Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FIST-Q3PH
1
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Schedules
of
Investments
(unaudited)
Franklin
Convertible
Securities
Fund
2
Franklin
Equity
Income
Fund
6
Franklin
Floating
Rate
Daily
Access
Fund
11
Franklin
Long
Duration
Credit
Fund
25
Franklin
Low
Duration
Total
Return
Fund
38
Franklin
Low
Duration
U.S.
Government
Securities
Fund
88
Franklin
Managed
Income
Fund
92
Franklin
Total
Return
Fund
101
Notes
to
Schedules
of
Investments
154
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
July
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
1.7%
Financial
Services
1.7%
Apollo
Global
Management,
Inc.
........................
United
States
410,994
$
51,616,736
Total
Common
Stocks
(Cost
$
40,500,000
)
....................................
51,616,736
Convertible
Preferred
Stocks
22.7%
Capital
Markets
2.8%
Ares
Management
Corp.
,
B
,
6.75
%
......................
United
States
1,066,000
43,833,920
KKR
&
Co.,
Inc.
,
D
,
6.25
%
.............................
United
States
967,000
41,958,130
85,792,050
Chemicals
1.7%
Albemarle
Corp.
,
7.25
%
..............................
United
States
1,063,200
52,926,096
Electric
Utilities
3.9%
NextEra
Energy,
Inc.
,
7.299
%
..........................
United
States
1,040,000
55,328,000
PPL
Corp.
,
7
%
.....................................
United
States
669,000
31,429,620
Southern
Co.
(The)
,
A
,
7.125
%
.........................
United
States
668,569
33,194,451
119,952,071
Financial
Services
0.6%
Shift4
Payments,
Inc.
,
6
%
.............................
United
States
262,500
17,225,250
Interactive
Media
&
Services
3.1%
Alphabet,
Inc.
,
A
,
6.25
%
..............................
United
States
957,000
48,003,120
Alphabet,
Inc.
,
B
,
6.25
%
..............................
United
States
957,000
48,041,400
96,044,520
Life
Sciences
Tools
&
Services
2.4%
Bruker
Corp.
,
6.375
%
................................
United
States
156,400
73,023,160
Semiconductors
&
Semiconductor
Equipment
1.3%
Microchip
Technology,
Inc.
,
7.5
%
........................
United
States
636,000
40,882,080
Software
1.3%
Oracle
Corp.
,
D
,
6.5
%
................................
United
States
922,000
38,613,360
Technology
Hardware,
Storage
&
Peripherals
4.1%
Hewlett
Packard
Enterprise
Co.
,
7.625
%
..................
United
States
1,020,000
127,020,600
Trading
Companies
&
Distributors
1.5%
QXO,
Inc.
,
5.5
%
....................................
United
States
1,160,000
46,980,000
Total
Convertible
Preferred
Stocks
(Cost
$
617,284,410
)
........................
698,459,187
Principal
Amount
*
Convertible
Bonds
73.2%
Biotechnology
4.8%
a
,b
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
4
.4
%
,
9/15/28
United
States
15,600,000
14,235,000
Bridgebio
Pharma,
Inc.
,
Senior
Note
,
1.75
%
,
3/01/31
.........
United
States
46,200,000
82,189,800
Immunocore
Holdings
plc
,
Senior
Note
,
2.5
%
,
2/01/30
........
United
Kingdom
20,000,000
18,496,000
a
,b
PTC
Therapeutics,
Inc.
,
Senior
Note
,
144A,
0
.79
%
,
6/15/31
....
United
States
34,100,000
32,811,020
147,731,820
Broadline
Retail
2.2%
Alibaba
Group
Holding
Ltd.
,
Senior
Note
,
0.5
%
,
6/01/31
......
China
37,000,000
51,097,000
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)
Broadline
Retail
(continued)
Etsy,
Inc.
,
Senior
Note
,
0.125
%
,
9/01/27
..................
United
States
18,500,000
$
17,610,150
68,707,150
Capital
Markets
1.4%
a
,b
Coinbase
Global,
Inc.
,
Senior
Note
,
144A,
4
.33
%
,
10/01/32
....
United
States
55,500,000
42,720,785
Construction
&
Engineering
1.6%
Fluor
Corp.
,
Senior
Note
,
1.125
%
,
8/15/29
.................
United
States
39,000,000
50,612,250
Consumer
Staples
Distribution
&
Retail
1.8%
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
21,000,000
56,002,800
Electric
Utilities
3.1%
PG&E
Corp.
,
Senior
Secured
Note
,
4.25
%
,
12/01/27
.........
United
States
52,000,000
53,391,000
TXNM
Energy,
Inc.
,
Junior
Sub.
Bond
,
5.75
%
,
6/01/54
........
United
States
31,500,000
41,883,975
95,274,975
Electronic
Equipment,
Instruments
&
Components
0.8%
a
,b
Mirion
Technologies,
Inc.
,
Senior
Note
,
144A,
2
.87
%
,
10/01/31
.
United
States
27,000,000
23,323,950
Entertainment
1.6%
Live
Nation
Entertainment,
Inc.
,
Senior
Note
,
2.875
%
,
1/15/30
........................
United
States
13,600,000
15,762,400
a
Senior
Note
,
144A,
2.875
%
,
10/15/31
..................
United
States
30,000,000
32,436,639
48,199,039
Financial
Services
2.3%
Global
Payments,
Inc.
,
Senior
Note
,
1.5
%
,
3/01/31
..........
United
States
50,000,000
46,175,000
Shift4
Payments,
Inc.
,
Senior
Note
,
0.5
%
,
8/01/27
...........
United
States
27,200,000
26,010,381
72,185,381
Food
Products
2.1%
Freshpet,
Inc.
,
Senior
Note
,
3
%
,
4/01/28
..................
United
States
22,500,000
26,083,125
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
.............
United
States
36,000,000
37,674,000
63,757,125
Ground
Transportation
4.0%
a
Knight-Swift
Transportation
Holdings,
Inc.
,
Senior
Note
,
144A,
1
%
,
11/15/31
.....................................
United
States
36,100,000
39,376,075
a
Lyft,
Inc.
,
Senior
Note
,
144A,
0.625
%
,
3/01/29
..............
United
States
54,300,000
58,608,705
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
20,500,000
24,195,125
122,179,905
Health
Care
Equipment
&
Supplies
3.9%
Dexcom,
Inc.
,
Senior
Note
,
0.375
%
,
5/15/28
...............
United
States
32,250,000
30,613,313
Haemonetics
Corp.
,
Senior
Note
,
2.5
%
,
6/01/29
............
United
States
31,000,000
32,581,000
Integer
Holdings
Corp.
,
Senior
Note
,
1.875
%
,
3/15/30
........
United
States
52,500,000
55,503,000
118,697,313
Health
Care
REITs
2.8%
a
Welltower
OP
LLC
,
Senior
Note
,
144A,
3.125
%
,
7/15/29
......
United
States
47,000,000
86,762,000
Hotel
&
Resort
REITs
1.3%
a
Pebblebrook
Hotel
Trust
,
Senior
Note
,
144A,
1.625
%
,
1/15/30
..
United
States
30,000,000
39,645,000
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%
DoorDash,
Inc.
,
Senior
Note
,
Zero
Cpn.,
5/15/30
............
United
States
54,500,000
$
54,976,875
Industrial
REITs
1.9%
a
Rexford
Industrial
Realty
LP
,
Senior
Note
,
144A,
4.375
%
,
3/15/27
...................
United
States
20,000,000
19,976,000
Senior
Note
,
144A,
4.125
%
,
3/15/29
...................
United
States
40,000,000
39,640,000
59,616,000
IT
Services
4.8%
Cloudflare,
Inc.
,
Senior
Note
,
Zero
Cpn.,
8/15/26
............
United
States
50,200,000
72,216,649
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn.,
10/01/29
...........
United
States
37,600,000
74,575,840
146,792,489
Leisure
Products
1.5%
Peloton
Interactive,
Inc.
,
Senior
Note
,
5.5
%
,
12/01/29
........
United
States
27,000,000
45,724,500
Life
Sciences
Tools
&
Services
2.0%
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
36,000,000
37,620,000
a
,b
Tempus
AI,
Inc.
,
Senior
Note
,
144A,
0
.49
%
,
5/15/32
.........
United
States
25,100,000
24,403,475
62,023,475
Machinery
1.3%
a
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
39,300,000
39,555,450
Media
0.8%
Sirius
XM
Holdings,
Inc.
,
Senior
Note
,
3.75
%
,
3/15/28
........
United
States
23,000,000
26,294,750
Metals
&
Mining
1.2%
a
B2Gold
Corp.
,
Senior
Note
,
144A,
2.75
%
,
2/01/30
...........
Canada
25,300,000
35,514,875
Multi-Utilities
2.0%
CenterPoint
Energy,
Inc.
,
Senior
Note
,
4.25
%
,
8/15/26
........
United
States
51,500,000
60,576,875
Pharmaceuticals
2.2%
a
Indivior
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
0.625
%
,
3/15/31
.........................................
United
States
25,900,000
30,918,346
Jazz
Investments
I
Ltd.
,
Senior
Note
,
3.125
%
,
9/15/30
........
United
States
20,000,000
35,260,000
66,178,346
Real
Estate
Management
&
Development
0.5%
a
Compass,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
4/15/31
..........
United
States
13,900,000
14,521,330
Semiconductors
&
Semiconductor
Equipment
9.7%
MACOM
Technology
Solutions
Holdings,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/15/29
....................................
United
States
45,366,000
73,765,116
Microchip
Technology,
Inc.
,
Senior
Note
,
0.75
%
,
6/01/30
......
United
States
27,000,000
27,987,063
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
40,000,000
82,050,000
a
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
...........
Israel
27,400,000
39,777,950
a
Onto
Innovation,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/01/31
...
United
States
48,000,000
52,184,706
a
,b
Penguin
Solutions,
Inc.
,
Senior
Note
,
144A,
2
.26
%
,
8/01/31
....
United
States
24,000,000
21,460,800
297,225,635
Software
5.3%
Alkami
Technology,
Inc.
,
Senior
Note
,
1.5
%
,
3/15/30
.........
United
States
19,300,000
18,614,933
b
BILL
Holdings,
Inc.
,
Senior
Note
,
3
.51
%
,
4/01/30
............
United
States
32,800,000
28,895,160
Datadog,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/01/29
............
United
States
23,400,000
34,082,100
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
166
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Software
(continued)
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
8,000,000
$
8,128,000
Nutanix,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/29
.................
United
States
17,500,000
18,217,500
Workiva,
Inc.
,
Senior
Note
,
1.125
%
,
8/15/26
........................
United
States
7,000,000
6,984,250
Senior
Note
,
1.25
%
,
8/15/28
.........................
United
States
49,000,000
46,758,250
161,680,193
Specialty
Retail
4.5%
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
42,287,000
76,920,053
a
RealReal,
Inc.
(The)
,
Senior
Note
,
144A,
4
%
,
2/15/31
........
United
States
24,000,000
34,332,000
Wayfair,
Inc.
,
Senior
Note
,
3.25
%
,
9/15/27
.................
United
States
18,807,000
26,442,642
137,694,695
Total
Convertible
Bonds
(Cost
$
1,841,729,555
)
................................
2,244,174,981
Total
Long
Term
Investments
(Cost
$
2,499,513,965
)
...........................
2,994,250,904
a
Short
Term
Investments
2.1%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.1%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
63,794,291
63,794,291
Total
Money
Market
Funds
(Cost
$
63,794,291
)
................................
63,794,291
Total
Short
Term
Investments
(Cost
$
63,794,291
)
..............................
63,794,291
a
Total
Investments
(Cost
$
2,563,308,256
)
99.7
%
................................
$3,058,045,195
Other
Assets,
less
Liabilities
0.3
%
...........................................
8,497,583
Net
Assets
100.0%
.........................................................
$3,066,542,778
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
July
31,
2026,
the
aggregate
value
of
these
securities
was
$722,204,106,
representing
23.6%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Equity
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
82.3%
Aerospace
&
Defense
1.6%
RTX
Corp.
........................................
United
States
382,500
$
82,321,650
Banks
6.9%
Bank
of
America
Corp.
...............................
United
States
2,510,000
155,494,500
JPMorgan
Chase
&
Co.
...............................
United
States
540,000
189,966,600
345,461,100
Beverages
1.3%
Coca-Cola
Co.
(The)
.................................
United
States
755,000
66,130,450
Broadline
Retail
4.6%
a
Amazon.com,
Inc.
...................................
United
States
855,000
232,200,900
Building
Products
1.1%
Carrier
Global
Corp.
.................................
United
States
852,500
52,693,025
Capital
Markets
7.1%
BlackRock,
Inc.
.....................................
United
States
50,000
54,519,500
Blackstone,
Inc.
....................................
United
States
325,000
41,518,750
Charles
Schwab
Corp.
(The)
...........................
United
States
677,501
71,300,205
Intercontinental
Exchange,
Inc.
.........................
United
States
312,500
47,650,000
Morgan
Stanley
.....................................
United
States
665,000
139,929,300
354,917,755
Chemicals
2.1%
Corteva,
Inc.
.......................................
United
States
517,500
40,732,425
Linde
plc
..........................................
United
States
132,500
63,385,350
104,117,775
Communications
Equipment
1.9%
Cisco
Systems,
Inc.
.................................
United
States
815,000
94,531,850
Consumer
Finance
1.4%
American
Express
Co.
...............................
United
States
215,000
72,293,750
Consumer
Staples
Distribution
&
Retail
2.0%
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
285,000
27,867,300
Casey's
General
Stores,
Inc.
...........................
United
States
38,500
33,533,500
Walmart,
Inc.
......................................
United
States
367,500
40,866,000
102,266,800
Electric
Utilities
3.1%
Duke
Energy
Corp.
..................................
United
States
470,000
58,952,100
Evergy,
Inc.
........................................
United
States
815,000
67,653,150
NextEra
Energy,
Inc.
.................................
United
States
135,000
11,734,200
PPL
Corp.
.........................................
United
States
500,000
17,605,000
155,944,450
Electrical
Equipment
2.4%
Eaton
Corp.
plc
.....................................
United
States
145,000
60,204,000
Hubbell,
Inc.
,
B
.....................................
United
States
130,000
61,431,500
121,635,500
Electronic
Equipment,
Instruments
&
Components
0.7%
TE
Connectivity
plc
..................................
Switzerland
180,000
37,024,200
Energy
Equipment
&
Services
0.4%
SLB
Ltd.
..........................................
United
States
430,000
21,323,700
Financial
Services
1.5%
Apollo
Global
Management,
Inc.
........................
United
States
613,954
77,106,483
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Equity
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Ground
Transportation
1.3%
Canadian
Pacific
Kansas
City
Ltd.
.......................
Canada
702,500
$
62,445,225
Health
Care
Equipment
&
Supplies
3.2%
a
Boston
Scientific
Corp.
...............................
United
States
440,000
20,561,200
Medtronic
plc
......................................
United
States
720,000
61,480,800
Stryker
Corp.
......................................
United
States
237,500
77,353,750
159,395,750
Health
Care
Providers
&
Services
2.6%
HCA
Healthcare,
Inc.
.................................
United
States
100,000
40,259,000
UnitedHealth
Group,
Inc.
..............................
United
States
220,000
91,168,000
131,427,000
Health
Care
REITs
1.5%
Ventas,
Inc.
........................................
United
States
810,000
75,743,100
Hotels,
Restaurants
&
Leisure
0.5%
McDonald's
Corp.
...................................
United
States
100,000
27,064,000
Household
Durables
0.4%
Lennar
Corp.
,
A
.....................................
United
States
215,000
17,705,250
Household
Products
2.0%
Procter
&
Gamble
Co.
(The)
...........................
United
States
700,000
101,143,000
Industrial
REITs
1.2%
Prologis,
Inc.
.......................................
United
States
420,000
60,736,200
Life
Sciences
Tools
&
Services
1.7%
Agilent
Technologies,
Inc.
.............................
United
States
322,500
44,624,325
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
73,000
41,923,900
86,548,225
Machinery
2.0%
Ingersoll
Rand,
Inc.
..................................
United
States
390,000
32,518,200
Parker-Hannifin
Corp.
................................
United
States
70,000
68,357,100
100,875,300
Multi-Utilities
1.0%
CenterPoint
Energy,
Inc.
..............................
United
States
1,135,000
47,715,400
Oil,
Gas
&
Consumable
Fuels
4.8%
Canadian
Natural
Resources
Ltd.
.......................
Canada
625,000
29,800,000
Chevron
Corp.
.....................................
United
States
508,500
100,088,055
Shell
plc
,
ADR
......................................
United
States
715,000
65,765,700
Suncor
Energy,
Inc.
..................................
Canada
700,000
47,096,000
242,749,755
Pharmaceuticals
4.2%
AstraZeneca
plc
....................................
United
Kingdom
375,000
63,615,000
Johnson
&
Johnson
.................................
United
States
572,500
146,760,375
210,375,375
Real
Estate
Management
&
Development
0.7%
a
CBRE
Group,
Inc.
,
A
.................................
United
States
247,500
36,335,475
Semiconductors
&
Semiconductor
Equipment
3.5%
Analog
Devices,
Inc.
.................................
United
States
170,000
62,459,700
Broadcom,
Inc.
.....................................
United
States
176,000
68,513,280
KLA
Corp.
.........................................
United
States
80,000
14,625,600
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
NVIDIA
Corp.
......................................
United
States
146,500
$
29,409,875
175,008,455
Software
4.9%
Microsoft
Corp.
.....................................
United
States
505,000
234,683,600
Oracle
Corp.
.......................................
United
States
82,500
10,714,275
245,397,875
Specialty
Retail
1.6%
Lowe's
Cos.,
Inc.
....................................
United
States
240,000
49,874,400
Tractor
Supply
Co.
..................................
United
States
1,050,000
32,308,500
82,182,900
Technology
Hardware,
Storage
&
Peripherals
3.2%
Apple,
Inc.
........................................
United
States
427,500
132,059,025
Dell
Technologies,
Inc.
,
C
.............................
United
States
67,500
27,362,475
159,421,500
Tobacco
2.0%
Philip
Morris
International,
Inc.
.........................
United
States
517,500
98,749,350
Trading
Companies
&
Distributors
1.1%
United
Rentals,
Inc.
..................................
United
States
52,871
57,061,555
Wireless
Telecommunication
Services
0.8%
T-Mobile
US,
Inc.
...................................
United
States
245,000
42,313,950
Total
Common
Stocks
(Cost
$
2,793,666,410
)
..................................
4,140,364,028
Equity-Linked
Securities
9.8%
Aerospace
&
Defense
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Boeing
Co.
(The)
,
144A,
8
%
,
7/09/27
.................................
United
States
112,000
24,036,959
Broadline
Retail
0.5%
b
Mizuho
Markets
Cayman
LP
into
Amazon.com,
Inc.
,
144A,
5
%
,
8/21/26
.........................................
United
States
99,500
26,294,295
Capital
Markets
0.6%
b
Wells
Fargo
Bank
NA
into
Charles
Schwab
Corp.
(The)
,
144A,
6.5
%
,
1/08/27
....................................
United
States
275,000
28,646,532
Communications
Equipment
0.5%
b
Goldman
Sachs
Bank
USA
into
Cisco
Systems,
Inc.
,
144A,
7.5
%
,
5/14/27
.........................................
United
States
259,000
26,280,492
Consumer
Finance
0.4%
b
UBS
AG
into
American
Express
Co.
,
144A,
7
%
,
9/18/26
......
United
States
60,500
20,339,679
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
18,942,201
Electrical
Equipment
0.4%
b
Merrill
Lynch
BV
into
Eaton
Corp.
plc
,
144A,
7.5
%
,
5/21/27
....
United
States
48,000
19,335,555
Energy
Equipment
&
Services
0.5%
b
Royal
Bank
of
Canada
into
Schlumberger
NV
,
144A,
8.5
%
,
10/30/26
........................................
United
States
548,500
22,767,277
Health
Care
Equipment
&
Supplies
0.5%
b
Wells
Fargo
Bank
NA
into
Boston
Scientific
Corp.
,
144A,
8
%
,
8/13/27
.........................................
United
States
554,000
25,152,320
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
Equity-Linked
Securities
(continued)
Household
Durables
0.3%
b
Royal
Bank
of
Canada
into
Lennar
Corp.
,
144A,
7
%
,
9/30/26
...
United
States
193,000
$
16,186,665
Industrial
REITs
0.4%
b
Barclays
Bank
plc
into
Prologis,
Inc.
,
144A,
6.5
%
,
1/28/27
.....
United
States
161,500
22,566,496
Life
Sciences
Tools
&
Services
1.0%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Thermo
Fisher
Scientific,
Inc.
,
144A,
6
%
,
11/06/26
.....................
United
States
47,500
27,270,421
b
Toronto-Dominion
Bank
(The)
into
Agilent
Technologies,
Inc.
,
144A,
6
%
,
10/16/26
................................
United
States
157,000
20,918,972
48,189,393
Machinery
1.0%
b
Barclays
Bank
plc
into
Parker-Hannifin
Corp.
,
144A,
7
%
,
11/30/26
United
States
33,000
29,940,634
b
Wells
Fargo
Bank
NA
into
Ingersoll
Rand,
Inc.
,
144A,
5
%
,
8/14/26
United
States
257,500
21,443,799
51,384,433
Oil,
Gas
&
Consumable
Fuels
0.4%
b
Royal
Bank
of
Canada
into
Canadian
Natural
Resources
Ltd.
,
144A,
9.5
%
,
3/10/27
...............................
Canada
445,000
20,439,301
Real
Estate
Management
&
Development
0.4%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
CBRE
Group,
Inc.
,
144A,
7
%
,
2/26/27
.................................
United
States
137,000
20,009,861
Semiconductors
&
Semiconductor
Equipment
0.4%
b
Barclays
Bank
plc
into
NVIDIA
Corp.
,
144A,
8
%
,
7/23/27
......
United
States
108,000
22,004,547
Software
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Microsoft
Corp.
,
144A,
8
%
,
4/09/27
.................................
United
States
61,500
27,634,473
Technology
Hardware,
Storage
&
Peripherals
0.5%
b
Royal
Bank
of
Canada
into
Apple,
Inc.
,
144A,
5.5
%
,
1/15/27
...
United
States
85,000
25,632,638
Trading
Companies
&
Distributors
0.6%
b
Goldman
Sachs
Bank
USA
into
United
Rentals,
Inc.
,
144A,
9
%
,
6/25/27
.........................................
United
States
27,500
29,746,020
Total
Equity-Linked
Securities
(Cost
$
477,269,560
)
............................
495,589,137
Convertible
Preferred
Stocks
6.2%
Aerospace
&
Defense
0.7%
Boeing
Co.
(The)
,
6
%
................................
United
States
492,500
32,903,925
Capital
Markets
1.4%
Ares
Management
Corp.
,
B
,
6.75
%
......................
United
States
1,725,000
70,932,000
Electric
Utilities
2.3%
NextEra
Energy,
Inc.
,
7.375
%
..........................
United
States
770,000
36,729,000
PPL
Corp.
,
7
%
.....................................
United
States
715,000
33,590,700
Southern
Co.
(The)
,
A
,
7.125
%
.........................
United
States
947,500
47,043,375
117,363,075
Interactive
Media
&
Services
1.0%
Alphabet,
Inc.
,
A
,
6.25
%
..............................
United
States
480,000
24,076,800
Alphabet,
Inc.
,
B
,
6.25
%
..............................
United
States
485,000
24,347,000
48,423,800
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Equity
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
See
Abbreviations
on
page
166
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
(continued)
Software
0.8%
Oracle
Corp.
,
D
,
6.5
%
................................
United
States
992,500
$
41,565,900
Total
Convertible
Preferred
Stocks
(Cost
$
328,270,184
)
........................
311,188,700
Total
Long
Term
Investments
(Cost
$
3,599,206,154
)
...........................
4,947,141,865
a
Short
Term
Investments
2.1%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.1%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
103,231,347
103,231,347
Total
Money
Market
Funds
(Cost
$
103,231,347
)
...............................
103,231,347
Total
Short
Term
Investments
(Cost
$
103,231,347
)
.............................
103,231,347
a
Total
Investments
(Cost
$
3,702,437,501
)
100.4
%
..............................
$5,050,373,212
Other
Assets,
less
Liabilities
(
0.4
)
%
.........................................
(18,354,307)
Net
Assets
100.0%
.........................................................
$5,032,018,905
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
July
31,
2026,
the
aggregate
value
of
these
securities
was
$495,589,137,
representing
9.8%
of
net
assets.
c
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Floating
Rate
Daily
Access
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.8%
Health
Care
Providers
&
Services
0.0%
†
a,b,c
RoTech
Medical
Corp.
................................
United
States
26,267
$
52,534
Machinery
0.8%
a
UTEX
Industries,
Inc.
................................
United
States
261,340
9,441,743
Total
Common
Stocks
(Cost
$26,477,392)
....................................
9,494,277
Management
Investment
Companies
1.1%
Capital
Markets
1.1%
Invesco
Senior
Loan
ETF
.............................
United
States
613,270
12,504,575
Total
Management
Investment
Companies
(Cost
$13,115,665)
..................
12,504,575
Principal
Amount
*
Corporate
Bonds
5.4%
Aerospace
&
Defense
0.0%
†
d
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/31/34
..
United
States
378,000
381,996
Air
Freight
&
Logistics
0.3%
d
Rand
Parent
LLC
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/30
..
United
States
3,550,000
3,642,034
Capital
Markets
0.5%
d
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
.............................
United
States
5,277,000
5,253,884
Chemicals
0.3%
d
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
.........................................
United
States
3,900,000
3,902,242
Commercial
Services
&
Supplies
0.5%
d
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...................................
United
States
1,500,000
1,558,518
d
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.29
%
,
4/15/29
.........................................
United
States
3,600,000
3,670,430
5,228,948
Construction
Materials
0.3%
d
Cemex
SAB
de
CV
,
Senior
Bond
,
144A,
5.2
%
,
9/17/30
.......
Mexico
3,875,000
3,855,891
Containers
&
Packaging
0.1%
d
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
240,000
228,748
d
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/15/30
..............................
United
States
694,000
708,314
937,062
Electric
Utilities
0.3%
d
Vistra
Operations
Co.
LLC
,
Senior
Bond
,
144A,
5.25
%
,
10/15/35
United
States
4,000,000
3,815,040
Entertainment
0.2%
d
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
2,300,000
2,353,019
Ground
Transportation
0.4%
d
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
5/21/30
.....................
Luxembourg
1,100,900
1,122,399
d
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
.....................
United
States
3,300,000
3,169,802
4,292,201
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
0.1%
d
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
1,320,000
$
1,354,650
Hotels,
Restaurants
&
Leisure
0.8%
d
Brightstar
Lottery
plc
,
Senior
Secured
Note
,
144A,
5.25
%
,
1/15/29
United
States
2,300,000
2,274,720
d
Gaia
Purchaser,
Inc.
,
Senior
Secured
Note
,
144A,
7.625
%
,
7/15/33
.........................................
United
States
762,000
764,743
d
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
.........................
Canada
5,820,000
5,879,149
8,918,612
Insurance
0.5%
d
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.25
%
,
2/15/29
...................................
United
States
1,470,600
1,372,066
d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
6.5
%
,
10/01/31
..............
United
States
4,000,000
4,001,623
5,373,689
IT
Services
0.2%
d
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
1,800,000
1,833,718
Machinery
0.1%
d
Columbus
McKinnon
Corp.
,
Senior
Secured
Note
,
144A,
7.125
%
,
2/01/33
.........................................
United
States
750,000
756,244
Media
0.2%
d
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
8.875
%
,
4/15/33
...................................
United
States
2,932,258
2,841,283
Oil,
Gas
&
Consumable
Fuels
0.2%
Cheniere
Energy,
Inc.
,
Senior
Note
,
4.625
%
,
10/15/28
........
United
States
2,400,000
2,390,262
Software
0.3%
d
Cloud
Software
Group
LLC
,
Secured
Note
,
144A,
9
%
,
9/30/29
.
United
States
3,900,000
3,824,581
Specialty
Retail
0.1%
d
Petco
Health
&
Wellness
Co.,
Inc.
,
Senior
Secured
Note
,
144A,
8.25
%
,
2/01/31
...................................
United
States
1,515,000
1,520,977
Total
Corporate
Bonds
(Cost
$62,195,835)
....................................
62,476,333
Senior
Floating
Rate
Interests
86.1%
e
Aerospace
&
Defense
1.7%
Dynasty
Acquisition
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B1,
5.731%,
(1-month
SOFR
+
2%),
10/31/31
............
United
States
1,863,823
1,870,858
Dynasty
Acquisition
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B2,
5.731%,
(1-month
SOFR
+
2%),
10/31/31
............
United
States
708,939
711,615
Signia
Aerospace
LLC,
First
Lien,
2026
Initial
CME
Term
Loan,
6.196%,
(3-month
SOFR
+
2.5%),
12/11/31
..............
United
States
2,617,153
2,621,249
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.231%,
(1-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
4,099,749
4,109,732
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
K,
5.981%,
(1-month
SOFR
+
2.25%),
3/22/30
............................
United
States
6,153,500
6,161,407
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
M,
6.231%,
(1-month
SOFR
+
2.5%),
8/19/32
......................
United
States
3,457,742
3,466,473
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
N,
6.231%,
(1-month
SOFR
+
2.5%),
2/14/33
.............................
United
States
1,043,895
1,046,160
19,987,494
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Air
Freight
&
Logistics
0.9%
f
Clue
Opco
LLC,
First
Lien,
CME
Term
Loan,
B,
8.343%,
(3-month
SOFR
+
4.5%),
12/19/30
............................
United
States
5,805,366
$
5,606,794
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.732%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
4,461,473
4,474,790
10,081,584
a
a
a
a
a
a
e
Automobile
Components
2.2%
f
Adient
US
LLC,
First
Lien,
CME
Term
Loan,
B2,
5.731%,
(1-month
SOFR
+
2%),
1/31/31
.......................
United
States
5,857,386
5,867,314
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
CME
Term
Loan,
C,
6.919%,
(
1-month
SOFR
+
3.25;
3-month
SOFR
+
3.25),
2/03/33
.........................................
United
States
2,800,373
2,810,875
Autokiniton
US
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.845%,
(1-month
SOFR
+
4%),
4/06/28
................
United
States
5,272,959
5,277,731
Clarios
Global
LP,
First
Lien,
2024
Dollar
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
5/06/30
...............
United
States
1,635,187
1,640,910
Clarios
Global
LP,
First
Lien,
Amendment
No.
7
Dollar
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
1/28/32
..........
United
States
4,805,026
4,821,555
DexKo
Global,
Inc.,
First
Lien,
Refinancing
2026
CME
Term
Loan,
8.823%,
(3-month
SOFR
+
5%),
10/06/31
................
United
States
3,754,391
3,659,349
DexKo
Global,
Inc.,
First
Lien,
Refinancing
Dollar
CME
Term
Loan,
8.323%,
(3-month
SOFR
+
4.5%),
10/06/31
.........
United
States
1,442,516
1,404,448
Highline
Aftermarket
Acquisition
LLC,
First
Lien,
2025-1
CME
Term
Loan,
7.23%,
(6-month
SOFR
+
3.5%),
2/19/30
.......
United
States
374,041
374,664
25,856,846
a
a
a
a
a
a
Beverages
0.3%
e
Primo
Brands
Corp.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
3/31/31
.........
United
States
3,498,782
3,517,133
Biotechnology
0.1%
e
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.428%,
(6-month
SOFR
+
1.75%),
4/27/33
............
United
States
1,572,909
1,573,208
e
Broadline
Retail
1.0%
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B4B,
6.232%,
(3-month
SOFR
+
2.5%),
10/28/30
.....................
Netherlands
472,746
474,577
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B,
6.232%,
(3-month
SOFR
+
2.5%),
7/01/31
......................
Netherlands
4,416,097
4,431,002
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8,
5.982%,
(3-month
SOFR
+
2.25%),
9/29/32
.....................
Netherlands
1,368,224
1,370,447
Victra
Holdings
LLC,
First
Lien,
Fifth
Amendment
Incremental
CME
Term
Loan,
7.482%,
(3-month
SOFR
+
3.75%),
3/30/29
.
United
States
5,329,870
5,289,923
11,565,949
a
a
a
a
a
a
e
Building
Products
2.5%
Chariot
Buyer
LLC,
First
Lien,
Amendment
No.
5
Incremental
CME
Term
Loan,
6.731%,
(1-month
SOFR
+
3%),
9/08/32
...
United
States
4,484,398
4,495,609
Cornerstone
Building
Brands,
Inc.,
First
Lien,
CME
Term
Loan,
C,
8.164%,
(3-month
SOFR
+
4.5%),
5/15/31
...............
United
States
2,624,486
1,208,904
Cornerstone
Building
Brands,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
7.014%,
(3-month
SOFR
+
3.25%),
4/12/28
.......
United
States
4,384,841
2,244,513
Groundworks
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.224%,
(1-month
SOFR
+
3.5%),
3/14/31
......................
United
States
1,421,454
1,425,896
MIWD
Holdco
II
LLC,
First
Lien,
2024
Incremental
CME
Term
Loan,
6.481%,
(1-month
SOFR
+
2.75%),
3/28/31
.........
United
States
3,588,084
3,545,476
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
5.981%,
(1-month
SOFR
+
2.25%),
4/14/31
.....................
United
States
4,391,512
4,398,714
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Building
Products
(continued)
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.981%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
6,369,481
$
6,387,379
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.981%,
(1-month
SOFR
+
2.25%),
2/10/32
.....................
United
States
3,950,000
3,957,406
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
6.731%,
(1-month
SOFR
+
3%),
3/30/29
............
United
States
667,699
672,083
28,335,980
a
a
a
a
a
a
e
Capital
Markets
1.9%
Aretec
Group,
Inc.,
First
Lien,
CME
Term
Loan,
B4,
6.731%,
(1-month
SOFR
+
3%),
8/09/30
.......................
United
States
4,588,077
4,602,644
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
Initial
CME
Term
Loan,
7.644%,
(1-month
SOFR
+
4%),
11/28/31
..
United
States
5,276,889
5,304,751
GIH
Borrower
LLC,
First
Lien,
CME
Term
Loan,
B,
6.232%,
(3-month
SOFR
+
2.5%),
11/26/31
.....................
United
States
1,675,276
1,643,864
GTCR
Everest
Borrower
LLC,
First
Lien,
2026-1
CME
Term
Loan,
5.982%,
(3-month
SOFR
+
2.25%),
9/05/31
..............
United
States
1,960,348
1,958,858
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/31
................
United
States
5,208,658
5,194,230
Nexus
Buyer
LLC,
First
Lien,
Amendment
No.
10
CME
Term
Loan,
7.731%,
(1-month
SOFR
+
4%),
7/31/31
............
United
States
2,073,044
2,033,750
Victory
Capital
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.482%,
(3-month
SOFR
+
1.75%),
9/23/32
..............
United
States
1,488,750
1,488,847
22,226,944
a
a
a
a
a
a
e
Chemicals
1.5%
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan,
11.181%,
(1-month
SOFR
+
7.438%),
3/15/30
............
United
States
1,785,337
1,664,827
Indicor
LLC,
First
Lien,
Dollar
CME
Term
Loan,
E,
6.231%,
(1-month
SOFR
+
2.5%),
11/22/29
.....................
United
States
2,877,124
2,882,432
INEOS
US
Finance
LLC,
First
Lien,
2030
Dollar
CME
Term
Loan,
6.981%,
(1-month
SOFR
+
3.25%),
2/18/30
..............
Luxembourg
1,439,559
1,368,034
INEOS
US
Petrochem
LLC,
First
Lien,
New
CME
Term
Loan,
B1,
8.081%,
(1-month
SOFR
+
4.25%),
4/02/29
..............
United
States
3,507,723
3,025,411
Lummus
Technology
Holdings
V
LLC,
First
Lien,
Amendment
No.
4
Refinancing
CME
Term
Loan,
B,
6.231%,
(1-month
SOFR
+
2.5%),
12/31/29
...................................
United
States
3,030,136
3,013,713
f
SCIH
Salt
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.967%,
(12-month
SOFR
+
3%),
7/30/31
......................
United
States
2,941,177
2,927,088
SCIH
Salt
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.35%,
(6-month
SOFR
+
2.75%),
1/31/29
.....................
United
States
3,000,624
2,985,621
17,867,126
a
a
a
a
a
a
e
Commercial
Services
&
Supplies
4.7%
Allied
Universal
Holdco
LLC,
First
Lien,
Amendment
No.
7
Replacement
USD
CME
Term
Loan,
6.981%,
(1-month
SOFR
+
3.25%),
8/20/32
...................................
United
States
6,735,104
6,761,068
Aramark
Services,
Inc.,
First
Lien,
U.S.
CME
Term
Loan,
B10,
5.481%,
(1-month
SOFR
+
1.75%),
6/24/30
..............
United
States
1,724,189
1,728,500
Camelot
US
Acquisition
LLC,
First
Lien,
Incremental
CME
Term
Loan,
6.981%,
(1-month
SOFR
+
3.25%),
1/31/31
.........
United
States
3,000,000
2,821,500
f
EnergySolutions
LLC,
First
Lien,
CME
Term
Loan,
B,
6.842%,
(12-month
SOFR
+
3%),
7/25/33
......................
United
States
1,228,070
1,231,908
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B,
6.231%,
(1-month
SOFR
+
2.5%),
10/23/28
...
United
States
5,920,619
5,930,684
Madison
IAQ
LLC,
First
Lien,
2026
Repriced
CME
Term
Loan,
5.47%,
(6-month
SOFR
+
1.75%),
5/06/32
...............
United
States
3,823,943
3,824,077
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)
e
Commercial
Services
&
Supplies
(continued)
f
Neptune
Bidco
US,
Inc.,
First
Lien,
2026
Dollar
CME
Term
Loan,
B,
8.863%,
(3-month
SOFR
+
5%),
2/03/33
..............
United
States
9,915,942
$
9,872,014
Pitney
Bowes,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.482%,
(3-month
SOFR
+
3.75%),
3/19/32
.....................
United
States
7,996,504
8,010,058
Prime
Security
Services
Borrower
LLC,
First
Lien,
2024-1
Refinancing
CME
Term
Loan,
B1,
5.664%,
(1-month
SOFR
+
2%),
10/15/30
....................................
United
States
4,531,986
4,526,751
Reworld
Holding
Corp.,
First
Lien,
2025
Incremental
CME
Term
Loan,
5.99%,
(1-month
SOFR
+
2.25%),
1/15/31
..........
United
States
2,261,364
2,264,665
Rosen
International
SARL,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
3/26/31
.........................................
Luxembourg
4,218,287
4,218,118
Spin
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.417%,
(12-month
SOFR
+
4%),
9/04/30
......................
United
States
4,057,166
3,018,370
54,207,713
a
a
a
a
a
a
Communications
Equipment
0.1%
e
Delta
Topco,
Inc.,
First
Lien,
Fourth
Amendment
Refinancing
CME
Term
Loan,
6.402%,
(3-month
SOFR
+
2.75%),
11/30/29
....
United
States
1,816,204
1,743,148
e
Construction
&
Engineering
2.4%
Artera
Services
LLC,
First
Lien,
CME
Term
Loan,
C,
8.231%,
(1-month
SOFR
+
4.5%),
2/18/31
......................
United
States
8,011,226
7,104,235
Azuria
Water
Solutions,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.394%,
(1-month
SOFR
+
2.75%),
4/25/33
..............
United
States
3,933,437
3,929,267
Brand
Industrial
Services,
Inc.,
First
Lien,
CME
Term
Loan,
C,
8.163%,
(3-month
SOFR
+
4.5%),
8/01/30
...............
United
States
6,145,203
4,921,939
Chromalloy
Corp.,
First
Lien,
CME
Term
Loan,
6.484%,
(3-month
SOFR
+
2.75%),
3/27/31
............................
United
States
3,774,415
3,792,646
DG
Investment
Intermediate
Holdings
2,
Inc.,
First
Lien,
Closing
Date
Initial
CME
Term
Loan,
6.981%,
(1-month
SOFR
+
3.25%),
7/09/32
.........................................
United
States
934,899
937,821
Dycom
Industries,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
1/27/33
.....................
United
States
365,044
365,957
ITG
Communications
LLC
,
First
Lien,
Initial
CME
Term
Loan,
8.481%,
(1-month
SOFR
+
4.75%),
7/09/31
..............
United
States
2,062,588
2,064,300
Red
SPV
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.974%,
(1-month
SOFR
+
2.25%),
3/15/32
.....................
United
Kingdom
2,703,191
2,709,949
Zekelman
Industries,
Inc.,
First
Lien,
2024
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
1/24/31
..............
United
States
1,331,334
1,332,905
27,159,019
a
a
a
a
a
a
Consumer
Finance
0.2%
e
Shift4
Payments
LLC,
First
Lien,
Amendment
No.
3
Refinancing
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
7/06/32
...
United
States
1,889,460
1,888,289
Consumer
Staples
Distribution
&
Retail
0.1%
e
Boots
Group
Finco
LP,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan,
6.92%,
(3-month
SOFR
+
3.25%),
8/30/32
..........
United
Kingdom
1,239,446
1,245,383
e
Containers
&
Packaging
2.0%
Charter
Next
Generation,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.167%,
(1-month
SOFR
+
2.5%),
11/29/30
..............
United
States
6,652,507
6,668,738
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.981%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
7,002,799
6,705,180
Graham
Packaging
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
1/26/33
..............
United
States
834,961
836,168
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
Containers
&
Packaging
(continued)
Mauser
Packaging
Solutions
Holding
Co.,
First
Lien,
2025
CME
Term
Loan,
7.152%,
(1-month
SOFR
+
3.5%),
4/15/30
......
United
States
3,694,033
$
3,671,204
ProAmpac
PG
Borrower
LLC,
First
Lien,
Initial
USD
CME
Term
Loan,
7.777%,
(3-month
SOFR
+
4%),
3/07/33
............
United
States
5,533,477
5,425,104
23,306,394
a
a
a
a
a
a
e
Distributors
1.1%
f
ADI
Global
Distribution
Funding
LLC,
First
Lien,
CME
Term
Loan,
B,
6.457%,
(12-month
SOFR
+
2.75%),
6/17/33
...........
United
States
433,497
434,583
BCPE
Empire
Holdings,
Inc.,
First
Lien,
Amendment
No.
8
Incremental
CME
Term
Loan,
6.981%,
(1-month
SOFR
+
3.25%),
12/11/30
..................................
United
States
5,134,085
5,082,745
Core
&
Main
LP,
First
Lien,
CME
Term
Loan,
E,
5.656%,
(3-month
SOFR
+
2%),
2/10/31
...............................
United
States
1,710,757
1,714,674
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.732%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
5,722,118
5,446,741
12,678,743
a
a
a
a
a
a
e
Diversified
Consumer
Services
1.2%
Ascend
Learning
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.731%,
(1-month
SOFR
+
3%),
12/11/28
......................
United
States
4,318,631
4,275,121
Belron
Finance
2019
LLC,
First
Lien,
CME
Term
Loan,
B,
5.657%,
(3-month
SOFR
+
2%),
10/16/31
......................
United
States
2,262,316
2,263,504
Mavis
Tire
Express
Services
Topco
Corp.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.669%,
(6-month
SOFR
+
3%),
5/04/28
.........................................
United
States
3,463,346
3,461,494
Spring
Education
Group,
Inc.,
First
Lien,
CME
Term
Loan,
6.982%,
(3-month
SOFR
+
3.25%),
9/30/30
..............
United
States
1,496,087
1,496,184
Wand
NewCo
3,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
1/30/31
......................
United
States
2,128,417
2,135,887
13,632,190
a
a
a
a
a
a
Diversified
Telecommunication
Services
0.2%
e,f
QTS
Thunder
Managing
Issuer
LLC,
First
Lien,
CME
Term
Loan,
B,
6.24%,
(12-month
SOFR
+
2.25%),
7/22/33
............
United
States
1,872,400
1,848,995
e
Electric
Utilities
0.8%
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
9/30/31
..............
United
States
2,969,773
2,960,923
Hamilton
Projects
Acquiror
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
5/30/31
...............
United
States
1,536,717
1,542,264
f
Pathfinder
Power
LLC,
First
Lien,
CME
Term
Loan,
B,
5.707%,
(12-month
SOFR
+
2%),
6/22/33
......................
United
States
4,231,708
4,228,407
8,731,594
a
a
a
a
a
a
Electrical
Equipment
0.3%
e,f
Dwyer
Instruments
LLC,
First
Lien,
CME
Term
Loan,
B,
6.467%,
(12-month
SOFR
+
2.5%),
7/25/33
.....................
United
States
3,377,934
3,378,998
e
Electronic
Equipment,
Instruments
&
Components
0.7%
a
Belden,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
7/01/33
............................
United
States
1,802,108
1,813,371
a
MX
Holdings
US,
Inc.,
First
Lien,
Senior
USD
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
3/17/32
................
United
States
1,256,940
1,264,010
Sanmina
Corp.,
First
Lien,
Incremental
CME
Term
Loan,
B1,
5.397%,
(1-month
SOFR
+
1.75%),
10/27/32
.............
United
States
2,988,679
2,998,632
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
Electronic
Equipment,
Instruments
&
Components
(continued)
TTM
Technologies,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B,
5.397%,
(1-month
SOFR
+
1.75%),
5/30/30
..............
United
States
1,856,066
$
1,861,476
7,937,489
a
a
a
a
a
a
e
Entertainment
2.8%
Banijay
US
Holding,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B5,
5.914%,
(1-month
SOFR
+
2.25%),
7/04/33
..............
France
1,704,536
1,703,471
Crown
Finance
US,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.167%,
(1-month
SOFR
+
4.5%),
12/02/31
..............
United
Kingdom
3,780,905
3,800,206
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
6/03/33
......
United
States
3,176,160
3,182,449
f
OAK-Eagle
Acquireco,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.967%,
(12-month
SOFR
+
3.5%),
3/23/33
..............
United
States
5,300,000
5,338,769
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.595%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
2,949,169
2,895,288
TKO
Worldwide
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B7,
5.412%,
(3-month
SOFR
+
1.75%),
11/21/31
.............
United
States
15,594,016
15,585,206
32,505,389
a
a
a
a
a
a
e
Financial
Services
3.8%
Belfor
Holdings,
Inc.,
First
Lien,
Replacement
CME
Term
Loan,
B5,
6.481%,
(1-month
SOFR
+
2.75%),
11/01/30
..........
United
States
3,486,535
3,498,145
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.232%,
(3-month
SOFR
+
3.5%),
8/16/32
...............
United
States
4,976,780
4,984,419
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2,
6.167%,
(1-month
SOFR
+
2.5%),
3/18/30
...............
United
States
7,195,254
7,190,937
Orion
US
Finco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.263%,
(3-month
SOFR
+
3.5%),
10/08/32
.....................
United
States
6,152,702
6,180,912
Osaic
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.232%,
(3-month
SOFR
+
2.5%),
7/30/32
......................
United
States
10,502,710
10,451,562
Priority
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B,
7.481%,
(1-month
SOFR
+
3.75%),
7/30/32
.....................
United
States
3,749,903
3,715,929
Red
Planet
Borrower
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.481%,
(1-month
SOFR
+
3.75%),
9/08/32
..............
United
States
4,259,350
4,274,662
f
Saphilux
SARL,
First
Lien,
USD
CME
Term
Loan,
B,
6.729%,
(1-
day
SOFR
+
3;
6-month
SOFR
+
3),
7/18/28
.............
Luxembourg
727,273
729,393
Speed
Midco
3
SARL,
First
Lien,
USD
CME
Term
Loan,
B,
6.195%,
(6-month
SOFR
+
2.5%),
10/07/32
..............
Luxembourg
2,618,421
2,622,781
43,648,740
a
a
a
a
a
a
e
Food
Products
0.4%
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
10/28/32
....................
United
States
3,418,106
3,435,196
Nourish
Buyer
I,
Inc.,
First
Lien,
2026-1
CME
Term
Loan,
7.763%,
(3-month
SOFR
+
4%),
7/09/32
.......................
United
States
1,542,889
1,555,433
4,990,629
a
a
a
a
a
a
e
Ground
Transportation
1.8%
Aggreko
Holdings,
Inc.,
First
Lien,
2025
Amended
USD
CME
Term
Loan,
6.632%,
(3-month
SOFR
+
3%),
5/21/31
.......
United
Kingdom
3,786,376
3,809,095
First
Student
Bidco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
8/15/30
..............
United
States
7,259,115
7,276,609
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
CME
Term
Loan,
B4,
6.981%,
(1-month
SOFR
+
3.25%),
1/25/29
......
United
States
6,241,493
6,261,028
g
LaserShip,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
PIK,
8.494%,
(3-month
SOFR
+
4.5%),
8/10/29
......................
United
States
2,391,398
1,334,902
g
LaserShip,
Inc.,
First
Lien,
CME
Term
Loan,
D,
PIK,
8.494%,
(3-month
SOFR
+
4.5%),
8/10/29
......................
United
States
5,561,934
458,860
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
Ground
Transportation
(continued)
Savage
Enterprises
LLC,
First
Lien,
Amendment
No.
8
CME
Term
Loan,
5.675%,
(1-month
SOFR
+
2%),
8/05/32
............
United
States
567,684
$
569,015
f
Student
Transportation
of
America
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.467%,
(12-month
SOFR
+
2.5%),
6/24/32
...
United
States
1,035,503
1,040,520
20,750,029
a
a
a
a
a
a
e
Health
Care
Equipment
&
Supplies
1.9%
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan,
7.481%,
(1-month
SOFR
+
3.75%),
1/15/31
.........
United
States
2,797,081
2,809,667
Medline
Borrower
LP,
First
Lien,
2030
Refinanced
CME
Term
Loan,
5.231%,
(1-month
SOFR
+
1.5%),
5/30/33
..........
United
States
2,673,051
2,666,208
TPG,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.995%,
(3-month
SOFR
+
2.25%),
4/07/33
............................
United
States
16,500,000
16,246,230
21,722,105
a
a
a
a
a
a
e
Health
Care
Providers
&
Services
5.6%
ADMI
Corp.,
First
Lien,
Amendment
No.
4
Refinancing
CME
Term
Loan,
7.22%,
(1-month
SOFR
+
3.375%),
12/23/27
........
United
States
3,294,449
3,081,084
ADMI
Corp.,
First
Lien,
Amendment
No.
5
CME
Term
Loan,
7.595%,
(1-month
SOFR
+
3.75%),
12/23/27
.............
United
States
3,822,312
3,584,201
ADMI
Corp.,
First
Lien,
CME
Term
Loan,
B5,
9.481%,
(1-month
SOFR
+
5.75%),
12/23/27
...........................
United
States
1,139,610
1,089,274
Charlotte
Buyer,
Inc.,
First
Lien,
Third
Refinancing
CME
Term
Loan,
8.148%,
(1-month
SOFR
+
4.5%),
6/30/31
..........
United
States
9,497,467
9,520,925
CNT
Holdings
I
Corp.,
First
Lien,
2025
Replacement
CME
Term
Loan,
6.073%,
(3-month
SOFR
+
2.25%),
11/08/32
........
United
States
6,893,270
6,915,948
Concentra
Health
Services,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
5.731%,
(1-month
SOFR
+
2%),
7/28/31
................
United
States
454,630
455,103
Dermatology
Intermediate
Holdings
III,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.073%,
(3-month
SOFR
+
4.25%),
3/26/29
.....
United
States
7,556,517
7,018,115
LifePoint
Health,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
7.503%,
(3-month
SOFR
+
3.75%),
5/19/31
.....................
United
States
3,663,513
3,503,235
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
6/09/32
.................................
United
States
871,161
873,069
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
First-Out
CME
Term
Loan,
A1,
9.173%,
(3-month
SOFR
+
5.25%),
11/01/30
.
United
States
509,128
357,237
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
First-Out
CME
Term
Loan,
A2,
9.173%,
(3-month
SOFR
+
5.25%),
11/01/30
.
United
States
441,004
298,780
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
Second-Out
CME
Term
Loan,
7.423%,
(3-month
SOFR
+
3.5%),
11/01/30
.
United
States
1,499,413
189,923
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
Third-Out
CME
Term
Loan,
10.796%,
(3-month
SOFR
+
7%),
11/03/31
......
United
States
529,205
77,618
MPH
Acquisition
Holdings
LLC,
First
Lien,
Exchange
First
Out
CME
Term
Loan,
7.413%,
(3-month
SOFR
+
3.75%),
12/31/30
United
States
803,439
805,648
MPH
Acquisition
Holdings
LLC,
First
Lien,
Second
Out
CME
Term
Loan,
8.525%,
(3-month
SOFR
+
4.6%),
12/31/30
.........
United
States
2,216,253
1,918,632
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.232%,
(3-month
SOFR
+
4.5%),
4/16/32
......................
United
States
7,245,250
6,364,046
g
Pathway
Vet
Alliance
LLC,
First
Lien,
CME
Term
Loan,
B,
PIK,
8.663%,
(3-month
SOFR
+
5%),
6/30/28
................
United
States
8,182,781
6,217,550
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
5.731%,
(1-month
SOFR
+
2%),
2/21/31
.......................
United
States
2,697,502
2,701,711
Surgery
Center
Holdings,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
12/19/30
.....
United
States
905,208
905,426
US
Anesthesia
Partners,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.761%,
(1-month
SOFR
+
4%),
10/02/28
................
United
States
5,199,496
5,215,172
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
Health
Care
Providers
&
Services
(continued)
f,h
US
Fertility
Enterprises
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan,
7.152%,
(3-month
SOFR
+
3.5%),
12/30/32
.........
United
States
307,684
$
309,318
US
Fertility
Enterprises
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.975%,
(3-month
SOFR
+
3.25%),
12/10/32
.............
United
States
3,204,356
3,221,371
64,623,386
a
a
a
a
a
a
e
Health
Care
Technology
1.7%
AthenaHealth
Group,
Inc.,
First
Lien,
Fourth
Amendment
CME
Term
Loan,
6.981%,
(1-month
SOFR
+
3.25%),
2/16/32
.....
United
States
10,315,031
10,258,092
Cotiviti,
Inc.,
First
Lien,
Amendment
No.
2
CME
Term
Loan,
6.397%,
(1-month
SOFR
+
2.75%),
3/26/32
..............
United
States
3,663,000
3,431,132
Cotiviti,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
6.397%,
(1-month
SOFR
+
2.75%),
5/01/31
.....................
United
States
6,284,491
5,912,135
19,601,359
a
a
a
a
a
a
e
Hotels,
Restaurants
&
Leisure
7.3%
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B,
5.981%,
(1-month
SOFR
+
2.25%),
2/06/30
...
United
States
6,401,727
6,196,071
Dave
&
Buster's,
Inc.,
First
Lien,
2024
Incremental
CME
Term
Loan,
B,
6.938%,
(3-month
SOFR
+
3.25%),
11/03/31
......
United
States
3,581,772
2,904,978
Dave
&
Buster's,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
6.938%,
(3-month
SOFR
+
3.25%),
6/29/29
.......
United
States
2,200,000
1,936,000
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.981%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
3,266,750
3,271,536
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
4,387,944
4,356,132
Flynn
Restaurant
Group
LP,
First
Lien,
2025
CME
Term
Loan,
7.481%,
(1-month
SOFR
+
3.75%),
1/28/32
..............
United
States
11,592,823
11,490,053
f
Gaia
Purchaser,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B,
7.836%,
(12-month
SOFR
+
4%),
6/23/33
................
United
States
1,002,457
1,002,457
f
Golden
State
Foods
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.232%,
(3-month
SOFR
+
3.5%),
12/04/31
..............
United
States
2,835,978
2,844,670
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B,
8.427%,
(3-month
SOFR
+
4.75%),
11/01/29
.............
Canada
11,729,589
11,634,286
Hilton
Grand
Vacations
Borrower
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.644%,
(1-month
SOFR
+
2%),
8/02/28
............
United
States
2,898,590
2,895,575
IRB
Holding
Corp.,
First
Lien,
2025
Replacement
CME
Term
Loan,
B,
6.231%,
(1-month
SOFR
+
2.5%),
12/16/30
.......
United
States
6,688,427
6,708,860
Light
&
Wonder
International,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.667%,
(1-month
SOFR
+
2%),
4/16/29
.............
United
States
4,256,202
4,266,842
Ontario
Gaming
GTA
LP,
First
Lien,
CME
Term
Loan,
B,
7.982%,
(3-month
SOFR
+
4.25%),
8/01/30
.....................
Canada
9,629,148
9,246,389
Penn
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
5/30/33
.......................
United
States
3,443,025
3,437,946
Raising
Cane's
Restaurants
LLC,
First
Lien,
First
Amendment
New
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
11/03/32
United
States
3,955,781
3,947,870
Raising
Cane's
Restaurants
LLC,
First
Lien,
Second
Amendment
New
CME
Term
Loan,
5.664%,
(1-month
SOFR
+
2%),
6/06/33
United
States
1,327,434
1,323,286
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan,
6.752%,
(1-month
SOFR
+
3;
3-month
SOFR
+
3),
4/04/29
.....................................
United
States
2,661,938
2,598,052
Whatabrands
LLC,
First
Lien,
2024-2
Refinancing
CME
Term
Loan.
B,
6.231%,
(1-month
SOFR
+
2.5%),
8/03/28
........
United
States
2,338,329
2,341,860
a,f
Whatabrands
LLC,
First
Lien,
CME
Term
Loan,
B,
6.967%,
(12-month
SOFR
+
3%),
8/01/33
......................
United
States
1,405,385
1,408,898
83,811,761
a
a
a
a
a
a
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Daily
Access
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
e
Household
Durables
0.8%
AI
Aqua
Merger
Sub,
Inc.,
First
Lien,
Initial
USD
CME
Term
Loan,
B,
6.152%,
(1-month
SOFR
+
2.5%),
7/05/33
.............
United
States
4,372,521
$
4,378,599
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.732%,
(3-month
SOFR
+
3%),
1/16/32
.......................
Netherlands
5,118,318
5,125,253
9,503,852
a
a
a
a
a
a
Household
Products
0.0%
†
e
Energizer
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.667%,
(1-month
SOFR
+
2%),
3/19/32
................
United
States
341,394
341,823
e
Independent
Power
and
Renewable
Electricity
Producers
1.0%
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
CME
Term
Loan,
B,
5.479%,
(3-month
SOFR
+
1.75%),
12/15/31
..
United
States
1,060,090
1,058,213
Talen
Energy
Supply
LLC,
First
Lien,
2025-1
Incremental
CME
Term
Loan,
B,
5.823%,
(3-month
SOFR
+
2%),
11/25/32
.....
United
States
1,025,773
1,016,238
Talen
Energy
Supply
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.479%,
(3-month
SOFR
+
1.75%),
11/25/32
.............
United
States
9,673,471
9,623,073
11,697,524
a
a
a
a
a
a
e
Insurance
7.9%
Acrisure
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B,
6.981%,
(1-month
SOFR
+
3.25%),
6/21/32
..............
United
States
1,676,496
1,513,876
Acrisure
LLC,
First
Lien,
CME
Term
Loan,
B6,
6.731%,
(1-month
SOFR
+
3%),
11/06/30
..............................
United
States
10,696,324
9,819,225
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.144%,
(1-month
SOFR
+
2.5%),
9/19/31
..........
United
States
9,089,200
9,063,613
AmWINS
Group,
Inc.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
1/30/32
............
United
States
4,468,133
4,435,314
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B10,
7.763%,
(3-month
SOFR
+
4%),
8/21/28
.......................
United
States
2,356,821
2,364,186
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B11,
8.173%,
(3-month
SOFR
+
4.25%),
8/21/28
.....................
United
States
469,718
471,010
Asurion
LLC,
Second
Lien,
New
CME
Term
Loan,
B4,
9.334%,
(3-month
SOFR
+
5.25%),
1/19/29
.....................
United
States
4,169,499
4,144,920
Broadstreet
Partners
Group
LLC,
First
Lien,
2024
CME
Term
Loan,
B,
6.231%,
(1-month
SOFR
+
2.5%),
6/16/31
........
United
States
7,152,817
7,044,953
CRC
Insurance
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.482%,
(3-month
SOFR
+
2.75%),
5/06/31
..............
United
States
6,146,024
6,061,516
HUB
International
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
5.984%,
(3-month
SOFR
+
2.25%),
6/20/30
.........
United
States
20,820,770
20,856,979
OneDigital
Borrower
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
6.731%,
(1-month
SOFR
+
3%),
7/02/31
............
United
States
8,323,425
8,175,185
Sedgwick
Claims
Management
Services,
Inc.,
First
Lien,
2024
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
7/31/31
..
United
States
17,419,111
17,322,087
91,272,864
a
a
a
a
a
a
e
IT
Services
2.7%
Barracuda
Networks,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.323%,
(3-month
SOFR
+
4.5%),
8/15/29
...............
United
States
4,486,186
3,032,056
Fortress
Intermediate
3,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.675%,
(1-month
SOFR
+
3%),
6/27/31
................
United
States
6,416,017
6,413,322
Gainwell
Acquisition
Corp.,
First
Lien,
CME
Term
Loan,
B,
7.832%,
(3-month
SOFR
+
4%),
10/01/27
................
United
States
5,270,542
5,234,307
Kaseya,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.073%,
(3-month
SOFR
+
3.25%),
3/22/32
............................
United
States
6,057,886
4,582,973
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan,
7.981%,
(1-month
SOFR
+
4.25%),
12/31/31
.............
United
States
12,571,963
11,280,194
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
IT
Services
(continued)
Tempo
Acquisition
LLC,
First
Lien,
Seventh
Incremental
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
8/31/28
.....
United
States
844,332
$
726,391
31,269,243
a
a
a
a
a
a
e
Machinery
1.3%
Columbus
McKinnon
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.232%,
(3-month
SOFR
+
3.5%),
2/03/33
...............
United
States
790,541
793,343
CompoSecure
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.918%,
(3-month
SOFR
+
2.25%),
1/14/33
..............
United
States
1,505,376
1,502,908
Engineered
Machinery
Holdings,
Inc.,
First
Lien,
2026
USD
Refinancing
CME
Term
Loan,
6.491%,
(3-month
SOFR
+
2.75%),
11/26/32
..................................
United
States
2,595,335
2,606,326
a,f
Hillman
Group,
Inc.
(The),
First
Lien,
2026
Initial
CME
Term
Loan,
5.667%,
(1-month
SOFR
+
2%),
7/22/33
................
United
States
1,111,111
1,113,889
TK
Elevator
Midco
GmbH,
First
Lien,
CME
Term
Loan,
B1,
6.704%,
(6-month
SOFR
+
2.75%),
4/30/30
..............
Germany
5,472,137
5,500,428
f
Tulip
Holdco
(DE)
LLC,
First
Lien,
CME
Term
Loan,
B,
8.217%,
(12-month
SOFR
+
4.25%),
7/21/33
....................
United
States
3,833,333
3,830,956
15,347,850
a
a
a
a
a
a
e
Media
2.5%
Cengage
Learning,
Inc.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.676%,
(1-month
SOFR
+
3;
3-month
SOFR
+
3),
3/24/31
.........................................
United
States
2,311,600
2,297,707
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.845%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
2,405,151
2,414,808
CMG
Media
Corp.,
First
Lien,
CME
Term
Loan,
7.332%,
(3-month
SOFR
+
3.5%),
6/18/29
.............................
United
States
8,625,542
8,024,988
DIRECTV
Financing
LLC,
First
Lien,
2026
Refinancing
CME
Term
Loan,
B,
8.323%,
(3-month
SOFR
+
4.5%),
8/02/29
........
United
States
596,154
600,542
Gray
Media,
Inc.,
First
Lien,
CME
Term
Loan,
D,
6.761%,
(1-month
SOFR
+
3%),
12/01/28
......................
United
States
1,272,776
1,280,063
iHeartCommunications,
Inc.,
First
Lien,
Refinanced
CME
Term
Loan,
B,
9.62%,
(1-month
SOFR
+
5.775%),
5/01/29
.......
United
States
3,803,986
3,536,508
McGraw-Hill
Education,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.231%,
(1-month
SOFR
+
2.5%),
8/06/31
...............
United
States
899,005
900,628
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.231%,
(1-month
SOFR
+
2.5%),
6/28/32
......................
United
States
3,291,688
3,283,475
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B7,
6.481%,
(1-month
SOFR
+
2.75%),
3/18/33
.....................
United
States
3,050,000
3,050,473
Univision
Communications,
Inc.,
First
Lien,
2024
Replacement
CME
Term
Loan,
7.345%,
(1-month
SOFR
+
3.5%),
1/23/29
..
United
States
3,191,858
3,173,903
28,563,095
a
a
a
a
a
a
e
Oil,
Gas
&
Consumable
Fuels
0.2%
CPPIB
OVM
Member
US
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.982%,
(3-month
SOFR
+
2.25%),
8/20/31
..............
United
States
75,374
75,536
UGI
Energy
Services
LLC,
First
Lien,
Refinancing
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
2/22/30
............
United
States
2,752,719
2,759,601
2,835,137
a
a
a
a
a
a
Passenger
Airlines
0.8%
e
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.979%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
8,802,751
8,812,170
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)
Personal
Care
Products
0.1%
e
Prestige
Brands,
Inc.,
First
Lien,
Delayed
Draw
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
6/13/33
..............
United
States
841,204
$
844,623
e
Pharmaceuticals
0.3%
Endo
Finance
Holdings
LP,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.481%,
(1-month
SOFR
+
3.75%),
4/23/31
.....
United
States
1,209,975
1,213,218
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.156%,
(3-month
SOFR
+
2.5%),
12/04/31
.....
United
States
2,451,518
2,455,686
3,668,904
a
a
a
a
a
a
e
Professional
Services
2.0%
AlixPartners
LLP,
First
Lien,
2025
Dollar
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
8/12/32
................
United
States
7,814,136
7,797,062
f
CHG
Healthcare
Services,
Inc.,
First
Lien,
Amendment
No.
8
Refinancing
CME
Term
Loan,
6.823%,
(3-month
SOFR
+
3%),
9/29/31
.........................................
United
States
4,479,757
4,481,168
Grant
Thornton
Advisors
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.481%,
(1-month
SOFR
+
2.75%),
6/02/31
.....
United
States
9,532,661
9,007,459
Ingenovis
Health,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.906%,
(3-month
SOFR
+
5.25%),
5/27/32
.....................
United
States
2,033,507
1,455,656
22,741,345
a
a
a
a
a
a
Real
Estate
Management
&
Development
0.1%
e
Cushman
&
Wakefield
US
Borrower
LLC,
First
Lien,
Amendment
No.
14
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
6/13/33
.........................................
United
States
1,060,668
1,062,434
Semiconductors
&
Semiconductor
Equipment
0.1%
e
MKS
Instruments,
Inc.,
First
Lien,
2026-1
Dollar
CME
Term
Loan,
B,
5.417%,
(1-month
SOFR
+
1.75%),
2/04/33
............
United
States
1,451,243
1,452,752
e
Software
11.4%
Avalara,
Inc.,
First
Lien,
First
Amendment
CME
Term
Loan,
6.232%,
(3-month
SOFR
+
2.5%),
3/26/32
...............
United
States
7,751,699
7,326,247
Boxer
Parent
Co.,
Inc.,
First
Lien,
2031
Replacement
Dollar
CME
Term
Loan,
6.416%,
(3-month
SOFR
+
2.75%),
7/30/31
.....
United
States
2,863,750
2,615,563
Central
Parent
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
6.982%,
(3-month
SOFR
+
3.25%),
7/06/29
.........
United
States
5,326,132
2,796,219
Cloud
Software
Group
LLC,
First
Lien,
Incremental
CME
Term
Loan,
B,
6.982%,
(3-month
SOFR
+
3.25%),
3/21/31
.......
United
States
6,678,419
6,072,719
Cloud
Software
Group
LLC,
First
Lien,
Initial
Dollar
CME
Term
Loan,
B,
6.982%,
(3-month
SOFR
+
3.25%),
8/16/32
.......
United
States
4,584,245
4,118,807
Cloudera,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.494%,
(1-month
SOFR
+
3.75%),
10/09/28
....................
United
States
6,013,015
5,340,339
Cloudera,
Inc.,
Second
Lien,
Initial
CME
Term
Loan,
9.831%,
(1-month
SOFR
+
6%),
10/10/29
......................
United
States
3,000,000
2,135,415
Clover
Holdings
2
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.426%,
(1-month
SOFR
+
3.75%),
12/09/31
....................
United
States
3,127,474
3,068,834
f,h
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan,
8.12%,
(1-day
SOFR
+
4.5%),
11/17/31
....
United
States
302,853
303,042
Dayforce
Bidco
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.823%,
(3-month
SOFR
+
3%),
2/04/33
.......................
United
States
12,500,000
11,658,437
ECI
Macola/Max
Holding
LLC,
First
Lien,
2025
Repricing
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
5/09/30
.....
United
States
6,263,341
5,987,378
Epicor
Software
Corp.,
First
Lien,
CME
Term
Loan,
E,
6.481%,
(1-month
SOFR
+
2.75%),
5/30/31
.....................
United
States
10,313,275
9,864,750
Gen
Digital,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
9/12/29
............................
United
States
3,486,202
3,458,749
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)
e
Software
(continued)
a
IGT
Holding
IV
AB,
First
Lien,
CME
Term
Loan,
B8,
6.732%,
(3-month
SOFR
+
3%),
9/02/31
.......................
Sweden
3,415,348
$
3,398,271
Imprivata,
Inc.,
First
Lien,
2026
Extended
CME
Term
Loan,
7.484%,
(3-month
SOFR
+
3.75%),
12/03/29
.............
United
States
1,958,200
1,970,233
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.731%,
(1-month
SOFR
+
3%),
3/01/29
...............................
United
States
11,653,814
10,573,797
a
Mermaid
Bidco,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B,
6.908%,
(3-month
SOFR
+
3.25%),
7/03/31
.....................
United
States
4,902,075
4,846,927
PointClickCare
Technologies,
Inc.,
First
Lien,
2025
CME
Term
Loan,
6.573%,
(3-month
SOFR
+
2.75%),
11/03/31
........
Canada
2,304,254
2,295,970
Project
Boost
Purchaser
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
7/16/31
..............
United
States
2,747,620
2,693,808
Proofpoint,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
6.732%,
(3-month
SOFR
+
3%),
8/31/28
................
United
States
10,393,854
10,226,617
Rocket
Software,
Inc.,
First
Lien,
CME
Term
Loan,
7.481%,
(1-month
SOFR
+
3.75%),
11/28/28
....................
United
States
5,066,622
4,890,887
Sovos
Compliance
LLC,
First
Lien,
Amendment
No.
3
Replacement
CME
Term
Loan,
6.981%,
(1-month
SOFR
+
3.25%),
8/13/29
...................................
United
States
3,656,919
3,512,928
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.073%,
(3-month
SOFR
+
2.25%),
2/10/31
............................
United
States
19,650,520
18,892,796
a
Waystar
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.644%,
(1-month
SOFR
+
2%),
10/22/29
................
United
States
3,030,792
3,030,792
131,079,525
a
a
a
a
a
a
e
Specialty
Retail
2.7%
AIP
RD
Buyer
Corp.,
First
Lien,
CME
Term
Loan,
7.231%,
(1-month
SOFR
+
3.5%),
12/23/30
.....................
United
States
7,775,151
7,721,697
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.981%,
(1-month
SOFR
+
3.25%),
1/23/32
..............
United
States
5,543,233
5,576,382
f
Harbor
Freight
Tools
USA,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
6/11/31
..............
United
States
3,489,630
3,490,659
Petco
Health
&
Wellness
Co.,
Inc.,
First
Lien,
2026
CME
Term
Loan,
7.982%,
(3-month
SOFR
+
4.25%),
1/31/31
.........
United
States
2,902,194
2,899,408
PetSmart
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.724%,
(1-month
SOFR
+
4%),
8/18/32
.......................
United
States
5,870,500
5,891,781
RealTruck
Group,
Inc.,
First
Lien,
Second
Out
CME
Term
Loan,
A,
8.648%,
(3-month
SOFR
+
4.75%),
1/31/31
..............
United
States
896,555
537,933
RealTruck
Group,
Inc.,
First
Lien,
Second-Out
CME
Term
Loan,
B,
9.898%,
(3-month
SOFR
+
6%),
1/31/31
..............
United
States
4,487,084
2,695,997
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
6.981%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
2,249,543
2,249,858
31,063,715
a
a
a
a
a
a
e
Textiles,
Apparel
&
Luxury
Goods
0.3%
ABG
Intermediate
Holdings
2
LLC,
First
Lien,
CME
Term
Loan,
B1,
5.981%,
(1-month
SOFR
+
2.25%),
12/21/28
..........
United
States
2,700,216
2,707,628
Beach
Acquisition
Bidco
LLC,
First
Lien,
CME
Term
Loan,
B1,
6.481%,
(1-month
SOFR
+
2.75%),
9/13/32
..............
United
States
316,860
318,731
3,026,359
a
a
a
a
a
a
Trading
Companies
&
Distributors
0.2%
e
QXO
Building
Products,
Inc.,
First
Lien,
2026
Incremental
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
7/01/33
.....
United
States
2,088,889
2,087,845
Water
Utilities
0.1%
a,e
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.902%,
(3-month
SOFR
+
2.25%),
10/01/32
.............
United
States
1,468,079
1,469,914
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
See
Abbreviations
on
page
166
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Wireless
Telecommunication
Services
0.4%
e
Crown
Subsea
Communications
Holding,
Inc.,
First
Lien,
2026
CME
Term
Loan,
6.731%,
(1-month
SOFR
+
3%),
1/30/31
...
United
States
5,155,121
$
5,182,108
Total
Senior
Floating
Rate
Interests
(Cost
$1,026,665,212)
......................
993,746,699
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,b
All
Day
Electric,
Inc.,
Escrow
Account
....................
United
States
1,845
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
.................................
—
Total
Long
Term
Investments
(Cost
$1,128,454,104)
...........................
1,078,221,884
a
Short
Term
Investments
8.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
8.7%
i,j
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
.........................................
United
States
100,683,271
100,683,271
Total
Money
Market
Funds
(Cost
$100,683,271)
...............................
100,683,271
Total
Short
Term
Investments
(Cost
$100,683,271
)
.............................
100,683,271
a
Total
Investments
(Cost
$1,229,137,375)
102.1%
..............................
$1,178,905,155
Other
Assets,
less
Liabilities
(2.1)%
.........................................
(24,361,597)
Net
Assets
100.0%
.........................................................
$1,154,543,558
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2026,
the
aggregate
value
of
these
securities
was
$60,086,071,
representing
5.2%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Income
may
be
received
in
additional
securities
and/or
cash.
h
See
Note
4
regarding
unfunded
loan
commitments.
i
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Long
Duration
Credit
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
86.8%
Aerospace
&
Defense
3.6%
Boeing
Co.
(The)
,
Senior
Bond
,
5.705
%
,
5/01/40
........................
United
States
40,000
$
39,542
Senior
Bond
,
3.75
%
,
2/01/50
.........................
United
States
325,000
226,587
Senior
Bond
,
5.93
%
,
5/01/60
.........................
United
States
270,000
252,258
Senior
Bond
,
7.008
%
,
5/01/64
........................
United
States
200,000
216,331
General
Dynamics
Corp.
,
Senior
Bond
,
2.85
%
,
6/01/41
.........................
United
States
85,000
61,305
Senior
Bond
,
3.6
%
,
11/15/42
.........................
United
States
110,000
84,792
a
Honeywell
Aerospace,
Inc.
,
Senior
Bond
,
144A,
5.732
%
,
3/16/56
United
States
450,000
428,905
Lockheed
Martin
Corp.
,
Senior
Bond
,
4.07
%
,
12/15/42
........................
United
States
125,000
101,992
Senior
Bond
,
2.8
%
,
6/15/50
..........................
United
States
50,000
29,980
Northrop
Grumman
Corp.
,
Senior
Bond
,
4.03
%
,
10/15/47
........................
United
States
280,000
212,518
Senior
Bond
,
4.95
%
,
3/15/53
.........................
United
States
130,000
110,978
RTX
Corp.
,
Senior
Bond
,
4.05
%
,
5/04/47
.........................
United
States
175,000
134,536
Senior
Bond
,
2.82
%
,
9/01/51
.........................
United
States
150,000
88,807
Senior
Bond
,
3.03
%
,
3/15/52
.........................
United
States
150,000
92,054
Senior
Bond
,
5.375
%
,
2/27/53
........................
United
States
140,000
128,104
2,208,689
Banks
6.3%
Bank
of
America
Corp.
,
Senior
Bond
,
2.676%
to
6/18/40,
FRN
thereafter
,
6/19/41
...
United
States
300,000
211,437
Sub.
Bond
,
5.744%
to
2/11/35,
FRN
thereafter
,
2/12/36
.....
United
States
270,000
270,279
Sub.
Bond
,
5.489%
to
4/22/36,
FRN
thereafter
,
4/23/37
.....
United
States
540,000
526,283
Citigroup,
Inc.
,
b
Junior
Sub.
Bond
,
6.625%
to
2/14/31,
FRN
thereafter
,
Perpetual
.......................................
United
States
230,000
231,197
Senior
Bond
,
2.904%
to
11/02/41,
FRN
thereafter
,
11/03/42
..
United
States
241,000
168,975
Cooperatieve
Rabobank
UA
,
Senior
Bond
,
5.25
%
,
5/24/41
....
Netherlands
135,000
129,607
ING
Groep
NV
,
Senior
Bond
,
5.42%
to
3/22/36,
FRN
thereafter
,
3/23/37
.........................................
Netherlands
200,000
196,345
JPMorgan
Chase
&
Co.
,
Senior
Bond
,
4.898%
to
1/21/36,
FRN
thereafter
,
1/22/37
...
United
States
140,000
133,637
Senior
Bond
,
5.148%
to
4/22/36,
FRN
thereafter
,
4/23/37
...
United
States
150,000
145,504
Senior
Bond
,
3.109%
to
4/21/40,
FRN
thereafter
,
4/22/41
...
United
States
300,000
225,240
Senior
Bond
,
2.525%
to
11/18/40,
FRN
thereafter
,
11/19/41
..
United
States
320,000
218,350
Senior
Bond
,
5.534%
to
11/28/44,
FRN
thereafter
,
11/29/45
..
United
States
160,000
152,492
Sub.
Bond
,
5.803%
to
7/22/36,
FRN
thereafter
,
7/23/41
.....
United
States
140,000
138,638
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Bond
,
6.049%
to
7/23/46,
FRN
thereafter
,
7/24/47
......................
Japan
200,000
198,527
Mizuho
Financial
Group,
Inc.
,
Senior
Bond
,
5.824%
to
7/12/46,
FRN
thereafter
,
7/13/47
.............................
Japan
200,000
191,566
Sumitomo
Mitsui
Financial
Group,
Inc.
,
Senior
Bond
,
5.754%
to
7/06/46,
FRN
thereafter
,
7/07/47
......................
Japan
200,000
191,604
Wells
Fargo
&
Co.
,
Senior
Bond
,
3.068%
to
4/29/40,
FRN
thereafter
,
4/30/41
...
United
States
150,000
110,791
Senior
Bond
,
3.9
%
,
5/01/45
..........................
United
States
300,000
227,685
Senior
Bond
,
5.433%
to
1/22/46,
FRN
thereafter
,
1/23/47
...
United
States
180,000
165,896
3,834,053
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Beverages
1.8%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.9
%
,
2/01/46
......................
Belgium
641,000
$
561,132
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.439
%
,
10/06/48
........................................
Belgium
240,000
194,785
Coca-Cola
Co.
(The)
,
Senior
Bond
,
5.4
%
,
5/13/64
...........
United
States
250,000
228,855
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond
,
4.5
%
,
4/15/52
.........
United
States
120,000
92,380
1,077,152
Biotechnology
3.1%
AbbVie,
Inc.
,
Senior
Bond
,
4.45
%
,
5/14/46
.........................
United
States
350,000
287,694
Senior
Bond
,
4.875
%
,
11/14/48
.......................
United
States
320,000
275,079
Senior
Bond
,
4.25
%
,
11/21/49
........................
United
States
140,000
109,044
Senior
Bond
,
5.55
%
,
3/15/56
.........................
United
States
140,000
130,713
Amgen,
Inc.
,
Senior
Bond
,
3.15
%
,
2/21/40
.........................
United
States
180,000
136,223
Senior
Bond
,
5.6
%
,
3/02/43
..........................
United
States
175,000
167,836
Senior
Bond
,
5.65
%
,
3/02/53
.........................
United
States
180,000
167,432
Senior
Bond
,
5.75
%
,
3/02/63
.........................
United
States
60,000
55,427
a
CSL
Finance
plc
,
Senior
Bond
,
144A,
4.75
%
,
4/27/52
....................
Australia
130,000
106,892
Senior
Bond
,
144A,
5.417
%
,
4/03/54
...................
Australia
75,000
67,798
Gilead
Sciences,
Inc.
,
Senior
Bond
,
4.75
%
,
3/01/46
.........................
United
States
120,000
103,258
Senior
Bond
,
4.15
%
,
3/01/47
.........................
United
States
120,000
94,062
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
2.8
%
,
9/15/50
.
United
States
300,000
174,755
1,876,213
Broadline
Retail
1.6%
Amazon.com,
Inc.
,
Senior
Bond
,
6.1
%
,
7/09/56
..........................
United
States
420,000
403,647
Senior
Bond
,
5.95
%
,
3/13/66
.........................
United
States
280,000
257,667
Senior
Bond
,
6.25
%
,
7/09/66
.........................
United
States
160,000
153,476
Senior
Bond
,
6.05
%
,
3/13/76
.........................
United
States
190,000
175,823
990,613
Building
Products
0.9%
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.55
%
,
9/15/40
............
United
States
180,000
174,051
Carrier
Global
Corp.
,
Senior
Bond
,
3.377
%
,
4/05/40
.........
United
States
180,000
139,900
Owens
Corning
,
Senior
Bond
,
4.3
%
,
7/15/47
..........................
United
States
85,000
66,110
Senior
Bond
,
5.95
%
,
6/15/54
.........................
United
States
175,000
167,895
547,956
Capital
Markets
3.2%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
5.065%
to
1/20/36,
FRN
thereafter
,
1/21/37
...
United
States
85,000
80,989
Senior
Bond
,
5.655%
to
7/20/36,
FRN
thereafter
,
7/21/37
...
United
States
125,000
124,477
Senior
Bond
,
2.908%
to
7/20/41,
FRN
thereafter
,
7/21/42
...
United
States
200,000
138,942
Senior
Bond
,
3.436%
to
2/23/42,
FRN
thereafter
,
2/24/43
...
United
States
250,000
182,852
Senior
Bond
,
6.215%
to
7/20/56,
FRN
thereafter
,
7/21/57
...
United
States
300,000
297,331
LPL
Holdings,
Inc.
,
Senior
Bond
,
5.75
%
,
6/15/35
............
United
States
190,000
186,984
Morgan
Stanley
,
Senior
Bond
,
5.073%
to
1/29/36,
FRN
thereafter
,
1/30/37
...
United
States
190,000
182,360
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Morgan
Stanley,
(continued)
Senior
Bond
,
5.605%
to
7/16/36,
FRN
thereafter
,
7/17/37
...
United
States
120,000
$
119,323
c
Senior
Bond
,
FRN
,
3.971
%
,
7/22/38
...................
United
States
400,000
342,042
Senior
Bond
,
5.9%
to
3/12/46,
FRN
thereafter
,
3/13/47
.....
United
States
340,000
329,117
1,984,417
Chemicals
0.2%
LYB
International
Finance
III
LLC
,
Senior
Bond
,
5.875
%
,
1/15/36
United
States
140,000
139,035
Communications
Equipment
0.6%
Cisco
Systems,
Inc.
,
Senior
Bond
,
5.3
%
,
2/26/54
............
United
States
250,000
223,817
Motorola
Solutions,
Inc.
,
Senior
Bond
,
5.5
%
,
9/01/44
.........
United
States
145,000
133,673
357,490
Construction
Materials
0.2%
Vulcan
Materials
Co.
,
Senior
Bond
,
5.7
%
,
12/01/54
..........
United
States
135,000
126,652
Consumer
Finance
0.7%
Capital
One
Financial
Corp.
,
Sub.
Bond
,
6.183%
to
1/29/35,
FRN
thereafter
,
1/30/36
.................................
United
States
120,000
120,411
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
6.15
%
,
7/15/35
United
States
300,000
307,061
427,472
Consumer
Staples
Distribution
&
Retail
0.7%
Kroger
Co.
(The)
,
Senior
Bond
,
5.65
%
,
9/15/64
.............
United
States
320,000
285,701
Walmart,
Inc.
,
Senior
Bond
,
4.05
%
,
6/29/48
.........................
United
States
85,000
66,920
Senior
Bond
,
2.65
%
,
9/22/51
.........................
United
States
45,000
26,413
Senior
Bond
,
4.5
%
,
4/15/53
..........................
United
States
35,000
28,959
407,993
Containers
&
Packaging
0.3%
Smurfit
Kappa
Treasury
ULC
,
Senior
Bond
,
5.777
%
,
4/03/54
...
Ireland
200,000
190,883
Diversified
Consumer
Services
1.6%
Leland
Stanford
Junior
University
(The)
,
3.647
%
,
5/01/48
.....
United
States
400,000
298,456
Massachusetts
Institute
of
Technology
,
G
,
2.294
%
,
7/01/51
....
United
States
330,000
180,458
President
and
Fellows
of
Harvard
College
,
3.745
%
,
11/15/52
...
United
States
270,000
196,939
University
of
Miami
,
2022
,
Senior
Bond
,
4.063
%
,
4/01/52
.....
United
States
240,000
178,811
University
of
Southern
California
,
3.028
%
,
10/01/39
..........
United
States
150,000
120,504
975,168
Diversified
REITs
0.2%
Simon
Property
Group
LP
,
Senior
Bond
,
4.75
%
,
3/15/42
.........................
United
States
60,000
53,507
Senior
Bond
,
4.25
%
,
11/30/46
........................
United
States
110,000
87,184
140,691
Diversified
Telecommunication
Services
4.5%
AT&T,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/41
..........................
United
States
20,000
14,731
Senior
Bond
,
4.35
%
,
6/15/45
.........................
United
States
310,000
235,609
Senior
Bond
,
4.75
%
,
5/15/46
.........................
United
States
550,000
436,747
Senior
Bond
,
3.5
%
,
9/15/53
..........................
United
States
460,000
278,162
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
AT&T,
Inc.,
(continued)
Senior
Bond
,
6
%
,
4/30/56
...........................
United
States
80,000
$
71,910
Senior
Bond
,
6.2
%
,
10/30/56
.........................
United
States
70,000
64,851
Comcast
Corp.
,
Senior
Bond
,
3.4
%
,
7/15/46
..........................
United
States
140,000
89,123
Senior
Bond
,
3.969
%
,
11/01/47
.......................
United
States
420,000
285,027
Senior
Bond
,
2.887
%
,
11/01/51
.......................
United
States
265,000
140,465
a
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.65
%
,
7/15/33
...................................
United
States
340,000
325,903
Verizon
Communications,
Inc.
,
Senior
Bond
,
2.65
%
,
11/20/40
........................
United
States
600,000
408,829
Senior
Bond
,
4.125
%
,
8/15/46
........................
United
States
290,000
216,239
Senior
Bond
,
5.875
%
,
11/30/55
.......................
United
States
230,000
210,251
2,777,847
Electric
Utilities
9.8%
Alabama
Power
Co.
,
Senior
Bond
,
4.15
%
,
8/15/44
..........
United
States
320,000
254,885
Appalachian
Power
Co.
,
Senior
Bond
,
7
%
,
4/01/38
..........
United
States
50,000
54,833
Baltimore
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
6/01/52
..
United
States
185,000
145,756
Commonwealth
Edison
Co.
,
Senior
Bond
,
3.85
%
,
3/15/52
.........................
United
States
215,000
152,180
Senior
Bond
,
5.85
%
,
6/01/56
.........................
United
States
150,000
143,960
130
,
Senior
Bond
,
3.125
%
,
3/15/51
....................
United
States
60,000
37,687
a
COX
Asset
Mexico
SA
de
CV
,
Senior
Secured
Bond
,
144A,
7.75
%
,
5/08/36
...................................
Mexico
200,000
200,800
DTE
Electric
Co.
,
B
,
Senior
Bond
,
3.65
%
,
3/01/52
.......................
United
States
270,000
187,072
B
,
Senior
Bond
,
5.55
%
,
3/01/56
.......................
United
States
180,000
166,686
Duke
Energy
Carolinas
LLC
,
Senior
Bond
,
3.95
%
,
3/15/48
....
United
States
430,000
320,784
Duke
Energy
Corp.
,
Senior
Bond
,
3.5
%
,
6/15/51
............
United
States
340,000
219,865
Duke
Energy
Florida
LLC
,
Senior
Bond
,
3.4
%
,
10/01/46
......
United
States
270,000
187,461
Duke
Energy
Progress
LLC
,
Senior
Bond
,
4.15
%
,
12/01/44
........................
United
States
195,000
154,733
Senior
Bond
,
3.6
%
,
9/15/47
..........................
United
States
70,000
49,516
Entergy
Louisiana
LLC
,
Senior
Bond
,
3.1
%
,
6/15/41
.........
United
States
150,000
110,452
Florida
Power
&
Light
Co.
,
Senior
Bond
,
4.05
%
,
6/01/42
.........................
United
States
580,000
470,384
Senior
Bond
,
3.95
%
,
3/01/48
.........................
United
States
70,000
52,588
Georgia
Power
Co.
,
B
,
Senior
Bond
,
3.7
%
,
1/30/50
..........
United
States
90,000
63,374
Kentucky
Utilities
Co.
,
Senior
Bond
,
5.85
%
,
8/15/55
.........
United
States
90,000
86,164
MidAmerican
Energy
Co.
,
Senior
Bond
,
3.95
%
,
8/01/47
.........................
United
States
145,000
108,426
Senior
Bond
,
3.15
%
,
4/15/50
.........................
United
States
755,000
481,458
Northern
States
Power
Co.
,
Senior
Bond
,
2.6
%
,
6/01/51
..........................
United
States
255,000
148,234
Senior
Bond
,
5.55
%
,
5/15/56
.........................
United
States
180,000
166,270
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
5.2
%
,
5/01/36
..........................
United
States
130,000
123,780
Senior
Bond
,
3.3
%
,
8/01/40
..........................
United
States
170,000
124,437
Senior
Bond
,
4.75
%
,
2/15/44
.........................
United
States
180,000
147,830
Senior
Bond
,
4
%
,
12/01/46
..........................
United
States
75,000
54,014
PECO
Energy
Co.
,
Senior
Bond
,
4.8
%
,
10/15/43
............
United
States
175,000
152,557
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)
Electric
Utilities
(continued)
PG&E
Wildfire
Recovery
Funding
LLC
,
A-5
,
Senior
Secured
Bond
,
5.099
%
,
6/01/52
..............................
United
States
280,000
$
247,572
PPL
Electric
Utilities
Corp.
,
Senior
Bond
,
3.95
%
,
6/01/47
......
United
States
275,000
207,873
Public
Service
Co.
of
Colorado
,
Senior
Bond
,
3.8
%
,
6/15/47
...
United
States
200,000
146,720
Public
Service
Electric
and
Gas
Co.
,
Senior
Bond
,
5.45
%
,
8/01/53
.........................
United
States
30,000
27,661
Senior
Secured
Bond
,
3
%
,
3/01/51
....................
United
States
300,000
187,285
Southern
California
Edison
Co.
,
Senior
Bond
,
4
%
,
4/01/47
.....
United
States
80,000
57,161
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
4.45
%
,
2/15/44
.........................
United
States
450,000
373,342
D
,
Senior
Bond
,
5.6
%
,
9/15/55
.......................
United
States
125,000
114,877
a
Vistra
Operations
Co.
LLC
,
Senior
Bond
,
144A,
5.25
%
,
10/15/35
United
States
90,000
85,838
6,014,515
Electrical
Equipment
0.6%
Eaton
Corp.
,
Senior
Bond
,
5.45
%
,
3/06/56
.................
United
States
200,000
185,840
Vertiv
Holdings
Co.
,
Senior
Bond
,
5.95
%
,
3/15/66
...........
United
States
185,000
169,655
355,495
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.
,
Senior
Bond
,
5.3
%
,
11/15/55
.............
United
States
140,000
126,468
Corning,
Inc.
,
Senior
Bond
,
4.75
%
,
3/15/42
.........................
United
States
130,000
114,875
Senior
Bond
,
3.9
%
,
11/15/49
.........................
United
States
100,000
72,058
Senior
Bond
,
4.375
%
,
11/15/57
.......................
United
States
100,000
74,705
388,106
Energy
Equipment
&
Services
0.6%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor,
Inc.
,
Senior
Bond
,
5.85
%
,
6/15/56
.........................
United
States
400,000
377,937
Entertainment
0.2%
Walt
Disney
Co.
(The)
,
Senior
Bond
,
3.8
%
,
5/13/60
..........
United
States
140,000
96,007
Financial
Services
0.6%
a
Siemens
Financieringsmaatschappij
NV
,
Senior
Bond
,
144A,
2.875
%
,
3/11/41
...................................
Germany
465,000
339,742
Food
Products
1.3%
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Bond
,
4.375
%
,
2/02/52
........................
United
States
325,000
233,580
Senior
Bond
,
6.5
%
,
12/01/52
.........................
United
States
50,000
48,388
Senior
Bond
,
6.375
%
,
2/25/55
........................
United
States
70,000
66,459
Kellanova
,
Senior
Bond
,
4.5
%
,
4/01/46
...................
United
States
50,000
41,342
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
4.625
%
,
10/01/39
.......................
United
States
175,000
151,466
Senior
Bond
,
4.375
%
,
6/01/46
........................
United
States
28,000
21,565
a
Mars,
Inc.
,
Senior
Bond
,
144A,
2.375
%
,
7/16/40
...................
United
States
150,000
102,868
Senior
Bond
,
144A,
5.7
%
,
5/01/55
.....................
United
States
150,000
141,655
807,323
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)
Gas
Utilities
0.4%
Southern
California
Gas
Co.
,
Senior
Bond
,
5.75
%
,
6/01/53
.........................
United
States
160,000
$
150,204
Senior
Bond
,
6
%
,
6/15/55
...........................
United
States
70,000
68,298
218,502
Ground
Transportation
2.6%
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.75
%
,
5/01/40
.........................
United
States
700,000
711,023
Senior
Bond
,
4.15
%
,
4/01/45
.........................
United
States
140,000
111,739
Canadian
Pacific
Railway
Co.
,
Senior
Bond
,
5.5
%
,
3/15/56
....
Canada
140,000
129,350
CSX
Corp.
,
Senior
Bond
,
4.5
%
,
11/15/52
..................
United
States
140,000
112,574
Norfolk
Southern
Corp.
,
Senior
Bond
,
3.942
%
,
11/01/47
.......................
United
States
120,000
89,875
Senior
Bond
,
4.15
%
,
2/28/48
.........................
United
States
120,000
92,433
Senior
Bond
,
4.1
%
,
5/15/49
..........................
United
States
65,000
49,368
Union
Pacific
Corp.
,
Senior
Bond
,
4.05
%
,
3/01/46
...........
United
States
400,000
310,520
1,606,882
Health
Care
Equipment
&
Supplies
0.8%
Abbott
Laboratories
,
Senior
Bond
,
5.5
%
,
3/15/56
..........................
United
States
245,000
228,489
Senior
Bond
,
5.6
%
,
3/15/66
..........................
United
States
280,000
260,378
488,867
Health
Care
Providers
&
Services
6.5%
Ascension
Health
,
Senior
Bond
,
3.945
%
,
11/15/46
.......................
United
States
150,000
115,715
B
,
Senior
Bond
,
3.106
%
,
11/15/39
.....................
United
States
170,000
129,038
Cigna
Group
(The)
,
Senior
Bond
,
4.9
%
,
12/15/48
...........
United
States
125,000
105,343
CommonSpirit
Health
,
Senior
Secured
Bond
,
4.187
%
,
10/01/49
.
United
States
280,000
209,727
CVS
Health
Corp.
,
Senior
Bond
,
4.78
%
,
3/25/38
.........................
United
States
320,000
292,294
Senior
Bond
,
5.125
%
,
7/20/45
........................
United
States
500,000
434,873
Senior
Bond
,
5.05
%
,
3/25/48
.........................
United
States
75,000
63,394
Senior
Bond
,
6
%
,
6/01/63
...........................
United
States
50,000
46,421
Elevance
Health,
Inc.
,
Senior
Bond
,
4.65
%
,
1/15/43
.........
United
States
230,000
196,500
HCA,
Inc.
,
Senior
Bond
,
4.625
%
,
3/15/52
........................
United
States
520,000
401,176
Senior
Bond
,
5.7
%
,
11/15/55
.........................
United
States
50,000
44,987
a
Horseshoe
Funding
Trust
I
,
Senior
Note
,
144A,
6.062
%
,
2/15/36
United
States
170,000
169,548
Humana,
Inc.
,
Senior
Bond
,
4.95
%
,
10/01/44
........................
United
States
140,000
117,079
Senior
Bond
,
5.75
%
,
4/15/54
.........................
United
States
140,000
124,716
Kaiser
Foundation
Hospitals
,
2021
,
3.002
%
,
6/01/51
.........
United
States
230,000
142,612
Mayo
Clinic
,
2021
,
3.196
%
,
11/15/61
.....................
United
States
240,000
144,731
Sutter
Health
,
5.547
%
,
8/15/53
.........................
United
States
100,000
94,525
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
3.95
%
,
10/15/42
........................
United
States
170,000
135,119
Senior
Bond
,
4.45
%
,
12/15/48
........................
United
States
150,000
120,202
Senior
Bond
,
5.2
%
,
4/15/63
..........................
United
States
480,000
407,742
Senior
Bond
,
5.75
%
,
7/15/64
.........................
United
States
310,000
286,980
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)
Health
Care
Providers
&
Services
(continued)
UPMC
,
Secured
Bond
,
5.377
%
,
5/15/43
..................
United
States
200,000
$
187,799
3,970,521
Hotels,
Restaurants
&
Leisure
0.4%
McDonald's
Corp.
,
Senior
Bond
,
4.45
%
,
3/01/47
............
United
States
140,000
113,049
Royal
Caribbean
Cruises
Ltd.
,
Senior
Bond
,
5.375
%
,
1/15/36
..
United
States
140,000
135,622
248,671
Household
Durables
0.2%
Sekisui
House
US,
Inc.
,
Senior
Bond
,
6
%
,
1/15/43
...........
United
States
145,000
128,577
Independent
Power
and
Renewable
Electricity
Producers
0.4%
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.5
%
,
10/01/53
........................................
United
States
230,000
236,045
Insurance
3.4%
American
International
Group,
Inc.
,
Senior
Bond
,
4.5
%
,
7/16/44
.
United
States
170,000
142,975
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
5.95
%
,
6/15/56
........
United
States
270,000
260,203
Arthur
J
Gallagher
&
Co.
,
Senior
Bond
,
3.5
%
,
5/20/51
..........................
United
States
100,000
65,599
Senior
Bond
,
3.05
%
,
3/09/52
.........................
United
States
300,000
178,950
Athene
Holding
Ltd.
,
Senior
Bond
,
6.25
%
,
4/01/54
.........................
United
States
230,000
205,614
Senior
Bond
,
6.625
%
,
5/19/55
........................
United
States
180,000
169,145
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond
,
2.85
%
,
10/15/50
........................
United
States
80,000
48,248
Senior
Bond
,
3.85
%
,
3/15/52
.........................
United
States
300,000
215,900
Chubb
INA
Holdings
LLC
,
Senior
Bond
,
3.05
%
,
12/15/61
......
United
States
115,000
66,291
a
Great-West
Lifeco
Finance
Delaware
LP
,
Senior
Bond
,
144A,
4.15
%
,
6/03/47
...................................
Canada
120,000
91,833
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.9
%
,
3/15/49
..........................
United
States
85,000
72,286
Senior
Bond
,
5.45
%
,
3/15/53
.........................
United
States
60,000
54,661
Senior
Bond
,
5.4
%
,
3/15/55
..........................
United
States
65,000
58,469
a
Northwestern
Mutual
Life
Insurance
Co.
(The)
,
Sub.
Bond
,
144A,
3.45
%
,
3/30/51
...................................
United
States
220,000
144,325
Progressive
Corp.
(The)
,
Senior
Bond
,
4.125
%
,
4/15/47
......
United
States
250,000
194,290
Travelers
Cos.,
Inc.
(The)
,
Senior
Bond
,
4
%
,
5/30/47
.........
United
States
155,000
118,288
2,087,077
Interactive
Media
&
Services
1.2%
Alphabet,
Inc.
,
Senior
Bond
,
5.65
%
,
2/15/56
...............
United
States
285,000
263,396
Meta
Platforms,
Inc.
,
Senior
Bond
,
6.3
%
,
5/15/56
..........................
United
States
420,000
385,810
Senior
Bond
,
5.75
%
,
5/15/63
.........................
United
States
110,000
91,345
740,551
IT
Services
1.1%
a
Sopaipilla
Investor
LLC
,
Senior
Secured
Bond
,
144A,
7.534
%
,
11/30/48
........................................
United
States
630,000
653,420
Life
Sciences
Tools
&
Services
0.1%
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
5.404
%
,
8/10/43
...
United
States
50,000
47,538
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)
Machinery
0.6%
Caterpillar,
Inc.
,
Senior
Bond
,
3.803
%
,
8/15/42
........................
United
States
160,000
$
128,267
Senior
Bond
,
3.25
%
,
9/19/49
.........................
United
States
125,000
83,961
Deere
&
Co.
,
Senior
Bond
,
5.7
%
,
1/19/55
.................
United
States
140,000
136,597
348,825
Media
1.1%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
5.375
%
,
4/01/38
.................
United
States
405,000
346,498
Senior
Secured
Bond
,
3.5
%
,
3/01/42
...................
United
States
420,000
278,571
Senior
Secured
Bond
,
5.375
%
,
5/01/47
.................
United
States
65,000
49,493
674,562
Metals
&
Mining
1.3%
a
Anglo
American
Capital
plc
,
Senior
Bond
,
144A,
4.75
%
,
3/16/52
South
Africa
200,000
161,827
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.45
%
,
3/15/43
.......
United
States
200,000
186,059
a
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
5.508
%
,
4/01/36
...................
Australia
150,000
147,903
Senior
Bond
,
144A,
6.141
%
,
4/01/55
...................
Australia
140,000
137,175
Newmont
Corp.
/
Newcrest
Finance
Pty.
Ltd.
,
Senior
Bond
,
4.2
%
,
5/13/50
.........................................
United
States
200,000
155,144
788,108
Multi-Utilities
1.2%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Senior
Bond
,
4.45
%
,
3/15/44
.........................................
United
States
300,000
247,977
Consumers
Energy
Co.
,
Senior
Bond
,
4.35
%
,
4/15/49
.........................
United
States
220,000
175,000
Senior
Bond
,
6.1
%
,
8/15/56
..........................
United
States
80,000
79,856
NiSource,
Inc.
,
Senior
Bond
,
5.85
%
,
4/01/55
...............
United
States
230,000
216,078
718,911
Oil,
Gas
&
Consumable
Fuels
7.1%
a
Aker
BP
ASA
,
Senior
Bond
,
144A,
5.8
%
,
10/01/54
...........
Norway
250,000
223,941
BP
Capital
Markets
America,
Inc.
,
Senior
Bond
,
3.06
%
,
6/17/41
.
United
States
225,000
164,584
ConocoPhillips
Co.
,
Senior
Bond
,
3.8
%
,
3/15/52
............
United
States
80,000
56,090
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond
,
5.65
%
,
10/15/54
United
States
200,000
182,999
Energy
Transfer
LP
,
Senior
Bond
,
5.15
%
,
3/15/45
.........................
United
States
400,000
345,530
Senior
Bond
,
6
%
,
6/15/48
...........................
United
States
320,000
299,232
a
Eni
SpA
,
Senior
Bond
,
144A,
6
%
,
5/18/56
.................
Italy
200,000
188,971
Enterprise
Products
Operating
LLC
,
Senior
Bond
,
4.9
%
,
5/15/46
United
States
170,000
147,106
Exxon
Mobil
Corp.
,
Senior
Bond
,
3.452
%
,
4/15/51
...........
United
States
350,000
237,649
Hess
Corp.
,
Senior
Bond
,
5.6
%
,
2/15/41
..........................
United
States
115,000
113,239
Senior
Bond
,
5.8
%
,
4/01/47
..........................
United
States
120,000
116,708
a
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
4.25
%
,
2/15/30
.........................................
United
States
35,000
33,533
Kinder
Morgan,
Inc.
,
Senior
Bond
,
5.55
%
,
6/01/45
...........
United
States
160,000
147,742
MPLX
LP
,
Senior
Bond
,
4.95
%
,
3/14/52
.........................
United
States
150,000
121,814
Senior
Bond
,
5.95
%
,
4/01/55
.........................
United
States
130,000
121,032
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Occidental
Petroleum
Corp.
,
Senior
Bond
,
6.6
%
,
3/15/46
......
United
States
320,000
$
327,014
ONEOK,
Inc.
,
Senior
Bond
,
5.7
%
,
11/01/54
................
United
States
165,000
146,072
Shell
Finance
US,
Inc.
,
Senior
Bond
,
3
%
,
11/26/51
..........
United
States
220,000
135,654
Targa
Resources
Corp.
,
Senior
Bond
,
6.05
%
,
5/15/56
........
United
States
255,000
240,338
TotalEnergies
Capital
SA
,
Senior
Bond
,
5.638
%
,
4/05/64
........................
France
175,000
161,698
Senior
Bond
,
5.425
%
,
9/10/64
........................
France
150,000
134,107
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Bond
,
5.75
%
,
3/15/56
.........................................
United
States
230,000
215,206
a
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
6
%
,
5/01/36
......................................
United
States
75,000
74,161
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
301,000
299,348
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.1
%
,
9/15/45
........
United
States
130,000
113,252
4,347,020
Personal
Care
Products
0.6%
Haleon
US
Capital
LLC
,
Senior
Bond
,
4
%
,
3/24/52
..........
United
States
250,000
186,085
Kenvue,
Inc.
,
Senior
Bond
,
5.05
%
,
3/22/53
................
United
States
180,000
156,121
342,206
Pharmaceuticals
4.3%
a
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.4
%
,
7/15/44
...
Germany
200,000
154,844
Bristol-Myers
Squibb
Co.
,
Senior
Bond
,
4.35
%
,
11/15/47
........................
United
States
100,000
79,711
Senior
Bond
,
4.55
%
,
2/20/48
.........................
United
States
100,000
81,705
Senior
Bond
,
2.55
%
,
11/13/50
........................
United
States
150,000
83,448
Senior
Bond
,
3.7
%
,
3/15/52
..........................
United
States
120,000
83,430
Senior
Bond
,
5.55
%
,
2/22/54
.........................
United
States
20,000
18,590
Eli
Lilly
&
Co.
,
Senior
Bond
,
4.95
%
,
2/27/63
.........................
United
States
55,000
46,246
Senior
Bond
,
5.2
%
,
8/14/64
..........................
United
States
110,000
96,386
Senior
Bond
,
5.65
%
,
10/15/65
........................
United
States
150,000
142,039
Senior
Bond
,
5.7
%
,
5/20/66
..........................
United
States
180,000
171,569
Merck
&
Co.,
Inc.
,
Senior
Bond
,
2.75
%
,
12/10/51
........................
United
States
200,000
116,059
Senior
Bond
,
5.55
%
,
12/04/55
........................
United
States
110,000
102,692
Novartis
Capital
Corp.
,
Senior
Bond
,
3.7
%
,
9/21/42
..........................
United
States
140,000
111,253
Senior
Bond
,
2.75
%
,
8/14/50
.........................
United
States
140,000
83,883
Senior
Bond
,
5.7
%
,
3/18/56
..........................
United
States
250,000
241,771
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
5.3
%
,
5/19/53
.........................................
United
States
475,000
426,334
a
Roche
Holdings,
Inc.
,
Senior
Bond
,
144A,
2.607
%
,
12/13/51
...
United
States
495,000
283,040
Royalty
Pharma
plc
,
Senior
Bond
,
3.35
%
,
9/02/51
...........
United
States
370,000
235,448
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond
,
4.1
%
,
10/01/46
...................................
Israel
125,000
92,206
2,650,654
Semiconductors
&
Semiconductor
Equipment
2.4%
Analog
Devices,
Inc.
,
Senior
Bond
,
2.95
%
,
10/01/51
.........
United
States
125,000
75,508
a
Foundry
JV
Holdco
LLC
,
Senior
Secured
Bond
,
144A,
6.2
%
,
1/25/37
.........................................
United
States
400,000
409,544
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
Intel
Corp.
,
Senior
Bond
,
3.734
%
,
12/08/47
.......................
United
States
250,000
$
169,821
Senior
Bond
,
4.9
%
,
8/05/52
..........................
United
States
200,000
157,594
Senior
Bond
,
5.6
%
,
2/21/54
..........................
United
States
215,000
188,144
Senior
Bond
,
6.125
%
,
5/15/56
........................
United
States
220,000
206,608
NVIDIA
Corp.
,
Senior
Bond
,
5.55
%
,
6/15/46
.........................
United
States
125,000
115,436
Senior
Bond
,
5.625
%
,
6/15/56
........................
United
States
130,000
117,716
1,440,371
Software
1.9%
Oracle
Corp.
,
Senior
Bond
,
3.6
%
,
4/01/40
..........................
United
States
600,000
415,362
Senior
Bond
,
4
%
,
7/15/46
...........................
United
States
370,000
235,229
Senior
Bond
,
6.7
%
,
2/04/56
..........................
United
States
140,000
123,576
Salesforce,
Inc.
,
Senior
Bond
,
6.55
%
,
3/15/56
..............
United
States
215,000
205,578
Synopsys,
Inc.
,
Senior
Bond
,
5.7
%
,
4/01/55
...............
United
States
200,000
183,595
1,163,340
Specialized
REITs
0.3%
Equinix,
Inc.
,
Senior
Bond
,
3
%
,
7/15/50
...........................
United
States
110,000
66,447
Senior
Bond
,
2.95
%
,
9/15/51
.........................
United
States
85,000
49,519
Senior
Bond
,
3.4
%
,
2/15/52
..........................
United
States
105,000
67,506
183,472
Specialty
Retail
1.8%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond
,
4.1
%
,
1/15/52
......
United
States
210,000
145,196
Home
Depot,
Inc.
(The)
,
Senior
Bond
,
4.25
%
,
4/01/46
.........................
United
States
130,000
103,864
Senior
Bond
,
3.9
%
,
6/15/47
..........................
United
States
120,000
90,363
Senior
Bond
,
3.125
%
,
12/15/49
.......................
United
States
200,000
127,677
Senior
Bond
,
3.35
%
,
4/15/50
.........................
United
States
30,000
19,973
Senior
Bond
,
3.625
%
,
4/15/52
........................
United
States
180,000
123,602
Senior
Bond
,
5.3
%
,
6/25/54
..........................
United
States
100,000
90,072
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
3.7
%
,
4/15/46
..........................
United
States
125,000
89,937
Senior
Bond
,
4.05
%
,
5/03/47
.........................
United
States
320,000
239,702
Senior
Bond
,
3
%
,
10/15/50
..........................
United
States
80,000
48,043
1,078,429
Technology
Hardware,
Storage
&
Peripherals
1.3%
Apple,
Inc.
,
Senior
Bond
,
3.85
%
,
5/04/43
..................
United
States
750,000
596,210
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
3.375
%
,
12/15/41
........................................
United
States
130,000
95,342
Hewlett
Packard
Enterprise
Co.
,
Senior
Bond
,
5.6
%
,
10/15/54
..
United
States
135,000
117,552
809,104
Tobacco
1.5%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
2/04/41
..............
United
States
90,000
66,893
BAT
Capital
Corp.
,
Senior
Bond
,
4.39
%
,
8/15/37
.........................
United
Kingdom
230,000
205,659
Senior
Bond
,
3.734
%
,
9/25/40
........................
United
Kingdom
320,000
253,668
Senior
Bond
,
6.25
%
,
8/15/55
.........................
United
Kingdom
45,000
44,103
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Long
Duration
Credit
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Tobacco
(continued)
Philip
Morris
International,
Inc.
,
Senior
Bond
,
3.875
%
,
8/21/42
..
United
States
310,000
$
244,523
Reynolds
American,
Inc.
,
Senior
Bond
,
5.85
%
,
8/15/45
.......
United
Kingdom
110,000
104,289
919,135
Water
Utilities
0.2%
American
Water
Capital
Corp.
,
Senior
Bond
,
3.45
%
,
5/01/50
...
United
States
55,000
37,090
Essential
Utilities,
Inc.
,
Senior
Bond
,
4.276
%
,
5/01/49
........
United
States
110,000
84,703
121,793
Wireless
Telecommunication
Services
0.9%
T-Mobile
USA,
Inc.
,
Senior
Bond
,
3
%
,
2/15/41
...........................
United
States
100,000
70,473
Senior
Bond
,
3.4
%
,
10/15/52
.........................
United
States
675,000
411,713
Vodafone
Group
plc
,
Senior
Bond
,
5.875
%
,
6/28/64
..........
United
Kingdom
80,000
71,217
553,403
Total
Corporate
Bonds
(Cost
$
54,688,437
)
....................................
53,007,433
Foreign
Government
and
Agency
Securities
5.2%
a
Bermuda
Government
Bond
,
Senior
Bond
,
144A,
3.375
%
,
8/20/50
.........................................
United
States
200,000
133,200
Chile
Government
Bond
,
Senior
Bond
,
3.86
%
,
6/21/47
.......
Chile
400,000
299,420
a
Electricite
de
France
SA
,
Senior
Bond
,
144A,
6
%
,
4/22/64
.......................
France
200,000
183,439
Senior
Bond
,
144A,
6.25
%
,
4/22/66
....................
France
100,000
93,627
Indonesia
Government
Bond
,
Senior
Bond
,
5.475
%
,
2/21/56
...
Indonesia
200,000
184,097
a
Italy
Government
Bond
,
Senior
Bond
,
144A,
6
%
,
7/14/56
......
Italy
200,000
191,919
Mexico
Government
Bond
,
Senior
Bond
,
6.25
%
,
8/27/37
.........................
Mexico
200,000
194,951
Senior
Bond
,
6.125
%
,
2/09/38
........................
Mexico
200,000
191,250
Senior
Bond
,
6.05
%
,
1/11/40
.........................
Mexico
150,000
141,525
Senior
Bond
,
4.75
%
,
3/08/44
.........................
Mexico
250,000
193,875
Senior
Bond
,
6.338
%
,
5/04/53
........................
Mexico
330,000
295,102
Senior
Bond
,
7.375
%
,
5/13/55
........................
Mexico
350,000
355,338
Peru
Government
Bond
,
Senior
Bond
,
5.875
%
,
8/08/54
........................
Peru
230,000
218,097
Senior
Bond
,
6.2
%
,
6/30/55
..........................
Peru
220,000
217,360
Uruguay
Government
Bond
,
Senior
Bond
,
5.1
%
,
6/18/50
......
Uruguay
300,000
265,875
Total
Foreign
Government
and
Agency
Securities
(Cost
$
3,252,215
)
.............
3,159,075
U.S.
Government
and
Agency
Securities
2.7%
U.S.
Treasury
Bonds
,
d
Strip,
5
.49
%
,
11/15/44
..............................
United
States
770,000
289,888
4.625
%,
2/15/46
..................................
United
States
285,000
262,623
5
%,
5/15/46
.....................................
United
States
960,000
928,725
4.75
%,
2/15/56
...................................
United
States
190,000
175,616
Total
U.S.
Government
and
Agency
Securities
(Cost
$
1,714,018
)
................
1,656,852
Municipal
Bonds
3.5%
California
0.2%
Bay
Area
Toll
Authority
,
Revenue
,
2009
F-2
,
6.263
%
,
4/01/49
..
United
States
140,000
142,522
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
Municipal
Bonds
(continued)
Georgia
0.3%
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2010
A
,
6.655
%
,
4/01/57
...................................
United
States
159,000
$
165,629
Kentucky
0.1%
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
,
Revenue
,
2010
,
6.25
%
,
5/15/43
.......................
United
States
55,000
55,738
Nevada
0.3%
County
of
Clark
Department
of
Aviation
,
Revenue
,
2010
C
,
6.82
%
,
7/01/45
.........................................
United
States
160,000
171,100
New
York
1.3%
City
of
New
York
,
GO
,
2026
E-1
,
5.559
%
,
10/01/45
......................
United
States
200,000
192,155
GO
,
2026
H-1
,
5.796
%
,
2/01/52
.......................
United
States
150,000
145,124
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2011
CC
,
5.882
%
,
6/15/44
............
United
States
115,000
111,931
United
Nations
Development
Corp.
,
City
of
New
York
,
Revenue
,
2025
A
,
Refunding
,
6.536
%
,
8/01/55
...................
United
States
330,000
340,077
789,287
Ohio
0.1%
American
Municipal
Power,
Inc.
,
Prairie
State
Energy
Campus
,
Revenue
,
2009
C
,
6.053
%
,
2/15/43
....................
United
States
85,000
84,253
Texas
1.2%
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue
,
2025
A
,
Refunding
,
5.469
%
,
2/01/45
..........................
United
States
130,000
125,873
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2022
A
,
4.507
%
,
11/01/51
........................................
United
States
245,000
201,977
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
2009
B
,
6.718
%
,
1/01/49
.............
United
States
75,000
79,681
State
of
Texas
,
GO
,
2009
A
,
5.517
%
,
4/01/39
..............
United
States
332,745
331,162
738,693
Total
Municipal
Bonds
(Cost
$
2,207,726
)
.....................................
2,147,222
Total
Long
Term
Investments
(Cost
$
61,862,396
)
..............................
59,970,582
a
Short
Term
Investments
1.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.5%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
897,852
897,852
Total
Money
Market
Funds
(Cost
$
897,852
)
...................................
897,852
Total
Short
Term
Investments
(Cost
$
897,852
)
................................
897,852
a
Total
Investments
(Cost
$
62,760,248
)
99.7
%
..................................
$60,868,434
Other
Assets,
less
Liabilities
0.3
%
...........................................
223,115
Net
Assets
100.0%
.........................................................
$61,091,549
a
a
a
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
See
Abbreviations
on
page
166
.
*
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
July
31,
2026,
the
aggregate
value
of
these
securities
was
$5,276,651,
representing
8.6%
of
net
assets.
b
Perpetual
security
with
no
stated
maturity
date.
c
The
coupon
rate
shown
represents
the
rate
at
period
end.
d
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
6
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),
July
31,
2026
Franklin
Low
Duration
Total
Return
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
,
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
†
Machinery
0.0%
†
a
UTEX
Industries,
Inc.
................................
United
States
9,228
$
333,391
Total
Common
Stocks
(Cost
$618,276)
.......................................
333,391
Management
Investment
Companies
2.1%
Capital
Markets
2.1%
b
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
1,469,537
36,811,902
Total
Management
Investment
Companies
(Cost
$36,752,841)
..................
36,811,902
Principal
Amount
*
Corporate
Bonds
38.2%
Aerospace
&
Defense
1.1%
c
BAE
Systems
plc
,
Senior
Note
,
144A,
5
%
,
3/26/27
..........
United
Kingdom
3,300,000
3,312,569
Boeing
Co.
(The)
,
Senior
Note,
6.298%,
5/01/29
........................
United
States
3,400,000
3,522,588
Senior
Note,
5.15%,
5/01/30
.........................
United
States
2,200,000
2,211,434
General
Electric
Co.
,
Senior
Note
,
4.3
%
,
7/29/30
............
United
States
1,165,000
1,145,506
Hexcel
Corp.
,
Senior
Note
,
4.9
%
,
5/15/31
.................
United
States
2,770,000
2,736,643
c
Honeywell
Aerospace,
Inc.
,
Senior
Note
,
144A,
4.3
%
,
3/16/31
..
United
States
2,390,000
2,325,954
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
4,855,000
4,834,757
20,089,451
Automobiles
0.2%
c
BMW
US
Capital
LLC
,
Senior
Note
,
144A,
4.5
%
,
8/11/30
......
Germany
2,525,000
2,473,865
c
Hyundai
Capital
America
,
Senior
Note
,
144A,
5
%
,
6/18/31
.....
United
States
1,540,000
1,523,070
3,996,935
Banks
8.4%
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
1,803,875
Bank
of
America
Corp.
,
Senior
Bond,
3.974%
to
2/06/29,
FRN
thereafter,
2/07/30
...
United
States
6,000,000
5,868,017
Senior
Note,
4.376%
to
4/26/27,
FRN
thereafter,
4/27/28
....
United
States
8,000,000
7,988,273
Senior
Note,
4.695%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
2,320,000
2,277,187
Bank
of
Montreal
,
Senior
Note
,
4.567%
to
9/09/26,
FRN
thereafter
,
9/10/27
.................................
Canada
2,700,000
2,700,129
c
Bank
of
New
Zealand
,
Senior
Note
,
144A,
4.757
%
,
6/10/31
....
New
Zealand
2,715,000
2,693,852
Bank
of
Nova
Scotia
(The)
,
Senior
Note
,
4.904%
to
6/04/31,
FRN
thereafter
,
6/05/32
.................................
Canada
2,215,000
2,186,855
c
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note,
144A,
4.591%,
10/16/28
...........
France
5,100,000
5,075,395
Senior
Preferred
Note,
144A,
4.541%,
1/15/31
...........
France
1,530,000
1,489,438
c
CaixaBank
SA
,
Senior
Non-Preferred
Note,
144A,
4.634%
to
7/02/28,
FRN
thereafter,
7/03/29
.................................
Spain
3,480,000
3,469,652
Senior
Non-Preferred
Note,
144A,
4.818%
to
4/21/31,
FRN
thereafter,
4/22/32
.................................
Spain
1,555,000
1,527,076
Citibank
NA
,
Senior
Note,
4.576%,
5/29/27
........................
United
States
6,200,000
6,218,569
Senior
Note,
4.846%
to
6/17/31,
FRN
thereafter,
6/18/32
....
United
States
2,800,000
2,767,388
Citigroup,
Inc.
,
Senior
Note,
5.174%
to
2/12/29,
FRN
thereafter,
2/13/30
....
United
States
2,100,000
2,112,339
Senior
Note,
4.503%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
4,890,000
4,779,084
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
c
Credit
Agricole
SA
,
Senior
Non-Preferred
Note
,
144A,
5.222%
to
5/26/30,
FRN
thereafter
,
5/27/31
......................
France
6,400,000
$
6,415,226
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
5,393,464
Fifth
Third
Bank
NA
,
Senior
Note
,
4.967%
to
1/27/27,
FRN
thereafter
,
1/28/28
.................................
United
States
2,430,000
2,434,593
HSBC
Holdings
plc
,
Senior
Note
,
2.013%
to
9/21/27,
FRN
thereafter
,
9/22/28
.................................
United
Kingdom
7,600,000
7,374,281
Huntington
Bancshares,
Inc.
,
Senior
Note
,
6.208%
to
8/20/28,
FRN
thereafter
,
8/21/29
.............................
United
States
3,000,000
3,078,567
Huntington
National
Bank
(The)
,
Senior
Note
,
4.552%
to
5/16/27,
FRN
thereafter
,
5/17/28
.............................
United
States
7,400,000
7,392,649
JPMorgan
Chase
&
Co.
,
Senior
Note,
5.012%
to
1/22/29,
FRN
thereafter,
1/23/30
....
United
States
3,600,000
3,610,456
Senior
Note,
4.864%
to
7/22/29,
FRN
thereafter,
7/23/30
....
United
States
2,569,716
2,564,654
Senior
Note,
4.255%
to
10/21/30,
FRN
thereafter,
10/22/31
..
United
States
2,800,000
2,712,650
Senior
Note,
4.622%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
2,325,000
2,275,129
Senior
Note,
5.041%
to
7/22/31,
FRN
thereafter,
7/23/32
....
United
States
775,000
771,785
Lloyds
Banking
Group
plc
,
Senior
Note,
3.75%
to
3/17/27,
FRN
thereafter,
3/18/28
.....
United
Kingdom
8,400,000
8,357,424
Senior
Note,
5.087%
to
11/25/27,
FRN
thereafter,
11/26/28
..
United
Kingdom
2,730,000
2,743,280
c
NatWest
Markets
plc
,
Senior
Note
,
144A,
4.412
%
,
11/06/30
....
United
Kingdom
3,360,000
3,280,980
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Note
,
5.3%
to
1/20/27,
FRN
thereafter
,
1/21/28
......................
United
States
2,000,000
2,007,232
Royal
Bank
of
Canada
,
Senior
Note
,
4.696%
to
8/05/30,
FRN
thereafter
,
8/06/31
.................................
Canada
6,500,000
6,419,257
Santander
Holdings
USA,
Inc.
,
Senior
Note
,
5.473%
to
3/19/28,
FRN
thereafter
,
3/20/29
.............................
United
States
8,000,000
8,065,776
c
Shinhan
Bank
Co.
Ltd.
,
Senior
Note
,
144A,
1.375
%
,
10/21/26
..
South
Korea
6,500,000
6,463,512
c
Skandinaviska
Enskilda
Banken
AB
,
Senior
Preferred
Note
,
144A,
4.375
%
,
3/12/31
...................................
Sweden
2,400,000
2,349,317
Truist
Financial
Corp.
,
Senior
Note
,
5.435%
to
1/23/29,
FRN
thereafter
,
1/24/30
.................................
United
States
7,400,000
7,485,723
Wells
Fargo
&
Co.
,
Senior
Note,
6.303%
to
10/22/28,
FRN
thereafter,
10/23/29
..
United
States
4,000,000
4,124,882
Senior
Note,
5.198%
to
1/22/29,
FRN
thereafter,
1/23/30
....
United
States
2,550,000
2,570,226
Senior
Note,
4.844%
to
5/19/31,
FRN
thereafter,
5/20/32
....
United
States
1,910,000
1,884,481
152,732,673
Beverages
0.4%
c
Coca-Cola
Europacific
Partners
plc
,
Senior
Note
,
144A,
1.5
%
,
1/15/27
.........................................
United
Kingdom
4,400,000
4,343,252
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond
,
2.25
%
,
3/15/31
........
United
States
2,860,000
2,526,552
6,869,804
Biotechnology
0.1%
AbbVie,
Inc.
,
Senior
Note
,
4.125
%
,
3/15/31
................
United
States
1,620,000
1,570,809
Broadline
Retail
0.4%
Amazon.com,
Inc.
,
Senior
Note,
4.1%,
11/20/30
.........................
United
States
1,275,000
1,235,440
Senior
Note,
4.25%,
3/13/31
.........................
United
States
1,780,000
1,727,174
Senior
Note,
4.8%,
7/09/31
..........................
United
States
4,305,000
4,265,328
a,c,d
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
3
%
,
12/31/22
........................................
South
Africa
1,068,278
—
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)
Broadline
Retail
(continued)
a,c,d
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
25
%
,
12/31/22
....................................
South
Africa
470,581
$
—
7,227,942
Building
Products
0.5%
Carrier
Global
Corp.
,
Senior
Note
,
2.493
%
,
2/15/27
..........
United
States
5,000,000
4,950,936
c
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
...................................
United
States
75,000
74,899
Owens
Corning
,
Senior
Note
,
5.5
%
,
6/15/27
...............
United
States
3,500,000
3,528,601
8,554,436
Capital
Markets
2.0%
Bank
of
New
York
Mellon
(The)
,
Senior
Note
,
4.729%
to
4/19/28,
FRN
thereafter
,
4/20/29
.............................
United
States
650,000
651,505
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
2.64%
to
2/23/27,
FRN
thereafter,
2/24/28
.....
United
States
5,500,000
5,439,140
Senior
Note,
4.594%
to
4/19/29,
FRN
thereafter,
4/20/30
....
United
States
1,750,000
1,731,420
Senior
Note,
4.972%
to
6/02/31,
FRN
thereafter,
6/03/32
....
United
States
1,540,000
1,519,473
Senior
Note,
5.24%
to
7/20/31,
FRN
thereafter,
7/21/32
.....
United
States
1,260,000
1,257,794
Morgan
Stanley
,
Senior
Note,
5.173%
to
1/15/29,
FRN
thereafter,
1/16/30
....
United
States
5,500,000
5,527,652
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
1,135,000
1,101,995
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
1,635,000
1,598,258
Senior
Note,
5.17%
to
7/13/31,
FRN
thereafter,
7/14/32
.....
United
States
1,700,000
1,694,017
I,
Senior
Note,
4.133%
to
10/17/28,
FRN
thereafter,
10/18/29
United
States
3,665,000
3,608,543
Sub.
Bond,
4.35%,
9/08/26
..........................
United
States
7,800,000
7,800,889
c
MSCI,
Inc.
,
Senior
Bond
,
144A,
4
%
,
11/15/29
..............
United
States
3,680,000
3,550,022
c
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...................................
United
States
1,800,000
1,817,227
37,297,935
Chemicals
0.2%
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
3,200,000
3,412,752
Commercial
Services
&
Supplies
0.1%
c
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.29
%
,
4/15/29
.........................................
United
States
105,000
107,054
Republic
Services,
Inc.
,
Senior
Note
,
4.75
%
,
7/15/31
.........
United
States
975,000
968,712
Waste
Management,
Inc.
,
Senior
Note
,
3.875
%
,
1/15/29
......
United
States
1,000,000
982,908
2,058,674
Communications
Equipment
0.2%
Motorola
Solutions,
Inc.
,
Senior
Note
,
4.85
%
,
8/15/30
........
United
States
3,100,000
3,077,443
Consumer
Finance
2.0%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
6.1%,
1/15/27
..........................
Ireland
2,200,000
2,213,937
Senior
Note,
3%,
10/29/28
..........................
Ireland
3,000,000
2,884,746
Senior
Note,
4.125%,
2/28/29
........................
Ireland
525,000
515,608
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
925,000
1,021,096
c
Avolon
Holdings
Funding
Ltd.
,
Senior
Note
,
144A,
4.9
%
,
10/10/30
Ireland
5,802,000
5,702,690
Capital
One
Financial
Corp.
,
Senior
Bond,
3.8%,
1/31/28
..........................
United
States
7,000,000
6,909,522
Senior
Note,
4.493%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
2,190,000
2,134,931
Senior
Note,
4.722%
to
1/29/31,
FRN
thereafter,
1/30/32
....
United
States
1,435,000
1,403,572
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.125%,
11/05/26
.......................
United
States
3,200,000
$
3,203,893
Senior
Note,
5.85%,
5/17/27
.........................
United
States
3,400,000
3,423,446
c
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
1,895,000
1,850,442
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.2
%
,
10/27/28
United
States
635,000
627,353
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
2,600,000
2,712,271
OneMain
Finance
Corp.
,
Senior
Note
,
6.625
%
,
5/15/29
.......
United
States
1,650,000
1,672,248
SLM
Corp.
,
Senior
Note
,
6.5
%
,
1/31/30
...................
United
States
1,000,000
1,012,151
37,287,906
Consumer
Staples
Distribution
&
Retail
0.1%
c
US
Foods,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.........
United
States
1,200,000
1,166,916
Containers
&
Packaging
0.1%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
1,205,000
1,185,239
Diversified
REITs
0.3%
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
Senior
Note
,
4.4
%
,
3/15/31
.........................................
United
States
1,400,000
1,351,355
c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...................................
United
States
4,200,000
4,178,380
5,529,735
Diversified
Telecommunication
Services
0.2%
c
APLD
ComputeCo
2
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/31
.........................................
United
States
415,000
406,083
c
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
615,000
654,081
c
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
240,000
239,898
c
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
420,000
428,930
c
PR
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/01/31
....................................
United
States
290,000
273,426
c
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
1,330,000
1,294,996
c
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
365,000
339,401
c
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
460,000
478,336
4,115,151
Electric
Utilities
1.2%
c
ENEL
Finance
International
NV
,
Senior
Note,
144A,
4.625%,
7/13/29
...................
Italy
1,735,000
1,721,960
Senior
Note,
144A,
4.375%,
9/30/30
...................
Italy
2,250,000
2,193,471
Hydro
One,
Inc.
,
Senior
Note
,
4.75
%
,
5/30/31
..............
Canada
2,820,000
2,788,463
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
4.685
%
,
9/01/27
.........................................
United
States
1,575,000
1,577,844
c
NRG
Energy,
Inc.
,
Senior
Note
,
144A,
3.375
%
,
2/15/29
.......
United
States
2,000,000
1,904,006
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
4.55%,
7/01/30
.........................
United
States
5,000,000
4,890,406
Senior
Note,
5.05%,
11/15/31
........................
United
States
1,115,000
1,103,585
e
Senior
Note,
5.25%,
2/01/32
.........................
United
States
1,640,000
1,635,314
c
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
3,400,000
3,319,392
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)
Electric
Utilities
(continued)
c
Vistra
Operations
Co.
LLC,
(continued)
Senior
Note,
144A,
4.7%,
1/31/31
.....................
United
States
1,240,000
$
1,209,341
22,343,782
Electrical
Equipment
0.3%
Eaton
Capital
ULC
,
Senior
Note
,
4.45
%
,
5/09/30
............
United
States
1,100,000
1,086,089
Eaton
Corp.
,
Senior
Note
,
4.2
%
,
3/06/31
..................
United
States
1,615,000
1,566,701
Regal
Rexnord
Corp.
,
Senior
Note
,
6.3
%
,
2/15/30
...........
United
States
2,775,000
2,869,712
5,522,502
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
1,395,000
1,375,841
Energy
Equipment
&
Services
0.1%
c
Borr
IHC
Ltd.
/
Borr
Finance
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
1/15/32
...................................
Mexico
240,000
235,008
c
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
5.875
%
,
4/01/31
.
United
States
315,000
311,611
c
Transocean
International
Ltd.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
...................................
United
States
1,050,000
1,091,047
1,637,666
Entertainment
0.2%
c
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
2,569,773
2,629,011
Discovery
Global
Holdings,
Inc.
,
Senior
Note
,
3.755
%
,
3/15/27
.
United
States
1,758,000
1,749,061
4,378,072
Financial
Services
0.8%
Fiserv,
Inc.
,
Senior
Note
,
2.25
%
,
6/01/27
..................
United
States
5,200,000
5,106,651
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
6.875
%
,
5/01/31
.........................................
United
States
900,000
868,313
c
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
1,510,000
1,512,546
c
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
8/01/31
.......
United
States
515,000
517,630
c
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.1
%
,
4/01/30
.........................................
Ireland
7,500,000
7,481,373
15,486,513
Food
Products
0.7%
Campbell's
Co.
(The)
,
Senior
Note
,
5.2
%
,
3/19/27
...........
United
States
3,300,000
3,313,958
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
.................
United
States
900,000
860,779
c
Mars,
Inc.
,
Senior
Note
,
144A,
4.8
%
,
3/01/30
...............
United
States
7,805,000
7,780,238
McCormick
&
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
2/15/29
.........
United
States
690,000
679,650
12,634,625
Ground
Transportation
0.2%
c
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
105,000
108,426
c
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Note
,
144A,
5.35
%
,
3/30/29
...............................
United
States
4,000,000
4,036,594
4,145,020
Health
Care
Equipment
&
Supplies
1.2%
Edwards
Lifesciences
Corp.
,
Senior
Bond
,
4.3
%
,
6/15/28
.....
United
States
300,000
298,272
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)
Health
Care
Equipment
&
Supplies
(continued)
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
5.65%,
11/15/27
........................
United
States
5,000,000
$
5,063,886
Senior
Note,
4.15%,
12/15/28
........................
United
States
1,035,000
1,023,052
c
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
13,790,000
13,346,902
c
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
5
%
,
6/15/31
............................
United
States
1,235,000
1,218,752
20,950,864
Health
Care
Providers
&
Services
1.4%
c
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
.................................
United
States
3,200,000
3,146,288
CVS
Health
Corp.
,
Senior
Bond,
1.875%,
2/28/31
........................
United
States
725,000
631,494
Senior
Note,
5%,
1/30/29
...........................
United
States
4,700,000
4,727,611
c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...........
United
States
500,000
482,249
Elevance
Health,
Inc.
,
Senior
Bond
,
4.101
%
,
3/01/28
.........
United
States
4,000,000
3,968,190
Humana,
Inc.
,
Senior
Note
,
5.375
%
,
4/15/31
...............
United
States
4,195,000
4,213,965
Icon
Investments
Six
DAC
,
Senior
Secured
Note
,
5.809
%
,
5/08/27
.........................................
United
States
4,700,000
4,735,005
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
3,000,000
2,960,274
Providence
St.
Joseph
Health
Obligated
Group
,
H
,
2.746
%
,
10/01/26
........................................
United
States
15,000
14,958
24,880,034
Health
Care
REITs
0.1%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5
%
,
10/15/27
................................
United
States
1,000,000
970,824
Health
Care
Technology
0.2%
IQVIA,
Inc.
,
Senior
Secured
Note
,
6.25
%
,
2/01/29
...........
United
States
3,300,000
3,391,588
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
1,176,353
Hotels,
Restaurants
&
Leisure
1.2%
c
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/29
..............................
Canada
2,765,000
2,795,402
Airbnb,
Inc.
,
Senior
Note
,
4.65
%
,
3/16/31
.................
United
States
1,795,000
1,770,114
c
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
10/15/29
........................................
United
States
3,400,000
3,232,911
c
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
2,000,000
2,004,676
Senior
Note,
144A,
5.875%,
6/15/31
...................
United
States
1,515,000
1,517,086
c
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
2,400,000
2,365,371
Las
Vegas
Sands
Corp.
,
Senior
Note
,
5.3
%
,
5/15/31
.........
United
States
2,325,000
2,295,154
c
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
2,610,000
2,622,716
Sands
China
Ltd.
,
Senior
Note
,
2.3
%
,
3/08/27
..............
Macau
3,400,000
3,353,686
21,957,116
Household
Durables
0.9%
DR
Horton,
Inc.
,
Senior
Note
,
4.85
%
,
10/15/30
.............
United
States
4,575,000
4,555,805
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)
c
Taylor
Morrison
Communities,
Inc.
,
Senior
Bond
,
144A,
5.125
%
,
8/01/30
.........................................
United
States
7,160,000
$
7,149,447
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
4.35
%
,
2/15/28
.....
United
States
4,200,000
4,178,143
c
Whirlpool
Corp.
,
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/31
...
United
States
125,000
124,532
16,007,927
Independent
Power
and
Renewable
Electricity
Producers
0.6%
c
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
.........................................
United
States
500,000
458,926
Constellation
Energy
Generation
LLC
,
Senior
Note,
4.4%,
1/15/31
..........................
United
States
825,000
803,583
Senior
Note,
4.8%,
1/15/32
..........................
United
States
5,965,000
5,850,425
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
1,085,000
1,057,557
c
Talen
Energy
Supply
LLC
,
Senior
Note
,
144A,
6.125
%
,
5/01/31
.
United
States
2,710,000
2,695,131
10,865,622
Insurance
3.3%
c
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/15/29
.........................................
United
States
900,000
860,978
c
AEGON
Funding
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
4/16/27
..
United
States
7,000,000
7,040,286
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note,
144A,
5.875%,
11/01/29
..................
United
States
1,200,000
1,182,160
Senior
Secured
Note,
144A,
6.75%,
4/15/28
.............
United
States
2,000,000
2,010,000
c
Athene
Global
Funding
,
Senior
Secured
Note
,
144A,
5.516
%
,
3/25/27
.........................................
United
States
7,000,000
7,045,323
Brown
&
Brown,
Inc.
,
Senior
Note
,
4.9
%
,
6/23/30
...........
United
States
2,085,000
2,066,659
c
Corebridge
Global
Funding
,
Secured
Note,
144A,
5.9%,
9/19/28
....................
United
States
4,700,000
4,801,371
Senior
Secured
Note,
144A,
4.8%,
5/29/29
..............
United
States
505,000
503,633
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
850,000
867,214
c
F&G
Global
Funding
,
Secured
Note
,
144A,
5.875
%
,
6/10/27
...
United
States
5,800,000
5,857,942
c
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
4.4
%
,
9/23/27
..
United
States
7,200,000
7,169,268
c
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
5.05
%
,
1/06/28
.........................................
United
States
4,100,000
4,127,612
c
Mutual
of
Omaha
Cos.
Global
Funding
,
Secured
Note
,
144A,
5.35
%
,
4/09/27
...................................
United
States
6,700,000
6,750,961
c
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.9
%
,
6/12/28
.........................................
United
States
5,000,000
5,026,981
c
Principal
Life
Global
Funding
II
,
Secured
Note
,
144A,
4.6
%
,
8/19/27
.........................................
United
States
2,000,000
2,003,774
c
RGA
Global
Funding
,
Secured
Note
,
144A,
5.448
%
,
5/24/29
...
United
States
2,100,000
2,128,876
59,443,038
Interactive
Media
&
Services
0.5%
Alphabet,
Inc.
,
Senior
Note,
4.1%,
11/15/30
.........................
United
States
2,835,000
2,756,230
Senior
Note,
4.1%,
2/15/31
..........................
United
States
2,175,000
2,109,069
Meta
Platforms,
Inc.
,
Senior
Note
,
4.2
%
,
11/15/30
...........
United
States
4,710,000
4,566,189
9,431,488
Leisure
Products
0.2%
Hasbro,
Inc.
,
Senior
Note
,
4.65
%
,
3/12/31
.................
United
States
4,000,000
3,921,044
Life
Sciences
Tools
&
Services
0.1%
Bio-Rad
Laboratories,
Inc.
,
Senior
Note
,
3.3
%
,
3/15/27
.......
United
States
900,000
893,498
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)
Life
Sciences
Tools
&
Services
(continued)
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
1,600,000
$
1,600,537
2,494,035
Machinery
0.1%
c
ESAB
Corp.
,
Senior
Note,
144A,
6.25%,
4/15/29
....................
United
States
500,000
505,918
Senior
Note,
144A,
5.625%,
4/01/31
...................
United
States
250,000
247,602
Hillenbrand,
Inc.
,
Senior
Secured
Note
,
6.25
%
,
2/15/29
.......
United
States
1,100,000
1,045,538
1,799,058
Media
0.3%
c
Block
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
10.25
%
,
3/01/31
...................................
United
States
265,000
230,484
c
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
2,750,000
2,803,292
Omnicom
Group,
Inc.
,
Senior
Note
,
4.2
%
,
3/02/29
...........
United
States
1,695,000
1,665,561
4,699,337
Metals
&
Mining
0.4%
c
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
4.625
%
,
3/19/31
South
Africa
2,080,000
2,035,140
c
Glencore
Funding
LLC
,
Senior
Note
,
144A,
4.907
%
,
4/01/28
...
Australia
3,335,000
3,343,864
c
United
States
Steel
Corp.
,
Senior
Note
,
144A,
5.2
%
,
8/01/31
...
United
States
2,225,000
2,201,033
7,580,037
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.2%
c
Starwood
Property
Trust,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/29
...................
United
States
2,200,000
2,205,093
Senior
Note,
144A,
5.75%,
1/15/31
....................
United
States
600,000
591,648
2,796,741
Multi-Utilities
0.6%
Dominion
Energy,
Inc.
,
D
,
Senior
Bond
,
2.85
%
,
8/15/26
.......
United
States
1,300,000
1,299,169
DTE
Energy
Co.
,
Senior
Note
,
4.95
%
,
7/01/27
..............
United
States
2,200,000
2,208,868
c
Engie
SA
,
Senior
Note
,
144A,
5.25
%
,
4/10/29
..............
France
4,000,000
4,043,064
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
4.8
%
,
6/15/31
United
States
1,500,000
1,482,085
Southern
Co.
Gas
Capital
Corp.
,
A
,
Senior
Note
,
4.05
%
,
9/15/28
United
States
1,095,000
1,082,216
10,115,402
Oil,
Gas
&
Consumable
Fuels
1.2%
c
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
1,100,000
925,656
c
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
300,000
301,648
Senior
Note,
144A,
6.5%,
6/01/29
.....................
United
States
2,555,000
2,606,524
c
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
1,520,000
1,518,231
MPLX
LP
,
Senior
Note
,
4.8
%
,
2/15/31
....................
United
States
6,500,000
6,418,494
c
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
1,120,000
1,110,020
c
Sunoco
LP
,
Senior
Note
,
144A,
7
%
,
5/01/29
...............
United
States
2,000,000
2,044,792
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
935,000
905,607
c
Var
Energi
ASA
,
Senior
Note
,
144A,
7.5
%
,
1/15/28
..........
Norway
4,000,000
4,137,517
c
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
12/15/30
.............................
United
States
1,345,000
1,367,189
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Viper
Energy
Partners
LLC
,
Senior
Note
,
4.9
%
,
8/01/30
.......
United
States
846,000
$
835,514
22,171,192
Paper
&
Forest
Products
0.1%
c
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.6
%
,
5/15/31
.......
United
States
2,680,000
2,633,548
Passenger
Airlines
0.1%
c
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
1,118,000
1,099,448
Personal
Care
Products
0.4%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
7,700,000
7,648,823
Pharmaceuticals
1.2%
c
Bayer
US
Finance
LLC
,
Senior
Note
,
144A,
6.25
%
,
1/21/29
....
Germany
3,200,000
3,291,567
Eli
Lilly
&
Co.
,
Senior
Note
,
4.375
%
,
5/20/31
...............
United
States
3,080,000
3,026,077
Novartis
Capital
Corp.
,
Senior
Note,
4.1%,
11/05/30
.........................
United
States
4,120,000
4,012,781
Senior
Note,
4.4%,
3/18/31
..........................
United
States
3,295,000
3,240,170
Royalty
Pharma
plc
,
Senior
Note
,
4.45
%
,
3/25/31
...........
United
States
2,000,000
1,952,272
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
4.75%,
5/09/27
.........................
Israel
1,696,000
1,693,910
Senior
Note,
5.125%,
5/09/29
........................
Israel
2,345,000
2,339,359
Teva
Pharmaceutical
Finance
Netherlands
IV
BV
,
Senior
Note
,
5.75
%
,
12/01/30
...................................
Israel
2,320,000
2,350,536
21,906,672
Residential
REITs
0.1%
ERP
Operating
LP
,
Senior
Note
,
4.95
%
,
6/15/32
............
United
States
1,593,000
1,583,322
Semiconductors
&
Semiconductor
Equipment
1.1%
c
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/30
.........................................
United
States
5,900,000
6,031,804
Intel
Corp.
,
Senior
Note
,
4.65
%
,
6/01/31
..................
United
States
4,560,000
4,459,644
NVIDIA
Corp.
,
Senior
Note
,
4.5
%
,
6/15/31
.................
United
States
9,930,000
9,721,359
20,212,807
Software
0.6%
Oracle
Corp.
,
Senior
Note,
4.55%,
2/04/29
.........................
United
States
3,990,000
3,890,762
Senior
Note,
4.45%,
9/26/30
.........................
United
States
1,525,000
1,439,892
Senior
Note,
4.95%,
2/04/31
.........................
United
States
3,550,000
3,391,830
Salesforce,
Inc.
,
Senior
Note
,
4.5
%
,
3/15/28
...............
United
States
2,375,000
2,370,468
11,092,952
Specialized
REITs
0.3%
c
Iron
Mountain,
Inc.
,
Senior
Bond,
144A,
4.875%,
9/15/29
...................
United
States
700,000
683,456
Senior
Note,
144A,
4.875%,
9/15/27
...................
United
States
2,000,000
1,994,620
c
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
2,950,000
2,974,494
5,652,570
Specialty
Retail
0.5%
Dick's
Sporting
Goods,
Inc.
,
Senior
Note
,
4
%
,
10/01/29
.......
United
States
9,450,000
9,182,693
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
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note
,
4.75
%
,
7/15/31
United
States
785,000
$
772,061
Tobacco
0.6%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
650,000
648,379
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
1,805,000
1,893,147
Philip
Morris
International,
Inc.
,
Senior
Note
,
4.875
%
,
2/15/28
..
United
States
7,700,000
7,735,195
10,276,721
Trading
Companies
&
Distributors
0.3%
c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
..
United
States
3,200,000
3,252,768
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
.
United
States
3,000,000
3,046,074
6,298,842
Wireless
Telecommunication
Services
0.4%
c
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
3,000,000
3,150,689
T-Mobile
USA,
Inc.
,
Senior
Note
,
4.95
%
,
3/15/28
............
United
States
4,200,000
4,218,424
7,369,113
Total
Corporate
Bonds
(Cost
$697,914,324)
...................................
694,079,094
Senior
Floating
Rate
Interests
2.4%
f
Aerospace
&
Defense
0.1%
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
K,
5.981%,
(1-month
SOFR
+
2.25%),
3/22/30
............................
United
States
825,019
826,079
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
N,
6.231%,
(1-month
SOFR
+
2.5%),
2/14/33
.............................
United
States
208,779
209,232
VSE
Corp.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
5/05/33
...............................
United
States
137,237
138,095
1,173,406
a
a
a
a
a
a
f
Air
Freight
&
Logistics
0.1%
e
Rand
Parent
LLC,
First
Lien,
Add-on
CME
Term
Loan,
B,
6.842%,
(12-month
SOFR
+
3%),
3/18/30
......................
United
States
424,564
425,831
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.732%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
351,439
352,488
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
3
CME
Term
Loan,
5.657%,
(3-month
SOFR
+
2%),
4/09/32
.......
United
States
997,500
996,408
1,774,727
a
a
a
a
a
a
f
Automobile
Components
0.0%
†
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
CME
Term
Loan,
C,
6.919%,
(1-month
SOFR
+
3.25;
3-month
SOFR
+
3.25),
2/03/33
.........................................
United
States
317,376
318,566
Clarios
Global
LP,
First
Lien,
Amendment
No.
7
Dollar
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
1/28/32
..........
United
States
368,091
369,357
687,923
a
a
a
a
a
a
Beverages
0.0%
†
f
Primo
Brands
Corp.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
3/31/31
.........
United
States
209,652
210,751
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)
Biotechnology
0.1%
f
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.428%,
(6-month
SOFR
+
1.75%),
4/27/33
............
United
States
1,000,000
$
1,000,190
Broadline
Retail
0.0%
†
f
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B,
6.232%,
(3-month
SOFR
+
2.5%),
7/01/31
......................
Netherlands
484,376
486,011
f
Building
Products
0.1%
EMRLD
Borrower
LP,
First
Lien,
Initial
CME
Term
Loan,
B,
5.916%,
(3-month
SOFR
+
2.25%),
5/31/30
..............
United
States
362,108
362,463
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.073%,
(3-month
SOFR
+
2.25%),
8/04/31
.
United
States
101,746
101,863
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.981%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
414,138
415,301
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.981%,
(1-month
SOFR
+
2.25%),
2/10/32
.....................
United
States
272,414
272,925
1,152,552
a
a
a
a
a
a
f
Capital
Markets
0.1%
Citadel
Securities
LP,
First
Lien,
2026-1
CME
Term
Loan,
5.661%,
(3-month
SOFR
+
2%),
6/10/33
.......................
United
States
799,993
799,969
CPI
Holdco
B
LLC,
First
Lien,
2025
Fourth
Amendment
Incremental
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
5/19/31
.........................................
United
States
345,474
345,173
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/31
................
United
States
510,970
509,555
1,654,697
a
a
a
a
a
a
f
Chemicals
0.0%
†
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.593%,
(1-month
SOFR
+
3.75;
3-month
SOFR
+
3.75),
4/06/29
.....
United
States
502,096
488,605
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.573%,
(3-month
SOFR
+
1.75%),
10/29/32
.............
United
States
244,286
244,795
733,400
a
a
a
a
a
a
f
Commercial
Services
&
Supplies
0.2%
APi
Group
DE,
Inc.,
First
Lien,
Amendment
No.
9
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
5/16/33
.........
United
States
947,625
950,563
Aramark
Services,
Inc.,
First
Lien,
U.S.
CME
Term
Loan,
B10,
5.481%,
(1-month
SOFR
+
1.75%),
6/24/30
..............
United
States
65,509
65,673
Cimpress
USA,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B1,
6.231%,
(1-month
SOFR
+
2.5%),
6/03/33
...............
Ireland
458,120
459,838
Prime
Security
Services
Borrower
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
B2,
5.414%,
(1-month
SOFR
+
1.75%),
3/08/32
...................................
United
States
995,340
987,532
Rosen
International
SARL,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
3/26/31
.........................................
Luxembourg
173,761
173,754
Spin
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.417%,
(12-month
SOFR
+
4%),
9/04/30
......................
United
States
66,169
49,227
WMB
Holdings,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
11/05/29
......................
United
States
915,144
915,908
3,602,495
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
49
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Construction
Materials
0.0%
†
f
Knife
River
Corp.,
First
Lien,
2026
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
3/08/32
.....................
United
States
306,585
$
306,714
Consumer
Finance
0.0%
†
f
EVERTEC
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
5.981%,
(1-month
SOFR
+
2.25%),
10/30/30
....................
United
States
71,059
71,192
Containers
&
Packaging
0.0%
†
f
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.981%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
583,567
558,765
Distributors
0.0%
†
f
Core
&
Main
LP,
First
Lien,
CME
Term
Loan,
F,
5.475%,
(3-month
SOFR
+
1.75%),
7/01/33
............................
United
States
215,419
216,048
Diversified
Telecommunication
Services
0.0%
†
e,f
QTS
Thunder
Managing
Issuer
LLC,
First
Lien,
CME
Term
Loan,
B,
6.24%,
(12-month
SOFR
+
2.25%),
7/22/33
............
United
States
228,849
225,988
f
Electric
Utilities
0.1%
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
9/30/31
..............
United
States
994,937
991,972
Constellation
Renewables
LLC,
First
Lien,
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/27
................
United
States
940,287
940,875
NRG
Energy,
Inc.,
First
Lien,
2026-1
New
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
4/28/33
..............
United
States
256,667
256,566
e
Pathfinder
Power
LLC,
First
Lien,
CME
Term
Loan,
B,
5.707%,
(12-month
SOFR
+
2%),
6/22/33
......................
United
States
133,841
133,737
2,323,150
a
a
a
a
a
a
f
Electronic
Equipment,
Instruments
&
Components
0.0%
†
a
Belden,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
7/01/33
............................
United
States
379,391
381,762
a
MX
Holdings
US,
Inc.,
First
Lien,
Senior
USD
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
3/17/32
................
United
States
67,336
67,715
TTM
Technologies,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B,
5.397%,
(1-month
SOFR
+
1.75%),
5/30/30
..............
United
States
390,751
391,890
841,367
a
a
a
a
a
a
f
Entertainment
0.1%
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.595%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
718,113
704,993
TKO
Worldwide
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B7,
5.412%,
(3-month
SOFR
+
1.75%),
11/21/31
.............
United
States
842,854
842,378
1,547,371
a
a
a
a
a
a
f
Financial
Services
0.1%
Colossus
Acquireco
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.37%,
(1-day
SOFR
+
1.75%),
1/31/33
.................
United
States
997,494
994,930
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B6,
5.481%,
(1-month
SOFR
+
1.75%),
11/05/32
.....
United
States
127,748
127,703
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2,
6.167%,
(1-month
SOFR
+
2.5%),
3/18/30
...............
United
States
169,696
169,594
Jupiter
Borrower,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
6/30/33
.....................
United
States
167,832
169,056
1,461,283
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.
50
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
f
Food
Products
0.1%
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
10/28/32
....................
United
States
314,683
$
316,256
Froneri
International
Ltd.,
First
Lien,
CME
Term
Loan,
B4,
5.877%,
(6-month
SOFR
+
2.25%),
9/30/31
..............
United
Kingdom
400,510
398,790
e
Wayne-Sanderson
Farms
LLC,
First
Lien,
CME
Term
Loan,
B,
5.693%,
(1-month
SOFR
+
2%),
5/21/32
................
United
States
1,100,000
1,095,529
1,810,575
a
a
a
a
a
a
f
Ground
Transportation
0.1%
Aggreko
Holdings,
Inc.,
First
Lien,
2025
Amended
USD
CME
Term
Loan,
6.632%,
(3-month
SOFR
+
3%),
5/21/31
.......
United
Kingdom
60,387
60,749
First
Student
Bidco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
8/15/30
..............
United
States
436,757
437,810
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.482%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
994,937
993,325
1,491,884
a
a
a
a
a
a
f
Health
Care
Providers
&
Services
0.0%
†
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
6/09/32
.................................
United
States
116,863
117,119
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
First-Out
CME
Term
Loan,
A1,
9.173%,
(3-month
SOFR
+
5.25%),
11/01/30
.
United
States
37,892
26,588
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
First-Out
CME
Term
Loan,
A2,
9.173%,
(3-month
SOFR
+
5.25%),
11/01/30
.
United
States
32,822
22,237
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
Second-Out
CME
Term
Loan,
7.423%,
(3-month
SOFR
+
3.5%),
11/01/30
.
United
States
111,596
14,135
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
Third-Out
CME
Term
Loan,
10.796%,
(3-month
SOFR
+
7%),
11/03/31
......
United
States
39,387
5,777
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.232%,
(3-month
SOFR
+
4.5%),
4/16/32
......................
United
States
297,750
261,536
Surgery
Center
Holdings,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
12/19/30
.....
United
States
31,524
31,531
478,923
a
a
a
a
a
a
Health
Care
Technology
0.0%
†
f
Cotiviti,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
6.397%,
(1-month
SOFR
+
2.75%),
5/01/31
.....................
United
States
336,574
316,632
f
Hotels,
Restaurants
&
Leisure
0.2%
1011778
BC
ULC,
First
Lien,
CME
Term
Loan,
B5,
5.481%,
(1-month
SOFR
+
1.75%),
9/20/30
.....................
Canada
1,124,922
1,126,565
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B,
5.981%,
(1-month
SOFR
+
2.25%),
2/06/30
...
United
States
213,061
206,216
DK
Crown
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.425%,
(1-month
SOFR
+
1.75%),
3/04/32
.....................
United
States
994,962
993,639
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
341,690
339,212
Raising
Cane's
Restaurants
LLC,
First
Lien,
First
Amendment
New
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
11/03/32
United
States
995,000
993,010
3,658,642
a
a
a
a
a
a
Household
Products
0.1%
f
Energizer
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.667%,
(1-month
SOFR
+
2%),
3/19/32
................
United
States
994,384
995,632
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)
f
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
7/31/30
...................................
United
States
250,000
$
250,298
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
CME
Term
Loan,
B,
5.479%,
(3-month
SOFR
+
1.75%),
12/15/31
..
United
States
1,030,233
1,028,409
Talen
Energy
Supply
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.479%,
(3-month
SOFR
+
1.75%),
11/25/32
.............
United
States
299,229
297,670
1,576,377
a
a
a
a
a
a
f
Insurance
0.1%
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B10,
7.763%,
(3-month
SOFR
+
4%),
8/21/28
.......................
United
States
128,082
128,482
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B11,
8.173%,
(3-month
SOFR
+
4.25%),
8/21/28
.....................
United
States
42,421
42,538
a
Lockton,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.823%,
(3-month
SOFR
+
2%),
4/25/33
...............................
United
States
900,000
901,125
1,072,145
a
a
a
a
a
a
IT
Services
0.0%
†
f
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan,
7.981%,
(1-month
SOFR
+
4.25%),
12/31/31
.............
United
States
205,305
184,210
Leisure
Products
0.0%
†
f
GBT
US
III
LLC,
First
Lien,
CME
Term
Loan,
B2,
5.81%,
(3-month
SOFR
+
2%),
7/25/31
...............................
United
States
9,875
9,878
f
Machinery
0.0%
†
Columbus
McKinnon
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.232%,
(3-month
SOFR
+
3.5%),
2/03/33
...............
United
States
57,378
57,581
Crown
Equipment
Corp.,
First
Lien,
Initial
CME
Term
Loan,
B1,
5.647%,
(1-month
SOFR
+
2%),
10/10/31
................
United
States
343,624
344,645
402,226
a
a
a
a
a
a
f
Media
0.0%
†
Advantage
Sales
&
Marketing,
Inc.,
First
Lien,
Exchange
CME
Term
Loan,
10.014%,
(3-month
SOFR
+
6%),
4/19/30
......
United
States
297,377
263,240
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B7,
6.481%,
(1-month
SOFR
+
2.75%),
3/18/33
.....................
United
States
305,000
305,047
568,287
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,
5.731%,
(1-month
SOFR
+
2%),
1/02/30
.............
United
States
246,263
246,570
f
Oil,
Gas
&
Consumable
Fuels
0.2%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
1,000,000
996,075
Delek
US
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.731%,
(1-month
SOFR
+
3%),
5/17/32
................
United
States
458,839
461,040
Hilcorp
Energy
I
LP,
First
Lien,
Initial
CME
Term
Loan,
5.417%,
(1-month
SOFR
+
1.75%),
2/11/30
.....................
United
States
338,571
338,995
UGI
Energy
Services
LLC,
First
Lien,
Refinancing
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
2/22/30
............
United
States
357,853
358,748
Venture
Global
Calcasieu
Pass
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.954%,
(6-month
SOFR
+
3.25%),
4/11/33
.........
United
States
956,711
964,407
3,119,265
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.
52
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Paper
&
Forest
Products
0.0%
†
f
Asplundh
Tree
Expert
LLC,
First
Lien,
Amendment
No.
5
Refinancing
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
5/30/33
...................................
United
States
317,990
$
317,947
f
Passenger
Airlines
0.2%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.479%,
(3-month
SOFR
+
2.75%),
5/28/32
.....
United
States
994,962
996,206
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.979%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
159,615
159,786
AS
Mileage
Plan
IP
Ltd.,
First
Lien,
Initial
CME
Term
Loan,
5.479%,
(3-month
SOFR
+
1.75%),
10/15/31
.............
United
States
291,526
291,163
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
2/24/31
.....................
United
States
1,018,575
1,017,811
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
2/14/31
.....................
Canada
359,442
345,065
2,810,031
a
a
a
a
a
a
Personal
Care
Products
0.0%
†
f
Prestige
Brands,
Inc.,
First
Lien,
Delayed
Draw
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
6/13/33
..............
United
States
177,096
177,816
f
Professional
Services
0.1%
Maximus,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
5/30/31
...............................
United
States
192,447
192,568
SS&C
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B8,
5.731%,
(1-month
SOFR
+
2%),
5/09/31
................
United
States
987,053
987,177
1,179,745
a
a
a
a
a
a
f
Real
Estate
Management
&
Development
0.0%
†
Cushman
&
Wakefield
US
Borrower
LLC,
First
Lien,
Amendment
No.
14
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
6/13/33
.........................................
United
States
440,700
441,434
a
Greystar
Real
Estate
Partners
LLC,
First
Lien,
CME
Term
Loan,
B4,
5.917%,
(3-month
SOFR
+
2.25%),
8/21/30
...........
United
States
124,688
124,843
566,277
a
a
a
a
a
a
f
Software
0.1%
a
Adeia,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B6,
6.231%,
(1-month
SOFR
+
2.5%),
6/08/28
......................
United
States
915,727
916,872
e,g
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan,
8.12%,
(1-day
SOFR
+
4.5%),
11/17/31
....
United
States
25,238
25,253
942,125
a
a
a
a
a
a
f
Specialty
Retail
0.0%
†
a
Chewy,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.446%,
(3-month
SOFR
+
1.75%),
6/23/33
............................
United
States
117,689
117,615
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.981%,
(1-month
SOFR
+
3.25%),
1/23/32
..............
United
States
240,984
242,426
360,041
a
a
a
a
a
a
Trading
Companies
&
Distributors
0.1%
f
QXO
Building
Products,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
4/30/32
................
United
States
1,000,000
1,000,135
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)
Water
Utilities
0.0%
†
a,f
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.902%,
(3-month
SOFR
+
2.25%),
10/01/32
.............
United
States
134,905
$
135,073
Total
Senior
Floating
Rate
Interests
(Cost
$43,656,993)
........................
43,448,466
h
Marketplace
Loans
0.1%
a
Financial
Services
0.1%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$7,335,877)
...................................
1,439,955
Foreign
Government
and
Agency
Securities
2.4%
c
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
......................................
Supranational
i
3,900,000
3,886,385
Brazil
Government
Bond
,
Senior
Bond
,
3.875
%
,
6/12/30
......
Brazil
1,920,000
1,826,400
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
1,130,000
1,130,000
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
457,602
c
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
Reg
S,
3
%
,
9/30/29
.........................................
Chile
820,000
768,964
c
Costa
Rica
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
2/19/31
.........................................
Costa
Rica
1,090,000
1,116,433
c
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
5.95%,
1/25/27
...................
Dominican
Republic
680,000
684,842
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
890,000
898,010
c
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
1,150,000
1,149,425
c
Egypt
Government
Bond
,
Senior
Bond
,
Reg
S,
7.6
%
,
3/01/29
..
Egypt
630,000
645,010
c
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
840,000
883,617
c
Guatemala
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
2/13/28
.........................................
Guatemala
1,540,000
1,535,234
c
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
1,510,000
1,520,295
Indonesia
Government
Bond
,
Senior
Bond
,
3.85
%
,
10/15/30
...
Indonesia
790,000
755,357
c
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.375
%
,
3/03/28
.........................................
Ivory
Coast
1,340,670
1,354,261
Jamaica
Government
Bond
,
Senior
Bond
,
6.75
%
,
4/28/28
.....
Bermuda
760,000
780,026
c
Montenegro
Government
Bond
,
Senior
Bond
,
144A,
2.55
%
,
10/03/29
........................................
Montenegro
830,000
EUR
913,893
c
Morocco
Government
Bond
,
Senior
Note
,
144A,
5.95
%
,
3/08/28
Morocco
1,120,000
1,133,951
c
Nigeria
Government
Bond
,
Senior
Note
,
144A,
8.375
%
,
3/24/29
Nigeria
860,000
907,058
c
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
3.875
%
,
1/21/30
.........................................
North
Macedonia
590,000
EUR
671,728
c
Office
Cherifien
des
Phosphates
,
Senior
Bond
,
144A,
3.75
%
,
6/23/31
.........................................
Morocco
500,000
456,508
c
Oman
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
1/17/28
.
Oman
1,340,000
1,349,626
c
Paraguay
Government
Bond
,
Senior
Bond
,
144A,
4.95
%
,
4/28/31
Paraguay
1,540,000
1,528,065
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
1,960,000
1,794,870
Philippines
Government
Bond
,
Senior
Bond
,
9.5
%
,
2/02/30
....
Philippines
1,270,000
1,450,602
Poland
Government
Bond
,
4.875
%
,
2/12/30
...............
Poland
1,880,000
1,890,306
c
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
1,190,000
1,136,596
c
Romania
Government
Bond
,
Senior
Bond
,
144A,
2.875
%
,
5/26/28
Romania
1,680,000
EUR
1,917,831
c
Serbia
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
5/26/28
..
Serbia
1,090,000
1,108,555
South
Africa
Government
Bond
,
Senior
Bond,
4.85%,
9/27/27
.........................
South
Africa
680,000
680,104
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
Foreign
Government
and
Agency
Securities
(continued)
South
Africa
Government
Bond,
(continued)
Senior
Bond,
5.875%,
6/22/30
........................
South
Africa
1,120,000
$
1,139,811
c
Trinidad
&
Tobago
Government
Bond
,
Senior
Note
,
144A,
5.95
%
,
1/14/31
.........................................
Trinidad
and
Tobago
1,130,000
1,135,650
Turkiye
Government
Bond
,
Senior
Note
,
9.125
%
,
7/13/30
.....
Turkiye
1,630,000
1,771,305
Uruguay
Government
Bond
,
Senior
Bond
,
4.375
%
,
10/27/27
...
Uruguay
1,940,000
1,940,970
c
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
7.85
%
,
10/12/28
........................................
Uzbekistan
1,090,000
1,145,737
Total
Foreign
Government
and
Agency
Securities
(Cost
$44,822,797)
............
44,230,067
U.S.
Government
and
Agency
Securities
14.2%
U.S.
Treasury
Notes
,
0.625%,
3/31/27
..................................
United
States
31,058,000
30,382,508
j
0.5%,
8/31/27
....................................
United
States
5,947,000
5,719,225
4%,
5/31/28
.....................................
United
States
50,627,000
50,394,630
4.125%,
6/30/28
..................................
United
States
91,563,000
91,330,516
2.875%,
8/15/28
..................................
United
States
18,500,000
17,999,561
3.875%,
4/15/29
..................................
United
States
63,664,000
62,942,807
Total
U.S.
Government
and
Agency
Securities
(Cost
$259,339,893)
..............
258,769,247
Asset-Backed
Securities
16.3%
Consumer
Finance
2.7%
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-4,
A3,
5.78%,
8/16/28
..........................
United
States
2,641,814
2,656,854
2024-1,
A3,
4.85%,
12/18/28
.........................
United
States
4,928,814
4,942,437
2026-2,
A3,
4.15%,
8/18/31
..........................
United
States
2,863,000
2,843,443
2026-3,
A3,
4.44%,
7/16/31
..........................
United
States
9,795,000
9,777,965
Hyundai
Auto
Receivables
Trust
,
2023-B,
A3,
5.48%,
4/17/28
..........................
United
States
722,792
724,915
2024-A,
A3,
4.99%,
2/15/29
..........................
United
States
2,066,350
2,074,614
2025-B,
A2A,
4.45%,
8/15/28
.........................
United
States
5,026,609
5,031,611
Nissan
Auto
Receivables
Owner
Trust
,
2023-A
,
A3
,
4.91
%
,
11/15/27
.
........................................
United
States
1,119,582
1,120,474
Toyota
Auto
Receivables
Owner
Trust
,
2024-A,
A3,
4.83%,
10/16/28
.........................
United
States
3,223,304
3,233,291
2024-B,
A3,
5.33%,
1/16/29
..........................
United
States
4,773,985
4,803,987
2026-B,
A3,
4.13%,
12/16/30
.........................
United
States
2,572,000
2,555,121
2026-C,
A3,
4.51%,
3/17/31
..........................
United
States
6,051,000
6,045,909
World
Omni
Auto
Receivables
Trust
,
2026-B
,
A3
,
4.37
%
,
6/16/31
.
United
States
2,856,000
2,846,711
48,657,332
a
a
a
a
a
a
Financial
Services
13.6%
c,f
AGL
CLO
13
Ltd.
,
2021-13A
,
A1R
,
144A,
FRN
,
4.829
%
,
(
3-month
SOFR
+
1.1
%
),
10/20/34
.
............................
United
States
2,550,000
2,550,637
c,f
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.416
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
653,542
658,000
c,f
Apex
Credit
CLO
LLC
,
2021-2A
,
A1AR
,
144A,
FRN
,
4.909
%
,
(
3-month
SOFR
+
1.18
%
),
10/20/34
.
...................
United
States
8,650,000
8,656,910
c,f
Ares
LXIX
CLO
Ltd.
,
2024-69A
,
A1R
,
144A,
FRN
,
5.003
%
,
(
3-month
SOFR
+
1.25
%
),
4/15/36
.
....................
Jersey
8,350,000
8,360,204
c,f
Bain
Capital
Credit
CLO
Ltd.
,
2020-1A,
A1RR,
144A,
FRN,
4.719%,
(3-month
SOFR
+
0.99%),
4/18/33
...................................
United
States
2,410,200
2,411,871
2020-3A,
A1R3,
144A,
FRN,
4.742%,
(3-month
SOFR
+
0.99%),
10/23/34
..................................
United
States
8,700,000
8,696,521
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
c,f
Bain
Capital
Credit
CLO
Ltd.,
(continued)
2022-2A,
A1R,
144A,
FRN,
4.883%,
(3-month
SOFR
+
1.15%),
4/22/35
.........................................
United
States
2,500,000
$
2,502,245
c,f
Barings
CLO
Ltd.
,
2021-3A
,
AR
,
144A,
FRN
,
4.859
%
,
(
3-month
SOFR
+
1.13
%
),
1/18/35
.
............................
United
States
700,000
700,734
c,f
Beechwood
Park
CLO
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
4.82
%
,
(
3-month
SOFR
+
1.07
%
),
1/17/35
.
....................
Jersey
10,000,000
9,993,814
c,f
BlueMountain
CLO
Ltd.
,
2016-3A
,
A1R2
,
144A,
FRN
,
4.851
%
,
(
3-month
SOFR
+
1.2
%
),
11/15/30
.
....................
United
States
507,220
507,462
c,f
BlueMountain
CLO
XXXI
Ltd.
,
2021-31A
,
A1R
,
144A,
FRN
,
4.829
%
,
(
3-month
SOFR
+
1.1
%
),
4/19/34
.
...............
United
States
3,130,000
3,132,427
c,f
BRAVO
Residential
Funding
Trust
,
2025-HE1
,
A1
,
144A,
FRN
,
4.966
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
.
........
United
States
4,924,313
4,938,077
c,f
Buckhorn
Park
CLO
Ltd.
,
2019-1A
,
ARR
,
144A,
FRN
,
4.799
%
,
(
3-month
SOFR
+
1.07
%
),
7/18/34
.
....................
United
States
2,480,000
2,480,028
CarMax
Auto
Owner
Trust
,
2026-2,
A2A,
4.11%,
8/15/29
.........................
United
States
890,000
888,536
2026-2,
A3,
4.22%,
6/16/31
..........................
United
States
2,252,000
2,234,574
2026-3,
A3,
4.6%,
9/15/31
...........................
United
States
4,469,000
4,468,620
c,e,f
Cedar
Funding
IX
CLO
Ltd.
,
2018-9AR
,
ARR
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.23
%
),
7/20/37
.
................
United
States
9,000,000
9,002,295
c
CF
Hippolyta
Issuer
LLC
,
2020-1
,
A1
,
144A,
1.69
%
,
7/15/60
.
...
United
States
3,196,845
2,658,063
c
Chase
Auto
Owner
Trust
,
2026-1A
,
A3
,
144A,
4.53
%
,
6/25/31
.
..
United
States
1,105,000
1,103,575
c
Compass
Datacenters
Issuer
II
LLC
,
2024-2A,
A1,
144A,
5.022%,
8/25/49
...................
United
States
953,000
940,288
2025-1A,
A1,
144A,
5.316%,
5/25/50
...................
United
States
1,023,000
1,015,447
2025-2A,
A1,
144A,
4.926%,
11/25/50
..................
United
States
2,246,000
2,186,687
f
CWABS,
Inc.
Asset-Backed
Certificates
Trust
,
2004-1
,
M1
,
FRN
,
4.589
%
,
(
1-month
SOFR
+
0.864
%
),
3/25/34
.
.............
United
States
12,525
13,218
c,f
Dryden
68
CLO
Ltd.
,
2019-68A
,
ARR
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.1
%
),
7/15/35
.
.....................
United
States
6,450,000
6,454,016
c,f
Dryden
80
CLO
Ltd.
,
2019-80A
,
ARR
,
144A,
FRN
,
4.7
%
,
(
3-month
SOFR
+
0.95
%
),
1/17/33
.
............................
United
States
5,871,679
5,875,268
c
FIGRE
Trust
,
2025-FL1,
A1,
144A,
5.265%,
7/25/55
..................
United
States
1,367,111
1,361,140
2025-FL2,
A1,
144A,
5.053%,
11/25/55
.................
United
States
2,260,631
2,234,710
k
2025-HE4,
A,
144A,
FRN,
5.408%,
7/25/55
..............
United
States
3,420,835
3,393,342
k
2025-HE5,
A,
144A,
FRN,
5.285%,
8/25/55
..............
United
States
1,028,323
1,019,773
Ford
Credit
Auto
Owner
Trust
,
2024-A
,
A3
,
5.09
%
,
12/15/28
.
...
United
States
3,730,548
3,748,734
c,e,f
Fortress
Credit
BSL
XIV
Ltd.
,
2021-5AR
,
AR
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.03
%
),
10/23/34
.
...............
United
States
450,000
450,115
c,f
Fortress
Credit
BSL
XVII
Ltd.
,
2022-1A
,
A1R
,
144A,
FRN
,
4.802
%
,
(
3-month
SOFR
+
1.05
%
),
10/23/34
.
.............
United
States
4,928,130
4,930,510
c
GS
Mortgage-Backed
Securities
Trust
,
2025-CES2
,
A1
,
144A,
5.18
%
,
9/25/55
.
...................................
United
States
1,487,836
1,477,177
c
Home
Partners
of
America
Trust
,
2021-3
,
B
,
144A,
2.649
%
,
1/17/41
.
.........................................
United
States
1,340,502
1,251,163
Honda
Auto
Receivables
Owner
Trust
,
2023-3,
A3,
5.41%,
2/18/28
..........................
United
States
1,713,302
1,719,688
2023-4,
A3,
5.67%,
6/21/28
..........................
United
States
2,595,770
2,611,411
c,f
Invesco
CLO
Ltd.
,
2021-3A
,
A1R
,
144A,
FRN
,
4.813
%
,
(
3-month
SOFR
+
1.08
%
),
10/22/34
.
...........................
United
States
2,600,000
2,602,276
c
J.P.
Morgan
Mortgage
Trust
,
2024-CES1,
A1A,
144A,
5.919%,
6/25/54
................
United
States
634,615
635,943
f
2024-HE3,
A1,
144A,
FRN,
4.821%,
(30-day
SOFR
Average
+
1.2%),
2/25/55
....................................
United
States
970,429
972,859
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
J.P.
Morgan
Mortgage
Trust,
(continued)
f
2025-HE3,
A1,
144A,
FRN,
4.971%,
(30-day
SOFR
Average
+
1.35%),
3/20/56
...................................
United
States
1,071,606
$
1,078,074
f
2026-HE1,
A1,
144A,
FRN,
4.871%,
(30-day
SOFR
Average
+
1.25%),
9/20/56
...................................
United
States
921,666
925,614
c,f
Madison
Park
Funding
XLV
Ltd.
,
2020-45A
,
ARR
,
144A,
FRN
,
4.833
%
,
(
3-month
SOFR
+
1.08
%
),
7/15/34
.
..............
United
States
7,000,000
7,007,516
c,f
Man
Capital
CLO
Ltd.
,
2021-1AR
,
A1R
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.15
%
),
10/15/38
.
...................
United
States
1,275,000
1,275,319
c,f
Neuberger
Berman
Loan
Advisers
CLO
43
Ltd.
,
2021-43A
,
AR
,
144A,
FRN
,
4.8
%
,
(
3-month
SOFR
+
1.05
%
),
7/17/36
.
......
United
States
600,000
600,390
c,f
Neuberger
Berman
Loan
Advisers
CLO
50
Ltd.
,
2022-50A
,
AR2
,
144A,
FRN
,
4.792
%
,
(
3-month
SOFR
+
1.04
%
),
7/23/36
.
....
Jersey
355,000
355,251
c,f
Neuberger
Berman
Loan
Advisers
CLO
51
Ltd.
,
2022-51A
,
AR2
,
144A,
FRN
,
4.752
%
,
(
3-month
SOFR
+
1
%
),
10/23/36
.
......
Jersey
9,500,000
9,509,146
c
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
10,895,000
8,928,556
c,f
Octagon
57
Ltd.
,
2021-1A
,
AR
,
144A,
FRN
,
4.823
%
,
(
3-month
SOFR
+
1.07
%
),
10/15/34
.
...........................
United
States
4,350,000
4,352,204
c,f
Octagon
Investment
Partners
45
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
4.903
%
,
(
3-month
SOFR
+
1.15
%
),
4/15/35
.
.........
United
States
1,395,000
1,395,020
c
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
907,449
897,492
c
PK
ALIFT
Loan
Funding
8
LP
,
2026-1
,
A
,
144A,
4.614
%
,
9/15/43
.
United
States
1,370,000
1,346,155
c
PRET
LLC
,
2026-NPL3
,
A1
,
144A,
4.968
%
,
2/25/56
.
.........
United
States
7,017,391
6,944,443
c
PRET
Trust
,
2026-RN1
,
A1
,
144A,
5.668
%
,
6/25/66
.
.........
United
States
501,420
502,504
f
RAAC
Trust
,
2004-SP1
,
AII
,
FRN
,
4.539
%
,
(
1-month
SOFR
+
0.814
%
),
3/25/34
.
.................................
United
States
37,581
37,538
c,f
Rad
CLO
14
Ltd.
,
2021-14A
,
A
,
144A,
FRN
,
5.185
%
,
(
3-month
SOFR
+
1.432
%
),
1/15/35
.
...........................
United
States
4,825,000
4,831,815
c
RCO
IX
Mortgage
LLC
,
2026-2
,
A1
,
144A,
5.765
%
,
5/25/31
.
...
United
States
730,381
727,954
c,f
Regatta
X
Funding
Ltd.
,
2017-3A
,
AR2
,
144A,
FRN
,
5.036
%
,
(
3-month
SOFR
+
1.23
%
),
7/17/37
.
....................
United
States
3,200,000
3,200,800
c,f
RR
14
Ltd.
,
2021-14A
,
A1
,
144A,
FRN
,
5.135
%
,
(
3-month
SOFR
+
1.382
%
),
4/15/36
.
................................
United
States
23,418,000
23,430,846
c
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
3,612,000
3,550,853
c,f
Sixth
Street
CLO
XXV
Ltd.
,
2024-25A
,
AR
,
144A,
FRN
,
4.975
%
,
(
3-month
SOFR
+
1.2
%
),
7/24/37
.
.....................
United
States
6,400,000
6,403,187
c,f
Sound
Point
CLO
XXII
Ltd.
,
2019-1A
,
ARR
,
144A,
FRN
,
4.759
%
,
(
3-month
SOFR
+
1.03
%
),
1/20/32
.
....................
United
States
456,670
456,901
c,f
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.84
%
,
(
3-month
SOFR
+
1.03
%
),
10/25/34
.
...................
United
States
6,650,000
6,655,410
c,f
Southwick
Park
CLO
LLC
,
2019-4A
,
A1RR
,
144A,
FRN
,
4.729
%
,
(
3-month
SOFR
+
1
%
),
7/20/32
.
.......................
United
States
1,919,980
1,921,476
c,f
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.653
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
945,308
945,303
c,f
TCI-Flatiron
CLO
Ltd.
,
2018-1A
,
AR2
,
144A,
FRN
,
4.783
%
,
(
3-month
SOFR
+
0.95
%
),
7/29/35
.
....................
United
States
4,685,471
4,688,822
c,f
TCW
CLO
Ltd.
,
2020-1A
,
A1R3
,
144A,
FRN
,
4.779
%
,
(
3-month
SOFR
+
1.05
%
),
4/20/34
.
............................
United
States
3,690,037
3,692,319
c
Tesla
Electric
Vehicle
Trust
,
2023-1
,
A3
,
144A,
5.38
%
,
6/20/28
.
.
United
States
2,584,640
2,595,568
c
Towd
Point
Mortgage
Trust
,
k
2024-CES1,
A1A,
144A,
FRN,
5.848%,
1/25/64
...........
United
States
1,168,930
1,169,766
f
2025-HE1,
A1A,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
7/25/65
...................................
United
States
671,444
673,246
c,f
Trinitas
CLO
XII
Ltd.
,
2020-12A
,
A1R2
,
144A,
FRN
,
4.86
%
,
(
3-month
SOFR
+
1.05
%
),
4/25/33
.
....................
United
States
5,819,607
5,823,218
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
Truist
Bank
Auto
Credit-Linked
Notes
,
2025-1
,
B
,
144A,
4.728
%
,
9/26/33
.
.........................................
United
States
1,917,265
$
1,910,960
c
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
991,632
983,615
c,f
Venture
41
CLO
Ltd.
,
2021-41A
,
A1RR
,
144A,
FRN
,
4.859
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/34
.
....................
United
States
6,472,443
6,477,235
c,f
Voya
CLO
Ltd.
,
2018-2A,
A2,
144A,
FRN,
5.265%,
(3-month
SOFR
+
1.512%),
7/15/31
.........................................
United
States
176,027
176,117
2019-3A,
AR,
144A,
FRN,
5.091%,
(3-month
SOFR
+
1.342%),
10/17/32
........................................
United
States
935,044
936,521
247,245,512
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
28,100
27,296
Total
Asset-Backed
Securities
(Cost
$298,611,305)
............................
295,930,140
Commercial
Mortgage-Backed
Securities
4.4%
Financial
Services
4.4%
k
BANK5
Trust
,
l
2025-5YR15,
XA,
IO,
FRN,
1.22%,
7/15/58
..............
United
States
34,952,318
1,467,047
2025-5YR18,
AS,
FRN,
5.466%,
12/15/58
...............
United
States
2,534,000
2,514,985
l
2025-5YR18,
XA,
IO,
FRN,
1.047%,
12/15/58
.............
United
States
43,106,053
1,710,211
l
2026-5YR23,
XA,
IO,
FRN,
1.3%,
7/15/31
...............
United
States
38,220,000
1,807,878
k,l
BBCMS
Mortgage
Trust
,
2025-5C34
,
XA
,
IO,
FRN
,
1.167
%
,
5/15/58
.........................................
United
States
31,705,479
1,209,922
Benchmark
Mortgage
Trust
,
2019-B13,
A2,
2.889%,
8/15/57
.......................
United
States
4,046,728
3,903,167
k,l
2025-V15,
XA,
IO,
FRN,
1.119%,
6/15/58
................
United
States
46,752,668
1,748,943
c,k,l
2025-V18,
XA,
IO,
144A,
FRN,
1.257%,
10/15/58
..........
United
States
15,812,457
729,081
k
2025-V19,
AS,
FRN,
5.597%,
1/15/58
...................
United
States
2,832,000
2,848,410
2026-V20,
AM,
5.436%,
2/15/59
.......................
United
States
2,374,000
2,372,754
k,l
BMO
Mortgage
Trust
,
2025-5C10
,
XA
,
IO,
FRN
,
1.354
%
,
5/15/58
United
States
41,282,123
1,762,499
c
BX
Trust
,
f
2022-IND,
A,
144A,
FRN,
5.167%,
(1-month
SOFR
+
1.491%),
4/15/37
.........................................
United
States
2,218,783
2,221,518
k
2025-ARIA,
A,
144A,
FRN,
5.031%,
12/13/42
.............
United
States
3,111,000
3,093,025
k
2025-ARIA,
B,
144A,
FRN,
5.177%,
12/13/42
.............
United
States
2,124,000
2,101,824
f
2025-VOLT,
A,
144A,
FRN,
5.376%,
(
1-month
SOFR
+
1.7%),
12/15/44
........................................
United
States
919,000
918,262
f
2026-CLS,
A,
144A,
FRN,
5.076%,
(1-month
SOFR
+
1.4%),
5/15/43
.........................................
United
States
1,856,000
1,862,143
Cantor
Commercial
Real
Estate
Lending
LP
,
2019-CF3
,
A2
,
2.942
%
,
1/15/53
...................................
United
States
1,279,245
1,212,543
k
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
1,402,000
1,377,699
Citigroup
Commercial
Mortgage
Trust
,
2016-C3,
A4,
3.154%,
11/15/49
.......................
United
States
4,928,000
4,906,824
k
2018-C5,
AS,
FRN,
4.408%,
6/10/51
...................
United
States
2,517,188
2,473,256
CSAIL
Commercial
Mortgage
Trust
,
2017-CX10
,
A3
,
3.398
%
,
11/15/50
........................................
United
States
353,139
353,015
GS
Mortgage
Securities
Trust
,
2016-GS2,
A4,
3.05%,
5/10/49
........................
United
States
42,474
42,416
2016-GS3,
A4,
2.85%,
10/10/49
.......................
United
States
142,783
142,365
2019-GC42,
A2,
2.933%,
9/10/52
......................
United
States
5,425,616
5,175,249
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)
JPMDB
Commercial
Mortgage
Securities
Trust
,
2017-C5
,
A4
,
3.414
%
,
3/15/50
...................................
United
States
692,013
$
689,273
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
2025-5C2,
AS,
5.384%,
11/15/58
......................
United
States
3,794,000
3,768,916
k,l
2025-5C2,
XA,
IO,
FRN,
1.25%,
11/15/58
................
United
States
31,776,000
1,476,453
c,k
NYC
Commercial
Mortgage
Trust
,
2025-28L
,
A
,
144A,
FRN
,
4.668
%
,
11/05/38
..................................
United
States
3,145,000
3,113,369
c
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
2,422,000
2,232,040
UBS
Commercial
Mortgage
Trust
,
2017-C3,
A2,
2.998%,
8/15/50
........................
United
States
4,675,648
4,606,173
2019-C16,
A2,
3.44%,
4/15/52
........................
United
States
1,416,954
1,381,582
2019-C16,
A3,
3.344%,
4/15/52
.......................
United
States
3,460,000
3,337,469
2019-C18,
A2,
2.994%,
12/15/52
......................
United
States
3,650,182
3,609,847
c
VCAT
LLC
,
2026-NPL2
,
A1
,
144A,
5.062
%
,
2/25/56
..........
United
States
3,486,304
3,464,535
c,k
VRTX
Trust
,
2025-HQ
,
A
,
144A,
FRN
,
4.926
%
,
8/05/42
.......
United
States
2,053,000
1,986,636
Wells
Fargo
Commercial
Mortgage
Trust
,
2018-C46,
AS,
4.382%,
8/15/51
.......................
United
States
1,676,000
1,639,579
k,l
2026-5C10,
XA,
IO,
FRN,
0.985%,
6/15/59
...............
United
States
28,252,711
1,211,471
80,472,379
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$81,382,309)
..............
80,472,379
Mortgage-Backed
Securities
1.0%
m
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
6.105%
-
6.191%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
10/01/36
-
6/01/37
.......
United
States
316,884
326,389
326,389
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.8%
FHLMC
Gold
Pool,
30
Year,
5%,
1/01/39
..................
United
States
30,817
30,667
FHLMC
Pool,
15
Year,
3%,
10/01/37
.....................
United
States
7,673,811
7,177,767
FHLMC
Pool,
15
Year,
3.5%,
10/01/37
....................
United
States
7,770,143
7,324,682
14,533,116
m
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.2%
FNMA,
4.463%,
(3-year
CMT
T-Note
+/-
MBS
Margin),
6/01/34
.
United
States
10,127
10,174
FNMA,
4.83%
-
4.85%,
(
1-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/28
-
7/01/34
........
United
States
8,332
8,323
FNMA,
3.984%
-
5.6%,
(COFI
11th
District
+/-
MBS
Margin),
8/01/27
-
12/01/36
.................................
United
States
16,036
15,832
FNMA,
4.925%
-
5.96%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/27
-
8/01/37
........
United
States
226,485
229,695
FNMA,
6.011%,
(5-year
CMT
T-Note
+/-
MBS
Margin),
2/01/30
.
United
States
4,844
4,833
FNMA,
4.945%
-
6.257%,
(12-month
average
of
1-year
CMT
+/-
MBS
Margin),
11/01/30
-
10/01/44
.....................
United
States
62,357
63,034
FNMA,
5.145%
-
6.635%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
11/01/26
-
4/01/40
.................................
United
States
379,275
387,739
FNMA,
5.189%
-
6.875%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
11/01/32
-
2/01/44
........
United
States
1,801,043
1,851,144
2,570,774
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year,
5%,
3/01/38
...........................
United
States
4,350
4,325
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)
m
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.0%
†
GNMA
II,
5.375%
-
5.375%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
8/20/26
-
9/20/26
..................................
United
States
18
$
18
18
Total
Mortgage-Backed
Securities
(Cost
$17,521,580)
..........................
17,434,622
Residential
Mortgage-Backed
Securities
7.2%
Capital
Markets
0.0%
†
f
Merrill
Lynch
Mortgage
Investors
Trust
,
2003-A,
1A,
FRN,
4.579%,
(1-month
SOFR
+
0.854%),
3/25/28
United
States
13,421
12,260
2003-E,
A1,
FRN,
4.459%,
(1-month
SOFR
+
0.734%),
10/25/28
........................................
United
States
47,635
44,254
56,514
a
a
a
a
a
a
Financial
Services
7.2%
c
A&D
Mortgage
Trust
,
2023-NQM2,
A1,
144A,
6.132%,
5/25/68
................
United
States
753,372
751,572
2023-NQM3,
A1,
144A,
6.733%,
7/25/68
................
United
States
1,444,182
1,440,690
c,f
Bellemeade
Re
Ltd.
,
2021-3A
,
B1
,
144A,
FRN
,
7.466
%
,
(
30-day
SOFR
Average
+
3.85
%
),
9/25/31
.....................
United
States
2,488,000
2,545,520
c
BRAVO
Residential
Funding
Trust
,
k
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
.................
United
States
1,447,268
1,376,643
2023-NQM4,
A1,
144A,
6.435%,
5/25/63
................
United
States
3,313,341
3,305,086
2023-NQM5,
A1,
144A,
6.505%,
6/25/63
................
United
States
365,487
365,748
2023-NQM6,
A1,
144A,
6.602%,
9/25/63
................
United
States
713,204
711,484
2023-NQM8,
A1,
144A,
6.394%,
10/25/63
...............
United
States
1,658,730
1,660,031
2024-NQM1,
A1,
144A,
5.943%,
12/01/63
...............
United
States
1,051,748
1,053,009
2024-NQM2,
A1,
144A,
6.285%,
2/25/64
................
United
States
588,642
590,329
2024-NQM3,
A1,
144A,
6.191%,
3/25/64
................
United
States
2,939,781
2,954,996
c
CAFL
Issuer
LP
,
2025-RRTL1
,
A1
,
144A,
5.684
%
,
5/28/40
.....
United
States
757,000
759,052
c,f
Chase
Home
Lending
Mortgage
Trust
,
2024-7,
A11,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
6/25/55
....................................
United
States
474,984
475,112
2026-1,
A11,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
11/25/56
...................................
United
States
5,212,122
5,169,156
k
CHL
Mortgage
Pass-Through
Trust
,
2004-11
,
2A1
,
FRN
,
4.603
%
,
7/25/34
.........................................
United
States
364,119
348,421
c,k
CIM
Trust
,
2019-INV1
,
A1
,
144A,
FRN
,
4
%
,
2/25/49
.........
United
States
36,265
34,008
c
COLT
Mortgage
Loan
Trust
,
2024-1,
A1,
144A,
5.835%,
2/25/69
....................
United
States
1,726,670
1,727,687
2024-INV1,
A1,
144A,
5.903%,
12/25/68
.................
United
States
1,392,084
1,393,313
2024-INV4,
A1,
144A,
5.607%,
5/25/69
.................
United
States
3,651,306
3,658,666
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
,
2004-6
,
3A1
,
5
%
,
1/25/38
..................................
Switzerland
99,012
54,061
c
Cross
Mortgage
Trust
,
2024-H1,
A1,
144A,
6.085%,
12/25/68
..................
United
States
2,584,500
2,588,205
2024-H5,
A1,
144A,
5.854%,
8/26/69
...................
United
States
1,023,982
1,027,150
k
2025-H1,
A1,
144A,
FRN,
5.735%,
2/25/70
...............
United
States
1,227,099
1,231,405
k
2025-H3,
A1,
144A,
FRN,
5.883%,
4/25/70
...............
United
States
870,229
874,645
c,k
CSMC
Trust
,
2014-IVR3
,
A1
,
144A,
FRN
,
3.5
%
,
7/25/44
......
United
States
220,595
204,758
c,f
FHLMC
STACR
REMIC
Trust
,
2024-HQA2,
M1,
144A,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
8/25/44
..................................
United
States
1,974,695
1,974,995
2025-DNA1,
A1,
144A,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
1,265,135
1,266,448
2025-DNA2,
A1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
5/25/45
....................................
United
States
965,640
968,503
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,f
FHLMC
STACR
REMIC
Trust,
(continued)
2025-DNA3,
A1,
144A,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
9/25/45
...................................
United
States
1,531,875
$
1,533,592
c,f
FNMA
Connecticut
Avenue
Securities
Trust
,
2023-R08,
1M1,
144A,
FRN,
5.116%,
(30-day
SOFR
Average
+
1.5%),
10/25/43
...................................
United
States
1,372,400
1,372,979
2024-R02,
1M1,
144A,
FRN,
4.716%,
(
30-day
SOFR
Average
+
1.1%),
2/25/44
....................................
United
States
292,024
291,956
2024-R03,
2M1,
144A,
FRN,
4.766%,
(2
x
30-day
SOFR
Average
+
2.3%),
3/25/44
............................
United
States
475,732
475,775
2025-R01,
1A1,
144A,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
1,148,935
1,149,684
2025-R02,
1A1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
708,390
709,046
2025-R03,
2A1,
144A,
FRN,
5.066%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
968,151
972,673
2025-R04,
1A1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
5/25/45
.....................................
United
States
918,168
919,350
2026-R01,
2M1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
1/25/46
.....................................
United
States
1,395,404
1,395,764
c,f
GS
Mortgage-Backed
Securities
Trust
,
2025-PJ8,
A27,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
2/25/56
....................................
United
States
504,413
505,719
2026-PJ1,
A27,
144A,
FRN,
4.866%,
(30-day
SOFR
Average
+
1.25%),
6/25/56
...................................
United
States
438,322
436,297
k
GSR
Mortgage
Loan
Trust
,
2005-AR1
,
1A1
,
FRN
,
6.449
%
,
1/25/35
.........................................
United
States
47,779
45,868
c,f
Home
Re
Ltd.
,
2026-1
,
M1A
,
144A,
FRN
,
4.816
%
,
(
30-day
SOFR
Average
+
1.2
%
),
1/25/36
............................
United
States
654,108
654,154
c
HOMES
Trust
,
2024-NQM1,
A1,
144A,
5.915%,
7/25/69
................
United
States
1,240,982
1,245,316
2025-NQM1,
A1,
144A,
5.554%,
1/25/70
................
United
States
6,857,080
6,851,585
c
Imperial
Fund
Mortgage
Trust
,
2023-NQM1
,
A1
,
144A,
5.941
%
,
2/25/68
.........................................
United
States
1,396,268
1,393,313
k
J.P.
Morgan
Mortgage
Trust
,
2004-A1,
5A1,
FRN,
6.309%,
2/25/34
...................
United
States
12,344
12,574
c
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
.................
United
States
1,582,844
1,394,651
c
2026-NQX2,
A1,
144A,
FRN,
5.628%,
10/25/66
...........
United
States
4,758,553
4,745,487
c,k
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
715,000
717,347
c,k
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
.........................................
United
States
1,952,638
1,917,516
c
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
f
2024-4,
AF,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
9/25/54
...................................
United
States
824,660
826,397
2024-NQM1,
A1,
144A,
6.152%,
12/25/68
...............
United
States
1,392,618
1,395,603
f
New
York
Mortgage
Trust
,
2005-3
,
M1
,
FRN
,
4.514
%
,
(
1-month
SOFR
+
0.789
%
),
2/25/36
...........................
United
States
12,912
12,817
c
OBX
Trust
,
f
2018-1,
A2,
144A,
FRN,
4.489%,
(1-month
SOFR
+
0.764%),
6/25/57
.........................................
United
States
380,018
377,835
k
2021-J3,
A4,
144A,
FRN,
2.5%,
10/25/51
................
United
States
602,563
533,131
2023-NQM10,
A1,
144A,
6.465%,
10/25/63
..............
United
States
2,714,611
2,717,459
2024-NQM1,
A1,
144A,
5.928%,
11/25/63
...............
United
States
1,158,491
1,162,200
2024-NQM2,
A1,
144A,
5.878%,
12/25/63
...............
United
States
982,346
983,175
2024-NQM3,
A1,
144A,
6.129%,
12/25/63
...............
United
States
1,125,463
1,128,409
2024-NQM4,
A1,
144A,
6.067%,
1/25/64
................
United
States
694,965
697,572
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
c
OBX
Trust,
(continued)
2024-NQM8,
A1,
144A,
6.233%,
5/25/64
................
United
States
1,681,406
$
1,689,299
c,k
OLIT
,
2025-HB2
,
A
,
144A,
FRN
,
3
%
,
11/25/38
..............
United
States
2,147,209
2,101,106
c,k
Onity
Loan
Investment
Trust
,
2025-HB1,
A,
144A,
FRN,
3%,
6/25/38
..................
United
States
861,820
846,085
2026-HB3,
A,
144A,
FRN,
3%,
6/25/39
..................
United
States
352,241
344,908
c,f
PMT
Loan
Trust
,
2025-J2
,
A11
,
144A,
FRN
,
4.966
%
,
(
30-day
SOFR
Average
+
1.35
%
),
8/25/56
.....................
United
States
326,011
326,968
c
PRKCM
Trust
,
2024-AFC1,
A1,
144A,
6.333%,
3/25/59
.................
United
States
883,712
887,122
2024-HOME1,
A1,
144A,
6.431%,
5/25/59
...............
United
States
1,107,338
1,113,292
c,k
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
....................................
United
States
1,187,918
1,043,552
c
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
2,614,232
2,576,619
c,k
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
.........
United
States
5,404,219
4,813,447
c,f
Station
Place
Securitization
Trust
,
2025-3,
A,
144A,
FRN,
4.593%,
(1-month
SOFR
+
0.9%),
9/23/26
.........................................
United
States
6,890,000
6,924,637
2025-7,
A,
144A,
FRN,
4.593%,
(1-month
SOFR
+
0.9%),
11/24/26
........................................
United
States
6,909,000
6,945,886
2026-2,
A,
144A,
FRN,
4.526%,
(1-month
SOFR
+
0.85%),
8/23/27
.........................................
United
States
6,436,000
6,450,237
f
Thornburg
Mortgage
Securities
Trust
,
2004-3
,
A
,
FRN
,
4.579
%
,
(
1-month
SOFR
+
0.854
%
),
9/25/34
....................
United
States
176,637
167,679
c
Toorak
Mortgage
Trust
,
2025-RRTL1
,
A1
,
144A,
5.524
%
,
2/25/40
United
States
910,000
911,006
c,k
Towd
Point
Mortgage
Trust
,
2018-4,
A1,
144A,
FRN,
3%,
6/25/58
...................
United
States
5,836,102
5,494,323
2019-1,
A1,
144A,
FRN,
3.75%,
3/25/58
.................
United
States
3,791,793
3,664,848
c
Verus
Securitization
Trust
,
2023-6,
A1,
144A,
6.665%,
9/25/68
....................
United
States
313,943
313,721
k
2023-INV3,
A1,
144A,
FRN,
6.876%,
11/25/68
............
United
States
1,051,557
1,054,687
2024-2,
A1,
144A,
6.095%,
2/25/69
....................
United
States
326,058
326,767
2024-3,
A1,
144A,
6.338%,
4/25/69
....................
United
States
1,509,818
1,516,818
2024-4,
A1,
144A,
6.218%,
6/25/69
....................
United
States
1,124,173
1,129,283
2024-INV1,
A1,
144A,
6.116%,
3/25/69
..................
United
States
445,277
446,638
k
2026-R6,
A1,
144A,
FRN,
5.765%,
7/25/68
...............
United
States
1,498,000
1,502,613
131,677,478
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$133,727,533)
..............
131,733,992
Agency
Commercial
Mortgage-Backed
Securities
7.8%
Financial
Services
7.8%
FHLMC
,
f
413,
F23,
FRN,
4.666%,
(
30-day
SOFR
Average
+
1.05%),
5/25/54
.........................................
United
States
2,124,812
2,138,340
l
5365,
IO,
2.5%,
7/25/51
.............................
United
States
18,540,232
2,928,619
f
5391,
FA,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
3/25/54
.........................................
United
States
1,837,349
1,852,123
f
5419,
AF,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
6/25/54
.........................................
United
States
2,567,179
2,587,791
f
5420,
CF,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
6/25/54
.........................................
United
States
2,775,293
2,796,828
f
5438,
FB,
FRN,
4.516%,
(30-day
SOFR
Average
+
0.9%),
8/25/54
.........................................
United
States
3,142,659
3,156,977
f
5438,
FC,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
8/25/54
.........................................
United
States
3,976,049
4,007,078
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
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FHLMC,
(continued)
f
5478,
FK,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
2/25/54
.........................................
United
States
4,423,112
$
4,457,876
f
5510,
FK,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
2/25/55
.........................................
United
States
3,450,428
3,477,564
f
5517,
FH,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
3/25/55
.........................................
United
States
4,579,348
4,621,126
f
5534,
FY,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
5/25/55
.........................................
United
States
7,427,293
7,511,189
f
5537,
FC,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
5/25/55
.........................................
United
States
8,215,509
8,296,117
f
5549,
FE,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
6/25/55
.........................................
United
States
6,600,475
6,644,177
f
5568,
FG,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
8/25/55
.........................................
United
States
6,514,249
6,568,690
f
5613,
CF,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
1/25/56
.........................................
United
States
9,643,617
9,678,738
f
5651,
KF,
FRN,
4.416%,
(30-day
SOFR
Average
+
0.8%),
8/25/55
.........................................
United
States
9,193,001
9,190,975
FNMA
,
l
2020-77,
HI,
IO,
4%,
11/25/50
........................
United
States
10,898,904
2,203,614
f
2024-105,
AF,
FRN,
4.666%,
(30-day
SOFR
Average
+
1.05%),
1/25/55
.........................................
United
States
4,370,903
4,396,659
f
2024-22,
FG,
FRN
,
4.816%,
(30-day
SOFR
Average
+
1.2%),
5/25/54
.........................................
United
States
4,494,141
4,543,566
f
2024-39,
DF,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
6/25/54
.........................................
United
States
5,155,065
5,196,739
f
2024-54,
FC,
FRN,
4.586%,
(
30-day
SOFR
Average
+
0.97%),
8/25/54
.........................................
United
States
2,513,748
2,532,031
f
2024-77,
DF,
FRN,
4.816%,
(30-day
SOFR
Average
+
1.2%),
10/25/53
........................................
United
States
6,794,437
6,870,513
f
2024-77,
FM,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
11/25/54
........................................
United
States
3,369,070
3,369,557
f
2024-8,
FA,
FRN,
4.666%,
(30-day
SOFR
Average
+
1.05%),
3/25/54
.........................................
United
States
5,029,522
5,077,794
f
2024-93,
FD,
FRN,
4.666%,
(30-day
SOFR
Average
+
1.05%),
12/25/54
........................................
United
States
4,698,652
4,728,650
f
2024-98,
FA,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
12/25/53
........................................
United
States
4,588,677
4,632,278
f
2026-43,
FD,
FRN,
4.546%,
(30-day
SOFR
Average
+
0.93%),
6/25/56
.........................................
United
States
4,521,082
4,523,229
l
438,
C7,
IO,
3%,
1/25/53
............................
United
States
18,698,729
3,322,751
l
GNMA
,
2019-137,
PI,
IO,
3.5%,
11/20/49
......................
United
States
18,399,221
3,555,571
2020-189,
IA,
IO,
4%,
12/20/49
.......................
United
States
14,903,068
3,255,762
2022-155,
IA,
IO,
2.5%,
10/20/50
......................
United
States
19,368,451
2,798,092
k
2026-133,
IO,
FRN,
0.832%,
4/16/65
...................
United
States
27,524,000
1,721,271
142,642,285
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$141,616,176)
......
142,642,285
Municipal
Bonds
0.5%
Alabama
0.0%
†
Alabama
Economic
Settlement
Authority
,
BP
Settlement
Fund
,
Revenue
,
2016
B
,
4.263
%
,
9/15/32
....................
United
States
485,000
475,756
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
Municipal
Bonds
(continued)
California
0.3%
Los
Angeles
Housing
Authority
,
Harbor
View
Housing
Partners
LP
,
Revenue
,
2026
,
5.2
%
,
8/01/30
........................
United
States
5,175,000
$
5,207,561
State
of
California
,
GO
,
4.35
%
,
11/01/32
..................
United
States
415,000
404,665
5,612,226
Florida
0.0%
†
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
300,000
307,645
Illinois
0.1%
City
of
Chicago
,
GO
,
2017
B
,
PEDM
,
7.045
%
,
1/01/29
........
United
States
155,000
157,478
State
of
Illinois
,
GO
,
2026
A
,
4.854
%
,
4/01/32
..............
United
States
345,000
342,682
500,160
Pennsylvania
0.0%
†
Philadelphia
Authority
for
Industrial
Development
,
City
of
Philadelphia
,
Revenue
,
2004
,
NATL
Insured
,
6.55
%
,
10/15/28
United
States
260,000
269,786
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
4.132
%
,
11/01/30
.........
United
States
170,000
166,370
436,156
South
Carolina
0.1%
South
Carolina
Public
Service
Authority
,
Revenue
,
2009
F
,
5.74
%
,
1/01/30
.........................................
United
States
625,000
637,144
Virginia
0.0%
†
Virginia
Commonwealth
University
,
Revenue
,
2020
B
,
Refunding
,
2.124
%
,
11/01/30
..................................
United
States
295,000
266,789
Total
Municipal
Bonds
(Cost
$8,267,598)
.....................................
8,235,876
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,n
All
Day
Electric,
Inc.,
Escrow
Account
....................
United
States
160
—
a,n
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
60,686
968
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
.................................
968
Total
Long
Term
Investments
(Cost
$1,771,567,502)
...........................
1,755,562,384
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.
64
Short
Term
Investments
3.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.2%
b,o
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
.........................................
United
States
57,550,276
$
57,550,276
Total
Money
Market
Funds
(Cost
$57,550,276)
................................
57,550,276
Total
Short
Term
Investments
(Cost
$57,550,276
)
..............................
57,550,276
a
Total
Investments
(Cost
$1,829,117,778)
99.8%
................................
$1,813,112,660
Options
Written
(0.0)%
†
....................................................
(2,383)
Other
Assets,
less
Liabilities
0.2%
...........................................
5,097,842
Net
Assets
100.0%
.........................................................
$1,818,208,119
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Puts
-
Over-the-Counter
Credit
Default
Swaptions
(0.0)%
†
Sell
protection
on
CDX.NA.HY.46-V2
,
Strike
Price
$1.07,
Counterparty
GSCO,
Expires
8/05/26
...................
1
(9,100,000)
(2,383)
Total
Options
Written
(Premiums
received
$9,108)
.............................
$
(2,383)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
b
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
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
July
31,
2026,
the
aggregate
value
of
these
securities
was
$695,860,990,
representing
38.3%
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
See
Note
4
regarding
unfunded
loan
commitments.
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
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
July
31,
2026,
the
value
of
this
security
pledged
amounted
to
$5,719,224,
representing
0.3%
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
Non-income
producing.
o
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Low
Duration
Total
Return
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
,
At
July
31,
2026,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
0.1%
a
Block,
Inc.
b
3212181.SQ.FTS.B
,
7
.601
%
,
3/18/32
....
$
380
$
–
b
3210332.SQ.FTS.B
,
7
.921
%
,
3/18/32
....
4,369
–
b
3232249.SQ.FTS.B
,
3
.398
%
,
3/25/32
....
828
–
b
3233993.SQ.FTS.B
,
4
.689
%
,
3/26/32
....
355
–
b
3234758.SQ.FTS.B
,
5
.438
%
,
3/28/32
....
637
–
b
3238373.SQ.FTS.B
,
4
.759
%
,
3/29/32
....
870
–
b
3255010.SQ.FTS.B
,
7
.921
%
,
4/07/32
....
1,659
–
b
3260194.SQ.FTS.B
,
3
.38
%
,
4/09/32
.....
204
–
b
3297660.SQ.FTS.B
,
5
.348
%
,
4/24/32
....
556
–
b
3311752.SQ.FTS.B
,
2
.821
%
,
4/30/32
....
252
–
b
3320535.SQ.FTS.B
,
7
.19
%
,
5/05/32
.....
13,177
–
b
3336690.SQ.FTS.B
,
5
.389
%
,
5/12/32
....
486
–
b
3336181.SQ.FTS.B
,
5
.769
%
,
5/12/32
....
7,935
–
b
3344944.SQ.FTS.B
,
5
.449
%
,
5/17/32
....
877
–
b
3361155.SQ.FTS.B
,
2
.72
%
,
5/19/32
.....
1,466
–
b
3366564.SQ.FTS.B
,
2
.747
%
,
5/20/32
....
120
–
b
3365511.SQ.FTS.B
,
4
.762
%
,
5/20/32
....
243
–
b
3371556.SQ.FTS.B
,
2
.72
%
,
5/23/32
.....
698
–
b
3401486.SQ.FTS.B
,
4
.108
%
,
6/02/32
....
263
–
b
3407926.SQ.FTS.B
,
2
.742
%
,
6/03/32
....
1,511
–
b
3411766.SQ.FTS.B
,
4
.65
%
,
6/04/32
.....
5,695
1
b
3414237.SQ.FTS.B
,
6
.046
%
,
6/05/32
....
2,276
–
b
3415734.SQ.FTS.B
,
5
.449
%
,
6/07/32
....
4,366
–
b
3419699.SQ.FTS.B
,
3
.363
%
,
6/08/32
....
10,480
–
b
3425756.SQ.FTS.B
,
2
.712
%
,
6/10/32
....
821
–
b
3428606.SQ.FTS.B
,
7
.19
%
,
6/11/32
.....
2,028
–
b
3433089.SQ.FTS.B
,
4
.075
%
,
6/14/32
....
396
–
b
3432767.SQ.FTS.B
,
5
.396
%
,
6/14/32
....
1,841
–
b
3434383.SQ.FTS.B
,
7
.19
%
,
6/14/32
.....
11,741
–
b
3436460.SQ.FTS.B
,
2
.718
%
,
6/15/32
....
585
–
b
3437194.SQ.FTS.B
,
2
.73
%
,
6/15/32
.....
1,490
–
b
3435958.SQ.FTS.B
,
2
.734
%
,
6/15/32
....
2,155
–
b
3436486.SQ.FTS.B
,
2
.761
%
,
6/15/32
....
376
–
b
3437850.SQ.FTS.B
,
4
.739
%
,
6/16/32
....
4,084
–
b
3452149.SQ.FTS.B
,
4
.717
%
,
6/21/32
....
969
–
b
3463095.SQ.FTS.B
,
4
.008
%
,
6/23/32
....
11,405
–
b
3472489.SQ.FTS.B
,
4
.098
%
,
6/26/32
....
2,604
–
b
3487584.SQ.FTS.B
,
2
.731
%
,
6/30/32
....
2,184
–
b
3510070.SQ.FTS.B
,
7
.19
%
,
7/06/32
.....
25,800
1
b
3513483.SQ.FTS.B
,
7
.194
%
,
7/07/32
....
4,792
–
b
3521469.SQ.FTS.B
,
4
.648
%
,
7/08/32
....
3,422
–
b
3516078.SQ.FTS.B
,
6
.046
%
,
7/08/32
....
8,033
–
b
3559884.SQ.FTS.B
,
5
.409
%
,
7/19/32
....
616
–
b
3566831.SQ.FTS.B
,
4
.006
%
,
7/20/32
....
2,799
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
3573904.SQ.FTS.B
,
7
.19
%
,
7/21/32
.....
$
2,469
$
–
b
3572652.SQ.FTS.B
,
7
.205
%
,
7/21/32
....
758
–
b
3612013.SQ.FTS.B
,
3
.339
%
,
7/29/32
....
3,513
–
b
3612313.SQ.FTS.B
,
3
.338
%
,
7/30/32
....
3,994
–
b
3616837.SQ.FTS.B
,
3
.338
%
,
8/01/32
....
1,256
–
b
3622745.SQ.FTS.B
,
6
.472
%
,
8/03/32
....
5,722
–
b
3629212.SQ.FTS.B
,
4
.021
%
,
8/05/32
....
316
–
b
3631012.SQ.FTS.B
,
3
.34
%
,
8/07/32
.....
702
–
b
3693768.SQ.FTS.B
,
6
.472
%
,
8/20/32
....
1,735
–
b
3700150.SQ.FTS.B
,
4
.77
%
,
8/22/32
.....
3,008
–
b
3760407.SQ.FTS.B
,
3
.331
%
,
9/01/32
....
3,543
–
b
3842781.SQ.FTS.B
,
5
.079
%
,
9/11/32
....
10,067
1
b
3849313.SQ.FTS.B
,
3
.333
%
,
9/12/32
....
204
–
b
3849333.SQ.FTS.B
,
3
.336
%
,
9/12/32
....
8,085
–
b
3849054.SQ.FTS.B
,
4
.762
%
,
9/12/32
....
679
–
b
3869455.SQ.FTS.B
,
6
.476
%
,
9/17/32
....
7,514
–
b
3877914.SQ.FTS.B
,
6
.472
%
,
9/18/32
....
1,608
–
b
3908447.SQ.FTS.B
,
6
.149
%
,
9/24/32
....
608
–
b
3948363.SQ.FTS.B
,
3
.327
%
,
9/30/32
....
386
–
b
3953788.SQ.FTS.B
,
5
.339
%
,
9/30/32
....
6,116
–
b
3953673.SQ.FTS.B
,
6
.149
%
,
9/30/32
....
673
–
b
3944713.SQ.FTS.B
,
6
.472
%
,
9/30/32
....
16,717
–
b
3988483.SQ.FTS.B
,
3
.332
%
,
10/06/32
...
6,804
–
b
3995187.SQ.FTS.B
,
5
.079
%
,
10/07/32
...
966
–
b
4012864.SQ.FTS.B
,
3
.365
%
,
10/08/32
...
417
–
b
4006108.SQ.FTS.B
,
6
.472
%
,
10/08/32
...
3,609
–
b
4030312.SQ.FTS.B
,
4
.693
%
,
10/13/32
...
596
–
b
4027848.SQ.FTS.B
,
5
.079
%
,
10/13/32
...
13,882
–
b
4039216.SQ.FTS.B
,
4
.675
%
,
10/15/32
...
645
–
b
4044447.SQ.FTS.B
,
4
.764
%
,
10/16/32
...
14,344
1
b
4077814.SQ.FTS.B
,
3
.972
%
,
10/23/32
...
2,357
–
b
4079086.SQ.FTS.B
,
5
.079
%
,
10/23/32
...
3,779
–
b
4079838.SQ.FTS.B
,
5
.079
%
,
10/23/32
...
6,825
–
b
4080547.SQ.FTS.B
,
4
.688
%
,
10/24/32
...
1,952
–
b
4095538.SQ.FTS.B
,
6
.472
%
,
10/28/32
...
3,487
–
b
4125734.SQ.FTS.B
,
5
.079
%
,
11/05/32
...
4,285
–
b
4138127.SQ.FTS.B
,
5
.079
%
,
11/09/32
...
2,987
–
b
4142060.SQ.FTS.B
,
4
.771
%
,
11/10/32
...
1,222
–
b
4147030.SQ.FTS.B
,
3
.342
%
,
11/11/32
...
346
–
b
4163065.SQ.FTS.B
,
4
.762
%
,
11/14/32
...
1,168
–
b
4171907.SQ.FTS.B
,
3
.973
%
,
11/17/32
...
4,783
–
b
4171680.SQ.FTS.B
,
5
.083
%
,
11/17/32
...
3,222
–
b
4186988.SQ.FTS.B
,
3
.34
%
,
11/20/32
....
375
–
b
4189414.SQ.FTS.B
,
3
.351
%
,
11/20/32
...
259
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
a
Block,
Inc.
(continued)
b
4197129.SQ.FTS.B
,
3
.302
%
,
11/21/32
...
$
38
$
–
b
4200379.SQ.FTS.B
,
3
.351
%
,
11/23/32
...
1,060
–
b
4207561.SQ.FTS.B
,
3
.968
%
,
11/25/32
...
1,742
–
b
4229796.SQ.FTS.B
,
5
.093
%
,
11/27/32
...
2,213
–
b
4271659.SQ.FTS.B
,
3
.327
%
,
12/04/32
...
970
–
b
4267608.SQ.FTS.B
,
5
.079
%
,
12/04/32
...
4,641
–
b
4280865.SQ.FTS.B
,
4
.762
%
,
12/07/32
...
7,930
–
b
4309215.SQ.FTS.B
,
4
.77
%
,
12/10/32
....
2,829
–
b
4315085.SQ.FTS.B
,
3
.322
%
,
12/11/32
...
753
–
b
4315019.SQ.FTS.B
,
4
.779
%
,
12/11/32
...
1,296
–
b
4314394.SQ.FTS.B
,
5
.079
%
,
12/11/32
...
4,763
–
b
4333949.SQ.FTS.B
,
5
.097
%
,
12/17/32
...
1,348
–
b
4342268.SQ.FTS.B
,
5
.079
%
,
12/20/32
...
3,769
–
b
4345972.SQ.FTS.B
,
4
.762
%
,
12/21/32
...
457
–
b
4352084.SQ.FTS.B
,
3
.963
%
,
12/22/32
...
1,688
–
b
4352239.SQ.FTS.B
,
4
.762
%
,
12/22/32
...
620
1
b
4383604.SQ.FTS.B
,
4
.739
%
,
12/30/32
...
2,916
–
b
4390373.SQ.FTS.B
,
2
.977
%
,
1/02/33
....
527
–
b
4390406.SQ.FTS.B
,
3
.628
%
,
1/02/33
....
834
–
b
4394687.SQ.FTS.B
,
3
.012
%
,
1/06/33
....
832
–
b
4413064.SQ.FTS.B
,
4
.739
%
,
1/15/33
....
661
–
b
4413957.SQ.FTS.B
,
2
.97
%
,
1/16/33
.....
356
–
b
4430691.SQ.FTS.B
,
3
.002
%
,
1/22/33
....
968
–
b
4431496.SQ.FTS.B
,
3
.002
%
,
1/22/33
....
432
–
b
4438299.SQ.FTS.B
,
4
.423
%
,
1/27/33
....
2,530
–
b
4438563.SQ.FTS.B
,
4
.739
%
,
1/27/33
....
14,155
–
b
4452962.SQ.FTS.B
,
4
.739
%
,
2/03/33
....
8,915
–
b
4455128.SQ.FTS.B
,
3
.003
%
,
2/04/33
....
2,253
–
b
4457642.SQ.FTS.B
,
3
.633
%
,
2/05/33
....
3,469
–
b
4463189.SQ.FTS.B
,
2
.996
%
,
2/09/33
....
2,140
–
b
4465207.SQ.FTS.B
,
3
.007
%
,
2/10/33
....
3,432
–
b
4481874.SQ.FTS.B
,
3
.005
%
,
2/19/33
....
1,551
–
b
4481855.SQ.FTS.B
,
3
.016
%
,
2/19/33
....
1,079
–
b
4484475.SQ.FTS.B
,
2
.998
%
,
2/20/33
....
3,439
–
b
4484542.SQ.FTS.B
,
4
.744
%
,
2/20/33
....
6,016
–
b
4488928.SQ.FTS.B
,
2
.992
%
,
2/23/33
....
703
–
b
4489974.SQ.FTS.B
,
4
.423
%
,
2/24/33
....
4,041
–
b
4499783.SQ.FTS.B
,
4
.403
%
,
2/28/33
....
63
–
b
4508723.SQ.FTS.B
,
3
.299
%
,
3/02/33
....
6,372
–
b
4510936.SQ.FTS.B
,
4
.403
%
,
3/03/33
....
3,094
–
b
4513287.SQ.FTS.B
,
4
.562
%
,
3/04/33
....
12,361
1
b
4514072.SQ.FTS.B
,
3
.309
%
,
3/05/33
....
1,866
–
b
4516974.SQ.FTS.B
,
4
.093
%
,
3/07/33
....
88
–
b
4519611.SQ.FTS.B
,
2
.673
%
,
3/08/33
....
12,933
–
b
4532929.SQ.FTS.B
,
4
.403
%
,
3/14/33
....
2,327
–
b
4534513.SQ.FTS.B
,
2
.683
%
,
3/15/33
....
304
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
4535094.SQ.FTS.B
,
4
.403
%
,
3/15/33
....
$
2,052
$
–
b
4540937.SQ.FTS.B
,
2
.677
%
,
3/17/33
....
6,282
–
b
4546342.SQ.FTS.B
,
3
.302
%
,
3/20/33
....
3,208
–
b
4549873.SQ.FTS.B
,
3
.774
%
,
3/21/33
....
201
–
b
4549880.SQ.FTS.B
,
4
.557
%
,
3/21/33
....
3,819
–
b
4549725.SQ.FTS.B
,
4
.56
%
,
3/21/33
.....
3,736
1
b
4548999.SQ.FTS.B
,
4
.562
%
,
3/21/33
....
4,823
–
b
4550265.SQ.FTS.B
,
4
.886
%
,
3/21/33
....
545
–
b
4555245.SQ.FTS.B
,
3
.302
%
,
3/23/33
....
4,885
–
b
4557410.SQ.FTS.B
,
3
.304
%
,
3/23/33
....
5,012
–
b
4556429.SQ.FTS.B
,
3
.927
%
,
3/23/33
....
3,512
–
b
4558347.SQ.FTS.B
,
4
.55
%
,
3/23/33
.....
1,070
–
b
4556489.SQ.FTS.B
,
4
.56
%
,
3/23/33
.....
2,476
–
b
4556569.SQ.FTS.B
,
4
.561
%
,
3/23/33
....
18,356
–
b
4561168.SQ.FTS.B
,
4
.56
%
,
3/24/33
.....
715
–
b
4561751.SQ.FTS.B
,
4
.728
%
,
3/25/33
....
3,074
–
b
4562273.SQ.FTS.B
,
4
.403
%
,
3/26/33
....
3,405
–
b
4565857.SQ.FTS.B
,
4
.561
%
,
3/27/33
....
14,859
1
b
4563389.SQ.FTS.B
,
5
.031
%
,
3/27/33
....
3,392
–
b
4579623.SQ.FTS.B
,
4
.561
%
,
4/01/33
....
30,289
1
b
4581555.SQ.FTS.B
,
3
.774
%
,
4/02/33
....
12,639
1
b
4581333.SQ.FTS.B
,
5
.031
%
,
4/02/33
....
3,759
1
b
4582331.SQ.FTS.B
,
4
.406
%
,
4/03/33
....
5,425
1
b
4585539.SQ.FTS.B
,
2
.695
%
,
4/04/33
....
643
–
b
4586510.SQ.FTS.B
,
5
.031
%
,
4/04/33
....
6,337
–
b
4589242.SQ.FTS.B
,
4
.582
%
,
4/05/33
....
488
–
b
4600950.SQ.FTS.B
,
4
.56
%
,
4/07/33
.....
936
–
b
4601908.SQ.FTS.B
,
4
.566
%
,
4/08/33
....
835
–
b
4603785.SQ.FTS.B
,
4
.726
%
,
4/08/33
....
2,545
–
b
4601418.SQ.FTS.B
,
4
.873
%
,
4/08/33
....
4,582
–
b
4604781.SQ.FTS.B
,
3
.774
%
,
4/09/33
....
302
1
b
4606526.SQ.FTS.B
,
3
.31
%
,
4/11/33
.....
462
–
b
4606149.SQ.FTS.B
,
4
.556
%
,
4/11/33
....
2,129
–
b
4607817.SQ.FTS.B
,
3
.296
%
,
4/12/33
....
768
–
b
4609191.SQ.FTS.B
,
3
.303
%
,
4/12/33
....
3,661
–
b
4612864.SQ.FTS.B
,
3
.302
%
,
4/13/33
....
831
–
b
4612909.SQ.FTS.B
,
4
.56
%
,
4/13/33
.....
2,565
1
b
4618572.SQ.FTS.B
,
4
.403
%
,
4/14/33
....
927
–
b
4620208.SQ.FTS.B
,
4
.873
%
,
4/14/33
....
2,314
–
b
4618545.SQ.FTS.B
,
5
.031
%
,
4/14/33
....
2,720
–
b
4623698.SQ.FTS.B
,
4
.557
%
,
4/15/33
....
4,549
–
b
4622912.SQ.FTS.B
,
4
.56
%
,
4/15/33
.....
12,026
–
b
4626052.SQ.FTS.B
,
3
.306
%
,
4/18/33
....
3,539
–
b
4627946.SQ.FTS.B
,
4
.406
%
,
4/18/33
....
189
–
b
4625409.SQ.FTS.B
,
4
.565
%
,
4/18/33
....
1,903
–
b
4626904.SQ.FTS.B
,
5
.031
%
,
4/18/33
....
4,667
–
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)
a
Block,
Inc.
(continued)
b
4630473.SQ.FTS.B
,
4
.571
%
,
4/19/33
....
$
336
$
–
b
4631665.SQ.FTS.B
,
4
.72
%
,
4/20/33
.....
4,254
–
b
4637259.SQ.FTS.B
,
3
.922
%
,
4/22/33
....
146
–
b
4639123.SQ.FTS.B
,
3
.945
%
,
4/22/33
....
1,166
–
b
4639291.SQ.FTS.B
,
4
.715
%
,
4/22/33
....
2,606
–
b
4641955.SQ.FTS.B
,
4
.559
%
,
4/25/33
....
13,703
–
b
4645672.SQ.FTS.B
,
4
.405
%
,
4/26/33
....
10,185
–
b
4646691.SQ.FTS.B
,
4
.553
%
,
4/26/33
....
582
–
b
4646107.SQ.FTS.B
,
4
.561
%
,
4/26/33
....
2,393
1
b
4650952.SQ.FTS.B
,
4
.56
%
,
4/28/33
.....
2,708
1
b
4652170.SQ.FTS.B
,
4
.568
%
,
4/28/33
....
3,326
–
b
4655105.SQ.FTS.B
,
4
.557
%
,
4/29/33
....
1,842
–
b
4654724.SQ.FTS.B
,
4
.56
%
,
4/29/33
.....
439
–
b
4656767.SQ.FTS.B
,
5
.031
%
,
4/30/33
....
2,269
–
b
4660611.SQ.FTS.B
,
3
.774
%
,
5/01/33
....
1,867
–
b
4660577.SQ.FTS.B
,
4
.557
%
,
5/01/33
....
5,607
–
b
4662056.SQ.FTS.B
,
4
.56
%
,
5/02/33
.....
40,082
–
b
4665723.SQ.FTS.B
,
4
.569
%
,
5/03/33
....
813
–
b
4669203.SQ.FTS.B
,
3
.27
%
,
5/04/33
.....
309
–
b
4669930.SQ.FTS.B
,
3
.935
%
,
5/04/33
....
1,076
–
b
4668525.SQ.FTS.B
,
3
.983
%
,
5/04/33
....
412
–
b
4679063.SQ.FTS.B
,
3
.302
%
,
5/08/33
....
2,470
–
b
4682306.SQ.FTS.B
,
4
.403
%
,
5/08/33
....
19,587
1
b
4684220.SQ.FTS.B
,
4
.566
%
,
5/08/33
....
332
–
b
4684103.SQ.FTS.B
,
4
.574
%
,
5/08/33
....
761
–
b
4681090.SQ.FTS.B
,
4
.886
%
,
5/08/33
....
1,211
–
b
4704761.SQ.FTS.B
,
5
.031
%
,
5/10/33
....
1,417
–
b
4710517.SQ.FTS.B
,
4
.717
%
,
5/12/33
....
2,796
–
b
4719485.SQ.FTS.B
,
4
.555
%
,
5/15/33
....
1,259
–
b
4717011.SQ.FTS.B
,
4
.874
%
,
5/15/33
....
8,731
–
b
4746441.SQ.FTS.B
,
4
.557
%
,
5/19/33
....
1,214
–
b
4763575.SQ.FTS.B
,
4
.403
%
,
5/23/33
....
1,338
–
b
4761481.SQ.FTS.B
,
5
.031
%
,
5/23/33
....
4,254
–
b
4773719.SQ.FTS.B
,
4
.72
%
,
5/24/33
.....
1,216
–
b
4790074.SQ.FTS.B
,
4
.568
%
,
5/29/33
....
1,864
–
b
4789346.SQ.FTS.B
,
5
.031
%
,
5/29/33
....
6,004
–
b
4794467.SQ.FTS.B
,
4
.539
%
,
5/30/33
....
116
–
b
4796271.SQ.FTS.B
,
4
.874
%
,
5/30/33
....
1,575
1
b
4799750.SQ.FTS.B
,
4
.403
%
,
6/01/33
....
3,222
–
b
4812628.SQ.FTS.B
,
4
.403
%
,
6/03/33
....
7,404
–
b
4810478.SQ.FTS.B
,
4
.717
%
,
6/03/33
....
13,210
–
b
4814186.SQ.FTS.B
,
4
.874
%
,
6/03/33
....
3,604
1
b
4819764.SQ.FTS.B
,
5
.031
%
,
6/07/33
....
1,187
–
b
4829812.SQ.FTS.B
,
4
.088
%
,
6/10/33
....
291
–
b
4831455.SQ.FTS.B
,
4
.57
%
,
6/10/33
.....
1,012
–
b
4832246.SQ.FTS.B
,
4
.734
%
,
6/10/33
....
58
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
4829826.SQ.FTS.B
,
4
.877
%
,
6/10/33
....
$
2,529
$
–
b
4839177.SQ.FTS.B
,
3
.593
%
,
6/14/33
....
1,366
–
b
4839467.SQ.FTS.B
,
4
.403
%
,
6/14/33
....
1,586
–
b
4840100.SQ.FTS.B
,
4
.729
%
,
6/14/33
....
1,543
–
b
4860368.SQ.FTS.B
,
4
.874
%
,
6/17/33
....
989
–
b
4862500.SQ.FTS.B
,
4
.225
%
,
6/18/33
....
1,169
–
b
4862382.SQ.FTS.B
,
4
.251
%
,
6/18/33
....
5,131
–
b
4866679.SQ.FTS.B
,
4
.695
%
,
6/20/33
....
1,660
–
b
4863679.SQ.FTS.B
,
4
.938
%
,
6/20/33
....
16,205
–
b
4867627.SQ.FTS.B
,
4
.72
%
,
6/21/33
.....
2,052
–
b
4867691.SQ.FTS.B
,
4
.892
%
,
6/21/33
....
43
–
b
4868930.SQ.FTS.B
,
5
.371
%
,
6/21/33
....
1,648
–
b
4868123.SQ.FTS.B
,
5
.391
%
,
6/21/33
....
533
–
b
4872677.SQ.FTS.B
,
2
.973
%
,
6/22/33
....
3,275
–
b
4873945.SQ.FTS.B
,
3
.603
%
,
6/22/33
....
3,094
–
b
4872471.SQ.FTS.B
,
4
.22
%
,
6/22/33
.....
1,391
–
b
4873268.SQ.FTS.B
,
4
.403
%
,
6/22/33
....
6,701
–
b
4874117.SQ.FTS.B
,
4
.406
%
,
6/22/33
....
3,833
–
b
4873083.SQ.FTS.B
,
4
.538
%
,
6/22/33
....
9,479
–
b
4871945.SQ.FTS.B
,
4
.557
%
,
6/22/33
....
5,985
–
b
4877319.SQ.FTS.B
,
3
.555
%
,
6/25/33
....
1,558
–
b
4877302.SQ.FTS.B
,
4
.741
%
,
6/25/33
....
624
–
b
4877812.SQ.FTS.B
,
4
.225
%
,
6/26/33
....
2,156
–
b
4880109.SQ.FTS.B
,
3
.428
%
,
6/27/33
....
10,497
1
b
4878164.SQ.FTS.B
,
4
.56
%
,
6/27/33
.....
1,101
–
b
4880047.SQ.FTS.B
,
4
.945
%
,
6/27/33
....
132
–
b
4881617.SQ.FTS.B
,
2
.961
%
,
6/28/33
....
1,646
–
b
4882604.SQ.FTS.B
,
3
.791
%
,
6/28/33
....
4,323
–
b
4880571.SQ.FTS.B
,
4
.403
%
,
6/28/33
....
14,651
–
b
4881988.SQ.FTS.B
,
4
.56
%
,
6/28/33
.....
41,908
3
b
4886936.SQ.FTS.B
,
4
.56
%
,
6/30/33
.....
29,822
–
b
4889578.SQ.FTS.B
,
4
.874
%
,
7/01/33
....
6,235
–
b
4891549.SQ.FTS.B
,
4
.717
%
,
7/03/33
....
3,445
–
b
4893163.SQ.FTS.B
,
4
.716
%
,
7/04/33
....
12,426
–
b
4901122.SQ.FTS.B
,
3
.919
%
,
7/07/33
....
611
–
b
4905832.SQ.FTS.B
,
3
.893
%
,
7/10/33
....
6,058
–
b
4907500.SQ.FTS.B
,
4
.789
%
,
7/11/33
....
4,190
–
b
4908035.SQ.FTS.B
,
4
.87
%
,
7/11/33
.....
5,837
–
b
4923842.SQ.FTS.B
,
4
.565
%
,
7/16/33
....
1,929
–
b
4924187.SQ.FTS.B
,
3
.294
%
,
7/17/33
....
357
–
b
4925184.SQ.FTS.B
,
3
.774
%
,
7/18/33
....
2,723
–
b
4925548.SQ.FTS.B
,
4
.071
%
,
7/18/33
....
16,715
–
b
4925972.SQ.FTS.B
,
4
.287
%
,
7/18/33
....
7,444
1
b
4926169.SQ.FTS.B
,
5
.233
%
,
7/18/33
....
261
–
b
4927104.SQ.FTS.B
,
5
.031
%
,
7/19/33
....
7,625
1
b
4937358.SQ.FTS.B
,
4
.44
%
,
7/24/33
.....
640
–
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)
a
Block,
Inc.
(continued)
b
4938983.SQ.FTS.B
,
2
.516
%
,
7/25/33
....
$
1,318
$
–
b
4942412.SQ.FTS.B
,
3
.587
%
,
7/26/33
....
13,011
1
b
4955556.SQ.FTS.B
,
3
.321
%
,
7/29/33
....
1,340
–
b
4968011.SQ.FTS.B
,
4
.403
%
,
8/02/33
....
732
–
b
4968065.SQ.FTS.B
,
4
.403
%
,
8/02/33
....
9,113
1
b
4975394.SQ.FTS.B
,
3
.941
%
,
8/05/33
....
1,503
–
b
4981810.SQ.FTS.B
,
3
.587
%
,
8/09/33
....
904
–
b
4981564.SQ.FTS.B
,
4
.735
%
,
8/09/33
....
474
–
b
4989575.SQ.FTS.B
,
4
.874
%
,
8/11/33
....
1,283
–
b
4990812.SQ.FTS.B
,
3
.57
%
,
8/12/33
.....
3,319
–
b
4990427.SQ.FTS.B
,
4
.183
%
,
8/12/33
....
646
–
b
4991412.SQ.FTS.B
,
5
.031
%
,
8/13/33
....
1,244
–
b
4992493.SQ.FTS.B
,
4
.403
%
,
8/14/33
....
1,237
–
b
4993580.SQ.FTS.B
,
4
.92
%
,
8/14/33
.....
600
–
b
5006802.SQ.FTS.B
,
5
.031
%
,
8/16/33
....
7,127
–
b
5019192.SQ.FTS.B
,
3
.57
%
,
8/17/33
.....
10,195
1
b
5026306.SQ.FTS.B
,
2
.39
%
,
8/19/33
.....
5,011
–
b
5027172.SQ.FTS.B
,
4
.88
%
,
8/21/33
.....
156
–
b
5042184.SQ.FTS.B
,
3
.774
%
,
8/25/33
....
127
–
b
5044278.SQ.FTS.B
,
4
.559
%
,
8/27/33
....
3,444
–
b
5047301.SQ.FTS.B
,
4
.403
%
,
8/28/33
....
4,140
–
b
5053049.SQ.FTS.B
,
4
.873
%
,
9/02/33
....
110
–
b
5058089.SQ.FTS.B
,
4
.56
%
,
9/03/33
.....
14,655
–
b
5062108.SQ.FTS.B
,
3
.866
%
,
9/05/33
....
2,002
–
b
5065553.SQ.FTS.B
,
4
.72
%
,
9/07/33
.....
11,144
–
b
5075271.SQ.FTS.B
,
5
.031
%
,
9/10/33
....
1,219
–
b
5075922.SQ.FTS.B
,
3
.308
%
,
9/11/33
....
298
–
b
5075710.SQ.FTS.B
,
3
.358
%
,
9/11/33
....
2,580
–
b
5090985.SQ.FTS.B
,
4
.55
%
,
9/17/33
.....
383
–
b
5096024.SQ.FTS.B
,
4
.292
%
,
9/21/33
....
9,361
–
b
5096286.SQ.FTS.B
,
4
.561
%
,
9/21/33
....
250
–
b
5099070.SQ.FTS.B
,
4
.881
%
,
9/22/33
....
659
–
b
5102362.SQ.FTS.B
,
4
.874
%
,
9/23/33
....
26,662
–
b
5109707.SQ.FTS.B
,
4
.553
%
,
9/25/33
....
478
–
b
5110450.SQ.FTS.B
,
4
.717
%
,
9/26/33
....
4,298
–
b
5110232.SQ.FTS.B
,
5
.212
%
,
9/26/33
....
4,917
–
b
5114631.SQ.FTS.B
,
4
.867
%
,
9/29/33
....
2,038
–
b
5123870.SQ.FTS.B
,
4
.277
%
,
9/30/33
....
461
1
b
5123250.SQ.FTS.B
,
4
.56
%
,
9/30/33
.....
2,209
–
b
5118658.SQ.FTS.B
,
4
.717
%
,
9/30/33
....
542
–
b
5122398.SQ.FTS.B
,
4
.719
%
,
9/30/33
....
5,431
–
b
5130538.SQ.FTS.B
,
4
.159
%
,
10/04/33
...
2,193
–
b
5132890.SQ.FTS.B
,
3
.78
%
,
10/05/33
....
30,012
–
b
5135982.SQ.FTS.B
,
4
.403
%
,
10/05/33
...
11,822
1
b
5134488.SQ.FTS.B
,
5
.87
%
,
10/05/33
....
1,144
–
b
5138301.SQ.FTS.B
,
4
.56
%
,
10/06/33
....
2,419
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
5144732.SQ.FTS.B
,
3
.953
%
,
10/07/33
...
$
2,684
$
–
b
5142732.SQ.FTS.B
,
4
.579
%
,
10/07/33
...
163
–
b
5146188.SQ.FTS.B
,
5
.34
%
,
10/08/33
....
6,760
–
b
5155680.SQ.FTS.B
,
4
.337
%
,
10/12/33
...
521
–
b
5154060.SQ.FTS.B
,
4
.403
%
,
10/12/33
...
494
–
b
5156338.SQ.FTS.B
,
4
.557
%
,
10/12/33
...
2,755
–
b
5156676.SQ.FTS.B
,
4
.56
%
,
10/12/33
....
1,284
–
b
5160593.SQ.FTS.B
,
4
.56
%
,
10/13/33
....
14,723
–
b
5162594.SQ.FTS.B
,
3
.459
%
,
10/14/33
...
494
–
b
5163731.SQ.FTS.B
,
4
.56
%
,
10/14/33
....
7,221
–
b
5172784.SQ.FTS.B
,
4
.558
%
,
10/17/33
...
6,176
–
b
5179416.SQ.FTS.B
,
4
.717
%
,
10/18/33
...
2,654
–
b
5181201.SQ.FTS.B
,
3
.655
%
,
10/19/33
...
6,478
–
b
5183474.SQ.FTS.B
,
4
.56
%
,
10/19/33
....
575
–
b
5210392.SQ.FTS.B
,
4
.454
%
,
10/23/33
...
2,298
–
b
5220660.SQ.FTS.B
,
4
.564
%
,
10/26/33
...
1,403
–
b
5241436.SQ.FTS.B
,
4
.563
%
,
11/01/33
...
3,502
–
b
5243505.SQ.FTS.B
,
4
.13
%
,
11/02/33
....
20,719
1
b
5244949.SQ.FTS.B
,
4
.556
%
,
11/02/33
...
2,287
–
b
5245623.SQ.FTS.B
,
4
.562
%
,
11/02/33
...
4,046
–
b
5250769.SQ.FTS.B
,
3
.293
%
,
11/03/33
...
1,742
–
b
5250706.SQ.FTS.B
,
3
.704
%
,
11/03/33
...
1,023
–
b
5255302.SQ.FTS.B
,
2
.584
%
,
11/04/33
...
19,141
–
b
5254769.SQ.FTS.B
,
3
.306
%
,
11/04/33
...
1,097
–
b
5254554.SQ.FTS.B
,
4
.558
%
,
11/04/33
...
5,092
–
b
5266837.SQ.FTS.B
,
3
.031
%
,
11/05/33
...
3,783
–
b
5266476.SQ.FTS.B
,
4
.563
%
,
11/05/33
...
4,712
–
b
5262459.SQ.FTS.B
,
4
.568
%
,
11/05/33
...
220
–
b
5281103.SQ.FTS.B
,
5
.979
%
,
11/10/33
...
8,490
–
b
5293954.SQ.FTS.B
,
3
.21
%
,
11/14/33
....
344
–
b
5296287.SQ.FTS.B
,
3
.774
%
,
11/16/33
...
207
–
b
5305068.SQ.FTS.B
,
4
.56
%
,
11/17/33
....
77,744
–
b
5313405.SQ.FTS.B
,
3
.938
%
,
11/18/33
...
546
–
b
5316290.SQ.FTS.B
,
4
.577
%
,
11/19/33
...
884
–
b
5322693.SQ.FTS.B
,
5
.031
%
,
11/20/33
...
874
–
b
5325004.SQ.FTS.B
,
5
.207
%
,
11/22/33
...
1,379
–
b
5330101.SQ.FTS.B
,
3
.774
%
,
11/23/33
...
1,778
–
b
5328895.SQ.FTS.B
,
4
.563
%
,
11/23/33
...
2,371
–
b
5329785.SQ.FTS.B
,
4
.717
%
,
11/23/33
...
1,629
–
b
5363132.SQ.FTS.B
,
5
.031
%
,
11/26/33
...
7,301
–
b
5374200.SQ.FTS.B
,
3
.996
%
,
11/27/33
...
7,532
–
b
5372948.SQ.FTS.B
,
4
.559
%
,
11/27/33
...
7,104
–
b
5380422.SQ.FTS.B
,
4
.56
%
,
11/27/33
....
12,758
–
b
5381740.SQ.FTS.B
,
3
.913
%
,
11/29/33
...
733
–
b
5394107.SQ.FTS.B
,
4
.552
%
,
11/30/33
...
101
–
b
5411337.SQ.FTS.B
,
3
.132
%
,
12/01/33
...
839
–
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)
a
Block,
Inc.
(continued)
b
5400388.SQ.FTS.B
,
3
.308
%
,
12/01/33
...
$
2,133
$
–
b
5414769.SQ.FTS.B
,
3
.883
%
,
12/01/33
...
2,336
–
b
5414116.SQ.FTS.B
,
4
.215
%
,
12/01/33
...
15,698
–
b
5462926.SQ.FTS.B
,
4
.214
%
,
12/03/33
...
3,148
–
b
5473313.SQ.FTS.B
,
4
.528
%
,
12/04/33
...
665
–
b
5474055.SQ.FTS.B
,
4
.563
%
,
12/05/33
...
1,008
–
b
5518301.SQ.FTS.B
,
3
.302
%
,
12/08/33
...
22,861
1
b
5507161.SQ.FTS.B
,
4
.561
%
,
12/08/33
...
8,476
–
b
5528209.SQ.FTS.B
,
3
.774
%
,
12/09/33
...
9,462
–
b
5534237.SQ.FTS.B
,
3
.985
%
,
12/09/33
...
6,220
–
b
5532399.SQ.FTS.B
,
5
.225
%
,
12/09/33
...
1,906
–
b
5537587.SQ.FTS.B
,
4
.207
%
,
12/10/33
...
2,674
–
b
5540468.SQ.FTS.B
,
5
.594
%
,
12/11/33
...
1,805
–
b
5550397.SQ.FTS.B
,
4
.403
%
,
12/14/33
...
15,348
–
b
5557572.SQ.FTS.B
,
3
.296
%
,
12/15/33
...
1,381
–
b
5554806.SQ.FTS.B
,
4
.057
%
,
12/15/33
...
1,418
–
b
5565348.SQ.FTS.B
,
4
.56
%
,
12/17/33
....
8,568
–
b
5565100.SQ.FTS.B
,
4
.874
%
,
12/17/33
...
1,552
–
b
5568047.SQ.FTS.B
,
4
.875
%
,
12/18/33
...
25,893
–
b
5571589.SQ.FTS.B
,
4
.555
%
,
12/20/33
...
1,376
–
b
5575033.SQ.FTS.B
,
4
.551
%
,
12/21/33
...
1,017
–
b
5584916.SQ.FTS.B
,
3
.774
%
,
12/24/33
...
3,248
–
b
5588007.SQ.FTS.B
,
3
.301
%
,
12/25/33
...
16,177
–
b
5588652.SQ.FTS.B
,
4
.275
%
,
12/25/33
...
14
–
b
5588372.SQ.FTS.B
,
5
.031
%
,
12/25/33
...
8,728
–
b
5588819.SQ.FTS.B
,
4
.891
%
,
12/26/33
...
1,320
–
b
5595419.SQ.FTS.B
,
3
.858
%
,
12/28/33
...
1,222
–
b
5594146.SQ.FTS.B
,
4
.047
%
,
12/28/33
...
3,596
1
b
5598446.SQ.FTS.B
,
3
.281
%
,
12/29/33
...
607
–
b
5597324.SQ.FTS.B
,
3
.296
%
,
12/29/33
...
341
–
b
5600512.SQ.FTS.B
,
4
.406
%
,
12/29/33
...
8,322
–
b
5600497.SQ.FTS.B
,
4
.41
%
,
12/29/33
....
130
–
b
5610840.SQ.FTS.B
,
3
.305
%
,
12/30/33
...
7,751
–
b
5615484.SQ.FTS.B
,
5
.031
%
,
1/01/34
....
9,295
–
b
5618906.SQ.FTS.B
,
4
.56
%
,
1/03/34
.....
2,590
–
b
5622466.SQ.FTS.B
,
5
.37
%
,
1/05/34
.....
1,396
–
b
5628952.SQ.FTS.B
,
4
.715
%
,
1/06/34
....
4,403
–
b
5627076.SQ.FTS.B
,
4
.717
%
,
1/06/34
....
7,284
–
b
5627773.SQ.FTS.B
,
4
.724
%
,
1/06/34
....
1,198
–
b
5641349.SQ.FTS.B
,
4
.379
%
,
1/07/34
....
1,084
–
b
5662108.SQ.FTS.B
,
5
.031
%
,
1/11/34
....
6,816
–
b
5667327.SQ.FTS.B
,
4
.921
%
,
1/12/34
....
20,570
–
b
5718687.SQ.FTS.B
,
4
.559
%
,
1/20/34
....
167
–
b
5719839.SQ.FTS.B
,
4
.717
%
,
1/20/34
....
7,877
–
b
5729235.SQ.FTS.B
,
3
.774
%
,
1/21/34
....
3,033
1
b
5734498.SQ.FTS.B
,
3
.302
%
,
1/22/34
....
1,621
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
5732468.SQ.FTS.B
,
3
.883
%
,
1/22/34
....
$
186
$
–
b
5739159.SQ.FTS.B
,
4
.561
%
,
1/25/34
....
13,484
1
b
5738195.SQ.FTS.B
,
4
.874
%
,
1/25/34
....
854
–
b
5742284.SQ.FTS.B
,
4
.56
%
,
1/26/34
.....
5,660
–
b
5741356.SQ.FTS.B
,
4
.738
%
,
1/26/34
....
1,619
–
b
5744108.SQ.FTS.B
,
3
.774
%
,
1/27/34
....
995
–
b
5754674.SQ.FTS.B
,
3
.492
%
,
1/29/34
....
2,696
–
b
5754537.SQ.FTS.B
,
5
.136
%
,
1/29/34
....
930
–
b
5762467.SQ.FTS.B
,
4
.375
%
,
2/01/34
....
2,052
–
b
5768898.SQ.FTS.B
,
4
.723
%
,
2/03/34
....
1,889
–
b
5774288.SQ.FTS.B
,
4
.313
%
,
2/04/34
....
779
–
b
5779587.SQ.FTS.B
,
4
.557
%
,
2/06/34
....
969
–
b
5779612.SQ.FTS.B
,
5
.251
%
,
2/06/34
....
3,348
–
b
5784284.SQ.FTS.B
,
5
.031
%
,
2/08/34
....
5,640
–
b
5787095.SQ.FTS.B
,
5
.031
%
,
2/09/34
....
491
–
b
5790156.SQ.FTS.B
,
4
.69
%
,
2/10/34
.....
1,282
–
b
5790251.SQ.FTS.B
,
5
.258
%
,
2/10/34
....
2,713
–
b
5801823.SQ.FTS.B
,
4
.555
%
,
2/11/34
....
903
–
b
5806812.SQ.FTS.B
,
4
.867
%
,
2/11/34
....
369
–
b
5803772.SQ.FTS.B
,
4
.885
%
,
2/11/34
....
752
–
b
5802372.SQ.FTS.B
,
5
.156
%
,
2/11/34
....
5,979
–
b
5807339.SQ.FTS.B
,
4
.56
%
,
2/12/34
.....
7,842
–
b
5807048.SQ.FTS.B
,
5
.022
%
,
2/12/34
....
341
–
b
5813279.SQ.FTS.B
,
5
.037
%
,
2/12/34
....
2,311
–
b
5813539.SQ.FTS.B
,
5
.161
%
,
2/13/34
....
2,195
–
b
5821573.SQ.FTS.B
,
3
.29
%
,
2/16/34
.....
1,346
–
b
5820502.SQ.FTS.B
,
4
.559
%
,
2/16/34
....
2,422
–
b
5820697.SQ.FTS.B
,
5
.042
%
,
2/16/34
....
1,220
–
b
5830235.SQ.FTS.B
,
4
.561
%
,
2/18/34
....
10,562
–
b
5833923.SQ.FTS.B
,
3
.305
%
,
2/19/34
....
3,357
–
b
5833277.SQ.FTS.B
,
3
.77
%
,
2/19/34
.....
1,687
–
b
5833649.SQ.FTS.B
,
4
.561
%
,
2/19/34
....
7,646
1
b
5834289.SQ.FTS.B
,
4
.571
%
,
2/20/34
....
378
–
b
5836241.SQ.FTS.B
,
3
.964
%
,
2/22/34
....
4,473
–
b
5837692.SQ.FTS.B
,
4
.558
%
,
2/22/34
....
789
–
b
5837836.SQ.FTS.B
,
4
.939
%
,
2/22/34
....
3,875
–
b
5842217.SQ.FTS.B
,
5
.058
%
,
2/23/34
....
755
–
b
5843755.SQ.FTS.B
,
4
.56
%
,
2/24/34
.....
5,701
–
b
5845038.SQ.FTS.B
,
4
.565
%
,
2/24/34
....
533
–
b
5845026.SQ.FTS.B
,
4
.612
%
,
2/24/34
....
716
–
b
5851164.SQ.FTS.B
,
5
.252
%
,
2/25/34
....
15,981
–
b
5852732.SQ.FTS.B
,
3
.963
%
,
2/26/34
....
6,024
–
b
5854302.SQ.FTS.B
,
5
.443
%
,
2/26/34
....
3,389
–
b
5855717.SQ.FTS.B
,
5
.201
%
,
2/27/34
....
1,319
–
b
5856105.SQ.FTS.B
,
3
.975
%
,
2/28/34
....
78
–
b
5862719.SQ.FTS.B
,
5
.093
%
,
2/28/34
....
4,110
–
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)
a
Block,
Inc.
(continued)
b
5861074.SQ.FTS.B
,
5
.155
%
,
2/28/34
....
$
2,179
$
–
b
5867284.SQ.FTS.B
,
5
.162
%
,
2/28/34
....
4,758
–
b
5871974.SQ.FTS.B
,
5
.451
%
,
3/01/34
....
354
–
b
5876337.SQ.FTS.B
,
4
.753
%
,
3/02/34
....
2,139
–
b
5877622.SQ.FTS.B
,
5
.369
%
,
3/03/34
....
1,737
–
b
5881097.SQ.FTS.B
,
4
.688
%
,
3/06/34
....
1,672
–
b
5890652.SQ.FTS.B
,
4
.753
%
,
3/08/34
....
2,944
–
b
5889950.SQ.FTS.B
,
5
.031
%
,
3/08/34
....
2,001
–
b
5894262.SQ.FTS.B
,
5
.285
%
,
3/09/34
....
6,335
–
b
5894989.SQ.FTS.B
,
4
.743
%
,
3/10/34
....
1,832
–
b
5901715.SQ.FTS.B
,
4
.835
%
,
3/13/34
....
491
–
b
5901096.SQ.FTS.B
,
5
.031
%
,
3/13/34
....
8,515
–
b
5912773.SQ.FTS.B
,
5
.439
%
,
3/16/34
....
13,179
–
b
5918667.SQ.FTS.B
,
4
.531
%
,
3/20/34
....
495
–
b
5924210.SQ.FTS.B
,
4
.748
%
,
3/21/34
....
11,933
2
b
5925246.SQ.FTS.B
,
5
.031
%
,
3/21/34
....
3,145
1
b
5922874.SQ.FTS.B
,
5
.44
%
,
3/21/34
.....
9,877
–
b
5929107.SQ.FTS.B
,
4
.021
%
,
3/22/34
....
4,507
–
b
5930081.SQ.FTS.B
,
5
.526
%
,
3/22/34
....
1,383
–
b
5934510.SQ.FTS.B
,
5
.52
%
,
3/24/34
.....
877
–
b
5938544.SQ.FTS.B
,
5
.156
%
,
3/26/34
....
8,920
–
b
5937710.SQ.FTS.B
,
5
.377
%
,
3/26/34
....
9,403
–
b
5941408.SQ.FTS.B
,
5
.034
%
,
3/27/34
....
4,263
–
b
5951713.SQ.FTS.B
,
4
.741
%
,
3/29/34
....
1,763
–
b
5950325.SQ.FTS.B
,
4
.754
%
,
3/29/34
....
1,266
–
b
5951743.SQ.FTS.B
,
5
.094
%
,
3/29/34
....
6,697
–
b
5949246.SQ.FTS.B
,
5
.103
%
,
3/29/34
....
2,143
–
b
5954057.SQ.FTS.B
,
5
.283
%
,
3/30/34
....
10,357
–
b
5956156.SQ.FTS.B
,
5
.536
%
,
4/01/34
....
4,565
–
b
5956226.SQ.FTS.B
,
4
.307
%
,
4/02/34
....
5,662
–
b
5966970.SQ.FTS.B
,
4
.53
%
,
4/05/34
.....
6,042
1
b
5966004.SQ.FTS.B
,
5
.031
%
,
4/05/34
....
12,378
–
b
5972346.SQ.FTS.B
,
4
.588
%
,
4/06/34
....
594
1
b
5974110.SQ.FTS.B
,
5
.031
%
,
4/06/34
....
760
–
b
5972193.SQ.FTS.B
,
5
.097
%
,
4/06/34
....
2,834
–
b
5977756.SQ.FTS.B
,
5
.376
%
,
4/07/34
....
10,251
1
b
5978395.SQ.FTS.B
,
4
.748
%
,
4/08/34
....
5,654
–
b
5980004.SQ.FTS.B
,
4
.433
%
,
4/10/34
....
14,671
–
b
5980834.SQ.FTS.B
,
5
.536
%
,
4/10/34
....
2,059
–
b
5983711.SQ.FTS.B
,
5
.433
%
,
4/11/34
....
170
–
b
5984682.SQ.FTS.B
,
5
.198
%
,
4/12/34
....
390
–
b
5986413.SQ.FTS.B
,
5
.546
%
,
4/12/34
....
2,347
–
b
5989761.SQ.FTS.B
,
4
.034
%
,
4/13/34
....
125
–
b
5991501.SQ.FTS.B
,
4
.764
%
,
4/13/34
....
1,416
–
b
5991559.SQ.FTS.B
,
4
.843
%
,
4/13/34
....
2,551
–
b
5996138.SQ.FTS.B
,
4
.907
%
,
4/14/34
....
2,468
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
5997621.SQ.FTS.B
,
5
.542
%
,
4/16/34
....
$
2,321
$
–
b
6000204.SQ.FTS.B
,
4
.02
%
,
4/17/34
.....
175
–
b
6003035.SQ.FTS.B
,
4
.748
%
,
4/18/34
....
40,734
–
b
6003010.SQ.FTS.B
,
5
.031
%
,
4/18/34
....
1,626
–
b
6007679.SQ.FTS.B
,
5
.039
%
,
4/19/34
....
2,522
–
b
6006837.SQ.FTS.B
,
5
.189
%
,
4/19/34
....
11,360
–
b
6007073.SQ.FTS.B
,
5
.552
%
,
4/19/34
....
72
–
b
6013787.SQ.FTS.B
,
4
.852
%
,
4/21/34
....
291
–
b
6014176.SQ.FTS.B
,
5
.191
%
,
4/21/34
....
76
–
b
6015922.SQ.FTS.B
,
4
.75
%
,
4/22/34
.....
2,381
–
b
6020766.SQ.FTS.B
,
4
.032
%
,
4/24/34
....
1,785
–
b
6017671.SQ.FTS.B
,
4
.92
%
,
4/24/34
.....
1,081
–
b
6022726.SQ.FTS.B
,
4
.747
%
,
4/25/34
....
440
–
b
6021277.SQ.FTS.B
,
5
.031
%
,
4/25/34
....
4,902
–
b
6026398.SQ.FTS.B
,
4
.913
%
,
4/26/34
....
2,245
–
b
6025558.SQ.FTS.B
,
5
.46
%
,
4/26/34
.....
833
–
b
6032149.SQ.FTS.B
,
5
.157
%
,
4/27/34
....
1,557
1
b
6033308.SQ.FTS.B
,
5
.157
%
,
4/28/34
....
2,943
–
b
6038307.SQ.FTS.B
,
4
.906
%
,
4/30/34
....
11,023
–
b
6041701.SQ.FTS.B
,
5
.535
%
,
4/30/34
....
6,983
–
b
6041983.SQ.FTS.B
,
4
.748
%
,
5/01/34
....
40,970
1
b
6046321.SQ.FTS.B
,
4
.753
%
,
5/02/34
....
4,007
–
b
6047820.SQ.FTS.B
,
5
.027
%
,
5/02/34
....
649
–
b
6046375.SQ.FTS.B
,
5
.383
%
,
5/02/34
....
3,102
–
b
6057856.SQ.FTS.B
,
5
.437
%
,
5/04/34
....
4,257
–
b
6059813.SQ.FTS.B
,
4
.525
%
,
5/06/34
....
6,787
–
b
6063093.SQ.FTS.B
,
5
.28
%
,
5/07/34
.....
3,406
–
b
6120938.SQ.FTS.B
,
5
.158
%
,
5/09/34
....
12,335
–
b
6120756.SQ.FTS.B
,
5
.393
%
,
5/09/34
....
192
–
b
6122715.SQ.FTS.B
,
4
.528
%
,
5/10/34
....
45,745
2
b
6126608.SQ.FTS.B
,
5
.537
%
,
5/12/34
....
4,440
–
b
6127374.SQ.FTS.B
,
4
.748
%
,
5/13/34
....
2,574
–
b
6127192.SQ.FTS.B
,
4
.906
%
,
5/13/34
....
2,501
–
b
6134623.SQ.FTS.B
,
4
.528
%
,
5/15/34
....
17,381
–
b
6133707.SQ.FTS.B
,
4
.938
%
,
5/15/34
....
11,499
–
b
6135248.SQ.FTS.B
,
4
.751
%
,
5/16/34
....
8,060
–
b
6135022.SQ.FTS.B
,
5
.156
%
,
5/16/34
....
3,251
–
b
6136481.SQ.FTS.B
,
5
.442
%
,
5/16/34
....
4,428
–
b
6139899.SQ.FTS.B
,
4
.526
%
,
5/17/34
....
5,390
–
b
6141598.SQ.FTS.B
,
5
.031
%
,
5/17/34
....
3,417
–
b
6141840.SQ.FTS.B
,
5
.164
%
,
5/17/34
....
3,171
–
b
6145876.SQ.FTS.B
,
5
.538
%
,
5/18/34
....
2,747
–
b
6147492.SQ.FTS.B
,
5
.429
%
,
5/19/34
....
224
–
b
6147217.SQ.FTS.B
,
5
.456
%
,
5/19/34
....
462
–
b
6151254.SQ.FTS.B
,
5
.031
%
,
5/21/34
....
33,491
2
b
6149785.SQ.FTS.B
,
5
.377
%
,
5/21/34
....
1,256
–
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)
a
Block,
Inc.
(continued)
b
6153219.SQ.FTS.B
,
5
.372
%
,
5/22/34
....
$
2,899
$
–
b
6155930.SQ.FTS.B
,
5
.438
%
,
5/22/34
....
9,003
–
b
6157670.SQ.FTS.B
,
4
.54
%
,
5/23/34
.....
895
–
b
6158976.SQ.FTS.B
,
5
.153
%
,
5/23/34
....
478
–
b
6157661.SQ.FTS.B
,
5
.546
%
,
5/23/34
....
955
–
b
6161004.SQ.FTS.B
,
5
.16
%
,
5/24/34
.....
1,742
–
b
6163115.SQ.FTS.B
,
4
.748
%
,
5/25/34
....
9,867
–
b
6161916.SQ.FTS.B
,
5
.433
%
,
5/25/34
....
3,028
–
b
6163558.SQ.FTS.B
,
5
.559
%
,
5/25/34
....
676
–
b
6165678.SQ.FTS.B
,
5
.542
%
,
5/27/34
....
4,327
–
b
6169587.SQ.FTS.B
,
5
.534
%
,
5/28/34
....
3,516
–
b
6174665.SQ.FTS.B
,
4
.525
%
,
5/30/34
....
517
–
b
6181401.SQ.FTS.B
,
5
.296
%
,
6/01/34
....
341
–
b
6182359.SQ.FTS.B
,
4
.749
%
,
6/02/34
....
341
–
b
6190783.SQ.FTS.B
,
4
.732
%
,
6/05/34
....
1,090
–
b
6192067.SQ.FTS.B
,
4
.777
%
,
6/06/34
....
497
–
b
6200609.SQ.FTS.B
,
5
.427
%
,
6/07/34
....
1,061
–
b
6196734.SQ.FTS.B
,
5
.451
%
,
6/07/34
....
1,042
–
b
6196936.SQ.FTS.B
,
5
.533
%
,
6/07/34
....
1,154
–
b
6204820.SQ.FTS.B
,
5
.387
%
,
6/08/34
....
1,654
–
b
6207861.SQ.FTS.B
,
4
.748
%
,
6/09/34
....
37,929
–
b
6207369.SQ.FTS.B
,
5
.154
%
,
6/09/34
....
618
–
b
6213794.SQ.FTS.B
,
5
.44
%
,
6/12/34
.....
3,321
–
b
6216601.SQ.FTS.B
,
4
.743
%
,
6/13/34
....
2,272
–
b
6215032.SQ.FTS.B
,
5
.286
%
,
6/13/34
....
3,341
–
b
6220076.SQ.FTS.B
,
4
.749
%
,
6/14/34
....
3,725
–
b
6220695.SQ.FTS.B
,
4
.749
%
,
6/14/34
....
23,011
–
b
6226503.SQ.FTS.B
,
4
.75
%
,
6/15/34
.....
3,035
–
b
6234555.SQ.FTS.B
,
4
.322
%
,
6/16/34
....
1,536
–
b
6229129.SQ.FTS.B
,
4
.749
%
,
6/16/34
....
44,854
–
b
6235160.SQ.FTS.B
,
5
.436
%
,
6/17/34
....
6,431
–
b
6235824.SQ.FTS.B
,
5
.588
%
,
6/17/34
....
1,663
–
b
6235797.SQ.FTS.B
,
5
.66
%
,
6/17/34
.....
5,020
–
b
6236427.SQ.FTS.B
,
5
.252
%
,
6/18/34
....
10,363
–
b
6240143.SQ.FTS.B
,
5
.374
%
,
6/19/34
....
3,654
–
b
6240208.SQ.FTS.B
,
5
.279
%
,
6/20/34
....
5,830
–
b
6244041.SQ.FTS.B
,
4
.54
%
,
6/21/34
.....
154
–
b
6245007.SQ.FTS.B
,
5
.283
%
,
6/21/34
....
832
–
b
6255542.SQ.FTS.B
,
4
.73
%
,
6/24/34
.....
396
–
b
6255997.SQ.FTS.B
,
4
.749
%
,
6/25/34
....
1,357
–
b
6255909.SQ.FTS.B
,
5
.627
%
,
6/25/34
....
975
–
b
6256740.SQ.FTS.B
,
5
.445
%
,
6/26/34
....
688
–
b
6262497.SQ.FTS.B
,
4
.747
%
,
6/28/34
....
8,184
–
b
6265155.SQ.FTS.B
,
5
.595
%
,
6/29/34
....
6,047
–
b
6270473.SQ.FTS.B
,
5
.751
%
,
6/30/34
....
3,312
–
b
6276763.SQ.FTS.B
,
5
.129
%
,
7/04/34
....
2,289
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
6276874.SQ.FTS.B
,
5
.603
%
,
7/04/34
....
$
1,212
$
–
b
6277246.SQ.FTS.B
,
5
.66
%
,
7/04/34
.....
349
–
b
6279862.SQ.FTS.B
,
5
.472
%
,
7/05/34
....
16,989
–
b
6280869.SQ.FTS.B
,
5
.476
%
,
7/05/34
....
4,517
–
b
6284870.SQ.FTS.B
,
4
.748
%
,
7/06/34
....
4,590
1
b
6286798.SQ.FTS.B
,
5
.127
%
,
7/09/34
....
3,737
–
b
6290969.SQ.FTS.B
,
4
.743
%
,
7/10/34
....
1,070
–
b
6304870.SQ.FTS.B
,
4
.529
%
,
7/15/34
....
15,082
–
b
6304502.SQ.FTS.B
,
5
.378
%
,
7/15/34
....
9,016
1
b
6306494.SQ.FTS.B
,
4
.969
%
,
7/17/34
....
12,186
–
b
6308429.SQ.FTS.B
,
5
.595
%
,
7/17/34
....
715
–
b
6308976.SQ.FTS.B
,
5
.752
%
,
7/18/34
....
3,197
–
b
6314524.SQ.FTS.B
,
5
.124
%
,
7/19/34
....
131
–
b
6315256.SQ.FTS.B
,
5
.447
%
,
7/19/34
....
3,856
–
b
6314730.SQ.FTS.B
,
5
.66
%
,
7/19/34
.....
3,074
–
b
6319933.SQ.FTS.B
,
5
.378
%
,
7/21/34
....
14,196
–
b
6320178.SQ.FTS.B
,
5
.441
%
,
7/22/34
....
3,234
–
b
6321758.SQ.FTS.B
,
4
.967
%
,
7/23/34
....
4,486
1
b
6353710.SQ.FTS.B
,
5
.441
%
,
7/24/34
....
4,027
1
b
6352903.SQ.FTS.B
,
5
.593
%
,
7/24/34
....
2,446
–
b
6355005.SQ.FTS.B
,
4
.969
%
,
7/25/34
....
11,762
–
b
6364953.SQ.FTS.B
,
4
.531
%
,
7/27/34
....
4,175
–
b
6362699.SQ.FTS.B
,
4
.969
%
,
7/27/34
....
42,087
1
b
6369186.SQ.FTS.B
,
5
.246
%
,
7/30/34
....
158
–
b
6373846.SQ.FTS.B
,
4
.747
%
,
7/31/34
....
4,529
–
b
6378691.SQ.FTS.B
,
5
.126
%
,
8/02/34
....
5,925
–
b
6385845.SQ.FTS.B
,
4
.767
%
,
8/04/34
....
326
–
b
6385666.SQ.FTS.B
,
5
.66
%
,
8/04/34
.....
1,880
–
b
6390840.SQ.FTS.B
,
5
.66
%
,
8/07/34
.....
3,830
–
b
6394386.SQ.FTS.B
,
5
.362
%
,
8/08/34
....
816
–
b
6403479.SQ.FTS.B
,
5
.126
%
,
8/10/34
....
3,187
–
b
6401953.SQ.FTS.B
,
5
.427
%
,
8/10/34
....
876
–
b
6401970.SQ.FTS.B
,
5
.442
%
,
8/10/34
....
1,665
–
b
6404445.SQ.FTS.B
,
5
.139
%
,
8/11/34
....
1,220
–
b
6405166.SQ.FTS.B
,
5
.252
%
,
8/12/34
....
19,913
–
b
6407824.SQ.FTS.B
,
4
.73
%
,
8/13/34
.....
460
–
b
6408523.SQ.FTS.B
,
5
.252
%
,
8/13/34
....
1,753
–
b
6411150.SQ.FTS.B
,
5
.377
%
,
8/14/34
....
2,180
–
b
6414405.SQ.FTS.B
,
4
.765
%
,
8/15/34
....
1,715
–
b
6414098.SQ.FTS.B
,
5
.76
%
,
8/15/34
.....
3,987
–
b
6420149.SQ.FTS.B
,
4
.971
%
,
8/16/34
....
12,660
1
b
6423702.SQ.FTS.B
,
5
.253
%
,
8/17/34
....
19,542
–
b
6426793.SQ.FTS.B
,
4
.749
%
,
8/20/34
....
568
–
b
6428407.SQ.FTS.B
,
5
.439
%
,
8/21/34
....
7,388
–
b
6429640.SQ.FTS.B
,
5
.441
%
,
8/21/34
....
5,813
–
b
6427509.SQ.FTS.B
,
5
.664
%
,
8/21/34
....
4,726
–
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)
a
Block,
Inc.
(continued)
b
6439475.SQ.FTS.B
,
5
.256
%
,
8/23/34
....
$
709
$
–
b
6439293.SQ.FTS.B
,
5
.472
%
,
8/23/34
....
7,365
–
b
6441111.SQ.FTS.B
,
4
.964
%
,
8/24/34
.....
680
–
b
6443707.SQ.FTS.B
,
5
.598
%
,
8/24/34
....
35,282
–
b
6448554.SQ.FTS.B
,
4
.743
%
,
8/27/34
....
1,900
–
b
6447640.SQ.FTS.B
,
4
.974
%
,
8/27/34
....
2,396
–
b
6448205.SQ.FTS.B
,
5
.252
%
,
8/27/34
....
7,623
–
b
6448059.SQ.FTS.B
,
5
.471
%
,
8/27/34
....
5,140
–
b
6447919.SQ.FTS.B
,
5
.597
%
,
8/27/34
....
267
–
b
6448382.SQ.FTS.B
,
5
.756
%
,
8/27/34
....
3,199
–
b
6452451.SQ.FTS.B
,
4
.748
%
,
8/28/34
....
3,082
1
b
6462554.SQ.FTS.B
,
5
.251
%
,
9/03/34
....
6,317
–
b
6463889.SQ.FTS.B
,
5
.253
%
,
9/04/34
....
16,330
–
b
6464362.SQ.FTS.B
,
5
.66
%
,
9/04/34
.....
4,169
–
b
6468636.SQ.FTS.B
,
5
.663
%
,
9/06/34
....
10,598
–
b
6477840.SQ.FTS.B
,
5
.247
%
,
9/09/34
....
3,007
–
b
6478752.SQ.FTS.B
,
5
.436
%
,
9/09/34
....
2,553
–
b
6479843.SQ.FTS.B
,
5
.596
%
,
9/09/34
....
2,419
–
b
6484618.SQ.FTS.B
,
4
.751
%
,
9/10/34
....
4,048
–
b
6482925.SQ.FTS.B
,
5
.473
%
,
9/10/34
....
4,228
–
b
6483587.SQ.FTS.B
,
5
.597
%
,
9/10/34
....
6,888
1
b
6485200.SQ.FTS.B
,
5
.126
%
,
9/11/34
....
6,526
–
b
6485862.SQ.FTS.B
,
4
.529
%
,
9/12/34
....
13,536
–
b
6486219.SQ.FTS.B
,
4
.742
%
,
9/12/34
....
389
–
b
6487587.SQ.FTS.B
,
4
.735
%
,
9/13/34
....
1,298
–
b
6487981.SQ.FTS.B
,
4
.741
%
,
9/13/34
....
1,310
–
b
6492780.SQ.FTS.B
,
5
.377
%
,
9/14/34
....
14,698
–
b
6492212.SQ.FTS.B
,
5
.597
%
,
9/14/34
....
11,554
1
b
6494237.SQ.FTS.B
,
4
.969
%
,
9/15/34
....
1,303
–
b
6496902.SQ.FTS.B
,
5
.473
%
,
9/15/34
....
6,581
–
b
6494041.SQ.FTS.B
,
6
.072
%
,
9/15/34
....
2,210
–
b
6499048.SQ.FTS.B
,
4
.968
%
,
9/16/34
....
6,099
–
b
6500866.SQ.FTS.B
,
5
.031
%
,
9/16/34
....
4,974
–
b
6499996.SQ.FTS.B
,
5
.472
%
,
9/16/34
....
487
–
b
6504715.SQ.FTS.B
,
5
.125
%
,
9/17/34
....
2,724
–
b
6505793.SQ.FTS.B
,
5
.124
%
,
9/18/34
....
2,242
–
b
6510179.SQ.FTS.B
,
4
.749
%
,
9/20/34
....
24,604
–
b
6511415.SQ.FTS.B
,
5
.129
%
,
9/21/34
....
2,844
–
b
6512222.SQ.FTS.B
,
6
.161
%
,
9/21/34
....
2,610
–
b
6516725.SQ.FTS.B
,
4
.747
%
,
9/22/34
....
3,769
–
b
6514949.SQ.FTS.B
,
5
.129
%
,
9/22/34
....
6,188
–
b
6521243.SQ.FTS.B
,
5
.442
%
,
9/23/34
....
2,252
–
b
6519286.SQ.FTS.B
,
5
.618
%
,
9/23/34
....
873
–
b
6525421.SQ.FTS.B
,
5
.412
%
,
9/24/34
....
181
–
b
6525021.SQ.FTS.B
,
5
.601
%
,
9/24/34
....
3,065
–
b
6526070.SQ.FTS.B
,
5
.251
%
,
9/25/34
....
839
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
6526542.SQ.FTS.B
,
4
.748
%
,
9/26/34
....
$
7,843
$
–
b
6526493.SQ.FTS.B
,
5
.58
%
,
9/26/34
.....
1,269
–
b
6527010.SQ.FTS.B
,
5
.765
%
,
9/26/34
....
515
–
b
6529506.SQ.FTS.B
,
5
.237
%
,
9/27/34
....
313
–
b
6537839.SQ.FTS.B
,
4
.969
%
,
9/29/34
....
7,900
–
b
6535332.SQ.FTS.B
,
5
.61
%
,
9/29/34
.....
2,055
–
b
6540169.SQ.FTS.B
,
4
.717
%
,
9/30/34
....
349
–
b
6546312.SQ.FTS.B
,
4
.843
%
,
9/30/34
....
7,082
1
b
6546599.SQ.FTS.B
,
5
.046
%
,
9/30/34
....
729
–
b
6545807.SQ.FTS.B
,
5
.66
%
,
9/30/34
.....
2,423
–
b
6548112.SQ.FTS.B
,
4
.31
%
,
10/02/34
....
3,856
–
b
6550814.SQ.FTS.B
,
4
.755
%
,
10/03/34
...
4,948
–
b
6554172.SQ.FTS.B
,
5
.758
%
,
10/04/34
...
370
–
b
6556061.SQ.FTS.B
,
5
.366
%
,
10/05/34
...
74
–
b
6566878.SQ.FTS.B
,
6
.155
%
,
10/08/34
...
445
–
b
6567237.SQ.FTS.B
,
4
.655
%
,
10/09/34
...
18,447
1
b
6567114.SQ.FTS.B
,
4
.754
%
,
10/09/34
...
1,756
–
b
6567779.SQ.FTS.B
,
4
.935
%
,
10/10/34
...
5,256
–
b
6574116.SQ.FTS.B
,
5
.679
%
,
10/11/34
...
1,449
–
b
6571593.SQ.FTS.B
,
5
.755
%
,
10/11/34
...
12,853
–
b
6577574.SQ.FTS.B
,
5
.186
%
,
10/12/34
...
548
–
b
6581222.SQ.FTS.B
,
5
.66
%
,
10/13/34
....
596
–
b
6582526.SQ.FTS.B
,
6
.412
%
,
10/13/34
...
2,123
–
b
6584354.SQ.FTS.B
,
4
.591
%
,
10/14/34
...
1,817
1
b
6585824.SQ.FTS.B
,
5
.188
%
,
10/14/34
...
632
–
b
6587169.SQ.FTS.B
,
5
.125
%
,
10/15/34
...
6,563
1
b
6587941.SQ.FTS.B
,
5
.764
%
,
10/16/34
...
194
–
b
6587383.SQ.FTS.B
,
6
.248
%
,
10/16/34
...
549
–
b
6590442.SQ.FTS.B
,
5
.756
%
,
10/17/34
...
10,462
–
b
6591293.SQ.FTS.B
,
5
.759
%
,
10/17/34
...
3,441
–
b
6594291.SQ.FTS.B
,
6
.163
%
,
10/18/34
...
6,540
–
b
6598899.SQ.FTS.B
,
5
.565
%
,
10/20/34
...
6,856
–
b
6602728.SQ.FTS.B
,
5
.418
%
,
10/21/34
...
117
–
b
6602960.SQ.FTS.B
,
6
.007
%
,
10/21/34
...
2,073
–
b
6604310.SQ.FTS.B
,
6
.417
%
,
10/21/34
...
799
–
b
6604504.SQ.FTS.B
,
4
.717
%
,
10/22/34
...
453
–
b
6604448.SQ.FTS.B
,
4
.934
%
,
10/22/34
...
1,679
–
b
6607977.SQ.FTS.B
,
5
.426
%
,
10/24/34
...
1,603
–
b
6608828.SQ.FTS.B
,
4
.938
%
,
10/25/34
...
43,918
–
b
6609985.SQ.FTS.B
,
4
.948
%
,
10/25/34
...
228
–
b
6609650.SQ.FTS.B
,
5
.565
%
,
10/25/34
...
3,296
–
b
6614501.SQ.FTS.B
,
4
.748
%
,
10/26/34
...
3,498
–
b
6614956.SQ.FTS.B
,
4
.751
%
,
10/26/34
...
3,077
–
b
6611828.SQ.FTS.B
,
5
.559
%
,
10/26/34
...
3,208
–
b
6620227.SQ.FTS.B
,
5
.756
%
,
10/27/34
...
26,251
–
b
6617184.SQ.FTS.B
,
6
.278
%
,
10/27/34
...
137
–
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)
a
Block,
Inc.
(continued)
b
6621448.SQ.FTS.B
,
5
.378
%
,
10/28/34
...
$
14,813
$
–
b
6620476.SQ.FTS.B
,
5
.756
%
,
10/28/34
...
18,146
–
b
6624855.SQ.FTS.B
,
5
.451
%
,
10/29/34
...
780
–
b
6624765.SQ.FTS.B
,
6
.01
%
,
10/29/34
....
7,023
–
b
6624896.SQ.FTS.B
,
4
.653
%
,
10/30/34
...
9,039
–
b
6628718.SQ.FTS.B
,
5
.187
%
,
11/01/34
...
5,279
–
b
6626390.SQ.FTS.B
,
6
.007
%
,
11/01/34
...
10,527
–
b
6630658.SQ.FTS.B
,
5
.199
%
,
11/02/34
...
635
–
b
6631472.SQ.FTS.B
,
5
.562
%
,
11/02/34
...
3,298
–
b
6632572.SQ.FTS.B
,
6
.005
%
,
11/02/34
...
4,959
–
b
6634481.SQ.FTS.B
,
4
.754
%
,
11/03/34
...
3,060
–
b
6639552.SQ.FTS.B
,
4
.753
%
,
11/04/34
...
182
–
b
6641178.SQ.FTS.B
,
5
.75
%
,
11/04/34
....
3,481
–
b
6643579.SQ.FTS.B
,
4
.655
%
,
11/05/34
...
7,884
–
b
6643893.SQ.FTS.B
,
5
.381
%
,
11/05/34
...
1,563
–
b
6644138.SQ.FTS.B
,
5
.458
%
,
11/05/34
...
1,010
–
b
6645397.SQ.FTS.B
,
4
.943
%
,
11/07/34
...
3,532
–
b
6649272.SQ.FTS.B
,
4
.739
%
,
11/08/34
...
412
–
b
6647657.SQ.FTS.B
,
5
.192
%
,
11/08/34
...
357
–
b
6646778.SQ.FTS.B
,
5
.563
%
,
11/08/34
...
1,110
–
b
6649665.SQ.FTS.B
,
4
.935
%
,
11/09/34
...
2,943
–
b
6653616.SQ.FTS.B
,
6
.009
%
,
11/10/34
...
1,792
1
b
6669152.SQ.FTS.B
,
6
.415
%
,
11/15/34
...
25,018
1
b
6671137.SQ.FTS.B
,
4
.65
%
,
11/16/34
....
3,947
–
b
6672511.SQ.FTS.B
,
4
.748
%
,
11/16/34
...
927
–
b
6674450.SQ.FTS.B
,
4
.749
%
,
11/17/34
...
18,581
–
b
6676382.SQ.FTS.B
,
5
.748
%
,
11/17/34
...
3,159
–
b
6681781.SQ.FTS.B
,
6
.16
%
,
11/19/34
....
6,908
–
b
6685517.SQ.FTS.B
,
5
.583
%
,
11/20/34
...
131
–
b
6686240.SQ.FTS.B
,
5
.374
%
,
11/21/34
...
873
–
b
6688197.SQ.FTS.B
,
5
.384
%
,
11/22/34
...
5,403
–
b
6690132.SQ.FTS.B
,
4
.793
%
,
11/23/34
...
148
–
b
6691756.SQ.FTS.B
,
5
.57
%
,
11/23/34
....
5,992
–
b
6696314.SQ.FTS.B
,
5
.188
%
,
11/24/34
...
4,176
–
b
6701550.SQ.FTS.B
,
5
.378
%
,
11/25/34
...
1,306
–
b
6706540.SQ.FTS.B
,
4
.653
%
,
11/26/34
...
5,175
–
b
6706359.SQ.FTS.B
,
4
.654
%
,
11/26/34
...
867
–
b
6705352.SQ.FTS.B
,
5
.182
%
,
11/26/34
...
998
–
b
6705288.SQ.FTS.B
,
5
.382
%
,
11/26/34
...
1,013
–
b
6706486.SQ.FTS.B
,
5
.77
%
,
11/26/34
....
1,318
–
b
6704732.SQ.FTS.B
,
6
.009
%
,
11/26/34
...
3,627
–
b
6707571.SQ.FTS.B
,
5
.563
%
,
11/27/34
...
3,659
–
b
6708125.SQ.FTS.B
,
5
.454
%
,
11/28/34
...
1,147
–
b
6709200.SQ.FTS.B
,
6
.003
%
,
11/29/34
...
2,318
–
b
6719031.SQ.FTS.B
,
4
.762
%
,
12/01/34
...
39
–
b
6728590.SQ.FTS.B
,
5
.557
%
,
12/05/34
...
2,208
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
6729839.SQ.FTS.B
,
5
.755
%
,
12/05/34
...
$
18,147
$
–
b
6733026.SQ.FTS.B
,
4
.654
%
,
12/06/34
...
13,883
3
b
6731578.SQ.FTS.B
,
5
.753
%
,
12/06/34
...
11,760
–
b
6736022.SQ.FTS.B
,
6
.169
%
,
12/07/34
...
2,969
–
b
6742781.SQ.FTS.B
,
5
.414
%
,
12/08/34
...
322
–
b
6752687.SQ.FTS.B
,
4
.652
%
,
12/13/34
...
202
–
b
6753526.SQ.FTS.B
,
5
.192
%
,
12/13/34
...
5,887
–
b
6764422.SQ.FTS.B
,
4
.765
%
,
12/15/34
...
187
–
b
6762066.SQ.FTS.B
,
4
.937
%
,
12/15/34
...
2,676
–
b
6762927.SQ.FTS.B
,
5
.436
%
,
12/15/34
...
1,084
–
b
6767980.SQ.FTS.B
,
5
.188
%
,
12/16/34
...
6,752
1
b
6767536.SQ.FTS.B
,
5
.566
%
,
12/16/34
...
12,331
1
b
6767251.SQ.FTS.B
,
6
.155
%
,
12/16/34
...
280
–
b
6769991.SQ.FTS.B
,
5
.379
%
,
12/18/34
...
9,490
–
b
6771253.SQ.FTS.B
,
5
.566
%
,
12/19/34
...
4,761
–
b
6777288.SQ.FTS.B
,
5
.439
%
,
12/21/34
...
18,873
–
b
6777037.SQ.FTS.B
,
5
.997
%
,
12/21/34
...
1,896
–
b
6776064.SQ.FTS.B
,
6
.415
%
,
12/21/34
...
32,761
–
b
6781242.SQ.FTS.B
,
5
.433
%
,
12/22/34
...
1,457
–
b
6785072.SQ.FTS.B
,
5
.374
%
,
12/23/34
...
1,478
–
b
6785551.SQ.FTS.B
,
5
.747
%
,
12/23/34
...
1,563
–
b
6788053.SQ.FTS.B
,
4
.661
%
,
12/26/34
...
1,148
–
b
6797317.SQ.FTS.B
,
4
.648
%
,
12/28/34
...
1,406
–
b
6796725.SQ.FTS.B
,
5
.189
%
,
12/28/34
...
13,083
–
b
6813899.SQ.FTS.B
,
6
.004
%
,
1/04/35
....
3,779
1
b
6813242.SQ.FTS.B
,
6
.01
%
,
1/04/35
.....
4,341
–
b
6815496.SQ.FTS.B
,
4
.937
%
,
1/05/35
....
23,295
3
b
6816661.SQ.FTS.B
,
5
.189
%
,
1/05/35
....
8,210
–
b
6823299.SQ.FTS.B
,
5
.453
%
,
1/07/35
....
394
–
b
6827188.SQ.FTS.B
,
5
.464
%
,
1/09/35
....
145
–
b
6826936.SQ.FTS.B
,
5
.58
%
,
1/09/35
.....
1,253
–
b
6829291.SQ.FTS.B
,
4
.938
%
,
1/10/35
....
13,368
–
b
6839017.SQ.FTS.B
,
6
.254
%
,
1/13/35
....
512
–
b
6853678.SQ.FTS.B
,
4
.745
%
,
1/19/35
....
4,528
–
b
6854061.SQ.FTS.B
,
6
.259
%
,
1/19/35
....
1,548
–
b
6860713.SQ.FTS.B
,
4
.931
%
,
1/20/35
....
4,164
–
b
6858854.SQ.FTS.B
,
5
.566
%
,
1/20/35
....
8,486
–
b
6860765.SQ.FTS.B
,
5
.568
%
,
1/20/35
....
6,489
–
b
6864433.SQ.FTS.B
,
4
.654
%
,
1/21/35
....
2,321
–
b
6865330.SQ.FTS.B
,
6
.155
%
,
1/23/35
....
1,222
–
b
6868707.SQ.FTS.B
,
4
.772
%
,
1/24/35
....
918
–
b
6867756.SQ.FTS.B
,
5
.393
%
,
1/24/35
....
1,352
–
b
6868681.SQ.FTS.B
,
6
.418
%
,
1/24/35
....
975
–
b
6871309.SQ.FTS.B
,
4
.755
%
,
1/25/35
....
1,693
–
b
6872268.SQ.FTS.B
,
5
.566
%
,
1/25/35
....
539
–
b
6878988.SQ.FTS.B
,
4
.749
%
,
1/27/35
....
31,652
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
a
Block,
Inc.
(continued)
b
6879546.SQ.FTS.B
,
6
.232
%
,
1/27/35
....
$
216
$
–
b
6885061.SQ.FTS.B
,
5
.188
%
,
1/30/35
....
13,984
–
b
6884806.SQ.FTS.B
,
6
.25
%
,
1/30/35
.....
382
–
b
6888509.SQ.FTS.B
,
4
.748
%
,
1/31/35
....
2,816
–
b
6888564.SQ.FTS.B
,
5
.378
%
,
1/31/35
....
3,048
–
b
6886999.SQ.FTS.B
,
6
.276
%
,
1/31/35
....
714
–
b
6893064.SQ.FTS.B
,
4
.654
%
,
2/02/35
....
4,746
–
b
6894291.SQ.FTS.B
,
4
.78
%
,
2/02/35
.....
756
–
b
6892716.SQ.FTS.B
,
5
.442
%
,
2/02/35
....
15,393
–
b
6893482.SQ.FTS.B
,
5
.762
%
,
2/02/35
....
3,169
–
b
6903390.SQ.FTS.B
,
5
.442
%
,
2/04/35
....
6,892
1
b
6901684.SQ.FTS.B
,
6
.257
%
,
2/04/35
....
2,747
–
b
6903487.SQ.FTS.B
,
6
.413
%
,
2/04/35
....
8,362
–
b
6912511.SQ.FTS.B
,
5
.754
%
,
2/09/35
....
13,290
1
b
6918684.SQ.FTS.B
,
4
.937
%
,
2/10/35
....
41,388
–
b
6916843.SQ.FTS.B
,
6
.003
%
,
2/10/35
....
4,830
–
b
6917870.SQ.FTS.B
,
6
.257
%
,
2/10/35
....
2,669
1
b
6919873.SQ.FTS.B
,
5
.187
%
,
2/11/35
....
1,223
–
b
6920256.SQ.FTS.B
,
6
.007
%
,
2/11/35
....
9,169
–
b
6920356.SQ.FTS.B
,
6
.407
%
,
2/11/35
....
580
–
b
6922314.SQ.FTS.B
,
5
.565
%
,
2/14/35
....
14,464
–
b
6936577.SQ.FTS.B
,
5
.377
%
,
2/17/35
....
2,714
–
b
6935560.SQ.FTS.B
,
5
.747
%
,
2/17/35
....
1,794
–
b
6938046.SQ.FTS.B
,
4
.652
%
,
2/18/35
....
2,723
–
b
6941294.SQ.FTS.B
,
4
.94
%
,
2/19/35
.....
4,003
–
b
6941545.SQ.FTS.B
,
5
.189
%
,
2/19/35
....
3,472
–
b
6941280.SQ.FTS.B
,
5
.991
%
,
2/19/35
....
1,029
–
b
6942187.SQ.FTS.B
,
5
.189
%
,
2/20/35
....
2,732
–
b
6944390.SQ.FTS.B
,
5
.187
%
,
2/21/35
....
2,510
–
b
6943108.SQ.FTS.B
,
6
.251
%
,
2/21/35
....
1,826
–
b
6949328.SQ.FTS.B
,
5
.445
%
,
2/22/35
....
5,721
–
b
6957595.SQ.FTS.B
,
5
.442
%
,
2/24/35
....
2,541
–
b
6955514.SQ.FTS.B
,
5
.746
%
,
2/24/35
....
2,666
–
b
6962075.SQ.FTS.B
,
4
.735
%
,
2/25/35
....
391
–
b
6958559.SQ.FTS.B
,
6
.163
%
,
2/25/35
....
14,245
1
b
6963451.SQ.FTS.B
,
5
.998
%
,
2/27/35
....
1,876
–
b
6969701.SQ.FTS.B
,
4
.937
%
,
2/28/35
....
11,360
–
b
6965888.SQ.FTS.B
,
5
.189
%
,
2/28/35
....
1,187
–
b
6977932.SQ.FTS.B
,
5
.552
%
,
2/28/35
....
1,435
–
b
6967265.SQ.FTS.B
,
5
.567
%
,
2/28/35
....
21,768
–
b
6965159.SQ.FTS.B
,
5
.753
%
,
2/28/35
....
6,724
–
b
6966807.SQ.FTS.B
,
5
.756
%
,
2/28/35
....
14,197
–
b
6973530.SQ.FTS.B
,
6
.271
%
,
2/28/35
....
1,364
–
b
6971273.SQ.FTS.B
,
6
.422
%
,
2/28/35
....
771
–
b
6983671.SQ.FTS.B
,
5
.189
%
,
3/01/35
....
5,611
–
b
6982903.SQ.FTS.B
,
5
.564
%
,
3/01/35
....
3,016
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
6985220.SQ.FTS.B
,
5
.398
%
,
3/02/35
....
$
458
$
–
b
6985273.SQ.FTS.B
,
6
.415
%
,
3/02/35
....
509
–
b
6985777.SQ.FTS.B
,
5
.451
%
,
3/03/35
....
755
–
b
6986211.SQ.FTS.B
,
6
.259
%
,
3/03/35
....
2,111
–
b
6987677.SQ.FTS.B
,
5
.409
%
,
3/05/35
....
107
–
b
6989032.SQ.FTS.B
,
5
.754
%
,
3/05/35
....
475
–
b
6990296.SQ.FTS.B
,
6
.005
%
,
3/05/35
....
4,702
–
b
6993196.SQ.FTS.B
,
5
.381
%
,
3/06/35
....
2,107
–
b
6991196.SQ.FTS.B
,
5
.437
%
,
3/06/35
....
8,279
–
b
6991595.SQ.FTS.B
,
5
.76
%
,
3/06/35
.....
5,054
–
b
6996992.SQ.FTS.B
,
5
.377
%
,
3/07/35
....
26,963
1
b
7001929.SQ.FTS.B
,
5
.189
%
,
3/08/35
....
13,810
–
b
7002610.SQ.FTS.B
,
6
.007
%
,
3/09/35
....
17,254
1
b
7002426.SQ.FTS.B
,
6
.179
%
,
3/09/35
....
428
–
b
7005506.SQ.FTS.B
,
5
.378
%
,
3/11/35
....
18,115
–
b
7008617.SQ.FTS.B
,
6
.161
%
,
3/12/35
....
3,028
–
b
7009259.SQ.FTS.B
,
6
.255
%
,
3/12/35
....
3,012
–
b
7012805.SQ.FTS.B
,
5
.988
%
,
3/13/35
....
522
–
b
7019673.SQ.FTS.B
,
5
.581
%
,
3/14/35
....
1,295
–
b
7025124.SQ.FTS.B
,
4
.744
%
,
3/16/35
....
1,689
–
b
7025111.SQ.FTS.B
,
5
.439
%
,
3/16/35
....
513
–
b
7025788.SQ.FTS.B
,
6
.255
%
,
3/17/35
....
11,440
–
b
7026048.SQ.FTS.B
,
6
.268
%
,
3/17/35
....
598
–
b
7028614.SQ.FTS.B
,
4
.717
%
,
3/18/35
....
78
–
b
7027254.SQ.FTS.B
,
4
.752
%
,
3/18/35
....
1,929
–
b
7027686.SQ.FTS.B
,
5
.768
%
,
3/18/35
....
1,246
–
b
7027442.SQ.FTS.B
,
6
.006
%
,
3/18/35
....
893
–
b
7032162.SQ.FTS.B
,
4
.742
%
,
3/19/35
....
565
–
b
7039769.SQ.FTS.B
,
6
.005
%
,
3/21/35
....
3,895
–
b
7040905.SQ.FTS.B
,
6
.007
%
,
3/21/35
....
22,019
1
b
7047140.SQ.FTS.B
,
4
.75
%
,
3/23/35
.....
2,597
–
b
7050581.SQ.FTS.B
,
5
.375
%
,
3/25/35
....
8,131
–
b
7050136.SQ.FTS.B
,
6
.253
%
,
3/25/35
....
3,652
–
b
7056063.SQ.FTS.B
,
4
.935
%
,
3/27/35
....
174
–
b
7055970.SQ.FTS.B
,
6
.01
%
,
3/27/35
.....
786
–
b
7066194.SQ.FTS.B
,
5
.377
%
,
3/29/35
....
28,131
2
b
7064997.SQ.FTS.B
,
5
.761
%
,
3/29/35
....
2,134
–
b
7065185.SQ.FTS.B
,
5
.763
%
,
3/29/35
....
1,401
–
b
7068868.SQ.FTS.B
,
5
.445
%
,
3/30/35
....
1,970
–
b
7069196.SQ.FTS.B
,
5
.446
%
,
4/01/35
....
461
–
b
7071249.SQ.FTS.B
,
6
.416
%
,
4/02/35
....
7,885
–
b
7075884.SQ.FTS.B
,
5
.438
%
,
4/03/35
....
4,223
–
b
7078893.SQ.FTS.B
,
5
.568
%
,
4/04/35
....
13,551
–
b
7085122.SQ.FTS.B
,
6
.164
%
,
4/05/35
....
2,518
–
b
7088413.SQ.FTS.B
,
6
.289
%
,
4/05/35
....
185
–
b
7092138.SQ.FTS.B
,
5
.188
%
,
4/06/35
....
5,761
–
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)
a
Block,
Inc.
(continued)
b
7093323.SQ.FTS.B
,
5
.438
%
,
4/08/35
....
$
1,093
$
–
b
7097479.SQ.FTS.B
,
5
.565
%
,
4/10/35
....
9,363
–
b
7101561.SQ.FTS.B
,
4
.937
%
,
4/11/35
....
27,006
–
b
7113376.SQ.FTS.B
,
5
.368
%
,
4/15/35
....
844
–
b
7118185.SQ.FTS.B
,
5
.751
%
,
4/17/35
....
4,616
–
b
7121348.SQ.FTS.B
,
6
.003
%
,
4/17/35
....
1,474
–
b
7124599.SQ.FTS.B
,
4
.937
%
,
4/18/35
....
38,369
1
b
7124204.SQ.FTS.B
,
5
.74
%
,
4/18/35
.....
545
–
b
7135706.SQ.FTS.B
,
4
.707
%
,
4/19/35
....
608
–
b
7128660.SQ.FTS.B
,
5
.37
%
,
4/19/35
.....
1,168
–
b
7135686.SQ.FTS.B
,
5
.439
%
,
4/19/35
....
376
–
b
7135696.SQ.FTS.B
,
5
.468
%
,
4/19/35
....
190
–
b
7141603.SQ.FTS.B
,
5
.191
%
,
4/21/35
....
2,734
–
b
7147299.SQ.FTS.B
,
5
.377
%
,
4/23/35
....
12,972
–
b
7154213.SQ.FTS.B
,
5
.189
%
,
4/25/35
....
811
–
b
7153341.SQ.FTS.B
,
5
.756
%
,
4/25/35
....
6,870
1
b
7161885.SQ.FTS.B
,
5
.562
%
,
4/27/35
....
6,709
–
b
7163945.SQ.FTS.B
,
5
.754
%
,
4/27/35
....
3,045
–
b
7162414.SQ.FTS.B
,
5
.758
%
,
4/27/35
....
526
–
b
7164732.SQ.FTS.B
,
6
.175
%
,
4/28/35
....
197
–
b
7173037.SQ.FTS.B
,
5
.572
%
,
4/30/35
....
3,983
–
b
7172761.SQ.FTS.B
,
6
.258
%
,
4/30/35
....
5,904
–
b
7180248.SQ.FTS.B
,
5
.379
%
,
5/02/35
....
12,879
–
b
7185609.SQ.FTS.B
,
4
.94
%
,
5/03/35
.....
2,798
–
b
7187139.SQ.FTS.B
,
5
.374
%
,
5/03/35
....
2,571
–
b
7188015.SQ.FTS.B
,
5
.197
%
,
5/04/35
....
2,620
–
b
7192505.SQ.FTS.B
,
6
.414
%
,
5/06/35
....
704
–
b
7196193.SQ.FTS.B
,
5
.185
%
,
5/07/35
....
2,811
–
b
7199286.SQ.FTS.B
,
5
.754
%
,
5/08/35
....
18,974
–
b
7197712.SQ.FTS.B
,
6
.411
%
,
5/08/35
....
4,332
–
b
7203363.SQ.FTS.B
,
5
.189
%
,
5/09/35
....
8,775
–
b
7205388.SQ.FTS.B
,
5
.759
%
,
5/09/35
....
4,440
–
b
7210899.SQ.FTS.B
,
6
.006
%
,
5/11/35
....
25,899
1
b
7219666.SQ.FTS.B
,
4
.744
%
,
5/14/35
....
3,640
–
b
7220564.SQ.FTS.B
,
5
.432
%
,
5/14/35
....
1,109
–
b
7220676.SQ.FTS.B
,
5
.987
%
,
5/14/35
....
1,149
–
b
7222126.SQ.FTS.B
,
4
.654
%
,
5/15/35
....
10,174
–
b
7222571.SQ.FTS.B
,
5
.195
%
,
5/15/35
....
1,606
–
b
7229617.SQ.FTS.B
,
5
.44
%
,
5/16/35
.....
4,248
–
b
7231172.SQ.FTS.B
,
4
.656
%
,
5/17/35
....
1,011
–
b
7238134.SQ.FTS.B
,
5
.762
%
,
5/20/35
....
1,439
–
b
7240071.SQ.FTS.B
,
5
.996
%
,
5/20/35
....
744
–
b
7242591.SQ.FTS.B
,
5
.193
%
,
5/21/35
....
906
–
b
7249019.SQ.FTS.B
,
6
.005
%
,
5/22/35
....
10,180
–
b
7251914.SQ.FTS.B
,
4
.941
%
,
5/23/35
....
4,096
–
b
7262080.SQ.FTS.B
,
6
.006
%
,
5/28/35
....
56,215
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
7267389.SQ.FTS.B
,
6
.019
%
,
5/29/35
....
$
651
$
–
b
7269980.SQ.FTS.B
,
5
.441
%
,
5/30/35
....
3,722
–
b
7275203.SQ.FTS.B
,
6
.259
%
,
6/01/35
....
4,292
–
b
7277957.SQ.FTS.B
,
6
.006
%
,
6/02/35
....
1,696
–
b
7288280.SQ.FTS.B
,
5
.378
%
,
6/06/35
....
3,733
–
b
7289262.SQ.FTS.B
,
5
.56
%
,
6/06/35
.....
4,382
–
b
7296575.SQ.FTS.B
,
5
.569
%
,
6/07/35
....
5,158
–
b
7303557.SQ.FTS.B
,
5
.384
%
,
6/10/35
....
702
–
b
7306657.SQ.FTS.B
,
5
.566
%
,
6/11/35
....
12,522
–
b
7305713.SQ.FTS.B
,
6
.006
%
,
6/11/35
....
1,687
–
b
7313394.SQ.FTS.B
,
5
.189
%
,
6/12/35
....
6,942
–
b
7314028.SQ.FTS.B
,
5
.565
%
,
6/12/35
....
12,817
–
b
7316316.SQ.FTS.B
,
5
.439
%
,
6/13/35
....
7,722
–
b
7327011.SQ.FTS.B
,
5
.755
%
,
6/15/35
....
4,808
–
b
7332055.SQ.FTS.B
,
4
.652
%
,
6/18/35
....
1,665
–
b
7333444.SQ.FTS.B
,
5
.758
%
,
6/18/35
....
3,031
–
b
7334250.SQ.FTS.B
,
6
.289
%
,
6/18/35
....
760
–
b
7335968.SQ.FTS.B
,
5
.379
%
,
6/19/35
....
7,165
1
b
7336967.SQ.FTS.B
,
6
.41
%
,
6/19/35
.....
4,561
–
b
7340626.SQ.FTS.B
,
5
.438
%
,
6/20/35
....
252
–
b
7340672.SQ.FTS.B
,
5
.755
%
,
6/20/35
....
21,574
–
b
7347685.SQ.FTS.B
,
5
.449
%
,
6/21/35
....
657
–
b
7347201.SQ.FTS.B
,
5
.742
%
,
6/21/35
....
738
–
b
7348507.SQ.FTS.B
,
4
.938
%
,
6/22/35
....
2,451
–
b
7351847.SQ.FTS.B
,
6
.006
%
,
6/23/35
....
5,842
–
b
7351639.SQ.FTS.B
,
6
.164
%
,
6/23/35
....
3,152
–
b
7353529.SQ.FTS.B
,
6
.25
%
,
6/25/35
.....
1,275
–
b
7353683.SQ.FTS.B
,
6
.256
%
,
6/25/35
....
1,229
–
b
7353412.SQ.FTS.B
,
6
.402
%
,
6/25/35
....
101
–
b
7360226.SQ.FTS.B
,
4
.654
%
,
6/27/35
....
13,891
–
b
7366336.SQ.FTS.B
,
4
.655
%
,
6/28/35
....
4,998
1
b
7367489.SQ.FTS.B
,
5
.569
%
,
6/29/35
....
1,709
–
b
7371639.SQ.FTS.B
,
4
.941
%
,
6/30/35
....
2,271
–
b
7370441.SQ.FTS.B
,
5
.379
%
,
6/30/35
....
9,362
–
b
7370806.SQ.FTS.B
,
5
.468
%
,
6/30/35
....
595
–
b
7372112.SQ.FTS.B
,
5
.754
%
,
7/01/35
....
4,946
–
b
7372906.SQ.FTS.B
,
5
.754
%
,
7/02/35
....
11,654
–
b
7373979.SQ.FTS.B
,
5
.997
%
,
7/02/35
....
594
–
b
7378207.SQ.FTS.B
,
6
.009
%
,
7/03/35
....
9,549
–
b
7378054.SQ.FTS.B
,
6
.259
%
,
7/03/35
....
271
–
b
7380824.SQ.FTS.B
,
4
.753
%
,
7/04/35
....
1,279
–
b
7382858.SQ.FTS.B
,
5
.382
%
,
7/04/35
....
4,780
–
b
7384366.SQ.FTS.B
,
5
.444
%
,
7/05/35
....
2,246
–
b
7385423.SQ.FTS.B
,
6
.006
%
,
7/05/35
....
1,828
–
b
7390664.SQ.FTS.B
,
5
.19
%
,
7/08/35
.....
10,504
–
b
7389557.SQ.FTS.B
,
5
.38
%
,
7/08/35
.....
427
–
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)
a
Block,
Inc.
(continued)
b
7396701.SQ.FTS.B
,
5
.567
%
,
7/10/35
....
$
3,637
$
–
b
7395779.SQ.FTS.B
,
6
.005
%
,
7/10/35
....
12,121
–
b
7403168.SQ.FTS.B
,
5
.38
%
,
7/11/35
.....
7,909
–
b
7406047.SQ.FTS.B
,
6
.027
%
,
7/12/35
....
1,167
–
b
7408049.SQ.FTS.B
,
4
.924
%
,
7/15/35
....
1,733
–
b
7408322.SQ.FTS.B
,
5
.565
%
,
7/15/35
....
8,489
–
b
7410978.SQ.FTS.B
,
4
.747
%
,
7/16/35
....
1,609
–
b
7436351.SQ.FTS.B
,
5
.754
%
,
7/25/35
....
9,358
1
b
7441240.SQ.FTS.B
,
4
.745
%
,
7/26/35
....
3,314
–
b
7439758.SQ.FTS.B
,
5
.379
%
,
7/26/35
....
5,557
–
b
7442460.SQ.FTS.B
,
5
.193
%
,
7/27/35
....
1,313
–
b
7442087.SQ.FTS.B
,
6
.191
%
,
7/27/35
....
681
–
b
7442292.SQ.FTS.B
,
6
.268
%
,
7/27/35
....
635
–
b
7447150.SQ.FTS.B
,
5
.568
%
,
7/29/35
....
3,715
–
b
7461507.SQ.FTS.B
,
5
.378
%
,
8/02/35
....
21,883
–
b
7462684.SQ.FTS.B
,
6
.003
%
,
8/02/35
....
1,215
–
b
7461437.SQ.FTS.B
,
6
.412
%
,
8/02/35
....
1,125
–
b
7463744.SQ.FTS.B
,
5
.378
%
,
8/04/35
....
2,237
–
b
7466589.SQ.FTS.B
,
5
.567
%
,
8/05/35
....
7,091
–
b
7466750.SQ.FTS.B
,
6
.257
%
,
8/05/35
....
4,423
–
b
7469860.SQ.FTS.B
,
6
.258
%
,
8/06/35
....
5,369
–
b
7472610.SQ.FTS.B
,
4
.937
%
,
8/07/35
....
11,394
–
b
7474077.SQ.FTS.B
,
5
.749
%
,
8/07/35
....
364
–
b
7478694.SQ.FTS.B
,
5
.192
%
,
8/08/35
....
5,259
–
b
7478441.SQ.FTS.B
,
6
.008
%
,
8/08/35
....
1,070
–
b
7481878.SQ.FTS.B
,
5
.561
%
,
8/09/35
....
2,953
–
b
7483153.SQ.FTS.B
,
5
.747
%
,
8/09/35
....
1,034
–
b
7484605.SQ.FTS.B
,
4
.75
%
,
8/11/35
.....
3,161
–
b
7484169.SQ.FTS.B
,
6
.416
%
,
8/11/35
....
9,733
–
b
7487387.SQ.FTS.B
,
5
.75
%
,
8/12/35
.....
3,973
1
b
7490950.SQ.FTS.B
,
5
.566
%
,
8/13/35
....
4,533
1
b
7506333.SQ.FTS.B
,
5
.438
%
,
8/16/35
....
591
–
b
7530073.SQ.FTS.B
,
5
.75
%
,
8/24/35
.....
3,686
–
b
7531240.SQ.FTS.B
,
6
.017
%
,
8/25/35
....
1,180
–
b
7530940.SQ.FTS.B
,
6
.172
%
,
8/25/35
....
1,322
–
b
7535771.SQ.FTS.B
,
5
.377
%
,
8/27/35
....
12,186
–
b
7541816.SQ.FTS.B
,
6
.264
%
,
8/28/35
....
698
–
b
7548813.SQ.FTS.B
,
5
.757
%
,
8/29/35
....
6,364
–
b
7554908.SQ.FTS.B
,
5
.562
%
,
9/02/35
....
1,474
–
b
7555230.SQ.FTS.B
,
6
.175
%
,
9/02/35
....
199
–
b
7556670.SQ.FTS.B
,
6
.261
%
,
9/03/35
....
829
2
b
7564905.SQ.FTS.B
,
5
.757
%
,
9/05/35
....
1,505
–
b
7566244.SQ.FTS.B
,
4
.776
%
,
9/06/35
....
308
1
b
7568291.SQ.FTS.B
,
5
.379
%
,
9/06/35
....
283
–
b
7566782.SQ.FTS.B
,
5
.565
%
,
9/06/35
....
6,213
2
b
7572492.SQ.FTS.B
,
4
.653
%
,
9/07/35
....
5,502
1
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
7571635.SQ.FTS.B
,
5
.379
%
,
9/07/35
....
$
7,183
$
–
b
7575416.SQ.FTS.B
,
6
.004
%
,
9/08/35
....
1,622
–
b
7578838.SQ.FTS.B
,
5
.758
%
,
9/09/35
....
5,097
484
b
7583811.SQ.FTS.B
,
4
.654
%
,
9/11/35
....
1,993
1
b
7585646.SQ.FTS.B
,
5
.577
%
,
9/12/35
....
2,998
–
b
7586174.SQ.FTS.B
,
6
.166
%
,
9/12/35
....
2,624
–
b
7596132.SQ.FTS.B
,
5
.565
%
,
9/14/35
....
15,381
–
b
7593321.SQ.FTS.B
,
5
.749
%
,
9/14/35
....
3,989
–
b
7593404.SQ.FTS.B
,
6
.01
%
,
9/14/35
.....
1,025
18
b
7600963.SQ.FTS.B
,
5
.759
%
,
9/16/35
....
4,304
–
b
7602291.SQ.FTS.B
,
6
.007
%
,
9/18/35
....
25,654
951
b
7605951.SQ.FTS.B
,
6
.003
%
,
9/19/35
....
2,094
1
b
7612178.SQ.FTS.B
,
4
.756
%
,
9/20/35
....
2,687
5
b
7611808.SQ.FTS.B
,
5
.759
%
,
9/20/35
....
3,871
4
b
7616218.SQ.FTS.B
,
6
.166
%
,
9/21/35
....
385
–
b
7618103.SQ.FTS.B
,
4
.657
%
,
9/22/35
....
3,603
–
b
7618821.SQ.FTS.B
,
5
.549
%
,
9/22/35
....
464
1
b
7620736.SQ.FTS.B
,
5
.999
%
,
9/22/35
....
2,920
2
b
7618459.SQ.FTS.B
,
6
.261
%
,
9/22/35
....
6,239
9
b
7623486.SQ.FTS.B
,
5
.995
%
,
9/25/35
....
862
1
b
7631309.SQ.FTS.B
,
4
.654
%
,
9/27/35
....
277
73
b
7633336.SQ.FTS.B
,
5
.189
%
,
9/27/35
....
27,598
2
b
7631341.SQ.FTS.B
,
6
.009
%
,
9/27/35
....
4,005
–
b
7630437.SQ.FTS.B
,
6
.26
%
,
9/27/35
.....
3,990
1
b
7643773.SQ.FTS.B
,
5
.188
%
,
9/30/35
....
4,718
9
b
7649087.SQ.FTS.B
,
5
.378
%
,
10/01/35
...
9,266
3
b
7648074.SQ.FTS.B
,
5
.379
%
,
10/01/35
...
1,647
2
b
7647640.SQ.FTS.B
,
6
.412
%
,
10/01/35
...
5,142
2
b
7652433.SQ.FTS.B
,
5
.189
%
,
10/02/35
...
33,294
–
b
7656279.SQ.FTS.B
,
5
.189
%
,
10/03/35
...
13,976
774
b
7656835.SQ.FTS.B
,
5
.189
%
,
10/03/35
...
1,252
965
b
7657031.SQ.FTS.B
,
5
.597
%
,
10/03/35
...
412
1
b
7668700.SQ.FTS.B
,
5
.572
%
,
10/06/35
...
1,857
–
b
7672063.SQ.FTS.B
,
5
.93
%
,
10/08/35
....
642
2
b
7673560.SQ.FTS.B
,
6
%
,
10/08/35
.......
1,534
5
b
7680242.SQ.FTS.B
,
4
.937
%
,
10/10/35
...
16,681
–
b
7679932.SQ.FTS.B
,
4
.938
%
,
10/10/35
...
19,659
–
b
7678020.SQ.FTS.B
,
6
.26
%
,
10/10/35
....
2,311
5
b
7689723.SQ.FTS.B
,
6
.259
%
,
10/13/35
...
4,835
278
b
7690365.SQ.FTS.B
,
5
.188
%
,
10/14/35
...
12,369
2
b
7703931.SQ.FTS.B
,
4
.753
%
,
10/18/35
...
1,959
10
b
7705636.SQ.FTS.B
,
6
.162
%
,
10/19/35
...
817
3
b
7707263.SQ.FTS.B
,
5
.346
%
,
10/21/35
...
11,690
–
b
7721658.SQ.FTS.B
,
5
.377
%
,
10/25/35
...
7,766
1
b
7723857.SQ.FTS.B
,
6
.511
%
,
10/25/35
...
144
100
b
7725971.SQ.FTS.B
,
4
.754
%
,
10/26/35
...
3,081
4
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)
a
Block,
Inc.
(continued)
b
7726791.SQ.FTS.B
,
5
.09
%
,
10/26/35
....
$
2,036
$
3
b
7726860.SQ.FTS.B
,
5
.103
%
,
10/26/35
...
968
6
b
7730750.SQ.FTS.B
,
5
.346
%
,
10/27/35
...
32,835
–
b
7736276.SQ.FTS.B
,
4
.787
%
,
10/29/35
...
924
8
b
7741295.SQ.FTS.B
,
5
.339
%
,
10/30/35
...
1,832
1
b
7743177.SQ.FTS.B
,
5
.912
%
,
11/01/35
...
10,923
–
b
7745686.SQ.FTS.B
,
5
.913
%
,
11/01/35
...
1,881
8
b
7750529.SQ.FTS.B
,
4
.778
%
,
11/02/35
...
2,067
5
b
7752431.SQ.FTS.B
,
4
.78
%
,
11/02/35
....
584
200
b
7759395.SQ.FTS.B
,
5
.438
%
,
11/05/35
...
1,671
1
b
7767426.SQ.FTS.B
,
4
.754
%
,
11/07/35
...
1,600
2
b
7771470.SQ.FTS.B
,
5
.91
%
,
11/08/35
....
1,812
31
b
7771118.SQ.FTS.B
,
6
.162
%
,
11/08/35
....
11,006
13
b
7777130.SQ.FTS.B
,
5
.722
%
,
11/09/35
...
6,864
2
b
7778609.SQ.FTS.B
,
5
.913
%
,
11/10/35
...
6,564
2
b
7782728.SQ.FTS.B
,
6
.163
%
,
11/12/35
...
6,703
1,117
b
7787720.SQ.FTS.B
,
4
.734
%
,
11/13/35
...
509
2
b
7786619.SQ.FTS.B
,
5
.915
%
,
11/13/35
...
4,392
–
b
7789785.SQ.FTS.B
,
5
.346
%
,
11/14/35
...
1,184
3
b
7799914.SQ.FTS.B
,
4
.748
%
,
11/16/35
...
13,481
–
b
7800202.SQ.FTS.B
,
5
.344
%
,
11/17/35
...
10,005
1
b
7801213.SQ.FTS.B
,
6
.154
%
,
11/17/35
...
1,802
8
b
7804801.SQ.FTS.B
,
6
.163
%
,
11/18/35
...
17,812
–
b
7805105.SQ.FTS.B
,
5
.348
%
,
11/19/35
...
3,618
21
b
7806254.SQ.FTS.B
,
4
.78
%
,
11/20/35
....
1,774
501
b
7811989.SQ.FTS.B
,
4
.717
%
,
11/21/35
...
467
1
b
7812032.SQ.FTS.B
,
5
.538
%
,
11/21/35
...
721
4
b
7811277.SQ.FTS.B
,
6
.164
%
,
11/21/35
...
512
7
b
7816657.SQ.FTS.B
,
6
.164
%
,
11/22/35
...
1,034
–
b
7826584.SQ.FTS.B
,
5
.444
%
,
11/24/35
...
4,735
4
b
7825597.SQ.FTS.B
,
6
.156
%
,
11/24/35
...
2,444
1
b
7838689.SQ.FTS.B
,
5
.912
%
,
11/29/35
...
11,182
3,065
b
7839709.SQ.FTS.B
,
6
.463
%
,
11/29/35
...
684
12
b
7856900.SQ.FTS.B
,
6
.162
%
,
12/04/35
...
2,525
12
b
7863894.SQ.FTS.B
,
4
.751
%
,
12/05/35
...
3,495
58
b
7868430.SQ.FTS.B
,
5
.092
%
,
12/06/35
...
2,574
2
b
7869279.SQ.FTS.B
,
6
.134
%
,
12/06/35
...
223
2
b
7869425.SQ.FTS.B
,
6
.154
%
,
12/06/35
...
30
28
b
7868834.SQ.FTS.B
,
6
.284
%
,
12/06/35
...
2,780
–
b
7873942.SQ.FTS.B
,
6
.507
%
,
12/08/35
...
715
3
b
7874931.SQ.FTS.B
,
5
.348
%
,
12/09/35
...
1,670
15
b
7875074.SQ.FTS.B
,
5
.91
%
,
12/09/35
....
2,664
22
b
7876689.SQ.FTS.B
,
5
.098
%
,
12/10/35
...
4,269
16
b
7882477.SQ.FTS.B
,
6
.166
%
,
12/11/35
...
2,881
11
b
7884810.SQ.FTS.B
,
4
.728
%
,
12/12/35
...
1,095
–
b
7891927.SQ.FTS.B
,
4
.729
%
,
12/13/35
...
450
1
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
7889784.SQ.FTS.B
,
6
.168
%
,
12/13/35
...
$
2,381
$
10
b
7898972.SQ.FTS.B
,
4
.78
%
,
12/15/35
....
3,880
1,812
b
7899837.SQ.FTS.B
,
4
.752
%
,
12/16/35
...
3,998
24
b
7901578.SQ.FTS.B
,
5
.535
%
,
12/17/35
...
1,306
22
b
7914492.SQ.FTS.B
,
5
.907
%
,
12/20/35
...
576
13
b
7912392.SQ.FTS.B
,
6
.164
%
,
12/20/35
...
181
19
b
7918484.SQ.FTS.B
,
4
.745
%
,
12/21/35
...
4,063
3
b
7915836.SQ.FTS.B
,
4
.781
%
,
12/21/35
...
2,661
17
b
7919249.SQ.FTS.B
,
6
.171
%
,
12/22/35
...
2,440
35
b
7924093.SQ.FTS.B
,
5
.346
%
,
12/24/35
...
2,164
1,755
b
7931938.SQ.FTS.B
,
4
.757
%
,
12/26/35
...
1,074
8
b
7928332.SQ.FTS.B
,
6
.144
%
,
12/26/35
...
468
4
b
7929817.SQ.FTS.B
,
6
.164
%
,
12/26/35
...
994
1
b
7936898.SQ.FTS.B
,
5
.446
%
,
12/27/35
...
788
3
b
7936014.SQ.FTS.B
,
5
.913
%
,
12/27/35
...
17,355
18
b
7938565.SQ.FTS.B
,
6
.294
%
,
12/28/35
...
1,147
192
b
7942328.SQ.FTS.B
,
4
.759
%
,
12/29/35
...
2,917
2
b
7943096.SQ.FTS.B
,
6
.162
%
,
12/30/35
...
5,608
2,769
b
7942994.SQ.FTS.B
,
6
.178
%
,
12/30/35
...
531
–
b
7946958.SQ.FTS.B
,
4
.75
%
,
1/01/36
.....
4,192
4
b
7944951.SQ.FTS.B
,
4
.762
%
,
1/01/36
....
688
1
b
7945338.SQ.FTS.B
,
4
.78
%
,
1/01/36
.....
1,249
1,202
b
7944011.SQ.FTS.B
,
4
.784
%
,
1/01/36
....
1,767
37
b
7947625.SQ.FTS.B
,
6
.163
%
,
1/01/36
....
1,915
21
b
7951311.SQ.FTS.B
,
4
.777
%
,
1/02/36
....
537
1
b
7951847.SQ.FTS.B
,
5
.094
%
,
1/02/36
....
20,510
4,062
b
7952600.SQ.FTS.B
,
5
.35
%
,
1/02/36
.....
5,840
25
b
7951787.SQ.FTS.B
,
5
.407
%
,
1/02/36
....
997
–
b
7951448.SQ.FTS.B
,
5
.444
%
,
1/02/36
....
2,679
1
b
7951324.SQ.FTS.B
,
5
.535
%
,
1/02/36
....
294
7
b
7950492.SQ.FTS.B
,
6
.475
%
,
1/02/36
....
4,103
3
b
7955770.SQ.FTS.B
,
4
.78
%
,
1/03/36
.....
11,019
11
b
7957118.SQ.FTS.B
,
5
.091
%
,
1/03/36
....
2,599
55
b
7957265.SQ.FTS.B
,
5
.915
%
,
1/03/36
....
764
33
b
7970899.SQ.FTS.B
,
5
.349
%
,
1/09/36
....
8,001
11
b
7971514.SQ.FTS.B
,
5
.436
%
,
1/09/36
....
3,454
–
b
7971048.SQ.FTS.B
,
5
.739
%
,
1/09/36
....
447
104
b
7971074.SQ.FTS.B
,
6
.164
%
,
1/09/36
....
4,437
83
b
7980290.SQ.FTS.B
,
5
.346
%
,
1/11/36
....
18,424
48
b
7981977.SQ.FTS.B
,
5
.917
%
,
1/12/36
....
2,349
15
b
7983412.SQ.FTS.B
,
5
.92
%
,
1/12/36
.....
1,117
13
b
7981527.SQ.FTS.B
,
6
.164
%
,
1/12/36
....
2,038
20
b
7984186.SQ.FTS.B
,
6
.162
%
,
1/13/36
....
435
86
b
7984217.SQ.FTS.B
,
6
.491
%
,
1/13/36
....
1,790
9
b
7985368.SQ.FTS.B
,
5
.436
%
,
1/14/36
....
2,239
16
b
7987855.SQ.FTS.B
,
4
.735
%
,
1/15/36
....
1,031
17
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)
a
Block,
Inc.
(continued)
b
7987273.SQ.FTS.B
,
5
.357
%
,
1/15/36
....
$
1,447
$
10
b
7991684.SQ.FTS.B
,
4
.775
%
,
1/16/36
....
3,015
1
b
8000882.SQ.FTS.B
,
5
.913
%
,
1/17/36
....
14,351
19
b
7993734.SQ.FTS.B
,
6
.147
%
,
1/17/36
....
624
10
b
8004901.SQ.FTS.B
,
5
.355
%
,
1/18/36
....
120
15
b
8004961.SQ.FTS.B
,
6
.166
%
,
1/18/36
....
12,843
12
b
8007977.SQ.FTS.B
,
6
.172
%
,
1/19/36
....
1,517
6
b
8009940.SQ.FTS.B
,
4
.745
%
,
1/20/36
....
949
514
b
8014750.SQ.FTS.B
,
5
.716
%
,
1/22/36
....
3,086
1
b
8013310.SQ.FTS.B
,
5
.723
%
,
1/22/36
....
38,986
8
b
8016211.SQ.FTS.B
,
5
.451
%
,
1/23/36
....
2,578
3
b
8016338.SQ.FTS.B
,
5
.525
%
,
1/23/36
....
429
29
b
8029246.SQ.FTS.B
,
4
.78
%
,
1/26/36
.....
25,021
2
b
8049787.SQ.FTS.B
,
4
.758
%
,
2/01/36
....
112
3
b
8046718.SQ.FTS.B
,
5
.354
%
,
2/01/36
....
2,330
8
b
8048248.SQ.FTS.B
,
5
.535
%
,
2/01/36
....
10,609
871
b
8053068.SQ.FTS.B
,
4
.749
%
,
2/02/36
....
762
6
b
8058200.SQ.FTS.B
,
4
.739
%
,
2/05/36
....
634
12
b
8060490.SQ.FTS.B
,
4
.78
%
,
2/06/36
.....
1,882
21
b
8063150.SQ.FTS.B
,
5
.911
%
,
2/06/36
....
30,449
268
b
8073414.SQ.FTS.B
,
5
.095
%
,
2/09/36
....
7,891
8
b
8076658.SQ.FTS.B
,
5
.428
%
,
2/10/36
....
290
20
b
8087504.SQ.FTS.B
,
4
.749
%
,
2/14/36
....
869
12
b
8084982.SQ.FTS.B
,
5
.35
%
,
2/14/36
.....
2,214
13
b
8084848.SQ.FTS.B
,
6
.17
%
,
2/14/36
.....
588
4
b
8093270.SQ.FTS.B
,
4
.78
%
,
2/15/36
.....
3,442
168
b
8099047.SQ.FTS.B
,
4
.747
%
,
2/19/36
....
4,041
2
b
8100556.SQ.FTS.B
,
6
.289
%
,
2/19/36
....
1,091
39
b
8107707.SQ.FTS.B
,
4
.762
%
,
2/21/36
....
762
1
b
8112993.SQ.FTS.B
,
4
.78
%
,
2/22/36
.....
3,243
44
b
8130671.SQ.FTS.B
,
4
.78
%
,
2/28/36
.....
67,036
65
b
8143126.SQ.FTS.B
,
5
.66
%
,
2/28/36
.....
7,740
3,038
b
8136487.SQ.FTS.B
,
6
.145
%
,
2/28/36
....
2,070
4
b
8134991.SQ.FTS.B
,
6
.422
%
,
2/28/36
....
11,676
65
b
8139490.SQ.FTS.B
,
6
.681
%
,
2/28/36
....
937
48
b
8146384.SQ.FTS.B
,
5
.91
%
,
3/03/36
.....
10,073
26
b
8159049.SQ.FTS.B
,
4
.781
%
,
3/06/36
....
2,959
2,145
b
8158900.SQ.FTS.B
,
4
.953
%
,
3/06/36
....
2,749
42
b
8162106.SQ.FTS.B
,
5
.113
%
,
3/06/36
....
4,653
75
b
8162740.SQ.FTS.B
,
5
.666
%
,
3/07/36
....
511
491
b
8166181.SQ.FTS.B
,
6
.341
%
,
3/09/36
....
492
355
b
8169173.SQ.FTS.B
,
4
.78
%
,
3/10/36
.....
3,690
106
b
8170308.SQ.FTS.B
,
6
.151
%
,
3/10/36
....
42,780
51
b
8169308.SQ.FTS.B
,
6
.42
%
,
3/10/36
.....
12,467
–
b
8171784.SQ.FTS.B
,
6
.141
%
,
3/11/36
....
313
21
b
8185099.SQ.FTS.B
,
6
.158
%
,
3/14/36
....
1,326
86
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
8186943.SQ.FTS.B
,
6
.428
%
,
3/16/36
....
$
3,070
$
6
b
8189328.SQ.FTS.B
,
6
.676
%
,
3/16/36
....
3,413
55
b
8193280.SQ.FTS.B
,
6
.416
%
,
3/17/36
....
1,300
17
b
8193543.SQ.FTS.B
,
4
.946
%
,
3/18/36
....
313
18
b
8196327.SQ.FTS.B
,
6
.426
%
,
3/18/36
....
2,858
20
b
8202121.SQ.FTS.B
,
5
.676
%
,
3/19/36
....
506
386
b
8204568.SQ.FTS.B
,
5
.112
%
,
3/20/36
....
332
306
b
8203457.SQ.FTS.B
,
6
.419
%
,
3/20/36
....
290
206
b
8205130.SQ.FTS.B
,
6
.676
%
,
3/20/36
....
1,250
17
b
8209936.SQ.FTS.B
,
6
.326
%
,
3/23/36
....
7,486
104
b
8212774.SQ.FTS.B
,
4
.962
%
,
3/24/36
....
1,956
91
b
8212645.SQ.FTS.B
,
5
.919
%
,
3/24/36
....
137
128
31,707
Freedom
Financial
Asset
Management
LLC
APP-16947974.FP.FTS.B
,
13
.24
%
,
9/06/26
455
455
APP-17143594.FP.FTS.B
,
9
.99
%
,
9/07/26
.
389
389
APP-16681815.FP.FTS.B
,
8
.24
%
,
9/16/26
.
712
713
APP-16637870.FP.FTS.B
,
12
.49
%
,
9/18/26
571
572
APP-17100593.FP.FTS.B
,
9
.49
%
,
9/20/26
.
522
523
APP-17439783.FP.FTS.B
,
10
.74
%
,
9/25/26
176
176
APP-15589148.FP.FTS.B
,
14
.49
%
,
10/08/26
..........................
811
813
APP-14329008.FP.FTS.B
,
19
.49
%
,
10/17/26
..........................
4,069
4,193
APP-11741994.FP.FTS.B
,
18
.99
%
,
12/16/26
..........................
1,963
1,997
APP-11751120.FP.FTS.B
,
8
.99
%
,
12/23/26
3,891
3,917
APP-11708423.FP.FTS.B
,
20
.99
%
,
12/23/26
..........................
4,641
4,747
a
APP-11752109.FP.FTS.B
,
22
.49
%
,
12/23/26
..........................
3,388
527
APP-14548332.FP.FTS.B
,
16
.49
%
,
1/05/27
1,204
1,210
APP-11603796.FP.FTS.B
,
20
.99
%
,
1/15/27
2,450
2,536
APP-11703116.FP.FTS.B
,
19
.49
%
,
2/05/27
1,975
2,016
APP-11922307.FP.FTS.B
,
20
.49
%
,
2/15/27
1,320
1,347
APP-11904406.FP.FTS.B
,
11
.24
%
,
2/19/27
2,516
2,534
APP-11942494.FP.FTS.B
,
18
.99
%
,
2/19/27
2,986
3,053
APP-11940530.FP.FTS.B
,
13
.49
%
,
2/20/27
2,583
2,606
APP-12389833.FP.FTS.B
,
16
.49
%
,
3/07/27
1,609
1,633
APP-12410874.FP.FTS.B
,
10
.99
%
,
3/08/27
428
427
APP-12408565.FP.FTS.B
,
17
.99
%
,
3/19/27
4,150
4,267
APP-12412441.FP.FTS.B
,
11
.24
%
,
3/22/27
6,179
6,243
APP-11877626.FP.FTS.B
,
13
.59
%
,
4/14/27
7,846
7,928
APP-13682302.FP.FTS.B
,
18
.49
%
,
4/15/27
2,159
2,214
APP-13744711.FP.FTS.B
,
26
.49
%
,
4/15/27
1,862
1,929
APP-12119826.FP.FTS.B
,
12
.09
%
,
4/16/27
9,294
9,371
APP-14057284.FP.FTS.B
,
13
.59
%
,
4/23/27
7,424
7,502
APP-14187476.FP.FTS.B
,
17
.99
%
,
5/01/27
6,151
6,272
APP-14087177.FP.FTS.B
,
18
.99
%
,
5/02/27
4,432
2,908
APP-14041540.FP.FTS.B
,
11
.59
%
,
5/03/27
4,396
4,438
APP-13483981.FP.FTS.B
,
16
.99
%
,
5/15/27
2,748
2,820
APP-13849753.FP.FTS.B
,
9
.34
%
,
5/20/27
.
5,839
5,892
APP-13800465.FP.FTS.B
,
18
.49
%
,
5/20/27
2,581
2,670
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-13529032.FP.FTS.B
,
18
.74
%
,
5/20/27
$
8,880
$
9,149
APP-13705972.FP.FTS.B
,
26
.49
%
,
5/20/27
2,728
2,835
APP-13542298.FP.FTS.B
,
11
.34
%
,
5/21/27
5,010
5,063
APP-13767415.FP.FTS.B
,
19
.49
%
,
5/21/27
2,011
2,036
APP-13485109.FP.FTS.B
,
20
.49
%
,
5/27/27
2,892
3,013
APP-13574037.FP.FTS.B
,
15
.24
%
,
5/28/27
10,060
10,222
APP-13521024.FP.FTS.B
,
20
.99
%
,
5/28/27
3,932
4,101
APP-13836108.FP.FTS.B
,
13
.59
%
,
5/31/27
8,131
8,246
APP-13623936.FP.FTS.B
,
9
.34
%
,
6/03/27
.
8,236
8,305
APP-14688354.FP.FTS.B
,
17
.49
%
,
6/04/27
6,542
6,617
APP-14165096.FP.FTS.B
,
14
.74
%
,
6/06/27
6,883
6,976
APP-14324970.FP.FTS.B
,
24
.74
%
,
6/12/27
3,900
4,071
APP-15597460.FP.FTS.B
,
16
.49
%
,
6/16/27
7,500
7,595
APP-14301553.FP.FTS.B
,
22
.49
%
,
6/16/27
3,481
3,570
APP-14138938.FP.FTS.B
,
11
.59
%
,
6/17/27
3,514
3,549
APP-14243912.FP.FTS.B
,
26
.49
%
,
6/17/27
2,772
2,886
APP-14057201.FP.FTS.B
,
15
.99
%
,
6/18/27
2,886
2,962
APP-14066107.FP.FTS.B
,
9
.34
%
,
6/19/27
.
8,237
8,321
APP-14202174.FP.FTS.B
,
11
.59
%
,
6/20/27
2,820
2,850
APP-11743712.FP.FTS.B
,
21
.49
%
,
6/22/27
4,384
4,579
APP-13899643.FP.FTS.B
,
12
.09
%
,
6/28/27
11,991
12,124
APP-14292674.FP.FTS.B
,
21
.99
%
,
6/28/27
4,682
4,917
APP-15753390.FP.FTS.B
,
26
.99
%
,
7/01/27
3,354
3,507
APP-15653357.FP.FTS.B
,
21
.24
%
,
7/04/27
2,317
2,369
APP-14883847.FP.FTS.B
,
17
.24
%
,
7/06/27
1,892
1,912
APP-15556990.FP.FTS.B
,
21
.24
%
,
7/06/27
2,920
2,984
APP-14902078.FP.FTS.B
,
11
.74
%
,
7/07/27
5,681
5,732
APP-14709072.FP.FTS.B
,
17
.49
%
,
7/12/27
1,673
1,677
APP-14818480.FP.FTS.B
,
11
.74
%
,
7/15/27
3,571
3,583
APP-15137192.FP.FTS.B
,
11
.99
%
,
7/15/27
4,066
4,105
APP-14843307.FP.FTS.B
,
11
.99
%
,
7/17/27
2,817
2,841
APP-14811744.FP.FTS.B
,
13
.99
%
,
7/19/27
8,662
8,774
APP-14688586.FP.FTS.B
,
17
.49
%
,
7/19/27
7,151
7,265
APP-14902830.FP.FTS.B
,
16
.24
%
,
7/20/27
10,399
10,684
APP-15056862.FP.FTS.B
,
22
.99
%
,
7/20/27
5,786
6,026
APP-14865961.FP.FTS.B
,
11
.74
%
,
7/21/27
7,281
7,354
APP-14937680.FP.FTS.B
,
11
.99
%
,
7/21/27
994
996
APP-14881643.FP.FTS.B
,
17
.49
%
,
7/21/27
5,810
5,907
APP-14877061.FP.FTS.B
,
9
.99
%
,
7/22/27
.
3,775
3,817
APP-14314279.FP.FTS.B
,
23
.49
%
,
7/25/27
1,252
1,281
a
APP-14335800.FP.FTS.B
,
19
.99
%
,
7/27/27
5,207
1,243
APP-16690743.FP.FTS.B
,
18
.49
%
,
8/01/27
2,392
2,417
APP-15584134.FP.FTS.B
,
12
.99
%
,
8/03/27
6,752
6,821
a
APP-16724945.FP.FTS.B
,
13
.99
%
,
8/03/27
2,036
964
APP-16827842.FP.FTS.B
,
16
.24
%
,
8/03/27
6,933
6,999
APP-17031491.FP.FTS.B
,
13
.99
%
,
8/05/27
14,174
14,342
APP-15713621.FP.FTS.B
,
12
.49
%
,
8/06/27
4,362
4,401
APP-14143499.FP.FTS.B
,
17
.24
%
,
8/07/27
8,701
8,897
APP-15045243.FP.FTS.B
,
21
.49
%
,
8/10/27
6,129
6,334
APP-15437840.FP.FTS.B
,
20
.24
%
,
8/13/27
4,787
4,969
APP-16055829.FP.FTS.B
,
12
.99
%
,
8/14/27
3,065
3,108
APP-15638158.FP.FTS.B
,
21
.24
%
,
8/14/27
2,771
2,843
APP-15398960.FP.FTS.B
,
12
.99
%
,
8/15/27
11,298
11,426
APP-15709743.FP.FTS.B
,
14
.49
%
,
8/15/27
10,713
10,848
APP-15544956.FP.FTS.B
,
18
.74
%
,
8/15/27
4,596
4,672
APP-16074588.FP.FTS.B
,
23
.49
%
,
8/15/27
4,519
4,693
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15763149.FP.FTS.B
,
26
.99
%
,
8/15/27
$
3,507
$
3,660
APP-15601188.FP.FTS.B
,
21
.24
%
,
8/19/27
14,818
15,235
APP-15811836.FP.FTS.B
,
19
.74
%
,
8/20/27
7,356
7,561
APP-15602128.FP.FTS.B
,
21
.74
%
,
8/21/27
4,220
4,378
APP-15871509.FP.FTS.B
,
20
.49
%
,
8/26/27
5,514
5,705
APP-15234987.FP.FTS.B
,
16
.74
%
,
8/27/27
8,298
8,449
APP-16019364.FP.FTS.B
,
20
.99
%
,
8/28/27
2,678
2,704
APP-15594246.FP.FTS.B
,
25
.49
%
,
8/30/27
9,229
9,715
APP-14911217.FP.FTS.B
,
13
.99
%
,
9/07/27
7,401
7,502
APP-17244225.FP.FTS.B
,
9
.49
%
,
9/09/27
.
5,445
5,498
APP-17250115.FP.FTS.B
,
9
.74
%
,
9/09/27
.
1,948
1,967
APP-17450366.FP.FTS.B
,
21
.24
%
,
9/13/27
3,602
3,699
APP-16817244.FP.FTS.B
,
18
.24
%
,
9/14/27
15,486
15,738
APP-16906029.FP.FTS.B
,
17
.74
%
,
9/17/27
3,257
3,304
APP-14177752.FP.FTS.B
,
11
.59
%
,
9/18/27
7,507
7,606
APP-16599721.FP.FTS.B
,
13
.49
%
,
9/19/27
472
472
APP-15738048.FP.FTS.B
,
24
.99
%
,
9/20/27
4,102
4,206
APP-15758289.FP.FTS.B
,
26
.99
%
,
9/21/27
3,674
3,845
APP-17193229.FP.FTS.B
,
11
.99
%
,
9/22/27
4,154
4,213
APP-15037668.FP.FTS.B
,
26
.99
%
,
9/23/27
4,008
4,208
APP-14178173.FP.FTS.B
,
15
.24
%
,
9/26/27
5,904
4,593
APP-13417402.FP.FTS.B
,
17
.99
%
,
9/28/27
5,057
5,290
APP-15742698.FP.FTS.B
,
20
.74
%
,
10/20/27
..........................
7,481
7,812
APP-11750409.FP.FTS.B
,
17
.99
%
,
11/05/27
6,107
6,320
APP-15449600.FP.FTS.B
,
20
.74
%
,
11/15/27
..........................
2,095
2,125
APP-15757316.FP.FTS.B
,
24
.99
%
,
11/24/27
..........................
9,391
9,873
APP-13914635.FP.FTS.B
,
20
.99
%
,
12/10/27
..........................
2,652
2,688
APP-17433516.FP.FTS.B
,
20
.49
%
,
12/12/27
..........................
10,010
10,286
APP-12293217.FP.FTS.B
,
17
.49
%
,
1/05/28
2,685
2,709
APP-16893024.FP.FTS.B
,
19
.99
%
,
1/11/28
7,569
7,714
APP-15718443.FP.FTS.B
,
26
.99
%
,
4/30/28
5,155
5,290
APP-13484916.FP.FTS.B
,
14
.99
%
,
6/12/28
2,354
2,368
APP-14840263.FP.FTS.B
,
17
.49
%
,
8/31/28
11,389
8,001
APP-16811535.FP.FTS.B
,
21
.74
%
,
8/03/36
1,217
1,218
APP-15493477.FP.FTS.B
,
16
.74
%
,
8/20/36
239
239
APP-14820629.FP.FTS.B
,
17
.24
%
,
8/20/36
637
642
APP-15743821.FP.FTS.B
,
26
.49
%
,
8/20/36
316
320
APP-15750146.FP.FTS.B
,
19
.24
%
,
8/21/36
901
567
APP-16078255.FP.FTS.B
,
19
.24
%
,
8/26/36
417
420
598,756
LendingClub
Corp.
166624371.LC.FTS.B
,
17
.74
%
,
3/04/33
...
10,905
–
LendingClub
Corp.
-
LCX
PM
188053341.LC.FTS.B
,
6
%
,
4/08/27
......
1,096
1,116
188110736.LC.FTS.B
,
23
.99
%
,
4/13/27
...
4,036
–
188225211.LC.FTS.B
,
20
.99
%
,
4/18/27
...
3,359
3,378
188575003.LC.FTS.B
,
22
.49
%
,
4/20/27
...
940
954
188450442.LC.FTS.B
,
15
.19
%
,
4/21/27
...
5,656
5,650
188615522.LC.FTS.B
,
16
.19
%
,
4/21/27
...
3,290
3,322
188593509.LC.FTS.B
,
19
.44
%
,
4/21/27
...
1,567
1,601
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)
LendingClub
Corp.
-
LCX
PM
(continued)
188582913.LC.FTS.B
,
20
.49
%
,
4/21/27
...
$
10,756
$
–
188630360.LC.FTS.B
,
20
.49
%
,
4/22/27
...
4,874
4,976
188633218.LC.FTS.B
,
28
.99
%
,
4/24/27
...
3,273
2,738
187548690.LC.FTS.B
,
23
.49
%
,
4/25/27
...
7,123
–
188528665.LC.FTS.B
,
23
.99
%
,
4/25/27
...
1,718
1,767
187899660.LC.FTS.B
,
23
.99
%
,
4/29/27
...
5,898
6,075
188186124.LC.FTS.B
,
21
.49
%
,
11/12/27
..
2,523
2,522
188574271.LC.FTS.B
,
22
.49
%
,
11/30/27
..
14,394
–
188256153.LC.FTS.B
,
18
.99
%
,
12/12/27
..
2,504
–
188415292.LC.FTS.B
,
22
.99
%
,
7/20/28
...
13,624
2,587
36,686
Prosper
Funding
LLC
1658775.PS.FTS.B
,
12
.5
%
,
11/02/26
....
1,513
1,525
1658917.PS.FTS.B
,
10
.7
%
,
11/09/26
....
1,182
1,183
1654475.PS.FTS.B
,
10
.8
%
,
11/10/26
....
3,849
2,286
1654907.PS.FTS.B
,
16
%
,
11/12/26
......
1,439
1,082
1667685.PS.FTS.B
,
17
.1
%
,
11/15/26
....
2,461
2,485
1673612.PS.FTS.B
,
19
.3
%
,
12/16/26
....
748
757
1674065.PS.FTS.B
,
27
.18
%
,
12/16/26
...
2,155
2,193
1674635.PS.FTS.B
,
13
.77
%
,
12/17/26
...
1,904
1,927
1681423.PS.FTS.B
,
10
.08
%
,
12/20/26
...
1,582
1,585
1688043.PS.FTS.B
,
10
.5
%
,
12/20/26
....
1,258
1,260
1686612.PS.FTS.B
,
16
.8
%
,
12/25/26
....
2,794
2,829
1673600.PS.FTS.B
,
11
.6
%
,
12/26/26
....
1,109
1,110
1687826.PS.FTS.B
,
12
.6
%
,
1/12/27
.....
1,563
1,564
1688201.PS.FTS.B
,
24
.03
%
,
1/12/27
....
1,604
1,637
1694575.PS.FTS.B
,
11
.99
%
,
1/13/27
....
2,702
2,706
1688543.PS.FTS.B
,
16
.18
%
,
1/13/27
....
2,163
2,189
1689323.PS.FTS.B
,
26
.88
%
,
1/14/27
....
505
516
1705371.PS.FTS.B
,
12
.62
%
,
1/20/27
....
3,909
3,920
1693711.PS.FTS.B
,
21
.63
%
,
2/10/27
....
1,974
2,025
1715428.PS.FTS.B
,
9
.99
%
,
2/15/27
.....
735
736
1709807.PS.FTS.B
,
15
.1
%
,
2/17/27
.....
2,855
2,899
1710686.PS.FTS.B
,
19
%
,
2/18/27
.......
1,923
1,759
1708892.PS.FTS.B
,
11
.79
%
,
2/20/27
....
3,053
3,057
a
1716991.PS.FTS.B
,
13
.7
%
,
2/22/27
.....
14,475
–
1708439.PS.FTS.B
,
16
.7
%
,
3/09/27
.....
1,744
475
1709420.PS.FTS.B
,
21
.18
%
,
3/15/27
....
2,175
2,217
1749361.PS.FTS.B
,
10
.5
%
,
4/05/27
.....
2,628
2,624
1742753.PS.FTS.B
,
11
.7
%
,
4/05/27
.....
2,660
2,656
1749730.PS.FTS.B
,
11
.6
%
,
4/06/27
.....
2,848
2,844
1752861.PS.FTS.B
,
12
.5
%
,
4/06/27
.....
1,928
1,926
1750153.PS.FTS.B
,
16
.9
%
,
4/06/27
.....
1,882
1,903
1754274.PS.FTS.B
,
11
.6
%
,
4/07/27
.....
664
663
1751020.PS.FTS.B
,
14
.49
%
,
4/07/27
....
1,019
1,027
1745348.PS.FTS.B
,
10
.4
%
,
4/08/27
.....
5,559
5,555
1755504.PS.FTS.B
,
10
.29
%
,
4/11/27
....
1,664
1,664
1752913.PS.FTS.B
,
15
.5
%
,
4/11/27
.....
1,932
1,955
1756335.PS.FTS.B
,
18
.33
%
,
4/12/27
....
5,040
5,113
1755102.PS.FTS.B
,
15
.29
%
,
4/13/27
....
6,182
6,240
1755513.PS.FTS.B
,
21
%
,
4/20/27
.......
1,732
1,573
a
1704399.PS.FTS.B
,
13
.8
%
,
11/03/27
....
16,673
–
1693289.PS.FTS.B
,
12
.9
%
,
12/21/27
....
3,069
3,071
1743968.PS.FTS.B
,
11
.2
%
,
3/25/28
.....
6,536
6,474
91,210
Description
Principal
Amount
Value
a
Upgrade,
Inc.
-
Card
Upstart
Network,
Inc.
L1714660.UP.FTS.B
,
8
.12
%
,
9/15/26
....
$
1,113
$
1,100
L1717453.UP.FTS.B
,
9
.3
%
,
9/15/26
.....
2,057
2,033
L1712309.UP.FTS.B
,
10
.63
%
,
9/15/26
....
169
167
L1716286.UP.FTS.B
,
13
.58
%
,
9/15/26
....
676
668
L1717659.UP.FTS.B
,
24
.51
%
,
9/15/26
....
177
175
L1705442.UP.FTS.B
,
26
.69
%
,
9/15/26
....
411
405
a
FW1718296.UP.FTS.B
,
26
.73
%
,
9/15/26
..
1,046
27
FW1708223.UP.FTS.B
,
31
.43
%
,
9/15/26
..
241
237
FW1718952.UP.FTS.B
,
31
.98
%
,
9/15/26
..
488
481
FW1718497.UP.FTS.B
,
32
.01
%
,
9/15/26
..
145
142
L1885346.UP.FTS.B
,
12
.58
%
,
10/20/26
...
193
191
L1883791.UP.FTS.B
,
16
%
,
10/20/26
.....
1,067
979
L1887062.UP.FTS.B
,
16
.6
%
,
10/20/26
....
341
337
FW1886267.UP.FTS.B
,
17
.53
%
,
10/20/26
.
764
755
FW1885177.UP.FTS.B
,
19
.83
%
,
10/20/26
.
460
454
L1888979.UP.FTS.B
,
20
.2
%
,
10/20/26
....
1,395
1,378
L1887570.UP.FTS.B
,
22
.24
%
,
10/20/26
...
258
255
L1887186.UP.FTS.B
,
23
.15
%
,
10/20/26
...
164
162
FW1887450.UP.FTS.B
,
25
.16
%
,
10/20/26
.
1,252
1,238
FW1885417.UP.FTS.B
,
25
.25
%
,
10/20/26
.
426
421
L1888117.UP.FTS.B
,
25
.32
%
,
10/20/26
...
350
345
L1862311.UP.FTS.B
,
26
.09
%
,
10/20/26
...
923
858
FW1885184.UP.FTS.B
,
29
.51
%
,
10/20/26
.
1,227
1,213
FW1886674.UP.FTS.B
,
31
.35
%
,
10/20/26
.
203
201
L2047884.UP.FTS.B
,
7
.92
%
,
11/15/26
....
569
562
L2048411.UP.FTS.B
,
8
.56
%
,
11/15/26
....
306
302
L2047237.UP.FTS.B
,
9
.32
%
,
11/15/26
....
572
564
FW2046704.UP.FTS.B
,
9
.53
%
,
11/15/26
..
1,239
1,223
a
L2048156.UP.FTS.B
,
13
.55
%
,
11/15/26
...
1,129
106
L2046597.UP.FTS.B
,
14
.02
%
,
11/15/26
...
1,797
1,775
L2047243.UP.FTS.B
,
14
.23
%
,
11/15/26
...
1,629
1,609
FW2047393.UP.FTS.B
,
14
.85
%
,
11/15/26
.
914
904
FW2049034.UP.FTS.B
,
15
.15
%
,
11/15/26
.
549
543
L2048596.UP.FTS.B
,
15
.55
%
,
11/15/26
...
503
497
L2048855.UP.FTS.B
,
15
.99
%
,
11/15/26
...
733
725
L2046932.UP.FTS.B
,
17
.96
%
,
11/15/26
...
1,531
1,512
L2049153.UP.FTS.B
,
19
.94
%
,
11/15/26
...
1,009
995
L2047279.UP.FTS.B
,
20
.87
%
,
11/15/26
...
925
911
a
L2048606.UP.FTS.B
,
21
.48
%
,
11/15/26
...
2,086
152
L2047532.UP.FTS.B
,
21
.84
%
,
11/15/26
...
523
515
L2047197.UP.FTS.B
,
21
.93
%
,
11/15/26
...
426
420
FW2047187.UP.FTS.B
,
22
.1
%
,
11/15/26
..
1,678
1,654
L2048978.UP.FTS.B
,
25
.37
%
,
11/15/26
...
1,108
1,093
L2048909.UP.FTS.B
,
25
.5
%
,
11/15/26
....
291
287
FW2027220.UP.FTS.B
,
25
.94
%
,
11/15/26
.
191
188
FW2047100.UP.FTS.B
,
26
.77
%
,
11/15/26
.
341
336
FW2049349.UP.FTS.B
,
30
.81
%
,
11/15/26
.
191
188
FW2049409.UP.FTS.B
,
31
.09
%
,
11/15/26
.
1,430
1,411
FW2048749.UP.FTS.B
,
31
.13
%
,
11/15/26
.
280
276
FW2048610.UP.FTS.B
,
31
.92
%
,
11/15/26
.
804
793
L2094764.UP.FTS.B
,
11
.93
%
,
11/22/26
...
124
122
FW2083090.UP.FTS.B
,
12
.64
%
,
11/22/26
.
50
49
FW2095326.UP.FTS.B
,
16
.9
%
,
11/22/26
..
477
473
L2094851.UP.FTS.B
,
18
.61
%
,
11/22/26
...
4,328
4,288
L2096899.UP.FTS.B
,
19
.33
%
,
11/22/26
...
675
667
L2096144.UP.FTS.B
,
19
.54
%
,
11/22/26
...
1,407
1,392
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)
Upstart
Network,
Inc.
(continued)
FW2094159.UP.FTS.B
,
20
.44
%
,
11/22/26
.
$
956
$
946
L2096760.UP.FTS.B
,
21
.84
%
,
11/22/26
...
1,147
1,135
FW2095395.UP.FTS.B
,
22
.89
%
,
11/22/26
.
247
221
L2094312.UP.FTS.B
,
25
.16
%
,
11/22/26
...
3,330
3,294
L2096356.UP.FTS.B
,
25
.27
%
,
11/22/26
...
111
109
L2094270.UP.FTS.B
,
25
.87
%
,
11/22/26
...
358
355
L2096384.UP.FTS.B
,
27
.83
%
,
11/22/26
...
1,071
1,060
FW2096279.UP.FTS.B
,
30
.8
%
,
11/22/26
..
180
158
a
FW2096663.UP.FTS.B
,
31
.48
%
,
11/22/26
.
1,192
19
FW2089645.UP.FTS.B
,
31
.75
%
,
11/22/26
.
1,171
1,163
FW2094660.UP.FTS.B
,
31
.22
%
,
11/24/26
.
1,331
1,317
FW2034466.UP.FTS.B
,
24
.37
%
,
11/26/26
.
384
378
L2096773.UP.FTS.B
,
24
.83
%
,
12/03/26
...
281
278
FW2024402.UP.FTS.B
,
24
.5
%
,
12/06/26
..
1,654
1,636
FW2293082.UP.FTS.B
,
6
.16
%
,
12/21/26
..
211
208
L2292686.UP.FTS.B
,
7
.74
%
,
12/21/26
....
298
294
L2295880.UP.FTS.B
,
8
.72
%
,
12/21/26
....
420
168
L2295310.UP.FTS.B
,
9
.3
%
,
12/21/26
....
582
574
L2294220.UP.FTS.B
,
13
.69
%
,
12/21/26
...
671
663
L2294790.UP.FTS.B
,
13
.78
%
,
12/21/26
...
482
476
L2296049.UP.FTS.B
,
17
.33
%
,
12/21/26
...
600
594
L2295608.UP.FTS.B
,
18
.98
%
,
12/21/26
...
1,239
1,225
FW2293617.UP.FTS.B
,
19
.06
%
,
12/21/26
.
1,080
479
FW2294886.UP.FTS.B
,
19
.07
%
,
12/21/26
.
224
222
FW2293806.UP.FTS.B
,
19
.41
%
,
12/21/26
.
924
916
L2293347.UP.FTS.B
,
20
.07
%
,
12/21/26
...
3,780
3,737
L2294842.UP.FTS.B
,
21
.22
%
,
12/21/26
...
644
636
L2296434.UP.FTS.B
,
21
.52
%
,
12/21/26
...
325
321
L2296037.UP.FTS.B
,
22
.38
%
,
12/21/26
...
676
609
L2286942.UP.FTS.B
,
22
.51
%
,
12/21/26
...
248
245
L2293386.UP.FTS.B
,
22
.55
%
,
12/21/26
...
1,055
1,043
L2294767.UP.FTS.B
,
23
.15
%
,
12/21/26
...
318
314
a
L2287500.UP.FTS.B
,
25
.45
%
,
12/21/26
...
1,463
326
a
L2292073.UP.FTS.B
,
25
.46
%
,
12/21/26
...
720
23
FW2293261.UP.FTS.B
,
30
.26
%
,
12/21/26
.
165
163
FW2296110.UP.FTS.B
,
30
.89
%
,
12/21/26
.
175
173
FW2294105.UP.FTS.B
,
30
.94
%
,
12/21/26
.
2,272
989
FW2293727.UP.FTS.B
,
31
.05
%
,
12/21/26
.
200
198
FW2295496.UP.FTS.B
,
31
.18
%
,
12/21/26
.
269
266
FW2293684.UP.FTS.B
,
31
.29
%
,
12/21/26
.
459
454
L2298149.UP.FTS.B
,
5
.81
%
,
12/22/26
....
4,461
4,391
L2298867.UP.FTS.B
,
6
.47
%
,
12/22/26
....
1,403
1,380
L2300059.UP.FTS.B
,
7
.96
%
,
12/22/26
....
484
478
FW2297741.UP.FTS.B
,
8
.43
%
,
12/22/26
..
601
593
L2296751.UP.FTS.B
,
9
.09
%
,
12/22/26
....
612
604
FW2300319.UP.FTS.B
,
9
.33
%
,
12/22/26
..
430
424
L2275171.UP.FTS.B
,
9
.45
%
,
12/22/26
....
254
250
FW2275119.UP.FTS.B
,
10
.09
%
,
12/22/26
.
3,112
3,070
L2261699.UP.FTS.B
,
10
.41
%
,
12/22/26
...
418
412
L2296896.UP.FTS.B
,
10
.8
%
,
12/22/26
....
316
313
L2296884.UP.FTS.B
,
10
.85
%
,
12/22/26
...
1,055
1,042
L2288091.UP.FTS.B
,
12
.04
%
,
12/22/26
...
1,497
109
L2296913.UP.FTS.B
,
12
.48
%
,
12/22/26
...
256
254
FW2296819.UP.FTS.B
,
12
.8
%
,
12/22/26
..
110
108
L2297301.UP.FTS.B
,
13
.19
%
,
12/22/26
...
338
24
L2297394.UP.FTS.B
,
13
.43
%
,
12/22/26
...
444
438
FW2296544.UP.FTS.B
,
14
.31
%
,
12/22/26
.
566
559
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2296608.UP.FTS.B
,
15
.19
%
,
12/22/26
...
$
1,939
$
1,916
FW2298689.UP.FTS.B
,
15
.52
%
,
12/22/26
.
2,025
2,007
L2300266.UP.FTS.B
,
15
.81
%
,
12/22/26
...
2,520
2,491
L2297702.UP.FTS.B
,
16
.54
%
,
12/22/26
...
119
118
FW2242642.UP.FTS.B
,
17
.23
%
,
12/22/26
.
788
781
L2297949.UP.FTS.B
,
18
.76
%
,
12/22/26
...
492
487
FW2298046.UP.FTS.B
,
19
.21
%
,
12/22/26
.
1,243
1,230
L2298737.UP.FTS.B
,
20
.98
%
,
12/22/26
...
641
635
L2300374.UP.FTS.B
,
21
.31
%
,
12/22/26
...
354
350
L2296777.UP.FTS.B
,
21
.4
%
,
12/22/26
....
1,545
1,369
FW2298033.UP.FTS.B
,
21
.61
%
,
12/22/26
.
2,139
2,116
FW2297460.UP.FTS.B
,
22
.74
%
,
12/22/26
.
8,286
7,220
L2296515.UP.FTS.B
,
22
.98
%
,
12/22/26
...
398
394
L2298974.UP.FTS.B
,
23
.47
%
,
12/22/26
...
241
239
L2296775.UP.FTS.B
,
23
.9
%
,
12/22/26
....
608
601
L2292373.UP.FTS.B
,
25
.33
%
,
12/22/26
...
235
232
L2296962.UP.FTS.B
,
25
.46
%
,
12/22/26
...
476
471
L2296379.UP.FTS.B
,
26
.17
%
,
12/22/26
...
2,263
916
FW2298545.UP.FTS.B
,
26
.68
%
,
12/22/26
.
1,927
1,907
FW2299436.UP.FTS.B
,
27
.39
%
,
12/22/26
.
528
522
FW2296934.UP.FTS.B
,
28
.08
%
,
12/22/26
.
825
817
FW2298568.UP.FTS.B
,
28
.54
%
,
12/22/26
.
1,134
1,122
FW2296795.UP.FTS.B
,
30
.46
%
,
12/22/26
.
227
224
FW2300108.UP.FTS.B
,
31
.04
%
,
12/22/26
.
198
196
FW2300018.UP.FTS.B
,
31
.65
%
,
12/22/26
.
847
838
a
FW2299026.UP.FTS.B
,
7
.03
%
,
12/25/26
..
961
70
L2296095.UP.FTS.B
,
23
.73
%
,
12/26/26
...
1,297
1,282
FW2295931.UP.FTS.B
,
5
.9
%
,
12/27/26
...
1,425
1,403
L2424153.UP.FTS.B
,
4
.86
%
,
1/13/27
....
5,021
4,940
L2426247.UP.FTS.B
,
4
.87
%
,
1/13/27
....
1,740
1,711
L2424670.UP.FTS.B
,
5
.86
%
,
1/13/27
....
1,077
1,059
L2426387.UP.FTS.B
,
7
.28
%
,
1/13/27
....
526
517
FW2427445.UP.FTS.B
,
7
.98
%
,
1/13/27
...
949
935
L2424761.UP.FTS.B
,
8
.01
%
,
1/13/27
....
558
455
L2427091.UP.FTS.B
,
8
.49
%
,
1/13/27
....
838
826
FW2426991.UP.FTS.B
,
9
.24
%
,
1/13/27
...
731
720
L2427076.UP.FTS.B
,
9
.69
%
,
1/13/27
....
1,042
1,026
L2428214.UP.FTS.B
,
10
.52
%
,
1/13/27
....
339
334
FW2425681.UP.FTS.B
,
11
.84
%
,
1/13/27
..
1,909
1,886
L2428444.UP.FTS.B
,
16
.71
%
,
1/13/27
....
843
833
FW2428748.UP.FTS.B
,
17
.09
%
,
1/13/27
..
1,413
1,397
L2425118.UP.FTS.B
,
17
.11
%
,
1/13/27
....
990
976
FW2423151.UP.FTS.B
,
17
.2
%
,
1/13/27
...
624
615
FW2425055.UP.FTS.B
,
17
.43
%
,
1/13/27
..
2,335
2,303
L2424684.UP.FTS.B
,
20
.1
%
,
1/13/27
....
831
818
L2427912.UP.FTS.B
,
21
.34
%
,
1/13/27
....
153
151
L2395761.UP.FTS.B
,
22
.53
%
,
1/13/27
....
4,678
4,608
L2422250.UP.FTS.B
,
25
.13
%
,
1/13/27
....
505
498
L2423497.UP.FTS.B
,
25
.16
%
,
1/13/27
....
260
256
FW2426259.UP.FTS.B
,
26
.65
%
,
1/13/27
..
838
825
FW2422977.UP.FTS.B
,
28
.17
%
,
1/13/27
..
2,950
210
a
FW2425791.UP.FTS.B
,
29
.41
%
,
1/13/27
..
915
163
FW2426985.UP.FTS.B
,
30
.26
%
,
1/13/27
..
5,087
5,011
FW2425371.UP.FTS.B
,
30
.51
%
,
1/13/27
..
354
349
FW2423715.UP.FTS.B
,
32
.57
%
,
1/13/27
..
183
180
L2435136.UP.FTS.B
,
5
.4
%
,
1/14/27
.....
1,179
1,160
L2435334.UP.FTS.B
,
5
.79
%
,
1/14/27
....
352
346
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)
Upstart
Network,
Inc.
(continued)
FW2431037.UP.FTS.B
,
6
.01
%
,
1/14/27
...
$
456
$
448
L2434868.UP.FTS.B
,
6
.25
%
,
1/14/27
....
1,261
1,240
L2434814.UP.FTS.B
,
6
.49
%
,
1/14/27
....
299
294
L2431798.UP.FTS.B
,
6
.68
%
,
1/14/27
....
1,285
1,266
L2429292.UP.FTS.B
,
7
.41
%
,
1/14/27
....
1,406
1,386
L2434635.UP.FTS.B
,
7
.74
%
,
1/14/27
....
2,499
2,462
L2434529.UP.FTS.B
,
8
.37
%
,
1/14/27
....
817
805
L2430462.UP.FTS.B
,
8
.4
%
,
1/14/27
.....
2,994
2,950
L2429964.UP.FTS.B
,
9
.01
%
,
1/14/27
....
606
597
L2429979.UP.FTS.B
,
9
.08
%
,
1/14/27
....
364
358
L2432514.UP.FTS.B
,
9
.62
%
,
1/14/27
....
4,292
4,229
FW2433055.UP.FTS.B
,
10
.82
%
,
1/14/27
..
445
439
L2434462.UP.FTS.B
,
12
.63
%
,
1/14/27
....
269
265
L2434928.UP.FTS.B
,
15
.16
%
,
1/14/27
....
682
673
L2429267.UP.FTS.B
,
16
.52
%
,
1/14/27
....
1,450
1,434
FW2435527.UP.FTS.B
,
16
.65
%
,
1/14/27
..
3,127
2,383
L2429626.UP.FTS.B
,
16
.81
%
,
1/14/27
....
563
557
L2430735.UP.FTS.B
,
20
.49
%
,
1/14/27
....
965
951
L2432761.UP.FTS.B
,
21
.77
%
,
1/14/27
....
268
265
L2433930.UP.FTS.B
,
22
.17
%
,
1/14/27
....
1,669
1,645
L2432911.UP.FTS.B
,
25
.19
%
,
1/14/27
....
735
724
FW2430722.UP.FTS.B
,
26
.47
%
,
1/14/27
..
1,967
1,940
FW2428882.UP.FTS.B
,
27
.27
%
,
1/14/27
..
992
978
FW2429972.UP.FTS.B
,
28
.92
%
,
1/14/27
..
346
341
FW2432969.UP.FTS.B
,
29
.06
%
,
1/14/27
..
1,733
1,709
a
FW2431137.UP.FTS.B
,
29
.79
%
,
1/14/27
..
1,509
300
FW2434725.UP.FTS.B
,
31
.06
%
,
1/14/27
..
584
576
FW2434302.UP.FTS.B
,
31
.74
%
,
1/14/27
..
632
624
FW2430067.UP.FTS.B
,
32
.35
%
,
1/14/27
..
565
557
a
L2435960.UP.FTS.B
,
5
.66
%
,
1/18/27
....
639
136
L2436314.UP.FTS.B
,
6
.73
%
,
1/18/27
....
519
512
L2436166.UP.FTS.B
,
7
.3
%
,
1/18/27
.....
1,169
1,149
L2438360.UP.FTS.B
,
8
.62
%
,
1/18/27
....
2,638
1,028
FW2436679.UP.FTS.B
,
8
.8
%
,
1/18/27
....
603
594
FW2437428.UP.FTS.B
,
9
.23
%
,
1/18/27
...
394
389
L2437916.UP.FTS.B
,
11
.63
%
,
1/18/27
....
638
630
L2436944.UP.FTS.B
,
13
.68
%
,
1/18/27
....
4,039
3,986
L2436120.UP.FTS.B
,
16
.49
%
,
1/18/27
....
563
222
L2437522.UP.FTS.B
,
20
.01
%
,
1/18/27
....
223
221
L2436835.UP.FTS.B
,
20
.74
%
,
1/18/27
....
2,265
2,236
FW2436112.UP.FTS.B
,
23
.4
%
,
1/18/27
...
556
549
a
L2437383.UP.FTS.B
,
25
.04
%
,
1/18/27
....
2,754
519
L2435644.UP.FTS.B
,
25
.47
%
,
1/18/27
....
2,544
2,155
L2435936.UP.FTS.B
,
25
.47
%
,
1/18/27
....
356
351
L2436823.UP.FTS.B
,
26
.4
%
,
1/18/27
....
648
640
a
FW2438660.UP.FTS.B
,
27
.49
%
,
1/18/27
..
1,093
32
FW2437637.UP.FTS.B
,
31
.11
%
,
1/18/27
..
305
301
FW2438330.UP.FTS.B
,
31
.74
%
,
1/18/27
..
650
642
FW2426856.UP.FTS.B
,
16
.14
%
,
1/21/27
..
1,402
1,387
FW2423642.UP.FTS.B
,
28
.44
%
,
1/22/27
..
700
690
L2426699.UP.FTS.B
,
13
.25
%
,
1/25/27
....
1,582
1,561
L2435766.UP.FTS.B
,
10
.44
%
,
1/28/27
....
111
110
L2604537.UP.FTS.B
,
4
.81
%
,
2/10/27
....
2,819
2,768
L2528315.UP.FTS.B
,
7
.51
%
,
2/10/27
....
1,573
1,548
L2606699.UP.FTS.B
,
11
.87
%
,
2/10/27
....
3,568
3,517
L2608120.UP.FTS.B
,
12
.12
%
,
2/10/27
....
4,015
3,957
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2602160.UP.FTS.B
,
13
.05
%
,
2/10/27
....
$
1,290
$
1,271
L2605310.UP.FTS.B
,
13
.4
%
,
2/10/27
....
727
717
L2604725.UP.FTS.B
,
13
.41
%
,
2/10/27
....
426
420
L2608712.UP.FTS.B
,
13
.54
%
,
2/10/27
....
613
604
L2607960.UP.FTS.B
,
13
.74
%
,
2/10/27
....
1,154
1,137
FW2604743.UP.FTS.B
,
13
.75
%
,
2/10/27
..
2,014
1,985
FW2606882.UP.FTS.B
,
13
.95
%
,
2/10/27
..
1,572
567
L2603034.UP.FTS.B
,
14
.68
%
,
2/10/27
....
1,627
1,607
FW2602616.UP.FTS.B
,
14
.79
%
,
2/10/27
..
7,854
7,741
L2605446.UP.FTS.B
,
15
.44
%
,
2/10/27
....
623
616
L2608142.UP.FTS.B
,
19
.78
%
,
2/10/27
....
1,488
1,463
L2609196.UP.FTS.B
,
20
.26
%
,
2/10/27
....
1,038
1,023
L2607782.UP.FTS.B
,
20
.62
%
,
2/10/27
....
331
325
L2607501.UP.FTS.B
,
20
.9
%
,
2/10/27
....
1,048
1,030
L2603922.UP.FTS.B
,
21
.73
%
,
2/10/27
....
973
957
L2608576.UP.FTS.B
,
21
.77
%
,
2/10/27
....
744
732
L2608126.UP.FTS.B
,
22
.06
%
,
2/10/27
....
450
443
FW2607078.UP.FTS.B
,
22
.55
%
,
2/10/27
..
586
576
L2602456.UP.FTS.B
,
22
.85
%
,
2/10/27
....
1,467
1,442
a
L2608111.UP.FTS.B
,
23
.17
%
,
2/10/27
....
4,069
734
L2606964.UP.FTS.B
,
23
.53
%
,
2/10/27
....
183
180
L2606747.UP.FTS.B
,
23
.7
%
,
2/10/27
....
1,664
1,636
L2604262.UP.FTS.B
,
24
.39
%
,
2/10/27
....
924
909
L2601898.UP.FTS.B
,
24
.69
%
,
2/10/27
....
261
257
a
L2605594.UP.FTS.B
,
25
.02
%
,
2/10/27
....
727
131
L2604053.UP.FTS.B
,
25
.25
%
,
2/10/27
....
374
293
L2606928.UP.FTS.B
,
25
.27
%
,
2/10/27
....
404
398
L2608348.UP.FTS.B
,
25
.54
%
,
2/10/27
....
1,133
1,114
FW2604813.UP.FTS.B
,
25
.83
%
,
2/10/27
..
1,323
1,301
FW2607306.UP.FTS.B
,
26
.66
%
,
2/10/27
..
564
555
FW2603425.UP.FTS.B
,
27
.81
%
,
2/10/27
..
599
589
FW2607282.UP.FTS.B
,
30
.52
%
,
2/10/27
..
1,405
1,382
FW2606754.UP.FTS.B
,
31
.29
%
,
2/10/27
..
779
766
FW2607854.UP.FTS.B
,
31
.49
%
,
2/10/27
..
1,239
1,219
L2570795.UP.FTS.B
,
6
.48
%
,
2/11/27
.....
1,519
1,074
FW2614143.UP.FTS.B
,
6
.93
%
,
2/11/27
...
539
529
L2610842.UP.FTS.B
,
9
.27
%
,
2/11/27
.....
1,584
1,558
L2613434.UP.FTS.B
,
9
.37
%
,
2/11/27
.....
2,084
2,051
L2611172.UP.FTS.B
,
10
.14
%
,
2/11/27
....
192
189
FW2613043.UP.FTS.B
,
11
.2
%
,
2/11/27
...
1,813
1,787
L2615183.UP.FTS.B
,
12
.14
%
,
2/11/27
....
1,795
1,769
L2615652.UP.FTS.B
,
12
.4
%
,
2/11/27
.....
631
621
FW2604554.UP.FTS.B
,
13
.07
%
,
2/11/27
..
3,067
3,023
FW2615345.UP.FTS.B
,
13
.1
%
,
2/11/27
...
743
733
L2615304.UP.FTS.B
,
13
.86
%
,
2/11/27
....
6,922
5,007
L2614922.UP.FTS.B
,
13
.97
%
,
2/11/27
....
1,732
1,707
L2615636.UP.FTS.B
,
14
.73
%
,
2/11/27
....
3,553
3,510
L2612114.UP.FTS.B
,
14
.99
%
,
2/11/27
....
1,355
1,335
L2610220.UP.FTS.B
,
15
.29
%
,
2/11/27
....
1,266
1,251
L2610243.UP.FTS.B
,
15
.41
%
,
2/11/27
....
1,339
1,323
L2539854.UP.FTS.B
,
15
.78
%
,
2/11/27
....
719
710
L2614929.UP.FTS.B
,
16
.21
%
,
2/11/27
....
725
715
L2611366.UP.FTS.B
,
16
.4
%
,
2/11/27
.....
809
800
L2612163.UP.FTS.B
,
17
.53
%
,
2/11/27
....
581
574
FW2610980.UP.FTS.B
,
18
.94
%
,
2/11/27
..
1,687
1,667
L2614124.UP.FTS.B
,
18
.99
%
,
2/11/27
....
603
594
L2601501.UP.FTS.B
,
19
.21
%
,
2/11/27
....
830
818
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)
Upstart
Network,
Inc.
(continued)
L2609505.UP.FTS.B
,
19
.3
%
,
2/11/27
.....
$
323
$
318
FW2611297.UP.FTS.B
,
19
.83
%
,
2/11/27
..
2,792
2,760
L2609761.UP.FTS.B
,
20
.76
%
,
2/11/27
....
871
856
L2615540.UP.FTS.B
,
20
.79
%
,
2/11/27
....
1,047
1,031
L2612113.UP.FTS.B
,
20
.93
%
,
2/11/27
....
1,369
1,349
FW2612937.UP.FTS.B
,
21
.48
%
,
2/11/27
..
4,316
4,245
L2610047.UP.FTS.B
,
22
.57
%
,
2/11/27
....
573
564
L2610518.UP.FTS.B
,
23
.54
%
,
2/11/27
....
5,560
5,471
L2611149.UP.FTS.B
,
23
.94
%
,
2/11/27
....
3,665
3,606
FW2613750.UP.FTS.B
,
25
.19
%
,
2/11/27
..
486
479
L2612279.UP.FTS.B
,
25
.43
%
,
2/11/27
....
2,146
2,112
FW2608240.UP.FTS.B
,
28
.43
%
,
2/11/27
..
2,163
2,129
FW2612243.UP.FTS.B
,
29
.25
%
,
2/11/27
..
227
223
FW2611548.UP.FTS.B
,
30
.39
%
,
2/11/27
..
223
219
FW2609619.UP.FTS.B
,
30
.92
%
,
2/11/27
..
601
592
FW2610795.UP.FTS.B
,
30
.98
%
,
2/11/27
..
138
135
FW2611533.UP.FTS.B
,
31
.12
%
,
2/11/27
..
488
480
FW2610773.UP.FTS.B
,
31
.41
%
,
2/11/27
..
2,965
2,920
a
FW2610510.UP.FTS.B
,
33
.6
%
,
2/11/27
...
500
90
FW2614310.UP.FTS.B
,
33
.97
%
,
2/11/27
..
573
565
L2617298.UP.FTS.B
,
5
.1
%
,
2/14/27
.....
1,429
1,403
L2617141.UP.FTS.B
,
5
.84
%
,
2/14/27
....
825
811
L2616590.UP.FTS.B
,
7
.87
%
,
2/14/27
....
3,589
3,532
L2616809.UP.FTS.B
,
11
.55
%
,
2/14/27
....
817
805
L2617800.UP.FTS.B
,
13
.82
%
,
2/14/27
....
837
825
L2616432.UP.FTS.B
,
16
.81
%
,
2/14/27
....
1,302
1,287
FW2616193.UP.FTS.B
,
17
.47
%
,
2/14/27
..
247
244
L2612816.UP.FTS.B
,
19
.36
%
,
2/14/27
....
3,434
3,384
L2616072.UP.FTS.B
,
19
.58
%
,
2/14/27
....
801
590
L2616174.UP.FTS.B
,
20
.55
%
,
2/14/27
....
237
234
L2616368.UP.FTS.B
,
24
.5
%
,
2/14/27
....
661
650
L2616717.UP.FTS.B
,
25
.42
%
,
2/14/27
....
471
464
L2617627.UP.FTS.B
,
25
.47
%
,
2/14/27
....
319
314
FW2617973.UP.FTS.B
,
26
.17
%
,
2/14/27
..
1,444
1,423
FW2616788.UP.FTS.B
,
28
.08
%
,
2/14/27
..
2,443
2,407
FW2616093.UP.FTS.B
,
29
.88
%
,
2/14/27
..
1,688
1,663
FW2618539.UP.FTS.B
,
30
.94
%
,
2/14/27
..
821
809
FW2616908.UP.FTS.B
,
31
.23
%
,
2/14/27
..
777
765
FW2618241.UP.FTS.B
,
31
.49
%
,
2/14/27
..
1,850
1,823
L1715513.UP.FTS.B
,
13
.27
%
,
2/15/27
....
6,303
5,128
L1694887.UP.FTS.B
,
15
.52
%
,
2/15/27
....
946
933
L1715518.UP.FTS.B
,
26
.49
%
,
2/15/27
....
2,786
2,312
FW2437431.UP.FTS.B
,
30
.95
%
,
2/16/27
..
383
378
L2435765.UP.FTS.B
,
24
.15
%
,
2/18/27
....
222
16
L2608264.UP.FTS.B
,
15
.55
%
,
2/20/27
....
4,568
3,731
L1692458.UP.FTS.B
,
22
.21
%
,
2/20/27
....
552
544
L2616722.UP.FTS.B
,
19
.8
%
,
2/24/27
....
1,002
987
FW2612944.UP.FTS.B
,
29
.57
%
,
2/24/27
..
1,897
700
FW2604033.UP.FTS.B
,
19
.37
%
,
2/25/27
..
1,672
1,648
L2610061.UP.FTS.B
,
14
.43
%
,
2/28/27
....
3,903
3,849
L2430189.UP.FTS.B
,
25
.96
%
,
3/14/27
....
825
59
L2047210.UP.FTS.B
,
23
.31
%
,
3/15/27
....
1,189
86
L1886082.UP.FTS.B
,
11
.37
%
,
3/20/27
....
9,923
9,797
FW1887715.UP.FTS.B
,
13
.02
%
,
3/20/27
..
1,775
1,397
L2618109.UP.FTS.B
,
12
.08
%
,
3/22/27
....
5,759
5,675
FW2949972.UP.FTS.B
,
5
.25
%
,
4/14/27
...
1,004
985
L2949121.UP.FTS.B
,
6
.79
%
,
4/14/27
....
2,494
2,450
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2950010.UP.FTS.B
,
6
.8
%
,
4/14/27
.....
$
1,208
$
1,185
L2949215.UP.FTS.B
,
6
.84
%
,
4/14/27
....
3,331
3,267
L2951687.UP.FTS.B
,
7
.49
%
,
4/14/27
....
1,226
1,209
L2951012.UP.FTS.B
,
7
.81
%
,
4/14/27
....
1,825
1,793
L2951121.UP.FTS.B
,
7
.86
%
,
4/14/27
.....
2,812
2,767
L2951245.UP.FTS.B
,
9
.94
%
,
4/14/27
....
1,835
1,805
L2934626.UP.FTS.B
,
10
.81
%
,
4/14/27
....
1,294
1,276
L2950964.UP.FTS.B
,
11
.19
%
,
4/14/27
....
1,853
1,828
L2942764.UP.FTS.B
,
12
.22
%
,
4/14/27
....
2,613
1,852
FW2949810.UP.FTS.B
,
13
.53
%
,
4/14/27
..
2,493
2,459
FW2949125.UP.FTS.B
,
13
.6
%
,
4/14/27
...
845
834
L2950742.UP.FTS.B
,
13
.63
%
,
4/14/27
....
1,966
1,940
FW2951854.UP.FTS.B
,
14
.02
%
,
4/14/27
..
3,766
3,715
a
L2949763.UP.FTS.B
,
14
.31
%
,
4/14/27
....
1,676
286
FW2951175.UP.FTS.B
,
14
.6
%
,
4/14/27
...
440
434
FW2949070.UP.FTS.B
,
14
.69
%
,
4/14/27
..
5,159
5,090
L2948932.UP.FTS.B
,
15
.2
%
,
4/14/27
....
304
300
L2951339.UP.FTS.B
,
15
.29
%
,
4/14/27
....
3,987
2,675
L2951714.UP.FTS.B
,
15
.35
%
,
4/14/27
....
2,823
2,785
L2950927.UP.FTS.B
,
15
.36
%
,
4/14/27
....
772
761
L2950042.UP.FTS.B
,
16
.06
%
,
4/14/27
....
349
346
FW2946278.UP.FTS.B
,
16
.33
%
,
4/14/27
..
2,743
2,717
L2948755.UP.FTS.B
,
16
.72
%
,
4/14/27
....
1,811
1,794
FW2951535.UP.FTS.B
,
17
.04
%
,
4/14/27
..
4,228
4,187
L2948803.UP.FTS.B
,
17
.33
%
,
4/14/27
....
875
866
FW2949561.UP.FTS.B
,
17
.84
%
,
4/14/27
..
4,455
4,397
L2950280.UP.FTS.B
,
18
.73
%
,
4/14/27
....
900
891
L2949923.UP.FTS.B
,
19
.64
%
,
4/14/27
....
219
217
L2951216.UP.FTS.B
,
19
.73
%
,
4/14/27
....
505
498
L2950858.UP.FTS.B
,
20
.56
%
,
4/14/27
....
1,086
1,072
FW2950781.UP.FTS.B
,
21
.26
%
,
4/14/27
..
2,546
2,523
FW2951375.UP.FTS.B
,
22
.32
%
,
4/14/27
..
756
746
FW2949464.UP.FTS.B
,
22
.55
%
,
4/14/27
..
760
749
FW2946360.UP.FTS.B
,
23
.4
%
,
4/14/27
...
1,749
1,725
L2951427.UP.FTS.B
,
23
.72
%
,
4/14/27
....
1,547
1,525
L2948992.UP.FTS.B
,
24
.59
%
,
4/14/27
....
7,991
7,884
L2950811.UP.FTS.B
,
25
.09
%
,
4/14/27
....
268
264
L2942965.UP.FTS.B
,
25
.22
%
,
4/14/27
....
2,405
2,372
L2949738.UP.FTS.B
,
25
.23
%
,
4/14/27
....
481
475
L2951261.UP.FTS.B
,
25
.24
%
,
4/14/27
....
433
428
L2951384.UP.FTS.B
,
25
.41
%
,
4/14/27
....
643
634
L2949492.UP.FTS.B
,
25
.47
%
,
4/14/27
....
1,111
1,095
L2950216.UP.FTS.B
,
25
.49
%
,
4/14/27
....
1,322
1,305
FW2950220.UP.FTS.B
,
26
.02
%
,
4/14/27
..
487
481
L2951255.UP.FTS.B
,
26
.02
%
,
4/14/27
....
2,019
1,992
FW2951228.UP.FTS.B
,
26
.2
%
,
4/14/27
...
861
850
FW2948773.UP.FTS.B
,
27
.56
%
,
4/14/27
..
1,167
1,152
a
FW2948716.UP.FTS.B
,
27
.71
%
,
4/14/27
..
2,901
517
FW2949765.UP.FTS.B
,
28
.19
%
,
4/14/27
..
2,527
2,493
FW2948843.UP.FTS.B
,
28
.64
%
,
4/14/27
..
2,540
2,507
FW2950464.UP.FTS.B
,
29
.27
%
,
4/14/27
..
924
912
FW2951435.UP.FTS.B
,
30
.37
%
,
4/14/27
..
475
469
FW2949044.UP.FTS.B
,
30
.94
%
,
4/14/27
..
1,060
805
FW2949727.UP.FTS.B
,
30
.99
%
,
4/14/27
..
526
519
FW2950575.UP.FTS.B
,
31
.06
%
,
4/14/27
..
712
703
FW2950561.UP.FTS.B
,
31
.2
%
,
4/14/27
...
396
391
FW2949051.UP.FTS.B
,
32
.15
%
,
4/14/27
..
1,465
1,447
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
84
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2950185.UP.FTS.B
,
32
.24
%
,
4/14/27
..
$
946
$
933
L2048072.UP.FTS.B
,
11
.58
%
,
4/15/27
....
2,302
2,268
L2049386.UP.FTS.B
,
19
.96
%
,
4/15/27
....
1,448
1,137
FW2048990.UP.FTS.B
,
20
.89
%
,
4/15/27
..
841
830
L2951305.UP.FTS.B
,
20
.52
%
,
4/16/27
....
821
811
FW2436660.UP.FTS.B
,
28
.46
%
,
4/18/27
..
648
46
L2949050.UP.FTS.B
,
24
.74
%
,
4/20/27
....
3,578
3,531
L2047847.UP.FTS.B
,
25
.96
%
,
4/20/27
....
1,818
1,794
L2096414.UP.FTS.B
,
14
.36
%
,
4/22/27
....
1,132
1,118
a
L2095820.UP.FTS.B
,
19
.69
%
,
4/22/27
....
2,687
502
L2950334.UP.FTS.B
,
20
.22
%
,
4/22/27
....
959
950
FW2094908.UP.FTS.B
,
29
.15
%
,
4/22/27
..
12,955
12,818
a
FW2950896.UP.FTS.B
,
16
.97
%
,
4/28/27
..
2,713
518
L2948840.UP.FTS.B
,
19
.72
%
,
4/28/27
....
3,708
3,660
L2046907.UP.FTS.B
,
21
.17
%
,
4/28/27
....
843
831
FW2607843.UP.FTS.B
,
18
.35
%
,
5/10/27
..
1,260
91
a
L2430454.UP.FTS.B
,
7
.62
%
,
5/14/27
....
5,414
–
FW2615937.UP.FTS.B
,
21
.82
%
,
5/14/27
..
2,643
1,805
L2439293.UP.FTS.B
,
9
.38
%
,
5/18/27
....
621
45
L1882034.UP.FTS.B
,
17
.06
%
,
5/20/27
....
580
42
FW2293764.UP.FTS.B
,
6
.23
%
,
5/21/27
...
4,074
3,122
L2295430.UP.FTS.B
,
18
.6
%
,
5/21/27
....
3,663
2,847
a
FW2294924.UP.FTS.B
,
28
.38
%
,
5/21/27
..
3,043
–
FW2296510.UP.FTS.B
,
28
.63
%
,
5/21/27
..
2,712
2,159
FW2294827.UP.FTS.B
,
31
.11
%
,
5/21/27
..
817
651
L2298796.UP.FTS.B
,
7
.68
%
,
5/22/27
....
364
357
FW2297812.UP.FTS.B
,
27
.74
%
,
5/22/27
..
1,284
1,270
L2300474.UP.FTS.B
,
25
.38
%
,
5/27/27
....
1,010
1,002
L2292250.UP.FTS.B
,
12
.42
%
,
6/01/27
....
2,809
2,767
a
FW2296458.UP.FTS.B
,
30
.75
%
,
6/06/27
..
4,389
310
L2425208.UP.FTS.B
,
9
.97
%
,
6/13/27
....
1,066
1,049
L2428411.UP.FTS.B
,
15
.14
%
,
6/13/27
....
759
750
L2426279.UP.FTS.B
,
17
.73
%
,
6/13/27
....
1,101
1,089
FW2423361.UP.FTS.B
,
26
.6
%
,
6/13/27
...
1,001
986
FW2424580.UP.FTS.B
,
31
.2
%
,
6/13/27
...
8,980
6,132
L2432199.UP.FTS.B
,
7
.42
%
,
6/14/27
....
928
594
L2429715.UP.FTS.B
,
8
.3
%
,
6/14/27
.....
799
784
L2433061.UP.FTS.B
,
9
.38
%
,
6/14/27
....
1,097
1,080
L2046952.UP.FTS.B
,
18
.41
%
,
6/15/27
....
328
324
L2604772.UP.FTS.B
,
7
.89
%
,
7/10/27
....
6,215
1,990
L2607609.UP.FTS.B
,
15
.09
%
,
7/10/27
....
944
294
L2607076.UP.FTS.B
,
16
.42
%
,
7/10/27
....
6,811
6,697
L2608552.UP.FTS.B
,
22
.9
%
,
7/10/27
....
966
299
L2608553.UP.FTS.B
,
23
.5
%
,
7/10/27
....
3,008
2,960
a
FW2603700.UP.FTS.B
,
31
.08
%
,
7/10/27
..
1,047
54
L2611504.UP.FTS.B
,
16
.36
%
,
7/11/27
....
1,980
1,948
FW2609511.UP.FTS.B
,
18
.92
%
,
7/11/27
..
4,479
4,433
L2610020.UP.FTS.B
,
20
.86
%
,
7/11/27
....
1,142
83
FW2610030.UP.FTS.B
,
27
.01
%
,
7/11/27
..
927
912
FW2613777.UP.FTS.B
,
27
.07
%
,
7/11/27
..
540
531
FW2610903.UP.FTS.B
,
34
.14
%
,
7/11/27
..
6,950
6,836
a
L2615913.UP.FTS.B
,
19
.56
%
,
7/14/27
....
3,022
272
a
L2614826.UP.FTS.B
,
22
.6
%
,
7/14/27
....
2,980
217
L2617283.UP.FTS.B
,
25
.65
%
,
7/14/27
....
1,420
1,398
L1716174.UP.FTS.B
,
24
.2
%
,
7/15/27
....
4,894
4,823
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2610585.UP.FTS.B
,
9
.75
%
,
7/16/27
...
$
5,641
$
5,528
FW2950779.UP.FTS.B
,
23
.54
%
,
8/14/27
..
1,206
387
FW1882891.UP.FTS.B
,
25
.65
%
,
8/20/27
..
637
630
FW2603295.UP.FTS.B
,
23
.18
%
,
8/24/27
..
3,959
3,898
FW2951315.UP.FTS.B
,
9
.91
%
,
9/14/27
...
1,689
1,656
L2951595.UP.FTS.B
,
10
.95
%
,
9/14/27
....
1,661
1,634
L2950333.UP.FTS.B
,
12
.69
%
,
9/14/27
....
1,107
1,090
a
L2948733.UP.FTS.B
,
13
.2
%
,
9/14/27
....
2,644
142
L2949507.UP.FTS.B
,
15
.04
%
,
9/14/27
....
3,231
3,183
L2949405.UP.FTS.B
,
16
.41
%
,
9/14/27
....
6,822
6,723
FW2951123.UP.FTS.B
,
24
.74
%
,
9/14/27
..
4,471
323
FW2950357.UP.FTS.B
,
30
.48
%
,
9/14/27
..
4,852
1,358
FW2049311.UP.FTS.B
,
21
.75
%
,
9/15/27
..
1,654
1,627
L2949973.UP.FTS.B
,
20
.99
%
,
9/28/27
....
2,018
616
a
L2293030.UP.FTS.B
,
8
.8
%
,
10/21/27
....
895
65
L2295515.UP.FTS.B
,
24
.19
%
,
10/21/27
...
2,638
190
L2300131.UP.FTS.B
,
24
.08
%
,
10/22/27
...
4,939
4,878
FW2611103.UP.FTS.B
,
17
.75
%
,
11/11/27
.
780
56
L2614419.UP.FTS.B
,
24
.18
%
,
11/11/27
...
467
34
L2421701.UP.FTS.B
,
5
.91
%
,
11/13/27
....
6,109
5,951
FW2426682.UP.FTS.B
,
6
.38
%
,
11/13/27
..
2,075
150
L2432901.UP.FTS.B
,
6
.93
%
,
11/14/27
....
4,040
3,948
L2438805.UP.FTS.B
,
9
.71
%
,
11/18/27
....
2,361
2,318
L2432353.UP.FTS.B
,
7
.41
%
,
11/20/27
....
4,196
3,166
L2435424.UP.FTS.B
,
10
.13
%
,
11/21/27
...
1,288
1,267
L2293969.UP.FTS.B
,
25
.41
%
,
11/21/27
...
2,772
199
L2431623.UP.FTS.B
,
19
.58
%
,
12/02/27
...
9,707
9,611
FW2605935.UP.FTS.B
,
31
.23
%
,
12/10/27
.
2,672
2,625
L2612790.UP.FTS.B
,
14
.98
%
,
12/11/27
...
1,881
135
L2611260.UP.FTS.B
,
17
.12
%
,
12/11/27
...
8,107
2,301
L2611597.UP.FTS.B
,
25
.33
%
,
12/11/27
...
5,217
5,116
L2435410.UP.FTS.B
,
17
.3
%
,
12/14/27
....
3,688
266
FW2617504.UP.FTS.B
,
30
.27
%
,
12/14/27
.
8,790
8,648
FW2609734.UP.FTS.B
,
31
%
,
12/16/27
...
542
533
FW2607135.UP.FTS.B
,
30
.71
%
,
12/20/27
.
1,338
1,318
FW2615716.UP.FTS.B
,
30
.71
%
,
12/21/27
.
991
976
L2616852.UP.FTS.B
,
19
.82
%
,
12/28/27
...
2,616
2,572
FW2949268.UP.FTS.B
,
20
.97
%
,
1/14/28
..
727
52
a
FW2950242.UP.FTS.B
,
24
.53
%
,
2/14/28
..
1,220
58
FW2951084.UP.FTS.B
,
30
.63
%
,
2/14/28
..
7,490
7,396
FW2950648.UP.FTS.B
,
30
.95
%
,
2/14/28
..
507
500
L2950306.UP.FTS.B
,
11
.59
%
,
3/14/28
....
3,370
245
L1718966.UP.FTS.B
,
18
.89
%
,
9/15/28
....
4,561
4,493
L1718702.UP.FTS.B
,
26
.02
%
,
9/15/28
....
2,556
2,552
L2605139.UP.FTS.B
,
28
.33
%
,
2/10/29
....
1,250
1,244
L2607986.UP.FTS.B
,
25
.66
%
,
7/10/29
....
16,010
15,386
681,596
Total
Marketplace
Loans
(Cost
$
7,335,877
)
.......................
$1,439,955
a
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
b
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Low
Duration
Total
Return
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
85
At
July
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
At
July
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
Ultra
Notes
................
Short
29
$
3,181,391
9/21/26
$
2,229
U.S.
Treasury
2
Year
Notes
.....................
Long
3,961
814,418,738
9/30/26
(
3,153,029
)
U.S.
Treasury
5
Year
Notes
.....................
Long
55
5,828,711
9/30/26
(
5,232
)
U.S.
Treasury
Long
Bonds
.....................
Short
26
2,816,125
9/21/26
48,341
Total
Futures
Contracts
......................................................................
$(3,107,691)
*
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
3,479,000
3,988,138
10/13/26
$
—
$
(
35,079
)
Total
Forward
Exchange
Contracts
...................................................
—
$(35,079)
Net
unrealized
appreciation
(depreciation)
............................................
$(35,079)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
86
At
July
31,
2026
,
the
Fund
had
the
following credit
default
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
2,470,000
$
197,634
$
167,153
$
30,481
Non-
Investment
Grade
CDX.NA.HY.46
.
5.00%
Quarterly
6/20/31
13,300,000
1,069,502
667,219
402,283
Non-
Investment
Grade
CDX.NA.IG.46
..
1.00%
Quarterly
6/20/31
131,775,000
2,873,255
1,992,517
880,738
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$4,140,391
$2,826,889
$1,313,502
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CDX.NA.HY.45
.
(5.00)%
Quarterly
CITI
12/20/30
4,700,000
(
692,248
)
(
617,116
)
(
75,132
)
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.39
.
5.00%
Quarterly
JPHQ
12/20/27
5,500,000
357,252
107,557
249,695
Non-
Investment
Grade
CDX.NA.IG.41
..
1.00%
Quarterly
CITI
12/20/28
12,100,000
141,848
(
193,251
)
335,099
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(193,148)
$(702,810)
$509,662
Total
Credit
Default
Swap
Contracts
....................................
$3,947,243
$
2,124,079
$1,823,164
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)
Franklin
Low
Duration
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
87
At
July
31,
2026,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
A
bbreviations
on
page
166
.
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
4.04%
....
Annual
9/16/28
165,211,000
$
381,737
$
(
184,056
)
$
565,793
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.02%
....
Annual
9/16/31
84,841,000
514,227
(
528,729
)
1,042,956
Receive
Fixed
4.06%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/33
55,701,000
(
505,313
)
405,459
(
910,772
)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.16%
....
Annual
9/16/36
24,070,000
292,783
(
274,733
)
567,516
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.3%
.....
Annual
9/16/56
721,000
23,541
6,944
16,597
Total
Interest
Rate
Swap
Contracts
.................................
$706,975
$
(
575,115
)
$1,282,090
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
88
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
30.8%
U.S.
Treasury
Notes
,
4.125
%,
1/31/27
...................................................
$
20,000,000
$
20,014,638
4.25
%,
3/15/27
...................................................
11,000,000
11,016,715
4.5
%,
4/15/27
....................................................
15,000,000
15,045,677
4
%,
12/15/27
.....................................................
10,000,000
9,970,703
3.875
%,
12/31/27
..................................................
10,000,000
9,950,781
4.25
%,
1/15/28
...................................................
10,000,000
10,001,172
3.75
%,
4/15/28
...................................................
20,000,000
19,832,812
3.75
%,
5/15/28
...................................................
20,000,000
19,823,438
Total
U.S.
Government
and
Agency
Securities
(Cost
$
116,040,173
)
................
115,655,936
Mortgage-Backed
Securities
43.8%
a
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
13.3%
FHLMC
,
5.54
%
-
5.625
%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/36
-
1/01/37
.......................................
179,002
181,865
FHLMC
,
5.928
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
7/01/46
...................................................
4,967,087
5,155,749
FHLMC
,
6.036
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
11/01/46
..................................................
3,538,951
3,712,549
FHLMC
,
6.057
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
6/01/47
...................................................
3,070,694
3,187,537
FHLMC
,
6.074
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
10/01/46
..................................................
2,257,116
2,343,906
FHLMC
,
6.098
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/47
...................................................
2,824,680
2,933,524
FHLMC
,
6.146
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/37
...................................................
2,778,717
2,887,818
FHLMC
,
6.157
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
11/01/46
..................................................
2,692,736
2,812,257
FHLMC
,
5.575
%
-
6.951
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/34
-
5/01/45
.......................................
21,892,565
22,588,423
FHLMC
,
5.73
%
-
7.358
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
8/01/33
-
6/01/37
..
4,000,985
4,125,689
49,929,317
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.8%
FHLMC
Pool,
30
Year
,
5.5
%,
12/01/54
....................................
1,548,801
1,536,368
FHLMC
Pool,
30
Year
,
6
%,
5/01/53
......................................
1,345,311
1,367,831
2,904,199
a
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
25.1%
FNMA
,
4.233
%,
(
COFI
11th
District
+/-
MBS
Margin),
4/01/34
..................
2,795,878
2,770,808
FNMA
,
4.64
%,
(
1-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/27
...................................................
9,798
9,771
FNMA
,
3.982
%
-
4.963
%,
(
COFI
11th
District
+/-
MBS
Margin),
8/01/26
-
12/01/37
...
1,139,741
1,126,722
FNMA
,
5.05
%,
(
3-year
CMT
T-Note
+/-
MBS
Margin),
7/01/34
..................
9,727
9,771
FNMA
,
5.88
%,
(
6-month
H15BDI
+/-
MBS
Margin),
11/01/34
...................
27,543
27,409
FNMA
,
5.898
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
5/01/47
...................................................
2,662,292
2,765,707
FNMA
,
5.97
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/38
...................................................
4,266,383
4,414,273
FNMA
,
6.003
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/36
.................
2,769,172
2,873,075
FNMA
,
3.564
%
-
6.011
%,
(
5-year
CMT
T-Note
+/-
MBS
Margin),
4/01/27
-
2/01/30
...
7,362
7,342
FNMA
,
6.146
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
7/01/42
...................................................
1,638,225
1,698,836
FNMA
,
6.15
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/40
...................................................
1,725,787
1,790,508
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
89
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
,
6.157
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/44
...................................................
$
11,137,494
$
11,603,586
FNMA
,
6.164
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
4/01/47
...................................................
6,846,213
7,097,926
FNMA
,
6.207
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/45
...................................................
1,627,074
1,697,383
FNMA
,
4.808
%
-
6.596
%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/27
-
12/01/37
......................................
7,297,516
7,441,638
FNMA
,
4.784
%
-
7.075
%,
(
12-month
average
of
1-year
CMT
+/-
MBS
Margin),
11/01/27
-
11/01/44
.......................................................
1,711,460
1,737,777
FNMA
,
4.883
%
-
7.135
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
4/01/27
-
12/01/40
..
10,113,202
10,347,880
FNMA
,
5.189
%
-
7.18
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/32
-
5/01/48
.......................................
35,972,912
36,892,072
94,312,484
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
4.1%
FNMA,
30
Year
,
5.5
%,
4/01/53
.........................................
9,409,885
9,369,781
FNMA,
30
Year
,
5.5
%,
3/01/54
.........................................
1,515,866
1,505,022
FNMA,
30
Year
,
6
%,
7/01/53
...........................................
3,039,698
3,093,782
FNMA,
30
Year
,
6
%,
7/01/55
...........................................
1,324,596
1,341,072
15,309,657
a
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.0%
†
GNMA
II
,
5
%
-
5.625
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
9/20/33
-
4/20/35
....
121,901
123,071
123,071
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.5%
GNMA
II,
Single-family,
30
Year
,
6
%,
7/20/55
...............................
1,840,589
1,873,247
Total
Mortgage-Backed
Securities
(Cost
$
166,789,192
)
...........................
164,451,975
Agency
Commercial
Mortgage-Backed
Securities
19.5%
Financial
Services
19.5%
b
FHLMC
,
4988
,
AF
,
FRN
,
4.057
%
,
(
30-day
SOFR
Average
+
0.464
%
),
10/15/37
..........
2,694,773
2,657,760
4891
,
AF
,
FRN
,
4.107
%
,
(
30-day
SOFR
Average
+
0.514
%
),
7/15/42
...........
3,949,419
4,005,136
413
,
F23
,
FRN
,
4.666
%
,
(
30-day
SOFR
Average
+
1.05
%
),
5/25/54
............
867,113
872,634
343
,
F4
,
FRN
,
4.057
%
,
Strip
,
(
30-day
SOFR
Average
+
0.464
%
),
10/15/37
.......
2,445,865
2,396,598
4989
,
FA
,
FRN
,
4.057
%
,
(
30-day
SOFR
Average
+
0.464
%
),
8/15/40
...........
3,440,057
3,385,725
5537
,
FC
,
FRN
,
4.766
%
,
(
30-day
SOFR
Average
+
1.15
%
),
5/25/55
............
1,640,102
1,656,194
4915
,
FE
,
FRN
,
4.107
%
,
(
30-day
SOFR
Average
+
0.514
%
),
2/15/38
...........
5,462,245
5,399,584
5568
,
FG
,
FRN
,
4.716
%
,
(
30-day
SOFR
Average
+
1.1
%
),
8/25/55
.............
1,610,235
1,623,692
5517
,
FH
,
FRN
,
4.766
%
,
(
30-day
SOFR
Average
+
1.15
%
),
3/25/55
............
1,208,364
1,219,388
4895
,
GF
,
FRN
,
4.107
%
,
(
30-day
SOFR
Average
+
0.514
%
),
11/15/43
..........
4,093,269
4,040,615
4197
,
KF
,
FRN
,
4.007
%
,
(
30-day
SOFR
Average
+
0.414
%
),
9/15/37
...........
1,046,258
1,011,411
4107
,
KF
,
FRN
,
4.097
%
,
(
30-day
SOFR
Average
+
0.504
%
),
6/15/38
...........
1,123,171
1,113,018
4215
,
KF
,
FRN
,
4.007
%
,
(
30-day
SOFR
Average
+
0.414
%
),
2/15/40
...........
843,567
823,903
4730
,
WF
,
FRN
,
4.057
%
,
(
30-day
SOFR
Average
+
0.464
%
),
8/15/38
...........
2,238,172
2,211,546
4794
,
WF
,
FRN
,
4.057
%
,
(
30-day
SOFR
Average
+
0.464
%
),
3/15/43
...........
2,408,981
2,374,469
b
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
KF160
,
AS
,
FRN
,
4.332
%
,
(
30-day
SOFR
Average
+
0.7
%
),
10/25/30
...........
1,792,546
1,796,109
KF163
,
AS
,
FRN
,
4.212
%
,
(
30-day
SOFR
Average
+
0.58
%
),
4/25/34
...........
2,724,156
2,739,950
KF164
,
AS
,
FRN
,
4.202
%
,
(
30-day
SOFR
Average
+
0.57
%
),
10/25/34
..........
3,373,562
3,372,822
b
FNMA
,
2019-38
,
AF
,
FRN
,
4.107
%
,
(
30-day
SOFR
Average
+
0.514
%
),
7/25/49
.........
2,701,744
2,680,096
2019-59
,
BF
,
FRN
,
4.107
%
,
(
30-day
SOFR
Average
+
0.514
%
),
10/25/49
........
4,105,748
4,062,926
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.
90
a
a
Principal
Amount
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
FNMA,
(continued)
2019-38
,
CF
,
FRN
,
4.181
%
,
(
30-day
SOFR
Average
+
0.564
%
),
7/25/49
.........
$
1,089,143
$
1,072,227
2021-44
,
FA
,
FRN
,
3.792
%
,
(
30-day
SOFR
Average
+
0.2
%
),
6/25/45
...........
3,295,176
3,216,133
2024-98
,
FA
,
FRN
,
4.766
%
,
(
30-day
SOFR
Average
+
1.15
%
),
12/25/53
.........
515,056
519,949
2024-103
,
FB
,
FRN
,
4.566
%
,
(
30-day
SOFR
Average
+
0.95
%
),
1/25/55
.........
1,571,520
1,581,579
2024-105
,
FC
,
FRN
,
4.616
%
,
(
30-day
SOFR
Average
+
1
%
),
1/25/55
...........
1,843,391
1,858,204
2025-59
,
FD
,
FRN
,
4.716
%
,
(
30-day
SOFR
Average
+
1.1
%
),
8/25/55
..........
1,737,539
1,752,251
2025-55
,
FG
,
FRN
,
4.716
%
,
(
30-day
SOFR
Average
+
1.1
%
),
7/25/55
..........
1,704,193
1,718,248
2020-54
,
WF
,
FRN
,
4.157
%
,
(
30-day
SOFR
Average
+
0.564
%
),
8/25/50
........
2,170,786
2,155,762
2021-8
,
YF
,
FRN
,
3.792
%
,
(
30-day
SOFR
Average
+
0.2
%
),
3/25/61
............
6,288,446
6,269,551
2021-36
,
YF
,
FRN
,
3.792
%
,
(
30-day
SOFR
Average
+
0.2
%
),
6/25/61
...........
3,250,014
3,263,162
b
GNMA
,
2010-12
,
FD
,
FRN
,
4.42
%
,
(
1-month
SOFR
+
0.714
%
),
1/16/40
...........
398,240
398,396
73,249,038
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$
73,716,988
)
.........
73,249,038
Total
Long
Term
Investments
(Cost
$
356,546,353
)
...............................
353,356,949
a
a
a
a
a
Short
Term
Investments
4.8%
Shares
a
Money
Market
Funds
4.8%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.............
18,149,752
18,149,752
Total
Money
Market
Funds
(Cost
$
18,149,752
)
..................................
18,149,752
Total
Short
Term
Investments
(Cost
$
18,149,752
)
................................
18,149,752
a
Total
Investments
(Cost
$
374,696,105
)
98.9
%
...................................
$371,506,701
Other
Assets,
less
Liabilities
1.1
%
.............................................
3,939,321
Net
Assets
100.0%
...........................................................
$375,446,022
†
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
6
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Low
Duration
U.S.
Government
Securities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
At
July
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
166
.
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
44
$
4,826,938
9/21/26
$
96,190
U.S.
Treasury
2
Year
Notes
.....................
Long
514
105,683,219
9/30/26
(
411,343
)
U.S.
Treasury
5
Year
Notes
.....................
Long
68
7,206,406
9/30/26
(
77,083
)
U.S.
Treasury
Long
Bonds
.....................
Short
10
1,083,125
9/21/26
37,233
Total
Futures
Contracts
......................................................................
$(355,003)
*
As
of
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Managed
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
38.8%
Aerospace
&
Defense
2.0%
a
Boeing
Co.
(The)
...................................
United
States
40,000
$
8,645,600
a
Honeywell
Aerospace,
Inc.
............................
United
States
50,000
10,337,000
Lockheed
Martin
Corp.
...............................
United
States
50,000
29,137,000
RTX
Corp.
........................................
United
States
100,000
21,522,000
69,641,600
Air
Freight
&
Logistics
0.5%
United
Parcel
Service,
Inc.
,
B
..........................
United
States
175,000
18,238,500
Banks
2.6%
Bank
of
America
Corp.
...............................
United
States
400,000
24,780,000
Fifth
Third
Bancorp
..................................
United
States
300,000
16,950,000
JPMorgan
Chase
&
Co.
...............................
United
States
35,000
12,312,650
Truist
Financial
Corp.
................................
United
States
350,000
18,144,000
US
Bancorp
.......................................
United
States
250,000
15,752,500
87,939,150
Beverages
1.8%
Coca-Cola
Co.
(The)
.................................
United
States
150,000
13,138,500
PepsiCo,
Inc.
......................................
United
States
350,000
48,846,000
61,984,500
Biotechnology
1.0%
AbbVie,
Inc.
.......................................
United
States
100,000
25,094,000
Amgen,
Inc.
.......................................
United
States
25,000
9,629,000
34,723,000
Broadline
Retail
0.6%
a
Amazon.com,
Inc.
...................................
United
States
79,723
21,651,172
Building
Products
0.4%
Johnson
Controls
International
plc
.......................
United
States
100,000
14,666,000
Capital
Markets
1.4%
Charles
Schwab
Corp.
(The)
...........................
United
States
150,000
15,786,000
Morgan
Stanley
.....................................
United
States
150,000
31,563,000
47,349,000
Chemicals
1.2%
Air
Products
and
Chemicals,
Inc.
........................
United
States
140,000
41,284,600
Communications
Equipment
1.8%
Cisco
Systems,
Inc.
.................................
United
States
525,000
60,894,750
Consumer
Finance
0.4%
Capital
One
Financial
Corp.
...........................
United
States
65,000
13,585,650
Diversified
Telecommunication
Services
0.7%
Comcast
Corp.
,
A
...................................
United
States
800,000
19,168,000
Verizon
Communications,
Inc.
..........................
United
States
100,000
4,681,000
23,849,000
Electric
Utilities
2.8%
Duke
Energy
Corp.
..................................
United
States
300,000
37,629,000
Edison
International
.................................
United
States
175,000
12,839,750
Southern
Co.
(The)
..................................
United
States
500,000
47,270,000
97,738,750
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
0.5%
SLB
Ltd.
..........................................
United
States
321,000
$
15,918,390
Food
Products
0.5%
Nestle
SA
,
ADR
....................................
Switzerland
170,000
16,991,500
Ground
Transportation
0.5%
Union
Pacific
Corp.
..................................
United
States
60,000
17,527,800
Health
Care
Equipment
&
Supplies
1.1%
Abbott
Laboratories
..................................
United
States
250,000
26,425,000
Medtronic
plc
......................................
United
States
125,000
10,673,750
37,098,750
Health
Care
Providers
&
Services
0.6%
CVS
Health
Corp.
...................................
United
States
200,000
20,886,000
Hotels,
Restaurants
&
Leisure
0.8%
McDonald's
Corp.
...................................
United
States
50,000
13,532,000
Starbucks
Corp.
....................................
United
States
150,000
15,787,500
29,319,500
Household
Products
1.9%
Procter
&
Gamble
Co.
(The)
...........................
United
States
450,000
65,020,500
Industrial
Conglomerates
0.4%
Honeywell
International,
Inc.
...........................
United
States
50,000
12,152,500
IT
Services
0.9%
Accenture
plc
,
A
....................................
United
States
50,000
8,296,000
International
Business
Machines
Corp.
...................
United
States
100,000
22,365,000
30,661,000
Metals
&
Mining
0.7%
Rio
Tinto
plc
,
ADR
...................................
Australia
250,000
24,212,500
Multi-Utilities
0.6%
Sempra,
Inc.
.......................................
United
States
250,000
22,137,500
Oil,
Gas
&
Consumable
Fuels
5.3%
Chevron
Corp.
.....................................
United
States
325,000
63,969,750
ConocoPhillips
.....................................
United
States
75,000
9,036,000
a
ExxonMobil
Holdings
Corp.
............................
United
States
400,000
62,176,000
Shell
plc
,
ADR
......................................
United
States
250,000
22,995,000
TotalEnergies
SE
...................................
France
275,000
24,161,500
182,338,250
Pharmaceuticals
2.5%
AstraZeneca
plc
....................................
United
Kingdom
90,000
15,267,600
Johnson
&
Johnson
.................................
United
States
100,000
25,635,000
Merck
&
Co.,
Inc.
...................................
United
States
200,000
26,040,000
Pfizer,
Inc.
.........................................
United
States
750,000
18,757,500
85,700,100
Semiconductors
&
Semiconductor
Equipment
2.4%
Analog
Devices,
Inc.
.................................
United
States
100,000
36,741,000
Texas
Instruments,
Inc.
...............................
United
States
160,000
44,118,400
80,859,400
Software
0.7%
Microsoft
Corp.
.....................................
United
States
40,000
18,588,800
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
94
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
Oracle
Corp.
.......................................
United
States
50,000
$
6,493,500
25,082,300
Specialty
Retail
1.4%
Home
Depot,
Inc.
(The)
...............................
United
States
150,000
49,794,000
Textiles,
Apparel
&
Luxury
Goods
0.2%
NIKE,
Inc.
,
B
.......................................
United
States
128,000
5,338,880
Tobacco
0.6%
Philip
Morris
International,
Inc.
.........................
United
States
100,000
19,082,000
Total
Common
Stocks
(Cost
$
908,704,201
)
...................................
1,333,666,542
Equity-Linked
Securities
4.9%
Banks
0.2%
b
UBS
AG
into
Bank
of
America
Corp.
,
144A,
8
%
,
3/03/27
......
United
States
125,000
7,156,939
Broadline
Retail
0.3%
b
J.P.
Morgan
Structured
Products
BV
into
Amazon.com,
Inc.
,
144A,
9
%
,
1/11/27
......................................
United
States
45,000
11,111,397
Consumer
Staples
Distribution
&
Retail
0.4%
b
BNP
Paribas
Issuance
BV
into
Target
Corp.
,
144A,
11
%
,
10/07/26
United
States
55,000
5,973,119
b
Mizuho
Markets
Cayman
LP
into
Target
Corp.
,
144A,
10
%
,
7/28/27
.........................................
United
States
68,500
9,591,075
15,564,194
Electric
Utilities
0.6%
b
BNP
Paribas
Issuance
BV
into
NextEra
Energy,
Inc.
,
144A,
8
%
,
2/10/27
.........................................
United
States
254,000
21,891,639
Energy
Equipment
&
Services
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Halliburton
Co.
,
144A,
10
%
,
1/26/27
................................
United
States
495,000
15,700,437
Hotels,
Restaurants
&
Leisure
0.4%
b
Toronto-Dominion
Bank
(The)
into
Starbucks
Corp.
,
144A,
9
%
,
1/27/27
.........................................
United
States
125,000
12,581,117
Interactive
Media
&
Services
1.1%
b
Mizuho
Markets
Cayman
LP
into
Meta
Platforms,
Inc.
,
144A,
10
%
,
12/07/26
....................................
United
States
33,000
18,517,616
b
Wells
Fargo
Bank
NA
into
Alphabet,
Inc.
,
144A,
10
%
,
1/19/28
..
United
States
50,000
18,169,064
36,686,680
Semiconductors
&
Semiconductor
Equipment
0.4%
b
Barclays
Bank
plc
into
Micron
Technology,
Inc.
,
144A,
10
%
,
9/08/26
.........................................
United
States
85,000
12,754,838
Software
1.0%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Workday,
Inc.
,
144A,
10
%
,
2/24/27
.....................................
United
States
75,000
11,138,413
b
Mizuho
Markets
Cayman
LP
into
Microsoft
Corp.
,
144A,
7.25
%
,
1/11/27
.........................................
United
States
50,000
23,132,435
34,270,848
Total
Equity-Linked
Securities
(Cost
$
163,001,825
)
............................
167,718,089
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
3.5%
Aerospace
&
Defense
0.6%
Boeing
Co.
(The)
,
6
%
................................
United
States
300,000
$
20,043,000
Capital
Markets
0.6%
Ares
Management
Corp.
,
B
,
6.75
%
......................
United
States
500,000
20,560,000
Chemicals
0.4%
Albemarle
Corp.
,
7.25
%
..............................
United
States
280,000
13,938,400
Electric
Utilities
1.1%
NextEra
Energy,
Inc.
,
7.234
%
..........................
United
States
475,000
23,241,750
PPL
Corp.
,
7
%
.....................................
United
States
100,000
4,698,000
Southern
Co.
(The)
,
A
,
7.125
%
.........................
United
States
175,000
8,688,750
36,628,500
Interactive
Media
&
Services
0.6%
Alphabet,
Inc.
,
A
,
6.25
%
..............................
United
States
200,000
10,032,000
Alphabet,
Inc.
,
B
,
6.25
%
..............................
United
States
200,000
10,040,000
20,072,000
Software
0.2%
Oracle
Corp.
,
D
,
6.5
%
................................
United
States
200,000
8,376,000
Total
Convertible
Preferred
Stocks
(Cost
$
107,425,747
)
........................
119,617,900
Principal
Amount
*
Corporate
Bonds
34.5%
Automobiles
0.4%
General
Motors
Co.
,
Senior
Bond
,
5.6
%
,
10/15/32
...........
United
States
15,000,000
15,246,269
Banks
4.5%
Bank
of
America
Corp.
,
Senior
Bond
,
5.872%
to
9/14/33,
FRN
thereafter
,
9/15/34
.................................
United
States
15,000,000
15,432,336
Barclays
plc
,
Senior
Bond
,
5.746%
to
8/08/32,
FRN
thereafter
,
8/09/33
...
United
Kingdom
10,000,000
10,168,761
Senior
Note
,
7.385%
to
11/01/27,
FRN
thereafter
,
11/02/28
..
United
Kingdom
15,000,000
15,465,747
Citigroup,
Inc.
,
Senior
Bond
,
6.27%
to
11/16/32,
FRN
thereafter
,
11/17/33
...
United
States
10,000,000
10,523,720
Sub.
Bond
,
6.02%
to
1/23/35,
FRN
thereafter
,
1/24/36
......
United
States
15,000,000
15,189,283
Fifth
Third
Bancorp
,
Senior
Note
,
6.339%
to
7/26/28,
FRN
thereafter
,
7/27/29
.................................
United
States
10,000,000
10,286,186
JPMorgan
Chase
&
Co.
,
c
NN
,
Junior
Sub.
Bond
,
6.875%
to
5/31/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
10,000,000
10,332,050
Senior
Bond
,
6.254%
to
10/22/33,
FRN
thereafter
,
10/23/34
.
United
States
10,000,000
10,500,215
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
...................
United
States
10,000,000
10,376,793
Truist
Financial
Corp.
,
Senior
Bond
,
5.122%
to
1/25/33,
FRN
thereafter
,
1/26/34
.................................
United
States
10,000,000
9,846,138
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
........................................
United
States
10,000,000
10,306,060
Wells
Fargo
&
Co.
,
Senior
Bond
,
5.389%
to
4/23/33,
FRN
thereafter
,
4/24/34
.................................
United
States
25,000,000
25,014,112
153,441,401
Biotechnology
0.4%
AbbVie,
Inc.
,
Senior
Bond
,
4.55
%
,
3/15/35
................
United
States
15,000,000
14,244,901
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
96
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Broadline
Retail
1.0%
Amazon.com,
Inc.
,
Senior
Bond
,
5.3
%
,
7/09/36
..........................
United
States
17,500,000
$
17,201,082
Senior
Bond
,
6.1
%
,
7/09/56
..........................
United
States
18,000,000
17,299,172
34,500,254
Building
Products
0.6%
Carrier
Global
Corp.
,
Senior
Bond
,
5.9
%
,
3/15/34
...........
United
States
20,000,000
20,689,602
Capital
Markets
3.0%
Ares
Capital
Corp.
,
Senior
Note
,
5.8
%
,
3/08/32
.............
United
States
5,000,000
4,922,621
Ares
Strategic
Income
Fund
,
Senior
Note
,
5.55
%
,
4/15/31
.....
United
States
5,000,000
4,816,782
Blackstone
Private
Credit
Fund
,
Senior
Note
,
5.95
%
,
5/15/31
.........................
United
States
5,000,000
4,898,048
Senior
Note
,
6
%
,
1/29/32
...........................
United
States
5,000,000
4,891,734
Charles
Schwab
Corp.
(The)
,
Senior
Bond
,
5.853%
to
5/18/33,
FRN
thereafter
,
5/19/34
.............................
United
States
10,000,000
10,292,167
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
2.65%
to
10/20/31,
FRN
thereafter
,
10/21/32
..
United
States
15,000,000
13,182,924
Senior
Bond
,
6.561%
to
10/23/33,
FRN
thereafter
,
10/24/34
.
United
States
10,000,000
10,610,749
Sub.
Bond
,
5.387%
to
2/01/36,
FRN
thereafter
,
2/02/41
.....
United
States
20,000,000
18,953,125
Morgan
Stanley
,
Senior
Bond
,
6.342%
to
10/17/32,
FRN
thereafter
,
10/18/33
.
United
States
15,000,000
15,777,479
Senior
Bond
,
5.424%
to
7/20/33,
FRN
thereafter
,
7/21/34
...
United
States
15,000,000
14,975,507
103,321,136
Chemicals
0.3%
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3
%
,
3/15/33
........
United
States
10,000,000
10,432,675
Consumer
Finance
1.7%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.3
%
,
1/30/32
..........................
Ireland
20,000,000
18,101,906
Capital
One
Financial
Corp.
,
Senior
Bond
,
5.268%
to
5/09/32,
FRN
thereafter
,
5/10/33
...
United
States
10,000,000
9,912,295
Senior
Note
,
6.312%
to
6/07/28,
FRN
thereafter
,
6/08/29
....
United
States
10,000,000
10,249,978
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
3.6
%
,
6/21/30
..........................
United
States
10,000,000
9,479,807
Senior
Bond
,
6.4
%
,
1/09/33
..........................
United
States
10,000,000
10,490,908
58,234,894
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
19,556,792
Diversified
Telecommunication
Services
2.1%
b
QTS
Fayetteville
I
DC1-2
LLC
/
QTS
TRS
Fayetteville
I
DC1-2
LLC
,
Senior
Secured
Bond
,
144A,
5.7
%
,
4/15/36
..........
United
States
15,000,000
13,726,079
b
RD
Michigan
Property
Owner
I
LLC
,
Senior
Secured
Bond
,
144A,
7.5
%
,
3/30/45
....................................
United
States
30,000,000
29,099,142
b
Space
Exploration
Technologies
Corp.
,
Senior
Bond
,
144A,
5.875
%
,
7/15/36
...................................
United
States
10,000,000
9,348,034
Verizon
Communications,
Inc.
,
Junior
Sub.
Bond
,
6.2%
to
5/13/36,
FRN
thereafter
,
5/14/56
..
United
States
10,000,000
9,791,195
Junior
Sub.
Bond
,
6.05%
to
5/13/33,
FRN
thereafter
,
5/14/58
.
United
States
10,000,000
9,838,245
71,802,695
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
2.8%
Edison
International
,
Senior
Note
,
6.95
%
,
11/15/29
..........
United
States
20,000,000
$
20,803,923
b
NRG
Energy,
Inc.
,
Senior
Secured
Bond
,
144A,
7
%
,
3/15/33
...
United
States
10,000,000
10,651,800
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
7/01/30
.........................
United
States
20,000,000
19,561,623
Senior
Bond
,
6.15
%
,
1/15/33
.........................
United
States
10,000,000
10,323,185
Southern
Co.
(The)
,
Junior
Sub.
Bond
,
6%
to
3/31/33,
FRN
thereafter
,
4/01/58
...
United
States
10,000,000
9,904,240
Senior
Bond
,
5.7
%
,
10/15/32
.........................
United
States
15,000,000
15,443,805
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
.........................................
United
States
10,000,000
9,766,089
96,454,665
Electrical
Equipment
0.6%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.05
%
,
4/15/28
..........
United
States
20,000,000
20,382,192
Electronic
Equipment,
Instruments
&
Components
0.6%
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
..................
United
States
20,000,000
19,725,193
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
4,646,425
Senior
Note
,
6.75
%
,
3/15/34
.........................
United
States
15,000,000
16,098,540
Pilgrim's
Pride
Corp.
,
Senior
Note
,
4.25
%
,
4/15/31
..........
United
States
21,000,000
19,984,531
40,729,496
Ground
Transportation
0.7%
b
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
8/11/32
.....................
United
Kingdom
15,000,000
15,098,938
Senior
Bond
,
144A,
5.95
%
,
10/15/33
...................
United
Kingdom
10,000,000
10,183,395
25,282,333
Health
Care
Equipment
&
Supplies
0.6%
b
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
4/01/29
.............
United
States
6,668,000
6,789,244
Senior
Secured
Note
,
144A,
5.25
%
,
6/15/33
.............
United
States
15,000,000
14,766,117
21,555,361
Health
Care
Providers
&
Services
1.4%
b
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond
,
144A,
3
%
,
12/01/31
.....................................
Germany
20,000,000
17,793,052
HCA,
Inc.
,
Senior
Bond
,
5.5
%
,
6/01/33
...................
United
States
15,000,000
15,072,839
Humana,
Inc.
,
Senior
Bond
,
5.875
%
,
3/01/33
...............
United
States
15,000,000
15,258,814
48,124,705
Health
Care
REITs
0.6%
Healthpeak
OP
LLC
,
Senior
Note
,
5.25
%
,
12/15/32
..........
United
States
20,000,000
19,946,509
Insurance
1.4%
Arthur
J
Gallagher
&
Co.
,
Senior
Bond
,
5.15
%
,
2/15/35
.......
United
States
15,000,000
14,602,676
b
Athene
Global
Funding
,
Senior
Secured
Bond
,
144A,
5.543
%
,
8/22/35
.........................................
United
States
15,000,000
14,611,227
b
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
.........................................
United
States
10,000,000
10,206,705
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
.............
United
States
10,000,000
$
10,092,500
49,513,108
Interactive
Media
&
Services
1.4%
Alphabet,
Inc.
,
Senior
Bond
,
5.65
%
,
2/15/56
...............
United
States
15,000,000
13,862,947
Meta
Platforms,
Inc.
,
Senior
Bond
,
4.875
%
,
11/15/35
.......................
United
States
10,000,000
9,385,413
Senior
Bond
,
5.25
%
,
5/15/36
.........................
United
States
10,000,000
9,591,894
Senior
Bond
,
6.3
%
,
5/15/56
..........................
United
States
15,000,000
13,778,944
46,619,198
IT
Services
0.7%
b
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
20,000,000
19,404,876
b
Sopaipilla
Investor
LLC
,
Senior
Secured
Bond
,
144A,
7.534
%
,
11/30/48
........................................
United
States
5,000,000
5,185,873
24,590,749
Machinery
0.6%
Ingersoll
Rand,
Inc.
,
Senior
Bond
,
5.7
%
,
8/14/33
............
United
States
20,000,000
20,485,719
Metals
&
Mining
0.3%
ArcelorMittal
SA
,
Senior
Note
,
6.55
%
,
11/29/27
.............
Luxembourg
10,000,000
10,225,922
Multi-Utilities
0.4%
Sempra,
Inc.
,
Senior
Bond
,
5.5
%
,
8/01/33
.................
United
States
15,000,000
15,140,159
Oil,
Gas
&
Consumable
Fuels
1.0%
Energy
Transfer
LP
,
Senior
Bond
,
5.75
%
,
2/15/33
...........
United
States
15,000,000
15,320,386
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.65
%
,
3/15/33
.......
United
States
20,000,000
20,296,847
35,617,233
Passenger
Airlines
0.6%
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
18,750,000
18,723,170
Pharmaceuticals
0.5%
Viatris,
Inc.
,
Senior
Note
,
2.7
%
,
6/22/30
...................
United
States
20,000,000
18,187,264
Semiconductors
&
Semiconductor
Equipment
0.5%
Broadcom,
Inc.
,
Senior
Note
,
3.469
%
,
4/15/34
..............
United
States
20,000,000
17,290,414
Software
1.5%
Oracle
Corp.
,
Senior
Bond
,
6.25
%
,
11/09/32
........................
United
States
10,000,000
9,927,295
Senior
Bond
,
3.9
%
,
5/15/35
..........................
United
States
20,000,000
16,356,418
Senior
Bond
,
5.7
%
,
2/04/36
..........................
United
States
5,000,000
4,632,340
Salesforce,
Inc.
,
Senior
Bond
,
5.55
%
,
3/15/36
..............
United
States
20,000,000
19,512,194
50,428,247
Specialized
REITs
0.6%
American
Tower
Corp.
,
Senior
Bond
,
5.9
%
,
11/15/33
.........
United
States
10,000,000
10,269,977
Crown
Castle,
Inc.
,
Senior
Bond
,
5.1
%
,
5/01/33
.............
United
States
10,000,000
9,735,440
20,005,417
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
0.4%
HP,
Inc.
,
Senior
Bond
,
5.5
%
,
1/15/33
.....................
United
States
15,000,000
$
15,116,874
Tobacco
0.8%
BAT
Capital
Corp.
,
Senior
Bond
,
7.75
%
,
10/19/32
...........
United
Kingdom
25,000,000
28,208,433
Trading
Companies
&
Distributors
0.7%
b
United
Rentals
North
America,
Inc.
,
Senior
Secured
Note
,
144A,
6
%
,
12/15/29
.....................................
United
States
22,500,000
22,760,978
Total
Corporate
Bonds
(Cost
$
1,158,349,304
)
.................................
1,186,583,958
U.S.
Government
and
Agency
Securities
3.4%
U.S.
Treasury
Bonds
,
d
5
.42
%
,
8/15/54
...................................
United
States
265,000,000
60,314,151
4.75
%,
5/15/55
...................................
United
States
60,000,000
55,402,734
Total
U.S.
Government
and
Agency
Securities
(Cost
$
126,935,936
)
..............
115,716,885
Asset-Backed
Securities
0.9%
Passenger
Airlines
0.9%
e
American
Airlines
Pass-Through
Trust
,
2026-2
,
A
,
5.7
%
,
2/20/39
.
United
States
15,000,000
15,054,675
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.........................
United
States
2,967,021
2,998,560
2023-1
,
A
,
5.8
%
,
1/15/36
............................
United
States
13,324,275
13,624,332
31,677,567
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
31,693,938
)
.............................
31,677,567
Mortgage-Backed
Securities
11.8%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
3.1%
FHLMC
Pool,
30
Year
,
5
%,
5/01/53
......................
United
States
13,804,398
13,437,138
FHLMC
Pool,
30
Year
,
5
%,
11/01/54
.....................
United
States
21,106,084
20,423,697
FHLMC
Pool,
30
Year
,
5.5
%,
7/01/53
.....................
United
States
36,636,353
36,465,525
FHLMC
Pool,
30
Year
,
5.5
%,
11/01/53
-
2/01/55
............
United
States
30,923,581
30,682,836
FHLMC
Pool,
30
Year
,
6
%,
9/01/55
......................
United
States
3,746,797
3,793,402
104,802,598
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
2.8%
FNMA,
30
Year
,
4
%,
8/01/49
...........................
United
States
797,845
743,429
FNMA,
30
Year
,
5
%,
5/01/53
...........................
United
States
13,769,060
13,411,195
FNMA,
30
Year
,
5
%,
11/01/53
..........................
United
States
33,463,893
32,506,979
FNMA,
30
Year
,
5.5
%,
11/01/54
.........................
United
States
8,434,420
8,365,413
FNMA,
30
Year
,
6
%,
5/01/53
...........................
United
States
27,474,123
27,963,098
FNMA,
30
Year
,
6
%,
8/01/55
...........................
United
States
12,680,690
12,838,419
95,828,533
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
5.9%
GNMA
II,
Single-family,
30
Year
,
5.5
%,
2/20/55
.............
United
States
70,514,795
70,277,598
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/55
-
6/20/55
......
United
States
17,817,765
17,756,311
GNMA
II,
Single-family,
30
Year
,
5.5
%,
10/20/55
............
United
States
92,785,379
92,305,474
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Managed
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
100
See
Abbreviations
on
page
166
.
.
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
22,943,002
$
23,347,925
203,687,308
Total
Mortgage-Backed
Securities
(Cost
$
405,944,321
)
.........................
404,318,439
Total
Long
Term
Investments
(Cost
$
2,902,055,272
)
...........................
3,359,299,380
a
Short
Term
Investments
2.3%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.7%
d
U.S.
Treasury
Bills
,
3.35
%,
9/08/26
...................................
United
States
30,000,000
29,891,547
3.4
%,
9/15/26
....................................
United
States
30,000,000
29,870,194
59,761,741
Total
U.S.
Government
and
Agency
Securities
(Cost
$
59,745,404
)
...............
59,761,741
Shares
Money
Market
Funds
0.6%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
19,338,041
19,338,041
Total
Money
Market
Funds
(Cost
$
19,338,041
)
................................
19,338,041
Total
Short
Term
Investments
(Cost
$
79,083,445
)
..............................
79,099,782
a
Total
Investments
(Cost
$
2,981,138,717
)
100.1
%
..............................
$3,438,399,162
Other
Assets,
less
Liabilities
(
0.1
)
%
.........................................
(4,613,394)
Net
Assets
100.0%
.........................................................
$3,433,785,768
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
July
31,
2026,
the
aggregate
value
of
these
securities
was
$415,389,600,
representing
12.1%
of
net
assets.
c
Perpetual
security
with
no
stated
maturity
date.
d
The
rate
shown
represents
the
yield
at
period
end.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
See
Note
6
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),
July
31,
2026
Franklin
Total
Return
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
101
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
†
Energy
Equipment
&
Services
0.0%
†
a
Valaris
Ltd.
........................................
United
States
2,435
$
192,828
Machinery
0.0%
†
b
UTEX
Industries,
Inc.
................................
United
States
4,843
174,969
Total
Common
Stocks
(Cost
$994,221)
.......................................
367,797
Management
Investment
Companies
2.6%
Capital
Markets
2.6%
c
Franklin
BSP
Lending
Fund,
Class
R6
....................
United
States
1,335,600
13,516,272
c
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
2,187,070
54,786,103
68,302,375
Total
Management
Investment
Companies
(Cost
$68,279,749)
..................
68,302,375
Preferred
Stocks
0.1%
Banks
0.1%
Citigroup
Capital
XIII,
10.475%
.........................
United
States
93,000
2,541,690
Total
Preferred
Stocks
(Cost
$2,325,000)
.....................................
2,541,690
Principal
Amount
*
Corporate
Bonds
44.6%
Aerospace
&
Defense
1.5%
d
Axon
Enterprise,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
3/15/33
.....
United
States
2,000,000
2,029,613
Boeing
Co.
(The)
,
Senior
Bond,
3.625%,
2/01/31
........................
United
States
6,500,000
6,128,706
Senior
Bond,
3.6%,
5/01/34
..........................
United
States
665,000
589,174
Senior
Bond,
6.875%,
3/15/39
........................
United
States
3,200,000
3,510,679
Senior
Bond,
5.93%,
5/01/60
.........................
United
States
665,000
621,303
Senior
Note,
5.15%,
5/01/30
.........................
United
States
13,500,000
13,570,162
d
Bombardier,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
6/15/33
.........
Canada
2,275,000
2,346,021
d
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
1,100,000
1,113,199
d
Honeywell
Aerospace,
Inc.
,
Senior
Bond,
144A,
4.95%,
3/16/36
....................
United
States
2,205,000
2,126,390
Senior
Bond,
144A,
5.732%,
3/16/56
...................
United
States
1,255,000
1,196,169
Senior
Bond,
144A,
5.852%,
3/16/66
...................
United
States
840,000
799,243
Senior
Note,
144A,
4.6%,
3/16/33
.....................
United
States
1,105,000
1,068,677
Howmet
Aerospace,
Inc.
,
Senior
Bond,
4.75%,
4/15/36
.........................
United
States
2,465,000
2,347,486
Senior
Note,
4.85%,
10/15/31
........................
United
States
2,400,000
2,383,137
39,829,959
Automobile
Components
0.1%
d
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
2,000,000
1,991,240
Automobiles
0.2%
d
Hyundai
Capital
America
,
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
1,600,000
1,614,006
Senior
Note,
144A,
5%,
6/18/31
......................
United
States
580,000
573,623
Senior
Note,
144A,
5.4%,
6/23/32
.....................
United
States
3,300,000
3,313,446
5,501,075
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
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)
Banks
6.4%
d
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
2,500,000
$
2,505,382
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
.........
Spain
3,600,000
3,247,019
Bank
of
America
Corp.
,
Senior
Bond,
2.592%
to
4/28/30,
FRN
thereafter,
4/29/31
...
United
States
6,700,000
6,148,228
Senior
Bond,
1.922%
to
10/23/30,
FRN
thereafter,
10/24/31
.
United
States
5,300,000
4,670,533
Senior
Bond,
2.972%
to
2/03/32,
FRN
thereafter,
2/04/33
...
United
States
5,075,000
4,530,703
Senior
Bond,
5.468%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
6,745,000
6,773,982
Sub.
Bond,
3.846%
to
3/07/32,
FRN
thereafter,
3/08/37
.....
United
States
1,434,000
1,318,586
d
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
2,350,000
2,287,699
d
BPCE
SA
,
Senior
Non-Preferred
Note,
144A,
2.045%
to
10/18/26,
FRN
thereafter,
10/19/27
................................
France
9,500,000
9,449,045
Senior
Non-Preferred
Note,
144A,
5.716%
to
1/17/29,
FRN
thereafter,
1/18/30
.................................
France
7,000,000
7,099,463
d
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
4.885%
to
7/02/30,
FRN
thereafter
,
7/03/31
......................
Spain
5,200,000
5,147,831
Citigroup,
Inc.
,
Senior
Bond,
2.572%
to
6/02/30,
FRN
thereafter,
6/03/31
...
United
States
8,000,000
7,306,949
Senior
Bond,
3.057%
to
1/24/32,
FRN
thereafter,
1/25/33
...
United
States
10,895,000
9,772,248
d
Commonwealth
Bank
of
Australia
,
Sub.
Bond
,
144A,
2.688
%
,
3/11/31
.........................................
Australia
4,215,000
3,781,327
d
Danske
Bank
A/S
,
Senior
Non-Preferred
Note
,
144A,
5.705%
to
2/28/29,
FRN
thereafter
,
3/01/30
......................
Denmark
6,800,000
6,919,916
HSBC
Holdings
plc
,
Senior
Bond
,
3.973%
to
5/21/29,
FRN
thereafter
,
5/22/30
.................................
United
Kingdom
6,500,000
6,317,962
JPMorgan
Chase
&
Co.
,
Senior
Bond,
4.493%
to
3/23/30,
FRN
thereafter,
3/24/31
...
United
States
17,100,000
16,824,850
Senior
Bond,
2.58%
to
4/21/31,
FRN
thereafter,
4/22/32
....
United
States
1,700,000
1,519,055
Senior
Bond,
5.336%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
6,275,000
6,258,654
Senior
Note,
5.041%
to
7/22/31,
FRN
thereafter,
7/23/32
....
United
States
1,140,000
1,135,271
Sub.
Bond,
5.576%
to
7/22/35,
FRN
thereafter,
7/23/36
.....
United
States
1,985,000
1,967,119
Sub.
Bond,
5.803%
to
7/22/36,
FRN
thereafter,
7/23/41
.....
United
States
1,175,000
1,163,565
Lloyds
Banking
Group
plc
,
Senior
Note
,
5.871%
to
3/05/28,
FRN
thereafter
,
3/06/29
.................................
United
Kingdom
5,300,000
5,391,321
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
.............................
Japan
6,000,000
6,115,035
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Note
,
5.3%
to
1/20/27,
FRN
thereafter
,
1/21/28
......................
United
States
3,800,000
3,813,741
d
Societe
Generale
SA
,
Senior
Non-Preferred
Note
,
144A,
6.446%
to
1/09/28,
FRN
thereafter
,
1/10/29
.....................
France
6,500,000
6,636,067
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
...
Canada
4,500,000
4,509,615
Truist
Financial
Corp.
,
Senior
Note,
7.161%
to
10/29/28,
FRN
thereafter,
10/30/29
..
United
States
4,950,000
5,184,298
Senior
Note,
5.435%
to
1/23/29,
FRN
thereafter,
1/24/30
....
United
States
4,400,000
4,450,970
Wells
Fargo
&
Co.
,
Senior
Bond,
3.35%
to
3/01/32,
FRN
thereafter,
3/02/33
....
United
States
6,095,000
5,545,808
Senior
Bond,
5.499%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
5,060,000
5,071,761
Senior
Note,
5.198%
to
1/22/29,
FRN
thereafter,
1/23/30
....
United
States
5,200,000
5,241,246
168,105,249
Beverages
0.1%
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond
,
5.3
%
,
3/15/34
.........
United
States
1,435,000
1,417,788
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
103
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Biotechnology
1.0%
AbbVie,
Inc.
,
Senior
Bond,
4.75%,
3/15/36
.........................
United
States
575,000
$
550,414
Senior
Note,
3.2%,
11/21/29
.........................
United
States
3,000,000
2,860,450
Amgen,
Inc.
,
Senior
Bond
,
5.25
%
,
3/02/33
.................
United
States
4,837,000
4,849,044
Biogen,
Inc.
,
Senior
Bond
,
2.25
%
,
5/01/30
.................
United
States
6,900,000
6,264,268
d
CSL
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
4/27/32
........
Australia
4,415,000
4,215,756
d
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
1,960,000
1,979,243
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
1.75
%
,
9/15/30
United
States
7,500,000
6,595,761
27,314,936
Broadline
Retail
0.3%
Amazon.com,
Inc.
,
Senior
Bond,
6%,
7/09/46
...........................
United
States
2,560,000
2,490,137
Senior
Bond,
5.8%,
3/13/56
..........................
United
States
280,000
257,647
Senior
Bond,
6.05%,
3/13/76
.........................
United
States
1,786,000
1,652,737
Senior
Note,
5.1%,
7/09/33
..........................
United
States
2,060,000
2,041,448
b,d,e
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
3
%
,
12/31/22
........................................
South
Africa
2,492,650
—
b,d,e
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
25
%
,
12/31/22
....................................
South
Africa
1,098,025
—
d
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
....
United
States
2,000,000
2,060,930
8,502,899
Building
Products
0.3%
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
820,000
800,993
d
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
...................................
United
States
175,000
174,766
d
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
1,000,000
985,221
Owens
Corning
,
Senior
Bond
,
3.875
%
,
6/01/30
.............
United
States
6,500,000
6,240,616
8,201,596
Capital
Markets
2.8%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
..
United
States
10,190,000
8,955,600
Senior
Bond,
3.102%
to
2/23/32,
FRN
thereafter,
2/24/33
...
United
States
4,405,000
3,939,523
Senior
Bond,
5.065%
to
1/20/36,
FRN
thereafter,
1/21/37
...
United
States
1,170,000
1,114,785
Senior
Bond,
5.425%
to
6/02/36,
FRN
thereafter,
6/03/37
...
United
States
1,130,000
1,104,343
Senior
Bond,
5.655%
to
7/20/36,
FRN
thereafter,
7/21/37
...
United
States
830,000
826,531
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
..
United
States
9,700,000
9,647,281
Senior
Note,
5.094%
to
4/19/33,
FRN
thereafter,
4/20/34
....
United
States
950,000
930,202
d
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
.............................
United
States
3,050,000
3,036,639
LPL
Holdings,
Inc.
,
Senior
Note,
5.2%,
3/15/30
..........................
United
States
2,810,000
2,807,463
d
Senior
Note,
144A,
4%,
3/15/29
......................
United
States
2,810,000
2,729,266
Morgan
Stanley
,
Senior
Bond,
1.928%
to
4/27/31,
FRN
thereafter,
4/28/32
...
United
States
10,330,000
8,904,955
Senior
Bond,
5.466%
to
1/17/34,
FRN
thereafter,
1/18/35
...
United
States
5,830,000
5,813,543
Senior
Bond,
5.073%
to
1/29/36,
FRN
thereafter,
1/30/37
...
United
States
1,780,000
1,708,428
Senior
Bond,
5.605%
to
7/16/36,
FRN
thereafter,
7/17/37
...
United
States
1,105,000
1,098,767
Senior
Bond,
5.9%
to
3/12/46,
FRN
thereafter,
3/13/47
.....
United
States
1,760,000
1,703,663
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
1,755,000
1,703,966
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
2,530,000
2,473,146
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
104
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Morgan
Stanley,
(continued)
Sub.
Bond,
5.948%
to
1/18/33,
FRN
thereafter,
1/19/38
.....
United
States
542,000
$
549,803
d
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
9/01/30
............
United
States
4,215,000
3,956,467
d
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...................................
United
States
2,500,000
2,523,926
d
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
1,310,000
1,330,639
d
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
700,000
729,585
d
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
6,500,000
6,569,209
74,157,730
Chemicals
0.3%
d
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
2,000,000
1,967,790
d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
4,500,000
4,799,182
6,766,972
Commercial
Services
&
Supplies
0.4%
d
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note,
144A,
9.29%,
4/15/29
.............
United
States
130,000
132,543
Senior
Secured
Note,
144A,
9.5%,
2/15/33
..............
United
States
1,200,000
1,223,909
Republic
Services,
Inc.
,
Senior
Bond,
5%,
4/01/34
...........................
United
States
2,202,000
2,175,337
Senior
Note,
4.75%,
7/15/31
.........................
United
States
715,000
710,389
Waste
Connections,
Inc.
,
Senior
Bond
,
4.8
%
,
7/15/36
........
United
States
2,075,000
1,983,569
d
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
2,000,000
2,032,060
d
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
2,000,000
2,004,926
10,262,733
Communications
Equipment
0.6%
Motorola
Solutions,
Inc.
,
Senior
Bond
,
2.75
%
,
5/24/31
........
United
States
16,800,000
15,111,969
Construction
Materials
0.0%
†
Cemex
SAB
de
CV
,
Senior
Bond
,
5.75
%
,
6/05/36
...........
Mexico
850,000
831,385
Consumer
Finance
1.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.4%,
10/29/33
.........................
Ireland
7,675,000
6,707,004
Senior
Note,
4.125%,
2/28/29
........................
Ireland
805,000
790,600
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
1,405,000
1,550,962
d
Avolon
Holdings
Funding
Ltd.
,
Senior
Note,
144A,
4.9%,
10/10/30
....................
Ireland
3,265,000
3,209,115
Senior
Note,
144A,
4.95%,
10/15/32
...................
Ireland
4,205,000
4,059,600
Capital
One
Financial
Corp.
,
Senior
Note
,
7.624%
to
10/29/30,
FRN
thereafter
,
10/30/31
............................
United
States
2,810,000
3,056,572
d
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/32
.........................................
United
States
1,665,000
1,668,333
d
FirstCash
,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
4,800,000
4,874,971
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
5.45%,
9/06/34
.........................
United
States
1,515,000
1,491,470
Senior
Note,
4.2%,
10/27/28
.........................
United
States
980,000
968,198
d
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
2,400,000
2,503,635
d
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
5.15
%
,
3/17/30
.........................................
United
Kingdom
4,215,000
4,177,478
OneMain
Finance
Corp.
,
Senior
Note
,
6.75
%
,
9/15/33
........
United
States
1,500,000
1,477,696
36,535,634
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)
Consumer
Staples
Distribution
&
Retail
0.3%
d
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
...........
United
States
2,810,000
$
2,432,488
Dollar
Tree,
Inc.
,
Senior
Bond
,
4.2
%
,
5/15/28
...............
United
States
4,000,000
3,966,401
d
US
Foods,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.........
United
States
2,000,000
1,944,860
8,343,749
Containers
&
Packaging
0.1%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
1,860,000
1,829,497
d
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
775,000
700,766
2,530,263
Diversified
REITs
0.5%
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
Senior
Note
,
4.4
%
,
3/15/31
.........................................
United
States
4,215,000
4,068,545
VICI
Properties
LP
,
Senior
Note
,
5.125
%
,
11/15/31
..........
United
States
9,000,000
8,832,067
12,900,612
Diversified
Telecommunication
Services
1.2%
d
APLD
ComputeCo
2
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/31
.........................................
United
States
1,290,000
1,262,282
d
APLD
ComputeCo
3
LLC
,
Senior
Secured
Note
,
144A,
7
%
,
6/15/31
.........................................
United
States
1,365,000
1,332,957
d
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
1,245,000
1,324,115
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
........................
United
States
7,092,000
5,843,798
Senior
Bond,
5.125%,
4/30/36
........................
United
States
1,485,000
1,415,821
Senior
Bond,
6.2%,
10/30/56
.........................
United
States
491,000
454,885
d
Beacon
Point
DC
LLC
,
Senior
Secured
Bond
,
144A,
6.129
%
,
11/30/42
........................................
United
States
1,290,000
1,238,581
d
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
1,200,000
1,199,489
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
....................................
United
States
2,200,000
1,898,702
d
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
675,000
689,351
d
PR
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/01/31
....................................
United
States
515,000
485,567
d
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
1,970,000
1,918,153
d
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
1,410,000
1,311,111
Verizon
Communications,
Inc.
,
Junior
Sub.
Bond,
6.05%
to
5/13/33,
FRN
thereafter,
5/14/58
.
United
States
2,390,000
2,351,341
Senior
Bond,
5.25%,
4/02/35
.........................
United
States
2,510,000
2,448,105
Senior
Note,
2.355%,
3/15/32
........................
United
States
6,105,000
5,288,029
d
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
1,260,000
1,310,226
31,772,513
Electric
Utilities
3.2%
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
3,208,399
D,
Junior
Sub.
Bond,
6.05%
to
3/14/36,
FRN
thereafter,
3/15/56
.........................................
United
States
1,090,000
1,071,608
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)
Electric
Utilities
(continued)
d
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
3,600,000
$
3,552,222
Commonwealth
Edison
Co.
,
Senior
Bond
,
6.45
%
,
1/15/38
.....
United
States
700,000
753,582
DTE
Electric
Co.
,
Senior
Bond,
5.25%,
5/15/35
.........................
United
States
885,000
877,447
A,
Senior
Bond,
4.85%,
3/01/36
.......................
United
States
1,705,000
1,629,407
Duke
Energy
Corp.
,
Senior
Bond,
2.45%,
6/01/30
.........................
United
States
2,900,000
2,649,653
Senior
Bond,
5.75%,
9/15/33
.........................
United
States
4,400,000
4,517,586
d
ENEL
Finance
International
NV
,
Senior
Bond,
144A,
6.8%,
9/15/37
.....................
Italy
2,030,000
2,178,694
Senior
Note,
144A,
4.375%,
9/30/30
...................
Italy
1,210,000
1,179,600
Senior
Note,
144A,
4.875%,
7/13/31
...................
Italy
2,200,000
2,166,384
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
................
United
States
8,400,000
8,135,751
FirstEnergy
Transmission
LLC
,
Senior
Note
,
4.55
%
,
1/15/30
...
United
States
1,405,000
1,386,497
NextEra
Energy
Capital
Holdings,
Inc.
,
AA,
Senior
Bond,
6%
to
9/30/31,
FRN
thereafter,
10/01/56
...
United
States
1,320,000
1,298,374
Senior
Note,
5.3%,
3/15/32
..........................
United
States
4,990,000
5,019,851
d
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
2,000,000
1,957,890
Senior
Note,
144A,
3.375%,
2/15/29
...................
United
States
1,960,000
1,865,925
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
5.2%,
5/01/36
..........................
United
States
855,000
814,086
f
Senior
Bond,
5.85%,
11/01/36
........................
United
States
1,055,000
1,053,719
Senior
Note,
5.05%,
11/15/31
........................
United
States
1,715,000
1,697,443
Senior
Secured
Bond,
3.25%,
6/01/31
..................
United
States
7,300,000
6,688,717
Southern
Co.
(The)
,
A
,
Senior
Bond
,
3.7
%
,
4/30/30
..........
United
States
10,500,000
10,076,313
Virginia
Electric
and
Power
Co.
,
Senior
Bond,
4.95%,
3/15/36
.........................
United
States
2,220,000
2,112,760
Senior
Bond,
6.35%,
11/30/37
........................
United
States
520,000
546,418
d
Vistra
Operations
Co.
LLC
,
Senior
Bond,
144A,
6.95%,
10/15/33
...................
United
States
2,000,000
2,129,494
Senior
Bond,
144A,
5.25%,
10/15/35
...................
United
States
1,135,000
1,082,517
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
..............
United
States
10,000,000
9,766,089
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
.............
United
States
3,715,000
3,727,362
83,143,788
Electrical
Equipment
0.3%
Eaton
Corp.
,
Senior
Bond
,
4.8
%
,
3/06/36
.................
United
States
1,600,000
1,534,263
Regal
Rexnord
Corp.
,
Senior
Note
,
6.4
%
,
4/15/33
...........
United
States
2,835,000
2,957,788
Vertiv
Holdings
Co.
,
Senior
Bond,
4.85%,
3/15/36
.........................
United
States
1,994,000
1,878,625
Senior
Bond,
5.8%,
3/15/56
..........................
United
States
685,000
630,737
7,001,413
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol
Corp.
,
Senior
Note
,
4.4
%
,
2/15/33
...............
United
States
2,310,000
2,216,482
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
..................
United
States
7,500,000
7,396,947
d
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
2,000,000
1,923,290
11,536,719
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)
Energy
Equipment
&
Services
0.3%
d
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
3,830,000
$
3,750,107
d
Borr
IHC
Ltd.
/
Borr
Finance
LLC
,
Senior
Secured
Note,
144A,
8.75%,
1/15/32
.............
Mexico
425,000
416,160
Senior
Secured
Note,
144A,
9%,
1/15/34
................
Mexico
360,000
352,889
d
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/33
..
United
States
200,000
199,856
d
Transocean
International
Ltd.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
...................................
United
States
1,750,000
1,818,411
d
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
10/15/33
........................................
United
States
2,000,000
2,025,792
8,563,215
Entertainment
0.1%
Discovery
Global
Holdings,
Inc.
,
Senior
Note
,
4.054
%
,
3/15/29
.
United
States
1,500,000
1,474,470
Netflix,
Inc.
,
Senior
Bond
,
5.25
%
,
8/15/36
.................
United
States
1,785,000
1,760,640
3,235,110
Financial
Services
1.0%
Corebridge
Financial,
Inc.
,
Senior
Note
,
6.05
%
,
9/15/33
.......
United
States
4,060,000
4,181,273
Fiserv,
Inc.
,
Senior
Bond,
3.5%,
7/01/29
..........................
United
States
1,200,000
1,151,242
Senior
Bond,
2.65%,
6/01/30
.........................
United
States
9,100,000
8,312,316
d
Freedom
Mortgage
Holdings
LLC
,
Senior
Note,
144A,
8.375%,
4/01/32
...................
United
States
1,050,000
1,055,438
Senior
Note,
144A,
7.875%,
4/01/33
...................
United
States
950,000
917,024
d
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
2,670,000
2,680,895
d
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
2,570,000
2,574,333
d
Rocket
Cos.,
Inc.
,
Senior
Note,
144A,
6.125%,
8/01/31
...................
United
States
605,000
608,090
Senior
Note,
144A,
6.375%,
8/01/33
...................
United
States
1,075,000
1,082,732
d
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.1
%
,
4/01/30
.........................................
Ireland
1,400,000
1,396,523
Woodside
Finance
Ltd.
,
Senior
Bond
,
6
%
,
5/19/35
...........
Australia
1,439,000
1,469,639
25,429,505
Food
Products
0.7%
d
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
1,310,000
1,281,331
d
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
1,500,000
1,524,022
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
d
Senior
Bond,
144A,
5.625%,
3/10/37
...................
United
States
635,000
619,947
d
Senior
Bond,
144A,
6.4%,
5/10/57
.....................
United
States
615,000
584,293
Senior
Note,
3%,
2/02/29
...........................
United
States
2,000,000
1,912,843
Senior
Note,
3.625%,
1/15/32
........................
United
States
2,500,000
2,296,556
Senior
Note,
5.75%,
4/01/33
.........................
United
States
4,405,000
4,470,397
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
5
%
,
6/04/42
...........
United
States
3,640,000
3,149,968
d
Mars,
Inc.
,
Senior
Note
,
144A,
5.2
%
,
3/01/35
...............
United
States
3,595,000
3,546,692
19,386,049
Ground
Transportation
0.4%
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond,
6.15%,
5/01/37
.........................
United
States
2,105,000
2,240,213
Senior
Bond,
5.55%,
3/15/56
.........................
United
States
1,625,000
1,516,517
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)
Ground
Transportation
(continued)
Ryder
System,
Inc.
,
Senior
Note
,
4.95
%
,
9/01/29
............
United
States
2,810,000
$
2,817,631
d
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
80,000
82,056
d
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
.............
United
States
2,500,000
2,579,745
9,236,162
Health
Care
Equipment
&
Supplies
0.5%
Boston
Scientific
Corp.
,
Senior
Bond
,
2.65
%
,
6/01/30
........
United
States
6,000,000
5,541,872
d
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
3,730,000
3,610,148
d
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
6/15/33
..........................
United
States
1,855,000
1,826,077
d
VSP
Optical
Group,
Inc.
,
Senior
Bond,
144A,
5.65%,
6/01/36
....................
United
States
280,000
277,938
Senior
Note,
144A,
5.4%,
6/01/33
.....................
United
States
510,000
504,916
11,760,951
Health
Care
Providers
&
Services
2.2%
d
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note,
144A,
6%,
1/15/29
................
United
States
2,500,000
2,458,038
Senior
Secured
Note,
144A,
10.875%,
1/15/32
...........
United
States
1,653,000
1,745,644
CVS
Health
Corp.
,
Senior
Bond,
1.875%,
2/28/31
........................
United
States
1,120,000
975,548
Senior
Bond,
5.3%,
6/01/33
..........................
United
States
3,360,000
3,350,609
Senior
Bond,
4.78%,
3/25/38
.........................
United
States
3,200,000
2,922,936
Senior
Bond,
2.7%,
8/21/40
..........................
United
States
2,000,000
1,395,241
d
DaVita,
Inc.
,
Senior
Note,
144A,
4.625%,
6/01/30
...................
United
States
4,900,000
4,726,042
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
1,500,000
1,542,693
Elevance
Health,
Inc.
,
Senior
Bond
,
4.75
%
,
2/15/33
.........
United
States
4,730,000
4,593,929
HCA,
Inc.
,
Senior
Note,
3.625%,
3/15/32
........................
United
States
6,100,000
5,614,846
Senior
Note,
4.6%,
11/15/32
.........................
United
States
1,660,000
1,596,712
d
Horseshoe
Funding
Trust
I
,
Senior
Note
,
144A,
6.062
%
,
2/15/36
United
States
2,830,000
2,822,470
Humana,
Inc.
,
Junior
Sub.
Bond,
6.625%
to
9/14/31,
FRN
thereafter,
9/15/56
United
States
2,650,000
2,608,769
Senior
Note,
5.375%,
4/15/31
........................
United
States
2,435,000
2,446,008
Icon
Investments
Six
DAC
,
Senior
Secured
Bond,
6%,
5/08/34
....................
United
States
500,000
506,067
Senior
Secured
Note,
5.849%,
5/08/29
.................
United
States
873,000
890,932
Kaiser
Foundation
Hospitals
,
2019
,
Senior
Bond
,
3.266
%
,
11/01/49
........................................
United
States
11,270,000
7,495,889
d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
4,600,000
4,539,086
Providence
St.
Joseph
Health
Obligated
Group
,
H
,
2.746
%
,
10/01/26
........................................
United
States
4,437,000
4,424,699
d
Tenet
Healthcare
Corp.
,
Senior
Note
,
144A,
6
%
,
11/15/33
.....
United
States
1,000,000
1,003,729
UnitedHealth
Group,
Inc.
,
Senior
Note
,
5.15
%
,
7/15/34
.......
United
States
1,011,000
1,003,218
58,663,105
Health
Care
Technology
0.2%
IQVIA,
Inc.
,
d
Senior
Note,
144A,
6.25%,
6/01/32
....................
United
States
2,000,000
2,028,222
Senior
Secured
Note,
6.25%,
2/01/29
..................
United
States
4,300,000
4,419,342
6,447,564
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)
Hotel
&
Resort
REITs
0.2%
d
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/32
...............................
United
States
5,900,000
$
6,004,412
Hotels,
Restaurants
&
Leisure
0.7%
d
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
2,000,000
1,880,613
d
A&K
Travel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
7.5
%
,
5/15/33
.........................................
United
Kingdom
600,000
597,609
Airbnb,
Inc.
,
Senior
Bond,
5.25%,
3/16/36
.........................
United
States
660,000
643,344
Senior
Note,
4.65%,
3/16/31
.........................
United
States
1,315,000
1,296,768
d
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
1,800,000
1,804,208
Senior
Note,
144A,
5.75%,
8/01/32
....................
United
States
740,000
734,105
d
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
2,000,000
1,971,143
Hyatt
Hotels
Corp.
,
Senior
Note
,
5.375
%
,
12/15/31
..........
United
States
4,215,000
4,236,793
Marriott
International,
Inc.
,
Senior
Note
,
4.5
%
,
5/01/33
........
United
States
1,825,000
1,742,006
d
NCL
Corp.
Ltd.
,
Senior
Note,
144A,
6.75%,
2/01/32
....................
United
States
600,000
588,569
Senior
Note,
144A,
6.25%,
9/15/33
....................
United
States
430,000
408,973
d
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
1,275,000
1,281,212
d
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
10/15/33
.....
United
States
870,000
861,866
18,047,209
Household
Durables
0.1%
d
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note,
144A,
4.875%,
9/15/28
...................
United
States
2,800,000
2,754,099
Senior
Note,
144A,
6.75%,
1/15/34
....................
United
States
165,000
165,192
d
Whirlpool
Corp.
,
Senior
Secured
Note,
144A,
7.5%,
7/01/31
..............
United
States
205,000
204,232
Senior
Secured
Note,
144A,
7.875%,
7/01/34
............
United
States
350,000
331,765
3,455,288
Independent
Power
and
Renewable
Electricity
Producers
0.6%
d
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
1,260,000
1,297,357
d
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
5.75
%
,
1/15/34
.........................................
United
States
2,030,000
1,958,505
Constellation
Energy
Generation
LLC
,
Senior
Bond,
5.8%,
3/01/33
..........................
United
States
2,705,000
2,779,070
Senior
Bond,
6.125%,
1/15/34
........................
United
States
4,162,000
4,343,306
Senior
Note,
4.4%,
1/15/31
..........................
United
States
1,265,000
1,232,161
d
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
...................................
United
States
2,000,000
1,899,125
d
Talen
Energy
Supply
LLC
,
Senior
Bond,
144A,
6.5%,
2/01/36
.....................
United
States
610,000
602,702
Senior
Note,
144A,
6.125%,
5/01/31
...................
United
States
1,060,000
1,054,184
Senior
Note,
144A,
6.25%,
2/01/34
....................
United
States
1,070,000
1,049,997
16,216,407
Insurance
2.2%
d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
................
United
States
2,000,000
2,030,810
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
5
%
,
2/15/32
..........
United
States
2,625,000
2,604,285
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)
Insurance
(continued)
d
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Secured
Note,
144A,
8.375%,
2/01/34
..................
United
States
695,000
$
633,762
Senior
Secured
Note,
144A,
8%,
12/31/32
...............
United
States
2,550,000
2,581,712
d
Athene
Global
Funding
,
Senior
Secured
Bond,
144A,
5.543%,
8/22/35
............
United
States
1,960,000
1,909,200
Senior
Secured
Note,
144A,
5.033%,
7/17/30
............
United
States
4,550,000
4,488,323
Brown
&
Brown,
Inc.
,
Senior
Bond,
2.375%,
3/15/31
........................
United
States
5,500,000
4,850,331
Senior
Note,
5.25%,
6/23/32
.........................
United
States
895,000
884,662
CNA
Financial
Corp.
,
Senior
Bond
,
5.125
%
,
2/15/34
.........
United
States
4,390,000
4,285,119
d
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.9
%
,
9/19/28
United
States
3,400,000
3,473,332
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
2,600,000
2,652,655
d
Five
Corners
Funding
Trust
II
,
Senior
Note
,
144A,
2.85
%
,
5/15/30
United
States
3,000,000
2,773,408
d
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
.........................................
United
States
4,390,000
4,480,744
d
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
5.05%,
1/06/28
...................
United
States
10,300,000
10,369,367
Secured
Note,
144A,
4.3%,
8/25/29
....................
United
States
3,700,000
3,645,958
d
RGA
Global
Funding
,
Secured
Note
,
144A,
5.5
%
,
1/11/31
.....
United
States
6,900,000
7,011,582
58,675,250
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Bond,
5.25%,
5/15/36
.........................
United
States
935,000
896,842
Senior
Bond,
6.3%,
5/15/56
..........................
United
States
1,335,000
1,226,326
2,123,168
IT
Services
0.2%
d
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
1,083,000
1,050,774
d
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
2,000,000
1,782,540
d
Sopaipilla
Investor
LLC
,
Senior
Secured
Bond
,
144A,
7.534
%
,
11/30/48
........................................
United
States
1,795,000
1,861,729
4,695,043
Leisure
Products
0.1%
Brunswick
Corp.
,
Senior
Bond,
2.4%,
8/18/31
..........................
United
States
1,405,000
1,219,257
Senior
Note,
5.85%,
3/18/29
.........................
United
States
1,405,000
1,432,375
2,651,632
Life
Sciences
Tools
&
Services
0.1%
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
4.902
%
,
2/12/36
...
United
States
1,540,000
1,489,478
Machinery
0.2%
d
ESAB
Corp.
,
Senior
Note,
144A,
6.25%,
4/15/29
....................
United
States
2,000,000
2,023,670
Senior
Note,
144A,
5.625%,
4/01/31
...................
United
States
435,000
430,828
d
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
2,000,000
2,008,898
4,463,396
Media
1.0%
d
Block
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
10.25
%
,
3/01/31
...................................
United
States
440,000
382,691
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)
Media
(continued)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
...............................
United
States
12,500,000
$
10,947,625
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............................
United
States
3,000,000
3,117,789
d
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
2,900,000
2,956,199
d
Nexstar
Media,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
4/15/34
......
United
States
815,000
817,495
d
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
1,500,000
1,540,086
Time
Warner
Cable
LLC
,
Senior
Secured
Bond
,
6.55
%
,
5/01/37
United
States
5,700,000
5,425,359
25,187,244
Metals
&
Mining
0.4%
d
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
5
%
,
3/21/33
...
South
Africa
2,335,000
2,285,994
d
Commercial
Metals
Co.
,
Senior
Bond,
144A,
6%,
12/15/35
.....................
United
States
1,745,000
1,716,270
Senior
Note,
144A,
5.75%,
11/15/33
...................
United
States
225,000
221,140
d
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
5.508
%
,
4/01/36
...
Australia
2,340,000
2,307,276
d
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
7
%
,
4/01/31
......
Australia
2,000,000
2,058,631
d
Novelis
Corp.
,
Senior
Note
,
144A,
6.375
%
,
8/15/33
..........
United
States
2,430,000
2,427,248
d
Sibanye-Stillwater
UK
Financing
plc
,
Senior
Note
,
144A,
6.25
%
,
11/15/31
........................................
South
Africa
650,000
640,852
11,657,411
Multi-Utilities
0.8%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
2,810,000
2,825,434
Berkshire
Hathaway
Energy
Co.
,
Senior
Bond
,
6.125
%
,
4/01/36
United
States
1,830,000
1,909,003
Dominion
Energy,
Inc.
,
C
,
Senior
Note
,
3.375
%
,
4/01/30
......
United
States
4,351,000
4,124,783
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
.............
United
States
6,700,000
6,720,209
NiSource,
Inc.
,
Senior
Note
,
5.2
%
,
7/01/29
................
United
States
4,215,000
4,267,137
Public
Service
Enterprise
Group,
Inc.
,
Senior
Bond
,
5.4
%
,
3/15/35
United
States
1,845,000
1,835,241
21,681,807
Oil,
Gas
&
Consumable
Fuels
4.3%
d
Aker
BP
ASA
,
Senior
Bond
,
144A,
4
%
,
1/15/31
.............
Norway
5,400,000
5,162,882
Boardwalk
Pipelines
LP
,
Senior
Bond
,
3.4
%
,
2/15/31
.........
United
States
6,275,000
5,817,269
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
Canada
5,900,000
5,480,714
Cheniere
Energy,
Inc.
,
d
Senior
Bond,
144A,
5.2%,
7/30/36
.....................
United
States
475,000
459,651
Senior
Note,
4.625%,
10/15/28
.......................
United
States
1,700,000
1,693,102
Senior
Note,
5.65%,
4/15/34
.........................
United
States
1,700,000
1,717,245
d
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Note
,
144A,
5.927
%
,
8/15/30
...................................
United
States
4,215,000
4,355,897
d
Crescent
Energy
Finance
LLC
,
Senior
Note,
144A,
7.875%,
4/15/32
...................
United
States
500,000
509,461
Senior
Note,
144A,
7.375%,
1/15/33
...................
United
States
835,000
839,343
Senior
Note,
144A,
8.375%,
1/15/34
...................
United
States
665,000
686,527
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond
,
5.8
%
,
1/15/35
United
States
4,215,000
4,284,850
Energy
Transfer
LP
,
Junior
Sub.
Bond,
8%
to
5/14/29,
FRN
thereafter,
5/15/54
...
United
States
1,760,000
1,848,132
Junior
Sub.
Bond,
6.7%
to
1/14/37,
FRN
thereafter,
1/15/57
..
United
States
2,240,000
2,207,958
Senior
Bond,
5.55%,
5/15/34
.........................
United
States
6,460,000
6,454,917
Senior
Note,
6.4%,
12/01/30
.........................
United
States
4,000,000
4,199,361
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Energy
Transfer
LP,
(continued)
d
Senior
Note,
144A,
6%,
2/01/29
......................
United
States
2,000,000
$
2,011,161
d
Eni
SpA
,
Senior
Bond
,
144A,
5.25
%
,
5/18/36
...............
Italy
2,165,000
2,090,164
Hess
Corp.
,
Senior
Bond
,
7.125
%
,
3/15/33
................
United
States
3,515,000
3,902,582
d
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
United
States
5,700,000
5,814,946
d
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6.25
%
,
4/15/32
...................................
United
States
3,000,000
2,913,995
d
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
1,050,000
1,048,778
d
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
6.625
%
,
12/15/28
.....
United
States
4,000,000
4,068,796
MPLX
LP
,
Senior
Bond
,
5.4
%
,
4/01/35
....................
United
States
8,900,000
8,743,848
Murphy
Oil
Corp.
,
Senior
Note,
6%,
10/01/32
..........................
United
States
345,000
341,845
Senior
Note,
6.5%,
2/15/34
..........................
United
States
645,000
638,232
Occidental
Petroleum
Corp.
,
Senior
Bond
,
7.5
%
,
5/01/31
......
United
States
2,810,000
3,075,865
ONEOK,
Inc.
,
Senior
Note
,
4.75
%
,
10/15/31
...............
United
States
5,000,000
4,896,384
d
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
1,730,000
1,714,584
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
2,810,000
2,802,174
d
Sunoco
LP
,
Senior
Note,
144A,
5.375%,
7/15/31
...................
United
States
475,000
466,200
Senior
Note,
144A,
5.625%,
7/15/34
...................
United
States
1,525,000
1,475,419
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
1,455,000
1,409,261
TransCanada
PipeLines
Ltd.
,
Senior
Bond
,
4.25
%
,
5/15/28
....
Canada
3,400,000
3,377,557
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note,
3.25%,
5/15/30
.........................
United
States
4,500,000
4,243,910
Senior
Note,
5.1%,
3/15/36
..........................
United
States
1,835,000
1,777,418
d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
...................................
United
States
740,000
685,902
d
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
2,365,000
2,622,482
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
745,000
780,180
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
1,935,000
2,100,508
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
145,000
149,690
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
2,194,000
2,181,955
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
3.5
%
,
11/15/30
.......
United
States
3,200,000
3,014,047
114,065,192
Paper
&
Forest
Products
0.1%
d
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.9
%
,
5/15/33
.......
United
States
3,845,000
3,778,939
Passenger
Airlines
0.2%
d
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
1,405,000
1,384,942
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
4,875,000
4,868,024
6,252,966
Personal
Care
Products
0.2%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.......
United
States
4,410,000
4,090,716
d
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
1,800,000
1,811,370
5,902,086
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)
Pharmaceuticals
1.3%
d
Bayer
US
Finance
LLC
,
Senior
Note
,
144A,
6.375
%
,
11/21/30
..
Germany
10,000,000
$
10,440,240
Merck
&
Co.,
Inc.
,
Senior
Bond
,
5.2
%
,
5/22/36
.............
United
States
1,850,000
1,837,272
Novartis
Capital
Corp.
,
Senior
Bond,
4.9%,
3/18/36
..........................
United
States
1,935,000
1,881,016
Senior
Bond,
5.7%,
3/18/56
..........................
United
States
1,040,000
1,005,766
Senior
Note,
4.1%,
11/05/30
.........................
United
States
6,370,000
6,204,228
Royalty
Pharma
plc
,
Senior
Bond
,
2.15
%
,
9/02/31
...........
United
States
11,800,000
10,280,661
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond
,
4.1
%
,
10/01/46
...................................
Israel
2,530,000
1,866,257
33,515,440
Semiconductors
&
Semiconductor
Equipment
0.9%
Broadcom,
Inc.
,
Senior
Bond
,
4.95
%
,
1/15/36
..............
United
States
1,395,000
1,310,084
d
Foundry
JV
Holdco
LLC
,
Senior
Secured
Bond,
144A,
6.25%,
1/25/35
.............
United
States
6,270,000
6,450,689
Senior
Secured
Note,
144A,
5.9%,
1/25/33
..............
United
States
3,455,000
3,521,506
Intel
Corp.
,
Senior
Bond,
5.3%,
5/15/36
..........................
United
States
1,372,000
1,325,385
Senior
Bond,
6.125%,
5/15/56
........................
United
States
843,000
791,683
Marvell
Technology,
Inc.
,
Senior
Bond
,
5.3
%
,
4/15/36
........
United
States
2,450,000
2,362,932
NVIDIA
Corp.
,
Senior
Bond,
5.55%,
6/15/46
.........................
United
States
2,242,000
2,070,465
Senior
Bond,
5.625%,
6/15/56
........................
United
States
995,000
900,980
Senior
Note,
4.75%,
6/15/33
.........................
United
States
2,210,000
2,143,511
Senior
Note,
4.95%,
6/15/36
.........................
United
States
2,210,000
2,115,485
d
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
840,000
844,963
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
940,000
934,488
24,772,171
Software
0.7%
d
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
1,500,000
1,273,178
Oracle
Corp.
,
Senior
Bond,
2.875%,
3/25/31
........................
United
States
9,000,000
7,848,594
Senior
Bond,
3.9%,
5/15/35
..........................
United
States
1,644,000
1,344,498
Senior
Bond,
5.7%,
2/04/36
..........................
United
States
1,561,000
1,446,216
Senior
Bond,
6.55%,
2/04/46
.........................
United
States
890,000
788,260
Senior
Bond,
6.7%,
2/04/56
..........................
United
States
1,050,000
926,819
Senior
Note,
4.8%,
9/26/32
..........................
United
States
1,125,000
1,035,817
Synopsys,
Inc.
,
Senior
Bond,
5.15%,
4/01/35
.........................
United
States
1,438,000
1,395,929
Senior
Note,
5%,
4/01/32
...........................
United
States
3,660,000
3,620,425
19,679,736
Specialized
REITs
0.8%
American
Tower
Corp.
,
Senior
Bond,
1.875%,
10/15/30
.......................
United
States
4,500,000
3,966,938
Senior
Bond,
5.35%,
3/15/35
.........................
United
States
6,565,000
6,479,447
Senior
Note,
4.7%,
12/15/32
.........................
United
States
1,110,000
1,076,456
Crown
Castle,
Inc.
,
Senior
Note
,
4.9
%
,
9/01/29
.............
United
States
2,810,000
2,802,922
d
Iron
Mountain,
Inc.
,
Senior
Note,
144A,
7%,
2/15/29
......................
United
States
4,500,000
4,574,619
Senior
Note,
144A,
6.25%,
1/15/35
....................
United
States
1,415,000
1,398,959
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)
Specialized
REITs
(continued)
d
Millrose
Properties,
Inc.
,
Senior
Note,
144A,
6.375%,
8/01/30
...................
United
States
1,125,000
$
1,134,341
Senior
Note,
144A,
6.25%,
9/15/32
....................
United
States
875,000
875,153
22,308,835
Technology
Hardware,
Storage
&
Peripherals
0.5%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond,
5.25%,
2/15/37
.........................
United
States
2,180,000
2,093,664
Senior
Note,
4.75%,
7/15/31
.........................
United
States
580,000
570,440
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.85
%
,
10/15/31
.
United
States
7,400,000
7,293,069
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
5.875
%
,
7/15/30
.........................................
United
States
2,000,000
2,033,584
11,990,757
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Bond
,
5.5
%
,
3/11/35
.................
United
States
2,245,000
2,222,561
Tobacco
0.4%
BAT
Capital
Corp.
,
Senior
Bond,
4.39%,
8/15/37
.........................
United
Kingdom
2,043,000
1,826,788
Senior
Note,
4.625%,
3/22/33
........................
United
Kingdom
4,095,000
3,949,226
d
Imperial
Brands
Finance
plc
,
Senior
Bond,
144A,
5.875%,
7/01/34
...................
United
Kingdom
2,800,000
2,843,567
Senior
Bond,
144A,
5.5%,
7/07/36
.....................
United
Kingdom
2,800,000
2,723,882
11,343,463
Trading
Companies
&
Distributors
0.7%
d
Aviation
Capital
Group
LLC
,
Senior
Note,
144A,
5.375%,
7/15/29
...................
United
States
2,810,000
2,831,387
Senior
Note,
144A,
5.125%,
4/10/30
...................
United
States
4,215,000
4,193,995
d
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
..
United
States
4,090,000
4,157,444
d
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
3/15/32
.
United
States
6,300,000
6,435,318
17,618,144
Wireless
Telecommunication
Services
0.9%
d
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
2,000,000
2,100,459
Rogers
Communications,
Inc.
,
Senior
Note
,
5
%
,
2/15/29
......
Canada
4,215,000
4,220,930
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.15%,
4/15/34
.........................
United
States
4,410,000
4,315,704
Senior
Bond,
5%,
2/15/36
...........................
United
States
1,905,000
1,806,308
Senior
Note,
3.875%,
4/15/30
........................
United
States
12,000,000
11,528,134
23,971,535
Total
Corporate
Bonds
(Cost
$1,202,970,699)
.................................
1,178,251,453
Senior
Floating
Rate
Interests
4.0%
g
Aerospace
&
Defense
0.1%
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
K,
5.981%,
(1-month
SOFR
+
2.25%),
3/22/30
............................
United
States
819,807
820,861
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
N,
6.231%,
(1-month
SOFR
+
2.5%),
2/14/33
.............................
United
States
1,391,861
1,394,881
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
(continued)
g
Aerospace
&
Defense
(continued)
VSE
Corp.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
5/05/33
...............................
United
States
233,303
$
234,761
2,450,503
a
a
a
a
a
a
g
Air
Freight
&
Logistics
0.2%
f
Rand
Parent
LLC,
First
Lien,
Add-on
CME
Term
Loan,
B,
6.842%,
(12-month
SOFR
+
3%),
3/18/30
......................
United
States
707,607
709,719
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.732%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
1,648,805
1,653,727
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
3
CME
Term
Loan,
5.657%,
(3-month
SOFR
+
2%),
4/09/32
.......
United
States
1,695,750
1,693,893
4,057,339
a
a
a
a
a
a
g
Automobile
Components
0.0%
†
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
CME
Term
Loan,
C,
6.919%,
(1-month
SOFR
+
3.25;
3-month
SOFR
+
3.25),
2/03/33
.........................................
United
States
291,705
292,799
Clarios
Global
LP,
First
Lien,
Amendment
No.
7
Dollar
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
1/28/32
..........
United
States
467,591
469,200
761,999
a
a
a
a
a
a
Beverages
0.0%
†
g
Primo
Brands
Corp.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
3/31/31
.........
United
States
325,113
326,818
Biotechnology
0.1%
g
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.428%,
(6-month
SOFR
+
1.75%),
4/27/33
............
United
States
2,941,562
2,942,121
Broadline
Retail
0.0%
†
g
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B,
6.232%,
(3-month
SOFR
+
2.5%),
7/01/31
......................
Netherlands
227,114
227,880
g
Building
Products
0.1%
EMRLD
Borrower
LP,
First
Lien,
Initial
CME
Term
Loan,
B,
5.916%,
(3-month
SOFR
+
2.25%),
5/31/30
..............
United
States
173,789
173,959
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.073%,
(3-month
SOFR
+
2.25%),
8/04/31
.
United
States
101,746
101,863
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.981%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
1,112,593
1,115,720
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.981%,
(1-month
SOFR
+
2.25%),
2/10/32
.....................
United
States
272,414
272,925
1,664,467
a
a
a
a
a
a
g
Capital
Markets
0.3%
Citadel
Securities
LP,
First
Lien,
2026-1
CME
Term
Loan,
5.661%,
(3-month
SOFR
+
2%),
6/10/33
.......................
United
States
2,645,410
2,645,331
CPI
Holdco
B
LLC,
First
Lien,
2025
Fourth
Amendment
Incremental
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
5/19/31
.........................................
United
States
997,462
996,594
GIH
Borrower
LLC,
First
Lien,
CME
Term
Loan,
B,
6.232%,
(3-month
SOFR
+
2.5%),
11/26/31
.....................
United
States
174,508
171,236
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/31
................
United
States
2,817,879
2,810,074
6,623,235
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.
116
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
g
Chemicals
0.1%
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.593%,
(1-month
SOFR
+
3.75;
3-month
SOFR
+
3.75),
4/06/29
.....
United
States
519,784
$
505,817
b
Minerals
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
11/26/31
................
United
States
1,407,885
1,407,885
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.573%,
(3-month
SOFR
+
1.75%),
10/29/32
.............
United
States
224,527
224,996
2,138,698
a
a
a
a
a
a
g
Commercial
Services
&
Supplies
0.2%
APi
Group
DE,
Inc.,
First
Lien,
Amendment
No.
9
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
5/16/33
.........
United
States
1,818,508
1,824,145
Cimpress
USA,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B1,
6.231%,
(1-month
SOFR
+
2.5%),
6/03/33
...............
Ireland
511,367
513,285
Prime
Security
Services
Borrower
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
B2,
5.414%,
(1-month
SOFR
+
1.75%),
3/08/32
...................................
United
States
1,693,446
1,680,161
Rosen
International
SARL,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
3/26/31
.........................................
Luxembourg
183,239
183,232
Spin
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.417%,
(12-month
SOFR
+
4%),
9/04/30
......................
United
States
24,280
18,063
WMB
Holdings,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
11/05/29
......................
United
States
1,555,744
1,557,043
5,775,929
a
a
a
a
a
a
Construction
&
Engineering
0.0%
†
g
Zekelman
Industries,
Inc.,
First
Lien,
2024
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
1/24/31
..............
United
States
329,373
329,762
Construction
Materials
0.0%
†
g
Knife
River
Corp.,
First
Lien,
2026
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
3/08/32
.....................
United
States
675,000
675,284
Consumer
Finance
0.0%
†
g
EVERTEC
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
5.981%,
(1-month
SOFR
+
2.25%),
10/30/30
....................
United
States
171,726
172,048
Containers
&
Packaging
0.0%
†
g
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.981%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
583,567
558,765
Distributors
0.0%
†
g
Core
&
Main
LP,
First
Lien,
CME
Term
Loan,
F,
5.475%,
(3-month
SOFR
+
1.75%),
7/01/33
............................
United
States
297,597
298,466
Diversified
Telecommunication
Services
0.0%
†
f,g
QTS
Thunder
Managing
Issuer
LLC,
First
Lien,
CME
Term
Loan,
B,
6.24%,
(12-month
SOFR
+
2.25%),
7/22/33
............
United
States
561,720
554,698
g
Electric
Utilities
0.4%
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
9/30/31
..............
United
States
2,888,347
2,879,739
Constellation
Renewables
LLC,
First
Lien,
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/27
................
United
States
2,726,833
2,728,538
NRG
Energy,
Inc.,
First
Lien,
2026-1
New
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
4/28/33
..............
United
States
2,887,500
2,886,374
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)
g
Electric
Utilities
(continued)
f
Pathfinder
Power
LLC,
First
Lien,
CME
Term
Loan,
B,
5.707%,
(12-month
SOFR
+
2%),
6/22/33
......................
United
States
2,426,829
$
2,424,936
10,919,587
a
a
a
a
a
a
g
Electronic
Equipment,
Instruments
&
Components
0.1%
b
Belden,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
7/01/33
............................
United
States
885,246
890,779
TTM
Technologies,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B,
5.397%,
(1-month
SOFR
+
1.75%),
5/30/30
..............
United
States
944,314
947,067
1,837,846
a
a
a
a
a
a
g
Entertainment
0.3%
Delta
2
(Lux)
SARL,
First
Lien,
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
9/30/31
.....................
Luxembourg
1,000,000
1,001,665
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
6/03/33
......
United
States
2,636,872
2,642,093
Live
Nation
Entertainment,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.668%,
(1-month
SOFR
+
2%),
10/21/32
.............
United
States
997,494
999,210
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.595%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
436,942
428,959
TKO
Worldwide
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B7,
5.412%,
(3-month
SOFR
+
1.75%),
11/21/31
.............
United
States
2,853,319
2,851,706
7,923,633
a
a
a
a
a
a
g
Financial
Services
0.2%
Colossus
Acquireco
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.37%,
(1-day
SOFR
+
1.75%),
1/31/33
.................
United
States
2,895,739
2,888,297
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B6,
5.481%,
(1-month
SOFR
+
1.75%),
11/05/32
.....
United
States
308,724
308,616
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2,
6.167%,
(1-month
SOFR
+
2.5%),
3/18/30
...............
United
States
282,826
282,657
Jupiter
Borrower,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
6/30/33
.....................
United
States
405,594
408,551
3,888,121
a
a
a
a
a
a
g
Food
Products
0.2%
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
10/28/32
....................
United
States
244,150
245,371
Froneri
International
Ltd.,
First
Lien,
CME
Term
Loan,
B4,
5.877%,
(6-month
SOFR
+
2.25%),
9/30/31
..............
United
Kingdom
2,314,195
2,304,255
f
Wayne-Sanderson
Farms
LLC,
First
Lien,
CME
Term
Loan,
B,
5.693%,
(1-month
SOFR
+
2%),
5/21/32
................
United
States
2,697,487
2,686,522
5,236,148
a
a
a
a
a
a
g
Ground
Transportation
0.2%
Aggreko
Holdings,
Inc.,
First
Lien,
2025
Amended
USD
CME
Term
Loan,
6.632%,
(3-month
SOFR
+
3%),
5/21/31
.......
United
Kingdom
62,709
63,086
First
Student
Bidco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
8/15/30
..............
United
States
1,297,397
1,300,524
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.482%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
2,888,347
2,883,667
4,247,277
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)
Health
Care
Equipment
&
Supplies
0.0%
†
g
TPG,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.995%,
(3-month
SOFR
+
2.25%),
4/07/33
............................
United
States
450,000
$
443,079
g
Health
Care
Providers
&
Services
0.1%
DaVita,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.481%,
(1-month
SOFR
+
1.75%),
5/09/31
............................
United
States
571,077
571,657
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
6/09/32
.................................
United
States
297,470
298,121
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
First-Out
CME
Term
Loan,
A1,
9.173%,
(3-month
SOFR
+
5.25%),
11/01/30
.
United
States
19,885
13,953
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
First-Out
CME
Term
Loan,
A2,
9.173%,
(3-month
SOFR
+
5.25%),
11/01/30
.
United
States
17,225
11,670
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
Second-Out
CME
Term
Loan,
7.423%,
(3-month
SOFR
+
3.5%),
11/01/30
.
United
States
58,564
7,418
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
Third-Out
CME
Term
Loan,
10.796%,
(3-month
SOFR
+
7%),
11/03/31
......
United
States
20,670
3,031
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.232%,
(3-month
SOFR
+
4.5%),
4/16/32
......................
United
States
223,313
196,152
Surgery
Center
Holdings,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
12/19/30
.....
United
States
16,543
16,547
1,118,549
a
a
a
a
a
a
Health
Care
Technology
0.0%
†
g
Cotiviti,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
6.397%,
(1-month
SOFR
+
2.75%),
5/01/31
.....................
United
States
309,351
291,022
g
Hotels,
Restaurants
&
Leisure
0.3%
1011778
BC
ULC,
First
Lien,
CME
Term
Loan,
B5,
5.481%,
(1-month
SOFR
+
1.75%),
9/20/30
.....................
Canada
2,814,929
2,819,039
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B,
5.981%,
(1-month
SOFR
+
2.25%),
2/06/30
...
United
States
213,061
206,216
DK
Crown
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.425%,
(1-month
SOFR
+
1.75%),
3/04/32
.....................
United
States
895,466
894,275
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
2,223,472
2,207,352
Raising
Cane's
Restaurants
LLC,
First
Lien,
First
Amendment
New
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
11/03/32
United
States
2,888,492
2,882,715
9,009,597
a
a
a
a
a
a
Household
Products
0.0%
†
g
Energizer
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.667%,
(1-month
SOFR
+
2%),
3/19/32
................
United
States
894,946
896,069
g
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
7/31/30
...................................
United
States
340,000
340,405
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
CME
Term
Loan,
B,
5.479%,
(3-month
SOFR
+
1.75%),
12/15/31
..
United
States
2,302,005
2,297,930
Talen
Energy
Supply
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.479%,
(3-month
SOFR
+
1.75%),
11/25/32
.............
United
States
723,136
719,369
3,357,704
a
a
a
a
a
a
g
Insurance
0.1%
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B10,
7.763%,
(3-month
SOFR
+
4%),
8/21/28
.......................
United
States
67,216
67,426
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)
g
Insurance
(continued)
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B11,
8.173%,
(3-month
SOFR
+
4.25%),
8/21/28
.....................
United
States
39,648
$
39,758
b
Lockton,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.823%,
(3-month
SOFR
+
2%),
4/25/33
...............................
United
States
2,270,000
2,272,837
2,380,021
a
a
a
a
a
a
IT
Services
0.0%
†
g
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan,
7.981%,
(1-month
SOFR
+
4.25%),
12/31/31
.............
United
States
313,581
281,361
Machinery
0.0%
†
g
Columbus
McKinnon
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.232%,
(3-month
SOFR
+
3.5%),
2/03/33
...............
United
States
57,378
57,581
g
Media
0.1%
Advantage
Sales
&
Marketing,
Inc.,
First
Lien,
Exchange
CME
Term
Loan,
10.014%,
(3-month
SOFR
+
6%),
4/19/30
......
United
States
278,791
246,788
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B7,
6.481%,
(1-month
SOFR
+
2.75%),
3/18/33
.....................
United
States
2,435,643
2,436,020
2,682,808
a
a
a
a
a
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
g
Starwood
Property
Mortgage
LLC,
First
Lien,
CME
Term
Loan,
B5,
5.731%,
(1-month
SOFR
+
2%),
1/02/30
.............
United
States
246,263
246,570
g
Oil,
Gas
&
Consumable
Fuels
0.3%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
2,900,000
2,888,618
Delek
US
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.731%,
(1-month
SOFR
+
3%),
5/17/32
................
United
States
412,955
414,936
UGI
Energy
Services
LLC,
First
Lien,
Refinancing
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
2/22/30
............
United
States
371,617
372,546
Venture
Global
Calcasieu
Pass
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.954%,
(6-month
SOFR
+
3.25%),
4/11/33
.........
United
States
2,826,408
2,849,146
6,525,246
a
a
a
a
a
a
Paper
&
Forest
Products
0.0%
†
g
Asplundh
Tree
Expert
LLC,
First
Lien,
Amendment
No.
5
Refinancing
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
5/30/33
...................................
United
States
768,476
768,373
g
Passenger
Airlines
0.2%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.479%,
(3-month
SOFR
+
2.75%),
5/28/32
.....
United
States
895,466
896,585
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.979%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
83,764
83,854
Air
Canada,
First
Lien,
CME
Term
Loan,
5.573%,
(3-month
SOFR
+
1.75%),
3/21/31
.................................
Canada
86,945
86,931
AS
Mileage
Plan
IP
Ltd.,
First
Lien,
Initial
CME
Term
Loan,
5.479%,
(3-month
SOFR
+
1.75%),
10/15/31
.............
United
States
1,642,794
1,640,749
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
2/24/31
.....................
United
States
1,678,725
1,677,466
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
2/14/31
.....................
Canada
527,850
506,736
4,892,321
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)
Personal
Care
Products
0.0%
†
g
Prestige
Brands,
Inc.,
First
Lien,
Delayed
Draw
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
6/13/33
..............
United
States
427,981
$
429,721
g
Professional
Services
0.1%
Maximus,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
5/30/31
...............................
United
States
199,849
199,975
SS&C
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B8,
5.731%,
(1-month
SOFR
+
2%),
5/09/31
................
United
States
2,862,454
2,862,811
3,062,786
a
a
a
a
a
a
g
Real
Estate
Management
&
Development
0.0%
†
Cushman
&
Wakefield
US
Borrower
LLC,
First
Lien,
Amendment
No.
14
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
6/13/33
.........................................
United
States
457,650
458,412
b
Greystar
Real
Estate
Partners
LLC,
First
Lien,
CME
Term
Loan,
B4,
5.917%,
(3-month
SOFR
+
2.25%),
8/21/30
...........
United
States
336,656
337,077
795,489
a
a
a
a
a
a
g
Software
0.1%
b
Adeia
,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B6,
6.231%,
(1-month
SOFR
+
2.5%),
6/08/28
......................
United
States
1,613,658
1,615,675
f,h
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan,
8.12%,
(1-day
SOFR
+
4.5%),
11/17/31
....
United
States
68,142
68,184
Gen
Digital,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
9/12/29
............................
United
States
996,058
988,214
2,672,073
a
a
a
a
a
a
g
Specialty
Retail
0.0%
†
b
Chewy,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.446%,
(3-month
SOFR
+
1.75%),
6/23/33
............................
United
States
599,144
598,770
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.981%,
(1-month
SOFR
+
3.25%),
1/23/32
..............
United
States
126,466
127,222
725,992
a
a
a
a
a
a
g
Trading
Companies
&
Distributors
0.1%
QXO
Building
Products,
Inc.,
First
Lien,
2026
Incremental
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
7/01/33
.....
United
States
844,444
844,022
QXO
Building
Products,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
4/30/32
................
United
States
900,000
900,122
1,744,144
a
a
a
a
a
a
Water
Utilities
0.0%
†
b,g
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.902%,
(3-month
SOFR
+
2.25%),
10/01/32
.............
United
States
123,993
124,148
Total
Senior
Floating
Rate
Interests
(Cost
$106,252,094)
.......................
106,115,278
i
Marketplace
Loans
0.0%
b
Financial
Services
0.0%
†
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$6,270,859)
...................................
844,517
Foreign
Government
and
Agency
Securities
2.8%
d
Bank
Gospodarstwa
Krajowego
,
Senior
Bond
,
Reg
S,
5.375
%
,
5/22/33
.........................................
Poland
1,680,000
1,685,513
d
Benin
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
1/22/35
.
Benin
1,950,000
EUR
2,090,419
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
Foreign
Government
and
Agency
Securities
(continued)
Brazil
Government
Bond
,
Senior
Bond,
3.875%,
6/12/30
........................
Brazil
3,520,000
$
3,348,400
Senior
Bond,
6%,
10/20/33
...........................
Brazil
860,000
854,840
d
Bulgaria
Government
Bond
,
Senior
Bond,
Reg
S,
5%,
3/05/37
......................
Bulgaria
360,000
343,359
Senior
Note,
Reg
S,
3.625%,
9/05/32
...................
Bulgaria
1,550,000
EUR
1,794,176
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
1,580,000
1,580,000
Colombia
Government
Bond
,
Senior
Bond,
7.5%,
2/02/34
..........................
Colombia
1,870,000
1,965,370
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
1,050,000
EUR
1,201,206
d
Comision
Federal
de
Electricidad
,
Senior
Bond
,
Reg
S,
3.348
%
,
2/09/31
.........................................
Mexico
2,230,000
1,997,765
d
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
144A,
3.75
%
,
1/15/31
.........................................
Chile
1,530,000
1,429,232
d
Costa
Rica
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
2/19/31
.........................................
Costa
Rica
2,130,000
2,181,653
d
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
1,500,000
1,513,500
Senior
Bond,
Reg
S,
4.875%,
9/23/32
..................
Dominican
Republic
1,610,000
1,507,765
d
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
1,290,000
1,289,355
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
950,000
866,827
d
Egypt
Government
Bond
,
Senior
Bond
,
Reg
S,
7.6
%
,
3/01/29
..
Egypt
1,230,000
1,259,306
d
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
1,620,000
1,704,119
d
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
....
France
2,100,000
2,133,405
d
Guatemala
Government
Bond
,
Senior
Bond,
Reg
S,
6.6%,
6/13/36
....................
Guatemala
2,270,000
2,360,800
Senior
Note,
144A,
7.05%,
10/04/32
....................
Guatemala
800,000
851,700
d
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
1,920,000
1,933,091
Indonesia
Government
Bond
,
d
Senior
Bond,
Reg
S,
4.35%,
1/08/27
...................
Indonesia
830,000
831,569
Senior
Note,
5.03%,
5/29/31
.........................
Indonesia
1,690,000
1,680,640
d
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
6/15/33
.........................................
Ivory
Coast
2,300,000
2,234,550
d
Kazakhstan
Government
Bond
,
Senior
Bond
,
Reg
S,
4.714
%
,
4/09/35
.........................................
Kazakhstan
1,820,000
1,738,101
Mexico
Government
Bond
,
Senior
Bond,
2.659%,
5/24/31
........................
Mexico
2,010,000
1,771,815
Senior
Bond,
6.125%,
2/09/38
........................
Mexico
400,000
382,500
d
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
1,110,000
EUR
1,287,243
d
Nigeria
Government
Bond
,
Senior
Note
,
144A,
8.375
%
,
3/24/29
Nigeria
1,650,000
1,740,285
d
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
4.75
%
,
1/21/34
.........................................
North
Macedonia
500,000
EUR
570,326
d
Office
Cherifien
des
Phosphates
,
Senior
Bond
,
144A,
6.7
%
,
3/01/36
.........................................
Morocco
540,000
548,853
d
Paraguay
Government
Bond
,
Senior
Bond
,
144A,
3.849
%
,
6/28/33
.........................................
Paraguay
3,330,000
3,051,113
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
2,800,000
2,564,100
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
390,000
389,299
Philippines
Government
Bond
,
Senior
Bond
,
5.5
%
,
2/04/35
....
Philippines
2,540,000
2,538,938
d
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
1,890,000
1,805,182
d
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
2,210,000
EUR
2,538,268
Senior
Note,
Reg
S,
3%,
2/27/27
......................
Romania
1,740,000
1,722,437
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
Foreign
Government
and
Agency
Securities
(continued)
d
Serbia
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
5/26/28
..
Serbia
2,130,000
$
2,166,258
South
Africa
Government
Bond
,
Senior
Bond,
4.85%,
9/27/27
.........................
South
Africa
850,000
850,129
Senior
Bond,
5.875%,
4/20/32
........................
South
Africa
1,720,000
1,744,843
d
Trinidad
&
Tobago
Government
Bond
,
Senior
Bond
,
144A,
6.2
%
,
7/16/38
.........................................
Trinidad
and
Tobago
380,000
372,020
Turkiye
Government
Bond
,
Senior
Bond
,
5.95
%
,
1/15/31
......
Turkiye
3,580,000
3,483,607
Uruguay
Government
Bond
,
Senior
Bond
,
4.375
%
,
1/23/31
....
Uruguay
800,000
799,200
d
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
6.9
%
,
2/28/32
Uzbekistan
1,620,000
1,712,466
Total
Foreign
Government
and
Agency
Securities
(Cost
$74,993,396)
............
74,415,543
U.S.
Government
and
Agency
Securities
6.3%
FFCB
,
2.1
%,
2/25/36
.................................
United
States
9,300,000
7,301,036
U.S.
Treasury
Bonds
,
2.25%,
8/15/46
...................................
United
States
21,200,000
13,196,586
2.75%,
8/15/47
...................................
United
States
5,300,000
3,576,568
2.75%,
11/15/47
..................................
United
States
16,140,000
10,856,042
3.125%,
5/15/48
..................................
United
States
20,400,000
14,620,266
2.875%,
5/15/49
..................................
United
States
40,665,000
27,509,237
j
2.25%,
8/15/49
...................................
United
States
49,444,000
29,214,451
1.25%,
5/15/50
...................................
United
States
54,335,000
24,443,321
2.375%,
5/15/51
..................................
United
States
10,150,000
6,024,977
1.875%,
11/15/51
.................................
United
States
57,990,000
30,159,330
Total
U.S.
Government
and
Agency
Securities
(Cost
$208,630,206)
..............
166,901,814
Asset-Backed
Securities
16.1%
Automobiles
0.7%
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
2026-1
,
A
,
4.42
%
,
5/15/31
.
.........................................
United
States
17,612,000
17,532,082
Consumer
Finance
2.0%
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2026-2
,
A3
,
4.15
%
,
8/18/31
.
................................
United
States
6,436,000
6,392,037
Hyundai
Auto
Receivables
Trust
,
2026-B
,
A3
,
4.51
%
,
2/18/31
.
..
United
States
20,830,000
20,842,233
Toyota
Auto
Receivables
Owner
Trust
,
2026-B,
A3,
4.13%,
12/16/30
.........................
United
States
8,219,000
8,165,062
2026-C,
A3,
4.51%,
3/17/31
..........................
United
States
8,393,000
8,385,939
World
Omni
Auto
Receivables
Trust
,
2026-B
,
A3
,
4.37
%
,
6/16/31
.
United
States
10,733,000
10,698,092
54,483,363
a
a
a
a
a
a
Financial
Services
13.4%
d,g
AGL
CLO
14
Ltd.
,
2021-14A
,
AR
,
144A,
FRN
,
4.864
%
,
(
3-month
SOFR
+
1.13
%
),
12/02/34
.
...........................
United
States
7,900,000
7,907,877
d,g
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.416
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
1,352,052
1,361,275
d,g
BlueMountain
CLO
XXVI
Ltd.
,
2019-26A
,
D1R2
,
144A,
FRN
,
6.729
%
,
(
3-month
SOFR
+
3
%
),
10/20/34
.
...............
United
States
7,725,000
7,737,308
d
BofA
Auto
Trust
,
2026-1A
,
A3
,
144A,
4.18
%
,
10/15/30
.
.......
United
States
5,790,000
5,749,215
d
BRAVO
Residential
Funding
Trust
,
2024-CES1,
A1A,
144A,
6.377%,
4/25/54
................
United
States
2,069,106
2,079,056
g
2025-HE1,
A1,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
9/25/72
...................................
United
States
2,827,114
2,835,016
d,g
Buckhorn
Park
CLO
Ltd.
,
2019-1A
,
ARR
,
144A,
FRN
,
4.799
%
,
(
3-month
SOFR
+
1.07
%
),
7/18/34
.
....................
United
States
4,120,000
4,120,047
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d,g
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2016-1A
,
A1R3
,
144A,
FRN
,
4.819
%
,
(
3-month
SOFR
+
1.09
%
),
4/20/34
.
.........
United
States
6,996,891
$
7,002,301
CarMax
Auto
Owner
Trust
,
2026-2,
A2A,
4.11%,
8/15/29
.........................
United
States
8,702,000
8,687,684
2026-2,
A3,
4.22%,
6/16/31
..........................
United
States
5,340,000
5,298,679
2026-3,
A3,
4.6%,
9/15/31
...........................
United
States
5,882,000
5,881,500
d
Chase
Auto
Owner
Trust
,
2026-1A
,
A3
,
144A,
4.53
%
,
6/25/31
.
..
United
States
8,757,000
8,745,710
d,g
CIFC
Funding
Ltd.
,
2022-2A,
A1R,
144A,
FRN,
4.699%,
(3-month
SOFR
+
0.97%),
4/19/35
.........................................
United
States
23,690,000
23,665,126
2024-2A,
A1,
144A,
FRN,
5.253%,
(3-month
SOFR
+
1.52%),
4/22/37
.........................................
United
States
7,200,000
7,200,000
f
2024-2AR,
A1R,
144A,
FRN,
Zero
Cpn
.,
(3-month
SOFR
+
1.2%),
4/22/37
....................................
United
States
12,500,000
12,503,125
d
Compass
Datacenters
Issuer
II
LLC
,
2024-2A,
A1,
144A,
5.022%,
8/25/49
...................
United
States
1,474,000
1,454,339
2025-1A,
A1,
144A,
5.316%,
5/25/50
...................
United
States
1,582,000
1,570,319
2025-2A,
A1,
144A,
4.926%,
11/25/50
..................
United
States
6,539,000
6,366,317
d
Compass
Datacenters
Issuer
III
LLC
,
2026-2A
,
A21
,
144A,
5.715
%
,
7/25/56
.
..................................
United
States
3,397,000
3,420,983
g
CWABS,
Inc.
Asset-Backed
Certificates
Trust
,
2004-1
,
M1
,
FRN
,
4.589
%
,
(
1-month
SOFR
+
0.864
%
),
3/25/34
.
.............
United
States
67,605
71,343
d,g
Dryden
115
CLO
Ltd.
,
2024-115A
,
BR
,
144A,
FRN
,
5.229
%
,
(
3-month
SOFR
+
1.5
%
),
4/18/37
.
.....................
Jersey
10,850,000
10,863,181
d,g
Dryden
68
CLO
Ltd.
,
2019-68A
,
ARR
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.1
%
),
7/15/35
.
.....................
United
States
3,500,000
3,502,179
d,g
Elmwood
CLO
25
Ltd.
,
2024-1A
,
CR
,
144A,
FRN
,
5.5
%
,
(
3-month
SOFR
+
1.75
%
),
4/17/37
.
............................
United
States
7,150,000
7,172,590
d
FIGRE
Trust
,
2025-FL1,
A1,
144A,
5.265%,
7/25/55
..................
United
States
1,810,129
1,802,224
2025-FL2,
A1,
144A,
5.053%,
11/25/55
.................
United
States
1,592,242
1,573,984
k
2025-HE4,
A,
144A,
FRN,
5.408%,
7/25/55
..............
United
States
844,869
838,079
k
2025-HE5,
A,
144A,
FRN,
5.285%,
8/25/55
..............
United
States
1,581,186
1,568,038
d
GS
Mortgage-Backed
Securities
Trust
,
2025-CES2,
A1,
144A,
5.18%,
9/25/55
..................
United
States
2,081,140
2,066,231
g
2025-HE1,
A1,
144A,
FRN,
5.166%,
(30-day
SOFR
Average
+
1.55%),
10/25/55
..................................
United
States
2,370,347
2,380,832
d,g
HalseyPoint
CLO
4
Ltd.
,
2021-4A
,
BR
,
144A,
FRN
,
5.543
%
,
(
3-month
SOFR
+
1.7
%
),
7/20/37
.
.....................
United
States
8,000,000
8,004,272
d
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
....................
United
States
14,062,705
13,911,944
2021-3,
B,
144A,
2.649%,
1/17/41
.....................
United
States
5,672,109
5,294,090
d
Iskandar
Enterprise
LLC
,
2026-1A
,
A21
,
144A,
5.049
%
,
4/17/56
.
United
States
10,781,000
10,562,597
d
J.P.
Morgan
Mortgage
Trust
,
g
2023-HE2,
A1,
144A,
FRN,
5.321%,
(30-day
SOFR
Average
+
1.7%),
3/20/54
....................................
United
States
619,567
620,990
2024-CES1,
A1A,
144A,
5.919%,
6/25/54
................
United
States
993,155
995,233
k
2025-CES2,
A1,
144A,
FRN,
5.592%,
6/25/55
............
United
States
1,769,180
1,772,086
g
2025-HE3,
A1,
144A,
FRN,
4.971%,
(30-day
SOFR
Average
+
1.35%),
3/20/56
...................................
United
States
1,650,935
1,660,899
d,g
KKR
CLO
54
Ltd.
,
2024-54A
,
A
,
144A,
FRN
,
5.073
%
,
(
3-month
SOFR
+
1.32
%
),
1/15/38
.
............................
United
States
7,024,000
7,034,529
d
Lohrasp
Enterprise
II
LLC
,
2026-1A
,
A21
,
144A,
5.512
%
,
7/17/56
.
United
States
3,720,000
3,716,699
d,g
Madison
Park
Funding
XLV
Ltd.
,
2020-45A
,
ARR
,
144A,
FRN
,
4.833
%
,
(
3-month
SOFR
+
1.08
%
),
7/15/34
.
..............
United
States
11,500,000
11,512,347
d
MAST
Ltd.
,
2026-1A
,
A
,
144A,
5.134
%
,
2/15/51
.
............
United
States
3,916,851
3,828,733
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d,g
Neuberger
Berman
Loan
Advisers
CLO
48
Ltd.
,
2022-48A
,
A1R
,
144A,
FRN
,
4.9
%
,
(
3-month
SOFR
+
1.09
%
),
4/25/36
.
......
United
States
14,850,000
$
14,860,266
d,g
Neuberger
Berman
Loan
Advisers
CLO
50
Ltd.
,
2022-50A
,
AR2
,
144A,
FRN
,
4.792
%
,
(
3-month
SOFR
+
1.04
%
),
7/23/36
.
....
Jersey
2,525,000
2,526,787
d,g
Neuberger
Berman
Loan
Advisers
CLO
51
Ltd.
,
2022-51A
,
AR2
,
144A,
FRN
,
4.752
%
,
(
3-month
SOFR
+
1
%
),
10/23/36
.
......
Jersey
2,335,000
2,337,248
d
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
17,277,000
14,158,666
d,g
NGC
2024-I
Ltd.
,
2024-1A
,
BR
,
144A,
FRN
,
5.329
%
,
(
3-month
SOFR
+
1.6
%
),
7/20/37
.
.............................
Jersey
3,650,000
3,651,949
d,g
Northwoods
Capital
Ltd.
,
2018-11BA
,
D1R2
,
144A,
FRN
,
7.279
%
,
(
3-month
SOFR
+
3.55
%
),
7/19/37
.
....................
United
States
7,200,000
7,199,918
d,g
Oaktree
CLO
Ltd.
,
2021-1A
,
A1R
,
144A,
FRN
,
5.103
%
,
(
3-month
SOFR
+
1.35
%
),
1/15/38
.
............................
United
States
3,145,000
3,151,450
d,g
Park
Avenue
Institutional
Advisers
CLO
Ltd.
,
2022-2A
,
CR2
,
144A,
FRN
,
6.807
%
,
(
3-month
SOFR
+
3
%
),
1/20/37
.
.......
United
States
500,000
500,375
d
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
1,403,243
1,387,846
d
PK
ALIFT
Loan
Funding
8
LP
,
2026-1
,
A
,
144A,
4.614
%
,
9/15/43
.
United
States
1,241,000
1,219,400
d
PRET
LLC
,
2026-NPL3,
A1,
144A,
4.968%,
2/25/56
.................
United
States
7,085,252
7,011,599
2026-NPL6,
A1,
144A,
5.693%,
5/25/56
.................
United
States
8,739,733
8,722,854
2026-RN2,
A1,
144A,
5.77%,
7/25/56
...................
United
States
5,026,000
5,019,537
d
PRET
Trust
,
2026-RN1
,
A1
,
144A,
5.668
%
,
6/25/66
.
.........
United
States
2,400,619
2,405,811
d
RCO
IX
Mortgage
LLC
,
2026-2
,
A1
,
144A,
5.765
%
,
5/25/31
.
...
United
States
4,468,991
4,454,140
d,g
Regatta
XI
Funding
Ltd.
,
2018-1A
,
D1R2
,
144A,
FRN
,
6.7
%
,
(
3-month
SOFR
+
2.95
%
),
7/17/37
.
....................
United
States
7,300,000
7,324,959
d
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
5,591,000
5,496,351
d,g
Sound
Point
CLO
XXII
Ltd.
,
2019-1A
,
ARR
,
144A,
FRN
,
4.759
%
,
(
3-month
SOFR
+
1.03
%
),
1/20/32
.
....................
United
States
786,174
786,571
d,g
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.84
%
,
(
3-month
SOFR
+
1.03
%
),
10/25/34
.
...................
United
States
3,850,000
3,853,132
d,g
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.653
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
1,496,005
1,495,997
d,g
Towd
Point
Mortgage
Trust
,
2025-HE2
,
A1A
,
144A,
FRN
,
4.966
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/65
.
...............
United
States
4,081,453
4,092,455
d
Truist
Bank
Auto
Credit-Linked
Notes
,
2025-1
,
B
,
144A,
4.728
%
,
9/26/33
.
.........................................
United
States
2,976,453
2,966,665
d,g
Venture
45
CLO
Ltd.
,
2022-45A
,
A1R
,
144A,
FRN
,
4.999
%
,
(
3-month
SOFR
+
1.27
%
),
7/20/35
.
....................
Jersey
12,000,000
12,013,864
d,g
Voya
CLO
Ltd.
,
2018-2A
,
A2
,
144A,
FRN
,
5.265
%
,
(
3-month
SOFR
+
1.512
%
),
7/15/31
.
...........................
United
States
105,616
105,670
d,g
Wellfleet
CLO
Ltd.
,
2021-3A
,
AR
,
144A,
FRN
,
4.953
%
,
(
3-month
SOFR
+
1.2
%
),
1/15/35
.
.............................
United
States
12,000,000
12,012,403
353,094,890
a
a
a
a
a
a
Ground
Transportation
0.0%
†
Union
Pacific
Railroad
Co.
Pass-Through
Trust
,
2005-1
,
5.082
%
,
1/02/29
.
.........................................
United
States
5,869
5,895
Total
Asset-Backed
Securities
(Cost
$429,285,406)
............................
425,116,230
Commercial
Mortgage-Backed
Securities
5.7%
Financial
Services
5.7%
BANK
Trust
,
2019-BN18,
A2,
3.474%,
5/15/62
......................
United
States
1,560,562
1,514,616
2019-BN19,
B,
3.647%,
8/15/61
.......................
United
States
2,165,000
1,774,624
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
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
BANK5
Trust
,
2025-5YR17
,
AS
,
FRN
,
5.626
%
,
11/15/58
......
United
States
2,797,000
$
2,814,260
Barclays
Commercial
Mortgage
Trust
,
2019-C3
,
A2
,
3.438
%
,
5/15/52
.........................................
United
States
1,077,020
1,055,908
k
BBCMS
Mortgage
Trust
,
2024-5C29,
B,
FRN,
5.858%,
9/15/57
...................
United
States
3,062,000
3,061,607
l
2024-5C31,
XA,
IO,
FRN,
1.061%,
12/15/57
..............
United
States
31,879,969
978,766
l
2025-5C33,
XA,
IO,
FRN,
0.817%,
3/15/58
...............
United
States
87,078,578
2,228,454
2025-5C37,
AS,
FRN,
5.382%,
9/15/58
.................
United
States
4,532,000
4,523,045
2026-5C40,
B,
FRN,
5.78%,
2/15/59
...................
United
States
4,353,000
4,366,545
2026-5C40,
C,
FRN,
5.813%,
2/15/59
..................
United
States
2,950,000
2,905,990
Benchmark
Mortgage
Trust
,
2019-B13,
A2,
2.889%,
8/15/57
.......................
United
States
4,166,725
4,018,907
2020-B17,
A2,
2.211%,
3/15/53
.......................
United
States
2,466,341
2,333,953
k,l
2025-V13,
XA,
IO,
FRN,
0.914%,
2/15/58
................
United
States
47,837,000
1,219,203
k,l
2025-V14,
XA,
IO,
FRN,
0.767%,
4/15/57
................
United
States
85,789,204
2,111,555
k
2026-V20,
B,
FRN,
5.687%,
2/15/59
....................
United
States
3,923,000
3,916,585
k,l
2026-V20,
XB,
IO,
FRN,
0.751%,
2/15/59
................
United
States
65,367,000
2,234,649
2026-V21,
AS,
5.506%,
3/15/59
.......................
United
States
2,697,000
2,697,238
k,l
2026-V21,
XA,
IO,
FRN,
1.43%,
3/15/59
.................
United
States
31,821,333
1,830,828
d,g
BIKE
Pass-Through
Trust
,
2026-BAND
,
B
,
144A,
FRN
,
7.826
%
,
(
1-month
SOFR
+
4.15
%
),
7/15/43
.....................
United
States
2,622,000
2,627,404
d,g
BX
Commercial
Mortgage
Trust
,
2026-CSMO
,
C
,
144A,
FRN
,
5.676
%
,
(
1-month
SOFR
+
2
%
),
2/15/43
................
United
States
2,824,000
2,858,572
d
BX
Trust
,
g
2022-IND,
A,
144A,
FRN,
5.167%,
(1-month
SOFR
+
1.491%),
4/15/37
.........................................
United
States
3,487,308
3,491,608
k
2025-ARIA,
C,
144A,
FRN,
5.517%,
12/13/42
.............
United
States
3,020,000
2,991,869
g
2025-VOLT,
A,
144A,
FRN,
5.376%,
(1-month
SOFR
+
1.7%),
12/15/44
........................................
United
States
1,360,000
1,358,909
g
2026-CLS,
D,
144A,
FRN,
7.126%,
(1-month
SOFR
+
3.45%),
5/15/43
.........................................
United
States
2,198,000
2,212,109
CFCRE
Commercial
Mortgage
Trust
,
2016-C7
,
A3
,
3.839
%
,
12/10/54
........................................
United
States
3,055,000
3,044,641
k
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
2,221,000
2,182,503
Citigroup
Commercial
Mortgage
Trust
,
k
2016-P3,
B,
FRN,
4.271%,
4/15/49
.....................
United
States
4,121,000
3,987,057
2020-GC46,
A2,
2.708%,
2/15/53
......................
United
States
1,892,638
1,789,926
COMM
Mortgage
Trust
,
2012-CR4,
AM,
3.251%,
10/15/45
.....................
United
States
3,092,000
3,002,898
d,k
2013-CR6,
C,
144A,
FRN,
3.777%,
3/10/46
..............
United
States
3,722,280
3,593,673
k
2014-CR14,
C,
FRN,
3.189%,
2/10/47
..................
United
States
4,200,000
4,148,666
d,k
2014-UBS6,
D,
144A,
FRN,
3.814%,
12/10/47
............
United
States
2,941,038
2,862,422
CSAIL
Commercial
Mortgage
Trust
,
2017-CX10
,
A3
,
3.398
%
,
11/15/50
........................................
United
States
189,832
189,766
d,k
GS
Mortgage
Securities
Corp.
Trust
,
2017-375H
,
C
,
144A,
FRN
,
3.483
%
,
9/10/37
...................................
United
States
3,013,000
2,898,351
GS
Mortgage
Securities
Trust
,
d,k
2013-GC13,
B,
144A,
FRN,
3.725%,
7/10/46
.............
United
States
1,143,315
1,126,665
2016-GS2,
A4,
3.05%,
5/10/49
........................
United
States
64,522
64,435
2019-GC42,
A2,
2.933%,
9/10/52
......................
United
States
3,281,540
3,130,111
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2016-
JP3
,
AS
,
3.144
%
,
8/15/49
...........................
United
States
3,300,000
3,205,795
k
JPMBB
Commercial
Mortgage
Securities
Trust
,
2014-C18
,
C
,
FRN
,
4.51
%
,
2/15/47
...............................
United
States
3,000,000
2,935,106
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
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
d,k
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
D
,
144A,
FRN
,
6.359
%
,
10/15/42
..................................
United
States
3,149,000
$
3,175,915
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
k
2013-C10,
C,
FRN,
3.949%,
7/15/46
...................
United
States
3,150,000
2,916,556
k
2015-C21,
B,
FRN,
3.854%,
3/15/48
...................
United
States
907,591
889,941
k
2015-C22,
B,
FRN,
3.883%,
4/15/48
...................
United
States
4,904,000
4,490,261
k,l
2025-5C1,
XA,
IO,
FRN,
1.156%,
3/15/58
................
United
States
120,112,017
4,246,897
2025-5C2,
AS,
5.384%,
11/15/58
......................
United
States
1,923,000
1,910,286
Morgan
Stanley
Capital
I
Trust
,
d
2015-UBS8,
D,
144A,
3.18%,
12/15/48
..................
United
States
2,680,000
2,549,308
2016-BNK2,
A4,
3.049%,
11/15/49
.....................
United
States
2,266,000
2,235,009
k
2016-UB12,
B,
FRN,
4.03%,
12/15/49
..................
United
States
3,231,000
2,755,723
k,l
2021-L5,
XA,
IO,
FRN,
1.177%,
5/15/54
.................
United
States
35,984,794
1,525,252
d,k
NYC
Commercial
Mortgage
Trust
,
2026-1325
,
D
,
144A,
FRN
,
6.685
%
,
5/09/41
...................................
United
States
1,917,000
1,908,069
d,g
SCG
Commercial
Mortgage
Trust
,
2025-FLWR
,
A
,
144A,
FRN
,
4.926
%
,
(
1-month
SOFR
+
1.25
%
),
8/15/42
..............
United
States
3,500,000
3,503,978
d,k
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.217
%
,
7/10/36
.........
United
States
2,936,000
2,909,644
d,k
VRTX
Trust
,
2025-HQ
,
D
,
144A,
FRN
,
6.596
%
,
8/05/42
.......
United
States
4,242,000
4,148,005
Wells
Fargo
Commercial
Mortgage
Trust
,
d,k
2016-C34,
D,
144A,
FRN,
5.22%,
6/15/49
...............
United
States
1,839,922
1,806,329
2016-LC24,
AS,
3.367%,
10/15/49
.....................
United
States
3,440,000
3,426,710
k,l
2026-5C10,
XA,
IO,
FRN,
0.985%,
6/15/59
...............
United
States
49,771,682
2,134,200
k,l
2026-5C8,
XA,
IO,
FRN,
1.375%,
3/15/59
................
United
States
55,696,298
2,978,599
d,g
X-Caliber
Funding
LLC
,
2026-HRP
,
A
,
144A,
FRN
,
9.92
%
,
(
1-month
SOFR
+
6.25
%
),
7/15/46
.....................
United
States
1,334,000
1,339,161
150,139,062
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$151,470,465)
.............
150,139,062
Mortgage-Backed
Securities
26.4%
m
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
3.978%,
(COFI
11th
District
+/-
MBS
Margin),
11/01/27
United
States
24,083
23,891
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.9%
FHLMC
Gold
Pool,
30
Year,
4.5%,
3/01/39
................
United
States
356,319
346,935
FHLMC
Gold
Pool,
30
Year,
5%,
8/01/33
-
2/01/39
...........
United
States
2,252,276
2,241,260
FHLMC
Gold
Pool,
30
Year,
5.5%,
1/01/35
-
12/01/37
........
United
States
239,089
242,296
FHLMC
Gold
Pool,
30
Year,
6%,
5/01/33
-
4/01/38
...........
United
States
244,651
253,872
FHLMC
Gold
Pool,
30
Year,
6.5%,
2/01/29
-
3/01/39
.........
United
States
177,039
184,915
FHLMC
Gold
Pool,
30
Year,
7%,
1/01/28
-
7/01/32
...........
United
States
8,567
8,981
FHLMC
Gold
Pool,
30
Year,
7.5%,
3/01/32
................
United
States
3,839
3,989
FHLMC
Gold
Pool,
30
Year,
8%,
2/01/30
..................
United
States
1,594
1,633
FHLMC
Gold
Pool,
30
Year,
8.5%,
8/01/30
................
United
States
235
244
FHLMC
Pool,
15
Year,
2%,
4/01/37
-
8/01/37
...............
United
States
6,945,784
6,287,090
FHLMC
Pool,
15
Year,
2.5%,
5/01/37
.....................
United
States
2,677,023
2,478,841
FHLMC
Pool,
15
Year,
3%,
4/01/37
-
9/01/37
...............
United
States
2,767,443
2,588,594
FHLMC
Pool,
15
Year,
4%,
12/01/39
.....................
United
States
2,608,001
2,503,137
FHLMC
Pool,
30
Year,
2%,
5/01/51
......................
United
States
3,628,430
2,831,755
FHLMC
Pool,
30
Year,
2.5%,
7/01/52
.....................
United
States
3,431,817
2,804,591
FHLMC
Pool,
30
Year,
3%,
3/01/52
......................
United
States
937,452
802,705
FHLMC
Pool,
30
Year,
3.5%,
12/01/52
....................
United
States
5,535,382
4,917,089
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.....................
United
States
22,752,720
21,528,549
FHLMC
Pool,
30
Year,
5.5%,
10/01/55
....................
United
States
511,531
506,937
50,533,413
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
Mortgage-Backed
Securities
(continued)
m
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
3.982%
-
4.671%,
(COFI
11th
District
+/-
MBS
Margin),
12/01/27
-
9/01/34
.................................
United
States
478,214
$
467,778
FNMA,
5.433%,
(6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
10/01/32
...................
United
States
27,102
27,320
FNMA,
5.47%
-
5.987%,
(1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
2/01/34
-
3/01/37
........
United
States
130,303
132,315
FNMA,
6.049%
-
6.312%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
-
10/01/36
................................
United
States
29,822
30,585
657,998
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
16.9%
FNMA,
15
Year,
2%,
4/01/37
...........................
United
States
311,330
281,787
FNMA,
15
Year,
3%,
9/01/37
-
10/01/37
...................
United
States
3,515,487
3,287,732
FNMA,
15
Year,
3.5%,
12/01/39
.........................
United
States
446,944
421,221
FNMA,
30
Year,
3.5%,
12/01/52
.........................
United
States
27,958,621
24,835,688
FNMA,
30
Year,
4.5%,
9/01/55
.........................
United
States
350,922
330,035
FNMA,
30
Year,
5%,
6/01/36
-
10/01/55
...................
United
States
3,599,513
3,489,188
FNMA,
30
Year,
5.5%,
6/01/33
-
8/01/55
..................
United
States
17,170,137
17,096,864
FNMA,
30
Year,
6%,
9/01/32
-
9/01/38
....................
United
States
1,744,332
1,807,831
FNMA,
30
Year,
6.5%,
8/01/28
-
5/01/37
..................
United
States
32,348
33,532
FNMA,
30
Year,
7.5%,
1/01/30
.........................
United
States
1,229
1,260
FNMA,
30
Year,
8.5%,
4/01/30
-
5/01/32
..................
United
States
7,522
7,728
n
Uniform
Mortgage-Backed
Securities,
1.5%,
TBA,
8/25/41
.....
United
States
14,000,000
12,358,568
n
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
8/25/41
......
United
States
19,000,000
17,173,124
n
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
8/25/56
......
United
States
120,390,000
93,810,145
n
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/41
.....
United
States
6,000,000
5,548,587
n
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/56
.....
United
States
50,890,000
41,498,645
n
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
8/25/56
......
United
States
53,690,000
45,781,196
n
Uniform
Mortgage-Backed
Securities,
4%,
TBA,
8/25/56
......
United
States
32,140,000
29,344,825
n
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
8/25/41
.....
United
States
1,000,000
976,932
n
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
8/25/41
......
United
States
3,000,000
2,985,689
n
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
8/25/56
......
United
States
41,190,000
39,756,602
n
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
8/25/56
.....
United
States
11,850,000
11,728,674
n
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
8/25/56
......
United
States
35,090,000
35,481,884
n
Uniform
Mortgage-Backed
Securities,
6.5%,
TBA,
8/25/56
.....
United
States
54,000,000
55,676,937
443,714,674
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
192
192
192
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
7.6%
GNMA
I,
30
Year,
7%,
10/15/27
-
6/15/31
..................
United
States
3,013
3,115
GNMA
I,
Single-family,
30
Year,
6%,
1/15/39
...............
United
States
37,953
39,808
GNMA
I,
Single-family,
30
Year,
6.5%,
10/15/31
-
7/15/38
......
United
States
2,917
2,955
GNMA
I,
Single-family,
30
Year,
7%,
4/15/28
...............
United
States
830
835
GNMA
II,
Single-family,
30
Year,
2%,
7/20/52
...............
United
States
6,976,369
5,610,272
n
GNMA
II,
Single-family,
30
Year,
2%,
8/15/56
...............
United
States
20,940,000
16,771,631
GNMA
II,
Single-family,
30
Year,
2.5%,
9/20/51
-
5/20/52
......
United
States
12,985,213
10,856,740
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/52
.............
United
States
12,801,992
10,713,341
n
GNMA
II,
Single-family,
30
Year,
2.5%,
8/15/56
.............
United
States
38,110,000
31,815,477
GNMA
II,
Single-family,
30
Year,
3%,
10/20/49
-
6/20/52
......
United
States
7,476,280
6,499,580
n
GNMA
II,
Single-family,
30
Year,
3.5%,
8/15/56
.............
United
States
17,260,000
15,111,553
n
GNMA
II,
Single-family,
30
Year,
4%,
8/15/56
...............
United
States
13,000,000
11,762,754
n
GNMA
II,
Single-family,
30
Year,
4.5%,
8/15/56
.............
United
States
13,790,000
12,927,561
n
GNMA
II,
Single-family,
30
Year,
5%,
8/15/56
...............
United
States
20,000,000
19,354,131
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)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
n
GNMA
II,
Single-family,
30
Year,
5.5%,
8/15/56
.............
United
States
33,930,000
$
33,710,843
GNMA
II,
Single-family,
30
Year,
6%,
5/20/31
...............
United
States
574
585
n
GNMA
II,
Single-family,
30
Year,
6%,
8/15/56
...............
United
States
23,690,000
24,080,067
GNMA
II,
Single-family,
30
Year,
6.5%,
3/20/28
-
5/20/55
......
United
States
1,628,206
1,685,398
GNMA
II,
Single-family,
30
Year,
7.5%,
8/20/30
-
1/20/33
......
United
States
8,215
8,410
200,955,056
Total
Mortgage-Backed
Securities
(Cost
$712,619,050)
.........................
695,885,224
Residential
Mortgage-Backed
Securities
3.6%
Capital
Markets
0.0%
†
g
Merrill
Lynch
Mortgage
Investors
Trust
,
2003-A
,
1A
,
FRN
,
4.579
%
,
(
1-month
SOFR
+
0.854
%
),
3/25/28
.............
United
States
39,052
35,671
Financial
Services
3.6%
d,g
Bellemeade
Re
Ltd.
,
2021-3A
,
B1
,
144A,
FRN
,
7.466
%
,
(
30-day
SOFR
Average
+
3.85
%
),
9/25/31
.....................
United
States
2,439,000
2,495,387
d
BRAVO
Residential
Funding
Trust
,
k
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
.................
United
States
1,855,260
1,764,725
2023-NQM6,
A1,
144A,
6.602%,
9/25/63
................
United
States
854,588
852,527
d
CAFL
Issuer
LP
,
2025-RRTL1
,
A1
,
144A,
5.684
%
,
5/28/40
.....
United
States
1,171,000
1,174,175
d,g
Chase
Home
Lending
Mortgage
Trust
,
2025-3,
A11,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
2/25/56
....................................
United
States
2,132,652
2,133,106
2025-7,
A11,
144A,
FRN,
5.016%,
(30-day
SOFR
Average
+
1.4%),
5/25/56
....................................
United
States
1,809,823
1,819,443
d,k
CIM
Trust
,
2018-INV1,
A4,
144A,
FRN,
4%,
8/25/48
................
United
States
778,977
721,034
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
................
United
States
298,348
279,778
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
................
United
States
1,209,294
1,122,815
d,k
Citigroup
Mortgage
Loan
Trust
,
2013-A
,
A
,
144A,
FRN
,
3
%
,
5/25/42
.........................................
United
States
124,856
116,594
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
,
2004-6
,
3A1
,
5
%
,
1/25/38
..................................
Switzerland
71,932
39,275
d
Cross
Mortgage
Trust
,
2024-H1
,
A1
,
144A,
6.085
%
,
12/25/68
..
United
States
574,930
575,754
d,g
FHLMC
STACR
REMIC
Trust
,
2021-DNA6,
M2,
144A,
FRN,
5.116%,
(30-day
SOFR
Average
+
1.5%),
10/25/41
...................................
United
States
1,084,531
1,085,948
2023-HQA1,
M1A,
144A,
FRN,
5.616%,
(30-day
SOFR
Average
+
2%),
5/25/43
....................................
United
States
1,516,205
1,523,530
2025-DNA1,
A1,
144A,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
1,981,585
1,983,641
2025-DNA2,
A1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
5/25/45
....................................
United
States
1,492,920
1,497,346
2025-DNA3,
M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
9/25/45
..................................
United
States
1,699,865
1,700,483
d,g
FNMA
Connecticut
Avenue
Securities
Trust
,
2025-R01,
1M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
1/25/45
....................................
United
States
740,560
740,769
2025-R02,
1A1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
1,130,824
1,131,872
2025-R03,
2A1,
144A,
FRN,
5.066%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
1,499,674
1,506,680
2025-R04,
1A1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
5/25/45
.....................................
United
States
1,413,795
1,415,614
2026-R01,
2M1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
1/25/46
.....................................
United
States
2,924,404
2,925,159
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)
d,g
FNMA
Connecticut
Avenue
Securities
Trust,
(continued)
2026-R03,
2A1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
4/25/46
....................................
United
States
8,494,944
$
8,517,256
d,g
GS
Mortgage-Backed
Securities
Trust
,
2025-PJ8
,
A27
,
144A,
FRN
,
4.916
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/56
.....
United
States
793,027
795,081
d
HOMES
Trust
,
2024-NQM1
,
A1
,
144A,
5.915
%
,
7/25/69
......
United
States
1,647,946
1,653,701
g
Impac
CMB
Trust
,
2005-4
,
1A1B
,
FRN
,
4.089
%
,
(
1-month
SOFR
+
0.284
%
),
5/25/35
................................
United
States
1,629,865
1,572,970
d
Imperial
Fund
Mortgage
Trust
,
2023-NQM1
,
A1
,
144A,
5.941
%
,
2/25/68
.........................................
United
States
1,953,056
1,948,922
d,k
J.P.
Morgan
Mortgage
Trust
,
2021-15
,
A4
,
144A,
FRN
,
2.5
%
,
6/25/52
.........................................
United
States
5,499,608
4,845,729
d,k
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
1,116,000
1,119,664
d,k
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
.........................................
United
States
2,457,844
2,413,635
d
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-NQM1
,
A1
,
144A,
6.152
%
,
12/25/68
..........................
United
States
1,688,060
1,691,677
d
OBX
Trust
,
k
2021-J3,
A4,
144A,
FRN,
2.5%,
10/25/51
................
United
States
1,110,547
982,580
2024-NQM2,
A1,
144A,
5.878%,
12/25/63
...............
United
States
1,021,129
1,021,991
2024-NQM3,
A1,
144A,
6.129%,
12/25/63
...............
United
States
1,324,157
1,327,623
2024-NQM4,
A1,
144A,
6.067%,
1/25/64
................
United
States
842,717
845,879
2024-NQM8,
A1,
144A,
6.233%,
5/25/64
................
United
States
1,995,053
2,004,419
g
2025-J2,
AF,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
9/25/55
....................................
United
States
2,017,597
2,023,435
d,k
OLIT
,
2025-HB2
,
A
,
144A,
FRN
,
3
%
,
11/25/38
..............
United
States
1,790,533
1,752,089
d,k
Onity
Loan
Investment
Trust
,
2025-HB1,
A,
144A,
FRN,
3%,
6/25/38
..................
United
States
279,176
274,078
2026-HB3,
A,
144A,
FRN,
3%,
6/25/39
..................
United
States
2,728,254
2,671,460
2026-HB3,
M2,
144A,
FRN,
3%,
6/25/39
................
United
States
2,954,000
2,714,837
d,g
PMT
Loan
Trust
,
2025-J2
,
A11
,
144A,
FRN
,
4.966
%
,
(
30-day
SOFR
Average
+
1.35
%
),
8/25/56
.....................
United
States
500,792
502,262
d,k
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
....................................
United
States
1,798,025
1,579,514
d,k
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
........................................
United
States
1,332,058
1,133,125
d
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
4,048,466
3,990,218
d,k
PRPM
Trust
,
2026-NQM3
,
A1
,
144A,
FRN
,
5.845
%
,
7/25/71
...
United
States
4,468,000
4,480,976
d,k
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
.........
United
States
9,440,636
8,408,617
d,g
Radian
Mortgage
Capital
Trust
,
2025-J3
,
A25
,
144A,
FRN
,
5.116
%
,
(
30-day
SOFR
Average
+
1.5
%
),
12/25/55
.........
United
States
1,303,441
1,310,130
d,g
Sequoia
Mortgage
Trust
,
2025-8
,
A26F
,
144A,
FRN
,
5.016
%
,
(
30-
day
SOFR
Average
+
1.4
%
),
9/25/55
...................
United
States
1,917,829
1,922,756
d
Verus
Securitization
Trust
,
2023-6,
A1,
144A,
6.665%,
9/25/68
....................
United
States
371,785
371,523
2024-4,
A1,
144A,
6.218%,
6/25/69
....................
United
States
1,331,365
1,337,417
k
2026-R6,
A1,
144A,
FRN,
5.765%,
7/25/68
...............
United
States
2,294,000
2,301,064
96,120,283
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$99,064,214)
...............
96,155,954
Agency
Commercial
Mortgage-Backed
Securities
4.4%
Financial
Services
4.4%
FHLMC
,
l
5016,
PI,
IO,
3%,
9/25/50
............................
United
States
19,549,009
3,228,699
l
5077,
AI,
IO,
2%,
2/25/51
............................
United
States
28,691,623
3,275,918
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
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FHLMC,
(continued)
l
5158,
IV,
IO,
4%,
1/25/49
............................
United
States
44,577,664
$
9,315,029
l
5365,
IO,
2.5%,
7/25/51
.............................
United
States
57,210,888
9,037,043
g
5444,
FC,
FRN,
4.736%,
(30-day
SOFR
Average
+
1.12%),
8/25/54
.........................................
United
States
6,928,636
6,987,391
FNMA
,
g
2005-122,
FN,
FRN,
4.081%,
(30-day
SOFR
Average
+
0.464%),
1/25/36
..................................
United
States
357,116
354,399
l
2020-47,
ID,
IO,
4%,
7/25/50
.........................
United
States
14,095,113
2,977,914
l
2021-3,
TI,
IO,
2.5%,
2/25/51
.........................
United
States
19,065,040
3,169,315
g
2024-105,
KF,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
1/25/55
.........................................
United
States
9,798,998
9,846,271
g
2024-77,
FM,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
11/25/54
........................................
United
States
5,356,821
5,357,595
g
2024-82,
FE,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
11/25/54
........................................
United
States
9,023,713
9,056,507
g
2024-87,
FB,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
12/25/54
........................................
United
States
9,805,878
9,885,482
g
2025-25,
FB,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
4/25/55
.........................................
United
States
2,433,296
2,442,373
l
GNMA
,
2020-173,
MI,
IO,
2.5%,
11/20/50
......................
United
States
24,924,085
3,623,708
2020-189,
IA,
IO,
4%,
12/20/49
.......................
United
States
21,415,565
4,678,498
2021-140,
JI,
IO,
3%,
8/20/51
.........................
United
States
26,612,518
4,656,523
2022-23,
KI,
IO,
3%,
4/20/51
.........................
United
States
25,962,350
4,306,458
2022-78,
IO,
3%,
8/20/51
............................
United
States
18,414,609
3,184,628
2024-168,
IO,
3%,
6/20/51
...........................
United
States
40,764,885
7,128,090
2025-120,
IA,
IO,
4%,
3/20/52
........................
United
States
21,096,331
3,951,271
2025-5,
IO,
3.5%,
4/20/51
...........................
United
States
47,834,065
8,915,303
115,378,415
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$115,012,141)
......
115,378,415
Municipal
Bonds
1.6%
California
1.1%
California
Municipal
Finance
Authority
,
FBI
San
Diego
Project
,
Revenue
,
2020
,
2.519
%
,
10/01/35
.....................
United
States
9,245,000
6,819,866
San
Bernardino
Community
College
District
,
GO,
2021,
Refunding,
2.686%,
8/01/41
.................
United
States
20,405,000
14,882,003
GO,
2021,
Refunding,
2.856%,
8/01/49
.................
United
States
11,880,000
7,499,898
29,201,767
Ohio
0.5%
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
.........................................
United
States
16,585,000
12,071,450
Texas
0.0%
†
City
of
Austin
,
Electric
Utility
,
Revenue
,
2019
C
,
Refunding
,
2.785
%
,
11/15/31
..................................
United
States
370,000
338,165
Total
Municipal
Bonds
(Cost
$58,297,320)
....................................
41,611,382
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
All
Day
Electric,
Inc.,
Escrow
Account
....................
United
States
84
—
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
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
(continued)
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
141,599
$
2,260
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
.................................
2,260
Total
Long
Term
Investments
(Cost
$3,236,464,820)
...........................
3,122,028,994
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.0%
Puts
-
Over-the-Counter
Interest
Rate
Swaptions
0.0%
†
Receive
Floating
3-month
EURIBOR,
Pay
Fixed
2.765%,
Counterparty
BOFA,
Expires
3/19/27
...................
1
270,377,000
EUR
1,190,902
Total
Options
Purchased
(Cost
$1,130,815)
...................................
1,190,902
Short
Term
Investments
2.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.2%
c,o
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
.........................................
United
States
58,105,086
58,105,086
Total
Money
Market
Funds
(Cost
$58,105,086)
................................
58,105,086
Total
Short
Term
Investments
(Cost
$58,105,086
)
..............................
58,105,086
a
Total
Investments
(Cost
$3,295,700,721)
120.4%
..............................
$3,181,324,982
Options
Written
(0.0)%
†
....................................................
(932,821)
Other
Assets,
less
Liabilities
(20.4)%
........................................
(539,500,051)
Net
Assets
100.0%
.........................................................
$2,640,892,110
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Puts
-
Over-the-Counter
Interest
Rate
Swaptions
(0.0)%
†
Receive
Floating
3-month
EURIBOR,
Pay
Fixed
3.165%,
Counterparty
BOFA,
Expires
3/19/27
...................
1
(270,377,000)
EUR
(607,607)
Receive
Floating
3-month
EURIBOR,
Pay
Fixed
3.565%,
Counterparty
BOFA,
Expires
3/19/27
...................
1
(270,377,000)
EUR
(325,214)
(932,821)
Total
Options
Written
(Premiums
received
$1,162,140)
.........................
$
(932,821)
#
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
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
c
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2026,
the
aggregate
value
of
these
securities
was
$958,508,683,
representing
36.3%
of
net
assets.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
See
Note
4
regarding
unfunded
loan
commitments.
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
July
31,
2026,
the
value
of
this
security
pledged
amounted
to
$10,470,021,
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
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Total
Return
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
At
July
31,
2026,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
0.0%
†
a
Block,
Inc.
b
4582384.SQ.FTS.B,
4.552%,
4/03/33
....
$
863
$
–
b
4581979.SQ.FTS.B,
4.555%,
4/03/33
....
2,035
–
b
4581962.SQ.FTS.B,
4.709%,
4/03/33
....
1,755
–
b
4586446.SQ.FTS.B,
4.403%,
4/04/33
....
5,636
–
b
4591961.SQ.FTS.B,
3.931%,
4/06/33
....
1,338
–
b
4592572.SQ.FTS.B,
4.553%,
4/06/33
....
449
–
b
4593610.SQ.FTS.B,
4.871%,
4/06/33
....
881
–
b
4590729.SQ.FTS.B,
4.875%,
4/06/33
....
1,383
–
b
4591813.SQ.FTS.B,
4.877%,
4/06/33
....
2,891
–
b
4604000.SQ.FTS.B,
4.558%,
4/09/33
....
8,181
–
b
4604804.SQ.FTS.B,
4.56%,
4/09/33
.....
785
–
b
4605658.SQ.FTS.B,
4.558%,
4/10/33
....
6,711
–
b
4605063.SQ.FTS.B,
5.031%,
4/10/33
....
1,320
–
b
4606932.SQ.FTS.B,
4.554%,
4/11/33
....
2,572
–
b
4606620.SQ.FTS.B,
4.56%,
4/11/33
.....
668
–
b
4606063.SQ.FTS.B,
4.568%,
4/11/33
....
2,752
–
b
4606489.SQ.FTS.B,
4.717%,
4/11/33
....
12,498
–
b
4609493.SQ.FTS.B,
4.722%,
4/12/33
....
1,353
–
b
4609460.SQ.FTS.B,
4.868%,
4/12/33
....
2,479
–
b
4610482.SQ.FTS.B,
5.031%,
4/13/33
....
3,354
–
b
4622864.SQ.FTS.B,
3.302%,
4/15/33
....
782
–
b
4622664.SQ.FTS.B,
4.556%,
4/15/33
....
3,107
–
b
4624796.SQ.FTS.B,
3.927%,
4/17/33
....
457
–
b
4624391.SQ.FTS.B,
4.717%,
4/17/33
....
3,087
–
b
4625048.SQ.FTS.B,
4.858%,
4/17/33
....
871
–
b
4626040.SQ.FTS.B,
4.876%,
4/18/33
....
5,792
–
b
4628862.SQ.FTS.B,
3.304%,
4/19/33
....
8,296
–
b
4632078.SQ.FTS.B,
4.561%,
4/20/33
....
21,052
1
b
4638327.SQ.FTS.B,
4.406%,
4/22/33
....
8,661
–
b
4640261.SQ.FTS.B,
4.539%,
4/24/33
....
549
–
b
4640985.SQ.FTS.B,
3.3%,
4/25/33
......
1,692
1
b
4641063.SQ.FTS.B,
3.774%,
4/25/33
....
710
–
b
4643805.SQ.FTS.B,
3.931%,
4/25/33
....
751
–
b
4649015.SQ.FTS.B,
4.56%,
4/27/33
.....
5,124
–
b
4649299.SQ.FTS.B,
5.031%,
4/27/33
....
109
–
b
4655501.SQ.FTS.B,
4.556%,
4/29/33
....
3,367
–
b
4657541.SQ.FTS.B,
3.302%,
4/30/33
....
836
–
b
4660081.SQ.FTS.B,
4.883%,
5/01/33
....
422
–
b
4664137.SQ.FTS.B,
4.566%,
5/02/33
....
2,149
–
b
4666640.SQ.FTS.B,
4.56%,
5/03/33
.....
10,212
–
b
4674918.SQ.FTS.B,
3.303%,
5/05/33
....
9,934
–
b
4675113.SQ.FTS.B,
4.56%,
5/05/33
.....
163
–
b
4684412.SQ.FTS.B,
3.302%,
5/08/33
....
2,706
–
b
4707828.SQ.FTS.B,
4.566%,
5/11/33
....
69
–
b
4713712.SQ.FTS.B,
5.031%,
5/13/33
....
105
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
4720634.SQ.FTS.B,
4.56%,
5/16/33
.....
$
7,932
$
–
b
4725524.SQ.FTS.B,
4.874%,
5/17/33
....
19,384
1
b
4741690.SQ.FTS.B,
4.568%,
5/18/33
....
524
–
b
4744012.SQ.FTS.B,
4.716%,
5/18/33
....
2,527
–
b
4755474.SQ.FTS.B,
4.566%,
5/22/33
....
1,198
–
b
4756626.SQ.FTS.B,
4.567%,
5/22/33
....
371
–
b
4757364.SQ.FTS.B,
4.878%,
5/22/33
....
2,804
–
b
4790013.SQ.FTS.B,
3.935%,
5/29/33
....
130
–
b
4807316.SQ.FTS.B,
4.403%,
6/02/33
....
297
–
b
4810447.SQ.FTS.B,
4.874%,
6/03/33
....
2,379
–
b
4814556.SQ.FTS.B,
3.302%,
6/04/33
....
616
–
b
4814833.SQ.FTS.B,
4.561%,
6/04/33
....
24,496
–
b
4815651.SQ.FTS.B,
4.57%,
6/05/33
.....
629
–
b
4818987.SQ.FTS.B,
3.302%,
6/06/33
....
2,640
–
b
4819217.SQ.FTS.B,
4.56%,
6/07/33
.....
12,317
3
b
4819180.SQ.FTS.B,
5.031%,
6/07/33
....
266
–
b
4821611.SQ.FTS.B,
4.552%,
6/08/33
....
702
–
b
4823342.SQ.FTS.B,
4.874%,
6/08/33
....
714
–
b
4827165.SQ.FTS.B,
4.55%,
6/09/33
.....
1,298
–
b
4832985.SQ.FTS.B,
4.559%,
6/10/33
....
12,795
1
b
4831089.SQ.FTS.B,
5.031%,
6/10/33
....
3,668
–
b
4836929.SQ.FTS.B,
3.932%,
6/13/33
....
6,637
–
b
4837116.SQ.FTS.B,
4.557%,
6/13/33
....
2,784
–
b
4840254.SQ.FTS.B,
2.958%,
6/14/33
....
488
–
b
4840334.SQ.FTS.B,
2.961%,
6/14/33
....
1,577
–
b
4840427.SQ.FTS.B,
4.334%,
6/14/33
....
6,145
–
b
4839366.SQ.FTS.B,
4.538%,
6/14/33
....
11,177
–
b
4839716.SQ.FTS.B,
4.553%,
6/14/33
....
727
–
b
4840766.SQ.FTS.B,
4.563%,
6/14/33
....
2,241
–
b
4842339.SQ.FTS.B,
4.654%,
6/15/33
....
539
–
b
4850020.SQ.FTS.B,
4.528%,
6/16/33
....
156
–
b
4850454.SQ.FTS.B,
4.558%,
6/16/33
....
1,505
–
b
4848471.SQ.FTS.B,
4.56%,
6/16/33
.....
2,931
–
b
4848703.SQ.FTS.B,
4.574%,
6/16/33
....
1,526
–
b
4848662.SQ.FTS.B,
4.881%,
6/16/33
....
5,372
–
b
4861177.SQ.FTS.B,
3.33%,
6/17/33
.....
526
–
b
4860575.SQ.FTS.B,
3.953%,
6/17/33
....
431
–
b
4858016.SQ.FTS.B,
4.554%,
6/17/33
....
34
–
b
4860376.SQ.FTS.B,
4.878%,
6/17/33
....
1,539
–
b
4861282.SQ.FTS.B,
5.031%,
6/17/33
....
2,636
–
b
4861902.SQ.FTS.B,
3.925%,
6/18/33
....
1,428
–
b
4861917.SQ.FTS.B,
4.562%,
6/18/33
....
3,378
1
b
4863326.SQ.FTS.B,
4.403%,
6/19/33
....
3,221
1
b
4863471.SQ.FTS.B,
4.973%,
6/19/33
....
7,932
–
b
4866709.SQ.FTS.B,
4.566%,
6/20/33
....
1,837
–
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
a
Block,
Inc.
(continued)
b
4866438.SQ.FTS.B,
5.031%,
6/20/33
....
$
954
$
–
b
4867919.SQ.FTS.B,
3.851%,
6/21/33
....
6,047
–
b
4868584.SQ.FTS.B,
4.556%,
6/21/33
....
5,694
–
b
4868143.SQ.FTS.B,
4.56%,
6/21/33
.....
4,894
–
b
4881919.SQ.FTS.B,
4.568%,
6/28/33
....
793
–
b
4881733.SQ.FTS.B,
4.882%,
6/28/33
....
726
–
b
4885937.SQ.FTS.B,
4.723%,
6/29/33
....
2,665
–
b
4889629.SQ.FTS.B,
4.73%,
7/01/33
.....
2,050
–
b
4890016.SQ.FTS.B,
4.286%,
7/02/33
....
1,471
–
b
4889899.SQ.FTS.B,
4.403%,
7/02/33
....
5,336
–
b
4891423.SQ.FTS.B,
4.563%,
7/03/33
....
3,072
–
b
4901767.SQ.FTS.B,
4.562%,
7/07/33
....
4,562
–
b
4901412.SQ.FTS.B,
4.715%,
7/07/33
....
183
–
b
4903860.SQ.FTS.B,
4.57%,
7/09/33
.....
2,263
–
b
4906129.SQ.FTS.B,
3.298%,
7/10/33
....
407
–
b
4905084.SQ.FTS.B,
4.717%,
7/10/33
....
1,810
1
b
4924498.SQ.FTS.B,
4.562%,
7/17/33
....
2,892
1
b
4926237.SQ.FTS.B,
4.56%,
7/18/33
.....
7,821
–
b
4926957.SQ.FTS.B,
4.403%,
7/19/33
....
1,660
–
b
4928138.SQ.FTS.B,
4.562%,
7/19/33
....
6,946
–
b
4928795.SQ.FTS.B,
4.874%,
7/19/33
....
18,247
–
b
4928279.SQ.FTS.B,
4.883%,
7/19/33
....
991
–
b
4931889.SQ.FTS.B,
4.487%,
7/20/33
....
1,469
–
b
4931407.SQ.FTS.B,
5.031%,
7/20/33
....
758
–
b
4933844.SQ.FTS.B,
3.539%,
7/21/33
....
19,305
–
b
4935527.SQ.FTS.B,
4.454%,
7/22/33
....
1,418
–
b
4935556.SQ.FTS.B,
4.871%,
7/22/33
....
496
–
b
4935340.SQ.FTS.B,
6.379%,
7/22/33
....
81
–
b
4935758.SQ.FTS.B,
4.258%,
7/23/33
....
717
–
b
4935784.SQ.FTS.B,
4.56%,
7/23/33
.....
749
–
b
4936861.SQ.FTS.B,
4.556%,
7/24/33
....
1,307
–
b
4937255.SQ.FTS.B,
5.558%,
7/24/33
....
1,941
–
b
4954900.SQ.FTS.B,
4.561%,
7/28/33
....
4,177
–
b
4962523.SQ.FTS.B,
4.558%,
7/31/33
....
4,563
–
b
4962054.SQ.FTS.B,
4.717%,
7/31/33
....
8,398
1
b
4964207.SQ.FTS.B,
4.727%,
8/01/33
....
872
–
b
4967874.SQ.FTS.B,
4.558%,
8/02/33
....
6,630
–
b
4976894.SQ.FTS.B,
3.308%,
8/07/33
....
2,452
–
b
4977295.SQ.FTS.B,
4.559%,
8/07/33
....
5,717
–
b
4980891.SQ.FTS.B,
3.931%,
8/08/33
....
7,938
–
b
4980302.SQ.FTS.B,
4.562%,
8/08/33
....
5,164
1
b
4986950.SQ.FTS.B,
3.396%,
8/10/33
....
970
–
b
4985573.SQ.FTS.B,
4.559%,
8/10/33
....
3,505
–
b
4985801.SQ.FTS.B,
4.565%,
8/10/33
....
3,070
–
b
4989680.SQ.FTS.B,
4.871%,
8/11/33
....
6,187
–
b
4990405.SQ.FTS.B,
4.403%,
8/12/33
....
251
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
4990927.SQ.FTS.B,
4.554%,
8/12/33
....
$
1,216
$
–
b
4991162.SQ.FTS.B,
3.301%,
8/13/33
....
5,956
–
b
4993377.SQ.FTS.B,
3.043%,
8/14/33
....
1,027
–
b
4993286.SQ.FTS.B,
3.934%,
8/14/33
....
1,167
–
b
4993884.SQ.FTS.B,
4.881%,
8/14/33
....
2,371
–
b
5003760.SQ.FTS.B,
3.874%,
8/15/33
....
2,712
–
b
5002638.SQ.FTS.B,
4.403%,
8/15/33
....
1,671
–
b
4994636.SQ.FTS.B,
4.56%,
8/15/33
.....
1,945
–
b
4999801.SQ.FTS.B,
4.561%,
8/15/33
....
7,631
–
b
5002851.SQ.FTS.B,
4.564%,
8/15/33
....
2,134
–
b
5017280.SQ.FTS.B,
3.511%,
8/17/33
....
6,962
–
b
5019634.SQ.FTS.B,
3.661%,
8/17/33
....
1,814
–
b
5024347.SQ.FTS.B,
4.556%,
8/18/33
....
2,526
–
b
5025377.SQ.FTS.B,
4.561%,
8/18/33
....
4,937
–
b
5026387.SQ.FTS.B,
4.55%,
8/19/33
.....
1,641
–
b
5025999.SQ.FTS.B,
4.558%,
8/19/33
....
4,449
–
b
5027200.SQ.FTS.B,
5.128%,
8/21/33
....
811
–
b
5035879.SQ.FTS.B,
4.55%,
8/23/33
.....
757
–
b
5034542.SQ.FTS.B,
4.561%,
8/23/33
....
3,605
–
b
5037885.SQ.FTS.B,
2.809%,
8/24/33
....
10,416
–
b
5041320.SQ.FTS.B,
5.024%,
8/25/33
....
6,419
–
b
5044612.SQ.FTS.B,
4.539%,
8/27/33
....
309
–
b
5045876.SQ.FTS.B,
4.403%,
8/28/33
....
6,187
–
b
5045398.SQ.FTS.B,
4.561%,
8/28/33
....
9,125
–
b
5047833.SQ.FTS.B,
4.69%,
8/28/33
.....
3,738
–
b
5048228.SQ.FTS.B,
3.953%,
9/01/33
....
273
–
b
5050370.SQ.FTS.B,
4.403%,
9/01/33
....
17,390
–
b
5049827.SQ.FTS.B,
5.031%,
9/01/33
....
3,982
–
b
5051339.SQ.FTS.B,
3.103%,
9/02/33
....
1,372
–
b
5051202.SQ.FTS.B,
5.763%,
9/02/33
....
402
–
b
5059779.SQ.FTS.B,
3.245%,
9/04/33
....
13,658
–
b
5061477.SQ.FTS.B,
3.305%,
9/04/33
....
5,939
–
b
5059388.SQ.FTS.B,
4.717%,
9/04/33
....
578
–
b
5062144.SQ.FTS.B,
3.967%,
9/05/33
....
400
–
b
5065231.SQ.FTS.B,
4.717%,
9/07/33
....
7,752
–
b
5067639.SQ.FTS.B,
3.929%,
9/08/33
....
8,253
–
b
5066009.SQ.FTS.B,
4.134%,
9/08/33
....
4,672
1
b
5068585.SQ.FTS.B,
6.246%,
9/08/33
....
2,845
–
b
5069032.SQ.FTS.B,
3.799%,
9/09/33
....
4,912
–
b
5069067.SQ.FTS.B,
4.558%,
9/09/33
....
12,169
–
b
5074780.SQ.FTS.B,
4.56%,
9/10/33
.....
1,174
–
b
5074113.SQ.FTS.B,
4.561%,
9/10/33
....
38,423
1
b
5074740.SQ.FTS.B,
4.564%,
9/10/33
....
3,030
–
b
5078382.SQ.FTS.B,
4.56%,
9/12/33
.....
979
–
b
5082041.SQ.FTS.B,
4.558%,
9/14/33
....
2,897
–
b
5080951.SQ.FTS.B,
4.566%,
9/14/33
....
654
–
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)
a
Block,
Inc.
(continued)
b
5081394.SQ.FTS.B,
4.715%,
9/14/33
....
$
9,547
$
–
b
5082286.SQ.FTS.B,
4.051%,
9/15/33
....
2,381
–
b
5086472.SQ.FTS.B,
4.554%,
9/16/33
....
1,605
–
b
5086626.SQ.FTS.B,
4.572%,
9/16/33
....
1,016
–
b
5090813.SQ.FTS.B,
4.406%,
9/17/33
....
4,919
–
b
5089593.SQ.FTS.B,
4.719%,
9/17/33
....
3,289
–
b
5091416.SQ.FTS.B,
3.774%,
9/18/33
....
13,871
–
b
5092572.SQ.FTS.B,
3.927%,
9/18/33
....
4,043
–
b
5093886.SQ.FTS.B,
5.59%,
9/19/33
.....
2,277
–
b
5094586.SQ.FTS.B,
5.031%,
9/20/33
....
2,003
–
b
5097173.SQ.FTS.B,
3.302%,
9/21/33
....
729
–
b
5096503.SQ.FTS.B,
4.562%,
9/21/33
....
9,495
–
b
5095170.SQ.FTS.B,
5.711%,
9/21/33
....
2,536
–
b
5099132.SQ.FTS.B,
4.56%,
9/22/33
.....
37,393
–
b
5098444.SQ.FTS.B,
4.597%,
9/22/33
....
4,780
–
b
5102220.SQ.FTS.B,
5.031%,
9/23/33
....
2,484
–
b
5107188.SQ.FTS.B,
3.201%,
9/24/33
....
2,474
–
b
5104481.SQ.FTS.B,
4.717%,
9/24/33
....
1,513
–
b
5109124.SQ.FTS.B,
5.031%,
9/25/33
....
519
–
b
5109714.SQ.FTS.B,
5.031%,
9/25/33
....
8,108
–
b
5114403.SQ.FTS.B,
4.552%,
9/28/33
....
1,028
–
b
5114309.SQ.FTS.B,
4.566%,
9/28/33
....
906
–
b
5111943.SQ.FTS.B,
4.822%,
9/28/33
....
842
–
b
5115942.SQ.FTS.B,
4.061%,
9/29/33
....
25,309
–
b
5122298.SQ.FTS.B,
3.298%,
9/30/33
....
1,008
–
b
5118981.SQ.FTS.B,
3.626%,
9/30/33
....
3,773
–
b
5119496.SQ.FTS.B,
4.498%,
9/30/33
....
4,666
–
b
5122010.SQ.FTS.B,
4.582%,
9/30/33
....
629
–
b
5118308.SQ.FTS.B,
4.719%,
9/30/33
....
6,298
–
b
5117310.SQ.FTS.B,
4.877%,
9/30/33
....
4,690
–
b
5125832.SQ.FTS.B,
4.465%,
10/01/33
...
649
–
b
5126318.SQ.FTS.B,
5.031%,
10/01/33
...
305
–
b
5128160.SQ.FTS.B,
3.312%,
10/02/33
...
2,113
–
b
5128139.SQ.FTS.B,
4.88%,
10/02/33
....
1,521
–
b
5129089.SQ.FTS.B,
4.558%,
10/03/33
...
5,922
–
b
5131068.SQ.FTS.B,
5.157%,
10/04/33
...
995
–
b
5134858.SQ.FTS.B,
3.926%,
10/05/33
...
206
–
b
5134453.SQ.FTS.B,
4.073%,
10/05/33
...
589
–
b
5135989.SQ.FTS.B,
4.562%,
10/05/33
...
6,343
–
b
5138063.SQ.FTS.B,
3.753%,
10/06/33
...
13,589
–
b
5143636.SQ.FTS.B,
3.303%,
10/07/33
...
22,568
–
b
5143602.SQ.FTS.B,
4.496%,
10/07/33
...
1,106
–
b
5144702.SQ.FTS.B,
5.031%,
10/07/33
...
2,530
–
b
5143578.SQ.FTS.B,
5.123%,
10/07/33
...
597
–
b
5145759.SQ.FTS.B,
4.56%,
10/08/33
....
11,012
1
b
5147227.SQ.FTS.B,
4.717%,
10/08/33
...
2,903
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
5145611.SQ.FTS.B,
4.883%,
10/08/33
...
$
415
$
–
b
5148494.SQ.FTS.B,
2.579%,
10/09/33
...
769
–
b
5149258.SQ.FTS.B,
3.664%,
10/10/33
...
2,200
–
b
5153196.SQ.FTS.B,
4.56%,
10/11/33
....
13,914
–
b
5154671.SQ.FTS.B,
3.564%,
10/12/33
...
674
–
b
5155863.SQ.FTS.B,
4.562%,
10/12/33
...
10,908
–
b
5158276.SQ.FTS.B,
4.717%,
10/13/33
...
4,505
–
b
5165031.SQ.FTS.B,
3.407%,
10/14/33
...
523
–
b
5165513.SQ.FTS.B,
4.57%,
10/14/33
....
535
–
b
5164900.SQ.FTS.B,
4.702%,
10/14/33
...
2,484
–
b
5167520.SQ.FTS.B,
4.597%,
10/15/33
...
792
–
b
5178623.SQ.FTS.B,
4.403%,
10/18/33
...
2,451
–
b
5184669.SQ.FTS.B,
4.872%,
10/19/33
...
3,872
–
b
5185667.SQ.FTS.B,
4.56%,
10/20/33
....
14,855
1
b
5204516.SQ.FTS.B,
4.403%,
10/22/33
...
12,116
–
b
5220688.SQ.FTS.B,
4.403%,
10/26/33
...
25,349
5
b
5220666.SQ.FTS.B,
4.555%,
10/26/33
...
343
–
b
5216243.SQ.FTS.B,
4.558%,
10/26/33
...
2,570
–
b
5218743.SQ.FTS.B,
4.874%,
10/26/33
...
14,574
–
b
5234308.SQ.FTS.B,
3.354%,
10/28/33
...
2,041
–
b
5235201.SQ.FTS.B,
5.031%,
10/29/33
...
1,059
–
b
5240240.SQ.FTS.B,
4.141%,
10/30/33
...
3,565
–
b
5239980.SQ.FTS.B,
4.567%,
10/30/33
...
4,342
–
b
5240149.SQ.FTS.B,
4.568%,
10/30/33
...
487
–
b
5240977.SQ.FTS.B,
4.562%,
11/01/33
...
1,605
–
b
5243643.SQ.FTS.B,
4.403%,
11/02/33
...
3,274
–
b
5251513.SQ.FTS.B,
3.774%,
11/03/33
...
1,257
–
b
5251234.SQ.FTS.B,
4.403%,
11/03/33
...
12,595
–
b
5250046.SQ.FTS.B,
4.612%,
11/03/33
...
104
–
b
5249081.SQ.FTS.B,
4.717%,
11/03/33
...
1,535
–
b
5248838.SQ.FTS.B,
4.802%,
11/03/33
...
3,589
–
b
5246929.SQ.FTS.B,
4.874%,
11/03/33
...
3,004
–
b
5262859.SQ.FTS.B,
4.561%,
11/05/33
...
6,228
–
b
5271294.SQ.FTS.B,
3.29%,
11/06/33
....
743
–
b
5270493.SQ.FTS.B,
3.814%,
11/06/33
...
1,448
–
b
5271481.SQ.FTS.B,
3.941%,
11/06/33
...
872
–
b
5271882.SQ.FTS.B,
4.066%,
11/06/33
...
6,771
1
b
5273861.SQ.FTS.B,
2.59%,
11/08/33
....
2,965
–
b
5273816.SQ.FTS.B,
4.566%,
11/08/33
...
1,760
–
b
5281948.SQ.FTS.B,
4.561%,
11/10/33
...
29,541
–
b
5282925.SQ.FTS.B,
3.774%,
11/11/33
...
2,496
–
b
5292413.SQ.FTS.B,
3.567%,
11/13/33
...
7,292
–
b
5294178.SQ.FTS.B,
4.717%,
11/14/33
...
4,625
–
b
5294931.SQ.FTS.B,
3.401%,
11/15/33
...
875
–
b
5296152.SQ.FTS.B,
3.322%,
11/16/33
...
3,005
–
b
5297998.SQ.FTS.B,
4.548%,
11/16/33
...
636
–
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)
a
Block,
Inc.
(continued)
b
5297749.SQ.FTS.B,
4.561%,
11/16/33
...
$
4,815
$
1
b
5297124.SQ.FTS.B,
4.602%,
11/16/33
...
4,734
–
b
5297679.SQ.FTS.B,
5.689%,
11/16/33
...
4,327
–
b
5303325.SQ.FTS.B,
4.871%,
11/17/33
...
2,069
–
b
5313199.SQ.FTS.B,
3.308%,
11/18/33
...
2,846
–
b
5308440.SQ.FTS.B,
4.1%,
11/18/33
.....
1,850
–
b
5310909.SQ.FTS.B,
4.56%,
11/18/33
....
14,880
–
b
5313296.SQ.FTS.B,
4.852%,
11/18/33
...
1,043
–
b
5308374.SQ.FTS.B,
4.864%,
11/18/33
...
1,834
–
b
5309472.SQ.FTS.B,
5.031%,
11/18/33
...
3,112
–
b
5313526.SQ.FTS.B,
5.031%,
11/18/33
...
1,853
–
b
5312989.SQ.FTS.B,
5.436%,
11/18/33
...
886
–
b
5319254.SQ.FTS.B,
3.962%,
11/19/33
...
875
–
b
5318154.SQ.FTS.B,
4.109%,
11/19/33
...
1,339
–
b
5318776.SQ.FTS.B,
4.379%,
11/19/33
...
15,271
–
b
5321246.SQ.FTS.B,
4.562%,
11/20/33
...
9,240
–
b
5324505.SQ.FTS.B,
5.786%,
11/21/33
...
732
–
b
5325685.SQ.FTS.B,
3.87%,
11/22/33
....
671
–
b
5325032.SQ.FTS.B,
5.303%,
11/22/33
...
1,289
–
b
5326604.SQ.FTS.B,
4.563%,
11/23/33
...
1,332
–
b
5330352.SQ.FTS.B,
4.567%,
11/23/33
...
4,757
–
b
5330620.SQ.FTS.B,
4.424%,
11/24/33
...
262
–
b
5331180.SQ.FTS.B,
4.557%,
11/24/33
...
2,904
–
b
5337877.SQ.FTS.B,
3.945%,
11/25/33
...
256
–
b
5376799.SQ.FTS.B,
2.083%,
11/27/33
...
4,624
–
b
5368153.SQ.FTS.B,
3.962%,
11/27/33
...
1,070
–
b
5378398.SQ.FTS.B,
4.56%,
11/27/33
....
32,690
1
b
5381030.SQ.FTS.B,
2.347%,
11/28/33
...
10,498
–
b
5381932.SQ.FTS.B,
4.545%,
11/29/33
...
741
–
b
5383396.SQ.FTS.B,
3.302%,
11/30/33
...
105
–
b
5398394.SQ.FTS.B,
3.321%,
11/30/33
...
777
–
b
5383412.SQ.FTS.B,
5.031%,
11/30/33
...
2,807
–
b
5413606.SQ.FTS.B,
4.403%,
12/01/33
...
2,850
–
b
5442439.SQ.FTS.B,
2.865%,
12/02/33
...
1,242
–
b
5440393.SQ.FTS.B,
3.27%,
12/02/33
....
513
–
b
5471332.SQ.FTS.B,
4.017%,
12/03/33
...
12,560
–
b
5471273.SQ.FTS.B,
5.031%,
12/03/33
...
1,167
–
b
5473309.SQ.FTS.B,
3.774%,
12/04/33
...
1,962
–
b
5473236.SQ.FTS.B,
4.403%,
12/04/33
...
6,897
–
b
5472763.SQ.FTS.B,
4.513%,
12/04/33
...
2,711
–
b
5472730.SQ.FTS.B,
4.688%,
12/04/33
...
3,743
–
b
5474033.SQ.FTS.B,
4.548%,
12/05/33
...
1,011
–
b
5502597.SQ.FTS.B,
3.294%,
12/07/33
...
6,676
–
b
5493687.SQ.FTS.B,
3.774%,
12/07/33
...
1,582
–
b
5495244.SQ.FTS.B,
4.068%,
12/07/33
...
1,565
–
b
5504275.SQ.FTS.B,
4.555%,
12/07/33
...
1,678
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
5504334.SQ.FTS.B,
5.807%,
12/07/33
...
$
2,881
$
–
b
5517225.SQ.FTS.B,
3.983%,
12/08/33
...
132
–
b
5515632.SQ.FTS.B,
5.382%,
12/08/33
...
876
–
b
5531634.SQ.FTS.B,
4.068%,
12/09/33
...
16,877
–
b
5530682.SQ.FTS.B,
4.561%,
12/09/33
...
8,257
–
b
5534538.SQ.FTS.B,
4.717%,
12/10/33
...
3,044
–
b
5539742.SQ.FTS.B,
5.031%,
12/11/33
...
3,222
–
b
5546767.SQ.FTS.B,
4.56%,
12/13/33
....
9,786
–
b
5542232.SQ.FTS.B,
4.715%,
12/13/33
...
9,576
–
b
5543476.SQ.FTS.B,
4.874%,
12/13/33
...
697
–
b
5553801.SQ.FTS.B,
4.073%,
12/14/33
...
15,160
–
b
5553995.SQ.FTS.B,
4.553%,
12/14/33
...
680
–
b
5551837.SQ.FTS.B,
4.874%,
12/14/33
...
3,976
–
b
5564465.SQ.FTS.B,
3.928%,
12/16/33
...
3,809
–
b
5564400.SQ.FTS.B,
4.228%,
12/16/33
...
4,180
–
b
5564739.SQ.FTS.B,
4.02%,
12/17/33
....
4,014
1
b
5565718.SQ.FTS.B,
4.345%,
12/17/33
...
1,113
–
b
5566977.SQ.FTS.B,
4.564%,
12/17/33
...
4,680
–
b
5565342.SQ.FTS.B,
5.163%,
12/17/33
...
1,550
–
b
5568613.SQ.FTS.B,
4.557%,
12/18/33
...
7,092
–
b
5571039.SQ.FTS.B,
3.304%,
12/20/33
...
585
–
b
5571610.SQ.FTS.B,
4.642%,
12/20/33
...
10,025
–
b
5574449.SQ.FTS.B,
3.774%,
12/21/33
...
8,365
–
b
5574770.SQ.FTS.B,
4.562%,
12/21/33
...
5,711
–
b
5575354.SQ.FTS.B,
4.874%,
12/21/33
...
1,620
–
b
5574619.SQ.FTS.B,
5.941%,
12/21/33
...
1,300
–
b
5578293.SQ.FTS.B,
3.843%,
12/22/33
...
4,171
–
b
5581220.SQ.FTS.B,
2.444%,
12/23/33
...
2,766
–
b
5581428.SQ.FTS.B,
3.384%,
12/23/33
...
2,217
1
b
5581964.SQ.FTS.B,
3.774%,
12/23/33
...
851
–
b
5583691.SQ.FTS.B,
3.774%,
12/23/33
...
1,683
–
b
5581405.SQ.FTS.B,
3.935%,
12/23/33
...
1,215
–
b
5582638.SQ.FTS.B,
3.945%,
12/23/33
...
1,582
–
b
5582775.SQ.FTS.B,
4.422%,
12/23/33
...
565
–
b
5585193.SQ.FTS.B,
4.571%,
12/24/33
...
1,038
–
b
5587897.SQ.FTS.B,
4.65%,
12/24/33
....
21,318
–
b
5588620.SQ.FTS.B,
4.515%,
12/25/33
...
4,534
–
b
5588868.SQ.FTS.B,
4.56%,
12/26/33
....
2,471
–
b
5589268.SQ.FTS.B,
4.587%,
12/26/33
...
447
–
b
5589011.SQ.FTS.B,
4.874%,
12/26/33
...
996
–
b
5593696.SQ.FTS.B,
4.559%,
12/28/33
...
16,651
–
b
5594128.SQ.FTS.B,
5.019%,
12/28/33
...
3,289
–
b
5611249.SQ.FTS.B,
5.282%,
12/30/33
...
1,749
–
b
5609439.SQ.FTS.B,
5.673%,
12/30/33
...
2,708
–
b
5614043.SQ.FTS.B,
3.938%,
1/01/34
....
260
–
b
5629056.SQ.FTS.B,
3.298%,
1/06/34
....
1,056
–
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)
a
Block,
Inc.
(continued)
b
5646926.SQ.FTS.B,
3.302%,
1/07/34
....
$
4,350
$
–
b
5644715.SQ.FTS.B,
3.774%,
1/07/34
....
4,969
–
b
5644959.SQ.FTS.B,
4.716%,
1/07/34
....
10,493
–
b
5641293.SQ.FTS.B,
5.031%,
1/07/34
....
635
–
b
5655805.SQ.FTS.B,
4.559%,
1/09/34
....
9,103
–
b
5655794.SQ.FTS.B,
4.78%,
1/09/34
.....
265
–
b
5656707.SQ.FTS.B,
3.044%,
1/10/34
....
3,920
–
b
5656317.SQ.FTS.B,
4.403%,
1/10/34
....
3,805
–
b
5656852.SQ.FTS.B,
4.477%,
1/10/34
....
716
–
b
5661432.SQ.FTS.B,
4.56%,
1/11/34
.....
27,848
1
b
5670099.SQ.FTS.B,
4.129%,
1/12/34
....
1,442
–
b
5666857.SQ.FTS.B,
4.56%,
1/12/34
.....
50,254
–
b
5672062.SQ.FTS.B,
5.367%,
1/12/34
....
957
–
b
5672716.SQ.FTS.B,
4.563%,
1/13/34
....
1,559
–
b
5672657.SQ.FTS.B,
5.02%,
1/13/34
.....
1,819
–
b
5689054.SQ.FTS.B,
3.304%,
1/14/34
....
354
–
b
5694752.SQ.FTS.B,
4.403%,
1/14/34
....
35,953
–
b
5702064.SQ.FTS.B,
3.032%,
1/15/34
....
1,794
–
b
5701510.SQ.FTS.B,
3.324%,
1/15/34
....
251
–
b
5696224.SQ.FTS.B,
4.56%,
1/15/34
.....
4,134
–
b
5698837.SQ.FTS.B,
4.563%,
1/15/34
....
8,377
1
b
5703564.SQ.FTS.B,
4.56%,
1/17/34
.....
5,948
–
b
5715524.SQ.FTS.B,
3.302%,
1/19/34
....
1,945
–
b
5714621.SQ.FTS.B,
4.874%,
1/19/34
....
16,436
2
b
5721363.SQ.FTS.B,
3.302%,
1/20/34
....
47,507
–
b
5721008.SQ.FTS.B,
4.557%,
1/20/34
....
4,207
–
b
5720995.SQ.FTS.B,
5.042%,
1/20/34
....
383
–
b
5720196.SQ.FTS.B,
5.499%,
1/20/34
....
869
–
b
5726619.SQ.FTS.B,
4.791%,
1/21/34
....
11,825
1
b
5734473.SQ.FTS.B,
2.638%,
1/22/34
....
4,239
–
b
5733912.SQ.FTS.B,
3.311%,
1/22/34
....
14,207
1
b
5732481.SQ.FTS.B,
4.555%,
1/22/34
....
913
–
b
5739318.SQ.FTS.B,
4.403%,
1/25/34
....
9,310
–
b
5741942.SQ.FTS.B,
3.593%,
1/26/34
....
5,645
–
b
5743692.SQ.FTS.B,
3.305%,
1/27/34
....
2,366
–
b
5743913.SQ.FTS.B,
4.56%,
1/27/34
.....
14,974
–
b
5745525.SQ.FTS.B,
4.562%,
1/27/34
....
3,073
–
b
5756490.SQ.FTS.B,
4.56%,
1/29/34
.....
28,616
–
b
5757294.SQ.FTS.B,
4.403%,
1/30/34
....
5,660
–
b
5756660.SQ.FTS.B,
4.559%,
1/30/34
....
17,332
–
b
5767979.SQ.FTS.B,
3.931%,
2/03/34
....
2,624
–
b
5767523.SQ.FTS.B,
4.309%,
2/03/34
....
17,755
1
b
5769375.SQ.FTS.B,
4.56%,
2/03/34
.....
2,824
–
b
5772616.SQ.FTS.B,
4.562%,
2/04/34
....
10,404
–
b
5774638.SQ.FTS.B,
4.869%,
2/04/34
....
424
–
b
5775630.SQ.FTS.B,
4.566%,
2/05/34
....
3,070
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
5778865.SQ.FTS.B,
4.722%,
2/05/34
....
$
1,676
$
–
b
5778637.SQ.FTS.B,
4.883%,
2/05/34
....
745
–
b
5778756.SQ.FTS.B,
4.931%,
2/05/34
....
2,847
–
b
5779967.SQ.FTS.B,
4.712%,
2/06/34
....
2,379
–
b
5780239.SQ.FTS.B,
4.405%,
2/07/34
....
7,900
–
b
5782195.SQ.FTS.B,
5.241%,
2/08/34
....
1,128
–
b
5788805.SQ.FTS.B,
4.403%,
2/09/34
....
20,630
–
b
5784888.SQ.FTS.B,
4.563%,
2/09/34
....
838
–
b
5788233.SQ.FTS.B,
4.709%,
2/09/34
....
881
–
b
5789379.SQ.FTS.B,
4.717%,
2/09/34
....
150
–
b
5793198.SQ.FTS.B,
4.121%,
2/10/34
....
14,656
–
b
5796633.SQ.FTS.B,
4.57%,
2/10/34
.....
2,959
–
b
5796654.SQ.FTS.B,
4.874%,
2/10/34
....
23,973
–
b
5795334.SQ.FTS.B,
5.25%,
2/10/34
.....
2,288
–
b
5802042.SQ.FTS.B,
3.064%,
2/11/34
....
49,428
–
b
5805398.SQ.FTS.B,
3.308%,
2/11/34
....
2,828
–
b
5801833.SQ.FTS.B,
4.558%,
2/11/34
....
1,116
–
b
5805490.SQ.FTS.B,
4.575%,
2/11/34
....
629
–
b
5804251.SQ.FTS.B,
4.717%,
2/11/34
....
172
1
b
5805369.SQ.FTS.B,
5.25%,
2/11/34
.....
2,188
–
b
5808150.SQ.FTS.B,
3.962%,
2/12/34
....
1,070
–
b
5809849.SQ.FTS.B,
4.561%,
2/12/34
....
2,395
–
b
5811504.SQ.FTS.B,
4.686%,
2/12/34
....
13,131
4
b
5816654.SQ.FTS.B,
4.559%,
2/15/34
....
13,550
–
b
5818437.SQ.FTS.B,
4.877%,
2/15/34
....
731
–
b
5818633.SQ.FTS.B,
5.262%,
2/15/34
....
762
–
b
5821739.SQ.FTS.B,
4.56%,
2/16/34
.....
16,926
–
b
5821663.SQ.FTS.B,
4.563%,
2/16/34
....
2,685
–
b
5824064.SQ.FTS.B,
4.403%,
2/17/34
....
16,472
–
b
5823402.SQ.FTS.B,
4.528%,
2/17/34
....
16,653
–
b
5824290.SQ.FTS.B,
4.552%,
2/17/34
....
1,207
–
b
5827715.SQ.FTS.B,
4.554%,
2/18/34
....
3,528
–
b
5832996.SQ.FTS.B,
4.52%,
2/19/34
.....
465
–
b
5833744.SQ.FTS.B,
4.552%,
2/19/34
....
4,166
–
b
5831642.SQ.FTS.B,
4.564%,
2/19/34
....
3,872
–
b
5832876.SQ.FTS.B,
4.64%,
2/19/34
.....
888
–
b
5832933.SQ.FTS.B,
5.275%,
2/19/34
....
871
–
b
5835427.SQ.FTS.B,
4.521%,
2/21/34
....
156
–
b
5844917.SQ.FTS.B,
3.933%,
2/24/34
....
2,860
–
b
5843566.SQ.FTS.B,
4.56%,
2/24/34
.....
5,389
–
b
5843736.SQ.FTS.B,
5.015%,
2/24/34
....
1,275
–
b
5848650.SQ.FTS.B,
4.814%,
2/25/34
....
2,710
–
b
5853107.SQ.FTS.B,
4.881%,
2/26/34
....
1,186
–
b
5853687.SQ.FTS.B,
5.251%,
2/26/34
....
1,153
–
b
5855247.SQ.FTS.B,
4.306%,
2/27/34
....
2,503
–
b
5862832.SQ.FTS.B,
3.302%,
2/28/34
....
20,291
4
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)
a
Block,
Inc.
(continued)
b
5855815.SQ.FTS.B,
4.758%,
2/28/34
....
$
2,097
$
–
b
5856506.SQ.FTS.B,
4.839%,
2/28/34
....
1,492
–
b
5857271.SQ.FTS.B,
4.909%,
2/28/34
....
5,828
–
b
5873503.SQ.FTS.B,
4.302%,
3/01/34
....
1,500
–
b
5871100.SQ.FTS.B,
4.59%,
3/01/34
.....
19,844
–
b
5872195.SQ.FTS.B,
4.686%,
3/01/34
....
11,306
–
b
5876942.SQ.FTS.B,
5.031%,
3/02/34
....
11,879
–
b
5878878.SQ.FTS.B,
5.11%,
3/05/34
.....
429
–
b
5884476.SQ.FTS.B,
4.435%,
3/07/34
....
2,124
–
b
5884756.SQ.FTS.B,
5.098%,
3/07/34
....
787
–
b
5890737.SQ.FTS.B,
5.158%,
3/08/34
....
31,239
1
b
5891388.SQ.FTS.B,
4.025%,
3/09/34
....
3,614
–
b
5892501.SQ.FTS.B,
4.048%,
3/09/34
....
760
–
b
5894049.SQ.FTS.B,
4.59%,
3/09/34
.....
5,935
–
b
5894227.SQ.FTS.B,
4.941%,
3/09/34
....
6,594
–
b
5893120.SQ.FTS.B,
5.037%,
3/09/34
....
3,245
–
b
5892907.SQ.FTS.B,
5.1%,
3/09/34
......
2,548
–
b
5892236.SQ.FTS.B,
5.29%,
3/09/34
.....
756
–
b
5899146.SQ.FTS.B,
5.1%,
3/12/34
......
1,011
–
b
5902039.SQ.FTS.B,
4.716%,
3/13/34
....
4,574
–
b
5900966.SQ.FTS.B,
4.738%,
3/13/34
....
1,908
–
b
5902007.SQ.FTS.B,
5.187%,
3/13/34
....
1,148
–
b
5900522.SQ.FTS.B,
5.516%,
3/13/34
....
449
–
b
5908792.SQ.FTS.B,
4.438%,
3/15/34
....
3,835
–
b
5909844.SQ.FTS.B,
4.905%,
3/15/34
....
8,247
–
b
5907307.SQ.FTS.B,
5.031%,
3/15/34
....
4,223
–
b
5912454.SQ.FTS.B,
4.946%,
3/16/34
....
2,264
–
b
5911132.SQ.FTS.B,
5.031%,
3/16/34
....
31,967
–
b
5912428.SQ.FTS.B,
5.031%,
3/16/34
....
2,401
1
b
5912708.SQ.FTS.B,
5.378%,
3/16/34
....
1,135
–
b
5913409.SQ.FTS.B,
4.308%,
3/17/34
....
2,690
–
b
5914346.SQ.FTS.B,
5.541%,
3/18/34
....
208
–
b
5917893.SQ.FTS.B,
4.435%,
3/19/34
....
14,136
1
b
5918205.SQ.FTS.B,
4.915%,
3/19/34
....
693
–
b
5917212.SQ.FTS.B,
5.084%,
3/19/34
....
1,502
–
b
5916186.SQ.FTS.B,
5.188%,
3/19/34
....
2,670
–
b
5918972.SQ.FTS.B,
4.526%,
3/20/34
....
8,974
–
b
5922077.SQ.FTS.B,
5.179%,
3/20/34
....
1,538
–
b
5918675.SQ.FTS.B,
5.211%,
3/20/34
....
305
–
b
5921964.SQ.FTS.B,
5.223%,
3/20/34
....
623
–
b
5921812.SQ.FTS.B,
5.536%,
3/20/34
....
1,536
–
b
5923853.SQ.FTS.B,
4.528%,
3/21/34
....
34,589
–
b
5928998.SQ.FTS.B,
4.747%,
3/22/34
....
4,209
–
b
5927683.SQ.FTS.B,
5.372%,
3/22/34
....
4,609
–
b
5936987.SQ.FTS.B,
4.74%,
3/26/34
.....
631
–
b
5940897.SQ.FTS.B,
3.93%,
3/27/34
.....
6,239
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
5945156.SQ.FTS.B,
4.744%,
3/28/34
....
$
1,573
$
–
b
5953421.SQ.FTS.B,
4.306%,
3/30/34
....
3,220
–
b
5953778.SQ.FTS.B,
5.196%,
3/30/34
....
470
–
b
5955157.SQ.FTS.B,
5.464%,
3/30/34
....
946
–
b
5960313.SQ.FTS.B,
3.937%,
4/03/34
....
552
–
b
5958081.SQ.FTS.B,
4.845%,
4/03/34
....
1,192
–
b
5960150.SQ.FTS.B,
5.031%,
4/03/34
....
2,473
–
b
5960372.SQ.FTS.B,
5.091%,
4/03/34
....
215
–
b
5961632.SQ.FTS.B,
4.31%,
4/04/34
.....
10,451
–
b
5960736.SQ.FTS.B,
5.441%,
4/04/34
....
9,716
–
b
5973170.SQ.FTS.B,
4.758%,
4/06/34
....
733
–
b
5977275.SQ.FTS.B,
3.932%,
4/07/34
....
12,616
–
b
5977823.SQ.FTS.B,
4.73%,
4/07/34
.....
855
–
b
5984496.SQ.FTS.B,
5.522%,
4/11/34
....
1,089
–
b
5986301.SQ.FTS.B,
4.434%,
4/12/34
....
1,805
–
b
5985197.SQ.FTS.B,
4.745%,
4/12/34
....
2,283
–
b
5991306.SQ.FTS.B,
5.031%,
4/13/34
....
1,478
–
b
5992494.SQ.FTS.B,
5.164%,
4/13/34
....
30
–
b
5993993.SQ.FTS.B,
5.179%,
4/14/34
....
738
–
b
6000281.SQ.FTS.B,
4.515%,
4/17/34
....
394
–
b
6000300.SQ.FTS.B,
5.379%,
4/17/34
....
2,058
–
b
6002949.SQ.FTS.B,
5.418%,
4/18/34
....
628
–
b
6010749.SQ.FTS.B,
4.524%,
4/20/34
....
1,573
–
b
6011014.SQ.FTS.B,
5.275%,
4/20/34
....
984
–
b
6012743.SQ.FTS.B,
4.59%,
4/21/34
.....
8,930
1
b
6013463.SQ.FTS.B,
5.19%,
4/21/34
.....
5,991
–
b
6016649.SQ.FTS.B,
4.773%,
4/23/34
....
380
–
b
6016723.SQ.FTS.B,
4.93%,
4/23/34
.....
2,068
–
b
6027166.SQ.FTS.B,
4.534%,
4/26/34
....
2,396
–
b
6024650.SQ.FTS.B,
4.757%,
4/26/34
....
1,830
–
b
6027397.SQ.FTS.B,
5.199%,
4/26/34
....
1,633
–
b
6024496.SQ.FTS.B,
5.538%,
4/26/34
....
5,106
–
b
6036390.SQ.FTS.B,
5.013%,
4/28/34
....
356
–
b
6035360.SQ.FTS.B,
5.439%,
4/28/34
....
1,397
–
b
6037075.SQ.FTS.B,
5.442%,
4/29/34
....
2,702
–
b
6045560.SQ.FTS.B,
5.157%,
5/01/34
....
1,003
–
b
6046999.SQ.FTS.B,
4.748%,
5/02/34
....
586
–
b
6047712.SQ.FTS.B,
4.907%,
5/02/34
....
8,819
1
b
6047637.SQ.FTS.B,
5.511%,
5/02/34
....
629
–
b
6054000.SQ.FTS.B,
4.909%,
5/03/34
....
3,298
–
b
6051734.SQ.FTS.B,
5.443%,
5/03/34
....
7,797
–
b
6050979.SQ.FTS.B,
5.536%,
5/03/34
....
2,052
–
b
6062202.SQ.FTS.B,
3.93%,
5/07/34
.....
3,703
–
b
6066747.SQ.FTS.B,
5.284%,
5/08/34
....
4,039
–
b
6108715.SQ.FTS.B,
4.775%,
5/09/34
....
138
–
b
6123389.SQ.FTS.B,
4.532%,
5/10/34
....
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)
a
Block,
Inc.
(continued)
b
6123772.SQ.FTS.B,
4.901%,
5/10/34
....
$
4,168
$
–
b
6126544.SQ.FTS.B,
4.725%,
5/12/34
....
156
–
b
6126498.SQ.FTS.B,
4.755%,
5/12/34
....
1,036
–
b
6136825.SQ.FTS.B,
4.524%,
5/16/34
....
2,392
–
b
6136354.SQ.FTS.B,
4.904%,
5/16/34
....
6,097
–
b
6135095.SQ.FTS.B,
5.267%,
5/16/34
....
749
–
b
6142889.SQ.FTS.B,
4.914%,
5/17/34
....
1,621
–
b
6143114.SQ.FTS.B,
5.036%,
5/17/34
....
1,441
–
b
6140505.SQ.FTS.B,
5.381%,
5/17/34
....
3,963
–
b
6140691.SQ.FTS.B,
5.533%,
5/17/34
....
3,669
–
b
6145923.SQ.FTS.B,
4.757%,
5/18/34
....
967
–
b
6149563.SQ.FTS.B,
4.746%,
5/21/34
....
2,619
–
b
6152853.SQ.FTS.B,
4.749%,
5/22/34
....
56,251
–
b
6160881.SQ.FTS.B,
4.748%,
5/24/34
....
4,729
–
b
6163213.SQ.FTS.B,
4.313%,
5/25/34
....
5,720
–
b
6163054.SQ.FTS.B,
4.53%,
5/25/34
.....
7,614
–
b
6165760.SQ.FTS.B,
5.535%,
5/27/34
....
2,769
–
b
6183434.SQ.FTS.B,
5.286%,
6/02/34
....
527
–
b
6192486.SQ.FTS.B,
4.747%,
6/06/34
....
3,185
–
b
6192461.SQ.FTS.B,
5.528%,
6/06/34
....
1,001
–
b
6205648.SQ.FTS.B,
4.751%,
6/08/34
....
1,955
–
b
6210528.SQ.FTS.B,
5.284%,
6/11/34
....
10,451
–
b
6214190.SQ.FTS.B,
5.414%,
6/12/34
....
610
–
b
6215457.SQ.FTS.B,
5.423%,
6/13/34
....
302
–
b
6215908.SQ.FTS.B,
5.544%,
6/13/34
....
488
–
b
6220236.SQ.FTS.B,
4.735%,
6/14/34
....
669
–
b
6226015.SQ.FTS.B,
5.031%,
6/15/34
....
3,446
–
b
6235468.SQ.FTS.B,
5.031%,
6/17/34
....
2,236
–
b
6243419.SQ.FTS.B,
5.031%,
6/20/34
....
7,274
–
b
6245712.SQ.FTS.B,
4.906%,
6/21/34
....
5,446
–
b
6244954.SQ.FTS.B,
5.379%,
6/21/34
....
8,954
–
b
6255252.SQ.FTS.B,
4.748%,
6/24/34
....
2,186
–
b
6258547.SQ.FTS.B,
5.469%,
6/27/34
....
6,260
–
b
6261595.SQ.FTS.B,
4.969%,
6/28/34
....
26,584
2
b
6270813.SQ.FTS.B,
5.46%,
6/30/34
.....
1,115
–
b
6270889.SQ.FTS.B,
5.762%,
6/30/34
....
1,258
–
b
6271434.SQ.FTS.B,
4.968%,
7/01/34
....
22
–
b
6274028.SQ.FTS.B,
5.252%,
7/03/34
....
7,166
–
b
6275869.SQ.FTS.B,
5.377%,
7/04/34
....
6,499
–
b
6278505.SQ.FTS.B,
5.771%,
7/04/34
....
232
–
b
6281173.SQ.FTS.B,
4.752%,
7/05/34
....
574
–
b
6285882.SQ.FTS.B,
5.255%,
7/07/34
....
3,875
–
b
6297788.SQ.FTS.B,
5.444%,
7/12/34
....
884
–
b
6304026.SQ.FTS.B,
4.528%,
7/14/34
....
4,503
–
b
6314871.SQ.FTS.B,
5.753%,
7/19/34
....
303
–
b
6319360.SQ.FTS.B,
4.966%,
7/21/34
....
5,121
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
6320273.SQ.FTS.B,
4.748%,
7/22/34
....
$
25,170
$
–
b
6321367.SQ.FTS.B,
5.738%,
7/23/34
....
661
–
b
6356496.SQ.FTS.B,
5.126%,
7/25/34
....
17,258
1
b
6365762.SQ.FTS.B,
4.751%,
7/28/34
....
10,292
1
b
6366494.SQ.FTS.B,
5.682%,
7/29/34
....
403
–
b
6369144.SQ.FTS.B,
5.251%,
7/30/34
....
10,787
–
b
6378771.SQ.FTS.B,
5.441%,
8/02/34
....
1,938
–
b
6389131.SQ.FTS.B,
5.377%,
8/06/34
....
18,484
–
b
6390695.SQ.FTS.B,
5.603%,
8/07/34
....
554
–
b
6406738.SQ.FTS.B,
5.469%,
8/13/34
....
2,921
–
b
6412810.SQ.FTS.B,
4.751%,
8/15/34
....
9,763
–
b
6419039.SQ.FTS.B,
5.377%,
8/16/34
....
13,386
–
b
6420892.SQ.FTS.B,
5.378%,
8/16/34
....
8,853
1
b
6424077.SQ.FTS.B,
5.604%,
8/17/34
....
3,020
–
b
6425168.SQ.FTS.B,
5.466%,
8/19/34
....
4,759
–
b
6429767.SQ.FTS.B,
5.597%,
8/21/34
....
7,138
–
b
6442143.SQ.FTS.B,
5.448%,
8/24/34
....
624
–
b
6444790.SQ.FTS.B,
5.472%,
8/25/34
....
2,054
–
b
6450208.SQ.FTS.B,
4.965%,
8/28/34
....
2,651
–
b
6452261.SQ.FTS.B,
4.968%,
8/28/34
....
17,124
2
b
6453792.SQ.FTS.B,
5.471%,
9/01/34
....
10,859
1
b
6458130.SQ.FTS.B,
4.97%,
9/02/34
.....
1,801
–
b
6457685.SQ.FTS.B,
5.25%,
9/02/34
.....
5,638
–
b
6458789.SQ.FTS.B,
5.25%,
9/02/34
.....
637
1
b
6464461.SQ.FTS.B,
5.749%,
9/04/34
....
634
–
b
6464900.SQ.FTS.B,
4.963%,
9/05/34
....
4,011
–
b
6464819.SQ.FTS.B,
5.473%,
9/05/34
....
4,031
–
b
6468011.SQ.FTS.B,
5.131%,
9/06/34
....
2,262
–
b
6469480.SQ.FTS.B,
4.748%,
9/07/34
....
20,372
–
b
6490386.SQ.FTS.B,
5.252%,
9/14/34
....
1,645
1
b
6502565.SQ.FTS.B,
5.73%,
9/16/34
.....
336
–
b
6501410.SQ.FTS.B,
6.166%,
9/16/34
....
2,005
–
b
6502765.SQ.FTS.B,
4.528%,
9/17/34
....
2,342
–
b
6504374.SQ.FTS.B,
4.749%,
9/17/34
....
6,570
–
b
6503327.SQ.FTS.B,
5.127%,
9/17/34
....
5,315
–
b
6506259.SQ.FTS.B,
4.845%,
9/18/34
....
5,850
1
b
6506724.SQ.FTS.B,
5.445%,
9/19/34
....
191
–
b
6509194.SQ.FTS.B,
5.252%,
9/20/34
....
9,768
–
b
6516876.SQ.FTS.B,
4.309%,
9/22/34
....
3,687
–
b
6524458.SQ.FTS.B,
4.757%,
9/24/34
....
1,541
–
b
6526166.SQ.FTS.B,
4.743%,
9/25/34
....
747
–
b
6526193.SQ.FTS.B,
5.364%,
9/25/34
....
1,054
–
b
6527382.SQ.FTS.B,
4.528%,
9/27/34
....
8,363
–
b
6532408.SQ.FTS.B,
4.964%,
9/28/34
....
3,788
–
b
6537870.SQ.FTS.B,
5.593%,
9/29/34
....
219
–
b
6538002.SQ.FTS.B,
5.741%,
9/29/34
....
1,103
–
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)
a
Block,
Inc.
(continued)
b
6543316.SQ.FTS.B,
5.432%,
9/30/34
....
$
3,927
$
–
b
6541945.SQ.FTS.B,
5.755%,
9/30/34
....
6,200
–
b
6548015.SQ.FTS.B,
6.077%,
10/02/34
...
2,395
–
b
6548822.SQ.FTS.B,
5.428%,
10/03/34
...
1,334
–
b
6552657.SQ.FTS.B,
4.845%,
10/04/34
...
2,239
–
b
6554014.SQ.FTS.B,
5.128%,
10/04/34
...
910
–
b
6562473.SQ.FTS.B,
5.598%,
10/06/34
...
15,241
2
b
6567346.SQ.FTS.B,
4.528%,
10/09/34
...
936
–
b
6569506.SQ.FTS.B,
5.18%,
10/10/34
....
1,090
–
b
6570382.SQ.FTS.B,
5.438%,
10/10/34
...
8,264
–
b
6567760.SQ.FTS.B,
5.747%,
10/10/34
...
653
–
b
6577330.SQ.FTS.B,
5.375%,
10/12/34
...
1,583
–
b
6584579.SQ.FTS.B,
4.767%,
10/14/34
...
136
–
b
6590809.SQ.FTS.B,
5.377%,
10/17/34
...
2,847
1
b
6590448.SQ.FTS.B,
5.38%,
10/17/34
....
1,824
–
b
6591260.SQ.FTS.B,
5.434%,
10/17/34
...
2,973
–
b
6589068.SQ.FTS.B,
5.44%,
10/17/34
....
6,446
–
b
6593772.SQ.FTS.B,
6.417%,
10/18/34
...
7,748
–
b
6596418.SQ.FTS.B,
5.765%,
10/19/34
...
802
–
b
6601765.SQ.FTS.B,
5.18%,
10/21/34
....
2,098
–
b
6610631.SQ.FTS.B,
5.129%,
10/25/34
...
5,370
–
b
6609951.SQ.FTS.B,
5.571%,
10/25/34
...
516
–
b
6622368.SQ.FTS.B,
5.751%,
10/28/34
...
2,757
–
b
6624836.SQ.FTS.B,
6.132%,
10/29/34
...
266
–
b
6627196.SQ.FTS.B,
4.783%,
11/01/34
...
191
–
b
6627396.SQ.FTS.B,
5.569%,
11/01/34
...
8,593
–
b
6635230.SQ.FTS.B,
5.754%,
11/03/34
...
61,854
–
b
6641603.SQ.FTS.B,
4.746%,
11/05/34
...
1,337
–
b
6645579.SQ.FTS.B,
4.934%,
11/07/34
...
1,849
–
b
6648200.SQ.FTS.B,
5.756%,
11/08/34
...
3,585
–
b
6646196.SQ.FTS.B,
6.276%,
11/08/34
...
345
–
b
6655118.SQ.FTS.B,
4.939%,
11/10/34
...
1,933
–
b
6666031.SQ.FTS.B,
5.447%,
11/14/34
...
1,690
–
b
6667033.SQ.FTS.B,
5.378%,
11/15/34
...
3,156
–
b
6669109.SQ.FTS.B,
5.43%,
11/15/34
....
394
–
b
6669028.SQ.FTS.B,
5.438%,
11/15/34
...
981
–
b
6668228.SQ.FTS.B,
6.16%,
11/15/34
....
1,149
–
b
6667810.SQ.FTS.B,
6.249%,
11/15/34
...
2,693
–
b
6674370.SQ.FTS.B,
5.753%,
11/17/34
...
12,265
–
b
6679967.SQ.FTS.B,
5.189%,
11/18/34
...
56,591
1
b
6678246.SQ.FTS.B,
6.409%,
11/18/34
...
188
–
b
6685190.SQ.FTS.B,
6.257%,
11/20/34
...
8,219
–
b
6685864.SQ.FTS.B,
6.191%,
11/21/34
...
219
–
b
6689080.SQ.FTS.B,
5.758%,
11/22/34
...
3,318
–
b
6692358.SQ.FTS.B,
5.558%,
11/23/34
...
1,578
–
b
6692474.SQ.FTS.B,
6.255%,
11/23/34
...
7,433
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
6696092.SQ.FTS.B,
5.754%,
11/24/34
...
$
1,280
$
–
b
6707813.SQ.FTS.B,
5.762%,
11/27/34
...
271
–
b
6709168.SQ.FTS.B,
5.189%,
11/29/34
...
33,347
1
b
6719237.SQ.FTS.B,
4.749%,
12/01/34
...
2,776
–
b
6726121.SQ.FTS.B,
4.754%,
12/03/34
...
582
–
b
6725887.SQ.FTS.B,
5.378%,
12/03/34
...
167
–
b
6733364.SQ.FTS.B,
5.756%,
12/06/34
...
4,753
–
b
6735811.SQ.FTS.B,
5.374%,
12/07/34
...
1,795
–
b
6746302.SQ.FTS.B,
5.377%,
12/09/34
...
1,600
–
b
6744525.SQ.FTS.B,
5.755%,
12/09/34
...
48,006
–
b
6746943.SQ.FTS.B,
5.46%,
12/10/34
....
669
–
b
6747235.SQ.FTS.B,
5.562%,
12/10/34
...
3,203
–
b
6749349.SQ.FTS.B,
4.727%,
12/12/34
...
835
–
b
6753977.SQ.FTS.B,
5.442%,
12/13/34
...
4,775
–
b
6756917.SQ.FTS.B,
5.191%,
12/14/34
...
5,761
1
b
6756576.SQ.FTS.B,
5.755%,
12/14/34
...
1,008
–
b
6763456.SQ.FTS.B,
5.752%,
12/15/34
...
5,352
1
b
6771935.SQ.FTS.B,
5.38%,
12/20/34
....
6,622
1
b
6776773.SQ.FTS.B,
6.007%,
12/21/34
...
57,840
2
b
6784616.SQ.FTS.B,
6.257%,
12/23/34
...
13,566
–
b
6786396.SQ.FTS.B,
6.005%,
12/24/34
...
6,516
1
b
6790513.SQ.FTS.B,
5.18%,
12/26/34
....
2,508
–
b
6788880.SQ.FTS.B,
6.257%,
12/26/34
...
372
–
b
6791327.SQ.FTS.B,
6.427%,
12/27/34
...
647
–
b
6800352.SQ.FTS.B,
4.94%,
12/29/34
....
1,588
–
b
6800307.SQ.FTS.B,
5.386%,
12/29/34
...
1,066
–
b
6807789.SQ.FTS.B,
4.74%,
12/30/34
....
2,456
–
b
6809289.SQ.FTS.B,
5.19%,
1/02/35
.....
12,073
–
b
6811597.SQ.FTS.B,
5.441%,
1/03/35
....
986
–
b
6812155.SQ.FTS.B,
5.451%,
1/03/35
....
2,586
–
b
6811299.SQ.FTS.B,
5.562%,
1/03/35
....
20
–
b
6811743.SQ.FTS.B,
6.251%,
1/03/35
....
772
–
b
6814032.SQ.FTS.B,
5.577%,
1/05/35
....
673
–
b
6823837.SQ.FTS.B,
5.441%,
1/07/35
....
8,236
1
b
6822498.SQ.FTS.B,
6.267%,
1/07/35
....
1,020
–
b
6830462.SQ.FTS.B,
4.724%,
1/10/35
....
832
–
b
6829019.SQ.FTS.B,
6.257%,
1/10/35
....
2,958
–
b
6832199.SQ.FTS.B,
5.377%,
1/11/35
....
2,706
–
b
6833495.SQ.FTS.B,
6.015%,
1/11/35
....
379
–
b
6836420.SQ.FTS.B,
5.377%,
1/12/35
....
3,658
–
b
6836010.SQ.FTS.B,
5.566%,
1/12/35
....
3,628
–
b
6841524.SQ.FTS.B,
4.773%,
1/13/35
....
146
–
b
6840245.SQ.FTS.B,
6.004%,
1/13/35
....
1,666
1
b
6845464.SQ.FTS.B,
5.567%,
1/15/35
....
876
–
b
6861516.SQ.FTS.B,
4.751%,
1/20/35
....
2,500
–
b
6860790.SQ.FTS.B,
6.009%,
1/20/35
....
4,246
–
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)
a
Block,
Inc.
(continued)
b
6858335.SQ.FTS.B,
6.42%,
1/20/35
.....
$
705
$
–
b
6864423.SQ.FTS.B,
5.566%,
1/21/35
....
8,861
–
b
6863964.SQ.FTS.B,
6%,
1/21/35
.......
1,197
–
b
6864699.SQ.FTS.B,
5.439%,
1/22/35
....
84
–
b
6865584.SQ.FTS.B,
5.378%,
1/23/35
....
15,464
–
b
6867693.SQ.FTS.B,
4.654%,
1/24/35
....
7,462
–
b
6869515.SQ.FTS.B,
4.935%,
1/25/35
....
7,609
–
b
6878251.SQ.FTS.B,
5.566%,
1/27/35
....
15,208
–
b
6878142.SQ.FTS.B,
5.576%,
1/27/35
....
1,481
–
b
6884628.SQ.FTS.B,
6.263%,
1/29/35
....
292
–
b
6884701.SQ.FTS.B,
6.422%,
1/29/35
....
810
–
b
6888845.SQ.FTS.B,
5.438%,
1/31/35
....
2,177
–
b
6891737.SQ.FTS.B,
5.75%,
2/01/35
.....
1,984
–
b
6903970.SQ.FTS.B,
4.75%,
2/04/35
.....
2,610
–
b
6904150.SQ.FTS.B,
5.377%,
2/04/35
....
19,846
–
b
6904370.SQ.FTS.B,
6.161%,
2/05/35
....
3,220
–
b
6910971.SQ.FTS.B,
5.376%,
2/08/35
....
21,142
–
b
6909059.SQ.FTS.B,
6.263%,
2/08/35
....
3,599
–
b
6923831.SQ.FTS.B,
6.181%,
2/15/35
....
1,021
–
b
6933459.SQ.FTS.B,
4.755%,
2/17/35
....
2,173
–
b
6933558.SQ.FTS.B,
5.447%,
2/17/35
....
3,195
–
b
6937431.SQ.FTS.B,
4.94%,
2/18/35
.....
2,039
–
b
6937013.SQ.FTS.B,
5.189%,
2/18/35
....
1,378
–
b
6937698.SQ.FTS.B,
5.193%,
2/18/35
....
1,399
–
b
6944346.SQ.FTS.B,
4.78%,
2/21/35
.....
66
–
b
6944112.SQ.FTS.B,
5.439%,
2/21/35
....
7,643
–
b
6945544.SQ.FTS.B,
5.567%,
2/21/35
....
747
–
b
6943747.SQ.FTS.B,
5.756%,
2/21/35
....
15,422
–
b
6949409.SQ.FTS.B,
4.78%,
2/22/35
.....
295
–
b
6952926.SQ.FTS.B,
5.384%,
2/23/35
....
944
–
b
6951159.SQ.FTS.B,
6.006%,
2/23/35
....
5,681
–
b
6961097.SQ.FTS.B,
6.264%,
2/25/35
....
4,906
–
b
6962747.SQ.FTS.B,
5.442%,
2/26/35
....
543
–
b
6962536.SQ.FTS.B,
5.566%,
2/26/35
....
252
–
b
6962505.SQ.FTS.B,
5.569%,
2/26/35
....
41
–
b
6963222.SQ.FTS.B,
6.165%,
2/27/35
....
1,355
–
b
6967101.SQ.FTS.B,
4.94%,
2/28/35
.....
1,425
–
b
6967045.SQ.FTS.B,
5.183%,
2/28/35
....
3,977
–
b
6968588.SQ.FTS.B,
5.192%,
2/28/35
....
2,014
–
b
6967472.SQ.FTS.B,
5.377%,
2/28/35
....
16,292
–
b
6978300.SQ.FTS.B,
5.567%,
2/28/35
....
21,968
–
b
6983553.SQ.FTS.B,
4.938%,
3/01/35
....
2,540
1
b
6986554.SQ.FTS.B,
4.651%,
3/04/35
....
1,162
–
b
6986599.SQ.FTS.B,
5.574%,
3/04/35
....
1,319
–
b
6987258.SQ.FTS.B,
5.777%,
3/04/35
....
1,351
–
b
6986458.SQ.FTS.B,
6.171%,
3/04/35
....
78
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
6993229.SQ.FTS.B,
5.762%,
3/06/35
....
$
1,553
$
–
b
6990423.SQ.FTS.B,
6.422%,
3/06/35
....
2,051
–
b
6995636.SQ.FTS.B,
6.168%,
3/07/35
....
300
–
b
6997762.SQ.FTS.B,
6.179%,
3/07/35
....
191
–
b
7003292.SQ.FTS.B,
4.75%,
3/10/35
.....
12,154
–
b
7003650.SQ.FTS.B,
5.193%,
3/10/35
....
2,995
–
b
7009641.SQ.FTS.B,
6.005%,
3/12/35
....
12,183
–
b
7016321.SQ.FTS.B,
5.189%,
3/14/35
....
38,547
–
b
7020990.SQ.FTS.B,
5.19%,
3/15/35
.....
9,252
–
b
7025720.SQ.FTS.B,
5.378%,
3/17/35
....
3,810
–
b
7032794.SQ.FTS.B,
5.566%,
3/19/35
....
3,493
–
b
7043570.SQ.FTS.B,
6.415%,
3/21/35
....
27,825
–
b
7044059.SQ.FTS.B,
6.422%,
3/22/35
....
1,281
–
b
7061463.SQ.FTS.B,
5.19%,
3/28/35
.....
14,436
–
b
7061389.SQ.FTS.B,
5.559%,
3/28/35
....
1,542
–
b
7067466.SQ.FTS.B,
6.248%,
3/29/35
....
1,121
–
b
7068948.SQ.FTS.B,
6.013%,
3/30/35
....
3,321
–
b
7077567.SQ.FTS.B,
5.375%,
4/03/35
....
7,677
1
b
7077718.SQ.FTS.B,
5.425%,
4/03/35
....
499
–
b
7080219.SQ.FTS.B,
5.751%,
4/04/35
....
156
–
b
7088740.SQ.FTS.B,
5.376%,
4/05/35
....
9,584
–
b
7087923.SQ.FTS.B,
6.006%,
4/05/35
....
9,288
1
b
7086293.SQ.FTS.B,
6.01%,
4/05/35
.....
3,112
–
b
7091848.SQ.FTS.B,
5.749%,
4/06/35
....
3,720
–
b
7094035.SQ.FTS.B,
4.943%,
4/09/35
....
2,873
–
b
7097395.SQ.FTS.B,
5.189%,
4/10/35
....
23,684
–
b
7097160.SQ.FTS.B,
5.752%,
4/10/35
....
773
–
b
7105122.SQ.FTS.B,
4.937%,
4/12/35
....
3,498
1
b
7106887.SQ.FTS.B,
5.19%,
4/12/35
.....
14,205
1
b
7113491.SQ.FTS.B,
5.751%,
4/15/35
....
1,744
–
b
7113005.SQ.FTS.B,
6.255%,
4/15/35
....
6,711
–
b
7116821.SQ.FTS.B,
5.189%,
4/16/35
....
28,095
–
b
7115476.SQ.FTS.B,
6.257%,
4/16/35
....
6,351
–
b
7121176.SQ.FTS.B,
5.565%,
4/17/35
....
3,277
–
b
7120797.SQ.FTS.B,
6.164%,
4/17/35
....
20,220
–
b
7123188.SQ.FTS.B,
4.756%,
4/18/35
....
423
–
b
7121532.SQ.FTS.B,
5.567%,
4/18/35
....
1,181
–
b
7134683.SQ.FTS.B,
5.995%,
4/19/35
....
1,675
–
b
7154428.SQ.FTS.B,
4.756%,
4/25/35
....
2,177
–
b
7151519.SQ.FTS.B,
5.759%,
4/25/35
....
7,613
–
b
7156753.SQ.FTS.B,
4.654%,
4/26/35
....
4,816
–
b
7164816.SQ.FTS.B,
5.382%,
4/28/35
....
1,637
–
b
7173156.SQ.FTS.B,
5.759%,
4/30/35
....
1,928
–
b
7176877.SQ.FTS.B,
5.578%,
5/01/35
....
1,630
–
b
7179248.SQ.FTS.B,
4.941%,
5/02/35
....
3,816
–
b
7183135.SQ.FTS.B,
5.388%,
5/02/35
....
1,534
–
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)
a
Block,
Inc.
(continued)
b
7179389.SQ.FTS.B,
5.566%,
5/02/35
....
$
3,065
$
–
b
7187135.SQ.FTS.B,
4.656%,
5/03/35
....
272
–
b
7187093.SQ.FTS.B,
6.002%,
5/03/35
....
1,566
–
b
7188188.SQ.FTS.B,
4.745%,
5/04/35
....
603
–
b
7193396.SQ.FTS.B,
6.419%,
5/06/35
....
1,121
–
b
7196348.SQ.FTS.B,
5.377%,
5/07/35
....
11,631
–
b
7194348.SQ.FTS.B,
6.251%,
5/07/35
....
3,248
–
b
7197655.SQ.FTS.B,
4.933%,
5/08/35
....
3,446
–
b
7200476.SQ.FTS.B,
6.01%,
5/08/35
.....
2,032
–
b
7209211.SQ.FTS.B,
5.19%,
5/10/35
.....
14,325
–
b
7209663.SQ.FTS.B,
5.759%,
5/10/35
....
2,737
–
b
7210903.SQ.FTS.B,
4.653%,
5/11/35
....
5,395
–
b
7211511.SQ.FTS.B,
5.377%,
5/11/35
.....
9,115
–
b
7216608.SQ.FTS.B,
4.73%,
5/13/35
.....
177
–
b
7217049.SQ.FTS.B,
4.937%,
5/14/35
....
6,532
–
b
7217319.SQ.FTS.B,
4.939%,
5/14/35
....
18,370
–
b
7224046.SQ.FTS.B,
5.566%,
5/15/35
....
10,340
–
b
7224266.SQ.FTS.B,
5.759%,
5/15/35
....
4,521
–
b
7230286.SQ.FTS.B,
5.565%,
5/16/35
....
4,840
–
b
7229934.SQ.FTS.B,
6.259%,
5/16/35
....
367
1
b
7237384.SQ.FTS.B,
5.756%,
5/20/35
....
5,724
–
b
7252493.SQ.FTS.B,
5.195%,
5/24/35
....
5,028
–
b
7254093.SQ.FTS.B,
5.75%,
5/24/35
.....
2,380
–
b
7255214.SQ.FTS.B,
6.013%,
5/25/35
....
2,026
–
b
7254528.SQ.FTS.B,
6.413%,
5/25/35
....
2,827
–
b
7256218.SQ.FTS.B,
5.759%,
5/26/35
....
6,270
–
b
7256895.SQ.FTS.B,
6.26%,
5/26/35
.....
154
–
b
7261087.SQ.FTS.B,
5.195%,
5/28/35
....
1,742
–
b
7270346.SQ.FTS.B,
4.649%,
5/30/35
....
1,110
–
b
7279543.SQ.FTS.B,
6.166%,
6/03/35
....
1,656
–
b
7280624.SQ.FTS.B,
5.173%,
6/04/35
....
1,131
–
b
7283057.SQ.FTS.B,
5.755%,
6/04/35
....
20,683
–
b
7291331.SQ.FTS.B,
4.735%,
6/06/35
....
1,300
–
b
7290035.SQ.FTS.B,
4.931%,
6/06/35
....
3,403
–
b
7288120.SQ.FTS.B,
6.002%,
6/06/35
....
3,770
–
b
7291240.SQ.FTS.B,
6.26%,
6/06/35
.....
5,009
–
b
7296106.SQ.FTS.B,
4.738%,
6/07/35
....
659
–
b
7296773.SQ.FTS.B,
5.743%,
6/07/35
....
192
–
b
7298390.SQ.FTS.B,
5.188%,
6/08/35
....
832
–
b
7303458.SQ.FTS.B,
4.652%,
6/10/35
....
1,662
–
b
7312996.SQ.FTS.B,
5.565%,
6/12/35
....
1,865
–
b
7315379.SQ.FTS.B,
4.936%,
6/13/35
....
14,812
–
b
7320392.SQ.FTS.B,
5.376%,
6/14/35
....
5,609
–
b
7326147.SQ.FTS.B,
4.748%,
6/15/35
....
365
–
b
7328785.SQ.FTS.B,
5.566%,
6/16/35
....
6,965
1
b
7339440.SQ.FTS.B,
5.437%,
6/20/35
....
1,895
–
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
7338337.SQ.FTS.B,
5.752%,
6/20/35
....
$
1,001
$
–
b
7340785.SQ.FTS.B,
6.237%,
6/20/35
....
283
–
b
7347758.SQ.FTS.B,
4.936%,
6/21/35
....
637
–
b
7347161.SQ.FTS.B,
5.179%,
6/21/35
....
1,612
–
b
7349176.SQ.FTS.B,
6.01%,
6/22/35
.....
3,844
–
b
7351853.SQ.FTS.B,
5.379%,
6/23/35
....
5,993
–
b
7360805.SQ.FTS.B,
6.165%,
6/27/35
....
2,006
–
b
7365827.SQ.FTS.B,
6.258%,
6/28/35
....
6,811
1
b
7371001.SQ.FTS.B,
5.562%,
6/30/35
....
1,240
–
b
7371839.SQ.FTS.B,
6.243%,
7/01/35
....
861
–
b
7372521.SQ.FTS.B,
6.411%,
7/01/35
....
1,299
–
b
7374891.SQ.FTS.B,
5.43%,
7/02/35
.....
2,125
–
b
7375109.SQ.FTS.B,
5.566%,
7/02/35
....
50,681
1
b
7377915.SQ.FTS.B,
5.191%,
7/03/35
....
2,442
–
b
7380832.SQ.FTS.B,
6.418%,
7/04/35
....
3,802
–
b
7387351.SQ.FTS.B,
6.267%,
7/06/35
....
1,437
–
b
7394034.SQ.FTS.B,
5.567%,
7/09/35
....
15,218
1
b
7391709.SQ.FTS.B,
5.752%,
7/09/35
....
3,929
–
b
7401159.SQ.FTS.B,
5.189%,
7/11/35
....
4,474
–
b
7400721.SQ.FTS.B,
6.003%,
7/11/35
....
3,142
–
b
7407628.SQ.FTS.B,
5.578%,
7/14/35
....
707
–
b
7416118.SQ.FTS.B,
4.751%,
7/18/35
....
861
–
b
7427050.SQ.FTS.B,
6.006%,
7/22/35
....
20,152
1
b
7438902.SQ.FTS.B,
5.753%,
7/26/35
....
5,508
–
b
7443538.SQ.FTS.B,
4.936%,
7/28/35
....
987
–
b
7443523.SQ.FTS.B,
6.16%,
7/28/35
.....
82
–
b
7450843.SQ.FTS.B,
4.747%,
7/30/35
....
141
–
b
7447727.SQ.FTS.B,
6.007%,
7/30/35
....
8,018
–
b
7453402.SQ.FTS.B,
5.564%,
7/31/35
....
3,989
–
b
7458281.SQ.FTS.B,
5.442%,
8/01/35
....
3,185
–
b
7459192.SQ.FTS.B,
5.448%,
8/01/35
....
2,982
–
b
7461871.SQ.FTS.B,
4.937%,
8/02/35
....
11,449
1
b
7461204.SQ.FTS.B,
6.184%,
8/02/35
....
583
–
b
7467058.SQ.FTS.B,
5.19%,
8/05/35
.....
2,489
–
b
7467174.SQ.FTS.B,
5.447%,
8/05/35
....
1,084
–
b
7478115.SQ.FTS.B,
4.759%,
8/08/35
....
2,361
–
b
7478314.SQ.FTS.B,
5.19%,
8/08/35
.....
33,364
–
b
7480273.SQ.FTS.B,
4.654%,
8/09/35
....
1,040
1
b
7487915.SQ.FTS.B,
4.654%,
8/12/35
....
23,216
95
b
7485386.SQ.FTS.B,
5.376%,
8/12/35
....
6,846
–
b
7490860.SQ.FTS.B,
4.751%,
8/13/35
....
10,209
–
b
7495215.SQ.FTS.B,
5.19%,
8/14/35
.....
5,174
1
b
7492564.SQ.FTS.B,
5.756%,
8/14/35
....
6,969
–
b
7503077.SQ.FTS.B,
5.566%,
8/15/35
....
5,648
–
b
7506371.SQ.FTS.B,
5.761%,
8/16/35
....
2,356
–
b
7507182.SQ.FTS.B,
6.163%,
8/16/35
....
724
–
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)
a
Block,
Inc.
(continued)
b
7515032.SQ.FTS.B,
5.38%,
8/20/35
.....
$
1,203
$
–
b
7518279.SQ.FTS.B,
6.409%,
8/21/35
....
700
82
b
7516707.SQ.FTS.B,
6.423%,
8/21/35
....
2,908
–
b
7527745.SQ.FTS.B,
5.433%,
8/23/35
....
201
–
b
7528450.SQ.FTS.B,
6.181%,
8/23/35
....
316
–
b
7529757.SQ.FTS.B,
4.654%,
8/24/35
....
16,511
8
b
7529703.SQ.FTS.B,
5.373%,
8/24/35
....
3,770
–
b
7530224.SQ.FTS.B,
6.415%,
8/24/35
....
1,328
1
b
7534222.SQ.FTS.B,
4.746%,
8/26/35
....
3,893
–
b
7536249.SQ.FTS.B,
6.408%,
8/27/35
....
4,101
–
b
7540141.SQ.FTS.B,
4.749%,
8/28/35
....
6,653
–
b
7542122.SQ.FTS.B,
5.577%,
8/28/35
....
2,313
–
b
7549195.SQ.FTS.B,
5.447%,
8/29/35
....
187
–
b
7548215.SQ.FTS.B,
5.755%,
8/29/35
....
17,087
2
b
7555997.SQ.FTS.B,
5.752%,
9/03/35
....
1,097
222
b
7563453.SQ.FTS.B,
5.189%,
9/05/35
....
42,374
–
b
7562885.SQ.FTS.B,
6.004%,
9/05/35
....
8,387
–
b
7571798.SQ.FTS.B,
4.937%,
9/07/35
....
13,156
2
b
7571356.SQ.FTS.B,
5.188%,
9/07/35
....
4,981
713
b
7585994.SQ.FTS.B,
4.654%,
9/12/35
....
1,535
1,027
b
7584863.SQ.FTS.B,
4.749%,
9/12/35
....
14,320
2
b
7587250.SQ.FTS.B,
5.757%,
9/12/35
....
750
2
b
7587356.SQ.FTS.B,
6.164%,
9/12/35
....
2,162
1
b
7588555.SQ.FTS.B,
4.767%,
9/13/35
....
804
–
b
7589355.SQ.FTS.B,
5.772%,
9/13/35
....
1,086
1
b
7590816.SQ.FTS.B,
6.17%,
9/13/35
.....
93
2
b
7589431.SQ.FTS.B,
6.417%,
9/13/35
....
4,982
3
b
7598984.SQ.FTS.B,
5.189%,
9/15/35
....
8,984
–
b
7603549.SQ.FTS.B,
6.258%,
9/18/35
....
1,546
1
b
7604419.SQ.FTS.B,
6.289%,
9/18/35
....
212
–
b
7606959.SQ.FTS.B,
5.429%,
9/19/35
....
438
–
b
7612216.SQ.FTS.B,
5.378%,
9/20/35
....
2,313
1
b
7611418.SQ.FTS.B,
5.461%,
9/20/35
....
1,235
–
b
7611675.SQ.FTS.B,
6.259%,
9/20/35
....
1,865
5
b
7619618.SQ.FTS.B,
5.566%,
9/22/35
....
2,739
60
b
7621281.SQ.FTS.B,
4.942%,
9/23/35
....
2,435
–
b
7622285.SQ.FTS.B,
6.252%,
9/24/35
....
2,465
2
b
7625481.SQ.FTS.B,
6.416%,
9/25/35
....
36,849
3
b
7638920.SQ.FTS.B,
4.74%,
9/28/35
.....
2,024
–
b
7636007.SQ.FTS.B,
4.754%,
9/28/35
....
1,437
–
b
7637460.SQ.FTS.B,
5.566%,
9/28/35
....
3,871
3
b
7642888.SQ.FTS.B,
5.187%,
9/29/35
....
10,378
7
b
7645813.SQ.FTS.B,
6.184%,
10/01/35
...
946
–
b
7656711.SQ.FTS.B,
6.004%,
10/03/35
...
2,619
2
b
7657540.SQ.FTS.B,
6.261%,
10/03/35
...
2,992
6
b
7662217.SQ.FTS.B,
5.563%,
10/04/35
...
4,430
2
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
7659875.SQ.FTS.B,
6.17%,
10/04/35
....
$
230
$
2
b
7667343.SQ.FTS.B,
6.001%,
10/05/35
...
1,280
1
b
7668773.SQ.FTS.B,
6.146%,
10/06/35
...
1,217
–
b
7667933.SQ.FTS.B,
6.164%,
10/06/35
...
34,644
–
b
7671011.SQ.FTS.B,
5.157%,
10/08/35
...
418
–
b
7671923.SQ.FTS.B,
5.567%,
10/08/35
...
2,855
17
b
7690511.SQ.FTS.B,
6.267%,
10/14/35
...
936
–
b
7693460.SQ.FTS.B,
6.294%,
10/15/35
...
327
2
b
7699696.SQ.FTS.B,
5.566%,
10/17/35
...
18,110
4
b
7703885.SQ.FTS.B,
4.754%,
10/18/35
...
2,890
4
b
7722120.SQ.FTS.B,
5.098%,
10/25/35
...
5,862
–
b
7722826.SQ.FTS.B,
5.527%,
10/25/35
...
1,164
5
b
7726762.SQ.FTS.B,
6.481%,
10/26/35
...
3,409
–
b
7730733.SQ.FTS.B,
5.568%,
10/27/35
...
396
1
b
7733410.SQ.FTS.B,
6.166%,
10/28/35
...
4,409
2
b
7740952.SQ.FTS.B,
4.754%,
10/30/35
...
2,949
2
b
7751484.SQ.FTS.B,
5.096%,
11/02/35
...
4,718
7
b
7760287.SQ.FTS.B,
6.169%,
11/06/35
...
6,714
–
b
7766291.SQ.FTS.B,
5.398%,
11/07/35
...
74
2
b
7771517.SQ.FTS.B,
4.78%,
11/08/35
....
1,611
321
b
7770019.SQ.FTS.B,
5.533%,
11/08/35
...
658
395
b
7777312.SQ.FTS.B,
4.717%,
11/09/35
...
494
4
b
7783246.SQ.FTS.B,
6.159%,
11/12/35
...
1,495
2
b
7785778.SQ.FTS.B,
5.099%,
11/13/35
...
1,433
1
b
7804032.SQ.FTS.B,
6.162%,
11/18/35
...
11,301
6
b
7805135.SQ.FTS.B,
4.756%,
11/19/35
...
147
3
b
7805154.SQ.FTS.B,
5.922%,
11/19/35
...
455
21
b
7809092.SQ.FTS.B,
5.346%,
11/20/35
...
749
670
b
7821101.SQ.FTS.B,
4.742%,
11/23/35
...
4,175
–
b
7824941.SQ.FTS.B,
5.094%,
11/23/35
...
8,799
47
b
7822908.SQ.FTS.B,
5.723%,
11/23/35
...
20,456
1
b
7828520.SQ.FTS.B,
5.727%,
11/24/35
...
2,729
1
b
7844276.SQ.FTS.B,
4.784%,
11/30/35
...
335
9
b
7845202.SQ.FTS.B,
6.287%,
11/30/35
...
2,732
3
b
7851095.SQ.FTS.B,
5.723%,
12/01/35
...
16,980
95
b
7855369.SQ.FTS.B,
4.751%,
12/03/35
...
3,143
4
b
7869424.SQ.FTS.B,
6.289%,
12/06/35
...
11,411
10
b
7881465.SQ.FTS.B,
5.54%,
12/11/35
....
3,068
2
b
7881388.SQ.FTS.B,
5.917%,
12/11/35
...
408
12
b
7886066.SQ.FTS.B,
5.346%,
12/12/35
...
7,204
5,054
b
7885234.SQ.FTS.B,
5.917%,
12/12/35
...
1,279
13
b
7894898.SQ.FTS.B,
4.75%,
12/14/35
....
1,313
2
b
7895575.SQ.FTS.B,
5.094%,
12/14/35
...
1,020
889
b
7900540.SQ.FTS.B,
4.785%,
12/16/35
...
91
35
b
7902529.SQ.FTS.B,
5.094%,
12/17/35
...
938
89
b
7902827.SQ.FTS.B,
6.168%,
12/17/35
...
1,631
6
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)
a
Block,
Inc.
(continued)
b
7905583.SQ.FTS.B,
4.777%,
12/18/35
...
$
1,925
$
12
b
7910151.SQ.FTS.B,
6.162%,
12/19/35
...
1,714
1,070
b
7919109.SQ.FTS.B,
5.344%,
12/22/35
...
463
411
b
7919647.SQ.FTS.B,
6.184%,
12/22/35
...
76
3
b
7924288.SQ.FTS.B,
4.75%,
12/24/35
....
2,132
684
b
7924505.SQ.FTS.B,
5.436%,
12/24/35
...
2,823
7
b
7924762.SQ.FTS.B,
5.911%,
12/25/35
...
24,104
17
b
7938776.SQ.FTS.B,
5.914%,
12/28/35
...
8,317
15
b
7951375.SQ.FTS.B,
6.168%,
1/02/36
....
3,922
46
b
7951302.SQ.FTS.B,
6.478%,
1/02/36
....
333
12
b
7957554.SQ.FTS.B,
4.757%,
1/03/36
....
852
7
b
7957892.SQ.FTS.B,
5.719%,
1/03/36
....
1,657
269
b
7956696.SQ.FTS.B,
5.909%,
1/03/36
....
6,001
10
b
7957091.SQ.FTS.B,
5.909%,
1/03/36
....
70
57
b
7956978.SQ.FTS.B,
6.162%,
1/03/36
....
3,117
5
b
7957811.SQ.FTS.B,
6.453%,
1/03/36
....
213
10
b
7959379.SQ.FTS.B,
4.755%,
1/04/36
....
1,313
14
b
7960956.SQ.FTS.B,
4.745%,
1/05/36
....
6,363
19
b
7963717.SQ.FTS.B,
4.757%,
1/06/36
....
927
21
b
7963850.SQ.FTS.B,
6.298%,
1/06/36
....
504
8
b
7967953.SQ.FTS.B,
5.095%,
1/08/36
....
15,279
12
b
7966595.SQ.FTS.B,
6.173%,
1/08/36
....
1,521
355
b
7969990.SQ.FTS.B,
5.906%,
1/09/36
....
1,416
25
b
7974096.SQ.FTS.B,
4.748%,
1/10/36
....
7,166
6
b
7984914.SQ.FTS.B,
5.096%,
1/13/36
....
2,692
40
b
7987012.SQ.FTS.B,
6.48%,
1/15/36
.....
10,229
12
b
7990648.SQ.FTS.B,
4.774%,
1/16/36
....
1,142
935
b
8000806.SQ.FTS.B,
4.78%,
1/17/36
.....
27,376
13
b
8000256.SQ.FTS.B,
5.912%,
1/17/36
....
5,956
24
b
8003591.SQ.FTS.B,
6.163%,
1/18/36
....
11,896
90
b
8007319.SQ.FTS.B,
6.477%,
1/19/36
....
12,785
–
b
8014047.SQ.FTS.B,
4.751%,
1/22/36
....
6,204
5
b
8015515.SQ.FTS.B,
4.746%,
1/23/36
....
2,333
1
b
8016641.SQ.FTS.B,
4.747%,
1/23/36
....
5,023
10
b
8015845.SQ.FTS.B,
4.78%,
1/23/36
.....
4,683
130
b
8025825.SQ.FTS.B,
4.78%,
1/25/36
.....
3,320
63
b
8023989.SQ.FTS.B,
5.098%,
1/25/36
....
1,612
1,387
b
8028768.SQ.FTS.B,
5.347%,
1/26/36
....
7,152
58
b
8038230.SQ.FTS.B,
6.163%,
1/30/36
....
1,601
85
b
8038405.SQ.FTS.B,
6.471%,
1/30/36
....
55
38
b
8050308.SQ.FTS.B,
5.346%,
2/01/36
....
1,499
1,177
b
8049639.SQ.FTS.B,
6.486%,
2/01/36
....
2,226
28
b
8051996.SQ.FTS.B,
4.751%,
2/02/36
....
4,640
14
b
8051483.SQ.FTS.B,
5.346%,
2/02/36
....
1,650
30
b
8050572.SQ.FTS.B,
6.289%,
2/02/36
....
3,832
9
b
8055695.SQ.FTS.B,
4.783%,
2/04/36
....
2,280
80
Description
Principal
Amount
Value
a
Block,
Inc.
(continued)
b
8057620.SQ.FTS.B,
4.751%,
2/05/36
....
$
8,330
$
8
b
8057890.SQ.FTS.B,
5.346%,
2/05/36
....
2,418
36
b
8059705.SQ.FTS.B,
5.535%,
2/05/36
....
3,405
97
b
8058155.SQ.FTS.B,
5.723%,
2/05/36
....
14,739
3,690
b
8076793.SQ.FTS.B,
6.294%,
2/10/36
....
2,373
9
b
8077372.SQ.FTS.B,
4.778%,
2/11/36
....
3,025
28
b
8078299.SQ.FTS.B,
4.746%,
2/12/36
....
1,275
5
b
8078088.SQ.FTS.B,
4.777%,
2/12/36
....
2,414
107
b
8081797.SQ.FTS.B,
6.268%,
2/13/36
....
270
10
b
8090007.SQ.FTS.B,
4.78%,
2/15/36
.....
6,578
922
b
8093036.SQ.FTS.B,
6.477%,
2/15/36
....
10,658
1
b
8093678.SQ.FTS.B,
5.727%,
2/16/36
....
1,944
1,623
b
8101696.SQ.FTS.B,
5.093%,
2/19/36
....
1,959
18
b
8099621.SQ.FTS.B,
5.346%,
2/19/36
....
4,198
3,671
b
8106732.SQ.FTS.B,
4.78%,
2/21/36
.....
6,087
4,158
b
8115296.SQ.FTS.B,
6.55%,
2/23/36
.....
2,433
6
b
8119560.SQ.FTS.B,
5.409%,
2/25/36
....
8,595
15
b
8124329.SQ.FTS.B,
5.912%,
2/26/36
....
23,671
3
b
8123557.SQ.FTS.B,
6.418%,
2/26/36
....
3,612
23
b
8142519.SQ.FTS.B,
4.78%,
2/28/36
.....
8,209
4,624
b
8128121.SQ.FTS.B,
5.912%,
2/28/36
....
5,320
17
b
8137489.SQ.FTS.B,
5.912%,
2/28/36
....
34,354
4
b
8143486.SQ.FTS.B,
6.328%,
3/01/36
....
4,836
3
b
8150842.SQ.FTS.B,
4.781%,
3/04/36
....
12,085
7
b
8152413.SQ.FTS.B,
6.149%,
3/04/36
....
7,326
–
b
8158243.SQ.FTS.B,
5.665%,
3/05/36
....
169
158
b
8162406.SQ.FTS.B,
6.152%,
3/07/36
....
3,360
3
b
8179992.SQ.FTS.B,
6.673%,
3/12/36
....
35,767
8
b
8184135.SQ.FTS.B,
6.666%,
3/13/36
....
2,144
2
b
8184364.SQ.FTS.B,
5.413%,
3/14/36
....
873
63
b
8186305.SQ.FTS.B,
4.78%,
3/16/36
.....
2,872
171
b
8190004.SQ.FTS.B,
4.779%,
3/17/36
....
301
293
b
8192240.SQ.FTS.B,
4.953%,
3/17/36
....
1,288
4
b
8194482.SQ.FTS.B,
4.781%,
3/18/36
....
1,933
1,670
b
8195481.SQ.FTS.B,
6.547%,
3/18/36
....
12,519
43
b
8201077.SQ.FTS.B,
6.43%,
3/19/36
.....
606
65
b
8206858.SQ.FTS.B,
5.108%,
3/21/36
....
608
359
b
8207770.SQ.FTS.B,
5.111%,
3/22/36
....
2,680
39
b
8210573.SQ.FTS.B,
5.911%,
3/23/36
....
1,616
1,341
b
8208433.SQ.FTS.B,
6.153%,
3/23/36
....
3,727
19
b
8211765.SQ.FTS.B,
5.669%,
3/24/36
....
1,652
578
b
8214068.SQ.FTS.B,
6.15%,
3/24/36
.....
6,904
2,829
b
8215377.SQ.FTS.B,
5.114%,
3/25/36
....
8,091
11
b
8216765.SQ.FTS.B,
6.152%,
3/25/36
....
4,754
2,959
b
8217448.SQ.FTS.B,
6.333%,
3/25/36
....
1,594
17
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)
a
Block,
Inc.
(continued)
b
8220835.SQ.FTS.B,
6.55%,
3/26/36
.....
$
309
$
70
47,196
Freedom
Financial
Asset
Management
LLC
APP-10352432.FP.FTS.B,
11.99%,
9/01/26
261
261
APP-11335385.FP.FTS.B,
10.99%,
9/04/26
202
202
APP-10389562.FP.FTS.B,
17.49%,
9/05/26
802
804
APP-10158390.FP.FTS.B,
12.49%,
9/21/26
855
856
a
APP-08902866.FP.FTS.B,
20.49%,
9/23/26
5,808
607
a
APP-08924259.FP.FTS.B,
15.49%,
9/29/26
4,039
1,322
APP-10663520.FP.FTS.B,
12.49%,
9/30/26
944
947
APP-08924296.FP.FTS.B,
22.49%,
9/30/26
5,619
5,858
APP-10115186.FP.FTS.B,
23.49%,
10/01/26
..........................
2,015
2,058
APP-10622691.FP.FTS.B,
18.99%,
10/02/26
..........................
946
956
APP-10374305.FP.FTS.B,
11.99%,
10/05/26
..........................
853
854
APP-10157026.FP.FTS.B,
14.24%,
10/05/26
..........................
856
858
APP-10692650.FP.FTS.B,
11.99%,
10/08/26
..........................
1,128
1,131
APP-10291582.FP.FTS.B,
17.49%,
10/09/26
..........................
1,025
1,031
APP-10365188.FP.FTS.B,
14.24%,
10/17/26
..........................
804
807
APP-10091993.FP.FTS.B,
19.99%,
10/20/26
..........................
1,547
1,571
APP-10463469.FP.FTS.B,
18.99%,
10/24/26
..........................
3,571
3,619
APP-10364110.FP.FTS.B,
11.24%,
10/25/26
2,469
2,479
APP-10512737.FP.FTS.B,
17.49%,
10/25/26
..........................
1,004
1,015
APP-10274873.FP.FTS.B,
20.49%,
10/25/26
..........................
778
789
APP-10432641.FP.FTS.B,
15.49%,
10/29/26
..........................
1,824
1,838
APP-09132903.FP.FTS.B,
18.99%,
10/31/26
..........................
2,374
1,900
APP-11307937.FP.FTS.B,
11.99%,
11/08/26
1,800
1,806
APP-11099818.FP.FTS.B,
16.49%,
11/09/26
1,024
1,029
APP-10765319.FP.FTS.B,
14.49%,
11/11/26
513
515
APP-10714394.FP.FTS.B,
11.99%,
11/15/26
2,021
2,029
APP-11304024.FP.FTS.B,
17.49%,
11/15/26
1,315
1,332
a
APP-10768778.FP.FTS.B,
14.74%,
11/18/26
..........................
7,384
846
APP-10170330.FP.FTS.B,
11.99%,
11/20/26
1,083
1,088
APP-11304530.FP.FTS.B,
21.49%,
11/24/26
5,054
5,160
APP-11333408.FP.FTS.B,
17.99%,
11/25/26
1,308
1,342
APP-11386113.FP.FTS.B,
18.99%,
11/25/26
737
750
APP-10583684.FP.FTS.B,
16.99%,
12/02/26
..........................
221
220
APP-10776411.FP.FTS.B,
11.99%,
12/09/26
3,545
3,564
APP-11741440.FP.FTS.B,
19.99%,
12/16/26
..........................
1,144
1,162
APP-11283905.FP.FTS.B,
15.99%,
12/21/26
..........................
5,493
5,543
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11187285.FP.FTS.B,
12.49%,
12/22/26
$
3,575
$
3,595
APP-11305667.FP.FTS.B,
20.49%,
12/27/26
..........................
2,912
2,990
APP-11776378.FP.FTS.B,
20.49%,
12/27/26
..........................
2,349
2,388
APP-11306747.FP.FTS.B,
14.24%,
12/28/26
..........................
1,457
1,468
APP-11410923.FP.FTS.B,
23.49%,
12/28/26
..........................
1,063
1,093
APP-11266733.FP.FTS.B,
11.99%,
12/30/26
2,415
2,431
APP-10525907.FP.FTS.B,
11.99%,
12/31/26
..........................
2,779
2,799
APP-11333811.FP.FTS.B,
16.99%,
1/03/27
1,954
1,982
APP-11332983.FP.FTS.B,
18.99%,
1/04/27
2,079
2,112
APP-11355890.FP.FTS.B,
14.74%,
1/07/27
4,817
4,847
APP-11385154.FP.FTS.B,
18.99%,
1/08/27
2,023
2,056
APP-10916969.FP.FTS.B,
19.99%,
1/08/27
1,531
1,558
APP-08114000.FP.FTS.B,
13.24%,
1/10/27
3,237
3,257
APP-11335531.FP.FTS.B,
16.99%,
1/10/27
2,407
2,450
APP-12243964.FP.FTS.B,
19.99%,
1/15/27
2,007
2,055
APP-11277516.FP.FTS.B,
18.49%,
1/18/27
3,230
3,286
APP-11333372.FP.FTS.B,
18.49%,
1/25/27
2,643
2,725
APP-12231521.FP.FTS.B,
17.24%,
1/26/27
5,156
5,270
APP-12151284.FP.FTS.B,
17.99%,
1/27/27
2,892
2,989
APP-09940038.FP.FTS.B,
17.49%,
1/29/27
3,623
3,722
APP-11795116.FP.FTS.B,
11.74%,
2/04/27
3,415
3,437
APP-11798862.FP.FTS.B,
16.49%,
2/09/27
1,945
1,963
APP-11810406.FP.FTS.B,
11.74%,
2/10/27
6,807
6,856
APP-11787878.FP.FTS.B,
19.99%,
2/10/27
1,177
1,199
APP-11779953.FP.FTS.B,
16.74%,
2/11/27
10,177
4,187
APP-11805082.FP.FTS.B,
19.49%,
2/11/27
3,683
3,784
APP-11753796.FP.FTS.B,
19.99%,
2/12/27
2,443
2,509
APP-11805436.FP.FTS.B,
22.49%,
2/12/27
1,488
1,525
APP-10688549.FP.FTS.B,
18.99%,
2/16/27
5,871
6,033
APP-12266273.FP.FTS.B,
23.74%,
2/18/27
4,725
4,886
APP-11389311.FP.FTS.B,
17.49%,
2/28/27
6,500
6,589
APP-10253670.FP.FTS.B,
19.99%,
2/28/27
1,938
2,005
APP-12228409.FP.FTS.B,
19.99%,
3/01/27
2,363
2,415
APP-11317083.FP.FTS.B,
20.49%,
3/03/27
2,367
2,429
a
APP-12172287.FP.FTS.B,
19.99%,
3/07/27
3,988
990
APP-12130498.FP.FTS.B,
13.24%,
3/10/27
3,440
3,470
APP-12213871.FP.FTS.B,
19.99%,
3/11/27
4,192
4,357
APP-12244387.FP.FTS.B,
11.24%,
3/12/27
4,893
4,937
APP-12236483.FP.FTS.B,
15.24%,
3/13/27
5,631
5,730
APP-10683987.FP.FTS.B,
12.49%,
3/16/27
6,275
6,325
APP-10769483.FP.FTS.B,
17.99%,
3/22/27
4,907
5,019
APP-11339522.FP.FTS.B,
23.49%,
3/28/27
4,013
4,179
APP-11391376.FP.FTS.B,
19.99%,
3/31/27
7,904
8,231
APP-09094872.FP.FTS.B,
14.99%,
4/01/27
1,894
1,898
APP-10195837.FP.FTS.B,
11.99%,
4/02/27
823
824
APP-10672023.FP.FTS.B,
18.49%,
4/15/27
2,013
2,053
APP-10459721.FP.FTS.B,
20.99%,
5/28/27
12,701
13,202
APP-11277041.FP.FTS.B,
20.49%,
5/30/27
7,107
7,432
APP-11301237.FP.FTS.B,
18.49%,
6/02/27
4,480
4,643
a
APP-12246518.FP.FTS.B,
13.24%,
7/13/27
2,123
789
APP-10315402.FP.FTS.B,
22.99%,
7/30/27
5,764
6,065
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12222310.FP.FTS.B,
18.24%,
9/21/27
$
12,015
$
12,443
a
APP-11315623.FP.FTS.B,
15.49%,
11/02/27
7,160
1,566
APP-10229284.FP.FTS.B,
18.99%,
12/04/27
..........................
1,749
1,774
APP-09447903.FP.FTS.B,
23.49%,
1/31/28
3,694
3,788
APP-09027027.FP.FTS.B,
21.49%,
6/05/36
1,191
1,209
APP-10045496.FP.FTS.B,
14.49%,
8/15/36
173
174
APP-10213964.FP.FTS.B,
18.99%,
8/18/36
1,432
906
APP-09717880.FP.FTS.B,
15.74%,
8/20/36
227
227
APP-09811789.FP.FTS.B,
22.49%,
8/20/36
315
319
APP-10127112.FP.FTS.B,
16.49%,
8/21/36
345
346
APP-09726787.FP.FTS.B,
15.24%,
8/24/36
188
188
APP-09787833.FP.FTS.B,
15.74%,
8/24/36
500
502
APP-09708684.FP.FTS.B,
21.49%,
8/24/36
1,109
1,118
APP-09759659.FP.FTS.B,
13.24%,
8/25/36
291
292
268,035
LendingClub
Corp.
-
LCX
PM
181324642.LC.FTS.B,
15.19%,
10/13/26
..
16,216
–
182220241.LC.FTS.B,
23.99%,
10/14/26
..
705
712
182279442.LC.FTS.B,
21.99%,
10/15/26
..
1,858
1,877
a
182239660.LC.FTS.B,
19.99%,
10/16/26
..
2,259
273
182381955.LC.FTS.B,
26.99%,
10/20/26
..
350
355
182373053.LC.FTS.B,
20.44%,
10/22/26
..
1,591
1,605
182100249.LC.FTS.B,
28.99%,
10/28/26
..
3,899
–
182412380.LC.FTS.B,
23.99%,
11/01/26
..
723
726
182249975.LC.FTS.B,
25.99%,
11/01/26
..
1,727
1,753
182871113.LC.FTS.B,
21.99%,
11/02/26
..
2,111
2,132
182810881.LC.FTS.B,
28.99%,
11/02/26
..
717
724
182715994.LC.FTS.B,
18.99%,
11/03/26
..
1,471
724
182956744.LC.FTS.B,
16.49%,
11/05/26
..
2,851
2,860
182845986.LC.FTS.B,
19.99%,
11/05/26
..
877
883
182934282.LC.FTS.B,
15.44%,
11/07/26
..
1,306
1,311
182834096.LC.FTS.B,
15.49%,
11/08/26
..
8,504
–
183101425.LC.FTS.B,
17.44%,
11/15/26
..
2,710
2,729
182999628.LC.FTS.B,
17.74%,
11/15/26
..
1,261
1,269
182737896.LC.FTS.B,
19.49%,
11/15/26
..
2,246
2,271
182962134.LC.FTS.B,
24.99%,
11/15/26
..
1,454
1,468
182977646.LC.FTS.B,
16.99%,
11/16/26
..
3,124
3,146
183238822.LC.FTS.B,
16.99%,
11/16/26
..
1,987
1,989
183287259.LC.FTS.B,
18.19%,
11/16/26
..
943
945
183253428.LC.FTS.B,
25.99%,
11/17/26
..
2,270
2,309
183368090.LC.FTS.B,
19.49%,
11/18/26
..
1,024
1,034
182932552.LC.FTS.B,
13.19%,
11/19/26
..
2,084
415
183333541.LC.FTS.B,
14.19%,
11/22/26
..
1,996
2,011
182980965.LC.FTS.B,
17.24%,
11/22/26
..
1,928
1,945
183371257.LC.FTS.B,
17.74%,
11/22/26
..
3,051
3,075
a
183418746.LC.FTS.B,
19.49%,
11/22/26
..
5,150
637
183434742.LC.FTS.B,
23.19%,
11/22/26
..
890
905
183477091.LC.FTS.B,
13.19%,
11/23/26
..
1,105
912
183298862.LC.FTS.B,
14.19%,
11/23/26
..
3,869
3,902
183430694.LC.FTS.B,
18.49%,
11/23/26
..
8,346
–
a
183430676.LC.FTS.B,
21.99%,
11/23/26
..
5,125
242
183407041.LC.FTS.B,
24.99%,
11/23/26
..
291
296
183095344.LC.FTS.B,
13.44%,
11/24/26
..
3,576
3,609
183425358.LC.FTS.B,
18.49%,
11/24/26
..
795
802
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
183505251.LC.FTS.B,
16.49%,
11/26/26
..
$
953
$
961
183525639.LC.FTS.B,
21.99%,
11/26/26
..
633
645
183193272.LC.FTS.B,
15.44%,
11/27/26
..
431
435
183556398.LC.FTS.B,
23.99%,
11/28/26
..
518
523
183476845.LC.FTS.B,
16.49%,
11/29/26
..
1,440
1,454
183447683.LC.FTS.B,
20.44%,
11/29/26
..
1,997
2,024
183369356.LC.FTS.B,
20.99%,
11/29/26
..
671
677
183359968.LC.FTS.B,
16.49%,
11/30/26
..
2,169
2,190
182954964.LC.FTS.B,
19.49%,
11/30/26
..
2,685
2,724
183585512.LC.FTS.B,
19.99%,
11/30/26
..
2,454
2,479
183618524.LC.FTS.B,
22.99%,
11/30/26
..
2,681
2,734
183540100.LC.FTS.B,
23.99%,
11/30/26
..
2,049
–
a
183633965.LC.FTS.B,
24.99%,
11/30/26
..
1,424
134
183676944.LC.FTS.B,
17.24%,
12/01/26
..
724
726
183768813.LC.FTS.B,
13.24%,
12/02/26
..
1,660
1,667
183721314.LC.FTS.B,
17.44%,
12/03/26
..
2,053
2,069
183771895.LC.FTS.B,
21.99%,
12/03/26
..
2,354
2,386
183799901.LC.FTS.B,
17.74%,
12/06/26
..
1,208
1,215
183415342.LC.FTS.B,
19.49%,
12/07/26
..
3,747
3,767
183762991.LC.FTS.B,
19.49%,
12/07/26
..
2,776
2,797
183495228.LC.FTS.B,
20.44%,
12/07/26
..
758
764
183885314.LC.FTS.B,
21.99%,
12/07/26
..
785
796
183867910.LC.FTS.B,
23.99%,
12/07/26
..
2,033
2,063
183492757.LC.FTS.B,
16.99%,
12/08/26
..
1,818
1,831
183933487.LC.FTS.B,
23.99%,
12/08/26
..
2,033
2,064
183966000.LC.FTS.B,
24.99%,
12/09/26
..
710
723
183970462.LC.FTS.B,
24.99%,
12/09/26
..
414
421
184012121.LC.FTS.B,
13.44%,
12/10/26
..
2,112
2,122
183680345.LC.FTS.B,
16.44%,
12/10/26
..
1,532
1,542
183793588.LC.FTS.B,
17.24%,
12/10/26
..
866
871
184022156.LC.FTS.B,
20.49%,
12/10/26
..
1,158
1,166
183970602.LC.FTS.B,
24.99%,
12/10/26
..
1,657
1,686
184033080.LC.FTS.B,
17.44%,
12/13/26
..
2,486
2,494
183731402.LC.FTS.B,
19.44%,
12/13/26
..
1,996
2,018
184039087.LC.FTS.B,
24.99%,
12/13/26
..
1,312
1,337
184176824.LC.FTS.B,
14.99%,
12/14/26
..
1,605
1,613
184114198.LC.FTS.B,
18.99%,
12/14/26
..
3,032
3,055
184130928.LC.FTS.B,
21.99%,
12/14/26
..
6,069
–
183623138.LC.FTS.B,
23.99%,
12/14/26
..
1,063
1,073
183641094.LC.FTS.B,
24.99%,
12/14/26
..
1,407
1,435
184198353.LC.FTS.B,
14.01%,
12/15/26
..
4,331
4,360
183712326.LC.FTS.B,
15.44%,
12/15/26
..
811
817
183603668.LC.FTS.B,
17.19%,
12/15/26
..
7,047
–
183809680.LC.FTS.B,
17.24%,
12/15/26
..
4,106
4,111
183996173.LC.FTS.B,
17.44%,
12/15/26
..
4,422
4,448
183905553.LC.FTS.B,
13.44%,
12/16/26
..
724
725
183612692.LC.FTS.B,
13.49%,
12/17/26
..
1,557
1,569
184223937.LC.FTS.B,
16.44%,
12/17/26
..
1,765
1,776
184214073.LC.FTS.B,
27.99%,
12/17/26
..
1,744
1,781
183673632.LC.FTS.B,
15.44%,
12/18/26
..
1,926
1,936
183852446.LC.FTS.B,
17.99%,
12/18/26
..
2,871
522
184283202.LC.FTS.B,
19.49%,
12/20/26
..
999
1,012
184059193.LC.FTS.B,
21.99%,
12/20/26
..
2,738
2,790
184382909.LC.FTS.B,
12.99%,
12/21/26
..
2,203
2,222
184032290.LC.FTS.B,
20.99%,
12/21/26
..
3,419
3,440
183436430.LC.FTS.B,
16.99%,
12/23/26
..
4,400
4,442
184321733.LC.FTS.B,
23.99%,
12/23/26
..
10,499
–
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)
LendingClub
Corp.
-
LCX
PM
(continued)
183940387.LC.FTS.B,
19.99%,
12/25/26
..
$
2,536
$
2,575
184249796.LC.FTS.B,
15.44%,
12/28/26
..
4,510
–
184029644.LC.FTS.B,
17.49%,
12/28/26
..
3,983
4,029
183977917.LC.FTS.B,
16.49%,
12/30/26
..
8,987
–
184298012.LC.FTS.B,
18.74%,
12/30/26
..
431
434
184066327.LC.FTS.B,
14.19%,
12/31/26
..
1,906
1,925
184379539.LC.FTS.B,
12.19%,
1/02/27
...
3,969
3,972
183888494.LC.FTS.B,
17.99%,
1/06/27
...
1,576
1,586
183882896.LC.FTS.B,
6%,
1/07/27
......
2,305
2,317
182954228.LC.FTS.B,
13.49%,
2/18/27
...
3,675
3,703
a
183154136.LC.FTS.B,
18.49%,
3/16/27
...
2,484
311
184013288.LC.FTS.B,
24.99%,
4/10/27
...
5,858
1,108
a
184051343.LC.FTS.B,
28.99%,
4/13/27
...
4,670
9
182675743.LC.FTS.B,
15%,
4/15/27
.....
14,190
–
183965552.LC.FTS.B,
16.49%,
4/16/27
...
3,438
2,797
182419678.LC.FTS.B,
19.99%,
4/25/27
...
4,623
4,716
182469398.LC.FTS.B,
21.99%,
5/05/27
...
4,210
4,301
a
183710879.LC.FTS.B,
19.95%,
5/06/27
...
6,878
815
182925771.LC.FTS.B,
23.99%,
5/12/27
...
8,411
8,609
184107590.LC.FTS.B,
23.99%,
5/14/27
...
2,142
–
183436461.LC.FTS.B,
12.74%,
5/23/27
...
9,174
1,713
184033235.LC.FTS.B,
24.99%,
5/24/27
...
6,228
6,465
183805030.LC.FTS.B,
17.49%,
6/16/27
...
6,957
6,974
183437929.LC.FTS.B,
20.49%,
6/30/27
...
6,172
6,305
183274263.LC.FTS.B,
15.44%,
7/01/27
...
8,213
–
182882013.LC.FTS.B,
24.99%,
8/24/27
...
7,377
1,448
183252907.LC.FTS.B,
16.49%,
9/23/27
...
4,464
4,491
a
182329589.LC.FTS.B,
24.99%,
10/03/27
..
3,392
167
184211532.LC.FTS.B,
21.99%,
12/28/27
..
18,108
–
a
184064152.LC.FTS.B,
19.49%,
10/13/28
..
12,102
1,049
184435348.LC.FTS.B,
17.99%,
12/23/34
..
1,279
–
184443285.LC.FTS.B,
Zero
Cpn,
12/27/34
14,743
–
184253510.LC.FTS.B,
18.49%,
8/21/35
...
3,442
–
220,297
Prosper
Funding
LLC
a
1605623.PS.FTS.B,
16.64%,
9/15/26
....
2,117
–
1633221.PS.FTS.B,
18.13%,
9/17/26
....
1,823
1,837
1606780.PS.FTS.B,
29.08%,
9/18/26
....
766
776
1628728.PS.FTS.B,
12.5%,
9/22/26
.....
310
311
1628947.PS.FTS.B,
12.5%,
9/23/26
.....
487
489
1636926.PS.FTS.B,
11.6%,
9/24/26
.....
500
501
1630456.PS.FTS.B,
12.76%,
9/27/26
....
668
672
1630438.PS.FTS.B,
15.29%,
9/27/26
....
470
476
1630432.PS.FTS.B,
15.9%,
9/27/26
.....
570
577
1634442.PS.FTS.B,
13.93%,
9/28/26
....
456
457
1655382.PS.FTS.B,
12.8%,
10/27/26
....
2,337
2,344
1655400.PS.FTS.B,
13.7%,
10/27/26
....
425
430
1648636.PS.FTS.B,
15.2%,
10/27/26
....
140
142
1645934.PS.FTS.B,
10.5%,
10/28/26
....
509
510
1646096.PS.FTS.B,
15.1%,
10/28/26
....
421
426
1646336.PS.FTS.B,
16.33%,
10/28/26
...
1,465
1,484
1657014.PS.FTS.B,
10.5%,
10/31/26
....
2,955
2,966
1657476.PS.FTS.B,
13.8%,
11/01/26
....
1,349
1,358
1658550.PS.FTS.B,
9.45%,
11/02/26
....
1,233
1,232
1660986.PS.FTS.B,
16.8%,
11/05/26
....
2,385
2,405
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1654327.PS.FTS.B,
22.55%,
11/05/26
....
$
944
$
954
1651841.PS.FTS.B,
15.4%,
11/08/26
....
511
515
1665054.PS.FTS.B,
16.93%,
11/08/26
....
8,456
8,462
1659130.PS.FTS.B,
15.18%,
11/09/26
....
1,294
1,307
1652711.PS.FTS.B,
16.2%,
11/09/26
.....
1,178
1,191
1654496.PS.FTS.B,
11.79%,
11/10/26
....
863
864
1660783.PS.FTS.B,
11.7%,
11/12/26
.....
1,550
1,553
1658878.PS.FTS.B,
12.98%,
11/13/26
....
2,224
2,222
1659238.PS.FTS.B,
10.8%,
11/15/26
....
647
646
1660438.PS.FTS.B,
16%,
11/19/26
......
509
515
1653277.PS.FTS.B,
13.8%,
12/10/26
....
2,942
2,969
1679077.PS.FTS.B,
15.12%,
12/15/26
...
2,301
2,327
1685964.PS.FTS.B,
15.29%,
12/15/26
...
2,309
2,335
1672964.PS.FTS.B,
28.23%,
12/15/26
...
1,463
1,488
1645613.PS.FTS.B,
12.62%,
12/19/26
...
1,598
1,604
a
1680709.PS.FTS.B,
10.5%,
12/20/26
....
3,355
513
1681081.PS.FTS.B,
11.33%,
12/20/26
....
1,036
1,038
1677662.PS.FTS.B,
18.25%,
12/23/26
...
2,689
2,734
1656341.PS.FTS.B,
15.29%,
6/15/27
....
5,305
1,389
1665885.PS.FTS.B,
13.7%,
8/27/27
.....
8,544
8,602
1630162.PS.FTS.B,
16.33%,
9/21/27
....
9,369
8,069
1659142.PS.FTS.B,
14.6%,
9/29/27
.....
2,536
1,635
1613481.PS.FTS.B,
19.78%,
8/11/36
....
400
403
1604105.PS.FTS.B,
13.74%,
8/12/36
....
698
699
1613892.PS.FTS.B,
19.18%,
8/12/36
....
121
122
1607647.PS.FTS.B,
15%,
8/13/36
.......
192
193
1615164.PS.FTS.B,
17%,
8/13/36
.......
229
231
1607977.PS.FTS.B,
25.48%,
8/13/36
....
136
137
1604924.PS.FTS.B,
28.4%,
8/13/36
.....
150
151
1608526.PS.FTS.B,
19.78%,
8/16/36
....
214
215
1616271.PS.FTS.B,
12.5%,
8/17/36
.....
271
272
1609138.PS.FTS.B,
16.18%,
8/17/36
....
371
371
1612375.PS.FTS.B,
14.29%,
8/23/36
....
236
237
1620525.PS.FTS.B,
16.4%,
8/24/36
.....
148
149
75,505
Upgrade,
Inc.
-
Card
991148239.UG.FTS.B,
29.49%,
9/20/26
..
192
196
991149182.UG.FTS.B,
28.48%,
10/21/26
.
28
26
991123245.UG.FTS.B,
26.94%,
11/23/26
.
119
108
991182716.UG.FTS.B,
21.98%,
11/26/26
.
64
57
991356469.UG.FTS.B,
16.99%,
12/07/26
.
3
3
991265247.UG.FTS.B,
16.99%,
12/12/26
.
64
65
991326633.UG.FTS.B,
21.99%,
12/19/26
.
89
90
991020944.UG.FTS.B,
15.99%,
1/06/27
..
512
518
991087378.UG.FTS.B,
21.36%,
2/13/27
..
199
57
991119833.UG.FTS.B,
19.21%,
2/20/27
..
383
387
991226691.UG.FTS.B,
15.99%,
3/06/27
..
56
57
991249712.UG.FTS.B,
15.99%,
3/06/27
..
699
714
991217394.UG.FTS.B,
29.49%,
6/20/27
..
73
61
991218283.UG.FTS.B,
14.98%,
6/27/27
..
2,120
2,136
991058306.UG.FTS.B,
20.46%,
7/11/27
..
346
92
991120297.UG.FTS.B,
22.97%,
10/23/27
.
982
769
991225567.UG.FTS.B,
19.8%,
1/18/28
...
174
174
a
991102474.UG.FTS.B,
29.49%,
2/24/28
..
2,500
172
991299503.UG.FTS.B,
17.99%,
5/27/28
..
282
172
991418802.UG.FTS.B,
29.49%,
8/10/28
..
96
95
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)
Upgrade,
Inc.
-
Card
(continued)
991262312.UG.FTS.B,
29.49%,
5/29/29
..
$
144
$
143
991266262.UG.FTS.B,
19.8%,
9/16/29
...
1,305
735
991223479.UG.FTS.B,
29.49%,
1/18/30
..
192
113
a
991137442.UG.FTS.B,
21.46%,
2/25/30
..
8
–
991233872.UG.FTS.B,
17.99%,
10/05/30
.
44
44
991100555.UG.FTS.B,
29.49%,
11/20/30
.
131
133
991098718.UG.FTS.B,
23.95%,
12/09/30
.
505
307
991168137.UG.FTS.B,
19.8%,
2/21/31
...
23
23
991197071.UG.FTS.B,
21.98%,
11/09/33
.
218
121
7,568
Upstart
Network,
Inc.
L1617795.UP.FTS.B,
13.57%,
9/01/26
....
1,136
1,125
L1706771.UP.FTS.B,
9.86%,
9/13/26
....
751
742
a
FW1703655.UP.FTS.B,
10.14%,
9/13/26
..
477
120
FW1705224.UP.FTS.B,
10.49%,
9/13/26
..
1,057
1,044
L1706707.UP.FTS.B,
14.84%,
9/13/26
....
922
911
FW1706882.UP.FTS.B,
17.33%,
9/13/26
..
252
249
L1705021.UP.FTS.B,
18.29%,
9/13/26
....
463
457
L1705415.UP.FTS.B,
19.86%,
9/13/26
....
261
257
L1706913.UP.FTS.B,
20.18%,
9/13/26
....
326
321
FW1705757.UP.FTS.B,
21.7%,
9/13/26
...
190
187
L1706178.UP.FTS.B,
22.1%,
9/13/26
....
187
184
L1706443.UP.FTS.B,
23.44%,
9/13/26
....
198
195
L1706931.UP.FTS.B,
24.04%,
9/13/26
....
65
64
L1706467.UP.FTS.B,
24.5%,
9/13/26
....
44
43
L1705774.UP.FTS.B,
24.52%,
9/13/26
....
470
462
a
L1705130.UP.FTS.B,
24.98%,
9/13/26
....
647
47
FW1706840.UP.FTS.B,
26.82%,
9/13/26
..
2,190
2,156
FW1705300.UP.FTS.B,
26.94%,
9/13/26
..
127
125
FW1705464.UP.FTS.B,
28.92%,
9/13/26
..
455
448
FW1706229.UP.FTS.B,
30.24%,
9/13/26
..
264
260
FW1705888.UP.FTS.B,
30.31%,
9/13/26
..
132
130
FW1705881.UP.FTS.B,
30.81%,
9/13/26
..
621
560
FW1705876.UP.FTS.B,
30.83%,
9/13/26
..
108
106
FW1706597.UP.FTS.B,
31.11%,
9/13/26
..
119
117
L1706806.UP.FTS.B,
15.22%,
9/15/26
....
303
299
a
L1706683.UP.FTS.B,
16.01%,
9/20/26
....
445
32
L1705598.UP.FTS.B,
17.01%,
9/21/26
....
141
140
L1877184.UP.FTS.B,
9.06%,
10/19/26
....
528
522
L1851771.UP.FTS.B,
9.22%,
10/19/26
....
216
213
L1875318.UP.FTS.B,
10.07%,
10/19/26
...
160
158
L1881256.UP.FTS.B,
11.03%,
10/19/26
...
667
659
L1879834.UP.FTS.B,
11.35%,
10/19/26
...
1,503
1,486
L1877450.UP.FTS.B,
14.9%,
10/19/26
....
183
181
L1880586.UP.FTS.B,
15.78%,
10/19/26
...
4
4
L1864741.UP.FTS.B,
16.15%,
10/19/26
...
585
535
L1881295.UP.FTS.B,
16.28%,
10/19/26
...
1,019
452
L1877933.UP.FTS.B,
16.4%,
10/19/26
....
54
53
L1878027.UP.FTS.B,
16.7%,
10/19/26
....
582
576
L1880587.UP.FTS.B,
18.12%,
10/19/26
...
296
293
L1876835.UP.FTS.B,
19.58%,
10/19/26
...
76
76
L1871750.UP.FTS.B,
19.96%,
10/19/26
...
295
291
FW1880709.UP.FTS.B,
20.07%,
10/19/26
.
540
535
L1876035.UP.FTS.B,
20.11%,
10/19/26
...
308
304
FW1878006.UP.FTS.B,
22.44%,
10/19/26
.
969
956
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1866351.UP.FTS.B,
22.85%,
10/19/26
.
$
339
$
163
FW1880160.UP.FTS.B,
22.89%,
10/19/26
.
123
121
a
L1876513.UP.FTS.B,
22.94%,
10/19/26
...
800
162
FW1880088.UP.FTS.B,
23.43%,
10/19/26
.
760
751
L1881431.UP.FTS.B,
24.79%,
10/19/26
...
134
133
L1877594.UP.FTS.B,
24.95%,
10/19/26
...
298
294
L1876477.UP.FTS.B,
25.39%,
10/19/26
...
298
294
FW1879167.UP.FTS.B,
25.8%,
10/19/26
..
79
78
L1879783.UP.FTS.B,
25.86%,
10/19/26
...
305
301
FW1877802.UP.FTS.B,
26.08%,
10/19/26
.
631
623
FW1878098.UP.FTS.B,
30.84%,
10/19/26
.
112
111
FW1878489.UP.FTS.B,
30.93%,
10/19/26
.
258
116
FW1880229.UP.FTS.B,
31.05%,
10/19/26
.
132
130
a
FW1877716.UP.FTS.B,
31.6%,
10/19/26
..
1,058
75
FW1876495.UP.FTS.B,
31.7%,
10/19/26
..
608
601
L1881555.UP.FTS.B,
17.31%,
10/28/26
...
651
643
L1990756.UP.FTS.B,
7.18%,
11/08/26
....
937
924
L1994718.UP.FTS.B,
8.83%,
11/08/26
....
1,542
1,521
L1991230.UP.FTS.B,
9.13%,
11/08/26
....
1,605
1,584
a
L1996991.UP.FTS.B,
9.23%,
11/08/26
....
4,109
454
L1996355.UP.FTS.B,
10.29%,
11/08/26
...
1,084
1,070
L1988958.UP.FTS.B,
10.98%,
11/08/26
...
127
125
L1998866.UP.FTS.B,
11.49%,
11/08/26
...
1,427
1,408
L1996448.UP.FTS.B,
11.66%,
11/08/26
...
3,490
3,443
L1995371.UP.FTS.B,
12.23%,
11/08/26
...
347
342
L1995435.UP.FTS.B,
12.23%,
11/08/26
...
148
146
L1999575.UP.FTS.B,
12.84%,
11/08/26
...
97
95
L1989008.UP.FTS.B,
12.93%,
11/08/26
...
150
148
L1989940.UP.FTS.B,
12.93%,
11/08/26
...
247
243
L1994789.UP.FTS.B,
14.19%,
11/08/26
...
636
627
L1995404.UP.FTS.B,
14.33%,
11/08/26
...
725
716
L1991804.UP.FTS.B,
14.89%,
11/08/26
...
738
728
L1995379.UP.FTS.B,
15.15%,
11/08/26
...
644
636
L1992261.UP.FTS.B,
15.59%,
11/08/26
...
259
256
a
FW1991255.UP.FTS.B,
15.82%,
11/08/26
.
1,847
374
L1992970.UP.FTS.B,
16.04%,
11/08/26
...
1,311
1,294
L1989989.UP.FTS.B,
16.18%,
11/08/26
...
1,024
1,010
a
L1989606.UP.FTS.B,
16.9%,
11/08/26
....
744
39
FW1999118.UP.FTS.B,
17.22%,
11/08/26
.
575
568
L1993764.UP.FTS.B,
17.26%,
11/08/26
...
144
142
L1991281.UP.FTS.B,
20.82%,
11/08/26
...
227
223
L1994689.UP.FTS.B,
21.04%,
11/08/26
...
438
431
L1991956.UP.FTS.B,
21.37%,
11/08/26
...
208
205
L1991663.UP.FTS.B,
21.95%,
11/08/26
...
972
955
FW1989899.UP.FTS.B,
22.28%,
11/08/26
.
269
264
L1991475.UP.FTS.B,
22.35%,
11/08/26
...
210
207
L1996843.UP.FTS.B,
24.19%,
11/08/26
...
1,101
1,082
FW1994028.UP.FTS.B,
24.21%,
11/08/26
.
762
749
L1989848.UP.FTS.B,
24.75%,
11/08/26
...
346
340
FW1991387.UP.FTS.B,
24.97%,
11/08/26
.
697
575
L1995398.UP.FTS.B,
25.36%,
11/08/26
...
292
287
L1992549.UP.FTS.B,
25.44%,
11/08/26
...
1,246
1,225
FW1998563.UP.FTS.B,
26.46%,
11/08/26
.
253
249
FW1998048.UP.FTS.B,
26.92%,
11/08/26
.
286
281
L1990551.UP.FTS.B,
26.95%,
11/08/26
...
535
476
FW1994443.UP.FTS.B,
27.95%,
11/08/26
.
1,181
1,161
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)
Upstart
Network,
Inc.
(continued)
FW1991541.UP.FTS.B,
29.36%,
11/08/26
.
$
710
$
698
FW1999851.UP.FTS.B,
29.4%,
11/08/26
..
555
546
FW1992347.UP.FTS.B,
29.82%,
11/08/26
.
3,083
3,030
FW1994293.UP.FTS.B,
30.31%,
11/08/26
.
194
191
a
FW1991024.UP.FTS.B,
30.67%,
11/08/26
.
288
20
a
FW1996197.UP.FTS.B,
31.07%,
11/08/26
.
1,010
50
FW1994027.UP.FTS.B,
31.13%,
11/08/26
.
334
328
FW1999282.UP.FTS.B,
31.18%,
11/08/26
.
820
806
L1995369.UP.FTS.B,
8.19%,
11/10/26
....
641
633
FW1876658.UP.FTS.B,
27.58%,
11/11/26
.
413
408
FW1995006.UP.FTS.B,
10.93%,
11/15/26
.
1,104
1,090
L2073684.UP.FTS.B,
7.58%,
11/18/26
....
767
757
L2071865.UP.FTS.B,
10.09%,
11/18/26
...
623
616
L2074643.UP.FTS.B,
10.22%,
11/18/26
...
1,653
1,634
L2072338.UP.FTS.B,
10.5%,
11/18/26
....
630
622
L2075077.UP.FTS.B,
11.07%,
11/18/26
...
255
252
L2073949.UP.FTS.B,
13.85%,
11/18/26
...
562
502
L2070587.UP.FTS.B,
14.32%,
11/18/26
...
901
781
L2074701.UP.FTS.B,
14.63%,
11/18/26
...
582
576
FW2075148.UP.FTS.B,
14.93%,
11/18/26
.
367
363
FW2072823.UP.FTS.B,
15.21%,
11/18/26
.
194
192
L1995487.UP.FTS.B,
15.52%,
11/18/26
...
464
458
L2074846.UP.FTS.B,
15.74%,
11/18/26
...
1,395
1,381
L2071149.UP.FTS.B,
16.73%,
11/18/26
...
2,225
2,202
FW2075122.UP.FTS.B,
17.19%,
11/18/26
.
383
379
FW2075299.UP.FTS.B,
17.67%,
11/18/26
.
386
382
L2069944.UP.FTS.B,
18.01%,
11/18/26
...
1,023
1,013
L2074700.UP.FTS.B,
18.17%,
11/18/26
...
636
629
FW2074803.UP.FTS.B,
18.88%,
11/18/26
.
1,237
1,224
a
FW2074495.UP.FTS.B,
19.61%,
11/18/26
.
1,499
326
L2074954.UP.FTS.B,
19.66%,
11/18/26
...
570
563
L2072694.UP.FTS.B,
20.25%,
11/18/26
...
335
331
FW2070300.UP.FTS.B,
20.46%,
11/18/26
.
1,056
1,043
L2073994.UP.FTS.B,
21.04%,
11/18/26
...
514
508
L2073707.UP.FTS.B,
22.91%,
11/18/26
...
299
296
L2074779.UP.FTS.B,
22.95%,
11/18/26
...
1,075
1,062
L2073355.UP.FTS.B,
23.21%,
11/18/26
...
533
526
FW2073759.UP.FTS.B,
25.15%,
11/18/26
.
138
136
L2075204.UP.FTS.B,
25.29%,
11/18/26
...
542
536
L2070733.UP.FTS.B,
25.4%,
11/18/26
....
356
352
FW2074102.UP.FTS.B,
27.44%,
11/18/26
.
286
282
FW2074265.UP.FTS.B,
29.67%,
11/18/26
.
1,012
1,000
FW2072695.UP.FTS.B,
30.47%,
11/18/26
.
151
132
FW2074713.UP.FTS.B,
31.25%,
11/18/26
.
1,576
634
L2070082.UP.FTS.B,
8.09%,
11/19/26
....
1,597
1,576
L2074195.UP.FTS.B,
15.15%,
11/24/26
...
927
916
L2217859.UP.FTS.B,
8.75%,
12/09/26
....
2,021
1,992
L2214639.UP.FTS.B,
9.77%,
12/09/26
....
875
862
FW2216190.UP.FTS.B,
12.02%,
12/09/26
.
540
532
L2214819.UP.FTS.B,
13.75%,
12/09/26
...
645
637
FW2215838.UP.FTS.B,
16.38%,
12/09/26
.
933
921
L2217548.UP.FTS.B,
17.23%,
12/09/26
...
1,789
1,767
L2217603.UP.FTS.B,
17.91%,
12/09/26
...
590
582
L2217227.UP.FTS.B,
18.97%,
12/09/26
...
1,358
1,337
L2213701.UP.FTS.B,
19.91%,
12/09/26
...
496
206
L2215303.UP.FTS.B,
20.05%,
12/09/26
...
880
865
L2215373.UP.FTS.B,
20.25%,
12/09/26
...
127
125
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2214210.UP.FTS.B,
20.55%,
12/09/26
.
$
636
$
626
FW2215010.UP.FTS.B,
21.32%,
12/09/26
.
263
260
FW2215319.UP.FTS.B,
21.51%,
12/09/26
.
529
520
L2217530.UP.FTS.B,
22.65%,
12/09/26
...
600
589
L2214174.UP.FTS.B,
23.38%,
12/09/26
...
53
53
FW2215830.UP.FTS.B,
23.46%,
12/09/26
.
148
145
L2218003.UP.FTS.B,
23.87%,
12/09/26
...
5
5
L2216002.UP.FTS.B,
24.2%,
12/09/26
....
695
683
FW2214164.UP.FTS.B,
24.23%,
12/09/26
.
4,788
4,717
L2217516.UP.FTS.B,
24.76%,
12/09/26
...
185
182
L2215557.UP.FTS.B,
25.29%,
12/09/26
...
318
313
L2213659.UP.FTS.B,
25.4%,
12/09/26
....
529
520
L2214897.UP.FTS.B,
25.44%,
12/09/26
...
2,274
2,237
L2216607.UP.FTS.B,
25.48%,
12/09/26
...
416
409
L2218260.UP.FTS.B,
25.7%,
12/09/26
....
919
904
a
FW2217960.UP.FTS.B,
30.51%,
12/09/26
.
1,436
102
FW2217757.UP.FTS.B,
30.55%,
12/09/26
.
629
500
FW2217138.UP.FTS.B,
32.58%,
12/09/26
.
219
215
FW2219336.UP.FTS.B,
7.29%,
12/10/26
..
486
480
L2220935.UP.FTS.B,
8.04%,
12/10/26
....
1,093
1,077
L2220551.UP.FTS.B,
8.19%,
12/10/26
....
219
216
L2221255.UP.FTS.B,
13.17%,
12/10/26
...
844
832
L2220245.UP.FTS.B,
13.24%,
12/10/26
...
2,944
2,904
L2211103.UP.FTS.B,
13.86%,
12/10/26
...
1,518
1,497
L2221548.UP.FTS.B,
14.74%,
12/10/26
...
114
113
L2194261.UP.FTS.B,
15.71%,
12/10/26
...
920
908
FW2221538.UP.FTS.B,
17.36%,
12/10/26
.
1,915
1,892
L2219356.UP.FTS.B,
17.56%,
12/10/26
...
1,292
1,276
L2220037.UP.FTS.B,
17.77%,
12/10/26
...
461
377
a
L2210120.UP.FTS.B,
18.97%,
12/10/26
...
884
64
FW2219505.UP.FTS.B,
19.04%,
12/10/26
.
2,974
2,930
L2221919.UP.FTS.B,
19.66%,
12/10/26
...
700
690
L2221739.UP.FTS.B,
19.78%,
12/10/26
...
1,129
1,111
L2221097.UP.FTS.B,
19.86%,
12/10/26
...
153
151
L2221612.UP.FTS.B,
20.59%,
12/10/26
...
1,555
1,529
FW2220653.UP.FTS.B,
22.15%,
12/10/26
.
850
836
FW2220221.UP.FTS.B,
22.46%,
12/10/26
.
921
906
FW2214196.UP.FTS.B,
23.98%,
12/10/26
.
867
853
FW2222025.UP.FTS.B,
24.95%,
12/10/26
.
1,432
1,409
a
L2222196.UP.FTS.B,
25.5%,
12/10/26
....
677
134
L2222524.UP.FTS.B,
25.5%,
12/10/26
....
374
368
FW2220064.UP.FTS.B,
27.61%,
12/10/26
.
308
303
FW2219847.UP.FTS.B,
28.03%,
12/10/26
.
798
785
FW2221547.UP.FTS.B,
28.78%,
12/10/26
.
515
506
FW2222054.UP.FTS.B,
29.08%,
12/10/26
.
1,181
1,163
FW2221564.UP.FTS.B,
30.28%,
12/10/26
.
599
507
FW2221531.UP.FTS.B,
30.36%,
12/10/26
.
534
525
FW2221439.UP.FTS.B,
30.5%,
12/10/26
..
332
326
FW2216231.UP.FTS.B,
31.22%,
12/10/26
.
535
526
FW2218939.UP.FTS.B,
31.36%,
12/10/26
.
612
602
FW2219361.UP.FTS.B,
31.69%,
12/10/26
.
2,253
2,218
L2220687.UP.FTS.B,
23.72%,
12/11/26
...
142
139
L1705964.UP.FTS.B,
25.31%,
12/13/26
...
702
691
FW2221075.UP.FTS.B,
30.26%,
12/20/26
.
529
521
FW2220958.UP.FTS.B,
32.58%,
12/25/26
.
1,503
1,480
FW2217553.UP.FTS.B,
16.03%,
12/28/26
.
519
512
L1706122.UP.FTS.B,
26.74%,
1/13/27
....
264
19
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)
Upstart
Network,
Inc.
(continued)
L1611722.UP.FTS.B,
19.13%,
1/23/27
....
$
1,302
$
1,112
L1613957.UP.FTS.B,
19.33%,
1/24/27
....
1,628
1,612
L1616362.UP.FTS.B,
23.47%,
1/24/27
....
848
839
FW1613124.UP.FTS.B,
26.6%,
1/24/27
...
3,546
2,998
L1619050.UP.FTS.B,
15.55%,
1/25/27
....
543
539
FW1615921.UP.FTS.B,
28.4%,
1/25/27
...
2,989
2,963
L1699552.UP.FTS.B,
17.37%,
2/13/27
....
642
633
FW1705472.UP.FTS.B,
19.5%,
2/13/27
...
1,681
121
L1706613.UP.FTS.B,
27.15%,
2/13/27
....
2,022
1,491
L1611110.UP.FTS.B,
20.52%,
3/15/27
....
4,622
4,578
FW1881398.UP.FTS.B,
18.35%,
3/19/27
..
693
273
L1879248.UP.FTS.B,
19.71%,
3/19/27
....
1,352
1,094
FW1880356.UP.FTS.B,
28.86%,
3/19/27
..
534
528
FW1876421.UP.FTS.B,
26.08%,
3/27/27
..
1,372
1,357
L1991593.UP.FTS.B,
11.07%,
4/08/27
....
8,922
8,781
L1994627.UP.FTS.B,
11.81%,
4/08/27
....
1,037
752
L1998298.UP.FTS.B,
13.53%,
4/08/27
....
859
846
L1990886.UP.FTS.B,
17.65%,
4/08/27
....
1,565
1,547
FW1988366.UP.FTS.B,
30.88%,
4/08/27
..
1,280
1,260
FW1990513.UP.FTS.B,
31.11%,
4/08/27
..
1,831
1,803
L2071590.UP.FTS.B,
16.75%,
4/18/27
....
1,403
1,389
L2071288.UP.FTS.B,
18.9%,
4/18/27
....
785
778
L2074593.UP.FTS.B,
18.9%,
4/18/27
....
251
217
FW2075442.UP.FTS.B,
22.23%,
4/18/27
..
1,728
1,706
L2073235.UP.FTS.B,
22.81%,
4/18/27
....
1,631
1,611
L1993049.UP.FTS.B,
14.87%,
4/23/27
....
5,248
4,124
L2074730.UP.FTS.B,
20.02%,
5/01/27
....
1,308
892
L1988372.UP.FTS.B,
13.34%,
5/08/27
....
1,204
1,184
L2214144.UP.FTS.B,
11.27%,
5/09/27
....
717
707
L2218508.UP.FTS.B,
20.09%,
5/09/27
....
1,871
1,272
a
L2217598.UP.FTS.B,
23.52%,
5/09/27
....
3,771
275
L2198465.UP.FTS.B,
24.17%,
5/09/27
....
1,243
451
L2215729.UP.FTS.B,
25.13%,
5/09/27
....
3,727
3,661
a
L2216524.UP.FTS.B,
25.42%,
5/09/27
....
5,605
407
FW2218340.UP.FTS.B,
31.07%,
5/09/27
..
3,096
2,128
L2211511.UP.FTS.B,
12.64%,
5/10/27
....
14,350
9,267
a
L2218875.UP.FTS.B,
13.44%,
5/10/27
....
4,268
707
L2221125.UP.FTS.B,
15.5%,
5/10/27
.....
425
419
L2221797.UP.FTS.B,
19.44%,
5/10/27
....
3,059
3,014
FW2219211.UP.FTS.B,
31.11%,
5/10/27
..
1,749
1,725
FW1613781.UP.FTS.B,
20.91%,
6/24/27
..
43
43
FW2219804.UP.FTS.B,
10.44%,
7/10/27
..
1,642
120
L1704834.UP.FTS.B,
12.73%,
7/13/27
....
1,390
1,370
FW1705037.UP.FTS.B,
26.99%,
7/13/27
..
654
643
a
L1994793.UP.FTS.B,
11.1%,
9/08/27
.....
3,953
289
FW1991474.UP.FTS.B,
24.66%,
9/08/27
..
1,527
1,500
a
FW1998543.UP.FTS.B,
22.52%,
9/13/27
..
6,288
1,059
L2073937.UP.FTS.B,
18.46%,
9/18/27
....
2,977
2,949
FW1876728.UP.FTS.B,
23.57%,
9/19/27
..
1,410
102
a
L2217220.UP.FTS.B,
24.27%,
10/09/27
...
2,594
411
L2221936.UP.FTS.B,
13.59%,
10/10/27
...
952
939
FW2219137.UP.FTS.B,
32.32%,
10/10/27
.
3,097
218
L2074932.UP.FTS.B,
23.75%,
10/18/27
...
1,517
110
FW2075115.UP.FTS.B,
29.25%,
10/18/27
.
1,156
82
L1612245.UP.FTS.B,
7.13%,
8/23/36
....
87
86
L1612759.UP.FTS.B,
7.7%,
8/23/36
.....
111
109
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1612198.UP.FTS.B,
11.94%,
8/23/36
....
$
219
$
217
L1611961.UP.FTS.B,
21.45%,
8/23/36
....
151
150
L1612389.UP.FTS.B,
21.85%,
8/23/36
....
126
125
L1612867.UP.FTS.B,
25.04%,
8/23/36
....
53
53
FW1612948.UP.FTS.B,
30.7%,
8/23/36
...
331
327
L1613779.UP.FTS.B,
8.38%,
8/24/36
....
292
289
L1614080.UP.FTS.B,
9.53%,
8/24/36
....
119
107
FW1614076.UP.FTS.B,
14.66%,
8/24/36
..
181
179
L1617004.UP.FTS.B,
16.62%,
8/24/36
....
152
151
FW1613769.UP.FTS.B,
16.69%,
8/24/36
..
116
115
L1614751.UP.FTS.B,
17.63%,
8/24/36
....
289
286
L1614375.UP.FTS.B,
18.88%,
8/24/36
....
205
203
L1616929.UP.FTS.B,
19.05%,
8/24/36
....
258
256
L1613574.UP.FTS.B,
19.14%,
8/24/36
....
77
76
L1613128.UP.FTS.B,
21.09%,
8/24/36
....
1,329
1,316
FW1617548.UP.FTS.B,
21.5%,
8/24/36
...
130
129
FW1616680.UP.FTS.B,
21.59%,
8/24/36
..
323
319
L1617314.UP.FTS.B,
23.08%,
8/24/36
....
37
37
FW1614723.UP.FTS.B,
23.32%,
8/24/36
..
420
415
a
L1617338.UP.FTS.B,
23.46%,
8/24/36
....
286
72
a
L1617363.UP.FTS.B,
23.46%,
8/24/36
....
1,355
97
L1599086.UP.FTS.B,
24.44%,
8/24/36
....
129
127
L1617884.UP.FTS.B,
24.99%,
8/24/36
....
34
34
L1617253.UP.FTS.B,
25.15%,
8/24/36
....
409
404
FW1591289.UP.FTS.B,
25.18%,
8/24/36
..
100
99
L1613599.UP.FTS.B,
25.21%,
8/24/36
....
74
73
L1616132.UP.FTS.B,
25.25%,
8/24/36
....
35
35
L1614231.UP.FTS.B,
25.4%,
8/24/36
....
56
56
FW1618114.UP.FTS.B,
25.78%,
8/24/36
..
96
95
FW1613869.UP.FTS.B,
30.42%,
8/24/36
..
43
42
FW1614110.UP.FTS.B,
32.03%,
8/24/36
..
34
30
L1619126.UP.FTS.B,
9.43%,
8/25/36
....
210
208
L1620125.UP.FTS.B,
15.38%,
8/25/36
....
24
24
FW1619065.UP.FTS.B,
16.98%,
8/25/36
..
622
617
L1620043.UP.FTS.B,
17.72%,
8/25/36
....
1
1
L1620763.UP.FTS.B,
23.08%,
8/25/36
....
149
148
L1620526.UP.FTS.B,
23.25%,
8/25/36
....
58
57
a
L1621031.UP.FTS.B,
25.07%,
8/25/36
....
912
90
L1619585.UP.FTS.B,
25.33%,
8/25/36
....
213
211
FW1620759.UP.FTS.B,
25.44%,
8/25/36
..
118
117
225,916
Total
Marketplace
Loans
(Cost
$6,270,859
)
.......................
$844,517
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
b
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Total
Return
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
151
At
July
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
At
July
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
31
$
4,069,512
9/08/26
$
29,342
Euro-Bund
.................................
Short
31
4,445,578
9/08/26
51,658
U.S.
Treasury
2
Year
Notes
.....................
Long
562
115,552,469
9/30/26
(
161,894
)
U.S.
Treasury
5
Year
Notes
.....................
Long
1,771
187,684,493
9/30/26
(
1,403,778
)
U.S.
Treasury
Long
Bonds
.....................
Long
898
97,264,625
9/21/26
(
4,396,625
)
U.S.
Treasury
Ultra
Bonds
......................
Long
802
87,969,375
9/21/26
(
1,995,944
)
Total
Futures
Contracts
......................................................................
$(7,877,241)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
JPHQ
Buy
113,000
129,588
10/13/26
$
1,088
$
—
Euro
.............
JPHQ
Sell
8,007,000
9,178,792
10/13/26
—
(
80,734
)
Total
Forward
Exchange
Contracts
...................................................
$1,088
$(80,734)
Net
unrealized
appreciation
(depreciation)
............................................
$(79,646)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Investors
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
152
At
July
31,
2026
,
the
Fund
had
the
following credit
default
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
11,990,000
$
959,365
$
553,321
$
406,044
Non-
Investment
Grade
CDX.NA.HY.46
.
5.00%
Quarterly
6/20/31
26,200,000
2,106,837
1,283,466
823,371
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$3,066,202
$1,836,787
$1,229,415
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CDX.NA.HY.45
.
(5.00)%
Quarterly
CITI
12/20/30
10,900,000
(
1,605,424
)
(
1,431,183
)
(
174,241
)
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.39
.
5.00%
Quarterly
JPHQ
12/20/27
16,900,000
1,097,738
330,493
767,245
Non-
Investment
Grade
CDX.NA.IG.41
..
1.00%
Quarterly
CITI
12/20/28
31,300,000
366,927
(
499,899
)
866,826
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(140,759)
$(1,600,589)
$1,459,830
Total
Credit
Default
Swap
Contracts
....................................
$2,925,443
$
236,198
$2,689,245
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)
Franklin
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
153
At
July
31,
2026
,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
A
bbreviations
on
page
166
.
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
4.04%
....
Annual
9/16/28
529,072,000
$
1,222,475
$
(
531,620
)
$
1,754,095
Receive
Fixed
4.02%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/31
150,707,000
(
913,445
)
(
401,975
)
(
511,470
)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.06%
....
Annual
9/16/33
178,404,000
1,618,461
592,871
1,025,590
Receive
Fixed
4.16%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/36
10,517,000
(
127,927
)
(
90,637
)
(
37,290
)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.3%
.....
Annual
9/16/56
25,747,000
840,677
(
17,399
)
858,076
Total
Interest
Rate
Swap
Contracts
.................................
$2,640,241
$
(
448,760
)
$3,089,001
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
154
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Investors
Securities
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eight
separate
funds
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities,
exchange
traded
funds,
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively. Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
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)
155
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.
Restricted
Securities
At
July
31,
2026,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
4. Unfunded
Loan
Commitments
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Funds
are
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules of
Investments.
At
July
31,
2026,
unfunded
commitments
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Floating
Rate
Daily
Access
Fund
26,267
RoTech
Medical
Corp.
........................
4/15/26
$
—
$
52,534
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
..............
$—
$52,534
†
Rounds
to
less
than
0.1%
of
net
assets.
Borrower
Unfunded
Commitment
Franklin
Floating
Rate
Daily
Access
Fund
Azuria
Water
Solutions,
Inc.
$
408,669
CoreWeave,
Inc.
395,692
Dwyer
Instruments
LLC
230,314
First
Eagle
Holdings,
Inc.
853,964
Signia
Aerospace
LLC
91,365
US
Fertility
Enterprises
LLC
179,158
$
2,159,162
Borrower
Unfunded
Commitment
Franklin
Low
Duration
Total
Return
Fund
CoreWeave,
Inc.
$
32,974
Borrower
Unfunded
Commitment
Franklin
Total
Return
Fund
CoreWeave,
Inc.
$
89,031
2. Financial
Instrument
Valuation
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
156
Quarterly
Schedules
of
Investments
5.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
July
31,
2026,
investments
in
“affiliated
companies”
were
as
follows:
6.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
July
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
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
$
783,945
UTEX
Industries,
Inc.,
2/20/49
...........
—
—
—
—
—
—
b
—
—
Total
Affiliated
Securities
(Value
at
End
of
Period
is
—%
of
Net
Assets)
.
$13,563,095
$—
$—
$—
$—
$—
$783,945
a
As
of
July
31,
2026,
no
longer
an
affiliate.
b
As
of
July
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,
3.618%
............
$49,034,508
$620,502,564
$(605,742,781)
$—
$—
$63,794,291
63,794,291
$2,056,686
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$—
$52,081,000
$(52,081,000)
$—
$—
$—
—
$31,415
Total
Affiliated
Securities
...
$49,034,508
$672,583,564
$(657,823,781)
$—
$—
$63,794,291
$2,088,101
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
157
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,
3.618%
............
$124,434,549
$1,284,875,671
$(1,306,078,873)
$—
$—
$103,231,347
103,231,347
$2,627,728
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$—
$7,935,000
$(7,935,000)
$—
$—
$—
—
$1,413
Total
Affiliated
Securities
...
$124,434,549
$1,292,810,671
$(1,314,013,873)
$—
$—
$103,231,347
$2,629,141
Franklin
Floating
Rate
Daily
Access
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$131,025,960
$275,971,259
$(306,313,948)
$—
$—
$100,683,271
100,683,271
$2,913,619
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$11,779,000
$46,536,000
$(58,315,000)
$—
$—
$—
—
$104,842
Total
Affiliated
Securities
...
$142,804,960
$322,507,259
$(364,628,948)
$—
$—
$100,683,271
$3,018,461
Franklin
Long
Duration
Credit
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$562,275
$14,484,391
$(14,148,814)
$—
$—
$897,852
897,852
$10,345
Total
Affiliated
Securities
...
$562,275
$14,484,391
$(14,148,814)
$—
$—
$897,852
$10,345
Franklin
Low
Duration
Total
Return
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$49,372,645
$695,104,059
$(686,926,428)
$—
$—
$57,550,276
57,550,276
$1,898,253
6.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
158
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)
Franklin
Ultra
Short
Bond
ETF
.
$—
$36,752,841
$—
$—
$59,061
$36,811,902
1,469,537
$148,172
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$2,574,000
$1,373,000
$(3,947,000)
$—
$—
$—
—
$5,729
Total
Affiliated
Securities
...
$51,946,645
$733,229,900
$(690,873,428)
$—
$59,061
$94,362,178
$2,052,154
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$18,214,577
$99,379,524
$(99,444,349)
$—
$—
$18,149,752
18,149,752
$491,629
Total
Affiliated
Securities
...
$18,214,577
$99,379,524
$(99,444,349)
$—
$—
$18,149,752
$491,629
Franklin
Managed
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$5,072,858
$661,179,842
$(646,914,659)
$—
$—
$19,338,041
19,338,041
$806,135
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$2,731,000
$9,073,000
$(11,804,000)
$—
$—
$—
—
$6,414
Total
Affiliated
Securities
...
$7,803,858
$670,252,842
$(658,718,659)
$—
$—
$19,338,041
$812,549
Franklin
Total
Return
Fund
Non-Controlled
Affiliates
Dividends
Franklin
BSP
Lending
Fund,
Class
R6
...............
$—
$13,583,052
$—
$—
$(66,780)
$13,516,272
1,335,600
$97,843
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
49,990,332
821,944,123
(813,829,369)
—
—
58,105,086
58,105,086
2,304,660
6.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
159
Quarterly
Schedules
of
Investments
7. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
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)
Franklin
Ultra
Short
Bond
ETF
.
$—
$54,696,697
$—
$—
$89,407
$54,786,104
2,187,070
$223,088
Total
Non-Controlled
Affiliates
$49,990,332
$890,223,872
$(813,829,369)
$—
$22,627
$126,407,462
$2,625,591
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$—
$2,617,000
$(2,617,000)
$—
$—
$—
—
$3,060
Total
Affiliated
Securities
...
$49,990,332
$892,840,872
$(816,446,369)
$—
$22,627
$126,407,462
$2,628,651
Level
1
Level
2
Level
3
Total
Franklin
Convertible
Securities
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
51,616,736
$
—
$
—
$
51,616,736
Convertible
Preferred
Stocks
................
698,459,187
—
—
698,459,187
Convertible
Bonds
.......................
—
2,244,174,981
—
2,244,174,981
Short
Term
Investments
...................
63,794,291
—
—
63,794,291
Total
Investments
in
Securities
...........
$813,870,214
$2,244,174,981
$—
$3,058,045,195
6.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
160
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Equity
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
4,140,364,028
$
—
$
—
$
4,140,364,028
Equity-Linked
Securities
...................
—
495,589,137
—
495,589,137
Convertible
Preferred
Stocks
................
311,188,700
—
—
311,188,700
Short
Term
Investments
...................
103,231,347
—
—
103,231,347
Total
Investments
in
Securities
...........
$4,554,784,075
$495,589,137
$—
$5,050,373,212
Franklin
Floating
Rate
Daily
Access
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
—
—
9,494,277
9,494,277
Management
Investment
Companies
.........
12,504,575
—
—
12,504,575
Corporate
Bonds
........................
—
62,476,333
—
62,476,333
Senior
Floating
Rate
Interests
...............
—
975,400,627
18,346,072
993,746,699
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
100,683,271
—
—
100,683,271
Total
Investments
in
Securities
...........
$113,187,846
$1,037,876,960
$27,840,349
$1,178,905,155
Other
Financial
Instruments:
Unfunded
Loan
Commitments
..............
$—
$8,919
$—
$8,919
Total
Other
Financial
Instruments
.........
$—
$8,919
$—
$8,919
Franklin
Long
Duration
Credit
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
53,007,433
—
53,007,433
Foreign
Government
and
Agency
Securities
....
—
3,159,075
—
3,159,075
U.S.
Government
and
Agency
Securities
.......
—
1,656,852
—
1,656,852
Municipal
Bonds
.........................
—
2,147,222
—
2,147,222
Short
Term
Investments
...................
897,852
—
—
897,852
Total
Investments
in
Securities
...........
$897,852
$59,970,582
$—
$60,868,434
Franklin
Low
Duration
Total
Return
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
—
—
333,391
333,391
Management
Investment
Companies
.........
36,811,902
—
—
36,811,902
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
20,089,451
—
20,089,451
Automobiles
..........................
—
3,996,935
—
3,996,935
Banks
...............................
—
152,732,673
—
152,732,673
Beverages
...........................
—
6,869,804
—
6,869,804
Biotechnology
.........................
—
1,570,809
—
1,570,809
Broadline
Retail
.......................
—
7,227,942
—
b
7,227,942
Building
Products
......................
—
8,554,436
—
8,554,436
Capital
Markets
........................
—
37,297,935
—
37,297,935
Chemicals
...........................
—
3,412,752
—
3,412,752
Commercial
Services
&
Supplies
...........
—
2,058,674
—
2,058,674
Communications
Equipment
..............
—
3,077,443
—
3,077,443
Consumer
Finance
.....................
—
37,287,906
—
37,287,906
Consumer
Staples
Distribution
&
Retail
......
—
1,166,916
—
1,166,916
Containers
&
Packaging
.................
—
1,185,239
—
1,185,239
Diversified
REITs
......................
—
5,529,735
—
5,529,735
Diversified
Telecommunication
Services
.....
—
4,115,151
—
4,115,151
Electric
Utilities
........................
—
22,343,782
—
22,343,782
Electrical
Equipment
....................
—
5,522,502
—
5,522,502
7. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
161
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)
Electronic
Equipment,
Instruments
&
Components
........................
$
—
$
1,375,841
$
—
$
1,375,841
Energy
Equipment
&
Services
.............
—
1,637,666
—
1,637,666
Entertainment
.........................
—
4,378,072
—
4,378,072
Financial
Services
......................
—
15,486,513
—
15,486,513
Food
Products
........................
—
12,634,625
—
12,634,625
Ground
Transportation
..................
—
4,145,020
—
4,145,020
Health
Care
Equipment
&
Supplies
.........
—
20,950,864
—
20,950,864
Health
Care
Providers
&
Services
..........
—
24,880,034
—
24,880,034
Health
Care
REITs
.....................
—
970,824
—
970,824
Health
Care
Technology
.................
—
3,391,588
—
3,391,588
Hotel
&
Resort
REITs
...................
—
1,176,353
—
1,176,353
Hotels,
Restaurants
&
Leisure
.............
—
21,957,116
—
21,957,116
Household
Durables
....................
—
16,007,927
—
16,007,927
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
10,865,622
—
10,865,622
Insurance
............................
—
59,443,038
—
59,443,038
Interactive
Media
&
Services
..............
—
9,431,488
—
9,431,488
Leisure
Products
.......................
—
3,921,044
—
3,921,044
Life
Sciences
Tools
&
Services
............
—
2,494,035
—
2,494,035
Machinery
............................
—
1,799,058
—
1,799,058
Media
...............................
—
4,699,337
—
4,699,337
Metals
&
Mining
.......................
—
7,580,037
—
7,580,037
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
2,796,741
—
2,796,741
Multi-Utilities
..........................
—
10,115,402
—
10,115,402
Oil,
Gas
&
Consumable
Fuels
.............
—
22,171,192
—
22,171,192
Paper
&
Forest
Products
.................
—
2,633,548
—
2,633,548
Passenger
Airlines
.....................
—
1,099,448
—
1,099,448
Personal
Care
Products
.................
—
7,648,823
—
7,648,823
Pharmaceuticals
.......................
—
21,906,672
—
21,906,672
Residential
REITs
......................
—
1,583,322
—
1,583,322
Semiconductors
&
Semiconductor
Equipment
.
—
20,212,807
—
20,212,807
Software
.............................
—
11,092,952
—
11,092,952
Specialized
REITs
......................
—
5,652,570
—
5,652,570
Specialty
Retail
........................
—
9,182,693
—
9,182,693
Technology
Hardware,
Storage
&
Peripherals
.
—
772,061
—
772,061
Tobacco
.............................
—
10,276,721
—
10,276,721
Trading
Companies
&
Distributors
..........
—
6,298,842
—
6,298,842
Wireless
Telecommunication
Services
.......
—
7,369,113
—
7,369,113
Senior
Floating
Rate
Interests
...............
—
40,803,461
2,645,005
43,448,466
Marketplace
Loans
.......................
—
—
1,439,955
b
1,439,955
Foreign
Government
and
Agency
Securities
....
—
44,230,067
—
44,230,067
U.S.
Government
and
Agency
Securities
.......
—
258,769,247
—
258,769,247
Asset-Backed
Securities
...................
—
295,930,140
—
295,930,140
Commercial
Mortgage-Backed
Securities
......
—
80,472,379
—
80,472,379
Mortgage-Backed
Securities
................
—
17,434,622
—
17,434,622
Residential
Mortgage-Backed
Securities
.......
—
131,733,992
—
131,733,992
Agency
Commercial
Mortgage-Backed
Securities
—
142,642,285
—
142,642,285
Municipal
Bonds
.........................
—
8,235,876
—
8,235,876
Escrows
and
Litigation
Trusts
...............
—
—
968
b
968
Short
Term
Investments
...................
57,550,276
—
—
57,550,276
Total
Investments
in
Securities
...........
$94,362,178
$1,714,331,163
$4,419,319
$1,813,112,660
7. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
162
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Low
Duration
Total
Return
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Futures
Contracts
.......................
$50,570
$—
$—
$50,570
Swap
Contracts
.........................
—
4,091,158
—
4,091,158
Unfunded
Loan
Commitments
..............
—
347
—
347
Total
Other
Financial
Instruments
.........
$50,570
$4,091,505
$—
$4,142,075
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$2,383
$—
$2,383
Forward
Exchange
Contracts
...............
—
35,079
—
35,079
Futures
Contracts
........................
3,158,261
—
—
3,158,261
Swap
Contracts
.........................
—
985,904
—
985,904
Total
Other
Financial
Instruments
.........
$3,158,261
$1,023,366
$—
$4,181,627
Franklin
Low
Duration
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
a
U.S.
Government
and
Agency
Securities
.......
—
115,655,936
—
115,655,936
Mortgage-Backed
Securities
................
—
164,451,975
—
164,451,975
Agency
Commercial
Mortgage-Backed
Securities
—
73,249,038
—
73,249,038
Short
Term
Investments
...................
18,149,752
—
—
18,149,752
Total
Investments
in
Securities
...........
$18,149,752
$353,356,949
$—
$371,506,701
Other
Financial
Instruments:
Futures
Contracts
.......................
$133,423
$—
$—
$133,423
Total
Other
Financial
Instruments
.........
$133,423
$—
$—
$133,423
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Futures
Contracts
........................
$488,426
$—
$—
$488,426
Total
Other
Financial
Instruments
.........
$488,426
$—
$—
$488,426
Franklin
Managed
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
1,333,666,542
—
—
1,333,666,542
Equity-Linked
Securities
...................
—
167,718,089
—
167,718,089
Convertible
Preferred
Stocks
................
119,617,900
—
—
119,617,900
Corporate
Bonds
........................
—
1,186,583,958
—
1,186,583,958
U.S.
Government
and
Agency
Securities
.......
—
115,716,885
—
115,716,885
Asset-Backed
Securities
...................
—
31,677,567
—
31,677,567
Mortgage-Backed
Securities
................
—
404,318,439
—
404,318,439
Short
Term
Investments
...................
19,338,041
59,761,741
—
79,099,782
Total
Investments
in
Securities
...........
$1,472,622,483
$1,965,776,679
$—
$3,438,399,162
Franklin
Total
Return
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Energy
Equipment
&
Services
.............
192,828
—
—
192,828
Machinery
............................
—
—
174,969
174,969
7. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
163
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Total
Return
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Management
Investment
Companies
.........
$
68,302,375
$
—
$
—
$
68,302,375
Preferred
Stocks
.........................
2,541,690
—
—
2,541,690
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
39,829,959
—
39,829,959
Automobile
Components
.................
—
1,991,240
—
1,991,240
Automobiles
..........................
—
5,501,075
—
5,501,075
Banks
...............................
—
168,105,249
—
168,105,249
Beverages
...........................
—
1,417,788
—
1,417,788
Biotechnology
.........................
—
27,314,936
—
27,314,936
Broadline
Retail
.......................
—
8,502,899
—
b
8,502,899
Building
Products
......................
—
8,201,596
—
8,201,596
Capital
Markets
........................
—
74,157,730
—
74,157,730
Chemicals
...........................
—
6,766,972
—
6,766,972
Commercial
Services
&
Supplies
...........
—
10,262,733
—
10,262,733
Communications
Equipment
..............
—
15,111,969
—
15,111,969
Construction
Materials
..................
—
831,385
—
831,385
Consumer
Finance
.....................
—
36,535,634
—
36,535,634
Consumer
Staples
Distribution
&
Retail
......
—
8,343,749
—
8,343,749
Containers
&
Packaging
.................
—
2,530,263
—
2,530,263
Diversified
REITs
......................
—
12,900,612
—
12,900,612
Diversified
Telecommunication
Services
.....
—
31,772,513
—
31,772,513
Electric
Utilities
........................
—
83,143,788
—
83,143,788
Electrical
Equipment
....................
—
7,001,413
—
7,001,413
Electronic
Equipment,
Instruments
&
Components
........................
—
11,536,719
—
11,536,719
Energy
Equipment
&
Services
.............
—
8,563,215
—
8,563,215
Entertainment
.........................
—
3,235,110
—
3,235,110
Financial
Services
......................
—
25,429,505
—
25,429,505
Food
Products
........................
—
19,386,049
—
19,386,049
Ground
Transportation
..................
—
9,236,162
—
9,236,162
Health
Care
Equipment
&
Supplies
.........
—
11,760,951
—
11,760,951
Health
Care
Providers
&
Services
..........
—
58,663,105
—
58,663,105
Health
Care
Technology
.................
—
6,447,564
—
6,447,564
Hotel
&
Resort
REITs
...................
—
6,004,412
—
6,004,412
Hotels,
Restaurants
&
Leisure
.............
—
18,047,209
—
18,047,209
Household
Durables
....................
—
3,455,288
—
3,455,288
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
16,216,407
—
16,216,407
Insurance
............................
—
58,675,250
—
58,675,250
Interactive
Media
&
Services
..............
—
2,123,168
—
2,123,168
IT
Services
...........................
—
4,695,043
—
4,695,043
Leisure
Products
.......................
—
2,651,632
—
2,651,632
Life
Sciences
Tools
&
Services
............
—
1,489,478
—
1,489,478
Machinery
............................
—
4,463,396
—
4,463,396
Media
...............................
—
25,187,244
—
25,187,244
Metals
&
Mining
.......................
—
11,657,411
—
11,657,411
Multi-Utilities
..........................
—
21,681,807
—
21,681,807
Oil,
Gas
&
Consumable
Fuels
.............
—
114,065,192
—
114,065,192
Paper
&
Forest
Products
.................
—
3,778,939
—
3,778,939
Passenger
Airlines
.....................
—
6,252,966
—
6,252,966
Personal
Care
Products
.................
—
5,902,086
—
5,902,086
Pharmaceuticals
.......................
—
33,515,440
—
33,515,440
Semiconductors
&
Semiconductor
Equipment
.
—
24,772,171
—
24,772,171
Software
.............................
—
19,679,736
—
19,679,736
7. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
164
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)
Specialized
REITs
......................
$
—
$
22,308,835
$
—
$
22,308,835
Technology
Hardware,
Storage
&
Peripherals
.
—
11,990,757
—
11,990,757
Textiles,
Apparel
&
Luxury
Goods
..........
—
2,222,561
—
2,222,561
Tobacco
.............................
—
11,343,463
—
11,343,463
Trading
Companies
&
Distributors
..........
—
17,618,144
—
17,618,144
Wireless
Telecommunication
Services
.......
—
23,971,535
—
23,971,535
Senior
Floating
Rate
Interests
...............
—
98,868,107
7,247,171
106,115,278
Marketplace
Loans
.......................
—
—
844,517
844,517
Foreign
Government
and
Agency
Securities
....
—
74,415,543
—
74,415,543
U.S.
Government
and
Agency
Securities
.......
—
166,901,814
—
166,901,814
Asset-Backed
Securities
...................
—
425,116,230
—
425,116,230
Commercial
Mortgage-Backed
Securities
......
—
150,139,062
—
150,139,062
Mortgage-Backed
Securities
................
—
695,885,224
—
695,885,224
Residential
Mortgage-Backed
Securities
.......
—
96,155,954
—
96,155,954
Agency
Commercial
Mortgage-Backed
Securities
—
115,378,415
—
115,378,415
Municipal
Bonds
.........................
—
41,611,382
—
41,611,382
Escrows
and
Litigation
Trusts
...............
—
—
2,260
b
2,260
Options
Purchased
.......................
—
1,190,902
—
1,190,902
Short
Term
Investments
...................
58,105,086
—
—
58,105,086
Total
Investments
in
Securities
...........
$129,141,979
$3,043,914,086
$8,268,917
$3,181,324,982
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$1,088
$—
$1,088
Futures
Contracts
.......................
81,000
—
—
81,000
Swap
Contracts
.........................
—
6,501,247
—
6,501,247
Unfunded
Loan
Commitments
..............
—
937
—
937
Total
Other
Financial
Instruments
.........
$81,000
$6,503,272
$—
$6,584,272
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$932,821
$—
$932,821
Forward
Exchange
Contracts
...............
—
80,734
—
80,734
Futures
Contracts
........................
7,958,241
—
—
7,958,241
Swap
Contracts
.........................
—
723,001
—
723,001
Total
Other
Financial
Instruments
.........
$7,958,241
$1,736,556
$—
$9,694,797
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
7. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
165
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 July
31,
2026,
the
reconciliation
is
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Daily
Access
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Health
Care
Providers
&
Services
........
$
—
$
—
d
$
—
$
—
$
—
$
—
$
—
$
52,534
$
52,534
$
52,534
Machinery
.........
13,563,095
—
—
—
—
—
—
(4,121,352)
9,441,743
(4,121,352)
Warrants
:
Machinery
.........
—
d
—
—
d
—
—
—
—
—
—
—
Senior
Floating
Rate
Interests
:
Containers
&
Packaging
682,367
41,557
(811,914)
—
—
15,967
42,800
29,223
—
—
Electronic
Equipment,
Instruments
&
Components
.....
—
1,797,603
(9,474)
1,272,746
—
29
—
16,477
3,077,381
16,523
Hotels,
Restaurants
&
Leisure
.........
—
1,401,871
—
—
—
—
—
7,027
1,408,898
7,027
Machinery
.........
—
1,108,333
—
—
—
—
—
5,556
1,113,889
5,556
Software
..........
—
—
(113,666)
11,502,048
—
3,934
832
(117,158)
11,275,990
(112,110)
Water
Utilities
......
—
—
(3,679)
1,478,205
—
317
8
(4,937)
1,469,914
(4,595)
Escrows
and
Litigation
Trusts
:
84,123
—
d
(138,70
8
)
—
—
—
138,708
(84,12
3
)
—
d
—
Total
Investments
in
Securities
............
$14,329,585
$4,349,364
$(1,077,441)
$14,252,999
$—
$20,247
$182,348
$(4,216,753)
$27,840,349
$(4,156,417)
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
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Floating
Rate
Daily
Access
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Machinery
.
.
.
.
.
.
.
.
.
$9,441,743
Market
comparables
Discount
for
lack
of
marketability
11.4%
Decrease
EV
/
EBITDA
multiple
6.6x
Increase
Projected
EBITDA
$29.0
million
Increase
All
Other
Investments
.
.
.
.
18,398,606
b,c
Total
.
.
.
.
.
.
.
.
.
.
.
.
.
.
............
$27,840,349
7. Fair
Value
Measurements
(continued)
Franklin
Investors
Securities
Trust
Notes
to
Schedules
of
Investments
(unaudited)
166
Quarterly
Schedules
of
Investments
Abbreviations
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.
Abbreviations
List
EBITDA
-
Earnings
before
interest,
taxes,
depreciation
and
amortization
EV
-
Enterprise
value
Counterparty
BOFA
Bank
of
America
NA
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
JPHQ
JPMorgan
Chase
Bank
NA
Cu
r
rency
EUR
Euro
USD
United
States
Dollar
Index
CDX.NA.HY
CDX
North
America
High
Yield
Index
CDX.NA.IG
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
........................
3.66%
3-month
EURIBOR
...................
2.48%
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
EURIBOR
Euro
Inter-Bank
Offer
Rate
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
NATL
National
Reinsurance
Corp.
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
7. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.