW2299939.UP.FTS.B
,
30
.93
%
,
12/22/26
.
446
5
FW2300108.UP.FTS.B
,
31
.04
%
,
12/22/26
.
406
402
FW2296911.UP.FTS.B
,
31
.17
%
,
12/22/26
.
210
207
FW2300018.UP.FTS.B
,
31
.65
%
,
12/22/26
.
1,732
1,717
FW2299026.UP.FTS.B
,
7
.03
%
,
12/25/26
..
1,053
1,034
L2296095.UP.FTS.B
,
23
.73
%
,
12/26/26
...
2,759
2,727
FW2295931.UP.FTS.B
,
5
.9
%
,
12/27/26
...
3,097
3,026
L2424153.UP.FTS.B
,
4
.86
%
,
1/13/27
....
10,471
10,228
L2426247.UP.FTS.B
,
4
.87
%
,
1/13/27
....
3,435
3,353
L2424670.UP.FTS.B
,
5
.86
%
,
1/13/27
....
2,126
2,076
L2427954.UP.FTS.B
,
5
.98
%
,
1/13/27
....
7,281
4,341
L2424813.UP.FTS.B
,
6
.62
%
,
1/13/27
....
4,088
3,993
L2426387.UP.FTS.B
,
7
.28
%
,
1/13/27
....
1,034
1,010
b
L2427644.UP.FTS.B
,
7
.93
%
,
1/13/27
....
720
117
FW2427445.UP.FTS.B
,
7
.98
%
,
1/13/27
...
1,863
1,827
L2424761.UP.FTS.B
,
8
.01
%
,
1/13/27
....
1,131
1,111
FW2426523.UP.FTS.B
,
8
.45
%
,
1/13/27
...
575
566
L2427091.UP.FTS.B
,
8
.49
%
,
1/13/27
....
1,644
1,613
FW2426991.UP.FTS.B
,
9
.24
%
,
1/13/27
...
1,430
1,402
L2427076.UP.FTS.B
,
9
.69
%
,
1/13/27
....
2,027
1,988
L2425208.UP.FTS.B
,
9
.97
%
,
1/13/27
....
1,525
1,497
L2428214.UP.FTS.B
,
10
.52
%
,
1/13/27
....
660
647
L2423014.UP.FTS.B
,
10
.64
%
,
1/13/27
....
6,589
6,464
FW2425681.UP.FTS.B
,
11
.84
%
,
1/13/27
..
6,127
6,036
b
L2426346.UP.FTS.B
,
13
.31
%
,
1/13/27
....
544
39
L2428411.UP.FTS.B
,
15
.14
%
,
1/13/27
....
1,266
1,252
L2428444.UP.FTS.B
,
16
.71
%
,
1/13/27
....
1,624
1,607
FW2428748.UP.FTS.B
,
17
.09
%
,
1/13/27
..
2,722
2,694
L2425118.UP.FTS.B
,
17
.11
%
,
1/13/27
....
1,906
1,879
FW2423151.UP.FTS.B
,
17
.2
%
,
1/13/27
...
1,201
1,183
FW2425055.UP.FTS.B
,
17
.43
%
,
1/13/27
..
4,492
4,427
L2424684.UP.FTS.B
,
20
.1
%
,
1/13/27
....
1,656
1,629
L2426770.UP.FTS.B
,
20
.84
%
,
1/13/27
....
4,333
4,266
L2427912.UP.FTS.B
,
21
.34
%
,
1/13/27
....
292
287
L2395761.UP.FTS.B
,
22
.53
%
,
1/13/27
....
8,902
8,767
L2404751.UP.FTS.B
,
24
.81
%
,
1/13/27
....
5,525
5,444
L2422250.UP.FTS.B
,
25
.13
%
,
1/13/27
....
956
942
L2423497.UP.FTS.B
,
25
.16
%
,
1/13/27
....
493
486
b
L2424771.UP.FTS.B
,
25
.96
%
,
1/13/27
....
832
140
b
FW2425245.UP.FTS.B
,
26
.25
%
,
1/13/27
..
675
48
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2426259.UP.FTS.B
,
26
.65
%
,
1/13/27
..
$
1,579
$
1,556
FW2425948.UP.FTS.B
,
27
.28
%
,
1/13/27
..
2,360
1,542
FW2422977.UP.FTS.B
,
28
.17
%
,
1/13/27
..
4,242
303
FW2425791.UP.FTS.B
,
29
.41
%
,
1/13/27
..
1,189
730
FW2426985.UP.FTS.B
,
30
.26
%
,
1/13/27
..
10,405
10,262
FW2427875.UP.FTS.B
,
30
.3
%
,
1/13/27
...
266
262
b
FW2423548.UP.FTS.B
,
30
.41
%
,
1/13/27
..
1,154
82
FW2425371.UP.FTS.B
,
30
.51
%
,
1/13/27
..
664
656
FW2425795.UP.FTS.B
,
30
.94
%
,
1/13/27
..
1,429
1,411
FW2423715.UP.FTS.B
,
32
.57
%
,
1/13/27
..
342
337
L2435082.UP.FTS.B
,
5
.24
%
,
1/14/27
....
6,970
2,069
L2435136.UP.FTS.B
,
5
.4
%
,
1/14/27
.....
2,330
2,275
L2435334.UP.FTS.B
,
5
.79
%
,
1/14/27
....
693
677
FW2431037.UP.FTS.B
,
6
.01
%
,
1/14/27
...
899
877
L2434868.UP.FTS.B
,
6
.25
%
,
1/14/27
....
2,484
2,425
L2434814.UP.FTS.B
,
6
.49
%
,
1/14/27
....
589
575
L2431798.UP.FTS.B
,
6
.68
%
,
1/14/27
....
2,920
2,856
b
FW2430681.UP.FTS.B
,
7
.21
%
,
1/14/27
...
10,807
785
L2429292.UP.FTS.B
,
7
.41
%
,
1/14/27
....
2,765
2,711
L2434635.UP.FTS.B
,
7
.74
%
,
1/14/27
....
4,913
4,817
L2434529.UP.FTS.B
,
8
.37
%
,
1/14/27
....
1,643
1,611
L2430462.UP.FTS.B
,
8
.4
%
,
1/14/27
.....
5,869
5,755
L2429477.UP.FTS.B
,
8
.93
%
,
1/14/27
....
3,295
3,232
L2429964.UP.FTS.B
,
9
.01
%
,
1/14/27
....
1,189
1,166
L2429979.UP.FTS.B
,
9
.08
%
,
1/14/27
....
713
699
L2432514.UP.FTS.B
,
9
.62
%
,
1/14/27
....
8,395
8,235
L2434796.UP.FTS.B
,
9
.68
%
,
1/14/27
....
5,998
5,883
FW2433055.UP.FTS.B
,
10
.82
%
,
1/14/27
..
877
654
L2430601.UP.FTS.B
,
11
.3
%
,
1/14/27
.....
4,325
4,257
L2434462.UP.FTS.B
,
12
.63
%
,
1/14/27
....
514
506
L2435380.UP.FTS.B
,
12
.98
%
,
1/14/27
....
1,356
1,335
FW2430692.UP.FTS.B
,
13
.13
%
,
1/14/27
..
2,294
2,258
L2434354.UP.FTS.B
,
13
.48
%
,
1/14/27
....
1,283
1,263
b
L2433923.UP.FTS.B
,
13
.81
%
,
1/14/27
....
3,301
173
L2434928.UP.FTS.B
,
15
.16
%
,
1/14/27
....
1,318
1,298
L2429267.UP.FTS.B
,
16
.52
%
,
1/14/27
....
2,744
2,716
b
FW2435527.UP.FTS.B
,
16
.65
%
,
1/14/27
..
5,994
1,063
L2429626.UP.FTS.B
,
16
.81
%
,
1/14/27
....
1,085
1,074
L2426379.UP.FTS.B
,
19
.1
%
,
1/14/27
....
1,779
129
L2429755.UP.FTS.B
,
19
.15
%
,
1/14/27
....
4,222
4,156
L2430735.UP.FTS.B
,
20
.49
%
,
1/14/27
....
1,931
1,901
L2432761.UP.FTS.B
,
21
.77
%
,
1/14/27
....
627
621
L2434330.UP.FTS.B
,
21
.77
%
,
1/14/27
....
2,639
2,615
L2433930.UP.FTS.B
,
22
.17
%
,
1/14/27
....
3,184
3,137
FW2434152.UP.FTS.B
,
22
.94
%
,
1/14/27
..
4,588
4,521
b
L2435514.UP.FTS.B
,
24
.62
%
,
1/14/27
....
3,511
284
L2429892.UP.FTS.B
,
24
.74
%
,
1/14/27
....
583
575
L2432911.UP.FTS.B
,
25
.19
%
,
1/14/27
....
1,538
1,516
L2430189.UP.FTS.B
,
25
.96
%
,
1/14/27
....
2,035
1,701
FW2427919.UP.FTS.B
,
26
.2
%
,
1/14/27
...
3,355
2,546
b
FW2433321.UP.FTS.B
,
26
.46
%
,
1/14/27
..
887
64
FW2430722.UP.FTS.B
,
26
.47
%
,
1/14/27
..
3,713
3,662
FW2434298.UP.FTS.B
,
26
.5
%
,
1/14/27
...
1,173
366
FW2428882.UP.FTS.B
,
27
.27
%
,
1/14/27
..
1,891
1,865
FW2435389.UP.FTS.B
,
28
.43
%
,
1/14/27
..
324
320
FW2429972.UP.FTS.B
,
28
.92
%
,
1/14/27
..
651
642
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
86
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2432969.UP.FTS.B
,
29
.06
%
,
1/14/27
..
$
3,259
$
3,217
b
FW2431137.UP.FTS.B
,
29
.79
%
,
1/14/27
..
2,193
380
FW2434725.UP.FTS.B
,
31
.06
%
,
1/14/27
..
1,081
1,067
FW2434302.UP.FTS.B
,
31
.74
%
,
1/14/27
..
1,183
1,169
FW2430067.UP.FTS.B
,
32
.35
%
,
1/14/27
..
1,373
1,356
FW2429192.UP.FTS.B
,
34
.62
%
,
1/14/27
..
2,317
2,290
b
L2435960.UP.FTS.B
,
5
.66
%
,
1/18/27
....
1,074
188
L2436314.UP.FTS.B
,
6
.73
%
,
1/18/27
....
1,877
1,515
L2436166.UP.FTS.B
,
7
.3
%
,
1/18/27
.....
2,299
2,245
L2437526.UP.FTS.B
,
8
.11
%
,
1/18/27
.....
1,462
439
L2438360.UP.FTS.B
,
8
.62
%
,
1/18/27
....
4,242
3,094
FW2436679.UP.FTS.B
,
8
.8
%
,
1/18/27
....
1,181
1,159
FW2437428.UP.FTS.B
,
9
.23
%
,
1/18/27
...
901
885
L2439293.UP.FTS.B
,
9
.38
%
,
1/18/27
....
1,312
399
L2437916.UP.FTS.B
,
11
.63
%
,
1/18/27
....
1,243
1,223
L2436944.UP.FTS.B
,
13
.68
%
,
1/18/27
....
8,339
6,153
L2436120.UP.FTS.B
,
16
.49
%
,
1/18/27
....
809
801
L2437522.UP.FTS.B
,
20
.01
%
,
1/18/27
....
428
422
L2436835.UP.FTS.B
,
20
.74
%
,
1/18/27
....
4,329
4,269
FW2436112.UP.FTS.B
,
23
.4
%
,
1/18/27
...
1,054
1,040
b
L2435765.UP.FTS.B
,
24
.15
%
,
1/18/27
....
591
101
L2437383.UP.FTS.B
,
25
.04
%
,
1/18/27
....
3,714
3,665
L2435644.UP.FTS.B
,
25
.47
%
,
1/18/27
....
4,335
3,283
L2435936.UP.FTS.B
,
25
.47
%
,
1/18/27
....
645
637
L2436823.UP.FTS.B
,
26
.4
%
,
1/18/27
....
1,225
1,209
FW2438660.UP.FTS.B
,
27
.49
%
,
1/18/27
..
1,277
1,262
b
FW2435922.UP.FTS.B
,
28
.48
%
,
1/18/27
..
1,745
124
FW2438349.UP.FTS.B
,
30
.51
%
,
1/18/27
..
71
70
FW2437637.UP.FTS.B
,
31
.11
%
,
1/18/27
..
570
564
FW2438118.UP.FTS.B
,
31
.57
%
,
1/18/27
..
2,766
2,735
FW2438330.UP.FTS.B
,
31
.74
%
,
1/18/27
..
1,216
1,203
FW2426856.UP.FTS.B
,
16
.14
%
,
1/21/27
..
2,697
2,669
FW2423642.UP.FTS.B
,
28
.44
%
,
1/22/27
..
1,309
1,291
L2426699.UP.FTS.B
,
13
.25
%
,
1/25/27
....
3,075
3,027
L2435766.UP.FTS.B
,
10
.44
%
,
1/28/27
....
1,546
1,523
L2435828.UP.FTS.B
,
15
.11
%
,
2/01/27
....
2,857
2,812
L2431623.UP.FTS.B
,
19
.58
%
,
2/02/27
....
11,940
11,831
L2604537.UP.FTS.B
,
4
.81
%
,
2/10/27
....
5,175
5,047
L2528315.UP.FTS.B
,
7
.51
%
,
2/10/27
....
2,872
2,813
FW2594995.UP.FTS.B
,
9
.66
%
,
2/10/27
...
7,505
7,354
L2606699.UP.FTS.B
,
11
.87
%
,
2/10/27
....
6,453
6,344
L2608120.UP.FTS.B
,
12
.12
%
,
2/10/27
....
7,259
7,137
L2602160.UP.FTS.B
,
13
.05
%
,
2/10/27
....
2,329
2,290
L2606798.UP.FTS.B
,
13
.38
%
,
2/10/27
....
2,755
2,710
L2605310.UP.FTS.B
,
13
.4
%
,
2/10/27
....
1,567
1,543
L2604725.UP.FTS.B
,
13
.41
%
,
2/10/27
....
836
823
L2608712.UP.FTS.B
,
13
.54
%
,
2/10/27
....
1,105
1,087
L2607960.UP.FTS.B
,
13
.74
%
,
2/10/27
....
2,079
2,045
FW2604743.UP.FTS.B
,
13
.75
%
,
2/10/27
..
3,617
3,557
FW2606882.UP.FTS.B
,
13
.95
%
,
2/10/27
..
2,225
2,188
L2603034.UP.FTS.B
,
14
.68
%
,
2/10/27
....
2,927
2,893
FW2602616.UP.FTS.B
,
14
.79
%
,
2/10/27
..
14,116
13,885
b
FW2602511.UP.FTS.B
,
15
.19
%
,
2/10/27
..
11,285
816
L2605446.UP.FTS.B
,
15
.44
%
,
2/10/27
....
1,185
1,171
L2602901.UP.FTS.B
,
15
.85
%
,
2/10/27
....
559
552
L2608142.UP.FTS.B
,
19
.78
%
,
2/10/27
....
2,651
2,605
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2609196.UP.FTS.B
,
20
.26
%
,
2/10/27
....
$
1,845
$
1,817
L2607782.UP.FTS.B
,
20
.62
%
,
2/10/27
....
800
786
L2607501.UP.FTS.B
,
20
.9
%
,
2/10/27
....
1,861
1,829
FW2607597.UP.FTS.B
,
21
.25
%
,
2/10/27
..
685
675
L2603922.UP.FTS.B
,
21
.73
%
,
2/10/27
....
1,726
1,697
L2608576.UP.FTS.B
,
21
.77
%
,
2/10/27
....
1,320
1,297
L2608126.UP.FTS.B
,
22
.06
%
,
2/10/27
....
1,313
1,291
FW2607078.UP.FTS.B
,
22
.55
%
,
2/10/27
..
1,076
674
L2602456.UP.FTS.B
,
22
.85
%
,
2/10/27
....
2,581
2,537
L2608111.UP.FTS.B
,
23
.17
%
,
2/10/27
....
5,161
5,075
L2606964.UP.FTS.B
,
23
.53
%
,
2/10/27
....
323
317
L2606747.UP.FTS.B
,
23
.7
%
,
2/10/27
....
3,101
3,050
L2604262.UP.FTS.B
,
24
.39
%
,
2/10/27
....
1,631
1,605
L2601898.UP.FTS.B
,
24
.69
%
,
2/10/27
....
460
452
L2608510.UP.FTS.B
,
25
%
,
2/10/27
......
282
277
L2605594.UP.FTS.B
,
25
.02
%
,
2/10/27
....
921
906
L2604053.UP.FTS.B
,
25
.25
%
,
2/10/27
....
629
619
b
L2606928.UP.FTS.B
,
25
.27
%
,
2/10/27
....
875
15
L2609551.UP.FTS.B
,
25
.3
%
,
2/10/27
....
970
303
L2608348.UP.FTS.B
,
25
.54
%
,
2/10/27
....
1,993
1,961
FW2604813.UP.FTS.B
,
25
.83
%
,
2/10/27
..
2,330
2,293
FW2604860.UP.FTS.B
,
26
.47
%
,
2/10/27
..
1,846
1,817
FW2607306.UP.FTS.B
,
26
.66
%
,
2/10/27
..
1,001
985
L2604862.UP.FTS.B
,
27
.57
%
,
2/10/27
....
3,704
2,332
FW2603425.UP.FTS.B
,
27
.81
%
,
2/10/27
..
1,126
1,109
FW2608113.UP.FTS.B
,
28
.22
%
,
2/10/27
..
311
305
FW2605555.UP.FTS.B
,
29
.52
%
,
2/10/27
..
805
793
FW2607282.UP.FTS.B
,
30
.52
%
,
2/10/27
..
2,289
2,254
FW2606754.UP.FTS.B
,
31
.29
%
,
2/10/27
..
1,360
1,340
FW2607854.UP.FTS.B
,
31
.49
%
,
2/10/27
..
2,158
2,126
L2610465.UP.FTS.B
,
5
.18
%
,
2/11/27
.....
4,258
4,170
L2570795.UP.FTS.B
,
6
.48
%
,
2/11/27
.....
2,444
2,384
FW2614143.UP.FTS.B
,
6
.93
%
,
2/11/27
...
986
962
L2610842.UP.FTS.B
,
9
.27
%
,
2/11/27
.....
2,879
2,821
L2613434.UP.FTS.B
,
9
.37
%
,
2/11/27
.....
3,812
3,736
L2611172.UP.FTS.B
,
10
.14
%
,
2/11/27
....
644
633
FW2613043.UP.FTS.B
,
11
.2
%
,
2/11/27
...
3,340
3,284
L2615183.UP.FTS.B
,
12
.14
%
,
2/11/27
....
3,243
3,188
L2615652.UP.FTS.B
,
12
.4
%
,
2/11/27
.....
1,139
1,120
FW2604554.UP.FTS.B
,
13
.07
%
,
2/11/27
..
5,508
5,416
FW2615345.UP.FTS.B
,
13
.1
%
,
2/11/27
...
2,146
2,113
b
L2615756.UP.FTS.B
,
13
.21
%
,
2/11/27
....
1,606
76
L2612166.UP.FTS.B
,
13
.67
%
,
2/11/27
....
848
836
L2615304.UP.FTS.B
,
13
.86
%
,
2/11/27
....
11,536
6,762
L2614922.UP.FTS.B
,
13
.97
%
,
2/11/27
....
3,089
3,038
L2612964.UP.FTS.B
,
14
.24
%
,
2/11/27
....
3,353
3,298
L2613480.UP.FTS.B
,
14
.65
%
,
2/11/27
....
2,842
2,798
L2615636.UP.FTS.B
,
14
.73
%
,
2/11/27
....
7,249
7,168
L2612790.UP.FTS.B
,
14
.98
%
,
2/11/27
....
4,225
4,158
L2612114.UP.FTS.B
,
14
.99
%
,
2/11/27
....
2,434
2,395
L2610220.UP.FTS.B
,
15
.29
%
,
2/11/27
....
2,274
2,249
L2610243.UP.FTS.B
,
15
.41
%
,
2/11/27
....
2,306
2,281
L2539854.UP.FTS.B
,
15
.78
%
,
2/11/27
....
1,290
1,275
L2614929.UP.FTS.B
,
16
.21
%
,
2/11/27
....
1,299
1,278
L2611366.UP.FTS.B
,
16
.4
%
,
2/11/27
.....
1,446
1,431
L2612163.UP.FTS.B
,
17
.53
%
,
2/11/27
....
1,006
995
L2615159.UP.FTS.B
,
17
.82
%
,
2/11/27
....
1,628
1,603
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
87
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2610980.UP.FTS.B
,
18
.94
%
,
2/11/27
..
$
3,010
$
2,979
L2614124.UP.FTS.B
,
18
.99
%
,
2/11/27
....
1,729
1,702
L2601501.UP.FTS.B
,
19
.21
%
,
2/11/27
....
1,481
1,458
L2609505.UP.FTS.B
,
19
.3
%
,
2/11/27
.....
575
566
FW2611297.UP.FTS.B
,
19
.83
%
,
2/11/27
..
4,770
4,721
L2612449.UP.FTS.B
,
20
.03
%
,
2/11/27
....
2,969
2,925
L2609761.UP.FTS.B
,
20
.76
%
,
2/11/27
....
1,547
1,521
L2615540.UP.FTS.B
,
20
.79
%
,
2/11/27
....
1,859
1,831
L2612113.UP.FTS.B
,
20
.93
%
,
2/11/27
....
2,549
2,510
FW2612937.UP.FTS.B
,
21
.48
%
,
2/11/27
..
7,835
7,705
L2615221.UP.FTS.B
,
21
.7
%
,
2/11/27
.....
3,138
3,086
L2610047.UP.FTS.B
,
22
.57
%
,
2/11/27
....
1,016
1,000
L2612720.UP.FTS.B
,
23
.21
%
,
2/11/27
....
321
316
L2610518.UP.FTS.B
,
23
.54
%
,
2/11/27
....
9,832
9,673
L2611149.UP.FTS.B
,
23
.94
%
,
2/11/27
....
6,480
6,377
FW2613750.UP.FTS.B
,
25
.19
%
,
2/11/27
..
857
845
L2612096.UP.FTS.B
,
25
.23
%
,
2/11/27
....
660
649
L2612279.UP.FTS.B
,
25
.43
%
,
2/11/27
....
4,004
3,942
L2611604.UP.FTS.B
,
26
.15
%
,
2/11/27
....
1,671
1,646
FW2611559.UP.FTS.B
,
26
.48
%
,
2/11/27
..
1,193
1,174
FW2610030.UP.FTS.B
,
27
.01
%
,
2/11/27
..
1,254
1,235
FW2609816.UP.FTS.B
,
27
.78
%
,
2/11/27
..
4,578
4,508
FW2608240.UP.FTS.B
,
28
.43
%
,
2/11/27
..
3,794
3,738
FW2615423.UP.FTS.B
,
28
.85
%
,
2/11/27
..
5,216
5,139
FW2614677.UP.FTS.B
,
28
.98
%
,
2/11/27
..
1,795
1,768
FW2612243.UP.FTS.B
,
29
.25
%
,
2/11/27
..
594
585
FW2611548.UP.FTS.B
,
30
.39
%
,
2/11/27
..
443
437
FW2612001.UP.FTS.B
,
30
.9
%
,
2/11/27
...
868
855
FW2609619.UP.FTS.B
,
30
.92
%
,
2/11/27
..
1,023
1,009
FW2610795.UP.FTS.B
,
30
.98
%
,
2/11/27
..
318
313
FW2611533.UP.FTS.B
,
31
.12
%
,
2/11/27
..
1,334
1,314
FW2610773.UP.FTS.B
,
31
.41
%
,
2/11/27
..
5,167
5,094
FW2610510.UP.FTS.B
,
33
.6
%
,
2/11/27
...
628
620
FW2614310.UP.FTS.B
,
33
.97
%
,
2/11/27
..
889
876
FW2610903.UP.FTS.B
,
34
.14
%
,
2/11/27
..
8,133
8,022
L2617298.UP.FTS.B
,
5
.1
%
,
2/14/27
.....
2,624
2,558
L2617141.UP.FTS.B
,
5
.84
%
,
2/14/27
....
1,686
1,646
L2616590.UP.FTS.B
,
7
.87
%
,
2/14/27
....
6,591
6,458
L2616809.UP.FTS.B
,
11
.55
%
,
2/14/27
....
1,539
1,514
L2617800.UP.FTS.B
,
13
.82
%
,
2/14/27
....
1,490
1,466
L2616432.UP.FTS.B
,
16
.81
%
,
2/14/27
....
2,331
2,307
FW2616193.UP.FTS.B
,
17
.47
%
,
2/14/27
..
441
437
L2617103.UP.FTS.B
,
18
.14
%
,
2/14/27
....
2,231
2,198
L2612816.UP.FTS.B
,
19
.36
%
,
2/14/27
....
6,092
5,998
L2616072.UP.FTS.B
,
19
.58
%
,
2/14/27
....
1,254
1,236
L2616722.UP.FTS.B
,
19
.8
%
,
2/14/27
....
1,768
1,740
L2616174.UP.FTS.B
,
20
.55
%
,
2/14/27
....
427
421
FW2617069.UP.FTS.B
,
23
.16
%
,
2/14/27
..
7,481
7,364
L2616368.UP.FTS.B
,
24
.5
%
,
2/14/27
....
2,545
2,506
L2616717.UP.FTS.B
,
25
.42
%
,
2/14/27
....
828
816
L2617627.UP.FTS.B
,
25
.47
%
,
2/14/27
....
563
555
L2617283.UP.FTS.B
,
25
.65
%
,
2/14/27
....
1,879
1,851
FW2617973.UP.FTS.B
,
26
.17
%
,
2/14/27
..
2,542
2,505
FW2616788.UP.FTS.B
,
28
.08
%
,
2/14/27
..
4,237
4,177
FW2617614.UP.FTS.B
,
28
.35
%
,
2/14/27
..
9,387
2,686
FW2616093.UP.FTS.B
,
29
.88
%
,
2/14/27
..
2,908
2,127
FW2618539.UP.FTS.B
,
30
.94
%
,
2/14/27
..
1,795
1,770
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2616908.UP.FTS.B
,
31
.23
%
,
2/14/27
..
$
1,613
$
1,590
FW2618241.UP.FTS.B
,
31
.49
%
,
2/14/27
..
3,230
3,187
L1715513.UP.FTS.B
,
13
.27
%
,
2/15/27
....
9,760
9,601
L1694887.UP.FTS.B
,
15
.52
%
,
2/15/27
....
1,693
1,665
L1715518.UP.FTS.B
,
26
.49
%
,
2/15/27
....
4,480
3,346
FW2606426.UP.FTS.B
,
26
.19
%
,
2/16/27
..
1,157
1,138
FW2437431.UP.FTS.B
,
30
.95
%
,
2/16/27
..
661
654
L2608264.UP.FTS.B
,
15
.55
%
,
2/20/27
....
7,763
5,705
L1692458.UP.FTS.B
,
22
.21
%
,
2/20/27
....
1,330
1,311
FW2612944.UP.FTS.B
,
29
.57
%
,
2/24/27
..
2,638
2,600
FW2604033.UP.FTS.B
,
19
.37
%
,
2/25/27
..
2,989
2,943
L2610061.UP.FTS.B
,
14
.43
%
,
2/28/27
....
7,026
6,914
L2618109.UP.FTS.B
,
12
.08
%
,
3/07/27
....
9,777
9,611
L2047210.UP.FTS.B
,
23
.31
%
,
3/15/27
....
2,082
151
L1886082.UP.FTS.B
,
11
.37
%
,
3/20/27
....
15,466
10,953
FW1887715.UP.FTS.B
,
13
.02
%
,
3/20/27
..
2,798
1,968
FW2949972.UP.FTS.B
,
5
.25
%
,
4/14/27
...
1,652
1,611
L2949121.UP.FTS.B
,
6
.79
%
,
4/14/27
....
4,394
4,293
L2950010.UP.FTS.B
,
6
.8
%
,
4/14/27
.....
1,980
1,931
L2949215.UP.FTS.B
,
6
.84
%
,
4/14/27
....
5,460
5,327
L2951687.UP.FTS.B
,
7
.49
%
,
4/14/27
....
2,828
2,772
L2951012.UP.FTS.B
,
7
.81
%
,
4/14/27
....
3,177
3,105
L2951121.UP.FTS.B
,
7
.86
%
,
4/14/27
.....
4,625
4,537
L2949685.UP.FTS.B
,
9
.14
%
,
4/14/27
....
1,177
1,155
L2949108.UP.FTS.B
,
9
.33
%
,
4/14/27
....
5,389
1,468
L2951245.UP.FTS.B
,
9
.94
%
,
4/14/27
....
2,984
2,928
L2934626.UP.FTS.B
,
10
.81
%
,
4/14/27
....
2,108
2,077
L2950964.UP.FTS.B
,
11
.19
%
,
4/14/27
....
3,022
2,977
L2950306.UP.FTS.B
,
11
.59
%
,
4/14/27
....
6,902
6,803
L2942764.UP.FTS.B
,
12
.22
%
,
4/14/27
....
4,198
4,136
L2950333.UP.FTS.B
,
12
.69
%
,
4/14/27
....
1,253
1,235
FW2949810.UP.FTS.B
,
13
.53
%
,
4/14/27
..
4,020
3,962
FW2949125.UP.FTS.B
,
13
.6
%
,
4/14/27
...
1,363
1,343
L2950742.UP.FTS.B
,
13
.63
%
,
4/14/27
....
3,170
3,125
FW2951854.UP.FTS.B
,
14
.02
%
,
4/14/27
..
6,063
5,976
L2949763.UP.FTS.B
,
14
.31
%
,
4/14/27
....
2,064
2,035
FW2951175.UP.FTS.B
,
14
.6
%
,
4/14/27
...
708
698
FW2949070.UP.FTS.B
,
14
.69
%
,
4/14/27
..
8,455
8,337
FW2949368.UP.FTS.B
,
15
%
,
4/14/27
....
908
901
L2948932.UP.FTS.B
,
15
.2
%
,
4/14/27
....
488
481
L2951339.UP.FTS.B
,
15
.29
%
,
4/14/27
....
5,724
5,644
FW2950466.UP.FTS.B
,
15
.31
%
,
4/14/27
..
373
129
L2951714.UP.FTS.B
,
15
.35
%
,
4/14/27
....
4,531
4,467
L2950927.UP.FTS.B
,
15
.36
%
,
4/14/27
....
1,239
1,221
L2950042.UP.FTS.B
,
16
.06
%
,
4/14/27
....
560
556
FW2946278.UP.FTS.B
,
16
.33
%
,
4/14/27
..
4,495
4,462
L2948755.UP.FTS.B
,
16
.72
%
,
4/14/27
....
2,897
2,876
FW2951535.UP.FTS.B
,
17
.04
%
,
4/14/27
..
6,759
6,710
L2948803.UP.FTS.B
,
17
.33
%
,
4/14/27
....
1,432
1,422
FW2949561.UP.FTS.B
,
17
.84
%
,
4/14/27
..
7,111
7,022
L2950280.UP.FTS.B
,
18
.73
%
,
4/14/27
....
1,466
1,456
FW2950372.UP.FTS.B
,
18
.88
%
,
4/14/27
..
3,130
3,109
L2949923.UP.FTS.B
,
19
.64
%
,
4/14/27
....
348
346
L2951216.UP.FTS.B
,
19
.73
%
,
4/14/27
....
802
792
L2950858.UP.FTS.B
,
20
.56
%
,
4/14/27
....
1,740
1,717
L2951820.UP.FTS.B
,
20
.59
%
,
4/14/27
....
11,359
11,283
FW2949268.UP.FTS.B
,
20
.97
%
,
4/14/27
..
1,561
1,542
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
88
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2950781.UP.FTS.B
,
21
.26
%
,
4/14/27
..
$
3,953
$
3,928
FW2951375.UP.FTS.B
,
22
.32
%
,
4/14/27
..
1,194
1,179
FW2949464.UP.FTS.B
,
22
.55
%
,
4/14/27
..
1,199
1,183
FW2946360.UP.FTS.B
,
23
.4
%
,
4/14/27
...
2,756
2,720
b
L2951812.UP.FTS.B
,
23
.47
%
,
4/14/27
....
1,268
42
L2951427.UP.FTS.B
,
23
.72
%
,
4/14/27
....
2,436
2,404
L2948992.UP.FTS.B
,
24
.59
%
,
4/14/27
....
11,897
11,745
L2950134.UP.FTS.B
,
24
.82
%
,
4/14/27
....
539
439
L2950811.UP.FTS.B
,
25
.09
%
,
4/14/27
....
418
413
b
FW2951030.UP.FTS.B
,
25
.2
%
,
4/14/27
...
1,669
272
L2942965.UP.FTS.B
,
25
.22
%
,
4/14/27
....
3,772
3,725
L2949738.UP.FTS.B
,
25
.23
%
,
4/14/27
....
755
745
L2951261.UP.FTS.B
,
25
.24
%
,
4/14/27
....
679
672
L2951384.UP.FTS.B
,
25
.41
%
,
4/14/27
....
997
985
L2949492.UP.FTS.B
,
25
.47
%
,
4/14/27
....
1,741
1,719
L2951548.UP.FTS.B
,
25
.47
%
,
4/14/27
....
946
935
L2950216.UP.FTS.B
,
25
.49
%
,
4/14/27
....
2,088
2,063
FW2950277.UP.FTS.B
,
25
.52
%
,
4/14/27
..
787
776
FW2950220.UP.FTS.B
,
26
.02
%
,
4/14/27
..
763
753
L2951255.UP.FTS.B
,
26
.02
%
,
4/14/27
....
3,163
3,124
FW2951228.UP.FTS.B
,
26
.2
%
,
4/14/27
...
1,360
1,345
FW2948773.UP.FTS.B
,
27
.56
%
,
4/14/27
..
1,808
1,787
FW2948716.UP.FTS.B
,
27
.71
%
,
4/14/27
..
3,511
3,470
FW2949765.UP.FTS.B
,
28
.19
%
,
4/14/27
..
3,932
3,887
FW2948843.UP.FTS.B
,
28
.64
%
,
4/14/27
..
3,980
3,935
FW2950464.UP.FTS.B
,
29
.27
%
,
4/14/27
..
1,506
1,489
FW2951435.UP.FTS.B
,
30
.37
%
,
4/14/27
..
768
760
FW2950357.UP.FTS.B
,
30
.48
%
,
4/14/27
..
4,985
1,495
FW2949044.UP.FTS.B
,
30
.94
%
,
4/14/27
..
1,730
1,710
FW2949727.UP.FTS.B
,
30
.99
%
,
4/14/27
..
814
806
FW2950575.UP.FTS.B
,
31
.06
%
,
4/14/27
..
1,101
1,090
FW2950561.UP.FTS.B
,
31
.2
%
,
4/14/27
...
613
606
FW2949051.UP.FTS.B
,
32
.15
%
,
4/14/27
..
2,119
2,098
FW2950185.UP.FTS.B
,
32
.24
%
,
4/14/27
..
1,879
1,858
L2048072.UP.FTS.B
,
11
.58
%
,
4/15/27
....
3,726
3,659
L2049386.UP.FTS.B
,
19
.96
%
,
4/15/27
....
2,175
1,544
FW2048990.UP.FTS.B
,
20
.89
%
,
4/15/27
..
1,195
1,178
L2951305.UP.FTS.B
,
20
.52
%
,
4/16/27
....
1,304
1,288
L2950367.UP.FTS.B
,
22
.21
%
,
4/16/27
....
3,938
3,912
FW2436660.UP.FTS.B
,
28
.46
%
,
4/18/27
..
726
52
FW2932125.UP.FTS.B
,
30
.95
%
,
4/18/27
..
3,871
2,833
L2949050.UP.FTS.B
,
24
.74
%
,
4/20/27
....
5,630
5,560
L2047847.UP.FTS.B
,
25
.96
%
,
4/20/27
....
2,854
2,813
L2096414.UP.FTS.B
,
14
.36
%
,
4/22/27
....
1,907
1,400
L2095820.UP.FTS.B
,
19
.69
%
,
4/22/27
....
3,238
3,198
L2950334.UP.FTS.B
,
20
.22
%
,
4/22/27
....
1,532
1,522
L2088829.UP.FTS.B
,
21
.32
%
,
4/22/27
....
4,313
3,078
FW2094908.UP.FTS.B
,
29
.15
%
,
4/22/27
..
21,104
15,450
FW2950896.UP.FTS.B
,
16
.97
%
,
4/28/27
..
3,875
1,070
L2948840.UP.FTS.B
,
19
.72
%
,
4/28/27
....
5,620
5,550
L2949973.UP.FTS.B
,
20
.99
%
,
4/28/27
....
2,144
2,118
L2046907.UP.FTS.B
,
21
.17
%
,
4/28/27
....
1,292
1,272
FW2607843.UP.FTS.B
,
18
.35
%
,
5/10/27
..
1,804
130
L2430454.UP.FTS.B
,
7
.62
%
,
5/14/27
....
2,822
205
FW2615937.UP.FTS.B
,
21
.82
%
,
5/14/27
..
3,242
3,190
L1882034.UP.FTS.B
,
17
.06
%
,
5/20/27
....
918
67
FW2293764.UP.FTS.B
,
6
.23
%
,
5/21/27
...
6,227
4,302
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
b
L2293969.UP.FTS.B
,
25
.41
%
,
5/21/27
....
$
6,035
$
1,000
FW2294924.UP.FTS.B
,
28
.38
%
,
5/21/27
..
1,461
104
FW2296510.UP.FTS.B
,
28
.63
%
,
5/21/27
..
3,602
3,569
b
FW2294300.UP.FTS.B
,
29
.67
%
,
5/21/27
..
2,272
161
FW2294827.UP.FTS.B
,
31
.11
%
,
5/21/27
..
1,124
1,114
L2298796.UP.FTS.B
,
7
.68
%
,
5/22/27
....
580
568
FW2297812.UP.FTS.B
,
27
.74
%
,
5/22/27
..
1,904
1,882
L2300474.UP.FTS.B
,
25
.38
%
,
5/27/27
....
1,244
1,231
L2292250.UP.FTS.B
,
12
.42
%
,
6/01/27
....
4,207
4,132
FW2296458.UP.FTS.B
,
30
.75
%
,
6/06/27
..
4,389
4,346
L2426279.UP.FTS.B
,
17
.73
%
,
6/13/27
....
1,608
1,592
FW2423361.UP.FTS.B
,
26
.6
%
,
6/13/27
...
1,538
880
FW2424580.UP.FTS.B
,
31
.2
%
,
6/13/27
...
10,481
10,365
L2432199.UP.FTS.B
,
7
.42
%
,
6/14/27
....
1,319
1,289
L2429715.UP.FTS.B
,
8
.3
%
,
6/14/27
.....
1,211
1,183
L2433061.UP.FTS.B
,
9
.38
%
,
6/14/27
....
2,591
2,533
L2435410.UP.FTS.B
,
17
.3
%
,
6/14/27
....
6,074
1,604
L2046952.UP.FTS.B
,
18
.41
%
,
6/15/27
....
1,124
1,113
L2436235.UP.FTS.B
,
19
.1
%
,
6/18/27
....
2,102
2,072
L2437642.UP.FTS.B
,
9
.64
%
,
6/20/27
....
82
81
FW2438645.UP.FTS.B
,
31
.19
%
,
6/26/27
..
2,080
2,060
b
L2431725.UP.FTS.B
,
12
.26
%
,
6/28/27
....
18,973
2,714
L2604772.UP.FTS.B
,
7
.89
%
,
7/10/27
....
7,892
7,716
L2607609.UP.FTS.B
,
15
.09
%
,
7/10/27
....
1,232
1,208
L2607076.UP.FTS.B
,
16
.42
%
,
7/10/27
....
9,826
9,639
b
FW2602895.UP.FTS.B
,
17
.44
%
,
7/10/27
..
6,599
480
L2608552.UP.FTS.B
,
22
.9
%
,
7/10/27
....
1,204
1,181
L2608553.UP.FTS.B
,
23
.5
%
,
7/10/27
....
4,354
4,283
FW2603700.UP.FTS.B
,
31
.08
%
,
7/10/27
..
1,167
655
b
L2615143.UP.FTS.B
,
13
.89
%
,
7/11/27
....
2,282
322
L2611504.UP.FTS.B
,
16
.36
%
,
7/11/27
....
2,854
2,802
FW2609511.UP.FTS.B
,
18
.92
%
,
7/11/27
..
6,389
6,329
L2610020.UP.FTS.B
,
20
.86
%
,
7/11/27
....
1,361
100
FW2613777.UP.FTS.B
,
27
.07
%
,
7/11/27
..
810
797
b
L2611816.UP.FTS.B
,
21
.62
%
,
7/12/27
....
1,227
195
b
L2616269.UP.FTS.B
,
19
.1
%
,
7/14/27
....
11,171
541
b
L2615913.UP.FTS.B
,
19
.56
%
,
7/14/27
....
3,849
338
L2614826.UP.FTS.B
,
22
.6
%
,
7/14/27
....
3,418
941
L2618649.UP.FTS.B
,
24
.27
%
,
7/14/27
....
4,686
4,604
b
L2615878.UP.FTS.B
,
25
.5
%
,
7/14/27
....
4,415
318
b
FW2617595.UP.FTS.B
,
30
.34
%
,
7/14/27
..
1,108
78
L1716174.UP.FTS.B
,
24
.2
%
,
7/15/27
....
7,072
6,962
FW2610585.UP.FTS.B
,
9
.75
%
,
7/16/27
...
8,255
8,059
FW2950779.UP.FTS.B
,
23
.54
%
,
8/14/27
..
1,463
1,443
FW1882891.UP.FTS.B
,
25
.65
%
,
8/20/27
..
878
868
FW2603295.UP.FTS.B
,
23
.18
%
,
8/24/27
..
4,864
4,769
FW2951315.UP.FTS.B
,
9
.91
%
,
9/14/27
...
2,348
2,300
L2951595.UP.FTS.B
,
10
.95
%
,
9/14/27
....
2,304
2,262
L2948733.UP.FTS.B
,
13
.2
%
,
9/14/27
....
3,109
2,045
L2949507.UP.FTS.B
,
15
.04
%
,
9/14/27
....
4,464
4,391
b
L2949405.UP.FTS.B
,
16
.41
%
,
9/14/27
....
10,278
1,519
b
L2949925.UP.FTS.B
,
17
.43
%
,
9/14/27
....
5,147
372
FW2951123.UP.FTS.B
,
24
.74
%
,
9/14/27
..
7,451
539
b
L2949682.UP.FTS.B
,
25
.05
%
,
9/14/27
....
782
10
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
89
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2950395.UP.FTS.B
,
28
.88
%
,
9/14/27
..
$
11,525
$
3,105
b
L2047067.UP.FTS.B
,
21
.22
%
,
9/15/27
....
9,628
685
FW2049311.UP.FTS.B
,
21
.75
%
,
9/15/27
..
2,247
2,204
b
FW2094906.UP.FTS.B
,
12
.24
%
,
9/22/27
..
872
138
L2293030.UP.FTS.B
,
8
.8
%
,
10/21/27
....
948
651
b
FW2292945.UP.FTS.B
,
31
.23
%
,
10/21/27
.
1,483
44
b
L2300702.UP.FTS.B
,
15
.45
%
,
10/22/27
...
20,684
1,490
L2300131.UP.FTS.B
,
24
.08
%
,
10/22/27
...
6,552
6,456
FW2611103.UP.FTS.B
,
17
.75
%
,
11/11/27
.
924
67
L2614419.UP.FTS.B
,
24
.18
%
,
11/11/27
...
559
40
L2421701.UP.FTS.B
,
5
.91
%
,
11/13/27
....
8,257
8,001
FW2426682.UP.FTS.B
,
6
.38
%
,
11/13/27
..
2,853
206
L2432901.UP.FTS.B
,
6
.93
%
,
11/14/27
....
5,506
5,355
L2433991.UP.FTS.B
,
7
.94
%
,
11/14/27
....
2,035
597
FW2429622.UP.FTS.B
,
15
.13
%
,
11/14/27
.
1,931
504
b
FW2435458.UP.FTS.B
,
28
.74
%
,
11/14/27
.
2,776
200
L2438805.UP.FTS.B
,
9
.71
%
,
11/18/27
....
3,174
3,109
L2432353.UP.FTS.B
,
7
.41
%
,
11/20/27
....
5,574
3,925
L2435424.UP.FTS.B
,
10
.13
%
,
11/21/27
...
1,777
1,741
FW2605935.UP.FTS.B
,
31
.23
%
,
12/10/27
.
3,377
3,318
L2611260.UP.FTS.B
,
17
.12
%
,
12/11/27
...
10,052
2,547
L2611326.UP.FTS.B
,
18
.28
%
,
12/11/27
...
3,907
3,840
L2611597.UP.FTS.B
,
25
.33
%
,
12/11/27
...
6,597
6,468
FW2617504.UP.FTS.B
,
30
.27
%
,
12/14/27
.
11,098
10,927
FW2609734.UP.FTS.B
,
31
%
,
12/16/27
...
685
673
FW2607135.UP.FTS.B
,
30
.71
%
,
12/20/27
.
1,597
1,087
FW2615716.UP.FTS.B
,
30
.71
%
,
12/21/27
.
1,252
1,233
L2616852.UP.FTS.B
,
19
.82
%
,
12/28/27
...
3,381
3,315
FW2950242.UP.FTS.B
,
24
.53
%
,
2/14/28
..
1,325
1,307
FW2951084.UP.FTS.B
,
30
.63
%
,
2/14/28
..
9,220
6,104
FW2950648.UP.FTS.B
,
30
.95
%
,
2/14/28
..
624
617
L1718966.UP.FTS.B
,
18
.89
%
,
9/15/28
....
5,381
5,315
L1718702.UP.FTS.B
,
26
.02
%
,
9/15/28
....
2,973
2,985
L2608032.UP.FTS.B
,
17
.27
%
,
2/10/29
....
2,522
2,483
L2605139.UP.FTS.B
,
28
.33
%
,
2/10/29
....
1,469
1,469
L2607986.UP.FTS.B
,
25
.66
%
,
7/10/29
....
17,750
16,996
b
FW2951735.UP.FTS.B
,
15
.61
%
,
9/14/35
..
250
18
1,501,360
Total
Marketplace
Loans
(Cost
$
9,524,518
)
.......................
$3,327,449
a
The
rate
shown
represents
the
yield
at
period
end.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Low
Duration
Total
Return
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
90
At
January
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
At
January
31,
2026
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Short
230
$
25,720,469
3/20/26
$
312,330
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
11
1,255,719
3/20/26
19,406
U.S.
Treasury
2
Year
Notes
.....................
Long
3,102
646,742,767
3/31/26
(
1,140,573
)
U.S.
Treasury
5
Year
Notes
.....................
Short
473
51,523,742
3/31/26
346,759
U.S.
Treasury
Long
Bonds
.....................
Short
25
2,878,125
3/20/26
51,525
Total
Futures
Contracts
......................................................................
$(410,553)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
JPHQ
Sell
1,692,000
1,979,505
2/17/26
$
—
$
(
27,371
)
Euro
.............
JPHQ
Sell
1,200,000
1,402,130
4/13/26
—
(
25,051
)
Total
Forward
Exchange
Contracts
...................................................
—
$(52,422)
Net
unrealized
appreciation
(depreciation)
............................................
$(52,422)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
At
January
31,
2026
,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
A
bbreviations
on
page
171
.
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.45
.
5.00%
Quarterly
12/20/30
9,070,000
$
803,720
$
654,436
$
149,284
Non-
Investment
Grade
CDX.NA.IG.45
..
1.00%
Quarterly
12/20/30
131,775,000
3,117,016
2,838,838
278,178
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$3,920,736
$3,493,274
$427,462
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CDX.NA.HY.45
.
(5.00)%
Quarterly
CITI
12/20/30
4,700,000
(
737,769
)
(
686,840
)
(
50,929
)
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.39
.
5.00%
Quarterly
JPHQ
12/20/27
5,500,000
470,593
146,031
324,562
Non-
Investment
Grade
CDX.NA.IG.41
..
1.00%
Quarterly
CITI
12/20/28
12,100,000
88,593
(
233,365
)
321,958
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(178,583)
$(774,174)
$595,591
Total
Credit
Default
Swap
Contracts
....................................
$3,742,153
$
2,719,100
$1,023,053
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
d
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
22.9%
U.S.
Treasury
Notes
,
2.5
%,
2/28/26
....................................................
$
2,162,000
$
2,160,036
4.875
%,
4/30/26
...................................................
18,238,000
18,288,687
4.125
%,
1/31/27
...................................................
20,000,000
20,111,789
4.25
%,
3/15/27
...................................................
11,000,000
11,084,649
4.5
%,
4/15/27
....................................................
15,000,000
15,168,750
4
%,
12/15/27
.....................................................
10,000,000
10,083,398
4.25
%,
1/15/28
...................................................
10,000,000
10,132,813
Total
U.S.
Government
and
Agency
Securities
(Cost
$
86,575,559
)
.................
87,030,122
Mortgage-Backed
Securities
48.7%
a
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
14.6%
FHLMC
,
6.064
%
-
6.25
%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/36
-
1/01/37
.......................................
184,814
188,236
FHLMC
,
6.295
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
10/01/46
..................................................
2,549,554
2,654,081
FHLMC
,
6.302
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/47
...................................................
3,225,454
3,357,889
FHLMC
,
6.329
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
6/01/47
...................................................
3,445,060
3,581,294
FHLMC
,
6.455
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
11/01/46
..................................................
3,963,053
4,147,549
FHLMC
,
6.459
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
7/01/46
...................................................
5,453,003
5,686,979
FHLMC
,
6.473
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/37
...................................................
3,230,548
3,375,006
FHLMC
,
6.542
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
11/01/46
..................................................
3,118,497
3,274,294
FHLMC
,
6.053
%
-
7.45
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/34
-
5/01/45
.......................................
23,875,431
24,770,449
FHLMC
,
6.085
%
-
7.548
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
8/01/33
-
6/01/37
..
4,461,424
4,631,401
55,667,178
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.9%
FHLMC
Pool,
30
Year
,
5.5
%,
12/01/54
....................................
1,715,496
1,741,039
FHLMC
Pool,
30
Year
,
6
%,
5/01/53
......................................
1,560,691
1,609,045
3,350,084
a
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
27.7%
FNMA
,
4.306
%,
(
COFI
11th
District
+/-
MBS
Margin),
4/01/34
..................
3,139,691
3,110,862
FNMA
,
4.765
%,
(
1-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/27
...................................................
14,502
14,463
FNMA
,
5.05
%,
(
3-year
CMT
T-Note
+/-
MBS
Margin),
7/01/34
..................
10,248
10,394
FNMA
,
4.083
%
-
5.54
%,
(
COFI
11th
District
+/-
MBS
Margin),
8/01/26
-
12/01/37
....
1,421,131
1,406,811
FNMA
,
5.845
%,
(
6-month
H15BDI
+/-
MBS
Margin),
11/01/34
..................
29,700
29,281
FNMA
,
3.564
%
-
5.993
%,
(
5-year
CMT
T-Note
+/-
MBS
Margin),
4/01/27
-
2/01/30
...
10,683
10,660
FNMA
,
6.257
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/36
.................
3,172,258
3,310,961
FNMA
,
6.305
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/38
...................................................
4,994,729
5,191,127
FNMA
,
6.311
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
7/01/42
...................................................
1,850,099
1,926,433
FNMA
,
6.331
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/45
...................................................
1,725,752
1,807,192
FNMA
,
6.348
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
5/01/47
...................................................
2,925,857
3,048,826
FNMA
,
6.355
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/44
...................................................
12,225,821
12,793,858
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
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
,
6.375
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/40
...................................................
$
1,912,816
$
1,995,198
FNMA
,
6.38
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/47
...................................................
7,536,099
7,847,928
FNMA
,
5.22
%
-
6.875
%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/27
-
12/01/37
......................................
7,986,464
8,165,218
FNMA
,
5.465
%
-
7.18
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/32
-
5/01/48
.......................................
40,040,406
41,279,260
FNMA
,
4.962
%
-
7.262
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
4/01/27
-
12/01/40
..
11,250,815
11,574,249
FNMA
,
4.948
%
-
7.325
%,
(
12-month
average
of
1-year
CMT
+/-
MBS
Margin),
11/01/27
-
11/01/44
.......................................................
1,976,930
2,010,820
105,533,541
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
4.7%
FNMA,
30
Year
,
5.5
%,
4/01/53
.........................................
10,490,691
10,678,477
FNMA,
30
Year
,
5.5
%,
3/01/54
.........................................
1,724,756
1,751,293
FNMA,
30
Year
,
6
%,
7/01/53
...........................................
3,600,908
3,708,143
FNMA,
30
Year
,
6
%,
7/01/55
...........................................
1,610,695
1,649,627
17,787,540
a
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.0%
†
GNMA
II
,
5.125
%
-
5.625
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
9/20/33
-
5/20/36
.
209,299
212,052
212,052
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.8%
GNMA
II,
Single-family,
30
Year
,
6
%,
7/20/55
...............................
2,869,471
2,941,906
Total
Mortgage-Backed
Securities
(Cost
$
186,956,506
)
...........................
185,492,301
Agency
Commercial
Mortgage-Backed
Securities
21.4%
Financial
Services
21.4%
b
FHLMC
,
4988
,
AF
,
FRN
,
4.489
%
,
(
30-day
SOFR
Average
+
0.464
%
),
10/15/37
..........
2,963,626
2,924,536
4891
,
AF
,
FRN
,
4.539
%
,
(
30-day
SOFR
Average
+
0.514
%
),
7/15/42
...........
4,367,607
4,440,466
413
,
F23
,
FRN
,
4.747
%
,
(
30-day
SOFR
Average
+
1.05
%
),
5/25/54
............
1,139,820
1,146,836
343
,
F4
,
FRN
,
4.489
%
,
Strip
,
(
30-day
SOFR
Average
+
0.464
%
),
10/15/37
.......
2,683,578
2,632,975
4989
,
FA
,
FRN
,
4.489
%
,
(
30-day
SOFR
Average
+
0.464
%
),
8/15/40
...........
3,739,899
3,686,325
5537
,
FC
,
FRN
,
4.847
%
,
(
30-day
SOFR
Average
+
1.15
%
),
5/25/55
............
1,789,400
1,804,586
4915
,
FE
,
FRN
,
4.539
%
,
(
30-day
SOFR
Average
+
0.514
%
),
2/15/38
...........
6,002,182
5,931,987
5568
,
FG
,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
8/25/55
.............
1,783,407
1,798,191
5517
,
FH
,
FRN
,
4.847
%
,
(
30-day
SOFR
Average
+
1.15
%
),
3/25/55
............
1,533,587
1,542,425
4895
,
GF
,
FRN
,
4.539
%
,
(
30-day
SOFR
Average
+
0.514
%
),
11/15/43
..........
4,403,625
4,346,216
4197
,
KF
,
FRN
,
4.439
%
,
(
30-day
SOFR
Average
+
0.414
%
),
9/15/37
...........
1,149,518
1,110,531
4107
,
KF
,
FRN
,
4.529
%
,
(
30-day
SOFR
Average
+
0.504
%
),
6/15/38
...........
1,257,186
1,245,713
4215
,
KF
,
FRN
,
4.439
%
,
(
30-day
SOFR
Average
+
0.414
%
),
2/15/40
...........
913,460
891,623
4730
,
WF
,
FRN
,
4.489
%
,
(
30-day
SOFR
Average
+
0.464
%
),
8/15/38
...........
2,481,180
2,450,864
4794
,
WF
,
FRN
,
4.489
%
,
(
30-day
SOFR
Average
+
0.464
%
),
3/15/43
...........
2,618,793
2,580,839
b
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
KF160
,
AS
,
FRN
,
4.487
%
,
(
30-day
SOFR
Average
+
0.7
%
),
10/25/30
...........
2,284,873
2,292,913
KF163
,
AS
,
FRN
,
4.367
%
,
(
30-day
SOFR
Average
+
0.58
%
),
4/25/34
...........
2,724,156
2,725,901
KF164
,
AS
,
FRN
,
4.357
%
,
(
30-day
SOFR
Average
+
0.57
%
),
10/25/34
..........
3,820,077
3,819,196
b
FNMA
,
2019-38
,
AF
,
FRN
,
4.539
%
,
(
30-day
SOFR
Average
+
0.514
%
),
7/25/49
.........
2,996,715
2,973,835
2019-59
,
BF
,
FRN
,
4.539
%
,
(
30-day
SOFR
Average
+
0.514
%
),
10/25/49
........
4,504,919
4,458,053
2019-38
,
CF
,
FRN
,
4.262
%
,
(
30-day
SOFR
Average
+
0.564
%
),
7/25/49
.........
1,158,844
1,139,877
2021-44
,
FA
,
FRN
,
4.225
%
,
(
30-day
SOFR
Average
+
0.2
%
),
6/25/45
...........
3,594,245
3,507,601
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
94
a
a
Principal
Amount
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
FNMA,
(continued)
2024-98
,
FA
,
FRN
,
4.847
%
,
(
30-day
SOFR
Average
+
1.15
%
),
12/25/53
.........
$
689,236
$
694,648
2024-103
,
FB
,
FRN
,
4.647
%
,
(
30-day
SOFR
Average
+
0.95
%
),
1/25/55
.........
2,009,256
2,019,616
2024-105
,
FC
,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
1/25/55
...........
2,278,892
2,292,287
2025-59
,
FD
,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
8/25/55
..........
1,859,139
1,874,066
2025-55
,
FG
,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
7/25/55
..........
1,869,055
1,884,266
2020-54
,
WF
,
FRN
,
4.465
%
,
(
30-day
SOFR
Average
+
0.564
%
),
8/25/50
........
2,356,427
2,283,189
2021-8
,
YF
,
FRN
,
4.225
%
,
(
30-day
SOFR
Average
+
0.2
%
),
3/25/61
............
6,994,015
6,981,068
2021-36
,
YF
,
FRN
,
4.225
%
,
(
30-day
SOFR
Average
+
0.2
%
),
6/25/61
...........
3,589,339
3,606,750
b
GNMA
,
2010-12
,
FD
,
FRN
,
4.392
%
,
(
1-month
SOFR
+
0.714
%
),
1/16/40
..........
424,856
425,597
81,512,976
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$
82,072,465
)
.........
81,512,976
Total
Long
Term
Investments
(Cost
$
355,604,530
)
...............................
354,035,399
a
a
a
a
a
Short
Term
Investments
3.1%
Shares
a
Money
Market
Funds
3.1%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.............
11,794,744
11,794,744
Total
Money
Market
Funds
(Cost
$
11,794,744
)
..................................
11,794,744
Total
Short
Term
Investments
(Cost
$
11,794,744
)
................................
11,794,744
a
Total
Investments
(Cost
$
367,399,274
)
96.1
%
...................................
$365,830,143
Other
Assets,
less
Liabilities
3.9
%
.............................................
14,933,508
Net
Assets
100.0%
...........................................................
$380,763,651
†
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;
they
are
based
on
the
weighted
average
rates
of
the
underlying
mortgage
loans,
less
the
applicable
servicing
and
guarantee
fees
(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
5
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)
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
At
January
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
171
.
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
46
$
5,251,188
3/20/26
$
81,154
U.S.
Treasury
2
Year
Notes
.....................
Long
520
108,415,938
3/31/26
(
191,581
)
U.S.
Treasury
5
Year
Notes
.....................
Long
76
8,278,656
3/31/26
(
55,909
)
U.S.
Treasury
Long
Bonds
.....................
Short
10
1,151,250
3/20/26
20,610
Total
Futures
Contracts
......................................................................
$(145,726)
*
As
of
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Managed
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
96
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
40.3%
Aerospace
&
Defense
2.5%
a
Boeing
Co.
(The)
...................................
United
States
40,000
$
9,348,800
Lockheed
Martin
Corp.
...............................
United
States
75,000
47,566,500
RTX
Corp.
........................................
United
States
155,000
31,144,150
88,059,450
Air
Freight
&
Logistics
0.5%
United
Parcel
Service,
Inc.
,
B
..........................
United
States
175,000
18,588,500
Banks
2.4%
Bank
of
America
Corp.
...............................
United
States
500,000
26,600,000
Fifth
Third
Bancorp
..................................
United
States
300,000
15,066,000
JPMorgan
Chase
&
Co.
...............................
United
States
35,000
10,706,150
Truist
Financial
Corp.
................................
United
States
350,000
17,997,000
US
Bancorp
.......................................
United
States
250,000
14,027,500
84,396,650
Beverages
2.2%
Coca-Cola
Co.
(The)
.................................
United
States
300,000
22,443,000
PepsiCo,
Inc.
......................................
United
States
350,000
53,770,500
76,213,500
Biotechnology
1.6%
AbbVie,
Inc.
.......................................
United
States
165,000
36,796,650
Amgen,
Inc.
.......................................
United
States
50,000
17,094,000
53,890,650
Building
Products
0.7%
Johnson
Controls
International
plc
.......................
United
States
200,000
23,852,000
Capital
Markets
0.8%
Morgan
Stanley
.....................................
United
States
150,000
27,420,000
Chemicals
1.1%
Air
Products
and
Chemicals,
Inc.
........................
United
States
140,000
38,150,000
Communications
Equipment
1.2%
Cisco
Systems,
Inc.
.................................
United
States
525,000
41,118,000
Diversified
Telecommunication
Services
0.8%
Comcast
Corp.
,
A
...................................
United
States
800,000
23,800,000
Verizon
Communications,
Inc.
..........................
United
States
100,000
4,452,000
28,252,000
Electric
Utilities
2.7%
Duke
Energy
Corp.
..................................
United
States
300,000
36,405,000
Edison
International
.................................
United
States
175,000
10,899,000
Southern
Co.
(The)
..................................
United
States
500,000
44,655,000
91,959,000
Energy
Equipment
&
Services
0.4%
SLB
Ltd.
..........................................
United
States
321,000
15,529,980
Food
Products
0.5%
Nestle
SA
,
ADR
....................................
United
States
170,000
16,160,200
Ground
Transportation
1.0%
Union
Pacific
Corp.
..................................
United
States
150,000
35,265,000
Health
Care
Equipment
&
Supplies
1.2%
Abbott
Laboratories
..................................
United
States
250,000
27,325,000
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
97
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Medtronic
plc
......................................
United
States
125,000
$
12,870,000
40,195,000
Health
Care
Providers
&
Services
0.4%
CVS
Health
Corp.
...................................
United
States
200,000
14,904,000
Hotels,
Restaurants
&
Leisure
0.9%
McDonald's
Corp.
...................................
United
States
50,000
15,750,000
Starbucks
Corp.
....................................
United
States
150,000
13,792,500
29,542,500
Household
Products
2.0%
Procter
&
Gamble
Co.
(The)
...........................
United
States
450,000
68,296,500
Industrial
Conglomerates
0.7%
Honeywell
International,
Inc.
...........................
United
States
100,000
22,752,000
IT
Services
1.3%
Accenture
plc
,
A
....................................
United
States
50,000
13,182,000
International
Business
Machines
Corp.
...................
United
States
100,000
30,670,000
43,852,000
Metals
&
Mining
0.7%
Rio
Tinto
plc
,
ADR
...................................
Australia
250,000
22,757,500
Multi-Utilities
0.6%
Sempra,
Inc.
.......................................
United
States
250,000
21,752,500
Oil,
Gas
&
Consumable
Fuels
5.3%
Chevron
Corp.
.....................................
United
States
450,000
79,605,000
ConocoPhillips
.....................................
United
States
75,000
7,817,250
Exxon
Mobil
Corp.
...................................
United
States
400,000
56,560,000
Shell
plc
,
ADR
......................................
United
States
250,000
19,257,500
TotalEnergies
SE
...................................
France
275,000
19,910,000
183,149,750
Pharmaceuticals
3.6%
AstraZeneca
plc
,
ADR
................................
United
Kingdom
180,000
16,698,600
Johnson
&
Johnson
.................................
United
States
175,000
39,768,750
Merck
&
Co.,
Inc.
...................................
United
States
425,000
46,864,750
Pfizer,
Inc.
.........................................
United
States
750,000
19,830,000
123,162,100
Semiconductors
&
Semiconductor
Equipment
2.6%
Analog
Devices,
Inc.
.................................
United
States
100,000
31,088,000
Texas
Instruments,
Inc.
...............................
United
States
275,000
59,276,250
90,364,250
Software
0.2%
Oracle
Corp.
.......................................
United
States
50,000
8,229,000
Specialty
Retail
1.6%
Home
Depot,
Inc.
(The)
...............................
United
States
150,000
56,188,500
Tobacco
0.8%
Philip
Morris
International,
Inc.
.........................
United
States
150,000
26,916,000
Total
Common
Stocks
(Cost
$
969,966,855
)
...................................
1,390,916,530
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
98
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
9.7%
Broadline
Retail
0.8%
b
Barclays
Bank
plc
into
Amazon.com,
Inc.
,
144A,
10
%
,
3/25/26
..
United
States
80,000
$
17,754,182
b
J.P.
Morgan
Structured
Products
BV
into
Amazon.com,
Inc.
,
144A,
9
%
,
1/11/27
......................................
United
States
45,000
10,434,011
28,188,193
Consumer
Staples
Distribution
&
Retail
1.0%
b
BNP
Paribas
Issuance
BV
into
Target
Corp.
,
144A,
11
%
,
10/07/26
United
States
55,000
5,364,268
b
Wells
Fargo
Bank
NA
into
Target
Corp.
,
144A,
10
%
,
5/13/26
...
United
States
275,000
28,822,506
34,186,774
Electric
Utilities
0.6%
b
BNP
Paribas
Issuance
BV
into
NextEra
Energy,
Inc.
,
144A,
8
%
,
2/10/27
.........................................
United
States
254,000
22,158,676
Energy
Equipment
&
Services
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Halliburton
Co.
,
144A,
10
%
,
1/26/27
................................
United
States
495,000
15,852,031
Health
Care
Providers
&
Services
0.5%
b
Merrill
Lynch
BV
into
UnitedHealth
Group,
Inc.
,
144A,
10
%
,
7/01/26
.........................................
United
States
55,000
16,090,943
Hotels,
Restaurants
&
Leisure
0.3%
b
Toronto-Dominion
Bank
(The)
into
Starbucks
Corp.
,
144A,
9
%
,
1/27/27
.........................................
United
States
125,000
11,507,134
Interactive
Media
&
Services
0.6%
b
Mizuho
Markets
Cayman
LP
into
Meta
Platforms,
Inc.
,
144A,
10
%
,
12/07/26
....................................
United
States
33,000
21,624,339
Metals
&
Mining
1.1%
b
Merrill
Lynch
BV
into
Freeport-McMoRan,
Inc.
,
144A,
10
%
,
5/12/26
.........................................
United
States
805,000
36,379,713
Oil,
Gas
&
Consumable
Fuels
0.5%
b
Mizuho
Markets
Cayman
LP
into
Exxon
Mobil
Corp.
,
144A,
8.5
%
,
4/07/26
.........................................
United
States
130,000
16,379,670
Semiconductors
&
Semiconductor
Equipment
2.5%
b
Barclays
Bank
plc
into
Micron
Technology,
Inc.
,
144A,
10
%
,
9/08/26
.........................................
United
States
85,000
12,692,949
b
Goldman
Sachs
Bank
USA
into
Applied
Materials,
Inc.
,
144A,
10
%
,
5/05/26
.....................................
United
States
135,000
22,876,465
b
Merrill
Lynch
BV
into
Advanced
Micro
Devices,
Inc.
,
144A,
11
%
,
5/06/26
.........................................
United
States
125,000
14,011,194
b
Royal
Bank
of
Canada
into
Microchip
Technology,
Inc.
,
144A,
11
%
,
5/05/26
.....................................
United
States
355,000
20,388,712
b
Royal
Bank
of
Canada
into
Texas
Instruments,
Inc.
,
144A,
9
%
,
7/21/26
.........................................
United
States
68,000
14,603,901
84,573,221
Software
1.1%
b
Merrill
Lynch
BV
into
Microsoft
Corp.
,
144A,
7
%
,
3/09/26
......
United
States
40,000
17,055,796
b
Mizuho
Markets
Cayman
LP
into
Microsoft
Corp.
,
144A,
7.25
%
,
1/11/27
.........................................
United
States
50,000
22,180,763
39,236,559
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
99
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Textiles,
Apparel
&
Luxury
Goods
0.2%
b
Goldman
Sachs
International
Bank
into
NIKE,
Inc.
,
144A,
9
%
,
3/31/26
.........................................
United
States
128,000
$
7,999,769
Total
Equity-Linked
Securities
(Cost
$
304,590,395
)
............................
334,177,022
Convertible
Preferred
Stocks
2.2%
Aerospace
&
Defense
0.6%
Boeing
Co.
(The)
,
6
%
................................
United
States
300,000
22,416,000
Chemicals
0.6%
Albemarle
Corp.
,
7.25
%
..............................
United
States
280,000
19,415,200
Electric
Utilities
1.0%
NextEra
Energy,
Inc.
,
7.234
%
..........................
United
States
475,000
24,263,000
Southern
Co.
(The)
,
A
,
7.125
%
.........................
United
States
175,000
8,968,750
33,231,750
Total
Convertible
Preferred
Stocks
(Cost
$
51,717,393
)
.........................
75,062,950
Principal
Amount
*
Corporate
Bonds
29.3%
Automobiles
0.5%
General
Motors
Co.
,
Senior
Bond
,
5.6
%
,
10/15/32
...........
United
States
15,000,000
15,679,960
Banks
4.6%
Bank
of
America
Corp.
,
Senior
Bond
,
5.872%
to
9/14/33,
FRN
thereafter
,
9/15/34
.................................
United
States
15,000,000
15,937,366
Barclays
plc
,
Senior
Bond
,
5.746%
to
8/08/32,
FRN
thereafter
,
8/09/33
...
United
Kingdom
10,000,000
10,490,899
Senior
Note
,
7.385%
to
11/01/27,
FRN
thereafter
,
11/02/28
..
United
Kingdom
15,000,000
15,831,391
Citigroup,
Inc.
,
Senior
Bond
,
6.27%
to
11/16/32,
FRN
thereafter
,
11/17/33
...
United
States
10,000,000
10,886,649
Sub.
Bond
,
6.02%
to
1/23/35,
FRN
thereafter
,
1/24/36
......
United
States
15,000,000
15,644,757
Fifth
Third
Bancorp
,
Senior
Note
,
6.339%
to
7/26/28,
FRN
thereafter
,
7/27/29
.................................
United
States
10,000,000
10,518,032
JPMorgan
Chase
&
Co.
,
c
NN
,
Junior
Sub.
Bond
,
6.875%
to
5/31/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
10,000,000
10,568,530
Senior
Bond
,
6.254%
to
10/22/33,
FRN
thereafter
,
10/23/34
.
United
States
10,000,000
10,914,441
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
...................
United
States
10,000,000
10,769,347
Truist
Financial
Corp.
,
Senior
Bond
,
5.122%
to
1/25/33,
FRN
thereafter
,
1/26/34
.................................
United
States
10,000,000
10,150,370
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
........................................
United
States
10,000,000
10,684,214
Wells
Fargo
&
Co.
,
Senior
Bond
,
5.389%
to
4/23/33,
FRN
thereafter
,
4/24/34
.................................
United
States
25,000,000
25,862,746
158,258,742
Biotechnology
0.4%
AbbVie,
Inc.
,
Senior
Bond
,
4.55
%
,
3/15/35
................
United
States
15,000,000
14,758,921
Building
Products
0.6%
Carrier
Global
Corp.
,
Senior
Bond
,
5.9
%
,
3/15/34
...........
United
States
20,000,000
21,410,153
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
100
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
2.2%
Charles
Schwab
Corp.
(The)
,
Senior
Bond
,
5.853%
to
5/18/33,
FRN
thereafter
,
5/19/34
.............................
United
States
10,000,000
$
10,677,111
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
2.65%
to
10/20/31,
FRN
thereafter
,
10/21/32
..
United
States
15,000,000
13,558,724
Senior
Bond
,
6.561%
to
10/23/33,
FRN
thereafter
,
10/24/34
.
United
States
10,000,000
11,077,779
d
Sub.
Bond
,
5.387%
to
2/01/36,
FRN
thereafter
,
2/02/41
.....
United
States
10,000,000
9,910,542
Morgan
Stanley
,
Senior
Bond
,
6.342%
to
10/17/32,
FRN
thereafter
,
10/18/33
.
United
States
15,000,000
16,371,461
Senior
Bond
,
5.424%
to
7/20/33,
FRN
thereafter
,
7/21/34
...
United
States
15,000,000
15,533,424
77,129,041
Chemicals
0.3%
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3
%
,
3/15/33
........
United
States
10,000,000
10,618,877
Consumer
Finance
2.0%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.3
%
,
1/30/32
..........................
Ireland
20,000,000
18,508,913
Capital
One
Financial
Corp.
,
Senior
Bond
,
5.268%
to
5/09/32,
FRN
thereafter
,
5/10/33
...
United
States
10,000,000
10,204,851
Senior
Note
,
6.312%
to
6/07/28,
FRN
thereafter
,
6/08/29
....
United
States
10,000,000
10,468,919
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
3.6
%
,
6/21/30
..........................
United
States
20,000,000
19,306,940
Senior
Bond
,
6.4
%
,
1/09/33
..........................
United
States
10,000,000
10,785,032
69,274,655
Diversified
REITs
0.6%
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Bond
,
144A,
4.625
%
,
12/01/29
..................................
United
States
20,000,000
20,012,037
Electric
Utilities
2.9%
Edison
International
,
Senior
Note
,
6.95
%
,
11/15/29
..........
United
States
20,000,000
21,398,585
b
NRG
Energy,
Inc.
,
Senior
Secured
Bond
,
144A,
7
%
,
3/15/33
...
United
States
10,000,000
11,010,970
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
7/01/30
.........................
United
States
20,000,000
19,953,367
Senior
Bond
,
6.15
%
,
1/15/33
.........................
United
States
10,000,000
10,608,269
Southern
Co.
(The)
,
Senior
Bond
,
5.7
%
,
10/15/32
...........
United
States
15,000,000
15,897,038
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
.........................................
United
States
20,000,000
19,905,789
98,774,018
Electrical
Equipment
0.6%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.05
%
,
4/15/28
..........
United
States
20,000,000
20,736,501
Electronic
Equipment,
Instruments
&
Components
0.6%
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
..................
United
States
20,000,000
20,282,572
Food
Products
1.2%
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3.75
%
,
12/01/31
........................
United
States
5,000,000
4,744,838
Senior
Note
,
6.75
%
,
3/15/34
.........................
United
States
15,000,000
16,546,770
Pilgrim's
Pride
Corp.
,
Senior
Note
,
4.25
%
,
4/15/31
..........
United
States
21,000,000
20,487,377
41,778,985
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
101
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Ground
Transportation
0.8%
b
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
8/11/32
.....................
United
Kingdom
15,000,000
$
15,554,891
Senior
Bond
,
144A,
5.95
%
,
10/15/33
...................
United
Kingdom
10,000,000
10,547,701
26,102,592
Health
Care
Providers
&
Services
2.1%
Centene
Corp.
,
Senior
Note
,
4.625
%
,
12/15/29
.............
United
States
25,000,000
24,381,721
b
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond
,
144A,
3
%
,
12/01/31
.....................................
Germany
20,000,000
18,029,268
HCA,
Inc.
,
Senior
Bond
,
5.5
%
,
6/01/33
...................
United
States
15,000,000
15,575,821
Humana,
Inc.
,
Senior
Bond
,
5.875
%
,
3/01/33
...............
United
States
15,000,000
15,532,828
73,519,638
Health
Care
REITs
0.6%
Healthpeak
OP
LLC
,
Senior
Note
,
5.25
%
,
12/15/32
..........
United
States
20,000,000
20,515,414
Insurance
1.3%
Brown
&
Brown,
Inc.
,
Senior
Bond
,
2.375
%
,
3/15/31
.........
United
States
25,000,000
22,487,579
b
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
.........................................
United
States
10,000,000
10,570,377
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
.............
United
States
10,000,000
10,497,850
43,555,806
Machinery
0.6%
Ingersoll
Rand,
Inc.
,
Senior
Bond
,
5.7
%
,
8/14/33
............
United
States
20,000,000
21,126,224
Metals
&
Mining
0.7%
ArcelorMittal
SA
,
Senior
Note
,
6.55
%
,
11/29/27
.............
Luxembourg
10,000,000
10,411,600
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
4.625
%
,
8/01/30
......
United
States
15,000,000
15,123,056
25,534,656
Multi-Utilities
0.4%
Sempra,
Inc.
,
Senior
Bond
,
5.5
%
,
8/01/33
.................
United
States
15,000,000
15,620,050
Oil,
Gas
&
Consumable
Fuels
1.1%
Energy
Transfer
LP
,
Senior
Bond
,
5.75
%
,
2/15/33
...........
United
States
15,000,000
15,734,935
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.65
%
,
3/15/33
.......
United
States
20,000,000
20,919,598
36,654,533
Passenger
Airlines
0.7%
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
22,916,667
23,096,877
Pharmaceuticals
0.5%
Viatris,
Inc.
,
Senior
Note
,
2.7
%
,
6/22/30
...................
United
States
20,000,000
18,331,526
Semiconductors
&
Semiconductor
Equipment
0.7%
Broadcom,
Inc.
,
Senior
Note
,
3.469
%
,
4/15/34
..............
United
States
20,000,000
18,188,954
Micron
Technology,
Inc.
,
Senior
Bond
,
5.875
%
,
2/09/33
.......
United
States
5,000,000
5,324,031
23,512,985
Software
0.8%
Oracle
Corp.
,
Senior
Bond
,
6.25
%
,
11/09/32
........................
United
States
10,000,000
10,442,042
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
102
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Software
(continued)
Oracle
Corp.,
(continued)
Senior
Bond
,
3.9
%
,
5/15/35
..........................
United
States
20,000,000
$
17,249,749
27,691,791
Specialized
REITs
0.6%
American
Tower
Corp.
,
Senior
Bond
,
5.9
%
,
11/15/33
.........
United
States
10,000,000
10,683,844
Crown
Castle,
Inc.
,
Senior
Bond
,
5.1
%
,
5/01/33
.............
United
States
10,000,000
10,107,881
20,791,725
Technology
Hardware,
Storage
&
Peripherals
0.4%
HP,
Inc.
,
Senior
Bond
,
5.5
%
,
1/15/33
.....................
United
States
15,000,000
15,355,756
Tobacco
0.8%
BAT
Capital
Corp.
,
Senior
Bond
,
7.75
%
,
10/19/32
...........
United
Kingdom
25,000,000
29,224,166
Trading
Companies
&
Distributors
0.7%
b
United
Rentals
North
America,
Inc.
,
Senior
Secured
Note
,
144A,
6
%
,
12/15/29
.....................................
United
States
22,500,000
23,073,480
Total
Corporate
Bonds
(Cost
$
944,086,491
)
...................................
1,012,421,681
U.S.
Government
and
Agency
Securities
3.6%
U.S.
Treasury
Bonds
,
e
5
.08
%
,
8/15/54
...................................
United
States
265,000,000
64,438,847
4.75
%,
5/15/55
...................................
United
States
60,000,000
58,673,437
Total
U.S.
Government
and
Agency
Securities
(Cost
$
125,302,466
)
..............
123,112,284
Asset-Backed
Securities
0.1%
Passenger
Airlines
0.1%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.
United
States
3,256,063
3,339,209
Total
Asset-Backed
Securities
(Cost
$
3,256,063
)
..............................
3,339,209
Mortgage-Backed
Securities
13.4%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
3.4%
FHLMC
Pool,
30
Year
,
5
%,
5/01/53
......................
United
States
14,771,670
14,834,518
FHLMC
Pool,
30
Year
,
5
%,
11/01/54
.....................
United
States
22,372,963
22,394,136
FHLMC
Pool,
30
Year
,
5.5
%,
7/01/53
.....................
United
States
40,704,665
41,420,700
FHLMC
Pool,
30
Year
,
5.5
%,
11/01/53
-
2/01/55
............
United
States
34,679,793
35,196,160
FHLMC
Pool,
30
Year
,
6
%,
9/01/55
......................
United
States
4,606,257
4,716,515
118,562,029
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
3.2%
FNMA,
30
Year
,
4
%,
8/01/49
...........................
United
States
833,338
811,290
FNMA,
30
Year
,
5
%,
5/01/53
...........................
United
States
14,676,933
14,739,378
FNMA,
30
Year
,
5
%,
11/01/53
..........................
United
States
35,712,433
35,846,059
FNMA,
30
Year
,
5.5
%,
11/01/54
.........................
United
States
9,390,470
9,530,289
FNMA,
30
Year
,
6
%,
5/01/53
...........................
United
States
32,433,814
33,494,775
FNMA,
30
Year
,
6
%,
8/01/55
...........................
United
States
15,888,708
16,269,029
110,690,820
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
6.8%
GNMA
II,
Single-family,
30
Year
,
5.5
%,
2/20/55
.............
United
States
82,305,455
83,417,349
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/55
-
6/20/55
......
United
States
22,061,972
22,329,582
GNMA
II,
Single-family,
30
Year
,
5.5
%,
10/20/55
............
United
States
99,220,425
100,472,956
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
103
See
Abbreviations
on
page
171
.
.
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
,
6
%,
8/20/55
-
1/20/56
.......
United
States
26,442,591
$
27,120,688
233,340,575
Total
Mortgage-Backed
Securities
(Cost
$
455,134,122
)
.........................
462,593,424
Total
Long
Term
Investments
(Cost
$
2,854,053,785
)
...........................
3,401,623,100
a
Short
Term
Investments
1.1%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.1%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
39,287,961
39,287,961
Total
Money
Market
Funds
(Cost
$
39,287,961
)
................................
39,287,961
Total
Short
Term
Investments
(Cost
$
39,287,961
)
..............................
39,287,961
a
Total
Investments
(Cost
$
2,893,341,746
)
99.7
%
................................
$3,440,911,061
Other
Assets,
less
Liabilities
0.3
%
...........................................
8,975,371
Net
Assets
100.0%
.........................................................
$3,449,886,432
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$485,978,412,
representing
14.1%
of
net
assets.
c
Perpetual
security
with
no
stated
maturity
date.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Total
Return
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
104
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
†
Diversified
Consumer
Services
0.0%
a,b
All
Day
Electric,
Inc.
.................................
United
States
84
$
—
Energy
Equipment
&
Services
0.0%
†
b
Valaris
Ltd.
........................................
United
States
2,435
140,572
Machinery
0.0%
†
a
UTEX
Industries,
Inc.
................................
United
States
4,843
255,144
Total
Common
Stocks
(Cost
$
994,221
)
.......................................
395,716
Preferred
Stocks
0.1%
Banks
0.1%
Citigroup
Capital
XIII
,
10.298
%
.........................
United
States
93,000
2,789,070
Total
Preferred
Stocks
(Cost
$
2,325,000
)
.....................................
2,789,070
Principal
Amount
*
Corporate
Bonds
43.7%
Aerospace
&
Defense
1.0%
Boeing
Co.
(The)
,
Senior
Bond
,
3.625
%
,
2/01/31
........................
United
States
6,500,000
6,266,955
Senior
Bond
,
6.875
%
,
3/15/39
........................
United
States
3,200,000
3,615,573
Senior
Note
,
5.15
%
,
5/01/30
.........................
United
States
13,500,000
13,879,513
c
Bombardier,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
6/15/33
.........
Canada
975,000
1,025,351
c
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
1,100,000
1,124,733
Howmet
Aerospace,
Inc.
,
Senior
Note
,
4.85
%
,
10/15/31
.......
United
States
2,400,000
2,464,558
c
TransDigm,
Inc.
,
Senior
Sub.
Note
,
144A,
6.75
%
,
1/31/34
.....
United
States
850,000
880,189
29,256,872
Automobile
Components
0.0%
†
c
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
355,000
364,248
Automobiles
0.2%
c
Hyundai
Capital
America
,
Senior
Note
,
144A,
5.35
%
,
3/19/29
....................
United
States
1,600,000
1,649,463
Senior
Note
,
144A,
5.4
%
,
6/23/32
.....................
United
States
4,900,000
5,093,490
6,742,953
Banks
7.1%
c
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
2,500,000
2,534,845
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
.........
Spain
3,600,000
3,284,961
Bank
of
America
Corp.
,
Senior
Bond
,
2.592%
to
4/28/30,
FRN
thereafter
,
4/29/31
...
United
States
6,700,000
6,250,643
Senior
Bond
,
1.922%
to
10/23/30,
FRN
thereafter
,
10/24/31
.
United
States
5,300,000
4,742,772
Senior
Bond
,
2.972%
to
2/03/32,
FRN
thereafter
,
2/04/33
...
United
States
7,500,000
6,861,106
Senior
Bond
,
5.468%
to
1/22/34,
FRN
thereafter
,
1/23/35
...
United
States
10,000,000
10,372,143
Sub.
Bond
,
3.846%
to
3/07/32,
FRN
thereafter
,
3/08/37
.....
United
States
1,434,000
1,346,596
c
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
2,350,000
2,345,197
c
BPCE
SA
,
Senior
Non-Preferred
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
................................
France
9,500,000
9,367,737
Senior
Non-Preferred
Note
,
144A,
5.716%
to
1/17/29,
FRN
thereafter
,
1/18/30
.................................
France
7,000,000
7,255,457
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
105
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
c
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
4.885%
to
7/02/30,
FRN
thereafter
,
7/03/31
......................
Spain
5,200,000
$
5,276,881
Citigroup,
Inc.
,
Senior
Bond
,
2.572%
to
6/02/30,
FRN
thereafter
,
6/03/31
...
United
States
8,000,000
7,419,170
Senior
Bond
,
3.057%
to
1/24/32,
FRN
thereafter
,
1/25/33
...
United
States
16,100,000
14,745,750
c
Danske
Bank
A/S
,
Senior
Non-Preferred
Note
,
144A,
5.705%
to
2/28/29,
FRN
thereafter
,
3/01/30
......................
Denmark
6,800,000
7,074,869
HSBC
Holdings
plc
,
Senior
Bond
,
3.973%
to
5/21/29,
FRN
thereafter
,
5/22/30
.................................
United
Kingdom
6,500,000
6,436,917
JPMorgan
Chase
&
Co.
,
Senior
Bond
,
4.493%
to
3/23/30,
FRN
thereafter
,
3/24/31
...
United
States
17,100,000
17,233,802
Senior
Bond
,
2.58%
to
4/21/31,
FRN
thereafter
,
4/22/32
....
United
States
1,700,000
1,552,290
Senior
Bond
,
5.336%
to
1/22/34,
FRN
thereafter
,
1/23/35
...
United
States
9,300,000
9,582,336
Sub.
Bond
,
5.576%
to
7/22/35,
FRN
thereafter
,
7/23/36
.....
United
States
1,985,000
2,040,059
Lloyds
Banking
Group
plc
,
Senior
Note
,
5.871%
to
3/05/28,
FRN
thereafter
,
3/06/29
.................................
United
Kingdom
5,300,000
5,492,977
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
.............................
Japan
6,000,000
6,236,419
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Note
,
5.3%
to
1/20/27,
FRN
thereafter
,
1/21/28
......................
United
States
3,800,000
3,848,993
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
......................
United
Kingdom
6,500,000
6,442,329
c
Societe
Generale
SA
,
Senior
Non-Preferred
Note
,
144A,
1.792%
to
6/08/26,
FRN
thereafter
,
6/09/27
.................................
France
10,800,000
10,706,720
Senior
Non-Preferred
Note
,
144A,
6.446%
to
1/09/28,
FRN
thereafter
,
1/10/29
.................................
France
6,500,000
6,763,238
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
...
Canada
12,000,000
12,149,590
Truist
Financial
Corp.
,
Senior
Note
,
7.161%
to
10/29/28,
FRN
thereafter
,
10/30/29
..
United
States
4,950,000
5,331,214
Senior
Note
,
5.435%
to
1/23/29,
FRN
thereafter
,
1/24/30
....
United
States
4,400,000
4,554,523
Wells
Fargo
&
Co.
,
Senior
Bond
,
3.35%
to
3/01/32,
FRN
thereafter
,
3/02/33
....
United
States
9,000,000
8,394,174
Senior
Bond
,
5.499%
to
1/22/34,
FRN
thereafter
,
1/23/35
...
United
States
7,500,000
7,783,405
Senior
Note
,
5.198%
to
1/22/29,
FRN
thereafter
,
1/23/30
....
United
States
5,200,000
5,355,374
208,782,487
Biotechnology
1.3%
AbbVie,
Inc.
,
Senior
Note
,
3.2
%
,
11/21/29
.................
United
States
3,000,000
2,911,118
Amgen,
Inc.
,
Senior
Bond
,
5.25
%
,
3/02/33
.................
United
States
14,300,000
14,802,525
Biogen,
Inc.
,
Senior
Bond
,
2.25
%
,
5/01/30
.................
United
States
6,900,000
6,344,787
c
CSL
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
4/27/32
........
Australia
6,500,000
6,392,759
c
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
960,000
984,704
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
1.75
%
,
9/15/30
United
States
7,500,000
6,711,106
38,146,999
Broadline
Retail
0.0%
a
,c
,d
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
3
%
,
12/31/22
........................................
South
Africa
2,492,650
—
a
,c
,d
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
25
%
,
12/31/22
....................................
South
Africa
1,098,025
—
—
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
106
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
0.4%
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
820,000
$
835,413
c
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
...................................
United
States
175,000
178,094
c
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
2,600,000
2,671,989
Owens
Corning
,
Senior
Bond
,
3.875
%
,
6/01/30
.............
United
States
6,500,000
6,379,290
c
Quikrete
Holdings,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
3/01/33
....................
United
States
150,000
155,913
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
............
United
States
300,000
311,284
10,531,983
Capital
Markets
2.6%
Deutsche
Bank
AG
,
Senior
Preferred
Note
,
5.371
%
,
9/09/27
...
Germany
9,500,000
9,741,439
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
2.65%
to
10/20/31,
FRN
thereafter
,
10/21/32
..
United
States
15,000,000
13,558,723
Senior
Bond
,
3.102%
to
2/23/32,
FRN
thereafter
,
2/24/33
...
United
States
6,500,000
5,974,424
Senior
Bond
,
5.065%
to
1/20/36,
FRN
thereafter
,
1/21/37
...
United
States
1,170,000
1,165,435
Senior
Note
,
1.948%
to
10/20/26,
FRN
thereafter
,
10/21/27
..
United
States
9,700,000
9,556,432
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
.............................
United
States
1,150,000
1,171,916
Morgan
Stanley
,
Senior
Bond
,
1.928%
to
4/27/31,
FRN
thereafter
,
4/28/32
...
United
States
15,200,000
13,364,735
Senior
Bond
,
5.466%
to
1/17/34,
FRN
thereafter
,
1/18/35
...
United
States
8,650,000
8,950,944
Senior
Bond
,
5.073%
to
1/29/36,
FRN
thereafter
,
1/30/37
...
United
States
1,780,000
1,773,788
Senior
Note
,
4.493%
to
1/15/31,
FRN
thereafter
,
1/16/32
....
United
States
1,755,000
1,754,228
Sub.
Bond
,
5.948%
to
1/18/33,
FRN
thereafter
,
1/19/38
.....
United
States
542,000
567,091
c
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...................................
United
States
2,500,000
2,574,825
c
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
305,000
314,909
c
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
3/01/31
United
States
700,000
745,163
c
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
6,500,000
6,718,440
77,932,492
Chemicals
0.2%
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
4,500,000
4,787,072
Commercial
Services
&
Supplies
0.2%
c
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
2/15/33
.........................................
United
States
335,000
341,538
Republic
Services,
Inc.
,
Senior
Bond
,
5
%
,
4/01/34
...........
United
States
6,500,000
6,643,193
6,984,731
Communications
Equipment
0.5%
Motorola
Solutions,
Inc.
,
Senior
Bond
,
2.75
%
,
5/24/31
........
United
States
16,800,000
15,434,883
Consumer
Finance
1.0%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.........................
Ireland
11,300,000
10,177,500
Senior
Note
,
4.125
%
,
2/28/29
........................
Ireland
805,000
802,372
c
Avolon
Holdings
Funding
Ltd.
,
Senior
Note
,
144A,
4.9
%
,
10/10/30
....................
Ireland
3,265,000
3,285,641
Senior
Note
,
144A,
4.95
%
,
10/15/32
...................
Ireland
6,200,000
6,153,328
c
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
4,800,000
4,995,610
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
5.45
%
,
9/06/34
.........................
United
States
1,515,000
1,539,210
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
107
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
General
Motors
Financial
Co.,
Inc.,
(continued)
Senior
Note
,
4.2
%
,
10/27/28
.........................
United
States
980,000
$
982,718
OneMain
Finance
Corp.
,
Senior
Note
,
6.75
%
,
9/15/33
........
United
States
1,500,000
1,518,500
29,454,879
Consumer
Staples
Distribution
&
Retail
0.4%
Dollar
Tree,
Inc.
,
Senior
Bond
,
4.2
%
,
5/15/28
..........................
United
States
8,000,000
8,010,506
Senior
Bond
,
2.65
%
,
12/01/31
........................
United
States
3,300,000
2,976,007
10,986,513
Containers
&
Packaging
0.2%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
1,860,000
1,872,216
c
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
775,000
748,632
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
..................
United
States
4,700,000
4,190,422
6,811,270
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Note
,
5.125
%
,
11/15/31
..........
United
States
9,000,000
9,105,651
Diversified
Telecommunication
Services
1.9%
c
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
1,025,000
1,065,994
AT&T,
Inc.
,
Senior
Bond
,
2.55
%
,
12/01/33
........................
United
States
21,000,000
17,871,425
e
Senior
Bond
,
5.125
%
,
4/30/36
........................
United
States
1,485,000
1,479,477
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
....................................
United
States
1,000,000
898,257
c
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
385,000
397,190
Comcast
Corp.
,
Senior
Bond
,
1.5
%
,
2/15/31
..........................
United
States
4,000,000
3,492,599
Senior
Bond
,
4.8
%
,
5/15/33
..........................
United
States
14,700,000
14,774,605
Verizon
Communications,
Inc.
,
Senior
Bond
,
5.05
%
,
5/09/33
.........................
United
States
6,500,000
6,645,402
Senior
Note
,
2.355
%
,
3/15/32
........................
United
States
9,000,000
7,936,738
Senior
Note
,
4.75
%
,
1/15/33
.........................
United
States
2,510,000
2,511,450
c
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
560,000
584,612
57,657,749
Electric
Utilities
3.5%
American
Electric
Power
Co.,
Inc.
,
C
,
Junior
Sub.
Bond
,
5.8%
to
3/14/31,
FRN
thereafter
,
3/15/56
United
States
3,265,000
3,266,352
D
,
Junior
Sub.
Bond
,
6.05%
to
3/14/36,
FRN
thereafter
,
3/15/56
.........................................
United
States
1,090,000
1,082,778
c
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
3,600,000
3,593,859
Commonwealth
Edison
Co.
,
Senior
Bond
,
6.45
%
,
1/15/38
.....
United
States
700,000
782,614
DTE
Electric
Co.
,
Senior
Bond
,
5.25
%
,
5/15/35
.............
United
States
885,000
907,397
Duke
Energy
Corp.
,
Senior
Bond
,
2.45
%
,
6/01/30
.........................
United
States
2,900,000
2,693,573
Senior
Bond
,
4.5
%
,
8/15/32
..........................
United
States
2,000,000
1,995,463
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
108
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Duke
Energy
Corp.,
(continued)
Senior
Bond
,
5.75
%
,
9/15/33
.........................
United
States
6,500,000
$
6,888,234
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
........
United
States
1,300,000
1,346,725
c
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
6.8
%
,
9/15/37
.....................
Italy
3,000,000
3,360,938
Senior
Note
,
144A,
4.375
%
,
9/30/30
...................
Italy
1,210,000
1,207,601
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
................
United
States
8,400,000
8,325,350
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
2.44
%
,
1/15/32
.........................
United
States
9,000,000
8,011,875
Senior
Note
,
5.3
%
,
3/15/32
..........................
United
States
7,370,000
7,657,821
Pacific
Gas
and
Electric
Co.
,
Senior
Secured
Bond
,
3.25
%
,
6/01/31
.........................................
United
States
7,300,000
6,805,802
Southern
Co.
(The)
,
A
,
Senior
Bond
,
3.7
%
,
4/30/30
..........
United
States
10,500,000
10,258,561
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
5
%
,
4/01/33
...........................
United
States
7,900,000
8,055,410
Senior
Bond
,
6.35
%
,
11/30/37
........................
United
States
520,000
570,981
c
Vistra
Operations
Co.
LLC
,
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
..............
United
States
10,000,000
9,952,895
Senior
Secured
Bond
,
144A,
6.95
%
,
10/15/33
............
United
States
2,000,000
2,218,708
Senior
Secured
Bond
,
144A,
5.25
%
,
10/15/35
............
United
States
1,135,000
1,124,466
Xcel
Energy,
Inc.
,
Senior
Bond
,
4.6
%
,
6/01/32
..........................
United
States
8,200,000
8,171,480
Senior
Bond
,
5.45
%
,
8/15/33
.........................
United
States
5,500,000
5,678,913
103,957,796
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol
Corp.
,
Senior
Note
,
4.4
%
,
2/15/33
...............
United
States
3,415,000
3,376,820
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
........................
United
States
7,500,000
7,605,965
Senior
Note
,
5.25
%
,
1/15/32
.........................
United
States
900,000
919,773
11,902,558
Energy
Equipment
&
Services
0.1%
c
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
450,000
449,872
c
Kodiak
Gas
Services
LLC
,
Senior
Bond
,
144A,
6.75
%
,
10/01/35
...................
United
States
250,000
258,477
Senior
Note
,
144A,
6.5
%
,
10/01/33
....................
United
States
1,425,000
1,460,273
c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
10/15/33
........................................
United
States
775,000
803,054
2,971,676
Financial
Services
1.1%
Corebridge
Financial,
Inc.
,
Senior
Note
,
6.05
%
,
9/15/33
.......
United
States
6,000,000
6,414,588
Fiserv,
Inc.
,
Senior
Bond
,
3.5
%
,
7/01/29
..........................
United
States
1,200,000
1,166,444
Senior
Bond
,
2.65
%
,
6/01/30
.........................
United
States
9,100,000
8,409,111
Senior
Bond
,
5.625
%
,
8/21/33
........................
United
States
6,500,000
6,680,824
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
8.375
%
,
4/01/32
...................
United
States
1,050,000
1,099,114
Senior
Note
,
144A,
7.875
%
,
4/01/33
...................
United
States
300,000
306,191
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
3,200,000
3,360,240
c
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
2,570,000
2,650,195
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
109
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Financial
Services
(continued)
c
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
1,075,000
$
1,116,614
31,203,321
Food
Products
1.1%
c
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
310,000
314,218
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
...........................
United
States
2,000,000
1,936,461
Senior
Note
,
3.625
%
,
1/15/32
........................
United
States
2,500,000
2,350,407
Senior
Note
,
5.75
%
,
4/01/33
.........................
United
States
6,500,000
6,787,203
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
5
%
,
6/04/42
...........
United
States
3,640,000
3,322,032
c
Mars,
Inc.
,
Senior
Note
,
144A,
5.2
%
,
3/01/35
...............
United
States
10,630,000
10,887,325
McCormick
&
Co.,
Inc.
,
Senior
Bond
,
4.95
%
,
4/15/33
.........
United
States
7,000,000
7,094,462
32,692,108
Ground
Transportation
0.2%
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
6.15
%
,
5/01/37
.........................
United
States
3,100,000
3,430,513
Senior
Bond
,
5.55
%
,
3/15/56
.........................
United
States
1,625,000
1,608,679
c
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
80,000
83,912
5,123,104
Health
Care
Equipment
&
Supplies
0.5%
Baxter
International,
Inc.
,
Senior
Bond
,
2.539
%
,
2/01/32
......
United
States
7,500,000
6,555,680
Boston
Scientific
Corp.
,
Senior
Bond
,
2.65
%
,
6/01/30
........
United
States
6,000,000
5,643,204
c
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
2,675,000
2,617,502
14,816,386
Health
Care
Providers
&
Services
2.4%
Centene
Corp.
,
Senior
Bond
,
3
%
,
10/15/30
................
United
States
2,500,000
2,240,681
Cigna
Group
(The)
,
Senior
Bond
,
5.25
%
,
2/15/34
...........
United
States
6,500,000
6,659,428
CVS
Health
Corp.
,
Senior
Bond
,
1.875
%
,
2/28/31
........................
United
States
1,120,000
986,612
Senior
Bond
,
5.3
%
,
6/01/33
..........................
United
States
5,000,000
5,126,709
Senior
Bond
,
4.78
%
,
3/25/38
.........................
United
States
3,200,000
3,004,905
Senior
Bond
,
2.7
%
,
8/21/40
..........................
United
States
2,000,000
1,426,326
c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...................
United
States
4,900,000
4,717,160
Senior
Note
,
144A,
6.875
%
,
9/01/32
...................
United
States
1,500,000
1,546,061
Elevance
Health,
Inc.
,
Senior
Bond
,
4.75
%
,
2/15/33
.........
United
States
7,000,000
6,997,395
HCA,
Inc.
,
Senior
Note
,
3.625
%
,
3/15/32
........................
United
States
9,000,000
8,494,991
Senior
Note
,
4.6
%
,
11/15/32
.........................
United
States
1,660,000
1,645,027
Icon
Investments
Six
DAC
,
Senior
Secured
Bond
,
6
%
,
5/08/34
.
United
States
500,000
525,808
Kaiser
Foundation
Hospitals
,
2019
,
Senior
Bond
,
3.266
%
,
11/01/49
........................................
United
States
11,270,000
7,902,528
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
4,600,000
4,543,978
Providence
St.
Joseph
Health
Obligated
Group
,
H
,
2.746
%
,
10/01/26
........................................
United
States
8,875,000
8,795,870
c
Tenet
Healthcare
Corp.
,
Senior
Note
,
144A,
6
%
,
11/15/33
.....
United
States
585,000
602,259
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
110
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
,
Senior
Note
,
5.15
%
,
7/15/34
.......
United
States
6,000,000
$
6,123,389
71,339,127
Health
Care
REITs
0.3%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond
,
4.75
%
,
4/15/35
.........................
United
States
6,500,000
6,276,300
Senior
Bond
,
5.25
%
,
5/15/36
.........................
United
States
2,600,000
2,589,783
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
3.5
%
,
3/15/31
...............................
United
States
1,400,000
1,038,581
9,904,664
Health
Care
Technology
0.2%
IQVIA,
Inc.
,
Senior
Secured
Note
,
6.25
%
,
2/01/29
...........
United
States
4,300,000
4,527,410
Hotel
&
Resort
REITs
0.2%
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/32
...............................
United
States
5,900,000
6,106,329
Hotels,
Restaurants
&
Leisure
0.2%
c
Carnival
Corp.
,
Senior
Note
,
144A,
5.75
%
,
3/15/30
..........
United
States
1,800,000
1,854,403
c
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
2/01/32
....................
United
States
600,000
615,189
Senior
Note
,
144A,
6.25
%
,
9/15/33
....................
United
States
430,000
432,578
c
Rivers
Enterprise
Lender
LLC
/
Rivers
Enterprise
Lender
Corp.
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
.............
United
States
275,000
279,299
Starbucks
Corp.
,
Senior
Bond
,
2.55
%
,
11/15/30
.............
United
States
2,500,000
2,317,198
c
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
10/15/33
.....
United
States
870,000
882,408
6,381,075
Household
Durables
0.4%
Newell
Brands,
Inc.
,
Senior
Note
,
6.375
%
,
5/15/30
........................
United
States
100,000
98,943
Senior
Note
,
6.625
%
,
5/15/32
........................
United
States
75,000
73,503
c
Senior
Note
,
144A,
8.5
%
,
6/01/28
.....................
United
States
350,000
367,204
PulteGroup,
Inc.
,
Senior
Bond
,
6
%
,
2/15/35
................
United
States
6,500,000
6,964,862
c
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
...................
United
States
2,800,000
2,765,494
Senior
Note
,
144A,
6.75
%
,
1/15/34
....................
United
States
165,000
166,054
10,436,060
Independent
Power
and
Renewable
Electricity
Producers
0.6%
c
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
1,260,000
1,308,185
c
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
5.75
%
,
1/15/34
.........................................
United
States
430,000
431,770
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
5.8
%
,
3/01/33
..........................
United
States
4,000,000
4,251,086
Senior
Bond
,
6.125
%
,
1/15/34
........................
United
States
8,950,000
9,664,586
Senior
Note
,
4.4
%
,
1/15/31
..........................
United
States
1,265,000
1,262,385
c
Talen
Energy
Supply
LLC
,
Senior
Bond
,
144A,
6.5
%
,
2/01/36
.....................
United
States
610,000
625,685
Senior
Note
,
144A,
6.25
%
,
2/01/34
....................
United
States
570,000
577,940
18,121,637
Insurance
2.4%
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
................
United
States
3,800,000
3,942,128
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
111
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
5
%
,
2/15/32
..........
United
States
2,625,000
$
2,686,322
c
Asurion
LLC
and
Asurion
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
...............
United
States
550,000
575,000
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/34
............
United
States
695,000
703,270
c
Athene
Global
Funding
,
Secured
Note
,
144A,
5.033
%
,
7/17/30
..................
United
States
4,550,000
4,591,108
Senior
Secured
Bond
,
144A,
5.543
%
,
8/22/35
............
United
States
2,900,000
2,909,369
Brown
&
Brown,
Inc.
,
Senior
Bond
,
2.375
%
,
3/15/31
........................
United
States
5,500,000
4,947,267
Senior
Bond
,
5.55
%
,
6/23/35
.........................
United
States
1,605,000
1,643,042
Senior
Note
,
5.25
%
,
6/23/32
.........................
United
States
895,000
913,336
CNA
Financial
Corp.
,
Senior
Bond
,
5.125
%
,
2/15/34
.........
United
States
6,500,000
6,540,885
c
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.9
%
,
9/19/28
United
States
3,400,000
3,551,555
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
2,600,000
2,703,123
c
Five
Corners
Funding
Trust
II
,
Senior
Note
,
144A,
2.85
%
,
5/15/30
United
States
3,000,000
2,830,546
c
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
.........................................
United
States
6,500,000
6,870,745
c
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
5.05
%
,
1/06/28
...................
United
States
10,300,000
10,535,677
Secured
Note
,
144A,
4.3
%
,
8/25/29
....................
United
States
3,700,000
3,715,066
c
RGA
Global
Funding
,
Secured
Note
,
144A,
5.5
%
,
1/11/31
.....
United
States
6,900,000
7,182,946
c
Sammons
Financial
Group,
Inc.
,
Senior
Bond
,
144A,
6.875
%
,
4/15/34
.........................................
United
States
4,400,000
4,803,445
71,644,830
Interactive
Media
&
Services
0.0%
†
Meta
Platforms,
Inc.
,
Senior
Bond
,
4.95
%
,
5/15/33
..........
United
States
1,200,000
1,222,612
IT
Services
0.0%
†
c
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
900,000
827,562
Life
Sciences
Tools
&
Services
0.1%
Revvity,
Inc.
,
Senior
Bond
,
2.25
%
,
9/15/31
................
United
States
1,800,000
1,590,048
Machinery
0.0%
†
c
ESAB
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
............
United
States
800,000
823,026
Media
1.2%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
...............................
United
States
12,500,000
11,271,338
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............................
United
States
3,000,000
3,160,371
c
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
2,900,000
2,939,901
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
..................
United
States
1,640,000
1,648,833
c
Gray
Media,
Inc.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/15/33
..
United
States
665,000
681,305
Paramount
Global
,
Senior
Bond
,
4.2
%
,
5/19/32
.............
United
States
10,000,000
9,032,374
c
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
850,000
879,720
Time
Warner
Cable
LLC
,
Senior
Secured
Bond
,
6.55
%
,
5/01/37
United
States
5,700,000
5,729,696
35,343,538
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
112
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
0.6%
BHP
Billiton
Finance
USA
Ltd.
,
Senior
Bond
,
5.25
%
,
9/08/33
...
Australia
6,500,000
$
6,727,473
c
Commercial
Metals
Co.
,
Senior
Bond
,
144A,
6
%
,
12/15/35
.....................
United
States
445,000
454,870
Senior
Note
,
144A,
5.75
%
,
11/15/33
...................
United
States
225,000
228,862
c
Novelis
Corp.
,
Senior
Note
,
144A,
6.375
%
,
8/15/33
..........
United
States
930,000
948,033
Rio
Tinto
Finance
USA
plc
,
Senior
Note
,
5
%
,
3/14/32
.........
Australia
9,700,000
9,987,444
18,346,682
Multi-Utilities
0.6%
Berkshire
Hathaway
Energy
Co.
,
Senior
Bond
,
6.125
%
,
4/01/36
United
States
2,700,000
2,927,482
Dominion
Energy,
Inc.
,
C
,
Senior
Note
,
3.375
%
,
4/01/30
......
United
States
4,351,000
4,202,208
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
.............
United
States
6,700,000
6,816,316
Public
Service
Enterprise
Group,
Inc.
,
Senior
Bond
,
5.4
%
,
3/15/35
United
States
2,725,000
2,803,461
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
5.15
%
,
9/15/32
.
United
States
2,000,000
2,057,315
18,806,782
Oil,
Gas
&
Consumable
Fuels
4.0%
c
Aker
BP
ASA
,
Senior
Bond
,
144A,
4
%
,
1/15/31
.............
Norway
5,400,000
5,232,573
Boardwalk
Pipelines
LP
,
Senior
Bond
,
3.4
%
,
2/15/31
.........
United
States
6,275,000
5,931,661
BP
Capital
Markets
America,
Inc.
,
Senior
Bond
,
4.989
%
,
4/10/34
United
States
2,300,000
2,342,808
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
Canada
5,900,000
5,576,462
Cheniere
Energy,
Inc.
,
Senior
Note
,
4.625
%
,
10/15/28
.......................
United
States
1,700,000
1,700,067
Senior
Note
,
5.65
%
,
4/15/34
.........................
United
States
1,700,000
1,763,239
ConocoPhillips
Co.
,
Senior
Bond
,
5.05
%
,
9/15/33
...........
United
States
2,500,000
2,565,520
c
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
7.875
%
,
4/15/32
...................
United
States
500,000
497,772
Senior
Note
,
144A,
7.375
%
,
1/15/33
...................
United
States
250,000
242,074
Senior
Note
,
144A,
8.375
%
,
1/15/34
...................
United
States
665,000
671,763
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond
,
5.8
%
,
1/15/35
United
States
6,255,000
6,611,023
Energy
Transfer
LP
,
Senior
Bond
,
5.55
%
,
5/15/34
.........................
United
States
9,500,000
9,781,598
Senior
Note
,
6.4
%
,
12/01/30
.........................
United
States
4,000,000
4,330,078
c
Senior
Note
,
144A,
6
%
,
2/01/29
......................
United
States
2,000,000
2,020,107
Enterprise
Products
Operating
LLC
,
Senior
Bond
,
3.125
%
,
7/31/29
.........................................
United
States
2,000,000
1,941,395
Hess
Corp.
,
Senior
Bond
,
7.125
%
,
3/15/33
................
United
States
5,200,000
5,986,377
c
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
United
States
5,700,000
5,902,743
c
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
1,300,000
1,333,370
c
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
6.625
%
,
12/15/28
.....
United
States
4,000,000
4,121,092
MPLX
LP
,
Senior
Bond
,
5.4
%
,
4/01/35
....................
United
States
11,300,000
11,419,393
ONEOK,
Inc.
,
Senior
Note
,
4.75
%
,
10/15/31
...............
United
States
5,000,000
5,023,933
c
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
1,730,000
1,760,911
c
Raizen
Fuels
Finance
SA
,
Senior
Note
,
144A,
6.25
%
,
7/08/32
..
Brazil
910,000
763,262
TotalEnergies
Capital
SA
,
Senior
Bond
,
4.724
%
,
9/10/34
......
France
3,820,000
3,837,498
TransCanada
PipeLines
Ltd.
,
Senior
Bond
,
4.25
%
,
5/15/28
....
Canada
3,400,000
3,413,160
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
c
Senior
Bond
,
144A,
5.1
%
,
3/15/36
.....................
United
States
1,835,000
1,842,769
Senior
Note
,
3.25
%
,
5/15/30
.........................
United
States
4,500,000
4,328,383
c
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
..........
Norway
6,500,000
7,452,152
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
113
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
............
United
States
2,000,000
$
1,846,579
Senior
Secured
Note
,
144A,
3.875
%
,
8/15/29
............
United
States
500,000
475,255
c
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond
,
144A,
7.75
%
,
5/01/35
.............
United
States
350,000
390,459
Senior
Secured
Bond
,
144A,
6.75
%
,
1/15/36
.............
United
States
245,000
256,939
Senior
Secured
Note
,
144A,
7.5
%
,
5/01/33
..............
United
States
350,000
383,942
Senior
Secured
Note
,
144A,
6.5
%
,
1/15/34
..............
United
States
145,000
150,549
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
2,194,000
2,234,852
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
3.5
%
,
11/15/30
.......
United
States
3,200,000
3,074,438
117,206,196
Passenger
Airlines
0.2%
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
5,958,333
6,005,188
c
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
United
States
118,793
118,773
6,123,961
Personal
Care
Products
0.5%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.......
United
States
6,500,000
6,193,430
Kenvue,
Inc.
,
Senior
Note
,
4.85
%
,
5/22/32
.................
United
States
6,000,000
6,127,475
c
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
1,275,000
1,301,854
13,622,759
Pharmaceuticals
1.2%
c
Bayer
US
Finance
LLC
,
Senior
Note
,
144A,
6.375
%
,
11/21/30
..
Germany
10,000,000
10,729,327
c
Endo
Finance
Holdings
LP
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
800,000
847,486
Merck
&
Co.,
Inc.
,
Senior
Bond
,
4.75
%
,
12/04/35
........................
United
States
1,430,000
1,418,318
Senior
Note
,
4.45
%
,
12/04/32
........................
United
States
885,000
887,442
Novartis
Capital
Corp.
,
Senior
Note
,
4.1
%
,
11/05/30
.........
United
States
6,370,000
6,371,820
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
.........................................
United
States
4,100,000
4,142,537
Royalty
Pharma
plc
,
Senior
Bond
,
2.15
%
,
9/02/31
...........
United
States
11,800,000
10,428,729
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond
,
4.1
%
,
10/01/46
...................................
Israel
320,000
245,055
35,070,714
Professional
Services
0.0%
†
c
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
450,000
467,454
Residential
REITs
0.1%
Essex
Portfolio
LP
,
Senior
Bond
,
5.375
%
,
4/01/35
...........
United
States
3,200,000
3,281,895
Semiconductors
&
Semiconductor
Equipment
0.5%
Broadcom,
Inc.
,
Senior
Bond
,
4.95
%
,
1/15/36
.........................
United
States
1,395,000
1,394,159
Senior
Bond
,
5.7
%
,
1/15/56
..........................
United
States
210,000
211,770
c
Foundry
JV
Holdco
LLC
,
Senior
Secured
Bond
,
144A,
6.25
%
,
1/25/35
.............
United
States
9,300,000
9,900,063
Senior
Secured
Bond
,
144A,
6.4
%
,
1/25/38
..............
United
States
1,485,000
1,591,618
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/33
..............
United
States
1,970,000
2,067,967
c
Qnity
Electronics,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
8/15/33
....................
United
States
140,000
144,668
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
c
Qnity
Electronics,
Inc.,
(continued)
Senior
Secured
Note
,
144A,
5.75
%
,
8/15/32
.............
United
States
240,000
$
244,791
15,555,036
Software
0.7%
c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
6,000,000
4,781,335
Oracle
Corp.
,
Senior
Bond
,
2.875
%
,
3/25/31
........................
United
States
9,000,000
8,088,161
Senior
Note
,
4.8
%
,
9/26/32
..........................
United
States
1,125,000
1,089,577
Synopsys,
Inc.
,
Senior
Note
,
5
%
,
4/01/32
.................
United
States
5,400,000
5,526,464
19,485,537
Specialized
REITs
0.8%
American
Tower
Corp.
,
Senior
Bond
,
1.875
%
,
10/15/30
.......................
United
States
4,500,000
4,027,065
Senior
Bond
,
5.35
%
,
3/15/35
.........................
United
States
9,700,000
9,942,928
Senior
Note
,
4.7
%
,
12/15/32
.........................
United
States
1,110,000
1,111,317
c
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/15/29
.........
United
States
6,000,000
6,168,954
c
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
...................
United
States
1,125,000
1,149,035
Senior
Note
,
144A,
6.25
%
,
9/15/32
....................
United
States
375,000
379,500
22,778,799
Technology
Hardware,
Storage
&
Peripherals
0.2%
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.85
%
,
10/15/31
.
United
States
7,400,000
7,465,114
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Bond
,
5.5
%
,
3/11/35
.................
United
States
2,245,000
2,290,955
Tobacco
0.6%
BAT
Capital
Corp.
,
Senior
Bond
,
4.39
%
,
8/15/37
.........................
United
Kingdom
2,043,000
1,876,439
Senior
Note
,
4.625
%
,
3/22/33
........................
United
Kingdom
6,040,000
5,987,254
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
..
United
States
8,800,000
9,161,590
17,025,283
Trading
Companies
&
Distributors
0.6%
c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
.....................
United
States
5,090,000
5,325,642
Secured
Note
,
144A,
8.625
%
,
5/15/32
..................
United
States
1,110,000
1,188,007
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...................
United
States
3,500,000
3,612,952
Senior
Note
,
144A,
6.625
%
,
3/15/32
...................
United
States
6,300,000
6,590,714
16,717,315
Wireless
Telecommunication
Services
0.8%
T-Mobile
USA,
Inc.
,
Senior
Bond
,
5.15
%
,
4/15/34
.........................
United
States
6,500,000
6,611,764
Senior
Bond
,
5
%
,
2/15/36
...........................
United
States
2,825,000
2,797,366
Senior
Note
,
3.875
%
,
4/15/30
........................
United
States
12,000,000
11,797,982
c
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
3,800,000
4,017,638
25,224,750
Total
Corporate
Bonds
(Cost
$
1,284,772,519
)
.................................
1,293,384,881
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
115
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
1.3%
f
Aerospace
&
Defense
0.0%
†
Goat
Holdco
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
1/27/32
......................
United
States
217,756
$
218,087
Signia
Aerospace
LLC,
First
Lien,
CME
Term
Loan
,
6.571
%
,
(
3-month
SOFR
+
2.75
%
),
12/11/31
....................
United
States
299,434
300,306
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
K
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
3/22/30
............................
United
States
423,938
424,043
942,436
a
a
a
a
a
a
f
Air
Freight
&
Logistics
0.0%
†
Clue
Opco
LLC,
First
Lien,
CME
Term
Loan,
B
,
8.167
%
,
(
3-month
SOFR
+
4.5
%
),
12/19/30
............................
United
States
340,000
339,480
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.672
%
,
(
3-month
SOFR
+
3
%
),
3/18/30
.......................
United
States
353,884
355,099
694,579
a
a
a
a
a
a
f
Automobile
Components
0.1%
e
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
Incremental
CME
Term
Loan,
C
,
7.408
%
,
(
12-month
SOFR
+
3.25
%
),
9/20/32
..
United
States
295,398
296,506
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan
,
6.422
%
,
(
1-month
SOFR
+
2.75
%
),
1/28/32
.........
United
States
468,766
470,083
DexKo
Global,
Inc.,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan
,
7.678
%
,
(
3-month
SOFR
+
3.75
%
),
10/04/28
........
United
States
453,625
451,981
g
First
Brands
Group
LLC,
First
Lien,
2021
CME
Term
Loan
,
PIK,
10.814
%
,
(
1-month
SOFR
+
7
%
),
3/30/27
................
United
States
509,105
2,843
g
First
Brands
Group
LLC,
First
Lien,
Debtor-In-Possession
Roll
Up
CME
Term
Loan
,
PIK,
13.759
%
,
(
12-month
SOFR
+
10
%
),
6/29/26
.........................................
United
States
265,946
2,096
g
First
Brands
Group
LLC,
First
Lien,
USD
Debtor-In-Possession
New
Money
CME
Term
Loan
,
PIK,
5.238
%
,
(
1-month
SOFR
+
1.55
%
),
6/29/26
...................................
United
States
228,006
29,575
g
First
Brands
Group
LLC,
Second
Lien,
2021
CME
Term
Loan
,
PIK,
14.314
%
,
(
1-month
SOFR
+
10.5
%
),
3/30/28
.........
United
States
315,333
903
Highline
Aftermarket
Acquisition
LLC,
First
Lien,
2025-1
CME
Term
Loan
,
7.322
%
,
(
3-month
SOFR
+
3.5
%
),
2/13/30
......
United
States
124,442
124,987
1,378,974
a
a
a
a
a
a
Beverages
0.0%
†
f
Primo
Brands
Corp.,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
5.922
%
,
(
3-month
SOFR
+
2.25
%
),
3/31/28
.........
United
States
544,350
545,145
Biotechnology
0.0%
†
e,h
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
CME
Term
Loan
,
TBD,
12/28/32
........................................
United
States
141,562
141,916
Broadline
Retail
0.0%
†
f
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
7/01/31
......................
Netherlands
228,266
228,523
f
Building
Products
0.1%
Chariot
Buyer
LLC,
First
Lien,
Amendment
No.
5
Incremental
CME
Term
Loan
,
6.466
%
,
(
1-month
SOFR
+
2.75
%
),
9/08/32
.
United
States
91,645
91,692
Cornerstone
Building
Brands,
Inc.,
First
Lien,
CME
Term
Loan,
C
,
8.18
%
,
(
1-month
SOFR
+
4.5
%
),
5/15/31
................
United
States
740,625
511,957
EMRLD
Borrower
LP,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.072
%
,
(
3-month
SOFR
+
2.25
%
),
5/31/30
..............
United
States
174,667
174,699
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan
,
6.122
%
,
(
6-month
SOFR
+
2.25
%
),
8/04/31
.
United
States
102,260
102,257
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
116
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
f
Building
Products
(continued)
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
3/19/29
.....................
United
States
115,733
$
116,009
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
2/10/32
.....................
United
States
273,793
274,085
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
3/30/29
............
United
States
69,904
69,948
1,340,647
a
a
a
a
a
a
f
Capital
Markets
0.1%
Citadel
Securities
Global
Holdings
LLC,
First
Lien,
2024
CME
Term
Loan
,
5.672
%
,
(
3-month
SOFR
+
2
%
),
10/31/31
......
United
States
511,054
512,401
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
Initial
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
4/07/28
...
United
States
452,843
453,538
GIH
Borrower
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
11/26/31
.....................
United
States
175,394
175,832
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan
,
5.822
%
,
(
3-month
SOFR
+
2
%
),
12/15/31
................
United
States
526,720
523,560
1,665,331
a
a
a
a
a
a
f
Chemicals
0.1%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.417
%
,
(
3-month
SOFR
+
2.75
%
),
9/09/31
.....................
United
States
213,036
213,835
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.417
%
,
(
3-month
SOFR
+
3.75
%
),
4/06/29
.....................
United
States
522,498
510,742
INEOS
US
Finance
LLC,
First
Lien,
2030
Dollar
CME
Term
Loan
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
2/18/30
..............
Luxembourg
229,566
166,435
INEOS
US
Petrochem
LLC,
First
Lien,
2030
Dollar
CME
Term
Loan,
B
,
7.522
%
,
(
1-month
SOFR
+
3.75
%
),
3/14/30
.......
United
States
412,594
270,938
INEOS
US
Petrochem
LLC,
First
Lien,
New
CME
Term
Loan,
B1
,
8.022
%
,
(
1-month
SOFR
+
4.25
%
),
4/02/29
..............
United
States
114,537
80,271
Lummus
Technology
Holdings
V
LLC,
First
Lien,
Amendment
No.
4
Refinancing
CME
Term
Loan,
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
12/31/29
...................................
United
States
395,134
396,154
Minerals
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.716
%
,
(
1-month
SOFR
+
2
%
),
11/26/31
................
United
States
412,500
414,563
Nouryon
Finance
BV,
First
Lien,
November
2024
Dollar
CME
Term
Loan,
B2
,
6.917
%
,
(
3-month
SOFR
+
3.25
%
),
4/03/28
..
Netherlands
142,128
142,195
Paint
Intermediate
III
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.87
%
,
(
3-month
SOFR
+
3
%
),
10/09/31
................
United
States
472,244
471,951
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.593
%
,
(
3-month
SOFR
+
1.75
%
),
10/29/32
.............
United
States
225,090
226,427
2,893,511
a
a
a
a
a
a
f
Commercial
Services
&
Supplies
0.1%
Allied
Universal
Holdco
LLC,
First
Lien,
Amendment
No.
7
Replacement
USD
CME
Term
Loan
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
8/20/32
...................................
United
States
94,903
95,195
APi
Group
DE,
Inc.,
First
Lien,
2021
Incremental
CME
Term
Loan
,
5.422
%
,
(
1-month
SOFR
+
1.75
%
),
1/03/29
..............
United
States
91,832
92,166
Cimpress
USA,
Inc.,
First
Lien,
2024-2
Refinancing
CME
Term
Loan,
B1
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
5/17/28
.......
Ireland
460,434
461,299
e
Garda
World
Security
Corp.,
First
Lien,
Fifteenth
Additional
CME
Term
Loan
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
2/01/29
.....
Canada
371,989
371,989
OPENLANE,
Inc.,
First
Lien,
2025
Incremental
CME
Term
Loan
,
6.365
%
,
(
3-month
SOFR
+
2.5
%
),
10/01/32
..............
United
States
250,000
250,469
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
117
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
f
Commercial
Services
&
Supplies
(continued)
PG
Polaris
BidCo
SARL,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan
,
5.922
%
,
(
3-month
SOFR
+
2.25
%
),
3/26/31
...................................
Luxembourg
184,160
$
184,407
Spin
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.934
%
,
(
3-month
SOFR
+
4
%
),
3/06/28
.......................
United
States
24,341
19,826
1,475,351
a
a
a
a
a
a
f
Construction
&
Engineering
0.0%
†
Radar
Bidco
SARL,
First
Lien,
CME
Term
Loan,
B3
,
6.896
%
,
(
3-month
SOFR
+
3.25
%
),
4/04/31
.....................
Luxembourg
187,298
187,922
Zekelman
Industries,
Inc.,
First
Lien,
2024
CME
Term
Loan
,
5.927
%
,
(
1-month
SOFR
+
2.25
%
),
1/24/31
..............
United
States
331,058
332,874
520,796
a
a
a
a
a
a
Consumer
Finance
0.0%
†
f
Neon
Maple
US
Debt
Mergersub,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
6.216
%
,
(
1-month
SOFR
+
2.5
%
),
11/17/31
......
United
States
446,025
443,077
f
Containers
&
Packaging
0.1%
BradyPlus
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.19
%
,
(
3-month
SOFR
+
3.5
%
),
12/29/32
...............
United
States
450,000
448,124
Charter
Next
Generation,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.438
%
,
(
1-month
SOFR
+
2.75
%
),
11/29/30
.............
United
States
114,558
114,765
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
4/01/32
...................................
United
States
578,374
576,208
e
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
Term
Loan,
B
,
7.413
%
,
(
1-month
SOFR
+
3.25
%
),
4/01/32
...................................
United
States
8,160
8,130
e
Graham
Packaging
Co.,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.691
%
,
(
12-month
SOFR
+
2.25
%
),
1/14/33
.............
United
States
57,950
57,971
Kleopatra
Finco
SARL,
First
Lien,
Debtor-In-Possession
Roll-Up
CME
Term
Loan
,
6.675
%
,
(
1-month
SOFR
+
3
%
),
8/07/26
...
Luxembourg
193,031
173,405
Kleopatra
Finco
SARL,
First
Lien,
USD
Debtor-In-Possession
CME
Term
Loan
Term
Loan
,
6.675
%
,
(
1-month
SOFR
+
3
%
),
8/07/26
.........................................
Luxembourg
128,301
115,256
Klockner
Pentaplast
of
America,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B
,
9.044
%
,
(
6-month
SOFR
+
4.75
%
),
2/12/26
.......
Luxembourg
401,313
64,210
Owens-Brockway
Glass
Container,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
9/30/32
.........
United
States
309,100
310,356
1,868,425
a
a
a
a
a
a
f
Distributors
0.0%
†
Core
&
Main
LP,
First
Lien,
CME
Term
Loan,
D
,
5.69
%
,
(
3-month
SOFR
+
2
%
),
7/27/28
...............................
United
States
326,481
327,604
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan
,
7.672
%
,
(
3-month
SOFR
+
4
%
),
11/30/30
...........
United
States
437,409
429,262
756,866
a
a
a
a
a
a
f
Electrical
Equipment
0.0%
†
Indicor
LLC,
First
Lien,
Dollar
CME
Term
Loan,
D
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
11/22/29
....................
United
States
443,029
443,532
Pinnacle
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.161
%
,
(
3-month
SOFR
+
2.5
%
),
10/01/32
..............
United
States
182,189
182,690
626,222
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
118
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Electronic
Equipment,
Instruments
&
Components
0.0%
†
f
Project
Aurora
US
Finco,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
6.49
%
,
(
3-month
SOFR
+
2.75
%
),
9/30/32
...............
United
States
35,608
$
35,720
Energy
Equipment
&
Services
0.0%
†
f
Star
Holding
LLC,
First
Lien,
CME
Term
Loan,
B
,
8.172
%
,
(
1-month
SOFR
+
4.5
%
),
7/18/31
......................
United
States
341,635
336,041
f
Entertainment
0.0%
†
Banijay
Entertainment
SAS,
First
Lien,
CME
Term
Loan,
B3
,
6.438
%
,
(
1-month
SOFR
+
2.75
%
),
3/01/28
..............
France
137,440
138,230
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
6.536
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
.....................
United
States
439,248
427,254
565,484
a
a
a
a
a
a
f
Financial
Services
0.0%
†
Priority
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B
,
7.422
%
,
(
1-month
SOFR
+
3.75
%
),
7/30/32
.....................
United
States
390,615
384,170
Speed
Midco
3
SARL,
First
Lien,
USD
CME
Term
Loan,
B
,
6.288
%
,
(
6-month
SOFR
+
2.5
%
),
10/01/32
..............
Luxembourg
182,749
183,434
567,604
a
a
a
a
a
a
f
Food
Products
0.0%
†
Aspire
Bakeries
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
12/23/30
................
United
States
196,544
197,814
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
10/28/32
....................
United
States
245,377
246,236
Froneri
International
Ltd.,
First
Lien,
CME
Term
Loan,
B4
,
6.285
%
,
(
6-month
SOFR
+
2.25
%
),
9/30/31
..............
United
Kingdom
320,861
320,726
764,776
a
a
a
a
a
a
f
Ground
Transportation
0.0%
†
Aggreko
Holdings,
Inc.,
First
Lien,
2025
Amended
USD
CME
Term
Loan
,
6.868
%
,
(
3-month
SOFR
+
3
%
),
5/21/31
.......
United
Kingdom
63,026
62,859
First
Student
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
8/15/30
......................
United
States
452,071
452,166
First
Student
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
C
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
8/15/30
......................
United
States
82,718
82,666
e
Hertz
Corp.
(The),
First
Lien,
Initial
CME
Term
Loan,
B
,
7.286
%
,
(
1-month
SOFR
+
3.5
%
),
6/30/28
......................
United
States
187,506
160,292
e
Hertz
Corp.
(The),
First
Lien,
Initial
CME
Term
Loan,
C
,
7.286
%
,
(
1-month
SOFR
+
3.5
%
),
6/30/28
......................
United
States
37,003
31,632
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
CME
Term
Loan,
B4
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
1/25/29
......
United
States
92,035
91,275
WWEX
Uni
Topco
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.672
%
,
(
3-month
SOFR
+
4
%
),
7/26/28
............
United
States
266,530
266,864
1,147,754
a
a
a
a
a
a
f
Health
Care
Equipment
&
Supplies
0.0%
†
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan
,
7.422
%
,
(
1-month
SOFR
+
3.75
%
),
1/15/31
.........
United
States
507,298
511,737
e
Hologic,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.755
%
,
(
12-month
SOFR
+
2.25
%
),
1/14/33
............................
United
States
450,000
447,273
959,010
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
119
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
f
Health
Care
Providers
&
Services
0.0%
†
Medical
Solutions
Holdings,
Inc.,
First
Lien,
CME
Term
Loan
,
7.267
%
,
(
3-month
SOFR
+
3.5
%
),
11/01/28
..............
United
States
184,206
$
41,331
Pacific
Dental
Services,
Inc.,
First
Lien,
CME
Term
Loan
,
6.175
%
,
(
1-month
SOFR
+
2.5
%
),
3/17/31
......................
United
States
206,497
206,741
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan
,
8.172
%
,
(
3-month
SOFR
+
4.5
%
),
4/16/32
......................
United
States
224,438
192,455
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
2/21/31
......................
United
States
246,256
246,201
Surgery
Center
Holdings,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
12/19/30
.....
United
States
16,627
16,672
US
Anesthesia
Partners,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.814
%
,
(
1-month
SOFR
+
4
%
),
10/02/28
................
United
States
452,466
453,034
1,156,434
a
a
a
a
a
a
Health
Care
Technology
0.0%
†
f
Cotiviti,
Inc.,
First
Lien,
New
CME
Term
Loan,
B
,
6.45
%
,
(
1-month
SOFR
+
2.75
%
),
5/01/31
............................
United
States
310,926
288,579
f
Hotels,
Restaurants
&
Leisure
0.1%
1011778
BC
ULC,
First
Lien,
CME
Term
Loan,
B5
,
5.466
%
,
(
1-month
SOFR
+
1.75
%
),
9/20/30
.....................
Canada
327,011
326,684
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
2/06/30
...
United
States
214,380
213,510
Dave
&
Buster's,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B
,
7.125
%
,
(
3-month
SOFR
+
3.25
%
),
6/29/29
.......
United
States
342,740
319,994
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B
,
5.422
%
,
(
3-month
SOFR
+
1.75
%
),
12/02/30
......
Ireland
530,526
530,659
Flynn
Restaurant
Group
LP,
First
Lien,
2025
CME
Term
Loan
,
7.422
%
,
(
1-month
SOFR
+
3.75
%
),
1/28/32
..............
United
States
639,028
639,827
Golden
State
Foods
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.672
%
,
(
3-month
SOFR
+
4
%
),
12/04/31
................
United
States
150,639
151,224
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B
,
8.445
%
,
(
3-month
SOFR
+
4.75
%
),
11/01/29
.............
Canada
605,364
593,635
Whatabrands
LLC,
First
Lien,
2024-2
Refinancing
CME
Term
Loan.
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
8/03/28
........
United
States
126,049
126,088
2,901,621
a
a
a
a
a
a
f
Household
Durables
0.0%
†
AI
Aqua
Merger
Sub,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B
,
6.773
%
,
(
3-month
SOFR
+
3
%
),
7/31/28
..........
United
States
164,347
164,594
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
6.672
%
,
(
3-month
SOFR
+
3
%
),
1/16/32
.......................
Netherlands
481,125
480,723
645,317
a
a
a
a
a
a
Household
Products
0.0%
†
e,f
Lavender
Dutch
BorrowerCo
BV,
First
Lien,
USD
CME
Term
Loan,
B
,
6.935
%
,
(
3-month
SOFR
+
3.25
%
),
12/02/32
......
Netherlands
204,255
205,192
f
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
5.422
%
,
(
1-month
SOFR
+
1.75
%
),
7/31/30
...................................
United
States
340,000
340,809
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
CME
Term
Loan,
B
,
6.353
%
,
(
3-month
SOFR
+
2.5
%
),
12/11/31
...
United
States
133,184
133,455
474,264
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
120
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
f
Insurance
0.1%
Acrisure
LLC,
First
Lien,
CME
Term
Loan,
B6
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
11/06/30
..............................
United
States
476,867
$
476,092
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B10
,
7.772
%
,
(
1-month
SOFR
+
4
%
),
8/21/28
.......................
United
States
68,241
68,412
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B11
,
8.022
%
,
(
1-month
SOFR
+
4.25
%
),
8/21/28
.....................
United
States
334,932
335,873
Broadstreet
Partners
Group
LLC,
First
Lien,
2024
CME
Term
Loan,
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
6/16/31
........
United
States
340,648
339,235
Sedgwick
Claims
Management
Services,
Inc.,
First
Lien,
2024
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
7/31/31
..
United
States
308,918
308,171
1,527,783
a
a
a
a
a
a
f
IT
Services
0.1%
Kaseya,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
3/22/32
...............................
United
States
744,375
719,021
MH
Sub
I
LLC
(Micro
Holding
Corp.),
First
Lien,
CME
Term
Loan
,
7.922
%
,
(
1-month
SOFR
+
4.25
%
),
5/03/28
..............
United
States
465,633
424,059
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan
,
7.922
%
,
(
1-month
SOFR
+
4.25
%
),
12/31/31
.............
United
States
315,173
259,118
1,402,198
a
a
a
a
a
a
f
Machinery
0.0%
†
e
Columbus
McKinnon
Corp.,
First
Lien,
CME
Term
Loan,
B
,
6.924
%
,
(
12-month
SOFR
+
3.5
%
),
1/21/33
..............
United
States
65,163
64,838
Tiger
Acquisition
LLC,
First
Lien,
Refinancing
Initial
CME
Term
Loan
,
6.173
%
,
(
1-month
SOFR
+
2.5
%
),
8/23/32
..........
United
States
103,646
103,624
168,462
a
a
a
a
a
a
f
Media
0.0%
†
e
Advantage
Sales
&
Marketing,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
8.163
%
,
(
3-month
SOFR
+
4.25
%
),
10/28/27
..........
United
States
299,096
253,816
Cengage
Learning,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.263
%
,
(
1-month
SOFR
+
3.5%;
3-month
SOFR
+
3.5%
),
3/24/31
....................................
United
States
146,569
146,614
400,430
a
a
a
a
a
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
f
Starwood
Property
Mortgage
LLC,
First
Lien,
CME
Term
Loan,
B5
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
1/02/30
.............
United
States
247,506
247,816
f
Oil,
Gas
&
Consumable
Fuels
0.1%
Delek
US
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
7.316
%
,
(
1-month
SOFR
+
3.5
%
),
11/09/29
.....................
United
States
447,692
447,294
Oryx
Midstream
Services
Permian
Basin
LLC,
First
Lien,
Initial
CME
Term
Loan
,
5.924
%
,
(
1-month
SOFR
+
2.25
%
),
10/05/28
United
States
490,050
490,900
UGI
Energy
Services
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
2/22/30
...............
United
States
373,543
374,243
1,312,437
a
a
a
a
a
a
f
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan
,
5.918
%
,
(
3-month
SOFR
+
2.25
%
),
4/20/28
.....................
United
States
84,188
84,364
Air
Canada,
First
Lien,
CME
Term
Loan
,
5.417
%
,
(
3-month
SOFR
+
1.75
%
),
3/21/31
.................................
Canada
87,388
87,542
AS
Mileage
Plan
IP
Ltd.,
First
Lien,
Initial
CME
Term
Loan
,
5.418
%
,
(
3-month
SOFR
+
1.75
%
),
10/15/31
.............
United
States
551,155
555,120
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
f
Passenger
Airlines
(continued)
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.673
%
,
(
1-month
SOFR
+
2
%
),
2/24/31
.......................
United
States
185,016
$
185,555
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
2/14/31
.....................
Canada
530,550
528,393
1,440,974
a
a
a
a
a
a
Pharmaceuticals
0.0%
†
f
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan
,
6.173
%
,
(
1-month
SOFR
+
2.5
%
),
12/04/31
.....
United
States
249,375
249,532
f
Professional
Services
0.0%
†
CoreLogic,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.286
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
......................
United
States
453,806
453,713
Maximus,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
5/30/31
...............................
United
States
200,869
201,790
655,503
a
a
a
a
a
a
Real
Estate
Management
&
Development
0.0%
†
f
Cushman
&
Wakefield
US
Borrower
LLC,
First
Lien,
2025-2
CME
Term
Loan
,
6.466
%
,
(
1-month
SOFR
+
2.75
%
),
1/31/30
.....
United
States
457,650
461,657
Semiconductors
&
Semiconductor
Equipment
0.0%
†
f
Altar
Bidco,
Inc.,
First
Lien,
CME
Term
Loan
,
6.783
%
,
(
12-month
SOFR
+
3.1
%
),
2/01/29
.............................
United
States
497,423
492,324
f
Software
0.1%
Adeia,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B6
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
6/08/28
......................
United
States
410,663
411,177
Central
Parent
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
6.922
%
,
(
3-month
SOFR
+
3.25
%
),
7/06/29
.........
United
States
345,323
277,985
Clover
Holdings
2
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.674
%
,
(
1-month
SOFR
+
4
%
),
12/09/31
......................
United
States
503,087
495,540
e
Dawn
Bidco
LLC,
First
Lien,
CME
Term
Loan
,
6.759
%
,
(
12-month
SOFR
+
3
%
),
8/20/32
...............................
United
States
458,333
446,589
KnowBe4,
Inc.,
First
Lien,
CME
Term
Loan
,
7.417
%
,
(
3-month
SOFR
+
3.75
%
),
7/23/32
............................
United
States
281,250
271,406
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
3/01/29
...............................
United
States
327,838
291,366
Ping
Identity
Holding
Corp.,
First
Lien,
Initial
CME
Term
Loan
,
6.591
%
,
(
3-month
SOFR
+
2.75
%
),
11/15/32
.............
United
States
106,635
105,969
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan
,
6.922
%
,
(
3-month
SOFR
+
3.25
%
),
10/28/30
...........................
United
States
279,743
260,862
Relativity
Intermediate
Holdco
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.167
%
,
(
12-month
SOFR
+
2.75
%
),
1/14/33
...........
United
States
250,000
248,437
e
Tuple
US
Bidco
LLC,
First
Lien,
CME
Term
Loan,
B
,
7.261
%
,
(
12-month
SOFR
+
3.75
%
),
1/14/33
....................
United
States
221,868
219,649
3,028,980
a
a
a
a
a
a
f
Specialty
Retail
0.1%
AIP
RD
Buyer
Corp.,
First
Lien,
CME
Term
Loan
,
7.172
%
,
(
1-month
SOFR
+
3.5
%
),
12/23/30
.....................
United
States
490,794
487,574
Evergreen
Acqco
1
LP,
First
Lien,
Initial
CME
Term
Loan
,
6.701
%
,
(
3-month
SOFR
+
3
%
),
9/17/32
.......................
United
States
117,834
118,276
a,g
GNC
Holdings,
Inc.,
Second
Lien,
CME
Term
Loan
,
PIK,
9.772
%
,
(
1-month
SOFR
+
6
%
),
10/07/26
......................
United
States
870,696
653,022
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
122
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
f
Specialty
Retail
(continued)
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
1/23/32
..............
United
States
127,108
$
127,283
RealTruck
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.536
%
,
(
1-month
SOFR
+
3.75
%
),
1/31/28
.....................
United
States
671,013
524,820
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C
,
6.966
%
,
(
1-month
SOFR
+
3.25
%
),
10/19/29
.............
United
States
335,528
335,348
2,246,323
a
a
a
a
a
a
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
f
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
7.354
%
,
(
3-month
SOFR
+
3.5
%
),
3/02/28
......................
United
States
349,841
314,070
Water
Utilities
0.0%
†
f
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.438
%
,
(
1-month
SOFR
+
2.75
%
),
10/01/32
.............
United
States
124,304
124,848
Total
Senior
Floating
Rate
Interests
(Cost
$
42,082,336
)
........................
39,642,932
i
Marketplace
Loans
0.1%
a
Financial
Services
0.1%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$
8,336,601
)
...................................
2,599,159
Foreign
Government
and
Agency
Securities
2.7%
c
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.25
%
,
5/09/28
.
Angola
1,770,000
1,786,051
c
Bank
Gospodarstwa
Krajowego
,
Senior
Bond
,
Reg
S,
5.375
%
,
5/22/33
.........................................
Poland
1,290,000
1,333,283
c
Benin
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
1/22/35
.
Benin
1,950,000
EUR
2,180,492
Brazil
Government
Bond
,
Senior
Bond
,
3.875
%
,
6/12/30
........................
Brazil
3,520,000
3,371,984
Senior
Bond
,
6
%
,
10/20/33
...........................
Brazil
860,000
871,266
c
Bulgaria
Government
Bond
,
Senior
Bond
,
Reg
S,
5
%
,
3/05/37
......................
Bulgaria
360,000
355,860
Senior
Note
,
Reg
S,
3.625
%
,
9/05/32
...................
Bulgaria
1,550,000
EUR
1,897,589
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
1,540,000
1,571,185
Colombia
Government
Bond
,
Senior
Bond
,
8
%
,
11/14/35
...........................
Colombia
910,000
973,609
Senior
Note
,
4.5
%
,
11/26/30
..........................
Colombia
1,160,000
EUR
1,357,908
c
Comision
Federal
de
Electricidad
,
Senior
Bond
,
Reg
S,
3.348
%
,
2/09/31
.........................................
Mexico
2,230,000
2,017,800
c
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
144A,
3.75
%
,
1/15/31
.........................................
Chile
1,770,000
1,707,590
c
Dominican
Republic
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
1/25/27
...................
Dominican
Republic
1,190,000
1,206,660
Senior
Bond
,
Reg
S,
4.875
%
,
9/23/32
..................
Dominican
Republic
1,840,000
1,765,903
c
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
1,290,000
1,312,020
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
650,000
584,507
c
Egypt
Government
Bond
,
Senior
Bond
,
Reg
S,
7.6
%
,
3/01/29
..
Egypt
1,630,000
1,715,432
c
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
1,620,000
1,745,323
c
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
....
France
2,100,000
2,171,940
c
Guatemala
Government
Bond
,
Senior
Bond
,
Reg
S,
6.6
%
,
6/13/36
....................
Guatemala
2,480,000
2,656,650
Senior
Note
,
144A,
7.05
%
,
10/04/32
....................
Guatemala
800,000
876,300
c
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
1,920,000
1,958,694
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
123
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
c
Indonesia
Government
Bond
,
Senior
Bond
,
Reg
S,
4.35
%
,
1/08/27
.........................................
Indonesia
2,270,000
$
2,283,422
c
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
6/15/33
.........................................
Ivory
Coast
2,240,000
2,219,038
c
Kazakhstan
Government
Bond
,
Senior
Bond
,
Reg
S,
4.714
%
,
4/09/35
.........................................
Kazakhstan
2,240,000
2,208,816
Mexico
Government
Bond
,
Senior
Bond
,
2.659
%
,
5/24/31
.....
Mexico
2,010,000
1,786,086
c
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
1,460,000
EUR
1,781,342
c
Nigeria
Government
Bond
,
Senior
Note
,
144A,
8.375
%
,
3/24/29
Nigeria
1,650,000
1,757,370
Panama
Government
Bond
,
Senior
Note
,
7.5
%
,
3/01/31
......
Panama
1,580,000
1,743,767
c
Paraguay
Government
Bond
,
Senior
Bond
,
144A,
3.849
%
,
6/28/33
.........................................
Paraguay
3,330,000
3,133,530
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
2,800,000
2,590,980
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
770,000
769,238
Philippines
Government
Bond
,
Senior
Bond
,
5.5
%
,
2/04/35
....
Philippines
1,660,000
1,734,805
c
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
1,890,000
1,839,317
c
Romania
Government
Bond
,
Senior
Bond
,
Reg
S,
5.625
%
,
2/22/36
..................
Romania
2,210,000
EUR
2,680,004
Senior
Note
,
Reg
S,
3
%
,
2/27/27
......................
Romania
1,740,000
1,716,679
c
Serbia
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
5/26/28
..
Serbia
2,130,000
2,209,222
South
Africa
Government
Bond
,
Senior
Bond
,
4.85
%
,
9/27/27
.........................
South
Africa
1,190,000
1,201,276
Senior
Bond
,
5.875
%
,
4/20/32
........................
South
Africa
1,720,000
1,765,505
c
Southern
Gas
Corridor
CJSC
,
Senior
Bond
,
Reg
S,
6.875
%
,
3/24/26
.........................................
Azerbaijan
1,250,000
1,257,904
Turkiye
Government
Bond
,
Senior
Bond
,
5.95
%
,
1/15/31
......
Turkiye
3,580,000
3,586,946
Uruguay
Government
Bond
,
Senior
Bond
,
4.375
%
,
1/23/31
....
Uruguay
3,060,000
3,096,567
c
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
6.9
%
,
2/28/32
Uzbekistan
1,620,000
1,744,992
Total
Foreign
Government
and
Agency
Securities
(Cost
$
77,237,595
)
............
78,524,852
U.S.
Government
and
Agency
Securities
14.2%
FFCB
,
2.1
%,
2/25/36
.................................
United
States
9,300,000
7,457,673
U.S.
Treasury
Bonds
,
1.125
%,
5/15/40
..................................
United
States
4,700,000
2,971,557
1.125
%,
8/15/40
..................................
United
States
28,800,000
18,024,188
1.75
%,
8/15/41
...................................
United
States
35,800,000
24,090,883
3.875
%,
2/15/43
..................................
United
States
11,100,000
9,954,445
2.25
%,
8/15/46
...................................
United
States
21,200,000
13,924,094
2.75
%,
8/15/47
...................................
United
States
5,300,000
3,777,906
2.75
%,
11/15/47
..................................
United
States
16,140,000
11,465,074
3.125
%,
5/15/48
..................................
United
States
30,400,000
23,018,500
2.875
%,
5/15/49
..................................
United
States
40,665,000
29,077,063
j
2.25
%,
8/15/49
...................................
United
States
72,980,000
45,623,903
1.25
%,
5/15/50
...................................
United
States
54,335,000
25,959,820
2.375
%,
5/15/51
..................................
United
States
10,150,000
6,375,072
1.875
%,
11/15/51
.................................
United
States
82,990,000
45,717,441
3.625
%,
5/15/53
..................................
United
States
27,300,000
21,983,965
4.25
%,
8/15/54
...................................
United
States
10,370,000
9,329,759
4.75
%,
8/15/55
...................................
United
States
19,050,000
18,636,258
U.S.
Treasury
Notes
,
2.75
%,
4/30/27
...................................
United
States
13,300,000
13,174,793
3.25
%,
6/30/27
...................................
United
States
4,100,000
4,084,865
3.875
%,
11/30/27
.................................
United
States
77,600,000
78,063,781
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
124
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
2.875
%,
5/15/28
..................................
United
States
8,600,000
$
8,473,016
Total
U.S.
Government
and
Agency
Securities
(Cost
$
476,944,536
)
..............
421,184,056
Asset-Backed
Securities
11.4%
Financial
Services
11.4%
c
,f
AGL
CLO
14
Ltd.
,
2021-14A
,
AR
,
144A,
FRN
,
4.8
%
,
(
3-month
SOFR
+
1.13
%
),
12/02/34
.
...........................
United
States
7,900,000
7,913,825
c
,f
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.497
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
1,633,299
1,645,783
c
,f
Ares
LXV
CLO
Ltd.
,
2022-65A
,
A1R
,
144A,
FRN
,
4.788
%
,
(
3-month
SOFR
+
1.12
%
),
7/25/34
.
....................
United
States
14,850,000
14,880,773
c
BRAVO
Residential
Funding
Trust
,
2024-CES1
,
A1A
,
144A,
6.377
%
,
4/25/54
................
United
States
2,500,100
2,537,560
f
2025-HE1
,
A1
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
...................................
United
States
3,394,088
3,403,971
c
,f
Buckhorn
Park
CLO
Ltd.
,
2019-1A
,
ARR
,
144A,
FRN
,
4.738
%
,
(
3-month
SOFR
+
1.07
%
),
7/18/34
.
....................
United
States
4,120,000
4,126,169
c
,f
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2015-4A
,
A1R3
,
144A,
FRN
,
4.588
%
,
(
3-month
SOFR
+
0.92
%
),
7/20/32
...................................
United
States
4,045,550
4,054,765
2016-1A
,
A1R3
,
144A,
FRN
,
4.758
%
,
(
3-month
SOFR
+
1.09
%
),
4/20/34
...................................
United
States
7,750,000
7,758,981
c
,f
CIFC
Funding
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.638
%
,
(
3-month
SOFR
+
0.97
%
),
4/19/35
.........................................
United
States
23,690,000
23,706,755
2024-2A
,
A1
,
144A,
FRN
,
5.189
%
,
(
3-month
SOFR
+
1.52
%
),
4/22/37
.........................................
United
States
7,200,000
7,230,623
c
Compass
Datacenters
Issuer
II
LLC
,
2024-2A
,
A1
,
144A,
5.022
%
,
8/25/49
...................
United
States
1,474,000
1,477,677
2025-1A
,
A1
,
144A,
5.316
%
,
5/25/50
...................
United
States
1,582,000
1,595,464
2025-2A
,
A1
,
144A,
4.926
%
,
11/25/50
..................
United
States
6,539,000
6,518,509
f
CWABS,
Inc.
Asset-Backed
Certificates
Trust
,
2004-1
,
M1
,
FRN
,
4.537
%
,
(
1-month
SOFR
+
0.864
%
),
3/25/34
.
.............
United
States
99,759
103,384
c
,f
Dryden
68
CLO
Ltd.
,
2019-68A
,
ARR
,
144A,
FRN
,
4.772
%
,
(
3-month
SOFR
+
1.1
%
),
7/15/35
.
.....................
United
States
10,600,000
10,610,599
c
,f
Elevation
CLO
Ltd.
,
2018-10A
,
AR
,
144A,
FRN
,
4.588
%
,
(
3-month
SOFR
+
0.92
%
),
10/20/31
.
...........................
United
States
7,314
7,314
c
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
..................
United
States
2,132,826
2,146,904
2025-FL2
,
A1
,
144A,
5.053
%
,
11/25/55
.................
United
States
1,863,935
1,871,908
k
2025-HE4
,
A
,
144A,
FRN
,
5.408
%
,
7/25/55
..............
United
States
989,197
1,004,461
k
2025-HE5
,
A
,
144A,
FRN
,
5.285
%
,
8/25/55
..............
United
States
1,800,453
1,822,083
c
,f
GoldenTree
Loan
Management
US
CLO
11
Ltd.
,
2021-11A
,
AR
,
144A,
FRN
,
4.748
%
,
(
3-month
SOFR
+
1.08
%
),
10/20/34
.
...
United
States
15,590,000
15,604,182
c
GS
Mortgage-Backed
Securities
Trust
,
2025-CES2
,
A1
,
144A,
5.18
%
,
9/25/55
..................
United
States
2,486,267
2,502,109
f
2025-HE1
,
A1
,
144A,
FRN
,
5.247
%
,
(
30-day
SOFR
Average
+
1.55
%
),
10/25/55
..................................
United
States
2,701,427
2,718,203
c
Home
Partners
of
America
Trust
,
2021-2
,
B
,
144A,
2.302
%
,
12/17/26
....................
United
States
15,225,275
14,940,531
2021-3
,
B
,
144A,
2.649
%
,
1/17/41
.....................
United
States
5,699,832
5,371,797
c
,f
Invesco
CLO
Ltd.
,
2021-2A
,
AR
,
144A,
FRN
,
4.772
%
,
(
3-month
SOFR
+
1.1
%
),
7/15/34
.
.............................
United
States
14,850,000
14,870,284
c
J.P.
Morgan
Mortgage
Trust
,
f
2023-HE2
,
A1
,
144A,
FRN
,
5.402
%
,
(
30-day
SOFR
Average
+
1.7
%
),
3/20/54
....................................
United
States
838,918
842,636
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
125
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
c
J.P.
Morgan
Mortgage
Trust,
(continued)
2024-CES1
,
A1A
,
144A,
5.919
%
,
6/25/54
................
United
States
1,279,693
$
1,293,149
k
2025-CES2
,
A1
,
144A,
FRN
,
5.592
%
,
6/25/55
............
United
States
2,314,229
2,342,169
f
2025-HE3
,
A1
,
144A,
FRN
,
5.053
%
,
(
30-day
SOFR
Average
+
1.35
%
),
3/20/56
...................................
United
States
2,058,659
2,068,985
c
,f
KKR
CLO
43
Ltd.
,
2022-43A
,
A1R
,
144A,
FRN
,
5.422
%
,
(
3-month
SOFR
+
1.75
%
),
1/15/36
.
............................
Jersey
2,800,000
2,809,762
c
,f
KKR
CLO
54
Ltd.
,
2024-54A
,
A
,
144A,
FRN
,
4.992
%
,
(
3-month
SOFR
+
1.32
%
),
1/15/38
.
............................
United
States
7,024,000
7,037,173
c
,f
LCM
34
Ltd.
,
34A
,
A1R
,
144A,
FRN
,
4.848
%
,
(
3-month
SOFR
+
1.18
%
),
10/20/34
.
.................................
United
States
12,500,000
12,514,767
c
,f
Madison
Park
Funding
XLV
Ltd.
,
2020-45A
,
ARR
,
144A,
FRN
,
4.752
%
,
(
3-month
SOFR
+
1.08
%
),
7/15/34
.
..............
United
States
11,500,000
11,522,955
c
,f
Marble
Point
CLO
XV
Ltd.
,
2019-1A
,
A1R2
,
144A,
FRN
,
4.711
%
,
(
3-month
SOFR
+
1.04
%
),
7/23/32
.
....................
United
States
2,213,726
2,220,353
c
,f
Neuberger
Berman
Loan
Advisers
CLO
48
Ltd.
,
2022-48A
,
A1R
,
144A,
FRN
,
4.758
%
,
(
3-month
SOFR
+
1.09
%
),
4/25/36
.
....
United
States
14,850,000
14,875,635
c
,f
Neuberger
Berman
Loan
Advisers
CLO
50
Ltd.
,
2022-50A
,
AR
,
144A,
FRN
,
4.921
%
,
(
3-month
SOFR
+
1.25
%
),
7/23/36
.
....
Jersey
2,525,000
2,530,942
c
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
19,400,000
16,344,962
c
,f
Oaktree
CLO
Ltd.
,
2021-1A
,
A1R
,
144A,
FRN
,
5.022
%
,
(
3-month
SOFR
+
1.35
%
),
1/15/38
.
............................
United
States
3,145,000
3,159,935
c
,f
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
4.904
%
,
(
3-month
SOFR
+
1.232
%
),
4/15/31
.........................................
United
States
1,400,222
1,401,615
2018-1A
,
A2
,
144A,
FRN
,
5.134
%
,
(
3-month
SOFR
+
1.462
%
),
4/15/31
.........................................
United
States
8,500,000
8,508,429
c
,f
Octagon
Investment
Partners
45
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
4.822
%
,
(
3-month
SOFR
+
1.15
%
),
4/15/35
.
.........
United
States
9,975,000
9,994,822
c
PK
Alift
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
..
United
States
1,486,778
1,489,641
c
,e
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
5,591,000
5,623,323
c
,f
Sound
Point
CLO
XXII
Ltd.
,
2019-1A
,
ARR
,
144A,
FRN
,
4.698
%
,
(
3-month
SOFR
+
1.03
%
),
1/20/32
.
....................
United
States
2,687,795
2,693,270
c
,f
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.572
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
3,508,729
3,510,478
c
,f
Towd
Point
Mortgage
Trust
,
2025-HE2
,
A1A
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/65
.
...............
United
States
4,801,872
4,820,345
c
Truist
Bank
Auto
Credit-Linked
Notes
,
2025-1
,
B
,
144A,
4.728
%
,
9/26/33
.
.........................................
United
States
3,951,731
3,972,639
c
,f
Venture
41
CLO
Ltd.
,
2021-41A
,
A1RR
,
144A,
FRN
,
4.798
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/34
.
....................
United
States
5,450,000
5,456,144
c
,f
Venture
45
CLO
Ltd.
,
2022-45A
,
A1R
,
144A,
FRN
,
4.94
%
,
(
3-month
SOFR
+
1.27
%
),
7/20/35
.
....................
Jersey
12,000,000
12,028,392
c
,f
Voya
CLO
Ltd.
,
2018-2A
,
A2
,
144A,
FRN
,
5.184
%
,
(
3-month
SOFR
+
1.512
%
),
7/15/31
.........................................
United
States
1,500,000
1,502,208
2020-1A
,
ARR
,
144A,
FRN
,
4.751
%
,
(
3-month
SOFR
+
1.08
%
),
7/16/34
.........................................
United
States
15,000,000
15,017,508
c
,f
Wellfleet
CLO
Ltd.
,
2021-3A
,
AR
,
144A,
FRN
,
4.872
%
,
(
3-month
SOFR
+
1.2
%
),
1/15/35
.
.............................
United
States
12,000,000
12,022,867
c
,f
Zais
CLO
18
Ltd.
,
2022-18A
,
A1R
,
144A,
FRN
,
4.988
%
,
(
3-month
SOFR
+
1.32
%
),
10/25/37
.
...........................
United
States
10,500,000
10,515,750
338,545,468
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
126
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
5,869
$
5,969
Total
Asset-Backed
Securities
(Cost
$
341,173,826
)
............................
338,551,437
Commercial
Mortgage-Backed
Securities
3.4%
Financial
Services
3.4%
BANK
,
2019-BN18
,
A2
,
3.474
%
,
5/15/62
..................
United
States
2,300,000
2,250,490
k
BANK5
Trust
,
2025-5YR17
,
AS
,
FRN
,
5.626
%
,
11/15/58
......
United
States
2,797,000
2,889,818
Barclays
Commercial
Mortgage
Trust
,
2019-C3
,
A2
,
3.438
%
,
5/15/52
.........................................
United
States
1,077,020
1,064,070
BBCMS
Mortgage
Trust
,
k,l
2024-5C31
,
XA
,
IO,
FRN
,
1.061
%
,
12/15/57
..............
United
States
31,883,754
1,155,894
k,l
2025-5C33
,
XA
,
IO,
FRN
,
0.817
%
,
3/15/58
...............
United
States
55,675,649
1,634,938
k
2025-5C37
,
AS
,
FRN
,
5.382
%
,
9/15/58
.................
United
States
4,532,000
4,645,818
e
2026-5C40
,
B
,
5.78
%
,
2/15/31
........................
United
States
4,353,000
4,503,521
Benchmark
Mortgage
Trust
,
2019-B13
,
A2
,
2.889
%
,
8/15/57
.......................
United
States
4,166,725
4,031,199
2020-B17
,
A2
,
2.211
%
,
3/15/53
.......................
United
States
4,702,207
4,462,833
k,l
2025-V13
,
XA
,
IO,
FRN
,
0.914
%
,
2/15/58
................
United
States
47,837,000
1,468,601
k,l
2025-V14
,
XA
,
IO,
FRN
,
0.768
%
,
4/15/57
................
United
States
85,812,584
2,448,688
e
2026-V20
,
B
,
5.687
%
,
2/15/59
........................
United
States
3,923,000
4,052,259
c
,f
BX
Mortgage
Trust
,
2021-PAC
,
B
,
144A,
FRN
,
4.693
%
,
(
1-month
SOFR
+
1.013
%
),
10/15/36
..........................
United
States
9,220,000
9,201,319
c
BX
Trust
,
f
2022-IND
,
A
,
144A,
FRN
,
5.171
%
,
(
1-month
SOFR
+
1.491
%
),
4/15/37
.........................................
United
States
7,168,387
7,182,683
k
2025-ARIA
,
C
,
144A,
FRN
,
5.517
%
,
12/13/42
.............
United
States
5,877,000
5,979,550
f
2025-VOLT
,
A
,
144A,
FRN
,
5.38
%
,
(
1-month
SOFR
+
1.7
%
),
12/15/44
........................................
United
States
1,955,000
1,967,476
CFCRE
Commercial
Mortgage
Trust
,
2016-C7
,
A3
,
3.839
%
,
12/10/54
........................................
United
States
3,055,000
3,036,928
k
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
2,221,000
2,182,649
Citigroup
Commercial
Mortgage
Trust
,
2016-P4
,
A2
,
2.45
%
,
7/10/49
.........................
United
States
1,954,820
1,952,588
2020-GC46
,
A2
,
2.708
%
,
2/15/53
......................
United
States
1,892,638
1,818,815
CSAIL
Commercial
Mortgage
Trust
,
2017-CX10
,
A3
,
3.398
%
,
11/15/50
........................................
United
States
1,451,519
1,449,231
c
,k
CSTL
Commercial
Mortgage
Trust
,
2025-GATE2
,
A
,
144A,
FRN
,
4.56
%
,
11/10/42
...................................
United
States
4,061,000
4,040,452
GS
Mortgage
Securities
Trust
,
2016-GS2
,
A4
,
3.05
%
,
5/10/49
........................
United
States
1,352,000
1,348,956
2019-GC42
,
A2
,
2.933
%
,
9/10/52
......................
United
States
3,385,394
3,305,063
JPMBB
Commercial
Mortgage
Securities
Trust
,
2016-C1
,
A5
,
3.576
%
,
3/17/49
...................................
United
States
890,625
889,054
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
k,l
2025-5C1
,
XA
,
IO,
FRN
,
1.156
%
,
3/15/58
................
United
States
46,551,943
1,936,151
2025-5C2
,
AS
,
5.384
%
,
11/15/58
......................
United
States
1,923,000
1,965,458
Morgan
Stanley
Capital
I
Trust
,
2016-BNK2
,
A4
,
3.049
%
,
11/15/49
.....................
United
States
2,266,000
2,226,290
k,l
2021-L5
,
XA
,
IO,
FRN
,
1.261
%
,
5/15/54
.................
United
States
40,475,020
1,745,513
c
,f
SCG
Commercial
Mortgage
Trust
,
2025-FLWR
,
A
,
144A,
FRN
,
4.93
%
,
(
1-month
SOFR
+
1.25
%
),
8/15/42
...............
United
States
3,500,000
3,512,951
c
,f
SHRN
Trust
,
2025-MF18
,
A
,
144A,
FRN
,
4.88
%
,
(
1-month
SOFR
+
1.2
%
),
10/15/40
.................................
United
States
4,562,000
4,573,281
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
127
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
c
,k
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.217
%
,
7/10/36
.........
United
States
2,936,000
$
2,975,919
Wells
Fargo
Commercial
Mortgage
Trust
,
2016-LC24
,
AS
,
3.367
%
,
10/15/49
..................................
United
States
3,440,000
3,372,699
101,271,155
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
100,804,147
)
.............
101,271,155
Mortgage-Backed
Securities
36.7%
m
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC
,
4.121
%,
(
COFI
11th
District
+/-
MBS
Margin),
11/01/27
United
States
74,349
73,694
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
9.7%
FHLMC
Gold
Pool,
30
Year
,
4.5
%,
3/01/39
................
United
States
379,966
382,633
FHLMC
Gold
Pool,
30
Year
,
5
%,
8/01/33
-
2/01/39
...........
United
States
2,418,033
2,482,801
FHLMC
Gold
Pool,
30
Year
,
5.5
%,
1/01/35
-
12/01/37
........
United
States
248,204
258,222
FHLMC
Gold
Pool,
30
Year
,
6
%,
5/01/33
-
4/01/38
...........
United
States
270,958
286,139
FHLMC
Gold
Pool,
30
Year
,
6.5
%,
4/01/26
-
3/01/39
.........
United
States
201,065
211,133
FHLMC
Gold
Pool,
30
Year
,
7
%,
1/01/28
-
7/01/32
...........
United
States
10,461
10,951
FHLMC
Gold
Pool,
30
Year
,
7.5
%,
3/01/32
................
United
States
4,128
4,353
FHLMC
Gold
Pool,
30
Year
,
8
%,
2/01/30
..................
United
States
2,070
2,147
FHLMC
Gold
Pool,
30
Year
,
8.5
%,
8/01/30
................
United
States
424
444
FHLMC
Pool,
15
Year
,
2
%,
4/01/37
-
8/01/37
...............
United
States
7,446,567
6,886,751
FHLMC
Pool,
15
Year
,
2.5
%,
5/01/37
.....................
United
States
2,882,824
2,725,229
FHLMC
Pool,
15
Year
,
3
%,
4/01/37
-
9/01/37
...............
United
States
3,002,653
2,885,660
FHLMC
Pool,
15
Year
,
4
%,
12/01/39
.....................
United
States
2,831,883
2,796,341
FHLMC
Pool,
30
Year
,
2
%,
3/01/51
......................
United
States
43,841,021
35,970,463
FHLMC
Pool,
30
Year
,
2
%,
3/01/52
......................
United
States
35,120,575
28,606,927
FHLMC
Pool,
30
Year
,
2
%,
4/01/52
......................
United
States
49,661,252
40,443,059
FHLMC
Pool,
30
Year
,
2
%,
5/01/51
......................
United
States
3,721,300
3,023,963
FHLMC
Pool,
30
Year
,
2.5
%,
10/01/51
....................
United
States
31,727,320
27,152,831
FHLMC
Pool,
30
Year
,
2.5
%,
5/01/52
.....................
United
States
24,701,664
21,108,041
FHLMC
Pool,
30
Year
,
2.5
%,
7/01/52
.....................
United
States
3,557,632
3,024,737
FHLMC
Pool,
30
Year
,
3
%,
2/01/52
......................
United
States
54,288,898
48,335,219
FHLMC
Pool,
30
Year
,
3
%,
3/01/52
......................
United
States
974,906
865,394
FHLMC
Pool,
30
Year
,
3.5
%,
12/01/52
....................
United
States
5,780,281
5,355,359
FHLMC
Pool,
30
Year
,
4
%,
8/01/52
......................
United
States
31,810,563
30,475,818
FHLMC
Pool,
30
Year
,
4.5
%,
8/01/52
.....................
United
States
23,846,250
23,472,823
FHLMC
Pool,
30
Year
,
5.5
%,
10/01/55
....................
United
States
570,084
578,438
287,345,876
m
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA
,
4.125
%
-
4.812
%,
(
COFI
11th
District
+/-
MBS
Margin),
12/01/27
-
9/01/34
.................................
United
States
546,959
539,890
FNMA
,
5.702
%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
10/01/32
...................
United
States
29,023
29,312
FNMA
,
6.05
%
-
6.3
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
-
10/01/36
................................
United
States
31,721
32,669
FNMA
,
6.08
%
-
6.43
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
2/01/34
-
3/01/37
........
United
States
188,154
192,435
794,306
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
19.9%
FNMA,
15
Year
,
2
%,
4/01/37
...........................
United
States
332,978
307,945
FNMA,
15
Year
,
3
%,
9/01/37
-
10/01/37
...................
United
States
3,740,228
3,594,496
FNMA,
15
Year
,
3.5
%,
12/01/39
.........................
United
States
479,202
465,055
FNMA,
30
Year
,
2.5
%,
4/01/52
.........................
United
States
12,738,734
10,889,466
FNMA,
30
Year
,
3.5
%,
12/01/52
.........................
United
States
29,346,731
27,189,385
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
128
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
FNMA,
30
Year
,
4.5
%,
9/01/55
.........................
United
States
358,345
$
351,503
FNMA,
30
Year
,
5
%,
6/01/36
-
10/01/55
...................
United
States
3,795,890
3,810,040
FNMA,
30
Year
,
5.5
%,
6/01/33
-
8/01/55
..................
United
States
19,105,966
19,452,344
FNMA,
30
Year
,
6
%,
9/01/32
-
9/01/38
....................
United
States
1,893,139
1,996,493
FNMA,
30
Year
,
6.5
%,
8/01/28
-
5/01/37
..................
United
States
46,363
48,420
FNMA,
30
Year
,
7.5
%,
1/01/30
.........................
United
States
1,576
1,628
FNMA,
30
Year
,
8.5
%,
4/01/30
-
5/01/32
..................
United
States
9,085
9,413
n
Uniform
Mortgage-Backed
Securities
,
1.5
%
,
TBA,
2/25/41
.....
United
States
14,000,000
12,639,776
n
Uniform
Mortgage-Backed
Securities
,
2
%
,
TBA,
2/25/41
......
United
States
19,000,000
17,556,989
n
Uniform
Mortgage-Backed
Securities
,
2.5
%
,
TBA,
2/25/41
.....
United
States
6,000,000
5,667,956
n
Uniform
Mortgage-Backed
Securities
,
2.5
%
,
TBA,
2/25/56
.....
United
States
27,280,000
23,160,317
n
Uniform
Mortgage-Backed
Securities
,
4.5
%
,
TBA,
2/25/41
.....
United
States
1,000,000
1,000,992
n
Uniform
Mortgage-Backed
Securities
,
5
%
,
TBA,
2/25/41
......
United
States
3,000,000
3,034,147
n
Uniform
Mortgage-Backed
Securities
,
5
%
,
TBA,
2/25/56
......
United
States
30,190,000
30,188,759
n
Uniform
Mortgage-Backed
Securities
,
5.5
%
,
TBA,
2/25/56
.....
United
States
292,850,000
296,969,451
n
Uniform
Mortgage-Backed
Securities
,
6
%
,
TBA,
2/25/56
......
United
States
70,090,000
71,781,670
n
Uniform
Mortgage-Backed
Securities
,
6.5
%
,
TBA,
2/25/56
.....
United
States
54,000,000
55,927,969
586,044,214
m
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.0%
†
GNMA
II
,
5.125
%
-
5.125
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
10/20/26
-
10/20/26
................................
United
States
858
858
858
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
7.1%
GNMA
I,
30
Year
,
7
%,
10/15/27
-
6/15/31
..................
United
States
3,600
3,756
GNMA
I,
Single-family,
30
Year
,
6
%,
1/15/39
...............
United
States
39,426
41,603
GNMA
I,
Single-family,
30
Year
,
6.5
%,
10/15/31
-
7/15/38
......
United
States
3,403
3,464
GNMA
I,
Single-family,
30
Year
,
7
%,
4/15/28
...............
United
States
1,115
1,125
GNMA
II,
Single-family,
30
Year
,
2
%,
7/20/52
...............
United
States
7,229,769
6,030,847
n
GNMA
II,
Single-family,
30
Year
,
2
%,
2/15/56
...............
United
States
20,940,000
17,420,727
GNMA
II,
Single-family,
30
Year
,
2.5
%,
9/20/51
-
7/20/52
......
United
States
27,090,812
23,506,829
n
GNMA
II,
Single-family,
30
Year
,
2.5
%,
2/15/56
.............
United
States
38,110,000
33,015,797
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/49
-
6/20/52
......
United
States
7,867,074
7,113,321
n
GNMA
II,
Single-family,
30
Year
,
3.5
%,
2/15/56
.............
United
States
17,260,000
15,814,669
n
GNMA
II,
Single-family,
30
Year
,
4
%,
2/15/56
...............
United
States
13,000,000
12,295,315
n
GNMA
II,
Single-family,
30
Year
,
4.5
%,
2/15/56
.............
United
States
13,790,000
13,468,434
n
GNMA
II,
Single-family,
30
Year
,
5
%,
2/15/56
...............
United
States
20,000,000
19,999,931
n
GNMA
II,
Single-family,
30
Year
,
5.5
%,
2/15/56
.............
United
States
33,930,000
34,305,916
GNMA
II,
Single-family,
30
Year
,
6
%,
5/20/31
...............
United
States
685
711
n
GNMA
II,
Single-family,
30
Year
,
6
%,
3/15/56
...............
United
States
23,690,000
24,150,402
GNMA
II,
Single-family,
30
Year
,
6.5
%,
3/20/28
-
5/20/55
......
United
States
2,692,001
2,790,078
GNMA
II,
Single-family,
30
Year
,
7.5
%,
8/20/30
-
1/20/33
......
United
States
9,566
9,907
209,972,832
Total
Mortgage-Backed
Securities
(Cost
$
1,085,480,321
)
.......................
1,084,231,780
Residential
Mortgage-Backed
Securities
2.7%
Capital
Markets
0.0%
†
f
Merrill
Lynch
Mortgage
Investors
Trust
,
2003-A
,
1A
,
FRN
,
4.527
%
,
(
1-month
SOFR
+
0.854
%
),
3/25/28
.............
United
States
52,007
50,456
Financial
Services
2.7%
c
,f
Bellemeade
Re
Ltd.
,
2021-3A
,
B1
,
144A,
FRN
,
7.547
%
,
(
30-day
SOFR
Average
+
3.85
%
),
9/25/31
.....................
United
States
2,439,000
2,520,147
c
BRAVO
Residential
Funding
Trust
,
k
2019-2
,
A3
,
144A,
FRN
,
3.5
%
,
10/25/44
.................
United
States
2,140,233
2,069,160
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
c
BRAVO
Residential
Funding
Trust,
(continued)
2023-NQM6
,
A1
,
144A,
6.602
%
,
9/25/63
................
United
States
1,007,089
$
1,014,494
c
CAFL
Issuer
LP
,
2025-RRTL1
,
A1
,
144A,
5.684
%
,
5/28/40
.....
United
States
1,171,000
1,181,634
c
,f
Chase
Home
Lending
Mortgage
Trust
,
2025-3
,
A11
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/56
....................................
United
States
2,490,397
2,502,283
2025-7
,
A11
,
144A,
FRN
,
5.097
%
,
(
30-day
SOFR
Average
+
1.4
%
),
5/25/56
....................................
United
States
2,135,502
2,148,116
c
,k
CIM
Trust
,
2018-INV1
,
A4
,
144A,
FRN
,
4
%
,
8/25/48
................
United
States
813,118
771,704
2019-INV1
,
A1
,
144A,
FRN
,
4
%
,
2/25/49
................
United
States
336,488
324,043
2019-INV2
,
A3
,
144A,
FRN
,
4
%
,
5/25/49
................
United
States
1,309,366
1,246,671
c
,k
Citigroup
Mortgage
Loan
Trust
,
2013-A
,
A
,
144A,
FRN
,
3
%
,
5/25/42
.........................................
United
States
127,721
118,413
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
,
2004-6
,
3A1
,
5
%
,
1/25/38
..................................
Switzerland
72,537
40,656
c
Cross
Mortgage
Trust
,
2024-H1
,
A1
,
144A,
6.085
%
,
12/25/68
..
United
States
751,320
758,606
c
,f
FHLMC
STACR
REMIC
Trust
,
2025-DNA1
,
A1
,
144A,
FRN
,
4.647
%
,
(
30-day
SOFR
Average
+
0.95
%
),
1/25/45
...................................
United
States
2,382,355
2,386,535
2025-DNA2
,
A1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
5/25/45
....................................
United
States
2,009,700
2,015,197
2025-DNA3
,
M1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
9/25/45
..................................
United
States
2,665,951
2,671,992
f
FNMA
Connecticut
Avenue
Securities
Trust
,
2017-C06
,
2M2
,
FRN
,
6.612
%
,
(
30-day
SOFR
Average
+
2.914
%
),
2/25/30
..................................
United
States
1,467,955
1,506,451
c
2025-R01
,
1M1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
1/25/45
....................................
United
States
1,670,319
1,674,179
c
2025-R02
,
1A1
,
144A,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/45
.....................................
United
States
1,496,118
1,498,110
c
2025-R03
,
2A1
,
144A,
FRN
,
5.147
%
,
(
30-day
SOFR
Average
+
1.45
%
),
3/25/45
...................................
United
States
1,992,171
2,004,239
c
2025-R04
,
1A1
,
144A,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
5/25/45
.....................................
United
States
1,794,454
1,796,994
c
,f
GS
Mortgage-Backed
Securities
Trust
,
2025-PJ8
,
A27
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/56
.....
United
States
1,033,702
1,040,473
c
HOMES
Trust
,
2024-NQM1
,
A1
,
144A,
5.915
%
,
7/25/69
......
United
States
1,979,044
2,004,609
c
Imperial
Fund
Mortgage
Trust
,
2023-NQM1
,
A1
,
144A,
5.941
%
,
2/25/68
.........................................
United
States
2,235,035
2,229,654
c
,k
J.P.
Morgan
Mortgage
Trust
,
2021-15
,
A4
,
144A,
FRN
,
2.5
%
,
6/25/52
.........................................
United
States
5,821,552
5,263,098
c
,k
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
1,116,000
1,127,544
c
,k
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
.........................................
United
States
2,896,150
2,862,188
c
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-NQM1
,
A1
,
144A,
6.152
%
,
12/25/68
..........................
United
States
2,149,136
2,172,082
c
OBX
Trust
,
k
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
................
United
States
1,180,571
1,070,855
2024-NQM2
,
A1
,
144A,
5.878
%
,
12/25/63
...............
United
States
1,235,272
1,245,960
2024-NQM3
,
A1
,
144A,
6.129
%
,
12/25/63
...............
United
States
1,568,165
1,586,814
2024-NQM4
,
A1
,
144A,
6.067
%
,
1/25/64
................
United
States
970,752
981,394
2024-NQM8
,
A1
,
144A,
6.233
%
,
5/25/64
................
United
States
2,587,653
2,626,214
f
2025-J2
,
AF
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
9/25/55
....................................
United
States
2,510,609
2,522,611
c
,k
OLIT
,
2025-HB2
,
A
,
144A,
FRN
,
3
%
,
11/25/38
..............
United
States
2,744,714
2,692,505
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
c
,k
Onity
Loan
Investment
Trust
,
2025-HB1
,
A
,
144A,
FRN
,
3
%
,
6/25/38
.........................................
United
States
365,198
$
359,792
c
,f
PMT
Loan
Trust
,
2025-J2
,
A11
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
8/25/56
.....................
United
States
661,966
665,152
c
,k
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
....................................
United
States
1,866,576
1,684,266
c
,k
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
........................................
United
States
1,380,611
1,212,506
c
,k
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
.........
United
States
10,153,421
9,267,526
c
,f
Radian
Mortgage
Capital
Trust
,
2025-J3
,
A25
,
144A,
FRN
,
5.197
%
,
(
30-day
SOFR
Average
+
1.5
%
),
12/25/55
........
United
States
1,635,356
1,646,232
c
,f
Sequoia
Mortgage
Trust
,
2025-8
,
A26F
,
144A,
FRN
,
5.097
%
,
(
30-
day
SOFR
Average
+
1.4
%
),
9/25/55
...................
United
States
2,359,322
2,370,721
c
,k
Towd
Point
Mortgage
Trust
,
2017-1
,
A2
,
144A,
FRN
,
3.5
%
,
10/25/56
........................................
United
States
458,421
457,353
c
Verus
Securitization
Trust
,
2023-6
,
A1
,
144A,
6.665
%
,
9/25/68
....................
United
States
491,571
496,038
2024-4
,
A1
,
144A,
6.218
%
,
6/25/69
....................
United
States
1,616,774
1,641,029
79,476,240
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$
81,835,329
)
...............
79,526,696
Agency
Commercial
Mortgage-Backed
Securities
3.6%
Financial
Services
3.6%
FHLMC
,
l
5016
,
PI
,
IO,
3
%
,
9/25/50
............................
United
States
20,532,832
3,560,847
l
5077
,
AI
,
IO,
2
%
,
2/25/51
............................
United
States
29,965,028
3,479,974
l
5158
,
IV
,
IO,
4
%
,
1/25/49
............................
United
States
46,533,037
9,671,366
l
5365
,
IO,
2.5
%
,
7/25/51
.............................
United
States
59,109,351
9,426,198
f
5444
,
FC
,
FRN
,
4.817
%
,
(
30-day
SOFR
Average
+
1.12
%
),
8/25/54
.........................................
United
States
8,013,217
8,073,264
FNMA
,
f
2005-122
,
FN
,
FRN
,
4.162
%
,
(
30-day
SOFR
Average
+
0.464
%
),
1/25/36
..................................
United
States
358,170
355,635
l
2020-47
,
ID
,
IO,
4
%
,
7/25/50
.........................
United
States
14,919,105
3,274,948
l
2021-3
,
TI
,
IO,
2.5
%
,
2/25/51
.........................
United
States
19,662,459
3,369,038
f
2024-105
,
KF
,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
1/25/55
.........................................
United
States
12,073,677
12,164,207
f
2024-77
,
FM
,
FRN
,
4.647
%
,
(
30-day
SOFR
Average
+
0.95
%
),
11/25/54
........................................
United
States
7,305,214
7,335,161
f
2024-82
,
FE
,
FRN
,
4.647
%
,
(
30-day
SOFR
Average
+
0.95
%
),
11/25/54
........................................
United
States
10,705,161
10,758,713
f
2024-87
,
FB
,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
12/25/54
........................................
United
States
11,887,951
11,971,863
l
GNMA
,
2020-189
,
IA
,
IO,
4
%
,
12/20/49
.......................
United
States
22,530,322
4,959,503
2022-23
,
KI
,
IO,
3
%
,
4/20/51
.........................
United
States
27,120,364
4,642,751
2022-78
,
IO,
3
%
,
8/20/51
............................
United
States
19,337,442
3,293,265
2025-5
,
IO,
3.5
%
,
4/20/51
...........................
United
States
50,502,775
9,641,187
105,977,920
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$
105,760,407
)
......
105,977,920
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
1.9%
California
1.4%
California
Municipal
Finance
Authority
,
FBI
San
Diego
Project
,
Revenue
,
2020
,
2.519
%
,
10/01/35
.....................
United
States
9,325,000
$
6,940,115
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
...........................
United
States
12,365,000
11,332,461
San
Bernardino
Community
College
District
,
GO
,
2021
,
Refunding
,
2.686
%
,
8/01/41
.................
United
States
20,405,000
15,525,991
GO
,
2021
,
Refunding
,
2.856
%
,
8/01/49
.................
United
States
11,880,000
7,934,144
41,732,711
Ohio
0.5%
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
.........................................
United
States
16,585,000
12,695,887
Texas
0.0%
†
City
of
Austin
,
Electric
Utility
,
Revenue
,
2019
C
,
Refunding
,
2.785
%
,
11/15/31
..................................
United
States
370,000
345,128
Total
Municipal
Bonds
(Cost
$
70,167,026
)
....................................
54,773,726
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
141,599
2,311
b
Mesquite
Energy,
Inc.,
Escrow
Account
...................
United
States
3,000,000
15,150
Total
Escrows
and
Litigation
Trusts
(Cost
$
2,814,454
)
.........................
17,461
Total
Long
Term
Investments
(Cost
$
3,680,728,318
)
...........................
3,602,870,841
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.2%
Puts
-
Over-the-Counter
Currency
Options
0.1%
Foreign
Exchange
EUR/JPY
,
Counterparty
JPHQ
,
March
Strike
Price
181.05
JPY
,
Expires
3/16/26
.....................
1
93,822,000
EUR
856,250
Interest
Rate
Swaptions
0.1%
Receive
Floating
1-day
SOFR
,
Pay
Fixed
3.753%
,
Counterparty
CITI
,
Expires
3/18/26
...............................
1
269,160,000
3,607,167
4,463,417
Total
Options
Purchased
(Cost
$
4,610,174
)
...................................
4,463,417
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
Short
Term
Investments
1.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.4%
o,p
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
40,638,919
$
40,638,919
Total
Money
Market
Funds
(Cost
$
40,638,919
)
................................
40,638,919
Total
Short
Term
Investments
(Cost
$
40,638,919
)
..............................
40,638,919
a
Total
Investments
(Cost
$
3,725,977,411
)
123.4
%
...............................
$3,647,973,177
TBA
Sale
Commitments
(
4.9
)
%
..............................................
(
145,997,806
)
Options
Written
(
0.1
)
%
.....................................................
(4,006,145)
Other
Assets,
less
Liabilities
(
18.4
)
%
........................................
(539,469,043)
Net
Assets
100.0%
.........................................................
$2,958,500,183
a
a
a
Principal
Amount
*
q
TBA
Sale
Commitments
(4.9)%
Mortgage-Backed
Securities
(4.9)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(4.9)%
Uniform
Mortgage-Backed
Securities
,
TBA,
4.5
%
,
2/25/56
.....
United
States
(149,000,000)
(
145,997,806
)
Total
TBA
Sale
Commitments
(Proceeds
$
(
146,530,781
)
)
.......................
$(145,997,806)
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
Puts
-
Over-the-Counter
Currency
Options
(0.0)%
†
Foreign
Exchange
EUR/JPY
,
Counterparty
JPHQ
,
March
Strike
Price
176.45
JPY
,
Expires
3/16/26
.....................
1
93,822,000
EUR
(
314,226
)
Interest
Rate
Swaptions
(0.2)%
Receive
Floating
1-day
SOFR
,
Pay
Fixed
3.401%
,
Counterparty
CITI
,
Expires
3/18/26
...............................
1
(464,510,000)
(
3,691,919
)
(
4,006,145
)
Total
Options
Written
(Premiums
received
$
3,596,718
)
.........................
$
(
4,006,145
)
#
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
6
regarding
fair
value
measurements.
b
Non-income
producing.
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
January
31,
2026,
the
aggregate
value
of
these
securities
was
$854,834,167,
representing
28.9%
of
net
assets.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
g
Income
may
be
received
in
additional
securities
and/or
cash.
h
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
i
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
j
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
January
31,
2026,
the
value
of
this
security
pledged
amounted
to
$11,077,764,
representing
0.4%
of
net
assets.
k
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
l
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
m
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread;
they
are
based
on
the
weighted
average
rates
of
the
underlying
mortgage
loans,
less
the
applicable
servicing
and
guarantee
fees
(MBS
margin).
n
Security
purchased
on
a
to-be-announced
(TBA)
basis.
o
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
q
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Total
Return
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
At
January
31,
2026,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
0.1%
Block,
Inc.
a,b
8143486.SQ.FTS.B
,
6
.328
%
,
3/01/26
....
$
4,836
$
86
a
8149300.SQ.FTS.B
,
4
.739
%
,
3/03/26
....
288
145
a
8145783.SQ.FTS.B
,
5
.125
%
,
3/03/26
....
778
603
a,b
8150842.SQ.FTS.B
,
4
.781
%
,
3/04/26
....
12,085
536
a,b
8152413.SQ.FTS.B
,
6
.149
%
,
3/04/26
....
7,326
105
a
8156889.SQ.FTS.B
,
5
.12
%
,
3/05/26
.....
979
659
a
8158243.SQ.FTS.B
,
5
.665
%
,
3/05/26
....
4,046
2,325
a
8162625.SQ.FTS.B
,
5
.111
%
,
3/07/26
....
559
461
a,b
8162406.SQ.FTS.B
,
6
.152
%
,
3/07/26
....
3,360
56
a
8162785.SQ.FTS.B
,
6
.416
%
,
3/07/26
....
656
398
a
8163239.SQ.FTS.B
,
5
.921
%
,
3/08/26
....
1,372
783
a
8164748.SQ.FTS.B
,
4
.953
%
,
3/09/26
....
285
195
a
8178311.SQ.FTS.B
,
5
.66
%
,
3/12/26
.....
1,426
1,095
a,b
8179992.SQ.FTS.B
,
6
.673
%
,
3/12/26
....
35,767
1,213
a,b
8184135.SQ.FTS.B
,
6
.666
%
,
3/13/26
....
2,144
50
a
8184322.SQ.FTS.B
,
5
.403
%
,
3/14/26
....
368
309
a
8184364.SQ.FTS.B
,
5
.413
%
,
3/14/26
....
1,309
834
a
8185824.SQ.FTS.B
,
4
.78
%
,
3/15/26
.....
1,139
977
a
8186305.SQ.FTS.B
,
4
.78
%
,
3/16/26
.....
4,512
2,067
a
8190004.SQ.FTS.B
,
4
.779
%
,
3/17/26
....
2,377
1,815
a,b
8192240.SQ.FTS.B
,
4
.953
%
,
3/17/26
....
1,288
22
a
8195862.SQ.FTS.B
,
4
.78
%
,
3/18/26
.....
258
251
a
8194482.SQ.FTS.B
,
4
.781
%
,
3/18/26
....
8,521
6,123
a
8195426.SQ.FTS.B
,
6
.436
%
,
3/18/26
....
944
685
a,b
8195481.SQ.FTS.B
,
6
.547
%
,
3/18/26
....
12,519
429
a
8201077.SQ.FTS.B
,
6
.43
%
,
3/19/26
.....
624
394
a
8204408.SQ.FTS.B
,
6
.434
%
,
3/20/26
....
397
288
a,b
8206858.SQ.FTS.B
,
5
.108
%
,
3/21/26
....
857
580
a,b
8207770.SQ.FTS.B
,
5
.111
%
,
3/22/26
....
2,680
69
a
8209725.SQ.FTS.B
,
4
.783
%
,
3/23/26
....
1,151
1,051
a
8209877.SQ.FTS.B
,
5
.114
%
,
3/23/26
....
1,628
1,399
a
8209494.SQ.FTS.B
,
5
.116
%
,
3/23/26
....
1,239
976
a
8210573.SQ.FTS.B
,
5
.911
%
,
3/23/26
....
4,579
3,390
a
8210054.SQ.FTS.B
,
6
.15
%
,
3/23/26
.....
2,189
1,772
a,b
8208433.SQ.FTS.B
,
6
.153
%
,
3/23/26
....
3,727
93
a
8211765.SQ.FTS.B
,
5
.669
%
,
3/24/26
....
2,106
1,221
a
8214068.SQ.FTS.B
,
6
.15
%
,
3/24/26
.....
8,290
4,614
a
8217075.SQ.FTS.B
,
4
.775
%
,
3/25/26
....
231
211
a,b
8215377.SQ.FTS.B
,
5
.114
%
,
3/25/26
....
8,091
336
a
8216765.SQ.FTS.B
,
6
.152
%
,
3/25/26
....
7,214
3,530
a,b
8217448.SQ.FTS.B
,
6
.333
%
,
3/25/26
....
1,594
25
a
8220835.SQ.FTS.B
,
6
.55
%
,
3/26/26
.....
928
600
a,b
4582384.SQ.FTS.B
,
4
.552
%
,
4/03/33
....
863
–
a,b
4581979.SQ.FTS.B
,
4
.555
%
,
4/03/33
....
2,035
–
a,b
4581962.SQ.FTS.B
,
4
.709
%
,
4/03/33
....
1,755
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
4586446.SQ.FTS.B
,
4
.403
%
,
4/04/33
....
$
5,636
$
–
a,b
4591961.SQ.FTS.B
,
3
.931
%
,
4/06/33
....
1,338
–
a,b
4592572.SQ.FTS.B
,
4
.553
%
,
4/06/33
....
449
–
a,b
4593610.SQ.FTS.B
,
4
.871
%
,
4/06/33
....
881
–
a,b
4590729.SQ.FTS.B
,
4
.875
%
,
4/06/33
....
1,383
–
a,b
4591813.SQ.FTS.B
,
4
.877
%
,
4/06/33
....
2,891
–
a,b
4604000.SQ.FTS.B
,
4
.558
%
,
4/09/33
....
8,181
–
a,b
4604804.SQ.FTS.B
,
4
.56
%
,
4/09/33
.....
785
–
a,b
4605658.SQ.FTS.B
,
4
.558
%
,
4/10/33
....
6,711
–
a,b
4605063.SQ.FTS.B
,
5
.031
%
,
4/10/33
....
1,320
–
a,b
4606932.SQ.FTS.B
,
4
.554
%
,
4/11/33
....
2,572
–
a,b
4606620.SQ.FTS.B
,
4
.56
%
,
4/11/33
.....
668
–
a,b
4606063.SQ.FTS.B
,
4
.568
%
,
4/11/33
....
2,752
–
a,b
4606489.SQ.FTS.B
,
4
.717
%
,
4/11/33
....
12,498
–
a,b
4609493.SQ.FTS.B
,
4
.722
%
,
4/12/33
....
1,353
–
a,b
4609460.SQ.FTS.B
,
4
.868
%
,
4/12/33
....
2,479
–
a,b
4610482.SQ.FTS.B
,
5
.031
%
,
4/13/33
....
3,354
–
a,b
4622864.SQ.FTS.B
,
3
.302
%
,
4/15/33
....
782
–
a,b
4622664.SQ.FTS.B
,
4
.556
%
,
4/15/33
....
3,107
–
a,b
4624796.SQ.FTS.B
,
3
.927
%
,
4/17/33
....
457
–
a,b
4624391.SQ.FTS.B
,
4
.717
%
,
4/17/33
....
3,087
–
a,b
4625048.SQ.FTS.B
,
4
.858
%
,
4/17/33
....
871
–
a,b
4626040.SQ.FTS.B
,
4
.876
%
,
4/18/33
....
5,792
–
a,b
4628862.SQ.FTS.B
,
3
.304
%
,
4/19/33
....
8,296
–
a,b
4632078.SQ.FTS.B
,
4
.561
%
,
4/20/33
....
21,052
–
a,b
4638327.SQ.FTS.B
,
4
.406
%
,
4/22/33
....
8,661
–
a,b
4640261.SQ.FTS.B
,
4
.539
%
,
4/24/33
....
549
–
a,b
4640985.SQ.FTS.B
,
3
.3
%
,
4/25/33
......
1,692
1
a,b
4641063.SQ.FTS.B
,
3
.774
%
,
4/25/33
....
710
–
a,b
4643805.SQ.FTS.B
,
3
.931
%
,
4/25/33
....
751
–
a,b
4649015.SQ.FTS.B
,
4
.56
%
,
4/27/33
.....
5,124
–
a,b
4649299.SQ.FTS.B
,
5
.031
%
,
4/27/33
....
109
–
a,b
4655501.SQ.FTS.B
,
4
.556
%
,
4/29/33
....
3,367
–
a,b
4657541.SQ.FTS.B
,
3
.302
%
,
4/30/33
....
836
–
a,b
4660081.SQ.FTS.B
,
4
.883
%
,
5/01/33
....
422
–
a,b
4664137.SQ.FTS.B
,
4
.566
%
,
5/02/33
....
2,149
–
a,b
4666640.SQ.FTS.B
,
4
.56
%
,
5/03/33
.....
10,212
–
a,b
4674918.SQ.FTS.B
,
3
.303
%
,
5/05/33
....
9,934
–
a,b
4675113.SQ.FTS.B
,
4
.56
%
,
5/05/33
.....
163
–
a,b
4684412.SQ.FTS.B
,
3
.302
%
,
5/08/33
....
2,706
–
a,b
4707828.SQ.FTS.B
,
4
.566
%
,
5/11/33
....
69
–
a,b
4713712.SQ.FTS.B
,
5
.031
%
,
5/13/33
....
105
–
a,b
4720634.SQ.FTS.B
,
4
.56
%
,
5/16/33
.....
7,932
–
a,b
4725524.SQ.FTS.B
,
4
.874
%
,
5/17/33
....
19,384
1
a,b
4741690.SQ.FTS.B
,
4
.568
%
,
5/18/33
....
524
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
4744012.SQ.FTS.B
,
4
.716
%
,
5/18/33
....
$
2,527
$
–
a,b
4755474.SQ.FTS.B
,
4
.566
%
,
5/22/33
....
1,198
–
a,b
4756626.SQ.FTS.B
,
4
.567
%
,
5/22/33
....
371
–
a,b
4757364.SQ.FTS.B
,
4
.878
%
,
5/22/33
....
2,804
–
a,b
4790013.SQ.FTS.B
,
3
.935
%
,
5/29/33
....
130
–
a,b
4807316.SQ.FTS.B
,
4
.403
%
,
6/02/33
....
297
–
a,b
4810447.SQ.FTS.B
,
4
.874
%
,
6/03/33
....
2,379
–
a,b
4814556.SQ.FTS.B
,
3
.302
%
,
6/04/33
....
616
–
a,b
4814833.SQ.FTS.B
,
4
.561
%
,
6/04/33
....
24,496
–
a,b
4815651.SQ.FTS.B
,
4
.57
%
,
6/05/33
.....
629
–
a,b
4818987.SQ.FTS.B
,
3
.302
%
,
6/06/33
....
2,640
–
a,b
4819217.SQ.FTS.B
,
4
.56
%
,
6/07/33
.....
12,317
3
a,b
4819180.SQ.FTS.B
,
5
.031
%
,
6/07/33
....
266
–
a,b
4821611.SQ.FTS.B
,
4
.552
%
,
6/08/33
....
702
–
a,b
4823342.SQ.FTS.B
,
4
.874
%
,
6/08/33
....
714
–
a,b
4827165.SQ.FTS.B
,
4
.55
%
,
6/09/33
.....
1,298
–
a,b
4832985.SQ.FTS.B
,
4
.559
%
,
6/10/33
....
12,795
1
a,b
4831089.SQ.FTS.B
,
5
.031
%
,
6/10/33
....
3,668
–
a,b
4836929.SQ.FTS.B
,
3
.932
%
,
6/13/33
....
6,637
–
a,b
4837116.SQ.FTS.B
,
4
.557
%
,
6/13/33
....
2,784
–
a,b
4840254.SQ.FTS.B
,
2
.958
%
,
6/14/33
....
488
–
a,b
4840334.SQ.FTS.B
,
2
.961
%
,
6/14/33
....
1,577
–
a,b
4840427.SQ.FTS.B
,
4
.334
%
,
6/14/33
....
6,145
–
a,b
4839366.SQ.FTS.B
,
4
.538
%
,
6/14/33
....
11,177
–
a,b
4839716.SQ.FTS.B
,
4
.553
%
,
6/14/33
....
727
–
a,b
4840766.SQ.FTS.B
,
4
.563
%
,
6/14/33
....
2,241
–
a,b
4842339.SQ.FTS.B
,
4
.654
%
,
6/15/33
....
539
–
a,b
4850020.SQ.FTS.B
,
4
.528
%
,
6/16/33
....
156
–
a,b
4850454.SQ.FTS.B
,
4
.558
%
,
6/16/33
....
1,505
–
a,b
4848471.SQ.FTS.B
,
4
.56
%
,
6/16/33
.....
2,931
–
a,b
4848703.SQ.FTS.B
,
4
.574
%
,
6/16/33
....
1,526
–
a,b
4848662.SQ.FTS.B
,
4
.881
%
,
6/16/33
....
5,372
–
a,b
4861177.SQ.FTS.B
,
3
.33
%
,
6/17/33
.....
526
–
a,b
4860575.SQ.FTS.B
,
3
.953
%
,
6/17/33
....
431
–
a,b
4858016.SQ.FTS.B
,
4
.554
%
,
6/17/33
....
254
–
a,b
4860376.SQ.FTS.B
,
4
.878
%
,
6/17/33
....
1,539
–
a,b
4861282.SQ.FTS.B
,
5
.031
%
,
6/17/33
....
2,636
–
a,b
4861902.SQ.FTS.B
,
3
.925
%
,
6/18/33
....
1,428
–
a,b
4861917.SQ.FTS.B
,
4
.562
%
,
6/18/33
....
3,378
1
a,b
4863326.SQ.FTS.B
,
4
.403
%
,
6/19/33
....
3,221
1
a,b
4863471.SQ.FTS.B
,
4
.973
%
,
6/19/33
....
7,932
–
a,b
4866709.SQ.FTS.B
,
4
.566
%
,
6/20/33
....
1,837
–
a,b
4866438.SQ.FTS.B
,
5
.031
%
,
6/20/33
....
954
–
a,b
4867919.SQ.FTS.B
,
3
.851
%
,
6/21/33
....
6,047
–
a,b
4868584.SQ.FTS.B
,
4
.556
%
,
6/21/33
....
5,694
–
a,b
4868143.SQ.FTS.B
,
4
.56
%
,
6/21/33
.....
4,894
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
4881919.SQ.FTS.B
,
4
.568
%
,
6/28/33
....
$
793
$
–
a,b
4881733.SQ.FTS.B
,
4
.882
%
,
6/28/33
....
726
–
a,b
4885937.SQ.FTS.B
,
4
.723
%
,
6/29/33
....
2,665
–
a,b
4889629.SQ.FTS.B
,
4
.73
%
,
7/01/33
.....
2,050
–
a,b
4890016.SQ.FTS.B
,
4
.286
%
,
7/02/33
....
1,471
–
a,b
4889899.SQ.FTS.B
,
4
.403
%
,
7/02/33
....
5,336
–
a,b
4891423.SQ.FTS.B
,
4
.563
%
,
7/03/33
....
3,072
–
a,b
4901767.SQ.FTS.B
,
4
.562
%
,
7/07/33
....
4,562
–
a,b
4901412.SQ.FTS.B
,
4
.715
%
,
7/07/33
....
183
–
a,b
4903860.SQ.FTS.B
,
4
.57
%
,
7/09/33
.....
2,263
–
a,b
4906129.SQ.FTS.B
,
3
.298
%
,
7/10/33
....
407
–
a,b
4905084.SQ.FTS.B
,
4
.717
%
,
7/10/33
....
1,810
1
a,b
4924498.SQ.FTS.B
,
4
.562
%
,
7/17/33
....
2,892
1
a,b
4926237.SQ.FTS.B
,
4
.56
%
,
7/18/33
.....
7,821
–
a,b
4926957.SQ.FTS.B
,
4
.403
%
,
7/19/33
....
1,660
–
a,b
4928138.SQ.FTS.B
,
4
.562
%
,
7/19/33
....
6,946
–
a,b
4928795.SQ.FTS.B
,
4
.874
%
,
7/19/33
....
18,247
–
a,b
4928279.SQ.FTS.B
,
4
.883
%
,
7/19/33
....
991
–
a,b
4931889.SQ.FTS.B
,
4
.487
%
,
7/20/33
....
1,469
–
a,b
4931407.SQ.FTS.B
,
5
.031
%
,
7/20/33
....
758
–
a,b
4933844.SQ.FTS.B
,
3
.539
%
,
7/21/33
....
19,305
–
a,b
4935527.SQ.FTS.B
,
4
.454
%
,
7/22/33
....
1,418
–
a,b
4935556.SQ.FTS.B
,
4
.871
%
,
7/22/33
....
496
–
a,b
4935340.SQ.FTS.B
,
6
.379
%
,
7/22/33
....
81
–
a,b
4935758.SQ.FTS.B
,
4
.258
%
,
7/23/33
....
717
–
a,b
4935784.SQ.FTS.B
,
4
.56
%
,
7/23/33
.....
749
–
a,b
4936861.SQ.FTS.B
,
4
.556
%
,
7/24/33
....
1,307
–
a,b
4937255.SQ.FTS.B
,
5
.558
%
,
7/24/33
....
1,941
–
a,b
4954900.SQ.FTS.B
,
4
.561
%
,
7/28/33
....
4,177
–
a,b
4962523.SQ.FTS.B
,
4
.558
%
,
7/31/33
....
4,563
–
a,b
4962054.SQ.FTS.B
,
4
.717
%
,
7/31/33
....
8,398
1
a,b
4964207.SQ.FTS.B
,
4
.727
%
,
8/01/33
....
872
–
a,b
4967874.SQ.FTS.B
,
4
.558
%
,
8/02/33
....
6,630
–
a,b
4976894.SQ.FTS.B
,
3
.308
%
,
8/07/33
....
2,452
–
a,b
4977295.SQ.FTS.B
,
4
.559
%
,
8/07/33
....
5,717
–
a,b
4980891.SQ.FTS.B
,
3
.931
%
,
8/08/33
....
7,938
–
a,b
4980302.SQ.FTS.B
,
4
.562
%
,
8/08/33
....
5,164
1
a,b
4986950.SQ.FTS.B
,
3
.396
%
,
8/10/33
....
1,026
–
a,b
4985573.SQ.FTS.B
,
4
.559
%
,
8/10/33
....
3,505
–
a,b
4985801.SQ.FTS.B
,
4
.565
%
,
8/10/33
....
3,070
–
a,b
4989680.SQ.FTS.B
,
4
.871
%
,
8/11/33
....
6,187
–
a,b
4990405.SQ.FTS.B
,
4
.403
%
,
8/12/33
....
451
–
a,b
4990927.SQ.FTS.B
,
4
.554
%
,
8/12/33
....
1,216
–
a,b
4991162.SQ.FTS.B
,
3
.301
%
,
8/13/33
....
5,956
–
a,b
4993377.SQ.FTS.B
,
3
.043
%
,
8/14/33
....
1,027
–
a,b
4993286.SQ.FTS.B
,
3
.934
%
,
8/14/33
....
1,167
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
4993884.SQ.FTS.B
,
4
.881
%
,
8/14/33
....
$
2,371
$
–
a,b
5003760.SQ.FTS.B
,
3
.874
%
,
8/15/33
....
2,712
–
a,b
5002638.SQ.FTS.B
,
4
.403
%
,
8/15/33
....
1,671
–
a,b
4994636.SQ.FTS.B
,
4
.56
%
,
8/15/33
.....
1,945
–
a,b
4999801.SQ.FTS.B
,
4
.561
%
,
8/15/33
....
7,631
–
a,b
5002851.SQ.FTS.B
,
4
.564
%
,
8/15/33
....
2,134
–
a,b
5017280.SQ.FTS.B
,
3
.511
%
,
8/17/33
....
6,962
–
a,b
5019634.SQ.FTS.B
,
3
.661
%
,
8/17/33
....
1,814
–
a,b
5024347.SQ.FTS.B
,
4
.556
%
,
8/18/33
....
2,526
–
a,b
5025377.SQ.FTS.B
,
4
.561
%
,
8/18/33
....
4,937
–
a,b
5026387.SQ.FTS.B
,
4
.55
%
,
8/19/33
.....
1,641
–
a,b
5025999.SQ.FTS.B
,
4
.558
%
,
8/19/33
....
4,449
–
a,b
5027200.SQ.FTS.B
,
5
.128
%
,
8/21/33
....
811
–
a,b
5035879.SQ.FTS.B
,
4
.55
%
,
8/23/33
.....
757
–
a,b
5034542.SQ.FTS.B
,
4
.561
%
,
8/23/33
....
3,605
–
a,b
5037885.SQ.FTS.B
,
2
.809
%
,
8/24/33
....
10,669
–
a,b
5041320.SQ.FTS.B
,
5
.024
%
,
8/25/33
....
6,419
–
a,b
5044612.SQ.FTS.B
,
4
.539
%
,
8/27/33
....
309
–
a,b
5045876.SQ.FTS.B
,
4
.403
%
,
8/28/33
....
6,187
–
a,b
5045398.SQ.FTS.B
,
4
.561
%
,
8/28/33
....
9,125
–
a,b
5047833.SQ.FTS.B
,
4
.69
%
,
8/28/33
.....
3,738
–
a,b
5048228.SQ.FTS.B
,
3
.953
%
,
9/01/33
....
273
–
a,b
5050370.SQ.FTS.B
,
4
.403
%
,
9/01/33
....
17,390
–
a,b
5049827.SQ.FTS.B
,
5
.031
%
,
9/01/33
....
3,982
–
a,b
5051339.SQ.FTS.B
,
3
.103
%
,
9/02/33
....
1,372
–
a,b
5051202.SQ.FTS.B
,
5
.763
%
,
9/02/33
....
402
–
a,b
5059779.SQ.FTS.B
,
3
.245
%
,
9/04/33
....
13,983
1
a,b
5061477.SQ.FTS.B
,
3
.305
%
,
9/04/33
....
5,939
–
a,b
5059388.SQ.FTS.B
,
4
.717
%
,
9/04/33
....
578
–
a,b
5062144.SQ.FTS.B
,
3
.967
%
,
9/05/33
....
400
–
a,b
5065231.SQ.FTS.B
,
4
.717
%
,
9/07/33
....
7,752
–
a,b
5067639.SQ.FTS.B
,
3
.929
%
,
9/08/33
....
8,253
–
a,b
5066009.SQ.FTS.B
,
4
.134
%
,
9/08/33
....
5,172
–
a,b
5068585.SQ.FTS.B
,
6
.246
%
,
9/08/33
....
2,845
–
a,b
5069032.SQ.FTS.B
,
3
.799
%
,
9/09/33
....
4,912
–
a,b
5069067.SQ.FTS.B
,
4
.558
%
,
9/09/33
....
12,169
–
a,b
5074780.SQ.FTS.B
,
4
.56
%
,
9/10/33
.....
1,174
–
a,b
5074113.SQ.FTS.B
,
4
.561
%
,
9/10/33
....
38,423
1
a,b
5074740.SQ.FTS.B
,
4
.564
%
,
9/10/33
....
3,030
–
a,b
5078382.SQ.FTS.B
,
4
.56
%
,
9/12/33
.....
979
–
a,b
5082041.SQ.FTS.B
,
4
.558
%
,
9/14/33
....
2,897
–
a,b
5080951.SQ.FTS.B
,
4
.566
%
,
9/14/33
....
654
–
a,b
5081394.SQ.FTS.B
,
4
.715
%
,
9/14/33
....
9,547
–
a,b
5082286.SQ.FTS.B
,
4
.051
%
,
9/15/33
....
2,381
–
a,b
5086472.SQ.FTS.B
,
4
.554
%
,
9/16/33
....
1,605
–
a,b
5086626.SQ.FTS.B
,
4
.572
%
,
9/16/33
....
1,016
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5090813.SQ.FTS.B
,
4
.406
%
,
9/17/33
....
$
4,919
$
–
a,b
5089593.SQ.FTS.B
,
4
.719
%
,
9/17/33
....
3,289
–
a,b
5091416.SQ.FTS.B
,
3
.774
%
,
9/18/33
....
13,871
–
a,b
5092572.SQ.FTS.B
,
3
.927
%
,
9/18/33
....
4,043
–
a,b
5093886.SQ.FTS.B
,
5
.59
%
,
9/19/33
.....
2,277
–
a,b
5094586.SQ.FTS.B
,
5
.031
%
,
9/20/33
....
2,003
–
a,b
5097173.SQ.FTS.B
,
3
.302
%
,
9/21/33
....
729
–
a,b
5096503.SQ.FTS.B
,
4
.562
%
,
9/21/33
....
9,495
–
a,b
5095170.SQ.FTS.B
,
5
.711
%
,
9/21/33
....
2,536
–
a,b
5099132.SQ.FTS.B
,
4
.56
%
,
9/22/33
.....
37,393
–
a,b
5098444.SQ.FTS.B
,
4
.597
%
,
9/22/33
....
4,780
–
a,b
5102220.SQ.FTS.B
,
5
.031
%
,
9/23/33
....
2,484
–
a,b
5107188.SQ.FTS.B
,
3
.201
%
,
9/24/33
....
2,474
–
a,b
5104481.SQ.FTS.B
,
4
.717
%
,
9/24/33
....
1,513
–
a,b
5109124.SQ.FTS.B
,
5
.031
%
,
9/25/33
....
519
–
a,b
5109714.SQ.FTS.B
,
5
.031
%
,
9/25/33
....
8,108
–
a,b
5113482.SQ.FTS.B
,
3
.298
%
,
9/28/33
....
1,152
–
a,b
5114403.SQ.FTS.B
,
4
.552
%
,
9/28/33
....
1,028
–
a,b
5114309.SQ.FTS.B
,
4
.566
%
,
9/28/33
....
906
–
a,b
5111943.SQ.FTS.B
,
4
.822
%
,
9/28/33
....
842
–
a,b
5115942.SQ.FTS.B
,
4
.061
%
,
9/29/33
....
25,309
–
a,b
5122298.SQ.FTS.B
,
3
.298
%
,
9/30/33
....
1,008
–
a,b
5118981.SQ.FTS.B
,
3
.626
%
,
9/30/33
....
3,773
–
a,b
5119496.SQ.FTS.B
,
4
.498
%
,
9/30/33
....
4,666
–
a,b
5122010.SQ.FTS.B
,
4
.582
%
,
9/30/33
....
629
–
a,b
5118308.SQ.FTS.B
,
4
.719
%
,
9/30/33
....
6,298
–
a,b
5117310.SQ.FTS.B
,
4
.877
%
,
9/30/33
....
4,690
–
a,b
5125832.SQ.FTS.B
,
4
.465
%
,
10/01/33
...
649
–
a,b
5126318.SQ.FTS.B
,
5
.031
%
,
10/01/33
...
305
–
a,b
5128160.SQ.FTS.B
,
3
.312
%
,
10/02/33
...
2,113
–
a,b
5128139.SQ.FTS.B
,
4
.88
%
,
10/02/33
....
1,521
–
a,b
5129089.SQ.FTS.B
,
4
.558
%
,
10/03/33
...
5,922
–
a,b
5131068.SQ.FTS.B
,
5
.157
%
,
10/04/33
...
995
–
a,b
5134858.SQ.FTS.B
,
3
.926
%
,
10/05/33
...
206
–
a,b
5134453.SQ.FTS.B
,
4
.073
%
,
10/05/33
...
589
–
a,b
5135989.SQ.FTS.B
,
4
.562
%
,
10/05/33
...
6,343
–
a,b
5138063.SQ.FTS.B
,
3
.753
%
,
10/06/33
...
13,589
–
a,b
5143636.SQ.FTS.B
,
3
.303
%
,
10/07/33
...
22,568
–
a,b
5143602.SQ.FTS.B
,
4
.496
%
,
10/07/33
...
1,106
–
a,b
5144702.SQ.FTS.B
,
5
.031
%
,
10/07/33
...
2,530
–
a,b
5143578.SQ.FTS.B
,
5
.123
%
,
10/07/33
...
597
–
a,b
5145759.SQ.FTS.B
,
4
.56
%
,
10/08/33
....
11,012
1
a,b
5147227.SQ.FTS.B
,
4
.717
%
,
10/08/33
...
2,903
–
a,b
5145611.SQ.FTS.B
,
4
.883
%
,
10/08/33
...
415
–
a,b
5148494.SQ.FTS.B
,
2
.579
%
,
10/09/33
...
769
–
a,b
5149258.SQ.FTS.B
,
3
.664
%
,
10/10/33
...
2,200
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5153196.SQ.FTS.B
,
4
.56
%
,
10/11/33
....
$
13,914
$
–
a,b
5154671.SQ.FTS.B
,
3
.564
%
,
10/12/33
...
674
–
a,b
5155863.SQ.FTS.B
,
4
.562
%
,
10/12/33
...
10,908
–
a,b
5158276.SQ.FTS.B
,
4
.717
%
,
10/13/33
...
4,505
–
a,b
5165031.SQ.FTS.B
,
3
.407
%
,
10/14/33
...
523
–
a,b
5165513.SQ.FTS.B
,
4
.57
%
,
10/14/33
....
535
–
a,b
5164900.SQ.FTS.B
,
4
.702
%
,
10/14/33
...
2,484
–
a,b
5167520.SQ.FTS.B
,
4
.597
%
,
10/15/33
...
792
–
a,b
5178623.SQ.FTS.B
,
4
.403
%
,
10/18/33
...
2,451
–
a,b
5184669.SQ.FTS.B
,
4
.872
%
,
10/19/33
...
3,872
–
a,b
5185667.SQ.FTS.B
,
4
.56
%
,
10/20/33
....
14,855
–
a,b
5204516.SQ.FTS.B
,
4
.403
%
,
10/22/33
...
12,116
–
a,b
5220688.SQ.FTS.B
,
4
.403
%
,
10/26/33
...
25,349
5
a,b
5220666.SQ.FTS.B
,
4
.555
%
,
10/26/33
...
343
–
a,b
5216243.SQ.FTS.B
,
4
.558
%
,
10/26/33
...
2,570
–
a,b
5218743.SQ.FTS.B
,
4
.874
%
,
10/26/33
...
14,574
–
a,b
5234308.SQ.FTS.B
,
3
.354
%
,
10/28/33
...
2,041
–
a,b
5235201.SQ.FTS.B
,
5
.031
%
,
10/29/33
...
1,059
–
a,b
5240240.SQ.FTS.B
,
4
.141
%
,
10/30/33
...
3,565
–
a,b
5239980.SQ.FTS.B
,
4
.567
%
,
10/30/33
...
4,342
–
a,b
5240149.SQ.FTS.B
,
4
.568
%
,
10/30/33
...
487
–
a,b
5240977.SQ.FTS.B
,
4
.562
%
,
11/01/33
...
1,605
–
a,b
5243677.SQ.FTS.B
,
3
.922
%
,
11/02/33
...
199
–
a,b
5243643.SQ.FTS.B
,
4
.403
%
,
11/02/33
...
3,274
–
a,b
5251513.SQ.FTS.B
,
3
.774
%
,
11/03/33
...
1,257
–
a,b
5251234.SQ.FTS.B
,
4
.403
%
,
11/03/33
...
12,595
–
a,b
5250046.SQ.FTS.B
,
4
.612
%
,
11/03/33
...
104
–
a,b
5249081.SQ.FTS.B
,
4
.717
%
,
11/03/33
...
1,535
–
a,b
5248838.SQ.FTS.B
,
4
.802
%
,
11/03/33
...
3,589
–
a,b
5246929.SQ.FTS.B
,
4
.874
%
,
11/03/33
...
3,004
–
a,b
5262859.SQ.FTS.B
,
4
.561
%
,
11/05/33
...
6,228
–
a,b
5271294.SQ.FTS.B
,
3
.29
%
,
11/06/33
....
743
–
a,b
5270493.SQ.FTS.B
,
3
.814
%
,
11/06/33
...
1,448
–
a,b
5271481.SQ.FTS.B
,
3
.941
%
,
11/06/33
...
872
–
a,b
5271882.SQ.FTS.B
,
4
.066
%
,
11/06/33
...
6,771
–
a,b
5273861.SQ.FTS.B
,
2
.59
%
,
11/08/33
....
2,965
–
a,b
5273816.SQ.FTS.B
,
4
.566
%
,
11/08/33
...
1,760
–
a,b
5281948.SQ.FTS.B
,
4
.561
%
,
11/10/33
...
29,541
–
a,b
5282925.SQ.FTS.B
,
3
.774
%
,
11/11/33
...
2,496
–
a,b
5292413.SQ.FTS.B
,
3
.567
%
,
11/13/33
...
7,292
–
a,b
5294178.SQ.FTS.B
,
4
.717
%
,
11/14/33
...
4,625
–
a,b
5294931.SQ.FTS.B
,
3
.401
%
,
11/15/33
...
875
–
a,b
5296152.SQ.FTS.B
,
3
.322
%
,
11/16/33
...
3,005
–
a,b
5297998.SQ.FTS.B
,
4
.548
%
,
11/16/33
...
636
–
a,b
5297749.SQ.FTS.B
,
4
.561
%
,
11/16/33
...
4,815
1
a,b
5297124.SQ.FTS.B
,
4
.602
%
,
11/16/33
...
4,734
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5297679.SQ.FTS.B
,
5
.689
%
,
11/16/33
...
$
4,327
$
–
a,b
5303325.SQ.FTS.B
,
4
.871
%
,
11/17/33
...
2,069
–
a,b
5313199.SQ.FTS.B
,
3
.308
%
,
11/18/33
...
2,846
–
a,b
5308440.SQ.FTS.B
,
4
.1
%
,
11/18/33
.....
1,850
–
a,b
5310909.SQ.FTS.B
,
4
.56
%
,
11/18/33
....
14,880
–
a,b
5313296.SQ.FTS.B
,
4
.852
%
,
11/18/33
...
1,043
–
a,b
5308374.SQ.FTS.B
,
4
.864
%
,
11/18/33
...
1,834
–
a,b
5309472.SQ.FTS.B
,
5
.031
%
,
11/18/33
...
3,112
–
a,b
5313526.SQ.FTS.B
,
5
.031
%
,
11/18/33
...
1,853
–
a,b
5312989.SQ.FTS.B
,
5
.436
%
,
11/18/33
...
886
–
a,b
5319254.SQ.FTS.B
,
3
.962
%
,
11/19/33
...
875
–
a,b
5318154.SQ.FTS.B
,
4
.109
%
,
11/19/33
...
1,339
–
a,b
5318776.SQ.FTS.B
,
4
.379
%
,
11/19/33
...
15,271
–
a,b
5321246.SQ.FTS.B
,
4
.562
%
,
11/20/33
...
9,240
–
a,b
5324511.SQ.FTS.B
,
4
.741
%
,
11/21/33
...
425
–
a,b
5324505.SQ.FTS.B
,
5
.786
%
,
11/21/33
...
732
–
a,b
5325685.SQ.FTS.B
,
3
.87
%
,
11/22/33
....
671
–
a,b
5325032.SQ.FTS.B
,
5
.303
%
,
11/22/33
...
1,289
–
a,b
5326604.SQ.FTS.B
,
4
.563
%
,
11/23/33
...
1,332
–
a,b
5330352.SQ.FTS.B
,
4
.567
%
,
11/23/33
...
4,757
–
a,b
5330620.SQ.FTS.B
,
4
.424
%
,
11/24/33
...
262
–
a,b
5331180.SQ.FTS.B
,
4
.557
%
,
11/24/33
...
2,904
–
a,b
5336855.SQ.FTS.B
,
2
.83
%
,
11/25/33
....
204
–
a,b
5337877.SQ.FTS.B
,
3
.945
%
,
11/25/33
...
256
–
a,b
5376799.SQ.FTS.B
,
2
.083
%
,
11/27/33
...
4,624
–
a,b
5368153.SQ.FTS.B
,
3
.962
%
,
11/27/33
...
1,070
–
a,b
5378398.SQ.FTS.B
,
4
.56
%
,
11/27/33
....
32,690
1
a,b
5381030.SQ.FTS.B
,
2
.347
%
,
11/28/33
...
10,498
–
a,b
5381932.SQ.FTS.B
,
4
.545
%
,
11/29/33
...
741
–
a,b
5383396.SQ.FTS.B
,
3
.302
%
,
11/30/33
...
105
–
a,b
5398394.SQ.FTS.B
,
3
.321
%
,
11/30/33
...
777
–
a,b
5383412.SQ.FTS.B
,
5
.031
%
,
11/30/33
...
2,807
–
a,b
5413606.SQ.FTS.B
,
4
.403
%
,
12/01/33
...
2,850
–
a,b
5442439.SQ.FTS.B
,
2
.865
%
,
12/02/33
...
1,242
–
a,b
5440393.SQ.FTS.B
,
3
.27
%
,
12/02/33
....
513
–
a,b
5471332.SQ.FTS.B
,
4
.017
%
,
12/03/33
...
12,560
–
a,b
5471273.SQ.FTS.B
,
5
.031
%
,
12/03/33
...
1,167
–
a,b
5473309.SQ.FTS.B
,
3
.774
%
,
12/04/33
...
1,962
–
a,b
5473236.SQ.FTS.B
,
4
.403
%
,
12/04/33
...
6,897
–
a,b
5472763.SQ.FTS.B
,
4
.513
%
,
12/04/33
...
2,711
–
a,b
5472730.SQ.FTS.B
,
4
.688
%
,
12/04/33
...
3,743
–
a,b
5474033.SQ.FTS.B
,
4
.548
%
,
12/05/33
...
1,011
–
a,b
5502597.SQ.FTS.B
,
3
.294
%
,
12/07/33
...
6,676
–
a,b
5493687.SQ.FTS.B
,
3
.774
%
,
12/07/33
...
1,582
–
a,b
5495244.SQ.FTS.B
,
4
.068
%
,
12/07/33
...
1,565
–
a,b
5504275.SQ.FTS.B
,
4
.555
%
,
12/07/33
...
1,678
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5504334.SQ.FTS.B
,
5
.807
%
,
12/07/33
...
$
2,881
$
–
a,b
5517225.SQ.FTS.B
,
3
.983
%
,
12/08/33
...
132
–
a,b
5515632.SQ.FTS.B
,
5
.382
%
,
12/08/33
...
876
–
a,b
5531634.SQ.FTS.B
,
4
.068
%
,
12/09/33
...
16,877
–
a,b
5530682.SQ.FTS.B
,
4
.561
%
,
12/09/33
...
8,257
–
a,b
5534538.SQ.FTS.B
,
4
.717
%
,
12/10/33
...
3,044
–
a,b
5539742.SQ.FTS.B
,
5
.031
%
,
12/11/33
...
3,222
–
a,b
5546767.SQ.FTS.B
,
4
.56
%
,
12/13/33
....
9,786
–
a,b
5542232.SQ.FTS.B
,
4
.715
%
,
12/13/33
...
9,576
–
a,b
5543476.SQ.FTS.B
,
4
.874
%
,
12/13/33
...
697
–
a,b
5553801.SQ.FTS.B
,
4
.073
%
,
12/14/33
...
15,160
–
a,b
5553995.SQ.FTS.B
,
4
.553
%
,
12/14/33
...
680
–
a,b
5551837.SQ.FTS.B
,
4
.874
%
,
12/14/33
...
3,976
–
a,b
5564465.SQ.FTS.B
,
3
.928
%
,
12/16/33
...
3,809
–
a,b
5564400.SQ.FTS.B
,
4
.228
%
,
12/16/33
...
4,180
–
a,b
5564739.SQ.FTS.B
,
4
.02
%
,
12/17/33
....
4,014
1
a,b
5565718.SQ.FTS.B
,
4
.345
%
,
12/17/33
...
1,113
–
a,b
5566977.SQ.FTS.B
,
4
.564
%
,
12/17/33
...
4,680
–
a,b
5565342.SQ.FTS.B
,
5
.163
%
,
12/17/33
...
1,550
–
a,b
5568613.SQ.FTS.B
,
4
.557
%
,
12/18/33
...
7,092
–
a,b
5571039.SQ.FTS.B
,
3
.304
%
,
12/20/33
...
585
–
a,b
5571610.SQ.FTS.B
,
4
.642
%
,
12/20/33
...
10,025
–
a,b
5574449.SQ.FTS.B
,
3
.774
%
,
12/21/33
...
8,365
–
a,b
5574770.SQ.FTS.B
,
4
.562
%
,
12/21/33
...
5,784
–
a,b
5575354.SQ.FTS.B
,
4
.874
%
,
12/21/33
...
1,626
–
a,b
5574619.SQ.FTS.B
,
5
.941
%
,
12/21/33
...
1,300
–
a,b
5578293.SQ.FTS.B
,
3
.843
%
,
12/22/33
...
4,171
–
a,b
5581220.SQ.FTS.B
,
2
.444
%
,
12/23/33
...
2,766
–
a,b
5581428.SQ.FTS.B
,
3
.384
%
,
12/23/33
...
2,217
1
a,b
5581964.SQ.FTS.B
,
3
.774
%
,
12/23/33
...
1,652
–
a,b
5583691.SQ.FTS.B
,
3
.774
%
,
12/23/33
...
1,683
–
a,b
5581405.SQ.FTS.B
,
3
.935
%
,
12/23/33
...
1,215
–
a,b
5582638.SQ.FTS.B
,
3
.945
%
,
12/23/33
...
1,582
–
a,b
5582775.SQ.FTS.B
,
4
.422
%
,
12/23/33
...
565
–
a,b
5585193.SQ.FTS.B
,
4
.571
%
,
12/24/33
...
1,038
–
a,b
5587897.SQ.FTS.B
,
4
.65
%
,
12/24/33
....
21,318
–
a,b
5588620.SQ.FTS.B
,
4
.515
%
,
12/25/33
...
4,534
–
a,b
5588868.SQ.FTS.B
,
4
.56
%
,
12/26/33
....
2,471
–
a,b
5589268.SQ.FTS.B
,
4
.587
%
,
12/26/33
...
447
–
a,b
5589011.SQ.FTS.B
,
4
.874
%
,
12/26/33
...
996
–
a,b
5593696.SQ.FTS.B
,
4
.559
%
,
12/28/33
...
16,651
–
a,b
5594128.SQ.FTS.B
,
5
.019
%
,
12/28/33
...
3,289
–
a,b
5611249.SQ.FTS.B
,
5
.282
%
,
12/30/33
...
1,749
–
a,b
5609439.SQ.FTS.B
,
5
.673
%
,
12/30/33
...
2,708
–
a,b
5614043.SQ.FTS.B
,
3
.938
%
,
1/01/34
....
260
–
a,b
5629056.SQ.FTS.B
,
3
.298
%
,
1/06/34
....
1,056
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5646926.SQ.FTS.B
,
3
.302
%
,
1/07/34
....
$
4,350
$
–
a,b
5644715.SQ.FTS.B
,
3
.774
%
,
1/07/34
....
4,969
–
a,b
5644959.SQ.FTS.B
,
4
.716
%
,
1/07/34
....
10,493
–
a,b
5641293.SQ.FTS.B
,
5
.031
%
,
1/07/34
....
635
–
a,b
5655805.SQ.FTS.B
,
4
.559
%
,
1/09/34
....
9,103
–
a,b
5655794.SQ.FTS.B
,
4
.78
%
,
1/09/34
.....
265
–
a,b
5656707.SQ.FTS.B
,
3
.044
%
,
1/10/34
....
3,920
–
a,b
5656317.SQ.FTS.B
,
4
.403
%
,
1/10/34
....
3,805
–
a,b
5656852.SQ.FTS.B
,
4
.477
%
,
1/10/34
....
716
–
a,b
5656603.SQ.FTS.B
,
4
.88
%
,
1/10/34
.....
135
–
a,b
5661432.SQ.FTS.B
,
4
.56
%
,
1/11/34
.....
27,848
1
a,b
5670099.SQ.FTS.B
,
4
.129
%
,
1/12/34
....
1,442
–
a,b
5666857.SQ.FTS.B
,
4
.56
%
,
1/12/34
.....
50,254
–
a,b
5670219.SQ.FTS.B
,
4
.563
%
,
1/12/34
....
88
–
a,b
5672062.SQ.FTS.B
,
5
.367
%
,
1/12/34
....
957
–
a,b
5672716.SQ.FTS.B
,
4
.563
%
,
1/13/34
....
1,588
–
a,b
5672657.SQ.FTS.B
,
5
.02
%
,
1/13/34
.....
1,819
–
a,b
5689054.SQ.FTS.B
,
3
.304
%
,
1/14/34
....
354
–
a,b
5694752.SQ.FTS.B
,
4
.403
%
,
1/14/34
....
35,953
–
a,b
5702064.SQ.FTS.B
,
3
.032
%
,
1/15/34
....
1,794
–
a,b
5701510.SQ.FTS.B
,
3
.324
%
,
1/15/34
....
251
–
a,b
5696224.SQ.FTS.B
,
4
.56
%
,
1/15/34
.....
4,134
–
a,b
5698837.SQ.FTS.B
,
4
.563
%
,
1/15/34
....
8,377
1
a,b
5703564.SQ.FTS.B
,
4
.56
%
,
1/17/34
.....
5,948
–
a,b
5715524.SQ.FTS.B
,
3
.302
%
,
1/19/34
....
1,945
–
a,b
5714621.SQ.FTS.B
,
4
.874
%
,
1/19/34
....
16,436
2
a,b
5721363.SQ.FTS.B
,
3
.302
%
,
1/20/34
....
47,507
–
a,b
5721008.SQ.FTS.B
,
4
.557
%
,
1/20/34
....
4,207
–
a,b
5720995.SQ.FTS.B
,
5
.042
%
,
1/20/34
....
383
–
a,b
5720196.SQ.FTS.B
,
5
.499
%
,
1/20/34
....
869
–
a,b
5726619.SQ.FTS.B
,
4
.791
%
,
1/21/34
....
11,825
1
a,b
5734473.SQ.FTS.B
,
2
.638
%
,
1/22/34
....
4,239
–
a,b
5733912.SQ.FTS.B
,
3
.311
%
,
1/22/34
....
14,207
1
a,b
5732481.SQ.FTS.B
,
4
.555
%
,
1/22/34
....
913
–
a,b
5739318.SQ.FTS.B
,
4
.403
%
,
1/25/34
....
9,310
–
a,b
5741942.SQ.FTS.B
,
3
.593
%
,
1/26/34
....
5,645
–
a,b
5743692.SQ.FTS.B
,
3
.305
%
,
1/27/34
....
2,366
–
a,b
5743913.SQ.FTS.B
,
4
.56
%
,
1/27/34
.....
14,974
–
a,b
5745525.SQ.FTS.B
,
4
.562
%
,
1/27/34
....
3,073
–
a,b
5756490.SQ.FTS.B
,
4
.56
%
,
1/29/34
.....
28,616
–
a,b
5757294.SQ.FTS.B
,
4
.403
%
,
1/30/34
....
5,660
–
a,b
5756660.SQ.FTS.B
,
4
.559
%
,
1/30/34
....
17,332
–
a,b
5767979.SQ.FTS.B
,
3
.931
%
,
2/03/34
....
2,624
–
a,b
5767523.SQ.FTS.B
,
4
.309
%
,
2/03/34
....
17,755
1
a,b
5769375.SQ.FTS.B
,
4
.56
%
,
2/03/34
.....
2,824
–
a,b
5772616.SQ.FTS.B
,
4
.562
%
,
2/04/34
....
10,404
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
139
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5774638.SQ.FTS.B
,
4
.869
%
,
2/04/34
....
$
424
$
–
a,b
5777849.SQ.FTS.B
,
4
.556
%
,
2/05/34
....
1,927
–
a,b
5775630.SQ.FTS.B
,
4
.566
%
,
2/05/34
....
3,070
–
a,b
5778865.SQ.FTS.B
,
4
.722
%
,
2/05/34
....
1,750
–
a,b
5778637.SQ.FTS.B
,
4
.883
%
,
2/05/34
....
745
–
a,b
5778756.SQ.FTS.B
,
4
.931
%
,
2/05/34
....
2,847
–
a,b
5779967.SQ.FTS.B
,
4
.712
%
,
2/06/34
....
2,379
–
a,b
5780239.SQ.FTS.B
,
4
.405
%
,
2/07/34
....
7,900
–
a,b
5782195.SQ.FTS.B
,
5
.241
%
,
2/08/34
....
1,128
–
a,b
5788805.SQ.FTS.B
,
4
.403
%
,
2/09/34
....
20,630
–
a,b
5784888.SQ.FTS.B
,
4
.563
%
,
2/09/34
....
838
–
a,b
5788233.SQ.FTS.B
,
4
.709
%
,
2/09/34
....
881
–
a,b
5789379.SQ.FTS.B
,
4
.717
%
,
2/09/34
....
150
–
a,b
5793198.SQ.FTS.B
,
4
.121
%
,
2/10/34
....
14,656
–
a,b
5796633.SQ.FTS.B
,
4
.57
%
,
2/10/34
.....
2,959
–
a,b
5796654.SQ.FTS.B
,
4
.874
%
,
2/10/34
....
23,973
–
a,b
5795334.SQ.FTS.B
,
5
.25
%
,
2/10/34
.....
2,288
–
a,b
5802042.SQ.FTS.B
,
3
.064
%
,
2/11/34
....
49,428
–
a,b
5805398.SQ.FTS.B
,
3
.308
%
,
2/11/34
....
2,828
–
a,b
5801833.SQ.FTS.B
,
4
.558
%
,
2/11/34
....
1,116
–
a,b
5805490.SQ.FTS.B
,
4
.575
%
,
2/11/34
....
629
–
a,b
5804251.SQ.FTS.B
,
4
.717
%
,
2/11/34
....
3,132
1
a,b
5805369.SQ.FTS.B
,
5
.25
%
,
2/11/34
.....
2,188
–
a,b
5808150.SQ.FTS.B
,
3
.962
%
,
2/12/34
....
1,070
–
a,b
5809849.SQ.FTS.B
,
4
.561
%
,
2/12/34
....
2,395
–
a,b
5811504.SQ.FTS.B
,
4
.686
%
,
2/12/34
....
13,131
4
a,b
5816654.SQ.FTS.B
,
4
.559
%
,
2/15/34
....
13,550
–
a,b
5818437.SQ.FTS.B
,
4
.877
%
,
2/15/34
....
1,020
–
a,b
5818633.SQ.FTS.B
,
5
.262
%
,
2/15/34
....
762
–
a,b
5821739.SQ.FTS.B
,
4
.56
%
,
2/16/34
.....
18,386
1
a,b
5821663.SQ.FTS.B
,
4
.563
%
,
2/16/34
....
2,685
–
a,b
5824064.SQ.FTS.B
,
4
.403
%
,
2/17/34
....
16,472
–
a,b
5823402.SQ.FTS.B
,
4
.528
%
,
2/17/34
....
16,653
–
a,b
5824290.SQ.FTS.B
,
4
.552
%
,
2/17/34
....
1,207
–
a,b
5827715.SQ.FTS.B
,
4
.554
%
,
2/18/34
....
3,528
–
a,b
5832996.SQ.FTS.B
,
4
.52
%
,
2/19/34
.....
465
–
a,b
5833744.SQ.FTS.B
,
4
.552
%
,
2/19/34
....
4,166
–
a,b
5831642.SQ.FTS.B
,
4
.564
%
,
2/19/34
....
3,872
–
a,b
5832876.SQ.FTS.B
,
4
.64
%
,
2/19/34
.....
888
–
a,b
5832933.SQ.FTS.B
,
5
.275
%
,
2/19/34
....
871
–
a,b
5835427.SQ.FTS.B
,
4
.521
%
,
2/21/34
....
156
–
a,b
5840032.SQ.FTS.B
,
4
.56
%
,
2/23/34
.....
3,410
1
a,b
5844917.SQ.FTS.B
,
3
.933
%
,
2/24/34
....
2,860
–
a,b
5843566.SQ.FTS.B
,
4
.56
%
,
2/24/34
.....
5,389
–
a,b
5843736.SQ.FTS.B
,
5
.015
%
,
2/24/34
....
1,275
–
a,b
5848650.SQ.FTS.B
,
4
.814
%
,
2/25/34
....
2,710
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5853107.SQ.FTS.B
,
4
.881
%
,
2/26/34
....
$
1,186
$
–
a,b
5853687.SQ.FTS.B
,
5
.251
%
,
2/26/34
....
1,153
–
a,b
5855247.SQ.FTS.B
,
4
.306
%
,
2/27/34
....
2,503
–
a,b
5862832.SQ.FTS.B
,
3
.302
%
,
2/28/34
....
20,291
4
a,b
5855815.SQ.FTS.B
,
4
.758
%
,
2/28/34
....
2,097
–
a,b
5856506.SQ.FTS.B
,
4
.839
%
,
2/28/34
....
1,492
–
a,b
5857271.SQ.FTS.B
,
4
.909
%
,
2/28/34
....
5,828
–
a,b
5873503.SQ.FTS.B
,
4
.302
%
,
3/01/34
....
1,500
–
a,b
5871100.SQ.FTS.B
,
4
.59
%
,
3/01/34
.....
19,844
–
a,b
5872195.SQ.FTS.B
,
4
.686
%
,
3/01/34
....
11,306
–
a,b
5876942.SQ.FTS.B
,
5
.031
%
,
3/02/34
....
11,879
–
a,b
5878878.SQ.FTS.B
,
5
.11
%
,
3/05/34
.....
429
–
a,b
5884476.SQ.FTS.B
,
4
.435
%
,
3/07/34
....
2,124
–
a,b
5884756.SQ.FTS.B
,
5
.098
%
,
3/07/34
....
787
–
a,b
5890737.SQ.FTS.B
,
5
.158
%
,
3/08/34
....
31,239
1
a,b
5891388.SQ.FTS.B
,
4
.025
%
,
3/09/34
....
3,614
–
a,b
5892501.SQ.FTS.B
,
4
.048
%
,
3/09/34
....
760
–
a,b
5894049.SQ.FTS.B
,
4
.59
%
,
3/09/34
.....
5,935
–
a,b
5894227.SQ.FTS.B
,
4
.941
%
,
3/09/34
....
6,594
–
a,b
5893120.SQ.FTS.B
,
5
.037
%
,
3/09/34
....
3,245
–
a,b
5892907.SQ.FTS.B
,
5
.1
%
,
3/09/34
......
2,548
–
a,b
5892236.SQ.FTS.B
,
5
.29
%
,
3/09/34
.....
756
–
a,b
5899146.SQ.FTS.B
,
5
.1
%
,
3/12/34
......
1,011
–
a,b
5902039.SQ.FTS.B
,
4
.716
%
,
3/13/34
....
4,574
–
a,b
5900966.SQ.FTS.B
,
4
.738
%
,
3/13/34
....
1,908
–
a,b
5902007.SQ.FTS.B
,
5
.187
%
,
3/13/34
....
1,148
–
a,b
5900522.SQ.FTS.B
,
5
.516
%
,
3/13/34
....
449
–
a,b
5908792.SQ.FTS.B
,
4
.438
%
,
3/15/34
....
3,835
–
a,b
5909844.SQ.FTS.B
,
4
.905
%
,
3/15/34
....
8,247
–
a,b
5907307.SQ.FTS.B
,
5
.031
%
,
3/15/34
....
4,223
–
a,b
5912454.SQ.FTS.B
,
4
.946
%
,
3/16/34
....
2,264
–
a,b
5911132.SQ.FTS.B
,
5
.031
%
,
3/16/34
....
31,967
–
a,b
5912428.SQ.FTS.B
,
5
.031
%
,
3/16/34
....
2,401
1
a,b
5912708.SQ.FTS.B
,
5
.378
%
,
3/16/34
....
1,135
–
a,b
5913409.SQ.FTS.B
,
4
.308
%
,
3/17/34
....
2,690
–
a,b
5914346.SQ.FTS.B
,
5
.541
%
,
3/18/34
....
208
–
a,b
5917893.SQ.FTS.B
,
4
.435
%
,
3/19/34
....
14,136
1
a,b
5918205.SQ.FTS.B
,
4
.915
%
,
3/19/34
....
693
–
a,b
5917212.SQ.FTS.B
,
5
.084
%
,
3/19/34
....
1,502
–
a,b
5916186.SQ.FTS.B
,
5
.188
%
,
3/19/34
....
3,312
–
a,b
5918972.SQ.FTS.B
,
4
.526
%
,
3/20/34
....
8,974
–
a,b
5922077.SQ.FTS.B
,
5
.179
%
,
3/20/34
....
1,538
–
a,b
5918675.SQ.FTS.B
,
5
.211
%
,
3/20/34
....
305
–
a,b
5921964.SQ.FTS.B
,
5
.223
%
,
3/20/34
....
623
–
a,b
5921812.SQ.FTS.B
,
5
.536
%
,
3/20/34
....
1,536
–
a,b
5923853.SQ.FTS.B
,
4
.528
%
,
3/21/34
....
34,589
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
140
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5928998.SQ.FTS.B
,
4
.747
%
,
3/22/34
....
$
4,209
$
–
a,b
5927683.SQ.FTS.B
,
5
.372
%
,
3/22/34
....
4,609
–
a,b
5936987.SQ.FTS.B
,
4
.74
%
,
3/26/34
.....
631
–
a,b
5940897.SQ.FTS.B
,
3
.93
%
,
3/27/34
.....
6,239
–
a,b
5945156.SQ.FTS.B
,
4
.744
%
,
3/28/34
....
1,573
–
a,b
5950020.SQ.FTS.B
,
5
.438
%
,
3/29/34
....
1,452
–
a,b
5953421.SQ.FTS.B
,
4
.306
%
,
3/30/34
....
3,220
–
a,b
5953778.SQ.FTS.B
,
5
.196
%
,
3/30/34
....
470
–
a,b
5955157.SQ.FTS.B
,
5
.464
%
,
3/30/34
....
946
–
a,b
5960313.SQ.FTS.B
,
3
.937
%
,
4/03/34
....
584
–
a,b
5958081.SQ.FTS.B
,
4
.845
%
,
4/03/34
....
1,192
–
a,b
5960150.SQ.FTS.B
,
5
.031
%
,
4/03/34
....
2,473
–
a,b
5960372.SQ.FTS.B
,
5
.091
%
,
4/03/34
....
215
–
a,b
5961632.SQ.FTS.B
,
4
.31
%
,
4/04/34
.....
10,451
–
a,b
5960736.SQ.FTS.B
,
5
.441
%
,
4/04/34
....
9,716
–
a,b
5973170.SQ.FTS.B
,
4
.758
%
,
4/06/34
....
733
–
a,b
5977275.SQ.FTS.B
,
3
.932
%
,
4/07/34
....
12,616
–
a,b
5977823.SQ.FTS.B
,
4
.73
%
,
4/07/34
.....
855
–
a,b
5984496.SQ.FTS.B
,
5
.522
%
,
4/11/34
....
1,089
–
a,b
5986301.SQ.FTS.B
,
4
.434
%
,
4/12/34
....
1,805
–
a,b
5985197.SQ.FTS.B
,
4
.745
%
,
4/12/34
....
2,283
–
a,b
5991306.SQ.FTS.B
,
5
.031
%
,
4/13/34
....
1,478
–
a,b
5992494.SQ.FTS.B
,
5
.164
%
,
4/13/34
....
30
–
a,b
5993993.SQ.FTS.B
,
5
.179
%
,
4/14/34
....
738
–
a,b
6000281.SQ.FTS.B
,
4
.515
%
,
4/17/34
....
394
–
a,b
6000300.SQ.FTS.B
,
5
.379
%
,
4/17/34
....
2,058
–
a,b
6002949.SQ.FTS.B
,
5
.418
%
,
4/18/34
....
628
–
a,b
6010749.SQ.FTS.B
,
4
.524
%
,
4/20/34
....
1,573
–
a,b
6012358.SQ.FTS.B
,
4
.527
%
,
4/20/34
....
271
–
a,b
6011014.SQ.FTS.B
,
5
.275
%
,
4/20/34
....
1,107
–
a,b
6012743.SQ.FTS.B
,
4
.59
%
,
4/21/34
.....
8,938
–
a,b
6013463.SQ.FTS.B
,
5
.19
%
,
4/21/34
.....
5,991
–
a,b
6016649.SQ.FTS.B
,
4
.773
%
,
4/23/34
....
380
–
a,b
6016723.SQ.FTS.B
,
4
.93
%
,
4/23/34
.....
2,068
–
a,b
6027166.SQ.FTS.B
,
4
.534
%
,
4/26/34
....
2,396
–
a,b
6024650.SQ.FTS.B
,
4
.757
%
,
4/26/34
....
1,830
–
a,b
6027397.SQ.FTS.B
,
5
.199
%
,
4/26/34
....
1,633
–
a,b
6024496.SQ.FTS.B
,
5
.538
%
,
4/26/34
....
5,106
–
a,b
6036390.SQ.FTS.B
,
5
.013
%
,
4/28/34
....
356
–
a,b
6035360.SQ.FTS.B
,
5
.439
%
,
4/28/34
....
1,397
–
a,b
6037075.SQ.FTS.B
,
5
.442
%
,
4/29/34
....
2,702
–
a,b
6045560.SQ.FTS.B
,
5
.157
%
,
5/01/34
....
1,003
–
a,b
6046999.SQ.FTS.B
,
4
.748
%
,
5/02/34
....
586
–
a,b
6047712.SQ.FTS.B
,
4
.907
%
,
5/02/34
....
8,819
1
a,b
6047637.SQ.FTS.B
,
5
.511
%
,
5/02/34
....
629
–
a,b
6054000.SQ.FTS.B
,
4
.909
%
,
5/03/34
....
3,298
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6051734.SQ.FTS.B
,
5
.443
%
,
5/03/34
....
$
7,797
$
–
a,b
6050979.SQ.FTS.B
,
5
.536
%
,
5/03/34
....
2,052
–
a,b
6062202.SQ.FTS.B
,
3
.93
%
,
5/07/34
.....
3,703
–
a,b
6066747.SQ.FTS.B
,
5
.284
%
,
5/08/34
....
4,039
–
a,b
6108715.SQ.FTS.B
,
4
.775
%
,
5/09/34
....
138
–
a,b
6123389.SQ.FTS.B
,
4
.532
%
,
5/10/34
....
404
–
a,b
6123772.SQ.FTS.B
,
4
.901
%
,
5/10/34
....
4,168
–
a,b
6126544.SQ.FTS.B
,
4
.725
%
,
5/12/34
....
156
–
a,b
6126498.SQ.FTS.B
,
4
.755
%
,
5/12/34
....
1,036
–
a,b
6136825.SQ.FTS.B
,
4
.524
%
,
5/16/34
....
2,392
–
a,b
6136354.SQ.FTS.B
,
4
.904
%
,
5/16/34
....
6,097
–
a,b
6135095.SQ.FTS.B
,
5
.267
%
,
5/16/34
....
749
–
a,b
6142889.SQ.FTS.B
,
4
.914
%
,
5/17/34
....
1,621
–
a,b
6143114.SQ.FTS.B
,
5
.036
%
,
5/17/34
....
1,454
–
a,b
6140505.SQ.FTS.B
,
5
.381
%
,
5/17/34
....
3,963
–
a,b
6140493.SQ.FTS.B
,
5
.456
%
,
5/17/34
....
186
–
a,b
6140691.SQ.FTS.B
,
5
.533
%
,
5/17/34
....
3,669
–
a,b
6145923.SQ.FTS.B
,
4
.757
%
,
5/18/34
....
967
–
a,b
6149563.SQ.FTS.B
,
4
.746
%
,
5/21/34
....
2,619
–
a,b
6152853.SQ.FTS.B
,
4
.749
%
,
5/22/34
....
56,251
–
a,b
6160881.SQ.FTS.B
,
4
.748
%
,
5/24/34
....
4,729
–
a,b
6163213.SQ.FTS.B
,
4
.313
%
,
5/25/34
....
5,720
–
a,b
6163054.SQ.FTS.B
,
4
.53
%
,
5/25/34
.....
7,614
–
a,b
6165760.SQ.FTS.B
,
5
.535
%
,
5/27/34
....
2,769
–
a,b
6183434.SQ.FTS.B
,
5
.286
%
,
6/02/34
....
527
–
a,b
6192486.SQ.FTS.B
,
4
.747
%
,
6/06/34
....
3,185
–
a,b
6192461.SQ.FTS.B
,
5
.528
%
,
6/06/34
....
1,013
–
a,b
6205648.SQ.FTS.B
,
4
.751
%
,
6/08/34
....
1,955
–
a,b
6210528.SQ.FTS.B
,
5
.284
%
,
6/11/34
....
10,451
–
a,b
6214190.SQ.FTS.B
,
5
.414
%
,
6/12/34
....
610
–
a,b
6215457.SQ.FTS.B
,
5
.423
%
,
6/13/34
....
302
–
a,b
6215908.SQ.FTS.B
,
5
.544
%
,
6/13/34
....
488
–
a,b
6220236.SQ.FTS.B
,
4
.735
%
,
6/14/34
....
669
–
a,b
6226015.SQ.FTS.B
,
5
.031
%
,
6/15/34
....
3,446
–
a,b
6235468.SQ.FTS.B
,
5
.031
%
,
6/17/34
....
2,236
–
a,b
6243419.SQ.FTS.B
,
5
.031
%
,
6/20/34
....
7,274
–
a,b
6245712.SQ.FTS.B
,
4
.906
%
,
6/21/34
....
5,446
–
a,b
6244954.SQ.FTS.B
,
5
.379
%
,
6/21/34
....
8,954
–
a,b
6255252.SQ.FTS.B
,
4
.748
%
,
6/24/34
....
2,186
–
a,b
6258547.SQ.FTS.B
,
5
.469
%
,
6/27/34
....
6,260
–
a,b
6261595.SQ.FTS.B
,
4
.969
%
,
6/28/34
....
26,584
2
a,b
6270813.SQ.FTS.B
,
5
.46
%
,
6/30/34
.....
1,115
–
a,b
6270889.SQ.FTS.B
,
5
.762
%
,
6/30/34
....
1,370
–
a,b
6271434.SQ.FTS.B
,
4
.968
%
,
7/01/34
....
420
–
a,b
6274028.SQ.FTS.B
,
5
.252
%
,
7/03/34
....
7,166
–
a,b
6275869.SQ.FTS.B
,
5
.377
%
,
7/04/34
....
8,421
1
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6278505.SQ.FTS.B
,
5
.771
%
,
7/04/34
....
$
312
$
–
a,b
6281173.SQ.FTS.B
,
4
.752
%
,
7/05/34
....
574
–
a,b
6285882.SQ.FTS.B
,
5
.255
%
,
7/07/34
....
3,875
–
a,b
6297788.SQ.FTS.B
,
5
.444
%
,
7/12/34
....
884
–
a,b
6304026.SQ.FTS.B
,
4
.528
%
,
7/14/34
....
4,503
–
a,b
6314871.SQ.FTS.B
,
5
.753
%
,
7/19/34
....
303
–
a,b
6319360.SQ.FTS.B
,
4
.966
%
,
7/21/34
....
5,121
–
a,b
6320273.SQ.FTS.B
,
4
.748
%
,
7/22/34
....
25,170
–
a,b
6321367.SQ.FTS.B
,
5
.738
%
,
7/23/34
....
661
–
a,b
6356496.SQ.FTS.B
,
5
.126
%
,
7/25/34
....
17,258
1
a,b
6365762.SQ.FTS.B
,
4
.751
%
,
7/28/34
....
10,292
1
a,b
6366494.SQ.FTS.B
,
5
.682
%
,
7/29/34
....
403
–
a,b
6369144.SQ.FTS.B
,
5
.251
%
,
7/30/34
....
10,787
–
a,b
6378771.SQ.FTS.B
,
5
.441
%
,
8/02/34
....
1,938
–
a,b
6389131.SQ.FTS.B
,
5
.377
%
,
8/06/34
....
18,484
–
a,b
6390695.SQ.FTS.B
,
5
.603
%
,
8/07/34
....
554
–
a,b
6406738.SQ.FTS.B
,
5
.469
%
,
8/13/34
....
2,921
–
a,b
6412810.SQ.FTS.B
,
4
.751
%
,
8/15/34
....
9,999
–
a,b
6419039.SQ.FTS.B
,
5
.377
%
,
8/16/34
....
13,386
–
a,b
6420892.SQ.FTS.B
,
5
.378
%
,
8/16/34
....
8,853
1
a,b
6424077.SQ.FTS.B
,
5
.604
%
,
8/17/34
....
3,020
–
a,b
6425168.SQ.FTS.B
,
5
.466
%
,
8/19/34
....
4,759
–
a,b
6429767.SQ.FTS.B
,
5
.597
%
,
8/21/34
....
7,138
–
a,b
6442143.SQ.FTS.B
,
5
.448
%
,
8/24/34
....
624
–
a,b
6444790.SQ.FTS.B
,
5
.472
%
,
8/25/34
....
2,054
–
a,b
6450208.SQ.FTS.B
,
4
.965
%
,
8/28/34
....
2,651
–
a,b
6452261.SQ.FTS.B
,
4
.968
%
,
8/28/34
....
17,124
2
a,b
6453792.SQ.FTS.B
,
5
.471
%
,
9/01/34
....
10,859
1
a,b
6458130.SQ.FTS.B
,
4
.97
%
,
9/02/34
.....
1,801
–
a,b
6457685.SQ.FTS.B
,
5
.25
%
,
9/02/34
.....
5,638
–
a,b
6458789.SQ.FTS.B
,
5
.25
%
,
9/02/34
.....
637
–
a,b
6464461.SQ.FTS.B
,
5
.749
%
,
9/04/34
....
634
–
a,b
6464900.SQ.FTS.B
,
4
.963
%
,
9/05/34
....
4,011
–
a,b
6464819.SQ.FTS.B
,
5
.473
%
,
9/05/34
....
4,031
–
a,b
6468011.SQ.FTS.B
,
5
.131
%
,
9/06/34
....
2,262
–
a,b
6469480.SQ.FTS.B
,
4
.748
%
,
9/07/34
....
20,372
–
a,b
6490386.SQ.FTS.B
,
5
.252
%
,
9/14/34
....
1,645
1
a,b
6501697.SQ.FTS.B
,
4
.963
%
,
9/16/34
....
162
–
a,b
6502565.SQ.FTS.B
,
5
.73
%
,
9/16/34
.....
336
–
a,b
6501410.SQ.FTS.B
,
6
.166
%
,
9/16/34
....
2,005
–
a,b
6502765.SQ.FTS.B
,
4
.528
%
,
9/17/34
....
2,342
–
a,b
6504374.SQ.FTS.B
,
4
.749
%
,
9/17/34
....
6,570
–
a,b
6503327.SQ.FTS.B
,
5
.127
%
,
9/17/34
....
5,315
–
a,b
6506259.SQ.FTS.B
,
4
.845
%
,
9/18/34
....
5,850
1
a,b
6506724.SQ.FTS.B
,
5
.445
%
,
9/19/34
....
191
–
a,b
6509194.SQ.FTS.B
,
5
.252
%
,
9/20/34
....
9,768
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6516876.SQ.FTS.B
,
4
.309
%
,
9/22/34
....
$
3,687
$
–
a,b
6524458.SQ.FTS.B
,
4
.757
%
,
9/24/34
....
1,541
–
a,b
6526166.SQ.FTS.B
,
4
.743
%
,
9/25/34
....
747
–
a,b
6526193.SQ.FTS.B
,
5
.364
%
,
9/25/34
....
1,054
–
a,b
6527382.SQ.FTS.B
,
4
.528
%
,
9/27/34
....
8,363
–
a,b
6532408.SQ.FTS.B
,
4
.964
%
,
9/28/34
....
3,788
–
a,b
6537870.SQ.FTS.B
,
5
.593
%
,
9/29/34
....
219
–
a,b
6538002.SQ.FTS.B
,
5
.741
%
,
9/29/34
....
1,103
–
a,b
6543316.SQ.FTS.B
,
5
.432
%
,
9/30/34
....
3,927
–
a,b
6541945.SQ.FTS.B
,
5
.755
%
,
9/30/34
....
6,200
–
a,b
6548015.SQ.FTS.B
,
6
.077
%
,
10/02/34
...
2,395
–
a,b
6548822.SQ.FTS.B
,
5
.428
%
,
10/03/34
...
1,334
–
a,b
6552657.SQ.FTS.B
,
4
.845
%
,
10/04/34
...
2,239
–
a,b
6554014.SQ.FTS.B
,
5
.128
%
,
10/04/34
...
910
–
a,b
6562473.SQ.FTS.B
,
5
.598
%
,
10/06/34
...
15,241
2
a,b
6567346.SQ.FTS.B
,
4
.528
%
,
10/09/34
...
936
–
a,b
6569506.SQ.FTS.B
,
5
.18
%
,
10/10/34
....
1,090
–
a,b
6570382.SQ.FTS.B
,
5
.438
%
,
10/10/34
...
8,264
–
a,b
6567760.SQ.FTS.B
,
5
.747
%
,
10/10/34
...
653
–
a,b
6577330.SQ.FTS.B
,
5
.375
%
,
10/12/34
...
1,583
–
a,b
6584579.SQ.FTS.B
,
4
.767
%
,
10/14/34
...
136
–
a,b
6590809.SQ.FTS.B
,
5
.377
%
,
10/17/34
...
2,847
1
a,b
6590448.SQ.FTS.B
,
5
.38
%
,
10/17/34
....
1,824
–
a,b
6591260.SQ.FTS.B
,
5
.434
%
,
10/17/34
...
2,973
–
a,b
6589068.SQ.FTS.B
,
5
.44
%
,
10/17/34
....
6,446
–
a,b
6593772.SQ.FTS.B
,
6
.417
%
,
10/18/34
...
7,748
–
a,b
6596418.SQ.FTS.B
,
5
.765
%
,
10/19/34
...
802
–
a,b
6601765.SQ.FTS.B
,
5
.18
%
,
10/21/34
....
2,098
–
a,b
6610631.SQ.FTS.B
,
5
.129
%
,
10/25/34
...
5,370
–
a,b
6609951.SQ.FTS.B
,
5
.571
%
,
10/25/34
...
737
–
a,b
6622368.SQ.FTS.B
,
5
.751
%
,
10/28/34
...
2,757
–
a,b
6624836.SQ.FTS.B
,
6
.132
%
,
10/29/34
...
266
–
a,b
6627196.SQ.FTS.B
,
4
.783
%
,
11/01/34
...
191
–
a,b
6627396.SQ.FTS.B
,
5
.569
%
,
11/01/34
...
8,593
–
a,b
6631659.SQ.FTS.B
,
6
.262
%
,
11/02/34
...
531
–
a,b
6635230.SQ.FTS.B
,
5
.754
%
,
11/03/34
...
61,854
–
a,b
6641603.SQ.FTS.B
,
4
.746
%
,
11/05/34
...
1,337
–
a,b
6645579.SQ.FTS.B
,
4
.934
%
,
11/07/34
...
1,935
1
a,b
6648200.SQ.FTS.B
,
5
.756
%
,
11/08/34
...
3,585
–
a,b
6646196.SQ.FTS.B
,
6
.276
%
,
11/08/34
...
345
–
a,b
6655118.SQ.FTS.B
,
4
.939
%
,
11/10/34
...
1,933
–
a,b
6666031.SQ.FTS.B
,
5
.447
%
,
11/14/34
...
1,690
–
a,b
6667033.SQ.FTS.B
,
5
.378
%
,
11/15/34
...
3,156
–
a,b
6669109.SQ.FTS.B
,
5
.43
%
,
11/15/34
....
394
–
a,b
6669028.SQ.FTS.B
,
5
.438
%
,
11/15/34
...
981
–
a,b
6668228.SQ.FTS.B
,
6
.16
%
,
11/15/34
....
1,149
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
142
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6667810.SQ.FTS.B
,
6
.249
%
,
11/15/34
...
$
2,693
$
–
a,b
6674370.SQ.FTS.B
,
5
.753
%
,
11/17/34
...
12,265
–
a,b
6679967.SQ.FTS.B
,
5
.189
%
,
11/18/34
...
56,591
–
a,b
6678246.SQ.FTS.B
,
6
.409
%
,
11/18/34
...
188
–
a,b
6685190.SQ.FTS.B
,
6
.257
%
,
11/20/34
...
8,219
–
a,b
6685864.SQ.FTS.B
,
6
.191
%
,
11/21/34
...
219
–
a,b
6689080.SQ.FTS.B
,
5
.758
%
,
11/22/34
...
3,318
–
a,b
6692358.SQ.FTS.B
,
5
.558
%
,
11/23/34
...
1,578
–
a,b
6692474.SQ.FTS.B
,
6
.255
%
,
11/23/34
...
7,433
–
a,b
6696092.SQ.FTS.B
,
5
.754
%
,
11/24/34
...
1,280
–
a,b
6705796.SQ.FTS.B
,
5
.568
%
,
11/26/34
...
7,590
–
a,b
6707813.SQ.FTS.B
,
5
.762
%
,
11/27/34
...
271
–
a,b
6709168.SQ.FTS.B
,
5
.189
%
,
11/29/34
...
33,347
1
a,b
6719237.SQ.FTS.B
,
4
.749
%
,
12/01/34
...
4,055
–
a,b
6726121.SQ.FTS.B
,
4
.754
%
,
12/03/34
...
582
–
a,b
6725887.SQ.FTS.B
,
5
.378
%
,
12/03/34
...
167
–
a,b
6733364.SQ.FTS.B
,
5
.756
%
,
12/06/34
...
4,753
–
a,b
6735811.SQ.FTS.B
,
5
.374
%
,
12/07/34
...
1,795
–
a,b
6746302.SQ.FTS.B
,
5
.377
%
,
12/09/34
...
1,600
–
a,b
6744525.SQ.FTS.B
,
5
.755
%
,
12/09/34
...
48,006
–
a,b
6746943.SQ.FTS.B
,
5
.46
%
,
12/10/34
....
669
–
a,b
6747235.SQ.FTS.B
,
5
.562
%
,
12/10/34
...
3,203
–
a,b
6749349.SQ.FTS.B
,
4
.727
%
,
12/12/34
...
835
–
a,b
6753977.SQ.FTS.B
,
5
.442
%
,
12/13/34
...
4,775
–
a,b
6756917.SQ.FTS.B
,
5
.191
%
,
12/14/34
...
5,761
1
a,b
6756576.SQ.FTS.B
,
5
.755
%
,
12/14/34
...
1,008
–
a,b
6763757.SQ.FTS.B
,
5
.387
%
,
12/15/34
...
1,591
–
a,b
6763456.SQ.FTS.B
,
5
.752
%
,
12/15/34
...
5,352
1
a,b
6771935.SQ.FTS.B
,
5
.38
%
,
12/20/34
....
6,622
1
a,b
6776773.SQ.FTS.B
,
6
.007
%
,
12/21/34
...
57,840
1
a,b
6784616.SQ.FTS.B
,
6
.257
%
,
12/23/34
...
13,566
–
a,b
6786396.SQ.FTS.B
,
6
.005
%
,
12/24/34
...
6,516
1
a,b
6790513.SQ.FTS.B
,
5
.18
%
,
12/26/34
....
2,508
–
a,b
6788880.SQ.FTS.B
,
6
.257
%
,
12/26/34
...
372
–
a,b
6791327.SQ.FTS.B
,
6
.427
%
,
12/27/34
...
647
–
a,b
6800352.SQ.FTS.B
,
4
.94
%
,
12/29/34
....
1,588
–
a,b
6800307.SQ.FTS.B
,
5
.386
%
,
12/29/34
...
1,066
–
a,b
6807789.SQ.FTS.B
,
4
.74
%
,
12/30/34
....
2,456
–
a,b
6809289.SQ.FTS.B
,
5
.19
%
,
1/02/35
.....
12,073
–
a,b
6811597.SQ.FTS.B
,
5
.441
%
,
1/03/35
....
986
–
a,b
6812155.SQ.FTS.B
,
5
.451
%
,
1/03/35
....
2,586
–
a,b
6811299.SQ.FTS.B
,
5
.562
%
,
1/03/35
....
58
–
a,b
6811743.SQ.FTS.B
,
6
.251
%
,
1/03/35
....
772
–
a,b
6814032.SQ.FTS.B
,
5
.577
%
,
1/05/35
....
673
–
a,b
6823837.SQ.FTS.B
,
5
.441
%
,
1/07/35
....
8,236
1
a,b
6822498.SQ.FTS.B
,
6
.267
%
,
1/07/35
....
1,020
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6830462.SQ.FTS.B
,
4
.724
%
,
1/10/35
....
$
832
$
–
a,b
6829019.SQ.FTS.B
,
6
.257
%
,
1/10/35
....
2,958
–
a,b
6832199.SQ.FTS.B
,
5
.377
%
,
1/11/35
....
2,706
–
a,b
6833495.SQ.FTS.B
,
6
.015
%
,
1/11/35
....
379
–
a,b
6836420.SQ.FTS.B
,
5
.377
%
,
1/12/35
....
3,658
–
a,b
6836010.SQ.FTS.B
,
5
.566
%
,
1/12/35
....
3,628
–
a,b
6841524.SQ.FTS.B
,
4
.773
%
,
1/13/35
....
146
–
a,b
6840245.SQ.FTS.B
,
6
.004
%
,
1/13/35
....
4,185
–
a,b
6845464.SQ.FTS.B
,
5
.567
%
,
1/15/35
....
876
–
a,b
6861516.SQ.FTS.B
,
4
.751
%
,
1/20/35
....
2,500
–
a,b
6860790.SQ.FTS.B
,
6
.009
%
,
1/20/35
....
4,246
–
a,b
6858335.SQ.FTS.B
,
6
.42
%
,
1/20/35
.....
705
–
a,b
6864423.SQ.FTS.B
,
5
.566
%
,
1/21/35
....
8,861
–
a,b
6863964.SQ.FTS.B
,
6
%
,
1/21/35
.......
1,197
–
a,b
6864699.SQ.FTS.B
,
5
.439
%
,
1/22/35
....
84
–
a,b
6865584.SQ.FTS.B
,
5
.378
%
,
1/23/35
....
15,464
–
a,b
6867693.SQ.FTS.B
,
4
.654
%
,
1/24/35
....
7,462
–
a,b
6869515.SQ.FTS.B
,
4
.935
%
,
1/25/35
....
7,609
–
a,b
6878251.SQ.FTS.B
,
5
.566
%
,
1/27/35
....
15,208
–
a,b
6878142.SQ.FTS.B
,
5
.576
%
,
1/27/35
....
1,481
–
a,b
6884628.SQ.FTS.B
,
6
.263
%
,
1/29/35
....
292
–
a,b
6884701.SQ.FTS.B
,
6
.422
%
,
1/29/35
....
810
–
a,b
6888984.SQ.FTS.B
,
4
.935
%
,
1/31/35
....
2,110
–
a,b
6888845.SQ.FTS.B
,
5
.438
%
,
1/31/35
....
2,177
–
a,b
6891737.SQ.FTS.B
,
5
.75
%
,
2/01/35
.....
1,984
–
a,b
6903970.SQ.FTS.B
,
4
.75
%
,
2/04/35
.....
2,610
–
a,b
6904150.SQ.FTS.B
,
5
.377
%
,
2/04/35
....
23,246
3
a,b
6904916.SQ.FTS.B
,
5
.178
%
,
2/05/35
....
97
–
a,b
6904370.SQ.FTS.B
,
6
.161
%
,
2/05/35
....
3,220
–
a,b
6910971.SQ.FTS.B
,
5
.376
%
,
2/08/35
....
21,142
–
a,b
6909059.SQ.FTS.B
,
6
.263
%
,
2/08/35
....
3,599
–
a,b
6923831.SQ.FTS.B
,
6
.181
%
,
2/15/35
....
1,021
–
a,b
6933459.SQ.FTS.B
,
4
.755
%
,
2/17/35
....
2,173
–
a,b
6933558.SQ.FTS.B
,
5
.447
%
,
2/17/35
....
3,195
–
a,b
6935864.SQ.FTS.B
,
5
.566
%
,
2/17/35
....
1,011
7
a,b
6937431.SQ.FTS.B
,
4
.94
%
,
2/18/35
.....
2,039
–
a,b
6937013.SQ.FTS.B
,
5
.189
%
,
2/18/35
....
1,928
13
a,b
6937698.SQ.FTS.B
,
5
.193
%
,
2/18/35
....
1,399
–
a,b
6944346.SQ.FTS.B
,
4
.78
%
,
2/21/35
.....
341
–
a,b
6944112.SQ.FTS.B
,
5
.439
%
,
2/21/35
....
7,643
–
a,b
6945544.SQ.FTS.B
,
5
.567
%
,
2/21/35
....
747
–
a,b
6943747.SQ.FTS.B
,
5
.756
%
,
2/21/35
....
15,422
–
a,b
6949409.SQ.FTS.B
,
4
.78
%
,
2/22/35
.....
295
–
a,b
6952926.SQ.FTS.B
,
5
.384
%
,
2/23/35
....
944
–
a,b
6951159.SQ.FTS.B
,
6
.006
%
,
2/23/35
....
5,681
–
a,b
6961097.SQ.FTS.B
,
6
.264
%
,
2/25/35
....
4,906
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
143
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6962747.SQ.FTS.B
,
5
.442
%
,
2/26/35
....
$
543
$
–
a,b
6962536.SQ.FTS.B
,
5
.566
%
,
2/26/35
....
252
–
a,b
6962505.SQ.FTS.B
,
5
.569
%
,
2/26/35
....
341
3
a,b
6963222.SQ.FTS.B
,
6
.165
%
,
2/27/35
....
1,355
–
a,b
6967101.SQ.FTS.B
,
4
.94
%
,
2/28/35
.....
1,692
30
a,b
6967045.SQ.FTS.B
,
5
.183
%
,
2/28/35
....
3,977
1
a,b
6968588.SQ.FTS.B
,
5
.192
%
,
2/28/35
....
2,014
–
a,b
6967472.SQ.FTS.B
,
5
.377
%
,
2/28/35
....
16,292
–
a,b
6978300.SQ.FTS.B
,
5
.567
%
,
2/28/35
....
21,968
3
a,b
6983553.SQ.FTS.B
,
4
.938
%
,
3/01/35
....
2,540
–
a,b
6986554.SQ.FTS.B
,
4
.651
%
,
3/04/35
....
1,270
5
a,b
6986599.SQ.FTS.B
,
5
.574
%
,
3/04/35
....
1,319
–
a,b
6987258.SQ.FTS.B
,
5
.777
%
,
3/04/35
....
1,351
–
a,b
6986458.SQ.FTS.B
,
6
.171
%
,
3/04/35
....
101
2
a,b
6993229.SQ.FTS.B
,
5
.762
%
,
3/06/35
....
1,553
1
a,b
6990423.SQ.FTS.B
,
6
.422
%
,
3/06/35
....
2,051
1
a,b
6995636.SQ.FTS.B
,
6
.168
%
,
3/07/35
....
300
–
a,b
6997762.SQ.FTS.B
,
6
.179
%
,
3/07/35
....
191
–
a,b
7003292.SQ.FTS.B
,
4
.75
%
,
3/10/35
.....
12,154
4
a,b
7003650.SQ.FTS.B
,
5
.193
%
,
3/10/35
....
2,995
–
a,b
7009641.SQ.FTS.B
,
6
.005
%
,
3/12/35
....
12,183
2
a,b
7016321.SQ.FTS.B
,
5
.189
%
,
3/14/35
....
38,547
–
a,b
7020990.SQ.FTS.B
,
5
.19
%
,
3/15/35
.....
9,252
2
a,b
7025720.SQ.FTS.B
,
5
.378
%
,
3/17/35
....
3,925
1
a,b
7032794.SQ.FTS.B
,
5
.566
%
,
3/19/35
....
3,493
2
a,b
7043570.SQ.FTS.B
,
6
.415
%
,
3/21/35
....
27,825
22
a,b
7044059.SQ.FTS.B
,
6
.422
%
,
3/22/35
....
1,281
2
a,b
7061463.SQ.FTS.B
,
5
.19
%
,
3/28/35
.....
14,436
6
a,b
7061389.SQ.FTS.B
,
5
.559
%
,
3/28/35
....
1,542
3
a,b
7067466.SQ.FTS.B
,
6
.248
%
,
3/29/35
....
1,121
1
a,b
7068948.SQ.FTS.B
,
6
.013
%
,
3/30/35
....
3,321
3
a,b
7073426.SQ.FTS.B
,
6
.259
%
,
4/02/35
....
1,527
113
a,b
7077567.SQ.FTS.B
,
5
.375
%
,
4/03/35
....
7,677
6
a,b
7077718.SQ.FTS.B
,
5
.425
%
,
4/03/35
....
499
–
a,b
7080219.SQ.FTS.B
,
5
.751
%
,
4/04/35
....
292
–
a,b
7088740.SQ.FTS.B
,
5
.376
%
,
4/05/35
....
9,584
19
a,b
7087923.SQ.FTS.B
,
6
.006
%
,
4/05/35
....
9,288
18
a,b
7086293.SQ.FTS.B
,
6
.01
%
,
4/05/35
.....
3,367
257
a,b
7091848.SQ.FTS.B
,
5
.749
%
,
4/06/35
....
3,720
3
a,b
7094035.SQ.FTS.B
,
4
.943
%
,
4/09/35
....
2,873
3
a,b
7097395.SQ.FTS.B
,
5
.189
%
,
4/10/35
....
23,684
22
a,b
7097160.SQ.FTS.B
,
5
.752
%
,
4/10/35
....
773
1
a,b
7105122.SQ.FTS.B
,
4
.937
%
,
4/12/35
....
3,498
3
a,b
7106887.SQ.FTS.B
,
5
.19
%
,
4/12/35
.....
14,205
15
a,b
7113491.SQ.FTS.B
,
5
.751
%
,
4/15/35
....
1,744
2
a,b
7113005.SQ.FTS.B
,
6
.255
%
,
4/15/35
....
6,711
3
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7116821.SQ.FTS.B
,
5
.189
%
,
4/16/35
....
$
28,095
$
13
a,b
7115476.SQ.FTS.B
,
6
.257
%
,
4/16/35
....
6,351
4
a,b
7121176.SQ.FTS.B
,
5
.565
%
,
4/17/35
....
3,277
7
a,b
7120797.SQ.FTS.B
,
6
.164
%
,
4/17/35
....
20,220
10
a,b
7123188.SQ.FTS.B
,
4
.756
%
,
4/18/35
....
423
–
a,b
7121532.SQ.FTS.B
,
5
.567
%
,
4/18/35
....
1,181
1
a,b
7134683.SQ.FTS.B
,
5
.995
%
,
4/19/35
....
1,675
1
a,b
7147738.SQ.FTS.B
,
5
.186
%
,
4/24/35
....
2,920
312
a,b
7154428.SQ.FTS.B
,
4
.756
%
,
4/25/35
....
2,177
2
a,b
7151519.SQ.FTS.B
,
5
.759
%
,
4/25/35
....
7,613
4
a,b
7156753.SQ.FTS.B
,
4
.654
%
,
4/26/35
....
4,816
4
a,b
7164816.SQ.FTS.B
,
5
.382
%
,
4/28/35
....
1,637
2
a,b
7173156.SQ.FTS.B
,
5
.759
%
,
4/30/35
....
1,928
4
a,b
7176877.SQ.FTS.B
,
5
.578
%
,
5/01/35
....
1,630
2
a,b
7179248.SQ.FTS.B
,
4
.941
%
,
5/02/35
....
3,816
186
a,b
7183135.SQ.FTS.B
,
5
.388
%
,
5/02/35
....
1,534
4
a,b
7179389.SQ.FTS.B
,
5
.566
%
,
5/02/35
....
3,065
18
a,b
7187135.SQ.FTS.B
,
4
.656
%
,
5/03/35
....
2,192
286
a,b
7187093.SQ.FTS.B
,
6
.002
%
,
5/03/35
....
1,566
1
a,b
7188188.SQ.FTS.B
,
4
.745
%
,
5/04/35
....
603
4
a,b
7193396.SQ.FTS.B
,
6
.419
%
,
5/06/35
....
1,121
1
a,b
7196348.SQ.FTS.B
,
5
.377
%
,
5/07/35
....
11,631
14
a,b
7194348.SQ.FTS.B
,
6
.251
%
,
5/07/35
....
3,248
1
a,b
7197655.SQ.FTS.B
,
4
.933
%
,
5/08/35
....
3,446
9
a,b
7200476.SQ.FTS.B
,
6
.01
%
,
5/08/35
.....
2,032
4
a,b
7209211.SQ.FTS.B
,
5
.19
%
,
5/10/35
.....
14,325
37
a,b
7209663.SQ.FTS.B
,
5
.759
%
,
5/10/35
....
2,737
4
a,b
7210903.SQ.FTS.B
,
4
.653
%
,
5/11/35
....
5,395
14
a,b
7211511.SQ.FTS.B
,
5
.377
%
,
5/11/35
.....
9,115
74
a,b
7216608.SQ.FTS.B
,
4
.73
%
,
5/13/35
.....
177
–
a,b
7217049.SQ.FTS.B
,
4
.937
%
,
5/14/35
....
6,532
52
a,b
7217319.SQ.FTS.B
,
4
.939
%
,
5/14/35
....
18,370
16
a,b
7224046.SQ.FTS.B
,
5
.566
%
,
5/15/35
....
10,340
16
a,b
7224266.SQ.FTS.B
,
5
.759
%
,
5/15/35
....
4,521
7
a,b
7230286.SQ.FTS.B
,
5
.565
%
,
5/16/35
....
4,840
8
a,b
7229934.SQ.FTS.B
,
6
.259
%
,
5/16/35
....
367
1
a,b
7237384.SQ.FTS.B
,
5
.756
%
,
5/20/35
....
5,724
10
a,b
7252493.SQ.FTS.B
,
5
.195
%
,
5/24/35
....
5,028
4
a,b
7254093.SQ.FTS.B
,
5
.75
%
,
5/24/35
.....
2,380
4
a,b
7255214.SQ.FTS.B
,
6
.013
%
,
5/25/35
....
2,026
4
a,b
7254528.SQ.FTS.B
,
6
.413
%
,
5/25/35
....
2,827
1
a,b
7256218.SQ.FTS.B
,
5
.759
%
,
5/26/35
....
6,270
8
a,b
7256895.SQ.FTS.B
,
6
.26
%
,
5/26/35
.....
154
3
a,b
7261087.SQ.FTS.B
,
5
.195
%
,
5/28/35
....
1,742
6
a,b
7270346.SQ.FTS.B
,
4
.649
%
,
5/30/35
....
1,110
12
a,b
7279543.SQ.FTS.B
,
6
.166
%
,
6/03/35
....
1,656
3
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7280624.SQ.FTS.B
,
5
.173
%
,
6/04/35
....
$
1,131
$
3
a,b
7283057.SQ.FTS.B
,
5
.755
%
,
6/04/35
....
21,068
3,261
a,b
7291331.SQ.FTS.B
,
4
.735
%
,
6/06/35
....
1,300
2
a,b
7290035.SQ.FTS.B
,
4
.931
%
,
6/06/35
....
3,403
11
a,b
7288120.SQ.FTS.B
,
6
.002
%
,
6/06/35
....
3,770
15
a,b
7291240.SQ.FTS.B
,
6
.26
%
,
6/06/35
.....
5,009
8
a,b
7296106.SQ.FTS.B
,
4
.738
%
,
6/07/35
....
659
1
a,b
7296773.SQ.FTS.B
,
5
.743
%
,
6/07/35
....
192
1
a,b
7298390.SQ.FTS.B
,
5
.188
%
,
6/08/35
....
832
1
a,b
7303458.SQ.FTS.B
,
4
.652
%
,
6/10/35
....
1,831
325
a,b
7312996.SQ.FTS.B
,
5
.565
%
,
6/12/35
....
2,115
423
a,b
7315379.SQ.FTS.B
,
4
.936
%
,
6/13/35
....
14,812
18
a,b
7320392.SQ.FTS.B
,
5
.376
%
,
6/14/35
....
5,609
15
a,b
7326147.SQ.FTS.B
,
4
.748
%
,
6/15/35
....
365
1
a,b
7328785.SQ.FTS.B
,
5
.566
%
,
6/16/35
....
6,965
19
a,b
7339440.SQ.FTS.B
,
5
.437
%
,
6/20/35
....
1,895
6
a,b
7338337.SQ.FTS.B
,
5
.752
%
,
6/20/35
....
1,001
4
a,b
7340785.SQ.FTS.B
,
6
.237
%
,
6/20/35
....
283
1
a,b
7347758.SQ.FTS.B
,
4
.936
%
,
6/21/35
....
637
1
a,b
7347161.SQ.FTS.B
,
5
.179
%
,
6/21/35
....
1,612
7
a,b
7349176.SQ.FTS.B
,
6
.01
%
,
6/22/35
.....
4,129
214
a,b
7351853.SQ.FTS.B
,
5
.379
%
,
6/23/35
....
5,993
12
a,b
7360805.SQ.FTS.B
,
6
.165
%
,
6/27/35
....
2,006
4
a,b
7365827.SQ.FTS.B
,
6
.258
%
,
6/28/35
....
6,811
77
a,b
7371001.SQ.FTS.B
,
5
.562
%
,
6/30/35
....
1,240
4
a,b
7371632.SQ.FTS.B
,
6
.003
%
,
6/30/35
....
448
75
a,b
7371839.SQ.FTS.B
,
6
.243
%
,
7/01/35
....
940
201
a,b
7372521.SQ.FTS.B
,
6
.411
%
,
7/01/35
....
1,299
3
a,b
7374891.SQ.FTS.B
,
5
.43
%
,
7/02/35
.....
2,125
3
a,b
7375109.SQ.FTS.B
,
5
.566
%
,
7/02/35
....
51,881
7,235
a,b
7377915.SQ.FTS.B
,
5
.191
%
,
7/03/35
....
2,442
6
a,b
7378930.SQ.FTS.B
,
5
.377
%
,
7/03/35
....
222
42
a,b
7380832.SQ.FTS.B
,
6
.418
%
,
7/04/35
....
3,802
5
a,b
7387351.SQ.FTS.B
,
6
.267
%
,
7/06/35
....
1,437
5
a,b
7394034.SQ.FTS.B
,
5
.567
%
,
7/09/35
....
15,218
53
a,b
7391709.SQ.FTS.B
,
5
.752
%
,
7/09/35
....
3,929
11
a,b
7401159.SQ.FTS.B
,
5
.189
%
,
7/11/35
....
4,474
17
a,b
7400721.SQ.FTS.B
,
6
.003
%
,
7/11/35
....
3,142
16
a,b
7407628.SQ.FTS.B
,
5
.578
%
,
7/14/35
....
707
4
a,b
7416118.SQ.FTS.B
,
4
.751
%
,
7/18/35
....
861
5
a,b
7427050.SQ.FTS.B
,
6
.006
%
,
7/22/35
....
20,152
46
a,b
7438902.SQ.FTS.B
,
5
.753
%
,
7/26/35
....
5,508
28
a,b
7443538.SQ.FTS.B
,
4
.936
%
,
7/28/35
....
1,207
397
a,b
7443523.SQ.FTS.B
,
6
.16
%
,
7/28/35
.....
82
–
a,b
7450843.SQ.FTS.B
,
4
.747
%
,
7/30/35
....
141
1
a,b
7447727.SQ.FTS.B
,
6
.007
%
,
7/30/35
....
8,418
2,271
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7453402.SQ.FTS.B
,
5
.564
%
,
7/31/35
....
$
3,989
$
33
a,b
7458281.SQ.FTS.B
,
5
.442
%
,
8/01/35
....
3,185
12
a,b
7459192.SQ.FTS.B
,
5
.448
%
,
8/01/35
....
2,982
6
a,b
7461871.SQ.FTS.B
,
4
.937
%
,
8/02/35
....
11,449
83
a,b
7461398.SQ.FTS.B
,
5
.571
%
,
8/02/35
....
182
65
a,b
7461204.SQ.FTS.B
,
6
.184
%
,
8/02/35
....
583
2
a,b
7467058.SQ.FTS.B
,
5
.19
%
,
8/05/35
.....
2,489
15
a,b
7467174.SQ.FTS.B
,
5
.447
%
,
8/05/35
....
1,084
5
a,b
7478115.SQ.FTS.B
,
4
.759
%
,
8/08/35
....
2,361
15
a,b
7478314.SQ.FTS.B
,
5
.19
%
,
8/08/35
.....
33,364
129
a,b
7480273.SQ.FTS.B
,
4
.654
%
,
8/09/35
....
4,716
497
a,b
7487915.SQ.FTS.B
,
4
.654
%
,
8/12/35
....
23,449
7,196
a,b
7485386.SQ.FTS.B
,
5
.376
%
,
8/12/35
....
6,846
18
a,b
7490860.SQ.FTS.B
,
4
.751
%
,
8/13/35
....
10,209
25
a,b
7495215.SQ.FTS.B
,
5
.19
%
,
8/14/35
.....
5,174
30
a,b
7492564.SQ.FTS.B
,
5
.756
%
,
8/14/35
....
6,969
55
a,b
7503077.SQ.FTS.B
,
5
.566
%
,
8/15/35
....
5,648
18
a,b
7506371.SQ.FTS.B
,
5
.761
%
,
8/16/35
....
2,356
8
a,b
7507182.SQ.FTS.B
,
6
.163
%
,
8/16/35
....
724
3
a,b
7512941.SQ.FTS.B
,
5
.191
%
,
8/20/35
....
1,766
450
a,b
7515032.SQ.FTS.B
,
5
.38
%
,
8/20/35
.....
1,203
8
a,b
7518279.SQ.FTS.B
,
6
.409
%
,
8/21/35
....
848
6
a,b
7516707.SQ.FTS.B
,
6
.423
%
,
8/21/35
....
2,908
19
a,b
7527745.SQ.FTS.B
,
5
.433
%
,
8/23/35
....
201
2
a,b
7528450.SQ.FTS.B
,
6
.181
%
,
8/23/35
....
316
2
a,b
7529757.SQ.FTS.B
,
4
.654
%
,
8/24/35
....
16,511
1,817
a,b
7529703.SQ.FTS.B
,
5
.373
%
,
8/24/35
....
3,770
17
a,b
7530224.SQ.FTS.B
,
6
.415
%
,
8/24/35
....
1,328
165
a,b
7534222.SQ.FTS.B
,
4
.746
%
,
8/26/35
....
3,893
27
a,b
7536249.SQ.FTS.B
,
6
.408
%
,
8/27/35
....
4,101
25
a,b
7540141.SQ.FTS.B
,
4
.749
%
,
8/28/35
....
6,653
33
a,b
7542122.SQ.FTS.B
,
5
.577
%
,
8/28/35
....
2,313
16
a,b
7549195.SQ.FTS.B
,
5
.447
%
,
8/29/35
....
187
1
a,b
7548215.SQ.FTS.B
,
5
.755
%
,
8/29/35
....
17,087
121
a,b
7555997.SQ.FTS.B
,
5
.752
%
,
9/03/35
....
1,560
12
a,b
7563453.SQ.FTS.B
,
5
.189
%
,
9/05/35
....
42,374
347
a,b
7562885.SQ.FTS.B
,
6
.004
%
,
9/05/35
....
8,387
41
a,b
7571798.SQ.FTS.B
,
4
.937
%
,
9/07/35
....
13,156
129
a,b
7571356.SQ.FTS.B
,
5
.188
%
,
9/07/35
....
15,007
4,586
a,b
7580380.SQ.FTS.B
,
4
.923
%
,
9/10/35
....
561
198
a,b
7585994.SQ.FTS.B
,
4
.654
%
,
9/12/35
....
6,774
2,419
a,b
7584863.SQ.FTS.B
,
4
.749
%
,
9/12/35
....
14,320
139
a,b
7587250.SQ.FTS.B
,
5
.757
%
,
9/12/35
....
750
8
a,b
7587356.SQ.FTS.B
,
6
.164
%
,
9/12/35
....
2,162
20
a,b
7588555.SQ.FTS.B
,
4
.767
%
,
9/13/35
....
804
4
a,b
7589355.SQ.FTS.B
,
5
.772
%
,
9/13/35
....
1,086
10
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7590816.SQ.FTS.B
,
6
.17
%
,
9/13/35
.....
$
93
$
10
a,b
7589431.SQ.FTS.B
,
6
.417
%
,
9/13/35
....
4,982
35
a,b
7598984.SQ.FTS.B
,
5
.189
%
,
9/15/35
....
8,984
96
a,b
7603549.SQ.FTS.B
,
6
.258
%
,
9/18/35
....
1,546
14
a,b
7604419.SQ.FTS.B
,
6
.289
%
,
9/18/35
....
212
2
a,b
7606959.SQ.FTS.B
,
5
.429
%
,
9/19/35
....
438
3
a,b
7612216.SQ.FTS.B
,
5
.378
%
,
9/20/35
....
2,313
25
a,b
7611418.SQ.FTS.B
,
5
.461
%
,
9/20/35
....
1,235
5
a,b
7611675.SQ.FTS.B
,
6
.259
%
,
9/20/35
....
1,865
13
a,b
7617327.SQ.FTS.B
,
5
.378
%
,
9/21/35
....
7,787
3,251
a,b
7619618.SQ.FTS.B
,
5
.566
%
,
9/22/35
....
2,757
19
a,b
7621281.SQ.FTS.B
,
4
.942
%
,
9/23/35
....
2,435
28
a,b
7622285.SQ.FTS.B
,
6
.252
%
,
9/24/35
....
2,465
25
a,b
7625481.SQ.FTS.B
,
6
.416
%
,
9/25/35
....
36,849
405
a,b
7626562.SQ.FTS.B
,
5
.281
%
,
9/26/35
....
140
62
a,b
7633539.SQ.FTS.B
,
5
.344
%
,
9/27/35
....
629
275
a,b
7638920.SQ.FTS.B
,
4
.74
%
,
9/28/35
.....
2,024
12
a,b
7636007.SQ.FTS.B
,
4
.754
%
,
9/28/35
....
1,437
10
a,b
7637379.SQ.FTS.B
,
5
.375
%
,
9/28/35
....
365
77
a,b
7637460.SQ.FTS.B
,
5
.566
%
,
9/28/35
....
3,871
27
a,b
7642888.SQ.FTS.B
,
5
.187
%
,
9/29/35
....
10,378
130
a,b
7641906.SQ.FTS.B
,
5
.377
%
,
9/29/35
....
5,449
2,387
a,b
7645813.SQ.FTS.B
,
6
.184
%
,
10/01/35
...
946
5
a,b
7656711.SQ.FTS.B
,
6
.004
%
,
10/03/35
...
2,619
33
a,b
7657540.SQ.FTS.B
,
6
.261
%
,
10/03/35
...
2,992
21
a,b
7662217.SQ.FTS.B
,
5
.563
%
,
10/04/35
...
4,430
33
a,b
7659875.SQ.FTS.B
,
6
.17
%
,
10/04/35
....
230
33
a,b
7667343.SQ.FTS.B
,
6
.001
%
,
10/05/35
...
1,280
8
a,b
7668773.SQ.FTS.B
,
6
.146
%
,
10/06/35
...
1,217
15
a,b
7667933.SQ.FTS.B
,
6
.164
%
,
10/06/35
...
34,644
216
a,b
7671011.SQ.FTS.B
,
5
.157
%
,
10/08/35
...
418
5
a,b
7671923.SQ.FTS.B
,
5
.567
%
,
10/08/35
...
2,855
454
a,b
7690511.SQ.FTS.B
,
6
.267
%
,
10/14/35
...
936
9
a,b
7692666.SQ.FTS.B
,
4
.762
%
,
10/15/35
...
304
100
a,b
7693460.SQ.FTS.B
,
6
.294
%
,
10/15/35
...
327
46
a,b
7699696.SQ.FTS.B
,
5
.566
%
,
10/17/35
...
18,110
235
a,b
7703885.SQ.FTS.B
,
4
.754
%
,
10/18/35
...
2,890
23
a,b
7722120.SQ.FTS.B
,
5
.098
%
,
10/25/35
...
5,862
76
a,b
7722826.SQ.FTS.B
,
5
.527
%
,
10/25/35
...
1,164
17
a,b
7726762.SQ.FTS.B
,
6
.481
%
,
10/26/35
...
3,409
22
a,b
7730733.SQ.FTS.B
,
5
.568
%
,
10/27/35
...
396
4
a,b
7730655.SQ.FTS.B
,
6
.184
%
,
10/27/35
...
691
292
a,b
7733410.SQ.FTS.B
,
6
.166
%
,
10/28/35
...
4,409
51
a,b
7740952.SQ.FTS.B
,
4
.754
%
,
10/30/35
...
2,949
44
a,b
7751484.SQ.FTS.B
,
5
.096
%
,
11/02/35
...
4,718
74
a,b
7760287.SQ.FTS.B
,
6
.169
%
,
11/06/35
...
6,714
50
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7766291.SQ.FTS.B
,
5
.398
%
,
11/07/35
...
$
74
$
9
a,b
7771517.SQ.FTS.B
,
4
.78
%
,
11/08/35
....
1,673
26
a,b
7770019.SQ.FTS.B
,
5
.533
%
,
11/08/35
...
1,999
1,124
a,b
7777312.SQ.FTS.B
,
4
.717
%
,
11/09/35
...
494
66
a,b
7778593.SQ.FTS.B
,
5
.738
%
,
11/10/35
...
254
40
a,b
7783246.SQ.FTS.B
,
6
.159
%
,
11/12/35
...
1,495
11
a,b
7785778.SQ.FTS.B
,
5
.099
%
,
11/13/35
...
1,433
24
a,b
7803938.SQ.FTS.B
,
4
.767
%
,
11/17/35
...
84
34
a,b
7804032.SQ.FTS.B
,
6
.162
%
,
11/18/35
...
11,301
708
a,b
7805135.SQ.FTS.B
,
4
.756
%
,
11/19/35
...
147
19
a,b
7805154.SQ.FTS.B
,
5
.922
%
,
11/19/35
...
662
331
a,b
7809092.SQ.FTS.B
,
5
.346
%
,
11/20/35
...
2,248
1,297
a,b
7821101.SQ.FTS.B
,
4
.742
%
,
11/23/35
...
4,175
21
a,b
7824941.SQ.FTS.B
,
5
.094
%
,
11/23/35
...
8,799
5,281
a,b
7822908.SQ.FTS.B
,
5
.723
%
,
11/23/35
...
20,456
255
a,b
7828520.SQ.FTS.B
,
5
.727
%
,
11/24/35
...
2,729
34
a,b
7830282.SQ.FTS.B
,
6
.289
%
,
11/25/35
...
2,678
1,417
a,b
7836965.SQ.FTS.B
,
5
.724
%
,
11/29/35
...
7,245
3,916
a,b
7844276.SQ.FTS.B
,
4
.784
%
,
11/30/35
...
335
203
a,b
7844687.SQ.FTS.B
,
6
.164
%
,
11/30/35
...
4,037
2,208
a,b
7845202.SQ.FTS.B
,
6
.287
%
,
11/30/35
...
2,732
53
a,b
7851095.SQ.FTS.B
,
5
.723
%
,
12/01/35
...
16,980
2,072
a,b
7855369.SQ.FTS.B
,
4
.751
%
,
12/03/35
...
3,143
41
a
7855437.SQ.FTS.B
,
4
.78
%
,
12/03/35
....
160
102
a,b
7855213.SQ.FTS.B
,
5
.535
%
,
12/03/35
...
1,997
300
a
7858529.SQ.FTS.B
,
5
.726
%
,
12/04/35
...
829
442
a
7856674.SQ.FTS.B
,
6
.289
%
,
12/04/35
...
892
462
a,b
7869424.SQ.FTS.B
,
6
.289
%
,
12/06/35
...
11,411
170
a,b
7881465.SQ.FTS.B
,
5
.54
%
,
12/11/35
....
3,068
38
a
7881388.SQ.FTS.B
,
5
.917
%
,
12/11/35
...
408
6
a
7886066.SQ.FTS.B
,
5
.346
%
,
12/12/35
...
16,020
10,379
a,b
7885234.SQ.FTS.B
,
5
.917
%
,
12/12/35
...
1,279
25
a
7891807.SQ.FTS.B
,
4
.784
%
,
12/13/35
...
486
318
a,b
7894898.SQ.FTS.B
,
4
.75
%
,
12/14/35
....
1,313
26
a
7895575.SQ.FTS.B
,
5
.094
%
,
12/14/35
...
2,579
1,601
a
7895745.SQ.FTS.B
,
6
.463
%
,
12/14/35
...
632
343
a
7900540.SQ.FTS.B
,
4
.785
%
,
12/16/35
...
111
67
a
7902529.SQ.FTS.B
,
5
.094
%
,
12/17/35
...
1,613
1,066
a,b
7902827.SQ.FTS.B
,
6
.168
%
,
12/17/35
...
1,631
32
a
7905583.SQ.FTS.B
,
4
.777
%
,
12/18/35
...
1,925
565
a
7905884.SQ.FTS.B
,
5
.899
%
,
12/18/35
...
208
122
a
7910151.SQ.FTS.B
,
6
.162
%
,
12/19/35
...
3,108
1,698
a
7913516.SQ.FTS.B
,
5
.346
%
,
12/20/35
...
2,370
1,593
a
7918327.SQ.FTS.B
,
5
.912
%
,
12/21/35
...
2,518
1,463
a
7919109.SQ.FTS.B
,
5
.344
%
,
12/22/35
...
1,734
377
a,b
7919647.SQ.FTS.B
,
6
.184
%
,
12/22/35
...
76
2
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7924288.SQ.FTS.B
,
4
.75
%
,
12/24/35
....
$
3,699
$
2,200
a,b
7924505.SQ.FTS.B
,
5
.436
%
,
12/24/35
...
2,823
34
a
7924567.SQ.FTS.B
,
5
.885
%
,
12/24/35
...
168
113
a
7924133.SQ.FTS.B
,
5
.915
%
,
12/24/35
...
1,234
683
a
7926943.SQ.FTS.B
,
4
.78
%
,
12/25/35
....
1,578
1,050
a
7926543.SQ.FTS.B
,
5
.093
%
,
12/25/35
...
1,428
962
a,b
7924762.SQ.FTS.B
,
5
.911
%
,
12/25/35
...
24,104
3,054
a,b
7930283.SQ.FTS.B
,
6
.301
%
,
12/26/35
...
170
4
a,b
7938776.SQ.FTS.B
,
5
.914
%
,
12/28/35
...
8,317
201
a
7945084.SQ.FTS.B
,
5
.349
%
,
1/01/36
....
2,262
1,358
a
7947201.SQ.FTS.B
,
6
.301
%
,
1/01/36
....
134
85
a
7945398.SQ.FTS.B
,
6
.484
%
,
1/01/36
....
147
81
a,b
7951375.SQ.FTS.B
,
6
.168
%
,
1/02/36
....
3,970
78
a
7951302.SQ.FTS.B
,
6
.478
%
,
1/02/36
....
333
113
a,b
7957554.SQ.FTS.B
,
4
.757
%
,
1/03/36
....
852
13
a,b
7957892.SQ.FTS.B
,
5
.719
%
,
1/03/36
....
1,916
32
a,b
7956696.SQ.FTS.B
,
5
.909
%
,
1/03/36
....
6,001
234
a,b
7957091.SQ.FTS.B
,
5
.909
%
,
1/03/36
....
371
108
a,b
7956978.SQ.FTS.B
,
6
.162
%
,
1/03/36
....
3,117
42
a,b
7957811.SQ.FTS.B
,
6
.453
%
,
1/03/36
....
224
109
a
7959379.SQ.FTS.B
,
4
.755
%
,
1/04/36
....
1,313
322
a,b
7960956.SQ.FTS.B
,
4
.745
%
,
1/05/36
....
6,363
1,203
a,b
7963717.SQ.FTS.B
,
4
.757
%
,
1/06/36
....
927
433
a
7963288.SQ.FTS.B
,
5
.359
%
,
1/06/36
....
627
359
a,b
7963850.SQ.FTS.B
,
6
.298
%
,
1/06/36
....
504
12
a,b
7967953.SQ.FTS.B
,
5
.095
%
,
1/08/36
....
15,279
297
a
7966595.SQ.FTS.B
,
6
.173
%
,
1/08/36
....
1,761
457
a
7970205.SQ.FTS.B
,
5
.094
%
,
1/09/36
....
5,501
3,260
a
7969990.SQ.FTS.B
,
5
.906
%
,
1/09/36
....
1,416
529
a,b
7974096.SQ.FTS.B
,
4
.748
%
,
1/10/36
....
7,166
71
a
7972343.SQ.FTS.B
,
5
.345
%
,
1/10/36
....
1,109
752
a,b
7984914.SQ.FTS.B
,
5
.096
%
,
1/13/36
....
2,692
117
a
7985503.SQ.FTS.B
,
4
.78
%
,
1/14/36
.....
1,091
765
a
7987457.SQ.FTS.B
,
5
.892
%
,
1/15/36
....
220
148
a
7986075.SQ.FTS.B
,
6
.158
%
,
1/15/36
....
159
94
a,b
7987012.SQ.FTS.B
,
6
.48
%
,
1/15/36
.....
10,229
257
a
7990648.SQ.FTS.B
,
4
.774
%
,
1/16/36
....
2,545
1,755
a,b
8000806.SQ.FTS.B
,
4
.78
%
,
1/17/36
.....
27,376
1,239
a
7994523.SQ.FTS.B
,
5
.096
%
,
1/17/36
....
555
386
a,b
8000256.SQ.FTS.B
,
5
.912
%
,
1/17/36
....
5,956
260
a
8003194.SQ.FTS.B
,
5
.346
%
,
1/18/36
....
1,403
1,038
a,b
8003591.SQ.FTS.B
,
6
.163
%
,
1/18/36
....
11,896
4,558
a
8009056.SQ.FTS.B
,
4
.78
%
,
1/19/36
.....
4,207
3,014
a,b
8007319.SQ.FTS.B
,
6
.477
%
,
1/19/36
....
12,785
200
a,b
8014047.SQ.FTS.B
,
4
.751
%
,
1/22/36
....
6,204
142
a,b
8015515.SQ.FTS.B
,
4
.746
%
,
1/23/36
....
2,333
62
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
8016641.SQ.FTS.B
,
4
.747
%
,
1/23/36
....
$
5,023
$
87
a
8015845.SQ.FTS.B
,
4
.78
%
,
1/23/36
.....
5,269
2,840
a,b
8025825.SQ.FTS.B
,
4
.78
%
,
1/25/36
.....
3,350
1,842
a,b
8023989.SQ.FTS.B
,
5
.098
%
,
1/25/36
....
4,836
159
a,b
8028768.SQ.FTS.B
,
5
.347
%
,
1/26/36
....
7,152
235
a
8029259.SQ.FTS.B
,
5
.718
%
,
1/26/36
....
720
342
a
8031355.SQ.FTS.B
,
5
.902
%
,
1/27/36
....
114
72
a
8036914.SQ.FTS.B
,
5
.354
%
,
1/29/36
....
2,103
1,403
a
8038799.SQ.FTS.B
,
5
.544
%
,
1/30/36
....
182
138
a
8038230.SQ.FTS.B
,
6
.163
%
,
1/30/36
....
1,630
968
a
8037451.SQ.FTS.B
,
6
.164
%
,
1/30/36
....
248
174
a
8038405.SQ.FTS.B
,
6
.471
%
,
1/30/36
....
130
65
a
8042336.SQ.FTS.B
,
6
.482
%
,
1/31/36
....
1,186
827
a
8049098.SQ.FTS.B
,
5
.094
%
,
2/01/36
....
4,000
2,330
a,b
8050308.SQ.FTS.B
,
5
.346
%
,
2/01/36
....
2,797
1,679
a
8047355.SQ.FTS.B
,
5
.902
%
,
2/01/36
....
280
133
a,b
8049639.SQ.FTS.B
,
6
.486
%
,
2/01/36
....
2,226
69
a,b
8051996.SQ.FTS.B
,
4
.751
%
,
2/02/36
....
4,640
75
a,b
8051483.SQ.FTS.B
,
5
.346
%
,
2/02/36
....
1,650
1,049
a
8050775.SQ.FTS.B
,
6
.157
%
,
2/02/36
....
337
236
a,b
8050572.SQ.FTS.B
,
6
.289
%
,
2/02/36
....
3,832
83
a
8055695.SQ.FTS.B
,
4
.783
%
,
2/04/36
....
2,700
1,879
a
8055982.SQ.FTS.B
,
6
.148
%
,
2/04/36
....
64
39
a,b
8057620.SQ.FTS.B
,
4
.751
%
,
2/05/36
....
8,330
207
a
8057890.SQ.FTS.B
,
5
.346
%
,
2/05/36
....
2,418
1,505
a
8059705.SQ.FTS.B
,
5
.535
%
,
2/05/36
....
3,405
2,036
a
8058155.SQ.FTS.B
,
5
.723
%
,
2/05/36
....
15,791
8,530
a
8062731.SQ.FTS.B
,
5
.534
%
,
2/06/36
....
1,235
886
a
8076225.SQ.FTS.B
,
4
.783
%
,
2/10/36
....
559
387
a,b
8076793.SQ.FTS.B
,
6
.294
%
,
2/10/36
....
2,373
53
a,b
8077372.SQ.FTS.B
,
4
.778
%
,
2/11/36
....
3,025
84
a,b
8078299.SQ.FTS.B
,
4
.746
%
,
2/12/36
....
1,275
27
a
8078088.SQ.FTS.B
,
4
.777
%
,
2/12/36
....
3,621
2,217
a,b
8081797.SQ.FTS.B
,
6
.268
%
,
2/13/36
....
270
8
a
8090007.SQ.FTS.B
,
4
.78
%
,
2/15/36
.....
9,338
6,875
a,b
8093036.SQ.FTS.B
,
6
.477
%
,
2/15/36
....
10,658
163
a
8093678.SQ.FTS.B
,
5
.727
%
,
2/16/36
....
4,860
2,353
a,b
8101696.SQ.FTS.B
,
5
.093
%
,
2/19/36
....
1,959
237
a
8099621.SQ.FTS.B
,
5
.346
%
,
2/19/36
....
10,635
5,794
a
8105051.SQ.FTS.B
,
5
.092
%
,
2/20/36
....
1,939
1,174
a
8106732.SQ.FTS.B
,
4
.78
%
,
2/21/36
.....
14,904
9,182
a
8109434.SQ.FTS.B
,
6
.15
%
,
2/21/36
.....
187
93
a
8113487.SQ.FTS.B
,
5
.723
%
,
2/22/36
....
3,752
2,163
a,b
8115296.SQ.FTS.B
,
6
.55
%
,
2/23/36
.....
2,433
52
a
8119010.SQ.FTS.B
,
4
.952
%
,
2/24/36
....
755
312
a
8119176.SQ.FTS.B
,
5
.099
%
,
2/24/36
....
418
232
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
8119560.SQ.FTS.B
,
5
.409
%
,
2/25/36
....
$
8,595
$
189
a,b
8124329.SQ.FTS.B
,
5
.912
%
,
2/26/36
....
23,671
993
a,b
8123557.SQ.FTS.B
,
6
.418
%
,
2/26/36
....
3,612
93
a
8126086.SQ.FTS.B
,
6
.416
%
,
2/27/36
....
1,114
701
a
8126705.SQ.FTS.B
,
6
.441
%
,
2/27/36
....
453
282
a
8140625.SQ.FTS.B
,
4
.78
%
,
2/28/36
.....
1,720
1,466
a
8142519.SQ.FTS.B
,
4
.78
%
,
2/28/36
.....
10,401
6,963
a,b
8128121.SQ.FTS.B
,
5
.912
%
,
2/28/36
....
5,320
174
a,b
8137489.SQ.FTS.B
,
5
.912
%
,
2/28/36
....
34,354
932
232,829
Freedom
Financial
Asset
Management
LLC
APP-12246852.FP.FTS.B
,
23
.99
%
,
3/12/26
106
108
APP-08739403.FP.FTS.B
,
16
.99
%
,
3/21/26
1,358
1,364
APP-11799543.FP.FTS.B
,
13
.24
%
,
4/12/26
474
475
APP-09087999.FP.FTS.B
,
21
.49
%
,
4/30/26
2,385
2,399
APP-08979983.FP.FTS.B
,
19
.99
%
,
5/01/26
1,149
1,159
APP-09321377.FP.FTS.B
,
17
.49
%
,
5/15/26
2,244
2,254
APP-09352425.FP.FTS.B
,
14
.99
%
,
5/28/26
2,845
2,861
APP-08970713.FP.FTS.B
,
12
.99
%
,
5/30/26
2,774
2,794
APP-08924285.FP.FTS.B
,
14
.99
%
,
5/31/26
1,750
1,756
APP-08979954.FP.FTS.B
,
12
.99
%
,
6/05/26
2,759
2,776
APP-09027027.FP.FTS.B
,
21
.49
%
,
6/05/26
4,157
4,307
APP-09074502.FP.FTS.B
,
17
.49
%
,
6/12/26
3,922
3,954
APP-09074432.FP.FTS.B
,
19
.99
%
,
6/12/26
1,458
1,490
APP-09096903.FP.FTS.B
,
12
.99
%
,
6/15/26
1,630
1,638
APP-08847769.FP.FTS.B
,
14
.99
%
,
6/15/26
1,695
1,706
APP-09029834.FP.FTS.B
,
18
.49
%
,
6/18/26
1,424
1,437
APP-09281875.FP.FTS.B
,
14
.99
%
,
6/20/26
2,612
2,625
APP-09096348.FP.FTS.B
,
18
.99
%
,
6/28/26
2,773
2,803
APP-09201816.FP.FTS.B
,
19
.49
%
,
6/28/26
1,236
1,272
APP-09355512.FP.FTS.B
,
20
.99
%
,
6/29/26
1,812
1,834
APP-08984739.FP.FTS.B
,
17
.49
%
,
7/01/26
5,376
5,403
APP-09717698.FP.FTS.B
,
13
.24
%
,
7/03/26
2,843
2,856
APP-09379010.FP.FTS.B
,
22
.49
%
,
7/04/26
3,182
3,240
APP-09445164.FP.FTS.B
,
13
.49
%
,
7/06/26
3,758
3,774
APP-09448166.FP.FTS.B
,
14
.99
%
,
7/07/26
3,180
3,202
APP-08684302.FP.FTS.B
,
13
.74
%
,
7/08/26
6,180
2,659
APP-09351977.FP.FTS.B
,
19
.49
%
,
7/10/26
2,873
2,922
APP-09356919.FP.FTS.B
,
15
.49
%
,
7/20/26
4,115
4,157
b
APP-09012359.FP.FTS.B
,
23
.49
%
,
7/23/26
3,642
967
APP-08924296.FP.FTS.B
,
22
.49
%
,
7/30/26
8,477
8,863
APP-09708763.FP.FTS.B
,
17
.49
%
,
8/10/26
2,850
2,898
APP-09780659.FP.FTS.B
,
17
.49
%
,
8/10/26
4,505
4,545
APP-09593157.FP.FTS.B
,
14
.74
%
,
8/12/26
4,750
4,786
APP-09778508.FP.FTS.B
,
13
.24
%
,
8/15/26
3,554
3,576
APP-10045496.FP.FTS.B
,
14
.49
%
,
8/15/26
1,587
1,597
APP-09708666.FP.FTS.B
,
19
.49
%
,
8/15/26
3,483
3,574
APP-10213964.FP.FTS.B
,
18
.99
%
,
8/18/26
3,143
3,216
APP-10246936.FP.FTS.B
,
9
.99
%
,
8/20/26
.
2,626
2,646
APP-09717880.FP.FTS.B
,
15
.74
%
,
8/20/26
3,913
3,948
APP-09811789.FP.FTS.B
,
22
.49
%
,
8/20/26
1,278
1,318
APP-10127112.FP.FTS.B
,
16
.49
%
,
8/21/26
2,428
2,457
APP-10293482.FP.FTS.B
,
11
.99
%
,
8/22/26
2,383
2,400
APP-09726787.FP.FTS.B
,
15
.24
%
,
8/24/26
2,382
2,405
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-09787833.FP.FTS.B
,
15
.74
%
,
8/24/26
$
6,012
$
6,072
APP-09708684.FP.FTS.B
,
21
.49
%
,
8/24/26
8,711
8,968
APP-09759659.FP.FTS.B
,
13
.24
%
,
8/25/26
4,502
4,540
APP-10233694.FP.FTS.B
,
18
.99
%
,
8/30/26
3,614
3,712
APP-10352432.FP.FTS.B
,
11
.99
%
,
9/01/26
3,215
3,236
APP-11335385.FP.FTS.B
,
10
.99
%
,
9/04/26
807
808
APP-10389562.FP.FTS.B
,
17
.49
%
,
9/05/26
3,585
3,648
APP-10525907.FP.FTS.B
,
11
.99
%
,
9/15/26
4,217
1,619
APP-10158390.FP.FTS.B
,
12
.49
%
,
9/21/26
6,012
6,060
APP-10209954.FP.FTS.B
,
16
.49
%
,
9/23/26
2,210
2,238
APP-08902866.FP.FTS.B
,
20
.49
%
,
9/23/26
6,379
6,631
APP-08924259.FP.FTS.B
,
15
.49
%
,
9/29/26
6,791
6,875
APP-10663520.FP.FTS.B
,
12
.49
%
,
9/30/26
5,928
5,959
APP-10115186.FP.FTS.B
,
23
.49
%
,
10/01/26
..........................
5,033
5,229
APP-10195837.FP.FTS.B
,
11
.99
%
,
10/02/26
..........................
3,065
3,086
APP-10622691.FP.FTS.B
,
18
.99
%
,
10/02/26
..........................
2,792
2,875
APP-10210290.FP.FTS.B
,
19
.99
%
,
10/02/26
..........................
1,377
1,397
APP-10374305.FP.FTS.B
,
11
.99
%
,
10/05/26
..........................
3,383
3,406
APP-10157026.FP.FTS.B
,
14
.24
%
,
10/05/26
..........................
2,862
2,887
APP-10692650.FP.FTS.B
,
11
.99
%
,
10/08/26
..........................
3,358
3,384
APP-10291582.FP.FTS.B
,
17
.49
%
,
10/09/26
..........................
3,808
3,879
APP-10682190.FP.FTS.B
,
19
.49
%
,
10/09/26
..........................
4,404
4,550
APP-10477663.FP.FTS.B
,
20
.99
%
,
10/12/26
..........................
971
965
APP-10199991.FP.FTS.B
,
16
.99
%
,
10/15/26
..........................
3,890
3,937
APP-09242266.FP.FTS.B
,
22
.99
%
,
10/15/26
..........................
11,179
11,552
APP-10365188.FP.FTS.B
,
14
.24
%
,
10/17/26
..........................
2,771
2,800
APP-10091993.FP.FTS.B
,
19
.99
%
,
10/20/26
..........................
4,405
4,538
APP-10463469.FP.FTS.B
,
18
.99
%
,
10/24/26
..........................
11,728
12,049
APP-10364110.FP.FTS.B
,
11
.24
%
,
10/25/26
8,687
8,770
APP-10512737.FP.FTS.B
,
17
.49
%
,
10/25/26
..........................
4,005
4,109
APP-10274873.FP.FTS.B
,
20
.49
%
,
10/25/26
..........................
3,676
3,806
APP-10352498.FP.FTS.B
,
18
.49
%
,
10/28/26
..........................
3,464
1,375
APP-10432641.FP.FTS.B
,
15
.49
%
,
10/29/26
..........................
5,929
6,019
APP-09132903.FP.FTS.B
,
18
.99
%
,
10/31/26
..........................
4,798
4,890
APP-10203378.FP.FTS.B
,
18
.99
%
,
11/01/26
..........................
1,242
1,243
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
148
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10583684.FP.FTS.B
,
16
.99
%
,
11/02/26
..........................
$
4,399
$
4,494
APP-11307937.FP.FTS.B
,
11
.99
%
,
11/08/26
4,581
4,618
b
APP-09709453.FP.FTS.B
,
14
.24
%
,
11/09/26
..........................
4,435
1,136
APP-11099818.FP.FTS.B
,
16
.49
%
,
11/09/26
2,631
2,661
APP-08114000.FP.FTS.B
,
13
.24
%
,
11/10/26
5,095
5,137
APP-10765319.FP.FTS.B
,
14
.49
%
,
11/11/26
1,494
1,506
APP-11395641.FP.FTS.B
,
11
.99
%
,
11/14/26
1,244
1,244
APP-10714394.FP.FTS.B
,
11
.99
%
,
11/15/26
5,773
5,822
APP-11304024.FP.FTS.B
,
17
.49
%
,
11/15/26
3,208
3,286
APP-10768778.FP.FTS.B
,
14
.74
%
,
11/18/26
..........................
8,243
8,334
APP-10170330.FP.FTS.B
,
11
.99
%
,
11/20/26
2,727
2,753
APP-09778451.FP.FTS.B
,
18
.99
%
,
11/20/26
..........................
6,548
6,765
APP-10756762.FP.FTS.B
,
12
.49
%
,
11/21/26
..........................
6,539
6,602
b
APP-09766134.FP.FTS.B
,
15
.24
%
,
11/23/26
..........................
7,240
1,626
APP-11304530.FP.FTS.B
,
21
.49
%
,
11/24/26
12,261
12,686
APP-11333408.FP.FTS.B
,
17
.99
%
,
11/25/26
3,160
3,290
APP-11386113.FP.FTS.B
,
18
.99
%
,
11/25/26
1,777
1,827
APP-10776411.FP.FTS.B
,
11
.99
%
,
12/09/26
7,211
7,277
APP-11741440.FP.FTS.B
,
19
.99
%
,
12/16/26
..........................
2,613
2,682
APP-11283905.FP.FTS.B
,
15
.99
%
,
12/21/26
..........................
12,046
12,221
APP-11187285.FP.FTS.B
,
12
.49
%
,
12/22/26
8,570
8,656
APP-11305667.FP.FTS.B
,
20
.49
%
,
12/27/26
..........................
6,875
7,165
APP-11776378.FP.FTS.B
,
20
.49
%
,
12/27/26
..........................
8,350
8,643
b
APP-11124061.FP.FTS.B
,
11
.99
%
,
12/28/26
8,428
951
APP-11306747.FP.FTS.B
,
14
.24
%
,
12/28/26
..........................
3,542
3,587
APP-11410923.FP.FTS.B
,
23
.49
%
,
12/28/26
..........................
2,545
2,658
APP-11798578.FP.FTS.B
,
11
.74
%
,
12/29/26
10,277
10,394
APP-11266733.FP.FTS.B
,
11
.99
%
,
12/30/26
6,219
6,273
APP-11333811.FP.FTS.B
,
16
.99
%
,
1/03/27
3,928
4,020
APP-11332983.FP.FTS.B
,
18
.99
%
,
1/04/27
4,105
4,206
APP-11355890.FP.FTS.B
,
14
.74
%
,
1/07/27
9,923
10,029
APP-11333372.FP.FTS.B
,
18
.49
%
,
1/07/27
5,229
5,402
APP-11128695.FP.FTS.B
,
14
.49
%
,
1/08/27
1,873
1,892
APP-11385154.FP.FTS.B
,
18
.99
%
,
1/08/27
4,054
4,157
APP-10916969.FP.FTS.B
,
19
.99
%
,
1/08/27
3,004
3,084
APP-10710819.FP.FTS.B
,
16
.99
%
,
1/09/27
2,098
1,691
APP-11380536.FP.FTS.B
,
17
.49
%
,
1/09/27
4,296
4,378
APP-11335531.FP.FTS.B
,
16
.99
%
,
1/10/27
4,780
4,909
APP-12243964.FP.FTS.B
,
19
.99
%
,
1/15/27
4,071
4,217
APP-11277516.FP.FTS.B
,
18
.49
%
,
1/18/27
7,058
7,269
APP-12231521.FP.FTS.B
,
17
.24
%
,
1/26/27
9,951
10,251
APP-12151284.FP.FTS.B
,
17
.99
%
,
1/27/27
5,540
5,771
APP-12241564.FP.FTS.B
,
19
.99
%
,
1/27/27
627
630
APP-12243989.FP.FTS.B
,
21
.99
%
,
1/27/27
2,889
3,001
APP-09940038.FP.FTS.B
,
17
.49
%
,
1/29/27
5,915
6,107
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11795116.FP.FTS.B
,
11
.74
%
,
2/04/27
$
6,559
$
6,628
APP-11396422.FP.FTS.B
,
18
.99
%
,
2/08/27
5,571
5,728
APP-11798862.FP.FTS.B
,
16
.49
%
,
2/09/27
3,622
3,674
APP-11810406.FP.FTS.B
,
11
.74
%
,
2/10/27
12,839
12,981
APP-11787878.FP.FTS.B
,
19
.99
%
,
2/10/27
2,200
2,260
APP-11779953.FP.FTS.B
,
16
.74
%
,
2/11/27
15,431
9,333
b
APP-11789582.FP.FTS.B
,
19
.49
%
,
2/11/27
5,271
501
APP-11805082.FP.FTS.B
,
19
.49
%
,
2/11/27
6,485
6,714
APP-11753796.FP.FTS.B
,
19
.99
%
,
2/12/27
4,482
4,647
APP-11805436.FP.FTS.B
,
22
.49
%
,
2/12/27
3,176
3,297
APP-10688549.FP.FTS.B
,
18
.99
%
,
2/16/27
9,976
10,320
APP-12266273.FP.FTS.B
,
23
.74
%
,
2/18/27
8,470
8,842
APP-10253670.FP.FTS.B
,
19
.99
%
,
2/19/27
2,718
2,809
APP-10769483.FP.FTS.B
,
17
.99
%
,
2/22/27
8,106
8,336
APP-11389311.FP.FTS.B
,
17
.49
%
,
2/28/27
11,414
11,617
APP-11339522.FP.FTS.B
,
23
.49
%
,
2/28/27
6,228
6,525
APP-12228409.FP.FTS.B
,
19
.99
%
,
3/01/27
4,138
4,267
APP-11317083.FP.FTS.B
,
20
.49
%
,
3/03/27
3,735
3,857
APP-12172287.FP.FTS.B
,
19
.99
%
,
3/07/27
5,197
5,381
APP-12130498.FP.FTS.B
,
13
.24
%
,
3/10/27
6,032
6,110
APP-12213871.FP.FTS.B
,
19
.99
%
,
3/11/27
6,802
7,118
APP-12244387.FP.FTS.B
,
11
.24
%
,
3/12/27
8,640
8,752
APP-12236483.FP.FTS.B
,
15
.24
%
,
3/13/27
11,521
11,817
APP-10683987.FP.FTS.B
,
12
.49
%
,
3/16/27
11,109
11,237
b
APP-10550902.FP.FTS.B
,
9
.99
%
,
3/24/27
.
1,131
220
APP-11194668.FP.FTS.B
,
14
.24
%
,
3/26/27
6,755
6,868
APP-11391376.FP.FTS.B
,
19
.99
%
,
3/31/27
10,163
10,515
APP-09094872.FP.FTS.B
,
14
.99
%
,
4/01/27
3,315
3,329
APP-11799128.FP.FTS.B
,
10
.99
%
,
4/12/27
7,219
7,313
APP-10672023.FP.FTS.B
,
18
.49
%
,
4/15/27
3,111
3,197
APP-10459721.FP.FTS.B
,
20
.99
%
,
4/23/27
16,373
17,036
APP-11496336.FP.FTS.B
,
11
.24
%
,
5/11/27
5,937
3,396
APP-11277041.FP.FTS.B
,
20
.49
%
,
5/30/27
9,786
7,425
APP-11301237.FP.FTS.B
,
18
.49
%
,
6/02/27
6,745
7,030
APP-10482600.FP.FTS.B
,
16
.49
%
,
6/30/27
4,310
4,375
APP-10315402.FP.FTS.B
,
22
.99
%
,
6/30/27
7,567
7,934
APP-12246518.FP.FTS.B
,
13
.24
%
,
7/13/27
3,281
3,295
APP-11579250.FP.FTS.B
,
11
.24
%
,
8/15/27
12,715
12,905
APP-12222310.FP.FTS.B
,
18
.24
%
,
9/21/27
17,078
17,780
APP-11315623.FP.FTS.B
,
15
.49
%
,
11/02/27
8,070
8,372
APP-09759315.FP.FTS.B
,
13
.24
%
,
11/11/27
2,420
2,429
APP-10229284.FP.FTS.B
,
18
.99
%
,
12/04/27
..........................
2,405
2,438
APP-09447903.FP.FTS.B
,
23
.49
%
,
1/31/28
5,002
5,224
794,673
LendingClub
Corp.
-
LCX
PM
181324642.LC.FTS.B
,
15
.19
%
,
10/13/26
..
18,632
–
181681556.LC.FTS.B
,
19
.49
%
,
10/14/26
..
3,267
3,320
182220241.LC.FTS.B
,
23
.99
%
,
10/14/26
..
1,995
2,051
182279442.LC.FTS.B
,
21
.99
%
,
10/15/26
..
5,400
5,544
182239660.LC.FTS.B
,
19
.99
%
,
10/16/26
..
3,303
3,360
182424479.LC.FTS.B
,
28
.99
%
,
10/19/26
..
7,896
–
182400546.LC.FTS.B
,
20
.44
%
,
10/20/26
..
1,467
1,489
182381955.LC.FTS.B
,
26
.99
%
,
10/20/26
..
985
1,019
182373053.LC.FTS.B
,
20
.44
%
,
10/22/26
..
4,464
4,547
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
149
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
182135115.LC.FTS.B
,
24
.99
%
,
10/28/26
..
$
6,359
$
6,606
182100249.LC.FTS.B
,
28
.99
%
,
10/28/26
..
4,733
–
182412380.LC.FTS.B
,
23
.99
%
,
11/01/26
..
2,255
2,298
182763696.LC.FTS.B
,
23
.99
%
,
11/01/26
..
3,933
4,031
182249975.LC.FTS.B
,
25
.99
%
,
11/01/26
..
3,519
3,623
182814285.LC.FTS.B
,
15
.44
%
,
11/02/26
..
6,273
6,277
182871113.LC.FTS.B
,
21
.99
%
,
11/02/26
..
5,004
5,130
182810881.LC.FTS.B
,
28
.99
%
,
11/02/26
..
1,673
1,714
182715994.LC.FTS.B
,
18
.99
%
,
11/03/26
..
2,983
1,194
182934282.LC.FTS.B
,
15
.44
%
,
11/04/26
..
3,136
3,162
182956744.LC.FTS.B
,
16
.49
%
,
11/05/26
..
6,845
6,882
182845986.LC.FTS.B
,
19
.99
%
,
11/05/26
..
2,108
2,143
182433195.LC.FTS.B
,
25
.99
%
,
11/05/26
..
3,480
–
182834096.LC.FTS.B
,
15
.49
%
,
11/08/26
..
10,055
–
183010490.LC.FTS.B
,
16
.49
%
,
11/08/26
..
5,081
5,078
183101425.LC.FTS.B
,
17
.44
%
,
11/15/26
..
6,494
6,564
182999628.LC.FTS.B
,
17
.74
%
,
11/15/26
..
2,882
2,909
182737896.LC.FTS.B
,
19
.49
%
,
11/15/26
..
4,876
4,970
182946956.LC.FTS.B
,
24
.99
%
,
11/15/26
..
6,203
1,227
182962134.LC.FTS.B
,
24
.99
%
,
11/15/26
..
4,842
4,997
182977646.LC.FTS.B
,
16
.99
%
,
11/16/26
..
7,130
7,198
183238822.LC.FTS.B
,
16
.99
%
,
11/16/26
..
5,233
5,246
183287259.LC.FTS.B
,
18
.19
%
,
11/16/26
..
2,458
2,476
183200190.LC.FTS.B
,
19
.49
%
,
11/16/26
..
1,572
1,284
183239325.LC.FTS.B
,
24
.99
%
,
11/16/26
..
5,775
–
b
183197788.LC.FTS.B
,
25
.99
%
,
11/16/26
..
7,189
11
183253428.LC.FTS.B
,
25
.99
%
,
11/17/26
..
5,331
5,524
183368090.LC.FTS.B
,
19
.49
%
,
11/18/26
..
2,573
2,623
183287872.LC.FTS.B
,
23
.99
%
,
11/18/26
..
2,188
2,231
182932552.LC.FTS.B
,
13
.19
%
,
11/19/26
..
3,632
2,953
183409505.LC.FTS.B
,
15
.19
%
,
11/19/26
..
7,368
5,981
183394419.LC.FTS.B
,
16
.49
%
,
11/19/26
..
2,245
–
183391565.LC.FTS.B
,
23
.99
%
,
11/19/26
..
1,636
1,681
183333541.LC.FTS.B
,
14
.19
%
,
11/22/26
..
4,821
4,870
182980965.LC.FTS.B
,
17
.24
%
,
11/22/26
..
4,623
4,681
183371257.LC.FTS.B
,
17
.74
%
,
11/22/26
..
7,095
7,171
183418746.LC.FTS.B
,
19
.49
%
,
11/22/26
..
7,192
7,344
183434742.LC.FTS.B
,
23
.19
%
,
11/22/26
..
2,104
2,172
183477091.LC.FTS.B
,
13
.19
%
,
11/23/26
..
2,152
2,178
b
183485184.LC.FTS.B
,
13
.99
%
,
11/23/26
..
1,675
–
183298862.LC.FTS.B
,
14
.19
%
,
11/23/26
..
9,761
7,928
183505251.LC.FTS.B
,
16
.49
%
,
11/23/26
..
2,281
2,310
183430694.LC.FTS.B
,
18
.49
%
,
11/23/26
..
9,844
–
183430676.LC.FTS.B
,
21
.99
%
,
11/23/26
..
5,755
5,943
183407041.LC.FTS.B
,
24
.99
%
,
11/23/26
..
651
671
183095344.LC.FTS.B
,
13
.44
%
,
11/24/26
..
8,650
8,764
183249731.LC.FTS.B
,
17
.49
%
,
11/24/26
..
3,125
3,157
183149701.LC.FTS.B
,
18
.49
%
,
11/24/26
..
8,000
6,494
183425358.LC.FTS.B
,
18
.49
%
,
11/24/26
..
1,894
1,914
182954964.LC.FTS.B
,
19
.49
%
,
11/24/26
..
5,163
5,276
183524584.LC.FTS.B
,
13
.19
%
,
11/26/26
..
1,825
1,844
183499818.LC.FTS.B
,
16
.44
%
,
11/26/26
..
9,122
9,170
183525639.LC.FTS.B
,
21
.99
%
,
11/26/26
..
1,501
1,552
183193272.LC.FTS.B
,
15
.44
%
,
11/27/26
..
1,144
1,158
183556398.LC.FTS.B
,
23
.99
%
,
11/28/26
..
2,058
2,113
183476845.LC.FTS.B
,
16
.49
%
,
11/29/26
..
3,366
3,407
183447683.LC.FTS.B
,
20
.44
%
,
11/29/26
..
4,755
4,864
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
183369356.LC.FTS.B
,
20
.99
%
,
11/29/26
..
$
1,369
$
1,389
183304070.LC.FTS.B
,
15
.99
%
,
11/30/26
..
74
73
183359968.LC.FTS.B
,
16
.49
%
,
11/30/26
..
5,093
5,142
183585512.LC.FTS.B
,
19
.99
%
,
11/30/26
..
6,348
6,404
183618524.LC.FTS.B
,
22
.99
%
,
11/30/26
..
6,923
7,177
183540100.LC.FTS.B
,
23
.99
%
,
11/30/26
..
2,655
–
183611465.LC.FTS.B
,
24
.99
%
,
11/30/26
..
3,434
3,530
183633965.LC.FTS.B
,
24
.99
%
,
11/30/26
..
1,710
1,784
183676944.LC.FTS.B
,
17
.24
%
,
12/01/26
..
1,514
1,525
183768813.LC.FTS.B
,
13
.24
%
,
12/02/26
..
3,536
3,555
183699303.LC.FTS.B
,
17
.24
%
,
12/02/26
..
5,924
–
183721314.LC.FTS.B
,
17
.44
%
,
12/03/26
..
4,173
4,210
183746554.LC.FTS.B
,
18
.49
%
,
12/03/26
..
987
988
183771895.LC.FTS.B
,
21
.99
%
,
12/03/26
..
4,911
5,043
183877324.LC.FTS.B
,
16
.49
%
,
12/06/26
..
9,974
10,033
183799901.LC.FTS.B
,
17
.74
%
,
12/06/26
..
2,546
2,567
183415342.LC.FTS.B
,
19
.49
%
,
12/07/26
..
7,863
7,927
183762991.LC.FTS.B
,
19
.49
%
,
12/07/26
..
5,825
5,901
183495228.LC.FTS.B
,
20
.44
%
,
12/07/26
..
1,592
1,619
183885314.LC.FTS.B
,
21
.99
%
,
12/07/26
..
1,637
1,683
183867910.LC.FTS.B
,
23
.99
%
,
12/07/26
..
4,222
4,341
183866613.LC.FTS.B
,
25
.99
%
,
12/07/26
..
2,388
2,444
183492757.LC.FTS.B
,
16
.99
%
,
12/08/26
..
3,805
3,837
183933487.LC.FTS.B
,
23
.99
%
,
12/08/26
..
4,222
4,342
183987324.LC.FTS.B
,
23
.99
%
,
12/09/26
..
4,517
4,637
183966000.LC.FTS.B
,
24
.99
%
,
12/09/26
..
1,447
1,496
183970462.LC.FTS.B
,
24
.99
%
,
12/09/26
..
857
887
184009395.LC.FTS.B
,
9
.49
%
,
12/10/26
...
7,272
7,275
184012121.LC.FTS.B
,
13
.44
%
,
12/10/26
..
4,495
4,532
183680345.LC.FTS.B
,
16
.44
%
,
12/10/26
..
3,238
3,268
183793588.LC.FTS.B
,
17
.24
%
,
12/10/26
..
1,794
1,807
184022156.LC.FTS.B
,
20
.49
%
,
12/10/26
..
2,561
2,600
183611528.LC.FTS.B
,
23
.99
%
,
12/10/26
..
2,098
2,100
183970602.LC.FTS.B
,
24
.99
%
,
12/10/26
..
3,431
3,544
184033080.LC.FTS.B
,
17
.44
%
,
12/13/26
..
5,429
5,452
183731402.LC.FTS.B
,
19
.44
%
,
12/13/26
..
4,189
4,271
184039087.LC.FTS.B
,
24
.99
%
,
12/13/26
..
2,717
2,809
184051343.LC.FTS.B
,
28
.99
%
,
12/13/26
..
5,482
5,657
184176824.LC.FTS.B
,
14
.99
%
,
12/14/26
..
3,403
3,422
b
183228318.LC.FTS.B
,
15
.19
%
,
12/14/26
..
11,506
526
184144008.LC.FTS.B
,
16
.99
%
,
12/14/26
..
4,497
4,530
184109137.LC.FTS.B
,
17
.74
%
,
12/14/26
..
4,679
–
184114198.LC.FTS.B
,
18
.99
%
,
12/14/26
..
6,369
6,433
184130928.LC.FTS.B
,
21
.99
%
,
12/14/26
..
7,416
–
183623138.LC.FTS.B
,
23
.99
%
,
12/14/26
..
2,877
2,948
183641094.LC.FTS.B
,
24
.99
%
,
12/14/26
..
2,892
2,994
183159318.LC.FTS.B
,
6
%
,
12/15/26
.....
1,422
1,421
184198353.LC.FTS.B
,
14
.01
%
,
12/15/26
..
10,282
8,317
183712326.LC.FTS.B
,
15
.44
%
,
12/15/26
..
1,633
1,646
183603668.LC.FTS.B
,
17
.19
%
,
12/15/26
..
8,479
–
183809680.LC.FTS.B
,
17
.24
%
,
12/15/26
..
8,561
8,536
183996173.LC.FTS.B
,
17
.44
%
,
12/15/26
..
9,160
9,213
183649794.LC.FTS.B
,
21
.49
%
,
12/15/26
..
7,307
7,445
183905553.LC.FTS.B
,
13
.44
%
,
12/16/26
..
1,618
1,299
183965552.LC.FTS.B
,
16
.49
%
,
12/16/26
..
4,137
3,348
183706984.LC.FTS.B
,
21
.49
%
,
12/16/26
..
1,111
1,116
183612692.LC.FTS.B
,
13
.49
%
,
12/17/26
..
3,315
3,344
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
150
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
184223937.LC.FTS.B
,
16
.44
%
,
12/17/26
..
$
4,747
$
4,788
184214073.LC.FTS.B
,
27
.99
%
,
12/17/26
..
3,588
3,718
183673632.LC.FTS.B
,
15
.44
%
,
12/18/26
..
3,852
3,860
183852446.LC.FTS.B
,
17
.99
%
,
12/18/26
..
4,271
4,284
184104646.LC.FTS.B
,
17
.44
%
,
12/20/26
..
4,814
4,870
184283202.LC.FTS.B
,
19
.49
%
,
12/20/26
..
2,097
2,141
184059193.LC.FTS.B
,
21
.99
%
,
12/20/26
..
6,716
5,555
184343324.LC.FTS.B
,
Zero
Cpn
,
12/21/26
14,414
–
184382909.LC.FTS.B
,
12
.99
%
,
12/21/26
..
4,694
4,739
184032290.LC.FTS.B
,
20
.99
%
,
12/21/26
..
6,137
6,172
183726564.LC.FTS.B
,
Zero
Cpn
,
12/23/26
14,122
–
184224030.LC.FTS.B
,
15
.49
%
,
12/23/26
..
5,773
1,055
184421299.LC.FTS.B
,
16
.74
%
,
12/23/26
..
1,878
1,901
183436430.LC.FTS.B
,
16
.99
%
,
12/23/26
..
9,010
9,106
184427346.LC.FTS.B
,
19
.74
%
,
12/23/26
..
10,769
–
184321733.LC.FTS.B
,
23
.99
%
,
12/23/26
..
11,508
–
183940387.LC.FTS.B
,
19
.99
%
,
12/25/26
..
4,997
5,107
184275242.LC.FTS.B
,
23
.99
%
,
12/27/26
..
5,630
5,828
184249796.LC.FTS.B
,
15
.44
%
,
12/28/26
..
4,710
872
184142978.LC.FTS.B
,
17
.44
%
,
12/28/26
..
3,841
3,885
184029644.LC.FTS.B
,
17
.49
%
,
12/28/26
..
7,951
8,049
183866022.LC.FTS.B
,
24
.99
%
,
12/28/26
..
4,386
–
183977917.LC.FTS.B
,
16
.49
%
,
12/30/26
..
11,027
–
184298012.LC.FTS.B
,
18
.74
%
,
12/30/26
..
1,406
1,419
184066327.LC.FTS.B
,
14
.19
%
,
12/31/26
..
3,662
3,710
183794746.LC.FTS.B
,
21
.99
%
,
12/31/26
..
11,122
–
184379539.LC.FTS.B
,
12
.19
%
,
1/02/27
...
7,617
7,589
183888494.LC.FTS.B
,
17
.99
%
,
1/06/27
...
2,757
2,770
183882896.LC.FTS.B
,
6
%
,
1/07/27
......
4,544
4,596
182954228.LC.FTS.B
,
13
.49
%
,
2/18/27
...
6,405
5,474
b
183999420.LC.FTS.B
,
12
.99
%
,
3/09/27
...
12,352
878
183154136.LC.FTS.B
,
18
.49
%
,
3/16/27
...
3,485
640
184013288.LC.FTS.B
,
24
.99
%
,
4/10/27
...
7,928
3,171
182675743.LC.FTS.B
,
15
%
,
4/15/27
.....
16,260
–
183536773.LC.FTS.B
,
19
.74
%
,
4/16/27
...
11,757
2,155
b
184040777.LC.FTS.B
,
23
.99
%
,
4/24/27
...
4,594
431
182419678.LC.FTS.B
,
19
.99
%
,
4/25/27
...
7,489
7,643
182469398.LC.FTS.B
,
21
.99
%
,
5/05/27
...
6,874
7,059
183710879.LC.FTS.B
,
19
.95
%
,
5/06/27
...
8,875
3,477
182925771.LC.FTS.B
,
23
.99
%
,
5/12/27
...
13,108
13,444
184107590.LC.FTS.B
,
23
.99
%
,
5/14/27
...
2,292
1,995
183436461.LC.FTS.B
,
10
%
,
5/23/27
.....
11,391
9,388
182882013.LC.FTS.B
,
24
.99
%
,
5/24/27
...
7,428
7,755
184033235.LC.FTS.B
,
24
.99
%
,
5/24/27
...
9,432
9,847
b
183805030.LC.FTS.B
,
17
.49
%
,
6/16/27
...
11,807
1,446
183437929.LC.FTS.B
,
20
.49
%
,
6/30/27
...
9,863
10,021
183593989.LC.FTS.B
,
27
.49
%
,
7/15/27
...
10,603
10,966
183590285.LC.FTS.B
,
5
%
,
7/16/27
......
8,197
6,933
182329589.LC.FTS.B
,
15
%
,
9/03/27
.....
3,686
3,106
183252907.LC.FTS.B
,
16
.49
%
,
9/23/27
...
6,453
5,098
184033253.LC.FTS.B
,
15
%
,
10/25/27
....
3,066
2,716
b
182185437.LC.FTS.B
,
5
%
,
10/29/27
.....
7,634
–
b
184211532.LC.FTS.B
,
21
.99
%
,
12/28/27
..
18,358
2,396
b
184064152.LC.FTS.B
,
19
.49
%
,
10/13/28
..
13,958
1,210
172830533.LC.FTS.B
,
Zero
Cpn
,
1/04/34
.
1,317
–
183558965.LC.FTS.B
,
18
.99
%
,
12/06/34
..
1,973
–
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
184435348.LC.FTS.B
,
17
.99
%
,
12/23/34
..
$
1,544
$
–
184443285.LC.FTS.B
,
Zero
Cpn
,
12/27/34
15,043
–
184149278.LC.FTS.B
,
16
.49
%
,
1/28/35
...
2,892
–
184090151.LC.FTS.B
,
19
.99
%
,
2/28/35
...
2,207
–
184253510.LC.FTS.B
,
18
.49
%
,
8/21/35
...
4,120
–
182783983.LC.FTS.B
,
17
.49
%
,
10/31/35
..
786
–
172960729.LC.FTS.B
,
14
.02
%
,
12/19/35
..
6,486
–
174267823.LC.FTS.B
,
16
.99
%
,
2/01/36
...
324
323
174293135.LC.FTS.B
,
14
.74
%
,
2/04/36
...
772
769
174297080.LC.FTS.B
,
15
.74
%
,
2/05/36
...
238
238
173666949.LC.FTS.B
,
20
.74
%
,
2/25/36
...
205
206
639,510
Prosper
Funding
LLC
1613481.PS.FTS.B
,
19
.78
%
,
8/11/26
....
2,607
2,640
1604105.PS.FTS.B
,
13
.74
%
,
8/12/26
....
4,656
4,658
1613874.PS.FTS.B
,
15
.2
%
,
8/12/26
.....
1,596
1,614
1613892.PS.FTS.B
,
19
.18
%
,
8/12/26
....
1,072
1,088
1607647.PS.FTS.B
,
15
%
,
8/13/26
.......
1,273
1,287
1615164.PS.FTS.B
,
17
%
,
8/13/26
.......
1,632
1,659
1607977.PS.FTS.B
,
25
.48
%
,
8/13/26
....
864
884
1604924.PS.FTS.B
,
28
.4
%
,
8/13/26
.....
1,260
1,289
1608526.PS.FTS.B
,
19
.78
%
,
8/16/26
....
1,390
1,412
1604936.PS.FTS.B
,
25
%
,
8/16/26
.......
410
421
1616271.PS.FTS.B
,
12
.5
%
,
8/17/26
.....
1,818
1,820
1609138.PS.FTS.B
,
16
.18
%
,
8/17/26
....
2,440
2,444
1612375.PS.FTS.B
,
14
.29
%
,
8/23/26
....
1,568
1,592
1620525.PS.FTS.B
,
16
.4
%
,
8/24/26
.....
979
994
1605623.PS.FTS.B
,
16
.64
%
,
9/15/26
....
2,379
2,412
1633221.PS.FTS.B
,
18
.13
%
,
9/17/26
....
6,746
6,835
1606780.PS.FTS.B
,
29
.08
%
,
9/18/26
....
1,895
1,950
1628728.PS.FTS.B
,
12
.5
%
,
9/22/26
.....
1,203
1,206
1628947.PS.FTS.B
,
12
.5
%
,
9/23/26
.....
1,891
1,896
1635660.PS.FTS.B
,
12
.87
%
,
9/23/26
....
1,750
1,755
1636926.PS.FTS.B
,
11
.6
%
,
9/24/26
.....
1,943
1,949
b
1629340.PS.FTS.B
,
12
.9
%
,
9/24/26
.....
2,475
315
1630456.PS.FTS.B
,
12
.76
%
,
9/27/26
....
2,591
2,600
1630438.PS.FTS.B
,
15
.29
%
,
9/27/26
....
1,811
1,841
1630432.PS.FTS.B
,
15
.9
%
,
9/27/26
.....
2,197
2,233
1634442.PS.FTS.B
,
13
.93
%
,
9/28/26
....
1,897
1,901
1624733.PS.FTS.B
,
16
.33
%
,
10/17/26
...
1,457
1,481
1655382.PS.FTS.B
,
12
.8
%
,
10/27/26
....
6,780
6,804
1655400.PS.FTS.B
,
13
.7
%
,
10/27/26
....
1,197
1,217
1648636.PS.FTS.B
,
15
.2
%
,
10/27/26
....
405
411
1645256.PS.FTS.B
,
16
.33
%
,
10/27/26
...
1,441
1,464
1645934.PS.FTS.B
,
10
.5
%
,
10/28/26
....
1,641
1,648
1649653.PS.FTS.B
,
14
.7
%
,
10/28/26
....
1,623
458
1646096.PS.FTS.B
,
15
.1
%
,
10/28/26
....
1,339
1,360
1646336.PS.FTS.B
,
16
.33
%
,
10/28/26
...
4,584
4,659
1657014.PS.FTS.B
,
10
.5
%
,
10/31/26
....
7,186
7,207
1650649.PS.FTS.B
,
13
.8
%
,
10/31/26
....
1,716
1,744
1657476.PS.FTS.B
,
13
.8
%
,
11/01/26
....
3,264
3,296
1658550.PS.FTS.B
,
9
.45
%
,
11/02/26
....
3,015
3,009
1651418.PS.FTS.B
,
11
.6
%
,
11/05/26
.....
497
132
1660986.PS.FTS.B
,
16
.8
%
,
11/05/26
....
5,734
5,796
1654327.PS.FTS.B
,
22
.55
%
,
11/05/26
....
2,102
2,161
1651841.PS.FTS.B
,
15
.4
%
,
11/08/26
....
1,231
1,246
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
151
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1665054.PS.FTS.B
,
16
.93
%
,
11/08/26
....
$
8,805
$
4,939
1652894.PS.FTS.B
,
12
.7
%
,
11/09/26
....
1,594
1,592
1659130.PS.FTS.B
,
15
.18
%
,
11/09/26
....
3,122
3,161
1652711.PS.FTS.B
,
16
.2
%
,
11/09/26
.....
2,837
2,884
1654496.PS.FTS.B
,
11
.79
%
,
11/10/26
....
2,099
2,099
1660783.PS.FTS.B
,
11
.7
%
,
11/12/26
.....
3,771
3,776
1658878.PS.FTS.B
,
12
.98
%
,
11/13/26
....
5,373
5,372
1659238.PS.FTS.B
,
10
.8
%
,
11/15/26
....
1,557
1,557
1654759.PS.FTS.B
,
11
.89
%
,
11/19/26
....
979
978
1660438.PS.FTS.B
,
16
%
,
11/19/26
......
1,168
1,186
1653277.PS.FTS.B
,
13
.8
%
,
12/10/26
....
5,954
5,996
1679077.PS.FTS.B
,
15
.12
%
,
12/15/26
...
4,877
4,925
1685964.PS.FTS.B
,
15
.29
%
,
12/15/26
...
4,892
4,940
1672964.PS.FTS.B
,
28
.23
%
,
12/15/26
...
3,006
3,109
1680172.PS.FTS.B
,
13
.4
%
,
12/16/26
....
2,840
2,869
1645613.PS.FTS.B
,
12
.62
%
,
12/19/26
...
3,264
3,275
1680709.PS.FTS.B
,
10
.5
%
,
12/20/26
....
4,516
4,521
1681081.PS.FTS.B
,
11
.33
%
,
12/20/26
....
2,188
2,193
1677662.PS.FTS.B
,
18
.25
%
,
12/23/26
...
5,658
5,778
1656341.PS.FTS.B
,
15
.29
%
,
6/15/27
....
7,214
1,804
1665885.PS.FTS.B
,
13
.7
%
,
8/27/27
.....
10,561
6,441
1630162.PS.FTS.B
,
16
.33
%
,
9/21/27
....
11,646
11,621
1659142.PS.FTS.B
,
14
.6
%
,
9/29/27
.....
2,656
1,453
181,257
Upgrade,
Inc.
-
Card
991149182.UG.FTS.B
,
28
.48
%
,
5/21/26
..
35
33
991182716.UG.FTS.B
,
21
.98
%
,
5/26/26
..
80
73
b
991161030.UG.FTS.B
,
29
.49
%
,
6/18/26
..
63
1
991123245.UG.FTS.B
,
26
.94
%
,
8/23/26
..
162
145
991148239.UG.FTS.B
,
29
.49
%
,
9/20/26
..
202
206
991356469.UG.FTS.B
,
16
.99
%
,
12/07/26
.
6
6
991265247.UG.FTS.B
,
16
.99
%
,
12/12/26
.
135
139
991359359.UG.FTS.B
,
15
.99
%
,
12/14/26
.
16
16
991467528.UG.FTS.B
,
15
.99
%
,
12/14/26
.
9
9
991326633.UG.FTS.B
,
21
.99
%
,
12/19/26
.
213
218
991020944.UG.FTS.B
,
15
.99
%
,
1/06/27
..
1,044
1,068
991217394.UG.FTS.B
,
29
.49
%
,
1/20/27
..
83
67
b
991180816.UG.FTS.B
,
29
.49
%
,
1/23/27
..
146
10
991087378.UG.FTS.B
,
21
.36
%
,
2/13/27
..
253
197
991119833.UG.FTS.B
,
19
.21
%
,
2/20/27
..
602
606
991226691.UG.FTS.B
,
15
.99
%
,
3/06/27
..
98
102
991249712.UG.FTS.B
,
15
.99
%
,
3/06/27
..
1,230
1,272
991218283.UG.FTS.B
,
14
.98
%
,
6/27/27
..
3,036
3,046
991058306.UG.FTS.B
,
20
.46
%
,
7/11/27
..
462
462
991120297.UG.FTS.B
,
22
.97
%
,
7/23/27
..
1,088
834
b
991252958.UG.FTS.B
,
18
.97
%
,
7/24/27
..
294
20
991225567.UG.FTS.B
,
19
.8
%
,
1/18/28
...
239
235
b
991162953.UG.FTS.B
,
26
.94
%
,
1/27/28
..
158
–
b
991299503.UG.FTS.B
,
17
.99
%
,
5/27/28
..
282
168
991418802.UG.FTS.B
,
29
.49
%
,
8/10/28
..
96
63
991102474.UG.FTS.B
,
29
.49
%
,
11/16/28
.
2,500
2,457
991262312.UG.FTS.B
,
29
.49
%
,
11/29/28
.
144
92
991223479.UG.FTS.B
,
29
.49
%
,
3/18/29
..
192
188
991266262.UG.FTS.B
,
19
.8
%
,
4/16/29
...
1,305
733
b
991098718.UG.FTS.B
,
23
.95
%
,
12/09/29
.
505
311
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991137442.UG.FTS.B
,
21
.46
%
,
2/25/30
..
$
19
$
19
b
991152322.UG.FTS.B
,
26
.94
%
,
3/27/30
..
481
33
b
991216328.UG.FTS.B
,
26
.94
%
,
3/27/30
..
97
7
991179044.UG.FTS.B
,
21
.46
%
,
9/29/30
..
246
250
991233872.UG.FTS.B
,
17
.99
%
,
10/05/30
.
47
48
991299072.UG.FTS.B
,
29
.49
%
,
10/23/30
.
16
17
991100555.UG.FTS.B
,
29
.49
%
,
11/20/30
.
131
133
991238529.UG.FTS.B
,
19
.8
%
,
1/16/31
...
177
31
991168137.UG.FTS.B
,
19
.8
%
,
2/21/31
...
33
33
b
991152518.UG.FTS.B
,
18
.97
%
,
2/23/31
..
74
1
991197071.UG.FTS.B
,
21
.98
%
,
11/09/31
.
218
–
13,349
Upstart
Network,
Inc.
L1410769.UP.FTS.B
,
17
.3
%
,
7/09/26
....
699
688
L1410871.UP.FTS.B
,
19
.36
%
,
7/09/26
....
598
589
L1406959.UP.FTS.B
,
19
.7
%
,
7/09/26
....
382
376
L1612245.UP.FTS.B
,
7
.13
%
,
8/23/26
....
644
632
L1612759.UP.FTS.B
,
7
.7
%
,
8/23/26
.....
756
745
L1613031.UP.FTS.B
,
10
.95
%
,
8/23/26
....
1,020
1,009
L1612198.UP.FTS.B
,
11
.94
%
,
8/23/26
....
1,881
1,857
L1606587.UP.FTS.B
,
14
.39
%
,
8/23/26
....
7,688
7,593
FW1613143.UP.FTS.B
,
19
.39
%
,
8/23/26
..
3,441
3,403
FW1613287.UP.FTS.B
,
21
.05
%
,
8/23/26
..
508
503
L1611961.UP.FTS.B
,
21
.45
%
,
8/23/26
....
984
973
L1612389.UP.FTS.B
,
21
.85
%
,
8/23/26
....
1,107
1,095
L1605896.UP.FTS.B
,
25
.03
%
,
8/23/26
....
6,945
5,719
L1612867.UP.FTS.B
,
25
.04
%
,
8/23/26
....
342
339
b
L1612430.UP.FTS.B
,
25
.3
%
,
8/23/26
....
316
11
b
L1613041.UP.FTS.B
,
26
.53
%
,
8/23/26
....
1,391
276
FW1612948.UP.FTS.B
,
30
.7
%
,
8/23/26
...
2,088
2,068
L1613779.UP.FTS.B
,
8
.38
%
,
8/24/26
....
1,958
1,928
L1614080.UP.FTS.B
,
9
.53
%
,
8/24/26
....
420
414
L1613838.UP.FTS.B
,
13
.27
%
,
8/24/26
....
124
123
FW1614076.UP.FTS.B
,
14
.66
%
,
8/24/26
..
1,527
1,509
L1617016.UP.FTS.B
,
15
.82
%
,
8/24/26
....
2,804
2,780
L1617004.UP.FTS.B
,
16
.62
%
,
8/24/26
....
986
978
b
L1613683.UP.FTS.B
,
16
.65
%
,
8/24/26
....
1,835
133
FW1613769.UP.FTS.B
,
16
.69
%
,
8/24/26
..
813
805
L1616581.UP.FTS.B
,
16
.94
%
,
8/24/26
....
474
470
L1614751.UP.FTS.B
,
17
.63
%
,
8/24/26
....
2,423
2,398
L1614375.UP.FTS.B
,
18
.88
%
,
8/24/26
....
1,364
1,350
L1616929.UP.FTS.B
,
19
.05
%
,
8/24/26
....
1,711
1,693
L1613574.UP.FTS.B
,
19
.14
%
,
8/24/26
....
514
508
L1618259.UP.FTS.B
,
19
.27
%
,
8/24/26
....
1,375
1,359
L1613128.UP.FTS.B
,
21
.09
%
,
8/24/26
....
10,150
10,038
L1617008.UP.FTS.B
,
21
.28
%
,
8/24/26
....
475
470
FW1617548.UP.FTS.B
,
21
.5
%
,
8/24/26
...
858
849
FW1616680.UP.FTS.B
,
21
.59
%
,
8/24/26
..
2,153
2,131
L1617314.UP.FTS.B
,
23
.08
%
,
8/24/26
....
430
425
FW1614723.UP.FTS.B
,
23
.32
%
,
8/24/26
..
2,765
2,736
FW1614111.UP.FTS.B
,
23
.36
%
,
8/24/26
..
1,472
1,456
L1617338.UP.FTS.B
,
23
.46
%
,
8/24/26
....
475
470
L1617363.UP.FTS.B
,
23
.46
%
,
8/24/26
....
1,355
1,345
FW1616273.UP.FTS.B
,
23
.5
%
,
8/24/26
...
144
143
L1616072.UP.FTS.B
,
24
%
,
8/24/26
......
718
710
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
152
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1599086.UP.FTS.B
,
24
.44
%
,
8/24/26
....
$
1,400
$
1,386
L1617884.UP.FTS.B
,
24
.99
%
,
8/24/26
....
227
225
L1617253.UP.FTS.B
,
25
.15
%
,
8/24/26
....
2,664
2,638
FW1591289.UP.FTS.B
,
25
.18
%
,
8/24/26
..
648
642
L1613599.UP.FTS.B
,
25
.21
%
,
8/24/26
....
477
472
L1616132.UP.FTS.B
,
25
.25
%
,
8/24/26
....
229
226
L1614231.UP.FTS.B
,
25
.4
%
,
8/24/26
....
364
360
FW1618114.UP.FTS.B
,
25
.78
%
,
8/24/26
..
617
611
b
FW1614841.UP.FTS.B
,
27
.56
%
,
8/24/26
..
863
62
FW1613869.UP.FTS.B
,
30
.42
%
,
8/24/26
..
270
268
FW1614110.UP.FTS.B
,
32
.03
%
,
8/24/26
..
821
814
L1619126.UP.FTS.B
,
9
.43
%
,
8/25/26
....
1,425
1,403
L1619757.UP.FTS.B
,
12
.57
%
,
8/25/26
....
1,373
1,355
L1572047.UP.FTS.B
,
12
.99
%
,
8/25/26
....
345
341
L1620125.UP.FTS.B
,
15
.38
%
,
8/25/26
....
160
159
FW1619311.UP.FTS.B
,
16
.02
%
,
8/25/26
..
787
780
FW1619065.UP.FTS.B
,
16
.98
%
,
8/25/26
..
4,123
4,090
L1619610.UP.FTS.B
,
17
.18
%
,
8/25/26
....
789
781
L1620043.UP.FTS.B
,
17
.72
%
,
8/25/26
....
461
456
L1618616.UP.FTS.B
,
21
.44
%
,
8/25/26
....
1,794
1,776
L1620763.UP.FTS.B
,
23
.08
%
,
8/25/26
....
996
986
L1620526.UP.FTS.B
,
23
.25
%
,
8/25/26
....
370
366
L1621031.UP.FTS.B
,
25
.07
%
,
8/25/26
....
1,447
556
L1619585.UP.FTS.B
,
25
.33
%
,
8/25/26
....
1,393
1,380
b
L1618792.UP.FTS.B
,
25
.43
%
,
8/25/26
....
1,059
76
FW1620759.UP.FTS.B
,
25
.44
%
,
8/25/26
..
765
758
b
FW1617532.UP.FTS.B
,
25
.68
%
,
8/25/26
..
1,004
73
L1620151.UP.FTS.B
,
26
.66
%
,
8/25/26
....
2,286
2,264
L1617795.UP.FTS.B
,
13
.57
%
,
9/01/26
....
4,399
4,341
L1706771.UP.FTS.B
,
9
.86
%
,
9/13/26
....
2,938
2,895
FW1703655.UP.FTS.B
,
10
.14
%
,
9/13/26
..
834
591
FW1705224.UP.FTS.B
,
10
.49
%
,
9/13/26
..
4,131
4,071
L1706707.UP.FTS.B
,
14
.84
%
,
9/13/26
....
3,584
3,533
FW1705595.UP.FTS.B
,
15
.51
%
,
9/13/26
..
2,678
2,648
L1705287.UP.FTS.B
,
16
.2
%
,
9/13/26
....
2,114
2,091
FW1706882.UP.FTS.B
,
17
.33
%
,
9/13/26
..
889
879
L1705021.UP.FTS.B
,
18
.29
%
,
9/13/26
....
1,588
1,565
FW1701942.UP.FTS.B
,
19
.32
%
,
9/13/26
..
2,925
2,883
L1705415.UP.FTS.B
,
19
.86
%
,
9/13/26
....
1,666
1,643
L1706913.UP.FTS.B
,
20
.18
%
,
9/13/26
....
1,411
1,389
FW1705757.UP.FTS.B
,
21
.7
%
,
9/13/26
...
728
717
L1706178.UP.FTS.B
,
22
.1
%
,
9/13/26
....
713
703
L1706147.UP.FTS.B
,
23
.21
%
,
9/13/26
....
1,044
1,028
L1706443.UP.FTS.B
,
23
.44
%
,
9/13/26
....
655
645
L1706931.UP.FTS.B
,
24
.04
%
,
9/13/26
....
252
248
L1706467.UP.FTS.B
,
24
.5
%
,
9/13/26
....
253
250
L1705774.UP.FTS.B
,
24
.52
%
,
9/13/26
....
1,727
1,701
L1699725.UP.FTS.B
,
24
.98
%
,
9/13/26
....
508
190
L1705130.UP.FTS.B
,
24
.98
%
,
9/13/26
....
647
637
L1705055.UP.FTS.B
,
24
.99
%
,
9/13/26
....
361
356
L1706179.UP.FTS.B
,
25
.28
%
,
9/13/26
....
279
275
L1707003.UP.FTS.B
,
25
.5
%
,
9/13/26
....
366
360
b
L1706122.UP.FTS.B
,
26
.74
%
,
9/13/26
....
710
–
FW1706840.UP.FTS.B
,
26
.82
%
,
9/13/26
..
8,011
7,894
FW1705300.UP.FTS.B
,
26
.94
%
,
9/13/26
..
485
478
FW1705464.UP.FTS.B
,
28
.92
%
,
9/13/26
..
1,709
1,685
FW1706229.UP.FTS.B
,
30
.24
%
,
9/13/26
..
1,038
1,024
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1705888.UP.FTS.B
,
30
.31
%
,
9/13/26
..
$
655
$
646
FW1705881.UP.FTS.B
,
30
.81
%
,
9/13/26
..
1,315
1,296
FW1705876.UP.FTS.B
,
30
.83
%
,
9/13/26
..
400
394
FW1706907.UP.FTS.B
,
30
.87
%
,
9/13/26
..
422
416
FW1704990.UP.FTS.B
,
31
.11
%
,
9/13/26
..
211
208
FW1706597.UP.FTS.B
,
31
.11
%
,
9/13/26
..
447
441
L1706806.UP.FTS.B
,
15
.22
%
,
9/15/26
....
1,168
1,153
L1706683.UP.FTS.B
,
16
.01
%
,
9/20/26
....
445
438
L1705598.UP.FTS.B
,
17
.01
%
,
9/21/26
....
543
537
L1877184.UP.FTS.B
,
9
.06
%
,
10/19/26
....
1,611
1,583
L1851771.UP.FTS.B
,
9
.22
%
,
10/19/26
....
633
622
L1875318.UP.FTS.B
,
10
.07
%
,
10/19/26
...
945
932
L1881256.UP.FTS.B
,
11
.03
%
,
10/19/26
...
2,149
2,119
L1879834.UP.FTS.B
,
11
.35
%
,
10/19/26
...
4,605
4,540
L1878258.UP.FTS.B
,
14
.16
%
,
10/19/26
...
1,992
663
L1877450.UP.FTS.B
,
14
.9
%
,
10/19/26
....
628
620
L1880586.UP.FTS.B
,
15
.78
%
,
10/19/26
...
1,546
1,531
L1864741.UP.FTS.B
,
16
.15
%
,
10/19/26
...
1,376
1,090
L1881295.UP.FTS.B
,
16
.28
%
,
10/19/26
...
1,921
643
L1878278.UP.FTS.B
,
16
.38
%
,
10/19/26
...
2,065
2,045
L1877933.UP.FTS.B
,
16
.4
%
,
10/19/26
....
471
465
L1878027.UP.FTS.B
,
16
.7
%
,
10/19/26
....
1,949
1,930
L1881555.UP.FTS.B
,
17
.31
%
,
10/19/26
...
1,403
1,385
FW1876338.UP.FTS.B
,
17
.58
%
,
10/19/26
.
759
752
L1879412.UP.FTS.B
,
17
.84
%
,
10/19/26
...
565
559
L1880587.UP.FTS.B
,
18
.12
%
,
10/19/26
...
851
843
L1871080.UP.FTS.B
,
18
.23
%
,
10/19/26
...
1,023
1,010
L1879198.UP.FTS.B
,
19
.39
%
,
10/19/26
...
1,862
1,840
L1876835.UP.FTS.B
,
19
.58
%
,
10/19/26
...
218
216
L1871750.UP.FTS.B
,
19
.96
%
,
10/19/26
...
1,286
1,269
FW1880709.UP.FTS.B
,
20
.07
%
,
10/19/26
.
1,542
1,528
L1876035.UP.FTS.B
,
20
.11
%
,
10/19/26
...
881
869
FW1878006.UP.FTS.B
,
22
.44
%
,
10/19/26
.
2,750
2,715
FW1875013.UP.FTS.B
,
22
.78
%
,
10/19/26
.
2,072
2,046
FW1866351.UP.FTS.B
,
22
.85
%
,
10/19/26
.
583
576
FW1880160.UP.FTS.B
,
22
.89
%
,
10/19/26
.
964
951
L1876513.UP.FTS.B
,
22
.94
%
,
10/19/26
...
1,113
1,099
FW1880088.UP.FTS.B
,
23
.43
%
,
10/19/26
.
2,147
2,119
FW1876728.UP.FTS.B
,
23
.57
%
,
10/19/26
.
3,043
3,003
L1881431.UP.FTS.B
,
24
.79
%
,
10/19/26
...
380
376
L1877594.UP.FTS.B
,
24
.95
%
,
10/19/26
...
837
826
L1880129.UP.FTS.B
,
24
.99
%
,
10/19/26
...
864
704
L1876477.UP.FTS.B
,
25
.39
%
,
10/19/26
...
841
831
L1876404.UP.FTS.B
,
25
.47
%
,
10/19/26
...
482
476
b
L1873948.UP.FTS.B
,
25
.57
%
,
10/19/26
...
3,343
94
FW1879167.UP.FTS.B
,
25
.8
%
,
10/19/26
..
235
232
L1879783.UP.FTS.B
,
25
.86
%
,
10/19/26
...
818
808
FW1877802.UP.FTS.B
,
26
.08
%
,
10/19/26
.
1,817
1,796
FW1877751.UP.FTS.B
,
26
.95
%
,
10/19/26
.
1,003
991
FW1877218.UP.FTS.B
,
28
.56
%
,
10/19/26
.
2,514
2,486
FW1876795.UP.FTS.B
,
29
.56
%
,
10/19/26
.
820
811
FW1878098.UP.FTS.B
,
30
.84
%
,
10/19/26
.
313
310
FW1878489.UP.FTS.B
,
30
.93
%
,
10/19/26
.
480
378
FW1880229.UP.FTS.B
,
31
.05
%
,
10/19/26
.
367
363
FW1877716.UP.FTS.B
,
31
.6
%
,
10/19/26
..
1,058
1,046
FW1876495.UP.FTS.B
,
31
.7
%
,
10/19/26
..
1,694
1,675
L1990756.UP.FTS.B
,
7
.18
%
,
11/08/26
....
2,307
2,264
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
153
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1994718.UP.FTS.B
,
8
.83
%
,
11/08/26
....
$
3,774
$
3,704
L1991230.UP.FTS.B
,
9
.13
%
,
11/08/26
....
4,692
4,610
L1996991.UP.FTS.B
,
9
.23
%
,
11/08/26
....
6,111
3,972
L1996355.UP.FTS.B
,
10
.29
%
,
11/08/26
...
2,650
2,607
L1992891.UP.FTS.B
,
10
.76
%
,
11/08/26
...
1,663
1,636
L1988958.UP.FTS.B
,
10
.98
%
,
11/08/26
...
310
305
L1998866.UP.FTS.B
,
11
.49
%
,
11/08/26
...
3,505
3,449
L1996448.UP.FTS.B
,
11
.66
%
,
11/08/26
...
8,403
8,267
L1994627.UP.FTS.B
,
11
.81
%
,
11/08/26
...
1,260
1,237
L1995371.UP.FTS.B
,
12
.23
%
,
11/08/26
...
845
831
L1995435.UP.FTS.B
,
12
.23
%
,
11/08/26
...
360
354
L1999575.UP.FTS.B
,
12
.84
%
,
11/08/26
...
235
231
L1989008.UP.FTS.B
,
12
.93
%
,
11/08/26
...
364
358
L1989940.UP.FTS.B
,
12
.93
%
,
11/08/26
...
599
590
L1993366.UP.FTS.B
,
14
.1
%
,
11/08/26
....
437
430
L1994789.UP.FTS.B
,
14
.19
%
,
11/08/26
...
1,549
1,055
b
FW1997293.UP.FTS.B
,
14
.33
%
,
11/08/26
.
1,500
80
L1995404.UP.FTS.B
,
14
.33
%
,
11/08/26
...
1,756
1,734
L1991804.UP.FTS.B
,
14
.89
%
,
11/08/26
...
1,776
1,749
L1995379.UP.FTS.B
,
15
.15
%
,
11/08/26
...
1,558
1,534
L1992261.UP.FTS.B
,
15
.59
%
,
11/08/26
...
627
618
FW1991255.UP.FTS.B
,
15
.82
%
,
11/08/26
.
2,592
2,552
L1992970.UP.FTS.B
,
16
.04
%
,
11/08/26
...
3,303
3,264
L1989989.UP.FTS.B
,
16
.18
%
,
11/08/26
...
2,442
2,412
L1989606.UP.FTS.B
,
16
.9
%
,
11/08/26
....
921
910
FW1999118.UP.FTS.B
,
17
.22
%
,
11/08/26
.
1,384
1,368
L1993764.UP.FTS.B
,
17
.26
%
,
11/08/26
...
346
341
L1988482.UP.FTS.B
,
18
.26
%
,
11/08/26
...
1,831
1,802
L1996185.UP.FTS.B
,
20
.69
%
,
11/08/26
...
1,222
1,208
L1988462.UP.FTS.B
,
20
.81
%
,
11/08/26
...
1,426
1,409
L1991281.UP.FTS.B
,
20
.82
%
,
11/08/26
...
540
531
L1994689.UP.FTS.B
,
21
.04
%
,
11/08/26
...
1,007
991
b
L1989334.UP.FTS.B
,
21
.32
%
,
11/08/26
...
6,683
227
L1991956.UP.FTS.B
,
21
.37
%
,
11/08/26
...
495
490
L1991663.UP.FTS.B
,
21
.95
%
,
11/08/26
...
2,490
2,446
FW1989899.UP.FTS.B
,
22
.28
%
,
11/08/26
.
679
667
L1991475.UP.FTS.B
,
22
.35
%
,
11/08/26
...
502
493
L1999817.UP.FTS.B
,
23
.27
%
,
11/08/26
...
1,528
1,501
L1996843.UP.FTS.B
,
24
.19
%
,
11/08/26
...
2,588
2,544
FW1994028.UP.FTS.B
,
24
.21
%
,
11/08/26
.
1,810
1,779
L1989848.UP.FTS.B
,
24
.75
%
,
11/08/26
...
1,646
1,618
FW1991387.UP.FTS.B
,
24
.97
%
,
11/08/26
.
1,291
856
b
L1919784.UP.FTS.B
,
25
.31
%
,
11/08/26
...
3,717
631
L1995398.UP.FTS.B
,
25
.36
%
,
11/08/26
...
685
673
L1992549.UP.FTS.B
,
25
.44
%
,
11/08/26
...
3,024
2,033
b
L1992732.UP.FTS.B
,
26
.2
%
,
11/08/26
....
1,612
28
FW1998563.UP.FTS.B
,
26
.46
%
,
11/08/26
.
643
632
FW1998048.UP.FTS.B
,
26
.92
%
,
11/08/26
.
674
663
L1990551.UP.FTS.B
,
26
.95
%
,
11/08/26
...
2,358
2,318
FW1994443.UP.FTS.B
,
27
.95
%
,
11/08/26
.
2,755
2,708
FW1994756.UP.FTS.B
,
28
%
,
11/08/26
...
776
762
FW1991541.UP.FTS.B
,
29
.36
%
,
11/08/26
.
1,674
1,647
FW1999851.UP.FTS.B
,
29
.4
%
,
11/08/26
..
1,220
1,200
FW1992347.UP.FTS.B
,
29
.82
%
,
11/08/26
.
8,432
8,297
FW1994293.UP.FTS.B
,
30
.31
%
,
11/08/26
.
419
412
FW1997312.UP.FTS.B
,
30
.32
%
,
11/08/26
.
337
110
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1991024.UP.FTS.B
,
30
.67
%
,
11/08/26
.
$
316
$
311
FW1996197.UP.FTS.B
,
31
.07
%
,
11/08/26
.
1,264
884
FW1994027.UP.FTS.B
,
31
.13
%
,
11/08/26
.
777
765
FW1999282.UP.FTS.B
,
31
.18
%
,
11/08/26
.
2,352
2,315
L1995369.UP.FTS.B
,
8
.19
%
,
11/10/26
....
1,571
1,542
FW1876658.UP.FTS.B
,
27
.58
%
,
11/11/26
.
974
963
FW1995006.UP.FTS.B
,
10
.93
%
,
11/15/26
.
2,688
2,645
L2073684.UP.FTS.B
,
7
.58
%
,
11/18/26
....
1,918
1,883
L2073150.UP.FTS.B
,
9
.42
%
,
11/18/26
....
3,207
3,151
L2071865.UP.FTS.B
,
10
.09
%
,
11/18/26
...
1,524
1,501
L2074643.UP.FTS.B
,
10
.22
%
,
11/18/26
...
4,036
3,976
L2072338.UP.FTS.B
,
10
.5
%
,
11/18/26
....
1,537
1,510
L2075077.UP.FTS.B
,
11
.07
%
,
11/18/26
...
621
612
L2073949.UP.FTS.B
,
13
.85
%
,
11/18/26
...
1,199
920
L2070988.UP.FTS.B
,
13
.92
%
,
11/18/26
...
485
480
L2070587.UP.FTS.B
,
14
.32
%
,
11/18/26
...
1,755
1,738
L2074701.UP.FTS.B
,
14
.63
%
,
11/18/26
...
1,410
1,397
FW2075148.UP.FTS.B
,
14
.93
%
,
11/18/26
.
887
879
FW2072823.UP.FTS.B
,
15
.21
%
,
11/18/26
.
524
516
L1995487.UP.FTS.B
,
15
.52
%
,
11/18/26
...
1,123
1,110
L2074846.UP.FTS.B
,
15
.74
%
,
11/18/26
...
3,372
3,340
L2073860.UP.FTS.B
,
16
.19
%
,
11/18/26
...
462
458
L2071149.UP.FTS.B
,
16
.73
%
,
11/18/26
...
5,682
5,628
FW2075122.UP.FTS.B
,
17
.19
%
,
11/18/26
.
922
914
L2074833.UP.FTS.B
,
17
.19
%
,
11/18/26
...
1,368
1,354
FW2075299.UP.FTS.B
,
17
.67
%
,
11/18/26
.
930
921
L2069944.UP.FTS.B
,
18
.01
%
,
11/18/26
...
2,385
2,363
L2074700.UP.FTS.B
,
18
.17
%
,
11/18/26
...
1,525
1,511
FW2070090.UP.FTS.B
,
18
.57
%
,
11/18/26
.
361
358
FW2074803.UP.FTS.B
,
18
.88
%
,
11/18/26
.
2,966
2,939
FW2074495.UP.FTS.B
,
19
.61
%
,
11/18/26
.
1,895
1,872
L2074954.UP.FTS.B
,
19
.66
%
,
11/18/26
...
1,323
1,307
L2072694.UP.FTS.B
,
20
.25
%
,
11/18/26
...
801
791
b
L2071378.UP.FTS.B
,
20
.26
%
,
11/18/26
...
2,384
412
FW2070300.UP.FTS.B
,
20
.46
%
,
11/18/26
.
2,470
2,436
L2073048.UP.FTS.B
,
20
.74
%
,
11/18/26
...
1,223
1,208
L2073994.UP.FTS.B
,
21
.04
%
,
11/18/26
...
1,229
1,214
L2072786.UP.FTS.B
,
22
.57
%
,
11/18/26
...
2,898
2,860
L2073707.UP.FTS.B
,
22
.91
%
,
11/18/26
...
710
701
L2074779.UP.FTS.B
,
22
.95
%
,
11/18/26
...
2,554
2,521
L2073694.UP.FTS.B
,
22
.99
%
,
11/18/26
...
1,433
1,414
L2075061.UP.FTS.B
,
23
.07
%
,
11/18/26
...
2,402
2,076
L2073355.UP.FTS.B
,
23
.21
%
,
11/18/26
...
1,271
1,255
b
L2074657.UP.FTS.B
,
23
.23
%
,
11/18/26
...
1,279
243
b
L2074997.UP.FTS.B
,
24
.24
%
,
11/18/26
...
1,607
117
FW2073759.UP.FTS.B
,
25
.15
%
,
11/18/26
.
353
277
L2075027.UP.FTS.B
,
25
.16
%
,
11/18/26
...
1,582
1,562
L2075204.UP.FTS.B
,
25
.29
%
,
11/18/26
...
1,287
1,271
L2070733.UP.FTS.B
,
25
.4
%
,
11/18/26
....
810
800
FW2074102.UP.FTS.B
,
27
.44
%
,
11/18/26
.
695
686
b
FW2073976.UP.FTS.B
,
27
.83
%
,
11/18/26
.
606
1
FW2074265.UP.FTS.B
,
29
.67
%
,
11/18/26
.
2,383
2,356
FW2072059.UP.FTS.B
,
30
.46
%
,
11/18/26
.
1,124
1,111
FW2072695.UP.FTS.B
,
30
.47
%
,
11/18/26
.
284
281
FW2074713.UP.FTS.B
,
31
.25
%
,
11/18/26
.
2,473
1,902
L2070082.UP.FTS.B
,
8
.09
%
,
11/19/26
....
3,914
3,844
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
154
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1995866.UP.FTS.B
,
29
.41
%
,
11/22/26
.
$
912
$
897
L2074195.UP.FTS.B
,
15
.15
%
,
11/24/26
...
2,235
2,203
L2217859.UP.FTS.B
,
8
.75
%
,
12/09/26
....
4,350
4,268
L2214639.UP.FTS.B
,
9
.77
%
,
12/09/26
....
1,882
1,846
L2217133.UP.FTS.B
,
11
.03
%
,
12/09/26
...
5,593
5,502
FW2216190.UP.FTS.B
,
12
.02
%
,
12/09/26
.
1,154
1,135
L2215565.UP.FTS.B
,
13
.14
%
,
12/09/26
...
1,412
1,389
L2214819.UP.FTS.B
,
13
.75
%
,
12/09/26
...
1,404
1,382
L2218351.UP.FTS.B
,
14
.35
%
,
12/09/26
...
221
218
FW2215838.UP.FTS.B
,
16
.38
%
,
12/09/26
.
1,983
1,961
L2217548.UP.FTS.B
,
17
.23
%
,
12/09/26
...
3,784
3,741
L2217603.UP.FTS.B
,
17
.91
%
,
12/09/26
...
1,478
1,461
L2217227.UP.FTS.B
,
18
.97
%
,
12/09/26
...
2,858
2,813
L2213701.UP.FTS.B
,
19
.91
%
,
12/09/26
...
819
535
L2215303.UP.FTS.B
,
20
.05
%
,
12/09/26
...
1,850
1,817
L2215373.UP.FTS.B
,
20
.25
%
,
12/09/26
...
266
263
FW2214210.UP.FTS.B
,
20
.55
%
,
12/09/26
.
1,333
1,312
FW2213572.UP.FTS.B
,
21
.18
%
,
12/09/26
.
339
333
FW2215010.UP.FTS.B
,
21
.32
%
,
12/09/26
.
544
538
FW2215319.UP.FTS.B
,
21
.51
%
,
12/09/26
.
1,093
1,074
L2213576.UP.FTS.B
,
22
.2
%
,
12/09/26
....
955
941
L2217530.UP.FTS.B
,
22
.65
%
,
12/09/26
...
1,244
1,223
L2214174.UP.FTS.B
,
23
.38
%
,
12/09/26
...
223
219
FW2215830.UP.FTS.B
,
23
.46
%
,
12/09/26
.
307
302
L2218003.UP.FTS.B
,
23
.87
%
,
12/09/26
...
406
399
FW2218127.UP.FTS.B
,
24
.14
%
,
12/09/26
.
2,822
2,774
L2216002.UP.FTS.B
,
24
.2
%
,
12/09/26
....
1,382
1,359
FW2214164.UP.FTS.B
,
24
.23
%
,
12/09/26
.
9,950
9,799
b
L2218752.UP.FTS.B
,
24
.44
%
,
12/09/26
...
534
39
L2217516.UP.FTS.B
,
24
.76
%
,
12/09/26
...
409
402
L2215557.UP.FTS.B
,
25
.29
%
,
12/09/26
...
660
649
L2213659.UP.FTS.B
,
25
.4
%
,
12/09/26
....
1,095
1,077
b
L2215136.UP.FTS.B
,
25
.42
%
,
12/09/26
...
1,802
128
L2214897.UP.FTS.B
,
25
.44
%
,
12/09/26
...
4,719
4,642
L2216607.UP.FTS.B
,
25
.48
%
,
12/09/26
...
864
850
b
L2214388.UP.FTS.B
,
25
.7
%
,
12/09/26
....
1,584
115
L2218260.UP.FTS.B
,
25
.7
%
,
12/09/26
....
1,906
1,875
b
FW2215725.UP.FTS.B
,
28
.05
%
,
12/09/26
.
3,788
–
FW2216442.UP.FTS.B
,
29
.14
%
,
12/09/26
.
2,872
2,827
FW2218562.UP.FTS.B
,
29
.96
%
,
12/09/26
.
66
65
FW2217960.UP.FTS.B
,
30
.51
%
,
12/09/26
.
1,559
1,535
FW2217757.UP.FTS.B
,
30
.55
%
,
12/09/26
.
1,011
995
FW2216633.UP.FTS.B
,
30
.84
%
,
12/09/26
.
311
307
FW2217843.UP.FTS.B
,
31
.21
%
,
12/09/26
.
314
309
FW2217138.UP.FTS.B
,
32
.58
%
,
12/09/26
.
1,563
1,545
FW2219336.UP.FTS.B
,
7
.29
%
,
12/10/26
..
1,761
1,730
L2220935.UP.FTS.B
,
8
.04
%
,
12/10/26
....
2,354
2,310
L2220551.UP.FTS.B
,
8
.19
%
,
12/10/26
....
473
464
L2220654.UP.FTS.B
,
9
.13
%
,
12/10/26
....
1,695
1,673
FW2222412.UP.FTS.B
,
10
.49
%
,
12/10/26
.
224
220
L2220236.UP.FTS.B
,
11
.73
%
,
12/10/26
...
4,928
4,850
L2220260.UP.FTS.B
,
12
.23
%
,
12/10/26
...
11,581
11,394
L2221352.UP.FTS.B
,
13
.11
%
,
12/10/26
...
123
121
L2221255.UP.FTS.B
,
13
.17
%
,
12/10/26
...
1,784
1,755
L2220245.UP.FTS.B
,
13
.24
%
,
12/10/26
...
6,273
6,173
L2221936.UP.FTS.B
,
13
.59
%
,
12/10/26
...
1,520
1,496
L2211103.UP.FTS.B
,
13
.86
%
,
12/10/26
...
3,156
3,106
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2221548.UP.FTS.B
,
14
.74
%
,
12/10/26
...
$
242
$
239
L2194261.UP.FTS.B
,
15
.71
%
,
12/10/26
...
2,515
2,485
FW2221538.UP.FTS.B
,
17
.36
%
,
12/10/26
.
4,047
4,002
L2219356.UP.FTS.B
,
17
.56
%
,
12/10/26
...
2,721
2,690
L2220037.UP.FTS.B
,
17
.77
%
,
12/10/26
...
816
807
b
L2222111.UP.FTS.B
,
18
.1
%
,
12/10/26
....
2,084
151
L2210120.UP.FTS.B
,
18
.97
%
,
12/10/26
...
884
871
FW2219505.UP.FTS.B
,
19
.04
%
,
12/10/26
.
6,102
6,008
L2221919.UP.FTS.B
,
19
.66
%
,
12/10/26
...
1,471
1,449
L2221739.UP.FTS.B
,
19
.78
%
,
12/10/26
...
2,387
2,346
L2221097.UP.FTS.B
,
19
.86
%
,
12/10/26
...
514
506
L2221612.UP.FTS.B
,
20
.59
%
,
12/10/26
...
3,227
3,171
L2222012.UP.FTS.B
,
21
.64
%
,
12/10/26
...
918
903
FW2220653.UP.FTS.B
,
22
.15
%
,
12/10/26
.
1,702
1,673
FW2220221.UP.FTS.B
,
22
.46
%
,
12/10/26
.
1,924
1,892
L2220670.UP.FTS.B
,
23
.96
%
,
12/10/26
...
407
400
FW2214196.UP.FTS.B
,
23
.98
%
,
12/10/26
.
1,738
1,710
L2219719.UP.FTS.B
,
24
.34
%
,
12/10/26
...
165
163
FW2222025.UP.FTS.B
,
24
.95
%
,
12/10/26
.
2,907
2,860
b
L2221560.UP.FTS.B
,
25
.03
%
,
12/10/26
...
955
69
b
L2222196.UP.FTS.B
,
25
.5
%
,
12/10/26
....
994
171
L2222524.UP.FTS.B
,
25
.5
%
,
12/10/26
....
777
765
FW2219378.UP.FTS.B
,
27
.07
%
,
12/10/26
.
3,674
3,618
FW2220064.UP.FTS.B
,
27
.61
%
,
12/10/26
.
681
670
FW2219847.UP.FTS.B
,
28
.03
%
,
12/10/26
.
1,733
1,706
FW2221547.UP.FTS.B
,
28
.78
%
,
12/10/26
.
1,059
1,042
FW2222054.UP.FTS.B
,
29
.08
%
,
12/10/26
.
2,430
2,393
FW2220353.UP.FTS.B
,
29
.92
%
,
12/10/26
.
541
532
FW2221075.UP.FTS.B
,
30
.26
%
,
12/10/26
.
1,081
1,065
FW2221564.UP.FTS.B
,
30
.28
%
,
12/10/26
.
1,197
824
FW2221531.UP.FTS.B
,
30
.36
%
,
12/10/26
.
1,083
1,067
FW2221439.UP.FTS.B
,
30
.5
%
,
12/10/26
..
681
671
FW2219745.UP.FTS.B
,
31
.03
%
,
12/10/26
.
717
707
FW2216231.UP.FTS.B
,
31
.22
%
,
12/10/26
.
1,096
1,080
FW2218939.UP.FTS.B
,
31
.36
%
,
12/10/26
.
1,254
1,236
FW2219361.UP.FTS.B
,
31
.69
%
,
12/10/26
.
4,624
4,557
L2220687.UP.FTS.B
,
23
.72
%
,
12/11/26
...
580
570
L1705964.UP.FTS.B
,
25
.31
%
,
12/13/26
...
1,356
1,335
FW2215661.UP.FTS.B
,
28
.62
%
,
12/13/26
.
3,581
3,525
L2217252.UP.FTS.B
,
25
.25
%
,
12/14/26
...
585
577
b
FW2213955.UP.FTS.B
,
18
.45
%
,
12/24/26
.
3,233
233
FW2220958.UP.FTS.B
,
32
.58
%
,
12/25/26
.
2,672
2,633
FW2217553.UP.FTS.B
,
16
.03
%
,
12/28/26
.
1,460
1,438
L1611722.UP.FTS.B
,
19
.13
%
,
1/23/27
....
2,292
1,728
L1613957.UP.FTS.B
,
19
.33
%
,
1/24/27
....
3,157
3,120
b
L1616477.UP.FTS.B
,
19
.45
%
,
1/24/27
....
2,489
448
L1616362.UP.FTS.B
,
23
.47
%
,
1/24/27
....
1,736
1,717
FW1613124.UP.FTS.B
,
26
.6
%
,
1/24/27
...
5,856
5,796
FW1605600.UP.FTS.B
,
29
.46
%
,
1/24/27
..
2,362
2,343
FW1615354.UP.FTS.B
,
31
.17
%
,
1/24/27
..
4,326
4,285
L1619050.UP.FTS.B
,
15
.55
%
,
1/25/27
....
1,046
1,037
FW1615921.UP.FTS.B
,
28
.4
%
,
1/25/27
...
5,923
5,871
L1699552.UP.FTS.B
,
17
.37
%
,
2/13/27
....
1,161
1,142
FW1705472.UP.FTS.B
,
19
.5
%
,
2/13/27
...
3,408
1,044
L1706223.UP.FTS.B
,
20
.97
%
,
2/13/27
....
3,943
3,879
L1706613.UP.FTS.B
,
27
.15
%
,
2/13/27
....
3,186
1,977
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
155
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1611110.UP.FTS.B
,
20
.52
%
,
3/01/27
....
$
7,650
$
7,564
FW1881398.UP.FTS.B
,
18
.35
%
,
3/19/27
..
987
978
L1879248.UP.FTS.B
,
19
.71
%
,
3/19/27
....
2,102
1,530
L1880423.UP.FTS.B
,
25
.24
%
,
3/19/27
....
2,165
2,138
FW1880356.UP.FTS.B
,
28
.86
%
,
3/19/27
..
901
890
FW1876421.UP.FTS.B
,
26
.08
%
,
3/27/27
..
2,158
2,129
L1991593.UP.FTS.B
,
11
.07
%
,
4/08/27
....
14,402
14,125
L1998298.UP.FTS.B
,
13
.53
%
,
4/08/27
....
1,417
1,392
L1990886.UP.FTS.B
,
17
.65
%
,
4/08/27
....
2,502
2,474
b
L1992016.UP.FTS.B
,
21
%
,
4/08/27
......
19,628
1,443
b
FW1990199.UP.FTS.B
,
27
.43
%
,
4/08/27
..
8,657
621
b
FW1993453.UP.FTS.B
,
28
.76
%
,
4/08/27
..
7,478
1,224
b
FW1996092.UP.FTS.B
,
29
.72
%
,
4/08/27
..
1,962
141
FW1988366.UP.FTS.B
,
30
.88
%
,
4/08/27
..
2,530
2,492
FW1990513.UP.FTS.B
,
31
.11
%
,
4/08/27
..
2,296
2,262
L2071590.UP.FTS.B
,
16
.75
%
,
4/18/27
....
2,270
2,248
b
L2074108.UP.FTS.B
,
16
.87
%
,
4/18/27
....
1,060
177
L2070593.UP.FTS.B
,
17
.59
%
,
4/18/27
....
8,078
579
L2074570.UP.FTS.B
,
18
.15
%
,
4/18/27
....
6,363
4,526
L2071288.UP.FTS.B
,
18
.9
%
,
4/18/27
....
1,252
1,240
L2074593.UP.FTS.B
,
18
.9
%
,
4/18/27
....
451
446
b
L2073933.UP.FTS.B
,
20
.06
%
,
4/18/27
....
2,622
190
FW2075442.UP.FTS.B
,
22
.23
%
,
4/18/27
..
2,726
2,690
L2073235.UP.FTS.B
,
22
.81
%
,
4/18/27
....
2,573
2,538
L2074932.UP.FTS.B
,
23
.75
%
,
4/18/27
....
3,412
2,477
L1989271.UP.FTS.B
,
15
.62
%
,
4/22/27
....
5,091
1,346
FW1991256.UP.FTS.B
,
25
.07
%
,
4/22/27
..
7,839
7,689
L1988372.UP.FTS.B
,
13
.34
%
,
4/23/27
....
1,832
1,799
L1993049.UP.FTS.B
,
14
.87
%
,
4/23/27
....
7,374
7,250
L2074730.UP.FTS.B
,
20
.02
%
,
5/01/27
....
1,813
1,788
L2214144.UP.FTS.B
,
11
.27
%
,
5/09/27
....
2,002
1,320
L2218508.UP.FTS.B
,
20
.09
%
,
5/09/27
....
2,692
1,561
L2217598.UP.FTS.B
,
23
.52
%
,
5/09/27
....
3,771
3,705
L2198465.UP.FTS.B
,
24
.17
%
,
5/09/27
....
2,021
1,194
L2215729.UP.FTS.B
,
25
.13
%
,
5/09/27
....
5,616
5,509
L2216524.UP.FTS.B
,
25
.42
%
,
5/09/27
....
5,605
3,206
L2216795.UP.FTS.B
,
26
.15
%
,
5/09/27
....
5,702
3,408
FW2218340.UP.FTS.B
,
31
.07
%
,
5/09/27
..
4,386
2,608
L2221765.UP.FTS.B
,
7
.56
%
,
5/10/27
....
2,749
2,689
L2211511.UP.FTS.B
,
12
.64
%
,
5/10/27
....
21,236
11,370
L2218875.UP.FTS.B
,
13
.44
%
,
5/10/27
....
4,352
4,273
L2221125.UP.FTS.B
,
15
.5
%
,
5/10/27
.....
670
658
L2221797.UP.FTS.B
,
19
.44
%
,
5/10/27
....
5,085
5,007
L2221701.UP.FTS.B
,
19
.55
%
,
5/10/27
....
2,308
2,283
FW2219211.UP.FTS.B
,
31
.11
%
,
5/10/27
..
2,632
2,599
FW2219137.UP.FTS.B
,
32
.32
%
,
5/10/27
..
4,592
2,657
FW1613781.UP.FTS.B
,
20
.91
%
,
6/24/27
..
71
70
FW2219804.UP.FTS.B
,
10
.44
%
,
7/10/27
..
1,906
139
L1704834.UP.FTS.B
,
12
.73
%
,
7/13/27
....
2,223
723
L1706347.UP.FTS.B
,
23
.37
%
,
7/13/27
....
3,361
3,304
FW1705037.UP.FTS.B
,
26
.99
%
,
7/13/27
..
894
877
L1600527.UP.FTS.B
,
20
.35
%
,
7/24/27
....
4,326
4,268
L1994793.UP.FTS.B
,
11
.1
%
,
9/08/27
.....
3,953
3,883
FW1991474.UP.FTS.B
,
24
.66
%
,
9/08/27
..
2,062
2,025
b
FW1998543.UP.FTS.B
,
22
.52
%
,
9/13/27
..
7,956
1,244
L2073937.UP.FTS.B
,
18
.46
%
,
9/18/27
....
4,073
4,037
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
b
L2214500.UP.FTS.B
,
18
.31
%
,
10/09/27
...
$
14,877
$
1,072
L2217220.UP.FTS.B
,
24
.27
%
,
10/09/27
...
2,918
2,869
FW2075115.UP.FTS.B
,
29
.25
%
,
10/18/27
.
1,242
88
737,541
Total
Marketplace
Loans
(Cost
$
8,336,601
)
.......................
$2,599,159
a
The
rate
shown
represents
the
yield
at
period
end.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Total
Return
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
156
At
January
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
At
January
31,
2026
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
Euro-Bobl
..................................
Short
34
$
4,699,605
3/06/26
$
(
5,339
)
Euro-Bund
.................................
Short
33
5,013,568
3/06/26
909
U.S.
Treasury
10
Year
Notes
....................
Short
770
86,107,656
3/20/26
538,896
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
413
47,146,531
3/20/26
(
774,314
)
U.S.
Treasury
2
Year
Notes
.....................
Long
1,168
243,518,876
3/31/26
(
427,958
)
U.S.
Treasury
5
Year
Notes
.....................
Short
646
70,368,578
3/31/26
169,359
U.S.
Treasury
Long
Bonds
.....................
Long
128
14,736,000
3/20/26
(
52,171
)
U.S.
Treasury
Ultra
Bonds
......................
Long
85
9,982,188
3/20/26
(
151,376
)
Total
Futures
Contracts
......................................................................
$(701,994)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
JPHQ
Sell
4,291,000
5,017,147
4/13/26
$
—
$
(
86,215
)
Euro
.............
JPHQ
Sell
330,000
385,324
4/30/26
—
(
7,430
)
Euro
.............
JPHQ
Sell
891,000
1,034,513
5/04/26
—
(
26,099
)
Euro
.............
JPHQ
Sell
2,745,000
3,187,739
5/26/26
—
(
83,026
)
Total
Forward
Exchange
Contracts
...................................................
—
$(202,770)
Net
unrealized
appreciation
(depreciation)
............................................
$(202,770)
*
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)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
157
At
January
31,
2026
,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
At
January
31,
2026
,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.45
.
5.00%
Quarterly
12/20/30
57,490,000
$
5,094,361
$
3,687,353
$
1,407,008
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$5,094,361
$3,687,353
$1,407,008
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CDX.NA.HY.45
.
(5.00)%
Quarterly
CITI
12/20/30
10,900,000
(
1,710,997
)
(
1,592,885
)
(
118,112
)
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.39
.
5.00%
Quarterly
JPHQ
12/20/27
16,900,000
1,446,004
448,713
997,291
Non-
Investment
Grade
CDX.NA.IG.41
..
1.00%
Quarterly
CITI
12/20/28
31,300,000
229,171
(
603,662
)
832,833
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(35,822)
$(1,747,834)
$1,712,012
Total
Credit
Default
Swap
Contracts
....................................
$5,058,539
$
1,939,519
$3,119,020
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
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
3.75%
....
Annual
3/18/36
27,018,000
$
268,822
$
9,700
$
259,122
Total
Interest
Rate
Swap
Contracts
.................................
$268,822
$
9,700
$259,122
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
158
At
January
31,
2026
,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
A
bbreviations
on
page
171
.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
(a)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
BNDP
3/20/26
30,000,000
$
374,495
Total
Return
Swap
Contracts
....................................................................
$374,495
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
receives
the
total
return
on
the
underlying
instrument
and
pays
a
variable
financing
rate.
Franklin
Investors
Securities
Trust
159
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
1.
Organization
Franklin
Investors
Securities
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eight
separate
funds
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities,
exchange
traded
funds,
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively. Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV. Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
160
Quarterly
Schedules
of
Investments
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds
for
financial
reporting
purposes.
3. Unfunded
Loan
Commitments
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Funds
are
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules of
Investments.
At
January
31,
2026,
unfunded
commitments
were
as
follows:
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
January
31,
2026,
investments
in
“affiliated
companies”
were
as
follows:
Borrower
Unfunded
Commitment
Franklin
Floating
Rate
Daily
Access
Fund
Azuria
Water
Solutions,
Inc.
$
1,021,672
Clydesdale
Acquisition
Holdings,
Inc.
20,306
GC
Ferry
Acquisition
I,
Inc.
853,964
Signia
Aerospace
LLC
126,506
US
Fertility
Enterprises
LLC
486,842
$
2,509,290
Borrower
Unfunded
Commitment
Franklin
Low
Duration
Total
Return
Fund
Clydesdale
Acquisition
Holdings,
Inc.
$
1,692
Pinnacle
Buyer
LLC
38,215
$
39,907
Borrower
Unfunded
Commitment
Franklin
Total
Return
Fund
Clydesdale
Acquisition
Holdings,
Inc.
$
1,692
Pinnacle
Buyer
LLC
35,124
Signia
Aerospace
LLC
14,597
$
51,413
2. Financial
Instrument
Valuation
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
161
Quarterly
Schedules
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
January
31,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants/
Principal
Amount*
Held
at
End
of
Period
Investment
Income
Franklin
Floating
Rate
Daily
Access
Fund
Non-Controlled
Affiliates
Dividends
UTEX
Industries,
Inc.
...
$
13,563,095
$
—
$
—
$
—
$
—
a
$
—
a
—
a
$
480,841
UTEX
Industries,
Inc.,
2/20/49
...........
—
—
—
—
—
—
b
—
—
Total
Affiliated
Securities
(Value
at
End
of
Period
is
—%
of
Net
Assets)
.
$13,563,095
$—
$—
$—
$—
$—
$480,841
a
As
of
January
31,
2026,
no
longer
an
affiliate.
b
As
of
January
31,
2026,
no
longer
held
by
the
fund.
    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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$49,034,508
$165,584,277
$(165,658,320)
$—
$—
$48,960,465
48,960,465
$463,800
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$—
$27,685,000
$(27,685,000)
$—
$—
$—
—
$16,454
Total
Affiliated
Securities
...
$49,034,508
$193,269,277
$(193,343,320)
$—
$—
$48,960,465
$480,254
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
162
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Equity
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$124,434,549
$294,921,052
$(341,124,251)
$—
$—
$78,231,350
78,231,350
$783,171
Total
Affiliated
Securities
...
$124,434,549
$294,921,052
$(341,124,251)
$—
$—
$78,231,350
$783,171
Franklin
Floating
Rate
Daily
Access
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$131,025,960
$103,466,297
$(93,886,658)
$—
$—
$140,605,599
140,605,599
$1,199,366
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$11,779,000
$28,125,000
$(39,904,000)
$—
$—
$—
—
$74,662
Total
Affiliated
Securities
...
$142,804,960
$131,591,297
$(133,790,658)
$—
$—
$140,605,599
$1,274,028
Franklin
Long
Duration
Credit
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$562,275
$3,253,556
$(3,505,230)
$—
$—
$310,601
310,601
$4,058
Total
Affiliated
Securities
...
$562,275
$3,253,556
$(3,505,230)
$—
$—
$310,601
$4,058
Franklin
Low
Duration
Total
Return
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$49,372,645
$228,507,804
$(212,570,214)
$—
$—
$65,310,235
65,310,235
$823,691
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
163
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Low
Duration
Total
Return
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$2,574,000
$1,373,000
$(3,947,000)
$—
$—
$—
—
$5,729
Total
Affiliated
Securities
...
$51,946,645
$229,880,804
$(216,517,214)
$—
$—
$65,310,235
$829,420
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$18,214,577
$26,921,271
$(33,341,104)
$—
$—
$11,794,744
11,794,744
$180,155
Total
Affiliated
Securities
...
$18,214,577
$26,921,271
$(33,341,104)
$—
$—
$11,794,744
$180,155
Franklin
Managed
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$5,072,858
$176,752,949
$(142,537,846)
$—
$—
$39,287,961
39,287,961
$203,771
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$2,731,000
$1,319,000
$(4,050,000)
$—
$—
$—
—
$1,154
Total
Affiliated
Securities
...
$7,803,858
$178,071,949
$(146,587,846)
$—
$—
$39,287,961
$204,925
Franklin
Total
Return
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$49,990,332
$126,017,473
$(135,368,886)
$—
$—
$40,638,919
40,638,919
$632,169
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
164
Quarterly
Schedules
of
Investments
6. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2026,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Total
Return
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$—
$2,617,000
$(2,617,000)
$—
$—
$—
—
$3,060
Total
Affiliated
Securities
...
$49,990,332
$128,634,473
$(137,985,886)
$—
$—
$40,638,919
$635,229
Level
1
Level
2
Level
3
Total
Franklin
Convertible
Securities
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
4,658,177
$
—
$
—
$
4,658,177
Convertible
Preferred
Stocks
................
562,423,439
—
—
562,423,439
Convertible
Bonds
.......................
—
2,365,407,499
—
2,365,407,499
Corporate
Bonds
........................
—
5,095,036
—
5,095,036
Short
Term
Investments
...................
48,960,465
—
—
48,960,465
Total
Investments
in
Securities
...........
$616,042,081
$2,370,502,535
$—
$2,986,544,616
Franklin
Equity
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
3,906,741,029
—
—
3,906,741,029
Equity-Linked
Securities
...................
—
453,539,861
—
453,539,861
Convertible
Preferred
Stocks
................
264,154,375
—
—
264,154,375
Short
Term
Investments
...................
78,231,350
—
—
78,231,350
Total
Investments
in
Securities
...........
$4,249,126,754
$453,539,861
$—
$4,702,666,615
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
165
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Daily
Access
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Diversified
Consumer
Services
............
$
—
$
—
$
—
b
$
—
Machinery
............................
—
—
13,768,178
13,768,178
Oil,
Gas
&
Consumable
Fuels
.............
303,638
—
—
303,638
Management
Investment
Companies
.........
12,719,220
—
—
12,719,220
Corporate
Bonds
........................
—
85,477,989
—
85,477,989
Senior
Floating
Rate
Interests
...............
—
1,080,117,532
13,638,065
1,093,755,597
Short
Term
Investments
...................
140,605,599
—
—
140,605,599
Total
Investments
in
Securities
...........
$153,628,457
$1,165,595,521
$27,406,243
$1,346,630,221
Other
Financial
Instruments:
Unfunded
Loan
Commitments
..............
$—
$6,284
$—
$6,284
Total
Other
Financial
Instruments
.........
$—
$6,284
$—
$6,284
Liabilities:
Other
Financial
Instruments:
Unfunded
Loan
Commitments
...............
$—
$6,823
$—
$6,823
Total
Other
Financial
Instruments
.........
$—
$6,823
$—
$6,823
Franklin
Long
Duration
Credit
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
56,640,636
—
56,640,636
Foreign
Government
and
Agency
Securities
....
—
2,941,819
—
2,941,819
U.S.
Government
and
Agency
Securities
.......
—
1,335,393
—
1,335,393
Municipal
Bonds
.........................
—
1,369,967
—
1,369,967
Short
Term
Investments
...................
310,601
—
—
310,601
Total
Investments
in
Securities
...........
$310,601
$62,287,815
$—
$62,598,416
Franklin
Low
Duration
Total
Return
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
—
—
486,159
b
486,159
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
25,674,809
—
25,674,809
Automobile
Components
.................
—
1,900,893
—
1,900,893
Automobiles
..........................
—
16,072,378
—
16,072,378
Banks
...............................
—
155,499,294
—
155,499,294
Beverages
...........................
—
4,297,609
—
4,297,609
Broadline
Retail
.......................
—
1,275,570
—
b
1,275,570
Building
Products
......................
—
8,576,622
—
8,576,622
Capital
Markets
........................
—
40,827,105
—
40,827,105
Chemicals
...........................
—
3,404,140
—
3,404,140
Commercial
Services
&
Supplies
...........
—
998,877
—
998,877
Communications
Equipment
..............
—
3,164,107
—
3,164,107
Consumer
Finance
.....................
—
48,553,916
—
48,553,916
Containers
&
Packaging
.................
—
1,623,454
—
1,623,454
Diversified
REITs
......................
—
4,176,896
—
4,176,896
Diversified
Telecommunication
Services
.....
—
1,501,528
—
1,501,528
Electric
Utilities
........................
—
20,418,171
—
20,418,171
Electrical
Equipment
....................
—
1,109,194
—
1,109,194
Electronic
Equipment,
Instruments
&
Components
........................
—
1,394,943
—
1,394,943
Energy
Equipment
&
Services
.............
—
1,173,306
—
1,173,306
Entertainment
.........................
—
4,420,964
—
4,420,964
6. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
166
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Low
Duration
Total
Return
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Corporate
Bonds:
(continued)
Financial
Services
......................
$
—
$
10,433,264
$
—
$
10,433,264
Food
Products
........................
—
12,190,602
—
12,190,602
Ground
Transportation
..................
—
10,875,197
—
10,875,197
Health
Care
Equipment
&
Supplies
.........
—
12,863,715
—
12,863,715
Health
Care
Providers
&
Services
..........
—
30,488,947
—
30,488,947
Health
Care
REITs
.....................
—
2,494,703
—
2,494,703
Health
Care
Technology
.................
—
3,474,524
—
3,474,524
Hotel
&
Resort
REITs
...................
—
1,183,600
—
1,183,600
Hotels,
Restaurants
&
Leisure
.............
—
11,306,325
—
11,306,325
Household
Durables
....................
—
8,905,320
—
8,905,320
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
1,905,972
—
1,905,972
Insurance
............................
—
59,738,260
—
59,738,260
Interactive
Media
&
Services
..............
—
7,541,042
—
7,541,042
Life
Sciences
Tools
&
Services
............
—
2,497,818
—
2,497,818
Machinery
............................
—
1,626,399
—
1,626,399
Media
...............................
—
8,145,893
—
8,145,893
Metals
&
Mining
.......................
—
3,395,691
—
3,395,691
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
1,622,109
—
1,622,109
Multi-Utilities
..........................
—
8,754,967
—
8,754,967
Oil,
Gas
&
Consumable
Fuels
.............
—
36,528,858
—
36,528,858
Paper
&
Forest
Products
.................
—
1,158,251
—
1,158,251
Passenger
Airlines
.....................
—
1,752,236
—
1,752,236
Personal
Care
Products
.................
—
7,652,491
—
7,652,491
Pharmaceuticals
.......................
—
11,180,730
—
11,180,730
Semiconductors
&
Semiconductor
Equipment
.
—
6,187,899
—
6,187,899
Software
.............................
—
1,489,157
—
1,489,157
Specialized
REITs
......................
—
15,264,094
—
15,264,094
Specialty
Retail
........................
—
9,320,599
—
9,320,599
Tobacco
.............................
—
10,462,589
—
10,462,589
Trading
Companies
&
Distributors
..........
—
6,444,960
—
6,444,960
Wireless
Telecommunication
Services
.......
—
10,366,481
—
10,366,481
Senior
Floating
Rate
Interests
...............
—
41,089,959
1,244,351
42,334,310
Marketplace
Loans
.......................
—
—
3,327,449
3,327,449
Foreign
Government
and
Agency
Securities
....
—
44,230,786
—
44,230,786
U.S.
Government
and
Agency
Securities
.......
—
375,406,937
—
375,406,937
Asset-Backed
Securities
...................
—
289,507,072
—
289,507,072
Commercial
Mortgage-Backed
Securities
......
—
91,000,078
—
91,000,078
Mortgage-Backed
Securities
................
—
19,782,496
—
19,782,496
Residential
Mortgage-Backed
Securities
.......
—
149,293,938
—
149,293,938
Agency
Commercial
Mortgage-Backed
Securities
—
130,596,086
—
130,596,086
Municipal
Bonds
.........................
—
17,052,075
—
17,052,075
Escrows
and
Litigation
Trusts
...............
—
9,595
990
10,585
Options
Purchased
.......................
—
270,597
—
270,597
Short
Term
Investments
...................
65,310,235
—
—
65,310,235
Total
Investments
in
Securities
...........
$65,310,235
$1,821,556,088
$5,058,949
$1,891,925,272
Other
Financial
Instruments:
Futures
Contracts
.......................
$730,020
$—
$—
$730,020
Swap
Contracts
.........................
—
1,073,982
—
1,073,982
Unfunded
Loan
Commitments
..............
—
105
—
105
Total
Other
Financial
Instruments
.........
$730,020
$1,074,087
$—
$1,804,107
6. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
167
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Low
Duration
Total
Return
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$99,366
$—
$99,366
Forward
Exchange
Contracts
...............
—
52,422
—
52,422
Futures
Contracts
........................
1,140,573
—
—
1,140,573
Swap
Contracts
.........................
—
50,929
—
50,929
Unfunded
Loan
Commitments
...............
—
6
—
6
Total
Other
Financial
Instruments
.........
$1,140,573
$202,723
$—
$1,343,296
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
a
U.S.
Government
and
Agency
Securities
.......
$
—
$
87,030,122
$
—
$
87,030,122
Mortgage-Backed
Securities
................
—
185,492,301
—
185,492,301
Agency
Commercial
Mortgage-Backed
Securities
—
81,512,976
—
81,512,976
Short
Term
Investments
...................
11,794,744
—
—
11,794,744
Total
Investments
in
Securities
...........
$11,794,744
$354,035,399
$—
$365,830,143
Other
Financial
Instruments:
Futures
Contracts
.......................
$101,764
$—
$—
$101,764
Total
Other
Financial
Instruments
.........
$101,764
$—
$—
$101,764
Liabilities:
Other
Financial
Instruments:
Futures
Contracts
........................
$247,490
$—
$—
$247,490
Total
Other
Financial
Instruments
.........
$247,490
$—
$—
$247,490
Franklin
Managed
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
1,390,916,530
—
—
1,390,916,530
Equity-Linked
Securities
...................
—
334,177,022
—
334,177,022
Convertible
Preferred
Stocks
................
75,062,950
—
—
75,062,950
Corporate
Bonds
........................
—
1,012,421,681
—
1,012,421,681
U.S.
Government
and
Agency
Securities
.......
—
123,112,284
—
123,112,284
Asset-Backed
Securities
...................
—
3,339,209
—
3,339,209
Mortgage-Backed
Securities
................
—
462,593,424
—
462,593,424
Short
Term
Investments
...................
39,287,961
—
—
39,287,961
Total
Investments
in
Securities
...........
$1,505,267,441
$1,935,643,620
$—
$3,440,911,061
Franklin
Total
Return
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Diversified
Consumer
Services
............
—
—
—
b
—
Energy
Equipment
&
Services
.............
140,572
—
—
140,572
Machinery
............................
—
—
255,144
255,144
Preferred
Stocks
.........................
2,789,070
—
—
2,789,070
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
29,256,872
—
29,256,872
Automobile
Components
.................
—
364,248
—
364,248
Automobiles
..........................
—
6,742,953
—
6,742,953
Banks
...............................
—
208,782,487
—
208,782,487
Biotechnology
.........................
—
38,146,999
—
38,146,999
Broadline
Retail
.......................
—
—
—
b
—
Building
Products
......................
—
10,531,983
—
10,531,983
Capital
Markets
........................
—
77,932,492
—
77,932,492
6. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
168
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Total
Return
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Corporate
Bonds:
(continued)
Chemicals
...........................
$
—
$
4,787,072
$
—
$
4,787,072
Commercial
Services
&
Supplies
...........
—
6,984,731
—
6,984,731
Communications
Equipment
..............
—
15,434,883
—
15,434,883
Consumer
Finance
.....................
—
29,454,879
—
29,454,879
Consumer
Staples
Distribution
&
Retail
......
—
10,986,513
—
10,986,513
Containers
&
Packaging
.................
—
6,811,270
—
6,811,270
Diversified
REITs
......................
—
9,105,651
—
9,105,651
Diversified
Telecommunication
Services
.....
—
57,657,749
—
57,657,749
Electric
Utilities
........................
—
103,957,796
—
103,957,796
Electronic
Equipment,
Instruments
&
Components
........................
—
11,902,558
—
11,902,558
Energy
Equipment
&
Services
.............
—
2,971,676
—
2,971,676
Financial
Services
......................
—
31,203,321
—
31,203,321
Food
Products
........................
—
32,692,108
—
32,692,108
Ground
Transportation
..................
—
5,123,104
—
5,123,104
Health
Care
Equipment
&
Supplies
.........
—
14,816,386
—
14,816,386
Health
Care
Providers
&
Services
..........
—
71,339,127
—
71,339,127
Health
Care
REITs
.....................
—
9,904,664
—
9,904,664
Health
Care
Technology
.................
—
4,527,410
—
4,527,410
Hotel
&
Resort
REITs
...................
—
6,106,329
—
6,106,329
Hotels,
Restaurants
&
Leisure
.............
—
6,381,075
—
6,381,075
Household
Durables
....................
—
10,436,060
—
10,436,060
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
18,121,637
—
18,121,637
Insurance
............................
—
71,644,830
—
71,644,830
Interactive
Media
&
Services
..............
—
1,222,612
—
1,222,612
IT
Services
...........................
—
827,562
—
827,562
Life
Sciences
Tools
&
Services
............
—
1,590,048
—
1,590,048
Machinery
............................
—
823,026
—
823,026
Media
...............................
—
35,343,538
—
35,343,538
Metals
&
Mining
.......................
—
18,346,682
—
18,346,682
Multi-Utilities
..........................
—
18,806,782
—
18,806,782
Oil,
Gas
&
Consumable
Fuels
.............
—
117,206,196
—
117,206,196
Passenger
Airlines
.....................
—
6,123,961
—
6,123,961
Personal
Care
Products
.................
—
13,622,759
—
13,622,759
Pharmaceuticals
.......................
—
35,070,714
—
35,070,714
Professional
Services
...................
—
467,454
—
467,454
Residential
REITs
......................
—
3,281,895
—
3,281,895
Semiconductors
&
Semiconductor
Equipment
.
—
15,555,036
—
15,555,036
Software
.............................
—
19,485,537
—
19,485,537
Specialized
REITs
......................
—
22,778,799
—
22,778,799
Technology
Hardware,
Storage
&
Peripherals
.
—
7,465,114
—
7,465,114
Textiles,
Apparel
&
Luxury
Goods
..........
—
2,290,955
—
2,290,955
Tobacco
.............................
—
17,025,283
—
17,025,283
Trading
Companies
&
Distributors
..........
—
16,717,315
—
16,717,315
Wireless
Telecommunication
Services
.......
—
25,224,750
—
25,224,750
Senior
Floating
Rate
Interests
...............
—
38,989,910
653,022
39,642,932
Marketplace
Loans
.......................
—
—
2,599,159
2,599,159
Foreign
Government
and
Agency
Securities
....
—
78,524,852
—
78,524,852
U.S.
Government
and
Agency
Securities
.......
—
421,184,056
—
421,184,056
Asset-Backed
Securities
...................
—
338,551,437
—
338,551,437
Commercial
Mortgage-Backed
Securities
......
—
101,271,155
—
101,271,155
Mortgage-Backed
Securities
................
—
1,084,231,780
—
1,084,231,780
6. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
169
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At January
31,
2026,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Total
Return
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Residential
Mortgage-Backed
Securities
.......
$
—
$
79,526,696
$
—
$
79,526,696
Agency
Commercial
Mortgage-Backed
Securities
—
105,977,920
—
105,977,920
Municipal
Bonds
.........................
—
54,773,726
—
54,773,726
Escrows
and
Litigation
Trusts
...............
—
15,150
2,311
17,461
Options
Purchased
.......................
—
4,463,417
—
4,463,417
Short
Term
Investments
...................
40,638,919
—
—
40,638,919
Total
Investments
in
Securities
...........
$43,568,561
$3,600,894,980
$3,509,636
$3,647,973,177
Other
Financial
Instruments:
Futures
Contracts
.......................
$709,164
$—
$—
$709,164
Swap
Contracts
.........................
—
3,870,749
—
3,870,749
Unfunded
Loan
Commitments
..............
—
176
—
176
Total
Other
Financial
Instruments
.........
$709,164
$3,870,925
$—
$4,580,089
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
145,997,806
$
—
$
145,997,806
Options
Written
..........................
—
4,006,145
—
4,006,145
Forward
Exchange
Contracts
...............
—
202,770
—
202,770
Futures
Contracts
........................
1,411,158
—
—
1,411,158
Swap
Contracts
.........................
—
118,112
—
118,112
Unfunded
Loan
Commitments
...............
—
6
—
6
Total
Other
Financial
Instruments
.........
$1,411,158
$150,324,839
$—
$151,735,997
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Daily
Access
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
Consumer
Services
........
$
—
$
—
d
$
—
$
—
$
—
$
—
$
—
$
—
$
—
d
$
—
Machinery
.........
13,563,095
—
—
—
—
—
—
205,083
13,768,178
205,083
Warrants
:
Machinery
.........
—
d
—
—
d
—
—
—
—
—
—
—
Senior
Floating
Rate
Interests
:
Containers
&
Packaging
682,367
—
(811,914)
—
—
57,524
42,800
29,223
—
—
Specialty
Retail
.....
—
1,298,039
(39,800)
11,545,218
—
248,628
2,042
583,938
13,638,065
909,204
Escrows
and
Litigation
Trusts
:
84,123
—
(138,708)
—
—
—
138,708
(84,123)
—
—
Total
Investments
in
Securities
............
$14,329,585
$1,298,039
$(990,422)
$11,545,218
$—
$306,152
$183,550
$734,121
$27,406,243
$1,114,287
6. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
170
Quarterly
Schedules
of
Investments
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.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Floating
Rate
Daily
Access
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Machinery
....................
$13,768,178
Market
comparables
Discount
for
lack
of
marketability
5.7%
Decrease
EBITDA
$34.4
mil
Increase
EV/EBITDA
multiple
8.8x
Increase
Volatility
27.3%
Decrease
All
Other
Investments
.............
13,638,065
b,c,d
Total
..........................
$27,406,243
a
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.
b
Includes
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
c
Includes
financial
instruments
determined
to
have
no
value.
d
Includes the fair
value
of assets
and/or
liabilities derived from recent
transactions,
private
transaction
prices, or
non-public
third-party
pricing
information that is
unobservable.
Abbreviations
List
EBITDA
-
Earnings
before
interest,
taxes,
depreciation
and
amortization
EV
-
Enterprise
value
6. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
171
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
CITI
Citibank
NA
JPHQ
JPMorgan
Chase
Bank
NA
Currency
EUR
Euro
USD
United
States
Dollar
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
CDX.NA.IG.
Series
number
CDX
North
America
Investment
Grade
Index
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
3.68%
Selected
Portfolio
ADR
American
Depositary
Receipt
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
IO
Interest
Only
MBS
Mortgage-Backed
Security
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
T-Note
Treasury
Note
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.