# EDGAR Filing Document

**Accession Number:** 0000809707
**File Stem:** 0001133228-26-009714
**Filing Date:** 2026-6
**Character Count:** 1074560
**Document Hash:** ccec0b8bd01217f2c3e1e4bc38665596
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009714.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001133228-26-009714

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**EFFECTIVENESS DATE**: 20260629

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Investors Securities Trust
- **CENTRAL INDEX KEY:** 0000809707

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04986
- **FILM NUMBER:** 261133761

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2200

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN INVESTORS SECURITIES TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FRANKLIN LOW DURATION U.S. GOVERNMENT SECURITIES FUND (Series ID: S000006850)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018509 | Class A       | FISAX           |
| C000018510 | Class C       | FCSCX           |
| C000064441 | Advisor Class | FAUZX           |
| C000133492 | Class R6      | FAURX           |
| C000140480 | Class A1      | FAUGX           |

### FRANKLIN CONVERTIBLE SECURITIES FUND (Series ID: S000006851)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018511 | Class A       | FISCX           |
| C000018512 | Class C       | FROTX           |
| C000064442 | Advisor Class | FCSZX           |
| C000141439 | Class R6      | FCSKX           |

### FRANKLIN EQUITY INCOME FUND (Series ID: S000006852)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018513 | Class A       | FISEX           |
| C000018515 | Class C       | FRETX           |
| C000018516 | Class R       | FREIX           |
| C000064443 | Advisor Class | FEIFX           |
| C000128878 | Class R6      | FEIQX           |

### FRANKLIN FLOATING RATE DAILY ACCESS FUND (Series ID: S000006853)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018517 | Class A       | FAFRX           |
| C000018519 | Class C       | FCFRX           |
| C000018520 | Advisor Class | FDAAX           |
| C000128879 | Class R6      | FFRDX           |

### FRANKLIN LOW DURATION TOTAL RETURN FUND (Series ID: S000006855)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018523 | Class A       | FLDAX           |
| C000064444 | Advisor Class | FLDZX           |
| C000120960 | Class C       | FLDCX           |
| C000128881 | Class R6      | FLRRX           |
| C000215060 | Class R       | FLPRX           |

### FRANKLIN TOTAL RETURN FUND (Series ID: S000006857)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018526 | Class A       | FKBAX           |
| C000018528 | Class C       | FCTLX           |
| C000018529 | Advisor Class | FBDAX           |
| C000018530 | Class R       | FTRRX           |
| C000128883 | Class R6      | FRERX           |

### Franklin Managed Income Fund (Series ID: S000012705)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034238 | Class A       | FBLAX           |
| C000034239 | Class C       | FBMCX           |
| C000034240 | Class R       | FBFQX           |
| C000034241 | Advisor Class | FBFZX           |
| C000128884 | Class R6      | FBFRX           |

### Franklin Long Duration Credit Fund (Series ID: S000081420)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000244290 | Class R6     | FLDBX           |

?xml version='1.0' encoding='ASCII'? 2026-05-2074200010500_FranklinConvertibleSecuritiesFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-04986**

**Franklin Investors Securities Trust** 

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway,

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **October 31**

Date of reporting period: **April 30, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Convertible Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FISCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Convertible Securities Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $42 | 0.83% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2954299347 |
| **Total Number of Portfolio Holdings** | 74 |
| **Portfolio Turnover Rate** | 5.54% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7496img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Convertible Securities Fund PAGE 1 137-STSR-0626

73.821.80.24.2 ------

---

| | |
|:---|:---|
| **Franklin Convertible Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FROTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Convertible Securities Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $80 | 1.57% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2954299347 |
| **Total Number of Portfolio Holdings** | 74 |
| **Portfolio Turnover Rate** | 5.54% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7498img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Convertible Securities Fund PAGE 1 237-STSR-0626

73.821.80.24.2 ------

---

| | |
|:---|:---|
| **Franklin Convertible Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FCSKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Convertible Securities Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $26 | 0.50% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2954299347 |
| **Total Number of Portfolio Holdings** | 74 |
| **Portfolio Turnover Rate** | 5.54% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7499img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Convertible Securities Fund PAGE 1 837-STSR-0626

73.821.80.24.2 ------

---

| | |
|:---|:---|
| **Franklin Convertible Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCSZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Convertible Securities Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $30 | 0.58% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2954299347 |
| **Total Number of Portfolio Holdings** | 74 |
| **Portfolio Turnover Rate** | 5.54% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7495img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Convertible Securities Fund PAGE 1 637-STSR-0626

73.821.80.24.2 ------

---

| | |
|:---|:---|
| **Franklin Equity Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FISEX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Equity Income Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $42 | 0.81% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4826532503 |
| **Total Number of Portfolio Holdings** | 89 |
| **Portfolio Turnover Rate** | 23.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7490img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Equity Income Fund PAGE 1 139-STSR-0626

20.314.711.610.48.37.36.76.75.34.32.22.2 ------

---

| | |
|:---|:---|
| **Franklin Equity Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRETX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Equity Income Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $81 | 1.56% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4826532503 |
| **Total Number of Portfolio Holdings** | 89 |
| **Portfolio Turnover Rate** | 23.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7489img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Equity Income Fund PAGE 1 239-STSR-0626

20.314.711.610.48.37.36.76.75.34.32.22.2 ------

---

| | |
|:---|:---|
| **Franklin Equity Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FREIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Equity Income Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $55 | 1.06% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4826532503 |
| **Total Number of Portfolio Holdings** | 89 |
| **Portfolio Turnover Rate** | 23.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7487img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Equity Income Fund PAGE 1 839-STSR-0626

20.314.711.610.48.37.36.76.75.34.32.22.2 ------

---

| | |
|:---|:---|
| **Franklin Equity Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FEIQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Equity Income Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $26 | 0.50% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4826532503 |
| **Total Number of Portfolio Holdings** | 89 |
| **Portfolio Turnover Rate** | 23.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7488img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Equity Income Fund PAGE 1 369-STSR-0626

20.314.711.610.48.37.36.76.75.34.32.22.2 ------

---

| | |
|:---|:---|
| **Franklin Equity Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FEIFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Equity Income Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $29 | 0.56% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4826532503 |
| **Total Number of Portfolio Holdings** | 89 |
| **Portfolio Turnover Rate** | 23.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7491img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Equity Income Fund PAGE 1 639-STSR-0626

20.314.711.610.48.37.36.76.75.34.32.22.2 ------

---

| | |
|:---|:---|
| **Franklin Floating Rate Daily Access Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FAFRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Floating Rate Daily Access Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $47 | 0.95% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1194366972 |
| **Total Number of Portfolio Holdings** | 273 |
| **Portfolio Turnover Rate** | 13.94% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7480img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Floating Rate Daily Access Fund PAGE 1 489-STSR-0626

85.16.21.01.00.06.7 ------

---

| | |
|:---|:---|
| **Franklin Floating Rate Daily Access Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCFRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Floating Rate Daily Access Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $67 | 1.35% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1194366972 |
| **Total Number of Portfolio Holdings** | 273 |
| **Portfolio Turnover Rate** | 13.94% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7479img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Floating Rate Daily Access Fund PAGE 1 589-STSR-0626

85.16.21.01.00.06.7 ------

---

| | |
|:---|:---|
| **Franklin Floating Rate Daily Access Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FFRDX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Floating Rate Daily Access Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $31 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1194366972 |
| **Total Number of Portfolio Holdings** | 273 |
| **Portfolio Turnover Rate** | 13.94% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7478img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Floating Rate Daily Access Fund PAGE 1 389-STSR-0626

85.16.21.01.00.06.7 ------

---

| | |
|:---|:---|
| **Franklin Floating Rate Daily Access Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FDAAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Floating Rate Daily Access Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $35 | 0.70% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1194366972 |
| **Total Number of Portfolio Holdings** | 273 |
| **Portfolio Turnover Rate** | 13.94% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7481img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Floating Rate Daily Access Fund PAGE 1 689-STSR-0626

85.16.21.01.00.06.7 ------

---

| | |
|:---|:---|
| **Franklin Long Duration Credit Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLDBX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Long Duration Credit Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $15 | 0.30% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $62174186 |
| **Total Number of Portfolio Holdings** | 352 |
| **Portfolio Turnover Rate** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7477img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Long Duration Credit Fund PAGE 1 814-STSR-0626

90.34.73.71.20.1 ------

---

| | |
|:---|:---|
| **Franklin Low Duration Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLDAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Low Duration Total Return Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $33 | 0.66% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1857826709 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 769 |
| **Portfolio Turnover Rate** | 33.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7473img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 1 | 401-STSR-0626 |

---

35.219.216.27.57.34.82.32.31.00.30.10.00.03.8 ------

---

| | |
|:---|:---|
| **Franklin Low Duration Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLDCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Low Duration Total Return Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $53 | 1.07% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1857826709 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 769 |
| **Portfolio Turnover Rate** | 33.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7474img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 1 | 501-STSR-0626 |

---

35.219.216.27.57.34.82.32.31.00.30.10.00.03.8 ------

---

| | |
|:---|:---|
| **Franklin Low Duration Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLDRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Low Duration Total Return Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $45 | 0.91% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1857826709 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 769 |
| **Portfolio Turnover Rate** | 33.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7476img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 1 | 8001-STSR-0626 |

---

35.219.216.27.57.34.82.32.31.00.30.10.00.03.8 ------

---

| | |
|:---|:---|
| **Franklin Low Duration Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLRRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Low Duration Total Return Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $15 | 0.30% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1857826709 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 769 |
| **Portfolio Turnover Rate** | 33.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7475img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 1 | 354-STSR-0626 |

---

35.219.216.27.57.34.82.32.31.00.30.10.00.03.8 ------

---

| | |
|:---|:---|
| **Franklin Low Duration Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLDZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Low Duration Total Return Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $20 | 0.41% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1857826709 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 769 |
| **Portfolio Turnover Rate** | 33.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7472img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 1 | 621-STSR-0626 |

---

35.219.216.27.57.34.82.32.31.00.30.10.00.03.8 ------

---

| | |
|:---|:---|
| **Franklin Low Duration U.S. Government Securities** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FISAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Low Duration U.S. Government Securities Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $42 | 0.83% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $380282579 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1192 |
| **Portfolio Turnover Rate** | 16.94% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7391img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Low Duration U.S. Government Securities Fund PAGE 1 138-STSR-0626

44.029.319.37.4 ------

---

| | |
|:---|:---|
| **Franklin Low Duration U.S. Government Securities** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FAUGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Low Duration U.S. Government Securities Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $34 | 0.68% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $380282579 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1192 |
| **Portfolio Turnover Rate** | 16.94% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7390img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Low Duration U.S. Government Securities Fund PAGE 1 968-STSR-0626

44.029.319.37.4 ------

---

| | |
|:---|:---|
| **Franklin Low Duration U.S. Government Securities** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCSCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Low Duration U.S. Government Securities Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $61 | 1.23% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $380282579 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1192 |
| **Portfolio Turnover Rate** | 16.94% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7392img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Low Duration U.S. Government Securities Fund PAGE 1 238-STSR-0626

44.029.319.37.4 ------

---

| | |
|:---|:---|
| **Franklin Low Duration U.S. Government Securities** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FAURX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Low Duration U.S. Government Securities Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $28 | 0.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $380282579 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1192 |
| **Portfolio Turnover Rate** | 16.94% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7393img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Low Duration U.S. Government Securities Fund PAGE 1 838-STSR-0626

44.029.319.37.4 ------

---

| | |
|:---|:---|
| **Franklin Low Duration U.S. Government Securities** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FAUZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Low Duration U.S. Government Securities Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $29 | 0.58% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $380282579 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1192 |
| **Portfolio Turnover Rate** | 16.94% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7389img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Low Duration U.S. Government Securities Fund PAGE 1 638-STSR-0626

44.029.319.37.4 ------

---

| | |
|:---|:---|
| **Franklin Managed Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FBLAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Managed Income Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $47 | 0.91% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $3466870671 |
| **Total Number of Portfolio Holdings** | 172 |
| **Portfolio Turnover Rate** | 13.95% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7385img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Managed Income Fund PAGE 1 424-STSR-0626

40.329.912.58.93.53.30.11.5 ------

---

| | |
|:---|:---|
| **Franklin Managed Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FBMCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Managed Income Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $86 | 1.66% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $3466870671 |
| **Total Number of Portfolio Holdings** | 172 |
| **Portfolio Turnover Rate** | 13.95% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7386img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Managed Income Fund PAGE 1 517-STSR-0626

40.329.912.58.93.53.30.11.5 ------

---

| | |
|:---|:---|
| **Franklin Managed Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FBFQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Managed Income Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $60 | 1.16% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $3466870671 |
| **Total Number of Portfolio Holdings** | 172 |
| **Portfolio Turnover Rate** | 13.95% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7388img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Managed Income Fund PAGE 1 817-STSR-0626

40.329.912.58.93.53.30.11.5 ------

---

| | |
|:---|:---|
| **Franklin Managed Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FBFRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Managed Income Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $31 | 0.59% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $3466870671 |
| **Total Number of Portfolio Holdings** | 172 |
| **Portfolio Turnover Rate** | 13.95% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7387img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Managed Income Fund PAGE 1 317-STSR-0626

40.329.912.58.93.53.30.11.5 ------

---

| | |
|:---|:---|
| **Franklin Managed Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FBFZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Managed Income Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $34 | 0.66% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $3466870671 |
| **Total Number of Portfolio Holdings** | 172 |
| **Portfolio Turnover Rate** | 13.95% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7384img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Managed Income Fund PAGE 1 624-STSR-0626

40.329.912.58.93.53.30.11.5 ------

---

| | |
|:---|:---|
| **Franklin Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKBAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Total Return Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $36 | 0.72% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2864696216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 976 |
| **Portfolio Turnover Rate** | 154.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7353img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 1 | 460-STSR-0626 |

---

40.524.99.07.44.93.12.62.62.31.50.10.10.00.00.01.0 ------

---

| | |
|:---|:---|
| **Franklin Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCTLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Total Return Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $56 | 1.12% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2864696216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 976 |
| **Portfolio Turnover Rate** | 154.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7354img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 1 | 560-STSR-0626 |

---

40.524.99.07.44.93.12.62.62.31.50.10.10.00.00.01.0 ------

---

| | |
|:---|:---|
| **Franklin Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FTRRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Total Return Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $48 | 0.97% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2864696216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 976 |
| **Portfolio Turnover Rate** | 154.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7356img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 1 | 860-STSR-0626 |

---

40.524.99.07.44.93.12.62.62.31.50.10.10.00.00.01.0 ------

---

| | |
|:---|:---|
| **Franklin Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRERX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Total Return Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $18 | 0.37% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2864696216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 976 |
| **Portfolio Turnover Rate** | 154.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7355img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 1 | 360-STSR-0626 |

---

40.524.99.07.44.93.12.62.62.31.50.10.10.00.00.01.0 ------

---

| | |
|:---|:---|
| **Franklin Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FBDAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Total Return Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $23 | 0.47% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2864696216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 976 |
| **Portfolio Turnover Rate** | 154.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7352img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 1 | 660-STSR-0626 |

---

40.524.99.07.44.93.12.62.62.31.50.10.10.00.00.01.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Investors

#### Securities

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

April

30,

2026

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 187
Notes

to

Financial

Statements

#### 199
Changes

In

and

Disagreements

with

Accountants

#### 238
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Convertible

#### Securities

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

o

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.54

$22.93

$18.90

$20.43

$31.15

$27.11

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.18 0.32 0.20 0.18 0.14 0.19 Net

realized

and

unrealized

gains

(losses)

1.26 3.34 4.34 (0.02)

(5.47)

7.01 Total

from

investment

operations

........

1.44 3.66 4.54 0.16 (5.33)

7.20 Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.34)

(0.22)

(0.16)

(0.15)

(0.23)

Net

realized

gains

.................

(2.00)

(0.71)

(0.29)

(1.53)

(5.24)

(2.93)

Total

distributions

...................

(2.17)

(1.05)

(0.51)

(1.69)

(5.39)

(3.16)

Net

asset

value,

end

of

period

..........

$24.81

$25.54

$22.93

$18.90

$20.43

$31.15

Total

return

c

.......................

5.92%

16.44%

24.28%

0.62%

(19.94)%

27.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.83%

0.82%

0.83%

0.82%

0.83%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.83%

0.81%

0.82%

0.81%

e

0.83%

e,f

0.82%

e

Net

investment

income

...............

1.45%

1.34%

0.93%

0.91%

0.61%

0.64%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,001,312

$1,000,557

$961,707

$901,820

$1,067,202

$1,621,832

Portfolio

turnover

rate

................

5.54%

30.12%

37.31%

22.92%

6.64%

32.67%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.80

$22.29

$18.38

$19.92

$30.53

$26.66

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.09 0.13 0.04 0.03 (0.03)

(0.03)

Net

realized

and

unrealized

gains

(losses)

1.22 3.25 4.22 (0.02)

(5.34)

6.89 Total

from

investment

operations

........

1.31 3.38 4.26 0.01 (5.37)

6.86 Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.16)

(0.06)

(0.02)

—

(0.06)

Net

realized

gains

.................

(2.00)

(0.71)

(0.29)

(1.53)

(5.24)

(2.93)

Total

distributions

...................

(2.07)

(0.87)

(0.35)

(1.55)

(5.24)

(2.99)

Net

asset

value,

end

of

period

..........

$24.04

$24.80

$22.29

$18.38

$19.92

$30.53

Total

return

c

.......................

5.54%

15.54%

23.37%

(0.16)%

(20.53)%

27.04%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.58%

1.57%

1.58%

1.57%

1.58%

1.57%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.57%

1.56%

1.57%

1.56%

e

1.57%

e

1.57%

e,f

Net

investment

income

(loss)

..........

0.72%

0.58%

0.17%

0.15%

(0.15)%

(0.10)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$29,940

$37,058

$53,128

$67,313

$100,936

$198,611

Portfolio

turnover

rate

................

5.54%

30.12%

37.31%

22.92%

6.64%

32.67%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.81

$23.16

$19.08

$20.62

$31.39

$27.29

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.22 0.40 0.27 0.25 0.22 0.29 Net

realized

and

unrealized

gains

(losses)

1.28 3.38 4.39 (0.03)

(5.52)

7.07 Total

from

investment

operations

........

1.50 3.78 4.66 0.22 (5.30)

7.36 Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.42)

(0.29)

(0.23)

(0.23)

(0.33)

Net

realized

gains

.................

(2.00)

(0.71)

(0.29)

(1.53)

(5.24)

(2.93)

Total

distributions

...................

(2.21)

(1.13)

(0.58)

(1.76)

(5.47)

(3.26)

Net

asset

value,

end

of

period

..........

$25.10

$25.81

$23.16

$19.08

$20.62

$31.39

Total

return

c

.......................

6.10%

16.80%

24.71%

0.89%

(19.65)%

28.43%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.51%

0.51%

0.51%

0.51%

0.51%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.50%

0.50%

0.50%

0.49%

e

0.48%

e

0.50%

e

Net

investment

income

...............

1.77%

1.65%

1.25%

1.23%

0.95%

0.97%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$129,587

$125,202

$99,998

$89,591

$95,418

$127,846

Portfolio

turnover

rate

................

5.54%

30.12%

37.31%

22.92%

6.64%

32.67%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.54

$22.93

$18.90

$20.43

$31.16

$27.11

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.21 0.38 0.25 0.23 0.20 0.26 Net

realized

and

unrealized

gains

(losses)

1.26 3.34 4.34 (0.02)

(5.48)

7.03 Total

from

investment

operations

........

1.47 3.72 4.59 0.21 (5.28)

7.29 Less

distributions

from:

Net

investment

income

..............

(0.20)

(0.40)

(0.27)

(0.21)

(0.21)

(0.31)

Net

realized

gains

.................

(2.00)

(0.71)

(0.29)

(1.53)

(5.24)

(2.93)

Total

distributions

...................

(2.20)

(1.11)

(0.56)

(1.74)

(5.45)

(3.24)

Net

asset

value,

end

of

period

..........

$24.81

$25.54

$22.93

$18.90

$20.43

$31.16

Total

return

c

.......................

6.05%

16.73%

24.59%

0.87%

(19.75)%

28.34%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.58%

0.57%

0.58%

0.57%

0.58%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.58%

0.56%

0.57%

0.56%

e

0.58%

e,f

0.57%

e

Net

investment

income

...............

1.71%

1.59%

1.18%

1.16%

0.85%

0.89%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,793,460

$1,871,815

$1,655,834

$1,474,802

$1,894,863

$3,355,546

Portfolio

turnover

rate

................

5.54%

30.12%

37.31%

22.92%

6.64%

32.67%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Convertible

#### Securities

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Convertible

#### Preferred

#### Stocks

#### 21.7%

#### Capital

#### Markets

#### 2.9%
Ares

Management

Corp.

,

B

,

6.75 %

......................

United

States

1,066,000

$

41,829,840

KKR

&

Co.,

Inc.

,

D

,

6.25 %

.............................

United

States

967,000

42,915,460

84,745,300

#### Chemicals

#### 2.8%
Albemarle

Corp.

,

7.25 %

..............................

United

States

1,063,200

82,865,808

#### Electric

#### Utilities

#### 4.4%
NextEra

Energy,

Inc.

,

7.299 %

..........................

United

States

1,040,000

61,401,600

PPL

Corp.

,

%

.....................................

United

States

669,000

33,744,360

Southern

Co.

(The)

,

A

,

7.125 %

.........................

United

States

668,569

34,785,645

129,931,605

#### Financial

#### Services

#### 2.3%
Apollo

Global

Management,

Inc.

,

6.75 %

..................

United

States

810,000

53,241,300

Shift4

Payments,

Inc.

,

%

.............................

United

States

262,500

14,694,750

67,936,050

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.6%
Bruker

Corp.

,

6.375 %

................................

United

States

156,400

45,851,788

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.7%
Microchip

Technology,

Inc.

,

7.5 %

........................

United

States

636,000

50,034,120

#### Software

#### 1.5%
Oracle

Corp.

,

D

,

6.5 %

................................

United

States

922,000

44,873,740

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 2.6%
Hewlett

Packard

Enterprise

Co.

,

7.625 %

..................

United

States

1,020,000

78,152,400

#### Trading

#### Companies

#### &

#### Distributors

#### 1.9%
QXO,

Inc.

,

5.5 %

....................................

United

States

1,010,000

57,145,800

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 555,746,775

####)
........................

#### 641,536,611

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 73.7%

#### Biotechnology

#### 7.0%
a

,b

Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

144A,

.13

%

,

9/15/28

.........................................

United

States

15,600,000

14,498,250

Ascendis

Pharma

A/S

,

Senior

Note

,

2.25 %

,

4/01/28

.........

Denmark

25,500,000

37,006,875

Bridgebio

Pharma,

Inc.

,

Senior

Note

,

1.75 %

,

3/01/31

.........

United

States

46,200,000

76,318,254

Immunocore

Holdings

plc

,

Senior

Note

,

2.5 %

,

2/01/30

........

United

Kingdom

20,000,000

17,900,000

PTC

Therapeutics,

Inc.

,

Senior

Note

,

1.5 %

,

9/15/26

..........

United

States

48,000,000

60,990,000

206,713,379

#### Broadline

#### Retail

#### 2.4%
c

Alibaba

Group

Holding

Ltd.

,

Senior

Note

,

0.5 %

,

6/01/31

......

China

37,000,000

53,474,250

Etsy,

Inc.

,

Senior

Note

,

0.125 %

,

9/01/27

..................

United

States

18,500,000

17,505,625

70,979,875

#### Capital

#### Markets

#### 1.6%
a

,b

Coinbase

Global,

Inc.

,

Senior

Note

,

144A,

.63

%

,

10/01/32

....

United

States

55,500,000

46,994,625

#### Communications

#### Equipment

#### 1.1%
a

Lumentum

Holdings,

Inc.

,

Senior

Note

,

144A,

0.375 %

,

3/15/32

.

United

States

6,500,000

31,855,850

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Construction

#### &

#### Engineering

#### 1.8%
Fluor

Corp.

,

Senior

Note

,

1.125 %

,

8/15/29

.................

United

States

39,000,000

$

52,406,250

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.3%
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

21,000,000

38,745,000

#### Electric

#### Utilities

#### 3.2%
PG&E

Corp.

,

Senior

Secured

Note

,

4.25 %

,

12/01/27

.........

United

States

52,000,000

53,313,000

TXNM

Energy,

Inc.

,

Junior

Sub.

Bond

,

5.75 %

,

6/01/54

........

United

States

31,500,000

42,573,825

95,886,825

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.9%
a

,b

Mirion

Technologies,

Inc.

,

Senior

Note

,

144A,

.13

%

,

10/01/31

.

United

States

27,000,000

26,811,000

#### Entertainment

#### 1.6%
Live

Nation

Entertainment,

Inc.

,

Senior

Note

,

2.875 %

,

1/15/30

........................

United

States

13,600,000

15,177,600

a

Senior

Note

,

144A,

2.875 %

,

10/15/31

..................

United

States

30,000,000

31,166,057

46,343,657

#### Financial

#### Services

#### 2.4%
Global

Payments,

Inc.

,

Senior

Note

,

1.5 %

,

3/01/31

..........

United

States

50,000,000

44,975,000

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5 %

,

8/01/27

...........

United

States

27,200,000

25,731,578

70,706,578

#### Food

#### Products

#### 2.3%
Freshpet,

Inc.

,

Senior

Note

,

%

,

4/01/28

..................

United

States

22,500,000

27,681,750

Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

36,000,000

40,320,000

68,001,750

#### Ground

#### Transportation

#### 2.8%
a

Lyft,

Inc.

,

Senior

Note

,

144A,

0.625 %

,

3/01/29

..............

United

States

54,300,000

57,074,730

Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875 %

,

12/01/28

..

United

States

20,500,000

25,097,125

82,171,855

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 3.8%
Dexcom,

Inc.

,

Senior

Note

,

0.375 %

,

5/15/28

...............

United

States

32,250,000

29,919,937

Haemonetics

Corp.

,

Senior

Note

,

2.5 %

,

6/01/29

............

United

States

31,000,000

30,268,400

Integer

Holdings

Corp.

,

Senior

Note

,

1.875 %

,

3/15/30

........

United

States

52,500,000

51,056,250

111,244,587

#### Health

#### Care

#### REITs

#### 2.7%
a

Welltower

OP

LLC

,

Senior

Note

,

144A,

3.125 %

,

7/15/29

......

United

States

47,000,000

81,451,000

#### Hotel

#### &

#### Resort

#### REITs

#### 1.1%
a

Pebblebrook

Hotel

Trust

,

Senior

Note

,

144A,

1.625 %

,

1/15/30

..

United

States

30,000,000

32,745,000

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.8%
a

,b

DoorDash,

Inc.

,

Senior

Note

,

144A,

.12

%

,

5/15/30

..........

United

States

54,500,000

52,102,000

#### Industrial

#### REITs

#### 2.0%
a

Rexford

Industrial

Realty

LP

,

Senior

Note

,

144A,

4.375 %

,

3/15/27

...................

United

States

20,000,000

19,980,000

Senior

Note

,

144A,

4.125 %

,

3/15/29

...................

United

States

40,000,000

39,780,000

59,760,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Interactive

#### Media

#### &

#### Services

#### 0.8%
Snap,

Inc.

,

Senior

Note

,

0.5 %

,

5/01/30

...................

United

States

28,000,000

$

23,653,000

#### IT

#### Services

#### 3.5%
b

Cloudflare,

Inc.

,

Senior

Note

,

.047

%

,

8/15/26

..............

United

States

50,200,000

58,421,968

Snowflake,

Inc.

,

Senior

Note

,

Zero

Cpn.,

10/01/29

...........

United

States

37,600,000

44,134,880

102,556,848

#### Leisure

#### Products

#### 1.4%
Peloton

Interactive,

Inc.

,

Senior

Note

,

5.5 %

,

12/01/29

........

United

States

27,000,000

41,526,000

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.2%
Repligen

Corp.

,

Senior

Note

,

%

,

12/15/28

................

United

States

36,000,000

35,640,000

#### Machinery

#### 1.0%
a

JBT

Marel

Corp.

,

Senior

Note

,

144A,

0.375 %

,

9/15/30

........

United

States

31,300,000

29,500,250

#### Media

#### 0.8%
Sirius

XM

Holdings,

Inc.

,

Senior

Note

,

3.75 %

,

3/15/28

........

United

States

23,000,000

25,259,750

#### Metals

#### &

#### Mining

#### 1.4%
a

B2Gold

Corp.

,

Senior

Note

,

144A,

2.75 %

,

2/01/30

...........

Canada

25,300,000

40,688,725

#### Multi-Utilities

#### 2.1%
CenterPoint

Energy,

Inc.

,

Senior

Note

,

4.25 %

,

8/15/26

........

United

States

51,500,000

61,735,625

#### Pharmaceuticals

#### 3.5%
a

Indivior

Pharmaceuticals,

Inc.

,

Senior

Note

,

144A,

0.625 %

,

3/15/31

.........................................

United

States

25,900,000

29,497,510

Jazz

Investments

I

Ltd.

,

Senior

Note

,

%

,

6/15/26

...........................

United

States

35,000,000

45,430,000

Senior

Note

,

3.125 %

,

9/15/30

........................

United

States

20,000,000

29,930,000

104,857,510

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.4%
a

Compass,

Inc.

,

Senior

Note

,

144A,

0.25 %

,

4/15/31

..........

United

States

13,900,000

12,238,950

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 8.5%
MACOM

Technology

Solutions

Holdings,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/15/29

....................................

United

States

45,366,000

80,002,941

Microchip

Technology,

Inc.

,

Senior

Note

,

0.75 %

,

6/01/30

......

United

States

27,000,000

29,538,000

MKS,

Inc.

,

Senior

Note

,

1.25 %

,

6/01/30

...................

United

States

40,000,000

78,780,000

a

Nova

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/30

...........

Israel

27,400,000

47,251,300

Wolfspeed,

Inc.

,

Secured

Note

,

2.5 %

,

6/15/31

.........................

United

States

4,608,000

11,459,520

a

Secured

Note

,

144A,

2.5 %

,

6/15/31

....................

United

States

2,208,000

5,491,020

252,522,781

#### Software

#### 5.0%
Alkami

Technology,

Inc.

,

Senior

Note

,

1.5 %

,

3/15/30

.........

United

States

19,300,000

17,788,810

b

BILL

Holdings,

Inc.

,

Senior

Note

,

.04

%

,

4/01/30

............

United

States

32,800,000

29,167,400

Datadog,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/01/29

............

United

States

23,400,000

23,616,450

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25 %

,

11/01/29

.......

United

States

8,000,000

7,885,000

Nutanix,

Inc.

,

Senior

Note

,

0.5 %

,

12/15/29

.................

United

States

17,500,000

16,254,000

Workiva,

Inc.

,

Senior

Note

,

1.125 %

,

8/15/26

........................

United

States

7,000,000

6,951,000

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Software
(continued)

Workiva,

Inc.,

(continued)

Senior

Note

,

1.25 %

,

8/15/28

.........................

United

States

49,000,000

$

45,753,750

147,416,410

#### Specialty

#### Retail

#### 4.3%
Burlington

Stores,

Inc.

,

1.25 %

,

12/15/27

..................

United

States

42,287,000

68,991,241

a

RealReal,

Inc.

(The)

,

Senior

Note

,

144A,

%

,

2/15/31

........

United

States

24,000,000

33,948,000

Wayfair,

Inc.

,

Senior

Note

,

3.25 %

,

9/15/27

.................

United

States

18,807,000

23,198,434

126,137,675

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $

#### 1,826,399,829

####)
................................

#### 2,178,652,755

#### Corporate

#### Bonds

#### 0.2%

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
d

Wolfspeed,

Inc.

,

Secured

Note

,

PIK,

%

,

6/15/31

............

United

States

6,251,578

5,157,578

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 5,640,609

####)
.....................................

#### 5,157,578

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,387,787,213

####)
...........................

#### 2,825,346,944

#### a

#### Short

#### Term

#### Investments

#### 4.2%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 4.2%
e,f

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

.........................................

United

States

124,129,692

124,129,692

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 124,129,692

####)
...............................

#### 124,129,692

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 124,129,692

####)
.............................

#### 124,129,692

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,511,916,905

####)
99.8 #### %
................................

#### $2,949,476,636

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
...........................................

#### 4,822,711

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $2,954,299,347

#### 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

April

30,

2026,

the

aggregate

value

of

these

securities

was

$633,074,267,

representing

21.4%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

c

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

April

30,

2026,

the

value

of

this

security

was

$53,474,250,

representing

1.8%

of

net

assets.

d

Income

may

be

received

in

additional

securities

and/or

cash.

e

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Equity

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$35.36

$34.29

$26.71

$28.35

$33.10

$24.22

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.21 0.48 0.53 0.55 0.49 0.44 Net

realized

and

unrealized

gains

(losses)

3.08 3.85 8.28 (0.57)

(2.94)

9.26 Total

from

investment

operations

........

3.29 4.33 8.81 (0.02)

(2.45)

9.70 Less

distributions

from:

Net

investment

income

..............

(0.32)

(0.70)

(0.75)

(0.72)

(0.63)

(0.60)

Net

realized

gains

.................

(2.69)

(2.56)

(0.48)

(0.90)

(1.67)

(0.22)

Total

distributions

...................

(3.01)

(3.26)

(1.23)

(1.62)

(2.30)

(0.82)

Net

asset

value,

end

of

period

..........

$35.64

$35.36

$34.29

$26.71

$28.35

$33.10

Total

return

c

.......................

9.90%

13.95%

33.65%

(0.25)%

(7.84)%

40.58%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.81%

0.80%

0.83%

0.83%

0.83%

0.85%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.81%

e

0.79%

0.82%

0.82%

f

0.82%

f

0.85%

e,f

Net

investment

income

...............

1.23%

1.46%

1.71%

1.93%

1.64%

1.47%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,943,070

$3,714,873

$3,437,772

$2,777,434

$2,841,036

$2,952,462

Portfolio

turnover

rate

................

23.36%

g

33.33%

29.71%

29.01%

25.41%

25.49%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$35.08

$34.04

$26.53

$28.11

$32.83

$24.03

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.08 0.23 0.30 0.34 0.26 0.22 Net

realized

and

unrealized

gains

(losses)

3.05 3.82 8.20 (0.56)

(2.91)

9.17 Total

from

investment

operations

........

3.13 4.05 8.50 (0.22)

(2.65)

9.39 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.45)

(0.51)

(0.46)

(0.40)

(0.37)

Net

realized

gains

.................

(2.69)

(2.56)

(0.48)

(0.90)

(1.67)

(0.22)

Total

distributions

...................

(2.87)

(3.01)

(0.99)

(1.36)

(2.07)

(0.59)

Net

asset

value,

end

of

period

..........

$35.34

$35.08

$34.04

$26.53

$28.11

$32.83

Total

return

c

.......................

9.49%

13.09%

32.63%

(0.97)%

(8.53)%

39.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.56%

1.55%

1.58%

1.58%

1.58%

1.60%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.56%

e

1.54%

1.57%

1.57%

f

1.57%

f

1.60%

e,f

Net

investment

income

...............

0.48%

0.71%

0.96%

1.20%

0.89%

0.73%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$104,411

$105,095

$107,490

$95,960

$181,548

$202,148

Portfolio

turnover

rate

................

23.36%

g

33.33%

29.71%

29.01%

25.41%

25.49%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$35.37

$34.30

$26.72

$28.37

$33.12

$24.24

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.17 0.40 0.46 0.48 0.42 0.36 Net

realized

and

unrealized

gains

(losses)

3.08 3.84 8.27 (0.57)

(2.94)

9.27 Total

from

investment

operations

........

3.25 4.24 8.73 (0.09)

(2.52)

9.63 Less

distributions

from:

Net

investment

income

..............

(0.27)

(0.61)

(0.67)

(0.66)

(0.56)

(0.53)

Net

realized

gains

.................

(2.69)

(2.56)

(0.48)

(0.90)

(1.67)

(0.22)

Total

distributions

...................

(2.96)

(3.17)

(1.15)

(1.56)

(2.23)

(0.75)

Net

asset

value,

end

of

period

..........

$35.66

$35.37

$34.30

$26.72

$28.37

$33.12

Total

return

c

.......................

9.79%

13.66%

33.32%

(0.52)%

(8.07)%

40.22%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.06%

1.05%

1.08%

1.08%

1.08%

1.09%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.06%

e

1.04%

1.07%

1.07%

f

1.07%

f

1.09%

e,f

Net

investment

income

...............

0.98%

1.21%

1.45%

1.67%

1.40%

1.22%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$19,150

$17,237

$14,654

$10,671

$9,580

$9,426

Portfolio

turnover

rate

................

23.36%

g

33.33%

29.71%

29.01%

25.41%

25.49%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$35.45

$34.38

$26.77

$28.40

$33.17

$24.27

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.27 0.58 0.64 0.64 0.59 0.54 Net

realized

and

unrealized

gains

(losses)

3.08 3.85 8.30 (0.55)

(2.95)

9.27 Total

from

investment

operations

........

3.35 4.43 8.94 0.09 (2.36)

9.81 Less

distributions

from:

Net

investment

income

..............

(0.37)

(0.80)

(0.85)

(0.82)

(0.74)

(0.69)

Net

realized

gains

.................

(2.69)

(2.56)

(0.48)

(0.90)

(1.67)

(0.22)

Total

distributions

...................

(3.06)

(3.36)

(1.33)

(1.72)

(2.41)

(0.91)

Net

asset

value,

end

of

period

..........

$35.74

$35.45

$34.38

$26.77

$28.40

$33.17

Total

return

c

.......................

10.07%

14.27%

34.11%

0.08%

(7.53)%

41.02%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.50%

0.50%

0.50%

0.51%

0.51%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.50%

e

0.49%

0.49%

0.49%

f

0.49%

f

0.51%

f

Net

investment

income

...............

1.54%

1.76%

2.03%

2.26%

1.97%

1.80%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$277,830

$256,284

$221,106

$149,692

$159,953

$150,328

Portfolio

turnover

rate

................

23.36%

g

33.33%

29.71%

29.01%

25.41%

25.49%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$35.44

$34.36

$26.76

$28.40

$33.16

$24.26

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.26 0.57 0.61 0.62 0.56 0.51 Net

realized

and

unrealized

gains

(losses)

3.07 3.85 8.29 (0.57)

(2.94)

9.28 Total

from

investment

operations

........

3.33 4.42 8.90 0.05 (2.38)

9.79 Less

distributions

from:

Net

investment

income

..............

(0.36)

(0.78)

(0.82)

(0.79)

(0.71)

(0.67)

Net

realized

gains

.................

(2.69)

(2.56)

(0.48)

(0.90)

(1.67)

(0.22)

Total

distributions

...................

(3.05)

(3.34)

(1.30)

(1.69)

(2.38)

(0.89)

Net

asset

value,

end

of

period

..........

$35.72

$35.44

$34.36

$26.76

$28.40

$33.16

Total

return

c

.......................

10.02%

14.24%

33.98%

(—)%

d

(7.62)%

40.94%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.56%

0.55%

0.58%

0.58%

0.58%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.56%

f

0.54%

0.57%

0.57%

g

0.57%

g

0.60%

f,g

Net

investment

income

...............

1.48%

1.71%

1.96%

2.18%

1.89%

1.70%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$482,071

$443,781

$396,956

$329,595

$382,893

$378,891

Portfolio

turnover

rate

................

23.36%

h

33.33%

29.71%

29.01%

25.41%

25.49%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Rounds

to

less

than

0.01%.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Equity

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 80.8%

#### Aerospace

#### &

#### Defense

#### 1.4%
RTX

Corp.

........................................

United

States

382,500

$

67,346,775

#### Banks

#### 7.2%
Bank

of

America

Corp.

...............................

United

States

2,720,000

145,411,200

JPMorgan

Chase

&

Co.

...............................

United

States

645,000

202,033,350

347,444,550

#### Beverages

#### 1.2%
Coca-Cola

Co.

(The)

.................................

United

States

755,000

59,463,800

#### Broadline

#### Retail

#### 2.5%
a

Amazon.com,

Inc.

...................................

United

States

450,000

119,277,000

#### Building

#### Products

#### 1.1%
Carrier

Global

Corp.

.................................

United

States

785,000

52,728,450

#### Capital

#### Markets

#### 7.8%
BlackRock,

Inc.

.....................................

United

States

50,000

53,280,000

Blackstone,

Inc.

....................................

United

States

285,000

35,790,300

Charles

Schwab

Corp.

(The)

...........................

United

States

752,501

68,959,192

Intercontinental

Exchange,

Inc.

.........................

United

States

295,000

46,636,550

Morgan

Stanley

.....................................

United

States

892,500

170,101,575

374,767,617

#### Chemicals

#### 2.2%
Corteva,

Inc.

.......................................

United

States

517,500

41,922,675

Linde

plc

..........................................

United

States

132,500

66,401,050

108,323,725

#### Communications

#### Equipment

#### 2.3%
Cisco

Systems,

Inc.

.................................

United

States

1,192,500

109,113,750

#### Consumer

#### Finance

#### 1.4%
American

Express

Co.

...............................

United

States

215,000

69,455,750

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2.7%
a

BJ's

Wholesale

Club

Holdings,

Inc.

......................

United

States

285,000

26,758,650

Casey's

General

Stores,

Inc.

...........................

United

States

48,000

39,463,200

Walmart,

Inc.

......................................

United

States

500,000

65,965,000

132,186,850

#### Electric

#### Utilities

#### 4.2%
Duke

Energy

Corp.

..................................

United

States

585,000

75,786,750

Evergy,

Inc.

........................................

United

States

640,000

53,017,600

NextEra

Energy,

Inc.

.................................

United

States

387,500

37,928,500

PPL

Corp.

.........................................

United

States

1,000,000

37,440,000

204,172,850

#### Electrical

#### Equipment

#### 2.9%
Eaton

Corp.

plc

.....................................

United

States

187,500

81,189,375

Hubbell,

Inc.

,

B

.....................................

United

States

120,000

60,980,400

142,169,775

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1.0%
TE

Connectivity

plc

..................................

Switzerland

220,000

46,565,200

#### Energy

#### Equipment

#### &

#### Services

#### 0.5%
SLB

Ltd.

..........................................

United

States

430,000

24,458,400

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.9%
a

Boston

Scientific

Corp.

...............................

United

States

212,500

12,242,125

GE

HealthCare

Technologies,

Inc.

.......................

United

States

280,000

17,035,200

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

Medtronic

plc

......................................

United

States

755,000

$

61,132,350

90,409,675

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.5%
HCA

Healthcare,

Inc.

.................................

United

States

122,000

53,002,900

UnitedHealth

Group,

Inc.

..............................

United

States

185,000

68,538,800

121,541,700

#### Health

#### Care

#### REITs

#### 1.5%
Ventas,

Inc.

........................................

United

States

825,000

72,484,500

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.6%
McDonald's

Corp.

...................................

United

States

100,000

29,359,000

#### Household

#### Durables

#### 0.4%
Lennar

Corp.

,

A

.....................................

United

States

215,000

19,414,500

#### Household

#### Products

#### 2.2%
Procter

&

Gamble

Co.

(The)

...........................

United

States

732,500

107,743,425

#### Industrial

#### REITs

#### 1.2%
Prologis,

Inc.

.......................................

United

States

420,000

59,648,400

#### Interactive

#### Media

#### &

#### Services

#### 3.4%
Alphabet,

Inc.

,

A

....................................

United

States

427,500

164,502,000

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.6%
Agilent

Technologies,

Inc.

.............................

United

States

275,000

31,776,250

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

95,000

45,501,200

77,277,450

#### Machinery

#### 3.4%
Caterpillar,

Inc.

.....................................

United

States

50,000

44,505,500

Ingersoll

Rand,

Inc.

..................................

United

States

677,500

54,105,150

Parker-Hannifin

Corp.

................................

United

States

72,000

65,478,240

164,088,890

#### Multi-Utilities

#### 1.1%
CenterPoint

Energy,

Inc.

..............................

United

States

1,170,000

51,070,500

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 5.3%
Canadian

Natural

Resources

Ltd.

.......................

Canada

625,000

29,806,250

Chevron

Corp.

.....................................

United

States

620,000

119,852,200

Shell

plc

,

ADR

......................................

United

States

627,500

56,895,425

Suncor

Energy,

Inc.

..................................

Canada

700,000

47,922,000

254,475,875

#### Pharmaceuticals

#### 4.0%
AstraZeneca

plc

....................................

United

Kingdom

320,000

59,958,400

Johnson

&

Johnson

.................................

United

States

572,500

131,589,125

191,547,525

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.7%
a

CBRE

Group,

Inc.

,

A

.................................

United

States

247,500

35,325,675

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3.4%
Broadcom,

Inc.

.....................................

United

States

158,500

66,162,655

KLA

Corp.

.........................................

United

States

22,500

39,382,875

Texas

Instruments,

Inc.

...............................

United

States

215,000

60,432,200

165,977,730

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Software

#### 1.8%
Microsoft

Corp.

.....................................

United

States

167,500

$

68,303,150

Oracle

Corp.

.......................................

United

States

127,500

20,577,225

88,880,375

#### Specialty

#### Retail

#### 2.3%
Lowe's

Cos.,

Inc.

....................................

United

States

272,000

64,950,880

Tractor

Supply

Co.

..................................

United

States

1,292,500

45,366,750

110,317,630

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1.0%
Dell

Technologies,

Inc.

,

C

.............................

United

States

222,500

46,491,375

#### Tobacco

#### 1.8%
Philip

Morris

International,

Inc.

.........................

United

States

517,500

85,423,725

#### Trading

#### Companies

#### &

#### Distributors

#### 1.0%
United

Rentals,

Inc.

..................................

United

States

50,000

47,992,000

#### Wireless

#### Telecommunication

#### Services

#### 1.3%
T-Mobile

US,

Inc.

...................................

United

States

312,500

61,093,750

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 2,441,987,040

####)
..................................

#### 3,902,540,192
b

#### Equity-Linked

#### Securities

#### 9.3%

#### Broadline

#### Retail

#### 0.5%
c

Mizuho

Markets

Cayman

LP

into

Amazon.com,

Inc.

,

144A,

%

,

8/21/26

.........................................

United

States

99,500

25,246,265

#### Building

#### Products

#### 0.4%
c

Barclays

Bank

plc

into

Carrier

Global

Corp.

,

144A,

6.5 %

,

6/25/26

United

States

294,000

19,670,660

#### Capital

#### Markets

#### 0.5%
c

Wells

Fargo

Bank

NA

into

Charles

Schwab

Corp.

(The)

,

144A,

6.5 %

,

1/08/27

....................................

United

States

275,000

25,871,405

#### Consumer

#### Finance

#### 0.4%
c

UBS

AG

into

American

Express

Co.

,

144A,

%

,

9/18/26

......

United

States

60,500

19,579,616

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.4%
c

Toronto-Dominion

Bank

(The)

into

BJ's

Wholesale

Club

Holdings,

Inc.

,

144A,

%

,

12/29/26

............................

United

States

197,000

18,407,474

#### Electrical

#### Equipment

#### 1.1%
c

Merrill

Lynch

BV

into

Eaton

Corp.

plc

,

144A,

%

,

5/08/26

......

United

States

59,000

21,606,978

c

National

Bank

of

Canada

into

Hubbell,

Inc.

,

144A,

%

,

7/31/26

.

United

States

61,000

28,895,500

50,502,478

#### Energy

#### Equipment

#### &

#### Services

#### 0.5%
c

Royal

Bank

of

Canada

into

Schlumberger

NV

,

144A,

8.5 %

,

10/30/26

........................................

United

States

548,500

22,643,844

#### Household

#### Durables

#### 0.4%
c

Royal

Bank

of

Canada

into

Lennar

Corp.

,

144A,

%

,

9/30/26

...

United

States

193,000

18,175,354

#### Industrial

#### REITs

#### 0.5%
c

Barclays

Bank

plc

into

Prologis,

Inc.

,

144A,

6.5 %

,

1/28/27

.....

United

States

161,500

22,030,655

#### Interactive

#### Media

#### &

#### Services

#### 0.6%
c

Wells

Fargo

Bank

NA

into

Alphabet,

Inc.

,

144A,

7.5 %

,

4/29/27

..

United

States

85,000

30,916,603

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.5%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

Thermo

Fisher

Scientific,

Inc.

,

144A,

%

,

11/06/26

.....................

United

States

47,500

23,825,466

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

b

#### Equity-Linked

#### Securities
(continued)

#### Machinery

#### 1.0%
c

Barclays

Bank

plc

into

Parker-Hannifin

Corp.

,

144A,

%

,

11/30/26

United

States

33,000

$

29,136,455

c

Wells

Fargo

Bank

NA

into

Ingersoll

Rand,

Inc.

,

144A,

%

,

8/14/26

United

States

257,500

20,398,929

49,535,384

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.4%
c

Royal

Bank

of

Canada

into

Canadian

Natural

Resources

Ltd.

,

144A,

9.5 %

,

3/10/27

...............................

Canada

445,000

20,428,768

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.4%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

CBRE

Group,

Inc.

,

144A,

%

,

2/26/27

.................................

United

States

137,000

20,028,187

#### Software

#### 0.8%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

Microsoft

Corp.

,

144A,

%

,

7/16/26

.................................

United

States

53,700

21,956,154

c

Mizuho

Markets

Cayman

LP

into

Palo

Alto

Networks,

Inc.

,

144A,

%

,

4/28/27

.....................................

United

States

157,000

18,333,353

40,289,507

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.4%
c

Wells

Fargo

Bank

NA

into

Dell

Technologies,

Inc.

,

144A,

%

,

12/18/26

........................................

United

States

98,500

17,118,049

#### Trading

#### Companies

#### &

#### Distributors

#### 0.5%
c

Toronto-Dominion

Bank

(The)

into

United

Rentals,

Inc.

,

144A,

7.5 %

,

6/12/26

....................................

United

States

24,500

23,789,500

#### Total

#### Equity-Linked

#### Securities

#### (Cost

#### $

#### 433,998,613

####)
............................

#### 448,059,215

#### Convertible

#### Preferred

#### Stocks

#### 7.8%

#### Aerospace

#### &

#### Defense

#### 1.9%
Boeing

Co.

(The)

,

%

................................

United

States

1,267,500

91,513,500

#### Capital

#### Markets

#### 1.3%
Ares

Management

Corp.

,

B

,

6.75 %

......................

United

States

1,560,000

61,214,400

#### Electric

#### Utilities

#### 2.1%
NextEra

Energy,

Inc.

,

7.375 %

..........................

United

States

493,764

25,932,485

PPL

Corp.

,

%

.....................................

United

States

475,000

23,959,000

Southern

Co.

(The)

,

A

,

7.125 %

.........................

United

States

947,500

49,298,425

99,189,910

#### Financial

#### Services

#### 1.6%
Apollo

Global

Management,

Inc.

,

6.75 %

..................

United

States

1,210,000

79,533,300

#### Software

#### 0.9%
Oracle

Corp.

,

D

,

6.5 %

................................

United

States

912,500

44,411,375

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 357,424,547

####)
........................

#### 375,862,485

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 3,233,410,200

####)
...........................

#### 4,726,461,892

#### a
Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments

#### 2.2%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.2%
d,e

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

.........................................

United

States

106,082,312

$

106,082,312

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 106,082,312

####)
...............................

#### 106,082,312

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 106,082,312

####)
.............................

#### 106,082,312

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,339,492,512

####)
100.1 #### %
..............................

#### $4,832,544,204

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
.........................................

#### (6,011,701)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $4,826,532,503

#### a
See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

1(e)

regarding

equity-linked

securities.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2026,

the

aggregate

value

of

these

securities

was

$448,059,215,

representing

9.3%

of

net

assets.

d

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.50

$7.68

$7.63

$7.28

$7.89

$7.35

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.258 0.536 0.730 0.627 0.359 0.296 Net

realized

and

unrealized

gains

(losses)

(0.190)

(0.123)

(0.001)

0.330 (0.607)

0.545 Total

from

investment

operations

........

0.068 0.413 0.729 0.957 (0.248)

0.841 Less

distributions

from:

Net

investment

income

..............

(0.288)

(0.593)

(0.679)

(0.607)

(0.362)

(0.301)

Net

asset

value,

end

of

period

..........

$7.28

$7.50

$7.68

$7.63

$7.28

$7.89

Total

return

c

.......................

0.79%

5.42%

10.01%

13.59%

(3.25)%

11.79%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.97%

0.95%

0.95%

0.97%

0.95%

1.00%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.95%

0.93%

0.94%

0.94%

0.92%

e

0.98%

e

Net

investment

income

...............

7.06%

7.07%

9.42%

8.35%

4.68%

3.86%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$836,604

$958,199

$953,662

$873,367

$828,324

$803,542

Portfolio

turnover

rate

................

13.94%

46.13%

51.91%

30.81%

37.05%

66.03%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.50

$7.69

$7.63

$7.28

$7.89

$7.36

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.244 0.508 0.699 0.595 0.325 0.268 Net

realized

and

unrealized

gains

(losses)

(0.191)

(0.136)

0.009 0.332 (0.604)

0.532 Total

from

investment

operations

........

0.053 0.372 0.708 0.927 (0.279)

0.800 Less

distributions

from:

Net

investment

income

..............

(0.273)

(0.562)

(0.648)

(0.577)

(0.331)

(0.270)

Net

asset

value,

end

of

period

..........

$7.28

$7.50

$7.69

$7.63

$7.28

$7.89

Total

return

c

.......................

0.73%

5.00%

9.57%

13.14%

(3.63)%

11.34%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.37%

1.35%

1.35%

1.37%

1.35%

1.40%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.35%

1.33%

1.34%

1.34%

1.32%

e

1.38%

e

Net

investment

income

...............

6.66%

6.68%

9.02%

7.92%

4.24%

3.50%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$52,895

$64,248

$78,455

$80,606

$89,383

$100,317

Portfolio

turnover

rate

................

13.94%

46.13%

51.91%

30.81%

37.05%

66.03%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.51

$7.70

$7.64

$7.29

$7.90

$7.37

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.271 0.559 0.755 0.652 0.446 0.317 Net

realized

and

unrealized

gains

(losses)

(0.191)

(0.131)

0.010 0.334 (0.668)

0.541 Total

from

investment

operations

........

0.080 0.428 0.765 0.986 (0.222)

0.858 Less

distributions

from:

Net

investment

income

..............

(0.300)

(0.618)

(0.705)

(0.636)

(0.388)

(0.328)

Net

asset

value,

end

of

period

..........

$7.29

$7.51

$7.70

$7.64

$7.29

$7.90

Total

return

c

.......................

1.09%

5.76%

10.37%

13.99%

(2.92)%

12.15%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.63%

0.62%

0.62%

0.60%

0.67%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.62%

0.60%

0.60%

0.57%

0.58%

e

0.63%

e

Net

investment

income

...............

7.38%

7.36%

9.73%

8.65%

5.96%

4.09%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$104,892

$137,341

$117,747

$117,289

$201,719

$24,999

Portfolio

turnover

rate

................

13.94%

46.13%

51.91%

30.81%

37.05%

66.03%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.50

$7.69

$7.63

$7.28

$7.89

$7.36

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.268 0.556 0.751 0.643 0.365 0.315 Net

realized

and

unrealized

gains

(losses)

(0.191)

(0.134)

0.008 0.333 (0.594)

0.535 Total

from

investment

operations

........

0.077 0.422 0.759 0.976 (0.229)

0.850 Less

distributions

from:

Net

investment

income

..............

(0.297)

(0.612)

(0.699)

(0.626)

(0.381)

(0.320)

Net

asset

value,

end

of

period

..........

$7.28

$7.50

$7.69

$7.63

$7.28

$7.89

Total

return

c

.......................

1.05%

5.69%

10.29%

13.87%

(3.01)%

12.06%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.72%

0.70%

0.70%

0.72%

0.70%

0.75%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.70%

0.68%

0.69%

0.69%

0.67%

e

0.73%

e

Net

investment

income

...............

7.31%

7.32%

9.67%

8.55%

4.74%

4.09%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$199,976

$242,114

$273,225

$319,093

$300,958

$434,688

Portfolio

turnover

rate

................

13.94%

46.13%

51.91%

30.81%

37.05%

66.03%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 1.0%

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.0%

#### †
a,b,c

RoTech

Medical

Corp.

................................

United

States

26,267

$

157,602

#### Machinery

#### 1.0%
a

UTEX

Industries,

Inc.

................................

United

States

261,340

11,489,261

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 26,473,910

####)
....................................

#### 11,646,863

#### Management

#### Investment

#### Companies

#### 1.0%

#### Capital

#### Markets

#### 1.0%
Invesco

Senior

Loan

ETF

.............................

United

States

613,270

12,621,097

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 13,115,665

####)
..................

#### 12,621,097

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 6.1%

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
d

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/31/34

..

United

States

378,000

386,785

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
d

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/30

..

United

States

3,550,000

3,697,446

#### Capital

#### Markets

#### 0.4%
d

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125 %

,

11/01/32

.............................

United

States

5,277,000

5,307,751

#### Chemicals

#### 0.3%
d

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875 %

,

5/01/28

.........................................

United

States

3,900,000

3,864,726

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
d

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

...................................

United

States

1,500,000

1,574,456

d

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29 %

,

4/15/29

.........................................

United

States

3,600,000

3,643,882

5,218,338

#### Construction

#### Materials

#### 0.3%
d

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

5.2 %

,

9/17/30

.......

Mexico

3,875,000

3,894,631

#### Containers

#### &

#### Packaging

#### 0.1%
d

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

240,000

225,996

d

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/15/30

..............................

United

States

694,000

702,241

928,237

#### Electric

#### Utilities

#### 0.3%
d

Vistra

Operations

Co.

LLC

,

Senior

Bond

,

144A,

5.25 %

,

10/15/35

United

States

4,000,000

3,884,147

#### Entertainment

#### 0.2%
d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

2,300,000

2,375,477

#### Ground

#### Transportation

#### 0.4%
d

Albion

Financing

SARL

/

Aggreko

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

5/21/30

.....................

Luxembourg

1,100,900

1,137,802

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Ground

#### Transportation
(continued)

d

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

7/31/29

.....................

United

States

3,300,000

$

3,159,963

4,297,765

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
d

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

1,320,000

1,364,550

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.0%
d

Brightstar

Lottery

plc

,

Senior

Secured

Note

,

144A,

5.25 %

,

1/15/29

United

States

2,300,000

2,291,204

d

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

2/15/32

.........................................

United

States

3,600,000

3,501,288

d

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

5,820,000

5,677,564

11,470,056

#### Insurance

#### 0.9%
d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25 %

,

2/15/29

...................................

United

States

1,470,600

1,405,534

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75 %

,

10/15/27

...................

United

States

5,300,000

5,299,411

Senior

Secured

Note

,

144A,

6.5 %

,

10/01/31

.............

United

States

4,000,000

4,039,196

10,744,141

#### IT

#### Services

#### 0.2%
d

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

1,800,000

1,820,219

#### Machinery

#### 0.1%
d

Columbus

McKinnon

Corp.

,

Senior

Secured

Note

,

144A,

7.125 %

,

2/01/33

.........................................

United

States

750,000

754,688

#### Media

#### 0.1%
d

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

8.875 %

,

4/15/33

...................................

United

States

1,032,258

1,038,653

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.2%
Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625 %

,

10/15/28

........

United

States

2,400,000

2,392,559

#### Passenger

#### Airlines

#### 0.3%
d

Allegiant

Travel

Co.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/15/27

United

States

3,316,000

3,339,756

#### Software

#### 0.3%
d

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

%

,

9/30/29

.

United

States

3,900,000

3,832,589

#### Specialty

#### Retail

#### 0.1%
d

Petco

Health

&

Wellness

Co.,

Inc.

,

Senior

Secured

Note

,

144A,

8.25 %

,

2/01/31

...................................

United

States

1,515,000

1,530,909

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
d

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25 %

,

1/31/31

.........................................

United

Kingdom

1,430,000

1,232,279

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 72,984,049

####)
....................................

#### 73,375,702
Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests

#### 84.3%
f

#### Aerospace

#### &

#### Defense

#### 1.7%
Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

5.652 %

,

(1-month

SOFR

+

%),

10/31/31

............

United

States

1,868,553

$

1,876,634

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B2

,

5.652 %

,

(1-month

SOFR

+

%),

10/31/31

............

United

States

710,738

713,812

Signia

Aerospace

LLC,

First

Lien,

CME

Term

Loan

,

6.423 %

,

(3-month

SOFR

+

2.75 %),

12/11/31

....................

United

States

2,588,571

2,602,317

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

2/28/31

.............................

United

States

4,110,207

4,120,976

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

3/22/30

............................

United

States

6,169,000

6,185,502

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

M

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

8/19/32

......................

United

States

3,466,452

3,476,279

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

N

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

2/14/33

.............................

United

States

1,046,511

1,049,426

20,024,946

a

a

a

a

a

a

f

#### Air

#### Freight

#### &

#### Logistics

#### 0.6%
Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.163 %

,

(3-month

SOFR

+

4.5 %),

12/19/30

............................

United

States

2,205,366

2,196,842

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.7 %

,

(3-month

SOFR

+

%),

3/18/30

...............................

United

States

4,472,796

4,496,435

6,693,277

a

a

a

a

a

a

f

#### Automobile

#### Components

#### 2.4%
Adient

US

LLC,

First

Lien,

CME

Term

Loan,

B2

,

5.652 %

,

(1-month

SOFR

+

%),

1/31/31

.......................

United

States

3,572,367

3,582,780

American

Axle

&

Manufacturing,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

6.912 %

,

(3-month

SOFR

+

3.25 %),

2/03/33

............

United

States

2,807,463

2,810,972

Autokiniton

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.767 %

,

(1-month

SOFR

+

%),

4/06/28

................

United

States

5,286,480

5,239,668

Clarios

Global

LP,

First

Lien,

2024

Dollar

CME

Term

Loan

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

5/06/30

...............

United

States

1,635,187

1,644,385

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

1/28/32

.........

United

States

4,805,026

4,834,072

DexKo

Global,

Inc.,

First

Lien,

Refinancing

2026

CME

Term

Loan

,

8.663 %

,

(3-month

SOFR

+

%),

10/06/31

................

United

States

3,627,431

3,355,374

DexKo

Global,

Inc.,

First

Lien,

Refinancing

Dollar

CME

Term

Loan

,

8.163 %

,

(3-month

SOFR

+

4.5 %),

10/06/31

.........

United

States

1,393,735

1,328,111

g

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

PIK,

3.779 %

,

(1-month

SOFR

+

%),

3/30/27

................

United

States

2,018,040

4,702

g

First

Brands

Group

LLC,

First

Lien,

2022-II

Incremental

CME

Term

Loan

,

PIK,

10.779 %

,

(1-month

SOFR

+

%),

3/30/27

...

United

States

2,063,105

4,807

g

First

Brands

Group

LLC,

First

Lien,

Debtor-In-Possession

Roll

Up

CME

Term

Loan

,

PIK,

10.661 %

,

(1-month

SOFR

+

%),

6/29/26

United

States

12,191,683

47,974

g

First

Brands

Group

LLC,

First

Lien,

USD

Debtor-In-Possession

New

Money

CME

Term

Loan

,

PIK,

13.657 %

,

(1-month

SOFR

+

%),

6/29/26

....................................

United

States

4,778,157

1,181,113

g

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

PIK,

14.279 %

,

(1-month

SOFR

+

10.615 %),

3/30/28

........

United

States

6,511,035

8,790

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2025-1

CME

Term

Loan

,

7.173 %

,

(3-month

SOFR

+

3.5 %),

2/19/30

......

United

States

374,990

377,803

RealTruck

Group,

Inc.,

First

Lien,

Second

Out

CME

Term

Loan,

A

,

8.517 %

,

(1-month

SOFR

+

4.75 %),

1/31/31

..............

United

States

1,769,313

1,032,102

RealTruck

Group,

Inc.,

First

Lien,

Second

Out

CME

Term

Loan,

B

,

9.767 %

,

(1-month

SOFR

+

%),

1/31/31

................

United

States

4,487,084

2,612,604

28,065,257

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Beverages

#### 0.3%
f

Primo

Brands

Corp.,

First

Lien,

2026

Refinancing

CME

Term

Loan

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

3/31/31

..........

United

States

3,507,551

$

3,533,717

f

#### Biotechnology

#### 0.2%
h

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.174 %

,

(12-month

SOFR

+

1.75 %),

1/28/33

.............

United

States

1,572,909

1,579,303

Genmab

A/S,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.7 %

,

(3-month

SOFR

+

%),

12/13/32

......................

Denmark

942,519

949,527

2,528,830

a

a

a

a

a

a

f

#### Broadline

#### Retail

#### 0.5%
Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B4B

,

6.2 %

,

(3-month

SOFR

+

2.5 %),

10/28/30

.....................

Netherlands

473,955

475,969

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.2 %

,

(3-month

SOFR

+

2.5 %),

7/01/31

......................

Netherlands

4,427,306

4,445,015

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

9/29/32

.....................

Netherlands

1,371,653

1,374,567

6,295,551

a

a

a

a

a

a

f

#### Building

#### Products

#### 2.4%
Chariot

Buyer

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

9/08/32

.

United

States

4,495,723

4,496,374

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.174 %

,

(3-month

SOFR

+

4.5 %),

5/15/31

...............

United

States

2,631,164

1,357,681

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.024 %

,

(3-month

SOFR

+

3.25 %),

4/12/28

.......

United

States

4,396,411

2,735,755

Groundworks

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.673 %

,

(3-month

SOFR

+

%),

3/14/31

.......................

United

States

1,425,013

1,430,805

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

3/28/31

.........

United

States

3,631,997

3,578,553

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

4/14/31

.....................

United

States

4,402,658

4,410,494

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

3/19/29

.....................

United

States

6,385,771

6,399,724

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

2/10/32

.....................

United

States

3,960,000

3,967,801

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan

,

6.652 %

,

(1-month

SOFR

+

%),

3/30/29

............

United

States

669,390

670,856

29,048,043

a

a

a

a

a

a

f

#### Capital

#### Markets

#### 2.5%
Aretec

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B4

,

6.652 %

,

(1-month

SOFR

+

%),

8/09/30

.......................

United

States

4,599,605

4,615,543

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

6.668 %

,

(1-month

SOFR

+

%),

4/07/28

...

United

States

5,276,889

5,282,852

GIH

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.2 %

,

(3-month

SOFR

+

2.5 %),

11/26/31

............................

United

States

1,679,528

1,685,826

GTCR

Everest

Borrower

LLC,

First

Lien,

2026-1

CME

Term

Loan

,

6.2 %

,

(3-month

SOFR

+

2.5 %),

9/05/31

.................

United

States

1,965,274

1,963,131

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

5.673 %

,

(3-month

SOFR

+

%),

12/15/31

................

United

States

5,222,437

5,219,826

Nexus

Buyer

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.652 %

,

(1-month

SOFR

+

%),

7/31/31

............

United

States

2,078,266

2,045,014

Osmosis

Buyer

Ltd.,

First

Lien,

2026

Refinancing

CME

Term

Loan,

B

,

6.161 %

,

(1-month

SOFR

+

2.5;

3-month

SOFR

+

2.5),

7/31/28

.........................................

United

Kingdom

7,884,221

7,913,116

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Capital

#### Markets
(continued)

Victory

Capital

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

5.7 %

,

(3-month

SOFR

+

%),

9/23/32

..................

United

States

1,492,500

$

1,500,089

30,225,397

a

a

a

a

a

a

f

#### Chemicals

#### 1.3%
Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.19 %

,

(1-month

SOFR

+

7.438 %),

3/15/30

.............

United

States

1,785,337

1,663,711

Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

E

,

6.2 %

,

(3-month

SOFR

+

2.5 %),

11/22/29

............................

United

States

2,884,334

2,896,174

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

2/18/30

..............

Luxembourg

1,443,222

1,347,609

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.002 %

,

(1-month

SOFR

+

4.25 %),

4/02/29

..............

United

States

3,516,694

3,248,563

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan,

B

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

12/31/29

...................................

United

States

3,037,787

3,032,365

SCIH

Salt

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.35 %

,

(6-month

SOFR

+

2.75 %),

1/31/29

.....................

United

States

3,008,163

3,021,084

15,209,506

a

a

a

a

a

a

f

#### Commercial

#### Services

#### &

#### Supplies

#### 4.2%
Allied

Universal

Holdco

LLC,

First

Lien,

Amendment

No.

Replacement

USD

CME

Term

Loan

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

8/20/32

...................................

United

States

6,752,069

6,779,145

Aramark

Services,

Inc.,

First

Lien,

U.S.

CME

Term

Loan,

B10

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

6/24/30

..............

United

States

1,724,189

1,734,431

h

Camelot

US

Acquisition

LLC,

First

Lien,

Incremental

CME

Term

Loan

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

1/31/31

.........

United

States

3,000,000

2,842,500

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

10/23/28

...

United

States

9,717,325

9,745,068

Madison

IAQ

LLC,

First

Lien,

2025

Repriced

Incremental

CME

Term

Loan

,

6.378 %

,

(6-month

SOFR

+

2.75 %),

11/08/32

....

United

States

3,823,943

3,839,966

Neptune

Bidco

US,

Inc.,

First

Lien,

2026

Dollar

CME

Term

Loan,

B

,

8.769 %

,

(3-month

SOFR

+

%),

2/03/33

..............

United

States

3,700,000

3,630,865

PG

Polaris

BidCo

SARL,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

3/26/31

.........................................

Luxembourg

4,228,886

4,255,633

Pitney

Bowes,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.45 %

,

(3-month

SOFR

+

3.75 %),

3/19/32

.....................

United

States

8,017,502

8,015,859

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan,

B1

,

5.657 %

,

(1-month

SOFR

+

%),

10/15/30

....................................

United

States

4,544,800

4,554,276

Reworld

Holding

Corp.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

5.904 %

,

(1-month

SOFR

+

2.25 %),

1/15/31

.........

United

States

2,267,045

2,272,713

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.928 %

,

(3-month

SOFR

+

%),

9/04/30

.......................

United

States

4,067,335

2,877,639

50,548,095

a

a

a

a

a

a

#### Communications

#### Equipment

#### 0.4%
f

Delta

Topco,

Inc.,

First

Lien,

Fourth

Amendment

Refinancing

CME

Term

Loan

,

6.424 %

,

(3-month

SOFR

+

2.75 %),

11/30/29

....

United

States

5,220,826

5,039,324

f

#### Construction

#### &

#### Engineering

#### 2.1%
Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C

,

8.152 %

,

(1-month

SOFR

+

4.5 %),

2/18/31

......................

United

States

8,031,715

6,903,941

h

Azuria

Water

Solutions,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.191 %

,

(12-month

SOFR

+

2.75 %),

4/25/33

.............

United

States

3,831,269

3,836,059

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Construction

#### &

#### Engineering
(continued)

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.164 %

,

(3-month

SOFR

+

4.5 %),

8/01/30

...............

United

States

6,160,920

$

5,367,085

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

6.932 %

,

(3-month

SOFR

+

3.25 %),

3/27/31

............................

United

States

3,784,044

3,800,372

DG

Investment

Intermediate

Holdings

2,

Inc.,

First

Lien,

Closing

Date

Initial

CME

Term

Loan

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

7/09/32

.........................................

United

States

937,248

939,596

Dycom

Industries,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.405 %

,

(1-month

SOFR

+

1.75 %),

1/27/33

.....................

United

States

365,044

368,240

Red

SPV

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

3/15/32

.....................

United

Kingdom

2,710,018

2,715,953

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

5.908 %

,

(1-month

SOFR

+

2.25 %),

1/24/31

..............

United

States

1,334,739

1,340,399

25,271,645

a

a

a

a

a

a

#### Consumer

#### Finance

#### 0.2%
f

Shift4

Payments

LLC,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan

,

5.674 %

,

(3-month

SOFR

+

%),

7/06/32

...

United

States

1,894,196

1,904,064

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
f

Boots

Group

Finco

LP,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

6.924 %

,

(3-month

SOFR

+

3.25 %),

8/30/32

.........

United

Kingdom

1,242,561

1,251,302

f

#### Containers

#### &

#### Packaging

#### 1.9%
Charter

Next

Generation,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.161 %

,

(1-month

SOFR

+

2.5 %),

11/29/30

..............

United

States

6,670,106

6,679,711

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

...................................

United

States

7,020,483

6,532,419

Graham

Packaging

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

1/26/33

..............

United

States

837,054

836,531

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

2025

CME

Term

Loan

,

7.164 %

,

(3-month

SOFR

+

3.5 %),

4/15/30

......

United

States

3,703,291

3,645,427

ProAmpac

PG

Borrower

LLC,

First

Lien,

Initial

USD

CME

Term

Loan

,

7.767 %

,

(1-month

SOFR

+

%),

3/07/33

............

United

States

5,533,477

5,418,657

23,112,745

a

a

a

a

a

a

f

#### Distributors

#### 1.1%
BCPE

Empire

Holdings,

Inc.,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

12/11/30

..................................

United

States

5,147,116

5,143,101

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

E

,

5.654 %

,

(1-month

SOFR

+

%),

2/10/31

...............................

United

States

1,719,463

1,724,484

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

7.7 %

,

(3-month

SOFR

+

%),

11/30/30

.............

United

States

5,736,678

5,567,245

12,434,830

a

a

a

a

a

a

f

#### Diversified

#### Consumer

#### Services

#### 1.2%
Ascend

Learning

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.668 %

,

(1-month

SOFR

+

%),

12/11/28

......................

United

States

4,329,565

4,261,526

Belron

Finance

2019

LLC,

First

Lien,

CME

Term

Loan,

B

,

5.66 %

,

(3-month

SOFR

+

%),

10/16/31

......................

United

States

2,268,000

2,281,710

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.669 %

,

(6-month

SOFR

+

%),

5/04/28

.........................................

United

States

3,472,114

3,481,819

Spring

Education

Group,

Inc.,

First

Lien,

CME

Term

Loan

,

6.95 %

,

(3-month

SOFR

+

3.25 %),

9/30/30

.....................

United

States

1,499,923

1,491,276

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Diversified

#### Consumer

#### Services
(continued)

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

1/30/31

......................

United

States

2,134,113

$

2,139,725

13,656,056

a

a

a

a

a

a

f

#### Electric

#### Utilities

#### 0.4%
Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

9/30/31

..............

United

States

2,977,330

2,980,992

Hamilton

Projects

Acquiror

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

5/30/31

...............

United

States

1,541,848

1,552,980

4,533,972

a

a

a

a

a

a

f

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.4%
MX

Holdings

US,

Inc.,

First

Lien,

Senior

USD

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

3/17/32

................

United

States

1,260,090

1,267,965

Project

Aurora

US

Finco,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

12/06/32

..............

United

States

663,027

666,345

Sanmina

Corp.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

5.665 %

,

(1-month

SOFR

+

%),

10/27/32

................

United

States

3,018,868

3,037,736

4,972,046

a

a

a

a

a

a

f

#### Entertainment

#### 2.3%
Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

6.415 %

,

(1-month

SOFR

+

2.75 %),

3/01/28

..............

France

1,708,862

1,719,551

Crown

Finance

US,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.157 %

,

(1-month

SOFR

+

4.5 %),

12/02/31

..............

United

Kingdom

3,790,452

3,793,617

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.517 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

.....................

United

States

6,756,951

6,514,613

TKO

Worldwide

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B5

,

5.664 %

,

(3-month

SOFR

+

%),

11/21/31

................

United

States

15,633,099

15,692,818

27,720,599

a

a

a

a

a

a

f

#### Financial

#### Services

#### 3.7%
Belfor

Holdings,

Inc.,

First

Lien,

Replacement

CME

Term

Loan,

B5

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

11/01/30

..........

United

States

3,495,523

3,518,839

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.2 %

,

(3-month

SOFR

+

3.5 %),

8/16/32

......................

United

States

4,989,284

4,983,746

Hudson

River

Trading

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.161 %

,

(1-month

SOFR

+

2.5 %),

3/18/30

...............

United

States

6,504,491

6,529,696

Orion

US

Finco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.169 %

,

(3-month

SOFR

+

3.5 %),

10/08/32

.....................

United

States

6,168,123

6,171,022

Osaic

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.2 %

,

(3-month

SOFR

+

2.5 %),

7/30/32

......................

United

States

10,529,033

10,541,931

Priority

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.402 %

,

(1-month

SOFR

+

3.75 %),

7/30/32

.....................

United

States

3,749,903

3,649,593

Red

Planet

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.652 %

,

(1-month

SOFR

+

%),

9/08/32

................

United

States

5,486,250

5,460,958

Speed

Midco

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

6.195 %

,

(6-month

SOFR

+

2.5 %),

10/07/32

..............

Luxembourg

2,625,000

2,622,808

43,478,593

a

a

a

a

a

a

f

#### Food

#### Products

#### 0.4%
Chobani

LLC,

First

Lien,

Closing

Date

CME

Term

Loan

,

5.918 %

,

(1-month

SOFR

+

2.25 %),

10/28/32

....................

United

States

3,426,694

3,449,944

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Food

#### Products
(continued)

Nourish

Buyer

I,

Inc.,

First

Lien,

2026-1

CME

Term

Loan

,

7.669 %

,

(3-month

SOFR

+

%),

7/09/32

.......................

United

States

1,546,756

$

1,560,291

5,010,235

a

a

a

a

a

a

f

#### Ground

#### Transportation

#### 2.4%
Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

6.664 %

,

(3-month

SOFR

+

%),

5/21/31

.......

United

Kingdom

3,795,938

3,819,188

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

8/15/30

...............

United

States

7,259,115

7,271,201

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

8/15/30

...............

United

States

1,328,238

1,330,449

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

6.918 %

,

(1-month

SOFR

+

3.25 %),

1/25/29

......

United

States

6,257,415

6,251,157

g

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

PIK,

5.461 %

,

(3-month

SOFR

+

1.5 %),

8/10/29

......................

United

States

2,391,398

1,731,505

g

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

5.461 %

,

(3-month

SOFR

+

1.5 %),

8/10/29

......................

United

States

5,534,874

1,263,172

Savage

Enterprises

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

6.161 %

,

(1-month

SOFR

+

2.5 %),

8/05/32

..........

United

States

783,778

788,371

WWEX

Uni

Topco

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.7 %

,

(3-month

SOFR

+

%),

7/26/28

..............

United

States

5,594,426

5,608,021

28,063,064

a

a

a

a

a

a

f

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.1%
Bausch

+

Lomb

Corp.,

First

Lien,

2025-2

Refinancing

CME

Term

Loan

,

7.402 %

,

(1-month

SOFR

+

3.75 %),

1/15/31

.........

United

States

2,804,091

2,823,818

Hologic,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.924 %

,

(3-month

SOFR

+

2.25 %),

4/07/33

............................

United

States

16,500,000

16,427,895

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

10/23/28

........

United

States

3,308,765

3,323,985

Medline

Borrower

LP,

First

Lien,

2030

Refinancing

CME

Term

Loan

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

10/23/30

........

United

States

2,679,750

2,693,269

25,268,967

a

a

a

a

a

a

f

#### Health

#### Care

#### Providers

#### &

#### Services

#### 6.1%
ADMI

Corp.,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan

,

7.142 %

,

(1-month

SOFR

+

3.375 %),

12/23/27

.......

United

States

3,303,141

3,173,080

ADMI

Corp.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.532 %

,

(1-month

SOFR

+

3.75 %),

12/23/27

.............

United

States

3,832,344

3,602,404

ADMI

Corp.,

First

Lien,

CME

Term

Loan,

B5

,

9.418 %

,

(1-month

SOFR

+

5.75 %),

12/23/27

...........................

United

States

1,142,532

1,082,550

Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

7.902 %

,

(1-month

SOFR

+

4.25 %),

2/11/28

.........

United

States

9,497,467

9,496,754

CNT

Holdings

I

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan

,

6.163 %

,

(3-month

SOFR

+

2.5 %),

11/08/32

.........

United

States

6,910,721

6,944,618

Concentra

Health

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

5.652 %

,

(1-month

SOFR

+

%),

7/28/31

................

United

States

455,781

458,536

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.913 %

,

(3-month

SOFR

+

4.25 %),

3/26/29

.....

United

States

7,576,195

7,243,146

LifePoint

Health,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan

,

7.177 %

,

(3-month

SOFR

+

3.5 %),

5/19/31

..........

United

States

3,224,383

3,210,792

LifePoint

Health,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.423 %

,

(3-month

SOFR

+

3.75 %),

5/19/31

.....................

United

States

10,176,516

10,147,920

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.263 %

,

(3-month

SOFR

+

3.5 %),

11/01/28

..............

United

States

4,704,041

779,130

MPH

Acquisition

Holdings

LLC,

First

Lien,

Exchange

First

Out

CME

Term

Loan

,

7.417 %

,

(3-month

SOFR

+

3.75 %),

12/31/30

United

States

805,473

806,379

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

MPH

Acquisition

Holdings

LLC,

First

Lien,

Second

Out

CME

Term

Loan

,

8.263 %

,

(3-month

SOFR

+

4.6 %),

12/31/30

.........

United

States

2,221,863

$

1,994,122

Paradigm

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.2 %

,

(3-month

SOFR

+

4.5 %),

4/16/32

......................

United

States

7,263,500

6,339,692

g

Pathway

Vet

Alliance

LLC,

First

Lien,

CME

Term

Loan,

B

,

PIK,

8.663 %

,

(3-month

SOFR

+

%),

6/30/28

................

United

States

8,142,071

5,459,824

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

2/21/31

......................

United

States

2,970,517

2,984,003

Surgery

Center

Holdings,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

12/19/30

.....

United

States

907,494

910,965

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.779 %

,

(1-month

SOFR

+

%),

10/02/28

................

United

States

5,213,143

5,229,747

US

Fertility

Enterprises

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.152 %

,

(1-month

SOFR

+

3.5 %),

12/10/32

..............

United

States

3,213,158

3,232,035

73,095,697

a

a

a

a

a

a

f

#### Health

#### Care

#### Technology

#### 1.6%
AthenaHealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

2/15/29

..............

United

States

10,315,031

10,291,101

Cotiviti,

Inc.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

6.415 %

,

(1-month

SOFR

+

2.75 %),

3/26/32

..............

United

States

3,672,250

3,382,399

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

6.415 %

,

(1-month

SOFR

+

2.75 %),

5/01/31

.....................

United

States

6,300,482

5,804,319

19,477,819

a

a

a

a

a

a

f

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 7.4%
Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

2/06/30

...

United

States

6,421,546

6,247,651

h

Dave

&

Buster's,

Inc.,

First

Lien,

2024

Incremental

CME

Term

Loan,

B

,

6.938 %

,

(3-month

SOFR

+

3.25 %),

11/03/31

......

United

States

3,590,886

3,121,827

h

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

1,998,854

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

1/29/29

..............

United

States

7,385,984

7,335,206

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

5.45 %

,

(3-month

SOFR

+

1.75 %),

12/02/30

.......

Ireland

4,399,195

4,393,696

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

7.402 %

,

(1-month

SOFR

+

3.75 %),

1/28/32

..............

United

States

11,622,172

11,574,928

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.2 %

,

(3-month

SOFR

+

3.5 %),

12/04/31

.....................

United

States

2,789,618

2,806,175

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.437 %

,

(3-month

SOFR

+

4.75 %),

11/01/29

.............

Canada

6,929,589

6,773,673

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

8/02/28

............

United

States

2,905,928

2,911,653

IRB

Holding

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan,

B

,

6.154 %

,

(1-month

SOFR

+

2.5 %),

12/16/30

.......

United

States

11,925,919

11,970,642

Light

&

Wonder

International,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

5.653 %

,

(1-month

SOFR

+

%),

4/16/29

.............

United

States

4,266,869

4,274,869

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

7.95 %

,

(3-month

SOFR

+

4.25 %),

8/01/30

.....................

Canada

9,653,906

9,182,699

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

5/03/29

......................

United

States

3,451,991

3,470,045

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

11/03/32

United

States

3,965,720

3,974,405

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.674 %

,

(3-month

SOFR

+

%),

4/04/29

...

United

States

2,668,711

2,631,456

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

8/03/28

........

United

States

5,144,264

$

5,159,105

87,826,884

a

a

a

a

a

a

#### Household

#### Durables

#### 0.4%
f

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.7 %

,

(3-month

SOFR

+

%),

1/16/32

.......................

Netherlands

5,131,309

5,091,900

#### Household

#### Products

#### 0.0%

#### †
f

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

3/19/32

................

United

States

342,358

343,498

f

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 1.0%
Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.153 %

,

(3-month

SOFR

+

2.5 %),

12/15/31

...

United

States

1,062,780

1,067,999

Talen

Energy

Supply

LLC,

First

Lien,

2025-1

Incremental

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

11/25/32

.....

United

States

1,028,350

1,031,163

Talen

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.153 %

,

(3-month

SOFR

+

2.5 %),

5/17/30

...............

United

States

9,698,403

9,743,306

11,842,468

a

a

a

a

a

a

f

#### Insurance

#### 7.8%
Acrisure

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

6/21/32

..............

United

States

1,680,730

1,656,359

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

6.668 %

,

(1-month

SOFR

+

%),

11/06/30

..............................

United

States

10,723,472

10,581,386

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

9/19/31

..........

United

States

9,112,152

9,107,870

AmWINS

Group,

Inc.,

First

Lien,

2026

Refinancing

CME

Term

Loan

,

5.668 %

,

(1-month

SOFR

+

%),

1/30/32

............

United

States

4,479,473

4,481,041

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

7.763 %

,

(3-month

SOFR

+

%),

8/21/28

.......................

United

States

2,374,793

2,380,492

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.013 %

,

(3-month

SOFR

+

4.25 %),

8/21/28

.....................

United

States

469,718

470,453

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.017 %

,

(1-month

SOFR

+

5.25 %),

1/19/29

.....................

United

States

4,169,499

4,189,033

Broadstreet

Partners

Group

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

6/16/31

........

United

States

7,168,953

7,132,140

CRC

Insurance

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

5/06/31

...............

United

States

6,146,024

6,115,294

HUB

International

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

5.922 %

,

(3-month

SOFR

+

2.25 %),

6/20/30

.........

United

States

20,884,801

20,959,464

OneDigital

Borrower

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.652 %

,

(1-month

SOFR

+

%),

7/02/31

............

United

States

8,344,659

8,244,523

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

7/31/31

..

United

States

17,463,099

17,359,979

92,678,034

a

a

a

a

a

a

f

#### IT

#### Services

#### 2.5%
Barracuda

Networks,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.163 %

,

(3-month

SOFR

+

4.5 %),

8/15/29

...............

United

States

4,497,808

3,104,365

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.661 %

,

(1-month

SOFR

+

%),

6/27/31

................

United

States

6,432,178

6,408,057

Gainwell

Acquisition

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.8 %

,

(3-month

SOFR

+

%),

10/01/27

......................

United

States

5,284,486

5,204,135

Kaseya,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.913 %

,

(3-month

SOFR

+

3.25 %),

3/22/32

............................

United

States

6,073,223

5,541,816

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### IT

#### Services
(continued)

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

7.902 %

,

(1-month

SOFR

+

4.25 %),

12/31/31

.............

United

States

12,603,871

$

9,995,563

30,253,936

a

a

a

a

a

a

f

#### Machinery

#### 1.4%
Columbus

McKinnon

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.2 %

,

(3-month

SOFR

+

3.5 %),

2/03/33

.................

United

States

792,785

795,100

CompoSecure

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.918 %

,

(1-month

SOFR

+

2.25 %),

1/14/33

..............

United

States

1,505,376

1,511,654

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.165 %

,

(1-month

SOFR

+

4.5 %),

9/28/28

......................

United

States

4,592,864

4,602,738

Engineered

Machinery

Holdings,

Inc.,

First

Lien,

2025

USD

Refinancing

CME

Term

Loan

,

6.95 %

,

(3-month

SOFR

+

3.25 %),

11/26/32

........................................

United

States

2,262,051

2,280,012

Madison

Safety

&

Flow

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B

,

6.154 %

,

(1-month

SOFR

+

2.5 %),

9/26/31

....

United

States

2,307,526

2,315,557

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1

,

6.377 %

,

(6-month

SOFR

+

2.75 %),

4/30/30

..............

Germany

5,485,852

5,538,818

17,043,879

a

a

a

a

a

a

f

#### Media

#### 1.6%
Cengage

Learning,

Inc.,

First

Lien,

2026

Refinancing

CME

Term

Loan

,

6.653 %

,

(1-month

SOFR

+

%),

3/24/31

............

United

States

2,317,394

2,274,058

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.767 %

,

(1-month

SOFR

+

%),

8/23/28

.........................................

United

States

2,405,151

2,417,429

CMG

Media

Corp.,

First

Lien,

CME

Term

Loan

,

7.3 %

,

(3-month

SOFR

+

3.5 %),

6/18/29

.............................

United

States

8,647,720

8,159,124

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.175 %

,

(3-month

SOFR

+

5.25 %),

8/02/29

.......

United

States

613,462

616,001

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

6.779 %

,

(1-month

SOFR

+

%),

12/01/28

......................

United

States

1,272,776

1,278,211

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

9.542 %

,

(1-month

SOFR

+

5.775 %),

5/01/29

......

United

States

3,813,640

3,725,927

McGraw-Hill

Education,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

8/06/31

..............

United

States

904,372

905,317

19,376,067

a

a

a

a

a

a

f

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.2%
CPPIB

OVM

Member

US

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

8/20/31

...............

United

States

75,566

75,755

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

2/22/30

...............

United

States

2,759,850

2,780,549

2,856,304

a

a

a

a

a

a

#### Passenger

#### Airlines

#### 0.7%
f

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

5.925 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

.....................

United

States

8,825,036

8,788,854

f

#### Pharmaceuticals

#### 0.3%
Endo

Finance

Holdings

LP,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.418 %

,

(1-month

SOFR

+

3.75 %),

4/23/31

.....

United

States

1,213,054

1,202,136

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan

,

6.154 %

,

(1-month

SOFR

+

2.5 %),

12/04/31

.....

United

States

2,457,693

2,456,022

3,658,158

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Professional

#### Services

#### 2.6%
AlixPartners

LLP,

First

Lien,

2025

Dollar

CME

Term

Loan

,

5.668 %

,

(1-month

SOFR

+

%),

8/12/32

................

United

States

7,833,770

$

7,844,972

CHG

Healthcare

Services,

Inc.,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

9/29/28

...................................

United

States

3,678,291

3,688,480

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.267 %

,

(1-month

SOFR

+

3.5 %),

6/02/28

......................

United

States

8,031,795

7,881,199

Grant

Thornton

Advisors

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

6/02/31

.....

United

States

9,556,733

9,281,021

Ingenovis

Health,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.184 %

,

(3-month

SOFR

+

4.25 %),

3/06/28

.....................

United

States

5,994,411

2,093,188

30,788,860

a

a

a

a

a

a

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.1%
f

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2025-2

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

1/31/30

.....

United

States

531,257

533,913

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.1%
f

MKS

Instruments,

Inc.,

First

Lien,

2026-1

Dollar

CME

Term

Loan,

B

,

5.407 %

,

(1-month

SOFR

+

1.75 %),

2/04/33

............

United

States

1,634,042

1,641,705

f

#### Software

#### 11.2%
Avalara,

Inc.,

First

Lien,

First

Amendment

CME

Term

Loan

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

3/26/32

...............

United

States

7,771,224

7,638,647

Azalea

Topco,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.652 %

,

(1-month

SOFR

+

%),

4/30/31

................

United

States

2,977,500

2,979,629

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

Replacement

Dollar

CME

Term

Loan

,

6.673 %

,

(3-month

SOFR

+

%),

7/30/31

.......

United

States

2,871,000

2,665,838

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

6.95 %

,

(3-month

SOFR

+

3.25 %),

7/06/29

..........

United

States

5,339,685

2,461,595

Cloud

Software

Group,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B

,

6.95 %

,

(3-month

SOFR

+

3.25 %),

3/21/31

........

United

States

6,695,241

6,211,945

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B

,

7.498 %

,

(12-month

SOFR

+

3.5 %),

8/16/32

.......

United

States

4,595,792

4,264,757

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.518 %

,

(1-month

SOFR

+

3.75 %),

10/09/28

....................

United

States

6,028,755

5,448,518

Cloudera,

Inc.,

Second

Lien,

Initial

CME

Term

Loan

,

9.768 %

,

(1-month

SOFR

+

%),

10/10/29

......................

United

States

3,000,000

2,355,540

Clover

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.402 %

,

(1-month

SOFR

+

3.75 %),

12/09/31

....................

United

States

3,135,392

3,060,926

Dayforce

Bidco

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.663 %

,

(3-month

SOFR

+

%),

2/04/33

.......................

United

States

12,500,000

11,823,438

ECI

Macola/Max

Holding

LLC,

First

Lien,

2025

Repricing

CME

Term

Loan

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

5/09/30

......

United

States

6,279,118

6,188,855

Epicor

Software

Corp.,

First

Lien,

CME

Term

Loan,

E

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

5/30/31

......................

United

States

10,339,517

10,216,787

Icon

Parent

I,

Inc.,

First

Lien,

2025

CME

Term

Loan

,

6.437 %

,

(3-month

SOFR

+

2.75 %),

11/13/31

....................

United

States

3,391,479

3,297,857

IGT

Holding

IV

AB,

First

Lien,

CME

Term

Loan,

B8

,

6.7 %

,

(3-month

SOFR

+

%),

9/02/31

.......................

Sweden

3,423,908

3,400,385

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.652 %

,

(1-month

SOFR

+

%),

3/01/29

...............................

United

States

11,683,392

10,325,198

Mermaid

Bidco,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

6.913 %

,

(3-month

SOFR

+

3.25 %),

7/03/31

.....................

United

States

4,914,581

4,822,432

PointClickCare

Technologies,

Inc.,

First

Lien,

2025

CME

Term

Loan

,

6.413 %

,

(3-month

SOFR

+

2.75 %),

11/03/31

........

Canada

2,310,058

2,312,958

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

7/16/31

...............

United

States

2,754,558

2,707,442

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Software
(continued)

Proofpoint,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

6.7 %

,

(3-month

SOFR

+

%),

8/31/28

..................

United

States

6,620,437

$

6,439,401

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

7.402 %

,

(1-month

SOFR

+

3.75 %),

11/28/28

....................

United

States

5,079,417

4,856,786

Sophos

Holdings

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

7.267 %

,

(1-month

SOFR

+

3.5 %),

3/05/27

......................

United

States

4,870,882

4,727,800

Sovos

Compliance

LLC,

First

Lien,

Amendment

No.

Replacement

CME

Term

Loan

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

8/13/29

...................................

United

States

3,666,130

3,531,400

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.163 %

,

(3-month

SOFR

+

2.5 %),

2/10/31

.............................

United

States

19,700,018

19,042,628

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

10/22/29

................

United

States

3,038,618

3,046,215

133,826,977

a

a

a

a

a

a

#### Specialty

#### Retail

#### 3.4%
f

AIP

RD

Buyer

Corp.,

First

Lien,

CME

Term

Loan

,

7.152 %

,

(1-month

SOFR

+

3.5 %),

12/23/30

.....................

United

States

7,794,785

7,786,679

f,g

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

9.768 %

,

(1-month

SOFR

+

%),

10/07/26

......................

United

States

18,184,086

14,160,857

f

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

1/23/32

..............

United

States

5,557,302

5,599,677

f

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

2026

CME

Term

Loan

,

7.95 %

,

(3-month

SOFR

+

4.25 %),

1/31/31

..........

United

States

2,909,468

2,895,473

f

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.652 %

,

(1-month

SOFR

+

%),

8/18/32

.......................

United

States

5,900,000

5,931,359

h,i

RealTruck

Group,

Inc.,

First

Lien,

New

Money

CME

Term

Loan

,

TBD,

1/31/31

.....................................

United

States

1,412,485

1,429,703

f

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

6.918 %

,

(1-month

SOFR

+

3.25 %),

10/19/29

.............

United

States

2,260,992

2,254,129

40,057,877

a

a

a

a

a

a

f

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.6%
ABG

Intermediate

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B1

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

12/21/28

..........

United

States

2,707,087

2,716,061

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.95 %

,

(3-month

SOFR

+

3.25 %),

9/13/32

...............

United

States

317,654

319,541

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.16 %

,

(3-month

SOFR

+

3.5 %),

3/02/28

......................

United

States

4,834,058

3,689,812

6,725,414

a

a

a

a

a

a

#### Water

#### Utilities

#### 0.1%
f

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.411 %

,

(1-month

SOFR

+

2.75 %),

10/01/32

.............

United

States

1,471,758

1,480,957

#### Wireless

#### Telecommunication

#### Services

#### 0.4%
f

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2026

CME

Term

Loan

,

6.652 %

,

(1-month

SOFR

+

%),

1/30/31

...

United

States

5,155,121

5,197,548

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 1,066,548,201

####)
......................

#### 1,006,476,810
Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
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

#### $

#### 1,179,121,825

####)
...........................

#### 1,104,120,472

#### a

#### Short

#### Term

#### Investments

#### 6.6%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 6.6%
j,k

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

.........................................

United

States

78,808,389

78,808,389

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 78,808,389

####)
................................

#### 78,808,389

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 78,808,389

####)
..............................

#### 78,808,389

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,257,930,214

####)
99.0 #### %
................................

#### $1,182,928,861

#### Other

#### Assets,

#### less

#### Liabilities
1.0 #### %
...........................................

#### 11,438,111

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,194,366,972

#### a
See

Abbreviations

on

.

\*

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

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

regarding

restricted

securities.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2026,

the

aggregate

value

of

these

securities

was

$70,983,143,

representing

5.9%

of

net

assets.

e

See

Note

1(h)

regarding

senior

floating

rate

interests.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

i

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

j

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### Year

#### Ended

#### October

#### 31,

#### 2023

#### a

#### 2025

#### 2024

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$10.29

$10.42

$9.27

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

......................................

0.270 0.552 0.569 0.093 Net

realized

and

unrealized

gains

(losses)

........................

(0.406)

0.011 1.150 (0.730)

Total

from

investment

operations

.................................

(0.136)

0.563 1.719 (0.637)

Less

distributions

from:

Net

investment

income

.......................................

(0.269)

(0.553)

(0.569)

(0.093)

Net

realized

gains

..........................................

(0.015)

(0.140)

—

—

Total

distributions

............................................

(0.284)

(0.693)

(0.569)

(0.093)

Net

asset

value,

end

of

period

...................................

$9.87

$10.29

$10.42

$9.27

Total

return

d

................................................

(1.35)%

5.76%

18.70%

(6.39)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

...................

0.52%

0.53%

0.45%

0.89%

Expenses

net

of

waiver

and

payments

by

affiliates

....................

0.30%

0.21%

0.11%

0.59%

Net

investment

income

........................................

5.39%

5.47%

5.44%

5.00%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

.................................

$62,174

$62,950

$87,309

$66,208

Portfolio

turnover

rate

.........................................

27.00%

33.30%

44.62%

6.12%

a

For

the

period

August

22,

2023

(commencement

of

operations)

to

October

31,

2023. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds

#### 89.2%

#### Aerospace

#### &

#### Defense

#### 3.6%
Boeing

Co.

(The)

,

Senior

Bond

,

5.705 %

,

5/01/40

........................

United

States

40,000

$

40,416

Senior

Bond

,

3.75 %

,

2/01/50

.........................

United

States

260,000

186,004

Senior

Bond

,

5.93 %

,

5/01/60

.........................

United

States

270,000

261,602

Senior

Bond

,

7.008 %

,

5/01/64

........................

United

States

200,000

223,584

General

Dynamics

Corp.

,

Senior

Bond

,

2.85 %

,

6/01/41

.........................

United

States

85,000

63,208

Senior

Bond

,

3.6 %

,

11/15/42

.........................

United

States

110,000

88,123

a

Honeywell

Aerospace,

Inc.

,

Senior

Bond

,

144A,

5.732 %

,

3/16/56

United

States

450,000

442,907

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.07 %

,

12/15/42

........................

United

States

125,000

105,594

Senior

Bond

,

2.8 %

,

6/15/50

..........................

United

States

50,000

31,238

Northrop

Grumman

Corp.

,

Senior

Bond

,

4.03 %

,

10/15/47

........................

United

States

280,000

220,452

Senior

Bond

,

4.95 %

,

3/15/53

.........................

United

States

130,000

115,113

RTX

Corp.

,

Senior

Bond

,

4.05 %

,

5/04/47

.........................

United

States

175,000

138,696

Senior

Bond

,

2.82 %

,

9/01/51

.........................

United

States

150,000

91,700

Senior

Bond

,

3.03 %

,

3/15/52

.........................

United

States

150,000

95,395

Senior

Bond

,

5.375 %

,

2/27/53

........................

United

States

140,000

131,744

2,235,776

#### Banks

#### 6.4%
Bank

of

America

Corp.

,

Senior

Bond

,

2.676%

to

6/18/40,

FRN

thereafter

,

6/19/41

...

United

States

560,000

402,727

Sub.

Bond

,

5.744%

to

2/11/35,

FRN

thereafter

,

2/12/36

.....

United

States

370,000

377,331

Sub.

Bond

,

6.11 %

,

1/29/37

..........................

United

States

245,000

257,342

Sub.

Bond

,

5.489%

to

4/22/36,

FRN

thereafter

,

4/23/37

.....

United

States

280,000

278,493

Citigroup,

Inc.

,

b

Junior

Sub.

Bond

,

6.625%

to

2/14/31,

FRN

thereafter

,

Perpetual

.......................................

United

States

230,000

232,955

Senior

Bond

,

2.904%

to

11/02/41,

FRN

thereafter

,

11/03/42

..

United

States

300,000

216,619

Cooperatieve

Rabobank

UA

,

Senior

Bond

,

5.25 %

,

5/24/41

....

Netherlands

135,000

132,691

ING

Groep

NV

,

Senior

Bond

,

5.42%

to

3/22/36,

FRN

thereafter

,

3/23/37

.........................................

Netherlands

200,000

199,866

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

4.898%

to

1/21/36,

FRN

thereafter

,

1/22/37

...

United

States

140,000

136,526

Senior

Bond

,

5.148%

to

4/22/36,

FRN

thereafter

,

4/23/37

...

United

States

150,000

149,161

Senior

Bond

,

3.109%

to

4/21/40,

FRN

thereafter

,

4/22/41

...

United

States

300,000

229,778

Senior

Bond

,

2.525%

to

11/18/40,

FRN

thereafter

,

11/19/41

..

United

States

320,000

224,516

Senior

Bond

,

5.534%

to

11/28/44,

FRN

thereafter

,

11/29/45

..

United

States

160,000

157,778

Sub.

Bond

,

5.193%

to

2/04/36,

FRN

thereafter

,

2/05/37

.....

United

States

140,000

137,778

a

Mizuho

Bank

Ltd.

,

Senior

Bond

,

144A,

5.772 %

,

4/16/46

.......

Japan

200,000

198,498

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.373%

to

7/20/35,

FRN

thereafter

,

7/21/36

.....................

United

States

85,000

85,459

Wells

Fargo

&

Co.

,

Senior

Bond

,

4.96%

to

1/22/36,

FRN

thereafter

,

1/23/37

....

United

States

90,000

87,717

Senior

Bond

,

3.068%

to

4/29/40,

FRN

thereafter

,

4/30/41

...

United

States

300,000

226,255

Senior

Bond

,

3.9 %

,

5/01/45

..........................

United

States

300,000

235,945

3,967,435

#### Beverages

#### 1.7%
Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.9 %

,

2/01/46

......................

Belgium

641,000

580,197

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Beverages
(continued)

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.439 %

,

10/06/48

........................................

Belgium

240,000

$

202,977

Coca-Cola

Co.

(The)

,

Senior

Bond

,

5.4 %

,

5/13/64

...........

United

States

250,000

238,163

1,021,337

#### Biotechnology

#### 2.8%
AbbVie,

Inc.

,

Senior

Bond

,

4.45 %

,

5/14/46

.........................

United

States

350,000

298,189

Senior

Bond

,

4.875 %

,

11/14/48

.......................

United

States

320,000

285,269

Senior

Bond

,

4.25 %

,

11/21/49

........................

United

States

140,000

113,066

Senior

Bond

,

5.55 %

,

3/15/56

.........................

United

States

140,000

135,705

Amgen,

Inc.

,

Senior

Bond

,

3.15 %

,

2/21/40

.........................

United

States

180,000

139,972

Senior

Bond

,

5.6 %

,

3/02/43

..........................

United

States

175,000

172,719

Senior

Bond

,

5.65 %

,

3/02/53

.........................

United

States

180,000

173,209

Senior

Bond

,

5.75 %

,

3/02/63

.........................

United

States

60,000

57,388

a

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.75 %

,

4/27/52

....................

Australia

130,000

110,267

Senior

Bond

,

144A,

5.417 %

,

4/03/54

...................

Australia

75,000

70,145

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

2.8 %

,

9/15/50

.

United

States

300,000

180,715

1,736,644

#### Broadline

#### Retail

#### 1.3%
Amazon.com,

Inc.

,

Senior

Bond

,

2.875 %

,

5/12/41

........................

United

States

280,000

206,644

Senior

Bond

,

5.45 %

,

11/20/55

........................

United

States

30,000

28,352

Senior

Bond

,

5.8 %

,

3/13/56

..........................

United

States

200,000

196,986

Senior

Bond

,

5.95 %

,

3/13/66

.........................

United

States

200,000

197,422

Senior

Bond

,

6.05 %

,

3/13/76

.........................

United

States

190,000

187,358

816,762

#### Building

#### Products

#### 0.9%
Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.55 %

,

9/15/40

............

United

States

180,000

178,792

Carrier

Global

Corp.

,

Senior

Bond

,

3.377 %

,

4/05/40

.........

United

States

180,000

143,703

Owens

Corning

,

Senior

Bond

,

4.3 %

,

7/15/47

..........................

United

States

85,000

68,356

Senior

Bond

,

5.95 %

,

6/15/54

.........................

United

States

175,000

173,386

564,237

#### Capital

#### Markets

#### 3.7%
BlackRock

Funding,

Inc.

,

Senior

Bond

,

5.25 %

,

3/14/54

.......

United

States

160,000

150,030

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

4.939%

to

10/20/35,

FRN

thereafter

,

10/21/36

.

United

States

130,000

126,160

Senior

Bond

,

5.065%

to

1/20/36,

FRN

thereafter

,

1/21/37

...

United

States

85,000

83,130

Senior

Bond

,

2.908%

to

7/20/41,

FRN

thereafter

,

7/21/42

...

United

States

200,000

142,934

Senior

Bond

,

3.436%

to

2/23/42,

FRN

thereafter

,

2/24/43

...

United

States

250,000

190,120

Senior

Bond

,

5.734%

to

1/27/55,

FRN

thereafter

,

1/28/56

...

United

States

120,000

117,122

a

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

...............................

United

States

220,000

226,127

LPL

Holdings,

Inc.

,

Senior

Bond

,

5.75 %

,

6/15/35

............

United

States

250,000

251,700

Morgan

Stanley

,

c

Senior

Bond

,

FRN

,

3.971 %

,

7/22/38

...................

United

States

400,000

351,420

Senior

Bond

,

5.9%

to

3/12/46,

FRN

thereafter

,

3/13/47

.....

United

States

340,000

340,827

Senior

Bond

,

5.516%

to

11/18/54,

FRN

thereafter

,

11/19/55

..

United

States

120,000

114,268

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

Morgan

Stanley,

(continued)

I

,

Senior

Bond

,

4.892%

to

10/21/35,

FRN

thereafter

,

10/22/36

United

States

200,000

$

194,162

2,288,000

#### Chemicals

#### 0.2%
LYB

International

Finance

III

LLC

,

Senior

Bond

,

5.875 %

,

1/15/36

United

States

140,000

141,493

#### Communications

#### Equipment

#### 0.6%
Cisco

Systems,

Inc.

,

Senior

Bond

,

5.3 %

,

2/26/54

............

United

States

250,000

234,835

Motorola

Solutions,

Inc.

,

Senior

Bond

,

5.5 %

,

9/01/44

.........

United

States

145,000

138,901

373,736

#### Construction

#### Materials

#### 0.3%
Martin

Marietta

Materials,

Inc.

,

Senior

Bond

,

5.5 %

,

12/01/54

...

United

States

60,000

56,808

Vulcan

Materials

Co.

,

Senior

Bond

,

5.7 %

,

12/01/54

..........

United

States

135,000

131,741

188,549

#### 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

122,275

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

6.15 %

,

7/15/35

United

States

300,000

312,353

434,628

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.9%
Kroger

Co.

(The)

,

Senior

Bond

,

5.65 %

,

9/15/64

.............

United

States

320,000

297,610

Walmart,

Inc.

,

Senior

Bond

,

4.05 %

,

6/29/48

.........................

United

States

85,000

69,699

Senior

Bond

,

2.65 %

,

9/22/51

.........................

United

States

220,000

135,871

Senior

Bond

,

4.5 %

,

4/15/53

..........................

United

States

35,000

30,352

533,532

#### Containers

#### &

#### Packaging

#### 0.3%
Smurfit

Kappa

Treasury

ULC

,

Senior

Bond

,

5.777 %

,

4/03/54

...

Ireland

200,000

193,737

#### Diversified

#### Consumer

#### Services

#### 1.6%
Leland

Stanford

Junior

University

(The)

,

3.647 %

,

5/01/48

.....

United

States

400,000

307,243

Massachusetts

Institute

of

Technology

,

G

,

2.294 %

,

7/01/51

....

United

States

330,000

185,666

President

and

Fellows

of

Harvard

College

,

3.745 %

,

11/15/52

...

United

States

270,000

203,339

University

of

Miami

,

2022

,

Senior

Bond

,

4.063 %

,

4/01/52

.....

United

States

240,000

185,703

University

of

Southern

California

,

3.028 %

,

10/01/39

..........

United

States

150,000

123,203

1,005,154

#### Diversified

#### REITs

#### 0.2%
Simon

Property

Group

LP

,

Senior

Bond

,

4.75 %

,

3/15/42

.........................

United

States

60,000

54,283

Senior

Bond

,

4.25 %

,

11/30/46

........................

United

States

110,000

89,947

144,230

#### Diversified

#### Telecommunication

#### Services

#### 5.4%
AT&T,

Inc.

,

Senior

Bond

,

3.5 %

,

6/01/41

..........................

United

States

20,000

15,440

Senior

Bond

,

4.35 %

,

6/15/45

.........................

United

States

310,000

249,125

Senior

Bond

,

4.75 %

,

5/15/46

.........................

United

States

550,000

461,829

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### Telecommunication

#### Services
(continued)

AT&T,

Inc.,

(continued)

Senior

Bond

,

3.5 %

,

9/15/53

..........................

United

States

460,000

$

298,123

Senior

Bond

,

%

,

4/30/56

...........................

United

States

150,000

144,790

Senior

Bond

,

6.2 %

,

10/30/56

.........................

United

States

170,000

168,518

Comcast

Corp.

,

Senior

Bond

,

3.4 %

,

7/15/46

..........................

United

States

280,000

190,952

Senior

Bond

,

3.969 %

,

11/01/47

.......................

United

States

420,000

308,442

Senior

Bond

,

2.887 %

,

11/01/51

.......................

United

States

500,000

287,411

a

RD

Michigan

Property

Owner

I

LLC

,

Senior

Secured

Bond

,

144A,

7.5 %

,

3/30/45

....................................

United

States

240,000

240,073

Verizon

Communications,

Inc.

,

Senior

Bond

,

2.65 %

,

11/20/40

........................

United

States

600,000

420,989

Senior

Bond

,

3.85 %

,

11/01/42

........................

United

States

80,000

63,445

Senior

Bond

,

4.125 %

,

8/15/46

........................

United

States

290,000

229,635

Senior

Bond

,

5.875 %

,

11/30/55

.......................

United

States

300,000

290,129

3,368,901

#### Electric

#### Utilities

#### 9.6%
Alabama

Power

Co.

,

Senior

Bond

,

4.15 %

,

8/15/44

..........

United

States

320,000

262,469

Appalachian

Power

Co.

,

Senior

Bond

,

%

,

4/01/38

..........

United

States

50,000

55,754

Baltimore

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55 %

,

6/01/52

..

United

States

185,000

153,993

Commonwealth

Edison

Co.

,

Senior

Bond

,

3.85 %

,

3/15/52

.........................

United

States

215,000

158,094

,

Senior

Bond

,

3.125 %

,

3/15/51

....................

United

States

60,000

38,909

DTE

Electric

Co.

,

B

,

Senior

Bond

,

3.65 %

,

3/01/52

.......................

United

States

270,000

195,130

B

,

Senior

Bond

,

5.55 %

,

3/01/56

.......................

United

States

180,000

172,649

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

3.95 %

,

3/15/48

....

United

States

430,000

331,678

Duke

Energy

Corp.

,

Senior

Bond

,

3.5 %

,

6/15/51

............

United

States

340,000

228,622

Duke

Energy

Florida

LLC

,

Senior

Bond

,

3.4 %

,

10/01/46

......

United

States

270,000

192,776

Duke

Energy

Progress

LLC

,

Senior

Bond

,

4.15 %

,

12/01/44

........................

United

States

195,000

158,982

Senior

Bond

,

3.6 %

,

9/15/47

..........................

United

States

70,000

51,098

Entergy

Louisiana

LLC

,

Senior

Bond

,

3.1 %

,

6/15/41

.........

United

States

150,000

112,822

Florida

Power

&

Light

Co.

,

Senior

Bond

,

4.05 %

,

6/01/42

.........................

United

States

580,000

488,674

Senior

Bond

,

3.95 %

,

3/01/48

.........................

United

States

70,000

54,692

Georgia

Power

Co.

,

B

,

Senior

Bond

,

3.7 %

,

1/30/50

..........

United

States

90,000

65,933

Kentucky

Utilities

Co.

,

Senior

Bond

,

5.85 %

,

8/15/55

.........

United

States

90,000

89,266

MidAmerican

Energy

Co.

,

Senior

Bond

,

3.95 %

,

8/01/47

.........................

United

States

145,000

112,636

Senior

Bond

,

3.15 %

,

4/15/50

.........................

United

States

755,000

502,468

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.9 %

,

3/15/55

.........................................

United

States

170,000

166,686

Northern

States

Power

Co.

,

Senior

Bond

,

2.6 %

,

6/01/51

......

United

States

255,000

152,916

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

5.2 %

,

5/01/36

..........................

United

States

130,000

126,676

Senior

Bond

,

3.3 %

,

8/01/40

..........................

United

States

170,000

127,279

Senior

Bond

,

4.75 %

,

2/15/44

.........................

United

States

180,000

150,557

Senior

Bond

,

%

,

12/01/46

..........................

United

States

75,000

55,260

PECO

Energy

Co.

,

Senior

Bond

,

4.8 %

,

10/15/43

............

United

States

175,000

155,294

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

PG&E

Wildfire

Recovery

Funding

LLC

,

,

Senior

Secured

Bond

,

5.099 %

,

6/01/52

..............................

United

States

280,000

$

252,771

PPL

Electric

Utilities

Corp.

,

Senior

Bond

,

3.95 %

,

6/01/47

......

United

States

275,000

214,796

Public

Service

Co.

of

Colorado

,

Senior

Bond

,

3.8 %

,

6/15/47

...

United

States

200,000

149,720

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.45 %

,

8/01/53

.........................

United

States

30,000

28,766

Senior

Secured

Bond

,

%

,

3/01/51

....................

United

States

300,000

192,885

a

RWE

Finance

US

LLC

,

Senior

Bond

,

144A,

5.875 %

,

9/18/55

...

Germany

150,000

142,911

Southern

California

Edison

Co.

,

Senior

Bond

,

%

,

4/01/47

.....

United

States

80,000

59,109

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

4.45 %

,

2/15/44

.........................

United

States

450,000

381,688

D

,

Senior

Bond

,

5.6 %

,

9/15/55

.......................

United

States

125,000

118,733

a

Vistra

Operations

Co.

LLC

,

Senior

Bond

,

144A,

5.25 %

,

10/15/35

United

States

90,000

87,393

5,990,085

#### Electrical

#### Equipment

#### 0.6%
Eaton

Corp.

,

Senior

Bond

,

5.45 %

,

3/06/56

.................

United

States

200,000

193,652

Vertiv

Holdings

Co.

,

Senior

Bond

,

5.95 %

,

3/15/66

...........

United

States

185,000

179,142

372,794

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.7%
Amphenol

Corp.

,

Senior

Bond

,

5.3 %

,

11/15/55

.............

United

States

140,000

131,231

Corning,

Inc.

,

Senior

Bond

,

4.75 %

,

3/15/42

.........................

United

States

130,000

117,317

Senior

Bond

,

3.9 %

,

11/15/49

.........................

United

States

100,000

75,380

Senior

Bond

,

4.375 %

,

11/15/57

.......................

United

States

100,000

78,425

402,353

#### 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

395,148

#### Entertainment

#### 0.2%
Walt

Disney

Co.

(The)

,

Senior

Bond

,

3.8 %

,

5/13/60

..........

United

States

140,000

100,523

#### Financial

#### Services

#### 0.6%
a

Siemens

Financieringsmaatschappij

NV

,

Senior

Bond

,

144A,

2.875 %

,

3/11/41

...................................

Germany

465,000

348,144

#### Food

#### Products

#### 1.6%
JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Bond

,

4.375 %

,

2/02/52

........................

United

States

325,000

245,158

Senior

Bond

,

6.5 %

,

12/01/52

.........................

United

States

50,000

50,196

Senior

Bond

,

6.375 %

,

2/25/55

........................

United

States

70,000

69,319

Kellanova

,

Senior

Bond

,

4.5 %

,

4/01/46

...................

United

States

50,000

42,758

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

4.625 %

,

10/01/39

.......................

United

States

175,000

154,736

Senior

Bond

,

4.375 %

,

6/01/46

........................

United

States

130,000

101,939

Senior

Bond

,

5.5 %

,

6/01/50

..........................

United

States

115,000

103,064

a

Mars,

Inc.

,

Senior

Bond

,

144A,

2.375 %

,

7/16/40

...................

United

States

150,000

105,769

Senior

Bond

,

144A,

5.7 %

,

5/01/55

.....................

United

States

150,000

146,057

1,018,996

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
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

$

155,599

Senior

Bond

,

%

,

6/15/55

...........................

United

States

70,000

70,262

225,861

#### Ground

#### Transportation

#### 2.7%
Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.75 %

,

5/01/40

.........................

United

States

700,000

730,899

Senior

Bond

,

4.15 %

,

4/01/45

.........................

United

States

140,000

115,511

Canadian

Pacific

Railway

Co.

,

Senior

Bond

,

5.5 %

,

3/15/56

....

Canada

140,000

134,218

CSX

Corp.

,

Senior

Bond

,

4.5 %

,

11/15/52

..................

United

States

140,000

116,956

Norfolk

Southern

Corp.

,

Senior

Bond

,

3.942 %

,

11/01/47

.......................

United

States

120,000

93,045

Senior

Bond

,

4.15 %

,

2/28/48

.........................

United

States

120,000

96,045

Senior

Bond

,

4.1 %

,

5/15/49

..........................

United

States

65,000

50,932

Union

Pacific

Corp.

,

Senior

Bond

,

4.05 %

,

3/01/46

...........

United

States

400,000

321,945

1,659,551

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.8%
Abbott

Laboratories

,

Senior

Bond

,

5.5 %

,

3/15/56

..........................

United

States

245,000

237,049

Senior

Bond

,

5.6 %

,

3/15/66

..........................

United

States

280,000

269,877

506,926

#### Health

#### Care

#### Providers

#### &

#### Services

#### 6.5%
Ascension

Health

,

Senior

Bond

,

3.945 %

,

11/15/46

.......................

United

States

150,000

119,512

B

,

Senior

Bond

,

3.106 %

,

11/15/39

.....................

United

States

170,000

134,194

Cigna

Group

(The)

,

Senior

Bond

,

3.2 %

,

3/15/40

..........................

United

States

50,000

38,924

Senior

Bond

,

4.9 %

,

12/15/48

.........................

United

States

125,000

108,418

Senior

Bond

,

3.4 %

,

3/15/50

..........................

United

States

50,000

34,030

CommonSpirit

Health

,

Senior

Secured

Bond

,

4.187 %

,

10/01/49

.

United

States

280,000

217,250

CVS

Health

Corp.

,

Senior

Bond

,

4.78 %

,

3/25/38

.........................

United

States

410,000

380,143

Senior

Bond

,

5.125 %

,

7/20/45

........................

United

States

500,000

442,269

Senior

Bond

,

5.05 %

,

3/25/48

.........................

United

States

75,000

64,747

Senior

Bond

,

%

,

6/01/63

...........................

United

States

50,000

47,607

Elevance

Health,

Inc.

,

Senior

Bond

,

4.65 %

,

1/15/43

.........

United

States

230,000

201,578

HCA,

Inc.

,

Senior

Bond

,

4.625 %

,

3/15/52

........................

United

States

520,000

413,878

Senior

Bond

,

5.7 %

,

11/15/55

.........................

United

States

50,000

46,538

Humana,

Inc.

,

Senior

Bond

,

4.95 %

,

10/01/44

........................

United

States

140,000

118,206

Senior

Bond

,

5.75 %

,

4/15/54

.........................

United

States

140,000

126,630

Kaiser

Foundation

Hospitals

,

2021

,

3.002 %

,

6/01/51

.........

United

States

230,000

146,981

Mayo

Clinic

,

2021

,

3.196 %

,

11/15/61

.....................

United

States

240,000

150,614

Sutter

Health

,

5.547 %

,

8/15/53

.........................

United

States

100,000

97,661

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.95 %

,

10/15/42

........................

United

States

170,000

138,798

Senior

Bond

,

4.45 %

,

12/15/48

........................

United

States

150,000

123,658

Senior

Bond

,

5.2 %

,

4/15/63

..........................

United

States

480,000

422,078

Senior

Bond

,

5.75 %

,

7/15/64

.........................

United

States

310,000

297,127

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

UPMC

,

Secured

Bond

,

5.377 %

,

5/15/43

..................

United

States

200,000

$

191,110

4,061,951

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
Airbnb,

Inc.

,

Senior

Bond

,

5.25 %

,

3/16/36

.................

United

States

60,000

59,861

McDonald's

Corp.

,

Senior

Bond

,

4.45 %

,

3/01/47

............

United

States

140,000

117,205

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond

,

5.375 %

,

1/15/36

..

United

States

140,000

137,629

314,695

#### Household

#### Durables

#### 0.2%
Sekisui

House

US,

Inc.

,

Senior

Bond

,

%

,

1/15/43

...........

United

States

145,000

134,108

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.4%
Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.5 %

,

10/01/53

........................................

United

States

230,000

244,480

#### Insurance

#### 3.3%
American

International

Group,

Inc.

,

Senior

Bond

,

4.5 %

,

7/16/44

.

United

States

170,000

146,049

Arch

Capital

Group

Ltd.

,

Senior

Bond

,

3.635 %

,

6/30/50

.......

United

States

75,000

53,813

Arch

Capital

Group

US,

Inc.

,

Senior

Bond

,

5.144 %

,

11/01/43

...

United

States

245,000

228,408

Arthur

J

Gallagher

&

Co.

,

Senior

Bond

,

3.5 %

,

5/20/51

..........................

United

States

100,000

68,338

Senior

Bond

,

3.05 %

,

3/09/52

.........................

United

States

300,000

184,597

Athene

Holding

Ltd.

,

Senior

Bond

,

3.45 %

,

5/15/52

.........................

United

States

120,000

73,592

Senior

Bond

,

6.625 %

,

5/19/55

........................

United

States

180,000

174,185

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

2.85 %

,

10/15/50

........................

United

States

80,000

50,479

Senior

Bond

,

3.85 %

,

3/15/52

.........................

United

States

300,000

226,521

Chubb

INA

Holdings

LLC

,

Senior

Bond

,

3.05 %

,

12/15/61

......

United

States

115,000

69,152

a

Great-West

Lifeco

Finance

Delaware

LP

,

Senior

Bond

,

144A,

4.15 %

,

6/03/47

...................................

Canada

120,000

94,948

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9 %

,

3/15/49

..........................

United

States

85,000

74,916

Senior

Bond

,

5.45 %

,

3/15/53

.........................

United

States

60,000

56,662

Senior

Bond

,

5.4 %

,

3/15/55

..........................

United

States

65,000

60,645

a

Northwestern

Mutual

Life

Insurance

Co.

(The)

,

Sub.

Bond

,

144A,

3.45 %

,

3/30/51

...................................

United

States

220,000

150,257

Progressive

Corp.

(The)

,

Senior

Bond

,

4.125 %

,

4/15/47

......

United

States

250,000

199,657

Travelers

Cos.,

Inc.

(The)

,

Senior

Bond

,

%

,

5/30/47

.........

United

States

155,000

122,953

2,035,172

#### Interactive

#### Media

#### &

#### Services

#### 1.8%
Alphabet,

Inc.

,

Senior

Bond

,

5.45 %

,

11/15/55

........................

United

States

440,000

421,169

Senior

Bond

,

5.65 %

,

2/15/56

.........................

United

States

225,000

220,843

Meta

Platforms,

Inc.

,

Senior

Bond

,

6.3 %

,

5/15/56

..........................

United

States

340,000

341,207

Senior

Bond

,

5.75 %

,

5/15/63

.........................

United

States

110,000

101,490

1,084,709

#### IT

#### Services

#### 0.4%
a

Beignet

Investor

LLC

,

Senior

Secured

Bond

,

144A,

6.581 %

,

5/30/49

.........................................

United

States

150,000

155,046

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

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accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### IT

#### Services
(continued)

IBM

International

Capital

Pte.

Ltd.

,

Senior

Bond

,

5.3 %

,

2/05/54

.

United

States

100,000

$

88,878

243,924

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.2%
Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

5.404 %

,

8/10/43

........................

United

States

50,000

49,184

Senior

Bond

,

5.546 %

,

2/12/46

........................

United

States

100,000

98,048

147,232

#### Machinery

#### 0.6%
Caterpillar,

Inc.

,

Senior

Bond

,

3.803 %

,

8/15/42

........................

United

States

160,000

132,933

Senior

Bond

,

3.25 %

,

9/19/49

.........................

United

States

125,000

87,584

Deere

&

Co.

,

Senior

Bond

,

5.7 %

,

1/19/55

.................

United

States

140,000

142,720

363,237

#### Media

#### 1.7%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

5.375 %

,

4/01/38

.................

United

States

530,000

476,708

Senior

Secured

Bond

,

3.5 %

,

6/01/41

...................

United

States

150,000

104,138

Senior

Secured

Bond

,

3.5 %

,

3/01/42

...................

United

States

420,000

286,204

Senior

Secured

Bond

,

5.375 %

,

5/01/47

.................

United

States

200,000

160,017

1,027,067

#### Metals

#### &

#### Mining

#### 1.4%
a

Anglo

American

Capital

plc

,

Senior

Bond

,

144A,

4.75 %

,

3/16/52

South

Africa

200,000

165,080

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

5.45 %

,

3/15/43

.......

United

States

200,000

191,069

a

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

5.508 %

,

4/01/36

...

Australia

150,000

151,111

Newmont

Corp.

/

Newcrest

Finance

Pty.

Ltd.

,

Senior

Bond

,

4.2 %

,

5/13/50

.........................................

United

States

200,000

157,874

Rio

Tinto

Finance

USA

plc

,

Senior

Bond

,

5.75 %

,

3/14/55

......

Australia

200,000

200,570

865,704

#### Multi-Utilities

#### 1.2%
Consolidated

Edison

Co.

of

New

York,

Inc.

,

Senior

Bond

,

4.45 %

,

3/15/44

.........................................

United

States

300,000

256,987

Consumers

Energy

Co.

,

Senior

Bond

,

4.05 %

,

5/15/48

.........................

United

States

120,000

94,469

Senior

Bond

,

4.35 %

,

4/15/49

.........................

United

States

220,000

180,246

NiSource,

Inc.

,

Senior

Bond

,

5.85 %

,

4/01/55

...............

United

States

230,000

223,822

755,524

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 7.2%
a

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8 %

,

10/01/54

...........

Norway

250,000

230,111

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.06 %

,

6/17/41

.

United

States

225,000

169,829

ConocoPhillips

Co.

,

Senior

Bond

,

3.8 %

,

3/15/52

............

United

States

80,000

58,526

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.65 %

,

10/15/54

United

States

200,000

188,654

Energy

Transfer

LP

,

Senior

Bond

,

5.15 %

,

3/15/45

.........................

United

States

400,000

351,046

Senior

Bond

,

%

,

6/15/48

...........................

United

States

320,000

307,139

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

4.9 %

,

5/15/46

United

States

170,000

152,742

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452 %

,

4/15/51

...........

United

States

350,000

249,332

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

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accompanying

notes

are

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integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Hess

Corp.

,

Senior

Bond

,

5.6 %

,

2/15/41

..........................

United

States

115,000

$

117,359

Senior

Bond

,

5.8 %

,

4/01/47

..........................

United

States

120,000

121,790

a

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

4.25 %

,

2/15/30

.........................................

United

States

250,000

242,593

Kinder

Morgan,

Inc.

,

Senior

Bond

,

5.55 %

,

6/01/45

...........

United

States

160,000

153,301

MPLX

LP

,

Senior

Bond

,

4.95 %

,

3/14/52

.........................

United

States

150,000

125,293

Senior

Bond

,

5.95 %

,

4/01/55

.........................

United

States

130,000

123,978

Occidental

Petroleum

Corp.

,

Senior

Bond

,

6.6 %

,

3/15/46

......

United

States

320,000

334,939

ONEOK,

Inc.

,

Senior

Bond

,

5.7 %

,

11/01/54

................

United

States

165,000

150,586

a

Shell

Finance

US,

Inc.

,

Senior

Bond

,

144A,

%

,

11/26/51

.....

United

States

220,000

140,961

Targa

Resources

Corp.

,

Senior

Bond

,

6.05 %

,

5/15/56

........

United

States

255,000

247,794

TotalEnergies

Capital

SA

,

Senior

Bond

,

5.638 %

,

4/05/64

........................

France

175,000

167,972

Senior

Bond

,

5.425 %

,

9/10/64

........................

France

150,000

139,313

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Bond

,

5.75 %

,

3/15/56

.........................................

United

States

230,000

223,852

a

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond

,

144A,

%

,

5/01/36

......................................

United

States

75,000

75,619

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

......

United

States

301,000

305,736

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.1 %

,

9/15/45

........

United

States

130,000

117,872

4,496,337

#### Personal

#### Care

#### Products

#### 0.6%
Haleon

US

Capital

LLC

,

Senior

Bond

,

%

,

3/24/52

..........

United

States

250,000

191,292

Kenvue,

Inc.

,

Senior

Bond

,

5.05 %

,

3/22/53

................

United

States

180,000

162,569

353,861

#### Pharmaceuticals

#### 4.1%
a

Bayer

US

Finance

II

LLC

,

Senior

Bond

,

144A,

4.4 %

,

7/15/44

...

Germany

200,000

159,281

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

4.35 %

,

11/15/47

........................

United

States

100,000

82,674

Senior

Bond

,

4.55 %

,

2/20/48

.........................

United

States

100,000

84,652

Senior

Bond

,

2.55 %

,

11/13/50

........................

United

States

150,000

87,293

Senior

Bond

,

3.7 %

,

3/15/52

..........................

United

States

120,000

86,737

Senior

Bond

,

5.55 %

,

2/22/54

.........................

United

States

20,000

19,214

Eli

Lilly

&

Co.

,

Senior

Bond

,

4.95 %

,

2/27/63

.........................

United

States

55,000

48,169

Senior

Bond

,

5.2 %

,

8/14/64

..........................

United

States

110,000

100,000

Senior

Bond

,

5.65 %

,

10/15/65

........................

United

States

150,000

146,707

Merck

&

Co.,

Inc.

,

Senior

Bond

,

2.75 %

,

12/10/51

........................

United

States

200,000

121,124

Senior

Bond

,

5.55 %

,

12/04/55

........................

United

States

110,000

106,073

Novartis

Capital

Corp.

,

Senior

Bond

,

3.7 %

,

9/21/42

..........................

United

States

140,000

114,260

Senior

Bond

,

2.75 %

,

8/14/50

.........................

United

States

140,000

87,879

Senior

Bond

,

5.7 %

,

3/18/56

..........................

United

States

250,000

250,591

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

5.3 %

,

5/19/53

.........................................

United

States

475,000

440,341

a

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

2.607 %

,

12/13/51

...

United

States

495,000

297,289

Royalty

Pharma

plc

,

Senior

Bond

,

3.35 %

,

9/02/51

...........

United

States

370,000

242,887

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Bond

,

4.1 %

,

10/01/46

...................................

Israel

125,000

$

96,407

2,571,578

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2.3%
Analog

Devices,

Inc.

,

Senior

Bond

,

2.95 %

,

10/01/51

.........

United

States

125,000

79,755

Broadcom,

Inc.

,

Senior

Bond

,

5.7 %

,

1/15/56

...............

United

States

275,000

273,585

a

Foundry

JV

Holdco

LLC

,

Senior

Secured

Bond

,

144A,

6.2 %

,

1/25/37

.........................................

United

States

400,000

421,757

Intel

Corp.

,

Senior

Bond

,

3.734 %

,

12/08/47

.......................

United

States

250,000

179,151

Senior

Bond

,

4.9 %

,

8/05/52

..........................

United

States

200,000

166,874

Senior

Bond

,

5.6 %

,

2/21/54

..........................

United

States

90,000

83,690

Senior

Bond

,

6.125 %

,

5/15/56

........................

United

States

220,000

218,514

1,423,326

#### Software

#### 2.4%
Microsoft

Corp.

,

Senior

Bond

,

2.525 %

,

6/01/50

........................

United

States

45,000

26,587

Senior

Bond

,

2.921 %

,

3/17/52

........................

United

States

120,000

76,410

Oracle

Corp.

,

Senior

Bond

,

5.7 %

,

2/04/36

..........................

United

States

75,000

72,064

Senior

Bond

,

3.6 %

,

4/01/40

..........................

United

States

600,000

432,939

Senior

Bond

,

%

,

7/15/46

...........................

United

States

370,000

247,114

Senior

Bond

,

6.7 %

,

2/04/56

..........................

United

States

215,000

198,303

Salesforce,

Inc.

,

Senior

Bond

,

6.55 %

,

3/15/56

..............

United

States

215,000

213,686

Synopsys,

Inc.

,

Senior

Bond

,

5.7 %

,

4/01/55

...............

United

States

200,000

192,208

1,459,311

#### Specialized

#### REITs

#### 0.3%
Equinix,

Inc.

,

Senior

Bond

,

%

,

7/15/50

...........................

United

States

110,000

69,402

Senior

Bond

,

2.95 %

,

9/15/51

.........................

United

States

85,000

52,932

Senior

Bond

,

3.4 %

,

2/15/52

..........................

United

States

105,000

70,633

192,967

#### Specialty

#### Retail

#### 1.7%
Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

4.1 %

,

1/15/52

......

United

States

210,000

149,194

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

4.25 %

,

4/01/46

.........................

United

States

130,000

107,633

Senior

Bond

,

3.9 %

,

6/15/47

..........................

United

States

120,000

93,605

Senior

Bond

,

3.125 %

,

12/15/49

.......................

United

States

200,000

132,857

Senior

Bond

,

3.35 %

,

4/15/50

.........................

United

States

30,000

20,713

Senior

Bond

,

3.625 %

,

4/15/52

........................

United

States

180,000

128,858

Senior

Bond

,

5.3 %

,

6/25/54

..........................

United

States

60,000

56,067

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

3.7 %

,

4/15/46

..........................

United

States

125,000

92,601

Senior

Bond

,

4.05 %

,

5/03/47

.........................

United

States

320,000

247,264

Senior

Bond

,

%

,

10/15/50

..........................

United

States

80,000

49,521

1,078,313

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1.3%
Apple,

Inc.

,

Senior

Bond

,

3.85 %

,

5/04/43

..................

United

States

850,000

704,311

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals
(continued)

Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

3.375 %

,

12/15/41

........................................

United

States

130,000

$

98,028

802,339

#### Tobacco

#### 1.4%
Altria

Group,

Inc.

,

Senior

Bond

,

3.4 %

,

2/04/41

..............

United

States

90,000

68,398

BAT

Capital

Corp.

,

Senior

Bond

,

4.39 %

,

8/15/37

.........................

United

Kingdom

230,000

209,578

Senior

Bond

,

3.734 %

,

9/25/40

........................

United

Kingdom

320,000

256,620

Philip

Morris

International,

Inc.

,

Senior

Bond

,

3.875 %

,

8/21/42

..

United

States

310,000

250,875

Reynolds

American,

Inc.

,

Senior

Bond

,

5.85 %

,

8/15/45

.......

United

Kingdom

110,000

106,828

892,299

#### Water

#### Utilities

#### 0.3%
American

Water

Capital

Corp.

,

Senior

Bond

,

3.45 %

,

5/01/50

...

United

States

180,000

125,945

Essential

Utilities,

Inc.

,

Senior

Bond

,

4.276 %

,

5/01/49

........

United

States

110,000

86,883

212,828

#### Wireless

#### Telecommunication

#### Services

#### 1.0%
T-Mobile

USA,

Inc.

,

Senior

Bond

,

%

,

2/15/41

...........................

United

States

100,000

73,098

Senior

Bond

,

3.4 %

,

10/15/52

.........................

United

States

750,000

489,191

Vodafone

Group

plc

,

Senior

Bond

,

5.875 %

,

6/28/64

..........

United

Kingdom

80,000

76,236

638,525

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 55,348,186

####)
....................................

#### 55,434,019

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 4.6%
a

Bermuda

Government

Bond

,

Senior

Bond

,

144A,

3.375 %

,

8/20/50

.........................................

United

States

200,000

141,660

Chile

Government

Bond

,

Senior

Bond

,

3.86 %

,

6/21/47

.......

Chile

400,000

315,140

a

Electricite

de

France

SA

,

Senior

Bond

,

144A,

%

,

4/22/64

.......................

France

200,000

188,505

Senior

Bond

,

144A,

6.25 %

,

4/22/66

....................

France

100,000

96,862

Indonesia

Government

Bond

,

Senior

Bond

,

5.475 %

,

2/21/56

...

Indonesia

200,000

191,980

Mexico

Government

Bond

,

Senior

Bond

,

6.125 %

,

2/09/38

........................

Mexico

200,000

197,520

Senior

Bond

,

6.05 %

,

1/11/40

.........................

Mexico

150,000

147,368

Senior

Bond

,

4.75 %

,

3/08/44

.........................

Mexico

250,000

203,375

Senior

Bond

,

6.338 %

,

5/04/53

........................

Mexico

330,000

311,768

Senior

Bond

,

7.375 %

,

5/13/55

........................

Mexico

350,000

372,487

Peru

Government

Bond

,

Senior

Bond

,

5.875 %

,

8/08/54

........................

Peru

230,000

224,422

Senior

Bond

,

6.2 %

,

6/30/55

..........................

Peru

220,000

223,399

Uruguay

Government

Bond

,

Senior

Bond

,

5.1 %

,

6/18/50

......

Uruguay

300,000

279,510

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 2,855,491

####)
.............

#### 2,893,996

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 1.2%
U.S.

Treasury

Bonds

,

d

Strip,

.2

%

,

11/15/44

...............................

United

States

770,000

300,708

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

U.S.

Treasury

Bonds,

(continued)

4.625 %,

2/15/46

..................................

United

States

480,000

$

458,438

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 782,838

####)
..................

#### 759,146

#### Municipal

#### Bonds

#### 3.6%

#### California

#### 0.5%
Bay

Area

Toll

Authority

,

Revenue

,

2009

,

6.263 %

,

4/01/49

..

United

States

140,000

144,928

Los

Angeles

Community

College

District

,

GO

,

2010

E

,

6.6 %

,

8/01/42

.........................................

United

States

125,000

133,786

278,714

#### Georgia

#### 0.3%
Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2010

A

,

6.655 %

,

4/01/57

...................................

United

States

159,000

169,435

#### Kentucky

#### 0.1%
Louisville

and

Jefferson

County

Metropolitan

Sewer

District

,

Revenue

,

2010

,

6.25 %

,

5/15/43

.......................

United

States

55,000

57,133

#### Nevada

#### 0.2%
County

of

Clark

Department

of

Aviation

,

Revenue

,

2010

C

,

6.82 %

,

7/01/45

.........................................

United

States

130,000

142,392

#### New

#### York

#### 1.2%
City

of

New

York

,

GO

,

2026

,

5.559 %

,

10/01/45

......................

United

States

200,000

196,146

GO

,

2026

,

5.796 %

,

2/01/52

.......................

United

States

150,000

150,128

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2011

CC

,

5.882 %

,

6/15/44

............

United

States

55,000

55,342

United

Nations

Development

Corp.

,

City

of

New

York

,

Revenue

,

2025

A

,

Refunding

,

6.536 %

,

8/01/55

...................

United

States

330,000

346,744

748,360

#### Ohio

#### 0.1%
American

Municipal

Power,

Inc.

,

Prairie

State

Energy

Campus

,

Revenue

,

2009

C

,

6.053 %

,

2/15/43

....................

United

States

85,000

85,309

#### Texas

#### 1.2%
City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2025

A

,

Refunding

,

5.469 %

,

2/01/45

..........................

United

States

130,000

130,655

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2022

A

,

4.507 %

,

11/01/51

........................................

United

States

245,000

210,627

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

2009

B

,

6.718 %

,

1/01/49

.............

United

States

75,000

80,803

State

of

Texas

,

GO

,

2009

A

,

5.517 %

,

4/01/39

..............

United

States

332,745

337,554

759,639

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 2,254,768

####)
.....................................

#### 2,240,982

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 61,241,283

####)
..............................

#### 61,328,143

#### a
Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments

#### 0.1%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.1%
e,f

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

.........................................

United

States

76,783

$

76,783

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 76,783

####)
....................................

#### 76,783

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 76,783

####)
.................................

#### 76,783

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 61,318,066

####)
98.7 #### %
..................................

#### $61,404,926

#### Other

#### Assets,

#### less

#### Liabilities
1.3 #### %
...........................................

#### 769,260

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $62,174,186

#### a
See

Abbreviations

on

.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2026,

the

aggregate

value

of

these

securities

was

$4,829,371,

representing

7.8%

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

3(f)

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

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.01

$8.95

$8.76

$8.70

$9.55

$9.54

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.178 0.375 0.383 0.317 0.162 0.105 Net

realized

and

unrealized

gains

(losses)

(0.054)

0.071 0.198 0.069 (0.735)

0.170 Total

from

investment

operations

........

0.124 0.446 0.581 0.386 (0.573)

0.275 Less

distributions

from:

Net

investment

income

..............

(0.184)

(0.386)

(0.391)

(0.326)

(0.277)

(0.265)

Net

asset

value,

end

of

period

..........

$8.95

$9.01

$8.95

$8.76

$8.70

$9.55

Total

return

c

.......................

1.38%

5.08%

6.76%

4.48%

(6.09)%

2.90%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.94%

0.94%

0.97%

0.96%

0.93%

0.94%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.66%

0.66%

0.66%

0.66%

e

0.67%

e

0.67%

e

Net

investment

income

...............

3.98%

4.18%

4.30%

3.61%

1.77%

1.09%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,319,604

$1,375,234

$1,350,093

$1,471,021

$1,726,461

$1,915,410

Portfolio

turnover

rate

................

33.73%

69.99%

65.68%

f

55.59%

66.75%

85.02%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

.........................

33.73%

69.99%

65.68%

f

55.59%

55.24%

g

56.22%

f,g

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.97

$8.91

$8.71

$8.66

$9.51

$9.50

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.160 0.340 0.347 0.280 0.120 0.068 Net

realized

and

unrealized

gains

(losses)

(0.054)

0.071 0.209 0.061 (0.730)

0.169 Total

from

investment

operations

........

0.106 0.411 0.556 0.341 (0.610)

0.237 Less

distributions

from:

Net

investment

income

..............

(0.166)

(0.351)

(0.356)

(0.291)

(0.240)

(0.227)

Net

asset

value,

end

of

period

..........

$8.91

$8.97

$8.91

$8.71

$8.66

$9.51

Total

return

c

.......................

1.19%

4.69%

6.50%

3.98%

(6.49)%

2.50%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.35%

1.35%

1.37%

1.36%

1.33%

1.35%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.07%

1.06%

1.06%

1.06%

e

1.07%

e

1.08%

e

Net

investment

income

...............

3.60%

3.80%

3.92%

3.20%

1.31%

0.71%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$24,698

$26,771

$32,799

$44,178

$62,457

$99,990

Portfolio

turnover

rate

................

33.73%

69.99%

65.68%

f

55.59%

66.75%

85.02%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

.........................

33.73%

69.99%

65.68%

f

55.59%

55.24%

g

56.22%

f,g

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.00

$8.94

$8.75

$8.70

$9.55

$9.54

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.167 0.354 0.361 0.306 0.138 0.077 Net

realized

and

unrealized

gains

(losses)

(0.044)

0.070 0.198 0.048 (0.734)

0.174 Total

from

investment

operations

........

0.123 0.424 0.559 0.354 (0.596)

0.251 Less

distributions

from:

Net

investment

income

..............

(0.173)

(0.364)

(0.369)

(0.304)

(0.254)

(0.241)

Net

asset

value,

end

of

period

..........

$8.95

$9.00

$8.94

$8.75

$8.70

$9.55

Total

return

c

.......................

1.37%

4.83%

6.50%

4.12%

(6.33)%

2.64%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.19%

1.19%

1.22%

1.22%

1.18%

1.17%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.91%

0.91%

0.91%

0.91%

e

0.92%

e

0.92%

e

Net

investment

income

...............

3.74%

3.95%

4.05%

3.50%

1.51%

0.81%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$808

$789

$395

$303

$175

$198

Portfolio

turnover

rate

................

33.73%

69.99%

65.68%

f

55.59%

66.75%

85.02%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

.........................

33.73%

69.99%

65.68%

f

55.59%

55.24%

g

56.22%

f,g

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.07

$9.01

$8.81

$8.76

$9.61

$9.61

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.194 0.408 0.415 0.349 0.198 0.141 Net

realized

and

unrealized

gains

(losses)

(0.054)

0.071 0.208 0.059 (0.738)

0.159 Total

from

investment

operations

........

0.140 0.479 0.623 0.408 (0.540)

0.300 Less

distributions

from:

Net

investment

income

..............

(0.200)

(0.419)

(0.423)

(0.358)

(0.310)

(0.300)

Net

asset

value,

end

of

period

..........

$9.01

$9.07

$9.01

$8.81

$8.76

$9.61

Total

return

c

.......................

1.55%

5.43%

7.21%

4.71%

(5.71)%

3.15%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.60%

0.60%

0.62%

0.62%

0.58%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.30%

0.30%

0.30%

0.30%

e

0.30%

e

0.30%

e

Net

investment

income

...............

4.32%

4.51%

4.63%

3.93%

2.15%

1.46%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$372,803

$392,036

$422,052

$483,828

$601,379

$543,485

Portfolio

turnover

rate

................

33.73%

69.99%

65.68%

f

55.59%

66.75%

85.02%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

.........................

33.73%

69.99%

65.68%

f

55.59%

55.24%

g

56.22%

f,g

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.06

$9.00

$8.81

$8.75

$9.60

$9.60

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.189 0.398 0.405 0.340 0.182 0.128 Net

realized

and

unrealized

gains

(losses)

(0.054)

0.071 0.198 0.068 (0.732)

0.161 Total

from

investment

operations

........

0.135 0.469 0.603 0.408 (0.550)

0.289 Less

distributions

from:

Net

investment

income

..............

(0.195)

(0.409)

(0.413)

(0.348)

(0.300)

(0.289)

Net

asset

value,

end

of

period

..........

$9.00

$9.06

$9.00

$8.81

$8.75

$9.60

Total

return

c

.......................

1.50%

5.32%

6.99%

4.72%

(5.83)%

3.03%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.69%

0.69%

0.71%

0.71%

0.67%

0.69%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.41%

0.41%

0.41%

0.41%

e

0.41%

e

0.42%

e

Net

investment

income

...............

4.20%

4.41%

4.53%

3.84%

1.98%

1.33%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$139,913

$160,013

$166,777

$174,506

$198,526

$251,429

Portfolio

turnover

rate

................

33.73%

69.99%

65.68%

f

55.59%

66.75%

85.02%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

.........................

33.73%

69.99%

65.68%

f

55.59%

55.24%

g

56.22%

f,g

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

,

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 0.0%

#### †

#### Machinery

#### 0.0%

#### †
a

UTEX

Industries,

Inc.

................................

United

States

9,228

$

405,690

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 618,276

####)
.......................................

#### 405,690

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 35.5%

#### Aerospace

#### &

#### Defense

#### 1.1%
b

BAE

Systems

plc

,

Senior

Note

,

144A,

%

,

3/26/27

..........

United

Kingdom

3,300,000

3,323,712

Boeing

Co.

(The)

,

Senior

Note

,

6.298 %

,

5/01/29

........................

United

States

3,400,000

3,566,650

Senior

Note

,

5.15 %

,

5/01/30

.........................

United

States

2,200,000

2,236,113

General

Electric

Co.

,

Senior

Note

,

4.3 %

,

7/29/30

............

United

States

1,165,000

1,162,873

Hexcel

Corp.

,

Senior

Note

,

4.9 %

,

5/15/31

.................

United

States

2,770,000

2,772,082

b

Honeywell

Aerospace,

Inc.

,

Senior

Note

,

144A,

4.3 %

,

3/16/31

..

United

States

2,390,000

2,361,547

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6 %

,

6/15/28

........

United

States

4,855,000

4,855,416

20,278,393

#### Automobiles

#### 0.5%
b

BMW

US

Capital

LLC

,

Senior

Note

,

144A,

4.5 %

,

8/11/30

......

Germany

2,525,000

2,502,117

b

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.25 %

,

1/08/27

....................

United

States

4,000,000

4,024,251

Senior

Note

,

144A,

4.85 %

,

3/25/27

....................

United

States

2,750,000

2,762,127

9,288,495

#### Banks

#### 8.6%
b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

.....................

Netherlands

1,800,000

1,812,652

Bank

of

America

Corp.

,

Senior

Bond

,

3.974%

to

2/06/29,

FRN

thereafter

,

2/07/30

...

United

States

6,000,000

5,912,691

Senior

Note

,

4.376%

to

4/26/27,

FRN

thereafter

,

4/27/28

....

United

States

8,000,000

7,998,597

Senior

Note

,

4.695%

to

4/22/31,

FRN

thereafter

,

4/23/32

....

United

States

2,320,000

2,311,008

Bank

of

Montreal

,

Senior

Note

,

4.567%

to

9/09/26,

FRN

thereafter

,

9/10/27

.................................

Canada

2,700,000

2,701,840

b

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

4.591 %

,

10/16/28

...........

France

5,100,000

5,104,953

Senior

Preferred

Note

,

144A,

4.541 %

,

1/15/31

...........

France

1,530,000

1,512,590

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.634%

to

7/02/28,

FRN

thereafter

,

7/03/29

.................................

Spain

3,480,000

3,483,817

Senior

Non-Preferred

Note

,

144A,

4.818%

to

4/21/31,

FRN

thereafter

,

4/22/32

.................................

Spain

1,555,000

1,545,255

Citibank

NA

,

Senior

Note

,

4.576 %

,

5/29/27

................

United

States

6,200,000

6,233,798

Citigroup,

Inc.

,

Senior

Note

,

5.174%

to

2/12/29,

FRN

thereafter

,

2/13/30

....

United

States

2,100,000

2,132,357

Senior

Note

,

4.503%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

4,890,000

4,836,466

b

Credit

Agricole

SA

,

Senior

Non-Preferred

Note

,

144A,

5.222%

to

5/26/30,

FRN

thereafter

,

5/27/31

......................

France

6,400,000

6,479,953

b

Danske

Bank

A/S

,

Senior

Non-Preferred

Note

,

144A,

5.705%

to

2/28/29,

FRN

thereafter

,

3/01/30

......................

Denmark

5,300,000

5,448,116

Fifth

Third

Bank

NA

,

Senior

Note

,

4.967%

to

1/27/27,

FRN

thereafter

,

1/28/28

.................................

United

States

2,430,000

2,437,530

HSBC

Holdings

plc

,

Senior

Note

,

2.013%

to

9/21/27,

FRN

thereafter

,

9/22/28

.................................

United

Kingdom

7,600,000

7,344,038

Huntington

Bancshares,

Inc.

,

Senior

Note

,

6.208%

to

8/20/28,

FRN

thereafter

,

8/21/29

.............................

United

States

3,000,000

3,104,954

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Huntington

National

Bank

(The)

,

Senior

Note

,

4.552%

to

5/16/27,

FRN

thereafter

,

5/17/28

.............................

United

States

7,400,000

$

7,398,045

JPMorgan

Chase

&

Co.

,

Senior

Note

,

5.012%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

3,600,000

3,643,438

Senior

Note

,

4.255%

to

10/21/30,

FRN

thereafter

,

10/22/31

..

United

States

2,800,000

2,755,443

Senior

Note

,

4.622%

to

4/22/31,

FRN

thereafter

,

4/23/32

....

United

States

2,325,000

2,314,402

Lloyds

Banking

Group

plc

,

Senior

Note

,

3.75%

to

3/17/27,

FRN

thereafter

,

3/18/28

.....

United

Kingdom

8,400,000

8,351,826

Senior

Note

,

5.087%

to

11/25/27,

FRN

thereafter

,

11/26/28

..

United

Kingdom

2,730,000

2,754,338

NatWest

Group

plc

,

Senior

Note

,

1.642%

to

6/13/26,

FRN

thereafter

,

6/14/27

.................................

United

Kingdom

7,000,000

6,975,790

b

NatWest

Markets

plc

,

Senior

Note

,

144A,

4.412 %

,

11/06/30

....

United

Kingdom

3,360,000

3,322,984

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

......................

United

States

2,000,000

2,012,987

Royal

Bank

of

Canada

,

Senior

Note

,

4.696%

to

8/05/30,

FRN

thereafter

,

8/06/31

.................................

Canada

6,500,000

6,494,119

Santander

Holdings

USA,

Inc.

,

Senior

Note

,

5.473%

to

3/19/28,

FRN

thereafter

,

3/20/29

.............................

United

States

8,000,000

8,118,846

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

......................

United

Kingdom

5,900,000

5,878,343

b

Shinhan

Bank

Co.

Ltd.

,

Senior

Note

,

144A,

1.375 %

,

10/21/26

..

South

Korea

6,500,000

6,424,912

b

Skandinaviska

Enskilda

Banken

AB

,

Senior

Preferred

Note

,

144A,

4.375 %

,

3/12/31

...................................

Sweden

2,400,000

2,376,428

b

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

.....................

France

3,900,000

3,888,623

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

.................................

United

States

7,400,000

7,573,461

Wells

Fargo

&

Co.

,

Senior

Note

,

6.303%

to

10/22/28,

FRN

thereafter

,

10/23/29

..

United

States

4,000,000

4,164,328

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

2,550,000

2,593,522

Sub.

Bond

,

4.1 %

,

6/03/26

...........................

United

States

3,000,000

3,000,090

160,442,540

#### Beverages

#### 0.4%
b

Coca-Cola

Europacific

Partners

plc

,

Senior

Note

,

144A,

1.5 %

,

1/15/27

.........................................

United

Kingdom

4,400,000

4,316,880

Keurig

Dr.

Pepper,

Inc.

,

Senior

Bond

,

2.25 %

,

3/15/31

........

United

States

2,860,000

2,536,597

6,853,477

#### Biotechnology

#### 0.1%
AbbVie,

Inc.

,

Senior

Note

,

4.125 %

,

3/15/31

................

United

States

1,620,000

1,594,665

#### Broadline

#### Retail

#### 0.2%
Amazon.com,

Inc.

,

Senior

Note

,

4.1 %

,

11/20/30

.........................

United

States

1,275,000

1,257,860

Senior

Note

,

4.25 %

,

3/13/31

.........................

United

States

1,780,000

1,763,058

a

,b

,c

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

12/31/22

........................................

South

Africa

1,068,278

—

a

,b

,c

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

12/31/22

....................................

South

Africa

470,581

—

3,020,918

#### Building

#### Products

#### 0.5%
Carrier

Global

Corp.

,

Senior

Note

,

2.493 %

,

2/15/27

..........

United

States

5,000,000

4,937,188

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

1/31/31

...................................

United

States

75,000

75,024

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Building

#### Products
(continued)

Owens

Corning

,

Senior

Note

,

5.5 %

,

6/15/27

...............

United

States

3,500,000

$

3,543,602

8,555,814

#### Capital

#### Markets

#### 1.8%
Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

4.729%

to

4/19/28,

FRN

thereafter

,

4/20/29

.............................

United

States

650,000

655,323

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Note

,

4.387%

to

6/14/26,

FRN

thereafter

,

6/15/27

....

United

States

2,700,000

2,699,758

Senior

Note

,

2.64%

to

2/23/27,

FRN

thereafter

,

2/24/28

.....

United

States

5,500,000

5,420,318

Senior

Note

,

4.594%

to

4/19/29,

FRN

thereafter

,

4/20/30

....

United

States

1,750,000

1,746,405

Morgan

Stanley

,

Senior

Note

,

5.173%

to

1/15/29,

FRN

thereafter

,

1/16/30

....

United

States

5,500,000

5,574,115

Senior

Note

,

4.493%

to

1/15/31,

FRN

thereafter

,

1/16/32

....

United

States

1,135,000

1,117,059

Senior

Note

,

4.708%

to

3/11/31,

FRN

thereafter

,

3/12/32

....

United

States

1,635,000

1,622,744

I

,

Senior

Note

,

4.133%

to

10/17/28,

FRN

thereafter

,

10/18/29

United

States

3,665,000

3,627,699

Sub.

Bond

,

4.35 %

,

9/08/26

..........................

United

States

7,800,000

7,798,556

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

%

,

11/15/29

..............

United

States

1,710,000

1,661,480

b

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25 %

,

4/01/29

...................................

United

States

1,800,000

1,835,656

33,759,113

#### Chemicals

#### 0.2%
b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

3,200,000

3,370,806

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
b

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29 %

,

4/15/29

.........................................

United

States

105,000

106,280

Waste

Management,

Inc.

,

Senior

Note

,

3.875 %

,

1/15/29

......

United

States

1,000,000

990,884

1,097,164

#### Communications

#### Equipment

#### 0.2%
Motorola

Solutions,

Inc.

,

Senior

Note

,

4.85 %

,

8/15/30

........

United

States

3,100,000

3,125,967

#### Consumer

#### Finance

#### 2.5%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

6.1 %

,

1/15/27

..........................

Ireland

2,200,000

2,224,162

Senior

Note

,

%

,

10/29/28

..........................

Ireland

3,000,000

2,891,595

Senior

Note

,

4.125 %

,

2/28/29

........................

Ireland

525,000

518,622

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

4.9 %

,

10/10/30

Ireland

2,065,000

2,054,976

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.8 %

,

1/31/28

..........................

United

States

7,000,000

6,923,676

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

2,190,000

2,155,315

Senior

Note

,

4.722%

to

1/29/31,

FRN

thereafter

,

1/30/32

....

United

States

1,435,000

1,418,269

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.125 %

,

11/05/26

.......................

United

States

3,200,000

3,208,623

Senior

Note

,

5.85 %

,

5/17/27

.........................

United

States

3,400,000

3,429,735

b

Gabx

Leasing

LLC

,

Senior

Note

,

144A,

4.625 %

,

4/15/31

......

United

States

1,895,000

1,871,075

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

1.5 %

,

6/10/26

..........................

United

States

13,200,000

13,159,492

Senior

Note

,

4.2 %

,

10/27/28

.........................

United

States

635,000

629,926

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5 %

,

2/15/29

United

States

2,600,000

2,737,387

OneMain

Finance

Corp.

,

Senior

Note

,

6.625 %

,

5/15/29

.......

United

States

2,000,000

2,036,970

SLM

Corp.

,

Senior

Note

,

6.5 %

,

1/31/30

...................

United

States

1,000,000

1,010,216

46,270,039

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
b

US

Foods,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

6/01/30

.........

United

States

1,200,000

$

1,174,536

#### Containers

#### &

#### Packaging

#### 0.1%
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

.............

United

States

1,205,000

1,196,886

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

425,000

372,775

1,569,661

#### Diversified

#### REITs

#### 0.3%
Equinix

Asia

Financing

Corp.

Pte.

Ltd.

,

Senior

Note

,

4.4 %

,

3/15/31

.........................................

United

States

1,400,000

1,374,956

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

...................................

United

States

4,200,000

4,170,844

5,545,800

#### Diversified

#### Telecommunication

#### Services

#### 0.2%
b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

3/15/31

.........................................

United

States

415,000

411,139

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

........................................

United

States

615,000

661,377

b

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125 %

,

2/15/31

.........................................

United

States

240,000

243,801

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

........................................

United

States

870,000

902,850

b

PR

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/01/31

....................................

United

States

290,000

287,607

b

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

...................................

United

States

365,000

358,357

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

........................................

United

States

460,000

483,741

3,348,872

#### Electric

#### Utilities

#### 0.7%
b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

.........................................

Italy

2,250,000

2,213,830

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

4.685 %

,

9/01/27

.........................................

United

States

1,575,000

1,582,442

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55 %

,

7/01/30

....

United

States

5,000,000

4,944,618

b

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375 %

,

5/01/29

...................

United

States

3,400,000

3,342,224

Senior

Note

,

144A,

4.7 %

,

1/31/31

.....................

United

States

1,240,000

1,221,397

13,304,511

#### Electrical

#### Equipment

#### 0.1%
Eaton

Capital

ULC

,

Senior

Note

,

4.45 %

,

5/09/30

............

United

States

1,100,000

1,099,569

Eaton

Corp.

,

Senior

Note

,

4.2 %

,

3/06/31

..................

United

States

1,615,000

1,592,960

2,692,529

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Amphenol

Corp.

,

Senior

Note

,

3.9 %

,

11/15/28

..............

United

States

1,395,000

1,384,073

#### Energy

#### Equipment

#### &

#### Services

#### 0.1%
b

Kodiak

Gas

Services

LLC

,

Senior

Note

,

144A,

5.875 %

,

4/01/31

.

United

States

315,000

317,426

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Energy

#### Equipment

#### &

#### Services
(continued)

b

Transocean

International

Ltd.

,

Senior

Secured

Note

,

144A,

8.75 %

,

2/15/30

...................................

United

States

1,050,000

$

1,100,259

1,417,685

#### Entertainment

#### 0.2%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

2,569,773

2,654,103

Discovery

Global

Holdings,

Inc.

,

Senior

Note

,

3.755 %

,

3/15/27

.

United

States

1,758,000

1,744,265

4,398,368

#### Financial

#### Services

#### 0.4%
b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/30

...................................

United

States

170,000

167,230

Fiserv,

Inc.

,

Senior

Note

,

2.25 %

,

6/01/27

..................

United

States

5,200,000

5,077,352

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

6.875 %

,

5/01/31

.........................................

United

States

900,000

868,757

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

1,510,000

1,546,743

7,660,082

#### Food

#### Products

#### 0.7%
Campbell's

Co.

(The)

,

Senior

Note

,

5.2 %

,

3/19/27

...........

United

States

3,300,000

3,325,184

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Note

,

%

,

2/02/29

.................

United

States

900,000

864,951

b

Mars,

Inc.

,

Senior

Note

,

144A,

4.8 %

,

3/01/30

...............

United

States

7,805,000

7,885,547

McCormick

&

Co.,

Inc.

,

Senior

Note

,

4.15 %

,

2/15/29

.........

United

States

690,000

684,038

12,759,720

#### Ground

#### Transportation

#### 0.6%
b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

105,000

109,412

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

5.35 %

,

3/30/29

...............................

United

States

4,000,000

4,070,219

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.1 %

,

4/01/30

.........................................

Ireland

7,500,000

7,563,561

11,743,192

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.1%
Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3 %

,

6/15/28

.....

United

States

300,000

299,412

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.65 %

,

11/15/27

........................

United

States

5,000,000

5,091,900

Senior

Note

,

4.15 %

,

12/15/28

........................

United

States

1,035,000

1,028,614

b

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

.........................................

United

States

13,790,000

13,404,740

19,824,666

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.3%
b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

1/15/29

.................................

United

States

3,200,000

3,176,784

CVS

Health

Corp.

,

Senior

Bond

,

1.875 %

,

2/28/31

........................

United

States

725,000

635,887

Senior

Note

,

%

,

1/30/29

...........................

United

States

4,700,000

4,759,214

b

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

6/01/30

...........

United

States

500,000

484,251

Elevance

Health,

Inc.

,

Senior

Bond

,

4.101 %

,

3/01/28

.........

United

States

4,000,000

3,980,915

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.........................................

United

States

4,700,000

4,736,996

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

3,000,000

$

2,939,958

Providence

St.

Joseph

Health

Obligated

Group

,

H

,

2.746 %

,

10/01/26

........................................

United

States

15,000

14,901

Quest

Diagnostics,

Inc.

,

Senior

Bond

,

3.45 %

,

6/01/26

........

United

States

4,150,000

4,147,366

24,876,272

#### Health

#### Care

#### REITs

#### 0.0%

#### †
MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

%

,

10/15/27

................................

United

States

1,000,000

975,626

#### Health

#### Care

#### Technology

#### 0.2%
IQVIA,

Inc.

,

Senior

Secured

Note

,

6.25 %

,

2/01/29

...........

United

States

3,300,000

3,425,139

#### Hotel

#### &

#### Resort

#### REITs

#### 0.1%
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

4.5 %

,

2/15/29

...............................

United

States

1,200,000

1,182,072

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.7%
Airbnb,

Inc.

,

Senior

Note

,

4.65 %

,

3/16/31

.................

United

States

1,795,000

1,792,475

b

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

10/15/29

........................................

United

States

3,400,000

3,283,660

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

3/15/30

..........

United

States

2,000,000

2,030,088

b

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

...................................

United

States

2,610,000

2,656,320

Sands

China

Ltd.

,

Senior

Note

,

2.3 %

,

3/08/27

..............

Macau

3,400,000

3,337,897

13,100,440

#### Household

#### Durables

#### 0.5%
DR

Horton,

Inc.

,

Senior

Note

,

4.85 %

,

10/15/30

.............

United

States

4,575,000

4,615,616

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.....

United

States

4,200,000

4,185,161

8,800,777

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.2%
b

Clearway

Energy

Operating

LLC

,

Senior

Note

,

144A,

3.75 %

,

2/15/31

.........................................

United

States

500,000

468,145

Constellation

Energy

Generation

LLC

,

Senior

Note

,

4.4 %

,

1/15/31

United

States

825,000

816,617

Southern

Power

Co.

,

A

,

Senior

Note

,

4.25 %

,

10/01/30

........

United

States

1,085,000

1,072,442

b

Talen

Energy

Supply

LLC

,

Senior

Note

,

144A,

6.125 %

,

5/01/31

.

United

States

1,600,000

1,603,509

3,960,713

#### Insurance

#### 3.2%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5 %

,

6/15/29

.........................................

United

States

900,000

901,194

b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

7,000,000

7,059,917

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

5.875 %

,

11/01/29

..................

United

States

1,200,000

1,177,124

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/28

.............

United

States

2,000,000

2,026,744

b

Athene

Global

Funding

,

Senior

Secured

Note

,

144A,

5.516 %

,

3/25/27

.........................................

United

States

7,000,000

7,061,583

Brown

&

Brown,

Inc.

,

Senior

Note

,

4.9 %

,

6/23/30

...........

United

States

2,085,000

2,082,997

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9 %

,

9/19/28

United

States

4,700,000

4,842,961

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

850,000

860,402

b

F&G

Global

Funding

,

Secured

Note

,

144A,

5.875 %

,

6/10/27

...

United

States

5,800,000

5,866,674

b

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4 %

,

9/23/27

..

United

States

7,200,000

7,163,039

b

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

5.05 %

,

1/06/28

.........................................

United

States

4,100,000

4,143,449

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Insurance
(continued)

b

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.35 %

,

4/09/27

...................................

United

States

6,700,000

$

6,774,274

b

Northwestern

Mutual

Global

Funding

,

Secured

Note

,

144A,

4.9 %

,

6/12/28

.........................................

United

States

5,000,000

5,051,348

b

Principal

Life

Global

Funding

II

,

Secured

Note

,

144A,

4.6 %

,

8/19/27

.........................................

United

States

2,000,000

2,005,684

b

RGA

Global

Funding

,

Secured

Note

,

144A,

5.448 %

,

5/24/29

...

United

States

2,100,000

2,149,072

59,166,462

#### Interactive

#### Media

#### &

#### Services

#### 0.5%
Alphabet,

Inc.

,

Senior

Note

,

4.1 %

,

11/15/30

.........................

United

States

2,835,000

2,811,641

Senior

Note

,

4.1 %

,

2/15/31

..........................

United

States

2,175,000

2,150,044

Meta

Platforms,

Inc.

,

Senior

Note

,

4.2 %

,

11/15/30

...........

United

States

4,710,000

4,656,165

9,617,850

#### Leisure

#### Products

#### 0.2%
Hasbro,

Inc.

,

Senior

Note

,

4.65 %

,

3/12/31

.................

United

States

4,000,000

3,970,488

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Bio-Rad

Laboratories,

Inc.

,

Senior

Note

,

3.3 %

,

3/15/27

.......

United

States

900,000

892,393

Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

1,600,000

1,601,080

2,493,473

#### Machinery

#### 0.1%
b

ESAB

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

....................

United

States

500,000

507,229

Senior

Note

,

144A,

5.625 %

,

4/01/31

...................

United

States

250,000

252,927

Hillenbrand,

Inc.

,

Senior

Note

,

6.25 %

,

2/15/29

..............

United

States

1,100,000

1,040,335

1,800,491

#### Media

#### 0.3%
b

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25 %

,

3/01/31

...................................

United

States

265,000

245,566

b

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

2/01/30

.........................................

United

States

2,750,000

2,804,235

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

..................

United

States

410,000

410,560

Omnicom

Group,

Inc.

,

Senior

Note

,

4.2 %

,

3/02/29

...........

United

States

1,695,000

1,676,386

5,136,747

#### Metals

#### &

#### Mining

#### 0.3%
b

Anglo

American

Capital

plc

,

Senior

Note

,

144A,

4.625 %

,

3/19/31

South

Africa

2,080,000

2,057,571

b

Glencore

Funding

LLC

,

Senior

Note

,

144A,

4.907 %

,

4/01/28

...

Australia

3,335,000

3,360,219

5,417,790

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
b

Starwood

Property

Trust,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

1/15/31

United

States

600,000

600,163

#### Multi-Utilities

#### 0.5%
Dominion

Energy,

Inc.

,

D

,

Senior

Bond

,

2.85 %

,

8/15/26

.......

United

States

1,300,000

1,294,906

DTE

Energy

Co.

,

Senior

Note

,

4.95 %

,

7/01/27

..............

United

States

2,200,000

2,214,042

b

Engie

SA

,

Senior

Note

,

144A,

5.25 %

,

4/10/29

..............

France

4,000,000

4,089,204

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Multi-Utilities
(continued)

Southern

Co.

Gas

Capital

Corp.

,

A

,

Senior

Note

,

4.05 %

,

9/15/28

United

States

1,095,000

$

1,085,936

8,684,088

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.4%
b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

........................................

Australia

1,100,000

998,464

Energy

Transfer

LP

,

Senior

Bond

,

3.9 %

,

7/15/26

............

United

States

3,900,000

3,898,352

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

5.875 %

,

3/01/28

...................

United

States

300,000

303,112

Senior

Note

,

144A,

6.5 %

,

6/01/29

.....................

United

States

2,000,000

2,050,240

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

.........................................

Kazakhstan

1,520,000

1,548,315

MPLX

LP

,

Senior

Note

,

4.8 %

,

2/15/31

....................

United

States

6,500,000

6,512,400

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

1,120,000

1,132,453

b

Sunoco

LP

,

Senior

Note

,

144A,

%

,

5/01/29

...............

United

States

2,000,000

2,066,364

Targa

Resources

Corp.

,

Senior

Note

,

4.35 %

,

4/15/31

........

United

States

935,000

916,826

b

Var

Energi

ASA

,

Senior

Note

,

144A,

7.5 %

,

1/15/28

..........

Norway

4,000,000

4,172,257

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

6/01/28

.........................................

United

States

2,000,000

2,047,352

Viper

Energy

Partners

LLC

,

Senior

Note

,

4.9 %

,

8/01/30

.......

United

States

846,000

845,939

26,492,074

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
b

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

4.6 %

,

5/15/31

.......

United

States

2,680,000

2,678,259

#### Passenger

#### Airlines

#### 0.1%
b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

1,118,000

1,104,288

#### Personal

#### Care

#### Products

#### 0.4%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

7,700,000

7,637,386

#### Pharmaceuticals

#### 1.0%
b

Bayer

US

Finance

LLC

,

Senior

Note

,

144A,

6.25 %

,

1/21/29

....

Germany

3,200,000

3,320,728

Novartis

Capital

Corp.

,

Senior

Note

,

4.1 %

,

11/05/30

.........................

United

States

4,120,000

4,067,228

Senior

Note

,

4.4 %

,

3/18/31

..........................

United

States

3,295,000

3,290,978

Royalty

Pharma

plc

,

Senior

Note

,

4.45 %

,

3/25/31

...........

United

States

2,000,000

1,977,493

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75 %

,

5/09/27

.........................

Israel

1,696,000

1,695,367

Senior

Note

,

5.125 %

,

5/09/29

........................

Israel

2,345,000

2,355,058

Teva

Pharmaceutical

Finance

Netherlands

IV

BV

,

Senior

Note

,

5.75 %

,

12/01/30

...................................

Israel

2,320,000

2,382,615

19,089,467

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/30

.........................................

United

States

5,900,000

6,124,074

#### Software

#### 0.5%
Oracle

Corp.

,

Senior

Note

,

4.55 %

,

2/04/29

.........................

United

States

3,990,000

3,942,390

Senior

Note

,

4.45 %

,

9/26/30

.........................

United

States

1,525,000

1,471,232

Senior

Note

,

4.95 %

,

2/04/31

.........................

United

States

2,210,000

2,162,343

Salesforce,

Inc.

,

Senior

Note

,

4.5 %

,

3/15/28

...............

United

States

2,375,000

2,377,786

9,953,751

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Specialized

#### REITs

#### 0.8%
Crown

Castle,

Inc.

,

Senior

Bond

,

3.7 %

,

6/15/26

..........................

United

States

7,330,000

$

7,324,331

Senior

Note

,

1.05 %

,

7/15/26

.........................

United

States

2,270,000

2,255,429

b

Iron

Mountain,

Inc.

,

Senior

Bond

,

144A,

4.875 %

,

9/15/29

...................

United

States

700,000

690,716

Senior

Note

,

144A,

4.875 %

,

9/15/27

...................

United

States

2,000,000

1,996,381

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

2,950,000

2,989,837

15,256,694

#### Specialty

#### Retail

#### 0.5%
b

Dick's

Sporting

Goods,

Inc.

,

Senior

Note

,

144A,

%

,

10/01/29

..

United

States

9,450,000

9,208,971

#### Tobacco

#### 0.6%
BAT

Capital

Corp.

,

Senior

Bond

,

4.906 %

,

4/02/30

........................

United

Kingdom

650,000

656,945

Senior

Note

,

6.343 %

,

8/02/30

........................

United

Kingdom

1,805,000

1,924,756

Philip

Morris

International,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/28

..

United

States

7,700,000

7,776,229

10,357,930

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
b

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

%

,

5/15/28

..

United

States

3,200,000

3,321,581

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

3/15/29

.

United

States

3,000,000

3,062,805

6,384,386

#### Wireless

#### Telecommunication

#### Services

#### 0.4%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

3,000,000

3,167,811

T-Mobile

USA,

Inc.

,

Senior

Note

,

4.95 %

,

3/15/28

............

United

States

4,200,000

4,245,160

7,412,971

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 657,771,347

####)
...................................

#### 659,389,928
d

#### Senior

#### Floating

#### Rate

#### Interests

#### 2.3%
e

#### Aerospace

#### &

#### Defense

#### 0.1%
TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

3/22/30

............................

United

States

827,097

829,309

f

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

N

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

2/14/33

.............................

United

States

209,302

209,885

f

VSE

Corp.,

First

Lien,

CME

Term

Loan,

B

,

5.474 %

,

(12-month

SOFR

+

%),

3/17/33

...............................

United

States

137,237

138,038

1,177,232

a

a

a

a

a

a

e

#### Air

#### Freight

#### &

#### Logistics

#### 0.1%
Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.7 %

,

(3-month

SOFR

+

%),

3/18/30

...............................

United

States

352,331

354,193

Stonepeak

Nile

Parent

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

5.919 %

,

(3-month

SOFR

+

2.25 %),

4/09/32

.....

United

States

997,500

1,002,024

1,356,217

a

a

a

a

a

a

e

#### Automobile

#### Components

#### 0.0%

#### †
American

Axle

&

Manufacturing,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

6.912 %

,

(3-month

SOFR

+

3.25 %),

2/03/33

............

United

States

318,179

318,577

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

1/28/32

.........

United

States

368,091

370,316

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

d

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

e

#### Automobile

#### Components
(continued)

g

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

PIK,

3.779 %

,

(1-month

SOFR

+

%),

3/30/27

................

United

States

77,083

$

g

First

Brands

Group

LLC,

First

Lien,

Debtor-In-Possession

Roll

Up

CME

Term

Loan

,

PIK,

10.661 %

,

(1-month

SOFR

+

%),

6/29/26

United

States

472,024

1,857

g

First

Brands

Group

LLC,

First

Lien,

USD

Debtor-In-Possession

New

Money

CME

Term

Loan

,

PIK,

13.657 %

,

(1-month

SOFR

+

%),

6/29/26

....................................

United

States

185,205

45,781

g

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

PIK,

14.279 %

,

(1-month

SOFR

+

10.615 %),

3/30/28

........

United

States

622,361

840

737,551

a

a

a

a

a

a

#### Beverages

#### 0.0%

#### †
e

Primo

Brands

Corp.,

First

Lien,

2026

Refinancing

CME

Term

Loan

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

3/31/31

..........

United

States

210,177

211,745

#### Biotechnology

#### 0.1%
e,f

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.174 %

,

(12-month

SOFR

+

1.75 %),

1/28/33

.............

United

States

1,000,000

1,004,065

#### Broadline

#### Retail

#### 0.0%

#### †
e

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.2 %

,

(3-month

SOFR

+

2.5 %),

7/01/31

......................

Netherlands

485,606

487,548

e

#### Building

#### Products

#### 0.1%
EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.923 %

,

(3-month

SOFR

+

2.25 %),

5/31/30

..............

United

States

363,023

363,888

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

5.95 %

,

(1-month

SOFR

+

2.25 %),

8/04/31

..

United

States

102,003

102,260

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

3/19/29

.....................

United

States

415,197

416,104

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

2/10/32

.....................

United

States

273,103

273,642

1,155,894

a

a

a

a

a

a

e

#### Capital

#### Markets

#### 0.1%
Citadel

Securities

Global

Holdings

LLC,

First

Lien,

2024

CME

Term

Loan

,

5.7 %

,

(3-month

SOFR

+

%),

10/31/31

........

United

States

516,082

518,590

CPI

Holdco

B

LLC,

First

Lien,

2025

Fourth

Amendment

Incremental

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

5/19/31

.........................................

United

States

346,353

346,706

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

5.673 %

,

(3-month

SOFR

+

%),

12/15/31

................

United

States

512,322

512,066

1,377,362

a

a

a

a

a

a

e

#### Chemicals

#### 0.0%

#### †
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.413 %

,

(1-month

SOFR

+

3.75;

3-month

SOFR

+

3.75),

4/06/29

.....

United

States

503,407

489,742

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.413 %

,

(3-month

SOFR

+

1.75 %),

10/29/32

.............

United

States

244,898

246,927

736,669

a

a

a

a

a

a

e

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
APi

Group

DE,

Inc.,

First

Lien,

2021

Incremental

CME

Term

Loan

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

1/03/29

..............

United

States

950,000

953,962

Aramark

Services,

Inc.,

First

Lien,

U.S.

CME

Term

Loan,

B10

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

6/24/30

..............

United

States

65,509

65,898

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

d

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

e

#### Commercial

#### Services

#### &

#### Supplies
(continued)

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan,

B1

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

5/17/28

.......

Ireland

459,268

$

460,990

PG

Polaris

BidCo

SARL,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

3/26/31

.........................................

Luxembourg

174,198

175,300

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2

,

5.407 %

,

(1-month

SOFR

+

1.75 %),

3/08/32

...................................

United

States

997,860

988,894

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.928 %

,

(3-month

SOFR

+

%),

9/04/30

.......................

United

States

66,335

46,932

f

WMB

Holdings,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

11/05/29

......................

United

States

947,781

951,041

3,643,017

a

a

a

a

a

a

#### Construction

#### Materials

#### 0.0%

#### †
e

Knife

River

Corp.,

First

Lien,

CME

Term

Loan,

B

,

5.669 %

,

(3-month

SOFR

+

%),

3/08/32

.......................

United

States

56,727

57,135

e

#### Containers

#### &

#### Packaging

#### 0.1%
Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

...................................

United

States

585,040

544,368

f

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.652 %

,

(1-month

SOFR

+

%),

9/30/32

.........

United

States

933,960

923,453

1,467,821

a

a

a

a

a

a

#### Distributors

#### 0.0%

#### †
e

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

D

,

5.654 %

,

(1-month

SOFR

+

%),

7/27/28

...............................

United

States

314,389

315,633

e

#### Electric

#### Utilities

#### 0.1%
Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

9/30/31

..............

United

States

997,468

998,695

Constellation

Renewables

LLC,

First

Lien,

CME

Term

Loan

,

5.673 %

,

(3-month

SOFR

+

%),

12/15/27

................

United

States

1,000,000

1,001,565

f

NRG

Energy,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B

,

5.561 %

,

(12-month

SOFR

+

1.75 %),

4/15/33

.............

United

States

257,310

258,565

2,258,825

a

a

a

a

a

a

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
e

MX

Holdings

US,

Inc.,

First

Lien,

Senior

USD

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

3/17/32

................

United

States

67,504

67,926

e

#### Entertainment

#### 0.1%
Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.517 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

.....................

United

States

720,008

694,185

TKO

Worldwide

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B5

,

5.664 %

,

(3-month

SOFR

+

%),

11/21/31

................

United

States

844,966

848,194

1,542,379

a

a

a

a

a

a

#### Financial

#### Services

#### 0.1%
e

Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.38 %

,

(1-day

SOFR

+

1.75 %),

7/30/32

.................

United

States

997,494

998,741

e

#### Food

#### Products

#### 0.0%

#### †
Chobani

LLC,

First

Lien,

Closing

Date

CME

Term

Loan

,

5.918 %

,

(1-month

SOFR

+

2.25 %),

10/28/32

....................

United

States

315,473

317,614

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

d

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

e

#### Food

#### Products
(continued)

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

B4

,

5.877 %

,

(6-month

SOFR

+

2.25 %),

9/30/31

..............

United

Kingdom

401,524

$

399,177

716,791

a

a

a

a

a

a

e

#### Ground

#### Transportation

#### 0.1%
Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

6.664 %

,

(3-month

SOFR

+

%),

5/21/31

.......

United

Kingdom

60,539

60,910

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

8/15/30

...............

United

States

436,757

437,484

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

8/15/30

...............

United

States

79,916

80,050

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.45 %

,

(3-month

SOFR

+

1.75 %),

4/10/31

...............

United

States

997,468

999,448

1,577,892

a

a

a

a

a

a

e

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.0%

#### †
Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.263 %

,

(3-month

SOFR

+

3.5 %),

11/01/28

..............

United

States

350,104

57,988

Paradigm

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.2 %

,

(3-month

SOFR

+

4.5 %),

4/16/32

......................

United

States

298,500

260,535

Surgery

Center

Holdings,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

12/19/30

.....

United

States

31,603

31,724

350,247

a

a

a

a

a

a

#### Health

#### Care

#### Technology

#### 0.0%

#### †
e

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

6.415 %

,

(1-month

SOFR

+

2.75 %),

5/01/31

.....................

United

States

337,431

310,858

e

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.2%
1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5

,

5.418 %

,

(1-month

SOFR

+

1.75 %),

9/20/30

.....................

Canada

1,127,921

1,130,385

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

2/06/30

...

United

States

213,720

207,933

DK

Crown

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.411 %

,

(1-month

SOFR

+

1.75 %),

3/04/32

.....................

United

States

997,481

1,000,249

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

5.45 %

,

(3-month

SOFR

+

1.75 %),

12/02/30

.......

Ireland

342,566

342,138

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

11/03/32

United

States

997,500

999,685

3,680,390

a

a

a

a

a

a

#### Household

#### Products

#### 0.1%
e

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

3/19/32

................

United

States

997,192

1,000,513

e

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
Calpine

Construction

Finance

Co.

LP,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

7/31/30

...................................

United

States

250,000

251,129

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.153 %

,

(3-month

SOFR

+

2.5 %),

12/15/31

...

United

States

132,848

133,500

384,629

a

a

a

a

a

a

e

#### Insurance

#### 0.1%
Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

7.763 %

,

(3-month

SOFR

+

%),

8/21/28

.......................

United

States

129,058

129,368

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

d

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

e

#### Insurance
(continued)

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.013 %

,

(3-month

SOFR

+

4.25 %),

8/21/28

.....................

United

States

42,421

$

42,488

f

Lockton,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.811 %

,

(12-month

SOFR

+

%),

4/25/33

...............................

United

States

900,000

903,375

1,075,231

a

a

a

a

a

a

#### IT

#### Services

#### 0.0%

#### †
e

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

7.902 %

,

(1-month

SOFR

+

4.25 %),

12/31/31

.............

United

States

205,826

163,231

e

#### Leisure

#### Products

#### 0.0%

#### †
GBT

US

III

LLC,

First

Lien,

CME

Term

Loan,

B2

,

5.667 %

,

(3-month

SOFR

+

%),

7/25/31

.......................

United

States

9,900

9,817

Horizon

US

Finco

LP,

First

Lien,

CME

Term

Loan,

B

,

8.413 %

,

(3-month

SOFR

+

4.75 %),

10/31/31

....................

United

States

441,714

411,346

421,163

a

a

a

a

a

a

e

#### Machinery

#### 0.0%

#### †
Columbus

McKinnon

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.2 %

,

(3-month

SOFR

+

3.5 %),

2/03/33

.................

United

States

57,541

57,709

Crown

Equipment

Corp.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

5.665 %

,

(1-month

SOFR

+

%),

10/10/31

................

United

States

344,496

346,325

404,034

a

a

a

a

a

a

e

#### Media

#### 0.1%
Advantage

Sales

&

Marketing,

Inc.,

First

Lien,

Exchange

CME

Term

Loan

,

9.93 %

,

(3-month

SOFR

+

%),

4/19/30

........

United

States

299,260

245,768

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5

,

5.942 %

,

(3-month

SOFR

+

2.25 %),

12/15/31

......

United

States

1,040,872

1,041,471

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B7

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

3/18/33

.....................

United

States

350,000

350,193

1,637,432

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
e

Starwood

Property

Mortgage

LLC,

First

Lien,

CME

Term

Loan,

B5

,

5.668 %

,

(1-month

SOFR

+

%),

1/02/30

.............

United

States

246,884

248,119

e

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.2%
CQP

Holdco

LP,

First

Lien,

CME

Term

Loan,

B

,

5.45 %

,

(3-month

SOFR

+

1.75 %),

12/31/32

...........................

United

States

1,000,000

1,000,690

Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.268 %

,

(1-month

SOFR

+

3.5 %),

11/19/29

.....................

United

States

496,154

497,434

Hilcorp

Energy

I

LP,

First

Lien,

Initial

CME

Term

Loan

,

5.411 %

,

(1-month

SOFR

+

1.75 %),

2/11/30

.....................

United

States

339,429

340,701

Oryx

Midstream

Services

Permian

Basin

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.904 %

,

(1-month

SOFR

+

2.25 %),

10/05/28

United

States

488,813

491,020

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

2/22/30

...............

United

States

358,781

361,472

Venture

Global

Calcasieu

Pass

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.724 %

,

(12-month

SOFR

+

3.25 %),

4/11/33

........

United

States

956,711

960,896

3,652,213

a

a

a

a

a

a

e

#### Passenger

#### Airlines

#### 0.1%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.425 %

,

(3-month

SOFR

+

2.75 %),

5/28/32

.....

United

States

997,481

994,883

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

d

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

e

#### Passenger

#### Airlines
(continued)

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

5.925 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

.....................

United

States

160,019

$

159,363

AS

Mileage

Plan

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

5.425 %

,

(3-month

SOFR

+

1.75 %),

10/15/31

.............

United

States

292,268

292,953

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.404 %

,

(1-month

SOFR

+

1.75 %),

2/24/31

.....................

United

States

1,021,180

1,025,331

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

2/14/31

.....................

Canada

360,361

352,648

2,825,178

a

a

a

a

a

a

e

#### Professional

#### Services

#### 0.1%
Maximus,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

5/30/31

...............................

United

States

192,938

193,119

SS&C

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

5.652 %

,

(1-month

SOFR

+

%),

5/09/31

................

United

States

1,000,000

1,001,245

1,194,364

a

a

a

a

a

a

e

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2025-2

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

1/31/30

.....

United

States

440,700

442,903

f

Greystar

Real

Estate

Partners

LLC,

First

Lien,

CME

Term

Loan,

B3

,

6.173 %

,

(3-month

SOFR

+

2.5 %),

8/21/30

............

United

States

125,000

125,469

568,372

a

a

a

a

a

a

#### Software

#### 0.0%

#### †
e

Adeia,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B6

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

6/08/28

......................

United

States

929,930

932,255

e

#### Specialty

#### Retail

#### 0.1%
g

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

9.768 %

,

(1-month

SOFR

+

%),

10/07/26

......................

United

States

1,833,658

1,427,961

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

1/23/32

..............

United

States

241,596

243,438

1,671,399

a

a

a

a

a

a

#### Trading

#### Companies

#### &

#### Distributors

#### 0.1%
e

QXO

Building

Products,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

4/30/32

................

United

States

1,000,000

1,001,540

#### Water

#### Utilities

#### 0.0%

#### †
e

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.411 %

,

(1-month

SOFR

+

2.75 %),

10/01/32

.............

United

States

135,243

136,088

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 44,392,010

####)
........................

#### 42,547,699
h

#### Marketplace

#### Loans

#### 0.1%
a

#### Financial

#### Services

#### 0.1%
a

a

a

a

a

a

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $

#### 8,304,925

####)
...................................

#### 2,284,551

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 2.3%
b

Angola

Government

Bond

,

Senior

Bond

,

144A,

8.25 %

,

5/09/28

.

Angola

920,000

943,905

b

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

%

,

7/27/27

......................................

Supranational

i

3,900,000

3,895,054

Brazil

Government

Bond

,

Senior

Bond

,

4.5 %

,

5/30/29

..........................

Brazil

770,000

767,883

Senior

Bond

,

3.875 %

,

6/12/30

........................

Brazil

950,000

912,712

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

Chile

Government

Bond

,

Senior

Note

,

4.85 %

,

1/22/29

........

Chile

1,130,000

$

1,145,537

Colombia

Government

Bond

,

Senior

Note

,

7.375 %

,

4/25/30

.........................

Colombia

730,000

766,135

Senior

Note

,

4.5 %

,

11/26/30

..........................

Colombia

400,000

EUR

461,972

b

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

Reg

S,

%

,

9/30/29

.........................................

Chile

820,000

774,544

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

144A,

6.125 %

,

2/19/31

.........................................

Costa

Rica

1,090,000

1,135,726

b

Dominican

Republic

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95 %

,

1/25/27

...................

Dominican

Republic

680,000

686,494

Senior

Bond

,

Reg

S,

%

,

7/19/28

......................

Dominican

Republic

890,000

904,373

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

1,150,000

1,160,293

b

Egypt

Government

Bond

,

Senior

Bond

,

Reg

S,

7.6 %

,

3/01/29

..

Egypt

630,000

647,726

b

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

8.625 %

,

2/28/29

.........................................

El

Salvador

840,000

895,453

b

Guatemala

Government

Bond

,

Senior

Bond

,

144A,

4.875 %

,

2/13/28

.........................................

Guatemala

1,540,000

1,545,167

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

1,510,000

1,536,994

Indonesia

Government

Bond

,

Senior

Bond

,

3.85 %

,

10/15/30

...

Indonesia

790,000

768,659

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.375 %

,

3/03/28

.........................................

Ivory

Coast

1,340,670

1,358,393

Jamaica

Government

Bond

,

Senior

Bond

,

6.75 %

,

4/28/28

.....

Bermuda

760,000

784,358

Mexico

Government

Bond

,

Senior

Bond

,

4.15 %

,

3/28/27

......

Mexico

780,000

780,429

b

Montenegro

Government

Bond

,

Senior

Bond

,

144A,

2.55 %

,

10/03/29

........................................

Montenegro

830,000

EUR

928,163

b

Morocco

Government

Bond

,

Senior

Note

,

144A,

5.95 %

,

3/08/28

Morocco

1,120,000

1,144,073

b

Nigeria

Government

Bond

,

Senior

Note

,

144A,

8.375 %

,

3/24/29

Nigeria

860,000

920,062

b

North

Macedonia

Government

Bond

,

Senior

Note

,

144A,

3.875 %

,

1/21/30

.........................................

North

Macedonia

590,000

EUR

679,843

b

Paraguay

Government

Bond

,

Senior

Bond

,

144A,

4.95 %

,

4/28/31

Paraguay

1,540,000

1,549,625

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

1,960,000

1,806,042

Philippines

Government

Bond

,

Senior

Bond

,

9.5 %

,

2/02/30

....

Philippines

1,270,000

1,496,868

Poland

Government

Bond

,

4.875 %

,

2/12/30

...............

Poland

1,880,000

1,921,175

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

1,190,000

1,152,490

b

Romania

Government

Bond

,

Senior

Bond

,

144A,

2.875 %

,

5/26/28

Romania

1,680,000

EUR

1,943,596

b

Serbia

Government

Bond

,

Senior

Note

,

144A,

6.25 %

,

5/26/28

..

Serbia

1,090,000

1,119,758

South

Africa

Government

Bond

,

Senior

Bond

,

4.85 %

,

9/27/27

..

South

Africa

1,920,000

1,925,173

Turkiye

Government

Bond

,

Senior

Note

,

8.6 %

,

9/24/27

.......

Turkiye

1,090,000

1,141,773

Uruguay

Government

Bond

,

Senior

Bond

,

4.375 %

,

10/27/27

...

Uruguay

1,940,000

1,946,499

b

Uzbekistan

Government

Bond

,

Senior

Note

,

144A,

7.85 %

,

10/12/28

........................................

Uzbekistan

1,090,000

1,158,508

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 42,952,765

####)
............

#### 42,705,455

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 19.4%
U.S.

Treasury

Bonds

,

.86

%

,

11/15/27

...................

United

States

42,300,000

39,895,257

U.S.

Treasury

Notes

,

0.625 %,

3/31/27

..................................

United

States

52,000,000

50,555,748

j

0.5 %,

8/31/27

....................................

United

States

16,000,000

15,309,688

2.875 %,

8/15/28

..................................

United

States

35,600,000

34,814,297

4.625 %,

4/30/29

..................................

United

States

91,000,000

92,812,891

%,

10/31/29

....................................

United

States

55,000,000

55,092,383

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

U.S.

Treasury

Notes,

(continued)

4.625 %,

9/30/30

..................................

United

States

69,500,000

$

71,241,572

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 360,458,851

####)
..............

#### 359,721,836

#### Asset-Backed

#### Securities

#### 16.3%

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
b

,e

Barings

CLO

Ltd.

,

2021-3A

,

AR

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

1.13 %),

1/18/35

.

............................

United

States

700,000

700,560

#### Consumer

#### Finance

#### 2.7%
American

Express

Credit

Account

Master

Trust

,

2023-1

,

A

,

4.87 %

,

5/15/28

.

.........................................

United

States

10,380,000

10,384,928

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-4

,

A3

,

5.78 %

,

8/16/28

..........................

United

States

3,674,081

3,703,390

2024-1

,

A3

,

4.85 %

,

12/18/28

.........................

United

States

6,600,453

6,627,741

2026-2

,

A3

,

4.15 %

,

8/18/31

..........................

United

States

2,863,000

2,862,214

Hyundai

Auto

Receivables

Trust

,

2023-B

,

A3

,

5.48 %

,

4/17/28

..........................

United

States

1,178,874

1,184,551

2024-A

,

A3

,

4.99 %

,

2/15/29

..........................

United

States

2,664,132

2,680,693

2025-B

,

A2A

,

4.45 %

,

8/15/28

.........................

United

States

7,702,147

7,716,152

Nissan

Auto

Receivables

Owner

Trust

,

2023-A

,

A3

,

4.91 %

,

11/15/27

.

........................................

United

States

2,741,528

2,747,402

Toyota

Auto

Receivables

Owner

Trust

,

2024-A

,

A3

,

4.83 %

,

10/16/28

.........................

United

States

4,164,914

4,184,401

2024-B

,

A3

,

5.33 %

,

1/16/29

..........................

United

States

5,972,618

6,023,311

2026-B

,

A3

,

4.13 %

,

12/16/30

.........................

United

States

2,572,000

2,569,776

50,684,559

a

a

a

a

a

a

#### Financial

#### Services

#### 13.6%
b

,e

AGL

CLO

Ltd.

,

2021-13A

,

A1R

,

144A,

FRN

,

4.775 %

,

(3-month

SOFR

+

1.1 %),

10/20/34

.

............................

United

States

2,550,000

2,552,187

b

,e

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

5.445 %

,

(30-day

SOFR

Average

+

1.8 %),

2/25/55

.

................

United

States

694,938

698,809

b

,e

Apex

Credit

CLO

LLC

,

2021-2A

,

A1AR

,

144A,

FRN

,

4.855 %

,

(3-month

SOFR

+

1.18 %),

10/20/34

.

...................

United

States

4,500,000

4,505,210

b

,e

Apidos

CLO

XXXV

Ltd.

,

2021-35A

,

A

,

144A,

FRN

,

4.987 %

,

(3-month

SOFR

+

1.312 %),

4/20/34

.

...................

United

States

19,306,000

19,336,363

b

,e

Bain

Capital

Credit

CLO

Ltd.

,

2020-1A

,

A1RR

,

144A,

FRN

,

4.665 %

,

(3-month

SOFR

+

0.99 %),

4/18/33

...................................

United

States

2,734,216

2,734,935

2022-2A

,

A1R

,

144A,

FRN

,

4.814 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.........................................

United

States

2,500,000

2,502,473

b

,e

Battalion

CLO

IX

Ltd.

,

2015-9A

,

ARR

,

144A,

FRN

,

4.633 %

,

(3-month

SOFR

+

0.96 %),

7/15/31

.

....................

United

States

2,244,302

2,244,346

b

,e

Beechwood

Park

CLO

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

4.75 %

,

(3-month

SOFR

+

1.07 %),

1/17/35

.

....................

Jersey

10,000,000

9,997,543

b

,e

BlueMountain

CLO

Ltd.

,

2016-3A

,

A1R2

,

144A,

FRN

,

4.853 %

,

(3-month

SOFR

+

1.2 %),

11/15/30

.

....................

United

States

1,216,047

1,216,119

b

,e

BlueMountain

CLO

XXXI

Ltd.

,

2021-31A

,

A1R

,

144A,

FRN

,

4.775 %

,

(3-month

SOFR

+

1.1 %),

4/19/34

.

...............

United

States

3,130,000

3,132,805

b

,e

BRAVO

Residential

Funding

Trust

,

2025-HE1

,

A1

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/72

.

........

United

States

5,460,590

5,476,091

b

,e

Buckhorn

Park

CLO

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

4.745 %

,

(3-month

SOFR

+

1.07 %),

7/18/34

.

....................

United

States

2,480,000

2,481,843

CarMax

Auto

Owner

Trust

,

2026-2

,

A2A

,

4.11 %

,

8/15/29

.........................

United

States

890,000

890,844

2026-2

,

A3

,

4.22 %

,

6/16/31

..........................

United

States

2,252,000

2,253,480

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

CF

Hippolyta

Issuer

LLC

,

2020-1

,

A1

,

144A,

1.69 %

,

7/15/60

.

...

United

States

3,221,147

$

2,707,193

b

Compass

Datacenters

Issuer

II

LLC

,

2024-2A

,

A1

,

144A,

5.022 %

,

8/25/49

...................

United

States

953,000

952,741

2025-1A

,

A1

,

144A,

5.316 %

,

5/25/50

...................

United

States

1,023,000

1,027,619

2025-2A

,

A1

,

144A,

4.926 %

,

11/25/50

..................

United

States

2,246,000

2,207,810

e

CWABS,

Inc.

Asset-Backed

Certificates

Trust

,

2004-1

,

M1

,

FRN

,

4.519 %

,

(1-month

SOFR

+

0.864 %),

3/25/34

.

.............

United

States

15,894

16,585

b

,e

Dryden

CLO

Ltd.

,

2019-68A

,

ARR

,

144A,

FRN

,

4.773 %

,

(3-month

SOFR

+

1.1 %),

7/15/35

.

.....................

United

States

6,450,000

6,459,998

b

,e

Dryden

CLO

Ltd.

,

2019-80A

,

ARR

,

144A,

FRN

,

4.63 %

,

(3-month

SOFR

+

0.95 %),

1/17/33

.

....................

United

States

6,737,121

6,737,218

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

..................

United

States

1,502,276

1,502,467

2025-FL2

,

A1

,

144A,

5.053 %

,

11/25/55

.................

United

States

2,438,133

2,425,538

k

2025-HE4

,

A

,

144A,

FRN

,

5.408 %

,

7/25/55

..............

United

States

3,697,020

3,708,427

k

2025-HE5

,

A

,

144A,

FRN

,

5.285 %

,

8/25/55

..............

United

States

1,101,309

1,100,904

Ford

Credit

Auto

Owner

Trust

,

2024-A

,

A3

,

5.09 %

,

12/15/28

.

...

United

States

4,774,619

4,808,129

b

,e

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

4.755 %

,

(3-month

SOFR

+

1.08 %),

10/20/34

.

...

United

States

9,960,000

9,966,538

b

GS

Mortgage-Backed

Securities

Trust

,

2025-CES2

,

A1

,

144A,

5.18 %

,

9/25/55

.

...................................

United

States

1,639,796

1,636,853

b

Home

Partners

of

America

Trust

,

2021-3

,

B

,

144A,

2.649 %

,

1/17/41

.

.........................................

United

States

1,344,299

1,259,984

Honda

Auto

Receivables

Owner

Trust

,

2023-3

,

A3

,

5.41 %

,

2/18/28

..........................

United

States

2,692,980

2,706,517

2023-4

,

A3

,

5.67 %

,

6/21/28

..........................

United

States

3,528,855

3,559,200

b

,e

Invesco

CLO

Ltd.

,

2021-3A

,

A1R

,

144A,

FRN

,

4.744 %

,

(3-month

SOFR

+

1.08 %),

10/22/34

.

...........................

United

States

2,600,000

2,601,675

b

J.P.

Morgan

Mortgage

Trust

,

2024-CES1

,

A1A

,

144A,

5.919 %

,

6/25/54

................

United

States

711,298

714,880

e

2024-HE3

,

A1

,

144A,

FRN

,

4.84 %

,

(30-day

SOFR

Average

+

1.2 %),

2/25/55

....................................

United

States

1,058,199

1,058,273

e

2025-HE3

,

A1

,

144A,

FRN

,

4.99 %

,

(30-day

SOFR

Average

+

1.35 %),

3/20/56

...................................

United

States

1,204,639

1,209,339

e

2026-HE1

,

A1

,

144A,

FRN

,

4.895 %

,

(30-day

SOFR

Average

+

1.25 %),

9/20/56

...................................

United

States

1,030,000

1,033,382

b

,e

Madison

Park

Funding

XLV

Ltd.

,

2020-45A

,

ARR

,

144A,

FRN

,

4.753 %

,

(3-month

SOFR

+

1.08 %),

7/15/34

.

..............

United

States

7,000,000

7,004,992

b

,e

Marble

Point

CLO

XV

Ltd.

,

2019-1A

,

A1R2

,

144A,

FRN

,

4.706 %

,

(3-month

SOFR

+

1.04 %),

7/23/32

.

....................

United

States

1,329,551

1,329,330

b

,e

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2021-43A

,

AR

,

144A,

FRN

,

4.73 %

,

(3-month

SOFR

+

1.05 %),

7/17/36

.

.....

United

States

600,000

600,439

b

,e

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-50A

,

AR2

,

144A,

FRN

,

4.706 %

,

(3-month

SOFR

+

1.04 %),

7/23/36

.

....

Jersey

355,000

354,624

b

,e

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-51A

,

AR2

,

144A,

FRN

,

4.666 %

,

(3-month

SOFR

+

%),

10/23/36

.

......

Jersey

9,500,000

9,480,341

b

New

Economy

Assets

-

Phase

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91 %

,

10/20/61

.

..................................

United

States

13,870,000

11,761,760

b

,e

Northwoods

Capital

Ltd.

,

2021-25A

,

AR

,

144A,

FRN

,

4.795 %

,

(3-month

SOFR

+

1.12 %),

7/20/34

.

....................

United

States

2,000,000

1,999,019

b

,e

Octagon

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

5.095 %

,

(3-month

SOFR

+

1.422 %),

10/15/34

.

..........................

United

States

15,000,000

15,028,579

b

,e

Octagon

Ltd.

,

2021-1A

,

AR

,

144A,

FRN

,

4.743 %

,

(3-month

SOFR

+

1.07 %),

10/15/34

.

...........................

United

States

4,350,000

4,350,000

b

,e

Octagon

Investment

Partners

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

4.823 %

,

(3-month

SOFR

+

1.15 %),

4/15/35

.

.........

United

States

1,395,000

1,396,386

b

PK

ALIFT

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

United

States

935,640

926,858

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

PK

ALIFT

Loan

Funding

LP

,

2026-1

,

A

,

144A,

4.614 %

,

9/15/43

.

United

States

1,370,000

$

1,343,736

b

PRET

LLC

,

2026-NPL3

,

A1

,

144A,

4.968 %

,

2/25/56

.

.........

United

States

7,242,950

7,192,803

e

RAAC

Trust

,

2004-SP1

,

AII

,

FRN

,

4.469 %

,

(1-month

SOFR

+

0.814 %),

3/25/34

.

.................................

United

States

43,487

43,447

b

,e

RR

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.055 %

,

(3-month

SOFR

+

1.382 %),

4/15/36

.

................................

United

States

23,418,000

23,455,229

b

Sabey

Data

Center

Issuer

LLC

,

2026-1

,

A2

,

144A,

5.482 %

,

1/20/51

.

.........................................

United

States

3,612,000

3,585,727

b

,e

Sound

Point

CLO

XXII

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

4.705 %

,

(3-month

SOFR

+

1.03 %),

1/20/32

.

....................

United

States

1,006,006

1,006,023

b

,e

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.697 %

,

(3-month

SOFR

+

1.03 %),

10/25/34

.

...................

United

States

6,650,000

6,653,153

b

,e

Southwick

Park

CLO

LLC

,

2019-4A

,

A1RR

,

144A,

FRN

,

4.675 %

,

(3-month

SOFR

+

%),

7/20/32

.

.......................

United

States

2,544,473

2,544,513

b

,e

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.573 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

1,461,024

1,461,055

b

,e

TCI-Flatiron

CLO

Ltd.

,

2018-1A

,

AR2

,

144A,

FRN

,

4.619 %

,

(3-month

SOFR

+

0.95 %),

7/29/35

.

....................

United

States

5,932,665

5,931,933

b

,e

TCW

CLO

Ltd.

,

2020-1A

,

A1R3

,

144A,

FRN

,

4.725 %

,

(3-month

SOFR

+

1.05 %),

4/20/34

.

............................

United

States

3,950,000

3,953,134

b

Tesla

Electric

Vehicle

Trust

,

2023-1

,

A3

,

144A,

5.38 %

,

6/20/28

.

.

United

States

3,471,709

3,495,511

b

Towd

Point

Mortgage

Trust

,

k

2024-CES1

,

A1A

,

144A,

FRN

,

5.848 %

,

1/25/64

...........

United

States

1,330,767

1,334,230

e

2025-HE1

,

A1A

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/65

...................................

United

States

734,570

736,748

b

,e

Trinitas

CLO

XII

Ltd.

,

2020-12A

,

A1R2

,

144A,

FRN

,

4.717 %

,

(3-month

SOFR

+

1.05 %),

4/25/33

.

....................

United

States

1,333,242

1,333,115

b

Truist

Bank

Auto

Credit-Linked

Notes

,

2025-1

,

B

,

144A,

4.728 %

,

9/26/33

.

.........................................

United

States

2,216,997

2,217,340

b

VCAT

LLC

,

2026-NPL1

,

A1

,

144A,

5.101 %

,

1/25/56

.

.........

United

States

1,072,874

1,068,674

b

,e

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

....................

United

States

7,544,187

7,553,519

b

,e

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

5.185 %

,

(3-month

SOFR

+

1.512 %),

7/15/31

.........................................

United

States

2,500,000

2,502,667

2019-3A

,

AR

,

144A,

FRN

,

5.022 %

,

(3-month

SOFR

+

1.342 %),

10/17/32

........................................

United

States

1,159,707

1,159,726

252,228,929

a

a

a

a

a

a

#### Passenger

#### Airlines

#### 0.0%

#### †
American

Airlines

Pass-Through

Trust

,

2016-2

,

AA

,

3.2 %

,

6/15/28

.

.........................................

United

States

29,225

28,491

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 305,623,781

####)
............................

#### 303,642,539

#### Commercial

#### Mortgage-Backed

#### Securities

#### 4.8%

#### Financial

#### Services

#### 4.8%
k

BANK5

Trust

,

l

2025-5YR15

,

XA

,

IO,

FRN

,

1.438 %

,

7/15/58

.............

United

States

34,965,347

1,591,028

2025-5YR18

,

AS

,

FRN

,

5.466 %

,

12/15/58

...............

United

States

2,534,000

2,557,809

l

2025-5YR18

,

XA

,

IO,

FRN

,

1.252 %

,

12/15/58

.............

United

States

43,142,098

1,842,327

k

,l

BBCMS

Mortgage

Trust

,

2025-5C34

,

XA

,

IO,

FRN

,

1.394 %

,

5/15/58

.........................................

United

States

61,960,068

2,592,310

Benchmark

Mortgage

Trust

,

2019-B13

,

A2

,

2.889 %

,

8/15/57

.......................

United

States

4,046,728

3,892,780

k,l

2025-V15

,

XA

,

IO,

FRN

,

1.349 %

,

6/15/58

................

United

States

46,764,972

1,898,966

b,k,l

2025-V18

,

XA

,

IO,

144A,

FRN

,

1.472 %

,

10/15/58

..........

United

States

15,815,353

786,219

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Benchmark

Mortgage

Trust,

(continued)

k

2025-V19

,

AS

,

FRN

,

5.597 %

,

1/15/58

...................

United

States

2,832,000

$

2,891,659

2026-V20

,

AM

,

5.436 %

,

2/15/59

.......................

United

States

2,374,000

2,409,538

k

,l

BMO

Mortgage

Trust

,

2025-5C10

,

XA

,

IO,

FRN

,

1.58 %

,

5/15/58

United

States

41,284,178

1,911,895

b

,e

BX

Mortgage

Trust

,

2021-PAC

,

A

,

144A,

FRN

,

4.459 %

,

(1-month

SOFR

+

0.804 %),

10/15/36

..........................

United

States

7,517,000

7,516,919

b

BX

Trust

,

e

2022-IND

,

A

,

144A,

FRN

,

5.146 %

,

(1-month

SOFR

+

1.491 %),

4/15/37

.........................................

United

States

4,024,086

4,028,166

k

2025-ARIA

,

A

,

144A,

FRN

,

5.199 %

,

12/13/42

.............

United

States

3,111,000

3,135,003

k

2025-ARIA

,

B

,

144A,

FRN

,

5.35 %

,

12/13/42

..............

United

States

2,124,000

2,130,589

e

2025-VOLT

,

A

,

144A,

FRN

,

5.355 %

,

(1-month

SOFR

+

1.7 %),

12/15/44

........................................

United

States

1,389,000

1,390,548

Cantor

Commercial

Real

Estate

Lending

LP

,

2019-CF3

,

A2

,

2.942 %

,

1/15/53

...................................

United

States

1,279,245

1,219,268

k

CGMS

Commercial

Mortgage

Trust

,

2017-B1

,

AS

,

FRN

,

3.711 %

,

8/15/50

.........................................

United

States

1,402,000

1,373,760

Citigroup

Commercial

Mortgage

Trust

,

2016-C3

,

A4

,

3.154 %

,

11/15/49

.......................

United

States

4,928,000

4,894,631

k

2018-C5

,

AS

,

FRN

,

4.408 %

,

6/10/51

...................

United

States

2,517,188

2,483,259

CSAIL

Commercial

Mortgage

Trust

,

2017-CX10

,

A3

,

3.398 %

,

11/15/50

........................................

United

States

2,700,199

2,696,498

b

,k

CSTL

Commercial

Mortgage

Trust

,

2025-GATE2

,

A

,

144A,

FRN

,

4.712 %

,

11/10/42

..................................

United

States

2,612,000

2,573,130

GS

Mortgage

Securities

Trust

,

2016-GS2

,

A4

,

3.05 %

,

5/10/49

........................

United

States

319,449

318,975

2016-GS3

,

A3

,

2.592 %

,

10/10/49

......................

United

States

3,083,073

3,073,718

2016-GS3

,

A4

,

2.85 %

,

10/10/49

.......................

United

States

600,000

596,718

2019-GC42

,

A2

,

2.933 %

,

9/10/52

......................

United

States

5,497,353

5,280,995

JPMDB

Commercial

Mortgage

Securities

Trust

,

2017-C5

,

A4

,

3.414 %

,

3/15/50

...................................

United

States

1,738,104

1,726,893

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2025-5C2

,

AS

,

5.384 %

,

11/15/58

......................

United

States

3,794,000

3,837,833

k,l

2025-5C2

,

XA

,

IO,

FRN

,

1.455 %

,

11/15/58

...............

United

States

31,776,000

1,588,867

b

,k

NYC

Commercial

Mortgage

Trust

,

2025-28L

,

A

,

144A,

FRN

,

4.824 %

,

11/05/38

..................................

United

States

3,145,000

3,138,175

b

One

Bryant

Park

Trust

,

2019-OBP

,

A

,

144A,

2.516 %

,

9/15/54

..

United

States

2,422,000

2,243,413

UBS

Commercial

Mortgage

Trust

,

2019-C16

,

A2

,

3.44 %

,

4/15/52

........................

United

States

1,416,954

1,386,708

2019-C16

,

A3

,

3.344 %

,

4/15/52

.......................

United

States

3,460,000

3,386,276

b

VCAT

LLC

,

2026-NPL2

,

A1

,

144A,

5.062 %

,

2/25/56

..........

United

States

3,708,336

3,698,738

b

,k

VRTX

Trust

,

2025-HQ

,

A

,

144A,

FRN

,

5.09 %

,

8/05/42

........

United

States

2,053,000

2,032,407

Wells

Fargo

Commercial

Mortgage

Trust

,

k

2015-C31

,

C

,

FRN

,

4.921 %

,

11/15/48

...................

United

States

31,043

30,606

2018-C46

,

AS

,

4.382 %

,

8/15/51

.......................

United

States

1,676,000

1,646,762

89,803,386

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 89,833,432

####)
..............

#### 89,803,386

#### Mortgage-Backed

#### Securities

#### 1.0%
m

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Adjustable

#### Rate

#### 0.0%

#### †
FHLMC

,

6.12 %

-

6.483 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/36

-

6/01/37

.......

United

States

332,175

343,284

343,284

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.9%
FHLMC

Gold

Pool,

Year

,

%,

1/01/39

..................

United

States

32,071

$

32,519

FHLMC

Pool,

Year

,

%,

10/01/37

.....................

United

States

8,081,623

7,703,265

FHLMC

Pool,

Year

,

3.5 %,

10/01/37

....................

United

States

8,191,587

7,877,303

15,613,087

m

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Adjustable

#### Rate

#### 0.1%
FNMA

,

4.463 %,

(3-year

CMT

T-Note

+/-

MBS

Margin),

6/01/34

.

United

States

10,423

10,497

FNMA

,

4.83 %

-

4.85 %,

(1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/28

-

7/01/34

........

United

States

9,363

9,355

FNMA

,

3.976 %

-

5.6 %,

(COFI

11th

District

+/-

MBS

Margin),

8/01/27

-

12/01/36

.................................

United

States

17,173

17,053

FNMA

,

6.007 %,

(5-year

CMT

T-Note

+/-

MBS

Margin),

2/01/30

.

United

States

5,550

5,542

FNMA

,

4.925 %

-

6.085 %,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/27

-

8/01/37

United

States

233,843

237,401

FNMA

,

4.998 %

-

6.257 %,

(12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/30

-

10/01/44

.....................

United

States

65,786

66,554

FNMA

,

5.145 %

-

6.635 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

11/01/26

-

4/01/40

.................................

United

States

402,717

412,696

FNMA

,

5.189 %

-

6.875 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/32

-

2/01/44

........

United

States

1,977,755

2,036,084

2,795,182

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 0.0%

#### †
FNMA,

Year

,

%,

3/01/38

...........................

United

States

4,461

4,518

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

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 18,542,345

####)
..........................

#### 18,756,244

#### Residential

#### Mortgage-Backed

#### Securities

#### 7.5%

#### Capital

#### Markets

#### 0.0%

#### †
e

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

4.509 %

,

(1-month

SOFR

+

0.854 %),

3/25/28

United

States

15,340

14,141

2003-E

,

A1

,

FRN

,

4.389 %

,

(1-month

SOFR

+

0.734 %),

10/25/28

........................................

United

States

52,990

49,765

63,906

a

a

a

a

a

a

#### Financial

#### Services

#### 7.5%
b

A&D

Mortgage

Trust

,

2023-NQM2

,

A1

,

144A,

6.132 %

,

5/25/68

................

United

States

829,787

827,896

2023-NQM3

,

A1

,

144A,

6.733 %

,

7/25/68

................

United

States

1,596,238

1,600,773

b

,e

Bellemeade

Re

Ltd.

,

2021-3A

,

B1

,

144A,

FRN

,

7.495 %

,

(30-day

SOFR

Average

+

3.85 %),

9/25/31

.....................

United

States

2,488,000

2,557,560

b

BRAVO

Residential

Funding

Trust

,

k

2019-2

,

A3

,

144A,

FRN

,

3.5 %

,

10/25/44

.................

United

States

1,556,845

1,495,674

2023-NQM4

,

A1

,

144A,

6.435 %

,

5/25/63

................

United

States

3,542,088

3,539,859

2023-NQM5

,

A1

,

144A,

6.505 %

,

6/25/63

................

United

States

396,313

396,684

2023-NQM6

,

A1

,

144A,

6.602 %

,

9/25/63

................

United

States

790,642

792,696

2023-NQM8

,

A1

,

144A,

6.394 %

,

10/25/63

...............

United

States

1,859,150

1,867,119

2024-NQM1

,

A1

,

144A,

5.943 %

,

12/01/63

...............

United

States

1,144,739

1,150,164

2024-NQM2

,

A1

,

144A,

6.285 %

,

2/25/64

................

United

States

648,942

653,600

2024-NQM3

,

A1

,

144A,

6.191 %

,

3/25/64

................

United

States

3,351,267

3,376,770

b

CAFL

Issuer

LP

,

2025-RRTL1

,

A1

,

144A,

5.684 %

,

5/28/40

.....

United

States

757,000

760,154

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

,e

Chase

Home

Lending

Mortgage

Trust

,

2024-7

,

A11

,

144A,

FRN

,

4.945 %

,

(30-day

SOFR

Average

+

1.3 %),

6/25/55

....................................

United

States

527,348

$

527,559

2026-1

,

A11

,

144A,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

11/25/56

...................................

United

States

5,456,163

5,422,249

k

CHL

Mortgage

Pass-Through

Trust

,

2004-11

,

2A1

,

FRN

,

4.898 %

,

7/25/34

.........................................

United

States

374,506

359,095

b

,k

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

%

,

2/25/49

.........

United

States

39,314

37,581

b

COLT

Mortgage

Loan

Trust

,

2024-1

,

A1

,

144A,

5.835 %

,

2/25/69

....................

United

States

1,879,476

1,886,584

2024-INV1

,

A1

,

144A,

5.903 %

,

12/25/68

.................

United

States

1,506,097

1,514,462

2024-INV4

,

A1

,

144A,

5.607 %

,

5/25/69

.................

United

States

3,891,688

3,915,833

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

%

,

1/25/38

..................................

Switzerland

99,502

55,415

b

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085 %

,

12/25/68

..................

United

States

3,052,581

3,069,471

2024-H5

,

A1

,

144A,

5.854 %

,

8/26/69

...................

United

States

1,120,026

1,128,279

k

2025-H1

,

A1

,

144A,

FRN

,

5.735 %

,

2/25/70

...............

United

States

1,318,079

1,328,182

k

2025-H3

,

A1

,

144A,

FRN

,

5.883 %

,

4/25/70

...............

United

States

928,608

937,980

b

,k

CSMC

Trust

,

2014-IVR3

,

A1

,

144A,

FRN

,

3.5 %

,

7/25/44

......

United

States

223,774

211,902

b

,e

FHLMC

STACR

REMIC

Trust

,

2021-DNA7

,

M1

,

144A,

FRN

,

4.495 %

,

(30-day

SOFR

Average

+

0.85 %),

11/25/41

.................................

United

States

96,508

96,454

2024-HQA2

,

M1

,

144A,

FRN

,

4.845 %

,

(30-day

SOFR

Average

+

1.2 %),

8/25/44

..................................

United

States

2,787,050

2,789,597

2025-DNA1

,

A1

,

144A,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/45

...................................

United

States

1,393,070

1,394,592

2025-DNA2

,

A1

,

144A,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

5/25/45

....................................

United

States

1,090,988

1,095,093

2025-DNA3

,

A1

,

144A,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

9/25/45

...................................

United

States

1,807,613

1,810,335

b

,e

FNMA

Connecticut

Avenue

Securities

Trust

,

2023-R08

,

1M1

,

144A,

FRN

,

5.145 %

,

(30-day

SOFR

Average

+

1.5 %),

10/25/43

...................................

United

States

2,561,017

2,563,891

2024-R02

,

1M1

,

144A,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

2/25/44

....................................

United

States

806,493

806,620

2024-R03

,

2M1

,

144A,

FRN

,

4.795 %

,

(2

x

30-day

SOFR

Average

+

2.3 %),

3/25/44

............................

United

States

993,948

994,117

2025-R01

,

1A1

,

144A,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/45

...................................

United

States

1,297,542

1,298,871

2025-R02

,

1A1

,

144A,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

2/25/45

.....................................

United

States

843,302

844,963

2025-R03

,

2A1

,

144A,

FRN

,

5.095 %

,

(30-day

SOFR

Average

+

1.45 %),

3/25/45

...................................

United

States

1,127,122

1,133,742

2025-R04

,

1A1

,

144A,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

5/25/45

.....................................

United

States

1,041,775

1,043,538

2026-R01

,

2M1

,

144A,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

1/25/46

.....................................

United

States

1,754,513

1,755,615

b

,e

GS

Mortgage-Backed

Securities

Trust

,

2025-PJ8

,

A27

,

144A,

FRN

,

4.945 %

,

(30-day

SOFR

Average

+

1.3 %),

2/25/56

....................................

United

States

547,106

548,591

2026-PJ1

,

A27

,

144A,

FRN

,

4.895 %

,

(30-day

SOFR

Average

+

1.25 %),

6/25/56

...................................

United

States

450,651

450,261

k

GSR

Mortgage

Loan

Trust

,

2005-AR1

,

1A1

,

FRN

,

6.449 %

,

1/25/35

.........................................

United

States

48,854

46,957

b

,e

Home

Re

Ltd.

,

2026-1

,

M1A

,

144A,

FRN

,

4.845 %

,

(30-day

SOFR

Average

+

1.2 %),

1/25/36

............................

United

States

985,981

986,051

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915 %

,

7/25/69

................

United

States

1,371,196

$

1,380,583

2025-NQM1

,

A1

,

144A,

5.554 %

,

1/25/70

................

United

States

7,445,196

7,482,334

b

Imperial

Fund

Mortgage

Trust

,

2023-NQM1

,

A1

,

144A,

5.941 %

,

2/25/68

.........................................

United

States

1,499,624

1,502,485

k

J.P.

Morgan

Mortgage

Trust

,

2004-A1

,

5A1

,

FRN

,

6.309 %

,

2/25/34

...................

United

States

12,799

13,064

b

2021-15

,

A4

,

144A,

FRN

,

2.5 %

,

6/25/52

.................

United

States

1,639,006

1,468,384

b

,k

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612 %

,

4/25/40

.........................................

United

States

715,000

718,628

b

,k

Mill

City

Mortgage

Loan

Trust

,

2018-1

,

A1

,

144A,

FRN

,

3.25 %

,

5/25/62

.................

United

States

155,269

154,896

2018-4

,

A1B

,

144A,

FRN

,

3.5 %

,

4/25/66

.................

United

States

2,140,577

2,106,748

b

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

e

2024-4

,

AF

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/54

...................................

United

States

1,021,533

1,023,526

2024-NQM1

,

A1

,

144A,

6.152 %

,

12/25/68

...............

United

States

1,580,670

1,591,041

e

New

York

Mortgage

Trust

,

2005-3

,

M1

,

FRN

,

4.444 %

,

(1-month

SOFR

+

0.789 %),

2/25/36

...........................

United

States

14,919

14,799

b

OBX

Trust

,

e

2018-1

,

A2

,

144A,

FRN

,

4.419 %

,

(1-month

SOFR

+

0.764 %),

6/25/57

.........................................

United

States

401,955

399,079

k

2021-J3

,

A4

,

144A,

FRN

,

2.5 %

,

10/25/51

................

United

States

625,107

562,026

2023-NQM10

,

A1

,

144A,

6.465 %

,

10/25/63

..............

United

States

2,965,866

2,985,121

2024-NQM1

,

A1

,

144A,

5.928 %

,

11/25/63

...............

United

States

1,209,803

1,215,056

2024-NQM2

,

A1

,

144A,

5.878 %

,

12/25/63

...............

United

States

1,053,197

1,058,260

2024-NQM3

,

A1

,

144A,

6.129 %

,

12/25/63

...............

United

States

1,236,558

1,244,817

2024-NQM4

,

A1

,

144A,

6.067 %

,

1/25/64

................

United

States

738,846

743,699

2024-NQM8

,

A1

,

144A,

6.233 %

,

5/25/64

................

United

States

1,886,291

1,904,646

b

,k

OLIT

,

2025-HB2

,

A

,

144A,

FRN

,

%

,

11/25/38

..............

United

States

2,660,178

2,601,215

b

,k

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

.........................................

United

States

996,207

978,314

b

,e

PMT

Loan

Trust

,

2025-J2

,

A11

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

8/25/56

.....................

United

States

361,234

362,940

b

PRKCM

Trust

,

2024-AFC1

,

A1

,

144A,

6.333 %

,

3/25/59

.................

United

States

982,466

989,381

2024-HOME1

,

A1

,

144A,

6.431 %

,

5/25/59

...............

United

States

1,238,854

1,251,440

b

,k

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5 %

,

2/20/49

....................................

United

States

1,211,020

1,082,751

b

PRPM

LLC

,

2026-1

,

A1

,

144A,

5.185 %

,

2/25/31

............

United

States

2,738,641

2,714,957

b

,k

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5 %

,

8/25/51

.........

United

States

5,625,690

5,086,967

b

,e

Station

Place

Securitization

Trust

,

2025-1

,

A

,

144A,

FRN

,

4.552 %

,

(1-month

SOFR

+

0.9 %),

7/23/26

.........................................

United

States

6,868,000

6,872,308

2025-3

,

A

,

144A,

FRN

,

4.552 %

,

(1-month

SOFR

+

0.9 %),

9/23/26

.........................................

United

States

6,890,000

6,920,262

2025-7

,

A

,

144A,

FRN

,

4.552 %

,

(1-month

SOFR

+

0.9 %),

11/24/26

........................................

United

States

6,909,000

6,947,834

e

Thornburg

Mortgage

Securities

Trust

,

2004-3

,

A

,

FRN

,

4.509 %

,

(1-month

SOFR

+

0.854 %),

9/25/34

....................

United

States

181,665

173,193

b

Toorak

Mortgage

Trust

,

2025-RRTL1

,

A1

,

144A,

5.524 %

,

2/25/40

United

States

910,000

913,988

b

,k

Towd

Point

Mortgage

Trust

,

2018-4

,

A1

,

144A,

FRN

,

%

,

6/25/58

...................

United

States

6,004,405

5,711,226

2019-1

,

A1

,

144A,

FRN

,

3.75 %

,

3/25/58

.................

United

States

4,047,355

3,941,891

b

Verus

Securitization

Trust

,

2023-6

,

A1

,

144A,

6.665 %

,

9/25/68

....................

United

States

355,306

356,861

2023-INV2

,

A1

,

144A,

6.443 %

,

8/25/68

.................

United

States

553,112

553,644

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

Verus

Securitization

Trust,

(continued)

k

2023-INV3

,

A1

,

144A,

FRN

,

6.876 %

,

11/25/68

............

United

States

1,124,502

$

1,134,213

2024-2

,

A1

,

144A,

6.095 %

,

2/25/69

....................

United

States

379,093

381,566

2024-3

,

A1

,

144A,

6.338 %

,

4/25/69

....................

United

States

1,721,613

1,741,034

2024-4

,

A1

,

144A,

6.218 %

,

6/25/69

....................

United

States

1,228,960

1,242,576

2024-INV1

,

A1

,

144A,

6.116 %

,

3/25/69

..................

United

States

488,762

492,582

139,093,164

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 140,721,077

####)
..............

#### 139,157,070

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 7.4%

#### Financial

#### Services

#### 7.4%
FHLMC

,

e

,

F23

,

FRN

,

4.695 %

,

(30-day

SOFR

Average

+

1.05 %),

5/25/54

.........................................

United

States

2,386,985

2,404,704

l

5365

,

IO,

2.5 %

,

7/25/51

.............................

United

States

18,849,983

3,007,068

e

5420

,

CF

,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

6/25/54

.........................................

United

States

3,039,410

3,060,434

e

5438

,

FB

,

FRN

,

4.545 %

,

(30-day

SOFR

Average

+

0.9 %),

8/25/54

.........................................

United

States

3,695,224

3,713,498

e

5438

,

FC

,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

8/25/54

.........................................

United

States

4,553,201

4,593,170

e

5478

,

FK

,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

2/25/54

.........................................

United

States

4,970,385

5,013,207

e

5510

,

FK

,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

2/25/55

.........................................

United

States

3,823,949

3,856,903

e

5517

,

FH

,

FRN

,

4.795 %

,

(30-day

SOFR

Average

+

1.15 %),

3/25/55

.........................................

United

States

4,948,309

4,989,682

e

5534

,

FY

,

FRN

,

4.845 %

,

(30-day

SOFR

Average

+

1.2 %),

5/25/55

.........................................

United

States

7,809,303

7,900,388

e

5537

,

FC

,

FRN

,

4.795 %

,

(30-day

SOFR

Average

+

1.15 %),

5/25/55

.........................................

United

States

8,456,191

8,552,980

e

5549

,

FE

,

FRN

,

4.845 %

,

(30-day

SOFR

Average

+

1.2 %),

6/25/55

.........................................

United

States

7,077,198

7,120,834

e

5568

,

FG

,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

8/25/55

.........................................

United

States

6,779,964

6,842,702

e

5613

,

CF

,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/56

.........................................

United

States

9,966,353

10,022,143

e

5651

,

KF

,

FRN

,

4.445 %

,

(30-day

SOFR

Average

+

0.8 %),

8/25/55

.........................................

United

States

9,519,436

9,525,856

FNMA

,

l

2020-77

,

HI

,

IO,

%

,

11/25/50

........................

United

States

11,206,980

2,281,690

e

2024-22

,

FG

,

FRN

,

4.845 %

,

(30-day

SOFR

Average

+

1.2 %),

5/25/54

.........................................

United

States

4,927,772

4,982,203

e

2024-39

,

DF

,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

6/25/54

.........................................

United

States

5,508,291

5,560,745

e

2024-54

,

FC

,

FRN

,

4.615 %

,

(30-day

SOFR

Average

+

0.97 %),

8/25/54

.........................................

United

States

2,791,614

2,807,359

e

2024-77

,

DF

,

FRN

,

4.845 %

,

(30-day

SOFR

Average

+

1.2 %),

10/25/53

........................................

United

States

7,277,211

7,367,754

e

2024-77

,

FM

,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

11/25/54

........................................

United

States

3,887,768

3,906,785

e

2024-8

,

FA

,

FRN

,

4.695 %

,

(30-day

SOFR

Average

+

1.05 %),

3/25/54

.........................................

United

States

5,413,831

5,465,177

e

2024-93

,

FD

,

FRN

,

4.695 %

,

(30-day

SOFR

Average

+

1.05 %),

12/25/54

........................................

United

States

5,239,927

5,278,827

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

FNMA,

(continued)

e

2024-98

,

FA

,

FRN

,

4.795 %

,

(30-day

SOFR

Average

+

1.15 %),

12/25/53

........................................

United

States

5,127,979

$

5,178,381

l

,

C7

,

IO,

%

,

1/25/53

............................

United

States

19,159,319

3,398,061

l

GNMA

,

2019-137

,

PI

,

IO,

3.5 %

,

11/20/49

......................

United

States

18,915,962

3,682,212

2020-189

,

IA

,

IO,

%

,

12/20/49

.......................

United

States

15,301,917

3,351,992

2022-155

,

IA

,

IO,

2.5 %

,

10/20/50

......................

United

States

19,804,646

2,921,894

136,786,649

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 135,605,644

####)
......

#### 136,786,649

#### Municipal

#### Bonds

#### 0.3%

#### Alabama

#### 0.0%

#### †
Alabama

Economic

Settlement

Authority

,

BP

Settlement

Fund

,

Revenue

,

2016

B

,

4.263 %

,

9/15/32

....................

United

States

485,000

480,845

#### California

#### 0.2%
Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

3.85 %

,

6/01/50

...........................

United

States

2,850,000

2,604,291

State

of

California

,

GO

,

4.35 %

,

11/01/32

..................

United

States

415,000

414,528

3,018,819

#### 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

313,779

#### Illinois

#### 0.0%

#### †
City

of

Chicago

,

GO

,

2017

B

,

PEDM

,

7.045 %

,

1/01/29

........

United

States

155,000

158,316

State

of

Illinois

,

GO

,

2026

A

,

4.854 %

,

4/01/32

..............

United

States

345,000

348,608

506,924

#### Pennsylvania

#### 0.0%

#### †
Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia

,

Revenue

,

2004

,

NATL

Insured

,

6.55 %

,

10/15/28

United

States

260,000

273,715

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2026

A

,

4.132 %

,

11/01/30

.........

United

States

170,000

169,129

442,844

#### South

#### Carolina

#### 0.1%
South

Carolina

Public

Service

Authority

,

Revenue

,

2009

F

,

5.74 %

,

1/01/30

.........................................

United

States

625,000

644,634

#### Virginia

#### 0.0%

#### †
Virginia

Commonwealth

University

,

Revenue

,

2020

B

,

Refunding

,

2.124 %

,

11/01/30

..................................

United

States

295,000

270,202

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 5,816,594

####)
.....................................

#### 5,678,047

#### Shares
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,n

All

Day

Electric,

Inc.,

Escrow

Account

....................

United

States

—

a,n

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

60,686

960

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Escrows

#### and

#### Litigation

#### Trusts
(continued)

n

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

1,900,000

$

9,595

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### 1,838,967

####)
.........................

#### 10,555

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,812,480,014

####)
...........................

#### 1,800,889,649

#### a

#### Short

#### Term

#### Investments

#### 3.8%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 3.8%
o,p

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

.........................................

United

States

71,046,914

71,046,914

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 71,046,914

####)
................................

#### 71,046,914

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 71,046,914

####)
..............................

#### 71,046,914

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,883,526,928

####)
100.7 #### %
..............................

#### $1,871,936,563

#### Options

#### Written

#### (0.0 ####)

#### %

#### †
....................................................

#### (8,054)

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.7 ####)

#### %
.........................................

#### (14,101,800)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,857,826,709

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
q

#### Options

#### Written

#### (0.0)%

#### †

#### Puts

#### -

#### Over-the-Counter

#### Credit

#### Default

#### Swaptions

#### (0.0)%

#### †
Sell

protection

on

CDX.NA.HY.46-V1

,

Strike

Price

$

1.06 ,

Counterparty

GSCO

,

Expires

5/06/26

...................

(9,300,000)

(8,054)

#### Total

#### Options

#### Written

#### (Premiums

#### received

#### $

#### 8,054

####)
.............................

#### $

#### (#### 8,054

####)
Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#

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

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2026,

the

aggregate

value

of

these

securities

was

$706,131,083,

representing

38.0%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. d

See

Note

1(h)

regarding

senior

floating

rate

interests.

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.

See

Note

1(c).

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

See

Note

1(i)

regarding

Marketplace

Lending.

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

i

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

j

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

April

30,

2026,

the

value

of

this

security

pledged

amounted

to

$5,690,417,

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

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

p

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

q

See

Note

1(d)

regarding

written

options.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

,

At

April

30,

2026,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(i).

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans

#### -

#### 0.1%
Block,

Inc.

a,b

3212181. SQ.FTS.B,

7.601%,

3/18/32

....

$

$

–

a,b

3210332. SQ.FTS.B,

7.921%,

3/18/32

....

4,369

–

a,b

3232249. SQ.FTS.B,

3.398%,

3/25/32

....

828

–

a,b

3233993. SQ.FTS.B,

4.689%,

3/26/32

....

–

a,b

3234758. SQ.FTS.B,

5.438%,

3/28/32

....

637

–

a,b

3238373. SQ.FTS.B,

4.759%,

3/29/32

....

870

–

a,b

3255010. SQ.FTS.B,

7.921%,

4/07/32

....

1,659

–

a,b

3260194. SQ.FTS.B,

3.38%,

4/09/32

.....

–

a,b

3297660. SQ.FTS.B,

5.348%,

4/24/32

....

556

–

a,b

3311752. SQ.FTS.B,

2.821%,

4/30/32

....

–

a,b

3320535. SQ.FTS.B,

7.19%,

5/05/32

.....

13,177

–

a,b

3336690. SQ.FTS.B,

5.389%,

5/12/32

....

–

a,b

3336181. SQ.FTS.B,

5.769%,

5/12/32

....

7,935

–

a,b

3344944. SQ.FTS.B,

5.449%,

5/17/32

....

877

–

a,b

3361155. SQ.FTS.B,

2.72%,

5/19/32

.....

1,466

–

a,b

3366564. SQ.FTS.B,

2.747%,

5/20/32

....

–

a,b

3365511. SQ.FTS.B,

4.762%,

5/20/32

....

–

a,b

3371556. SQ.FTS.B,

2.72%,

5/23/32

.....

698

–

a,b

3401486. SQ.FTS.B,

4.108%,

6/02/32

....

–

a,b

3407926. SQ.FTS.B,

2.742%,

6/03/32

....

1,511

–

a,b

3411766. SQ.FTS.B,

4.65%,

6/04/32

.....

5,695

a,b

3414237. SQ.FTS.B,

6.046%,

6/05/32

....

2,276

–

a,b

3415734. SQ.FTS.B,

5.449%,

6/07/32

....

4,366

–

a,b

3419699. SQ.FTS.B,

3.363%,

6/08/32

....

10,480

–

a,b

3425756. SQ.FTS.B,

2.712%,

6/10/32

....

821

–

a,b

3428606. SQ.FTS.B,

7.19%,

6/11/32

.....

2,028

–

a,b

3433089. SQ.FTS.B,

4.075%,

6/14/32

....

–

a,b

3432767. SQ.FTS.B,

5.396%,

6/14/32

....

1,841

–

a,b

3434383. SQ.FTS.B,

7.19%,

6/14/32

.....

11,741

–

a,b

3436460. SQ.FTS.B,

2.718%,

6/15/32

....

585

–

a,b

3437194. SQ.FTS.B,

2.73%,

6/15/32

.....

1,490

–

a,b

3435958. SQ.FTS.B,

2.734%,

6/15/32

....

2,155

–

a,b

3436486. SQ.FTS.B,

2.761%,

6/15/32

....

–

a,b

3437850. SQ.FTS.B,

4.739%,

6/16/32

....

4,084

–

a,b

3452149. SQ.FTS.B,

4.717%,

6/21/32

....

969

–

a,b

3463095. SQ.FTS.B,

4.008%,

6/23/32

....

11,405

–

a,b

3472489. SQ.FTS.B,

4.098%,

6/26/32

....

2,604

–

a,b

3487584. SQ.FTS.B,

2.731%,

6/30/32

....

2,184

–

a,b

3510070. SQ.FTS.B,

7.19%,

7/06/32

.....

25,800

a,b

3513483. SQ.FTS.B,

7.194%,

7/07/32

....

4,792

–

a,b

3521469. SQ.FTS.B,

4.648%,

7/08/32

....

3,422

–

a,b

3516078. SQ.FTS.B,

6.046%,

7/08/32

....

8,033

–

a,b

3559884. SQ.FTS.B,

5.409%,

7/19/32

....

616

–

a,b

3566831. SQ.FTS.B,

4.006%,

7/20/32

....

2,799

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

3573904. SQ.FTS.B,

7.19%,

7/21/32

.....

$

2,469

$

–

a,b

3572652. SQ.FTS.B,

7.205%,

7/21/32

....

758

–

a,b

3612013. SQ.FTS.B,

3.339%,

7/29/32

....

3,513

–

a,b

3612313. SQ.FTS.B,

3.338%,

7/30/32

....

3,994

–

a,b

3616837. SQ.FTS.B,

3.338%,

8/01/32

....

1,256

–

a,b

3622745. SQ.FTS.B,

6.472%,

8/03/32

....

5,722

–

a,b

3629212. SQ.FTS.B,

4.021%,

8/05/32

....

–

a,b

3631012. SQ.FTS.B,

3.34%,

8/07/32

.....

702

–

a,b

3693768. SQ.FTS.B,

6.472%,

8/20/32

....

1,735

–

a,b

3700150. SQ.FTS.B,

4.77%,

8/22/32

.....

3,008

–

a,b

3760407. SQ.FTS.B,

3.331%,

9/01/32

....

3,543

–

a,b

3842781. SQ.FTS.B,

5.079%,

9/11/32

....

10,067

a,b

3849313. SQ.FTS.B,

3.333%,

9/12/32

....

–

a,b

3849333. SQ.FTS.B,

3.336%,

9/12/32

....

8,085

–

a,b

3849054. SQ.FTS.B,

4.762%,

9/12/32

....

679

–

a,b

3869455. SQ.FTS.B,

6.476%,

9/17/32

....

7,514

–

a,b

3877914. SQ.FTS.B,

6.472%,

9/18/32

....

1,608

–

a,b

3908447. SQ.FTS.B,

6.149%,

9/24/32

....

608

–

a,b

3948363. SQ.FTS.B,

3.327%,

9/30/32

....

–

a,b

3953788. SQ.FTS.B,

5.339%,

9/30/32

....

6,116

–

a,b

3953673. SQ.FTS.B,

6.149%,

9/30/32

....

673

–

a,b

3944713. SQ.FTS.B,

6.472%,

9/30/32

....

16,717

–

a,b

3988483. SQ.FTS.B,

3.332%,

10/06/32

...

6,804

–

a,b

3995187. SQ.FTS.B,

5.079%,

10/07/32

...

966

–

a,b

4012864. SQ.FTS.B,

3.365%,

10/08/32

...

–

a,b

4006108. SQ.FTS.B,

6.472%,

10/08/32

...

3,609

–

a,b

4030312. SQ.FTS.B,

4.693%,

10/13/32

...

596

–

a,b

4027848. SQ.FTS.B,

5.079%,

10/13/32

...

13,882

–

a,b

4039216. SQ.FTS.B,

4.675%,

10/15/32

...

645

–

a,b

4044447. SQ.FTS.B,

4.764%,

10/16/32

...

14,344

–

a,b

4077814. SQ.FTS.B,

3.972%,

10/23/32

...

2,357

–

a,b

4079086. SQ.FTS.B,

5.079%,

10/23/32

...

3,779

–

a,b

4079838. SQ.FTS.B,

5.079%,

10/23/32

...

6,825

–

a,b

4080547. SQ.FTS.B,

4.688%,

10/24/32

...

1,952

–

a,b

4095538. SQ.FTS.B,

6.472%,

10/28/32

...

3,487

–

a,b

4125734. SQ.FTS.B,

5.079%,

11/05/32

...

4,285

–

a,b

4138127. SQ.FTS.B,

5.079%,

11/09/32

...

2,987

–

a,b

4142060. SQ.FTS.B,

4.771%,

11/10/32

...

1,222

–

a,b

4147030. SQ.FTS.B,

3.342%,

11/11/32

...

–

a,b

4163065. SQ.FTS.B,

4.762%,

11/14/32

...

1,168

–

a,b

4171907. SQ.FTS.B,

3.973%,

11/17/32

...

4,783

–

a,b

4171680. SQ.FTS.B,

5.083%,

11/17/32

...

3,222

–

a,b

4186988. SQ.FTS.B,

3.34%,

11/20/32

....

–

a,b

4189414. SQ.FTS.B,

3.351%,

11/20/32

...

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

4197129. SQ.FTS.B,

3.302%,

11/21/32

...

$

$

–

a,b

4200379. SQ.FTS.B,

3.351%,

11/23/32

...

1,060

–

a,b

4207561. SQ.FTS.B,

3.968%,

11/25/32

...

1,742

–

a,b

4229796. SQ.FTS.B,

5.093%,

11/27/32

...

2,213

–

a,b

4271659. SQ.FTS.B,

3.327%,

12/04/32

...

970

–

a,b

4267608. SQ.FTS.B,

5.079%,

12/04/32

...

4,641

–

a,b

4280865. SQ.FTS.B,

4.762%,

12/07/32

...

7,930

–

a,b

4309215. SQ.FTS.B,

4.77%,

12/10/32

....

2,829

–

a,b

4315085. SQ.FTS.B,

3.322%,

12/11/32

...

753

–

a,b

4315019. SQ.FTS.B,

4.779%,

12/11/32

...

1,296

–

a,b

4314394. SQ.FTS.B,

5.079%,

12/11/32

...

4,763

–

a,b

4333949. SQ.FTS.B,

5.097%,

12/17/32

...

1,348

–

a,b

4342268. SQ.FTS.B,

5.079%,

12/20/32

...

3,769

–

a,b

4345972. SQ.FTS.B,

4.762%,

12/21/32

...

–

a,b

4352084. SQ.FTS.B,

3.963%,

12/22/32

...

1,688

–

a,b

4352239. SQ.FTS.B,

4.762%,

12/22/32

...

620

a,b

4383604. SQ.FTS.B,

4.739%,

12/30/32

...

2,916

–

a,b

4390373. SQ.FTS.B,

2.977%,

1/02/33

....

527

–

a,b

4390406. SQ.FTS.B,

3.628%,

1/02/33

....

834

–

a,b

4394687. SQ.FTS.B,

3.012%,

1/06/33

....

832

–

a,b

4413064. SQ.FTS.B,

4.739%,

1/15/33

....

661

–

a,b

4413957. SQ.FTS.B,

2.97%,

1/16/33

.....

–

a,b

4430691. SQ.FTS.B,

3.002%,

1/22/33

....

968

–

a,b

4431496. SQ.FTS.B,

3.002%,

1/22/33

....

–

a,b

4438299. SQ.FTS.B,

4.423%,

1/27/33

....

2,530

–

a,b

4438563. SQ.FTS.B,

4.739%,

1/27/33

....

14,155

–

a,b

4452962. SQ.FTS.B,

4.739%,

2/03/33

....

8,915

–

a,b

4455128. SQ.FTS.B,

3.003%,

2/04/33

....

2,253

–

a,b

4457642. SQ.FTS.B,

3.633%,

2/05/33

....

3,469

–

a,b

4463189. SQ.FTS.B,

2.996%,

2/09/33

....

2,140

–

a,b

4465207. SQ.FTS.B,

3.007%,

2/10/33

....

3,432

–

a,b

4481874. SQ.FTS.B,

3.005%,

2/19/33

....

1,551

–

a,b

4481855. SQ.FTS.B,

3.016%,

2/19/33

....

1,079

–

a,b

4484475. SQ.FTS.B,

2.998%,

2/20/33

....

3,439

–

a,b

4484542. SQ.FTS.B,

4.744%,

2/20/33

....

6,016

–

a,b

4488928. SQ.FTS.B,

2.992%,

2/23/33

....

703

–

a,b

4489974. SQ.FTS.B,

4.423%,

2/24/33

....

4,041

–

a,b

4499783. SQ.FTS.B,

4.403%,

2/28/33

....

–

a,b

4508723. SQ.FTS.B,

3.299%,

3/02/33

....

6,372

–

a,b

4510936. SQ.FTS.B,

4.403%,

3/03/33

....

3,094

–

a,b

4513287. SQ.FTS.B,

4.562%,

3/04/33

....

12,361

a,b

4514072. SQ.FTS.B,

3.309%,

3/05/33

....

1,866

–

a,b

4516974. SQ.FTS.B,

4.093%,

3/07/33

....

–

a,b

4519611. SQ.FTS.B,

2.673%,

3/08/33

....

12,933

–

a,b

4532929. SQ.FTS.B,

4.403%,

3/14/33

....

2,327

–

a,b

4534513. SQ.FTS.B,

2.683%,

3/15/33

....

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

4535094. SQ.FTS.B,

4.403%,

3/15/33

....

$

2,599

$

a,b

4540937. SQ.FTS.B,

2.677%,

3/17/33

....

6,282

–

a,b

4546342. SQ.FTS.B,

3.302%,

3/20/33

....

3,208

–

a,b

4549873. SQ.FTS.B,

3.774%,

3/21/33

....

–

a,b

4549880. SQ.FTS.B,

4.557%,

3/21/33

....

3,819

–

a,b

4549725. SQ.FTS.B,

4.56%,

3/21/33

.....

3,736

a,b

4548999. SQ.FTS.B,

4.562%,

3/21/33

....

4,823

–

a,b

4550265. SQ.FTS.B,

4.886%,

3/21/33

....

545

–

a,b

4555245. SQ.FTS.B,

3.302%,

3/23/33

....

4,885

–

a,b

4557410. SQ.FTS.B,

3.304%,

3/23/33

....

5,012

–

a,b

4556429. SQ.FTS.B,

3.927%,

3/23/33

....

3,512

–

a,b

4558347. SQ.FTS.B,

4.55%,

3/23/33

.....

1,070

–

a,b

4556489. SQ.FTS.B,

4.56%,

3/23/33

.....

2,476

–

a,b

4556569. SQ.FTS.B,

4.561%,

3/23/33

....

18,356

–

a,b

4561168. SQ.FTS.B,

4.56%,

3/24/33

.....

715

–

a,b

4561751. SQ.FTS.B,

4.728%,

3/25/33

....

3,074

–

a,b

4562273. SQ.FTS.B,

4.403%,

3/26/33

....

3,405

–

a,b

4565857. SQ.FTS.B,

4.561%,

3/27/33

....

14,859

a,b

4563389. SQ.FTS.B,

5.031%,

3/27/33

....

3,392

–

a,b

4579623. SQ.FTS.B,

4.561%,

4/01/33

....

30,289

a,b

4581555. SQ.FTS.B,

3.774%,

4/02/33

....

12,639

a,b

4581333. SQ.FTS.B,

5.031%,

4/02/33

....

3,759

a,b

4582331. SQ.FTS.B,

4.406%,

4/03/33

....

5,425

–

a,b

4585539. SQ.FTS.B,

2.695%,

4/04/33

....

643

–

a,b

4586510. SQ.FTS.B,

5.031%,

4/04/33

....

6,337

–

a,b

4589242. SQ.FTS.B,

4.582%,

4/05/33

....

–

a,b

4600950. SQ.FTS.B,

4.56%,

4/07/33

.....

936

–

a,b

4601908. SQ.FTS.B,

4.566%,

4/08/33

....

835

–

a,b

4603785. SQ.FTS.B,

4.726%,

4/08/33

....

2,545

–

a,b

4601418. SQ.FTS.B,

4.873%,

4/08/33

....

4,582

–

a,b

4604781. SQ.FTS.B,

3.774%,

4/09/33

....

a,b

4606526. SQ.FTS.B,

3.31%,

4/11/33

.....

–

a,b

4606149. SQ.FTS.B,

4.556%,

4/11/33

....

2,129

–

a,b

4607817. SQ.FTS.B,

3.296%,

4/12/33

....

768

–

a,b

4609191. SQ.FTS.B,

3.303%,

4/12/33

....

3,661

–

a,b

4612864. SQ.FTS.B,

3.302%,

4/13/33

....

831

–

a,b

4612909. SQ.FTS.B,

4.56%,

4/13/33

.....

2,565

a,b

4618572. SQ.FTS.B,

4.403%,

4/14/33

....

927

–

a,b

4620208. SQ.FTS.B,

4.873%,

4/14/33

....

2,314

–

a,b

4618545. SQ.FTS.B,

5.031%,

4/14/33

....

2,720

–

a,b

4623698. SQ.FTS.B,

4.557%,

4/15/33

....

4,549

–

a,b

4622912. SQ.FTS.B,

4.56%,

4/15/33

.....

12,026

–

a,b

4626052. SQ.FTS.B,

3.306%,

4/18/33

....

3,539

–

a,b

4627946. SQ.FTS.B,

4.406%,

4/18/33

....

–

a,b

4625409. SQ.FTS.B,

4.565%,

4/18/33

....

1,903

–

a,b

4626904. SQ.FTS.B,

5.031%,

4/18/33

....

4,667

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

4630473. SQ.FTS.B,

4.571%,

4/19/33

....

$

$

–

a,b

4631665. SQ.FTS.B,

4.72%,

4/20/33

.....

4,254

–

a,b

4637259. SQ.FTS.B,

3.922%,

4/22/33

....

–

a,b

4639123. SQ.FTS.B,

3.945%,

4/22/33

....

1,166

–

a,b

4639291. SQ.FTS.B,

4.715%,

4/22/33

....

2,606

–

a,b

4641955. SQ.FTS.B,

4.559%,

4/25/33

....

13,703

–

a,b

4645672. SQ.FTS.B,

4.405%,

4/26/33

....

10,185

–

a,b

4646691. SQ.FTS.B,

4.553%,

4/26/33

....

582

–

a,b

4646107. SQ.FTS.B,

4.561%,

4/26/33

....

2,393

–

a,b

4650952. SQ.FTS.B,

4.56%,

4/28/33

.....

2,708

a,b

4652170. SQ.FTS.B,

4.568%,

4/28/33

....

3,326

–

a,b

4655105. SQ.FTS.B,

4.557%,

4/29/33

....

1,842

–

a,b

4654724. SQ.FTS.B,

4.56%,

4/29/33

.....

–

a,b

4656767. SQ.FTS.B,

5.031%,

4/30/33

....

2,269

–

a,b

4660611. SQ.FTS.B,

3.774%,

5/01/33

....

1,867

–

a,b

4660577. SQ.FTS.B,

4.557%,

5/01/33

....

5,607

–

a,b

4662056. SQ.FTS.B,

4.56%,

5/02/33

.....

40,082

–

a,b

4665723. SQ.FTS.B,

4.569%,

5/03/33

....

813

–

a,b

4669203. SQ.FTS.B,

3.27%,

5/04/33

.....

–

a,b

4669930. SQ.FTS.B,

3.935%,

5/04/33

....

1,076

–

a,b

4668525. SQ.FTS.B,

3.983%,

5/04/33

....

–

a,b

4679063. SQ.FTS.B,

3.302%,

5/08/33

....

2,470

–

a,b

4682306. SQ.FTS.B,

4.403%,

5/08/33

....

19,587

–

a,b

4684220. SQ.FTS.B,

4.566%,

5/08/33

....

–

a,b

4684103. SQ.FTS.B,

4.574%,

5/08/33

....

761

–

a,b

4681090. SQ.FTS.B,

4.886%,

5/08/33

....

1,211

–

a,b

4704761. SQ.FTS.B,

5.031%,

5/10/33

....

1,417

–

a,b

4710517. SQ.FTS.B,

4.717%,

5/12/33

....

2,933

–

a,b

4719485. SQ.FTS.B,

4.555%,

5/15/33

....

1,259

–

a,b

4717011. SQ.FTS.B,

4.874%,

5/15/33

....

8,731

–

a,b

4746441. SQ.FTS.B,

4.557%,

5/19/33

....

1,214

–

a,b

4763575. SQ.FTS.B,

4.403%,

5/23/33

....

1,338

–

a,b

4761481. SQ.FTS.B,

5.031%,

5/23/33

....

4,254

–

a,b

4773719. SQ.FTS.B,

4.72%,

5/24/33

.....

1,216

–

a,b

4790074. SQ.FTS.B,

4.568%,

5/29/33

....

1,864

–

a,b

4789346. SQ.FTS.B,

5.031%,

5/29/33

....

6,004

–

a,b

4794467. SQ.FTS.B,

4.539%,

5/30/33

....

–

a,b

4796271. SQ.FTS.B,

4.874%,

5/30/33

....

1,575

a,b

4799750. SQ.FTS.B,

4.403%,

6/01/33

....

3,222

–

a,b

4812628. SQ.FTS.B,

4.403%,

6/03/33

....

7,404

–

a,b

4810478. SQ.FTS.B,

4.717%,

6/03/33

....

13,210

–

a,b

4814186. SQ.FTS.B,

4.874%,

6/03/33

....

3,604

–

a,b

4819764. SQ.FTS.B,

5.031%,

6/07/33

....

1,187

–

a,b

4829812. SQ.FTS.B,

4.088%,

6/10/33

....

–

a,b

4831455. SQ.FTS.B,

4.57%,

6/10/33

.....

1,012

–

a,b

4832246. SQ.FTS.B,

4.734%,

6/10/33

....

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

4829826. SQ.FTS.B,

4.877%,

6/10/33

....

$

2,529

$

–

a,b

4839177. SQ.FTS.B,

3.593%,

6/14/33

....

1,366

–

a,b

4839467. SQ.FTS.B,

4.403%,

6/14/33

....

1,586

–

a,b

4840100. SQ.FTS.B,

4.729%,

6/14/33

....

1,543

–

a,b

4860368. SQ.FTS.B,

4.874%,

6/17/33

....

989

–

a,b

4862500. SQ.FTS.B,

4.225%,

6/18/33

....

1,169

–

a,b

4862382. SQ.FTS.B,

4.251%,

6/18/33

....

5,131

–

a,b

4866679. SQ.FTS.B,

4.695%,

6/20/33

....

1,660

–

a,b

4863679. SQ.FTS.B,

4.938%,

6/20/33

....

16,205

–

a,b

4867627. SQ.FTS.B,

4.72%,

6/21/33

.....

2,052

–

a,b

4867691. SQ.FTS.B,

4.892%,

6/21/33

....

–

a,b

4868930. SQ.FTS.B,

5.371%,

6/21/33

....

1,648

–

a,b

4868123. SQ.FTS.B,

5.391%,

6/21/33

....

533

–

a,b

4872677. SQ.FTS.B,

2.973%,

6/22/33

....

3,275

–

a,b

4873945. SQ.FTS.B,

3.603%,

6/22/33

....

3,094

–

a,b

4872471. SQ.FTS.B,

4.22%,

6/22/33

.....

1,391

–

a,b

4873268. SQ.FTS.B,

4.403%,

6/22/33

....

6,701

–

a,b

4874117. SQ.FTS.B,

4.406%,

6/22/33

....

3,833

–

a,b

4873083. SQ.FTS.B,

4.538%,

6/22/33

....

9,479

–

a,b

4871945. SQ.FTS.B,

4.557%,

6/22/33

....

5,985

–

a,b

4877319. SQ.FTS.B,

3.555%,

6/25/33

....

1,558

–

a,b

4877302. SQ.FTS.B,

4.741%,

6/25/33

....

624

–

a,b

4877812. SQ.FTS.B,

4.225%,

6/26/33

....

2,156

–

a,b

4880109. SQ.FTS.B,

3.428%,

6/27/33

....

10,497

–

a,b

4878164. SQ.FTS.B,

4.56%,

6/27/33

.....

1,101

–

a,b

4880047. SQ.FTS.B,

4.945%,

6/27/33

....

–

a,b

4881617. SQ.FTS.B,

2.961%,

6/28/33

....

1,646

–

a,b

4882604. SQ.FTS.B,

3.791%,

6/28/33

....

4,323

–

a,b

4880571. SQ.FTS.B,

4.403%,

6/28/33

....

14,651

–

a,b

4881988. SQ.FTS.B,

4.56%,

6/28/33

.....

41,908

a,b

4886936. SQ.FTS.B,

4.56%,

6/30/33

.....

29,822

–

a,b

4889578. SQ.FTS.B,

4.874%,

7/01/33

....

6,235

–

a,b

4891549. SQ.FTS.B,

4.717%,

7/03/33

....

3,445

–

a,b

4893163. SQ.FTS.B,

4.716%,

7/04/33

....

12,426

–

a,b

4901122. SQ.FTS.B,

3.919%,

7/07/33

....

611

–

a,b

4905832. SQ.FTS.B,

3.893%,

7/10/33

....

6,058

–

a,b

4907500. SQ.FTS.B,

4.789%,

7/11/33

....

4,190

–

a,b

4908035. SQ.FTS.B,

4.87%,

7/11/33

.....

5,837

–

a,b

4923842. SQ.FTS.B,

4.565%,

7/16/33

....

1,929

–

a,b

4924187. SQ.FTS.B,

3.294%,

7/17/33

....

–

a,b

4925184. SQ.FTS.B,

3.774%,

7/18/33

....

2,723

–

a,b

4925548. SQ.FTS.B,

4.071%,

7/18/33

....

16,715

–

a,b

4925972. SQ.FTS.B,

4.287%,

7/18/33

....

7,444

a,b

4926169. SQ.FTS.B,

5.233%,

7/18/33

....

–

a,b

4927104. SQ.FTS.B,

5.031%,

7/19/33

....

7,625

a,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)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

4938983. SQ.FTS.B,

2.516%,

7/25/33

....

$

1,318

$

–

a,b

4942412. SQ.FTS.B,

3.587%,

7/26/33

....

13,011

a,b

4955556. SQ.FTS.B,

3.321%,

7/29/33

....

1,340

–

a,b

4968011. SQ.FTS.B,

4.403%,

8/02/33

....

732

–

a,b

4968065. SQ.FTS.B,

4.403%,

8/02/33

....

9,113

a,b

4975394. SQ.FTS.B,

3.941%,

8/05/33

....

1,503

–

a,b

4981810. SQ.FTS.B,

3.587%,

8/09/33

....

904

–

a,b

4981564. SQ.FTS.B,

4.735%,

8/09/33

....

–

a,b

4989575. SQ.FTS.B,

4.874%,

8/11/33

....

1,283

–

a,b

4990812. SQ.FTS.B,

3.57%,

8/12/33

.....

3,319

–

a,b

4990427. SQ.FTS.B,

4.183%,

8/12/33

....

646

–

a,b

4991412. SQ.FTS.B,

5.031%,

8/13/33

....

1,244

–

a,b

4992493. SQ.FTS.B,

4.403%,

8/14/33

....

1,237

–

a,b

4993580. SQ.FTS.B,

4.92%,

8/14/33

.....

600

–

a,b

5006802. SQ.FTS.B,

5.031%,

8/16/33

....

7,127

–

a,b

5019192. SQ.FTS.B,

3.57%,

8/17/33

.....

10,195

a,b

5026306. SQ.FTS.B,

2.39%,

8/19/33

.....

5,011

–

a,b

5027172. SQ.FTS.B,

4.88%,

8/21/33

.....

–

a,b

5042184. SQ.FTS.B,

3.774%,

8/25/33

....

–

a,b

5044278. SQ.FTS.B,

4.559%,

8/27/33

....

3,444

–

a,b

5047301. SQ.FTS.B,

4.403%,

8/28/33

....

4,140

–

a,b

5053049. SQ.FTS.B,

4.873%,

9/02/33

....

–

a,b

5058089. SQ.FTS.B,

4.56%,

9/03/33

.....

14,655

–

a,b

5062108. SQ.FTS.B,

3.866%,

9/05/33

....

2,002

–

a,b

5065553. SQ.FTS.B,

4.72%,

9/07/33

.....

11,144

–

a,b

5075271. SQ.FTS.B,

5.031%,

9/10/33

....

1,219

–

a,b

5075922. SQ.FTS.B,

3.308%,

9/11/33

....

–

a,b

5075710. SQ.FTS.B,

3.358%,

9/11/33

....

2,580

–

a,b

5090985. SQ.FTS.B,

4.55%,

9/17/33

.....

–

a,b

5096024. SQ.FTS.B,

4.292%,

9/21/33

....

9,361

–

a,b

5096286. SQ.FTS.B,

4.561%,

9/21/33

....

–

a,b

5099070. SQ.FTS.B,

4.881%,

9/22/33

....

659

–

a,b

5102362. SQ.FTS.B,

4.874%,

9/23/33

....

26,662

–

a,b

5109707. SQ.FTS.B,

4.553%,

9/25/33

....

–

a,b

5110450. SQ.FTS.B,

4.717%,

9/26/33

....

4,298

–

a,b

5110232. SQ.FTS.B,

5.212%,

9/26/33

....

4,917

–

a,b

5114631. SQ.FTS.B,

4.867%,

9/29/33

....

2,038

–

a,b

5123870. SQ.FTS.B,

4.277%,

9/30/33

....

–

a,b

5123250. SQ.FTS.B,

4.56%,

9/30/33

.....

2,209

–

a,b

5118658. SQ.FTS.B,

4.717%,

9/30/33

....

542

–

a,b

5122398. SQ.FTS.B,

4.719%,

9/30/33

....

5,431

–

a,b

5130538. SQ.FTS.B,

4.159%,

10/04/33

...

2,193

–

a,b

5132890. SQ.FTS.B,

3.78%,

10/05/33

....

30,012

–

a,b

5135982. SQ.FTS.B,

4.403%,

10/05/33

...

11,822

a,b

5134488. SQ.FTS.B,

5.87%,

10/05/33

....

1,144

–

a,b

5138301. SQ.FTS.B,

4.56%,

10/06/33

....

2,419

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5144732. SQ.FTS.B,

3.953%,

10/07/33

...

$

2,684

$

–

a,b

5142732. SQ.FTS.B,

4.579%,

10/07/33

...

–

a,b

5146188. SQ.FTS.B,

5.34%,

10/08/33

....

6,760

–

a,b

5155680. SQ.FTS.B,

4.337%,

10/12/33

...

521

–

a,b

5154060. SQ.FTS.B,

4.403%,

10/12/33

...

–

a,b

5156338. SQ.FTS.B,

4.557%,

10/12/33

...

2,755

–

a,b

5156676. SQ.FTS.B,

4.56%,

10/12/33

....

1,284

–

a,b

5160593. SQ.FTS.B,

4.56%,

10/13/33

....

14,723

–

a,b

5162594. SQ.FTS.B,

3.459%,

10/14/33

...

–

a,b

5163731. SQ.FTS.B,

4.56%,

10/14/33

....

7,221

–

a,b

5172784. SQ.FTS.B,

4.558%,

10/17/33

...

6,176

–

a,b

5179416. SQ.FTS.B,

4.717%,

10/18/33

...

2,654

–

a,b

5181201. SQ.FTS.B,

3.655%,

10/19/33

...

6,478

–

a,b

5183474. SQ.FTS.B,

4.56%,

10/19/33

....

575

–

a,b

5210392. SQ.FTS.B,

4.454%,

10/23/33

...

2,298

–

a,b

5220660. SQ.FTS.B,

4.564%,

10/26/33

...

1,403

–

a,b

5241436. SQ.FTS.B,

4.563%,

11/01/33

...

3,502

–

a,b

5243505. SQ.FTS.B,

4.13%,

11/02/33

....

20,719

a,b

5244949. SQ.FTS.B,

4.556%,

11/02/33

...

2,287

–

a,b

5245623. SQ.FTS.B,

4.562%,

11/02/33

...

4,046

–

a,b

5250769. SQ.FTS.B,

3.293%,

11/03/33

...

1,742

–

a,b

5250706. SQ.FTS.B,

3.704%,

11/03/33

...

1,023

–

a,b

5255302. SQ.FTS.B,

2.584%,

11/04/33

...

19,141

–

a,b

5254769. SQ.FTS.B,

3.306%,

11/04/33

...

1,097

–

a,b

5254554. SQ.FTS.B,

4.558%,

11/04/33

...

5,092

–

a,b

5266837. SQ.FTS.B,

3.031%,

11/05/33

...

3,783

–

a,b

5266476. SQ.FTS.B,

4.563%,

11/05/33

...

4,712

–

a,b

5262459. SQ.FTS.B,

4.568%,

11/05/33

...

–

a,b

5281103. SQ.FTS.B,

5.979%,

11/10/33

...

8,490

–

a,b

5293954. SQ.FTS.B,

3.21%,

11/14/33

....

–

a,b

5296287. SQ.FTS.B,

3.774%,

11/16/33

...

–

a,b

5305068. SQ.FTS.B,

4.56%,

11/17/33

....

77,744

–

a,b

5313405. SQ.FTS.B,

3.938%,

11/18/33

...

546

–

a,b

5316290. SQ.FTS.B,

4.577%,

11/19/33

...

884

–

a,b

5322693. SQ.FTS.B,

5.031%,

11/20/33

...

874

–

a,b

5325004. SQ.FTS.B,

5.207%,

11/22/33

...

1,379

–

a,b

5330101. SQ.FTS.B,

3.774%,

11/23/33

...

1,778

–

a,b

5328895. SQ.FTS.B,

4.563%,

11/23/33

...

2,371

–

a,b

5329785. SQ.FTS.B,

4.717%,

11/23/33

...

1,629

–

a,b

5363132. SQ.FTS.B,

5.031%,

11/26/33

...

7,301

–

a,b

5374200. SQ.FTS.B,

3.996%,

11/27/33

...

7,532

–

a,b

5372948. SQ.FTS.B,

4.559%,

11/27/33

...

7,104

–

a,b

5380422. SQ.FTS.B,

4.56%,

11/27/33

....

12,758

–

a,b

5381740. SQ.FTS.B,

3.913%,

11/29/33

...

733

–

a,b

5394107. SQ.FTS.B,

4.552%,

11/30/33

...

–

a,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)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5400388. SQ.FTS.B,

3.308%,

12/01/33

...

$

2,133

$

–

a,b

5414769. SQ.FTS.B,

3.883%,

12/01/33

...

2,336

–

a,b

5414116. SQ.FTS.B,

4.215%,

12/01/33

...

15,698

–

a,b

5462926. SQ.FTS.B,

4.214%,

12/03/33

...

3,148

–

a,b

5473313. SQ.FTS.B,

4.528%,

12/04/33

...

665

–

a,b

5474055. SQ.FTS.B,

4.563%,

12/05/33

...

1,008

–

a,b

5518301. SQ.FTS.B,

3.302%,

12/08/33

...

22,861

a,b

5507161. SQ.FTS.B,

4.561%,

12/08/33

...

8,476

–

a,b

5528209. SQ.FTS.B,

3.774%,

12/09/33

...

9,462

–

a,b

5534237. SQ.FTS.B,

3.985%,

12/09/33

...

6,220

–

a,b

5532399. SQ.FTS.B,

5.225%,

12/09/33

...

1,906

–

a,b

5537587. SQ.FTS.B,

4.207%,

12/10/33

...

2,674

–

a,b

5540468. SQ.FTS.B,

5.594%,

12/11/33

...

1,805

–

a,b

5550397. SQ.FTS.B,

4.403%,

12/14/33

...

15,348

–

a,b

5557572. SQ.FTS.B,

3.296%,

12/15/33

...

1,381

–

a,b

5554806. SQ.FTS.B,

4.057%,

12/15/33

...

1,418

–

a,b

5565348. SQ.FTS.B,

4.56%,

12/17/33

....

8,568

–

a,b

5565100. SQ.FTS.B,

4.874%,

12/17/33

...

1,552

–

a,b

5568047. SQ.FTS.B,

4.875%,

12/18/33

...

25,893

–

a,b

5571589. SQ.FTS.B,

4.555%,

12/20/33

...

1,376

–

a,b

5575033. SQ.FTS.B,

4.551%,

12/21/33

...

1,017

–

a,b

5584916. SQ.FTS.B,

3.774%,

12/24/33

...

3,248

–

a,b

5588007. SQ.FTS.B,

3.301%,

12/25/33

...

16,177

–

a,b

5588652. SQ.FTS.B,

4.275%,

12/25/33

...

–

a,b

5588372. SQ.FTS.B,

5.031%,

12/25/33

...

8,728

–

a,b

5588819. SQ.FTS.B,

4.891%,

12/26/33

...

1,320

–

a,b

5595419. SQ.FTS.B,

3.858%,

12/28/33

...

1,222

–

a,b

5594146. SQ.FTS.B,

4.047%,

12/28/33

...

3,596

–

a,b

5598446. SQ.FTS.B,

3.281%,

12/29/33

...

607

–

a,b

5597324. SQ.FTS.B,

3.296%,

12/29/33

...

–

a,b

5600512. SQ.FTS.B,

4.406%,

12/29/33

...

8,322

–

a,b

5600497. SQ.FTS.B,

4.41%,

12/29/33

....

–

a,b

5610840. SQ.FTS.B,

3.305%,

12/30/33

...

7,751

–

a,b

5615484. SQ.FTS.B,

5.031%,

1/01/34

....

9,295

–

a,b

5618906. SQ.FTS.B,

4.56%,

1/03/34

.....

2,590

–

a,b

5622466. SQ.FTS.B,

5.37%,

1/05/34

.....

1,396

–

a,b

5628952. SQ.FTS.B,

4.715%,

1/06/34

....

4,403

–

a,b

5627076. SQ.FTS.B,

4.717%,

1/06/34

....

7,284

–

a,b

5627773. SQ.FTS.B,

4.724%,

1/06/34

....

1,198

–

a,b

5641349. SQ.FTS.B,

4.379%,

1/07/34

....

1,084

–

a,b

5662108. SQ.FTS.B,

5.031%,

1/11/34

....

6,816

–

a,b

5667327. SQ.FTS.B,

4.921%,

1/12/34

....

20,570

–

a,b

5718687. SQ.FTS.B,

4.559%,

1/20/34

....

–

a,b

5719839. SQ.FTS.B,

4.717%,

1/20/34

....

7,877

–

a,b

5729235. SQ.FTS.B,

3.774%,

1/21/34

....

3,033

a,b

5734498. SQ.FTS.B,

3.302%,

1/22/34

....

1,621

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5732468. SQ.FTS.B,

3.883%,

1/22/34

....

$

$

–

a,b

5739159. SQ.FTS.B,

4.561%,

1/25/34

....

13,484

a,b

5738195. SQ.FTS.B,

4.874%,

1/25/34

....

854

–

a,b

5742284. SQ.FTS.B,

4.56%,

1/26/34

.....

5,670

–

a,b

5741356. SQ.FTS.B,

4.738%,

1/26/34

....

1,619

–

a,b

5744108. SQ.FTS.B,

3.774%,

1/27/34

....

995

–

a,b

5754674. SQ.FTS.B,

3.492%,

1/29/34

....

2,696

–

a,b

5754537. SQ.FTS.B,

5.136%,

1/29/34

....

930

–

a,b

5762467. SQ.FTS.B,

4.375%,

2/01/34

....

2,052

–

a,b

5768898. SQ.FTS.B,

4.723%,

2/03/34

....

1,889

–

a,b

5774288. SQ.FTS.B,

4.313%,

2/04/34

....

779

–

a,b

5779587. SQ.FTS.B,

4.557%,

2/06/34

....

969

–

a,b

5779612. SQ.FTS.B,

5.251%,

2/06/34

....

3,348

–

a,b

5784284. SQ.FTS.B,

5.031%,

2/08/34

....

5,640

–

a,b

5787095. SQ.FTS.B,

5.031%,

2/09/34

....

–

a,b

5790156. SQ.FTS.B,

4.69%,

2/10/34

.....

1,282

–

a,b

5790251. SQ.FTS.B,

5.258%,

2/10/34

....

2,713

–

a,b

5801823. SQ.FTS.B,

4.555%,

2/11/34

....

903

–

a,b

5806812. SQ.FTS.B,

4.867%,

2/11/34

....

–

a,b

5803772. SQ.FTS.B,

4.885%,

2/11/34

....

752

–

a,b

5802372. SQ.FTS.B,

5.156%,

2/11/34

....

5,979

–

a,b

5807339. SQ.FTS.B,

4.56%,

2/12/34

.....

7,842

–

a,b

5807048. SQ.FTS.B,

5.022%,

2/12/34

....

–

a,b

5813279. SQ.FTS.B,

5.037%,

2/12/34

....

2,311

–

a,b

5813539. SQ.FTS.B,

5.161%,

2/13/34

....

2,195

–

a,b

5821573. SQ.FTS.B,

3.29%,

2/16/34

.....

1,346

–

a,b

5820502. SQ.FTS.B,

4.559%,

2/16/34

....

2,422

–

a,b

5820697. SQ.FTS.B,

5.042%,

2/16/34

....

1,220

–

a,b

5830235. SQ.FTS.B,

4.561%,

2/18/34

....

10,562

–

a,b

5833923. SQ.FTS.B,

3.305%,

2/19/34

....

3,357

–

a,b

5833277. SQ.FTS.B,

3.77%,

2/19/34

.....

1,687

–

a,b

5833649. SQ.FTS.B,

4.561%,

2/19/34

....

7,646

–

a,b

5834289. SQ.FTS.B,

4.571%,

2/20/34

....

–

a,b

5836241. SQ.FTS.B,

3.964%,

2/22/34

....

4,473

–

a,b

5837692. SQ.FTS.B,

4.558%,

2/22/34

....

789

–

a,b

5837836. SQ.FTS.B,

4.939%,

2/22/34

....

3,875

–

a,b

5842217. SQ.FTS.B,

5.058%,

2/23/34

....

755

–

a,b

5843755. SQ.FTS.B,

4.56%,

2/24/34

.....

5,701

–

a,b

5845038. SQ.FTS.B,

4.565%,

2/24/34

....

533

–

a,b

5845026. SQ.FTS.B,

4.612%,

2/24/34

....

716

–

a,b

5851164. SQ.FTS.B,

5.252%,

2/25/34

....

17,110

a,b

5852732. SQ.FTS.B,

3.963%,

2/26/34

....

6,024

–

a,b

5854302. SQ.FTS.B,

5.443%,

2/26/34

....

3,389

–

a,b

5855717. SQ.FTS.B,

5.201%,

2/27/34

....

1,319

–

a,b

5856105. SQ.FTS.B,

3.975%,

2/28/34

....

–

a,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)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5861074. SQ.FTS.B,

5.155%,

2/28/34

....

$

2,179

$

–

a,b

5867284. SQ.FTS.B,

5.162%,

2/28/34

....

4,758

–

a,b

5871974. SQ.FTS.B,

5.451%,

3/01/34

....

–

a,b

5876337. SQ.FTS.B,

4.753%,

3/02/34

....

2,139

–

a,b

5877622. SQ.FTS.B,

5.369%,

3/03/34

....

1,737

–

a,b

5881097. SQ.FTS.B,

4.688%,

3/06/34

....

1,672

–

a,b

5890652. SQ.FTS.B,

4.753%,

3/08/34

....

2,944

–

a,b

5889950. SQ.FTS.B,

5.031%,

3/08/34

....

2,001

–

a,b

5894262. SQ.FTS.B,

5.285%,

3/09/34

....

6,335

–

a,b

5894989. SQ.FTS.B,

4.743%,

3/10/34

....

1,832

–

a,b

5901715. SQ.FTS.B,

4.835%,

3/13/34

....

–

a,b

5901096. SQ.FTS.B,

5.031%,

3/13/34

....

8,515

–

a,b

5912773. SQ.FTS.B,

5.439%,

3/16/34

....

13,179

–

a,b

5918667. SQ.FTS.B,

4.531%,

3/20/34

....

–

a,b

5924210. SQ.FTS.B,

4.748%,

3/21/34

....

11,933

a,b

5925246. SQ.FTS.B,

5.031%,

3/21/34

....

3,145

a,b

5922874. SQ.FTS.B,

5.44%,

3/21/34

.....

9,877

–

a,b

5929107. SQ.FTS.B,

4.021%,

3/22/34

....

4,507

–

a,b

5930081. SQ.FTS.B,

5.526%,

3/22/34

....

1,383

–

a,b

5934510. SQ.FTS.B,

5.52%,

3/24/34

.....

877

–

a,b

5938544. SQ.FTS.B,

5.156%,

3/26/34

....

8,920

–

a,b

5937710. SQ.FTS.B,

5.377%,

3/26/34

....

9,403

–

a,b

5941408. SQ.FTS.B,

5.034%,

3/27/34

....

4,263

–

a,b

5951713. SQ.FTS.B,

4.741%,

3/29/34

....

1,763

–

a,b

5950325. SQ.FTS.B,

4.754%,

3/29/34

....

1,266

–

a,b

5951743. SQ.FTS.B,

5.094%,

3/29/34

....

6,697

–

a,b

5949246. SQ.FTS.B,

5.103%,

3/29/34

....

2,143

–

a,b

5954057. SQ.FTS.B,

5.283%,

3/30/34

....

10,357

–

a,b

5956156. SQ.FTS.B,

5.536%,

4/01/34

....

4,565

–

a,b

5956226. SQ.FTS.B,

4.307%,

4/02/34

....

5,662

–

a,b

5966970. SQ.FTS.B,

4.53%,

4/05/34

.....

6,042

a,b

5966004. SQ.FTS.B,

5.031%,

4/05/34

....

12,378

–

a,b

5972346. SQ.FTS.B,

4.588%,

4/06/34

....

594

a,b

5974110. SQ.FTS.B,

5.031%,

4/06/34

....

760

–

a,b

5972193. SQ.FTS.B,

5.097%,

4/06/34

....

2,834

–

a,b

5977756. SQ.FTS.B,

5.376%,

4/07/34

....

10,251

a,b

5978395. SQ.FTS.B,

4.748%,

4/08/34

....

5,654

–

a,b

5980004. SQ.FTS.B,

4.433%,

4/10/34

....

14,671

–

a,b

5980834. SQ.FTS.B,

5.536%,

4/10/34

....

2,059

–

a,b

5983711. SQ.FTS.B,

5.433%,

4/11/34

....

–

a,b

5984682. SQ.FTS.B,

5.198%,

4/12/34

....

–

a,b

5986413. SQ.FTS.B,

5.546%,

4/12/34

....

2,347

–

a,b

5989761. SQ.FTS.B,

4.034%,

4/13/34

....

–

a,b

5991501. SQ.FTS.B,

4.764%,

4/13/34

....

1,416

–

a,b

5991559. SQ.FTS.B,

4.843%,

4/13/34

....

2,551

–

a,b

5996138. SQ.FTS.B,

4.907%,

4/14/34

....

2,468

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5997621. SQ.FTS.B,

5.542%,

4/16/34

....

$

2,321

$

–

a,b

6000204. SQ.FTS.B,

4.02%,

4/17/34

.....

–

a,b

6003035. SQ.FTS.B,

4.748%,

4/18/34

....

40,734

–

a,b

6003010. SQ.FTS.B,

5.031%,

4/18/34

....

1,626

–

a,b

6007679. SQ.FTS.B,

5.039%,

4/19/34

....

2,522

–

a,b

6006837. SQ.FTS.B,

5.189%,

4/19/34

....

11,360

–

a,b

6007073. SQ.FTS.B,

5.552%,

4/19/34

....

–

a,b

6013787. SQ.FTS.B,

4.852%,

4/21/34

....

–

a,b

6014176. SQ.FTS.B,

5.191%,

4/21/34

....

–

a,b

6015922. SQ.FTS.B,

4.75%,

4/22/34

.....

2,381

–

a,b

6020766. SQ.FTS.B,

4.032%,

4/24/34

....

1,785

–

a,b

6017671. SQ.FTS.B,

4.92%,

4/24/34

.....

1,081

–

a,b

6022726. SQ.FTS.B,

4.747%,

4/25/34

....

–

a,b

6021277. SQ.FTS.B,

5.031%,

4/25/34

....

4,902

–

a,b

6026398. SQ.FTS.B,

4.913%,

4/26/34

....

2,245

–

a,b

6025558. SQ.FTS.B,

5.46%,

4/26/34

.....

833

–

a,b

6032149. SQ.FTS.B,

5.157%,

4/27/34

....

1,557

a,b

6033308. SQ.FTS.B,

5.157%,

4/28/34

....

2,943

–

a,b

6038307. SQ.FTS.B,

4.906%,

4/30/34

....

11,023

–

a,b

6041701. SQ.FTS.B,

5.535%,

4/30/34

....

6,983

–

a,b

6041983. SQ.FTS.B,

4.748%,

5/01/34

....

40,970

a,b

6046321. SQ.FTS.B,

4.753%,

5/02/34

....

4,007

–

a,b

6047820. SQ.FTS.B,

5.027%,

5/02/34

....

649

–

a,b

6046375. SQ.FTS.B,

5.383%,

5/02/34

....

3,102

–

a,b

6057856. SQ.FTS.B,

5.437%,

5/04/34

....

4,257

–

a,b

6059813. SQ.FTS.B,

4.525%,

5/06/34

....

6,787

–

a,b

6063093. SQ.FTS.B,

5.28%,

5/07/34

.....

3,406

–

a,b

6120938. SQ.FTS.B,

5.158%,

5/09/34

....

17,095

–

a,b

6120756. SQ.FTS.B,

5.393%,

5/09/34

....

–

a,b

6122715. SQ.FTS.B,

4.528%,

5/10/34

....

45,745

a,b

6126608. SQ.FTS.B,

5.537%,

5/12/34

....

4,440

–

a,b

6127374. SQ.FTS.B,

4.748%,

5/13/34

....

2,574

–

a,b

6127192. SQ.FTS.B,

4.906%,

5/13/34

....

2,501

–

a,b

6134623. SQ.FTS.B,

4.528%,

5/15/34

....

17,381

–

a,b

6133707. SQ.FTS.B,

4.938%,

5/15/34

....

11,499

–

a,b

6135248. SQ.FTS.B,

4.751%,

5/16/34

....

8,060

–

a,b

6135022. SQ.FTS.B,

5.156%,

5/16/34

....

3,251

–

a,b

6136481. SQ.FTS.B,

5.442%,

5/16/34

....

4,428

–

a,b

6139899. SQ.FTS.B,

4.526%,

5/17/34

....

5,390

–

a,b

6141598. SQ.FTS.B,

5.031%,

5/17/34

....

3,417

–

a,b

6141840. SQ.FTS.B,

5.164%,

5/17/34

....

3,171

–

a,b

6145876. SQ.FTS.B,

5.538%,

5/18/34

....

2,747

–

a,b

6147492. SQ.FTS.B,

5.429%,

5/19/34

....

–

a,b

6147217. SQ.FTS.B,

5.456%,

5/19/34

....

–

a,b

6151254. SQ.FTS.B,

5.031%,

5/21/34

....

33,491

a,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)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6153219. SQ.FTS.B,

5.372%,

5/22/34

....

$

2,899

$

–

a,b

6155930. SQ.FTS.B,

5.438%,

5/22/34

....

9,003

–

a,b

6157670. SQ.FTS.B,

4.54%,

5/23/34

.....

895

–

a,b

6158976. SQ.FTS.B,

5.153%,

5/23/34

....

–

a,b

6157661. SQ.FTS.B,

5.546%,

5/23/34

....

955

–

a,b

6161004. SQ.FTS.B,

5.16%,

5/24/34

.....

1,742

–

a,b

6163115. SQ.FTS.B,

4.748%,

5/25/34

....

9,867

–

a,b

6161916. SQ.FTS.B,

5.433%,

5/25/34

....

3,028

–

a,b

6163558. SQ.FTS.B,

5.559%,

5/25/34

....

676

–

a,b

6165678. SQ.FTS.B,

5.542%,

5/27/34

....

4,327

–

a,b

6169587. SQ.FTS.B,

5.534%,

5/28/34

....

3,516

–

a,b

6174665. SQ.FTS.B,

4.525%,

5/30/34

....

517

–

a,b

6181401. SQ.FTS.B,

5.296%,

6/01/34

....

–

a,b

6182359. SQ.FTS.B,

4.749%,

6/02/34

....

a,b

6190783. SQ.FTS.B,

4.732%,

6/05/34

....

1,090

–

a,b

6192067. SQ.FTS.B,

4.777%,

6/06/34

....

–

a,b

6200609. SQ.FTS.B,

5.427%,

6/07/34

....

1,061

–

a,b

6196734. SQ.FTS.B,

5.451%,

6/07/34

....

1,042

–

a,b

6196936. SQ.FTS.B,

5.533%,

6/07/34

....

1,154

–

a,b

6204820. SQ.FTS.B,

5.387%,

6/08/34

....

1,654

–

a,b

6207861. SQ.FTS.B,

4.748%,

6/09/34

....

37,929

–

a,b

6207369. SQ.FTS.B,

5.154%,

6/09/34

....

618

–

a,b

6213794. SQ.FTS.B,

5.44%,

6/12/34

.....

3,389

–

a,b

6216601. SQ.FTS.B,

4.743%,

6/13/34

....

2,272

–

a,b

6215032. SQ.FTS.B,

5.286%,

6/13/34

....

3,341

–

a,b

6216579. SQ.FTS.B,

5.513%,

6/13/34

....

520

–

a,b

6220076. SQ.FTS.B,

4.749%,

6/14/34

....

3,725

–

a,b

6220695. SQ.FTS.B,

4.749%,

6/14/34

....

23,011

–

a,b

6226503. SQ.FTS.B,

4.75%,

6/15/34

.....

3,035

–

a,b

6234555. SQ.FTS.B,

4.322%,

6/16/34

....

1,536

–

a,b

6229129. SQ.FTS.B,

4.749%,

6/16/34

....

44,854

–

a,b

6235160. SQ.FTS.B,

5.436%,

6/17/34

....

6,431

–

a,b

6235824. SQ.FTS.B,

5.588%,

6/17/34

....

1,663

–

a,b

6235797. SQ.FTS.B,

5.66%,

6/17/34

.....

5,020

–

a,b

6236427. SQ.FTS.B,

5.252%,

6/18/34

....

10,363

–

a,b

6240143. SQ.FTS.B,

5.374%,

6/19/34

....

3,654

–

a,b

6240208. SQ.FTS.B,

5.279%,

6/20/34

....

5,830

–

a,b

6244041. SQ.FTS.B,

4.54%,

6/21/34

.....

–

a,b

6245007. SQ.FTS.B,

5.283%,

6/21/34

....

832

–

a,b

6255542. SQ.FTS.B,

4.73%,

6/24/34

.....

–

a,b

6255997. SQ.FTS.B,

4.749%,

6/25/34

....

1,357

–

a,b

6255909. SQ.FTS.B,

5.627%,

6/25/34

....

975

–

a,b

6256740. SQ.FTS.B,

5.445%,

6/26/34

....

688

–

a,b

6262497. SQ.FTS.B,

4.747%,

6/28/34

....

8,184

–

a,b

6265155. SQ.FTS.B,

5.595%,

6/29/34

....

6,047

–

a,b

6270473. SQ.FTS.B,

5.751%,

6/30/34

....

3,312

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

6276763. SQ.FTS.B,

5.129%,

7/04/34

....

$

2,289

$

–

a,b

6276874. SQ.FTS.B,

5.603%,

7/04/34

....

1,212

–

a,b

6277246. SQ.FTS.B,

5.66%,

7/04/34

.....

–

a,b

6279862. SQ.FTS.B,

5.472%,

7/05/34

....

16,989

–

a,b

6280869. SQ.FTS.B,

5.476%,

7/05/34

....

4,517

–

a,b

6284870. SQ.FTS.B,

4.748%,

7/06/34

....

4,590

a,b

6286798. SQ.FTS.B,

5.127%,

7/09/34

....

3,737

–

a,b

6290969. SQ.FTS.B,

4.743%,

7/10/34

....

1,070

–

a,b

6304870. SQ.FTS.B,

4.529%,

7/15/34

....

15,082

–

a,b

6304502. SQ.FTS.B,

5.378%,

7/15/34

....

9,016

a,b

6306494. SQ.FTS.B,

4.969%,

7/17/34

....

12,186

–

a,b

6308429. SQ.FTS.B,

5.595%,

7/17/34

....

715

–

a,b

6308976. SQ.FTS.B,

5.752%,

7/18/34

....

3,197

–

a,b

6314524. SQ.FTS.B,

5.124%,

7/19/34

....

657

–

a,b

6315256. SQ.FTS.B,

5.447%,

7/19/34

....

3,856

–

a,b

6314730. SQ.FTS.B,

5.66%,

7/19/34

.....

3,074

–

a,b

6319933. SQ.FTS.B,

5.378%,

7/21/34

....

14,196

–

a,b

6320178. SQ.FTS.B,

5.441%,

7/22/34

....

3,234

–

a,b

6321758. SQ.FTS.B,

4.967%,

7/23/34

....

4,486

–

a,b

6353710. SQ.FTS.B,

5.441%,

7/24/34

....

4,027

a,b

6352903. SQ.FTS.B,

5.593%,

7/24/34

....

2,446

–

a,b

6355005. SQ.FTS.B,

4.969%,

7/25/34

....

11,762

–

a,b

6364953. SQ.FTS.B,

4.531%,

7/27/34

....

4,175

–

a,b

6362699. SQ.FTS.B,

4.969%,

7/27/34

....

42,087

a,b

6369186. SQ.FTS.B,

5.246%,

7/30/34

....

–

a,b

6373846. SQ.FTS.B,

4.747%,

7/31/34

....

4,529

–

a,b

6378691. SQ.FTS.B,

5.126%,

8/02/34

....

5,925

–

a,b

6385845. SQ.FTS.B,

4.767%,

8/04/34

....

–

a,b

6385666. SQ.FTS.B,

5.66%,

8/04/34

.....

1,880

–

a,b

6390840. SQ.FTS.B,

5.66%,

8/07/34

.....

3,830

–

a,b

6394386. SQ.FTS.B,

5.362%,

8/08/34

....

816

–

a,b

6403479. SQ.FTS.B,

5.126%,

8/10/34

....

3,187

–

a,b

6401953. SQ.FTS.B,

5.427%,

8/10/34

....

876

–

a,b

6401970. SQ.FTS.B,

5.442%,

8/10/34

....

1,665

–

a,b

6404445. SQ.FTS.B,

5.139%,

8/11/34

....

1,220

–

a,b

6405166. SQ.FTS.B,

5.252%,

8/12/34

....

19,913

–

a,b

6407824. SQ.FTS.B,

4.73%,

8/13/34

.....

–

a,b

6408523. SQ.FTS.B,

5.252%,

8/13/34

....

5,951

a,b

6411150. SQ.FTS.B,

5.377%,

8/14/34

....

2,180

–

a,b

6414405. SQ.FTS.B,

4.765%,

8/15/34

....

1,715

–

a,b

6414098. SQ.FTS.B,

5.76%,

8/15/34

.....

3,987

–

a,b

6420149. SQ.FTS.B,

4.971%,

8/16/34

....

12,660

a,b

6423702. SQ.FTS.B,

5.253%,

8/17/34

....

19,695

–

a,b

6426793. SQ.FTS.B,

4.749%,

8/20/34

....

568

–

a,b

6428407. SQ.FTS.B,

5.439%,

8/21/34

....

7,388

–

a,b

6429640. SQ.FTS.B,

5.441%,

8/21/34

....

5,813

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6427509. SQ.FTS.B,

5.664%,

8/21/34

....

$

4,726

$

–

a,b

6439475. SQ.FTS.B,

5.256%,

8/23/34

....

709

–

a,b

6439293. SQ.FTS.B,

5.472%,

8/23/34

....

7,365

–

a,b

6441111. SQ.FTS.B,

4.964%,

8/24/34

.....

680

–

a,b

6443707. SQ.FTS.B,

5.598%,

8/24/34

....

35,282

–

a,b

6448554. SQ.FTS.B,

4.743%,

8/27/34

....

1,900

–

a,b

6447640. SQ.FTS.B,

4.974%,

8/27/34

....

2,396

–

a,b

6448205. SQ.FTS.B,

5.252%,

8/27/34

....

7,623

–

a,b

6448059. SQ.FTS.B,

5.471%,

8/27/34

....

5,140

–

a,b

6447919. SQ.FTS.B,

5.597%,

8/27/34

....

–

a,b

6448382. SQ.FTS.B,

5.756%,

8/27/34

....

3,199

–

a,b

6452451. SQ.FTS.B,

4.748%,

8/28/34

....

3,082

a,b

6462554. SQ.FTS.B,

5.251%,

9/03/34

....

7,251

–

a,b

6463889. SQ.FTS.B,

5.253%,

9/04/34

....

16,330

–

a,b

6464362. SQ.FTS.B,

5.66%,

9/04/34

.....

4,169

–

a,b

6468636. SQ.FTS.B,

5.663%,

9/06/34

....

10,598

–

a,b

6477840. SQ.FTS.B,

5.247%,

9/09/34

....

3,007

–

a,b

6478752. SQ.FTS.B,

5.436%,

9/09/34

....

2,553

–

a,b

6479843. SQ.FTS.B,

5.596%,

9/09/34

....

2,419

–

a,b

6484618. SQ.FTS.B,

4.751%,

9/10/34

....

4,048

–

a,b

6482925. SQ.FTS.B,

5.473%,

9/10/34

....

4,228

–

a,b

6483587. SQ.FTS.B,

5.597%,

9/10/34

....

6,888

a,b

6485200. SQ.FTS.B,

5.126%,

9/11/34

....

6,526

–

a,b

6485862. SQ.FTS.B,

4.529%,

9/12/34

....

13,536

–

a,b

6486219. SQ.FTS.B,

4.742%,

9/12/34

....

–

a,b

6487587. SQ.FTS.B,

4.735%,

9/13/34

....

1,298

–

a,b

6487981. SQ.FTS.B,

4.741%,

9/13/34

....

1,310

–

a,b

6492780. SQ.FTS.B,

5.377%,

9/14/34

....

14,698

–

a,b

6492212. SQ.FTS.B,

5.597%,

9/14/34

....

11,554

–

a,b

6494237. SQ.FTS.B,

4.969%,

9/15/34

....

1,303

–

a,b

6496902. SQ.FTS.B,

5.473%,

9/15/34

....

6,581

–

a,b

6494041. SQ.FTS.B,

6.072%,

9/15/34

....

2,210

–

a,b

6499048. SQ.FTS.B,

4.968%,

9/16/34

....

6,099

–

a,b

6500866. SQ.FTS.B,

5.031%,

9/16/34

....

4,974

–

a,b

6499996. SQ.FTS.B,

5.472%,

9/16/34

....

–

a,b

6504715. SQ.FTS.B,

5.125%,

9/17/34

....

2,724

–

a,b

6505793. SQ.FTS.B,

5.124%,

9/18/34

....

2,242

–

a,b

6506509. SQ.FTS.B,

4.766%,

9/19/34

....

–

a,b

6510179. SQ.FTS.B,

4.749%,

9/20/34

....

24,604

–

a,b

6511415. SQ.FTS.B,

5.129%,

9/21/34

....

2,844

–

a,b

6514021. SQ.FTS.B,

5.218%,

9/21/34

....

631

–

a,b

6512222. SQ.FTS.B,

6.161%,

9/21/34

....

2,610

–

a,b

6516725. SQ.FTS.B,

4.747%,

9/22/34

....

3,769

–

a,b

6514949. SQ.FTS.B,

5.129%,

9/22/34

....

6,188

–

a,b

6521243. SQ.FTS.B,

5.442%,

9/23/34

....

2,252

–

a,b

6519286. SQ.FTS.B,

5.618%,

9/23/34

....

873

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

6525421. SQ.FTS.B,

5.412%,

9/24/34

....

$

$

–

a,b

6525021. SQ.FTS.B,

5.601%,

9/24/34

....

4,816

–

a,b

6526070. SQ.FTS.B,

5.251%,

9/25/34

....

839

–

a,b

6526542. SQ.FTS.B,

4.748%,

9/26/34

....

7,928

a,b

6526493. SQ.FTS.B,

5.58%,

9/26/34

.....

1,269

–

a,b

6527010. SQ.FTS.B,

5.765%,

9/26/34

....

515

–

a,b

6529506. SQ.FTS.B,

5.237%,

9/27/34

....

–

a,b

6537839. SQ.FTS.B,

4.969%,

9/29/34

....

7,900

–

a,b

6535332. SQ.FTS.B,

5.61%,

9/29/34

.....

2,055

–

a,b

6540169. SQ.FTS.B,

4.717%,

9/30/34

....

–

a,b

6546312. SQ.FTS.B,

4.843%,

9/30/34

....

7,082

–

a,b

6546599. SQ.FTS.B,

5.046%,

9/30/34

....

729

–

a,b

6545807. SQ.FTS.B,

5.66%,

9/30/34

.....

2,423

–

a,b

6548112. SQ.FTS.B,

4.31%,

10/02/34

....

3,856

–

a,b

6550814. SQ.FTS.B,

4.755%,

10/03/34

...

4,948

–

a,b

6554172. SQ.FTS.B,

5.758%,

10/04/34

...

–

a,b

6556061. SQ.FTS.B,

5.366%,

10/05/34

...

–

a,b

6566878. SQ.FTS.B,

6.155%,

10/08/34

...

–

a,b

6567237. SQ.FTS.B,

4.655%,

10/09/34

...

18,447

a,b

6567114. SQ.FTS.B,

4.754%,

10/09/34

...

1,756

–

a,b

6567779. SQ.FTS.B,

4.935%,

10/10/34

...

5,256

–

a,b

6574116. SQ.FTS.B,

5.679%,

10/11/34

...

1,449

–

a,b

6571593. SQ.FTS.B,

5.755%,

10/11/34

...

12,853

–

a,b

6577574. SQ.FTS.B,

5.186%,

10/12/34

...

548

–

a,b

6581222. SQ.FTS.B,

5.66%,

10/13/34

....

596

–

a,b

6582526. SQ.FTS.B,

6.412%,

10/13/34

...

2,123

–

a,b

6584354. SQ.FTS.B,

4.591%,

10/14/34

...

3,634

a,b

6585824. SQ.FTS.B,

5.188%,

10/14/34

...

632

–

a,b

6587169. SQ.FTS.B,

5.125%,

10/15/34

...

6,563

–

a,b

6587941. SQ.FTS.B,

5.764%,

10/16/34

...

751

–

a,b

6587383. SQ.FTS.B,

6.248%,

10/16/34

...

549

–

a,b

6590442. SQ.FTS.B,

5.756%,

10/17/34

...

10,462

–

a,b

6591293. SQ.FTS.B,

5.759%,

10/17/34

...

3,441

–

a,b

6594291. SQ.FTS.B,

6.163%,

10/18/34

...

6,540

–

a,b

6598899. SQ.FTS.B,

5.565%,

10/20/34

...

6,856

–

a,b

6602728. SQ.FTS.B,

5.418%,

10/21/34

...

–

a,b

6602960. SQ.FTS.B,

6.007%,

10/21/34

...

2,073

–

a,b

6604310. SQ.FTS.B,

6.417%,

10/21/34

...

799

–

a,b

6604504. SQ.FTS.B,

4.717%,

10/22/34

...

–

a,b

6604448. SQ.FTS.B,

4.934%,

10/22/34

...

1,679

–

a,b

6607977. SQ.FTS.B,

5.426%,

10/24/34

...

1,603

–

a,b

6608828. SQ.FTS.B,

4.938%,

10/25/34

...

43,918

–

a,b

6609985. SQ.FTS.B,

4.948%,

10/25/34

...

–

a,b

6609650. SQ.FTS.B,

5.565%,

10/25/34

...

3,296

–

a,b

6614501. SQ.FTS.B,

4.748%,

10/26/34

...

3,498

–

a,b

6614956. SQ.FTS.B,

4.751%,

10/26/34

...

3,077

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6611828. SQ.FTS.B,

5.559%,

10/26/34

...

$

3,208

$

–

a,b

6620227. SQ.FTS.B,

5.756%,

10/27/34

...

26,251

–

a,b

6619927. SQ.FTS.B,

6.16%,

10/27/34

....

–

a,b

6617184. SQ.FTS.B,

6.278%,

10/27/34

...

–

a,b

6621448. SQ.FTS.B,

5.378%,

10/28/34

...

14,813

–

a,b

6620476. SQ.FTS.B,

5.756%,

10/28/34

...

18,146

–

a,b

6624855. SQ.FTS.B,

5.451%,

10/29/34

...

780

–

a,b

6624765. SQ.FTS.B,

6.01%,

10/29/34

....

7,023

–

a,b

6624896. SQ.FTS.B,

4.653%,

10/30/34

...

9,039

–

a,b

6628718. SQ.FTS.B,

5.187%,

11/01/34

...

5,279

–

a,b

6626390. SQ.FTS.B,

6.007%,

11/01/34

...

10,527

–

a,b

6630658. SQ.FTS.B,

5.199%,

11/02/34

...

635

–

a,b

6631472. SQ.FTS.B,

5.562%,

11/02/34

...

3,298

–

a,b

6632572. SQ.FTS.B,

6.005%,

11/02/34

...

4,959

–

a,b

6634481. SQ.FTS.B,

4.754%,

11/03/34

...

3,060

–

a,b

6639552. SQ.FTS.B,

4.753%,

11/04/34

...

–

a,b

6641178. SQ.FTS.B,

5.75%,

11/04/34

....

3,481

–

a,b

6643579. SQ.FTS.B,

4.655%,

11/05/34

...

7,884

–

a,b

6643893. SQ.FTS.B,

5.381%,

11/05/34

...

1,563

–

a,b

6644138. SQ.FTS.B,

5.458%,

11/05/34

...

1,010

–

a,b

6645397. SQ.FTS.B,

4.943%,

11/07/34

...

3,532

–

a,b

6649272. SQ.FTS.B,

4.739%,

11/08/34

...

–

a,b

6647657. SQ.FTS.B,

5.192%,

11/08/34

...

660

–

a,b

6646778. SQ.FTS.B,

5.563%,

11/08/34

...

1,436

–

a,b

6649665. SQ.FTS.B,

4.935%,

11/09/34

...

2,943

–

a,b

6653616. SQ.FTS.B,

6.009%,

11/10/34

...

1,792

–

a,b

6669152. SQ.FTS.B,

6.415%,

11/15/34

...

25,018

a,b

6671137. SQ.FTS.B,

4.65%,

11/16/34

....

3,947

–

a,b

6672511. SQ.FTS.B,

4.748%,

11/16/34

...

927

–

a,b

6674450. SQ.FTS.B,

4.749%,

11/17/34

...

18,581

–

a,b

6676382. SQ.FTS.B,

5.748%,

11/17/34

...

3,159

–

a,b

6681781. SQ.FTS.B,

6.16%,

11/19/34

....

6,908

–

a,b

6685517. SQ.FTS.B,

5.583%,

11/20/34

...

–

a,b

6686240. SQ.FTS.B,

5.374%,

11/21/34

...

873

–

a,b

6688197. SQ.FTS.B,

5.384%,

11/22/34

...

5,403

–

a,b

6690132. SQ.FTS.B,

4.793%,

11/23/34

...

–

a,b

6691756. SQ.FTS.B,

5.57%,

11/23/34

....

5,992

–

a,b

6696314. SQ.FTS.B,

5.188%,

11/24/34

...

4,176

–

a,b

6701550. SQ.FTS.B,

5.378%,

11/25/34

...

1,306

–

a,b

6706540. SQ.FTS.B,

4.653%,

11/26/34

...

5,175

–

a,b

6706359. SQ.FTS.B,

4.654%,

11/26/34

...

867

–

a,b

6705352. SQ.FTS.B,

5.182%,

11/26/34

...

998

–

a,b

6705288. SQ.FTS.B,

5.382%,

11/26/34

...

1,013

–

a,b

6706486. SQ.FTS.B,

5.77%,

11/26/34

....

1,318

–

a,b

6704732. SQ.FTS.B,

6.009%,

11/26/34

...

3,627

–

a,b

6707571. SQ.FTS.B,

5.563%,

11/27/34

...

3,670

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

6708125. SQ.FTS.B,

5.454%,

11/28/34

...

$

1,147

$

–

a,b

6709200. SQ.FTS.B,

6.003%,

11/29/34

...

2,318

–

a,b

6719031. SQ.FTS.B,

4.762%,

12/01/34

...

–

a,b

6728590. SQ.FTS.B,

5.557%,

12/05/34

...

2,208

–

a,b

6729839. SQ.FTS.B,

5.755%,

12/05/34

...

18,147

–

a,b

6733026. SQ.FTS.B,

4.654%,

12/06/34

...

13,883

a,b

6731578. SQ.FTS.B,

5.753%,

12/06/34

...

11,760

–

a,b

6736022. SQ.FTS.B,

6.169%,

12/07/34

...

2,969

–

a,b

6742781. SQ.FTS.B,

5.414%,

12/08/34

...

–

a,b

6752687. SQ.FTS.B,

4.652%,

12/13/34

...

–

a,b

6753526. SQ.FTS.B,

5.192%,

12/13/34

...

5,887

–

a,b

6764422. SQ.FTS.B,

4.765%,

12/15/34

...

–

a,b

6762066. SQ.FTS.B,

4.937%,

12/15/34

...

2,676

–

a,b

6762927. SQ.FTS.B,

5.436%,

12/15/34

...

1,084

–

a,b

6767980. SQ.FTS.B,

5.188%,

12/16/34

...

6,752

a,b

6767536. SQ.FTS.B,

5.566%,

12/16/34

...

12,331

a,b

6767251. SQ.FTS.B,

6.155%,

12/16/34

...

–

a,b

6769991. SQ.FTS.B,

5.379%,

12/18/34

...

9,490

–

a,b

6771253. SQ.FTS.B,

5.566%,

12/19/34

...

4,761

–

a,b

6777288. SQ.FTS.B,

5.439%,

12/21/34

...

18,873

–

a,b

6777037. SQ.FTS.B,

5.997%,

12/21/34

...

1,896

–

a,b

6776064. SQ.FTS.B,

6.415%,

12/21/34

...

32,761

–

a,b

6781242. SQ.FTS.B,

5.433%,

12/22/34

...

1,457

–

a,b

6785072. SQ.FTS.B,

5.374%,

12/23/34

...

1,478

–

a,b

6785551. SQ.FTS.B,

5.747%,

12/23/34

...

1,563

–

a,b

6788053. SQ.FTS.B,

4.661%,

12/26/34

...

1,148

–

a,b

6797317. SQ.FTS.B,

4.648%,

12/28/34

...

1,406

–

a,b

6796725. SQ.FTS.B,

5.189%,

12/28/34

...

13,083

–

a,b

6813899. SQ.FTS.B,

6.004%,

1/04/35

....

3,779

–

a,b

6813242. SQ.FTS.B,

6.01%,

1/04/35

.....

4,341

–

a,b

6815496. SQ.FTS.B,

4.937%,

1/05/35

....

23,295

a,b

6816661. SQ.FTS.B,

5.189%,

1/05/35

....

8,210

–

a,b

6823299. SQ.FTS.B,

5.453%,

1/07/35

....

–

a,b

6827188. SQ.FTS.B,

5.464%,

1/09/35

....

–

a,b

6826936. SQ.FTS.B,

5.58%,

1/09/35

.....

1,253

–

a,b

6829291. SQ.FTS.B,

4.938%,

1/10/35

....

13,368

–

a,b

6839017. SQ.FTS.B,

6.254%,

1/13/35

....

512

–

a,b

6853678. SQ.FTS.B,

4.745%,

1/19/35

....

4,528

–

a,b

6854061. SQ.FTS.B,

6.259%,

1/19/35

....

1,548

–

a,b

6860713. SQ.FTS.B,

4.931%,

1/20/35

....

4,164

–

a,b

6858854. SQ.FTS.B,

5.566%,

1/20/35

....

8,486

–

a,b

6860765. SQ.FTS.B,

5.568%,

1/20/35

....

6,489

–

a,b

6864433. SQ.FTS.B,

4.654%,

1/21/35

....

2,321

–

a,b

6865330. SQ.FTS.B,

6.155%,

1/23/35

....

1,222

–

a,b

6868707. SQ.FTS.B,

4.772%,

1/24/35

....

918

–

a,b

6867756. SQ.FTS.B,

5.393%,

1/24/35

....

1,352

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6868681. SQ.FTS.B,

6.418%,

1/24/35

....

$

975

$

–

a,b

6871309. SQ.FTS.B,

4.755%,

1/25/35

....

1,693

–

a,b

6872268. SQ.FTS.B,

5.566%,

1/25/35

....

539

–

a,b

6878988. SQ.FTS.B,

4.749%,

1/27/35

....

31,652

–

a,b

6879546. SQ.FTS.B,

6.232%,

1/27/35

....

–

a,b

6885061. SQ.FTS.B,

5.188%,

1/30/35

....

13,984

–

a,b

6884806. SQ.FTS.B,

6.25%,

1/30/35

.....

–

a,b

6888509. SQ.FTS.B,

4.748%,

1/31/35

....

2,816

–

a,b

6888564. SQ.FTS.B,

5.378%,

1/31/35

....

3,048

–

a,b

6886999. SQ.FTS.B,

6.276%,

1/31/35

....

714

–

a,b

6893064. SQ.FTS.B,

4.654%,

2/02/35

....

4,746

–

a,b

6894291. SQ.FTS.B,

4.78%,

2/02/35

.....

756

–

a,b

6892716. SQ.FTS.B,

5.442%,

2/02/35

....

15,393

–

a,b

6893482. SQ.FTS.B,

5.762%,

2/02/35

....

3,169

–

a,b

6903390. SQ.FTS.B,

5.442%,

2/04/35

....

6,892

–

a,b

6901684. SQ.FTS.B,

6.257%,

2/04/35

....

2,747

–

a,b

6903487. SQ.FTS.B,

6.413%,

2/04/35

....

8,552

a,b

6912511. SQ.FTS.B,

5.754%,

2/09/35

....

13,290

a,b

6918684. SQ.FTS.B,

4.937%,

2/10/35

....

41,388

–

a,b

6916843. SQ.FTS.B,

6.003%,

2/10/35

....

4,830

–

a,b

6917870. SQ.FTS.B,

6.257%,

2/10/35

....

2,669

a,b

6919873. SQ.FTS.B,

5.187%,

2/11/35

....

1,223

–

a,b

6920256. SQ.FTS.B,

6.007%,

2/11/35

....

9,169

–

a,b

6920356. SQ.FTS.B,

6.407%,

2/11/35

....

580

–

a,b

6922314. SQ.FTS.B,

5.565%,

2/14/35

....

14,464

–

a,b

6936577. SQ.FTS.B,

5.377%,

2/17/35

....

2,714

–

a,b

6935560. SQ.FTS.B,

5.747%,

2/17/35

....

1,794

–

a,b

6938046. SQ.FTS.B,

4.652%,

2/18/35

....

2,723

–

a,b

6941294. SQ.FTS.B,

4.94%,

2/19/35

.....

4,003

–

a,b

6941545. SQ.FTS.B,

5.189%,

2/19/35

....

3,472

–

a,b

6941280. SQ.FTS.B,

5.991%,

2/19/35

....

1,029

–

a,b

6942187. SQ.FTS.B,

5.189%,

2/20/35

....

2,732

–

a,b

6944390. SQ.FTS.B,

5.187%,

2/21/35

....

2,510

–

a,b

6943108. SQ.FTS.B,

6.251%,

2/21/35

....

1,826

–

a,b

6949328. SQ.FTS.B,

5.445%,

2/22/35

....

5,721

–

a,b

6955667. SQ.FTS.B,

5.436%,

2/24/35

....

–

a,b

6957595. SQ.FTS.B,

5.442%,

2/24/35

....

2,541

–

a,b

6955514. SQ.FTS.B,

5.746%,

2/24/35

....

2,666

–

a,b

6962075. SQ.FTS.B,

4.735%,

2/25/35

....

–

a,b

6958559. SQ.FTS.B,

6.163%,

2/25/35

....

14,245

a,b

6963451. SQ.FTS.B,

5.998%,

2/27/35

....

1,876

–

a,b

6969701. SQ.FTS.B,

4.937%,

2/28/35

....

11,360

–

a,b

6965888. SQ.FTS.B,

5.189%,

2/28/35

....

1,187

–

a,b

6977932. SQ.FTS.B,

5.552%,

2/28/35

....

1,435

–

a,b

6967265. SQ.FTS.B,

5.567%,

2/28/35

....

21,768

–

a,b

6965159. SQ.FTS.B,

5.753%,

2/28/35

....

6,724

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

6966807. SQ.FTS.B,

5.756%,

2/28/35

....

$

14,197

$

–

a,b

6973530. SQ.FTS.B,

6.271%,

2/28/35

....

1,364

–

a,b

6971273. SQ.FTS.B,

6.422%,

2/28/35

....

771

–

a,b

6983671. SQ.FTS.B,

5.189%,

3/01/35

....

5,611

–

a,b

6982903. SQ.FTS.B,

5.564%,

3/01/35

....

3,016

–

a,b

6985220. SQ.FTS.B,

5.398%,

3/02/35

....

–

a,b

6985273. SQ.FTS.B,

6.415%,

3/02/35

....

997

–

a,b

6985777. SQ.FTS.B,

5.451%,

3/03/35

....

755

–

a,b

6986211. SQ.FTS.B,

6.259%,

3/03/35

....

2,111

–

a,b

6987677. SQ.FTS.B,

5.409%,

3/05/35

....

–

a,b

6989032. SQ.FTS.B,

5.754%,

3/05/35

....

–

a,b

6990296. SQ.FTS.B,

6.005%,

3/05/35

....

4,702

–

a,b

6993196. SQ.FTS.B,

5.381%,

3/06/35

....

2,107

–

a,b

6991196. SQ.FTS.B,

5.437%,

3/06/35

....

8,279

–

a,b

6991595. SQ.FTS.B,

5.76%,

3/06/35

.....

5,054

–

a,b

6996992. SQ.FTS.B,

5.377%,

3/07/35

....

26,963

a,b

7001929. SQ.FTS.B,

5.189%,

3/08/35

....

13,810

–

a,b

7002610. SQ.FTS.B,

6.007%,

3/09/35

....

17,254

–

a,b

7002426. SQ.FTS.B,

6.179%,

3/09/35

....

–

a,b

7005506. SQ.FTS.B,

5.378%,

3/11/35

....

18,115

–

a,b

7008617. SQ.FTS.B,

6.161%,

3/12/35

....

3,028

–

a,b

7009259. SQ.FTS.B,

6.255%,

3/12/35

....

3,012

–

a,b

7012805. SQ.FTS.B,

5.988%,

3/13/35

....

522

–

a,b

7019673. SQ.FTS.B,

5.581%,

3/14/35

....

1,295

–

a,b

7025124. SQ.FTS.B,

4.744%,

3/16/35

....

1,689

–

a,b

7025111. SQ.FTS.B,

5.439%,

3/16/35

....

513

–

a,b

7025788. SQ.FTS.B,

6.255%,

3/17/35

....

11,440

–

a,b

7026048. SQ.FTS.B,

6.268%,

3/17/35

....

598

–

a,b

7028614. SQ.FTS.B,

4.717%,

3/18/35

....

–

a,b

7027254. SQ.FTS.B,

4.752%,

3/18/35

....

1,929

–

a,b

7028576. SQ.FTS.B,

5.457%,

3/18/35

....

–

a,b

7027686. SQ.FTS.B,

5.768%,

3/18/35

....

1,246

–

a,b

7027442. SQ.FTS.B,

6.006%,

3/18/35

....

893

–

a,b

7032162. SQ.FTS.B,

4.742%,

3/19/35

....

565

–

a,b

7039769. SQ.FTS.B,

6.005%,

3/21/35

....

3,895

–

a,b

7040905. SQ.FTS.B,

6.007%,

3/21/35

....

22,019

a,b

7047140. SQ.FTS.B,

4.75%,

3/23/35

.....

2,597

–

a,b

7050581. SQ.FTS.B,

5.375%,

3/25/35

....

8,131

–

a,b

7050136. SQ.FTS.B,

6.253%,

3/25/35

....

3,652

–

a,b

7056063. SQ.FTS.B,

4.935%,

3/27/35

....

–

a,b

7055970. SQ.FTS.B,

6.01%,

3/27/35

.....

786

–

a,b

7066194. SQ.FTS.B,

5.377%,

3/29/35

....

28,131

a,b

7064997. SQ.FTS.B,

5.761%,

3/29/35

....

2,134

–

a,b

7065185. SQ.FTS.B,

5.763%,

3/29/35

....

1,401

–

a,b

7068868. SQ.FTS.B,

5.445%,

3/30/35

....

1,970

–

a,b

7069196. SQ.FTS.B,

5.446%,

4/01/35

....

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7071249. SQ.FTS.B,

6.416%,

4/02/35

....

$

7,885

$

–

a,b

7075884. SQ.FTS.B,

5.438%,

4/03/35

....

4,223

–

a,b

7078893. SQ.FTS.B,

5.568%,

4/04/35

....

13,551

–

a,b

7085122. SQ.FTS.B,

6.164%,

4/05/35

....

2,518

–

a,b

7088413. SQ.FTS.B,

6.289%,

4/05/35

....

–

a,b

7092138. SQ.FTS.B,

5.188%,

4/06/35

....

5,761

–

a,b

7093323. SQ.FTS.B,

5.438%,

4/08/35

....

1,093

–

a,b

7097479. SQ.FTS.B,

5.565%,

4/10/35

....

9,363

–

a,b

7101561. SQ.FTS.B,

4.937%,

4/11/35

....

27,006

–

a,b

7113376. SQ.FTS.B,

5.368%,

4/15/35

....

844

–

a,b

7118185. SQ.FTS.B,

5.751%,

4/17/35

....

4,678

–

a,b

7121348. SQ.FTS.B,

6.003%,

4/17/35

....

1,474

–

a,b

7124599. SQ.FTS.B,

4.937%,

4/18/35

....

38,369

a,b

7124204. SQ.FTS.B,

5.74%,

4/18/35

.....

545

–

a,b

7135706. SQ.FTS.B,

4.707%,

4/19/35

....

608

–

a,b

7128660. SQ.FTS.B,

5.37%,

4/19/35

.....

1,168

–

a,b

7135686. SQ.FTS.B,

5.439%,

4/19/35

....

–

a,b

7135696. SQ.FTS.B,

5.468%,

4/19/35

....

–

a,b

7141603. SQ.FTS.B,

5.191%,

4/21/35

....

2,734

–

a,b

7147299. SQ.FTS.B,

5.377%,

4/23/35

....

12,972

–

a,b

7154213. SQ.FTS.B,

5.189%,

4/25/35

....

811

–

a,b

7153341. SQ.FTS.B,

5.756%,

4/25/35

....

6,870

a,b

7161885. SQ.FTS.B,

5.562%,

4/27/35

....

6,709

–

a,b

7163945. SQ.FTS.B,

5.754%,

4/27/35

....

3,045

–

a,b

7162414. SQ.FTS.B,

5.758%,

4/27/35

....

526

–

a,b

7164732. SQ.FTS.B,

6.175%,

4/28/35

....

–

a,b

7173037. SQ.FTS.B,

5.572%,

4/30/35

....

3,983

–

a,b

7172761. SQ.FTS.B,

6.258%,

4/30/35

....

5,904

–

a,b

7180248. SQ.FTS.B,

5.379%,

5/02/35

....

12,879

–

a,b

7185609. SQ.FTS.B,

4.94%,

5/03/35

.....

2,798

–

a,b

7187139. SQ.FTS.B,

5.374%,

5/03/35

....

2,571

–

a,b

7188015. SQ.FTS.B,

5.197%,

5/04/35

....

2,620

–

a,b

7192505. SQ.FTS.B,

6.414%,

5/06/35

....

704

–

a,b

7196193. SQ.FTS.B,

5.185%,

5/07/35

....

2,811

–

a,b

7199286. SQ.FTS.B,

5.754%,

5/08/35

....

19,004

–

a,b

7197712. SQ.FTS.B,

6.411%,

5/08/35

....

4,332

–

a,b

7203363. SQ.FTS.B,

5.189%,

5/09/35

....

8,775

–

a,b

7205388. SQ.FTS.B,

5.759%,

5/09/35

....

4,440

–

a,b

7210899. SQ.FTS.B,

6.006%,

5/11/35

....

25,899

–

a,b

7219666. SQ.FTS.B,

4.744%,

5/14/35

....

3,640

–

a,b

7220564. SQ.FTS.B,

5.432%,

5/14/35

....

1,109

–

a,b

7220676. SQ.FTS.B,

5.987%,

5/14/35

....

1,149

–

a,b

7222126. SQ.FTS.B,

4.654%,

5/15/35

....

10,174

–

a,b

7222571. SQ.FTS.B,

5.195%,

5/15/35

....

1,606

–

a,b

7229617. SQ.FTS.B,

5.44%,

5/16/35

.....

4,248

–

a,b

7231172. SQ.FTS.B,

4.656%,

5/17/35

....

1,011

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7238134. SQ.FTS.B,

5.762%,

5/20/35

....

$

1,439

$

–

a,b

7240071. SQ.FTS.B,

5.996%,

5/20/35

....

744

–

a,b

7242591. SQ.FTS.B,

5.193%,

5/21/35

....

906

–

a,b

7249019. SQ.FTS.B,

6.005%,

5/22/35

....

11,562

a,b

7251914. SQ.FTS.B,

4.941%,

5/23/35

....

4,096

–

a,b

7262080. SQ.FTS.B,

6.006%,

5/28/35

....

56,215

–

a,b

7267389. SQ.FTS.B,

6.019%,

5/29/35

....

651

–

a,b

7269980. SQ.FTS.B,

5.441%,

5/30/35

....

4,307

a,b

7275203. SQ.FTS.B,

6.259%,

6/01/35

....

4,292

a,b

7277957. SQ.FTS.B,

6.006%,

6/02/35

....

1,696

–

a,b

7288280. SQ.FTS.B,

5.378%,

6/06/35

....

3,733

–

a,b

7289262. SQ.FTS.B,

5.56%,

6/06/35

.....

4,382

–

a,b

7296575. SQ.FTS.B,

5.569%,

6/07/35

....

5,158

a,b

7303557. SQ.FTS.B,

5.384%,

6/10/35

....

702

a,b

7306657. SQ.FTS.B,

5.566%,

6/11/35

....

12,522

a,b

7305713. SQ.FTS.B,

6.006%,

6/11/35

....

1,687

a,b

7313394. SQ.FTS.B,

5.189%,

6/12/35

....

6,942

a,b

7314028. SQ.FTS.B,

5.565%,

6/12/35

....

12,817

a,b

7309149. SQ.FTS.B,

6.257%,

6/12/35

....

11,133

a,b

7316316. SQ.FTS.B,

5.439%,

6/13/35

....

7,722

a,b

7327011. SQ.FTS.B,

5.755%,

6/15/35

....

4,808

a,b

7332055. SQ.FTS.B,

4.652%,

6/18/35

....

2,381

a,b

7333444. SQ.FTS.B,

5.758%,

6/18/35

....

3,031

a,b

7334250. SQ.FTS.B,

6.289%,

6/18/35

....

760

a,b

7335968. SQ.FTS.B,

5.379%,

6/19/35

....

7,165

a,b

7336967. SQ.FTS.B,

6.41%,

6/19/35

.....

4,561

a,b

7340626. SQ.FTS.B,

5.438%,

6/20/35

....

a,b

7340672. SQ.FTS.B,

5.755%,

6/20/35

....

21,574

–

a,b

7347685. SQ.FTS.B,

5.449%,

6/21/35

....

657

a,b

7347201. SQ.FTS.B,

5.742%,

6/21/35

....

738

a,b

7348507. SQ.FTS.B,

4.938%,

6/22/35

....

2,451

a,b

7351847. SQ.FTS.B,

6.006%,

6/23/35

....

5,842

a,b

7351639. SQ.FTS.B,

6.164%,

6/23/35

....

3,152

a,b

7353529. SQ.FTS.B,

6.25%,

6/25/35

.....

1,275

–

a,b

7353683. SQ.FTS.B,

6.256%,

6/25/35

....

1,229

a,b

7353412. SQ.FTS.B,

6.402%,

6/25/35

....

–

a,b

7360226. SQ.FTS.B,

4.654%,

6/27/35

....

13,891

a,b

7361057. SQ.FTS.B,

5.558%,

6/27/35

....

a,b

7366336. SQ.FTS.B,

4.655%,

6/28/35

....

4,998

a,b

7367489. SQ.FTS.B,

5.569%,

6/29/35

....

1,709

a,b

7371639. SQ.FTS.B,

4.941%,

6/30/35

....

2,271

a,b

7370441. SQ.FTS.B,

5.379%,

6/30/35

....

9,362

a,b

7370806. SQ.FTS.B,

5.468%,

6/30/35

....

595

–

a,b

7372112. SQ.FTS.B,

5.754%,

7/01/35

....

4,946

a,b

7372906. SQ.FTS.B,

5.754%,

7/02/35

....

11,654

a,b

7373979. SQ.FTS.B,

5.997%,

7/02/35

....

594

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7378207. SQ.FTS.B,

6.009%,

7/03/35

....

$

9,549

$

a,b

7378054. SQ.FTS.B,

6.259%,

7/03/35

....

a,b

7380824. SQ.FTS.B,

4.753%,

7/04/35

....

1,279

–

a,b

7382858. SQ.FTS.B,

5.382%,

7/04/35

....

4,780

a,b

7384366. SQ.FTS.B,

5.444%,

7/05/35

....

2,246

a,b

7385423. SQ.FTS.B,

6.006%,

7/05/35

....

1,828

a,b

7390664. SQ.FTS.B,

5.19%,

7/08/35

.....

10,504

a,b

7389557. SQ.FTS.B,

5.38%,

7/08/35

.....

–

a,b

7396701. SQ.FTS.B,

5.567%,

7/10/35

....

3,637

a,b

7395779. SQ.FTS.B,

6.005%,

7/10/35

....

12,121

a,b

7403168. SQ.FTS.B,

5.38%,

7/11/35

.....

7,909

a,b

7406047. SQ.FTS.B,

6.027%,

7/12/35

....

1,167

a,b

7408049. SQ.FTS.B,

4.924%,

7/15/35

....

1,733

a,b

7408322. SQ.FTS.B,

5.565%,

7/15/35

....

8,489

a,b

7410978. SQ.FTS.B,

4.747%,

7/16/35

....

1,609

a,b

7436351. SQ.FTS.B,

5.754%,

7/25/35

....

9,358

a,b

7441240. SQ.FTS.B,

4.745%,

7/26/35

....

3,314

a,b

7439758. SQ.FTS.B,

5.379%,

7/26/35

....

5,557

a,b

7442460. SQ.FTS.B,

5.193%,

7/27/35

....

1,313

a,b

7442087. SQ.FTS.B,

6.191%,

7/27/35

....

681

–

a,b

7442292. SQ.FTS.B,

6.268%,

7/27/35

....

635

a,b

7447150. SQ.FTS.B,

5.568%,

7/29/35

....

3,715

a,b

7450900. SQ.FTS.B,

5.442%,

7/30/35

....

a,b

7461507. SQ.FTS.B,

5.378%,

8/02/35

....

21,883

a,b

7462684. SQ.FTS.B,

6.003%,

8/02/35

....

1,215

a,b

7461437. SQ.FTS.B,

6.412%,

8/02/35

....

1,125

a,b

7463744. SQ.FTS.B,

5.378%,

8/04/35

....

2,237

a,b

7466589. SQ.FTS.B,

5.567%,

8/05/35

....

7,091

a,b

7466750. SQ.FTS.B,

6.257%,

8/05/35

....

4,423

a,b

7469860. SQ.FTS.B,

6.258%,

8/06/35

....

5,369

a,b

7472610. SQ.FTS.B,

4.937%,

8/07/35

....

11,394

679

a,b

7474077. SQ.FTS.B,

5.749%,

8/07/35

....

a,b

7478694. SQ.FTS.B,

5.192%,

8/08/35

....

5,259

a,b

7478441. SQ.FTS.B,

6.008%,

8/08/35

....

1,070

a,b

7481878. SQ.FTS.B,

5.561%,

8/09/35

....

2,953

a,b

7483153. SQ.FTS.B,

5.747%,

8/09/35

....

1,034

a,b

7484605. SQ.FTS.B,

4.75%,

8/11/35

.....

3,161

a,b

7484169. SQ.FTS.B,

6.416%,

8/11/35

....

9,733

a,b

7485016. SQ.FTS.B,

5.378%,

8/12/35

....

a,b

7487387. SQ.FTS.B,

5.75%,

8/12/35

.....

3,973

a,b

7490950. SQ.FTS.B,

5.566%,

8/13/35

....

4,533

a,b

7506333. SQ.FTS.B,

5.438%,

8/16/35

....

591

a,b

7530073. SQ.FTS.B,

5.75%,

8/24/35

.....

3,686

a,b

7531240. SQ.FTS.B,

6.017%,

8/25/35

....

1,180

a,b

7530940. SQ.FTS.B,

6.172%,

8/25/35

....

1,322

a,b

7535771. SQ.FTS.B,

5.377%,

8/27/35

....

12,186

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7541816. SQ.FTS.B,

6.264%,

8/28/35

....

$

698

$

a,b

7548813. SQ.FTS.B,

5.757%,

8/29/35

....

6,364

a,b

7554908. SQ.FTS.B,

5.562%,

9/02/35

....

1,474

a,b

7555230. SQ.FTS.B,

6.175%,

9/02/35

....

–

a,b

7556670. SQ.FTS.B,

6.261%,

9/03/35

....

829

a,b

7564905. SQ.FTS.B,

5.757%,

9/05/35

....

1,505

a,b

7566244. SQ.FTS.B,

4.776%,

9/06/35

....

a,b

7568291. SQ.FTS.B,

5.379%,

9/06/35

....

a,b

7566782. SQ.FTS.B,

5.565%,

9/06/35

....

6,213

a,b

7572492. SQ.FTS.B,

4.653%,

9/07/35

....

5,502

a,b

7571635. SQ.FTS.B,

5.379%,

9/07/35

....

7,183

a,b

7575416. SQ.FTS.B,

6.004%,

9/08/35

....

1,622

a,b

7578838. SQ.FTS.B,

5.758%,

9/09/35

....

5,514

776

a,b

7583811. SQ.FTS.B,

4.654%,

9/11/35

....

1,993

a,b

7585646. SQ.FTS.B,

5.577%,

9/12/35

....

2,998

a,b

7586174. SQ.FTS.B,

6.166%,

9/12/35

....

2,624

a,b

7596132. SQ.FTS.B,

5.565%,

9/14/35

....

15,381

a,b

7593321. SQ.FTS.B,

5.749%,

9/14/35

....

3,989

a,b

7593404. SQ.FTS.B,

6.01%,

9/14/35

.....

1,036

a,b

7600963. SQ.FTS.B,

5.759%,

9/16/35

....

4,304

a,b

7602291. SQ.FTS.B,

6.007%,

9/18/35

....

26,123

a,b

7605951. SQ.FTS.B,

6.003%,

9/19/35

....

2,094

a,b

7612178. SQ.FTS.B,

4.756%,

9/20/35

....

2,687

a,b

7611808. SQ.FTS.B,

5.759%,

9/20/35

....

3,871

a,b

7616218. SQ.FTS.B,

6.166%,

9/21/35

....

a,b

7618103. SQ.FTS.B,

4.657%,

9/22/35

....

3,603

a,b

7618821. SQ.FTS.B,

5.549%,

9/22/35

....

a,b

7620736. SQ.FTS.B,

5.999%,

9/22/35

....

2,920

a,b

7618459. SQ.FTS.B,

6.261%,

9/22/35

....

6,239

a,b

7623486. SQ.FTS.B,

5.995%,

9/25/35

....

862

a,b

7631309. SQ.FTS.B,

4.654%,

9/27/35

....

a,b

7633336. SQ.FTS.B,

5.189%,

9/27/35

....

27,598

a,b

7631341. SQ.FTS.B,

6.009%,

9/27/35

....

4,005

a,b

7630437. SQ.FTS.B,

6.26%,

9/27/35

.....

3,990

a,b

7643773. SQ.FTS.B,

5.188%,

9/30/35

....

4,718

a,b

7649087. SQ.FTS.B,

5.378%,

10/01/35

...

9,266

a,b

7648074. SQ.FTS.B,

5.379%,

10/01/35

...

1,647

a,b

7647640. SQ.FTS.B,

6.412%,

10/01/35

...

5,142

a,b

7652433. SQ.FTS.B,

5.189%,

10/02/35

...

33,294

a,b

7656279. SQ.FTS.B,

5.189%,

10/03/35

...

14,676

3,217

a,b

7656835. SQ.FTS.B,

5.189%,

10/03/35

...

3,129

792

a,b

7657031. SQ.FTS.B,

5.597%,

10/03/35

...

a,b

7668700. SQ.FTS.B,

5.572%,

10/06/35

...

1,857

a,b

7672063. SQ.FTS.B,

5.93%,

10/08/35

....

642

a,b

7673560. SQ.FTS.B,

6%,

10/08/35

.......

1,534

a,b

7673962. SQ.FTS.B,

5.722%,

10/09/35

...

2,037

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7680242. SQ.FTS.B,

4.937%,

10/10/35

...

$

16,681

$

a,b

7679932. SQ.FTS.B,

4.938%,

10/10/35

...

19,659

a,b

7678020. SQ.FTS.B,

6.26%,

10/10/35

....

2,311

a,b

7689723. SQ.FTS.B,

6.259%,

10/13/35

...

4,931

a,b

7690365. SQ.FTS.B,

5.188%,

10/14/35

...

12,369

a,b

7703931. SQ.FTS.B,

4.753%,

10/18/35

...

1,959

a,b

7705636. SQ.FTS.B,

6.162%,

10/19/35

...

817

a,b

7707263. SQ.FTS.B,

5.346%,

10/21/35

...

11,690

a,b

7721658. SQ.FTS.B,

5.377%,

10/25/35

...

7,766

a,b

7723857. SQ.FTS.B,

6.511%,

10/25/35

...

a,b

7725971. SQ.FTS.B,

4.754%,

10/26/35

...

3,081

a,b

7726791. SQ.FTS.B,

5.09%,

10/26/35

....

2,036

a,b

7726860. SQ.FTS.B,

5.103%,

10/26/35

...

968

a,b

7730750. SQ.FTS.B,

5.346%,

10/27/35

...

32,835

a,b

7736276. SQ.FTS.B,

4.787%,

10/29/35

...

924

a,b

7741295. SQ.FTS.B,

5.339%,

10/30/35

...

1,832

a,b

7743177. SQ.FTS.B,

5.912%,

11/01/35

...

10,923

a,b

7745686. SQ.FTS.B,

5.913%,

11/01/35

...

1,881

a,b

7750529. SQ.FTS.B,

4.778%,

11/02/35

...

2,067

a,b

7752431. SQ.FTS.B,

4.78%,

11/02/35

....

1,018

a,b

7758233. SQ.FTS.B,

5.097%,

11/04/35

...

a,b

7759395. SQ.FTS.B,

5.438%,

11/05/35

...

1,671

a,b

7767426. SQ.FTS.B,

4.754%,

11/07/35

...

1,600

a,b

7771470. SQ.FTS.B,

5.91%,

11/08/35

....

1,812

a,b

7771118. SQ.FTS.B,

6.162%,

11/08/35

....

11,006

a,b

7777130. SQ.FTS.B,

5.722%,

11/09/35

...

6,864

a,b

7778609. SQ.FTS.B,

5.913%,

11/10/35

...

6,564

a,b

7782728. SQ.FTS.B,

6.163%,

11/12/35

...

7,422

1,625

a,b

7787720. SQ.FTS.B,

4.734%,

11/13/35

...

509

a,b

7786619. SQ.FTS.B,

5.915%,

11/13/35

...

4,392

a,b

7789785. SQ.FTS.B,

5.346%,

11/14/35

...

1,184

a,b

7799914. SQ.FTS.B,

4.748%,

11/16/35

...

13,481

a,b

7800202. SQ.FTS.B,

5.344%,

11/17/35

...

10,005

a,b

7801213. SQ.FTS.B,

6.154%,

11/17/35

...

1,802

a,b

7804801. SQ.FTS.B,

6.163%,

11/18/35

...

17,812

a,b

7805105. SQ.FTS.B,

5.348%,

11/19/35

...

3,618

a,b

7806254. SQ.FTS.B,

4.78%,

11/20/35

....

1,973

a,b

7811989. SQ.FTS.B,

4.717%,

11/21/35

...

a,b

7812032. SQ.FTS.B,

5.538%,

11/21/35

...

721

a,b

7811277. SQ.FTS.B,

6.164%,

11/21/35

...

512

a,b

7816657. SQ.FTS.B,

6.164%,

11/22/35

...

1,034

a,b

7826584. SQ.FTS.B,

5.444%,

11/24/35

...

4,735

a,b

7825597. SQ.FTS.B,

6.156%,

11/24/35

...

2,444

a,b

7838689. SQ.FTS.B,

5.912%,

11/29/35

...

12,720

3,922

a,b

7839709. SQ.FTS.B,

6.463%,

11/29/35

...

684

a,b

7853646. SQ.FTS.B,

4.78%,

12/03/35

....

725

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7856900. SQ.FTS.B,

6.162%,

12/04/35

...

$

2,525

$

a,b

7863894. SQ.FTS.B,

4.751%,

12/05/35

...

3,495

a,b

7868430. SQ.FTS.B,

5.092%,

12/06/35

...

2,574

a,b

7869279. SQ.FTS.B,

6.134%,

12/06/35

...

a,b

7869425. SQ.FTS.B,

6.154%,

12/06/35

...

a,b

7868834. SQ.FTS.B,

6.284%,

12/06/35

...

2,780

a,b

7873942. SQ.FTS.B,

6.507%,

12/08/35

...

715

a,b

7874931. SQ.FTS.B,

5.348%,

12/09/35

...

1,670

a,b

7875074. SQ.FTS.B,

5.91%,

12/09/35

....

2,664

a,b

7876689. SQ.FTS.B,

5.098%,

12/10/35

...

4,269

a,b

7882477. SQ.FTS.B,

6.166%,

12/11/35

...

2,881

a,b

7884810. SQ.FTS.B,

4.728%,

12/12/35

...

1,095

a,b

7891927. SQ.FTS.B,

4.729%,

12/13/35

...

a,b

7889784. SQ.FTS.B,

6.168%,

12/13/35

...

2,381

a,b

7898972. SQ.FTS.B,

4.78%,

12/15/35

....

4,676

1,964

a,b

7899837. SQ.FTS.B,

4.752%,

12/16/35

...

3,998

a,b

7899916. SQ.FTS.B,

5.346%,

12/16/35

...

1,376

536

a,b

7901578. SQ.FTS.B,

5.535%,

12/17/35

...

1,306

a,b

7914492. SQ.FTS.B,

5.907%,

12/20/35

...

576

a,b

7912392. SQ.FTS.B,

6.164%,

12/20/35

...

a,b

7918484. SQ.FTS.B,

4.745%,

12/21/35

...

4,063

a,b

7915836. SQ.FTS.B,

4.781%,

12/21/35

...

2,661

a,b

7919391. SQ.FTS.B,

5.921%,

12/22/35

...

a,b

7919249. SQ.FTS.B,

6.171%,

12/22/35

...

2,440

a,b

7924093. SQ.FTS.B,

5.346%,

12/24/35

...

5,410

1,998

a,b

7931938. SQ.FTS.B,

4.757%,

12/26/35

...

1,074

a,b

7928332. SQ.FTS.B,

6.144%,

12/26/35

...

a,b

7929817. SQ.FTS.B,

6.164%,

12/26/35

...

994

a,b

7936898. SQ.FTS.B,

5.446%,

12/27/35

...

788

a,b

7936014. SQ.FTS.B,

5.913%,

12/27/35

...

17,355

a,b

7938565. SQ.FTS.B,

6.294%,

12/28/35

...

1,147

a,b

7942328. SQ.FTS.B,

4.759%,

12/29/35

...

2,917

a,b

7942380. SQ.FTS.B,

5.726%,

12/29/35

...

1,280

567

a,b

7943096. SQ.FTS.B,

6.162%,

12/30/35

...

6,986

746

a,b

7942994. SQ.FTS.B,

6.178%,

12/30/35

...

531

a,b

7946958. SQ.FTS.B,

4.75%,

1/01/36

.....

4,192

a,b

7944951. SQ.FTS.B,

4.762%,

1/01/36

....

688

a,b

7945338. SQ.FTS.B,

4.78%,

1/01/36

.....

4,996

818

a,b

7944011. SQ.FTS.B,

4.784%,

1/01/36

....

1,767

a,b

7947625. SQ.FTS.B,

6.163%,

1/01/36

....

1,915

a,b

7951311. SQ.FTS.B,

4.777%,

1/02/36

....

537

a,b

7951847. SQ.FTS.B,

5.094%,

1/02/36

....

21,879

7,487

a,b

7952600. SQ.FTS.B,

5.35%,

1/02/36

.....

5,840

a,b

7951787. SQ.FTS.B,

5.407%,

1/02/36

....

997

a,b

7951448. SQ.FTS.B,

5.444%,

1/02/36

....

2,679

a,b

7951324. SQ.FTS.B,

5.535%,

1/02/36

....

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7950492. SQ.FTS.B,

6.475%,

1/02/36

....

$

4,103

$

a,b

7955770. SQ.FTS.B,

4.78%,

1/03/36

.....

11,019

a,b

7957118. SQ.FTS.B,

5.091%,

1/03/36

....

2,599

a,b

7957265. SQ.FTS.B,

5.915%,

1/03/36

....

764

a,b

7970899. SQ.FTS.B,

5.349%,

1/09/36

....

8,001

a,b

7971514. SQ.FTS.B,

5.436%,

1/09/36

....

3,454

a,b

7971048. SQ.FTS.B,

5.739%,

1/09/36

....

a,b

7971074. SQ.FTS.B,

6.164%,

1/09/36

....

4,437

621

a,b

7980290. SQ.FTS.B,

5.346%,

1/11/36

....

18,424

a,b

7981977. SQ.FTS.B,

5.917%,

1/12/36

....

2,349

a,b

7983412. SQ.FTS.B,

5.92%,

1/12/36

.....

1,117

a,b

7981527. SQ.FTS.B,

6.164%,

1/12/36

....

2,038

a,b

7984094. SQ.FTS.B,

4.776%,

1/13/36

....

632

a,b

7984186. SQ.FTS.B,

6.162%,

1/13/36

....

1,037

a,b

7984217. SQ.FTS.B,

6.491%,

1/13/36

....

1,790

a,b

7985368. SQ.FTS.B,

5.436%,

1/14/36

....

2,239

a,b

7987855. SQ.FTS.B,

4.735%,

1/15/36

....

1,031

a,b

7987790. SQ.FTS.B,

4.78%,

1/15/36

.....

562

a,b

7987273. SQ.FTS.B,

5.357%,

1/15/36

....

1,447

a,b

7991684. SQ.FTS.B,

4.775%,

1/16/36

....

3,015

a,b

8000882. SQ.FTS.B,

5.913%,

1/17/36

....

14,351

a,b

7993734. SQ.FTS.B,

6.147%,

1/17/36

....

624

a,b

8004901. SQ.FTS.B,

5.355%,

1/18/36

....

a,b

8004961. SQ.FTS.B,

6.166%,

1/18/36

....

12,843

a,b

8007977. SQ.FTS.B,

6.172%,

1/19/36

....

1,517

a,b

8009940. SQ.FTS.B,

4.745%,

1/20/36

....

1,160

563

a,b

8014750. SQ.FTS.B,

5.716%,

1/22/36

....

3,086

a,b

8013310. SQ.FTS.B,

5.723%,

1/22/36

....

38,986

842

a,b

8016211. SQ.FTS.B,

5.451%,

1/23/36

....

2,578

a,b

8016338. SQ.FTS.B,

5.525%,

1/23/36

....

a,b

8029246. SQ.FTS.B,

4.78%,

1/26/36

.....

25,021

a,b

8049787. SQ.FTS.B,

4.758%,

2/01/36

....

a,b

8046718. SQ.FTS.B,

5.354%,

2/01/36

....

2,330

a,b

8048248. SQ.FTS.B,

5.535%,

2/01/36

....

10,638

1,520

a,b

8053068. SQ.FTS.B,

4.749%,

2/02/36

....

762

a,b

8058200. SQ.FTS.B,

4.739%,

2/05/36

....

634

a,b

8060490. SQ.FTS.B,

4.78%,

2/06/36

.....

1,882

a,b

8063150. SQ.FTS.B,

5.911%,

2/06/36

....

30,449

3,064

a,b

8073414. SQ.FTS.B,

5.095%,

2/09/36

....

7,891

a,b

8076658. SQ.FTS.B,

5.428%,

2/10/36

....

a,b

8087504. SQ.FTS.B,

4.749%,

2/14/36

....

869

a,b

8084982. SQ.FTS.B,

5.35%,

2/14/36

.....

2,214

a,b

8084848. SQ.FTS.B,

6.17%,

2/14/36

.....

588

a,b

8093270. SQ.FTS.B,

4.78%,

2/15/36

.....

3,442

1,989

a,b

8099047. SQ.FTS.B,

4.747%,

2/19/36

....

4,041

a,b

8100556. SQ.FTS.B,

6.289%,

2/19/36

....

1,091

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

8107707. SQ.FTS.B,

4.762%,

2/21/36

....

$

762

$

a,b

8107578. SQ.FTS.B,

4.78%,

2/21/36

.....

a,b

8112993. SQ.FTS.B,

4.78%,

2/22/36

.....

3,243

a,b

8116985. SQ.FTS.B,

5.346%,

2/23/36

....

a,b

8117025. SQ.FTS.B,

5.43%,

2/23/36

.....

a,b

8117644. SQ.FTS.B,

6.132%,

2/23/36

....

a,b

8119327. SQ.FTS.B,

6.152%,

2/24/36

....

a,b

8119812. SQ.FTS.B,

4.778%,

2/25/36

....

a,b

8130671. SQ.FTS.B,

4.78%,

2/28/36

.....

67,036

4,825

a,b

8143126. SQ.FTS.B,

5.66%,

2/28/36

.....

8,792

4,313

a,b

8136487. SQ.FTS.B,

6.145%,

2/28/36

....

2,070

a,b

8134991. SQ.FTS.B,

6.422%,

2/28/36

....

11,676

a,b

8139109. SQ.FTS.B,

6.432%,

2/28/36

....

a,b

8139490. SQ.FTS.B,

6.681%,

2/28/36

....

937

a

8143539. SQ.FTS.B,

6.162%,

3/01/36

....

a,b

8146384. SQ.FTS.B,

5.91%,

3/03/36

.....

10,073

a

8157766. SQ.FTS.B,

6.42%,

3/05/36

.....

a

8159049. SQ.FTS.B,

4.781%,

3/06/36

....

4,227

2,643

a,b

8158900. SQ.FTS.B,

4.953%,

3/06/36

....

2,749

a,b

8162106. SQ.FTS.B,

5.113%,

3/06/36

....

4,653

a

8162740. SQ.FTS.B,

5.666%,

3/07/36

....

2,044

1,282

a

8166181. SQ.FTS.B,

6.341%,

3/09/36

....

680

a,b

8169173. SQ.FTS.B,

4.78%,

3/10/36

.....

3,690

a,b

8170308. SQ.FTS.B,

6.151%,

3/10/36

....

42,780

1,171

a,b

8169308. SQ.FTS.B,

6.42%,

3/10/36

.....

12,467

a,b

8171784. SQ.FTS.B,

6.141%,

3/11/36

....

a,b

8185099. SQ.FTS.B,

6.158%,

3/14/36

....

1,322

a,b

8186943. SQ.FTS.B,

6.428%,

3/16/36

....

3,070

a,b

8189328. SQ.FTS.B,

6.676%,

3/16/36

....

3,413

592

a,b

8193280. SQ.FTS.B,

6.416%,

3/17/36

....

1,300

a,b

8193543. SQ.FTS.B,

4.946%,

3/18/36

....

a,b

8196327. SQ.FTS.B,

6.426%,

3/18/36

....

2,858

a

8199561. SQ.FTS.B,

5.66%,

3/19/36

.....

734

a

8202121. SQ.FTS.B,

5.676%,

3/19/36

....

658

a

8204568. SQ.FTS.B,

5.112%,

3/20/36

....

1,876

1,280

a

8203457. SQ.FTS.B,

6.419%,

3/20/36

....

885

a

8205366. SQ.FTS.B,

6.55%,

3/20/36

.....

a,b

8205130. SQ.FTS.B,

6.676%,

3/20/36

....

1,250

a,b

8209936. SQ.FTS.B,

6.326%,

3/23/36

....

7,486

2,222

a,b

8212774. SQ.FTS.B,

4.962%,

3/24/36

....

1,956

a

8212645. SQ.FTS.B,

5.919%,

3/24/36

....

a

8217192. SQ.FTS.B,

4.779%,

3/25/36

....

1,272

887

68,587

Freedom

Financial

Asset

Management

LLC

APP-14181485.FP.FTS.B,

11.34%,

6/17/26

1,600

1,603

APP-14057334.FP.FTS.B,

17.49%,

6/18/26

943

950

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15602395.FP.FTS.B,

17.24%,

6/24/26

$

1,028

$

1,038

APP-14329001.FP.FTS.B,

23.49%,

6/24/26

APP-15676938.FP.FTS.B,

14.49%,

7/06/26

809

811

APP-15869429.FP.FTS.B,

21.99%,

7/10/26

787

798

APP-15054747.FP.FTS.B,

21.49%,

7/12/26

1,614

1,632

b

APP-16085008.FP.FTS.B,

18.49%,

7/14/26

3,732

APP-14882473.FP.FTS.B,

12.99%,

7/17/26

2,294

2,302

APP-14118175.FP.FTS.B,

10.09%,

7/19/26

APP-14964964.FP.FTS.B,

18.99%,

7/23/26

1,905

1,943

APP-15048537.FP.FTS.B,

20.99%,

7/25/26

1,912

1,952

APP-16811535.FP.FTS.B,

21.74%,

8/03/26

4,785

4,864

APP-17117415.FP.FTS.B,

11.24%,

8/06/26

2,947

2,958

APP-16036383.FP.FTS.B,

20.24%,

8/13/26

1,067

1,079

APP-15327014.FP.FTS.B,

9.24%,

8/14/26

.

2,778

2,792

APP-15585646.FP.FTS.B,

9.49%,

8/14/26

.

1,094

1,098

APP-15594751.FP.FTS.B,

10.74%,

8/14/26

2,592

2,603

APP-15493477.FP.FTS.B,

16.74%,

8/20/26

1,817

1,830

APP-14820629.FP.FTS.B,

17.24%,

8/20/26

3,990

4,078

APP-15743821.FP.FTS.B,

26.49%,

8/20/26

1,371

1,409

APP-15757972.FP.FTS.B,

18.24%,

8/21/26

806

810

APP-15750146.FP.FTS.B,

19.24%,

8/21/26

1,242

1,259

APP-12414817.FP.FTS.B,

15.24%,

8/26/26

1,636

1,643

APP-16078255.FP.FTS.B,

19.24%,

8/26/26

2,005

2,030

APP-16947974.FP.FTS.B,

13.24%,

9/06/26

1,864

1,884

APP-17143594.FP.FTS.B,

9.99%,

9/07/26

.

1,561

1,568

APP-16681815.FP.FTS.B,

8.24%,

9/16/26

.

2,607

2,620

APP-16640720.FP.FTS.B,

9.99%,

9/18/26

.

5,177

5,205

APP-16637870.FP.FTS.B,

12.49%,

9/18/26

1,801

1,813

APP-17100593.FP.FTS.B,

9.49%,

9/20/26

.

1,994

2,005

APP-17439783.FP.FTS.B,

10.74%,

9/25/26

626

630

APP-15589148.FP.FTS.B,

14.49%,

10/08/26

..........................

1,630

1,641

APP-14329008.FP.FTS.B,

19.49%,

10/17/26

..........................

6,003

6,242

APP-11741994.FP.FTS.B,

18.99%,

12/16/26

..........................

3,155

3,230

APP-11737893.FP.FTS.B,

25.49%,

12/18/26

..........................

2,283

2,365

APP-11694428.FP.FTS.B,

14.49%,

12/22/26

..........................

APP-11751120.FP.FTS.B,

8.99%,

12/23/26

6,258

6,314

APP-11708423.FP.FTS.B,

20.99%,

12/23/26

..........................

7,229

7,442

b

APP-11752109.FP.FTS.B,

22.49%,

12/23/26

..........................

4,052

618

APP-14548332.FP.FTS.B,

16.49%,

1/05/27

1,927

1,942

APP-11603796.FP.FTS.B,

20.99%,

1/15/27

3,502

3,648

APP-11749683.FP.FTS.B,

16.74%,

1/25/27

1,839

1,854

APP-11703116.FP.FTS.B,

19.49%,

2/05/27

2,796

2,869

APP-11922307.FP.FTS.B,

20.49%,

2/15/27

2,270

2,340

APP-11904406.FP.FTS.B,

11.24%,

2/19/27

3,696

3,731

APP-11942494.FP.FTS.B,

18.99%,

2/19/27

4,278

4,395

APP-11940530.FP.FTS.B,

13.49%,

2/20/27

3,751

3,793

APP-11861145.FP.FTS.B,

13.24%,

2/22/27

4,015

4,050

APP-12361627.FP.FTS.B,

8.99%,

3/07/27

.

4,957

4,999

APP-12389833.FP.FTS.B,

16.49%,

3/07/27

2,522

2,577

APP-12410874.FP.FTS.B,

10.99%,

3/08/27

2,017

2,021

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-12408565.FP.FTS.B,

17.99%,

3/19/27

$

5,681

$

5,865

APP-12412441.FP.FTS.B,

11.24%,

3/22/27

8,584

8,691

APP-11877626.FP.FTS.B,

13.59%,

4/14/27

10,292

10,417

APP-13682302.FP.FTS.B,

18.49%,

4/15/27

2,831

2,913

APP-13744711.FP.FTS.B,

26.49%,

4/15/27

2,502

2,607

APP-12119826.FP.FTS.B,

12.09%,

4/16/27

12,297

12,417

APP-13929153.FP.FTS.B,

9.59%,

4/20/27

.

3,251

3,285

APP-14057284.FP.FTS.B,

13.59%,

4/23/27

9,844

9,964

APP-14187476.FP.FTS.B,

17.99%,

5/01/27

7,858

8,031

APP-14087177.FP.FTS.B,

18.99%,

5/02/27

5,149

5,313

APP-14041540.FP.FTS.B,

11.59%,

5/03/27

5,637

5,699

APP-13483981.FP.FTS.B,

16.99%,

5/15/27

3,549

3,652

APP-13485148.FP.FTS.B,

18.49%,

5/15/27

7,607

7,833

APP-13849753.FP.FTS.B,

9.34%,

5/20/27

.

8,297

8,389

APP-13800465.FP.FTS.B,

18.49%,

5/20/27

3,361

3,490

APP-13529032.FP.FTS.B,

18.74%,

5/20/27

10,372

10,706

APP-13705972.FP.FTS.B,

26.49%,

5/20/27

3,424

3,570

APP-13542298.FP.FTS.B,

11.34%,

5/21/27

6,525

6,605

APP-13767415.FP.FTS.B,

19.49%,

5/21/27

3,375

3,434

APP-13485109.FP.FTS.B,

20.49%,

5/27/27

3,681

3,848

b

APP-13724215.FP.FTS.B,

10.09%,

5/28/27

16,308

1,906

APP-13899643.FP.FTS.B,

12.09%,

5/28/27

13,799

13,962

APP-13574037.FP.FTS.B,

15.24%,

5/28/27

13,632

13,894

APP-13628755.FP.FTS.B,

19.49%,

5/28/27

3,176

3,279

APP-13521024.FP.FTS.B,

20.99%,

5/28/27

4,987

5,218

APP-13836108.FP.FTS.B,

13.59%,

5/31/27

10,567

10,735

APP-13623936.FP.FTS.B,

9.34%,

6/03/27

.

10,520

10,624

APP-14688354.FP.FTS.B,

17.49%,

6/04/27

8,133

8,239

APP-14165096.FP.FTS.B,

14.74%,

6/06/27

8,714

8,847

APP-14324970.FP.FTS.B,

24.74%,

6/12/27

4,847

5,074

APP-15597460.FP.FTS.B,

16.49%,

6/16/27

9,471

9,606

APP-14301553.FP.FTS.B,

22.49%,

6/16/27

4,827

4,974

APP-14138938.FP.FTS.B,

11.59%,

6/17/27

4,501

4,554

APP-14243912.FP.FTS.B,

26.49%,

6/17/27

3,334

3,481

APP-14057201.FP.FTS.B,

15.99%,

6/18/27

3,619

3,723

APP-14066107.FP.FTS.B,

9.34%,

6/19/27

.

10,521

10,644

b

APP-13484916.FP.FTS.B,

14.99%,

6/19/27

6,007

1,352

APP-14025039.FP.FTS.B,

20.49%,

6/19/27

3,810

3,958

APP-14202174.FP.FTS.B,

11.59%,

6/20/27

3,583

3,627

APP-11743712.FP.FTS.B,

21.49%,

6/22/27

5,309

5,558

APP-14292674.FP.FTS.B,

21.99%,

6/28/27

5,809

6,105

APP-15753390.FP.FTS.B,

26.99%,

7/01/27

4,014

4,208

APP-15653357.FP.FTS.B,

21.24%,

7/04/27

2,829

2,898

APP-14883847.FP.FTS.B,

17.24%,

7/06/27

2,360

2,388

APP-15556990.FP.FTS.B,

21.24%,

7/06/27

3,559

3,644

APP-14902078.FP.FTS.B,

11.74%,

7/07/27

7,142

7,216

APP-14709072.FP.FTS.B,

17.49%,

7/12/27

2,390

2,399

APP-14818480.FP.FTS.B,

11.74%,

7/15/27

6,955

7,000

APP-14914496.FP.FTS.B,

11.74%,

7/15/27

883

883

APP-15137192.FP.FTS.B,

11.99%,

7/15/27

5,098

5,154

APP-14843307.FP.FTS.B,

11.99%,

7/17/27

3,716

3,754

APP-14811744.FP.FTS.B,

13.99%,

7/19/27

10,753

10,910

APP-14688586.FP.FTS.B,

17.49%,

7/19/27

8,817

8,975

APP-14902830.FP.FTS.B,

16.24%,

7/20/27

12,845

13,226

APP-15056862.FP.FTS.B,

22.99%,

7/20/27

7,095

7,408

APP-14865961.FP.FTS.B,

11.74%,

7/21/27

9,402

9,511

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14937680.FP.FTS.B,

11.99%,

7/21/27

$

2,289

$

2,301

APP-14881643.FP.FTS.B,

17.49%,

7/21/27

7,153

7,285

APP-14877061.FP.FTS.B,

9.99%,

7/22/27

.

4,716

4,776

APP-14314279.FP.FTS.B,

23.49%,

7/25/27

2,669

2,785

APP-14335800.FP.FTS.B,

19.99%,

7/27/27

5,660

2,048

APP-15053109.FP.FTS.B,

11.74%,

7/29/27

5,907

5,989

APP-16690743.FP.FTS.B,

18.49%,

8/01/27

3,032

1,736

APP-15584134.FP.FTS.B,

12.99%,

8/03/27

8,295

8,394

APP-16724945.FP.FTS.B,

13.99%,

8/03/27

3,326

3,324

APP-16827842.FP.FTS.B,

16.24%,

8/03/27

8,370

8,462

APP-17031491.FP.FTS.B,

13.99%,

8/05/27

17,101

17,329

APP-17272402.FP.FTS.B,

21.24%,

8/05/27

11,666

12,010

APP-15713621.FP.FTS.B,

12.49%,

8/06/27

5,367

5,423

APP-14143499.FP.FTS.B,

17.24%,

8/07/27

10,758

11,025

APP-15045243.FP.FTS.B,

21.49%,

8/10/27

7,359

7,627

APP-15437840.FP.FTS.B,

20.24%,

8/13/27

5,773

6,008

APP-16055829.FP.FTS.B,

12.99%,

8/14/27

3,769

3,829

APP-16079598.FP.FTS.B,

20.49%,

8/14/27

7,134

7,330

APP-15638158.FP.FTS.B,

21.24%,

8/14/27

3,391

3,486

APP-15398960.FP.FTS.B,

12.99%,

8/15/27

13,801

13,981

APP-15709743.FP.FTS.B,

14.49%,

8/15/27

13,091

13,279

APP-15299307.FP.FTS.B,

14.99%,

8/15/27

9,214

9,347

APP-15544956.FP.FTS.B,

18.74%,

8/15/27

5,551

5,654

APP-16074588.FP.FTS.B,

23.49%,

8/15/27

5,552

5,769

APP-15763149.FP.FTS.B,

26.99%,

8/15/27

4,193

4,387

APP-15602475.FP.FTS.B,

12.49%,

8/19/27

5,638

5,713

APP-15601188.FP.FTS.B,

21.24%,

8/19/27

17,840

18,378

APP-15811836.FP.FTS.B,

19.74%,

8/20/27

8,918

9,188

APP-15602128.FP.FTS.B,

21.74%,

8/21/27

5,065

5,267

APP-14178173.FP.FTS.B,

15.24%,

8/26/27

7,189

7,307

APP-15871509.FP.FTS.B,

20.49%,

8/26/27

6,647

6,893

APP-15234987.FP.FTS.B,

16.74%,

8/27/27

10,070

10,272

APP-13417402.FP.FTS.B,

17.99%,

8/28/27

5,877

6,161

APP-16019364.FP.FTS.B,

20.99%,

8/28/27

10,761

11,135

APP-15594246.FP.FTS.B,

25.49%,

8/30/27

11,453

11,990

APP-14911217.FP.FTS.B,

13.99%,

9/07/27

8,786

8,919

APP-17244225.FP.FTS.B,

9.49%,

9/09/27

.

6,623

6,698

APP-17250115.FP.FTS.B,

9.74%,

9/09/27

.

2,369

2,396

APP-17450366.FP.FTS.B,

21.24%,

9/13/27

4,363

4,491

APP-16817244.FP.FTS.B,

18.24%,

9/14/27

18,518

18,853

APP-16652517.FP.FTS.B,

14.24%,

9/15/27

5,134

5,186

b

APP-16847088.FP.FTS.B,

18.24%,

9/15/27

4,541

517

APP-16906029.FP.FTS.B,

17.74%,

9/17/27

3,891

3,955

APP-14177752.FP.FTS.B,

11.59%,

9/18/27

8,974

9,107

APP-16599721.FP.FTS.B,

13.49%,

9/19/27

1,180

1,182

APP-15738048.FP.FTS.B,

24.99%,

9/20/27

5,629

5,800

APP-15758289.FP.FTS.B,

26.99%,

9/21/27

4,358

4,573

APP-17193229.FP.FTS.B,

11.99%,

9/22/27

5,014

5,094

APP-13628761.FP.FTS.B,

20.99%,

9/23/27

APP-15037668.FP.FTS.B,

26.99%,

9/23/27

4,672

4,918

APP-15742698.FP.FTS.B,

20.74%,

10/20/27

..........................

8,504

8,912

APP-16061296.FP.FTS.B,

23.49%,

10/27/27

..........................

3,018

892

APP-11750409.FP.FTS.B,

17.99%,

11/05/27

6,977

5,420

APP-15449600.FP.FTS.B,

20.74%,

11/15/27

..........................

2,514

2,555

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-14122876.FP.FTS.B,

23.49%,

11/20/27

..........................

$

11,648

$

12,152

APP-15757316.FP.FTS.B,

24.99%,

11/24/27

..........................

10,608

11,179

APP-13914635.FP.FTS.B,

20.99%,

12/10/27

..........................

3,149

3,188

APP-17433516.FP.FTS.B,

20.49%,

12/12/27

..........................

11,457

11,795

APP-12293217.FP.FTS.B,

17.49%,

1/05/28

3,159

3,183

APP-16893024.FP.FTS.B,

19.99%,

1/11/28

8,440

8,613

APP-15718443.FP.FTS.B,

26.99%,

4/30/28

5,929

6,076

APP-14840263.FP.FTS.B,

17.49%,

6/22/28

11,389

11,604

APP-13485505.FP.FTS.B,

15.74%,

5/22/36

913,858

LendingClub

Corp.

166624371. LC.FTS.B,

17.74%,

3/04/33

...

11,055

–

LendingClub

Corp.

-

LCX

PM

188053341. LC.FTS.B,

6%,

4/08/27

......

1,459

1,489

188110736. LC.FTS.B,

23.99%,

4/13/27

...

4,519

–

188308390. LC.FTS.B,

25.99%,

4/14/27

...

1,882

1,952

188225211. LC.FTS.B,

20.99%,

4/18/27

...

4,364

4,378

188575003. LC.FTS.B,

22.49%,

4/20/27

...

1,497

1,528

188450442. LC.FTS.B,

15.19%,

4/21/27

...

7,403

7,359

188615522. LC.FTS.B,

16.19%,

4/21/27

...

4,302

4,335

188593509. LC.FTS.B,

19.44%,

4/21/27

...

2,041

2,089

188582913. LC.FTS.B,

20.49%,

4/21/27

...

11,740

–

188633218. LC.FTS.B,

28.99%,

4/21/27

...

3,864

4,018

188630360. LC.FTS.B,

20.49%,

4/22/27

...

6,341

6,483

188277503. LC.FTS.B,

23.19%,

4/22/27

...

3,072

3,161

187548960. LC.FTS.B,

20.49%,

4/25/27

...

5,357

5,368

187548690. LC.FTS.B,

23.49%,

4/25/27

...

7,858

–

188528665. LC.FTS.B,

23.99%,

4/25/27

...

2,200

2,266

187899660. LC.FTS.B,

23.99%,

4/29/27

...

6,786

6,992

188186124. LC.FTS.B,

21.49%,

11/12/27

..

2,946

2,926

188574271. LC.FTS.B,

22.49%,

11/30/27

..

15,931

–

b

188256153. LC.FTS.B,

18.99%,

12/12/27

..

3,048

188415292. LC.FTS.B,

22.99%,

7/20/28

...

14,481

11,633

66,057

Prosper

Funding

LLC

1655235. PS.FTS.B,

24.03%,

10/27/26

...

1646555. PS.FTS.B,

10.9%,

10/29/26

....

3,666

3,715

1658775. PS.FTS.B,

12.5%,

11/02/26

....

3,818

3,844

1658917. PS.FTS.B,

10.7%,

11/09/26

....

2,042

2,043

1666464. PS.FTS.B,

15.29%,

11/09/26

....

1,592

1,612

1654475. PS.FTS.B,

10.8%,

11/10/26

....

4,214

2,458

1660093. PS.FTS.B,

10.9%,

11/10/26

....

1654907. PS.FTS.B,

16%,

11/12/26

......

1,870

1,897

1667685. PS.FTS.B,

17.1%,

11/15/26

....

4,175

4,231

1665225. PS.FTS.B,

19.53%,

11/18/26

....

1673612. PS.FTS.B,

19.3%,

12/16/26

....

1,168

1,186

1674065. PS.FTS.B,

27.18%,

12/16/26

...

3,334

3,423

1674635. PS.FTS.B,

13.77%,

12/17/26

...

2,994

3,032

1681423. PS.FTS.B,

10.08%,

12/20/26

...

2,484

2,489

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Prosper

Funding

LLC

(continued)

1688043. PS.FTS.B,

10.5%,

12/20/26

....

$

1,986

$

1,989

1686612. PS.FTS.B,

16.8%,

12/25/26

....

4,485

4,548

1673600. PS.FTS.B,

11.6%,

12/26/26

....

1,726

1,728

1681444. PS.FTS.B,

9.81%,

12/27/26

....

6,583

1,547

1687826. PS.FTS.B,

12.6%,

1/12/27

.....

2,309

2,311

1688201. PS.FTS.B,

24.03%,

1/12/27

....

2,342

2,409

1694575. PS.FTS.B,

11.99%,

1/13/27

....

3,997

4,001

1688543. PS.FTS.B,

16.18%,

1/13/27

....

3,132

3,166

1689323. PS.FTS.B,

26.88%,

1/14/27

....

735

756

1689608. PS.FTS.B,

28.23%,

1/14/27

....

3,749

3,859

1705371. PS.FTS.B,

12.62%,

1/20/27

....

5,777

5,791

1693711. PS.FTS.B,

21.63%,

2/10/27

....

2,665

2,751

1715428. PS.FTS.B,

9.99%,

2/15/27

.....

1,030

1,031

1709420. PS.FTS.B,

21.18%,

2/16/27

....

2,676

2,728

1709807. PS.FTS.B,

15.1%,

2/17/27

.....

4,006

4,063

1696093. PS.FTS.B,

16%,

2/17/27

.......

3,164

3,222

1711007. PS.FTS.B,

18.78%,

2/18/27

....

3,968

–

1710686. PS.FTS.B,

19%,

2/18/27

.......

2,370

2,419

1708892. PS.FTS.B,

11.79%,

2/20/27

....

4,268

4,271

b

1716991. PS.FTS.B,

13.7%,

2/22/27

.....

14,550

–

1688975. PS.FTS.B,

12.4%,

2/26/27

.....

4,968

4,969

1708439. PS.FTS.B,

16.7%,

3/09/27

.....

1,794

1,827

1749361. PS.FTS.B,

10.5%,

4/05/27

.....

3,432

3,423

1742753. PS.FTS.B,

11.7%,

4/05/27

.....

3,494

3,485

1752456. PS.FTS.B,

16.18%,

4/05/27

....

2,076

1,189

1749730. PS.FTS.B,

11.6%,

4/06/27

.....

3,740

3,731

1752861. PS.FTS.B,

12.5%,

4/06/27

.....

2,531

2,525

1750153. PS.FTS.B,

16.9%,

4/06/27

.....

2,456

2,486

1754274. PS.FTS.B,

11.6%,

4/07/27

.....

872

870

1751020. PS.FTS.B,

14.49%,

4/07/27

....

1,396

1,404

1745348. PS.FTS.B,

10.4%,

4/08/27

.....

7,314

7,301

1755504. PS.FTS.B,

10.29%,

4/11/27

....

2,190

2,187

1752913. PS.FTS.B,

15.5%,

4/11/27

.....

2,562

2,585

1756335. PS.FTS.B,

18.33%,

4/12/27

....

6,566

6,666

1755102. PS.FTS.B,

15.29%,

4/13/27

....

8,053

8,098

1755513. PS.FTS.B,

21%,

4/20/27

.......

1,922

1,740

b

1704399. PS.FTS.B,

13.8%,

11/03/27

....

18,291

–

1693289. PS.FTS.B,

12.9%,

12/21/27

....

3,546

3,534

1743968. PS.FTS.B,

11.2%,

3/25/28

.....

7,387

7,284

b

1700571. PS.FTS.B,

18.11%,

1/24/36

....

148,460

b

Upgrade,

Inc.

-

Card

Upstart

Network,

Inc.

L1714660.UP.FTS.B,

8.12%,

9/15/26

....

3,111

3,068

L1717453.UP.FTS.B,

9.3%,

9/15/26

.....

5,098

5,025

L1712309.UP.FTS.B,

10.63%,

9/15/26

....

L1716286.UP.FTS.B,

13.58%,

9/15/26

....

1,668

1,646

L1714787.UP.FTS.B,

19.9%,

9/15/26

....

L1717659.UP.FTS.B,

24.51%,

9/15/26

....

L1705442.UP.FTS.B,

26.69%,

9/15/26

....

995

981

FW1718296.UP.FTS.B,

26.73%,

9/15/26

..

1,046

984

FW1708223.UP.FTS.B,

31.43%,

9/15/26

..

583

574

FW1718952.UP.FTS.B,

31.98%,

9/15/26

..

1,197

1,180

FW1718497.UP.FTS.B,

32.01%,

9/15/26

..

L1888552.UP.FTS.B,

7.94%,

10/20/26

....

3,005

2,963

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L1888883.UP.FTS.B,

8.11%,

10/20/26

....

$

1,326

$

1,307

L1885346.UP.FTS.B,

12.58%,

10/20/26

...

L1883791.UP.FTS.B,

16%,

10/20/26

.....

1,555

1,540

L1887062.UP.FTS.B,

16.6%,

10/20/26

....

688

680

FW1886267.UP.FTS.B,

17.53%,

10/20/26

.

1,493

1,475

FW1885177.UP.FTS.B,

19.83%,

10/20/26

.

898

886

L1888979.UP.FTS.B,

20.2%,

10/20/26

....

2,717

2,682

L1887570.UP.FTS.B,

22.24%,

10/20/26

...

501

L1887186.UP.FTS.B,

23.15%,

10/20/26

...

L1882558.UP.FTS.B,

25.08%,

10/20/26

...

FW1887450.UP.FTS.B,

25.16%,

10/20/26

.

2,448

2,419

FW1885417.UP.FTS.B,

25.25%,

10/20/26

.

825

814

L1888117.UP.FTS.B,

25.32%,

10/20/26

...

677

669

L1862311.UP.FTS.B,

26.09%,

10/20/26

...

1,349

1,332

FW1885184.UP.FTS.B,

29.51%,

10/20/26

.

2,369

2,341

FW1886674.UP.FTS.B,

31.35%,

10/20/26

.

642

634

L2047884.UP.FTS.B,

7.92%,

11/15/26

....

1,517

1,495

L2048411.UP.FTS.B,

8.56%,

11/15/26

....

542

534

L2047237.UP.FTS.B,

9.32%,

11/15/26

....

991

976

FW2046704.UP.FTS.B,

9.53%,

11/15/26

..

2,138

2,104

b

L2048156.UP.FTS.B,

13.55%,

11/15/26

...

1,339

L2046597.UP.FTS.B,

14.02%,

11/15/26

...

3,101

3,057

L2047243.UP.FTS.B,

14.23%,

11/15/26

...

2,806

2,767

FW2047393.UP.FTS.B,

14.85%,

11/15/26

.

1,575

1,557

FW2049034.UP.FTS.B,

15.15%,

11/15/26

.

983

972

L2048596.UP.FTS.B,

15.55%,

11/15/26

...

915

902

L2048855.UP.FTS.B,

15.99%,

11/15/26

...

1,422

1,406

L2046932.UP.FTS.B,

17.96%,

11/15/26

...

2,947

2,907

L2049153.UP.FTS.B,

19.94%,

11/15/26

...

1,729

1,703

L2047279.UP.FTS.B,

20.87%,

11/15/26

...

1,582

1,558

L2048606.UP.FTS.B,

21.48%,

11/15/26

...

2,086

1,733

L2047532.UP.FTS.B,

21.84%,

11/15/26

...

893

880

L2047197.UP.FTS.B,

21.93%,

11/15/26

...

1,105

1,090

FW2047187.UP.FTS.B,

22.1%,

11/15/26

..

2,870

2,827

FW2034466.UP.FTS.B,

24.37%,

11/15/26

.

526

518

L2047586.UP.FTS.B,

24.7%,

11/15/26

....

L2048978.UP.FTS.B,

25.37%,

11/15/26

...

1,892

1,864

L2049419.UP.FTS.B,

25.38%,

11/15/26

...

L2048909.UP.FTS.B,

25.5%,

11/15/26

....

FW2027220.UP.FTS.B,

25.94%,

11/15/26

.

FW2047100.UP.FTS.B,

26.77%,

11/15/26

.

581

573

FW2049349.UP.FTS.B,

30.81%,

11/15/26

.

FW2049409.UP.FTS.B,

31.09%,

11/15/26

.

2,267

2,235

FW1979816.UP.FTS.B,

31.12%,

11/15/26

.

607

599

FW2048749.UP.FTS.B,

31.13%,

11/15/26

.

504

FW2047594.UP.FTS.B,

31.24%,

11/15/26

.

FW2048610.UP.FTS.B,

31.92%,

11/15/26

.

1,364

1,345

FW2096102.UP.FTS.B,

7.51%,

11/22/26

..

L2094764.UP.FTS.B,

11.93%,

11/22/26

...

FW2083090.UP.FTS.B,

12.64%,

11/22/26

.

b

L2094766.UP.FTS.B,

16.38%,

11/22/26

...

1,160

FW2095326.UP.FTS.B,

16.9%,

11/22/26

..

819

812

FW2096292.UP.FTS.B,

18.39%,

11/22/26

.

1,445

1,428

L2094851.UP.FTS.B,

18.61%,

11/22/26

...

7,581

7,511

L2096899.UP.FTS.B,

19.33%,

11/22/26

...

1,532

1,515

L2096144.UP.FTS.B,

19.54%,

11/22/26

...

2,484

2,455

FW2094159.UP.FTS.B,

20.44%,

11/22/26

.

1,638

1,619

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2096760.UP.FTS.B,

21.84%,

11/22/26

...

$

1,963

$

1,940

FW2095395.UP.FTS.B,

22.89%,

11/22/26

.

L2094312.UP.FTS.B,

25.16%,

11/22/26

...

5,690

5,626

L2096356.UP.FTS.B,

25.27%,

11/22/26

...

FW2095277.UP.FTS.B,

25.75%,

11/22/26

.

2,857

2,825

L2094270.UP.FTS.B,

25.87%,

11/22/26

...

611

604

L2096054.UP.FTS.B,

27.38%,

11/22/26

...

651

644

L2096384.UP.FTS.B,

27.83%,

11/22/26

...

1,819

1,799

b

FW2096342.UP.FTS.B,

28.48%,

11/22/26

.

1,527

FW2096279.UP.FTS.B,

30.8%,

11/22/26

..

FW2096663.UP.FTS.B,

31.48%,

11/22/26

.

1,192

1,007

FW2089645.UP.FTS.B,

31.75%,

11/22/26

.

1,988

1,978

FW2094660.UP.FTS.B,

31.22%,

11/24/26

.

2,244

2,220

L2096773.UP.FTS.B,

24.83%,

12/03/26

...

520

514

FW2024402.UP.FTS.B,

24.5%,

12/06/26

..

2,570

2,540

FW2293082.UP.FTS.B,

6.16%,

12/21/26

..

FW2293501.UP.FTS.B,

7.39%,

12/21/26

..

1,150

1,131

L2292686.UP.FTS.B,

7.74%,

12/21/26

....

L2295880.UP.FTS.B,

8.72%,

12/21/26

....

L2295310.UP.FTS.B,

9.3%,

12/21/26

....

1,062

1,046

L2288385.UP.FTS.B,

12.86%,

12/21/26

...

866

853

L2294220.UP.FTS.B,

13.69%,

12/21/26

...

1,055

1,040

L2294790.UP.FTS.B,

13.78%,

12/21/26

...

907

895

L2296049.UP.FTS.B,

17.33%,

12/21/26

...

939

930

L2295430.UP.FTS.B,

18.6%,

12/21/26

....

3,678

1,294

L2295608.UP.FTS.B,

18.98%,

12/21/26

...

1,936

1,912

FW2293617.UP.FTS.B,

19.06%,

12/21/26

.

1,567

582

FW2294886.UP.FTS.B,

19.07%,

12/21/26

.

FW2293806.UP.FTS.B,

19.41%,

12/21/26

.

1,489

1,475

b

L2296294.UP.FTS.B,

19.65%,

12/21/26

...

L2293347.UP.FTS.B,

20.07%,

12/21/26

...

5,907

5,836

L2294842.UP.FTS.B,

21.22%,

12/21/26

...

1,005

992

L2296434.UP.FTS.B,

21.52%,

12/21/26

...

506

L2296037.UP.FTS.B,

22.38%,

12/21/26

...

923

911

L2286942.UP.FTS.B,

22.51%,

12/21/26

...

L2293386.UP.FTS.B,

22.55%,

12/21/26

...

1,644

1,624

L2294767.UP.FTS.B,

23.15%,

12/21/26

...

549

542

b

L2294601.UP.FTS.B,

24.7%,

12/21/26

....

15,352

503

L2294392.UP.FTS.B,

25.44%,

12/21/26

...

4,186

4,134

L2287500.UP.FTS.B,

25.45%,

12/21/26

...

1,714

636

L2292073.UP.FTS.B,

25.46%,

12/21/26

...

720

586

FW2293261.UP.FTS.B,

30.26%,

12/21/26

.

FW2296110.UP.FTS.B,

30.89%,

12/21/26

.

FW2294105.UP.FTS.B,

30.94%,

12/21/26

.

2,640

2,609

FW2295248.UP.FTS.B,

30.94%,

12/21/26

.

934

924

FW2293727.UP.FTS.B,

31.05%,

12/21/26

.

FW2295496.UP.FTS.B,

31.18%,

12/21/26

.

504

FW2293684.UP.FTS.B,

31.29%,

12/21/26

.

708

700

L2298149.UP.FTS.B,

5.81%,

12/22/26

....

7,085

6,943

L2298867.UP.FTS.B,

6.47%,

12/22/26

....

2,218

2,174

L2299006.UP.FTS.B,

7.25%,

12/22/26

....

2,778

2,208

L2300059.UP.FTS.B,

7.96%,

12/22/26

....

775

762

FW2297741.UP.FTS.B,

8.43%,

12/22/26

..

952

937

L2296751.UP.FTS.B,

9.09%,

12/22/26

....

965

949

FW2300319.UP.FTS.B,

9.33%,

12/22/26

..

679

668

L2275171.UP.FTS.B,

9.45%,

12/22/26

....

FW2275119.UP.FTS.B,

10.09%,

12/22/26

.

4,920

4,839

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2261699.UP.FTS.B,

10.41%,

12/22/26

...

$

660

$

649

L2299578.UP.FTS.B,

10.73%,

12/22/26

...

514

508

L2296896.UP.FTS.B,

10.8%,

12/22/26

....

L2296884.UP.FTS.B,

10.85%,

12/22/26

...

1,665

1,642

L2288091.UP.FTS.B,

12.04%,

12/22/26

...

1,703

1,680

L2296913.UP.FTS.B,

12.48%,

12/22/26

...

970

958

FW2296819.UP.FTS.B,

12.8%,

12/22/26

..

L2297301.UP.FTS.B,

13.19%,

12/22/26

...

541

L2297394.UP.FTS.B,

13.43%,

12/22/26

...

699

689

FW2296544.UP.FTS.B,

14.31%,

12/22/26

.

889

877

L2296608.UP.FTS.B,

15.19%,

12/22/26

...

3,049

3,008

L2298101.UP.FTS.B,

15.46%,

12/22/26

...

FW2298689.UP.FTS.B,

15.52%,

12/22/26

.

3,180

3,151

L2300266.UP.FTS.B,

15.81%,

12/22/26

...

3,959

3,906

L2297702.UP.FTS.B,

16.54%,

12/22/26

...

FW2242642.UP.FTS.B,

17.23%,

12/22/26

.

1,265

1,253

FW2298313.UP.FTS.B,

17.76%,

12/22/26

.

2,876

2,850

L2297949.UP.FTS.B,

18.76%,

12/22/26

...

770

761

FW2298046.UP.FTS.B,

19.21%,

12/22/26

.

1,943

1,920

L2298737.UP.FTS.B,

20.98%,

12/22/26

...

1,001

989

L2300374.UP.FTS.B,

21.31%,

12/22/26

...

573

566

L2296777.UP.FTS.B,

21.4%,

12/22/26

....

2,019

1,994

FW2298033.UP.FTS.B,

21.61%,

12/22/26

.

3,337

3,298

FW2297460.UP.FTS.B,

22.74%,

12/22/26

.

11,878

9,697

L2296515.UP.FTS.B,

22.98%,

12/22/26

...

620

613

L2298974.UP.FTS.B,

23.47%,

12/22/26

...

FW2300425.UP.FTS.B,

23.57%,

12/22/26

.

886

875

L2296775.UP.FTS.B,

23.9%,

12/22/26

....

946

935

L2292373.UP.FTS.B,

25.33%,

12/22/26

...

L2296962.UP.FTS.B,

25.46%,

12/22/26

...

737

729

L2298544.UP.FTS.B,

25.47%,

12/22/26

...

L2296379.UP.FTS.B,

26.17%,

12/22/26

...

2,970

1,068

FW2298545.UP.FTS.B,

26.68%,

12/22/26

.

2,989

2,956

FW2299436.UP.FTS.B,

27.39%,

12/22/26

.

864

854

FW2296934.UP.FTS.B,

28.08%,

12/22/26

.

1,280

1,266

FW2298568.UP.FTS.B,

28.54%,

12/22/26

.

1,742

1,722

b

FW2297392.UP.FTS.B,

29.67%,

12/22/26

.

FW2296795.UP.FTS.B,

30.46%,

12/22/26

.

FW2300108.UP.FTS.B,

31.04%,

12/22/26

.

FW2300018.UP.FTS.B,

31.65%,

12/22/26

.

1,306

1,292

FW2299026.UP.FTS.B,

7.03%,

12/25/26

..

961

L2296095.UP.FTS.B,

23.73%,

12/26/26

...

2,049

2,024

FW2295931.UP.FTS.B,

5.9%,

12/27/26

...

2,267

2,222

L2424153.UP.FTS.B,

4.86%,

1/13/27

....

7,761

7,605

L2426247.UP.FTS.B,

4.87%,

1/13/27

....

2,592

2,538

L2424670.UP.FTS.B,

5.86%,

1/13/27

....

1,605

1,572

b

L2427954.UP.FTS.B,

5.98%,

1/13/27

....

7,281

599

L2426387.UP.FTS.B,

7.28%,

1/13/27

....

782

766

b

L2427644.UP.FTS.B,

7.93%,

1/13/27

....

720

FW2427445.UP.FTS.B,

7.98%,

1/13/27

...

1,410

1,385

L2424761.UP.FTS.B,

8.01%,

1/13/27

....

785

773

FW2426523.UP.FTS.B,

8.45%,

1/13/27

...

L2427091.UP.FTS.B,

8.49%,

1/13/27

....

1,245

1,223

FW2426991.UP.FTS.B,

9.24%,

1/13/27

...

1,084

1,065

L2427076.UP.FTS.B,

9.69%,

1/13/27

....

1,540

1,512

L2425208.UP.FTS.B,

9.97%,

1/13/27

....

1,113

1,094

L2428214.UP.FTS.B,

10.52%,

1/13/27

....

502

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

FW2425681.UP.FTS.B,

11.84%,

1/13/27

..

$

4,211

$

4,151

L2428411.UP.FTS.B,

15.14%,

1/13/27

....

965

954

L2428444.UP.FTS.B,

16.71%,

1/13/27

....

1,241

1,227

FW2428748.UP.FTS.B,

17.09%,

1/13/27

..

2,081

2,057

L2425118.UP.FTS.B,

17.11%,

1/13/27

....

1,457

1,436

FW2423151.UP.FTS.B,

17.2%,

1/13/27

...

918

905

FW2425055.UP.FTS.B,

17.43%,

1/13/27

..

3,436

3,385

L2424684.UP.FTS.B,

20.1%,

1/13/27

....

1,253

1,233

L2427912.UP.FTS.B,

21.34%,

1/13/27

....

L2395761.UP.FTS.B,

22.53%,

1/13/27

....

6,846

6,739

L2422250.UP.FTS.B,

25.13%,

1/13/27

....

737

726

L2423497.UP.FTS.B,

25.16%,

1/13/27

....

b

L2424771.UP.FTS.B,

25.96%,

1/13/27

....

832

FW2426259.UP.FTS.B,

26.65%,

1/13/27

..

1,220

1,201

FW2422977.UP.FTS.B,

28.17%,

1/13/27

..

4,242

FW2425791.UP.FTS.B,

29.41%,

1/13/27

..

915

901

FW2426985.UP.FTS.B,

30.26%,

1/13/27

..

7,841

7,722

FW2427875.UP.FTS.B,

30.3%,

1/13/27

...

FW2425371.UP.FTS.B,

30.51%,

1/13/27

..

515

507

FW2423715.UP.FTS.B,

32.57%,

1/13/27

..

b

L2435082.UP.FTS.B,

5.24%,

1/14/27

....

6,970

506

L2435136.UP.FTS.B,

5.4%,

1/14/27

.....

1,759

1,722

L2435334.UP.FTS.B,

5.79%,

1/14/27

....

524

513

FW2431037.UP.FTS.B,

6.01%,

1/14/27

...

679

665

L2434868.UP.FTS.B,

6.25%,

1/14/27

....

1,877

1,838

L2434814.UP.FTS.B,

6.49%,

1/14/27

....

L2431798.UP.FTS.B,

6.68%,

1/14/27

....

2,110

2,069

L2429292.UP.FTS.B,

7.41%,

1/14/27

....

2,092

2,055

L2434635.UP.FTS.B,

7.74%,

1/14/27

....

3,717

3,651

L2434529.UP.FTS.B,

8.37%,

1/14/27

....

1,244

1,222

L2430462.UP.FTS.B,

8.4%,

1/14/27

.....

4,446

4,368

L2429477.UP.FTS.B,

8.93%,

1/14/27

....

2,498

2,454

L2429964.UP.FTS.B,

9.01%,

1/14/27

....

900

884

L2429979.UP.FTS.B,

9.08%,

1/14/27

....

540

531

L2432514.UP.FTS.B,

9.62%,

1/14/27

....

6,367

6,255

FW2433055.UP.FTS.B,

10.82%,

1/14/27

..

711

553

L2430601.UP.FTS.B,

11.3%,

1/14/27

.....

3,287

3,237

L2434462.UP.FTS.B,

12.63%,

1/14/27

....

L2434354.UP.FTS.B,

13.48%,

1/14/27

....

977

962

L2434928.UP.FTS.B,

15.16%,

1/14/27

....

1,006

991

L2429267.UP.FTS.B,

16.52%,

1/14/27

....

2,109

2,086

FW2435527.UP.FTS.B,

16.65%,

1/14/27

..

4,294

3,370

L2429626.UP.FTS.B,

16.81%,

1/14/27

....

829

820

L2429755.UP.FTS.B,

19.15%,

1/14/27

....

3,235

3,184

L2430735.UP.FTS.B,

20.49%,

1/14/27

....

1,610

1,305

L2432761.UP.FTS.B,

21.77%,

1/14/27

....

L2434330.UP.FTS.B,

21.77%,

1/14/27

....

2,027

2,005

L2433930.UP.FTS.B,

22.17%,

1/14/27

....

2,446

2,409

L2432911.UP.FTS.B,

25.19%,

1/14/27

....

1,148

1,131

b

FW2427919.UP.FTS.B,

26.2%,

1/14/27

...

3,355

FW2430722.UP.FTS.B,

26.47%,

1/14/27

..

2,868

2,825

b

FW2434298.UP.FTS.B,

26.5%,

1/14/27

...

1,173

FW2428882.UP.FTS.B,

27.27%,

1/14/27

..

1,456

1,435

FW2429972.UP.FTS.B,

28.92%,

1/14/27

..

504

FW2432969.UP.FTS.B,

29.06%,

1/14/27

..

2,522

2,486

b

FW2431137.UP.FTS.B,

29.79%,

1/14/27

..

1,863

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2434725.UP.FTS.B,

31.06%,

1/14/27

..

$

841

$

829

FW2434302.UP.FTS.B,

31.74%,

1/14/27

..

918

905

FW2430067.UP.FTS.B,

32.35%,

1/14/27

..

994

979

FW2429192.UP.FTS.B,

34.62%,

1/14/27

..

1,803

1,778

b

L2435960.UP.FTS.B,

5.66%,

1/18/27

....

858

L2436314.UP.FTS.B,

6.73%,

1/18/27

....

1,172

1,150

L2436166.UP.FTS.B,

7.3%,

1/18/27

.....

1,739

1,702

b

L2437526.UP.FTS.B,

8.11%,

1/18/27

.....

1,462

L2438360.UP.FTS.B,

8.62%,

1/18/27

....

3,440

2,651

FW2436679.UP.FTS.B,

8.8%,

1/18/27

....

895

879

FW2437428.UP.FTS.B,

9.23%,

1/18/27

...

650

640

L2437916.UP.FTS.B,

11.63%,

1/18/27

....

945

931

L2436944.UP.FTS.B,

13.68%,

1/18/27

....

5,937

5,848

L2436120.UP.FTS.B,

16.49%,

1/18/27

....

685

544

L2437522.UP.FTS.B,

20.01%,

1/18/27

....

L2436835.UP.FTS.B,

20.74%,

1/18/27

....

3,322

3,275

FW2436112.UP.FTS.B,

23.4%,

1/18/27

...

812

801

L2437383.UP.FTS.B,

25.04%,

1/18/27

....

2,754

2,715

L2435644.UP.FTS.B,

25.47%,

1/18/27

....

3,443

2,749

L2435936.UP.FTS.B,

25.47%,

1/18/27

....

505

L2436823.UP.FTS.B,

26.4%,

1/18/27

....

945

933

FW2438660.UP.FTS.B,

27.49%,

1/18/27

..

1,093

883

FW2437637.UP.FTS.B,

31.11%,

1/18/27

..

FW2438330.UP.FTS.B,

31.74%,

1/18/27

..

944

932

FW2426856.UP.FTS.B,

16.14%,

1/21/27

..

2,062

2,038

FW2423642.UP.FTS.B,

28.44%,

1/22/27

..

1,015

1,000

L2426699.UP.FTS.B,

13.25%,

1/25/27

....

2,340

2,304

L2435766.UP.FTS.B,

10.44%,

1/28/27

....

837

826

L2435828.UP.FTS.B,

15.11%,

2/01/27

....

2,237

2,203

L2604537.UP.FTS.B,

4.81%,

2/10/27

....

4,004

3,916

L2528315.UP.FTS.B,

7.51%,

2/10/27

....

2,227

2,185

FW2594995.UP.FTS.B,

9.66%,

2/10/27

...

5,837

5,728

L2606699.UP.FTS.B,

11.87%,

2/10/27

....

5,025

4,942

L2608120.UP.FTS.B,

12.12%,

2/10/27

....

5,660

5,568

L2602160.UP.FTS.B,

13.05%,

2/10/27

....

1,817

1,788

L2605310.UP.FTS.B,

13.4%,

2/10/27

....

1,291

1,270

L2604725.UP.FTS.B,

13.41%,

2/10/27

....

634

624

L2608712.UP.FTS.B,

13.54%,

2/10/27

....

863

849

L2607960.UP.FTS.B,

13.74%,

2/10/27

....

1,624

1,597

FW2604743.UP.FTS.B,

13.75%,

2/10/27

..

2,829

2,782

FW2606882.UP.FTS.B,

13.95%,

2/10/27

..

1,738

1,710

L2603034.UP.FTS.B,

14.68%,

2/10/27

....

2,288

2,260

FW2602616.UP.FTS.B,

14.79%,

2/10/27

..

11,053

10,874

L2605446.UP.FTS.B,

15.44%,

2/10/27

....

909

898

L2608142.UP.FTS.B,

19.78%,

2/10/27

....

2,083

2,046

L2609196.UP.FTS.B,

20.26%,

2/10/27

....

1,451

1,428

L2607782.UP.FTS.B,

20.62%,

2/10/27

....

573

563

L2607501.UP.FTS.B,

20.9%,

2/10/27

....

1,465

1,439

L2603922.UP.FTS.B,

21.73%,

2/10/27

....

1,359

1,335

L2608576.UP.FTS.B,

21.77%,

2/10/27

....

1,040

1,021

L2608126.UP.FTS.B,

22.06%,

2/10/27

....

959

942

FW2607078.UP.FTS.B,

22.55%,

2/10/27

..

890

601

L2602456.UP.FTS.B,

22.85%,

2/10/27

....

2,042

2,006

L2608111.UP.FTS.B,

23.17%,

2/10/27

....

4,069

3,999

L2606964.UP.FTS.B,

23.53%,

2/10/27

....

L2606747.UP.FTS.B,

23.7%,

2/10/27

....

2,395

2,353

L2604262.UP.FTS.B,

24.39%,

2/10/27

....

1,288

1,266

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2601898.UP.FTS.B,

24.69%,

2/10/27

....

$

$

L2608510.UP.FTS.B,

25%,

2/10/27

......

L2605594.UP.FTS.B,

25.02%,

2/10/27

....

727

715

L2604053.UP.FTS.B,

25.25%,

2/10/27

....

512

L2606928.UP.FTS.B,

25.27%,

2/10/27

....

563

555

L2609551.UP.FTS.B,

25.3%,

2/10/27

....

843

L2608348.UP.FTS.B,

25.54%,

2/10/27

....

1,575

1,549

FW2604813.UP.FTS.B,

25.83%,

2/10/27

..

1,842

1,810

FW2604860.UP.FTS.B,

26.47%,

2/10/27

..

1,459

1,435

FW2607306.UP.FTS.B,

26.66%,

2/10/27

..

789

776

FW2603425.UP.FTS.B,

27.81%,

2/10/27

..

868

853

FW2607282.UP.FTS.B,

30.52%,

2/10/27

..

1,863

1,831

FW2606754.UP.FTS.B,

31.29%,

2/10/27

..

1,080

1,063

FW2607854.UP.FTS.B,

31.49%,

2/10/27

..

1,715

1,687

L2610465.UP.FTS.B,

5.18%,

2/11/27

.....

2,885

2,835

L2570795.UP.FTS.B,

6.48%,

2/11/27

.....

1,892

1,851

FW2614143.UP.FTS.B,

6.93%,

2/11/27

...

764

748

L2610842.UP.FTS.B,

9.27%,

2/11/27

.....

2,238

2,196

L2613434.UP.FTS.B,

9.37%,

2/11/27

.....

2,929

2,875

L2611172.UP.FTS.B,

10.14%,

2/11/27

....

FW2613043.UP.FTS.B,

11.2%,

2/11/27

...

2,587

2,545

L2615183.UP.FTS.B,

12.14%,

2/11/27

....

2,529

2,488

L2615652.UP.FTS.B,

12.4%,

2/11/27

.....

889

874

FW2604554.UP.FTS.B,

13.07%,

2/11/27

..

4,308

4,237

FW2615345.UP.FTS.B,

13.1%,

2/11/27

...

1,455

1,434

L2612166.UP.FTS.B,

13.67%,

2/11/27

....

L2615304.UP.FTS.B,

13.86%,

2/11/27

....

8,418

8,280

L2614922.UP.FTS.B,

13.97%,

2/11/27

....

2,423

2,383

L2612964.UP.FTS.B,

14.24%,

2/11/27

....

2,620

2,578

L2615636.UP.FTS.B,

14.73%,

2/11/27

....

5,434

5,367

L2612790.UP.FTS.B,

14.98%,

2/11/27

....

3,904

1,292

L2612114.UP.FTS.B,

14.99%,

2/11/27

....

1,904

1,873

L2610220.UP.FTS.B,

15.29%,

2/11/27

....

1,779

1,757

L2610243.UP.FTS.B,

15.41%,

2/11/27

....

1,737

1,716

L2539854.UP.FTS.B,

15.78%,

2/11/27

....

1,009

997

L2614929.UP.FTS.B,

16.21%,

2/11/27

....

1,018

1,001

L2611366.UP.FTS.B,

16.4%,

2/11/27

.....

1,133

1,119

L2612163.UP.FTS.B,

17.53%,

2/11/27

....

798

788

FW2610980.UP.FTS.B,

18.94%,

2/11/27

..

2,363

2,335

L2614124.UP.FTS.B,

18.99%,

2/11/27

....

1,179

1,160

L2601501.UP.FTS.B,

19.21%,

2/11/27

....

1,163

1,145

L2609505.UP.FTS.B,

19.3%,

2/11/27

.....

FW2611297.UP.FTS.B,

19.83%,

2/11/27

..

3,810

3,765

L2612449.UP.FTS.B,

20.03%,

2/11/27

....

2,259

2,224

L2609761.UP.FTS.B,

20.76%,

2/11/27

....

1,217

1,196

L2615540.UP.FTS.B,

20.79%,

2/11/27

....

1,463

1,440

L2612113.UP.FTS.B,

20.93%,

2/11/27

....

1,973

1,943

FW2612937.UP.FTS.B,

21.48%,

2/11/27

..

5,493

5,398

L2610047.UP.FTS.B,

22.57%,

2/11/27

....

801

787

L2612720.UP.FTS.B,

23.21%,

2/11/27

....

L2610518.UP.FTS.B,

23.54%,

2/11/27

....

7,755

7,624

L2611149.UP.FTS.B,

23.94%,

2/11/27

....

5,112

5,027

FW2613750.UP.FTS.B,

25.19%,

2/11/27

..

677

667

L2612096.UP.FTS.B,

25.23%,

2/11/27

....

521

512

L2612279.UP.FTS.B,

25.43%,

2/11/27

....

3,103

3,052

L2611604.UP.FTS.B,

26.15%,

2/11/27

....

1,321

1,300

FW2611559.UP.FTS.B,

26.48%,

2/11/27

..

948

932

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2610030.UP.FTS.B,

27.01%,

2/11/27

..

$

1,011

$

994

FW2609816.UP.FTS.B,

27.78%,

2/11/27

..

2,756

2,709

FW2608240.UP.FTS.B,

28.43%,

2/11/27

..

3,006

2,957

FW2615423.UP.FTS.B,

28.85%,

2/11/27

..

4,137

4,071

FW2614677.UP.FTS.B,

28.98%,

2/11/27

..

1,371

1,349

FW2612243.UP.FTS.B,

29.25%,

2/11/27

..

FW2611548.UP.FTS.B,

30.39%,

2/11/27

..

FW2612001.UP.FTS.B,

30.9%,

2/11/27

...

682

671

FW2609619.UP.FTS.B,

30.92%,

2/11/27

..

820

807

FW2610795.UP.FTS.B,

30.98%,

2/11/27

..

FW2611533.UP.FTS.B,

31.12%,

2/11/27

..

975

959

FW2610773.UP.FTS.B,

31.41%,

2/11/27

..

4,108

4,043

FW2610510.UP.FTS.B,

33.6%,

2/11/27

...

500

FW2614310.UP.FTS.B,

33.97%,

2/11/27

..

734

722

L2617298.UP.FTS.B,

5.1%,

2/14/27

.....

2,030

1,985

L2617141.UP.FTS.B,

5.84%,

2/14/27

....

1,259

1,232

L2616590.UP.FTS.B,

7.87%,

2/14/27

....

5,102

5,007

L2616809.UP.FTS.B,

11.55%,

2/14/27

....

1,182

1,163

L2617800.UP.FTS.B,

13.82%,

2/14/27

....

1,169

1,150

L2616432.UP.FTS.B,

16.81%,

2/14/27

....

1,826

1,806

FW2616193.UP.FTS.B,

17.47%,

2/14/27

..

L2617103.UP.FTS.B,

18.14%,

2/14/27

....

1,751

1,724

L2612816.UP.FTS.B,

19.36%,

2/14/27

....

4,793

4,718

L2616072.UP.FTS.B,

19.58%,

2/14/27

....

982

968

L2616174.UP.FTS.B,

20.55%,

2/14/27

....

L2616368.UP.FTS.B,

24.5%,

2/14/27

....

1,631

1,605

L2616717.UP.FTS.B,

25.42%,

2/14/27

....

655

645

L2617627.UP.FTS.B,

25.47%,

2/14/27

....

L2617283.UP.FTS.B,

25.65%,

2/14/27

....

1,674

588

FW2617973.UP.FTS.B,

26.17%,

2/14/27

..

2,010

1,979

FW2616788.UP.FTS.B,

28.08%,

2/14/27

..

3,370

3,318

FW2617614.UP.FTS.B,

28.35%,

2/14/27

..

8,134

2,501

FW2616093.UP.FTS.B,

29.88%,

2/14/27

..

2,384

1,832

FW2618539.UP.FTS.B,

30.94%,

2/14/27

..

1,328

1,308

FW2616908.UP.FTS.B,

31.23%,

2/14/27

..

1,210

1,192

FW2618241.UP.FTS.B,

31.49%,

2/14/27

..

2,565

2,527

L1715513.UP.FTS.B,

13.27%,

2/15/27

....

8,359

6,383

L1694887.UP.FTS.B,

15.52%,

2/15/27

....

1,326

1,305

L1715518.UP.FTS.B,

26.49%,

2/15/27

....

3,649

2,861

FW2437431.UP.FTS.B,

30.95%,

2/16/27

..

527

520

L2435765.UP.FTS.B,

24.15%,

2/18/27

....

L2608264.UP.FTS.B,

15.55%,

2/20/27

....

6,174

4,749

L1692458.UP.FTS.B,

22.21%,

2/20/27

....

1,050

1,034

L2616722.UP.FTS.B,

19.8%,

2/24/27

....

1,398

1,375

FW2612944.UP.FTS.B,

29.57%,

2/24/27

..

2,281

2,244

FW2604033.UP.FTS.B,

19.37%,

2/25/27

..

2,346

2,308

L2610061.UP.FTS.B,

14.43%,

2/28/27

....

5,494

5,408

L2618109.UP.FTS.B,

12.08%,

3/07/27

....

7,777

7,648

L2430189.UP.FTS.B,

25.96%,

3/14/27

....

932

L2047210.UP.FTS.B,

23.31%,

3/15/27

....

1,636

L1886082.UP.FTS.B,

11.37%,

3/20/27

....

13,467

13,264

FW1887715.UP.FTS.B,

13.02%,

3/20/27

..

2,294

1,698

FW2949972.UP.FTS.B,

5.25%,

4/14/27

...

1,330

1,300

L2949121.UP.FTS.B,

6.79%,

4/14/27

....

3,452

3,379

L2950010.UP.FTS.B,

6.8%,

4/14/27

.....

1,597

1,561

L2949215.UP.FTS.B,

6.84%,

4/14/27

....

4,404

4,306

L2951687.UP.FTS.B,

7.49%,

4/14/27

....

2,035

1,998

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2951012.UP.FTS.B,

7.81%,

4/14/27

....

$

2,508

$

2,455

L2951121.UP.FTS.B,

7.86%,

4/14/27

.....

3,727

3,659

L2949685.UP.FTS.B,

9.14%,

4/14/27

....

952

935

b

L2949108.UP.FTS.B,

9.33%,

4/14/27

....

5,389

L2951245.UP.FTS.B,

9.94%,

4/14/27

....

2,416

2,372

L2934626.UP.FTS.B,

10.81%,

4/14/27

....

1,706

1,681

L2950964.UP.FTS.B,

11.19%,

4/14/27

....

2,451

2,415

L2950306.UP.FTS.B,

11.59%,

4/14/27

....

6,902

2,095

L2942764.UP.FTS.B,

12.22%,

4/14/27

....

3,413

2,565

FW2949810.UP.FTS.B,

13.53%,

4/14/27

..

3,269

3,220

FW2949125.UP.FTS.B,

13.6%,

4/14/27

...

1,108

1,092

L2950742.UP.FTS.B,

13.63%,

4/14/27

....

2,578

2,540

FW2951854.UP.FTS.B,

14.02%,

4/14/27

..

4,933

4,861

L2949763.UP.FTS.B,

14.31%,

4/14/27

....

1,676

1,651

FW2951175.UP.FTS.B,

14.6%,

4/14/27

...

576

568

FW2949070.UP.FTS.B,

14.69%,

4/14/27

..

6,836

6,736

FW2949368.UP.FTS.B,

15%,

4/14/27

....

853

L2948932.UP.FTS.B,

15.2%,

4/14/27

....

L2951339.UP.FTS.B,

15.29%,

4/14/27

....

4,686

4,617

FW2950466.UP.FTS.B,

15.31%,

4/14/27

..

L2951714.UP.FTS.B,

15.35%,

4/14/27

....

3,692

3,638

L2950927.UP.FTS.B,

15.36%,

4/14/27

....

1,009

995

L2950042.UP.FTS.B,

16.06%,

4/14/27

....

FW2946278.UP.FTS.B,

16.33%,

4/14/27

..

3,636

3,602

L2948755.UP.FTS.B,

16.72%,

4/14/27

....

2,365

2,343

FW2951535.UP.FTS.B,

17.04%,

4/14/27

..

5,519

5,468

L2948803.UP.FTS.B,

17.33%,

4/14/27

....

1,159

1,148

FW2949561.UP.FTS.B,

17.84%,

4/14/27

..

5,810

5,732

L2950280.UP.FTS.B,

18.73%,

4/14/27

....

1,189

1,178

L2949923.UP.FTS.B,

19.64%,

4/14/27

....

L2951216.UP.FTS.B,

19.73%,

4/14/27

....

657

648

L2950858.UP.FTS.B,

20.56%,

4/14/27

....

1,421

1,401

L2951820.UP.FTS.B,

20.59%,

4/14/27

....

9,310

9,227

b

FW2949268.UP.FTS.B,

20.97%,

4/14/27

..

1,561

FW2950781.UP.FTS.B,

21.26%,

4/14/27

..

3,267

3,238

FW2951375.UP.FTS.B,

22.32%,

4/14/27

..

981

967

FW2949464.UP.FTS.B,

22.55%,

4/14/27

..

985

971

FW2946360.UP.FTS.B,

23.4%,

4/14/27

...

2,266

2,234

L2951427.UP.FTS.B,

23.72%,

4/14/27

....

2,003

1,975

L2948992.UP.FTS.B,

24.59%,

4/14/27

....

10,011

9,873

b

L2950134.UP.FTS.B,

24.82%,

4/14/27

....

539

L2950811.UP.FTS.B,

25.09%,

4/14/27

....

b

FW2951030.UP.FTS.B,

25.2%,

4/14/27

...

1,669

L2942965.UP.FTS.B,

25.22%,

4/14/27

....

3,108

3,065

L2949738.UP.FTS.B,

25.23%,

4/14/27

....

622

613

L2951261.UP.FTS.B,

25.24%,

4/14/27

....

560

553

L2951384.UP.FTS.B,

25.41%,

4/14/27

....

825

814

L2949492.UP.FTS.B,

25.47%,

4/14/27

....

1,435

1,415

L2951548.UP.FTS.B,

25.47%,

4/14/27

....

779

769

L2950216.UP.FTS.B,

25.49%,

4/14/27

....

1,711

1,688

FW2950277.UP.FTS.B,

25.52%,

4/14/27

..

525

516

FW2950220.UP.FTS.B,

26.02%,

4/14/27

..

629

621

L2951255.UP.FTS.B,

26.02%,

4/14/27

....

2,608

2,572

FW2951228.UP.FTS.B,

26.2%,

4/14/27

...

1,119

1,104

FW2948773.UP.FTS.B,

27.56%,

4/14/27

..

1,498

1,478

FW2948716.UP.FTS.B,

27.71%,

4/14/27

..

2,901

2,862

FW2949765.UP.FTS.B,

28.19%,

4/14/27

..

3,252

3,209

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2948843.UP.FTS.B,

28.64%,

4/14/27

..

$

3,270

$

3,226

FW2950464.UP.FTS.B,

29.27%,

4/14/27

..

1,225

1,208

FW2951435.UP.FTS.B,

30.37%,

4/14/27

..

627

618

FW2949044.UP.FTS.B,

30.94%,

4/14/27

..

1,399

1,380

FW2949727.UP.FTS.B,

30.99%,

4/14/27

..

675

667

FW2950575.UP.FTS.B,

31.06%,

4/14/27

..

914

902

FW2950561.UP.FTS.B,

31.2%,

4/14/27

...

508

502

FW2949051.UP.FTS.B,

32.15%,

4/14/27

..

1,804

1,782

FW2950185.UP.FTS.B,

32.24%,

4/14/27

..

1,430

1,410

L2048072.UP.FTS.B,

11.58%,

4/15/27

....

3,017

2,965

L2049386.UP.FTS.B,

19.96%,

4/15/27

....

1,816

1,350

FW2048990.UP.FTS.B,

20.89%,

4/15/27

..

983

968

L2951305.UP.FTS.B,

20.52%,

4/16/27

....

1,068

1,054

L2950367.UP.FTS.B,

22.21%,

4/16/27

....

3,232

3,204

FW2436660.UP.FTS.B,

28.46%,

4/18/27

..

726

L2949050.UP.FTS.B,

24.74%,

4/20/27

....

4,633

4,571

L2047847.UP.FTS.B,

25.96%,

4/20/27

....

2,352

2,318

b

L2096414.UP.FTS.B,

14.36%,

4/22/27

....

1,721

L2095820.UP.FTS.B,

19.69%,

4/22/27

....

2,875

2,233

L2950334.UP.FTS.B,

20.22%,

4/22/27

....

1,250

1,239

L2088829.UP.FTS.B,

21.32%,

4/22/27

....

3,634

2,710

FW2094908.UP.FTS.B,

29.15%,

4/22/27

..

16,630

16,435

FW2950896.UP.FTS.B,

16.97%,

4/28/27

..

3,276

991

L2948840.UP.FTS.B,

19.72%,

4/28/27

....

4,684

4,622

L2949973.UP.FTS.B,

20.99%,

4/28/27

....

2,018

625

L2046907.UP.FTS.B,

21.17%,

4/28/27

....

991

976

FW2607843.UP.FTS.B,

18.35%,

5/10/27

..

1,604

L2430454.UP.FTS.B,

7.62%,

5/14/27

....

2,294

FW2615937.UP.FTS.B,

21.82%,

5/14/27

..

2,957

2,907

L2439293.UP.FTS.B,

9.38%,

5/18/27

....

621

L1882034.UP.FTS.B,

17.06%,

5/20/27

....

749

FW2293764.UP.FTS.B,

6.23%,

5/21/27

...

5,180

3,751

FW2294924.UP.FTS.B,

28.38%,

5/21/27

..

1,306

FW2296510.UP.FTS.B,

28.63%,

5/21/27

..

3,072

3,041

FW2294827.UP.FTS.B,

31.11%,

5/21/27

..

1,017

766

L2298796.UP.FTS.B,

7.68%,

5/22/27

....

FW2297812.UP.FTS.B,

27.74%,

5/22/27

..

1,604

1,584

L2300474.UP.FTS.B,

25.38%,

5/27/27

....

1,145

1,134

L2292250.UP.FTS.B,

12.42%,

6/01/27

....

3,522

3,462

FW2296458.UP.FTS.B,

30.75%,

6/06/27

..

4,389

1,336

L2426279.UP.FTS.B,

17.73%,

6/13/27

....

1,372

1,357

FW2423361.UP.FTS.B,

26.6%,

6/13/27

...

1,237

1,217

FW2424580.UP.FTS.B,

31.2%,

6/13/27

...

8,980

8,868

L2432199.UP.FTS.B,

7.42%,

6/14/27

....

1,086

1,062

L2429715.UP.FTS.B,

8.3%,

6/14/27

.....

1,007

985

L2433061.UP.FTS.B,

9.38%,

6/14/27

....

1,909

1,871

L2435410.UP.FTS.B,

17.3%,

6/14/27

....

5,224

1,492

L2046952.UP.FTS.B,

18.41%,

6/15/27

....

540

534

FW2438645.UP.FTS.B,

31.19%,

6/26/27

..

1,775

1,756

b

L2431725.UP.FTS.B,

12.26%,

6/28/27

....

18,973

1,382

L2604772.UP.FTS.B,

7.89%,

7/10/27

....

6,638

6,498

L2607609.UP.FTS.B,

15.09%,

7/10/27

....

1,045

1,026

L2607076.UP.FTS.B,

16.42%,

7/10/27

....

8,415

8,258

L2608552.UP.FTS.B,

22.9%,

7/10/27

....

1,027

1,007

L2608553.UP.FTS.B,

23.5%,

7/10/27

....

3,699

3,637

b

FW2603700.UP.FTS.B,

31.08%,

7/10/27

..

1,124

b

L2615143.UP.FTS.B,

13.89%,

7/11/27

....

2,282

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2611504.UP.FTS.B,

16.36%,

7/11/27

....

$

2,425

$

2,382

FW2609511.UP.FTS.B,

18.92%,

7/11/27

..

5,437

5,379

L2610020.UP.FTS.B,

20.86%,

7/11/27

....

1,292

FW2613777.UP.FTS.B,

27.07%,

7/11/27

..

681

669

FW2610903.UP.FTS.B,

34.14%,

7/11/27

..

7,686

7,561

b

L2611816.UP.FTS.B,

21.62%,

7/12/27

....

1,227

b

L2615913.UP.FTS.B,

19.56%,

7/14/27

....

3,450

L2614826.UP.FTS.B,

22.6%,

7/14/27

....

2,980

889

L2618649.UP.FTS.B,

24.27%,

7/14/27

....

4,014

3,946

L1716174.UP.FTS.B,

24.2%,

7/15/27

....

6,022

5,928

FW2610585.UP.FTS.B,

9.75%,

7/16/27

...

6,968

6,809

FW2950779.UP.FTS.B,

23.54%,

8/14/27

..

1,376

988

FW1882891.UP.FTS.B,

25.65%,

8/20/27

..

761

752

FW2603295.UP.FTS.B,

23.18%,

8/24/27

..

4,767

4,689

FW2951315.UP.FTS.B,

9.91%,

9/14/27

...

2,022

1,979

L2951595.UP.FTS.B,

10.95%,

9/14/27

....

1,984

1,948

L2950333.UP.FTS.B,

12.69%,

9/14/27

....

1,253

1,232

L2948733.UP.FTS.B,

13.2%,

9/14/27

....

2,644

1,815

L2949507.UP.FTS.B,

15.04%,

9/14/27

....

3,858

3,794

L2949405.UP.FTS.B,

16.41%,

9/14/27

....

8,695

2,315

FW2951123.UP.FTS.B,

24.74%,

9/14/27

..

5,961

b

FW2950395.UP.FTS.B,

28.88%,

9/14/27

..

11,525

822

FW2950357.UP.FTS.B,

30.48%,

9/14/27

..

4,852

4,790

FW2049311.UP.FTS.B,

21.75%,

9/15/27

..

1,958

1,921

b

FW2094906.UP.FTS.B,

12.24%,

9/22/27

..

872

b

L2293030.UP.FTS.B,

8.8%,

10/21/27

....

895

L2295515.UP.FTS.B,

24.19%,

10/21/27

...

2,638

L2300131.UP.FTS.B,

24.08%,

10/22/27

...

5,763

5,677

FW2611103.UP.FTS.B,

17.75%,

11/11/27

.

924

L2614419.UP.FTS.B,

24.18%,

11/11/27

...

551

L2421701.UP.FTS.B,

5.91%,

11/13/27

....

7,192

6,980

FW2426682.UP.FTS.B,

6.38%,

11/13/27

..

2,464

L2432901.UP.FTS.B,

6.93%,

11/14/27

....

4,779

4,655

b

L2433991.UP.FTS.B,

7.94%,

11/14/27

....

2,035

b

FW2429622.UP.FTS.B,

15.13%,

11/14/27

.

1,931

L2438805.UP.FTS.B,

9.71%,

11/18/27

....

2,778

2,722

L2432353.UP.FTS.B,

7.41%,

11/20/27

....

4,648

4,553

L2435424.UP.FTS.B,

10.13%,

11/21/27

...

1,538

1,509

L2293969.UP.FTS.B,

25.41%,

11/21/27

...

3,326

L2431623.UP.FTS.B,

19.58%,

12/02/27

...

11,161

11,044

FW2605935.UP.FTS.B,

31.23%,

12/10/27

.

3,035

2,977

L2611260.UP.FTS.B,

17.12%,

12/11/27

...

9,098

2,422

L2611326.UP.FTS.B,

18.28%,

12/11/27

...

3,461

3,400

L2611597.UP.FTS.B,

25.33%,

12/11/27

...

5,907

5,782

FW2617504.UP.FTS.B,

30.27%,

12/14/27

.

9,983

9,809

FW2609734.UP.FTS.B,

31%,

12/16/27

...

616

604

FW2607135.UP.FTS.B,

30.71%,

12/20/27

.

1,527

1,503

FW2615716.UP.FTS.B,

30.71%,

12/21/27

.

1,126

1,108

L2616852.UP.FTS.B,

19.82%,

12/28/27

...

3,131

3,068

FW2950242.UP.FTS.B,

24.53%,

2/14/28

..

1,220

862

FW2951084.UP.FTS.B,

30.63%,

2/14/28

..

8,377

8,271

FW2950648.UP.FTS.B,

30.95%,

2/14/28

..

567

560

L1718966.UP.FTS.B,

18.89%,

9/15/28

....

4,979

4,909

L1718702.UP.FTS.B,

26.02%,

9/15/28

....

2,770

2,772

L2608032.UP.FTS.B,

17.27%,

2/10/29

....

2,362

2,323

L2605139.UP.FTS.B,

28.33%,

2/10/29

....

1,363

1,359

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2607986.UP.FTS.B,

25.66%,

7/10/29

....

$

16,824

$

16,138

1,087,589

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $8,304,925

####)
.......................

#### $2,284,551
a

The

rate

shown

represents

the

yield

at

period

end.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

April

30,

2026

,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(d).

At

April

30,

2026

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(d).

At

April

30,

2026

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

(d).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

....................

Short

$

24,662,406

6/18/26

$

586,356

U.S.

Treasury

Year

Ultra

Notes

................

Short

1,241,453

6/18/26

35,392

U.S.

Treasury

Year

Notes

.....................

Long

2,731

565,658,375

6/30/26

(5,016,459)

U.S.

Treasury

Year

Notes

.....................

Short

25,449,281

6/30/26

449,664

U.S.

Treasury

Long

Bonds

.....................

Short

2,821,094

6/18/26

120,983

Total

Futures

Contracts

......................................................................

$(3,824,064)

\*

As

of

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Euro

.............

JPHQ

Sell

3,479,000

4,098,546

7/13/26

$

2,273

$

—

Total

Forward

Exchange

Contracts

...................................................

$2,273

$—

Net

unrealized

appreciation

(depreciation)

............................................

$2,273

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

\*

In

U.S.

dollars

unless

otherwise

indicated.

#### 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

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
iTraxx

Europe

Main

....

(1.00)%

Quarterly

6/20/31

24,500,000

EUR

$

(590,274)

$

(347,382)

$

(242,892)

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Credit

#### Default

#### Swap

#### Contracts
(continued)

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount

#### a

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating

#### b

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

5,170,000

$

403,141

$

369,964

$

33,177

Non-

Investment

Grade

CDX.NA.HY.46

.

5.00%

Quarterly

6/20/31

13,300,000

1,025,404

701,627

323,777

Non-

Investment

Grade

CDX.NA.IG.46

..

1.00%

Quarterly

6/20/31

159,985,000

3,547,104

2,548,372

998,732

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$4,385,375

$3,272,581

$1,112,794

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
CDX.NA.HY.45

.

(5.00)%

Quarterly

CITI

12/20/30

4,700,000

(714,871)

(652,556)

(62,315)

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.39

.

5.00%

Quarterly

JPHQ

12/20/27

5,500,000

424,843

127,113

297,730

Non-

Investment

Grade

CDX.NA.IG.41

..

1.00%

Quarterly

CITI

12/20/28

12,100,000

109,418

(213,641)

323,059

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$(180,610)

$(739,084)

$558,474

Total

Credit

Default

Swap

Contracts

....................................

$4,204,765

$

2,533,497

$1,671,268

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

See

Note

regarding

other

derivative

information.

See

Abbreviations

on

.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.55

$7.55

$7.43

$7.48

$7.89

$7.95

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.142 0.317 0.310 0.193 0.017 (0.006)

Net

realized

and

unrealized

gains

(losses)

(0.015)

0.040 0.163 0.003 (0.340)

0.022 Total

from

investment

operations

........

0.127 0.357 0.473 0.196 (0.323)

0.016 Less

distributions

from:

Net

investment

income

..............

(0.157)

(0.357)

(0.353)

(0.246)

(0.087)

(0.076)

Net

asset

value,

end

of

period

..........

$7.52

$7.55

$7.55

$7.43

$7.48

$7.89

Total

return

c

.......................

1.70%

4.84%

6.49%

2.66%

(4.11)%

0.20%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.03%

0.98%

0.98%

1.00%

0.93%

0.97%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.83%

0.83%

0.83%

0.84%

e

0.87%

0.91%

Net

investment

income

(loss)

..........

3.81%

4.20%

4.12%

2.59%

0.22%

(0.07)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$253,843

$256,869

$260,416

$284,319

$353,584

$432,447

Portfolio

turnover

rate

................

16.94%

14.82%

16.02%

23.44%

15.99%

68.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.54

$7.54

$7.42

$7.48

$7.88

$7.95

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.148 0.328 0.321 0.206 0.029 0.006 Net

realized

and

unrealized

gains

(losses)

(0.005)

0.041 0.163 (0.009)

(0.330)

0.012 Total

from

investment

operations

........

0.143 0.369 0.484 0.197 (0.301)

0.018 Less

distributions

from:

Net

investment

income

..............

(0.163)

(0.369)

(0.364)

(0.257)

(0.099)

(0.088)

Net

asset

value,

end

of

period

..........

$7.52

$7.54

$7.54

$7.42

$7.48

$7.88

Total

return

c

.......................

1.91%

4.86%

6.65%

2.81%

(3.85)%

0.23%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.88%

0.83%

0.83%

0.85%

0.78%

0.82%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.68%

0.68%

0.68%

0.69%

e

0.72%

0.77%

Net

investment

income

...............

3.96%

4.35%

4.27%

2.75%

0.37%

0.08%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$39,330

$40,411

$44,019

$47,732

$55,048

$66,942

Portfolio

turnover

rate

................

16.94%

14.82%

16.02%

23.44%

15.99%

68.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.54

$7.54

$7.42

$7.48

$7.88

$7.95

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.128 0.287 0.279 0.161 (0.017)

(0.035)

Net

realized

and

unrealized

gains

(losses)

(0.015)

0.040 0.164 (0.005)

(0.326)

0.010 Total

from

investment

operations

........

0.113 0.327 0.443 0.156 (0.343)

(0.025)

Less

distributions

from:

Net

investment

income

..............

(0.143)

(0.327)

(0.323)

(0.216)

(0.057)

(0.045)

Net

asset

value,

end

of

period

..........

$7.51

$7.54

$7.54

$7.42

$7.48

$7.88

Total

return

c

.......................

1.50%

4.42%

6.07%

2.11%

(4.37)%

(0.32)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.43%

1.38%

1.38%

1.40%

1.34%

1.38%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.23%

1.23%

1.23%

1.24%

e

1.27%

1.33%

Net

investment

income

(loss)

..........

3.41%

3.80%

3.71%

2.15%

(0.22)%

(0.45)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$8,570

$9,023

$9,931

$13,586

$21,568

$36,318

Portfolio

turnover

rate

................

16.94%

14.82%

16.02%

23.44%

15.99%

68.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.56

$7.56

$7.44

$7.50

$7.90

$7.97

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.153 0.338 0.331 0.213 0.040 0.021 Net

realized

and

unrealized

gains

(losses)

(0.015)

0.041 0.163 (0.003)

(0.331)

0.014 Total

from

investment

operations

........

0.138 0.379 0.494 0.210 (0.291)

0.035 Less

distributions

from:

Net

investment

income

..............

(0.168)

(0.379)

(0.374)

(0.270)

(0.109)

(0.105)

Net

asset

value,

end

of

period

..........

$7.53

$7.56

$7.56

$7.44

$7.50

$7.90

Total

return

c

.......................

1.83%

5.12%

6.78%

2.85%

(3.71)%

0.44%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.69%

0.64%

0.64%

0.66%

0.59%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.55%

0.55%

0.55%

0.56%

e

0.56%

0.55%

Net

investment

income

...............

4.08%

4.47%

4.39%

2.84%

0.52%

0.27%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$17,036

$17,340

$18,710

$20,265

$29,513

$41,913

Portfolio

turnover

rate

................

16.94%

14.82%

16.02%

23.44%

15.99%

68.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.55

$7.56

$7.43

$7.49

$7.89

$7.96

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.152 0.335 0.329 0.213 0.040 0.014 Net

realized

and

unrealized

gains

(losses)

(0.005)

0.031 0.173 (0.008)

(0.334)

0.012 Total

from

investment

operations

........

0.147 0.366 0.502 0.205 (0.294)

0.026 Less

distributions

from:

Net

investment

income

..............

(0.167)

(0.376)

(0.372)

(0.265)

(0.106)

(0.096)

Net

asset

value,

end

of

period

..........

$7.53

$7.55

$7.56

$7.43

$7.49

$7.89

Total

return

c

.......................

1.95%

4.96%

6.89%

2.78%

(3.76)%

0.33%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.78%

0.73%

0.72%

0.75%

0.67%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.58%

0.58%

0.58%

0.59%

e

0.62%

0.66%

Net

investment

income

...............

4.05%

4.44%

4.37%

2.84%

0.52%

0.18%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$61,504

$56,718

$55,502

$77,434

$99,817

$86,615

Portfolio

turnover

rate

................

16.94%

14.82%

16.02%

23.44%

15.99%

68.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 30.6%
U.S.

Treasury

Notes

,

4.125 %,

1/31/27

...................................................

$

20,000,000

$

20,056,943

4.25 %,

3/15/27

...................................................

11,000,000

11,047,980

4.5 %,

4/15/27

....................................................

15,000,000

15,103,943

%,

12/15/27

.....................................................

10,000,000

10,019,141

3.875 %,

12/31/27

..................................................

10,000,000

9,998,828

4.25 %,

1/15/28

...................................................

10,000,000

10,059,766

3.75 %,

4/15/28

...................................................

20,000,000

19,948,438

3.75 %,

5/15/28

...................................................

20,000,000

19,946,484

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 116,051,050

####)
................

#### 116,181,523

#### Mortgage-Backed

#### Securities

#### 45.9%
a

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Adjustable

#### Rate

#### 13.9%
FHLMC

,

5.565 %

-

5.625 %,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/36

-

1/01/37

.......................................

181,392

184,478

FHLMC

,

6.086 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/46

...................................................

5,266,253

5,479,626

FHLMC

,

6.144 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

3,772,677

3,967,167

FHLMC

,

6.174 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/46

..................................................

2,439,201

2,534,408

FHLMC

,

6.193 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/37

...................................................

3,016,700

3,143,504

FHLMC

,

6.195 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/47

...................................................

3,091,057

3,211,905

FHLMC

,

6.218 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

6/01/47

...................................................

3,255,977

3,376,782

FHLMC

,

6.232 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

2,866,932

3,002,335

FHLMC

,

5.575 %

-

7.066 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/34

-

5/01/45

.......................................

22,894,060

23,687,045

FHLMC

,

5.73 %

-

7.372 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

8/01/33

-

6/01/37

..

4,189,885

4,336,296

52,923,546

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.8%
FHLMC

Pool,

Year

,

5.5 %,

12/01/54

....................................

1,612,424

1,622,308

FHLMC

Pool,

Year

,

%,

5/01/53

......................................

1,431,253

1,468,939

3,091,247

a

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Adjustable

#### Rate

#### 26.3%
FNMA

,

4.236 %,

(COFI

11th

District

+/-

MBS

Margin),

4/01/34

..................

2,977,043

2,950,477

FNMA

,

4.64 %,

(1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

...................................................

12,166

12,135

FNMA

,

5.05 %,

(3-year

CMT

T-Note

+/-

MBS

Margin),

7/01/34

..................

9,990

10,079

FNMA

,

3.99 %

-

5.54 %,

(COFI

11th

District

+/-

MBS

Margin),

8/01/26

-

12/01/37

.....

1,330,696

1,317,520

FNMA

,

5.786 %,

(6-month

H15BDI

+/-

MBS

Margin),

11/01/34

..................

28,621

28,489

FNMA

,

5.957 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

5/01/47

...................................................

2,828,357

2,939,621

FNMA

,

3.564 %

-

6.007 %,

(5-year

CMT

T-Note

+/-

MBS

Margin),

4/01/27

-

2/01/30

...

8,580

8,563

FNMA

,

6.012 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/38

...................................................

4,701,472

4,874,126

FNMA

,

6.112 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/36

.................

2,978,424

3,100,236

FNMA

,

6.19 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/42

...................................................

1,716,019

1,783,029

FNMA

,

6.202 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/44

...................................................

11,673,317

12,186,836

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

a

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Adjustable

#### Rate
(continued)

FNMA

,

6.206 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/40

...................................................

$

1,818,964

$

1,891,898

FNMA

,

6.217 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/47

...................................................

7,191,674

7,471,314

FNMA

,

6.24 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/45

...................................................

1,674,921

1,750,801

FNMA

,

4.808 %

-

6.619 %,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

-

12/01/37

......................................

7,624,650

7,784,943

FNMA

,

4.805 %

-

7.075 %,

(12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/27

-

11/01/44

.......................................................

1,857,195

1,888,736

FNMA

,

5.189 %

-

7.18 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/32

-

5/01/48

.......................................

37,902,418

38,968,823

FNMA

,

4.963 %

-

7.258 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

4/01/27

-

12/01/40

..

10,643,720

10,921,393

99,889,019

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 4.3%
FNMA,

Year

,

5.5 %,

4/01/53

.........................................

9,869,313

9,963,077

FNMA,

Year

,

5.5 %,

3/01/54

.........................................

1,585,832

1,597,334

FNMA,

Year

,

%,

7/01/53

...........................................

3,255,251

3,337,968

FNMA,

Year

,

%,

7/01/55

...........................................

1,402,779

1,432,922

16,331,301

a

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Adjustable

#### Rate

#### 0.0%

#### †
GNMA

II

,

%

-

5.625 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

9/20/33

-

4/20/35

....

127,495

129,302

129,302

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 0.6%
GNMA

II,

Single-family,

Year

,

%,

7/20/55

...............................

2,139,746

2,183,878

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 176,443,571

####)
...........................

#### 174,548,293

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 20.1%

#### Financial

#### Services

#### 20.1%
b

FHLMC

,

4988

,

AF

,

FRN

,

4.133 %

,

(30-day

SOFR

Average

+

0.464 %),

10/15/37

..........

2,860,641

2,823,745

4891

,

AF

,

FRN

,

4.183 %

,

(30-day

SOFR

Average

+

0.514 %),

7/15/42

...........

4,041,938

4,091,291

,

F23

,

FRN

,

4.695 %

,

(30-day

SOFR

Average

+

1.05 %),

5/25/54

............

974,103

981,334

,

F4

,

FRN

,

4.133 %

,

Strip

,

(30-day

SOFR

Average

+

0.464 %),

10/15/37

.......

2,564,576

2,513,950

4989

,

FA

,

FRN

,

4.133 %

,

(30-day

SOFR

Average

+

0.464 %),

8/15/40

...........

3,594,737

3,530,466

5537

,

FC

,

FRN

,

4.795 %

,

(30-day

SOFR

Average

+

1.15 %),

5/25/55

............

1,688,150

1,707,473

4915

,

FE

,

FRN

,

4.183 %

,

(30-day

SOFR

Average

+

0.514 %),

2/15/38

...........

5,761,048

5,695,118

5568

,

FG

,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

8/25/55

.............

1,675,916

1,691,424

5517

,

FH

,

FRN

,

4.795 %

,

(30-day

SOFR

Average

+

1.15 %),

3/25/55

............

1,305,723

1,316,640

4895

,

GF

,

FRN

,

4.183 %

,

(30-day

SOFR

Average

+

0.514 %),

11/15/43

..........

4,250,218

4,195,721

4197

,

KF

,

FRN

,

4.083 %

,

(30-day

SOFR

Average

+

0.414 %),

9/15/37

...........

1,121,958

1,082,620

4107

,

KF

,

FRN

,

4.173 %

,

(30-day

SOFR

Average

+

0.504 %),

6/15/38

...........

1,219,006

1,206,047

4215

,

KF

,

FRN

,

4.083 %

,

(30-day

SOFR

Average

+

0.414 %),

2/15/40

...........

874,400

852,413

4730

,

WF

,

FRN

,

4.133 %

,

(30-day

SOFR

Average

+

0.464 %),

8/15/38

...........

2,357,246

2,329,097

4794

,

WF

,

FRN

,

4.133 %

,

(30-day

SOFR

Average

+

0.464 %),

3/15/43

...........

2,512,023

2,476,191

b

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

KF160

,

AS

,

FRN

,

4.352 %

,

(30-day

SOFR

Average

+

0.7 %),

10/25/30

...........

1,794,713

1,798,536

KF163

,

AS

,

FRN

,

4.232 %

,

(30-day

SOFR

Average

+

0.58 %),

4/25/34

...........

2,724,156

2,740,687

KF164

,

AS

,

FRN

,

4.222 %

,

(30-day

SOFR

Average

+

0.57 %),

10/25/34

..........

3,436,237

3,435,458

b

FNMA

,

2019-38

,

AF

,

FRN

,

4.183 %

,

(30-day

SOFR

Average

+

0.514 %),

7/25/49

.........

2,850,650

2,822,238

2019-59

,

BF

,

FRN

,

4.183 %

,

(30-day

SOFR

Average

+

0.514 %),

10/25/49

........

4,330,851

4,286,060

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

FNMA,

(continued)

2019-38

,

CF

,

FRN

,

4.21 %

,

(30-day

SOFR

Average

+

0.564 %),

7/25/49

..........

$

1,128,343

$

1,108,564

2021-44

,

FA

,

FRN

,

3.869 %

,

(30-day

SOFR

Average

+

0.2 %),

6/25/45

...........

3,394,980

3,313,641

2024-98

,

FA

,

FRN

,

4.795 %

,

(30-day

SOFR

Average

+

1.15 %),

12/25/53

.........

575,589

581,247

2024-103

,

FB

,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/55

.........

1,722,987

1,735,097

2024-105

,

FC

,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

1/25/55

...........

1,987,816

2,006,149

2025-59

,

FD

,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

8/25/55

..........

1,786,549

1,804,731

2025-55

,

FG

,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

7/25/55

..........

1,775,140

1,791,262

2020-54

,

WF

,

FRN

,

4.233 %

,

(30-day

SOFR

Average

+

0.564 %),

8/25/50

........

2,298,044

2,281,400

2021-8

,

YF

,

FRN

,

3.869 %

,

(30-day

SOFR

Average

+

0.2 %),

3/25/61

............

6,585,133

6,549,744

2021-36

,

YF

,

FRN

,

3.869 %

,

(30-day

SOFR

Average

+

0.2 %),

6/25/61

...........

3,402,436

3,408,193

b

GNMA

,

2010-12

,

FD

,

FRN

,

4.379 %

,

(1-month

SOFR

+

0.714 %),

1/16/40

..........

410,657

410,610

76,567,147

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 77,095,467

####)
.........

#### 76,567,147

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 369,590,088

####)
...............................

#### 367,296,963

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 7.7%

#### Shares
a

#### Money

#### Market

#### Funds

#### 7.7%
c,d

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

.............

29,296,467

29,296,467

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 29,296,467

####)
..................................

#### 29,296,467

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 29,296,467

####)
................................

#### 29,296,467

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 398,886,555

####)
104.3 #### %
..................................

#### $396,593,430

#### Other

#### Assets,

#### less

#### Liabilities

#### (4.3 ####)

#### %
...........................................

#### (16,310,851)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $380,282,579
†

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

3(f)

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

April

30,

2026

,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(d).

See

Note

regarding

other

derivative

information.

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Ultra

Notes

................

Short

$

5,078,672

6/18/26

$

144,785

U.S.

Treasury

Year

Notes

.....................

Long

94,863,250

6/30/26

(841,281)

U.S.

Treasury

Year

Notes

.....................

Long

7,764,188

6/30/26

(138,435)

U.S.

Treasury

Long

Bonds

.....................

Short

1,128,438

6/18/26

48,393

Total

Futures

Contracts

......................................................................

$(786,538)

\*

As

of

period

end.

See

Abbreviations

on

.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Managed

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.77

$12.79

$11.25

$11.73

$13.83

$11.73

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.21 0.43 0.45 0.46 0.35 0.30 Net

realized

and

unrealized

gains

(losses)

0.87 0.26 1.66 (0.40)

(1.46)

2.36 Total

from

investment

operations

........

1.08 0.69 2.11 0.06 (1.11)

2.66 Less

distributions

from:

Net

investment

income

..............

(0.29)

(0.57)

(0.57)

(0.54)

(0.50)

(0.47)

Net

realized

gains

.................

(0.02)

(0.14)

—

—

(0.49)

(0.09)

Total

distributions

...................

(0.31)

(0.71)

(0.57)

(0.54)

(0.99)

(0.56)

Net

asset

value,

end

of

period

..........

$13.54

$12.77

$12.79

$11.25

$11.73

$13.83

Total

return

c

.......................

8.52%

5.66%

19.00%

0.34%

(8.52)%

23.01%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.91%

0.91%

0.90%

0.90%

0.91%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.91%

e

0.91%

e

0.90%

e

0.89%

f

0.90%

f

0.91%

f

Net

investment

income

...............

3.23%

3.45%

3.63%

3.78%

2.72%

2.27%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$2,986,567

$2,867,571

$3,014,871

$2,844,145

$3,102,045

$3,523,379

Portfolio

turnover

rate

................

13.95%

42.27%

31.92%

92.40%

75.02%

39.64%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.63

$12.65

$11.13

$11.61

$13.68

$11.61

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.16 0.34 0.36 0.36 0.25 0.20 Net

realized

and

unrealized

gains

(losses)

0.86 0.25 1.63 (0.39)

(1.43)

2.34 Total

from

investment

operations

........

1.02 0.59 1.99 (0.03)

(1.18)

2.54 Less

distributions

from:

Net

investment

income

..............

(0.24)

(0.47)

(0.47)

(0.45)

(0.40)

(0.38)

Net

realized

gains

.................

(0.02)

(0.14)

—

—

(0.49)

(0.09)

Total

distributions

...................

(0.26)

(0.61)

(0.47)

(0.45)

(0.89)

(0.47)

Net

asset

value,

end

of

period

..........

$13.39

$12.63

$12.65

$11.13

$11.61

$13.68

Total

return

c

.......................

8.12%

4.89%

18.08%

(0.46)%

(9.15)%

22.07%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.66%

1.66%

1.65%

1.65%

1.66%

1.66%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.66%

e

1.66%

e

1.65%

e

1.64%

f

1.65%

f

1.65%

f

Net

investment

income

...............

2.48%

2.71%

2.90%

3.01%

1.94%

1.54%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$63,591

$69,580

$95,404

$115,185

$168,085

$259,206

Portfolio

turnover

rate

................

13.95%

42.27%

31.92%

92.40%

75.02%

39.64%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.81

$12.83

$11.28

$11.77

$13.88

$11.76

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.20 0.40 0.42 0.43 0.32 0.27 Net

realized

and

unrealized

gains

(losses)

0.88 0.26 1.67 (0.40)

(1.47)

2.38 Total

from

investment

operations

........

1.08 0.66 2.09 0.03 (1.15)

2.65 Less

distributions

from:

Net

investment

income

..............

(0.28)

(0.54)

(0.54)

(0.52)

(0.47)

(0.44)

Net

realized

gains

.................

(0.02)

(0.14)

—

—

(0.49)

(0.09)

Total

distributions

...................

(0.30)

(0.68)

(0.54)

(0.52)

(0.96)

(0.53)

Net

asset

value,

end

of

period

..........

$13.59

$12.81

$12.83

$11.28

$11.77

$13.88

Total

return

c

.......................

8.45%

5.39%

18.75%

0.02%

(8.79)%

22.84%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.16%

1.16%

1.15%

1.15%

1.16%

1.16%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.16%

e

1.16%

e

1.15%

e

1.14%

f

1.15%

f

1.15%

f

Net

investment

income

...............

2.98%

3.21%

3.36%

3.52%

2.47%

2.03%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$2,913

$2,552

$2,780

$2,382

$2,976

$3,435

Portfolio

turnover

rate

................

13.95%

42.27%

31.92%

92.40%

75.02%

39.64%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

`

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.81

$12.83

$11.28

$11.77

$13.88

$11.76

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.23 0.47 0.49 0.50 0.39 0.34 Net

realized

and

unrealized

gains

(losses)

0.87 0.26 1.67 (0.40)

(1.46)

2.39 Total

from

investment

operations

........

1.10 0.73 2.16 0.10 (1.07)

2.73 Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.61)

(0.61)

(0.59)

(0.55)

(0.52)

Net

realized

gains

.................

(0.02)

(0.14)

—

—

(0.49)

(0.09)

Total

distributions

...................

(0.33)

(0.75)

(0.61)

(0.59)

(1.04)

(0.61)

Net

asset

value,

end

of

period

..........

$13.58

$12.81

$12.83

$11.28

$11.77

$13.88

Total

return

c

.......................

8.66%

5.99%

19.43%

0.61%

(8.23)%

23.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.59%

0.59%

0.59%

0.59%

0.60%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.59%

e

0.59%

e

0.58%

0.58%

f

0.59%

f

0.59%

f

Net

investment

income

...............

3.54%

3.77%

3.94%

4.10%

3.05%

2.59%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$195,941

$185,418

$187,499

$174,925

$169,511

$184,084

Portfolio

turnover

rate

................

13.95%

42.27%

31.92%

92.40%

75.02%

39.64%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.80

$12.82

$11.28

$11.76

$13.87

$11.76

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.23 0.47 0.48 0.49 0.38 0.34 Net

realized

and

unrealized

gains

(losses)

0.88 0.25 1.66 (0.39)

(1.46)

2.37 Total

from

investment

operations

........

1.11 0.72 2.14 0.10 (1.08)

2.71 Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.60)

(0.60)

(0.58)

(0.54)

(0.51)

Net

realized

gains

.................

(0.02)

(0.14)

—

—

(0.49)

(0.09)

Total

distributions

...................

(0.33)

(0.74)

(0.60)

(0.58)

(1.03)

(0.60)

Net

asset

value,

end

of

period

..........

$13.58

$12.80

$12.82

$11.28

$11.76

$13.87

Total

return

c

.......................

8.71%

5.92%

19.25%

0.60%

(8.31)%

23.34%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.66%

0.66%

0.65%

0.65%

0.66%

0.67%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.66%

e

0.66%

e

0.65%

e

0.64%

f

0.65%

f

0.66%

f

Net

investment

income

...............

3.48%

3.70%

3.88%

4.03%

2.98%

2.52%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$217,858

$192,406

$203,398

$191,532

$203,346

$228,617

Portfolio

turnover

rate

................

13.95%

42.27%

31.92%

92.40%

75.02%

39.64%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

April

30,

2026

#### Franklin

#### Managed

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 40.1%

#### Aerospace

#### &

#### Defense

#### 1.8%
a

Boeing

Co.

(The)

...................................

United

States

40,000

$

9,161,200

Lockheed

Martin

Corp.

...............................

United

States

50,000

25,898,500

RTX

Corp.

........................................

United

States

155,000

27,290,850

62,350,550

#### Air

#### Freight

#### &

#### Logistics

#### 0.5%
United

Parcel

Service,

Inc.

,

B

..........................

United

States

175,000

19,040,000

#### Banks

#### 2.3%
Bank

of

America

Corp.

...............................

United

States

400,000

21,384,000

Fifth

Third

Bancorp

..................................

United

States

300,000

15,228,000

JPMorgan

Chase

&

Co.

...............................

United

States

35,000

10,963,050

Truist

Financial

Corp.

................................

United

States

350,000

18,025,000

US

Bancorp

.......................................

United

States

250,000

14,165,000

79,765,050

#### Beverages

#### 2.3%
Coca-Cola

Co.

(The)

.................................

United

States

300,000

23,628,000

PepsiCo,

Inc.

......................................

United

States

350,000

55,471,500

79,099,500

#### Biotechnology

#### 1.5%
AbbVie,

Inc.

.......................................

United

States

165,000

34,867,800

Amgen,

Inc.

.......................................

United

States

50,000

17,312,500

52,180,300

#### Broadline

#### Retail

#### 0.6%
a

Amazon.com,

Inc.

...................................

United

States

79,723

21,131,378

#### Building

#### Products

#### 0.4%
Johnson

Controls

International

plc

.......................

United

States

100,000

14,603,000

#### Capital

#### Markets

#### 1.2%
Charles

Schwab

Corp.

(The)

...........................

United

States

150,000

13,746,000

Morgan

Stanley

.....................................

United

States

150,000

28,588,500

42,334,500

#### Chemicals

#### 1.2%
Air

Products

and

Chemicals,

Inc.

........................

United

States

140,000

42,007,000

#### Communications

#### Equipment

#### 1.4%
Cisco

Systems,

Inc.

.................................

United

States

525,000

48,037,500

#### Consumer

#### Finance

#### 0.4%
Capital

One

Financial

Corp.

...........................

United

States

65,000

12,434,500

#### Diversified

#### Telecommunication

#### Services

#### 0.8%
Comcast

Corp.

,

A

...................................

United

States

800,000

21,632,000

Verizon

Communications,

Inc.

..........................

United

States

100,000

4,803,000

26,435,000

#### Electric

#### Utilities

#### 2.9%
Duke

Energy

Corp.

..................................

United

States

300,000

38,865,000

Edison

International

.................................

United

States

175,000

12,160,750

Southern

Co.

(The)

..................................

United

States

500,000

48,350,000

99,375,750

#### Energy

#### Equipment

#### &

#### Services

#### 0.5%
SLB

Ltd.

..........................................

United

States

321,000

18,258,480

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Food

#### Products

#### 0.5%
Nestle

SA

,

ADR

....................................

United

States

170,000

$

17,251,600

#### Ground

#### Transportation

#### 1.2%
Union

Pacific

Corp.

..................................

United

States

150,000

40,422,000

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.9%
Abbott

Laboratories

..................................

United

States

250,000

22,697,500

Medtronic

plc

......................................

United

States

125,000

10,121,250

32,818,750

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.5%
CVS

Health

Corp.

...................................

United

States

200,000

16,658,000

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.9%
McDonald's

Corp.

...................................

United

States

50,000

14,679,500

Starbucks

Corp.

....................................

United

States

150,000

15,799,500

30,479,000

#### Household

#### Products

#### 1.9%
Procter

&

Gamble

Co.

(The)

...........................

United

States

450,000

66,190,500

#### Industrial

#### Conglomerates

#### 0.6%
Honeywell

International,

Inc.

...........................

United

States

100,000

21,433,000

#### IT

#### Services

#### 0.9%
Accenture

plc

,

A

....................................

United

States

50,000

8,935,500

International

Business

Machines

Corp.

...................

United

States

100,000

23,098,000

32,033,500

#### Metals

#### &

#### Mining

#### 0.7%
Rio

Tinto

plc

,

ADR

...................................

Australia

250,000

25,120,000

#### Multi-Utilities

#### 0.7%
Sempra,

Inc.

.......................................

United

States

250,000

23,780,000

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 5.2%
Chevron

Corp.

.....................................

United

States

325,000

62,825,750

ConocoPhillips

.....................................

United

States

75,000

9,433,500

Exxon

Mobil

Corp.

...................................

United

States

400,000

61,732,000

Shell

plc

,

ADR

......................................

United

States

250,000

22,667,500

TotalEnergies

SE

...................................

France

275,000

25,495,250

182,154,000

#### Pharmaceuticals

#### 2.7%
AstraZeneca

plc

....................................

United

Kingdom

90,000

16,863,300

Johnson

&

Johnson

.................................

United

States

100,000

22,985,000

Merck

&

Co.,

Inc.

...................................

United

States

300,000

32,754,000

Pfizer,

Inc.

.........................................

United

States

750,000

20,025,000

92,627,300

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2.8%
Analog

Devices,

Inc.

.................................

United

States

100,000

40,226,000

Texas

Instruments,

Inc.

...............................

United

States

200,000

56,216,000

96,442,000

#### Software

#### 0.7%
Microsoft

Corp.

.....................................

United

States

40,000

16,311,200

Oracle

Corp.

.......................................

United

States

50,000

8,069,500

24,380,700

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Specialty

#### Retail

#### 1.4%
Home

Depot,

Inc.

(The)

...............................

United

States

150,000

$

49,320,000

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
NIKE,

Inc.

,

B

.......................................

United

States

128,000

5,678,080

#### Tobacco

#### 0.5%
Philip

Morris

International,

Inc.

.........................

United

States

100,000

16,507,000

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 972,461,788

####)
...................................

#### 1,390,347,938
b

#### Equity-Linked

#### Securities

#### 8.9%

#### Banks

#### 0.2%
c

UBS

AG

into

Bank

of

America

Corp.

,

144A,

%

,

3/03/27

......

United

States

125,000

6,763,692

#### Broadline

#### Retail

#### 0.3%
c

J.P.

Morgan

Structured

Products

BV

into

Amazon.com,

Inc.

,

144A,

%

,

1/11/27

......................................

United

States

45,000

10,980,240

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.2%
c

BNP

Paribas

Issuance

BV

into

Target

Corp.

,

144A,

%

,

10/07/26

United

States

55,000

5,878,489

c

Wells

Fargo

Bank

NA

into

Target

Corp.

,

144A,

%

,

5/13/26

...

United

States

275,000

34,718,613

40,597,102

#### Electric

#### Utilities

#### 0.7%
c

BNP

Paribas

Issuance

BV

into

NextEra

Energy,

Inc.

,

144A,

%

,

2/10/27

.........................................

United

States

254,000

23,593,040

#### Energy

#### Equipment

#### &

#### Services

#### 0.5%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

Halliburton

Co.

,

144A,

%

,

1/26/27

................................

United

States

495,000

17,394,122

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.6%
c

Merrill

Lynch

BV

into

UnitedHealth

Group,

Inc.

,

144A,

%

,

7/01/26

.........................................

United

States

55,000

20,245,241

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.3%
c

Toronto-Dominion

Bank

(The)

into

Starbucks

Corp.

,

144A,

%

,

1/27/27

.........................................

United

States

125,000

12,432,790

#### Interactive

#### Media

#### &

#### Services

#### 0.6%
c

Mizuho

Markets

Cayman

LP

into

Meta

Platforms,

Inc.

,

144A,

%

,

12/07/26

....................................

United

States

33,000

20,220,892

#### Metals

#### &

#### Mining

#### 1.1%
c

Merrill

Lynch

BV

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

5/12/26

.........................................

United

States

805,000

37,259,116

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2.5%
c

Barclays

Bank

plc

into

Micron

Technology,

Inc.

,

144A,

%

,

9/08/26

.........................................

United

States

85,000

12,966,832

c

Goldman

Sachs

Bank

USA

into

Applied

Materials,

Inc.

,

144A,

%

,

5/05/26

.....................................

United

States

135,000

23,007,591

c

Merrill

Lynch

BV

into

Advanced

Micro

Devices,

Inc.

,

144A,

%

,

5/06/26

.........................................

United

States

125,000

14,018,953

c

Royal

Bank

of

Canada

into

Microchip

Technology,

Inc.

,

144A,

%

,

5/05/26

.....................................

United

States

355,000

20,898,925

c

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

%

,

7/21/26

.........................................

United

States

68,000

16,641,543

87,533,844

#### Software

#### 0.9%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

Workday,

Inc.

,

144A,

%

,

2/24/27

.....................................

United

States

75,000

9,725,048

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

b

#### Equity-Linked

#### Securities
(continued)

#### Software
(continued)

c

Mizuho

Markets

Cayman

LP

into

Microsoft

Corp.

,

144A,

7.25 %

,

1/11/27

.........................................

United

States

50,000

$

21,186,353

30,911,401

#### Total

#### Equity-Linked

#### Securities

#### (Cost

#### $

#### 265,696,905

####)
............................

#### 307,931,480

#### Convertible

#### Preferred

#### Stocks

#### 3.2%

#### Aerospace

#### &

#### Defense

#### 0.6%
Boeing

Co.

(The)

,

%

................................

United

States

300,000

21,660,000

#### Capital

#### Markets

#### 0.6%
Ares

Management

Corp.

,

B

,

6.75 %

......................

United

States

500,000

19,620,000

#### Chemicals

#### 0.6%
Albemarle

Corp.

,

7.25 %

..............................

United

States

280,000

21,823,200

#### Electric

#### Utilities

#### 1.1%
NextEra

Energy,

Inc.

,

7.234 %

..........................

United

States

475,000

25,588,250

PPL

Corp.

,

%

.....................................

United

States

100,000

5,044,000

Southern

Co.

(The)

,

A

,

7.125 %

.........................

United

States

175,000

9,105,250

39,737,500

#### Software

#### 0.3%
Oracle

Corp.

,

D

,

6.5 %

................................

United

States

200,000

9,734,000

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 87,425,747

####)
.........................

#### 112,574,700

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 29.8%

#### Automobiles

#### 0.4%
General

Motors

Co.

,

Senior

Bond

,

5.6 %

,

10/15/32

...........

United

States

15,000,000

15,350,134

#### 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

15,736,681

Barclays

plc

,

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

...

United

Kingdom

10,000,000

10,308,105

Senior

Note

,

7.385%

to

11/01/27,

FRN

thereafter

,

11/02/28

..

United

Kingdom

15,000,000

15,597,834

Citigroup,

Inc.

,

Senior

Bond

,

6.27%

to

11/16/32,

FRN

thereafter

,

11/17/33

...

United

States

10,000,000

10,692,601

Sub.

Bond

,

6.02%

to

1/23/35,

FRN

thereafter

,

1/24/36

......

United

States

15,000,000

15,406,162

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

.................................

United

States

10,000,000

10,358,077

JPMorgan

Chase

&

Co.

,

d

NN

,

Junior

Sub.

Bond

,

6.875%

to

5/31/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

10,000,000

10,424,050

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

10,000,000

10,728,549

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

...................

United

States

10,000,000

10,558,162

Truist

Financial

Corp.

,

Senior

Bond

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

.................................

United

States

10,000,000

9,997,595

US

Bancorp

,

Senior

Bond

,

5.85%

to

10/20/32,

FRN

thereafter

,

10/21/33

........................................

United

States

10,000,000

10,490,820

Wells

Fargo

&

Co.

,

Senior

Bond

,

5.389%

to

4/23/33,

FRN

thereafter

,

4/24/34

.................................

United

States

25,000,000

25,457,559

155,756,195

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Biotechnology

#### 0.4%
AbbVie,

Inc.

,

Senior

Bond

,

4.55 %

,

3/15/35

................

United

States

15,000,000

$

14,562,357

#### Building

#### Products

#### 0.6%
Carrier

Global

Corp.

,

Senior

Bond

,

5.9 %

,

3/15/34

...........

United

States

20,000,000

21,090,161

#### Capital

#### Markets

#### 2.2%
Charles

Schwab

Corp.

(The)

,

Senior

Bond

,

5.853%

to

5/18/33,

FRN

thereafter

,

5/19/34

.............................

United

States

10,000,000

10,498,474

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

15,000,000

13,357,072

Senior

Bond

,

6.561%

to

10/23/33,

FRN

thereafter

,

10/24/34

.

United

States

10,000,000

10,868,245

Sub.

Bond

,

5.387%

to

2/01/36,

FRN

thereafter

,

2/02/41

.....

United

States

10,000,000

9,737,218

Morgan

Stanley

,

Senior

Bond

,

6.342%

to

10/17/32,

FRN

thereafter

,

10/18/33

.

United

States

15,000,000

16,080,739

Senior

Bond

,

5.424%

to

7/20/33,

FRN

thereafter

,

7/21/34

...

United

States

15,000,000

15,292,149

75,833,897

#### Chemicals

#### 0.3%
Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3 %

,

3/15/33

........

United

States

10,000,000

10,566,347

#### Consumer

#### Finance

#### 2.0%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3 %

,

1/30/32

..........................

Ireland

20,000,000

18,285,436

Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

...

United

States

10,000,000

10,038,410

Senior

Note

,

6.312%

to

6/07/28,

FRN

thereafter

,

6/08/29

....

United

States

10,000,000

10,342,082

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

3.6 %

,

6/21/30

..........................

United

States

20,000,000

19,109,667

Senior

Bond

,

6.4 %

,

1/09/33

..........................

United

States

10,000,000

10,651,649

68,427,244

#### Diversified

#### REITs

#### 0.6%
c

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.625 %

,

12/01/29

..................................

United

States

20,000,000

19,692,951

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
c

RD

Michigan

Property

Owner

I

LLC

,

Senior

Secured

Bond

,

144A,

7.5 %

,

3/30/45

....................................

United

States

20,000,000

20,006,044

#### Electric

#### Utilities

#### 3.1%
Edison

International

,

Senior

Note

,

6.95 %

,

11/15/29

..........

United

States

20,000,000

21,008,467

c

NRG

Energy,

Inc.

,

Senior

Secured

Bond

,

144A,

%

,

3/15/33

...

United

States

10,000,000

10,876,570

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55 %

,

7/01/30

.........................

United

States

20,000,000

19,778,473

Senior

Bond

,

6.15 %

,

1/15/33

.........................

United

States

10,000,000

10,485,677

Southern

Co.

(The)

,

Junior

Sub.

Bond

,

6%

to

3/31/33,

FRN

thereafter

,

4/01/58

...

United

States

10,000,000

10,112,950

Senior

Bond

,

5.7 %

,

10/15/32

.........................

United

States

15,000,000

15,684,525

c

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3 %

,

7/15/29

.........................................

United

States

20,000,000

19,632,957

107,579,619

#### Electrical

#### Equipment

#### 0.6%
Regal

Rexnord

Corp.

,

Senior

Note

,

6.05 %

,

4/15/28

..........

United

States

20,000,000

20,509,317

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.6%
Flex

Ltd.

,

Senior

Bond

,

4.875 %

,

5/12/30

..................

United

States

20,000,000

20,014,839

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### 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

$

4,694,241

Senior

Note

,

6.75 %

,

3/15/34

.........................

United

States

15,000,000

16,311,060

Pilgrim's

Pride

Corp.

,

Senior

Note

,

4.25 %

,

4/15/31

..........

United

States

21,000,000

20,199,668

41,204,969

#### Ground

#### Transportation

#### 0.7%
c

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5 %

,

8/11/32

.....................

United

Kingdom

15,000,000

15,329,911

Senior

Bond

,

144A,

5.95 %

,

10/15/33

...................

United

Kingdom

10,000,000

10,386,848

25,716,759

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.4%
c

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

%

,

12/01/31

.....................................

Germany

20,000,000

17,885,583

HCA,

Inc.

,

Senior

Bond

,

5.5 %

,

6/01/33

...................

United

States

15,000,000

15,348,645

Humana,

Inc.

,

Senior

Bond

,

5.875 %

,

3/01/33

...............

United

States

15,000,000

15,391,711

48,625,939

#### Health

#### Care

#### REITs

#### 0.6%
Healthpeak

OP

LLC

,

Senior

Note

,

5.25 %

,

12/15/32

..........

United

States

20,000,000

20,191,297

#### Insurance

#### 1.2%
Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375 %

,

3/15/31

.........

United

States

25,000,000

22,131,958

c

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791 %

,

2/15/33

.........................................

United

States

10,000,000

10,385,338

MetLife,

Inc.

,

Junior

Sub.

Bond

,

6.4 %

,

12/15/36

.............

United

States

10,000,000

10,248,720

42,766,016

#### IT

#### Services

#### 0.6%
c

Beignet

Investor

LLC

,

Senior

Secured

Bond

,

144A,

6.581 %

,

5/30/49

.........................................

United

States

20,000,000

20,672,801

#### Machinery

#### 0.6%
Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7 %

,

8/14/33

............

United

States

20,000,000

20,833,635

#### Metals

#### &

#### Mining

#### 0.7%
ArcelorMittal

SA

,

Senior

Note

,

6.55 %

,

11/29/27

.............

Luxembourg

10,000,000

10,292,094

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

4.625 %

,

8/01/30

......

United

States

15,000,000

14,964,906

25,257,000

#### Multi-Utilities

#### 0.5%
Sempra,

Inc.

,

Senior

Bond

,

5.5 %

,

8/01/33

.................

United

States

15,000,000

15,458,824

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.1%
Energy

Transfer

LP

,

Senior

Bond

,

5.75 %

,

2/15/33

...........

United

States

15,000,000

15,624,642

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.65 %

,

3/15/33

.......

United

States

20,000,000

20,717,011

36,341,653

#### Passenger

#### Airlines

#### 0.6%
c

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75 %

,

10/20/28

..............................

United

States

20,833,333

20,854,222

#### Pharmaceuticals

#### 0.5%
Viatris,

Inc.

,

Senior

Note

,

2.7 %

,

6/22/30

...................

United

States

20,000,000

18,228,976

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.5%
Broadcom,

Inc.

,

Senior

Note

,

3.469 %

,

4/15/34

..............

United

States

20,000,000

18,056,572

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Software

#### 1.2%
Oracle

Corp.

,

Senior

Bond

,

6.25 %

,

11/09/32

........................

United

States

10,000,000

$

10,267,989

Senior

Bond

,

3.9 %

,

5/15/35

..........................

United

States

20,000,000

16,939,255

Senior

Bond

,

5.7 %

,

2/04/36

..........................

United

States

5,000,000

4,804,262

Salesforce,

Inc.

,

Senior

Bond

,

5.55 %

,

3/15/36

..............

United

States

10,000,000

9,976,127

41,987,633

#### Specialized

#### REITs

#### 0.6%
American

Tower

Corp.

,

Senior

Bond

,

5.9 %

,

11/15/33

.........

United

States

10,000,000

10,490,748

Crown

Castle,

Inc.

,

Senior

Bond

,

5.1 %

,

5/01/33

.............

United

States

10,000,000

9,920,883

20,411,631

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.4%
HP,

Inc.

,

Senior

Bond

,

5.5 %

,

1/15/33

.....................

United

States

15,000,000

15,280,284

#### Tobacco

#### 0.8%
BAT

Capital

Corp.

,

Senior

Bond

,

7.75 %

,

10/19/32

...........

United

Kingdom

25,000,000

28,692,770

#### Trading

#### Companies

#### &

#### Distributors

#### 0.7%
c

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/15/29

.....................................

United

States

22,500,000

22,899,308

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 981,108,119

####)
...................................

#### 1,032,869,394

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 3.5%
U.S.

Treasury

Bonds

,

e

.18

%

,

8/15/54

...................................

United

States

265,000,000

63,568,343

4.75 %,

5/15/55

...................................

United

States

60,000,000

57,697,266

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 126,100,831

####)
..............

#### 121,265,609

#### Asset-Backed

#### Securities

#### 0.1%

#### Passenger

#### Airlines

#### 0.1%
United

Airlines

Pass-Through

Trust

,

2020-1

,

A

,

5.875 %

,

10/15/27

.

United

States

3,111,542

3,168,957

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 3,111,542

####)
..............................

#### 3,168,957

#### Mortgage-Backed

#### Securities

#### 12.5%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 3.2%
FHLMC

Pool,

Year

,

%,

5/01/53

......................

United

States

14,307,381

14,173,561

FHLMC

Pool,

Year

,

%,

11/01/54

.....................

United

States

21,657,354

21,366,585

FHLMC

Pool,

Year

,

5.5 %,

7/01/53

.....................

United

States

38,514,500

38,871,291

FHLMC

Pool,

Year

,

5.5 %,

11/01/53

-

2/01/55

............

United

States

32,171,355

32,383,754

FHLMC

Pool,

Year

,

%,

9/01/55

......................

United

States

3,991,040

4,076,800

110,871,991

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 3.0%
FNMA,

Year

,

%,

8/01/49

...........................

United

States

817,861

780,601

FNMA,

Year

,

%,

5/01/53

...........................

United

States

14,246,441

14,112,458

FNMA,

Year

,

%,

11/01/53

..........................

United

States

34,579,524

34,232,995

FNMA,

Year

,

5.5 %,

11/01/54

.........................

United

States

8,749,346

8,802,085

FNMA,

Year

,

%,

5/01/53

...........................

United

States

29,404,350

30,162,624

FNMA,

Year

,

%,

8/01/55

...........................

United

States

13,498,426

13,788,484

101,879,247

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 6.3%
GNMA

II,

Single-family,

Year

,

5.5 %,

2/20/55

.............

United

States

74,655,812

75,344,550

GNMA

II,

Single-family,

Year

,

5.5 %,

5/20/55

-

6/20/55

......

United

States

18,951,546

19,121,084

GNMA

II,

Single-family,

Year

,

5.5 %,

10/20/55

............

United

States

98,185,962

99,001,108

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

GNMA

II,

Single-family,

Year

,

%,

8/20/55

-

1/20/56

.......

United

States

25,430,725

$

25,981,248

219,447,990

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 428,241,716

####)
.........................

#### 432,199,228

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,864,146,648

####)
...........................

#### 3,400,357,306

#### a

#### Short

#### Term

#### Investments

#### 1.5%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.5%
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

.........................................

United

States

50,868,531

50,868,531

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 50,868,531

####)
................................

#### 50,868,531

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 50,868,531

####)
..............................

#### 50,868,531

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,915,015,179

####)
99.6 #### %
................................

#### $3,451,225,837

#### Other

#### Assets,

#### less

#### Liabilities
0.4 #### %
...........................................

#### 15,644,834

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $3,466,870,671

#### a
See

Abbreviations

on

.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

See

Note

1(e)

regarding

equity-linked

securities.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2026,

the

aggregate

value

of

these

securities

was

$496,554,013,

representing

14.3%

of

net

assets.

d

Perpetual

security

with

no

stated

maturity

date.

e

The

rate

shown

represents

the

yield

at

period

end.

f

See

Note

3(f)

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

Financial

Highlights

#### Franklin

#### Total

#### Return

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021\*

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.44

$8.30

$7.77

$7.94

$9.98

$10.04

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.171 0.332 0.310 0.288 0.229 0.176 Net

realized

and

unrealized

gains

(losses)

(0.124)

0.153 0.536 (0.186)

(2.006)

0.036 Total

from

investment

operations

........

0.047 0.485 0.846 0.102 (1.777)

0.212 Less

distributions

from:

Net

investment

income

..............

(0.177)

(0.345)

(0.316)

(0.272)

(0.260)

(0.272)

Tax

return

of

capital

................

—

—

—

—

(0.003)

—

Total

distributions

...................

(0.177)

(0.345)

(0.316)

(0.272)

(0.263)

(0.272)

Net

asset

value,

end

of

period

..........

$8.31

$8.44

$8.30

$7.77

$7.94

$9.98

Total

return

c

.......................

0.55%

5.98%

10.99%

1.14%

(18.06)%

2.12%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.91%

0.92%

0.92%

0.94%

0.92%

0.89%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.72%

0.77%

0.83%

0.83%

e

0.82%

e

0.83%

Net

investment

income

...............

4.11%

4.00%

3.75%

3.50%

2.52%

1.75%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,273,969

$2,403,057

$2,523,536

$2,494,183

$2,716,548

$3,876,156

Portfolio

turnover

rate

................

154.60%

234.19%

204.24%

f

127.45%

197.26%

184.44%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

g

........................

79.77%

87.23%

100.79%

f

81.72%

105.09%

59.70%

f

\*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I

from

November

1,

2020

through

April

27,

2021. a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021\*

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.37

$8.22

$7.71

$7.88

$9.90

$9.97

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.155 0.299 0.277 0.256 0.193 0.137 Net

realized

and

unrealized

gains

(losses)

(0.124)

0.163 0.517 (0.186)

(1.985)

0.025 Total

from

investment

operations

........

0.031 0.462 0.794 0.070 (1.792)

0.162 Less

distributions

from:

Net

investment

income

..............

(0.161)

(0.312)

(0.284)

(0.240)

(0.225)

(0.232)

Tax

return

of

capital

................

—

—

—

—

(0.003)

—

Total

distributions

...................

(0.161)

(0.312)

(0.284)

(0.240)

(0.228)

(0.232)

Net

asset

value,

end

of

period

..........

$8.24

$8.37

$8.22

$7.71

$7.88

$9.90

Total

return

c

.......................

0.36%

5.74%

10.36%

0.75%

(18.33)%

1.63%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.32%

1.32%

1.33%

1.35%

1.32%

1.30%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.12%

1.18%

1.23%

1.23%

e

1.23%

e

1.24%

Net

investment

income

...............

3.74%

3.63%

3.38%

3.12%

2.14%

1.37%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$16,810

$19,633

$24,832

$30,819

$91,669

$141,309

Portfolio

turnover

rate

................

154.60%

234.19%

204.24%

f

127.45%

197.26%

184.44%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

g

........................

79.77%

87.23%

100.79%

f

81.72%

105.09%

59.70%

f

\*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I

from

November

1,

2020

through

April

27,

2021. a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021\*

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.41

$8.26

$7.74

$7.90

$9.94

$10.00

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.161 0.312 0.289 0.268 0.206 0.152 Net

realized

and

unrealized

gains

(losses)

(0.124)

0.163 0.527 (0.176)

(2.005)

0.035 Total

from

investment

operations

........

0.037 0.475 0.816 0.092 (1.799)

0.187 Less

distributions

from:

Net

investment

income

..............

(0.167)

(0.325)

(0.296)

(0.252)

(0.238)

(0.247)

Tax

return

of

capital

................

—

—

—

—

(0.003)

—

Total

distributions

...................

(0.167)

(0.325)

(0.296)

(0.252)

(0.241)

(0.247)

Net

asset

value,

end

of

period

..........

$8.28

$8.41

$8.26

$7.74

$7.90

$9.94

Total

return

c

.......................

0.43%

5.87%

10.62%

1.03%

(18.34)%

1.87%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.17%

1.17%

1.18%

1.19%

1.17%

1.14%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.97%

1.02%

1.08%

1.08%

e

1.08%

e

1.09%

Net

investment

income

...............

3.88%

3.78%

3.52%

3.27%

2.29%

1.52%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$7,279

$7,497

$7,596

$7,336

$8,827

$12,623

Portfolio

turnover

rate

................

154.60%

234.19%

204.24%

f

127.45%

197.26%

184.44%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

g

........................

79.77%

87.23%

100.79%

f

81.72%

105.09%

59.70%

f

\*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I

from

November

1,

2020

through

April

27,

2021. a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021\*

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.50

$8.36

$7.83

$8.00

$10.05

$10.11

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.186 0.362 0.340 0.318 0.263 0.213 Net

realized

and

unrealized

gains

(losses)

(0.125)

0.153 0.536 (0.186)

(2.017)

0.035 Total

from

investment

operations

........

0.061 0.515 0.876 0.132 (1.754)

0.248 Less

distributions

from:

Net

investment

income

..............

(0.191)

(0.375)

(0.346)

(0.302)

(0.293)

(0.308)

Tax

return

of

capital

................

—

—

—

—

(0.003)

—

Total

distributions

...................

(0.191)

(0.375)

(0.346)

(0.302)

(0.296)

(0.308)

Net

asset

value,

end

of

period

..........

$8.37

$8.50

$8.36

$7.83

$8.00

$10.05

Total

return

c

.......................

0.60%

6.44%

11.30%

1.50%

(17.74)%

2.47%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.55%

0.55%

0.57%

0.58%

0.56%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.37%

0.41%

0.47%

0.47%

e

0.44%

e

0.46%

Net

investment

income

...............

4.43%

4.33%

4.08%

3.84%

2.89%

2.10%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$372,344

$387,279

$396,341

$390,582

$434,834

$601,624

Portfolio

turnover

rate

................

154.60%

234.19%

204.24%

f

127.45%

197.26%

184.44%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

g

........................

79.77%

87.23%

100.79%

f

81.72%

105.09%

59.70%

f

\*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I

from

November

1,

2020

through

April

27,

2021. a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021\*

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.50

$8.35

$7.82

$7.99

$10.04

$10.10

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.182 0.353 0.331 0.309 0.251 0.202 Net

realized

and

unrealized

gains

(losses)

(0.135)

0.163 0.536 (0.186)

(2.015)

0.035 Total

from

investment

operations

........

0.047 0.516 0.867 0.123 (1.764)

0.237 Less

distributions

from:

Net

investment

income

..............

(0.187)

(0.366)

(0.337)

(0.293)

(0.283)

(0.297)

Tax

return

of

capital

................

—

—

—

—

(0.003)

—

Total

distributions

...................

(0.187)

(0.366)

(0.337)

(0.293)

(0.286)

(0.297)

Net

asset

value,

end

of

period

..........

$8.36

$8.50

$8.35

$7.82

$7.99

$10.04

Total

return

c

.......................

0.55%

6.33%

11.19%

1.39%

(17.86)%

2.36%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.66%

0.66%

0.67%

0.69%

0.66%

0.64%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.47%

0.52%

0.58%

0.58%

e

0.57%

e

0.58%

Net

investment

income

...............

4.33%

4.23%

3.99%

3.73%

2.76%

2.00%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$194,295

$202,363

$201,353

$156,009

$175,044

$232,016

Portfolio

turnover

rate

................

154.60%

234.19%

204.24%

f

127.45%

197.26%

184.44%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

g

........................

79.77%

87.23%

100.79%

f

81.72%

105.09%

59.70%

f

\*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

I

from

November

1,

2020

through

April

27,

2021. a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Total

#### Return

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 0.0%

#### †

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
a

Valaris

Ltd.

........................................

United

States

2,435

$

248,322

#### Machinery

#### 0.0%

#### †
b

UTEX

Industries,

Inc.

................................

United

States

4,843

212,912

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 994,221

####)
.......................................

#### 461,234

#### Preferred

#### Stocks

#### 0.1%

#### Banks

#### 0.1%
Citigroup

Capital

XIII

,

10.295 %

.........................

United

States

93,000

2,733,270

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 2,325,000

####)
.....................................

#### 2,733,270

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 49.1%

#### Aerospace

#### &

#### Defense

#### 1.4%
c

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

3/15/33

.....

United

States

2,000,000

2,053,542

Boeing

Co.

(The)

,

Senior

Bond

,

3.625 %

,

2/01/31

........................

United

States

6,500,000

6,202,740

Senior

Bond

,

6.875 %

,

3/15/39

........................

United

States

3,200,000

3,548,311

Senior

Note

,

5.15 %

,

5/01/30

.........................

United

States

13,500,000

13,721,601

c

Bombardier,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

6/15/33

.........

Canada

2,275,000

2,374,993

c

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

1,100,000

1,096,941

c

Honeywell

Aerospace,

Inc.

,

Senior

Bond

,

144A,

4.95 %

,

3/16/36

....................

United

States

2,205,000

2,180,814

Senior

Bond

,

144A,

5.732 %

,

3/16/56

...................

United

States

1,255,000

1,235,219

Senior

Bond

,

144A,

5.852 %

,

3/16/66

...................

United

States

840,000

827,448

Senior

Note

,

144A,

4.6 %

,

3/16/33

.....................

United

States

1,105,000

1,091,419

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

4.75 %

,

4/15/36

.........................

United

States

2,465,000

2,395,491

Senior

Note

,

4.85 %

,

10/15/31

........................

United

States

2,400,000

2,421,281

39,149,800

#### Automobile

#### Components

#### 0.1%
c

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

2,000,000

2,006,794

#### Automobiles

#### 0.2%
c

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.35 %

,

3/19/29

....................

United

States

1,600,000

1,629,144

Senior

Note

,

144A,

5.4 %

,

6/23/32

.....................

United

States

4,900,000

4,994,446

6,623,590

#### Banks

#### 7.2%
c

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

.....................

Netherlands

2,500,000

2,517,572

Banco

Santander

SA

,

Sub.

Bond

,

2.749 %

,

12/03/30

.........

Spain

3,600,000

3,257,146

Bank

of

America

Corp.

,

Senior

Bond

,

2.592%

to

4/28/30,

FRN

thereafter

,

4/29/31

...

United

States

6,700,000

6,198,632

Senior

Bond

,

1.922%

to

10/23/30,

FRN

thereafter

,

10/24/31

.

United

States

5,300,000

4,700,387

Senior

Bond

,

2.972%

to

2/03/32,

FRN

thereafter

,

2/04/33

...

United

States

7,500,000

6,797,672

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

10,000,000

10,219,839

Sub.

Bond

,

3.846%

to

3/07/32,

FRN

thereafter

,

3/08/37

.....

United

States

1,434,000

1,332,564

c

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

4.541 %

,

1/15/31

..............................

France

2,350,000

2,323,259

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

c

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

2.045%

to

10/18/26,

FRN

thereafter

,

10/19/27

................................

France

9,500,000

$

9,392,938

Senior

Non-Preferred

Note

,

144A,

5.716%

to

1/17/29,

FRN

thereafter

,

1/18/30

.................................

France

7,000,000

7,171,485

c

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.885%

to

7/02/30,

FRN

thereafter

,

7/03/31

......................

Spain

5,200,000

5,209,000

Citigroup,

Inc.

,

Senior

Bond

,

2.572%

to

6/02/30,

FRN

thereafter

,

6/03/31

...

United

States

8,000,000

7,360,671

Senior

Bond

,

3.057%

to

1/24/32,

FRN

thereafter

,

1/25/33

...

United

States

16,100,000

14,595,509

c

Danske

Bank

A/S

,

Senior

Non-Preferred

Note

,

144A,

5.705%

to

2/28/29,

FRN

thereafter

,

3/01/30

......................

Denmark

6,800,000

6,990,035

HSBC

Holdings

plc

,

Senior

Bond

,

3.973%

to

5/21/29,

FRN

thereafter

,

5/22/30

.................................

United

Kingdom

6,500,000

6,366,732

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

4.493%

to

3/23/30,

FRN

thereafter

,

3/24/31

...

United

States

17,100,000

17,042,369

Senior

Bond

,

2.58%

to

4/21/31,

FRN

thereafter

,

4/22/32

....

United

States

1,700,000

1,538,711

Senior

Bond

,

5.336%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

9,300,000

9,429,491

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

1,985,000

2,014,756

Lloyds

Banking

Group

plc

,

Senior

Note

,

5.871%

to

3/05/28,

FRN

thereafter

,

3/06/29

.................................

United

Kingdom

5,300,000

5,429,582

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

.............................

Japan

6,000,000

6,162,329

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

......................

United

States

3,800,000

3,824,676

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

......................

United

Kingdom

6,500,000

6,476,140

c

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

.................................

France

10,800,000

10,768,494

Senior

Non-Preferred

Note

,

144A,

6.446%

to

1/09/28,

FRN

thereafter

,

1/10/29

.................................

France

6,500,000

6,678,959

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.693 %

,

9/15/27

...

Canada

12,000,000

12,065,790

Truist

Financial

Corp.

,

Senior

Note

,

7.161%

to

10/29/28,

FRN

thereafter

,

10/30/29

..

United

States

4,950,000

5,252,386

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

....

United

States

4,400,000

4,503,139

Wells

Fargo

&

Co.

,

Senior

Bond

,

3.35%

to

3/01/32,

FRN

thereafter

,

3/02/33

....

United

States

9,000,000

8,287,865

Senior

Bond

,

5.499%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

7,500,000

7,650,155

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

5,200,000

5,288,752

206,847,035

#### Beverages

#### 0.1%
Keurig

Dr.

Pepper,

Inc.

,

Senior

Bond

,

5.3 %

,

3/15/34

.........

United

States

1,435,000

1,432,205

#### Biotechnology

#### 1.4%
AbbVie,

Inc.

,

Senior

Bond

,

4.75 %

,

3/15/36

.........................

United

States

575,000

562,478

Senior

Note

,

3.2 %

,

11/21/29

.........................

United

States

3,000,000

2,887,549

Senior

Note

,

4.4 %

,

3/15/33

..........................

United

States

1,670,000

1,639,916

Amgen,

Inc.

,

Senior

Bond

,

5.25 %

,

3/02/33

.................

United

States

14,300,000

14,638,093

Biogen,

Inc.

,

Senior

Bond

,

2.25 %

,

5/01/30

.................

United

States

6,900,000

6,313,149

c

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.25 %

,

4/27/32

........

Australia

6,500,000

6,295,700

c

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

12/15/32

..............................

Denmark

1,960,000

2,012,577

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Biotechnology
(continued)

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75 %

,

9/15/30

United

States

7,500,000

$

6,668,061

41,017,523

#### Broadline

#### Retail

#### 0.3%
Amazon.com,

Inc.

,

Senior

Bond

,

4.875 %

,

3/13/36

........................

United

States

1,997,000

1,968,478

Senior

Bond

,

5.8 %

,

3/13/56

..........................

United

States

280,000

275,780

Senior

Bond

,

6.05 %

,

3/13/76

.........................

United

States

1,786,000

1,761,164

Senior

Note

,

4.55 %

,

3/13/33

.........................

United

States

1,350,000

1,334,220

b

,c

,d

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

12/31/22

........................................

South

Africa

2,492,650

—

b

,c

,d

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

12/31/22

....................................

South

Africa

1,098,025

—

c

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.25 %

,

10/31/29

....

United

States

2,000,000

2,050,826

7,390,468

#### Building

#### Products

#### 0.3%
Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

............

United

States

820,000

824,438

c

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

1/31/31

...................................

United

States

175,000

175,056

c

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

1,000,000

989,064

Owens

Corning

,

Senior

Bond

,

3.875 %

,

6/01/30

.............

United

States

6,500,000

6,314,756

8,303,314

#### Capital

#### Markets

#### 3.0%
Deutsche

Bank

AG

,

Senior

Preferred

Note

,

5.371 %

,

9/09/27

...

Germany

9,500,000

9,646,622

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

15,000,000

13,357,071

Senior

Bond

,

3.102%

to

2/23/32,

FRN

thereafter

,

2/24/33

...

United

States

6,500,000

5,886,932

Senior

Bond

,

5.065%

to

1/20/36,

FRN

thereafter

,

1/21/37

...

United

States

1,170,000

1,144,267

Senior

Note

,

1.948%

to

10/20/26,

FRN

thereafter

,

10/21/27

..

United

States

9,700,000

9,588,789

Senior

Note

,

5.094%

to

4/19/33,

FRN

thereafter

,

4/20/34

....

United

States

950,000

948,036

c

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125 %

,

11/01/32

.............................

United

States

3,050,000

3,067,774

Morgan

Stanley

,

Senior

Bond

,

1.928%

to

4/27/31,

FRN

thereafter

,

4/28/32

...

United

States

15,200,000

13,221,912

Senior

Bond

,

5.466%

to

1/17/34,

FRN

thereafter

,

1/18/35

...

United

States

8,650,000

8,816,752

Senior

Bond

,

5.073%

to

1/29/36,

FRN

thereafter

,

1/30/37

...

United

States

1,780,000

1,742,327

Senior

Bond

,

5.9%

to

3/12/46,

FRN

thereafter

,

3/13/47

.....

United

States

1,760,000

1,764,284

Senior

Note

,

4.493%

to

1/15/31,

FRN

thereafter

,

1/16/32

....

United

States

1,755,000

1,727,259

Senior

Note

,

4.708%

to

3/11/31,

FRN

thereafter

,

3/12/32

....

United

States

2,530,000

2,511,035

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

542,000

558,560

c

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25 %

,

4/01/29

...................................

United

States

2,500,000

2,549,523

c

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

1,310,000

1,355,267

c

StoneX

Group,

Inc.

,

Secured

Note

,

144A,

7.875 %

,

3/01/31

....

United

States

700,000

737,512

c

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

.................................

Switzerland

6,500,000

6,635,060

85,258,982

#### Chemicals

#### 0.2%
c

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

...

United

States

2,000,000

1,951,193

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals
(continued)

c

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

4,500,000

$

4,740,197

6,691,390

#### Commercial

#### Services

#### &

#### Supplies

#### 0.5%
c

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29 %

,

4/15/29

.............

United

States

130,000

131,585

Senior

Secured

Note

,

144A,

9.5 %

,

2/15/33

..............

United

States

1,200,000

1,202,452

Republic

Services,

Inc.

,

Senior

Bond

,

%

,

4/01/34

...........

United

States

6,500,000

6,572,420

Waste

Connections,

Inc.

,

Senior

Bond

,

4.8 %

,

7/15/36

........

United

States

2,075,000

2,032,071

c

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

2,000,000

2,042,411

c

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

2,000,000

2,064,816

14,045,755

#### Communications

#### Equipment

#### 0.5%
Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.75 %

,

5/24/31

........

United

States

16,800,000

15,322,759

#### Consumer

#### Finance

#### 1.1%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4 %

,

10/29/33

.........................

Ireland

11,300,000

10,045,985

Senior

Note

,

4.125 %

,

2/28/29

........................

Ireland

805,000

795,221

c

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

4.9 %

,

10/10/30

....................

Ireland

3,265,000

3,249,151

Senior

Note

,

144A,

4.95 %

,

10/15/32

...................

Ireland

6,200,000

6,051,193

c

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

4,800,000

4,925,427

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

5.45 %

,

9/06/34

.........................

United

States

1,515,000

1,515,094

Senior

Note

,

4.2 %

,

10/27/28

.........................

United

States

980,000

972,169

c

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5 %

,

2/15/29

United

States

3,200,000

3,369,091

OneMain

Finance

Corp.

,

Senior

Note

,

6.75 %

,

9/15/33

........

United

States

1,500,000

1,477,272

32,400,603

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.4%
Dollar

Tree,

Inc.

,

Senior

Bond

,

4.2 %

,

5/15/28

..........................

United

States

8,000,000

7,958,118

Senior

Bond

,

2.65 %

,

12/01/31

........................

United

States

3,300,000

2,946,610

c

US

Foods,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

6/01/30

.........

United

States

2,000,000

1,957,560

12,862,288

#### Containers

#### &

#### Packaging

#### 0.2%
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

.............

United

States

1,860,000

1,847,475

c

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

775,000

679,766

WRKCo,

Inc.

,

Senior

Bond

,

%

,

6/15/33

..................

United

States

4,700,000

4,136,958

6,664,199

#### Diversified

#### REITs

#### 0.3%
VICI

Properties

LP

,

Senior

Note

,

5.125 %

,

11/15/31

..........

United

States

9,000,000

8,976,257

#### Diversified

#### Telecommunication

#### Services

#### 2.3%
c

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

3/15/31

.........................................

United

States

1,290,000

1,277,997

c

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

........................................

United

States

1,425,000

1,532,459

AT&T,

Inc.

,

Senior

Bond

,

2.55 %

,

12/01/33

........................

United

States

21,000,000

17,761,691

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### Telecommunication

#### Services
(continued)

AT&T,

Inc.,

(continued)

Senior

Bond

,

5.125 %

,

4/30/36

........................

United

States

1,485,000

$

1,461,214

Senior

Bond

,

6.2 %

,

10/30/56

.........................

United

States

1,205,000

1,194,496

c

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125 %

,

2/15/31

.........................................

United

States

1,200,000

1,219,005

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

4.5 %

,

5/01/32

....................................

United

States

2,200,000

1,933,289

c

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

........................................

United

States

1,385,000

1,437,296

Comcast

Corp.

,

Senior

Bond

,

1.5 %

,

2/15/31

..........................

United

States

4,000,000

3,470,303

Senior

Bond

,

4.8 %

,

5/15/33

..........................

United

States

14,700,000

14,607,748

c

PR

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/01/31

....................................

United

States

515,000

510,751

c

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

...................................

United

States

1,410,000

1,384,336

Verizon

Communications,

Inc.

,

Senior

Bond

,

5.05 %

,

5/09/33

.........................

United

States

6,500,000

6,585,664

Senior

Bond

,

5.25 %

,

4/02/35

.........................

United

States

836,000

836,148

Senior

Note

,

2.355 %

,

3/15/32

........................

United

States

9,000,000

7,872,093

Senior

Note

,

4.75 %

,

1/15/33

.........................

United

States

1,664,000

1,642,556

c

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

........................................

United

States

1,260,000

1,325,029

66,052,075

#### Electric

#### Utilities

#### 3.9%
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

3,248,865

D

,

Junior

Sub.

Bond

,

6.05%

to

3/14/36,

FRN

thereafter

,

3/15/56

.........................................

United

States

1,090,000

1,087,050

c

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

3,600,000

3,580,058

Commonwealth

Edison

Co.

,

Senior

Bond

,

6.45 %

,

1/15/38

.....

United

States

700,000

770,300

DTE

Electric

Co.

,

Senior

Bond

,

5.25 %

,

5/15/35

.........................

United

States

885,000

897,891

A

,

Senior

Bond

,

4.85 %

,

3/01/36

.......................

United

States

1,705,000

1,667,767

Duke

Energy

Corp.

,

Senior

Bond

,

2.45 %

,

6/01/30

.........................

United

States

2,900,000

2,675,704

Senior

Bond

,

4.5 %

,

8/15/32

..........................

United

States

2,000,000

1,972,209

Senior

Bond

,

5.75 %

,

9/15/33

.........................

United

States

6,500,000

6,799,623

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25 %

,

4/01/33

........

United

States

1,300,000

1,329,232

c

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

6.8 %

,

9/15/37

.....................

Italy

3,000,000

3,315,421

Senior

Note

,

144A,

4.375 %

,

9/30/30

...................

Italy

1,210,000

1,190,548

Exelon

Corp.

,

Senior

Bond

,

4.05 %

,

4/15/30

................

United

States

8,400,000

8,230,754

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

2.44 %

,

1/15/32

.........................

United

States

9,000,000

7,954,196

Senior

Note

,

5.3 %

,

3/15/32

..........................

United

States

7,370,000

7,563,775

c

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

%

,

1/15/36

..........

United

States

2,000,000

1,987,293

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

5.2 %

,

5/01/36

..........................

United

States

855,000

833,136

Senior

Secured

Bond

,

3.25 %

,

6/01/31

..................

United

States

7,300,000

6,761,978

Southern

Co.

(The)

,

A

,

Senior

Bond

,

3.7 %

,

4/30/30

..........

United

States

10,500,000

10,176,189

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

%

,

4/01/33

...........................

United

States

7,900,000

$

7,970,362

Senior

Bond

,

4.95 %

,

3/15/36

.........................

United

States

3,280,000

3,198,936

Senior

Bond

,

6.35 %

,

11/30/37

........................

United

States

520,000

564,073

c

Vistra

Operations

Co.

LLC

,

Senior

Bond

,

144A,

6.95 %

,

10/15/33

...................

United

States

2,000,000

2,179,356

Senior

Bond

,

144A,

5.25 %

,

10/15/35

...................

United

States

1,135,000

1,102,127

Senior

Secured

Bond

,

144A,

4.3 %

,

7/15/29

..............

United

States

10,000,000

9,816,478

Xcel

Energy,

Inc.

,

Senior

Bond

,

4.6 %

,

6/01/32

..........................

United

States

8,200,000

8,074,653

Senior

Bond

,

5.45 %

,

8/15/33

.........................

United

States

5,500,000

5,620,112

110,568,086

#### Electrical

#### Equipment

#### 0.2%
Eaton

Corp.

,

Senior

Bond

,

4.8 %

,

3/06/36

.................

United

States

1,600,000

1,575,766

Vertiv

Holdings

Co.

,

Senior

Bond

,

4.85 %

,

3/15/36

.........................

United

States

2,944,000

2,867,032

Senior

Bond

,

5.8 %

,

3/15/56

..........................

United

States

685,000

664,789

5,107,587

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.5%
Amphenol

Corp.

,

Senior

Note

,

4.4 %

,

2/15/33

...............

United

States

3,415,000

3,339,492

Flex

Ltd.

,

Senior

Bond

,

4.875 %

,

5/12/30

........................

United

States

7,500,000

7,505,565

Senior

Note

,

5.25 %

,

1/15/32

.........................

United

States

900,000

905,757

c

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

2,000,000

1,936,162

13,686,976

#### Energy

#### Equipment

#### &

#### Services

#### 0.3%
c

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp.

,

Senior

Note

,

144A,

%

,

2/01/34

............................

United

States

2,000,000

2,013,922

c

Kodiak

Gas

Services

LLC

,

Senior

Bond

,

144A,

6.75 %

,

10/01/35

...................

United

States

575,000

597,583

Senior

Note

,

144A,

6.5 %

,

10/01/33

....................

United

States

1,425,000

1,458,398

c

Transocean

International

Ltd.

,

Senior

Secured

Note

,

144A,

8.75 %

,

2/15/30

...................................

United

States

1,750,000

1,833,765

c

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

6.75 %

,

10/15/33

........................................

United

States

2,000,000

2,075,720

7,979,388

#### Entertainment

#### 0.1%
Discovery

Global

Holdings,

Inc.

,

Senior

Note

,

4.054 %

,

3/15/29

.

United

States

1,500,000

1,460,745

c

OAK-Eagle

Acquireco,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

7/01/34

....................

United

States

260,000

270,722

Senior

Secured

Note

,

144A,

7.25 %

,

7/01/33

.............

United

States

1,810,000

1,865,876

3,597,343

#### Financial

#### Services

#### 1.0%
Corebridge

Financial,

Inc.

,

Senior

Note

,

6.05 %

,

9/15/33

.......

United

States

6,000,000

6,309,290

Fiserv,

Inc.

,

Senior

Bond

,

3.5 %

,

7/01/29

..........................

United

States

1,200,000

1,153,962

Senior

Bond

,

2.65 %

,

6/01/30

.........................

United

States

9,100,000

8,327,208

Senior

Bond

,

5.625 %

,

8/21/33

........................

United

States

6,500,000

6,585,558

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Financial

#### Services
(continued)

c

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

...................

United

States

1,050,000

$

1,065,178

Senior

Note

,

144A,

7.875 %

,

4/01/33

...................

United

States

950,000

926,926

c

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

2,570,000

2,632,535

c

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

1,075,000

1,089,453

28,090,110

#### Food

#### Products

#### 1.3%
c

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

1,310,000

1,296,403

c

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75 %

,

2/11/33

....................................

United

States

1,500,000

1,517,004

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

c

Senior

Bond

,

144A,

5.625 %

,

3/10/37

...................

United

States

635,000

634,235

c

Senior

Bond

,

144A,

6.4 %

,

5/10/57

.....................

United

States

615,000

605,578

Senior

Note

,

%

,

2/02/29

...........................

United

States

2,000,000

1,922,112

Senior

Note

,

3.625 %

,

1/15/32

........................

United

States

2,500,000

2,314,878

Senior

Note

,

5.75 %

,

4/01/33

.........................

United

States

6,500,000

6,696,118

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

%

,

6/04/42

...........

United

States

3,640,000

3,220,188

c

Mars,

Inc.

,

Senior

Note

,

144A,

5.2 %

,

3/01/35

...............

United

States

10,630,000

10,728,540

McCormick

&

Co.,

Inc.

,

Senior

Bond

,

4.95 %

,

4/15/33

.........

United

States

7,000,000

6,967,156

35,902,212

#### Ground

#### Transportation

#### 0.3%
Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

6.15 %

,

5/01/37

.........................

United

States

3,100,000

3,379,778

Senior

Bond

,

5.55 %

,

3/15/56

.........................

United

States

1,625,000

1,573,194

c

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.1 %

,

4/01/30

.........................................

Ireland

1,400,000

1,411,865

c

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

80,000

83,200

c

XPO,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

2/01/32

.............

United

States

2,500,000

2,608,880

9,056,917

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
Boston

Scientific

Corp.

,

Senior

Bond

,

2.65 %

,

6/01/30

........

United

States

6,000,000

5,593,901

c

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

.........................................

United

States

3,730,000

3,625,793

9,219,694

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.6%
c

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

1/15/29

................

United

States

2,500,000

2,481,862

Senior

Secured

Note

,

144A,

10.875 %

,

1/15/32

...........

United

States

2,300,000

2,473,050

Cigna

Group

(The)

,

Senior

Bond

,

5.25 %

,

2/15/34

...........

United

States

6,500,000

6,594,474

CVS

Health

Corp.

,

Senior

Bond

,

1.875 %

,

2/28/31

........................

United

States

1,120,000

982,336

Senior

Bond

,

5.3 %

,

6/01/33

..........................

United

States

5,000,000

5,068,202

Senior

Bond

,

4.78 %

,

3/25/38

.........................

United

States

3,200,000

2,966,972

Senior

Bond

,

2.7 %

,

8/21/40

..........................

United

States

2,000,000

1,401,948

c

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

6/01/30

...................

United

States

4,900,000

4,745,663

Senior

Note

,

144A,

6.875 %

,

9/01/32

...................

United

States

1,500,000

1,549,246

Elevance

Health,

Inc.

,

Senior

Bond

,

4.75 %

,

2/15/33

.........

United

States

7,000,000

6,922,434

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

HCA,

Inc.

,

Senior

Note

,

3.625 %

,

3/15/32

........................

United

States

9,000,000

$

8,403,462

Senior

Note

,

4.6 %

,

11/15/32

.........................

United

States

1,660,000

1,620,115

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

%

,

5/08/34

....................

United

States

500,000

511,190

Senior

Secured

Note

,

5.849 %

,

5/08/29

.................

United

States

873,000

889,706

Kaiser

Foundation

Hospitals

,

2019

,

Senior

Bond

,

3.266 %

,

11/01/49

........................................

United

States

11,270,000

7,708,189

c

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

4,600,000

4,507,935

Providence

St.

Joseph

Health

Obligated

Group

,

H

,

2.746 %

,

10/01/26

........................................

United

States

8,875,000

8,816,476

c

Tenet

Healthcare

Corp.

,

Senior

Note

,

144A,

%

,

11/15/33

.....

United

States

1,000,000

1,011,224

UnitedHealth

Group,

Inc.

,

Senior

Note

,

5.15 %

,

7/15/34

.......

United

States

6,000,000

6,073,733

74,728,217

#### Health

#### Care

#### REITs

#### 0.3%
Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

4.75 %

,

4/15/35

.........................

United

States

6,500,000

6,146,896

Senior

Bond

,

5.25 %

,

5/15/36

.........................

United

States

2,600,000

2,534,977

8,681,873

#### Health

#### Care

#### Technology

#### 0.2%
IQVIA,

Inc.

,

c

Senior

Note

,

144A,

6.25 %

,

6/01/32

....................

United

States

2,000,000

2,039,292

Senior

Secured

Note

,

6.25 %

,

2/01/29

..................

United

States

4,300,000

4,463,060

6,502,352

#### Hotel

#### &

#### Resort

#### REITs

#### 0.2%
c

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/32

...............................

United

States

5,900,000

6,057,748

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
c

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

.....................................

Canada

2,000,000

1,903,797

c

,e

A&K

Travel

Group

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5 %

,

5/15/33

.........................................

Jersey

600,000

603,707

Airbnb,

Inc.

,

Senior

Bond

,

5.25 %

,

3/16/36

.........................

United

States

660,000

658,472

Senior

Note

,

4.65 %

,

3/16/31

.........................

United

States

1,315,000

1,313,150

c

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

3/15/30

....................

United

States

1,800,000

1,827,079

Senior

Note

,

144A,

5.75 %

,

8/01/32

....................

United

States

740,000

744,646

Marriott

International,

Inc.

,

Senior

Note

,

4.5 %

,

5/01/33

........

United

States

1,825,000

1,769,412

c

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.75 %

,

2/01/32

....................

United

States

600,000

597,563

Senior

Note

,

144A,

6.25 %

,

9/15/33

....................

United

States

430,000

416,469

c

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

...................................

United

States

1,275,000

1,297,628

Starbucks

Corp.

,

Senior

Bond

,

2.55 %

,

11/15/30

.............

United

States

2,500,000

2,296,456

c

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

10/15/33

.....

United

States

870,000

872,641

14,301,020

#### Household

#### Durables

#### 0.3%
PulteGroup,

Inc.

,

Senior

Bond

,

%

,

2/15/35

................

United

States

6,500,000

6,824,320

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Household

#### Durables
(continued)

c

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

...................

United

States

2,800,000

$

2,741,991

Senior

Note

,

144A,

6.75 %

,

1/15/34

....................

United

States

165,000

163,306

9,729,617

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.8%
c

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

1,260,000

1,306,315

c

Clearway

Energy

Operating

LLC

,

Senior

Note

,

144A,

5.75 %

,

1/15/34

.........................................

United

States

2,030,000

2,031,445

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

5.8 %

,

3/01/33

..........................

United

States

4,000,000

4,195,498

Senior

Bond

,

6.125 %

,

1/15/34

........................

United

States

8,950,000

9,593,708

Senior

Note

,

4.4 %

,

1/15/31

..........................

United

States

1,265,000

1,252,146

c

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25 %

,

7/01/29

...................................

United

States

2,000,000

1,914,580

c

Talen

Energy

Supply

LLC

,

Senior

Bond

,

144A,

6.5 %

,

2/01/36

.....................

United

States

610,000

612,630

Senior

Note

,

144A,

6.25 %

,

2/01/34

....................

United

States

1,070,000

1,062,667

21,968,989

#### Insurance

#### 2.4%
c

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Secured

Note

,

144A,

%

,

1/15/31

................

United

States

2,000,000

2,042,576

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

%

,

2/15/32

..........

United

States

2,625,000

2,632,966

c

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/31/32

...............

United

States

2,550,000

2,665,257

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/34

............

United

States

695,000

686,252

c

Athene

Global

Funding

,

Secured

Note

,

144A,

5.033 %

,

7/17/30

..................

United

States

4,550,000

4,508,976

Senior

Secured

Bond

,

144A,

5.543 %

,

8/22/35

............

United

States

2,900,000

2,850,430

Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375 %

,

3/15/31

........................

United

States

5,500,000

4,869,031

Senior

Note

,

5.25 %

,

6/23/32

.........................

United

States

895,000

893,530

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

6,500,000

6,449,592

c

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9 %

,

9/19/28

United

States

3,400,000

3,503,418

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

2,600,000

2,631,816

c

Five

Corners

Funding

Trust

II

,

Senior

Note

,

144A,

2.85 %

,

5/15/30

United

States

3,000,000

2,803,749

c

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791 %

,

2/15/33

.........................................

United

States

6,500,000

6,750,470

c

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

5.05 %

,

1/06/28

...................

United

States

10,300,000

10,409,153

Secured

Note

,

144A,

4.3 %

,

8/25/29

....................

United

States

3,700,000

3,683,688

c

RGA

Global

Funding

,

Secured

Note

,

144A,

5.5 %

,

1/11/31

.....

United

States

6,900,000

7,115,492

c

Sammons

Financial

Group,

Inc.

,

Senior

Bond

,

144A,

6.875 %

,

4/15/34

.........................................

United

States

4,400,000

4,662,366

69,158,762

#### Interactive

#### Media

#### &

#### Services

#### 0.1%
Meta

Platforms,

Inc.

,

Senior

Bond

,

5.25 %

,

5/15/36

.........................

United

States

1,870,000

1,866,916

Senior

Bond

,

6.3 %

,

5/15/56

..........................

United

States

1,335,000

1,339,739

3,206,655

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### IT

#### Services

#### 0.1%
c

Beignet

Investor

LLC

,

Senior

Secured

Bond

,

144A,

6.581 %

,

5/30/49

.........................................

United

States

1,652,000

$

1,707,573

c

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

2,000,000

1,857,200

3,564,773

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Revvity,

Inc.

,

Senior

Bond

,

2.25 %

,

9/15/31

................

United

States

1,800,000

1,579,686

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

4.902 %

,

2/12/36

...

United

States

1,540,000

1,525,101

3,104,787

#### Machinery

#### 0.2%
c

ESAB

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

....................

United

States

2,000,000

2,028,916

Senior

Note

,

144A,

5.625 %

,

4/01/31

...................

United

States

435,000

440,093

c

Terex

Corp.

,

Senior

Note

,

144A,

6.25 %

,

10/15/32

...........

United

States

2,000,000

2,034,434

4,503,443

#### Media

#### 0.9%
c

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25 %

,

3/01/31

...................................

United

States

440,000

407,732

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

2.8 %

,

4/01/31

...............................

United

States

12,500,000

11,196,355

c

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/01/30

..............................

United

States

3,000,000

3,125,499

c

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

2/01/30

.........................................

United

States

2,900,000

2,957,194

c

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

4/15/34

......

United

States

815,000

820,791

c

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

1,500,000

1,554,322

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

6.55 %

,

5/01/37

United

States

5,700,000

5,731,529

25,793,422

#### Metals

#### &

#### Mining

#### 1.0%
c

Anglo

American

Capital

plc

,

Senior

Note

,

144A,

%

,

3/21/33

...

South

Africa

2,335,000

2,310,124

BHP

Billiton

Finance

USA

Ltd.

,

Senior

Bond

,

5.25 %

,

9/08/33

...

Australia

6,500,000

6,654,767

c

Commercial

Metals

Co.

,

Senior

Bond

,

144A,

%

,

12/15/35

.....................

United

States

1,745,000

1,744,129

Senior

Note

,

144A,

5.75 %

,

11/15/33

...................

United

States

225,000

225,504

c

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

5.508 %

,

4/01/36

...

Australia

2,340,000

2,357,327

c

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

2,000,000

2,077,736

c

Novelis

Corp.

,

Senior

Note

,

144A,

6.375 %

,

8/15/33

..........

United

States

2,430,000

2,441,912

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

%

,

3/14/32

.........

Australia

9,700,000

9,883,240

27,694,739

#### Multi-Utilities

#### 0.6%
Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

6.125 %

,

4/01/36

United

States

2,700,000

2,894,879

Dominion

Energy,

Inc.

,

C

,

Senior

Note

,

3.375 %

,

4/01/30

......

United

States

4,351,000

4,158,171

DTE

Energy

Co.

,

Senior

Note

,

4.875 %

,

6/01/28

.............

United

States

6,700,000

6,753,986

Public

Service

Enterprise

Group,

Inc.

,

Senior

Bond

,

5.4 %

,

3/15/35

United

States

2,725,000

2,753,487

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

5.15 %

,

9/15/32

.

United

States

2,000,000

2,030,012

18,590,535

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.4%
c

Aker

BP

ASA

,

Senior

Bond

,

144A,

%

,

1/15/31

.............

Norway

5,400,000

$

5,194,410

Boardwalk

Pipelines

LP

,

Senior

Bond

,

3.4 %

,

2/15/31

.........

United

States

6,275,000

5,864,240

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

4.989 %

,

4/10/34

United

States

2,300,000

2,319,170

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

2.95 %

,

7/15/30

Canada

5,900,000

5,551,581

Cheniere

Energy,

Inc.

,

c

Senior

Bond

,

144A,

5.2 %

,

7/30/36

.....................

United

States

475,000

469,771

Senior

Note

,

4.625 %

,

10/15/28

.......................

United

States

1,700,000

1,694,729

Senior

Note

,

5.65 %

,

4/15/34

.........................

United

States

1,700,000

1,751,828

ConocoPhillips

Co.

,

Senior

Bond

,

5.05 %

,

9/15/33

...........

United

States

2,500,000

2,545,653

c

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

7.875 %

,

4/15/32

...................

United

States

500,000

518,635

Senior

Note

,

144A,

7.375 %

,

1/15/33

...................

United

States

835,000

855,047

Senior

Note

,

144A,

8.375 %

,

1/15/34

...................

United

States

665,000

703,613

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8 %

,

1/15/35

United

States

6,255,000

6,511,012

Energy

Transfer

LP

,

Senior

Bond

,

5.55 %

,

5/15/34

.........................

United

States

9,500,000

9,705,717

Senior

Note

,

6.4 %

,

12/01/30

.........................

United

States

4,000,000

4,270,617

c

Senior

Note

,

144A,

%

,

2/01/29

......................

United

States

2,000,000

2,018,881

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

3.125 %

,

7/31/29

.........................................

United

States

2,000,000

1,929,258

Hess

Corp.

,

Senior

Bond

,

7.125 %

,

3/15/33

................

United

States

5,200,000

5,924,097

c

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5 %

,

6/01/29

United

States

5,700,000

5,843,184

c

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

6.25 %

,

4/15/32

...................................

United

States

3,000,000

2,982,251

c

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

.........................................

Kazakhstan

1,300,000

1,324,217

c

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

6.625 %

,

12/15/28

.....

United

States

4,000,000

4,082,452

MPLX

LP

,

Senior

Bond

,

5.4 %

,

4/01/35

....................

United

States

11,300,000

11,300,566

Murphy

Oil

Corp.

,

Senior

Note

,

%

,

10/01/32

..........................

United

States

135,000

135,971

Senior

Note

,

6.5 %

,

2/15/34

..........................

United

States

500,000

504,141

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

5,000,000

4,970,517

c

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

1,730,000

1,749,236

c

Sunoco

LP

,

Senior

Note

,

144A,

5.375 %

,

7/15/31

...................

United

States

475,000

473,046

Senior

Note

,

144A,

5.625 %

,

7/15/34

...................

United

States

1,525,000

1,505,314

Targa

Resources

Corp.

,

Senior

Note

,

4.35 %

,

4/15/31

........

United

States

1,455,000

1,426,718

TotalEnergies

Capital

SA

,

Senior

Bond

,

4.724 %

,

9/10/34

......

France

3,820,000

3,798,462

TransCanada

PipeLines

Ltd.

,

Senior

Bond

,

4.25 %

,

5/15/28

....

Canada

3,400,000

3,386,894

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Note

,

3.25 %

,

5/15/30

.........................

United

States

4,500,000

4,294,368

Senior

Note

,

5.1 %

,

3/15/36

..........................

United

States

1,835,000

1,821,440

c

Var

Energi

ASA

,

Senior

Bond

,

144A,

%

,

11/15/32

..........

Norway

6,500,000

7,401,820

c

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond

,

144A,

4.125 %

,

8/15/31

............

United

States

2,000,000

1,874,681

Senior

Secured

Bond

,

144A,

%

,

5/01/36

...............

United

States

1,135,000

1,144,367

Senior

Secured

Note

,

144A,

3.875 %

,

8/15/29

............

United

States

500,000

479,240

c

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75 %

,

5/01/35

.............

United

States

350,000

393,809

Senior

Secured

Bond

,

144A,

6.75 %

,

1/15/36

.............

United

States

745,000

792,319

Senior

Secured

Note

,

144A,

7.5 %

,

5/01/33

..............

United

States

350,000

388,289

Senior

Secured

Note

,

144A,

6.5 %

,

1/15/34

..............

United

States

145,000

152,089

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

......

United

States

2,194,000

2,228,519

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5 %

,

11/15/30

.......

United

States

3,200,000

$

3,047,940

125,330,109

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
c

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

4.9 %

,

5/15/33

.......

United

States

2,150,000

2,146,297

#### Passenger

#### Airlines

#### 0.2%
c

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75 %

,

10/20/28

..............................

United

States

5,416,667

5,422,098

#### Personal

#### Care

#### Products

#### 0.5%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.625 %

,

3/24/32

.......

United

States

6,500,000

6,124,430

Kenvue,

Inc.

,

Senior

Note

,

4.85 %

,

5/22/32

.................

United

States

6,000,000

6,071,980

c

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

1,800,000

1,833,619

14,030,029

#### Pharmaceuticals

#### 1.4%
c

Bayer

US

Finance

LLC

,

Senior

Note

,

144A,

6.375 %

,

11/21/30

..

Germany

10,000,000

10,546,705

c

Endo

Finance

Holdings

LP

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

800,000

848,380

Merck

&

Co.,

Inc.

,

Senior

Bond

,

4.75 %

,

12/04/35

........................

United

States

1,430,000

1,400,343

Senior

Note

,

4.45 %

,

12/04/32

........................

United

States

885,000

876,933

Novartis

Capital

Corp.

,

Senior

Bond

,

4.9 %

,

3/18/36

..........................

United

States

1,935,000

1,922,347

Senior

Bond

,

5.7 %

,

3/18/56

..........................

United

States

1,040,000

1,042,459

Senior

Note

,

4.1 %

,

11/05/30

.........................

United

States

6,370,000

6,288,409

Senior

Note

,

4.6 %

,

3/18/33

..........................

United

States

1,565,000

1,554,645

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75 %

,

5/19/33

.........................................

United

States

4,100,000

4,083,892

Royalty

Pharma

plc

,

Senior

Bond

,

2.15 %

,

9/02/31

...........

United

States

11,800,000

10,349,228

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Bond

,

4.1 %

,

10/01/46

...................................

Israel

3,130,000

2,414,033

41,327,374

#### Residential

#### REITs

#### 0.1%
Essex

Portfolio

LP

,

Senior

Bond

,

5.375 %

,

4/01/35

...........

United

States

3,200,000

3,254,814

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.8%
Broadcom,

Inc.

,

Senior

Bond

,

4.95 %

,

1/15/36

.........................

United

States

1,395,000

1,381,819

Senior

Bond

,

5.7 %

,

1/15/56

..........................

United

States

210,000

208,920

c

Foundry

JV

Holdco

LLC

,

Senior

Secured

Bond

,

144A,

6.25 %

,

1/25/35

.............

United

States

9,300,000

9,829,616

Senior

Secured

Bond

,

144A,

6.4 %

,

1/25/38

..............

United

States

1,485,000

1,588,071

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/33

..............

United

States

1,970,000

2,051,322

Intel

Corp.

,

Senior

Bond

,

5.3 %

,

5/15/36

..........................

United

States

1,372,487

1,367,252

Senior

Bond

,

6.125 %

,

5/15/56

........................

United

States

843,968

838,267

Marvell

Technology,

Inc.

,

Senior

Bond

,

5.3 %

,

4/15/36

........

United

States

3,615,000

3,618,368

c

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

8/15/33

....................

United

States

840,000

860,476

Senior

Secured

Note

,

144A,

5.75 %

,

8/15/32

.............

United

States

940,000

950,219

22,694,330

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Software

#### 0.9%
c

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

1,500,000

$

1,216,986

Oracle

Corp.

,

Senior

Bond

,

2.875 %

,

3/25/31

........................

United

States

9,000,000

8,001,644

Senior

Bond

,

5.7 %

,

2/04/36

..........................

United

States

3,205,000

3,079,532

Senior

Bond

,

6.7 %

,

2/04/56

..........................

United

States

1,050,000

968,457

Senior

Note

,

4.8 %

,

9/26/32

..........................

United

States

1,125,000

1,070,146

Salesforce,

Inc.

,

Senior

Note

,

5.2 %

,

3/15/33

...............

United

States

3,820,000

3,814,260

Synopsys,

Inc.

,

Senior

Bond

,

5.15 %

,

4/01/35

.........................

United

States

1,438,000

1,438,664

Senior

Note

,

%

,

4/01/32

...........................

United

States

5,400,000

5,458,411

25,048,100

#### Specialized

#### REITs

#### 0.8%
American

Tower

Corp.

,

Senior

Bond

,

1.875 %

,

10/15/30

.......................

United

States

4,500,000

3,998,493

Senior

Bond

,

5.35 %

,

3/15/35

.........................

United

States

9,700,000

9,765,799

Senior

Note

,

4.7 %

,

12/15/32

.........................

United

States

1,110,000

1,096,646

c

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/29

.........

United

States

6,000,000

6,135,246

c

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

...................

United

States

1,125,000

1,140,192

Senior

Note

,

144A,

6.25 %

,

9/15/32

....................

United

States

875,000

879,521

23,015,897

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.85 %

,

10/15/31

.

United

States

7,400,000

7,359,625

c

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

...................................

United

States

2,000,000

2,044,854

9,404,479

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
Tapestry,

Inc.

,

Senior

Bond

,

5.5 %

,

3/11/35

.................

United

States

2,245,000

2,256,444

#### Tobacco

#### 0.6%
BAT

Capital

Corp.

,

Senior

Bond

,

4.39 %

,

8/15/37

.........................

United

Kingdom

2,043,000

1,861,597

Senior

Note

,

4.625 %

,

3/22/33

........................

United

Kingdom

6,040,000

5,920,716

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.375 %

,

2/15/33

..

United

States

8,800,000

9,053,726

16,836,039

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
c

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

%

,

5/15/28

..

United

States

4,090,000

4,245,395

c

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.

United

States

6,300,000

6,532,565

10,777,960

#### Wireless

#### Telecommunication

#### Services

#### 0.8%
c

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

2,000,000

2,111,874

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.15 %

,

4/15/34

.........................

United

States

6,500,000

6,537,856

Senior

Bond

,

%

,

2/15/36

...........................

United

States

2,825,000

2,765,515

Senior

Note

,

3.875 %

,

4/15/30

........................

United

States

12,000,000

11,686,807

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

c

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

1,000,000

$

1,049,115

24,151,167

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 1,412,988,455

####)
.................................

#### 1,407,535,419
f

#### Senior

#### Floating

#### Rate

#### Interests

#### 3.2%
g

#### Aerospace

#### &

#### Defense

#### 0.1%
TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

3/22/30

............................

United

States

821,872

824,071

e

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

N

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

2/14/33

.............................

United

States

1,395,349

1,399,235

e

VSE

Corp.,

First

Lien,

CME

Term

Loan,

B

,

5.474 %

,

(12-month

SOFR

+

%),

3/17/33

...............................

United

States

233,303

234,664

2,457,970

a

a

a

a

a

a

g

#### Air

#### Freight

#### &

#### Logistics

#### 0.1%
Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.7 %

,

(3-month

SOFR

+

%),

3/18/30

...............................

United

States

1,652,990

1,661,726

e

Stonepeak

Nile

Parent

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

5.919 %

,

(3-month

SOFR

+

2.25 %),

4/09/32

.....

United

States

1,695,750

1,703,440

3,365,166

a

a

a

a

a

a

g

#### Automobile

#### Components

#### 0.0%

#### †
American

Axle

&

Manufacturing,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

6.912 %

,

(3-month

SOFR

+

3.25 %),

2/03/33

............

United

States

292,444

292,809

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

1/28/32

.........

United

States

467,591

470,418

h

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

PIK,

3.779 %

,

(1-month

SOFR

+

%),

3/30/27

................

United

States

200,947

h

First

Brands

Group

LLC,

First

Lien,

Debtor-In-Possession

Roll

Up

CME

Term

Loan

,

PIK,

10.661 %

,

(1-month

SOFR

+

%),

6/29/26

United

States

603,206

2,374

h

First

Brands

Group

LLC,

First

Lien,

USD

Debtor-In-Possession

New

Money

CME

Term

Loan

,

PIK,

13.657 %

,

(1-month

SOFR

+

%),

6/29/26

....................................

United

States

236,411

58,438

h

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

PIK,

14.279 %

,

(1-month

SOFR

+

10.615 %),

3/30/28

........

United

States

326,608

824,948

a

a

a

a

a

a

#### Beverages

#### 0.0%

#### †
g

Primo

Brands

Corp.,

First

Lien,

2026

Refinancing

CME

Term

Loan

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

3/31/31

..........

United

States

325,928

328,359

#### Biotechnology

#### 0.1%
e,g

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.174 %

,

(12-month

SOFR

+

1.75 %),

1/28/33

.............

United

States

2,941,562

2,953,519

#### Broadline

#### Retail

#### 0.0%

#### †
g

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.2 %

,

(3-month

SOFR

+

2.5 %),

7/01/31

......................

Netherlands

227,690

228,601

g

#### Building

#### Products

#### 0.1%
EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.923 %

,

(3-month

SOFR

+

2.25 %),

5/31/30

..............

United

States

174,228

174,644

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

5.95 %

,

(1-month

SOFR

+

2.25 %),

8/04/31

..

United

States

102,003

102,260

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Building

#### Products
(continued)

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

3/19/29

.....................

United

States

1,115,439

$

1,117,876

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

2/10/32

.....................

United

States

273,103

273,641

1,668,421

a

a

a

a

a

a

g

#### Capital

#### Markets

#### 0.2%
Citadel

Securities

Global

Holdings

LLC,

First

Lien,

2024

CME

Term

Loan

,

5.7 %

,

(3-month

SOFR

+

%),

10/31/31

........

United

States

509,763

512,241

e

CPI

Holdco

B

LLC,

First

Lien,

2025

Fourth

Amendment

Incremental

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

5/19/31

.........................................

United

States

1,000,000

1,001,020

GIH

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.2 %

,

(3-month

SOFR

+

2.5 %),

11/26/31

............................

United

States

174,951

175,607

e

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

5.673 %

,

(3-month

SOFR

+

%),

12/15/31

................

United

States

2,825,334

2,823,921

4,512,789

a

a

a

a

a

a

g

#### Chemicals

#### 0.1%
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.413 %

,

(1-month

SOFR

+

3.75;

3-month

SOFR

+

3.75),

4/06/29

.....

United

States

521,141

506,995

INEOS

US

Petrochem

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan,

B

,

7.502 %

,

(1-month

SOFR

+

3.75 %),

3/14/30

.......

United

States

411,537

371,412

e

Minerals

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

11/26/31

................

United

States

1,411,458

1,416,751

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.413 %

,

(3-month

SOFR

+

1.75 %),

10/29/32

.............

United

States

225,090

226,955

2,522,113

a

a

a

a

a

a

g

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
e

APi

Group

DE,

Inc.,

First

Lien,

2021

Incremental

CME

Term

Loan

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

1/03/29

..............

United

States

1,691,832

1,698,887

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan,

B1

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

5/17/28

.......

Ireland

459,268

460,990

PG

Polaris

BidCo

SARL,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

3/26/31

.........................................

Luxembourg

183,700

184,861

e

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2

,

5.407 %

,

(1-month

SOFR

+

1.75 %),

3/08/32

...................................

United

States

1,697,733

1,682,479

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.928 %

,

(3-month

SOFR

+

%),

9/04/30

.......................

United

States

24,341

17,221

e

WMB

Holdings,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

11/05/29

......................

United

States

1,611,227

1,616,770

5,661,208

a

a

a

a

a

a

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
g

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

5.908 %

,

(1-month

SOFR

+

2.25 %),

1/24/31

..............

United

States

330,215

331,615

g

#### Containers

#### &

#### Packaging

#### 0.1%
Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

...................................

United

States

585,040

544,368

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Containers

#### &

#### Packaging
(continued)

e

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.652 %

,

(1-month

SOFR

+

%),

9/30/32

.........

United

States

1,704,827

$

1,685,648

2,230,016

a

a

a

a

a

a

#### Distributors

#### 0.0%

#### †
g

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

D

,

5.654 %

,

(1-month

SOFR

+

%),

7/27/28

...............................

United

States

326,481

327,772

g

#### Electric

#### Utilities

#### 0.3%
Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

9/30/31

..............

United

States

2,895,696

2,899,258

Constellation

Renewables

LLC,

First

Lien,

CME

Term

Loan

,

5.673 %

,

(3-month

SOFR

+

%),

12/15/27

................

United

States

2,900,000

2,904,538

e

NRG

Energy,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B

,

5.561 %

,

(12-month

SOFR

+

1.75 %),

4/15/33

.............

United

States

2,894,737

2,908,849

8,712,645

a

a

a

a

a

a

g

#### Entertainment

#### 0.2%
e

Delta

(Lux)

SARL,

First

Lien,

CME

Term

Loan,

B

,

5.45 %

,

(1-month

SOFR

+

1.75 %),

9/30/31

.....................

Luxembourg

750,000

752,438

e

Live

Nation

Entertainment,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.657 %

,

(1-month

SOFR

+

%),

10/21/32

.............

United

States

1,000,000

1,002,500

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.517 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

.....................

United

States

438,095

422,382

e

TKO

Worldwide

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B5

,

5.664 %

,

(3-month

SOFR

+

%),

11/21/31

................

United

States

2,860,470

2,871,397

5,048,717

a

a

a

a

a

a

#### Financial

#### Services

#### 0.1%
g

Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.38 %

,

(1-day

SOFR

+

1.75 %),

7/30/32

.................

United

States

2,895,739

2,899,359

g

#### Food

#### Products

#### 0.1%
Chobani

LLC,

First

Lien,

Closing

Date

CME

Term

Loan

,

5.918 %

,

(1-month

SOFR

+

2.25 %),

10/28/32

....................

United

States

244,764

246,424

e

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

B4

,

5.877 %

,

(6-month

SOFR

+

2.25 %),

9/30/31

..............

United

Kingdom

2,320,053

2,306,493

e

Wayne-Sanderson

Farms

LLC,

First

Lien,

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

5/21/32

................

United

States

1,000,000

1,001,250

3,554,167

a

a

a

a

a

a

g

#### Ground

#### Transportation

#### 0.2%
Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

6.664 %

,

(3-month

SOFR

+

%),

5/21/31

.......

United

Kingdom

62,868

63,253

e

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

8/15/30

...............

United

States

1,297,397

1,299,557

e

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

8/15/30

...............

United

States

237,391

237,787

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.45 %

,

(3-month

SOFR

+

1.75 %),

4/10/31

...............

United

States

2,895,696

2,901,444

4,502,041

a

a

a

a

a

a

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
g

Hologic,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.924 %

,

(3-month

SOFR

+

2.25 %),

4/07/33

............................

United

States

450,000

448,034

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.0%

#### †
Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.263 %

,

(3-month

SOFR

+

3.5 %),

11/01/28

..............

United

States

183,730

$

30,431

Paradigm

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.2 %

,

(3-month

SOFR

+

4.5 %),

4/16/32

......................

United

States

223,875

195,401

Surgery

Center

Holdings,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

12/19/30

.....

United

States

16,585

16,649

242,481

a

a

a

a

a

a

#### Health

#### Care

#### Technology

#### 0.0%

#### †
g

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

6.415 %

,

(1-month

SOFR

+

2.75 %),

5/01/31

.....................

United

States

310,139

285,715

g

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.3%
1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5

,

5.418 %

,

(1-month

SOFR

+

1.75 %),

9/20/30

.....................

Canada

2,822,432

2,828,599

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

2/06/30

...

United

States

213,720

207,933

DK

Crown

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.411 %

,

(1-month

SOFR

+

1.75 %),

3/04/32

.....................

United

States

897,733

900,224

e

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

5.45 %

,

(3-month

SOFR

+

1.75 %),

12/02/30

.......

Ireland

2,229,173

2,226,387

e

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

11/03/32

United

States

2,895,750

2,902,092

9,065,235

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
g

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

3/19/32

................

United

States

897,473

900,462

g

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
Calpine

Construction

Finance

Co.

LP,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

7/31/30

...................................

United

States

340,000

341,535

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.153 %

,

(3-month

SOFR

+

2.5 %),

12/15/31

...

United

States

132,848

133,500

475,035

a

a

a

a

a

a

g

#### Insurance

#### 0.1%
Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

7.763 %

,

(3-month

SOFR

+

%),

8/21/28

.......................

United

States

67,729

67,891

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.013 %

,

(3-month

SOFR

+

4.25 %),

8/21/28

.....................

United

States

39,648

39,711

e

Lockton,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.811 %

,

(12-month

SOFR

+

%),

4/25/33

...............................

United

States

2,270,000

2,278,512

2,386,114

a

a

a

a

a

a

#### IT

#### Services

#### 0.0%

#### †
g

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

7.902 %

,

(1-month

SOFR

+

4.25 %),

12/31/31

.............

United

States

314,377

249,318

#### Machinery

#### 0.0%

#### †
g

Columbus

McKinnon

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.2 %

,

(3-month

SOFR

+

3.5 %),

2/03/33

.................

United

States

57,541

57,709

g

#### Media

#### 0.1%
Advantage

Sales

&

Marketing,

Inc.,

First

Lien,

Exchange

CME

Term

Loan

,

9.93 %

,

(3-month

SOFR

+

%),

4/19/30

........

United

States

280,556

230,408

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Media
(continued)

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5

,

5.942 %

,

(3-month

SOFR

+

2.25 %),

12/15/31

......

United

States

598,485

$

598,829

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B7

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

3/18/33

.....................

United

States

2,795,000

2,796,537

3,625,774

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

,

5.668 %

,

(1-month

SOFR

+

%),

1/02/30

.............

United

States

246,884

248,119

g

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.3%
e

CQP

Holdco

LP,

First

Lien,

CME

Term

Loan,

B

,

5.45 %

,

(3-month

SOFR

+

1.75 %),

12/31/32

...........................

United

States

2,900,000

2,902,001

Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.268 %

,

(1-month

SOFR

+

3.5 %),

11/19/29

.....................

United

States

446,538

447,690

Oryx

Midstream

Services

Permian

Basin

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.904 %

,

(1-month

SOFR

+

2.25 %),

10/05/28

United

States

488,813

491,020

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

2/22/30

...............

United

States

372,580

375,374

e

Venture

Global

Calcasieu

Pass

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.724 %

,

(12-month

SOFR

+

3.25 %),

4/11/33

........

United

States

2,826,408

2,838,774

7,054,859

a

a

a

a

a

a

g

#### Passenger

#### Airlines

#### 0.2%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.425 %

,

(3-month

SOFR

+

2.75 %),

5/28/32

.....

United

States

897,733

895,394

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

5.925 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

.....................

United

States

83,976

83,632

Air

Canada,

First

Lien,

CME

Term

Loan

,

5.413 %

,

(3-month

SOFR

+

1.75 %),

3/21/31

.................................

Canada

87,167

87,199

e

AS

Mileage

Plan

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

5.425 %

,

(3-month

SOFR

+

1.75 %),

10/15/31

.............

United

States

1,646,974

1,650,837

e

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.404 %

,

(1-month

SOFR

+

1.75 %),

2/24/31

.....................

United

States

1,683,018

1,689,860

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

2/14/31

.....................

Canada

529,200

517,873

4,924,795

a

a

a

a

a

a

g

#### Professional

#### Services

#### 0.1%
Maximus,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

5/30/31

...............................

United

States

200,359

200,546

e

SS&C

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

5.652 %

,

(1-month

SOFR

+

%),

5/09/31

................

United

States

2,900,000

2,903,611

3,104,157

a

a

a

a

a

a

g

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2025-2

CME

Term

Loan

,

6.402 %

,

(1-month

SOFR

+

2.75 %),

1/31/30

.....

United

States

457,650

459,938

e

Greystar

Real

Estate

Partners

LLC,

First

Lien,

CME

Term

Loan,

B3

,

6.173 %

,

(3-month

SOFR

+

2.5 %),

8/21/30

............

United

States

337,500

338,766

798,704

a

a

a

a

a

a

g

#### Software

#### 0.1%
Adeia,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B6

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

6/08/28

......................

United

States

1,638,686

1,642,783

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Software
(continued)

Gen

Digital,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

9/12/29

............................

United

States

1,000,000

$

986,180

2,628,963

a

a

a

a

a

a

g

#### Specialty

#### Retail

#### 0.0%

#### †
h

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

9.768 %

,

(1-month

SOFR

+

%),

10/07/26

......................

United

States

962,284

749,378

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.902 %

,

(1-month

SOFR

+

3.25 %),

1/23/32

..............

United

States

126,787

127,754

877,132

a

a

a

a

a

a

#### Trading

#### Companies

#### &

#### Distributors

#### 0.1%
g

QXO

Building

Products,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

4/30/32

................

United

States

900,000

901,386

#### Water

#### Utilities

#### 0.0%

#### †
g

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.411 %

,

(1-month

SOFR

+

2.75 %),

10/01/32

.............

United

States

124,304

125,081

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 91,992,534

####)
........................

#### 90,528,499
i

#### Marketplace

#### Loans

#### 0.1%
b

#### Financial

#### Services

#### 0.1%
a

a

a

a

a

a

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $

#### 7,176,776

####)
...................................

#### 1,599,493

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 2.8%
c

Angola

Government

Bond

,

Senior

Bond

,

144A,

8.25 %

,

5/09/28

.

Angola

1,770,000

1,815,991

c

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375 %

,

5/22/33

.........................................

Poland

1,680,000

1,717,763

c

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

1/22/35

.

Benin

1,950,000

EUR

2,070,538

Brazil

Government

Bond

,

Senior

Bond

,

3.875 %

,

6/12/30

........................

Brazil

3,520,000

3,381,840

Senior

Bond

,

%

,

10/20/33

...........................

Brazil

860,000

869,718

c

Bulgaria

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

3/05/37

......................

Bulgaria

360,000

351,477

Senior

Note

,

Reg

S,

3.625 %

,

9/05/32

...................

Bulgaria

1,550,000

EUR

1,840,373

Chile

Government

Bond

,

Senior

Note

,

4.85 %

,

1/22/29

........

Chile

1,780,000

1,804,475

Colombia

Government

Bond

,

Senior

Bond

,

7.5 %

,

2/02/34

..........................

Colombia

1,620,000

1,698,570

Senior

Note

,

4.5 %

,

11/26/30

..........................

Colombia

1,160,000

EUR

1,339,719

c

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.348 %

,

2/09/31

.........................................

Mexico

2,230,000

2,026,780

c

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

3.75 %

,

1/15/31

.........................................

Chile

1,770,000

1,685,698

c

Costa

Rica

Government

Bond

,

Senior

Bond

,

144A,

6.125 %

,

2/19/31

.........................................

Costa

Rica

2,130,000

2,219,354

c

Dominican

Republic

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

7/19/28

......................

Dominican

Republic

1,720,000

1,747,778

Senior

Bond

,

Reg

S,

4.875 %

,

9/23/32

..................

Dominican

Republic

1,840,000

1,740,548

c

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

1,290,000

1,301,546

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

..............

Colombia

950,000

856,476

c

Egypt

Government

Bond

,

Senior

Bond

,

Reg

S,

7.6 %

,

3/01/29

..

Egypt

1,230,000

1,264,609

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

c

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

8.625 %

,

2/28/29

.........................................

El

Salvador

1,620,000

$

1,726,944

c

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7 %

,

5/23/28

....

France

2,100,000

2,147,443

c

Guatemala

Government

Bond

,

Senior

Bond

,

Reg

S,

6.6 %

,

6/13/36

....................

Guatemala

2,480,000

2,666,000

Senior

Note

,

144A,

7.05 %

,

10/04/32

....................

Guatemala

800,000

873,380

c

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

1,920,000

1,954,323

c

Indonesia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.35 %

,

1/08/27

.........................................

Indonesia

2,270,000

2,275,309

c

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

.........................................

Ivory

Coast

2,670,000

2,614,417

c

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714 %

,

4/09/35

.........................................

Kazakhstan

2,240,000

2,209,216

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

.....

Mexico

2,010,000

1,789,201

c

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875 %

,

4/01/32

.........................................

Montenegro

1,110,000

EUR

1,311,422

c

Nigeria

Government

Bond

,

Senior

Note

,

144A,

8.375 %

,

3/24/29

Nigeria

1,650,000

1,765,236

c

North

Macedonia

Government

Bond

,

Senior

Note

,

144A,

4.75 %

,

1/21/34

.........................................

North

Macedonia

500,000

EUR

572,424

c

Paraguay

Government

Bond

,

Senior

Bond

,

144A,

3.849 %

,

6/28/33

.........................................

Paraguay

3,330,000

3,127,702

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

2,800,000

2,580,060

Petroleos

Mexicanos

,

Senior

Note

,

6.7 %

,

2/16/32

...........

Mexico

1,030,000

1,034,001

Philippines

Government

Bond

,

Senior

Bond

,

5.5 %

,

2/04/35

....

Philippines

2,540,000

2,609,752

c

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

1,890,000

1,830,426

c

Romania

Government

Bond

,

Senior

Bond

,

Reg

S,

5.625 %

,

2/22/36

..................

Romania

2,210,000

EUR

2,529,500

Senior

Note

,

Reg

S,

%

,

2/27/27

......................

Romania

1,740,000

1,714,532

c

Serbia

Government

Bond

,

Senior

Note

,

144A,

6.25 %

,

5/26/28

..

Serbia

2,130,000

2,188,151

South

Africa

Government

Bond

,

Senior

Bond

,

4.85 %

,

9/27/27

.........................

South

Africa

1,190,000

1,193,206

Senior

Bond

,

5.875 %

,

4/20/32

........................

South

Africa

1,720,000

1,745,871

Turkiye

Government

Bond

,

Senior

Bond

,

5.95 %

,

1/15/31

......

Turkiye

3,580,000

3,516,129

Uruguay

Government

Bond

,

Senior

Bond

,

4.375 %

,

1/23/31

....

Uruguay

3,060,000

3,074,688

c

Uzbekistan

Government

Bond

,

Senior

Note

,

144A,

6.9 %

,

2/28/32

Uzbekistan

1,620,000

1,739,774

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 80,061,660

####)
............

#### 80,522,360

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 9.0%
FFCB

,

2.1 %,

2/25/36

.................................

United

States

9,300,000

7,440,202

U.S.

Treasury

Bonds

,

2.25 %,

8/15/46

...................................

United

States

21,200,000

13,691,391

2.75 %,

8/15/47

...................................

United

States

5,300,000

3,714,555

2.75 %,

11/15/47

..................................

United

States

16,140,000

11,276,564

3.125 %,

5/15/48

..................................

United

States

30,400,000

22,638,500

2.875 %,

5/15/49

..................................

United

States

40,665,000

28,595,755

j

2.25 %,

8/15/49

...................................

United

States

72,980,000

44,894,103

1.25 %,

5/15/50

...................................

United

States

54,335,000

25,489,694

2.375 %,

5/15/51

..................................

United

States

10,150,000

6,276,348

1.875 %,

11/15/51

.................................

United

States

82,990,000

45,015,592

3.625 %,

5/15/53

..................................

United

States

27,300,000

21,612,855

4.25 %,

8/15/54

...................................

United

States

10,370,000

9,174,817

4.75 %,

8/15/55

...................................

United

States

19,050,000

18,329,672

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 317,673,451

####)
..............

#### 258,150,048
Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities

#### 10.9%

#### Consumer

#### Finance

#### 0.5%
GM

Financial

Consumer

Automobile

Receivables

Trust

,

2026-2

,

A3

,

4.15 %

,

8/18/31

.

................................

United

States

6,436,000

$

6,434,233

Toyota

Auto

Receivables

Owner

Trust

,

2026-B

,

A3

,

4.13 %

,

12/16/30

.

........................................

United

States

8,219,000

8,211,894

14,646,127

a

a

a

a

a

a

#### Financial

#### Services

#### 10.4%
c

,g

AGL

CLO

Ltd.

,

2021-14A

,

AR

,

144A,

FRN

,

4.802 %

,

(3-month

SOFR

+

1.13 %),

12/02/34

.

...........................

United

States

7,900,000

7,908,146

c

,g

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

5.445 %

,

(30-day

SOFR

Average

+

1.8 %),

2/25/55

.

................

United

States

1,437,694

1,445,702

c

BofA

Auto

Trust

,

2026-1A

,

A3

,

144A,

4.18 %

,

10/15/30

.

.......

United

States

5,790,000

5,778,897

c

BRAVO

Residential

Funding

Trust

,

2024-CES1

,

A1A

,

144A,

6.377 %

,

4/25/54

................

United

States

2,297,769

2,318,883

g

2025-HE1

,

A1

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/72

...................................

United

States

3,134,998

3,143,897

c

,g

Buckhorn

Park

CLO

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

4.745 %

,

(3-month

SOFR

+

1.07 %),

7/18/34

.

....................

United

States

4,120,000

4,123,062

c

,g

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2016-1A

,

A1R3

,

144A,

FRN

,

4.765 %

,

(3-month

SOFR

+

1.09 %),

4/20/34

.

.........

United

States

7,750,000

7,757,069

CarMax

Auto

Owner

Trust

,

2026-2

,

A2A

,

4.11 %

,

8/15/29

.........................

United

States

8,702,000

8,710,249

2026-2

,

A3

,

4.22 %

,

6/16/31

..........................

United

States

5,340,000

5,343,509

c

,g

CIFC

Funding

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

4.645 %

,

(3-month

SOFR

+

0.97 %),

4/19/35

.........................................

United

States

23,690,000

23,639,900

2024-2A

,

A1

,

144A,

FRN

,

5.184 %

,

(3-month

SOFR

+

1.52 %),

4/22/37

.........................................

United

States

7,200,000

7,224,246

c

Compass

Datacenters

Issuer

II

LLC

,

2024-2A

,

A1

,

144A,

5.022 %

,

8/25/49

...................

United

States

1,474,000

1,473,600

2025-1A

,

A1

,

144A,

5.316 %

,

5/25/50

...................

United

States

1,582,000

1,589,143

2025-2A

,

A1

,

144A,

4.926 %

,

11/25/50

..................

United

States

6,539,000

6,427,813

g

CWABS,

Inc.

Asset-Backed

Certificates

Trust

,

2004-1

,

M1

,

FRN

,

4.519 %

,

(1-month

SOFR

+

0.864 %),

3/25/34

.

.............

United

States

85,786

89,518

c

,g

Dryden

CLO

Ltd.

,

2019-68A

,

ARR

,

144A,

FRN

,

4.773 %

,

(3-month

SOFR

+

1.1 %),

7/15/35

.

.....................

United

States

10,600,000

10,616,430

c

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

..................

United

States

1,989,096

1,989,349

2025-FL2

,

A1

,

144A,

5.053 %

,

11/25/55

.................

United

States

1,717,262

1,708,391

k

2025-HE4

,

A

,

144A,

FRN

,

5.408 %

,

7/25/55

..............

United

States

913,081

915,898

k

2025-HE5

,

A

,

144A,

FRN

,

5.285 %

,

8/25/55

..............

United

States

1,693,411

1,692,788

c

,g

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

4.755 %

,

(3-month

SOFR

+

1.08 %),

10/20/34

.

...

United

States

15,590,000

15,600,234

c

GS

Mortgage-Backed

Securities

Trust

,

2025-CES2

,

A1

,

144A,

5.18 %

,

9/25/55

..................

United

States

2,293,698

2,289,580

g

2025-HE1

,

A1

,

144A,

FRN

,

5.195 %

,

(30-day

SOFR

Average

+

1.55 %),

10/25/55

..................................

United

States

2,556,242

2,564,517

c

Home

Partners

of

America

Trust

,

2021-2

,

B

,

144A,

2.302 %

,

12/17/26

....................

United

States

15,222,885

14,981,042

2021-3

,

B

,

144A,

2.649 %

,

1/17/41

.....................

United

States

5,688,178

5,331,412

c

,e

Iskandar

Enterprise

LLC

,

2026-1A

,

A21

,

144A,

5.049 %

,

4/17/56

.

United

States

10,781,000

10,805,930

c

J.P.

Morgan

Mortgage

Trust

,

g

2023-HE2

,

A1

,

144A,

FRN

,

5.34 %

,

(30-day

SOFR

Average

+

1.7 %),

3/20/54

....................................

United

States

724,417

726,477

2024-CES1

,

A1A

,

144A,

5.919 %

,

6/25/54

................

United

States

1,113,163

1,118,768

k

2025-CES2

,

A1

,

144A,

FRN

,

5.592 %

,

6/25/55

............

United

States

2,183,595

2,192,289

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

c

J.P.

Morgan

Mortgage

Trust,

(continued)

g

2025-HE3

,

A1

,

144A,

FRN

,

4.99 %

,

(30-day

SOFR

Average

+

1.35 %),

3/20/56

...................................

United

States

1,855,888

$

1,863,129

c

,g

KKR

CLO

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

4.993 %

,

(3-month

SOFR

+

1.32 %),

1/15/38

.

............................

United

States

7,024,000

7,037,092

c

,g

Madison

Park

Funding

XLV

Ltd.

,

2020-45A

,

ARR

,

144A,

FRN

,

4.753 %

,

(3-month

SOFR

+

1.08 %),

7/15/34

.

..............

United

States

11,500,000

11,508,202

c

,g

Marble

Point

CLO

XV

Ltd.

,

2019-1A

,

A1R2

,

144A,

FRN

,

4.706 %

,

(3-month

SOFR

+

1.04 %),

7/23/32

.

....................

United

States

1,903,542

1,903,226

c

,g

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-48A

,

A1R

,

144A,

FRN

,

4.757 %

,

(3-month

SOFR

+

1.09 %),

4/25/36

.

....

United

States

14,850,000

14,850,903

c

,g

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-50A

,

AR2

,

144A,

FRN

,

4.706 %

,

(3-month

SOFR

+

1.04 %),

7/23/36

.

....

Jersey

2,525,000

2,522,324

c

,g

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-51A

,

AR2

,

144A,

FRN

,

4.666 %

,

(3-month

SOFR

+

%),

10/23/36

.

......

Jersey

2,335,000

2,330,168

c

New

Economy

Assets

-

Phase

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91 %

,

10/20/61

.

..................................

United

States

19,400,000

16,451,200

c

,g

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.023 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

............................

United

States

3,145,000

3,150,850

c

,g

Octagon

Investment

Partners

Ltd.

,

2018-1A

,

A2

,

144A,

FRN

,

5.135 %

,

(3-month

SOFR

+

1.462 %),

4/15/31

.

.............

United

States

4,680,294

4,680,290

c

PK

ALIFT

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

United

States

1,446,837

1,433,257

c

PK

ALIFT

Loan

Funding

LP

,

2026-1

,

A

,

144A,

4.614 %

,

9/15/43

.

United

States

1,241,000

1,217,209

c

PRET

LLC

,

2026-NPL3

,

A1

,

144A,

4.968 %

,

2/25/56

.

.........

United

States

7,312,992

7,262,360

c

Sabey

Data

Center

Issuer

LLC

,

2026-1

,

A2

,

144A,

5.482 %

,

1/20/51

.

.........................................

United

States

5,591,000

5,550,333

c

,g

Sound

Point

CLO

XXII

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

4.705 %

,

(3-month

SOFR

+

1.03 %),

1/20/32

.

....................

United

States

1,731,874

1,731,904

c

,g

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.697 %

,

(3-month

SOFR

+

1.03 %),

10/25/34

.

...................

United

States

3,850,000

3,851,825

c

,g

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.573 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

2,312,156

2,312,204

c

,g

Towd

Point

Mortgage

Trust

,

2025-HE2

,

A1A

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/65

.

...............

United

States

4,465,018

4,472,682

c

Truist

Bank

Auto

Credit-Linked

Notes

,

2025-1

,

B

,

144A,

4.728 %

,

9/26/33

.

.........................................

United

States

3,441,772

3,442,305

c

,g

Venture

CLO

Ltd.

,

2022-45A

,

A1R

,

144A,

FRN

,

4.945 %

,

(3-month

SOFR

+

1.27 %),

7/20/35

.

....................

Jersey

12,000,000

12,017,581

c

,g

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

5.185 %

,

(3-month

SOFR

+

1.512 %),

7/15/31

.........................................

United

States

1,500,000

1,501,600

2020-1A

,

ARR

,

144A,

FRN

,

4.76 %

,

(3-month

SOFR

+

1.08 %),

7/16/34

.........................................

United

States

15,000,000

15,010,605

c

,g

Wellfleet

CLO

Ltd.

,

2021-3A

,

AR

,

144A,

FRN

,

4.873 %

,

(3-month

SOFR

+

1.2 %),

1/15/35

.

.............................

United

States

12,000,000

12,014,236

297,622,224

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

5,928

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 315,535,530

####)
............................

#### 312,274,279

#### Commercial

#### Mortgage-Backed

#### Securities

#### 6.0%

#### Financial

#### Services

#### 6.0%
BANK

,

2019-BN18

,

A2

,

3.474 %

,

5/15/62

..................

United

States

2,300,000

2,237,227

k

BANK5

Trust

,

2025-5YR17

,

AS

,

FRN

,

5.626 %

,

11/15/58

......

United

States

2,797,000

2,855,428

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Barclays

Commercial

Mortgage

Trust

,

2019-C3

,

A2

,

3.438 %

,

5/15/52

.........................................

United

States

1,077,020

$

1,059,137

k

BBCMS

Mortgage

Trust

,

2024-5C29

,

B

,

FRN

,

5.858 %

,

9/15/57

...................

United

States

3,062,000

3,103,441

l

2024-5C31

,

XA

,

IO,

FRN

,

1.281 %

,

12/15/57

..............

United

States

31,881,808

1,073,598

l

2025-5C33

,

XA

,

IO,

FRN

,

1.038 %

,

3/15/58

...............

United

States

87,104,173

2,447,810

2025-5C37

,

AS

,

FRN

,

5.382 %

,

9/15/58

.................

United

States

4,532,000

4,581,857

2026-5C40

,

B

,

FRN

,

5.78 %

,

2/15/59

...................

United

States

4,353,000

4,424,066

2026-5C40

,

C

,

FRN

,

5.813 %

,

2/15/59

..................

United

States

2,950,000

2,947,276

Benchmark

Mortgage

Trust

,

2019-B13

,

A2

,

2.889 %

,

8/15/57

.......................

United

States

4,166,725

4,008,211

2020-B17

,

A2

,

2.211 %

,

3/15/53

.......................

United

States

2,550,825

2,423,193

k,l

2025-V13

,

XA

,

IO,

FRN

,

1.132 %

,

2/15/58

................

United

States

47,837,000

1,350,845

k,l

2025-V14

,

XA

,

IO,

FRN

,

0.981 %

,

4/15/57

................

United

States

85,800,666

2,307,558

k

2026-V20

,

B

,

FRN

,

5.687 %

,

2/15/59

....................

United

States

3,923,000

3,965,753

2026-V21

,

AS

,

5.506 %

,

3/15/59

.......................

United

States

3,564,000

3,629,955

k,l

2026-V21

,

XA

,

IO,

FRN

,

1.648 %

,

3/15/59

................

United

States

31,826,498

1,958,581

c

,g

BX

Commercial

Mortgage

Trust

,

2026-CSMO

,

C

,

144A,

FRN

,

5.655 %

,

(1-month

SOFR

+

%),

2/15/43

................

United

States

4,387,000

4,412,195

c

,g

BX

Mortgage

Trust

,

2021-PAC

,

B

,

144A,

FRN

,

4.668 %

,

(1-month

SOFR

+

1.013 %),

10/15/36

..........................

United

States

9,220,000

9,201,595

c

BX

Trust

,

g

2022-IND

,

A

,

144A,

FRN

,

5.146 %

,

(1-month

SOFR

+

1.491 %),

4/15/37

.........................................

United

States

6,324,741

6,331,154

k

2025-ARIA

,

C

,

144A,

FRN

,

5.701 %

,

12/13/42

.............

United

States

5,877,000

5,904,000

g

2025-VOLT

,

A

,

144A,

FRN

,

5.355 %

,

(1-month

SOFR

+

1.7 %),

12/15/44

........................................

United

States

1,955,000

1,957,179

CFCRE

Commercial

Mortgage

Trust

,

2016-C7

,

A3

,

3.839 %

,

12/10/54

........................................

United

States

3,055,000

3,039,746

k

CGMS

Commercial

Mortgage

Trust

,

2017-B1

,

AS

,

FRN

,

3.711 %

,

8/15/50

.........................................

United

States

2,221,000

2,176,263

Citigroup

Commercial

Mortgage

Trust

,

k

2016-P3

,

B

,

FRN

,

4.271 %

,

4/15/49

.....................

United

States

3,035,000

2,972,367

2020-GC46

,

A2

,

2.708 %

,

2/15/53

......................

United

States

1,892,638

1,786,572

COMM

Mortgage

Trust

,

2012-CR4

,

AM

,

3.251 %

,

10/15/45

.....................

United

States

3,092,000

3,023,773

c,k

2013-CR6

,

C

,

144A,

FRN

,

3.777 %

,

3/10/46

..............

United

States

2,966,280

2,888,481

k

2014-CR14

,

C

,

FRN

,

3.246 %

,

2/10/47

..................

United

States

4,200,000

4,118,485

c,k

2014-UBS6

,

D

,

144A,

FRN

,

3.959 %

,

12/10/47

............

United

States

3,057,513

2,961,743

CSAIL

Commercial

Mortgage

Trust

,

2017-CX10

,

A3

,

3.398 %

,

11/15/50

........................................

United

States

1,451,510

1,449,521

c

,k

CSTL

Commercial

Mortgage

Trust

,

2025-GATE2

,

A

,

144A,

FRN

,

4.712 %

,

11/10/42

..................................

United

States

4,061,000

4,000,566

c

,k

GS

Mortgage

Securities

Corp.

Trust

,

2017-375H

,

C

,

144A,

FRN

,

3.599 %

,

9/10/37

...................................

United

States

3,013,000

2,882,948

GS

Mortgage

Securities

Trust

,

c,k

2013-GC13

,

B

,

144A,

FRN

,

3.983 %

,

7/10/46

.............

United

States

3,750,000

3,679,632

2016-GS2

,

A4

,

3.05 %

,

5/10/49

........................

United

States

485,275

484,556

2019-GC42

,

A2

,

2.933 %

,

9/10/52

......................

United

States

3,324,928

3,194,070

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2016-

JP3

,

AS

,

3.144 %

,

8/15/49

...........................

United

States

3,300,000

3,200,464

k

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C18

,

C

,

FRN

,

4.659 %

,

2/15/47

..............................

United

States

3,000,000

2,932,503

c

,k

MAD

Commercial

Mortgage

Trust

,

2025-11MD

,

D

,

144A,

FRN

,

6.571 %

,

10/15/42

..................................

United

States

5,585,000

5,656,622

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

k

2013-C10

,

C

,

FRN

,

4.082 %

,

7/15/46

...................

United

States

3,150,000

$

2,919,883

k

2015-C21

,

B

,

FRN

,

3.854 %

,

3/15/48

...................

United

States

5,232,666

5,127,793

k

2015-C22

,

B

,

FRN

,

3.883 %

,

4/15/48

...................

United

States

4,904,000

4,485,934

k,l

2025-5C1

,

XA

,

IO,

FRN

,

1.377 %

,

3/15/58

................

United

States

120,577,258

4,665,592

2025-5C2

,

AS

,

5.384 %

,

11/15/58

......................

United

States

1,923,000

1,945,217

Morgan

Stanley

Capital

I

Trust

,

2016-BNK2

,

A4

,

3.049 %

,

11/15/49

.....................

United

States

2,266,000

2,237,619

k,l

2021-L5

,

XA

,

IO,

FRN

,

1.382 %

,

5/15/54

.................

United

States

36,060,274

1,625,027

c

,g

SCG

Commercial

Mortgage

Trust

,

2025-FLWR

,

A

,

144A,

FRN

,

4.905 %

,

(1-month

SOFR

+

1.25 %),

8/15/42

..............

United

States

3,500,000

3,508,469

c

,g

SHRN

Trust

,

2025-MF18

,

A

,

144A,

FRN

,

4.855 %

,

(1-month

SOFR

+

1.2 %),

10/15/40

.................................

United

States

4,562,000

4,561,884

c

,k

VEGAS

,

2024-GCS

,

D

,

144A,

FRN

,

6.424 %

,

7/10/36

.........

United

States

2,936,000

2,919,981

c

,k

VRTX

Trust

,

2025-HQ

,

D

,

144A,

FRN

,

6.815 %

,

8/05/42

.......

United

States

4,242,000

4,242,491

Wells

Fargo

Commercial

Mortgage

Trust

,

c,k

2016-C34

,

D

,

144A,

FRN

,

5.294 %

,

6/15/49

..............

United

States

2,958,699

2,890,256

2016-LC24

,

AS

,

3.367 %

,

10/15/49

.....................

United

States

3,440,000

3,400,633

k,l

2026-5C8

,

XA

,

IO,

FRN

,

1.585 %

,

3/15/59

................

United

States

55,697,638

3,193,485

170,352,635

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 170,928,801

####)
.............

#### 170,352,635

#### Mortgage-Backed

#### Securities

#### 30.2%
m

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Adjustable

#### Rate

#### 0.0%

#### †
FHLMC

,

3.986 %,

(COFI

11th

District

+/-

MBS

Margin),

11/01/27

United

States

40,497

40,174

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 6.6%
FHLMC

Gold

Pool,

Year

,

4.5 %,

3/01/39

................

United

States

372,822

370,331

FHLMC

Gold

Pool,

Year

,

%,

8/01/33

-

2/01/39

...........

United

States

2,338,456

2,370,828

FHLMC

Gold

Pool,

Year

,

5.5 %,

1/01/35

-

12/01/37

........

United

States

243,636

250,650

FHLMC

Gold

Pool,

Year

,

%,

5/01/33

-

4/01/38

...........

United

States

256,733

269,147

FHLMC

Gold

Pool,

Year

,

6.5 %,

2/01/29

-

3/01/39

.........

United

States

190,233

199,988

FHLMC

Gold

Pool,

Year

,

%,

1/01/28

-

7/01/32

...........

United

States

9,413

9,944

FHLMC

Gold

Pool,

Year

,

7.5 %,

3/01/32

................

United

States

3,989

4,174

FHLMC

Gold

Pool,

Year

,

%,

2/01/30

..................

United

States

1,704

1,753

FHLMC

Gold

Pool,

Year

,

8.5 %,

8/01/30

................

United

States

FHLMC

Pool,

Year

,

%,

4/01/37

-

8/01/37

...............

United

States

7,184,472

6,595,242

FHLMC

Pool,

Year

,

2.5 %,

5/01/37

.....................

United

States

2,787,702

2,625,863

FHLMC

Pool,

Year

,

%,

4/01/37

-

9/01/37

...............

United

States

2,888,400

2,753,203

FHLMC

Pool,

Year

,

%,

12/01/39

.....................

United

States

2,709,012

2,642,824

FHLMC

Pool,

Year

,

%,

3/01/51

......................

United

States

43,081,786

34,900,683

FHLMC

Pool,

Year

,

%,

5/01/51

......................

United

States

3,677,380

2,947,071

FHLMC

Pool,

Year

,

2.5 %,

10/01/51

....................

United

States

31,034,297

26,210,252

FHLMC

Pool,

Year

,

2.5 %,

7/01/52

.....................

United

States

3,494,566

2,931,753

FHLMC

Pool,

Year

,

%,

2/01/52

......................

United

States

53,336,826

46,917,494

FHLMC

Pool,

Year

,

%,

3/01/52

......................

United

States

960,174

841,944

FHLMC

Pool,

Year

,

3.5 %,

12/01/52

....................

United

States

5,679,507

5,180,005

FHLMC

Pool,

Year

,

%,

8/01/52

......................

United

States

31,219,496

29,368,399

FHLMC

Pool,

Year

,

4.5 %,

8/01/52

.....................

United

States

23,372,840

22,568,947

FHLMC

Pool,

Year

,

5.5 %,

10/01/55

....................

United

States

531,589

534,792

190,495,555

m

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Adjustable

#### Rate

#### 0.0%

#### †
FNMA

,

3.99 %

-

4.678 %,

(COFI

11th

District

+/-

MBS

Margin),

12/01/27

-

9/01/34

.................................

United

States

524,739

518,344

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

m

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Adjustable

#### Rate
(continued)

FNMA

,

5.466 %,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/32

...................

United

States

28,075

$

28,333

FNMA

,

5.47 %

-

5.984 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

2/01/34

-

3/01/37

........

United

States

184,336

187,967

FNMA

,

6.05 %

-

6.307 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

12/01/34

-

10/01/36

................................

United

States

30,779

31,627

766,271

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 16.4%
FNMA,

Year

,

%,

4/01/37

...........................

United

States

322,647

296,185

FNMA,

Year

,

%,

9/01/37

-

10/01/37

...................

United

States

3,622,506

3,452,917

FNMA,

Year

,

3.5 %,

12/01/39

.........................

United

States

466,295

448,229

FNMA,

Year

,

3.5 %,

12/01/52

.........................

United

States

28,802,372

26,251,522

FNMA,

Year

,

4.5 %,

9/01/55

.........................

United

States

355,231

342,094

FNMA,

Year

,

%,

6/01/36

-

10/01/55

...................

United

States

3,678,433

3,640,022

FNMA,

Year

,

5.5 %,

6/01/33

-

8/01/55

..................

United

States

17,861,665

18,032,320

FNMA,

Year

,

%,

9/01/32

-

9/01/38

....................

United

States

1,842,685

1,930,052

FNMA,

Year

,

6.5 %,

8/01/28

-

5/01/37

..................

United

States

40,260

41,975

FNMA,

Year

,

7.5 %,

1/01/30

.........................

United

States

1,462

1,503

FNMA,

Year

,

8.5 %,

4/01/30

-

5/01/32

..................

United

States

8,416

8,683

n

Uniform

Mortgage-Backed

Securities

,

1.5 %

,

TBA,

5/25/41

.....

United

States

14,000,000

12,562,379

n

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/41

......

United

States

19,000,000

17,428,943

n

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/56

......

United

States

84,730,000

67,814,695

n

Uniform

Mortgage-Backed

Securities

,

2.5 %

,

TBA,

5/25/41

.....

United

States

6,000,000

5,648,225

n

Uniform

Mortgage-Backed

Securities

,

2.5 %

,

TBA,

5/25/56

.....

United

States

64,740,000

54,220,743

n

Uniform

Mortgage-Backed

Securities

,

4.5 %

,

TBA,

5/25/41

.....

United

States

1,000,000

992,305

n

Uniform

Mortgage-Backed

Securities

,

4.5 %

,

TBA,

5/25/56

.....

United

States

55,500,000

53,393,223

n

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/41

......

United

States

3,000,000

3,022,202

n

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/56

......

United

States

55,190,000

54,380,066

n

Uniform

Mortgage-Backed

Securities

,

5.5 %

,

TBA,

5/25/56

.....

United

States

16,850,000

16,936,451

n

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/56

......

United

States

70,090,000

71,561,103

n

Uniform

Mortgage-Backed

Securities

,

6.5 %

,

TBA,

5/25/56

.....

United

States

54,000,000

56,031,788

468,437,625

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

531

531

531

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 7.2%
GNMA

I,

Year

,

%,

10/15/27

-

6/15/31

..................

United

States

3,317

3,439

GNMA

I,

Single-family,

Year

,

%,

1/15/39

...............

United

States

38,705

40,725

GNMA

I,

Single-family,

Year

,

6.5 %,

10/15/31

-

7/15/38

......

United

States

3,165

3,212

GNMA

I,

Single-family,

Year

,

%,

4/15/28

...............

United

States

974

981

GNMA

II,

Single-family,

Year

,

%,

7/20/52

...............

United

States

7,146,949

5,895,170

n

GNMA

II,

Single-family,

Year

,

%,

5/15/56

...............

United

States

20,940,000

17,234,008

GNMA

II,

Single-family,

Year

,

2.5 %,

9/20/51

-

7/20/52

......

United

States

26,540,645

22,783,369

n

GNMA

II,

Single-family,

Year

,

2.5 %,

5/15/56

.............

United

States

38,110,000

32,650,136

GNMA

II,

Single-family,

Year

,

%,

10/20/49

-

6/20/52

......

United

States

7,691,058

6,860,518

n

GNMA

II,

Single-family,

Year

,

3.5 %,

5/15/56

.............

United

States

17,260,000

15,604,793

n

GNMA

II,

Single-family,

Year

,

%,

5/15/56

...............

United

States

13,000,000

12,131,902

n

GNMA

II,

Single-family,

Year

,

4.5 %,

5/15/56

.............

United

States

13,790,000

13,300,886

n

GNMA

II,

Single-family,

Year

,

%,

5/15/56

...............

United

States

20,000,000

19,829,510

n

GNMA

II,

Single-family,

Year

,

5.5 %,

5/15/56

.............

United

States

33,930,000

34,173,736

GNMA

II,

Single-family,

Year

,

%,

5/20/31

...............

United

States

627

644

n

GNMA

II,

Single-family,

Year

,

%,

5/15/56

...............

United

States

23,690,000

24,154,656

GNMA

II,

Single-family,

Year

,

6.5 %,

3/20/28

-

5/20/55

......

United

States

1,910,156

2,002,563

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

GNMA

II,

Single-family,

Year

,

7.5 %,

8/20/30

-

1/20/33

......

United

States

9,033

$

9,308

206,679,556

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 872,241,024

####)
.........................

#### 866,419,712

#### Residential

#### Mortgage-Backed

#### Securities

#### 3.1%

#### Capital

#### Markets

#### 0.0%

#### †
g

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

4.509 %

,

(1-month

SOFR

+

0.854 %),

3/25/28

.............

United

States

44,634

41,145

#### Financial

#### Services

#### 3.1%
c

,g

Bellemeade

Re

Ltd.

,

2021-3A

,

B1

,

144A,

FRN

,

7.495 %

,

(30-day

SOFR

Average

+

3.85 %),

9/25/31

.....................

United

States

2,439,000

2,507,190

c

BRAVO

Residential

Funding

Trust

,

k

2019-2

,

A3

,

144A,

FRN

,

3.5 %

,

10/25/44

.................

United

States

1,995,726

1,917,311

2023-NQM6

,

A1

,

144A,

6.602 %

,

9/25/63

................

United

States

947,378

949,839

c

CAFL

Issuer

LP

,

2025-RRTL1

,

A1

,

144A,

5.684 %

,

5/28/40

.....

United

States

1,171,000

1,175,879

c

,g

Chase

Home

Lending

Mortgage

Trust

,

2025-3

,

A11

,

144A,

FRN

,

4.945 %

,

(30-day

SOFR

Average

+

1.3 %),

2/25/56

....................................

United

States

2,233,847

2,231,973

2025-7

,

A11

,

144A,

FRN

,

5.045 %

,

(30-day

SOFR

Average

+

1.4 %),

5/25/56

....................................

United

States

1,939,208

1,946,664

c

,k

CIM

Trust

,

2018-INV1

,

A4

,

144A,

FRN

,

%

,

8/25/48

................

United

States

793,570

750,717

2019-INV1

,

A1

,

144A,

FRN

,

%

,

2/25/49

................

United

States

323,427

309,170

2019-INV2

,

A3

,

144A,

FRN

,

%

,

5/25/49

................

United

States

1,245,114

1,180,656

c

,k

Citigroup

Mortgage

Loan

Trust

,

2013-A

,

A

,

144A,

FRN

,

%

,

5/25/42

.........................................

United

States

126,232

117,442

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

%

,

1/25/38

..................................

Switzerland

72,289

40,259

c

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085 %

,

12/25/68

..

United

States

679,057

682,814

c

,g

FHLMC

STACR

REMIC

Trust

,

2023-DNA2

,

M1A

,

144A,

FRN

,

5.745 %

,

(30-day

SOFR

Average

+

2.1 %),

4/25/43

..................................

United

States

1,660,893

1,682,289

2025-DNA1

,

A1

,

144A,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/45

...................................

United

States

2,181,970

2,184,354

2025-DNA2

,

A1

,

144A,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

5/25/45

....................................

United

States

1,686,713

1,693,060

2025-DNA3

,

M1

,

144A,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

9/25/45

..................................

United

States

2,173,289

2,174,359

c

,g

FNMA

Connecticut

Avenue

Securities

Trust

,

2025-R01

,

1M1

,

144A,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

1/25/45

....................................

United

States

1,186,203

1,186,676

2025-R02

,

1A1

,

144A,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

2/25/45

.....................................

United

States

1,346,189

1,348,839

2025-R03

,

2A1

,

144A,

FRN

,

5.095 %

,

(30-day

SOFR

Average

+

1.45 %),

3/25/45

...................................

United

States

1,745,923

1,756,177

2025-R04

,

1A1

,

144A,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

5/25/45

.....................................

United

States

1,604,125

1,606,839

2026-R01

,

2M1

,

144A,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

1/25/46

.....................................

United

States

3,677,003

3,679,311

2026-R03

,

2A1

,

144A,

FRN

,

4.74 %

,

(30-day

SOFR

Average

+

1.1 %),

4/25/46

....................................

United

States

9,433,000

9,500,903

c

,g

GS

Mortgage-Backed

Securities

Trust

,

2025-PJ8

,

A27

,

144A,

FRN

,

4.945 %

,

(30-day

SOFR

Average

+

1.3 %),

2/25/56

.....

United

States

860,148

862,483

c

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915 %

,

7/25/69

......

United

States

1,820,861

1,833,328

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

c

Imperial

Fund

Mortgage

Trust

,

2023-NQM1

,

A1

,

144A,

5.941 %

,

2/25/68

.........................................

United

States

2,097,627

$

2,101,629

c

,k

J.P.

Morgan

Mortgage

Trust

,

2021-15

,

A4

,

144A,

FRN

,

2.5 %

,

6/25/52

.........................................

United

States

5,694,744

5,101,915

c

,k

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612 %

,

4/25/40

.........................................

United

States

1,116,000

1,121,663

c

,k

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5 %

,

4/25/66

.........................................

United

States

2,694,409

2,651,828

c

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-NQM1

,

A1

,

144A,

6.152 %

,

12/25/68

..........................

United

States

1,916,006

1,928,577

c

OBX

Trust

,

k

2021-J3

,

A4

,

144A,

FRN

,

2.5 %

,

10/25/51

................

United

States

1,152,096

1,035,834

2024-NQM2

,

A1

,

144A,

5.878 %

,

12/25/63

...............

United

States

1,094,777

1,100,040

2024-NQM3

,

A1

,

144A,

6.129 %

,

12/25/63

...............

United

States

1,454,866

1,464,583

2024-NQM4

,

A1

,

144A,

6.067 %

,

1/25/64

................

United

States

895,927

901,812

2024-NQM8

,

A1

,

144A,

6.233 %

,

5/25/64

................

United

States

2,238,157

2,259,936

g

2025-J2

,

AF

,

144A,

FRN

,

4.945 %

,

(30-day

SOFR

Average

+

1.3 %),

9/25/55

....................................

United

States

2,202,528

2,210,216

c

,k

OLIT

,

2025-HB2

,

A

,

144A,

FRN

,

%

,

11/25/38

..............

United

States

2,218,292

2,169,123

c

,k

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

.........................................

United

States

322,709

316,913

c

,g

PMT

Loan

Trust

,

2025-J2

,

A11

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

8/25/56

.....................

United

States

554,899

557,521

c

,k

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5 %

,

2/20/49

....................................

United

States

1,832,993

1,638,844

c

,k

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

%

,

12/25/49

........................................

United

States

1,359,624

1,184,361

c

PRPM

LLC

,

2026-1

,

A1

,

144A,

5.185 %

,

2/25/31

............

United

States

4,241,131

4,204,452

c

,k

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5 %

,

8/25/51

.........

United

States

9,827,525

8,886,429

c

,g

Radian

Mortgage

Capital

Trust

,

2025-J3

,

A25

,

144A,

FRN

,

5.145 %

,

(30-day

SOFR

Average

+

1.5 %),

12/25/55

........

United

States

1,410,789

1,418,358

c

,g

Sequoia

Mortgage

Trust

,

2025-8

,

A26F

,

144A,

FRN

,

5.045 %

,

(30-

day

SOFR

Average

+

1.4 %),

9/25/55

...................

United

States

2,020,803

2,029,774

c

Verus

Securitization

Trust

,

2023-6

,

A1

,

144A,

6.665 %

,

9/25/68

....................

United

States

420,769

422,610

2024-4

,

A1

,

144A,

6.218 %

,

6/25/69

....................

United

States

1,455,465

1,471,591

89,496,541

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 92,059,163

####)
...............

#### 89,537,686

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 3.7%

#### Financial

#### Services

#### 3.7%
FHLMC

,

l

5016

,

PI

,

IO,

%

,

9/25/50

............................

United

States

20,265,124

3,500,259

l

5077

,

AI

,

IO,

%

,

2/25/51

............................

United

States

29,393,671

3,400,513

l

5158

,

IV

,

IO,

%

,

1/25/49

............................

United

States

45,596,556

9,503,617

l

5365

,

IO,

2.5 %

,

7/25/51

.............................

United

States

58,166,710

9,279,120

g

5444

,

FC

,

FRN

,

4.765 %

,

(30-day

SOFR

Average

+

1.12 %),

8/25/54

.........................................

United

States

7,500,658

7,569,291

FNMA

,

g

2005-122

,

FN

,

FRN

,

4.11 %

,

(30-day

SOFR

Average

+

0.464 %),

1/25/36

.........................................

United

States

358,170

354,781

l

2020-47

,

ID

,

IO,

%

,

7/25/50

.........................

United

States

14,478,612

3,178,892

l

2021-3

,

TI

,

IO,

2.5 %

,

2/25/51

.........................

United

States

19,360,844

3,226,779

g

2024-105

,

KF

,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

1/25/55

.........................................

United

States

10,539,443

10,613,712

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

FNMA,

(continued)

g

2024-77

,

FM

,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

11/25/54

........................................

United

States

6,181,551

$

6,211,789

g

2024-82

,

FE

,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

11/25/54

........................................

United

States

9,711,427

9,758,978

g

2024-87

,

FB

,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

12/25/54

........................................

United

States

10,527,785

10,630,239

g

2025-25

,

FB

,

FRN

,

4.595 %

,

(30-day

SOFR

Average

+

0.95 %),

4/25/55

.........................................

United

States

2,608,710

2,622,438

l

GNMA

,

2020-189

,

IA

,

IO,

%

,

12/20/49

.......................

United

States

21,988,706

4,816,780

2022-23

,

KI

,

IO,

%

,

4/20/51

.........................

United

States

26,600,449

4,474,919

2022-78

,

IO,

%

,

8/20/51

............................

United

States

18,938,833

3,168,364

2025-120

,

IA

,

IO,

%

,

3/20/52

........................

United

States

21,752,800

4,174,802

2025-5

,

IO,

3.5 %

,

4/20/51

...........................

United

States

49,247,440

9,286,122

105,771,395

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 105,233,046

####)
......

#### 105,771,395

#### Municipal

#### Bonds

#### 1.8%

#### California

#### 1.4%
California

Municipal

Finance

Authority

,

FBI

San

Diego

Project

,

Revenue

,

2020

,

2.519 %

,

10/01/35

.....................

United

States

9,285,000

6,825,213

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

3.85 %

,

6/01/50

...........................

United

States

9,215,000

8,420,541

San

Bernardino

Community

College

District

,

GO

,

2021

,

Refunding

,

2.686 %

,

8/01/41

.................

United

States

20,405,000

15,326,324

GO

,

2021

,

Refunding

,

2.856 %

,

8/01/49

.................

United

States

11,880,000

7,755,802

38,327,880

#### Ohio

#### 0.4%
Greenville

City

School

District

,

GO

,

2019

,

Refunding

,

3.541 %

,

1/01/51

.........................................

United

States

16,585,000

12,471,902

#### Texas

#### 0.0%

#### †
City

of

Austin

,

Electric

Utility

,

Revenue

,

2019

C

,

Refunding

,

2.785 %

,

11/15/31

..................................

United

States

370,000

343,907

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 67,123,701

####)
....................................

#### 51,143,689

#### Shares
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,b

All

Day

Electric,

Inc.,

Escrow

Account

....................

United

States

—

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

141,599

2,241

a

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

3,000,000

15,150

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### 2,814,454

####)
.........................

#### 17,391

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 3,539,147,816

####)
...........................

#### 3,437,047,110

#### a
Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
a

#### Value
a

a

#### a

#### aa
a

#### a

#### Options

#### Purchased

#### 0.1%

#### Puts

#### -

#### Over-the-Counter

#### Interest

#### Rate

#### Swaptions

#### 0.1%
Receive

Floating

1-day

SOFR

,

Pay

Fixed

3.88%

,

Counterparty

CITI

,

Expires

7/10/26

...............................

26,924,000

$

397,367

Receive

Floating

1-day

SOFR

,

Pay

Fixed

4.3%

,

Counterparty

CITI

,

Expires

7/10/26

...............................

53,848,000

154,496

Receive

Floating

3-month

EURIBOR

,

Pay

Fixed

2.765%

,

Counterparty

BOFA

,

Expires

3/19/27

...................

270,377,000

EUR

1,167,031

1,718,894

#### Total

#### Options

#### Purchased

#### (Cost

#### $

#### 1,599,293

####)
...................................

#### 1,718,894

#### Short

#### Term

#### Investments

#### 1.3%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.3%
o,p

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

.........................................

United

States

36,394,175

36,394,175

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 36,394,175

####)
................................

#### 36,394,175

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 36,394,175

####)
..............................

#### 36,394,175

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,577,141,284

####)
121.4 #### %
..............................

#### $3,475,160,179

#### Options

#### Written

#### (0.1 ####)

#### %
.....................................................

#### (1,738,003)

#### Other

#### Assets,

#### less

#### Liabilities

#### (21.3 ####)

#### %
........................................

#### (608,725,960)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $2,864,696,216

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
q

#### Options

#### Written

#### (0.1)%

#### Puts

#### -

#### Over-the-Counter

#### Interest

#### Rate

#### Swaptions

#### (0.1)%
Receive

Floating

1-day

SOFR

,

Pay

Fixed

4.09%

,

Counterparty

CITI

,

Expires

7/10/26

...............................

(80,772,000)

(541,026)

Receive

Floating

3-month

EURIBOR

,

Pay

Fixed

3.165%

,

Counterparty

BOFA

,

Expires

3/19/27

...................

(270,377,000)

EUR

(725,653)

Receive

Floating

3-month

EURIBOR

,

Pay

Fixed

3.565%

,

Counterparty

BOFA

,

Expires

3/19/27

...................

(270,377,000)

EUR

(471,324)

(1,738,003)

#### Total

#### Options

#### Written

#### (Premiums

#### received

#### $

#### 1,623,886

####)
.........................

#### $

#### (#### 1,738,003

####)
Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#

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

regarding

fair

value

measurements.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2026,

the

aggregate

value

of

these

securities

was

$919,388,694,

representing

32.1%

of

net

assets.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

f

See

Note

1(h)

regarding

senior

floating

rate

interests.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

Income

may

be

received

in

additional

securities

and/or

cash.

i

See

Note

1(i)

regarding

Marketplace

Lending.

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

j

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

April

30,

2026,

the

value

of

this

security

pledged

amounted

to

$10,900,564,

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.

See

Note

1(c).

o

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

p

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

q

See

Note

1(d)

regarding

written

options.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Total

#### Return

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

April

30,

2026,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(i).

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans

#### -

#### 0.1%
Block,

Inc.

a,b

4582384. SQ.FTS.B,

4.552%,

4/03/33

....

$

863

$

–

a,b

4581979. SQ.FTS.B,

4.555%,

4/03/33

....

2,035

–

a,b

4581962. SQ.FTS.B,

4.709%,

4/03/33

....

1,755

–

a,b

4586446. SQ.FTS.B,

4.403%,

4/04/33

....

5,636

–

a,b

4591961. SQ.FTS.B,

3.931%,

4/06/33

....

1,338

–

a,b

4592572. SQ.FTS.B,

4.553%,

4/06/33

....

–

a,b

4593610. SQ.FTS.B,

4.871%,

4/06/33

....

881

–

a,b

4590729. SQ.FTS.B,

4.875%,

4/06/33

....

1,383

–

a,b

4591813. SQ.FTS.B,

4.877%,

4/06/33

....

2,891

–

a,b

4604000. SQ.FTS.B,

4.558%,

4/09/33

....

8,181

–

a,b

4604804. SQ.FTS.B,

4.56%,

4/09/33

.....

785

–

a,b

4605658. SQ.FTS.B,

4.558%,

4/10/33

....

6,711

–

a,b

4605063. SQ.FTS.B,

5.031%,

4/10/33

....

1,320

–

a,b

4606932. SQ.FTS.B,

4.554%,

4/11/33

....

2,572

–

a,b

4606620. SQ.FTS.B,

4.56%,

4/11/33

.....

668

–

a,b

4606063. SQ.FTS.B,

4.568%,

4/11/33

....

2,752

–

a,b

4606489. SQ.FTS.B,

4.717%,

4/11/33

....

12,498

–

a,b

4609493. SQ.FTS.B,

4.722%,

4/12/33

....

1,353

–

a,b

4609460. SQ.FTS.B,

4.868%,

4/12/33

....

2,479

–

a,b

4610482. SQ.FTS.B,

5.031%,

4/13/33

....

3,354

–

a,b

4622864. SQ.FTS.B,

3.302%,

4/15/33

....

782

–

a,b

4622664. SQ.FTS.B,

4.556%,

4/15/33

....

3,107

–

a,b

4624796. SQ.FTS.B,

3.927%,

4/17/33

....

–

a,b

4624391. SQ.FTS.B,

4.717%,

4/17/33

....

3,087

–

a,b

4625048. SQ.FTS.B,

4.858%,

4/17/33

....

871

–

a,b

4626040. SQ.FTS.B,

4.876%,

4/18/33

....

5,792

–

a,b

4628862. SQ.FTS.B,

3.304%,

4/19/33

....

8,296

–

a,b

4632078. SQ.FTS.B,

4.561%,

4/20/33

....

21,052

–

a,b

4638327. SQ.FTS.B,

4.406%,

4/22/33

....

8,661

–

a,b

4640261. SQ.FTS.B,

4.539%,

4/24/33

....

549

–

a,b

4640985. SQ.FTS.B,

3.3%,

4/25/33

......

1,692

a,b

4641063. SQ.FTS.B,

3.774%,

4/25/33

....

710

–

a,b

4643805. SQ.FTS.B,

3.931%,

4/25/33

....

751

–

a,b

4649015. SQ.FTS.B,

4.56%,

4/27/33

.....

5,124

–

a,b

4649299. SQ.FTS.B,

5.031%,

4/27/33

....

–

a,b

4655501. SQ.FTS.B,

4.556%,

4/29/33

....

3,367

–

a,b

4657541. SQ.FTS.B,

3.302%,

4/30/33

....

836

–

a,b

4660081. SQ.FTS.B,

4.883%,

5/01/33

....

–

a,b

4664137. SQ.FTS.B,

4.566%,

5/02/33

....

2,149

–

a,b

4666640. SQ.FTS.B,

4.56%,

5/03/33

.....

10,212

–

a,b

4674918. SQ.FTS.B,

3.303%,

5/05/33

....

9,934

–

a,b

4675113. SQ.FTS.B,

4.56%,

5/05/33

.....

–

a,b

4684412. SQ.FTS.B,

3.302%,

5/08/33

....

2,706

–

a,b

4707828. SQ.FTS.B,

4.566%,

5/11/33

....

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

4713712. SQ.FTS.B,

5.031%,

5/13/33

....

$

$

–

a,b

4720634. SQ.FTS.B,

4.56%,

5/16/33

.....

7,932

–

a,b

4725524. SQ.FTS.B,

4.874%,

5/17/33

....

19,384

a,b

4741690. SQ.FTS.B,

4.568%,

5/18/33

....

524

–

a,b

4744012. SQ.FTS.B,

4.716%,

5/18/33

....

2,527

–

a,b

4755474. SQ.FTS.B,

4.566%,

5/22/33

....

1,198

–

a,b

4756626. SQ.FTS.B,

4.567%,

5/22/33

....

–

a,b

4757364. SQ.FTS.B,

4.878%,

5/22/33

....

2,804

–

a,b

4790013. SQ.FTS.B,

3.935%,

5/29/33

....

–

a,b

4807316. SQ.FTS.B,

4.403%,

6/02/33

....

–

a,b

4810447. SQ.FTS.B,

4.874%,

6/03/33

....

2,379

–

a,b

4814556. SQ.FTS.B,

3.302%,

6/04/33

....

616

–

a,b

4814833. SQ.FTS.B,

4.561%,

6/04/33

....

24,496

–

a,b

4815651. SQ.FTS.B,

4.57%,

6/05/33

.....

629

–

a,b

4818987. SQ.FTS.B,

3.302%,

6/06/33

....

2,640

–

a,b

4819217. SQ.FTS.B,

4.56%,

6/07/33

.....

12,317

a,b

4819180. SQ.FTS.B,

5.031%,

6/07/33

....

–

a,b

4821611. SQ.FTS.B,

4.552%,

6/08/33

....

702

–

a,b

4823342. SQ.FTS.B,

4.874%,

6/08/33

....

714

–

a,b

4827165. SQ.FTS.B,

4.55%,

6/09/33

.....

1,298

–

a,b

4832985. SQ.FTS.B,

4.559%,

6/10/33

....

12,795

a,b

4831089. SQ.FTS.B,

5.031%,

6/10/33

....

3,668

–

a,b

4836929. SQ.FTS.B,

3.932%,

6/13/33

....

6,637

–

a,b

4837116. SQ.FTS.B,

4.557%,

6/13/33

....

2,784

–

a,b

4840254. SQ.FTS.B,

2.958%,

6/14/33

....

–

a,b

4840334. SQ.FTS.B,

2.961%,

6/14/33

....

1,577

–

a,b

4840427. SQ.FTS.B,

4.334%,

6/14/33

....

6,145

–

a,b

4839366. SQ.FTS.B,

4.538%,

6/14/33

....

11,177

–

a,b

4839716. SQ.FTS.B,

4.553%,

6/14/33

....

727

–

a,b

4840766. SQ.FTS.B,

4.563%,

6/14/33

....

2,241

–

a,b

4842339. SQ.FTS.B,

4.654%,

6/15/33

....

539

–

a,b

4850020. SQ.FTS.B,

4.528%,

6/16/33

....

–

a,b

4850454. SQ.FTS.B,

4.558%,

6/16/33

....

1,505

–

a,b

4848471. SQ.FTS.B,

4.56%,

6/16/33

.....

2,931

–

a,b

4848703. SQ.FTS.B,

4.574%,

6/16/33

....

1,526

–

a,b

4848662. SQ.FTS.B,

4.881%,

6/16/33

....

5,372

–

a,b

4861177. SQ.FTS.B,

3.33%,

6/17/33

.....

526

–

a,b

4860575. SQ.FTS.B,

3.953%,

6/17/33

....

–

a,b

4858016. SQ.FTS.B,

4.554%,

6/17/33

....

–

a,b

4860376. SQ.FTS.B,

4.878%,

6/17/33

....

1,539

–

a,b

4861282. SQ.FTS.B,

5.031%,

6/17/33

....

2,636

–

a,b

4861902. SQ.FTS.B,

3.925%,

6/18/33

....

1,428

–

a,b

4861917. SQ.FTS.B,

4.562%,

6/18/33

....

3,378

a,b

4863326. SQ.FTS.B,

4.403%,

6/19/33

....

3,221

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

4863471. SQ.FTS.B,

4.973%,

6/19/33

....

$

7,932

$

–

a,b

4866709. SQ.FTS.B,

4.566%,

6/20/33

....

1,837

–

a,b

4866438. SQ.FTS.B,

5.031%,

6/20/33

....

954

–

a,b

4867919. SQ.FTS.B,

3.851%,

6/21/33

....

6,047

–

a,b

4868584. SQ.FTS.B,

4.556%,

6/21/33

....

5,694

–

a,b

4868143. SQ.FTS.B,

4.56%,

6/21/33

.....

4,894

–

a,b

4881919. SQ.FTS.B,

4.568%,

6/28/33

....

793

–

a,b

4881733. SQ.FTS.B,

4.882%,

6/28/33

....

726

–

a,b

4885937. SQ.FTS.B,

4.723%,

6/29/33

....

2,665

–

a,b

4889629. SQ.FTS.B,

4.73%,

7/01/33

.....

2,050

–

a,b

4890016. SQ.FTS.B,

4.286%,

7/02/33

....

1,471

–

a,b

4889899. SQ.FTS.B,

4.403%,

7/02/33

....

5,336

–

a,b

4891423. SQ.FTS.B,

4.563%,

7/03/33

....

3,072

–

a,b

4901767. SQ.FTS.B,

4.562%,

7/07/33

....

4,562

–

a,b

4901412. SQ.FTS.B,

4.715%,

7/07/33

....

–

a,b

4903860. SQ.FTS.B,

4.57%,

7/09/33

.....

2,263

–

a,b

4906129. SQ.FTS.B,

3.298%,

7/10/33

....

–

a,b

4905084. SQ.FTS.B,

4.717%,

7/10/33

....

1,810

a,b

4924498. SQ.FTS.B,

4.562%,

7/17/33

....

2,892

a,b

4926237. SQ.FTS.B,

4.56%,

7/18/33

.....

7,821

–

a,b

4926957. SQ.FTS.B,

4.403%,

7/19/33

....

1,660

–

a,b

4928138. SQ.FTS.B,

4.562%,

7/19/33

....

6,946

–

a,b

4928795. SQ.FTS.B,

4.874%,

7/19/33

....

18,247

–

a,b

4928279. SQ.FTS.B,

4.883%,

7/19/33

....

991

–

a,b

4931889. SQ.FTS.B,

4.487%,

7/20/33

....

1,469

–

a,b

4931407. SQ.FTS.B,

5.031%,

7/20/33

....

758

–

a,b

4933844. SQ.FTS.B,

3.539%,

7/21/33

....

19,305

–

a,b

4935527. SQ.FTS.B,

4.454%,

7/22/33

....

1,418

–

a,b

4935556. SQ.FTS.B,

4.871%,

7/22/33

....

–

a,b

4935340. SQ.FTS.B,

6.379%,

7/22/33

....

–

a,b

4935758. SQ.FTS.B,

4.258%,

7/23/33

....

717

–

a,b

4935784. SQ.FTS.B,

4.56%,

7/23/33

.....

749

–

a,b

4936861. SQ.FTS.B,

4.556%,

7/24/33

....

1,307

–

a,b

4937255. SQ.FTS.B,

5.558%,

7/24/33

....

1,941

–

a,b

4954900. SQ.FTS.B,

4.561%,

7/28/33

....

4,177

–

a,b

4962523. SQ.FTS.B,

4.558%,

7/31/33

....

4,563

–

a,b

4962054. SQ.FTS.B,

4.717%,

7/31/33

....

8,398

a,b

4964207. SQ.FTS.B,

4.727%,

8/01/33

....

872

–

a,b

4967874. SQ.FTS.B,

4.558%,

8/02/33

....

6,630

–

a,b

4976894. SQ.FTS.B,

3.308%,

8/07/33

....

2,452

–

a,b

4977295. SQ.FTS.B,

4.559%,

8/07/33

....

5,717

–

a,b

4980891. SQ.FTS.B,

3.931%,

8/08/33

....

7,938

–

a,b

4980302. SQ.FTS.B,

4.562%,

8/08/33

....

5,164

a,b

4986950. SQ.FTS.B,

3.396%,

8/10/33

....

1,026

–

a,b

4985573. SQ.FTS.B,

4.559%,

8/10/33

....

3,505

–

a,b

4985801. SQ.FTS.B,

4.565%,

8/10/33

....

3,070

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

4989680. SQ.FTS.B,

4.871%,

8/11/33

....

$

6,187

$

–

a,b

4990405. SQ.FTS.B,

4.403%,

8/12/33

....

–

a,b

4990927. SQ.FTS.B,

4.554%,

8/12/33

....

1,216

–

a,b

4991162. SQ.FTS.B,

3.301%,

8/13/33

....

5,956

–

a,b

4993377. SQ.FTS.B,

3.043%,

8/14/33

....

1,027

–

a,b

4993286. SQ.FTS.B,

3.934%,

8/14/33

....

1,167

–

a,b

4993884. SQ.FTS.B,

4.881%,

8/14/33

....

2,371

–

a,b

5003760. SQ.FTS.B,

3.874%,

8/15/33

....

2,712

–

a,b

5002638. SQ.FTS.B,

4.403%,

8/15/33

....

1,671

–

a,b

4994636. SQ.FTS.B,

4.56%,

8/15/33

.....

1,945

–

a,b

4999801. SQ.FTS.B,

4.561%,

8/15/33

....

7,631

–

a,b

5002851. SQ.FTS.B,

4.564%,

8/15/33

....

2,134

–

a,b

5017280. SQ.FTS.B,

3.511%,

8/17/33

....

6,962

–

a,b

5019634. SQ.FTS.B,

3.661%,

8/17/33

....

1,814

–

a,b

5024347. SQ.FTS.B,

4.556%,

8/18/33

....

2,526

–

a,b

5025377. SQ.FTS.B,

4.561%,

8/18/33

....

4,937

–

a,b

5026387. SQ.FTS.B,

4.55%,

8/19/33

.....

1,641

–

a,b

5025999. SQ.FTS.B,

4.558%,

8/19/33

....

4,449

–

a,b

5027200. SQ.FTS.B,

5.128%,

8/21/33

....

811

–

a,b

5035879. SQ.FTS.B,

4.55%,

8/23/33

.....

757

–

a,b

5034542. SQ.FTS.B,

4.561%,

8/23/33

....

3,605

–

a,b

5037885. SQ.FTS.B,

2.809%,

8/24/33

....

10,416

–

a,b

5041320. SQ.FTS.B,

5.024%,

8/25/33

....

6,419

–

a,b

5044612. SQ.FTS.B,

4.539%,

8/27/33

....

–

a,b

5045876. SQ.FTS.B,

4.403%,

8/28/33

....

6,187

–

a,b

5045398. SQ.FTS.B,

4.561%,

8/28/33

....

9,125

–

a,b

5047833. SQ.FTS.B,

4.69%,

8/28/33

.....

3,738

–

a,b

5048228. SQ.FTS.B,

3.953%,

9/01/33

....

–

a,b

5050370. SQ.FTS.B,

4.403%,

9/01/33

....

17,390

–

a,b

5049827. SQ.FTS.B,

5.031%,

9/01/33

....

3,982

–

a,b

5051339. SQ.FTS.B,

3.103%,

9/02/33

....

1,372

–

a,b

5051202. SQ.FTS.B,

5.763%,

9/02/33

....

–

a,b

5059779. SQ.FTS.B,

3.245%,

9/04/33

....

13,874

–

a,b

5061477. SQ.FTS.B,

3.305%,

9/04/33

....

5,939

–

a,b

5059388. SQ.FTS.B,

4.717%,

9/04/33

....

578

–

a,b

5062144. SQ.FTS.B,

3.967%,

9/05/33

....

–

a,b

5065231. SQ.FTS.B,

4.717%,

9/07/33

....

7,752

–

a,b

5067639. SQ.FTS.B,

3.929%,

9/08/33

....

8,253

–

a,b

5066009. SQ.FTS.B,

4.134%,

9/08/33

....

4,972

–

a,b

5068585. SQ.FTS.B,

6.246%,

9/08/33

....

2,845

–

a,b

5069032. SQ.FTS.B,

3.799%,

9/09/33

....

4,912

–

a,b

5069067. SQ.FTS.B,

4.558%,

9/09/33

....

12,169

–

a,b

5074780. SQ.FTS.B,

4.56%,

9/10/33

.....

1,174

–

a,b

5074113. SQ.FTS.B,

4.561%,

9/10/33

....

38,423

a,b

5074740. SQ.FTS.B,

4.564%,

9/10/33

....

3,030

–

a,b

5078382. SQ.FTS.B,

4.56%,

9/12/33

.....

979

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5082041. SQ.FTS.B,

4.558%,

9/14/33

....

$

2,897

$

–

a,b

5080951. SQ.FTS.B,

4.566%,

9/14/33

....

654

–

a,b

5081394. SQ.FTS.B,

4.715%,

9/14/33

....

9,547

–

a,b

5082286. SQ.FTS.B,

4.051%,

9/15/33

....

2,381

–

a,b

5086472. SQ.FTS.B,

4.554%,

9/16/33

....

1,605

–

a,b

5086626. SQ.FTS.B,

4.572%,

9/16/33

....

1,016

–

a,b

5090813. SQ.FTS.B,

4.406%,

9/17/33

....

4,919

–

a,b

5089593. SQ.FTS.B,

4.719%,

9/17/33

....

3,289

–

a,b

5091416. SQ.FTS.B,

3.774%,

9/18/33

....

13,871

–

a,b

5092572. SQ.FTS.B,

3.927%,

9/18/33

....

4,043

–

a,b

5093886. SQ.FTS.B,

5.59%,

9/19/33

.....

2,277

–

a,b

5094586. SQ.FTS.B,

5.031%,

9/20/33

....

2,003

–

a,b

5097173. SQ.FTS.B,

3.302%,

9/21/33

....

729

–

a,b

5096503. SQ.FTS.B,

4.562%,

9/21/33

....

9,495

–

a,b

5095170. SQ.FTS.B,

5.711%,

9/21/33

....

2,536

–

a,b

5099132. SQ.FTS.B,

4.56%,

9/22/33

.....

37,393

–

a,b

5098444. SQ.FTS.B,

4.597%,

9/22/33

....

4,780

–

a,b

5102220. SQ.FTS.B,

5.031%,

9/23/33

....

2,484

–

a,b

5107188. SQ.FTS.B,

3.201%,

9/24/33

....

2,474

–

a,b

5104481. SQ.FTS.B,

4.717%,

9/24/33

....

1,513

–

a,b

5109124. SQ.FTS.B,

5.031%,

9/25/33

....

519

–

a,b

5109714. SQ.FTS.B,

5.031%,

9/25/33

....

8,108

–

a,b

5113482. SQ.FTS.B,

3.298%,

9/28/33

....

820

–

a,b

5114403. SQ.FTS.B,

4.552%,

9/28/33

....

1,028

–

a,b

5114309. SQ.FTS.B,

4.566%,

9/28/33

....

906

–

a,b

5111943. SQ.FTS.B,

4.822%,

9/28/33

....

842

–

a,b

5115942. SQ.FTS.B,

4.061%,

9/29/33

....

25,309

–

a,b

5122298. SQ.FTS.B,

3.298%,

9/30/33

....

1,008

–

a,b

5118981. SQ.FTS.B,

3.626%,

9/30/33

....

3,773

–

a,b

5119496. SQ.FTS.B,

4.498%,

9/30/33

....

4,666

–

a,b

5122010. SQ.FTS.B,

4.582%,

9/30/33

....

629

–

a,b

5118308. SQ.FTS.B,

4.719%,

9/30/33

....

6,298

–

a,b

5117310. SQ.FTS.B,

4.877%,

9/30/33

....

4,690

–

a,b

5125832. SQ.FTS.B,

4.465%,

10/01/33

...

649

–

a,b

5126318. SQ.FTS.B,

5.031%,

10/01/33

...

–

a,b

5128160. SQ.FTS.B,

3.312%,

10/02/33

...

2,113

–

a,b

5128139. SQ.FTS.B,

4.88%,

10/02/33

....

1,521

–

a,b

5129089. SQ.FTS.B,

4.558%,

10/03/33

...

5,922

–

a,b

5131068. SQ.FTS.B,

5.157%,

10/04/33

...

995

–

a,b

5134858. SQ.FTS.B,

3.926%,

10/05/33

...

–

a,b

5134453. SQ.FTS.B,

4.073%,

10/05/33

...

589

–

a,b

5135989. SQ.FTS.B,

4.562%,

10/05/33

...

6,343

–

a,b

5138063. SQ.FTS.B,

3.753%,

10/06/33

...

13,589

–

a,b

5143636. SQ.FTS.B,

3.303%,

10/07/33

...

22,568

–

a,b

5143602. SQ.FTS.B,

4.496%,

10/07/33

...

1,106

–

a,b

5144702. SQ.FTS.B,

5.031%,

10/07/33

...

2,530

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5143578. SQ.FTS.B,

5.123%,

10/07/33

...

$

597

$

–

a,b

5145759. SQ.FTS.B,

4.56%,

10/08/33

....

11,012

a,b

5147227. SQ.FTS.B,

4.717%,

10/08/33

...

2,903

–

a,b

5145611. SQ.FTS.B,

4.883%,

10/08/33

...

–

a,b

5148494. SQ.FTS.B,

2.579%,

10/09/33

...

769

–

a,b

5149258. SQ.FTS.B,

3.664%,

10/10/33

...

2,200

–

a,b

5153196. SQ.FTS.B,

4.56%,

10/11/33

....

13,914

–

a,b

5154671. SQ.FTS.B,

3.564%,

10/12/33

...

674

–

a,b

5155863. SQ.FTS.B,

4.562%,

10/12/33

...

10,908

–

a,b

5158276. SQ.FTS.B,

4.717%,

10/13/33

...

4,505

–

a,b

5165031. SQ.FTS.B,

3.407%,

10/14/33

...

523

–

a,b

5165513. SQ.FTS.B,

4.57%,

10/14/33

....

535

–

a,b

5164900. SQ.FTS.B,

4.702%,

10/14/33

...

2,484

–

a,b

5167520. SQ.FTS.B,

4.597%,

10/15/33

...

792

–

a,b

5178623. SQ.FTS.B,

4.403%,

10/18/33

...

2,451

–

a,b

5184669. SQ.FTS.B,

4.872%,

10/19/33

...

3,872

–

a,b

5185667. SQ.FTS.B,

4.56%,

10/20/33

....

14,855

a,b

5204516. SQ.FTS.B,

4.403%,

10/22/33

...

12,116

–

a,b

5220688. SQ.FTS.B,

4.403%,

10/26/33

...

25,349

a,b

5220666. SQ.FTS.B,

4.555%,

10/26/33

...

–

a,b

5216243. SQ.FTS.B,

4.558%,

10/26/33

...

2,570

–

a,b

5218743. SQ.FTS.B,

4.874%,

10/26/33

...

14,574

–

a,b

5234308. SQ.FTS.B,

3.354%,

10/28/33

...

2,041

–

a,b

5235201. SQ.FTS.B,

5.031%,

10/29/33

...

1,059

–

a,b

5240240. SQ.FTS.B,

4.141%,

10/30/33

...

3,565

–

a,b

5239980. SQ.FTS.B,

4.567%,

10/30/33

...

4,342

–

a,b

5240149. SQ.FTS.B,

4.568%,

10/30/33

...

–

a,b

5240977. SQ.FTS.B,

4.562%,

11/01/33

...

1,605

–

a,b

5243677. SQ.FTS.B,

3.922%,

11/02/33

...

–

a,b

5243643. SQ.FTS.B,

4.403%,

11/02/33

...

3,274

–

a,b

5251513. SQ.FTS.B,

3.774%,

11/03/33

...

1,257

–

a,b

5251234. SQ.FTS.B,

4.403%,

11/03/33

...

12,595

–

a,b

5250046. SQ.FTS.B,

4.612%,

11/03/33

...

–

a,b

5249081. SQ.FTS.B,

4.717%,

11/03/33

...

1,535

–

a,b

5248838. SQ.FTS.B,

4.802%,

11/03/33

...

3,589

–

a,b

5246929. SQ.FTS.B,

4.874%,

11/03/33

...

3,004

–

a,b

5262859. SQ.FTS.B,

4.561%,

11/05/33

...

6,228

–

a,b

5271294. SQ.FTS.B,

3.29%,

11/06/33

....

743

–

a,b

5270493. SQ.FTS.B,

3.814%,

11/06/33

...

1,448

–

a,b

5271481. SQ.FTS.B,

3.941%,

11/06/33

...

872

–

a,b

5271882. SQ.FTS.B,

4.066%,

11/06/33

...

6,771

–

a,b

5273861. SQ.FTS.B,

2.59%,

11/08/33

....

2,965

–

a,b

5273816. SQ.FTS.B,

4.566%,

11/08/33

...

1,760

–

a,b

5281948. SQ.FTS.B,

4.561%,

11/10/33

...

29,541

–

a,b

5282925. SQ.FTS.B,

3.774%,

11/11/33

...

2,496

–

a,b

5292413. SQ.FTS.B,

3.567%,

11/13/33

...

7,292

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5294178. SQ.FTS.B,

4.717%,

11/14/33

...

$

4,625

$

–

a,b

5294931. SQ.FTS.B,

3.401%,

11/15/33

...

875

–

a,b

5296152. SQ.FTS.B,

3.322%,

11/16/33

...

3,005

–

a,b

5297998. SQ.FTS.B,

4.548%,

11/16/33

...

636

–

a,b

5297749. SQ.FTS.B,

4.561%,

11/16/33

...

4,815

a,b

5297124. SQ.FTS.B,

4.602%,

11/16/33

...

4,734

–

a,b

5297679. SQ.FTS.B,

5.689%,

11/16/33

...

4,327

–

a,b

5303325. SQ.FTS.B,

4.871%,

11/17/33

...

2,069

–

a,b

5313199. SQ.FTS.B,

3.308%,

11/18/33

...

2,846

–

a,b

5308440. SQ.FTS.B,

4.1%,

11/18/33

.....

1,850

–

a,b

5310909. SQ.FTS.B,

4.56%,

11/18/33

....

14,880

–

a,b

5313296. SQ.FTS.B,

4.852%,

11/18/33

...

1,043

–

a,b

5308374. SQ.FTS.B,

4.864%,

11/18/33

...

1,834

–

a,b

5309472. SQ.FTS.B,

5.031%,

11/18/33

...

3,112

–

a,b

5313526. SQ.FTS.B,

5.031%,

11/18/33

...

1,853

–

a,b

5312989. SQ.FTS.B,

5.436%,

11/18/33

...

886

–

a,b

5319254. SQ.FTS.B,

3.962%,

11/19/33

...

875

–

a,b

5318154. SQ.FTS.B,

4.109%,

11/19/33

...

1,339

–

a,b

5318776. SQ.FTS.B,

4.379%,

11/19/33

...

15,271

–

a,b

5321246. SQ.FTS.B,

4.562%,

11/20/33

...

9,240

–

a,b

5324511. SQ.FTS.B,

4.741%,

11/21/33

...

–

a,b

5324505. SQ.FTS.B,

5.786%,

11/21/33

...

732

–

a,b

5325685. SQ.FTS.B,

3.87%,

11/22/33

....

671

–

a,b

5325032. SQ.FTS.B,

5.303%,

11/22/33

...

1,289

–

a,b

5326604. SQ.FTS.B,

4.563%,

11/23/33

...

1,332

–

a,b

5330352. SQ.FTS.B,

4.567%,

11/23/33

...

4,757

–

a,b

5330620. SQ.FTS.B,

4.424%,

11/24/33

...

–

a,b

5331180. SQ.FTS.B,

4.557%,

11/24/33

...

2,904

–

a,b

5337877. SQ.FTS.B,

3.945%,

11/25/33

...

–

a,b

5376799. SQ.FTS.B,

2.083%,

11/27/33

...

4,624

–

a,b

5368153. SQ.FTS.B,

3.962%,

11/27/33

...

1,070

–

a,b

5378398. SQ.FTS.B,

4.56%,

11/27/33

....

32,690

a,b

5381030. SQ.FTS.B,

2.347%,

11/28/33

...

10,498

–

a,b

5381932. SQ.FTS.B,

4.545%,

11/29/33

...

741

–

a,b

5383396. SQ.FTS.B,

3.302%,

11/30/33

...

–

a,b

5398394. SQ.FTS.B,

3.321%,

11/30/33

...

777

–

a,b

5383412. SQ.FTS.B,

5.031%,

11/30/33

...

2,807

–

a,b

5413606. SQ.FTS.B,

4.403%,

12/01/33

...

2,850

–

a,b

5442439. SQ.FTS.B,

2.865%,

12/02/33

...

1,242

–

a,b

5440393. SQ.FTS.B,

3.27%,

12/02/33

....

513

–

a,b

5471332. SQ.FTS.B,

4.017%,

12/03/33

...

12,560

–

a,b

5471273. SQ.FTS.B,

5.031%,

12/03/33

...

1,167

–

a,b

5473309. SQ.FTS.B,

3.774%,

12/04/33

...

1,962

–

a,b

5473236. SQ.FTS.B,

4.403%,

12/04/33

...

6,897

–

a,b

5472763. SQ.FTS.B,

4.513%,

12/04/33

...

2,711

–

a,b

5472730. SQ.FTS.B,

4.688%,

12/04/33

...

3,743

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5474033. SQ.FTS.B,

4.548%,

12/05/33

...

$

1,011

$

–

a,b

5502597. SQ.FTS.B,

3.294%,

12/07/33

...

6,676

–

a,b

5493687. SQ.FTS.B,

3.774%,

12/07/33

...

1,582

–

a,b

5495244. SQ.FTS.B,

4.068%,

12/07/33

...

1,565

–

a,b

5504275. SQ.FTS.B,

4.555%,

12/07/33

...

1,678

–

a,b

5504334. SQ.FTS.B,

5.807%,

12/07/33

...

2,881

–

a,b

5517225. SQ.FTS.B,

3.983%,

12/08/33

...

–

a,b

5515632. SQ.FTS.B,

5.382%,

12/08/33

...

876

–

a,b

5531634. SQ.FTS.B,

4.068%,

12/09/33

...

16,877

–

a,b

5530682. SQ.FTS.B,

4.561%,

12/09/33

...

8,257

–

a,b

5534538. SQ.FTS.B,

4.717%,

12/10/33

...

3,044

–

a,b

5539742. SQ.FTS.B,

5.031%,

12/11/33

...

3,222

–

a,b

5546767. SQ.FTS.B,

4.56%,

12/13/33

....

9,786

–

a,b

5542232. SQ.FTS.B,

4.715%,

12/13/33

...

9,576

–

a,b

5543476. SQ.FTS.B,

4.874%,

12/13/33

...

697

–

a,b

5553801. SQ.FTS.B,

4.073%,

12/14/33

...

15,160

–

a,b

5553995. SQ.FTS.B,

4.553%,

12/14/33

...

680

–

a,b

5551837. SQ.FTS.B,

4.874%,

12/14/33

...

3,976

–

a,b

5564465. SQ.FTS.B,

3.928%,

12/16/33

...

3,809

–

a,b

5564400. SQ.FTS.B,

4.228%,

12/16/33

...

4,180

–

a,b

5564739. SQ.FTS.B,

4.02%,

12/17/33

....

4,014

a,b

5565718. SQ.FTS.B,

4.345%,

12/17/33

...

1,113

–

a,b

5566977. SQ.FTS.B,

4.564%,

12/17/33

...

4,680

–

a,b

5565342. SQ.FTS.B,

5.163%,

12/17/33

...

1,550

–

a,b

5568613. SQ.FTS.B,

4.557%,

12/18/33

...

7,092

–

a,b

5571039. SQ.FTS.B,

3.304%,

12/20/33

...

585

–

a,b

5571610. SQ.FTS.B,

4.642%,

12/20/33

...

10,025

–

a,b

5574449. SQ.FTS.B,

3.774%,

12/21/33

...

8,365

–

a,b

5574770. SQ.FTS.B,

4.562%,

12/21/33

...

5,724

–

a,b

5575354. SQ.FTS.B,

4.874%,

12/21/33

...

1,620

–

a,b

5574619. SQ.FTS.B,

5.941%,

12/21/33

...

1,300

–

a,b

5578293. SQ.FTS.B,

3.843%,

12/22/33

...

4,171

–

a,b

5581220. SQ.FTS.B,

2.444%,

12/23/33

...

2,766

–

a,b

5581428. SQ.FTS.B,

3.384%,

12/23/33

...

2,217

a,b

5581964. SQ.FTS.B,

3.774%,

12/23/33

...

1,297

–

a,b

5583691. SQ.FTS.B,

3.774%,

12/23/33

...

1,683

–

a,b

5581405. SQ.FTS.B,

3.935%,

12/23/33

...

1,215

–

a,b

5582638. SQ.FTS.B,

3.945%,

12/23/33

...

1,582

–

a,b

5582775. SQ.FTS.B,

4.422%,

12/23/33

...

565

–

a,b

5585193. SQ.FTS.B,

4.571%,

12/24/33

...

1,038

–

a,b

5587897. SQ.FTS.B,

4.65%,

12/24/33

....

21,318

–

a,b

5588620. SQ.FTS.B,

4.515%,

12/25/33

...

4,534

–

a,b

5588868. SQ.FTS.B,

4.56%,

12/26/33

....

2,471

–

a,b

5589268. SQ.FTS.B,

4.587%,

12/26/33

...

–

a,b

5589011. SQ.FTS.B,

4.874%,

12/26/33

...

996

–

a,b

5593696. SQ.FTS.B,

4.559%,

12/28/33

...

16,651

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5594128. SQ.FTS.B,

5.019%,

12/28/33

...

$

3,289

$

–

a,b

5611249. SQ.FTS.B,

5.282%,

12/30/33

...

1,749

–

a,b

5609439. SQ.FTS.B,

5.673%,

12/30/33

...

2,708

–

a,b

5614043. SQ.FTS.B,

3.938%,

1/01/34

....

–

a,b

5629056. SQ.FTS.B,

3.298%,

1/06/34

....

1,056

–

a,b

5646926. SQ.FTS.B,

3.302%,

1/07/34

....

4,350

–

a,b

5644715. SQ.FTS.B,

3.774%,

1/07/34

....

4,969

–

a,b

5644959. SQ.FTS.B,

4.716%,

1/07/34

....

10,493

–

a,b

5641293. SQ.FTS.B,

5.031%,

1/07/34

....

635

–

a,b

5655805. SQ.FTS.B,

4.559%,

1/09/34

....

9,103

–

a,b

5655794. SQ.FTS.B,

4.78%,

1/09/34

.....

–

a,b

5656707. SQ.FTS.B,

3.044%,

1/10/34

....

3,920

–

a,b

5656317. SQ.FTS.B,

4.403%,

1/10/34

....

3,805

–

a,b

5656852. SQ.FTS.B,

4.477%,

1/10/34

....

716

–

a,b

5661432. SQ.FTS.B,

4.56%,

1/11/34

.....

27,848

a,b

5670099. SQ.FTS.B,

4.129%,

1/12/34

....

1,442

–

a,b

5666857. SQ.FTS.B,

4.56%,

1/12/34

.....

50,254

–

a,b

5672062. SQ.FTS.B,

5.367%,

1/12/34

....

957

–

a,b

5672716. SQ.FTS.B,

4.563%,

1/13/34

....

1,574

–

a,b

5672657. SQ.FTS.B,

5.02%,

1/13/34

.....

1,819

–

a,b

5689054. SQ.FTS.B,

3.304%,

1/14/34

....

–

a,b

5694752. SQ.FTS.B,

4.403%,

1/14/34

....

35,953

–

a,b

5702064. SQ.FTS.B,

3.032%,

1/15/34

....

1,794

–

a,b

5701510. SQ.FTS.B,

3.324%,

1/15/34

....

–

a,b

5696224. SQ.FTS.B,

4.56%,

1/15/34

.....

4,134

–

a,b

5698837. SQ.FTS.B,

4.563%,

1/15/34

....

8,377

a,b

5703564. SQ.FTS.B,

4.56%,

1/17/34

.....

5,948

–

a,b

5715524. SQ.FTS.B,

3.302%,

1/19/34

....

1,945

–

a,b

5714621. SQ.FTS.B,

4.874%,

1/19/34

....

16,436

a,b

5721363. SQ.FTS.B,

3.302%,

1/20/34

....

47,507

–

a,b

5721008. SQ.FTS.B,

4.557%,

1/20/34

....

4,207

–

a,b

5720995. SQ.FTS.B,

5.042%,

1/20/34

....

–

a,b

5720196. SQ.FTS.B,

5.499%,

1/20/34

....

869

–

a,b

5726619. SQ.FTS.B,

4.791%,

1/21/34

....

11,825

a,b

5734473. SQ.FTS.B,

2.638%,

1/22/34

....

4,239

–

a,b

5733912. SQ.FTS.B,

3.311%,

1/22/34

....

14,207

a,b

5732481. SQ.FTS.B,

4.555%,

1/22/34

....

913

–

a,b

5739318. SQ.FTS.B,

4.403%,

1/25/34

....

9,310

–

a,b

5741942. SQ.FTS.B,

3.593%,

1/26/34

....

5,645

–

a,b

5743692. SQ.FTS.B,

3.305%,

1/27/34

....

2,366

–

a,b

5743913. SQ.FTS.B,

4.56%,

1/27/34

.....

14,974

–

a,b

5745525. SQ.FTS.B,

4.562%,

1/27/34

....

3,073

–

a,b

5756490. SQ.FTS.B,

4.56%,

1/29/34

.....

28,616

–

a,b

5757294. SQ.FTS.B,

4.403%,

1/30/34

....

5,660

–

a,b

5756660. SQ.FTS.B,

4.559%,

1/30/34

....

17,332

–

a,b

5767979. SQ.FTS.B,

3.931%,

2/03/34

....

2,624

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5767523. SQ.FTS.B,

4.309%,

2/03/34

....

$

17,755

$

a,b

5769375. SQ.FTS.B,

4.56%,

2/03/34

.....

2,824

–

a,b

5772616. SQ.FTS.B,

4.562%,

2/04/34

....

10,404

–

a,b

5774638. SQ.FTS.B,

4.869%,

2/04/34

....

–

a,b

5775630. SQ.FTS.B,

4.566%,

2/05/34

....

3,070

–

a,b

5778865. SQ.FTS.B,

4.722%,

2/05/34

....

1,714

–

a,b

5778637. SQ.FTS.B,

4.883%,

2/05/34

....

745

–

a,b

5778756. SQ.FTS.B,

4.931%,

2/05/34

....

2,847

–

a,b

5779967. SQ.FTS.B,

4.712%,

2/06/34

....

2,379

–

a,b

5780239. SQ.FTS.B,

4.405%,

2/07/34

....

7,900

–

a,b

5782195. SQ.FTS.B,

5.241%,

2/08/34

....

1,128

–

a,b

5788805. SQ.FTS.B,

4.403%,

2/09/34

....

20,630

–

a,b

5784888. SQ.FTS.B,

4.563%,

2/09/34

....

838

–

a,b

5788233. SQ.FTS.B,

4.709%,

2/09/34

....

881

–

a,b

5789379. SQ.FTS.B,

4.717%,

2/09/34

....

–

a,b

5793198. SQ.FTS.B,

4.121%,

2/10/34

....

14,656

–

a,b

5796633. SQ.FTS.B,

4.57%,

2/10/34

.....

2,959

–

a,b

5796654. SQ.FTS.B,

4.874%,

2/10/34

....

23,973

–

a,b

5795334. SQ.FTS.B,

5.25%,

2/10/34

.....

2,288

–

a,b

5802042. SQ.FTS.B,

3.064%,

2/11/34

....

49,428

–

a,b

5805398. SQ.FTS.B,

3.308%,

2/11/34

....

2,828

–

a,b

5801833. SQ.FTS.B,

4.558%,

2/11/34

....

1,116

–

a,b

5805490. SQ.FTS.B,

4.575%,

2/11/34

....

629

–

a,b

5804251. SQ.FTS.B,

4.717%,

2/11/34

....

2,538

–

a,b

5805369. SQ.FTS.B,

5.25%,

2/11/34

.....

2,188

–

a,b

5808150. SQ.FTS.B,

3.962%,

2/12/34

....

1,070

–

a,b

5809849. SQ.FTS.B,

4.561%,

2/12/34

....

2,395

–

a,b

5811504. SQ.FTS.B,

4.686%,

2/12/34

....

13,131

a,b

5816654. SQ.FTS.B,

4.559%,

2/15/34

....

13,550

–

a,b

5818437. SQ.FTS.B,

4.877%,

2/15/34

....

815

–

a,b

5818633. SQ.FTS.B,

5.262%,

2/15/34

....

762

–

a,b

5821739. SQ.FTS.B,

4.56%,

2/16/34

.....

17,512

–

a,b

5821663. SQ.FTS.B,

4.563%,

2/16/34

....

2,685

–

a,b

5824064. SQ.FTS.B,

4.403%,

2/17/34

....

16,472

–

a,b

5823402. SQ.FTS.B,

4.528%,

2/17/34

....

16,653

–

a,b

5824290. SQ.FTS.B,

4.552%,

2/17/34

....

1,207

–

a,b

5827715. SQ.FTS.B,

4.554%,

2/18/34

....

3,528

–

a,b

5832996. SQ.FTS.B,

4.52%,

2/19/34

.....

–

a,b

5833744. SQ.FTS.B,

4.552%,

2/19/34

....

4,166

–

a,b

5831642. SQ.FTS.B,

4.564%,

2/19/34

....

3,872

–

a,b

5832876. SQ.FTS.B,

4.64%,

2/19/34

.....

888

–

a,b

5832933. SQ.FTS.B,

5.275%,

2/19/34

....

871

–

a,b

5835427. SQ.FTS.B,

4.521%,

2/21/34

....

–

a,b

5844917. SQ.FTS.B,

3.933%,

2/24/34

....

2,860

–

a,b

5843566. SQ.FTS.B,

4.56%,

2/24/34

.....

5,389

–

a,b

5843736. SQ.FTS.B,

5.015%,

2/24/34

....

1,275

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5848650. SQ.FTS.B,

4.814%,

2/25/34

....

$

2,710

$

–

a,b

5853107. SQ.FTS.B,

4.881%,

2/26/34

....

1,186

–

a,b

5853687. SQ.FTS.B,

5.251%,

2/26/34

....

1,153

–

a,b

5855247. SQ.FTS.B,

4.306%,

2/27/34

....

2,503

–

a,b

5862832. SQ.FTS.B,

3.302%,

2/28/34

....

20,291

a,b

5855815. SQ.FTS.B,

4.758%,

2/28/34

....

2,097

–

a,b

5856506. SQ.FTS.B,

4.839%,

2/28/34

....

1,492

–

a,b

5857271. SQ.FTS.B,

4.909%,

2/28/34

....

5,828

–

a,b

5873503. SQ.FTS.B,

4.302%,

3/01/34

....

1,500

–

a,b

5871100. SQ.FTS.B,

4.59%,

3/01/34

.....

19,844

–

a,b

5872195. SQ.FTS.B,

4.686%,

3/01/34

....

11,306

–

a,b

5876942. SQ.FTS.B,

5.031%,

3/02/34

....

11,879

–

a,b

5878878. SQ.FTS.B,

5.11%,

3/05/34

.....

–

a,b

5884476. SQ.FTS.B,

4.435%,

3/07/34

....

2,124

–

a,b

5884756. SQ.FTS.B,

5.098%,

3/07/34

....

787

–

a,b

5890737. SQ.FTS.B,

5.158%,

3/08/34

....

31,239

a,b

5891388. SQ.FTS.B,

4.025%,

3/09/34

....

3,614

–

a,b

5892501. SQ.FTS.B,

4.048%,

3/09/34

....

760

–

a,b

5894049. SQ.FTS.B,

4.59%,

3/09/34

.....

5,935

–

a,b

5894227. SQ.FTS.B,

4.941%,

3/09/34

....

6,594

–

a,b

5893120. SQ.FTS.B,

5.037%,

3/09/34

....

3,245

–

a,b

5892907. SQ.FTS.B,

5.1%,

3/09/34

......

2,548

–

a,b

5892236. SQ.FTS.B,

5.29%,

3/09/34

.....

756

–

a,b

5899146. SQ.FTS.B,

5.1%,

3/12/34

......

1,011

–

a,b

5902039. SQ.FTS.B,

4.716%,

3/13/34

....

4,574

–

a,b

5900966. SQ.FTS.B,

4.738%,

3/13/34

....

1,908

–

a,b

5902007. SQ.FTS.B,

5.187%,

3/13/34

....

1,148

–

a,b

5900522. SQ.FTS.B,

5.516%,

3/13/34

....

–

a,b

5908792. SQ.FTS.B,

4.438%,

3/15/34

....

3,835

–

a,b

5909844. SQ.FTS.B,

4.905%,

3/15/34

....

8,247

–

a,b

5907307. SQ.FTS.B,

5.031%,

3/15/34

....

4,223

–

a,b

5912454. SQ.FTS.B,

4.946%,

3/16/34

....

2,264

–

a,b

5911132. SQ.FTS.B,

5.031%,

3/16/34

....

31,967

–

a,b

5912428. SQ.FTS.B,

5.031%,

3/16/34

....

2,401

a,b

5912708. SQ.FTS.B,

5.378%,

3/16/34

....

1,135

–

a,b

5913409. SQ.FTS.B,

4.308%,

3/17/34

....

2,690

–

a,b

5914346. SQ.FTS.B,

5.541%,

3/18/34

....

–

a,b

5917893. SQ.FTS.B,

4.435%,

3/19/34

....

14,136

a,b

5918205. SQ.FTS.B,

4.915%,

3/19/34

....

693

–

a,b

5917212. SQ.FTS.B,

5.084%,

3/19/34

....

1,502

–

a,b

5916186. SQ.FTS.B,

5.188%,

3/19/34

....

2,997

a,b

5918972. SQ.FTS.B,

4.526%,

3/20/34

....

8,974

–

a,b

5922077. SQ.FTS.B,

5.179%,

3/20/34

....

1,538

–

a,b

5918675. SQ.FTS.B,

5.211%,

3/20/34

....

–

a,b

5921964. SQ.FTS.B,

5.223%,

3/20/34

....

623

–

a,b

5921812. SQ.FTS.B,

5.536%,

3/20/34

....

1,536

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5923853. SQ.FTS.B,

4.528%,

3/21/34

....

$

34,589

$

–

a,b

5928998. SQ.FTS.B,

4.747%,

3/22/34

....

4,209

–

a,b

5927683. SQ.FTS.B,

5.372%,

3/22/34

....

4,609

–

a,b

5936987. SQ.FTS.B,

4.74%,

3/26/34

.....

631

–

a,b

5940897. SQ.FTS.B,

3.93%,

3/27/34

.....

6,239

–

a,b

5945156. SQ.FTS.B,

4.744%,

3/28/34

....

1,573

–

a,b

5953421. SQ.FTS.B,

4.306%,

3/30/34

....

3,220

–

a,b

5953778. SQ.FTS.B,

5.196%,

3/30/34

....

–

a,b

5955157. SQ.FTS.B,

5.464%,

3/30/34

....

946

–

a,b

5960313. SQ.FTS.B,

3.937%,

4/03/34

....

576

–

a,b

5958081. SQ.FTS.B,

4.845%,

4/03/34

....

1,192

–

a,b

5960150. SQ.FTS.B,

5.031%,

4/03/34

....

2,473

–

a,b

5960372. SQ.FTS.B,

5.091%,

4/03/34

....

–

a,b

5961632. SQ.FTS.B,

4.31%,

4/04/34

.....

10,451

–

a,b

5960736. SQ.FTS.B,

5.441%,

4/04/34

....

9,716

–

a,b

5973170. SQ.FTS.B,

4.758%,

4/06/34

....

733

–

a,b

5977275. SQ.FTS.B,

3.932%,

4/07/34

....

12,616

–

a,b

5977823. SQ.FTS.B,

4.73%,

4/07/34

.....

855

–

a,b

5984496. SQ.FTS.B,

5.522%,

4/11/34

....

1,089

–

a,b

5986301. SQ.FTS.B,

4.434%,

4/12/34

....

1,805

–

a,b

5985197. SQ.FTS.B,

4.745%,

4/12/34

....

2,283

–

a,b

5991306. SQ.FTS.B,

5.031%,

4/13/34

....

1,478

–

a,b

5992494. SQ.FTS.B,

5.164%,

4/13/34

....

–

a,b

5993993. SQ.FTS.B,

5.179%,

4/14/34

....

738

–

a,b

6000281. SQ.FTS.B,

4.515%,

4/17/34

....

–

a,b

6000300. SQ.FTS.B,

5.379%,

4/17/34

....

2,058

–

a,b

6002949. SQ.FTS.B,

5.418%,

4/18/34

....

628

–

a,b

6010749. SQ.FTS.B,

4.524%,

4/20/34

....

1,573

–

a,b

6011014. SQ.FTS.B,

5.275%,

4/20/34

....

1,043

–

a,b

6012743. SQ.FTS.B,

4.59%,

4/21/34

.....

8,938

–

a,b

6013463. SQ.FTS.B,

5.19%,

4/21/34

.....

5,991

–

a,b

6016649. SQ.FTS.B,

4.773%,

4/23/34

....

–

a,b

6016723. SQ.FTS.B,

4.93%,

4/23/34

.....

2,068

–

a,b

6027166. SQ.FTS.B,

4.534%,

4/26/34

....

2,396

–

a,b

6024650. SQ.FTS.B,

4.757%,

4/26/34

....

1,830

–

a,b

6027397. SQ.FTS.B,

5.199%,

4/26/34

....

1,633

–

a,b

6024496. SQ.FTS.B,

5.538%,

4/26/34

....

5,106

–

a,b

6036390. SQ.FTS.B,

5.013%,

4/28/34

....

–

a,b

6035360. SQ.FTS.B,

5.439%,

4/28/34

....

1,397

–

a,b

6037075. SQ.FTS.B,

5.442%,

4/29/34

....

2,702

–

a,b

6045560. SQ.FTS.B,

5.157%,

5/01/34

....

1,003

–

a,b

6046999. SQ.FTS.B,

4.748%,

5/02/34

....

586

–

a,b

6047712. SQ.FTS.B,

4.907%,

5/02/34

....

8,819

a,b

6047637. SQ.FTS.B,

5.511%,

5/02/34

....

629

–

a,b

6054000. SQ.FTS.B,

4.909%,

5/03/34

....

3,298

–

a,b

6051734. SQ.FTS.B,

5.443%,

5/03/34

....

7,797

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6050979. SQ.FTS.B,

5.536%,

5/03/34

....

$

2,052

$

–

a,b

6062202. SQ.FTS.B,

3.93%,

5/07/34

.....

3,703

–

a,b

6066747. SQ.FTS.B,

5.284%,

5/08/34

....

4,039

–

a,b

6108715. SQ.FTS.B,

4.775%,

5/09/34

....

–

a,b

6123389. SQ.FTS.B,

4.532%,

5/10/34

....

–

a,b

6123772. SQ.FTS.B,

4.901%,

5/10/34

....

4,168

–

a,b

6126544. SQ.FTS.B,

4.725%,

5/12/34

....

–

a,b

6126498. SQ.FTS.B,

4.755%,

5/12/34

....

1,036

–

a,b

6136825. SQ.FTS.B,

4.524%,

5/16/34

....

2,392

–

a,b

6136354. SQ.FTS.B,

4.904%,

5/16/34

....

6,097

–

a,b

6135095. SQ.FTS.B,

5.267%,

5/16/34

....

749

–

a,b

6142889. SQ.FTS.B,

4.914%,

5/17/34

....

1,621

–

a,b

6143114. SQ.FTS.B,

5.036%,

5/17/34

....

1,441

–

a,b

6140505. SQ.FTS.B,

5.381%,

5/17/34

....

3,963

–

a,b

6140691. SQ.FTS.B,

5.533%,

5/17/34

....

3,669

–

a,b

6145923. SQ.FTS.B,

4.757%,

5/18/34

....

967

–

a,b

6149563. SQ.FTS.B,

4.746%,

5/21/34

....

2,619

–

a,b

6152853. SQ.FTS.B,

4.749%,

5/22/34

....

56,251

–

a,b

6160881. SQ.FTS.B,

4.748%,

5/24/34

....

4,729

–

a,b

6163213. SQ.FTS.B,

4.313%,

5/25/34

....

5,720

–

a,b

6163054. SQ.FTS.B,

4.53%,

5/25/34

.....

7,614

–

a,b

6165760. SQ.FTS.B,

5.535%,

5/27/34

....

2,769

–

a,b

6183434. SQ.FTS.B,

5.286%,

6/02/34

....

527

–

a,b

6192486. SQ.FTS.B,

4.747%,

6/06/34

....

3,185

–

a,b

6192461. SQ.FTS.B,

5.528%,

6/06/34

....

1,001

–

a,b

6205648. SQ.FTS.B,

4.751%,

6/08/34

....

1,955

–

a,b

6210528. SQ.FTS.B,

5.284%,

6/11/34

....

10,451

–

a,b

6214190. SQ.FTS.B,

5.414%,

6/12/34

....

610

–

a,b

6215457. SQ.FTS.B,

5.423%,

6/13/34

....

–

a,b

6215908. SQ.FTS.B,

5.544%,

6/13/34

....

–

a,b

6220236. SQ.FTS.B,

4.735%,

6/14/34

....

669

–

a,b

6226015. SQ.FTS.B,

5.031%,

6/15/34

....

3,446

–

a,b

6235468. SQ.FTS.B,

5.031%,

6/17/34

....

2,236

–

a,b

6243419. SQ.FTS.B,

5.031%,

6/20/34

....

7,274

–

a,b

6245712. SQ.FTS.B,

4.906%,

6/21/34

....

5,446

–

a,b

6244954. SQ.FTS.B,

5.379%,

6/21/34

....

8,954

–

a,b

6255252. SQ.FTS.B,

4.748%,

6/24/34

....

2,186

–

a,b

6258547. SQ.FTS.B,

5.469%,

6/27/34

....

6,260

–

a,b

6261595. SQ.FTS.B,

4.969%,

6/28/34

....

26,584

a,b

6270813. SQ.FTS.B,

5.46%,

6/30/34

.....

1,115

–

a,b

6270889. SQ.FTS.B,

5.762%,

6/30/34

....

1,258

–

a,b

6271434. SQ.FTS.B,

4.968%,

7/01/34

....

a,b

6274028. SQ.FTS.B,

5.252%,

7/03/34

....

7,166

–

a,b

6275869. SQ.FTS.B,

5.377%,

7/04/34

....

7,592

–

a,b

6278505. SQ.FTS.B,

5.771%,

7/04/34

....

–

a,b

6281173. SQ.FTS.B,

4.752%,

7/05/34

....

574

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

6285882. SQ.FTS.B,

5.255%,

7/07/34

....

$

3,875

$

–

a,b

6297788. SQ.FTS.B,

5.444%,

7/12/34

....

884

–

a,b

6304026. SQ.FTS.B,

4.528%,

7/14/34

....

4,503

–

a,b

6314871. SQ.FTS.B,

5.753%,

7/19/34

....

–

a,b

6319360. SQ.FTS.B,

4.966%,

7/21/34

....

5,121

–

a,b

6320273. SQ.FTS.B,

4.748%,

7/22/34

....

25,170

–

a,b

6321367. SQ.FTS.B,

5.738%,

7/23/34

....

661

–

a,b

6356496. SQ.FTS.B,

5.126%,

7/25/34

....

17,258

a,b

6365762. SQ.FTS.B,

4.751%,

7/28/34

....

10,292

a,b

6366494. SQ.FTS.B,

5.682%,

7/29/34

....

–

a,b

6369144. SQ.FTS.B,

5.251%,

7/30/34

....

10,787

–

a,b

6378771. SQ.FTS.B,

5.441%,

8/02/34

....

1,938

–

a,b

6389131. SQ.FTS.B,

5.377%,

8/06/34

....

18,484

–

a,b

6390695. SQ.FTS.B,

5.603%,

8/07/34

....

554

–

a,b

6406738. SQ.FTS.B,

5.469%,

8/13/34

....

2,921

–

a,b

6412810. SQ.FTS.B,

4.751%,

8/15/34

....

9,839

a,b

6419039. SQ.FTS.B,

5.377%,

8/16/34

....

13,386

–

a,b

6420892. SQ.FTS.B,

5.378%,

8/16/34

....

8,853

a,b

6424077. SQ.FTS.B,

5.604%,

8/17/34

....

3,020

–

a,b

6425168. SQ.FTS.B,

5.466%,

8/19/34

....

4,759

–

a,b

6429767. SQ.FTS.B,

5.597%,

8/21/34

....

7,138

–

a,b

6442143. SQ.FTS.B,

5.448%,

8/24/34

....

624

–

a,b

6444790. SQ.FTS.B,

5.472%,

8/25/34

....

2,054

–

a,b

6450208. SQ.FTS.B,

4.965%,

8/28/34

....

2,651

–

a,b

6452261. SQ.FTS.B,

4.968%,

8/28/34

....

17,124

a,b

6453792. SQ.FTS.B,

5.471%,

9/01/34

....

10,859

a,b

6458130. SQ.FTS.B,

4.97%,

9/02/34

.....

1,801

–

a,b

6457685. SQ.FTS.B,

5.25%,

9/02/34

.....

5,638

–

a,b

6458789. SQ.FTS.B,

5.25%,

9/02/34

.....

637

–

a,b

6464461. SQ.FTS.B,

5.749%,

9/04/34

....

634

–

a,b

6464900. SQ.FTS.B,

4.963%,

9/05/34

....

4,011

–

a,b

6464819. SQ.FTS.B,

5.473%,

9/05/34

....

4,031

–

a,b

6468011. SQ.FTS.B,

5.131%,

9/06/34

....

2,262

–

a,b

6469480. SQ.FTS.B,

4.748%,

9/07/34

....

20,372

–

a,b

6490386. SQ.FTS.B,

5.252%,

9/14/34

....

1,645

a,b

6502565. SQ.FTS.B,

5.73%,

9/16/34

.....

–

a,b

6501410. SQ.FTS.B,

6.166%,

9/16/34

....

2,005

–

a,b

6502765. SQ.FTS.B,

4.528%,

9/17/34

....

2,342

–

a,b

6504374. SQ.FTS.B,

4.749%,

9/17/34

....

6,570

–

a,b

6503327. SQ.FTS.B,

5.127%,

9/17/34

....

5,315

–

a,b

6506259. SQ.FTS.B,

4.845%,

9/18/34

....

5,850

a,b

6506724. SQ.FTS.B,

5.445%,

9/19/34

....

–

a,b

6509194. SQ.FTS.B,

5.252%,

9/20/34

....

9,768

–

a,b

6516876. SQ.FTS.B,

4.309%,

9/22/34

....

3,687

–

a,b

6524458. SQ.FTS.B,

4.757%,

9/24/34

....

1,541

–

a,b

6526166. SQ.FTS.B,

4.743%,

9/25/34

....

747

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6526193. SQ.FTS.B,

5.364%,

9/25/34

....

$

1,054

$

–

a,b

6527382. SQ.FTS.B,

4.528%,

9/27/34

....

8,363

–

a,b

6532408. SQ.FTS.B,

4.964%,

9/28/34

....

3,788

–

a,b

6537870. SQ.FTS.B,

5.593%,

9/29/34

....

–

a,b

6538002. SQ.FTS.B,

5.741%,

9/29/34

....

1,103

–

a,b

6543316. SQ.FTS.B,

5.432%,

9/30/34

....

3,927

–

a,b

6541945. SQ.FTS.B,

5.755%,

9/30/34

....

6,200

–

a,b

6548015. SQ.FTS.B,

6.077%,

10/02/34

...

2,395

–

a,b

6548822. SQ.FTS.B,

5.428%,

10/03/34

...

1,334

–

a,b

6552657. SQ.FTS.B,

4.845%,

10/04/34

...

2,239

–

a,b

6554014. SQ.FTS.B,

5.128%,

10/04/34

...

910

–

a,b

6562473. SQ.FTS.B,

5.598%,

10/06/34

...

15,241

a,b

6567346. SQ.FTS.B,

4.528%,

10/09/34

...

936

–

a,b

6569506. SQ.FTS.B,

5.18%,

10/10/34

....

1,090

–

a,b

6570382. SQ.FTS.B,

5.438%,

10/10/34

...

8,264

–

a,b

6567760. SQ.FTS.B,

5.747%,

10/10/34

...

653

–

a,b

6577330. SQ.FTS.B,

5.375%,

10/12/34

...

1,583

–

a,b

6584579. SQ.FTS.B,

4.767%,

10/14/34

...

–

a,b

6590809. SQ.FTS.B,

5.377%,

10/17/34

...

2,847

a,b

6590448. SQ.FTS.B,

5.38%,

10/17/34

....

1,824

–

a,b

6591260. SQ.FTS.B,

5.434%,

10/17/34

...

2,973

–

a,b

6589068. SQ.FTS.B,

5.44%,

10/17/34

....

6,446

–

a,b

6593772. SQ.FTS.B,

6.417%,

10/18/34

...

7,748

–

a,b

6596418. SQ.FTS.B,

5.765%,

10/19/34

...

802

–

a,b

6601765. SQ.FTS.B,

5.18%,

10/21/34

....

2,098

–

a,b

6610631. SQ.FTS.B,

5.129%,

10/25/34

...

5,370

–

a,b

6609951. SQ.FTS.B,

5.571%,

10/25/34

...

701

a,b

6622368. SQ.FTS.B,

5.751%,

10/28/34

...

2,757

–

a,b

6624836. SQ.FTS.B,

6.132%,

10/29/34

...

–

a,b

6627196. SQ.FTS.B,

4.783%,

11/01/34

...

–

a,b

6627396. SQ.FTS.B,

5.569%,

11/01/34

...

8,593

–

a,b

6635230. SQ.FTS.B,

5.754%,

11/03/34

...

61,854

–

a,b

6641603. SQ.FTS.B,

4.746%,

11/05/34

...

1,337

–

a,b

6645579. SQ.FTS.B,

4.934%,

11/07/34

...

1,849

–

a,b

6648200. SQ.FTS.B,

5.756%,

11/08/34

...

3,585

–

a,b

6646196. SQ.FTS.B,

6.276%,

11/08/34

...

–

a,b

6655118. SQ.FTS.B,

4.939%,

11/10/34

...

1,933

–

a,b

6666031. SQ.FTS.B,

5.447%,

11/14/34

...

1,690

–

a,b

6667033. SQ.FTS.B,

5.378%,

11/15/34

...

3,156

–

a,b

6669109. SQ.FTS.B,

5.43%,

11/15/34

....

–

a,b

6669028. SQ.FTS.B,

5.438%,

11/15/34

...

981

–

a,b

6668228. SQ.FTS.B,

6.16%,

11/15/34

....

1,149

–

a,b

6667810. SQ.FTS.B,

6.249%,

11/15/34

...

2,693

–

a,b

6674370. SQ.FTS.B,

5.753%,

11/17/34

...

12,265

–

a,b

6679967. SQ.FTS.B,

5.189%,

11/18/34

...

56,591

a,b

6678246. SQ.FTS.B,

6.409%,

11/18/34

...

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

6685190. SQ.FTS.B,

6.257%,

11/20/34

...

$

8,219

$

–

a,b

6685864. SQ.FTS.B,

6.191%,

11/21/34

...

–

a,b

6689080. SQ.FTS.B,

5.758%,

11/22/34

...

3,318

–

a,b

6692358. SQ.FTS.B,

5.558%,

11/23/34

...

1,578

–

a,b

6692474. SQ.FTS.B,

6.255%,

11/23/34

...

7,433

–

a,b

6696092. SQ.FTS.B,

5.754%,

11/24/34

...

1,280

–

a,b

6705796. SQ.FTS.B,

5.568%,

11/26/34

...

7,590

–

a,b

6707813. SQ.FTS.B,

5.762%,

11/27/34

...

–

a,b

6709168. SQ.FTS.B,

5.189%,

11/29/34

...

33,347

a,b

6719237. SQ.FTS.B,

4.749%,

12/01/34

...

4,055

–

a,b

6726121. SQ.FTS.B,

4.754%,

12/03/34

...

582

–

a,b

6725887. SQ.FTS.B,

5.378%,

12/03/34

...

–

a,b

6733364. SQ.FTS.B,

5.756%,

12/06/34

...

4,753

–

a,b

6735811. SQ.FTS.B,

5.374%,

12/07/34

...

1,795

–

a,b

6746302. SQ.FTS.B,

5.377%,

12/09/34

...

1,600

–

a,b

6744525. SQ.FTS.B,

5.755%,

12/09/34

...

48,006

–

a,b

6746943. SQ.FTS.B,

5.46%,

12/10/34

....

669

–

a,b

6747235. SQ.FTS.B,

5.562%,

12/10/34

...

3,203

–

a,b

6749349. SQ.FTS.B,

4.727%,

12/12/34

...

835

–

a,b

6753977. SQ.FTS.B,

5.442%,

12/13/34

...

4,775

–

a,b

6756917. SQ.FTS.B,

5.191%,

12/14/34

...

5,761

a,b

6756576. SQ.FTS.B,

5.755%,

12/14/34

...

1,008

–

a,b

6763757. SQ.FTS.B,

5.387%,

12/15/34

...

1,458

–

a,b

6763456. SQ.FTS.B,

5.752%,

12/15/34

...

5,352

a,b

6771935. SQ.FTS.B,

5.38%,

12/20/34

....

6,622

a,b

6776773. SQ.FTS.B,

6.007%,

12/21/34

...

57,840

a,b

6784616. SQ.FTS.B,

6.257%,

12/23/34

...

13,566

–

a,b

6786396. SQ.FTS.B,

6.005%,

12/24/34

...

6,516

a,b

6790513. SQ.FTS.B,

5.18%,

12/26/34

....

2,508

–

a,b

6788880. SQ.FTS.B,

6.257%,

12/26/34

...

–

a,b

6791327. SQ.FTS.B,

6.427%,

12/27/34

...

647

–

a,b

6800352. SQ.FTS.B,

4.94%,

12/29/34

....

1,588

–

a,b

6800307. SQ.FTS.B,

5.386%,

12/29/34

...

1,066

–

a,b

6807789. SQ.FTS.B,

4.74%,

12/30/34

....

2,456

–

a,b

6809289. SQ.FTS.B,

5.19%,

1/02/35

.....

12,073

–

a,b

6811597. SQ.FTS.B,

5.441%,

1/03/35

....

986

–

a,b

6812155. SQ.FTS.B,

5.451%,

1/03/35

....

2,586

–

a,b

6811299. SQ.FTS.B,

5.562%,

1/03/35

....

–

a,b

6811743. SQ.FTS.B,

6.251%,

1/03/35

....

772

–

a,b

6814032. SQ.FTS.B,

5.577%,

1/05/35

....

673

–

a,b

6823837. SQ.FTS.B,

5.441%,

1/07/35

....

8,236

a,b

6822498. SQ.FTS.B,

6.267%,

1/07/35

....

1,020

–

a,b

6830462. SQ.FTS.B,

4.724%,

1/10/35

....

832

–

a,b

6829019. SQ.FTS.B,

6.257%,

1/10/35

....

2,958

–

a,b

6832199. SQ.FTS.B,

5.377%,

1/11/35

....

2,706

–

a,b

6833495. SQ.FTS.B,

6.015%,

1/11/35

....

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6836420. SQ.FTS.B,

5.377%,

1/12/35

....

$

3,658

$

–

a,b

6836010. SQ.FTS.B,

5.566%,

1/12/35

....

3,628

–

a,b

6841524. SQ.FTS.B,

4.773%,

1/13/35

....

–

a,b

6840245. SQ.FTS.B,

6.004%,

1/13/35

....

2,988

–

a,b

6845464. SQ.FTS.B,

5.567%,

1/15/35

....

876

–

a,b

6861516. SQ.FTS.B,

4.751%,

1/20/35

....

2,500

–

a,b

6860790. SQ.FTS.B,

6.009%,

1/20/35

....

4,246

–

a,b

6858335. SQ.FTS.B,

6.42%,

1/20/35

.....

705

–

a,b

6864423. SQ.FTS.B,

5.566%,

1/21/35

....

8,861

–

a,b

6863964. SQ.FTS.B,

6%,

1/21/35

.......

1,197

–

a,b

6864699. SQ.FTS.B,

5.439%,

1/22/35

....

–

a,b

6865584. SQ.FTS.B,

5.378%,

1/23/35

....

15,464

–

a,b

6867693. SQ.FTS.B,

4.654%,

1/24/35

....

7,462

–

a,b

6869515. SQ.FTS.B,

4.935%,

1/25/35

....

7,609

–

a,b

6878251. SQ.FTS.B,

5.566%,

1/27/35

....

15,208

–

a,b

6878142. SQ.FTS.B,

5.576%,

1/27/35

....

1,481

–

a,b

6884628. SQ.FTS.B,

6.263%,

1/29/35

....

–

a,b

6884701. SQ.FTS.B,

6.422%,

1/29/35

....

810

–

a,b

6888845. SQ.FTS.B,

5.438%,

1/31/35

....

2,177

–

a,b

6891737. SQ.FTS.B,

5.75%,

2/01/35

.....

1,984

–

a,b

6903970. SQ.FTS.B,

4.75%,

2/04/35

.....

2,610

–

a,b

6904150. SQ.FTS.B,

5.377%,

2/04/35

....

21,646

–

a,b

6904370. SQ.FTS.B,

6.161%,

2/05/35

....

3,220

–

a,b

6910971. SQ.FTS.B,

5.376%,

2/08/35

....

21,142

–

a,b

6909059. SQ.FTS.B,

6.263%,

2/08/35

....

3,599

–

a,b

6923831. SQ.FTS.B,

6.181%,

2/15/35

....

1,021

–

a,b

6933459. SQ.FTS.B,

4.755%,

2/17/35

....

2,173

–

a,b

6933558. SQ.FTS.B,

5.447%,

2/17/35

....

3,195

–

a,b

6937431. SQ.FTS.B,

4.94%,

2/18/35

.....

2,039

–

a,b

6937013. SQ.FTS.B,

5.189%,

2/18/35

....

1,712

–

a,b

6937698. SQ.FTS.B,

5.193%,

2/18/35

....

1,399

–

a,b

6944346. SQ.FTS.B,

4.78%,

2/21/35

.....

–

a,b

6944112. SQ.FTS.B,

5.439%,

2/21/35

....

7,643

–

a,b

6945544. SQ.FTS.B,

5.567%,

2/21/35

....

747

–

a,b

6943747. SQ.FTS.B,

5.756%,

2/21/35

....

15,422

–

a,b

6949409. SQ.FTS.B,

4.78%,

2/22/35

.....

–

a,b

6952926. SQ.FTS.B,

5.384%,

2/23/35

....

944

–

a,b

6951159. SQ.FTS.B,

6.006%,

2/23/35

....

5,681

–

a,b

6961097. SQ.FTS.B,

6.264%,

2/25/35

....

4,906

–

a,b

6962747. SQ.FTS.B,

5.442%,

2/26/35

....

543

–

a,b

6962536. SQ.FTS.B,

5.566%,

2/26/35

....

–

a,b

6962505. SQ.FTS.B,

5.569%,

2/26/35

....

–

a,b

6963222. SQ.FTS.B,

6.165%,

2/27/35

....

1,355

–

a,b

6967101. SQ.FTS.B,

4.94%,

2/28/35

.....

1,563

–

a,b

6967045. SQ.FTS.B,

5.183%,

2/28/35

....

3,977

–

a,b

6968588. SQ.FTS.B,

5.192%,

2/28/35

....

2,014

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

6967472. SQ.FTS.B,

5.377%,

2/28/35

....

$

16,292

$

–

a,b

6978300. SQ.FTS.B,

5.567%,

2/28/35

....

21,968

–

a,b

6983553. SQ.FTS.B,

4.938%,

3/01/35

....

2,540

a,b

6986554. SQ.FTS.B,

4.651%,

3/04/35

....

1,225

–

a,b

6986599. SQ.FTS.B,

5.574%,

3/04/35

....

1,319

–

a,b

6987258. SQ.FTS.B,

5.777%,

3/04/35

....

1,351

–

a,b

6986458. SQ.FTS.B,

6.171%,

3/04/35

....

–

a,b

6993229. SQ.FTS.B,

5.762%,

3/06/35

....

1,553

–

a,b

6990423. SQ.FTS.B,

6.422%,

3/06/35

....

2,051

–

a,b

6995636. SQ.FTS.B,

6.168%,

3/07/35

....

–

a,b

6997762. SQ.FTS.B,

6.179%,

3/07/35

....

–

a,b

7003292. SQ.FTS.B,

4.75%,

3/10/35

.....

12,154

–

a,b

7003650. SQ.FTS.B,

5.193%,

3/10/35

....

2,995

–

a,b

7009641. SQ.FTS.B,

6.005%,

3/12/35

....

12,183

–

a,b

7016321. SQ.FTS.B,

5.189%,

3/14/35

....

38,547

–

a,b

7020990. SQ.FTS.B,

5.19%,

3/15/35

.....

9,252

–

a,b

7025720. SQ.FTS.B,

5.378%,

3/17/35

....

3,810

–

a,b

7032794. SQ.FTS.B,

5.566%,

3/19/35

....

3,493

–

a,b

7043570. SQ.FTS.B,

6.415%,

3/21/35

....

27,825

–

a,b

7044059. SQ.FTS.B,

6.422%,

3/22/35

....

1,281

–

a,b

7061463. SQ.FTS.B,

5.19%,

3/28/35

.....

14,436

–

a,b

7061389. SQ.FTS.B,

5.559%,

3/28/35

....

1,542

–

a,b

7067466. SQ.FTS.B,

6.248%,

3/29/35

....

1,121

–

a,b

7068948. SQ.FTS.B,

6.013%,

3/30/35

....

3,321

–

a,b

7077567. SQ.FTS.B,

5.375%,

4/03/35

....

7,677

a,b

7077718. SQ.FTS.B,

5.425%,

4/03/35

....

–

a,b

7080219. SQ.FTS.B,

5.751%,

4/04/35

....

–

a,b

7088740. SQ.FTS.B,

5.376%,

4/05/35

....

9,584

–

a,b

7087923. SQ.FTS.B,

6.006%,

4/05/35

....

9,288

a,b

7086293. SQ.FTS.B,

6.01%,

4/05/35

.....

3,263

–

a,b

7091848. SQ.FTS.B,

5.749%,

4/06/35

....

3,720

–

a,b

7094035. SQ.FTS.B,

4.943%,

4/09/35

....

2,873

–

a,b

7097395. SQ.FTS.B,

5.189%,

4/10/35

....

23,684

–

a,b

7097160. SQ.FTS.B,

5.752%,

4/10/35

....

773

–

a,b

7105122. SQ.FTS.B,

4.937%,

4/12/35

....

3,498

a,b

7106887. SQ.FTS.B,

5.19%,

4/12/35

.....

14,205

a,b

7113491. SQ.FTS.B,

5.751%,

4/15/35

....

1,744

–

a,b

7113005. SQ.FTS.B,

6.255%,

4/15/35

....

6,711

–

a,b

7116821. SQ.FTS.B,

5.189%,

4/16/35

....

28,095

–

a,b

7115476. SQ.FTS.B,

6.257%,

4/16/35

....

6,351

–

a,b

7121176. SQ.FTS.B,

5.565%,

4/17/35

....

3,277

–

a,b

7120797. SQ.FTS.B,

6.164%,

4/17/35

....

20,220

–

a,b

7123188. SQ.FTS.B,

4.756%,

4/18/35

....

–

a,b

7121532. SQ.FTS.B,

5.567%,

4/18/35

....

1,181

–

a,b

7134683. SQ.FTS.B,

5.995%,

4/19/35

....

1,675

–

a,b

7147738. SQ.FTS.B,

5.186%,

4/24/35

....

931

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7154428. SQ.FTS.B,

4.756%,

4/25/35

....

$

2,177

$

–

a,b

7151519. SQ.FTS.B,

5.759%,

4/25/35

....

7,613

–

a,b

7156753. SQ.FTS.B,

4.654%,

4/26/35

....

4,816

–

a,b

7164816. SQ.FTS.B,

5.382%,

4/28/35

....

1,637

–

a,b

7173156. SQ.FTS.B,

5.759%,

4/30/35

....

1,928

–

a,b

7176877. SQ.FTS.B,

5.578%,

5/01/35

....

1,630

–

a,b

7179248. SQ.FTS.B,

4.941%,

5/02/35

....

3,816

–

a,b

7183135. SQ.FTS.B,

5.388%,

5/02/35

....

1,534

–

a,b

7179389. SQ.FTS.B,

5.566%,

5/02/35

....

3,065

–

a,b

7187135. SQ.FTS.B,

4.656%,

5/03/35

....

1,241

a,b

7187093. SQ.FTS.B,

6.002%,

5/03/35

....

1,566

–

a,b

7188188. SQ.FTS.B,

4.745%,

5/04/35

....

603

–

a,b

7193396. SQ.FTS.B,

6.419%,

5/06/35

....

1,121

–

a,b

7196348. SQ.FTS.B,

5.377%,

5/07/35

....

11,631

–

a,b

7194348. SQ.FTS.B,

6.251%,

5/07/35

....

3,248

–

a,b

7197655. SQ.FTS.B,

4.933%,

5/08/35

....

3,446

–

a,b

7200476. SQ.FTS.B,

6.01%,

5/08/35

.....

2,032

–

a,b

7209211. SQ.FTS.B,

5.19%,

5/10/35

.....

14,325

–

a,b

7209663. SQ.FTS.B,

5.759%,

5/10/35

....

2,737

–

a,b

7210903. SQ.FTS.B,

4.653%,

5/11/35

....

5,395

–

a,b

7211511. SQ.FTS.B,

5.377%,

5/11/35

.....

9,115

–

a,b

7216608. SQ.FTS.B,

4.73%,

5/13/35

.....

–

a,b

7217049. SQ.FTS.B,

4.937%,

5/14/35

....

6,532

–

a,b

7217319. SQ.FTS.B,

4.939%,

5/14/35

....

18,370

–

a,b

7224046. SQ.FTS.B,

5.566%,

5/15/35

....

10,340

–

a,b

7224266. SQ.FTS.B,

5.759%,

5/15/35

....

4,521

–

a,b

7230286. SQ.FTS.B,

5.565%,

5/16/35

....

4,840

a,b

7229934. SQ.FTS.B,

6.259%,

5/16/35

....

a,b

7237384. SQ.FTS.B,

5.756%,

5/20/35

....

5,724

–

a,b

7252493. SQ.FTS.B,

5.195%,

5/24/35

....

5,028

a,b

7254093. SQ.FTS.B,

5.75%,

5/24/35

.....

2,380

–

a,b

7255214. SQ.FTS.B,

6.013%,

5/25/35

....

2,026

–

a,b

7254528. SQ.FTS.B,

6.413%,

5/25/35

....

2,827

–

a,b

7256218. SQ.FTS.B,

5.759%,

5/26/35

....

6,270

a,b

7256895. SQ.FTS.B,

6.26%,

5/26/35

.....

a,b

7261087. SQ.FTS.B,

5.195%,

5/28/35

....

1,742

a,b

7270346. SQ.FTS.B,

4.649%,

5/30/35

....

1,110

–

a,b

7279543. SQ.FTS.B,

6.166%,

6/03/35

....

1,656

a,b

7280624. SQ.FTS.B,

5.173%,

6/04/35

....

1,131

–

a,b

7283057. SQ.FTS.B,

5.755%,

6/04/35

....

20,918

759

a,b

7291331. SQ.FTS.B,

4.735%,

6/06/35

....

1,300

a,b

7290035. SQ.FTS.B,

4.931%,

6/06/35

....

3,403

a,b

7288120. SQ.FTS.B,

6.002%,

6/06/35

....

3,770

a,b

7291240. SQ.FTS.B,

6.26%,

6/06/35

.....

5,009

a,b

7296106. SQ.FTS.B,

4.738%,

6/07/35

....

659

–

a,b

7296773. SQ.FTS.B,

5.743%,

6/07/35

....

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7298390. SQ.FTS.B,

5.188%,

6/08/35

....

$

832

$

–

a,b

7303458. SQ.FTS.B,

4.652%,

6/10/35

....

1,681

a,b

7312996. SQ.FTS.B,

5.565%,

6/12/35

....

2,065

a,b

7315379. SQ.FTS.B,

4.936%,

6/13/35

....

14,812

a,b

7320392. SQ.FTS.B,

5.376%,

6/14/35

....

5,609

a,b

7326147. SQ.FTS.B,

4.748%,

6/15/35

....

–

a,b

7328785. SQ.FTS.B,

5.566%,

6/16/35

....

6,965

a,b

7339440. SQ.FTS.B,

5.437%,

6/20/35

....

1,895

–

a,b

7338337. SQ.FTS.B,

5.752%,

6/20/35

....

1,001

a,b

7340785. SQ.FTS.B,

6.237%,

6/20/35

....

a,b

7347758. SQ.FTS.B,

4.936%,

6/21/35

....

637

–

a,b

7347161. SQ.FTS.B,

5.179%,

6/21/35

....

1,612

a,b

7349176. SQ.FTS.B,

6.01%,

6/22/35

.....

3,929

a,b

7351853. SQ.FTS.B,

5.379%,

6/23/35

....

5,993

a,b

7360805. SQ.FTS.B,

6.165%,

6/27/35

....

2,006

a,b

7365827. SQ.FTS.B,

6.258%,

6/28/35

....

6,811

a,b

7371001. SQ.FTS.B,

5.562%,

6/30/35

....

1,240

a,b

7371839. SQ.FTS.B,

6.243%,

7/01/35

....

861

a,b

7372521. SQ.FTS.B,

6.411%,

7/01/35

....

1,299

a,b

7374891. SQ.FTS.B,

5.43%,

7/02/35

.....

2,125

a,b

7375109. SQ.FTS.B,

5.566%,

7/02/35

....

45,363

3,144

a,b

7377915. SQ.FTS.B,

5.191%,

7/03/35

....

2,442

a,b

7380832. SQ.FTS.B,

6.418%,

7/04/35

....

3,802

a,b

7387351. SQ.FTS.B,

6.267%,

7/06/35

....

1,437

a,b

7394034. SQ.FTS.B,

5.567%,

7/09/35

....

15,218

a,b

7391709. SQ.FTS.B,

5.752%,

7/09/35

....

3,929

a,b

7401159. SQ.FTS.B,

5.189%,

7/11/35

....

4,474

a,b

7400721. SQ.FTS.B,

6.003%,

7/11/35

....

3,142

a,b

7407628. SQ.FTS.B,

5.578%,

7/14/35

....

707

a,b

7416118. SQ.FTS.B,

4.751%,

7/18/35

....

861

a,b

7427050. SQ.FTS.B,

6.006%,

7/22/35

....

20,152

a,b

7438902. SQ.FTS.B,

5.753%,

7/26/35

....

5,508

a,b

7443538. SQ.FTS.B,

4.936%,

7/28/35

....

987

a,b

7443523. SQ.FTS.B,

6.16%,

7/28/35

.....

–

a,b

7450843. SQ.FTS.B,

4.747%,

7/30/35

....

–

a,b

7447727. SQ.FTS.B,

6.007%,

7/30/35

....

8,018

a,b

7453402. SQ.FTS.B,

5.564%,

7/31/35

....

3,989

a,b

7458281. SQ.FTS.B,

5.442%,

8/01/35

....

3,185

a,b

7459192. SQ.FTS.B,

5.448%,

8/01/35

....

2,982

a,b

7461871. SQ.FTS.B,

4.937%,

8/02/35

....

11,449

a,b

7461204. SQ.FTS.B,

6.184%,

8/02/35

....

583

a,b

7467058. SQ.FTS.B,

5.19%,

8/05/35

.....

2,489

a,b

7467174. SQ.FTS.B,

5.447%,

8/05/35

....

1,084

a,b

7478115. SQ.FTS.B,

4.759%,

8/08/35

....

2,361

a,b

7478314. SQ.FTS.B,

5.19%,

8/08/35

.....

33,364

a,b

7480273. SQ.FTS.B,

4.654%,

8/09/35

....

3,120

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7487915. SQ.FTS.B,

4.654%,

8/12/35

....

$

23,377

$

2,921

a,b

7485386. SQ.FTS.B,

5.376%,

8/12/35

....

6,846

a,b

7490860. SQ.FTS.B,

4.751%,

8/13/35

....

10,209

a,b

7495215. SQ.FTS.B,

5.19%,

8/14/35

.....

5,174

a,b

7492564. SQ.FTS.B,

5.756%,

8/14/35

....

6,969

a,b

7503077. SQ.FTS.B,

5.566%,

8/15/35

....

5,648

a,b

7506371. SQ.FTS.B,

5.761%,

8/16/35

....

2,356

a,b

7507182. SQ.FTS.B,

6.163%,

8/16/35

....

724

a,b

7515032. SQ.FTS.B,

5.38%,

8/20/35

.....

1,203

a,b

7518279. SQ.FTS.B,

6.409%,

8/21/35

....

848

a,b

7516707. SQ.FTS.B,

6.423%,

8/21/35

....

2,908

a,b

7527745. SQ.FTS.B,

5.433%,

8/23/35

....

a,b

7528450. SQ.FTS.B,

6.181%,

8/23/35

....

a,b

7529757. SQ.FTS.B,

4.654%,

8/24/35

....

16,511

a,b

7529703. SQ.FTS.B,

5.373%,

8/24/35

....

3,770

a,b

7530224. SQ.FTS.B,

6.415%,

8/24/35

....

1,328

a,b

7534222. SQ.FTS.B,

4.746%,

8/26/35

....

3,893

a,b

7536249. SQ.FTS.B,

6.408%,

8/27/35

....

4,101

a,b

7540141. SQ.FTS.B,

4.749%,

8/28/35

....

6,653

a,b

7542122. SQ.FTS.B,

5.577%,

8/28/35

....

2,313

a,b

7549195. SQ.FTS.B,

5.447%,

8/29/35

....

a,b

7548215. SQ.FTS.B,

5.755%,

8/29/35

....

17,087

a,b

7555997. SQ.FTS.B,

5.752%,

9/03/35

....

1,560

a,b

7563453. SQ.FTS.B,

5.189%,

9/05/35

....

42,374

a,b

7562885. SQ.FTS.B,

6.004%,

9/05/35

....

8,387

a,b

7571798. SQ.FTS.B,

4.937%,

9/07/35

....

13,156

a,b

7571356. SQ.FTS.B,

5.188%,

9/07/35

....

5,599

794

a,b

7585994. SQ.FTS.B,

4.654%,

9/12/35

....

3,983

727

a,b

7584863. SQ.FTS.B,

4.749%,

9/12/35

....

14,320

a,b

7587250. SQ.FTS.B,

5.757%,

9/12/35

....

750

a,b

7587356. SQ.FTS.B,

6.164%,

9/12/35

....

2,162

a,b

7588555. SQ.FTS.B,

4.767%,

9/13/35

....

804

a,b

7589355. SQ.FTS.B,

5.772%,

9/13/35

....

1,086

a,b

7590816. SQ.FTS.B,

6.17%,

9/13/35

.....

–

a,b

7589431. SQ.FTS.B,

6.417%,

9/13/35

....

4,982

a,b

7598984. SQ.FTS.B,

5.189%,

9/15/35

....

8,984

a,b

7603549. SQ.FTS.B,

6.258%,

9/18/35

....

1,546

a,b

7604419. SQ.FTS.B,

6.289%,

9/18/35

....

a,b

7606959. SQ.FTS.B,

5.429%,

9/19/35

....

a,b

7612216. SQ.FTS.B,

5.378%,

9/20/35

....

2,313

a,b

7611418. SQ.FTS.B,

5.461%,

9/20/35

....

1,235

a,b

7611675. SQ.FTS.B,

6.259%,

9/20/35

....

1,865

a,b

7619618. SQ.FTS.B,

5.566%,

9/22/35

....

2,757

a,b

7621281. SQ.FTS.B,

4.942%,

9/23/35

....

2,435

a,b

7622285. SQ.FTS.B,

6.252%,

9/24/35

....

2,465

a,b

7625481. SQ.FTS.B,

6.416%,

9/25/35

....

36,849

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7638920. SQ.FTS.B,

4.74%,

9/28/35

.....

$

2,024

$

a,b

7636007. SQ.FTS.B,

4.754%,

9/28/35

....

1,437

a,b

7637460. SQ.FTS.B,

5.566%,

9/28/35

....

3,871

a,b

7642888. SQ.FTS.B,

5.187%,

9/29/35

....

10,378

a,b

7641906. SQ.FTS.B,

5.377%,

9/29/35

....

908

a,b

7645813. SQ.FTS.B,

6.184%,

10/01/35

...

946

a,b

7656711. SQ.FTS.B,

6.004%,

10/03/35

...

2,619

a,b

7657540. SQ.FTS.B,

6.261%,

10/03/35

...

2,992

a,b

7662217. SQ.FTS.B,

5.563%,

10/04/35

...

4,430

a,b

7659875. SQ.FTS.B,

6.17%,

10/04/35

....

a,b

7667343. SQ.FTS.B,

6.001%,

10/05/35

...

1,280

a,b

7668773. SQ.FTS.B,

6.146%,

10/06/35

...

1,217

a,b

7667933. SQ.FTS.B,

6.164%,

10/06/35

...

34,644

a,b

7671011. SQ.FTS.B,

5.157%,

10/08/35

...

a,b

7671923. SQ.FTS.B,

5.567%,

10/08/35

...

2,855

a,b

7690511. SQ.FTS.B,

6.267%,

10/14/35

...

936

a,b

7692666. SQ.FTS.B,

4.762%,

10/15/35

...

a,b

7693460. SQ.FTS.B,

6.294%,

10/15/35

...

a,b

7699696. SQ.FTS.B,

5.566%,

10/17/35

...

18,110

a,b

7703885. SQ.FTS.B,

4.754%,

10/18/35

...

2,890

a,b

7722120. SQ.FTS.B,

5.098%,

10/25/35

...

5,862

a,b

7722826. SQ.FTS.B,

5.527%,

10/25/35

...

1,164

a,b

7726762. SQ.FTS.B,

6.481%,

10/26/35

...

3,409

a,b

7730733. SQ.FTS.B,

5.568%,

10/27/35

...

a,b

7733410. SQ.FTS.B,

6.166%,

10/28/35

...

4,409

a,b

7740952. SQ.FTS.B,

4.754%,

10/30/35

...

2,949

a,b

7751484. SQ.FTS.B,

5.096%,

11/02/35

...

4,718

a,b

7760287. SQ.FTS.B,

6.169%,

11/06/35

...

6,714

a,b

7766291. SQ.FTS.B,

5.398%,

11/07/35

...

–

a,b

7771517. SQ.FTS.B,

4.78%,

11/08/35

....

1,673

a,b

7770019. SQ.FTS.B,

5.533%,

11/08/35

...

1,328

a,b

7777312. SQ.FTS.B,

4.717%,

11/09/35

...

a,b

7783246. SQ.FTS.B,

6.159%,

11/12/35

...

1,495

a,b

7785778. SQ.FTS.B,

5.099%,

11/13/35

...

1,433

a,b

7804032. SQ.FTS.B,

6.162%,

11/18/35

...

11,301

a,b

7805135. SQ.FTS.B,

4.756%,

11/19/35

...

a,b

7805154. SQ.FTS.B,

5.922%,

11/19/35

...

a,b

7809092. SQ.FTS.B,

5.346%,

11/20/35

...

1,499

511

a,b

7821101. SQ.FTS.B,

4.742%,

11/23/35

...

4,175

a,b

7824941. SQ.FTS.B,

5.094%,

11/23/35

...

8,799

1,061

a,b

7822908. SQ.FTS.B,

5.723%,

11/23/35

...

20,456

a,b

7828520. SQ.FTS.B,

5.727%,

11/24/35

...

2,729

a,b

7844276. SQ.FTS.B,

4.784%,

11/30/35

...

a,b

7845202. SQ.FTS.B,

6.287%,

11/30/35

...

2,732

a,b

7851095. SQ.FTS.B,

5.723%,

12/01/35

...

16,980

a,b

7855369. SQ.FTS.B,

4.751%,

12/03/35

...

3,143

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7869424. SQ.FTS.B,

6.289%,

12/06/35

...

$

11,411

$

a,b

7881465. SQ.FTS.B,

5.54%,

12/11/35

....

3,068

a,b

7881388. SQ.FTS.B,

5.917%,

12/11/35

...

a,b

7886066. SQ.FTS.B,

5.346%,

12/12/35

...

11,625

4,859

a,b

7885234. SQ.FTS.B,

5.917%,

12/12/35

...

1,279

a,b

7894898. SQ.FTS.B,

4.75%,

12/14/35

....

1,313

a,b

7895575. SQ.FTS.B,

5.094%,

12/14/35

...

2,249

924

a,b

7895745. SQ.FTS.B,

6.463%,

12/14/35

...

a,b

7900540. SQ.FTS.B,

4.785%,

12/16/35

...

a,b

7902529. SQ.FTS.B,

5.094%,

12/17/35

...

946

a,b

7902827. SQ.FTS.B,

6.168%,

12/17/35

...

1,631

a,b

7905583. SQ.FTS.B,

4.777%,

12/18/35

...

1,925

a,b

7910151. SQ.FTS.B,

6.162%,

12/19/35

...

2,531

850

a,b

7919109. SQ.FTS.B,

5.344%,

12/22/35

...

1,421

a,b

7919647. SQ.FTS.B,

6.184%,

12/22/35

...

a,b

7924288. SQ.FTS.B,

4.75%,

12/24/35

....

3,560

1,481

a,b

7924505. SQ.FTS.B,

5.436%,

12/24/35

...

2,823

a,b

7924762. SQ.FTS.B,

5.911%,

12/25/35

...

24,104

a,b

7938776. SQ.FTS.B,

5.914%,

12/28/35

...

8,317

a,b

7951375. SQ.FTS.B,

6.168%,

1/02/36

....

3,922

a,b

7951302. SQ.FTS.B,

6.478%,

1/02/36

....

a,b

7957554. SQ.FTS.B,

4.757%,

1/03/36

....

852

a,b

7957892. SQ.FTS.B,

5.719%,

1/03/36

....

1,916

a,b

7956696. SQ.FTS.B,

5.909%,

1/03/36

....

6,001

a,b

7957091. SQ.FTS.B,

5.909%,

1/03/36

....

a,b

7956978. SQ.FTS.B,

6.162%,

1/03/36

....

3,117

a,b

7957811. SQ.FTS.B,

6.453%,

1/03/36

....

a,b

7959379. SQ.FTS.B,

4.755%,

1/04/36

....

1,313

a,b

7960956. SQ.FTS.B,

4.745%,

1/05/36

....

6,363

a,b

7963717. SQ.FTS.B,

4.757%,

1/06/36

....

927

a,b

7963850. SQ.FTS.B,

6.298%,

1/06/36

....

504

a,b

7967953. SQ.FTS.B,

5.095%,

1/08/36

....

15,279

a,b

7966595. SQ.FTS.B,

6.173%,

1/08/36

....

1,625

a,b

7969990. SQ.FTS.B,

5.906%,

1/09/36

....

1,416

a,b

7974096. SQ.FTS.B,

4.748%,

1/10/36

....

7,166

a,b

7972343. SQ.FTS.B,

5.345%,

1/10/36

....

a,b

7984914. SQ.FTS.B,

5.096%,

1/13/36

....

2,692

a,b

7987012. SQ.FTS.B,

6.48%,

1/15/36

.....

10,229

a,b

7990648. SQ.FTS.B,

4.774%,

1/16/36

....

1,836

875

a,b

8000806. SQ.FTS.B,

4.78%,

1/17/36

.....

27,376

a,b

8000256. SQ.FTS.B,

5.912%,

1/17/36

....

5,956

a,b

8003591. SQ.FTS.B,

6.163%,

1/18/36

....

11,896

a,b

8007319. SQ.FTS.B,

6.477%,

1/19/36

....

12,785

a,b

8014047. SQ.FTS.B,

4.751%,

1/22/36

....

6,204

a,b

8015515. SQ.FTS.B,

4.746%,

1/23/36

....

2,333

a,b

8016641. SQ.FTS.B,

4.747%,

1/23/36

....

5,023

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

8015845. SQ.FTS.B,

4.78%,

1/23/36

.....

$

4,683

$

745

a,b

8025825. SQ.FTS.B,

4.78%,

1/25/36

.....

3,320

519

a,b

8023989. SQ.FTS.B,

5.098%,

1/25/36

....

4,836

a,b

8028768. SQ.FTS.B,

5.347%,

1/26/36

....

7,152

a,b

8038230. SQ.FTS.B,

6.163%,

1/30/36

....

1,601

a,b

8038405. SQ.FTS.B,

6.471%,

1/30/36

....

a,b

8050308. SQ.FTS.B,

5.346%,

2/01/36

....

2,102

934

a,b

8049639. SQ.FTS.B,

6.486%,

2/01/36

....

2,226

a,b

8051996. SQ.FTS.B,

4.751%,

2/02/36

....

4,640

a,b

8051483. SQ.FTS.B,

5.346%,

2/02/36

....

1,650

a,b

8050572. SQ.FTS.B,

6.289%,

2/02/36

....

3,832

a,b

8055695. SQ.FTS.B,

4.783%,

2/04/36

....

2,280

a,b

8057620. SQ.FTS.B,

4.751%,

2/05/36

....

8,330

a,b

8057890. SQ.FTS.B,

5.346%,

2/05/36

....

2,418

a,b

8059705. SQ.FTS.B,

5.535%,

2/05/36

....

3,405

a,b

8058155. SQ.FTS.B,

5.723%,

2/05/36

....

15,791

a,b

8076793. SQ.FTS.B,

6.294%,

2/10/36

....

2,373

a,b

8077372. SQ.FTS.B,

4.778%,

2/11/36

....

3,025

a,b

8078299. SQ.FTS.B,

4.746%,

2/12/36

....

1,275

a,b

8078088. SQ.FTS.B,

4.777%,

2/12/36

....

2,414

a,b

8081797. SQ.FTS.B,

6.268%,

2/13/36

....

a,b

8090007. SQ.FTS.B,

4.78%,

2/15/36

.....

7,309

4,163

a,b

8093036. SQ.FTS.B,

6.477%,

2/15/36

....

10,658

a,b

8093678. SQ.FTS.B,

5.727%,

2/16/36

....

3,402

1,586

a,b

8101696. SQ.FTS.B,

5.093%,

2/19/36

....

1,959

a,b

8099621. SQ.FTS.B,

5.346%,

2/19/36

....

6,717

3,054

a,b

8105051. SQ.FTS.B,

5.092%,

2/20/36

....

a,b

8106732. SQ.FTS.B,

4.78%,

2/21/36

.....

8,117

4,880

a,b

8113487. SQ.FTS.B,

5.723%,

2/22/36

....

1,251

668

a,b

8115296. SQ.FTS.B,

6.55%,

2/23/36

.....

2,433

a,b

8119176. SQ.FTS.B,

5.099%,

2/24/36

....

a,b

8119560. SQ.FTS.B,

5.409%,

2/25/36

....

8,595

a,b

8124329. SQ.FTS.B,

5.912%,

2/26/36

....

23,671

760

a,b

8123557. SQ.FTS.B,

6.418%,

2/26/36

....

3,612

a,b

8126705. SQ.FTS.B,

6.441%,

2/27/36

....

a,b

8142519. SQ.FTS.B,

4.78%,

2/28/36

.....

9,337

5,365

a,b

8128121. SQ.FTS.B,

5.912%,

2/28/36

....

5,320

a,b

8137489. SQ.FTS.B,

5.912%,

2/28/36

....

34,354

569

a,b

8143486. SQ.FTS.B,

6.328%,

3/01/36

....

4,836

a

8149300. SQ.FTS.B,

4.739%,

3/03/36

....

a

8145783. SQ.FTS.B,

5.125%,

3/03/36

....

a,b

8150842. SQ.FTS.B,

4.781%,

3/04/36

....

12,085

a,b

8152413. SQ.FTS.B,

6.149%,

3/04/36

....

7,326

a

8158243. SQ.FTS.B,

5.665%,

3/05/36

....

944

529

a,b

8162406. SQ.FTS.B,

6.152%,

3/07/36

....

3,360

a

8162785. SQ.FTS.B,

6.416%,

3/07/36

....

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8163239. SQ.FTS.B,

5.921%,

3/08/36

....

$

608

$

a,b

8179992. SQ.FTS.B,

6.673%,

3/12/36

....

35,767

757

a,b

8184135. SQ.FTS.B,

6.666%,

3/13/36

....

2,144

a

8184322. SQ.FTS.B,

5.403%,

3/14/36

....

a

8184364. SQ.FTS.B,

5.413%,

3/14/36

....

873

a

8186305. SQ.FTS.B,

4.78%,

3/16/36

.....

2,872

608

a

8190004. SQ.FTS.B,

4.779%,

3/17/36

....

1,136

763

a,b

8192240. SQ.FTS.B,

4.953%,

3/17/36

....

1,288

a

8194482. SQ.FTS.B,

4.781%,

3/18/36

....

3,363

2,257

a

8195426. SQ.FTS.B,

6.436%,

3/18/36

....

a,b

8195481. SQ.FTS.B,

6.547%,

3/18/36

....

12,519

a

8201077. SQ.FTS.B,

6.43%,

3/19/36

.....

606

a

8206858. SQ.FTS.B,

5.108%,

3/21/36

....

708

a,b

8207770. SQ.FTS.B,

5.111%,

3/22/36

....

2,680

a

8210573. SQ.FTS.B,

5.911%,

3/23/36

....

3,310

2,229

a

8210054. SQ.FTS.B,

6.15%,

3/23/36

.....

1,443

869

a,b

8208433. SQ.FTS.B,

6.153%,

3/23/36

....

3,727

a

8211765. SQ.FTS.B,

5.669%,

3/24/36

....

1,864

1,008

a

8214068. SQ.FTS.B,

6.15%,

3/24/36

.....

8,285

1,902

a,b

8215377. SQ.FTS.B,

5.114%,

3/25/36

....

8,091

a

8216765. SQ.FTS.B,

6.152%,

3/25/36

....

6,279

2,953

a,b

8217448. SQ.FTS.B,

6.333%,

3/25/36

....

1,594

a

8220835. SQ.FTS.B,

6.55%,

3/26/36

.....

619

69,628

Freedom

Financial

Asset

Management

LLC

APP-08970713.FP.FTS.B,

12.99%,

5/30/26

912

916

APP-08924285.FP.FTS.B,

14.99%,

5/31/26

APP-08979954.FP.FTS.B,

12.99%,

6/05/26

1,032

1,034

APP-09027027.FP.FTS.B,

21.49%,

6/05/26

2,712

2,789

APP-09074502.FP.FTS.B,

17.49%,

6/12/26

1,419

1,423

APP-09074432.FP.FTS.B,

19.99%,

6/12/26

564

569

APP-09096903.FP.FTS.B,

12.99%,

6/15/26

510

511

APP-08847769.FP.FTS.B,

14.99%,

6/15/26

661

662

APP-09029834.FP.FTS.B,

18.49%,

6/18/26

527

529

APP-09281875.FP.FTS.B,

14.99%,

6/20/26

687

688

APP-09096348.FP.FTS.B,

18.99%,

6/28/26

2,773

929

APP-09201816.FP.FTS.B,

19.49%,

6/28/26

APP-09355512.FP.FTS.B,

20.99%,

6/29/26

752

753

APP-08984739.FP.FTS.B,

17.49%,

7/01/26

1,790

1,790

APP-09717698.FP.FTS.B,

13.24%,

7/03/26

1,384

1,387

APP-09379010.FP.FTS.B,

22.49%,

7/04/26

1,401

1,410

APP-09445164.FP.FTS.B,

13.49%,

7/06/26

1,382

1,383

APP-09448166.FP.FTS.B,

14.99%,

7/07/26

1,201

1,205

b

APP-08684302.FP.FTS.B,

13.74%,

7/08/26

6,180

725

APP-09351977.FP.FTS.B,

19.49%,

7/10/26

1,416

1,428

APP-09708763.FP.FTS.B,

17.49%,

8/10/26

1,446

1,459

APP-09780659.FP.FTS.B,

17.49%,

8/10/26

2,277

2,288

APP-09593157.FP.FTS.B,

14.74%,

8/12/26

2,397

2,406

APP-09778508.FP.FTS.B,

13.24%,

8/15/26

1,821

1,827

APP-10045496.FP.FTS.B,

14.49%,

8/15/26

892

896

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-09708666.FP.FTS.B,

19.49%,

8/15/26

$

1,830

$

1,859

APP-10213964.FP.FTS.B,

18.99%,

8/18/26

1,870

1,900

APP-10246936.FP.FTS.B,

9.99%,

8/20/26

.

1,884

1,896

APP-09717880.FP.FTS.B,

15.74%,

8/20/26

2,105

2,117

APP-09811789.FP.FTS.B,

22.49%,

8/20/26

711

726

APP-10127112.FP.FTS.B,

16.49%,

8/21/26

1,407

1,419

APP-09726787.FP.FTS.B,

15.24%,

8/24/26

1,304

1,313

APP-09787833.FP.FTS.B,

15.74%,

8/24/26

3,309

3,330

APP-09708684.FP.FTS.B,

21.49%,

8/24/26

5,009

5,114

APP-09759659.FP.FTS.B,

13.24%,

8/25/26

2,430

2,444

APP-10352432.FP.FTS.B,

11.99%,

9/01/26

1,988

1,996

APP-11335385.FP.FTS.B,

10.99%,

9/04/26

504

504

APP-10389562.FP.FTS.B,

17.49%,

9/05/26

2,223

2,249

APP-10158390.FP.FTS.B,

12.49%,

9/21/26

3,473

3,491

APP-10209954.FP.FTS.B,

16.49%,

9/23/26

1,623

1,640

APP-08902866.FP.FTS.B,

20.49%,

9/23/26

5,808

2,424

APP-08924259.FP.FTS.B,

15.49%,

9/29/26

4,440

4,483

APP-10663520.FP.FTS.B,

12.49%,

9/30/26

3,474

3,496

APP-08924296.FP.FTS.B,

22.49%,

9/30/26

7,326

6,065

APP-10115186.FP.FTS.B,

23.49%,

10/01/26

..........................

3,574

3,690

APP-10195837.FP.FTS.B,

11.99%,

10/02/26

..........................

2,707

1,201

APP-10622691.FP.FTS.B,

18.99%,

10/02/26

..........................

1,889

1,931

APP-10210290.FP.FTS.B,

19.99%,

10/02/26

..........................

726

731

APP-10374305.FP.FTS.B,

11.99%,

10/05/26

..........................

2,136

2,146

APP-10157026.FP.FTS.B,

14.24%,

10/05/26

..........................

1,876

1,887

APP-10692650.FP.FTS.B,

11.99%,

10/08/26

..........................

2,259

2,271

APP-10291582.FP.FTS.B,

17.49%,

10/09/26

..........................

2,446

2,479

APP-10199991.FP.FTS.B,

16.99%,

10/15/26

..........................

2,543

2,566

APP-10365188.FP.FTS.B,

14.24%,

10/17/26

..........................

1,805

1,818

APP-10091993.FP.FTS.B,

19.99%,

10/20/26

..........................

3,011

3,084

APP-10463469.FP.FTS.B,

18.99%,

10/24/26

..........................

8,347

8,541

APP-10364110.FP.FTS.B,

11.24%,

10/25/26

5,620

5,661

APP-10512737.FP.FTS.B,

17.49%,

10/25/26

..........................

2,652

2,707

APP-10274873.FP.FTS.B,

20.49%,

10/25/26

..........................

2,263

2,324

b

APP-10352498.FP.FTS.B,

18.49%,

10/28/26

..........................

3,464

APP-10432641.FP.FTS.B,

15.49%,

10/29/26

..........................

3,915

3,962

APP-09132903.FP.FTS.B,

18.99%,

10/31/26

..........................

3,343

3,420

APP-11307937.FP.FTS.B,

11.99%,

11/08/26

3,211

3,230

b

APP-09709453.FP.FTS.B,

14.24%,

11/09/26

..........................

3,975

619

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11099818.FP.FTS.B,

16.49%,

11/09/26

$

1,848

$

1,865

APP-10765319.FP.FTS.B,

14.49%,

11/11/26

1,012

1,018

APP-11395641.FP.FTS.B,

11.99%,

11/14/26

APP-10714394.FP.FTS.B,

11.99%,

11/15/26

3,924

3,949

APP-11304024.FP.FTS.B,

17.49%,

11/15/26

2,278

2,324

APP-10768778.FP.FTS.B,

14.74%,

11/18/26

..........................

7,384

3,117

APP-10170330.FP.FTS.B,

11.99%,

11/20/26

1,917

1,931

APP-09778451.FP.FTS.B,

18.99%,

11/20/26

..........................

4,807

4,943

APP-10756762.FP.FTS.B,

12.49%,

11/21/26

..........................

4,488

4,522

APP-11304530.FP.FTS.B,

21.49%,

11/24/26

8,750

9,008

APP-11333408.FP.FTS.B,

17.99%,

11/25/26

2,254

2,334

APP-11386113.FP.FTS.B,

18.99%,

11/25/26

1,269

1,299

APP-10583684.FP.FTS.B,

16.99%,

12/02/26

..........................

4,399

1,753

APP-10776411.FP.FTS.B,

11.99%,

12/09/26

5,404

5,445

APP-08114000.FP.FTS.B,

13.24%,

12/10/26

..........................

4,120

4,149

APP-11741440.FP.FTS.B,

19.99%,

12/16/26

..........................

1,896

1,939

APP-11283905.FP.FTS.B,

15.99%,

12/21/26

..........................

8,832

8,941

APP-11187285.FP.FTS.B,

12.49%,

12/22/26

6,110

6,159

APP-11305667.FP.FTS.B,

20.49%,

12/27/26

..........................

4,942

5,123

APP-11776378.FP.FTS.B,

20.49%,

12/27/26

..........................

5,424

5,575

APP-11306747.FP.FTS.B,

14.24%,

12/28/26

..........................

2,517

2,544

APP-11410923.FP.FTS.B,

23.49%,

12/28/26

..........................

1,825

1,895

APP-11798578.FP.FTS.B,

11.74%,

12/29/26

7,574

7,647

APP-11266733.FP.FTS.B,

11.99%,

12/30/26

4,620

4,664

APP-10525907.FP.FTS.B,

11.99%,

12/31/26

..........................

3,883

3,927

APP-11333811.FP.FTS.B,

16.99%,

1/03/27

2,961

3,020

APP-11332983.FP.FTS.B,

18.99%,

1/04/27

3,115

3,181

APP-11355890.FP.FTS.B,

14.74%,

1/07/27

7,415

7,480

APP-11333372.FP.FTS.B,

18.49%,

1/07/27

3,956

4,071

APP-11385154.FP.FTS.B,

18.99%,

1/08/27

3,061

3,129

APP-10916969.FP.FTS.B,

19.99%,

1/08/27

2,285

2,338

b

APP-10710819.FP.FTS.B,

16.99%,

1/09/27

2,098

APP-11380536.FP.FTS.B,

17.49%,

1/09/27

2,449

2,477

APP-11335531.FP.FTS.B,

16.99%,

1/10/27

3,617

3,703

APP-12243964.FP.FTS.B,

19.99%,

1/15/27

3,063

3,160

APP-11277516.FP.FTS.B,

18.49%,

1/18/27

4,501

4,608

APP-12231521.FP.FTS.B,

17.24%,

1/26/27

7,602

7,809

APP-12151284.FP.FTS.B,

17.99%,

1/27/27

4,244

4,416

APP-09940038.FP.FTS.B,

17.49%,

1/29/27

4,802

4,949

APP-11795116.FP.FTS.B,

11.74%,

2/04/27

5,009

5,053

APP-11396422.FP.FTS.B,

18.99%,

2/08/27

4,374

4,484

APP-11798862.FP.FTS.B,

16.49%,

2/09/27

2,800

2,834

APP-11810406.FP.FTS.B,

11.74%,

2/10/27

9,865

9,957

APP-11787878.FP.FTS.B,

19.99%,

2/10/27

1,701

1,742

APP-11779953.FP.FTS.B,

16.74%,

2/11/27

12,319

7,852

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-11805082.FP.FTS.B,

19.49%,

2/11/27

$

5,116

$

5,281

APP-11753796.FP.FTS.B,

19.99%,

2/12/27

3,483

3,598

APP-11805436.FP.FTS.B,

22.49%,

2/12/27

2,503

2,590

APP-10688549.FP.FTS.B,

18.99%,

2/16/27

7,969

8,223

APP-12266273.FP.FTS.B,

23.74%,

2/18/27

6,649

6,918

APP-10253670.FP.FTS.B,

19.99%,

2/19/27

2,248

2,319

APP-11389311.FP.FTS.B,

17.49%,

2/28/27

9,153

9,304

APP-11339522.FP.FTS.B,

23.49%,

2/28/27

5,159

5,385

APP-12228409.FP.FTS.B,

19.99%,

3/01/27

3,271

3,360

APP-11317083.FP.FTS.B,

20.49%,

3/03/27

3,067

3,159

APP-12172287.FP.FTS.B,

19.99%,

3/07/27

4,165

4,301

APP-12130498.FP.FTS.B,

13.24%,

3/10/27

4,756

4,809

APP-12213871.FP.FTS.B,

19.99%,

3/11/27

5,528

5,769

APP-12244387.FP.FTS.B,

11.24%,

3/12/27

6,791

6,868

APP-12236483.FP.FTS.B,

15.24%,

3/13/27

9,090

9,301

APP-10683987.FP.FTS.B,

12.49%,

3/16/27

8,728

8,814

APP-10769483.FP.FTS.B,

17.99%,

3/22/27

6,810

6,989

b

APP-11194668.FP.FTS.B,

14.24%,

3/26/27

7,105

805

APP-11391376.FP.FTS.B,

19.99%,

3/31/27

9,042

9,438

APP-09094872.FP.FTS.B,

14.99%,

4/01/27

2,605

2,613

APP-10672023.FP.FTS.B,

18.49%,

4/15/27

2,562

2,623

APP-11496336.FP.FTS.B,

11.24%,

5/11/27

4,618

4,669

APP-10459721.FP.FTS.B,

20.99%,

5/28/27

15,108

15,740

APP-11277041.FP.FTS.B,

20.49%,

5/30/27

9,485

5,948

APP-11301237.FP.FTS.B,

18.49%,

6/02/27

5,631

5,852

APP-10482600.FP.FTS.B,

16.49%,

6/30/27

4,090

878

APP-12246518.FP.FTS.B,

13.24%,

7/13/27

2,702

2,717

APP-10315402.FP.FTS.B,

22.99%,

7/30/27

6,941

7,264

b

APP-11579250.FP.FTS.B,

11.24%,

8/15/27

12,134

2,587

APP-12222310.FP.FTS.B,

18.24%,

9/21/27

15,092

15,695

APP-11315623.FP.FTS.B,

15.49%,

11/02/27

7,416

7,684

APP-10229284.FP.FTS.B,

18.99%,

12/04/27

..........................

2,077

2,112

APP-09447903.FP.FTS.B,

23.49%,

1/31/28

4,566

4,760

APP-09321377.FP.FTS.B,

17.49%,

5/15/36

APP-09352425.FP.FTS.B,

14.99%,

5/28/36

668

670

505,309

LendingClub

Corp.

-

LCX

PM

181324642. LC.FTS.B,

15.19%,

10/13/26

..

17,424

–

182220241. LC.FTS.B,

23.99%,

10/14/26

..

1,369

1,397

182279442. LC.FTS.B,

21.99%,

10/15/26

..

3,677

3,748

182239660. LC.FTS.B,

19.99%,

10/16/26

..

2,259

2,288

182424479. LC.FTS.B,

28.99%,

10/19/26

..

6,955

–

182381955. LC.FTS.B,

26.99%,

10/20/26

..

678

696

182373053. LC.FTS.B,

20.44%,

10/22/26

..

3,064

3,108

182135115. LC.FTS.B,

24.99%,

10/28/26

..

4,607

4,751

182100249. LC.FTS.B,

28.99%,

10/28/26

..

4,316

–

182412380. LC.FTS.B,

23.99%,

11/01/26

..

1,513

1,532

182763696. LC.FTS.B,

23.99%,

11/01/26

..

2,853

2,906

182249975. LC.FTS.B,

25.99%,

11/01/26

..

2,652

2,712

182871113. LC.FTS.B,

21.99%,

11/02/26

..

3,597

3,663

182810881. LC.FTS.B,

28.99%,

11/02/26

..

1,212

1,234

182715994. LC.FTS.B,

18.99%,

11/03/26

..

2,268

985

182956744. LC.FTS.B,

16.49%,

11/05/26

..

4,889

4,913

182845986. LC.FTS.B,

19.99%,

11/05/26

..

1,508

1,526

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

182433195. LC.FTS.B,

25.99%,

11/05/26

..

$

2,990

$

–

182934282. LC.FTS.B,

15.44%,

11/07/26

..

2,241

2,254

182834096. LC.FTS.B,

15.49%,

11/08/26

..

9,279

–

183010490. LC.FTS.B,

16.49%,

11/08/26

..

3,650

3,653

183101425. LC.FTS.B,

17.44%,

11/15/26

..

4,643

4,687

182999628. LC.FTS.B,

17.74%,

11/15/26

..

2,090

2,107

182737896. LC.FTS.B,

19.49%,

11/15/26

..

3,593

3,649

b

182946956. LC.FTS.B,

24.99%,

11/15/26

..

6,203

580

182962134. LC.FTS.B,

24.99%,

11/15/26

..

3,200

3,270

182977646. LC.FTS.B,

16.99%,

11/16/26

..

5,170

5,215

183238822. LC.FTS.B,

16.99%,

11/16/26

..

3,644

3,653

183287259. LC.FTS.B,

18.19%,

11/16/26

..

1,718

1,727

183253428. LC.FTS.B,

25.99%,

11/17/26

..

3,849

3,956

183368090. LC.FTS.B,

19.49%,

11/18/26

..

1,813

1,841

182932552. LC.FTS.B,

13.19%,

11/19/26

..

2,713

2,230

183409505. LC.FTS.B,

15.19%,

11/19/26

..

4,803

4,846

183394419. LC.FTS.B,

16.49%,

11/19/26

..

1,726

–

183333541. LC.FTS.B,

14.19%,

11/22/26

..

3,434

3,467

182980965. LC.FTS.B,

17.24%,

11/22/26

..

3,305

3,342

183371257. LC.FTS.B,

17.74%,

11/22/26

..

5,108

5,158

183418746. LC.FTS.B,

19.49%,

11/22/26

..

5,842

4,828

183434742. LC.FTS.B,

23.19%,

11/22/26

..

1,514

1,553

183477091. LC.FTS.B,

13.19%,

11/23/26

..

1,531

1,548

183485184. LC.FTS.B,

13.99%,

11/23/26

..

1,675

–

183298862. LC.FTS.B,

14.19%,

11/23/26

..

7,314

6,009

183430694. LC.FTS.B,

18.49%,

11/23/26

..

9,095

–

183430676. LC.FTS.B,

21.99%,

11/23/26

..

5,225

998

183407041. LC.FTS.B,

24.99%,

11/23/26

..

183095344. LC.FTS.B,

13.44%,

11/24/26

..

6,155

6,229

183149701. LC.FTS.B,

18.49%,

11/24/26

..

5,356

5,415

183425358. LC.FTS.B,

18.49%,

11/24/26

..

1,357

1,371

182954964. LC.FTS.B,

19.49%,

11/24/26

..

3,700

3,766

183505251. LC.FTS.B,

16.49%,

11/26/26

..

1,632

1,649

183525639. LC.FTS.B,

21.99%,

11/26/26

..

1,079

1,108

183193272. LC.FTS.B,

15.44%,

11/27/26

..

794

803

183556398. LC.FTS.B,

23.99%,

11/28/26

..

1,322

1,348

183476845. LC.FTS.B,

16.49%,

11/29/26

..

2,422

2,451

183447683. LC.FTS.B,

20.44%,

11/29/26

..

3,411

3,475

183369356. LC.FTS.B,

20.99%,

11/29/26

..

1,029

1,042

183359968. LC.FTS.B,

16.49%,

11/30/26

..

3,649

3,680

183585512. LC.FTS.B,

19.99%,

11/30/26

..

4,737

4,801

183618524. LC.FTS.B,

22.99%,

11/30/26

..

5,173

5,329

183540100. LC.FTS.B,

23.99%,

11/30/26

..

2,352

–

183633965. LC.FTS.B,

24.99%,

11/30/26

..

1,424

183676944. LC.FTS.B,

17.24%,

12/01/26

..

1,124

1,132

183768813. LC.FTS.B,

13.24%,

12/02/26

..

2,613

2,627

183721314. LC.FTS.B,

17.44%,

12/03/26

..

3,136

3,163

183771895. LC.FTS.B,

21.99%,

12/03/26

..

3,667

3,744

183877324. LC.FTS.B,

16.49%,

12/06/26

..

7,400

7,445

183799901. LC.FTS.B,

17.74%,

12/06/26

..

1,892

1,906

183415342. LC.FTS.B,

19.49%,

12/07/26

..

5,854

5,897

183762991. LC.FTS.B,

19.49%,

12/07/26

..

4,337

4,384

183495228. LC.FTS.B,

20.44%,

12/07/26

..

1,186

1,201

183885314. LC.FTS.B,

21.99%,

12/07/26

..

1,222

1,250

183867910. LC.FTS.B,

23.99%,

12/07/26

..

3,160

3,230

183492757. LC.FTS.B,

16.99%,

12/08/26

..

2,835

2,858

183933487. LC.FTS.B,

23.99%,

12/08/26

..

3,160

3,231

#### Description

#### Principal

#### Amount

#### Value
LendingClub

Corp.

-

LCX

PM

(continued)

183987324. LC.FTS.B,

23.99%,

12/09/26

..

$

2,884

$

2,938

183966000. LC.FTS.B,

24.99%,

12/09/26

..

1,090

1,119

183970462. LC.FTS.B,

24.99%,

12/09/26

..

642

660

184009395. LC.FTS.B,

9.49%,

12/10/26

...

5,350

5,364

184012121. LC.FTS.B,

13.44%,

12/10/26

..

3,323

3,343

183680345. LC.FTS.B,

16.44%,

12/10/26

..

2,402

2,423

183793588. LC.FTS.B,

17.24%,

12/10/26

..

1,340

1,349

184022156. LC.FTS.B,

20.49%,

12/10/26

..

1,877

1,899

183970602. LC.FTS.B,

24.99%,

12/10/26

..

2,571

2,638

184033080. LC.FTS.B,

17.44%,

12/13/26

..

3,989

4,007

183731402. LC.FTS.B,

19.44%,

12/13/26

..

3,119

3,169

184039087. LC.FTS.B,

24.99%,

12/13/26

..

2,036

2,092

184051343. LC.FTS.B,

28.99%,

12/13/26

..

4,670

2,014

184176824. LC.FTS.B,

14.99%,

12/14/26

..

2,521

2,536

184114198. LC.FTS.B,

18.99%,

12/14/26

..

4,739

4,784

184130928. LC.FTS.B,

21.99%,

12/14/26

..

7,116

–

183623138. LC.FTS.B,

23.99%,

12/14/26

..

1,997

2,033

183641094. LC.FTS.B,

24.99%,

12/14/26

..

2,168

2,228

183159318. LC.FTS.B,

6%,

12/15/26

.....

184198353. LC.FTS.B,

14.01%,

12/15/26

..

7,820

6,389

183712326. LC.FTS.B,

15.44%,

12/15/26

..

1,230

1,240

183603668. LC.FTS.B,

17.19%,

12/15/26

..

7,763

–

183809680. LC.FTS.B,

17.24%,

12/15/26

..

6,381

6,378

183996173. LC.FTS.B,

17.44%,

12/15/26

..

6,819

6,861

183649794. LC.FTS.B,

21.49%,

12/15/26

..

5,528

5,617

183905553. LC.FTS.B,

13.44%,

12/16/26

..

1,138

1,138

183706984. LC.FTS.B,

21.49%,

12/16/26

..

183612692. LC.FTS.B,

13.49%,

12/17/26

..

2,451

2,472

184223937. LC.FTS.B,

16.44%,

12/17/26

..

3,057

3,081

184214073. LC.FTS.B,

27.99%,

12/17/26

..

2,697

2,778

183673632. LC.FTS.B,

15.44%,

12/18/26

..

2,907

2,919

183852446. LC.FTS.B,

17.99%,

12/18/26

..

3,229

3,243

184283202. LC.FTS.B,

19.49%,

12/20/26

..

1,561

1,589

184059193. LC.FTS.B,

21.99%,

12/20/26

..

4,737

3,930

184343324. LC.FTS.B,

Zero

Cpn,

12/21/26

13,914

–

184382909. LC.FTS.B,

12.99%,

12/21/26

..

3,469

3,502

184032290. LC.FTS.B,

20.99%,

12/21/26

..

4,813

4,844

b

184224030. LC.FTS.B,

15.49%,

12/23/26

..

5,773

549

183436430. LC.FTS.B,

16.99%,

12/23/26

..

6,728

6,798

184321733. LC.FTS.B,

23.99%,

12/23/26

..

11,308

–

183940387. LC.FTS.B,

19.99%,

12/25/26

..

3,797

3,870

b

184275242. LC.FTS.B,

23.99%,

12/27/26

..

6,083

b

184249796. LC.FTS.B,

15.44%,

12/28/26

..

4,660

184142978. LC.FTS.B,

17.44%,

12/28/26

..

2,866

2,898

184029644. LC.FTS.B,

17.49%,

12/28/26

..

6,010

6,084

183866022. LC.FTS.B,

24.99%,

12/28/26

..

3,826

–

183977917. LC.FTS.B,

16.49%,

12/30/26

..

10,007

–

184298012. LC.FTS.B,

18.74%,

12/30/26

..

1,001

1,010

184066327. LC.FTS.B,

14.19%,

12/31/26

..

2,800

2,827

184379539. LC.FTS.B,

12.19%,

1/02/27

...

5,821

5,815

183888494. LC.FTS.B,

17.99%,

1/06/27

...

2,180

2,192

183882896. LC.FTS.B,

6%,

1/07/27

......

3,433

3,474

182954228. LC.FTS.B,

13.49%,

2/18/27

...

5,370

5,409

183154136. LC.FTS.B,

18.49%,

3/16/27

...

2,867

528

184013288. LC.FTS.B,

24.99%,

4/10/27

...

6,636

2,715

182675743. LC.FTS.B,

15%,

4/15/27

.....

15,225

–

183965552. LC.FTS.B,

10%,

4/16/27

.....

3,745

3,215

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

b

183536773. LC.FTS.B,

19.74%,

4/16/27

...

$

11,757

$

1,109

182419678. LC.FTS.B,

19.99%,

4/25/27

...

6,091

6,217

182469398. LC.FTS.B,

21.99%,

5/05/27

...

5,584

5,724

183710879. LC.FTS.B,

19.95%,

5/06/27

...

7,260

2,880

182925771. LC.FTS.B,

23.99%,

5/12/27

...

10,829

11,100

184107590. LC.FTS.B,

23.99%,

5/14/27

...

2,242

183436461. LC.FTS.B,

12.74%,

5/23/27

...

10,476

8,442

184033235. LC.FTS.B,

24.99%,

5/24/27

...

7,886

8,213

183805030. LC.FTS.B,

17.49%,

6/16/27

...

9,349

7,435

183437929. LC.FTS.B,

20.49%,

6/30/27

...

8,334

8,482

183274263. LC.FTS.B,

15.44%,

7/01/27

...

8,715

–

183593989. LC.FTS.B,

27.49%,

7/15/27

...

9,223

9,523

183590285. LC.FTS.B,

21.99%,

7/16/27

...

7,042

7,259

182882013. LC.FTS.B,

15%,

8/24/27

.....

7,548

6,486

183252907. LC.FTS.B,

16.49%,

9/23/27

...

5,351

5,355

182329589. LC.FTS.B,

24.99%,

10/03/27

..

3,465

3,047

b

184033253. LC.FTS.B,

28.99%,

10/25/27

..

3,066

184211532. LC.FTS.B,

21.99%,

12/28/27

..

18,258

866

b

184064152. LC.FTS.B,

19.49%,

10/13/28

..

13,027

1,108

184435348. LC.FTS.B,

17.99%,

12/23/34

..

1,438

–

184443285. LC.FTS.B,

Zero

Cpn,

12/27/34

14,893

–

184149278. LC.FTS.B,

16.49%,

1/28/35

...

2,562

–

184253510. LC.FTS.B,

18.49%,

8/21/35

...

3,781

–

182783983. LC.FTS.B,

17.49%,

10/31/35

..

626

–

172960729. LC.FTS.B,

14.02%,

12/19/35

..

5,086

–

433,993

Prosper

Funding

LLC

1613481. PS.FTS.B,

19.78%,

8/11/26

....

1,530

1,543

1604105. PS.FTS.B,

13.74%,

8/12/26

....

2,710

2,709

1613892. PS.FTS.B,

19.18%,

8/12/26

....

608

614

1607647. PS.FTS.B,

15%,

8/13/26

.......

742

749

1615164. PS.FTS.B,

17%,

8/13/26

.......

945

957

1607977. PS.FTS.B,

25.48%,

8/13/26

....

511

518

1604924. PS.FTS.B,

28.4%,

8/13/26

.....

724

734

1608526. PS.FTS.B,

19.78%,

8/16/26

....

816

825

1616271. PS.FTS.B,

12.5%,

8/17/26

.....

1,056

1,057

1609138. PS.FTS.B,

16.18%,

8/17/26

....

1,426

1,426

1612375. PS.FTS.B,

14.29%,

8/23/26

....

914

925

1620525. PS.FTS.B,

16.4%,

8/24/26

.....

572

579

1605623. PS.FTS.B,

16.64%,

9/15/26

....

2,117

–

1633221. PS.FTS.B,

18.13%,

9/17/26

....

4,339

4,390

1606780. PS.FTS.B,

29.08%,

9/18/26

....

1,350

1,378

1628728. PS.FTS.B,

12.5%,

9/22/26

.....

763

765

1628947. PS.FTS.B,

12.5%,

9/23/26

.....

1,199

1,203

1635660. PS.FTS.B,

12.87%,

9/23/26

....

1,118

1,120

1636926. PS.FTS.B,

11.6%,

9/24/26

.....

1,232

1,235

1630456. PS.FTS.B,

12.76%,

9/27/26

....

1,644

1,651

1630438. PS.FTS.B,

15.29%,

9/27/26

....

1,153

1,170

1630432. PS.FTS.B,

15.9%,

9/27/26

.....

1,399

1,423

1634442. PS.FTS.B,

13.93%,

9/28/26

....

1,293

1,295

1655382. PS.FTS.B,

12.8%,

10/27/26

....

4,593

4,607

1655400. PS.FTS.B,

13.7%,

10/27/26

....

818

831

1648636. PS.FTS.B,

15.2%,

10/27/26

....

1645256. PS.FTS.B,

16.33%,

10/27/26

...

904

917

1645934. PS.FTS.B,

10.5%,

10/28/26

....

1,164

1,168

#### Description

#### Principal

#### Amount

#### Value
Prosper

Funding

LLC

(continued)

b

1649653. PS.FTS.B,

14.7%,

10/28/26

....

$

1,623

$

–

1646096. PS.FTS.B,

15.1%,

10/28/26

....

955

970

1646336. PS.FTS.B,

16.33%,

10/28/26

...

3,282

3,335

1657014. PS.FTS.B,

10.5%,

10/31/26

....

5,097

5,116

1650649. PS.FTS.B,

13.8%,

10/31/26

....

1,213

1,236

1657476. PS.FTS.B,

13.8%,

11/01/26

....

2,322

2,345

1658550. PS.FTS.B,

9.45%,

11/02/26

....

2,134

2,132

b

1651418. PS.FTS.B,

11.6%,

11/05/26

.....

–

1660986. PS.FTS.B,

16.8%,

11/05/26

....

4,093

4,138

1654327. PS.FTS.B,

22.55%,

11/05/26

....

1,539

1,569

1651841. PS.FTS.B,

15.4%,

11/08/26

....

878

888

1665054. PS.FTS.B,

16.93%,

11/08/26

....

8,632

5,383

1659130. PS.FTS.B,

15.18%,

11/09/26

....

2,225

2,252

1652711. PS.FTS.B,

16.2%,

11/09/26

.....

2,024

2,053

1654496. PS.FTS.B,

11.79%,

11/10/26

....

1,490

1,491

1660783. PS.FTS.B,

11.7%,

11/12/26

.....

2,676

2,679

1658878. PS.FTS.B,

12.98%,

11/13/26

....

3,823

3,820

1659238. PS.FTS.B,

10.8%,

11/15/26

....

1,108

1,107

1660438. PS.FTS.B,

16%,

11/19/26

......

845

856

1653277. PS.FTS.B,

13.8%,

12/10/26

....

4,473

4,515

1679077. PS.FTS.B,

15.12%,

12/15/26

...

3,612

3,655

1685964. PS.FTS.B,

15.29%,

12/15/26

...

3,624

3,666

1672964. PS.FTS.B,

28.23%,

12/15/26

...

2,260

2,319

1680172. PS.FTS.B,

13.4%,

12/16/26

....

2,099

2,125

1645613. PS.FTS.B,

12.62%,

12/19/26

...

2,443

2,452

1680709. PS.FTS.B,

10.5%,

12/20/26

....

3,355

3,360

1681081. PS.FTS.B,

11.33%,

12/20/26

....

1,620

1,623

1677662. PS.FTS.B,

18.25%,

12/23/26

...

4,206

4,286

1656341. PS.FTS.B,

15.29%,

6/15/27

....

6,166

1,596

1665885. PS.FTS.B,

13.7%,

8/27/27

.....

10,392

10,396

1630162. PS.FTS.B,

16.33%,

9/21/27

....

10,219

10,239

1659142. PS.FTS.B,

14.6%,

9/29/27

.....

2,611

1,554

129,224

Upgrade,

Inc.

-

Card

991182716. UG.FTS.B,

21.98%,

8/26/26

..

b

991148239. UG.FTS.B,

29.49%,

9/20/26

..

–

991123245. UG.FTS.B,

26.94%,

9/23/26

..

991149182. UG.FTS.B,

28.48%,

10/21/26

.

991356469. UG.FTS.B,

16.99%,

12/07/26

.

991265247. UG.FTS.B,

16.99%,

12/12/26

.

991326633. UG.FTS.B,

21.99%,

12/19/26

.

991020944. UG.FTS.B,

15.99%,

1/06/27

..

783

797

991087378. UG.FTS.B,

21.36%,

2/13/27

..

991119833. UG.FTS.B,

19.21%,

2/20/27

..

500

991226691. UG.FTS.B,

15.99%,

3/06/27

..

991249712. UG.FTS.B,

15.99%,

3/06/27

..

970

997

991217394. UG.FTS.B,

29.49%,

4/20/27

..

991218283. UG.FTS.B,

14.98%,

6/27/27

..

2,746

2,759

991058306. UG.FTS.B,

20.46%,

7/11/27

..

991120297. UG.FTS.B,

22.97%,

7/23/27

..

1,044

1,074

991225567. UG.FTS.B,

19.8%,

1/18/28

...

991102474. UG.FTS.B,

29.49%,

2/24/28

..

2,500

991299503. UG.FTS.B,

17.99%,

5/27/28

..

991418802. UG.FTS.B,

29.49%,

8/10/28

..

991223479. UG.FTS.B,

29.49%,

3/18/29

..

991266262. UG.FTS.B,

19.8%,

4/16/29

...

1,305

1,274

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upgrade,

Inc.

-

Card

(continued)

991262312. UG.FTS.B,

29.49%,

5/29/29

..

$

$

991098718. UG.FTS.B,

23.95%,

12/09/29

.

505

503

991137442. UG.FTS.B,

21.46%,

2/25/30

..

b

991179044. UG.FTS.B,

21.46%,

9/29/30

..

–

991233872. UG.FTS.B,

17.99%,

10/05/30

.

991299072. UG.FTS.B,

29.49%,

10/23/30

.

991100555. UG.FTS.B,

29.49%,

11/20/30

.

b

991238529. UG.FTS.B,

19.8%,

1/16/31

...

991168137. UG.FTS.B,

19.8%,

2/21/31

...

991197071. UG.FTS.B,

21.98%,

11/09/32

.

10,573

Upstart

Network,

Inc.

L1410769.UP.FTS.B,

17.3%,

7/09/26

....

L1612245.UP.FTS.B,

7.13%,

8/23/26

....

L1612759.UP.FTS.B,

7.7%,

8/23/26

.....

L1612198.UP.FTS.B,

11.94%,

8/23/26

....

1,059

1,047

L1611961.UP.FTS.B,

21.45%,

8/23/26

....

579

572

L1612389.UP.FTS.B,

21.85%,

8/23/26

....

630

623

L1605896.UP.FTS.B,

25.03%,

8/23/26

....

4,685

4,093

L1612867.UP.FTS.B,

25.04%,

8/23/26

....

b

L1613041.UP.FTS.B,

26.53%,

8/23/26

....

1,391

FW1612948.UP.FTS.B,

30.7%,

8/23/26

...

1,242

1,229

L1613779.UP.FTS.B,

8.38%,

8/24/26

....

1,133

1,119

L1614080.UP.FTS.B,

9.53%,

8/24/26

....

L1613838.UP.FTS.B,

13.27%,

8/24/26

....

FW1614076.UP.FTS.B,

14.66%,

8/24/26

..

866

856

L1617004.UP.FTS.B,

16.62%,

8/24/26

....

715

708

FW1613769.UP.FTS.B,

16.69%,

8/24/26

..

L1616581.UP.FTS.B,

16.94%,

8/24/26

....

L1614751.UP.FTS.B,

17.63%,

8/24/26

....

1,381

1,367

L1614375.UP.FTS.B,

18.88%,

8/24/26

....

798

790

L1616929.UP.FTS.B,

19.05%,

8/24/26

....

1,001

991

L1613574.UP.FTS.B,

19.14%,

8/24/26

....

L1618259.UP.FTS.B,

19.27%,

8/24/26

....

805

796

L1613128.UP.FTS.B,

21.09%,

8/24/26

....

6,551

6,478

L1617008.UP.FTS.B,

21.28%,

8/24/26

....

FW1617548.UP.FTS.B,

21.5%,

8/24/26

...

504

FW1616680.UP.FTS.B,

21.59%,

8/24/26

..

1,266

1,253

L1617314.UP.FTS.B,

23.08%,

8/24/26

....

FW1614723.UP.FTS.B,

23.32%,

8/24/26

..

1,625

1,608

FW1614111.UP.FTS.B,

23.36%,

8/24/26

..

516

510

L1617338.UP.FTS.B,

23.46%,

8/24/26

....

b

L1617363.UP.FTS.B,

23.46%,

8/24/26

....

1,355

FW1616273.UP.FTS.B,

23.5%,

8/24/26

...

L1616072.UP.FTS.B,

24%,

8/24/26

......

L1599086.UP.FTS.B,

24.44%,

8/24/26

....

781

773

L1617884.UP.FTS.B,

24.99%,

8/24/26

....

L1617253.UP.FTS.B,

25.15%,

8/24/26

....

1,571

1,554

FW1591289.UP.FTS.B,

25.18%,

8/24/26

..

L1613599.UP.FTS.B,

25.21%,

8/24/26

....

L1616132.UP.FTS.B,

25.25%,

8/24/26

....

L1614231.UP.FTS.B,

25.4%,

8/24/26

....

FW1618114.UP.FTS.B,

25.78%,

8/24/26

..

FW1613869.UP.FTS.B,

30.42%,

8/24/26

..

FW1614110.UP.FTS.B,

32.03%,

8/24/26

..

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L1619126.UP.FTS.B,

9.43%,

8/25/26

....

$

824

$

814

L1619757.UP.FTS.B,

12.57%,

8/25/26

....

700

692

L1620125.UP.FTS.B,

15.38%,

8/25/26

....

FW1619311.UP.FTS.B,

16.02%,

8/25/26

..

FW1619065.UP.FTS.B,

16.98%,

8/25/26

..

2,408

2,387

L1620043.UP.FTS.B,

17.72%,

8/25/26

....

L1620763.UP.FTS.B,

23.08%,

8/25/26

....

588

582

L1620526.UP.FTS.B,

23.25%,

8/25/26

....

b

L1621031.UP.FTS.B,

25.07%,

8/25/26

....

1,121

L1619585.UP.FTS.B,

25.33%,

8/25/26

....

821

813

FW1620759.UP.FTS.B,

25.44%,

8/25/26

..

L1620151.UP.FTS.B,

26.66%,

8/25/26

....

924

914

L1617795.UP.FTS.B,

13.57%,

9/01/26

....

2,794

2,761

L1706771.UP.FTS.B,

9.86%,

9/13/26

....

1,858

1,833

FW1703655.UP.FTS.B,

10.14%,

9/13/26

..

565

FW1705224.UP.FTS.B,

10.49%,

9/13/26

..

2,613

2,578

L1706707.UP.FTS.B,

14.84%,

9/13/26

....

2,277

2,246

FW1705595.UP.FTS.B,

15.51%,

9/13/26

..

1,685

1,665

FW1706882.UP.FTS.B,

17.33%,

9/13/26

..

577

570

L1705021.UP.FTS.B,

18.29%,

9/13/26

....

1,038

1,023

FW1701942.UP.FTS.B,

19.32%,

9/13/26

..

1,873

1,846

L1705415.UP.FTS.B,

19.86%,

9/13/26

....

980

966

L1706913.UP.FTS.B,

20.18%,

9/13/26

....

882

868

FW1705757.UP.FTS.B,

21.7%,

9/13/26

...

L1706178.UP.FTS.B,

22.1%,

9/13/26

....

L1706443.UP.FTS.B,

23.44%,

9/13/26

....

L1706931.UP.FTS.B,

24.04%,

9/13/26

....

L1706467.UP.FTS.B,

24.5%,

9/13/26

....

L1705774.UP.FTS.B,

24.52%,

9/13/26

....

1,112

1,095

b

L1699725.UP.FTS.B,

24.98%,

9/13/26

....

508

b

L1705130.UP.FTS.B,

24.98%,

9/13/26

....

647

L1707003.UP.FTS.B,

25.5%,

9/13/26

....

FW1706840.UP.FTS.B,

26.82%,

9/13/26

..

5,198

5,118

FW1705300.UP.FTS.B,

26.94%,

9/13/26

..

FW1705464.UP.FTS.B,

28.92%,

9/13/26

..

1,103

1,087

FW1706229.UP.FTS.B,

30.24%,

9/13/26

..

662

652

FW1705888.UP.FTS.B,

30.31%,

9/13/26

..

FW1705881.UP.FTS.B,

30.81%,

9/13/26

..

1,212

FW1705876.UP.FTS.B,

30.83%,

9/13/26

..

FW1704990.UP.FTS.B,

31.11%,

9/13/26

..

FW1706597.UP.FTS.B,

31.11%,

9/13/26

..

L1706806.UP.FTS.B,

15.22%,

9/15/26

....

744

734

b

L1706683.UP.FTS.B,

16.01%,

9/20/26

....

L1705598.UP.FTS.B,

17.01%,

9/21/26

....

L1877184.UP.FTS.B,

9.06%,

10/19/26

....

1,075

1,059

L1851771.UP.FTS.B,

9.22%,

10/19/26

....

L1875318.UP.FTS.B,

10.07%,

10/19/26

...

582

575

L1881256.UP.FTS.B,

11.03%,

10/19/26

...

1,418

1,399

L1879834.UP.FTS.B,

11.35%,

10/19/26

...

3,076

3,036

b

L1878258.UP.FTS.B,

14.16%,

10/19/26

...

1,992

L1877450.UP.FTS.B,

14.9%,

10/19/26

....

L1880586.UP.FTS.B,

15.78%,

10/19/26

...

1,055

1,044

L1864741.UP.FTS.B,

16.15%,

10/19/26

...

858

849

L1881295.UP.FTS.B,

16.28%,

10/19/26

...

1,479

558

L1878278.UP.FTS.B,

16.38%,

10/19/26

...

1,404

1,389

L1877933.UP.FTS.B,

16.4%,

10/19/26

....

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L1878027.UP.FTS.B,

16.7%,

10/19/26

....

$

1,279

$

1,266

L1879412.UP.FTS.B,

17.84%,

10/19/26

...

L1880587.UP.FTS.B,

18.12%,

10/19/26

...

580

574

L1879198.UP.FTS.B,

19.39%,

10/19/26

...

823

812

L1876835.UP.FTS.B,

19.58%,

10/19/26

...

L1871750.UP.FTS.B,

19.96%,

10/19/26

...

862

851

FW1880709.UP.FTS.B,

20.07%,

10/19/26

.

1,053

1,042

L1876035.UP.FTS.B,

20.11%,

10/19/26

...

602

594

FW1878006.UP.FTS.B,

22.44%,

10/19/26

.

1,883

1,859

FW1875013.UP.FTS.B,

22.78%,

10/19/26

.

1,419

1,401

FW1866351.UP.FTS.B,

22.85%,

10/19/26

.

FW1880160.UP.FTS.B,

22.89%,

10/19/26

.

555

547

L1876513.UP.FTS.B,

22.94%,

10/19/26

...

800

789

FW1880088.UP.FTS.B,

23.43%,

10/19/26

.

1,473

1,454

b

FW1876728.UP.FTS.B,

23.57%,

10/19/26

.

3,043

592

L1881431.UP.FTS.B,

24.79%,

10/19/26

...

L1877594.UP.FTS.B,

24.95%,

10/19/26

...

663

573

b

L1880129.UP.FTS.B,

24.99%,

10/19/26

...

864

L1876477.UP.FTS.B,

25.39%,

10/19/26

...

578

570

FW1879167.UP.FTS.B,

25.8%,

10/19/26

..

L1879783.UP.FTS.B,

25.86%,

10/19/26

...

569

562

FW1877802.UP.FTS.B,

26.08%,

10/19/26

.

1,243

1,227

FW1877218.UP.FTS.B,

28.56%,

10/19/26

.

695

685

FW1876795.UP.FTS.B,

29.56%,

10/19/26

.

656

566

FW1878098.UP.FTS.B,

30.84%,

10/19/26

.

FW1878489.UP.FTS.B,

30.93%,

10/19/26

.

FW1880229.UP.FTS.B,

31.05%,

10/19/26

.

b

FW1877716.UP.FTS.B,

31.6%,

10/19/26

..

1,058

FW1876495.UP.FTS.B,

31.7%,

10/19/26

..

1,172

1,158

L1881555.UP.FTS.B,

17.31%,

10/28/26

...

1,113

1,099

L1990756.UP.FTS.B,

7.18%,

11/08/26

....

1,628

1,601

L1994718.UP.FTS.B,

8.83%,

11/08/26

....

2,670

2,626

L1991230.UP.FTS.B,

9.13%,

11/08/26

....

3,165

3,116

b

L1996991.UP.FTS.B,

9.23%,

11/08/26

....

5,116

1,055

L1996355.UP.FTS.B,

10.29%,

11/08/26

...

1,877

1,848

L1992891.UP.FTS.B,

10.76%,

11/08/26

...

1,184

1,166

L1988958.UP.FTS.B,

10.98%,

11/08/26

...

L1998866.UP.FTS.B,

11.49%,

11/08/26

...

2,487

2,450

L1996448.UP.FTS.B,

11.66%,

11/08/26

...

5,979

5,888

L1995371.UP.FTS.B,

12.23%,

11/08/26

...

600

591

L1995435.UP.FTS.B,

12.23%,

11/08/26

...

L1999575.UP.FTS.B,

12.84%,

11/08/26

...

L1989008.UP.FTS.B,

12.93%,

11/08/26

...

L1989940.UP.FTS.B,

12.93%,

11/08/26

...

L1994789.UP.FTS.B,

14.19%,

11/08/26

...

1,108

850

L1995404.UP.FTS.B,

14.33%,

11/08/26

...

1,249

1,233

L1991804.UP.FTS.B,

14.89%,

11/08/26

...

1,453

1,069

L1995379.UP.FTS.B,

15.15%,

11/08/26

...

1,109

1,093

L1992261.UP.FTS.B,

15.59%,

11/08/26

...

FW1991255.UP.FTS.B,

15.82%,

11/08/26

.

1,847

1,820

L1992970.UP.FTS.B,

16.04%,

11/08/26

...

2,326

2,296

L1989989.UP.FTS.B,

16.18%,

11/08/26

...

1,746

1,724

L1989606.UP.FTS.B,

16.9%,

11/08/26

....

744

543

FW1999118.UP.FTS.B,

17.22%,

11/08/26

.

988

975

L1993764.UP.FTS.B,

17.26%,

11/08/26

...

L1996185.UP.FTS.B,

20.69%,

11/08/26

...

875

864

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L1991281.UP.FTS.B,

20.82%,

11/08/26

...

$

$

L1994689.UP.FTS.B,

21.04%,

11/08/26

...

730

718

L1991956.UP.FTS.B,

21.37%,

11/08/26

...

L1991663.UP.FTS.B,

21.95%,

11/08/26

...

1,751

1,719

FW1989899.UP.FTS.B,

22.28%,

11/08/26

.

L1991475.UP.FTS.B,

22.35%,

11/08/26

...

L1996843.UP.FTS.B,

24.19%,

11/08/26

...

1,862

1,829

FW1994028.UP.FTS.B,

24.21%,

11/08/26

.

1,301

1,278

L1989848.UP.FTS.B,

24.75%,

11/08/26

...

1,015

997

FW1991387.UP.FTS.B,

24.97%,

11/08/26

.

1,010

745

b

L1919784.UP.FTS.B,

25.31%,

11/08/26

...

3,717

L1995398.UP.FTS.B,

25.36%,

11/08/26

...

L1992549.UP.FTS.B,

25.44%,

11/08/26

...

2,020

1,985

FW1998563.UP.FTS.B,

26.46%,

11/08/26

.

FW1998048.UP.FTS.B,

26.92%,

11/08/26

.

L1990551.UP.FTS.B,

26.95%,

11/08/26

...

1,381

1,356

FW1994443.UP.FTS.B,

27.95%,

11/08/26

.

1,994

1,959

FW1991541.UP.FTS.B,

29.36%,

11/08/26

.

1,209

1,188

FW1999851.UP.FTS.B,

29.4%,

11/08/26

..

827

813

FW1992347.UP.FTS.B,

29.82%,

11/08/26

.

6,094

5,989

FW1994293.UP.FTS.B,

30.31%,

11/08/26

.

b

FW1997312.UP.FTS.B,

30.32%,

11/08/26

.

FW1991024.UP.FTS.B,

30.67%,

11/08/26

.

FW1996197.UP.FTS.B,

31.07%,

11/08/26

.

1,001

767

FW1994027.UP.FTS.B,

31.13%,

11/08/26

.

564

554

FW1999282.UP.FTS.B,

31.18%,

11/08/26

.

1,615

1,586

L1995369.UP.FTS.B,

8.19%,

11/10/26

....

1,111

1,092

FW1876658.UP.FTS.B,

27.58%,

11/11/26

.

703

694

FW1995006.UP.FTS.B,

10.93%,

11/15/26

.

1,907

1,878

L2073684.UP.FTS.B,

7.58%,

11/18/26

....

1,347

1,326

L2073150.UP.FTS.B,

9.42%,

11/18/26

....

2,237

2,202

L2071865.UP.FTS.B,

10.09%,

11/18/26

...

1,079

1,064

L2074643.UP.FTS.B,

10.22%,

11/18/26

...

2,859

2,820

L2072338.UP.FTS.B,

10.5%,

11/18/26

....

1,089

1,072

L2075077.UP.FTS.B,

11.07%,

11/18/26

...

L2073949.UP.FTS.B,

13.85%,

11/18/26

...

775

764

L2070587.UP.FTS.B,

14.32%,

11/18/26

...

1,248

1,235

L2074701.UP.FTS.B,

14.63%,

11/18/26

...

1,003

993

FW2075148.UP.FTS.B,

14.93%,

11/18/26

.

632

625

FW2072823.UP.FTS.B,

15.21%,

11/18/26

.

L1995487.UP.FTS.B,

15.52%,

11/18/26

...

800

790

L2074846.UP.FTS.B,

15.74%,

11/18/26

...

2,402

2,377

L2073860.UP.FTS.B,

16.19%,

11/18/26

...

L2071149.UP.FTS.B,

16.73%,

11/18/26

...

3,988

3,947

FW2075122.UP.FTS.B,

17.19%,

11/18/26

.

658

651

FW2075299.UP.FTS.B,

17.67%,

11/18/26

.

664

657

L2069944.UP.FTS.B,

18.01%,

11/18/26

...

1,952

1,608

L2074700.UP.FTS.B,

18.17%,

11/18/26

...

1,090

1,079

FW2074803.UP.FTS.B,

18.88%,

11/18/26

.

2,121

2,099

FW2074495.UP.FTS.B,

19.61%,

11/18/26

.

1,522

1,360

L2074954.UP.FTS.B,

19.66%,

11/18/26

...

955

943

L2072694.UP.FTS.B,

20.25%,

11/18/26

...

574

567

b

L2071378.UP.FTS.B,

20.26%,

11/18/26

...

2,315

FW2070300.UP.FTS.B,

20.46%,

11/18/26

.

1,780

1,756

L2073048.UP.FTS.B,

20.74%,

11/18/26

...

876

865

L2073994.UP.FTS.B,

21.04%,

11/18/26

...

880

869

L2073707.UP.FTS.B,

22.91%,

11/18/26

...

511

504

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2074779.UP.FTS.B,

22.95%,

11/18/26

...

$

1,829

$

1,805

L2073694.UP.FTS.B,

22.99%,

11/18/26

...

994

981

b

L2075061.UP.FTS.B,

23.07%,

11/18/26

...

2,402

L2073355.UP.FTS.B,

23.21%,

11/18/26

...

912

900

b

L2074657.UP.FTS.B,

23.23%,

11/18/26

...

1,212

FW2073759.UP.FTS.B,

25.15%,

11/18/26

.

L2075204.UP.FTS.B,

25.29%,

11/18/26

...

926

914

L2070733.UP.FTS.B,

25.4%,

11/18/26

....

590

582

FW2074102.UP.FTS.B,

27.44%,

11/18/26

.

FW2074265.UP.FTS.B,

29.67%,

11/18/26

.

1,722

1,700

FW2072059.UP.FTS.B,

30.46%,

11/18/26

.

759

749

FW2072695.UP.FTS.B,

30.47%,

11/18/26

.

FW2074713.UP.FTS.B,

31.25%,

11/18/26

.

1,971

1,591

L2070082.UP.FTS.B,

8.09%,

11/19/26

....

2,767

2,723

L2074195.UP.FTS.B,

15.15%,

11/24/26

...

1,593

1,571

L2217859.UP.FTS.B,

8.75%,

12/09/26

....

3,198

3,143

L2214639.UP.FTS.B,

9.77%,

12/09/26

....

1,384

1,360

FW2216190.UP.FTS.B,

12.02%,

12/09/26

.

851

838

L2214819.UP.FTS.B,

13.75%,

12/09/26

...

1,031

1,015

FW2215838.UP.FTS.B,

16.38%,

12/09/26

.

1,468

1,450

L2217548.UP.FTS.B,

17.23%,

12/09/26

...

2,807

2,772

L2217603.UP.FTS.B,

17.91%,

12/09/26

...

1,043

1,030

L2217227.UP.FTS.B,

18.97%,

12/09/26

...

2,125

2,091

L2213701.UP.FTS.B,

19.91%,

12/09/26

...

695

L2215303.UP.FTS.B,

20.05%,

12/09/26

...

1,376

1,352

L2215373.UP.FTS.B,

20.25%,

12/09/26

...

FW2214210.UP.FTS.B,

20.55%,

12/09/26

.

993

977

FW2215010.UP.FTS.B,

21.32%,

12/09/26

.

FW2215319.UP.FTS.B,

21.51%,

12/09/26

.

818

804

L2213576.UP.FTS.B,

22.2%,

12/09/26

....

700

689

L2217530.UP.FTS.B,

22.65%,

12/09/26

...

931

914

L2214174.UP.FTS.B,

23.38%,

12/09/26

...

FW2215830.UP.FTS.B,

23.46%,

12/09/26

.

L2218003.UP.FTS.B,

23.87%,

12/09/26

...

L2216002.UP.FTS.B,

24.2%,

12/09/26

....

1,050

1,032

FW2214164.UP.FTS.B,

24.23%,

12/09/26

.

7,443

7,327

L2217516.UP.FTS.B,

24.76%,

12/09/26

...

L2215557.UP.FTS.B,

25.29%,

12/09/26

...

L2213659.UP.FTS.B,

25.4%,

12/09/26

....

821

806

L2214897.UP.FTS.B,

25.44%,

12/09/26

...

3,533

3,473

L2216607.UP.FTS.B,

25.48%,

12/09/26

...

647

636

L2218260.UP.FTS.B,

25.7%,

12/09/26

....

1,428

1,403

FW2217960.UP.FTS.B,

30.51%,

12/09/26

.

1,436

506

FW2217757.UP.FTS.B,

30.55%,

12/09/26

.

787

774

FW2216633.UP.FTS.B,

30.84%,

12/09/26

.

FW2217843.UP.FTS.B,

31.21%,

12/09/26

.

FW2217138.UP.FTS.B,

32.58%,

12/09/26

.

917

903

FW2219336.UP.FTS.B,

7.29%,

12/10/26

..

1,191

1,173

L2220935.UP.FTS.B,

8.04%,

12/10/26

....

1,733

1,704

L2220551.UP.FTS.B,

8.19%,

12/10/26

....

FW2222412.UP.FTS.B,

10.49%,

12/10/26

.

L2220260.UP.FTS.B,

12.23%,

12/10/26

...

8,546

8,415

L2221255.UP.FTS.B,

13.17%,

12/10/26

...

1,322

1,302

L2220245.UP.FTS.B,

13.24%,

12/10/26

...

4,634

4,564

L2221936.UP.FTS.B,

13.59%,

12/10/26

...

1,124

1,107

L2211103.UP.FTS.B,

13.86%,

12/10/26

...

2,350

2,314

L2221548.UP.FTS.B,

14.74%,

12/10/26

...

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2194261.UP.FTS.B,

15.71%,

12/10/26

...

$

1,732

$

1,710

FW2221538.UP.FTS.B,

17.36%,

12/10/26

.

3,003

2,967

L2219356.UP.FTS.B,

17.56%,

12/10/26

...

2,021

1,996

L2220037.UP.FTS.B,

17.77%,

12/10/26

...

606

599

b

L2210120.UP.FTS.B,

18.97%,

12/10/26

...

884

FW2219505.UP.FTS.B,

19.04%,

12/10/26

.

4,573

4,502

L2221919.UP.FTS.B,

19.66%,

12/10/26

...

1,095

1,078

L2221739.UP.FTS.B,

19.78%,

12/10/26

...

1,764

1,734

L2221097.UP.FTS.B,

19.86%,

12/10/26

...

L2221612.UP.FTS.B,

20.59%,

12/10/26

...

2,412

2,369

L2222012.UP.FTS.B,

21.64%,

12/10/26

...

663

651

FW2220653.UP.FTS.B,

22.15%,

12/10/26

.

1,286

1,263

FW2220221.UP.FTS.B,

22.46%,

12/10/26

.

1,436

1,412

L2220670.UP.FTS.B,

23.96%,

12/10/26

...

FW2214196.UP.FTS.B,

23.98%,

12/10/26

.

1,315

1,293

L2219719.UP.FTS.B,

24.34%,

12/10/26

...

FW2222025.UP.FTS.B,

24.95%,

12/10/26

.

2,192

2,155

b

L2222196.UP.FTS.B,

25.5%,

12/10/26

....

840

L2222524.UP.FTS.B,

25.5%,

12/10/26

....

582

572

FW2219378.UP.FTS.B,

27.07%,

12/10/26

.

2,800

2,754

FW2220064.UP.FTS.B,

27.61%,

12/10/26

.

501

FW2219847.UP.FTS.B,

28.03%,

12/10/26

.

1,274

1,252

FW2221547.UP.FTS.B,

28.78%,

12/10/26

.

796

783

FW2222054.UP.FTS.B,

29.08%,

12/10/26

.

1,827

1,798

FW2220353.UP.FTS.B,

29.92%,

12/10/26

.

FW2221564.UP.FTS.B,

30.28%,

12/10/26

.

909

689

FW2221531.UP.FTS.B,

30.36%,

12/10/26

.

817

803

FW2221439.UP.FTS.B,

30.5%,

12/10/26

..

513

504

FW2216231.UP.FTS.B,

31.22%,

12/10/26

.

826

812

FW2218939.UP.FTS.B,

31.36%,

12/10/26

.

945

929

FW2219361.UP.FTS.B,

31.69%,

12/10/26

.

3,483

3,427

L2220687.UP.FTS.B,

23.72%,

12/11/26

...

L1705964.UP.FTS.B,

25.31%,

12/13/26

...

1,211

877

FW2221075.UP.FTS.B,

30.26%,

12/20/26

.

827

814

FW2220958.UP.FTS.B,

32.58%,

12/25/26

.

2,051

2,016

FW2217553.UP.FTS.B,

16.03%,

12/28/26

.

1,069

1,053

L1706122.UP.FTS.B,

26.74%,

1/13/27

....

L1611722.UP.FTS.B,

19.13%,

1/23/27

....

1,807

1,441

L1613957.UP.FTS.B,

19.33%,

1/24/27

....

2,410

2,383

b

L1616477.UP.FTS.B,

19.45%,

1/24/27

....

2,489

L1616362.UP.FTS.B,

23.47%,

1/24/27

....

1,305

1,290

FW1613124.UP.FTS.B,

26.6%,

1/24/27

...

4,721

4,669

L1619050.UP.FTS.B,

15.55%,

1/25/27

....

799

792

FW1615921.UP.FTS.B,

28.4%,

1/25/27

...

4,505

4,462

L1699552.UP.FTS.B,

17.37%,

2/13/27

....

907

893

FW1705472.UP.FTS.B,

19.5%,

2/13/27

...

2,803

939

L1706223.UP.FTS.B,

20.97%,

2/13/27

....

3,206

3,154

L1706613.UP.FTS.B,

27.15%,

2/13/27

....

2,602

1,757

L1611110.UP.FTS.B,

20.52%,

3/15/27

....

6,201

6,135

FW1881398.UP.FTS.B,

18.35%,

3/19/27

..

789

781

L1879248.UP.FTS.B,

19.71%,

3/19/27

....

1,718

1,317

FW1880356.UP.FTS.B,

28.86%,

3/19/27

..

724

715

FW1876421.UP.FTS.B,

26.08%,

3/27/27

..

1,829

1,807

L1991593.UP.FTS.B,

11.07%,

4/08/27

....

11,697

11,484

L1994627.UP.FTS.B,

11.81%,

4/08/27

....

1,160

1,139

L1998298.UP.FTS.B,

13.53%,

4/08/27

....

1,142

1,122

L1990886.UP.FTS.B,

17.65%,

4/08/27

....

2,043

2,019

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

b

FW1993453.UP.FTS.B,

28.76%,

4/08/27

..

$

7,478

$

539

FW1988366.UP.FTS.B,

30.88%,

4/08/27

..

1,747

1,719

FW1990513.UP.FTS.B,

31.11%,

4/08/27

..

2,126

683

L2071590.UP.FTS.B,

16.75%,

4/18/27

....

1,844

1,824

b

L2074108.UP.FTS.B,

16.87%,

4/18/27

....

1,060

L2074570.UP.FTS.B,

18.15%,

4/18/27

....

5,784

4,377

L2071288.UP.FTS.B,

18.9%,

4/18/27

....

1,023

1,013

L2074593.UP.FTS.B,

18.9%,

4/18/27

....

FW2075442.UP.FTS.B,

22.23%,

4/18/27

..

2,242

2,211

L2073235.UP.FTS.B,

22.81%,

4/18/27

....

2,117

2,088

L2074932.UP.FTS.B,

23.75%,

4/18/27

....

3,412

1,053

b

L1989271.UP.FTS.B,

15.62%,

4/22/27

....

5,091

FW1991256.UP.FTS.B,

25.07%,

4/22/27

..

6,481

6,355

L1988372.UP.FTS.B,

13.34%,

4/23/27

....

1,421

1,396

L1993049.UP.FTS.B,

14.87%,

4/23/27

....

6,872

5,056

L2074730.UP.FTS.B,

20.02%,

5/01/27

....

1,528

1,507

L2214144.UP.FTS.B,

11.27%,

5/09/27

....

1,290

980

L2218508.UP.FTS.B,

20.09%,

5/09/27

....

2,156

2,119

b

L2217598.UP.FTS.B,

23.52%,

5/09/27

....

3,771

614

L2198465.UP.FTS.B,

24.17%,

5/09/27

....

1,673

1,080

L2215729.UP.FTS.B,

25.13%,

5/09/27

....

4,705

4,614

b

L2216524.UP.FTS.B,

25.42%,

5/09/27

....

5,605

b

L2216795.UP.FTS.B,

26.15%,

5/09/27

....

5,702

–

FW2218340.UP.FTS.B,

31.07%,

5/09/27

..

3,755

2,396

L2221765.UP.FTS.B,

7.56%,

5/10/27

....

2,254

2,208

L2211511.UP.FTS.B,

12.64%,

5/10/27

....

17,845

10,435

L2218875.UP.FTS.B,

13.44%,

5/10/27

....

4,268

4,195

L2221125.UP.FTS.B,

15.5%,

5/10/27

.....

550

541

L2221797.UP.FTS.B,

19.44%,

5/10/27

....

4,175

4,107

L2221701.UP.FTS.B,

19.55%,

5/10/27

....

1,846

1,823

FW2219211.UP.FTS.B,

31.11%,

5/10/27

..

2,324

1,477

FW1613781.UP.FTS.B,

20.91%,

6/24/27

..

FW2219804.UP.FTS.B,

10.44%,

7/10/27

..

1,792

L1704834.UP.FTS.B,

12.73%,

7/13/27

....

1,694

1,668

FW1705037.UP.FTS.B,

26.99%,

7/13/27

..

789

774

L1600527.UP.FTS.B,

20.35%,

7/24/27

....

3,943

3,889

b

L1994793.UP.FTS.B,

11.1%,

9/08/27

.....

3,953

672

FW1991474.UP.FTS.B,

24.66%,

9/08/27

..

1,802

1,768

b

FW1998543.UP.FTS.B,

22.52%,

9/13/27

..

7,186

1,171

L2073937.UP.FTS.B,

18.46%,

9/18/27

....

3,536

3,501

L2217220.UP.FTS.B,

24.27%,

10/09/27

...

2,669

1,473

FW2219137.UP.FTS.B,

32.32%,

10/10/27

.

3,366

FW2075115.UP.FTS.B,

29.25%,

10/18/27

.

1,242

450,766

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $7,176,776

####)
.......................

#### $1,599,493
a

The

rate

shown

represents

the

yield

at

period

end.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Total

#### Return

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

April

30,

2026

,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(d).

At

April

30,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(d).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
Euro-Bobl

..................................

Short

$

4,200,435

6/08/26

$

59,205

Euro-Bund

.................................

Short

4,855,249

6/08/26

96,861

U.S.

Treasury

Year

Notes

....................

Short

842

93,119,938

6/18/26

1,691,442

U.S.

Treasury

Year

Ultra

Notes

................

Long

15,913,172

6/18/26

(96,039)

U.S.

Treasury

Year

Notes

.....................

Long

1,532

317,315,500

6/30/26

(2,664,725)

U.S.

Treasury

Year

Notes

.....................

Short

1,982

213,730,829

6/30/26

1,727,651

U.S.

Treasury

Long

Bonds

.....................

Long

9,478,875

6/18/26

(67,200)

U.S.

Treasury

Ultra

Bonds

......................

Long

6,441,750

6/18/26

(183,183)

Total

Futures

Contracts

......................................................................

$564,012

\*

As

of

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Euro

.............

JPHQ

Buy

891,000

1,044,951

5/04/26

$

772

$

—

Euro

.............

JPHQ

Sell

891,000

1,034,514

5/04/26

—

(11,209)

Euro

.............

JPHQ

Sell

2,745,000

3,187,739

5/26/26

—

(37,359)

Euro

.............

JPHQ

Sell

5,262,000

6,197,400

7/13/26

2,856

(1,083)

Total

Forward

Exchange

Contracts

...................................................

$3,628

$(49,651)

Net

unrealized

appreciation

(depreciation)

............................................

$(46,023)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

April

30,

2026

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

(d).

See

Note 10 regarding

other

derivative

information.

#### 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

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
iTraxx

Europe

Main

....

(1.00)%

Quarterly

6/20/31

75,360,000

EUR

$

(1,815,635)

$

(1,068,519)

$

(747,116)

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

11,990,000

934,944

585,097

349,847

Non-

Investment

Grade

CDX.NA.HY.46

.

5.00%

Quarterly

6/20/31

54,700,000

4,217,264

2,817,789

1,399,475

Non-

Investment

Grade

CDX.NA.IG.46

..

1.00%

Quarterly

6/20/31

86,780,000

1,924,042

1,329,518

594,524

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$5,260,615

$3,663,885

$1,596,730

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
CDX.NA.HY.45

.

(5.00)%

Quarterly

CITI

12/20/30

10,900,000

(1,657,891)

(1,513,374)

(144,517)

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.39

.

5.00%

Quarterly

JPHQ

12/20/27

16,900,000

1,305,426

390,583

914,843

Non-

Investment

Grade

CDX.NA.IG.41

..

1.00%

Quarterly

CITI

12/20/28

31,300,000

283,040

(552,641)

835,681

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$(69,425)

$(1,675,432)

$1,606,007

Total

Credit

Default

Swap

Contracts

....................................

$5,191,190

$

1,988,453

$3,202,737

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

See

Abbreviations

on

.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$2,387,787,213

$3,233,410,200

$1,179,121,825

$61,241,283

Cost

-

Non-controlled

affiliates

(Note

f

and

11)

124,129,692

106,082,312

78,808,389

76,783

Value

-

Unaffiliated

issuers

...............

$2,825,346,944

$4,726,461,892

$1,104,120,472

$61,328,143

Value

-

Non-controlled

affiliates

(Note

f

and

11)

124,129,692

106,082,312

78,808,389

76,783

Cash

.................................

7,673

2,178,486

8,293,531

4,613

Foreign

currency,

at

value

(cost

$

–

,

$

–

,

$

785,997

and

$

–

,

respectively)

.....................

—

—

788,449

—

Receivables:

Investment

securities

sold

................

—

—

11,869,596

356,270

Capital

shares

sold

.....................

1,042,919

1,491,871

1,198,324

Dividends

and

interest

..................

8,482,626

3,480,040

5,505,038

830,228

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

9)

....................

—

—

8,198

—

Total

assets

.......................

2,959,009,854

4,839,694,601

1,210,591,997

62,596,044

Liabilities:

Payables:

Investment

securities

purchased

...........

—

6,065,505

11,072,257

339,534

Capital

shares

redeemed

................

2,595,083

3,443,205

3,036,035

Management

fees

......................

1,099,134

1,776,629

562,744

4,635

Distribution

fees

.......................

227,259

882,438

200,550

—

Transfer

agent

fees

.....................

642,724

846,242

302,828

642

Professional

fees

......................

46,327

35,165

72,743

48,319

Trustees'

fees

and

expenses

..............

1,345

1,037

2,184

Distributions

to

shareholders

..............

—

—

881,773

—

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

9)

....................

—

—

948

—

Accrued

expenses

and

other

liabilities

........

98,635

111,877

92,963

28,446

Total

liabilities

......................

4,710,507

13,162,098

16,225,025

421,858

Net

assets,

at

value

..............

$2,954,299,347

$4,826,532,503

$1,194,366,972

$62,174,186

Net

assets

consist

of:

Paid-in

capital

..........................

$2,422,458,699

$3,010,603,860

$1,865,721,590

$61,897,113

Total

distributable

earnings

(losses)

..........

531,840,648

1,815,928,643

(671,354,618)

277,073

Net

assets,

at

value

..............

$2,954,299,347

$4,826,532,503

$1,194,366,972

$62,174,186

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$1,001,311,556

$3,943,070,061

$836,604,206

$—

Shares

outstanding

.....................

40,363,339

110,644,883

114,996,468

—

Net

asset

value

per

share

a

,b

...............

$24.81

$35.64

$7.28

$—

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%

,

.50

%

,

.75

%

and

—

%

,

respectively)

b

.....................

$26.25

$37.71

$7.45

$—

#### Class

#### C:
Net

assets,

at

value

....................

$29,940,455

$104,411,257

$52,895,161

$—

Shares

outstanding

.....................

1,245,644

2,954,401

7,268,869

—

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$24.04

$35.34

$7.28

$—

#### Class

#### R:
Net

assets,

at

value

....................

$—

$19,149,977

$—

$—

Shares

outstanding

.....................

—

537,067

—

—

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$—

$35.66

$—

$—

#### Class

#### R6:
Net

assets,

at

value

....................

$129,587,419

$277,830,313

$104,891,845

$62,174,186

Shares

outstanding

.....................

5,163,632

7,773,902

14,394,618

6,296,865

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$25.10

$35.74

$7.29

$9.87

#### Advisor

#### Class:
Net

assets,

at

value

....................

$1,793,459,917

$482,070,895

$199,975,760

$—

Shares

outstanding

.....................

72,291,056

13,494,846

27,470,714

—

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$24.81

$35.72

$7.28

$—

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$1,812,480,014

$369,590,088

$2,864,146,648

$3,540,747,109

Cost

-

Non-controlled

affiliates

(Note

f)

.....

71,046,914

29,296,467

50,868,531

36,394,175

Value

-

Unaffiliated

issuers

...............

$1,800,889,649

$367,296,963

$3,400,357,306

$3,438,766,004

Value

-

Non-controlled

affiliates

(Note

f)

.....

71,046,914

29,296,467

50,868,531

36,394,175

Cash

.................................

955,934

11,607

69,115

384,241

Foreign

currency,

at

value

(cost

$

94,926

,

$

–

,

$

43,159

and

$

42,266

,

respectively)

..........

96,010

—

43,342

42,266

Receivables:

Investment

securities

sold

................

1,401,163

1,412,977

—

2,507,747

Capital

shares

sold

.....................

933,857

95,376

1,478,230

981,953

Dividends

and

interest

..................

10,391,436

2,564,718

18,278,361

24,285,624

European

Union

tax

reclaims

(Note

j)

......

—

—

508,205

—

Deposits

with

brokers

for:

OTC

derivative

contracts

...............

680,000

—

—

1,450,000

TBA

transactions

....................

—

—

—

3,117,991

Futures

contracts

.....................

3,157,838

558,419

—

3,783,812

Variation

margin

on

futures

contracts

........

370,064

78,982

—

—

Variation

margin

on

centrally

cleared

swap

contracts

............................

156,748

—

—

262,054

OTC

swap

contracts

(upfront

payments

$

298,864

,

$

–

,

$

–

and

$

918,327

,

respectively)

...........

127,113

—

—

390,583

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..............................

2,273

—

—

3,628

Unrealized

appreciation

on

OTC

swap

contracts

.

620,789

—

—

1,750,524

Total

assets

.......................

1,890,829,788

401,315,509

3,471,603,090

3,514,120,602

Liabilities:

Payables:

Investment

securities

purchased

...........

27,220,597

19,939,911

—

53,868,412

Payable

for

purchases

of

TBA

securities

(Note

c)

.................................

—

—

—

585,547,745

Capital

shares

redeemed

................

3,282,731

500,983

1,617,926

3,125,450

Management

fees

......................

356,576

50,570

1,561,682

719,225

Distribution

fees

.......................

286,435

60,272

664,309

482,937

Transfer

agent

fees

.....................

414,430

120,608

679,029

863,538

Trustees'

fees

and

expenses

..............

2,218

605

2,767

3,222

Distributions

to

shareholders

..............

109,741

39,897

—

108,495

Variation

margin

on

futures

contracts

........

—

—

—

224,668

OTC

swap

contracts

(upfront

receipts

$

1,085,381

,

$

–

,

$

–

and

$

2,615,677

,

respectively)

.........

866,197

—

—

2,066,015

Unrealized

depreciation

on

OTC

swap

contracts

.

62,315

—

—

144,517

Options

written,

at

value

(premiums

received

$

8,054

,

$

–

,

$

–

and

$

1,623,886

,

respectively)

...

8,054

—

—

1,738,003

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..............................

—

—

—

49,651

Accrued

expenses

and

other

liabilities

........

393,785

320,084

206,706

482,508

Total

liabilities

......................

33,003,079

21,032,930

4,732,419

649,424,386

Net

assets,

at

value

..............

$1,857,826,709

$380,282,579

$3,466,870,671

$2,864,696,216

Net

assets

consist

of:

Paid-in

capital

..........................

$2,236,193,417

$550,188,589

$2,831,763,310

$3,713,456,607

Total

distributable

earnings

(losses)

..........

(378,366,708)

(169,906,010)

635,107,361

(848,760,391)

Net

assets,

at

value

..............

$1,857,826,709

$380,282,579

$3,466,870,671

$2,864,696,216

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$1,319,604,143

$253,843,115

$2,986,566,503

$2,273,968,735

Shares

outstanding

.....................

147,387,110

33,750,657

220,515,893

273,559,551

Net

asset

value

per

share

a

,b

...............

$8.95

$7.52

$13.54

$8.31

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%

,

.75

%

,

.50

%

and

.25

%

,

respectively)

b

...................

$9.16

$7.69

$14.33

$8.63

#### Class

#### A1:
Net

assets,

at

value

....................

$—

$39,329,829

$—

$—

Shares

outstanding

.....................

—

5,231,053

—

—

Net

asset

value

per

share

a

,b

...............

$—

$7.52

$—

$—

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

—

%

,

.75

%

,

—

%

and

—

%

,

respectively)

b

.........................

$—

$7.69

$—

$—

#### Class

#### C:
Net

assets,

at

value

....................

$24,698,415

$8,569,816

$63,591,342

$16,809,675

Shares

outstanding

.....................

2,772,125

1,140,398

4,748,119

2,039,859

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$8.91

$7.51

$13.39

$8.24

#### Class

#### R:
Net

assets,

at

value

....................

$807,906

$—

$2,913,329

$7,278,617

Shares

outstanding

.....................

90,314

—

214,392

879,513

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$8.95

$—

$13.59

$8.28

#### Class

#### R6:
Net

assets,

at

value

....................

$372,803,166

$17,035,528

$195,941,032

$372,344,235

Shares

outstanding

.....................

41,363,720

2,261,194

14,423,991

44,459,914

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$9.01

$7.53

$13.58

$8.37

#### Advisor

#### Class:
Net

assets,

at

value

....................

$139,913,079

$61,504,291

$217,858,465

$194,294,954

Shares

outstanding

.....................

15,540,251

8,169,450

16,039,895

23,229,628

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$9.00

$7.53

$13.58

$8.36

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–,

$253,122,

$–

and

$–,

respectively)

Unaffiliated

issuers

.....................

$15,754,243

$45,325,058

$561,349

$—

Non-controlled

affiliates

(Note

f

and

11)

.....

1,079,077

1,632,174

2,571,782

7,667

Interest:

Unaffiliated

issuers:

Payment-in-kind

......................

—

—

2,808,716

—

Paydown

gain

(loss)

..................

—

—

2,451,641

(441) Paid

in

cash

a

........................

16,789,682

—

42,980,276

1,768,502

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

..

(20,665)

2,734

(33,654)

—

Non-controlled

affiliates

(Note

f)

..........

31,415

1,413

104,842

—

Total

investment

income

................

33,633,752

46,961,379

51,444,952

1,775,728

Expenses:

Management

fees

(Note

a)

................

6,791,426

10,604,438

3,706,720

93,700

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

1,227,707

4,706,470

1,110,102

—

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

165,859

514,419

188,712

—

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

—

44,833

—

—

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

494,963

1,592,356

477,101

—

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

16,635

43,493

31,177

—

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

—

7,586

—

—

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

20,148

34,516

14,611

4,673

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

.........................

911,182

192,499

117,363

—

Custodian

fees

.........................

7,679

11,339

651

Reports

to

shareholders

fees

...............

69,100

99,711

36,888

4,636

Registration

and

filing

fees

.................

84,776

148,422

75,046

12,810

Professional

fees

........................

47,147

36,899

66,690

37,640

Trustees'

fees

and

expenses

...............

15,898

24,049

8,136

Other

.................................

30,126

60,194

24,016

7,609

Total

expenses

......................

9,882,646

18,121,224

5,857,213

161,473

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

...........................

(50,737)

(72,274)

(99,080)

(67,799)

Net

expenses

......................

9,831,909

18,048,950

5,758,133

93,674

Net

investment

income

.............

23,801,843

28,912,429

45,686,819

1,682,054

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

\*

Unaffiliated

issuers

...................

97,827,713

340,521,063

(15,577,904)

208,223

Foreign

currency

transactions

.............

—

3,310

32,082

—

Net

realized

gain

(loss)

...............

97,827,713

340,524,373

(15,545,822)

208,223

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

50,147,106

70,612,689

(18,475,334)

(2,716,409)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

........

—

15,593

2,450

—

Unfunded

loan

commitments

(Note

9)

.......

—

—

6,860

—

Net

change

in

unrealized

appreciation

(depreciation)

......................

50,147,106

70,628,282

(18,466,024)

(2,716,409)

Net

realized

and

unrealized

gain

(loss)

.........

147,974,819

411,152,655

(34,011,846)

(2,508,186)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$171,776,662

$440,065,084

$11,674,973

$(826,132)

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–,

$–,

$184,877

and

$–,

respectively)

Unaffiliated

issuers

.....................

$22,650

$—

$23,397,315

$133,932

Non-controlled

affiliates

(Note

f)

..........

1,458,048

377,948

522,245

1,097,750

Interest:

Unaffiliated

issuers:

Paydown

gain

(loss)

..................

167,789

(770,134)

214,335

2,218,088

Paid

in

cash

a

........................

42,318,575

9,151,934

45,749,960

67,147,349

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

..

(924) —

1,831

(1,690)

Non-controlled

affiliates

(Note

f)

..........

5,729

—

6,414

3,060

Total

investment

income

................

43,971,867

8,759,748

69,892,100

70,598,489

Expenses:

Management

fees

(Note

a)

................

4,930,712

944,818

9,319,675

7,174,156

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

1,677,725

318,029

3,647,174

2,910,891

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

—

19,873

—

—

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

82,654

28,744

332,477

59,213

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

1,976

—

6,668

18,125

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

762,195

179,478

1,296,710

1,542,168

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

—

28,037

—

—

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

14,442

6,239

29,562

12,070

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

—

1,185

4,800

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

42,827

5,078

25,277

46,581

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

.........................

84,480

40,881

90,970

130,025

Custodian

fees

.........................

5,213

1,024

8,797

9,411

Reports

to

shareholders

fees

...............

78,824

19,728

91,150

136,262

Registration

and

filing

fees

.................

75,322

55,744

54,964

64,407

Professional

fees

........................

66,841

106,761

50,516

76,334

Trustees'

fees

and

expenses

...............

10,935

2,254

18,538

16,782

Marketplace

lending

fees

(Note

i)

...........

197,365

—

—

186,011

Other

.................................

117,968

70,808

42,624

115,322

Total

expenses

......................

8,149,928

1,827,496

15,016,287

12,502,558

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

...........................

(2,681,223)

(367,407)

(2,805)

(2,822,291)

Net

expenses

......................

5,468,705

1,460,089

15,013,482

9,680,267

Net

investment

income

.............

38,503,162

7,299,659

54,878,618

60,918,222

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(1,289,368)

(330) 123,793,221

(18,133,497)

Written

options

........................

356,524

—

—

2,987,775

Foreign

currency

transactions

.............

5,099

—

4,631

18,448

Forward

exchange

contracts

..............

—

—

21,051

Futures

contracts

......................

(986,499)

(225,899)

—

(1,562,328)

TBA

sale

commitments

..................

—

—

—

3,324,767

Swap

contracts

........................

(12,001)

—

—

2,961,842

Net

realized

gain

(loss)

...............

(1,926,040)

(226,229)

123,797,852

(10,381,942)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(6,765,685)

323,577

100,713,865

(31,002,742)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

........

6,907

—

7,340

(244,451)

Unfunded

loan

commitments

(Note

9)

.......

(301) —

—

(369) Written

options

........................

29,952

—

—

(929,486)

Forward

exchange

contracts

..............

2,273

—

—

(75,754)

Futures

contracts

......................

(2,899,157)

(561,688)

—

891,524

Swap

contracts

........................

833,717

—

—

(966,813)

Change

in

deferred

tax

benefit

............

—

—

—

(95,813)

Net

change

in

unrealized

appreciation

(depreciation)

......................

(8,792,294)

(238,111)

100,721,205

(32,423,904)

Net

realized

and

unrealized

gain

(loss)

.........

(10,718,334)

(464,340)

224,519,057

(42,805,846)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$27,784,828

$6,835,319

$279,397,675

$18,112,376

\*

Includes

gains

from

redemption

in-kind.

See

Note

13. a

Includes

amortization

of

premium

and

accretion

of

discount.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$23,801,843

$42,530,644

$28,912,429

$62,961,604

Net

realized

gain

(loss)

............

97,827,713

262,763,454

340,524,373

387,555,870

Net

change

in

unrealized

appreciation

(depreciation)

.................

50,147,106

132,846,056

70,628,282

111,146,991

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

171,776,662

438,140,154

440,065,084

561,664,465

Distributions

to

shareholders:

Class

A

........................

(84,181,182)

(43,030,814)

(314,251,086)

(329,310,104)

Class

C

........................

(2,903,593)

(1,910,967)

(8,359,672)

(9,408,163)

Class

R

........................

—

—

(1,464,387)

(1,366,263)

Class

R6

.......................

(10,697,364)

(4,934,199)

(22,323,088)

(22,641,676)

Advisor

Class

...................

(158,575,548)

(79,197,478)

(38,443,574)

(38,911,162)

Total

distributions

to

shareholders

.....

(256,357,687)

(129,073,458)

(384,841,807)

(401,637,368)

Capital

share

transactions:

(Note

2)

Class

A

........................

27,962,100

(65,357,566)

182,576,925

146,975,507

Class

C

........................

(5,933,373)

(20,346,076)

(1,752,760)

(5,570,448)

Class

R

........................

—

—

1,673,982

1,965,232

Class

R6

.......................

7,596,661

12,598,175

18,952,323

25,253,919

Advisor

Class

...................

(25,377,240)

28,002,803

32,588,308

30,640,817

Total

capital

share

transactions

.......

4,248,148

(45,102,664)

234,038,778

199,265,027

Net

increase

(decrease)

in

net

assets

.....................

(80,332,877)

263,964,032

289,262,055

359,292,124

Net

assets:

Beginning

of

period

................

3,034,632,224

2,770,668,192

4,537,270,448

4,177,978,324

End

of

period

.....................

$2,954,299,347

$3,034,632,224

$4,826,532,503

$4,537,270,448

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$45,686,819

$104,334,092

$1,682,054

$3,947,442

Net

realized

gain

(loss)

............

(15,545,822)

(12,822,220)

208,223

122,705

Net

change

in

unrealized

appreciation

(depreciation)

.................

(18,466,024)

(14,205,652)

(2,716,409)

(473,715)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

11,674,973

77,306,220

(826,132)

3,596,432

Distributions

to

shareholders:

Class

A

........................

(35,317,100)

(75,867,237)

—

—

Class

C

........................

(2,192,707)

(5,386,138)

—

—

Class

R6

.......................

(4,926,314)

(10,726,605)

(1,768,212)

(5,108,556)

Advisor

Class

...................

(8,989,397)

(22,458,987)

—

—

Total

distributions

to

shareholders

.....

(51,425,518)

(114,438,967)

(1,768,212)

(5,108,556)

Capital

share

transactions:

(Note

2)

Class

A

........................

(94,120,248)

29,033,825

—

—

Class

C

........................

(9,540,626)

(12,344,538)

—

—

Class

R6

.......................

(28,755,171)

22,905,466

1,818,934

(22,847,675)

Advisor

Class

...................

(35,368,458)

(23,648,782)

—

—

Total

capital

share

transactions

.......

(167,784,503)

15,945,971

1,818,934

(22,847,675)

Net

increase

(decrease)

in

net

assets

.....................

(207,535,048)

(21,186,776)

(775,410)

(24,359,799)

Net

assets:

Beginning

of

period

................

1,401,902,020

1,423,088,796

62,949,596

87,309,395

End

of

period

.....................

$1,194,366,972

$1,401,902,020

$62,174,186

$62,949,596

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$38,503,162

$83,500,945

$7,299,659

$16,521,285

Net

realized

gain

(loss)

............

(1,926,040)

(3,399,855)

(226,229)

(638,055)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(8,792,294)

18,444,929

(238,111)

2,574,950

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

27,784,828

98,546,019

6,835,319

18,458,180

Distributions

to

shareholders:

Class

A

........................

(27,927,507)

(58,098,431)

(5,390,952)

(12,261,744)

Class

A1

.......................

—

—

(875,675)

(2,056,299)

Class

C

........................

(481,208)

(1,133,566)

(170,475)

(408,878)

Class

R

........................

(15,487)

(22,592)

—

—

Class

R6

.......................

(8,524,131)

(18,671,430)

(379,418)

(918,647)

Advisor

Class

...................

(3,259,590)

(7,500,124)

(1,303,884)

(2,873,122)

Total

distributions

to

shareholders

.....

(40,207,923)

(85,426,143)

(8,120,404)

(18,518,690)

Capital

share

transactions:

(Note

2)

Class

A

........................

(46,781,602)

16,049,499

(2,167,040)

(3,511,473)

Class

A1

.......................

—

—

(943,459)

(3,602,675)

Class

C

........................

(1,909,062)

(6,213,968)

(421,923)

(903,879)

Class

R

........................

24,336

389,817

—

—

Class

R6

.......................

(16,762,177)

(32,716,546)

(250,252)

(1,362,855)

Advisor

Class

...................

(19,164,207)

(7,903,005)

4,990,424

1,224,381

Total

capital

share

transactions

.......

(84,592,712)

(30,394,203)

1,207,750

(8,156,501)

Net

increase

(decrease)

in

net

assets

.....................

(97,015,807)

(17,274,327)

(77,335)

(8,217,011)

Net

assets:

Beginning

of

period

................

1,954,842,516

1,972,116,843

380,359,914

388,576,925

End

of

period

.....................

$1,857,826,709

$1,954,842,516

$380,282,579

$380,359,914

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$54,878,618

$116,467,107

$60,918,222

$124,323,013

Net

realized

gain

(loss)

............

123,797,852

43,298,407

(10,381,942)

(38,487,800)

Net

change

in

unrealized

appreciation

(depreciation)

.................

100,721,205

22,171,637

(32,423,904)

94,515,445

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

279,397,675

181,937,151

18,112,376

180,350,658

Distributions

to

shareholders:

Class

A

........................

(68,280,939)

(164,085,760)

(49,877,954)

(100,973,853)

Class

C

........................

(1,300,809)

(4,009,700)

(356,897)

(816,163)

Class

R

........................

(59,610)

(143,688)

(147,037)

(282,176)

Class

R6

.......................

(4,739,678)

(10,993,532)

(8,587,840)

(17,446,189)

Advisor

Class

...................

(5,061,376)

(11,438,775)

(4,424,429)

(8,810,200)

Total

distributions

to

shareholders

.....

(79,442,412)

(190,671,455)

(63,394,157)

(128,328,581)

Capital

share

transactions:

(Note

2)

Class

A

........................

(53,656,084)

(140,262,368)

(93,038,680)

(162,056,756)

Class

C

........................

(9,978,258)

(25,109,595)

(2,542,102)

(5,533,944)

Class

R

........................

203,318

(227,037)

(103,051)

(226,097)

Class

R6

.......................

(714,618)

(1,783,777)

(9,149,726)

(15,594,842)

Advisor

Class

...................

13,534,131

(10,308,269)

(5,018,252)

(2,439,033)

Total

capital

share

transactions

.......

(50,611,511)

(177,691,046)

(109,851,811)

(185,850,672)

Net

increase

(decrease)

in

net

assets

.....................

149,343,752

(186,425,350)

(155,133,592)

(133,828,595)

Net

assets:

Beginning

of

period

................

3,317,526,919

3,503,952,269

3,019,829,808

3,153,658,403

End

of

period

.....................

$3,466,870,671

$3,317,526,919

$2,864,696,216

$3,019,829,808

Franklin

Investors

Securities

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Investors

Securities

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of eight

separate

funds

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

classes

of

shares

offered

within

each

of

the

Funds

are

indicated

below.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years. Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

#### Class

#### A,

#### Class

#### C,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Convertible

Securities

Fund

Franklin

Floating

Rate

Daily

Access

Fund

#### A,

#### Class

#### C,

#### Class

#### R,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Equity

Income

Fund

Franklin

Low

Duration

Total

Return

Fund

Franklin

Managed

Income

Fund

Franklin

Total

Return

Fund

#### A,

#### Class

#### R,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Long

Duration

Credit

Fund

#### A,

#### Class

#### A1,

#### Class

#### C,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Low

Duration

U.S.

Government

Securities

Fund

The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-

counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the

OTC

market rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Funds' pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds' net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

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

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

p.m.

Eastern

time.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
Certain

or

all

Funds

may

purchase

securities

on

a

when-

issued,

forward

commitment

or

delayed

delivery and to-

be-announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

d. #### Derivative

#### Financial

#### Instruments
Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statements

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statements

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

Certain

or

all Funds

attempt

to

reduce their

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Funds

include

failure

of

the

Funds

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statements

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Funds

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Funds'

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Certain

or

all

Funds

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk. A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statements

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Certain

or

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date. Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

Certain

or

all

Funds

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statements

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statements

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the

Statements

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

Certain

or

all

Funds entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the Statements

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

Certain

or

all

Funds

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain exposure

to

interest

rate

and

credit risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss.

Total

return

swap contracts outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

Certain

or

all

Funds

purchased

or

wrote

exchange

traded and/or

OTC option

contracts

primarily

to

manage

and/

or

gain

exposure

to

equity

volatility,

foreign

exchange

rate

and

credit risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

See

Note

regarding

other

derivative

information.

e. #### Equity-Linked

#### Securities
Certain

or

all

Funds

invest in

equity-linked

securities.

Equity-linked

securities

are

hybrid

financial

instruments

that

generally

combine

both

debt

and

equity

characteristics

into

a

single

note

form.

Income

received

from

equity-linked

securities

is

recorded

as

realized

gains

in

the

Statements

of

Operations

and

may

be

based

on

the

performance

of

an

underlying

equity

security,

an

equity

index,

or

an

option

position.

The

risks

of

investing

in

equity-linked

securities

include

unfavorable

price

movements

in

the

underlying

security

and

the

credit

risk

of

the

issuing

financial

institution.

There

may

be

no

guarantee

of

a

return

of

principal

with

equity-linked

securities

and

the

appreciation

potential

may

be

limited.

Equity-linked

securities

may

be

more

volatile

and

less

liquid

than

other

investments

held

by

the

Funds.

f. #### Lending
Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

g. #### Mortgage

#### Dollar

#### Rolls
Certain

or

all

Funds

enter

into

mortgage

dollar

rolls,

typically

on

a

TBA

basis.

Mortgage

dollar

rolls

are

agreements

between

the

Fund

and

a

financial

institution

where

the

Fund

sells

(or

buys)

mortgage-backed

securities

for

delivery

on

a

specified

date

and

simultaneously

contracts

to

repurchase

(or

sell)

substantially

similar

(same

type,

coupon,

and

maturity)

securities

at

a

future

date

and

at

a

predetermined

price.

Gains

or

losses

are

realized

on

the

initial

sale,

and

the

difference

between

the

repurchase

price

and

the

sale

price

is

recorded

as

an

unrealized

gain

or

loss

to

the

Fund

upon

entering

into

the

mortgage

dollar

roll.

In

addition,

the

Fund

may

invest

the

cash

proceeds

that

are

received

from

the

initial

sale.

During

the

period

between

the

sale

and

repurchase,

the

Fund

is

not

entitled

to

principal

and

interest

paid

on

the

mortgage

backed

securities.

Transactions

in

mortgage

dollar

rolls

are

accounted

for

as

purchases

and

sales

and

may

result

in

an

increase

to

the

Fund's

portfolio

turnover

rate.

The

risks

of

mortgage

dollar

roll

transactions

include

the

potential

inability

of

the

counterparty

to

fulfill

its

obligations.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

h. #### Senior

#### Floating

#### Rate

#### Interests
Certain

or

all

Funds

invest

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the

Funds

invest

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

i. #### Marketplace

#### Lending
Certain

or

all

Funds

invest in

loans

obtained

through

marketplace

lending.

Marketplace

lending,

sometimes

referred

to

as

peer-to-peer

lending,

is

a

method

of

financing

in

which

a

platform

facilitates

the

borrowing

and

lending

of

money.

It

is

considered

an

alternative

to

more

traditional

forms

of

debt

financing.

Prospective

borrowers

are

required

to

provide

certain

financial

information

to

the

platform,

including,

but

not

limited

to,

the

intended

purpose

of

the

loan,

income,

employment

information,

credit

score,

debt-

to-income

ratio,

credit

history

(including

defaults

and

delinquencies)

and

home

ownership

status.

Based

on

this

and

other

information,

the

platform

assigns

its

own

credit

rating

to

the

borrower

and

sets

the

interest

rate

for

the

requested

loan.

The

platform

then

posts

the

borrowing

requests

online,

giving

investors

the

opportunity

to

purchase

the

loans

based

on

factors

such

as

the

interest

rates

and

expected

yields

of

the

loans,

the

borrower

background

data,

and

the

credit

rating

assigned

by

the

platform.

When

the

Funds

invest

in

these

loans,

they

usually

purchase

all

rights,

title

and

interest

in

the

loans

pursuant

to

a

loan

purchase

agreement

directly

from

the

platform.

The

platform

or

a

third-party

servicer

typically

continues

to

service

the

loans,

collecting

payments

and

distributing

them

to

the

Funds,

less

any

servicing

fees

assessed.

The

servicer

is

typically

responsible

for

taking

actions

against

a

borrower

in

the

event

of

a

default

on

the

loan.

Servicing

fees,

along

with

other

administration

fees,

are

included

in

marketplace

lending

fees

in

the

Statements

of

Operations.

The

Funds,

as

investors

in

a

loan,

would

be

entitled

to

receive

payment

only

from

the

borrower

and

would

not

be

able

to

recover

any

deficiency

from

the

platform,

except

under

very

narrow

circumstances.

The

loans

in

which

the

Funds

may

invest

are

unsecured.

j. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which the

Funds invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

In

some

cases,

the

Funds

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statements

of

Assets

and

Liabilities

and

dividend

income

in

the

Statements

of

Operations.

In

many

cases,

however,

the

Funds

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply, certain

or all Funds record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, certain

or

all Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

April

30,

2026, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

k. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

separately

on the

Statements

of

Operations.

Certain

or

all

Funds

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These fees

are

recorded

as

income

when

received

by

the

Fund. Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

and

realized

gain

distributions

are

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds. Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-

dividend

date.

For

Franklin

Convertible

Securities

Fund

and

Franklin

Equity

Income

Fund,

distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Franklin

Managed

Income

Fund

employs

a

managed

distribution

policy.

Under

this

policy,

the

fund

will

distribute

level

monthly

distributions

in

any

given

year

regardless

of

the

performance

of

the

fund;

however,

the

twelfth

monthly

payment

may

be

greater

than

the

initially

anticipated

amount

if

additional

income

or

capital

gains

are

required

to

be

distributed.

These

distributions

may

include

income

and

capital

gains

generated

by

the

Fund,

as

well

as

a

possible

return

of

capital

component,

if

necessary,

to

meet

the

annual

distribution

rate.

The

annual

payout

rate

may

be

adjusted

higher

or

lower

from

year

to

year

in

response

to

market

conditions. Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Net

investment

income,

excluding

class

specific

expenses,

is

allocated

daily

to

each

class

of

shares

based

upon

the

relative

value

of

the

settled

shares

of

each

class.

Realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security's

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Any

increase

or

decrease

in

the

face

amount

or

principal

redemption

value

will

be

included

as

interest

income in

the

Statements of

Operations.

l. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

j. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

m. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

April

30,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

a

...................................

1,563,527

$38,227,916

5,610,418

$194,098,477

Shares

issued

in

reinvestment

of

distributions

..........

3,263,417

78,615,416

9,238,024

308,246,982

Shares

redeemed

...............................

(3,638,184)

(88,881,232)

(9,274,461)

(319,768,534)

Net

increase

(decrease)

..........................

1,188,760

$27,962,100

5,573,981

$182,576,925

Year

ended

October

31,

2025

Shares

sold

a

...................................

2,111,639

$50,289,174

10,255,525

$337,216,340

Shares

issued

in

reinvestment

of

distributions

..........

1,725,218

40,291,558

10,250,656

322,859,467

Shares

redeemed

...............................

(6,606,360)

(155,938,298)

(15,689,154)

(513,100,300)

Net

increase

(decrease)

..........................

(2,769,503)

$(65,357,566)

4,817,027

$146,975,507

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

74,741

$1,780,203

218,522

$7,493,737

Shares

issued

in

reinvestment

of

distributions

..........

122,737

2,869,919

249,916

8,276,386

Shares

redeemed

a

..............................

(445,872)

(10,583,495)

(510,006)

(17,522,883)

Net

increase

(decrease)

..........................

(248,394)

$(5,933,373)

(41,568)

$(1,752,760)

Year

ended

October

31,

2025

Shares

sold

...................................

52,292

$1,221,149

466,382

$15,262,956

Shares

issued

in

reinvestment

of

distributions

..........

83,863

1,897,651

298,737

9,320,997

Shares

redeemed

a

..............................

(1,026,094)

(23,464,876)

(926,729)

(30,154,401)

Net

increase

(decrease)

..........................

(889,939)

$(20,346,076)

(161,610)

$(5,570,448)

Class

R

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

—

$—

37,862

$1,322,666

Shares

issued

in

reinvestment

of

distributions

..........

—

—

43,373

1,448,233

Shares

redeemed

...............................

—

—

(31,451)

(1,096,917)

Net

increase

(decrease)

..........................

—

$—

49,784

$1,673,982

Year

ended

October

31,

2025

Shares

sold

...................................

—

$—

109,458

$3,639,311

Shares

issued

in

reinvestment

of

distributions

..........

—

—

42,865

1,350,801

Shares

redeemed

...............................

—

—

(92,221)

(3,024,880)

Net

increase

(decrease)

..........................

—

$—

60,102

$1,965,232

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

460,542

$11,446,673

3,655,614

$127,757,913

Shares

issued

in

reinvestment

of

distributions

..........

408,516

9,951,441

537,975

17,992,145

Shares

redeemed

in-kind

(Note

13)

..................

—

—

(2,708,496)

(94,407,251)

Shares

redeemed

...............................

(555,809)

(13,801,453)

(940,655)

(32,390,484)

Net

increase

(decrease)

..........................

313,249

$7,596,661

544,438

$18,952,323

Year

ended

October

31,

2025

Shares

sold

...................................

1,258,860

$30,030,292

1,808,570

$59,467,829

Shares

issued

in

reinvestment

of

distributions

..........

194,936

4,608,281

576,519

18,218,607

Shares

redeemed

...............................

(920,880)

(22,040,398)

(1,587,327)

(52,432,517)

Net

increase

(decrease)

..........................

532,916

$12,598,175

797,762

$25,253,919

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

6,229,249

$151,897,832

1,470,344

$51,061,113

Shares

issued

in

reinvestment

of

distributions

..........

5,591,395

134,662,986

1,114,090

37,248,584

Shares

redeemed

...............................

(12,809,425)

(311,938,058)

(1,613,168)

(55,721,389)

Net

increase

(decrease)

..........................

(988,781)

$(25,377,240)

971,266

$32,588,308

Year

ended

October

31,

2025

Shares

sold

...................................

20,459,050

$478,871,632

3,038,857

$99,989,776

Shares

issued

in

reinvestment

of

distributions

..........

2,846,478

66,548,441

1,181,445

37,320,806

Shares

redeemed

...............................

(22,238,808)

(517,417,270)

(3,249,035)

(106,669,765)

Net

increase

(decrease)

..........................

1,066,720

$28,002,803

971,267

$30,640,817

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

a

...................................

11,139,997

$82,069,820

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

4,480,944

32,923,310

—

—

Shares

redeemed

...............................

(28,394,981)

(209,113,378)

—

—

Net

increase

(decrease)

..........................

(12,774,040)

$(94,120,248)

—

$—

Year

ended

October

31,

2025

Shares

sold

a

...................................

36,567,321

$277,709,583

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

9,457,977

71,769,993

—

—

Shares

redeemed

...............................

(42,349,434)

(320,445,751)

—

—

Net

increase

(decrease)

..........................

3,675,864

$29,033,825

—

$—

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

565,697

$4,175,876

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

286,838

2,108,330

—

—

Shares

redeemed

a

..............................

(2,148,658)

(15,824,832)

—

—

Net

increase

(decrease)

..........................

(1,296,123)

$(9,540,626)

—

$—

Year

ended

October

31,

2025

Shares

sold

...................................

1,981,095

$15,084,772

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

683,816

5,193,099

—

—

Shares

redeemed

a

..............................

(4,305,907)

(32,622,409)

—

—

Net

increase

(decrease)

..........................

(1,640,996)

$(12,344,538)

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

866,025

$6,423,086

140,012

$1,425,412

Shares

issued

in

reinvestment

of

distributions

..........

136,948

1,007,573

104,272

1,051,081

Shares

redeemed

...............................

(4,893,348)

(36,185,830)

(64,620)

(657,559)

Net

increase

(decrease)

..........................

(3,890,375)

$(28,755,171)

179,664

$1,818,934

Year

ended

October

31,

2025

Shares

sold

...................................

7,076,133

$53,925,345

221,798

$2,246,892

Shares

issued

in

reinvestment

of

distributions

..........

296,158

2,251,145

235,224

2,364,772

Shares

redeemed

...............................

(4,384,990)

(33,271,024)

(2,719,716)

(27,459,339)

Net

increase

(decrease)

..........................

2,987,301

$22,905,466

(2,262,694)

$(22,847,675)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

4,876,620

$36,048,682

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

1,127,389

8,293,874

—

—

Shares

redeemed

...............................

(10,799,701)

(79,711,014)

—

—

Net

increase

(decrease)

..........................

(4,795,692)

$(35,368,458)

—

$—

Year

ended

October

31,

2025

Shares

sold

...................................

19,664,229

$149,620,689

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

2,718,944

20,634,956

—

—

Shares

redeemed

...............................

(25,652,338)

(193,904,427)

—

—

Net

increase

(decrease)

..........................

(3,269,165)

$(23,648,782)

—

$—

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

a

...................................

16,524,345

$148,806,093

4,237,456

$32,000,492

Shares

issued

in

reinvestment

of

distributions

..........

3,002,571

27,016,511

681,424

5,142,782

Shares

redeemed

...............................

(24,730,269)

(222,604,206)

(5,206,415)

(39,310,314)

Net

increase

(decrease)

..........................

(5,203,353)

$(46,781,602)

(287,535)

$(2,167,040)

Year

ended

October

31,

2025

Shares

sold

a

...................................

41,562,429

$373,139,630

8,322,438

$62,821,530

Shares

issued

in

reinvestment

of

distributions

..........

6,344,871

57,020,327

1,570,197

11,853,383

Shares

redeemed

...............................

(46,130,338)

(414,110,458)

(10,358,934)

(78,186,386)

Net

increase

(decrease)

..........................

1,776,962

$16,049,499

(466,299)

$(3,511,473)

Class

A1

#### Class

#### A1

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

—

$—

195,370

$1,475,609

Shares

issued

in

reinvestment

of

distributions

..........

—

—

110,020

830,162

Shares

redeemed

...............................

—

—

(430,641)

(3,249,230)

Net

increase

(decrease)

..........................

—

$—

(125,251)

$(943,459)

Year

ended

October

31,

2025

Shares

sold

...................................

—

$—

329,156

$2,484,895

Shares

issued

in

reinvestment

of

distributions

..........

—

—

262,606

1,981,740

Shares

redeemed

...............................

—

—

(1,069,704)

(8,069,310)

Net

increase

(decrease)

..........................

—

$—

(477,942)

$(3,602,675)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

246,454

$2,206,247

282,004

$2,127,319

Shares

issued

in

reinvestment

of

distributions

..........

52,398

469,286

22,192

167,345

Shares

redeemed

a

..............................

(511,587)

(4,584,595)

(360,329)

(2,716,587)

Net

increase

(decrease)

..........................

(212,735)

$(1,909,062)

(56,133)

$(421,923)

Year

ended

October

31,

2025

Shares

sold

...................................

591,220

$5,280,978

459,755

$3,469,847

Shares

issued

in

reinvestment

of

distributions

..........

124,677

1,114,971

54,027

407,624

Shares

redeemed

a

..............................

(1,412,826)

(12,609,917)

(634,138)

(4,781,350)

Net

increase

(decrease)

..........................

(696,929)

$(6,213,968)

(120,356)

$(903,879)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

14,269

$128,390

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

1,704

15,320

—

—

Shares

redeemed

...............................

(13,273)

(119,374)

—

—

Net

increase

(decrease)

..........................

2,700

$24,336

—

$—

Year

ended

October

31,

2025

Shares

sold

...................................

54,448

$488,971

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

2,532

22,741

—

—

Shares

redeemed

...............................

(13,550)

(121,895)

—

—

Net

increase

(decrease)

..........................

43,430

$389,817

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

3,837,719

$34,768,154

329,043

$2,485,416

Shares

issued

in

reinvestment

of

distributions

..........

929,103

8,415,758

50,098

378,767

Shares

redeemed

...............................

(6,614,966)

(59,946,089)

(412,220)

(3,114,435)

Net

increase

(decrease)

..........................

(1,848,144)

$(16,762,177)

(33,079)

$(250,252)

Year

ended

October

31,

2025

Shares

sold

...................................

7,702,701

$69,595,736

555,736

$4,203,394

Shares

issued

in

reinvestment

of

distributions

..........

2,071,847

18,742,440

121,382

918,237

Shares

redeemed

...............................

(13,397,695)

(121,054,722)

(857,536)

(6,484,486)

Net

increase

(decrease)

..........................

(3,623,147)

$(32,716,546)

(180,418)

$(1,362,855)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

1,770,196

$16,020,491

1,400,295

$10,569,019

Shares

issued

in

reinvestment

of

distributions

..........

339,816

3,074,682

168,624

1,273,962

Shares

redeemed

...............................

(4,225,277)

(38,259,380)

(907,288)

(6,852,557)

Net

increase

(decrease)

..........................

(2,115,265)

$(19,164,207)

661,631

$4,990,424

Year

ended

October

31,

2025

Shares

sold

...................................

5,658,846

$51,068,079

4,944,436

$37,404,415

Shares

issued

in

reinvestment

of

distributions

..........

779,968

7,048,339

375,698

2,839,016

Shares

redeemed

...............................

(7,309,257)

(66,019,423)

(5,158,422)

(39,019,050)

Net

increase

(decrease)

..........................

(870,443)

$(7,903,005)

161,712

$1,224,381

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

a

...................................

10,086,249

$133,853,119

12,487,243

$104,996,119

Shares

issued

in

reinvestment

of

distributions

..........

5,016,080

66,421,503

5,813,279

48,827,960

Shares

redeemed

...............................

(19,174,056)

(253,930,706)

(29,371,418)

(246,862,759)

Net

increase

(decrease)

..........................

(4,071,727)

$(53,656,084)

(11,070,896)

$(93,038,680)

Year

ended

October

31,

2025

Shares

sold

a

...................................

18,037,162

$226,210,379

30,381,162

$252,076,843

Shares

issued

in

reinvestment

of

distributions

..........

12,776,942

159,814,616

12,062,803

100,445,634

Shares

redeemed

...............................

(41,958,875)

(526,287,363)

(61,998,015)

(514,579,233)

Net

increase

(decrease)

..........................

(11,144,771)

$(140,262,368)

(19,554,050)

$(162,056,756)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

273,008

$3,596,228

196,610

$1,642,500

Shares

issued

in

reinvestment

of

distributions

..........

97,713

1,278,488

41,549

346,044

Shares

redeemed

a

..............................

(1,132,642)

(14,852,974)

(543,984)

(4,530,646)

Net

increase

(decrease)

..........................

(761,921)

$(9,978,258)

(305,825)

$(2,542,102)

Year

ended

October

31,

2025

Shares

sold

...................................

512,706

$6,360,139

286,721

$2,358,943

Shares

issued

in

reinvestment

of

distributions

..........

318,420

3,936,446

97,668

806,174

Shares

redeemed

a

..............................

(2,861,898)

(35,406,180)

(1,057,907)

(8,699,061)

Net

increase

(decrease)

..........................

(2,030,772)

$(25,109,595)

(673,518)

$(5,533,944)

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

18,584

$249,217

95,959

$804,324

Shares

issued

in

reinvestment

of

distributions

..........

4,485

59,610

17,375

145,296

Shares

redeemed

...............................

(7,883)

(105,509)

(125,781)

(1,052,671)

Net

increase

(decrease)

..........................

15,186

$203,318

(12,447)

$(103,051)

Year

ended

October

31,

2025

Shares

sold

...................................

9,700

$121,895

148,797

$1,227,194

Shares

issued

in

reinvestment

of

distributions

..........

11,434

143,455

34,192

283,471

Shares

redeemed

...............................

(38,585)

(492,387)

(210,684)

(1,736,762)

Net

increase

(decrease)

..........................

(17,451)

$(227,037)

(27,695)

$(226,097)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

1,440,183

$19,178,125

3,865,467

$32,737,392

Shares

issued

in

reinvestment

of

distributions

..........

356,069

4,729,312

1,013,592

8,577,267

Shares

redeemed

...............................

(1,851,203)

(24,622,055)

(5,960,441)

(50,464,385)

Net

increase

(decrease)

..........................

(54,951)

$(714,618)

(1,081,382)

$(9,149,726)

Year

ended

October

31,

2025

Shares

sold

...................................

2,750,498

$34,599,468

8,272,851

$69,185,515

Shares

issued

in

reinvestment

of

distributions

..........

873,714

10,959,678

2,075,063

17,408,500

Shares

redeemed

...............................

(3,763,825)

(47,342,923)

(12,226,437)

(102,188,857)

Net

increase

(decrease)

..........................

(139,613)

$(1,783,777)

(1,878,523)

$(15,594,842)

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

...................................

2,090,473

$27,859,762

3,143,466

$26,601,430

Shares

issued

in

reinvestment

of

distributions

..........

343,508

4,563,442

501,941

4,242,539

Shares

redeemed

...............................

(1,421,178)

(18,889,073)

(4,236,837)

(35,862,221)

Net

increase

(decrease)

..........................

1,012,803

$13,534,131

(591,430)

$(5,018,252)

Year

ended

October

31,

2025

Shares

sold

...................................

2,962,287

$37,284,934

6,343,173

$52,926,653

Shares

issued

in

reinvestment

of

distributions

..........

819,419

10,276,602

1,013,582

8,492,244

Shares

redeemed

...............................

(4,615,341)

(57,869,805)

(7,657,183)

(63,857,930)

Net

increase

(decrease)

..........................

(833,635)

$(10,308,269)

(300,428)

$(2,439,033)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Franklin

Convertible

Securities

Fund

and

Franklin

Equity

Income

Fund pay

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

each

of the

Funds

as

follows:

Franklin

Floating

Rate

Daily

Access

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin

Long

Duration

Credit

Fund pays

an

investment

management fee,

calculated

daily and

paid

monthly,

to FT

Institutional

of

0.30%

per

year

of

the

average

daily

net

assets

of

the

Fund.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Institutional,

LLC

(FT

Institutional)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

Over

$20

billion,

up

to

and

including

$35

billion

0.355%

Over

$35

billion,

up

to

and

including

$50

billion

0.350%

In

excess

of

$50

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.650%

Up

to

and

including

$500

million

0.550%

Over

$500

million,

up

to

and

including

$1

billion

0.500%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.450%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.425%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.400%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.390%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.380%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.370%

In

excess

of

$21.5

billion

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Low

Duration

Total

Return

Fund

and

Franklin

Total

Return

Fund pay

an

investment

management fee,

calculated

daily and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

each

of

the

Funds

as

follows:

Franklin

Low

Duration

U.S.

Government

Securities

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin

Managed

Income

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$500

million

0.525%

Over

$500

million,

up

to

and

including

$1

billion

0.480%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.435%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.415%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.400%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.390%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.380%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.370%

In

excess

of

$21.5

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.500%

Up

to

and

including

$5

billion

0.440%

Over

$5

billion,

up

to

and

including

$10

billion

0.410%

Over

$10

billion,

up

to

and

including

$15

billion

0.380%

In

excess

of

$15

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.620%

Up

to

and

including

$250

million

0.595%

Over

$250

million,

up

to

and

including

$500

million

0.570%

Over

$500

million,

up

to

and

including

$1

billion

0.545%

Over

$1

billion,

up

to

and

including

$2.5

billion

0.520%

Over

$2.5

billion,

up

to

and

including

$5

billion

0.495%

Over

$5

billion,

up

to

and

including

$10

billion

0.470%

Over

$10

billion,

up

to

and

including

$15

billion

0.445%

Over

$15

billion,

up

to

and

including

$20

billion

0.420%

In

excess

of

$20

billion

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

the

period

ended

April

30,

2026,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

Under

a

subadvisory

agreement,

Advisers,

an

affiliate

of

FT

Institutional,

provides

subadvisory

services

to

Franklin

Long

Duration

Credit

Fund.

The

subadvisory

fee

is

paid

by

FT

Institutional

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

and

A1

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
Gross

effective

investment

management

fee

rate

........

0.461%

0.460%

0.577%

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Gross

effective

investment

management

fee

rate

........

0.300%

0.520%

0.500%

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Gross

effective

investment

management

fee

rate

........

0.551%

0.490%

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
Class

A

...............................

0.25%

0.25%

0.25%

Class

C

...............................

1.00%

1.00%

0.65%

Class

R

...............................

—%

0.50%

—%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

Franklin

Managed

Income

Fund,

the

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Class

A

...............................

0.25%

0.25%

0.25%

Class

A1

..............................

—%

—%

0.10%

Class

C

...............................

—%

0.65%

0.65%

Class

R

...............................

0.50%

0.50%

—%

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Class

A

...............................

0.35%

0.25%

Class

C

...............................

1.00%

0.65%

Class

R

...............................

0.50%

0.50%

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$12,970

$263,434

$12,538

CDSC

retained

...........................

$3,267

$23,166

$93,011

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$—

$12,817

$1,008

CDSC

retained

...........................

$—

$34,119

$2,003

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$57,654

$25,808

CDSC

retained

...........................

$29,733

$20,241

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

April

30,

2026,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

April

30,

2026,

investments

in

affiliated

management

investment

companies

were

as

follows:

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
Transfer

agent

fees

........................

$301,311

$565,039

$232,255

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Transfer

agent

fees

........................

$4,746

$242,556

$101,243

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Transfer

agent

fees

........................

$429,876

$386,592

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$49,034,508

$396,534,671

$(321,439,487)

$—

$—

$124,129,692

124,129,692

$1,079,077

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$—

$52,081,000

$(52,081,000)

$—

$—

$—

—

$31,415

#### Total

#### Affiliated

#### Securities

#### ...
$49,034,508

$448,615,671

$(373,520,487)

$—

$—

$124,129,692

$1,110,492

#### Franklin

#### Equity

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$124,434,549

$634,921,228

$(653,273,465)

$—

$—

$106,082,312

106,082,312

$1,632,174

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$—

$7,935,000

$(7,935,000)

$—

$—

$—

—

$1,413

#### Total

#### Affiliated

#### Securities

#### ...
$124,434,549

$642,856,228

$(661,208,465)

$—

$—

$106,082,312

$1,633,587

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$131,025,960

$184,808,914

$(237,026,485)

$—

$—

$78,808,389

78,808,389

$2,090,941

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$11,779,000

$46,536,000

$(58,315,000)

$—

$—

$—

—

$104,842

#### Total

#### Affiliated

#### Securities

#### ...
$142,804,960

$231,344,914

$(295,341,485)

$—

$—

$78,808,389

$2,195,783

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;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

#### Long

#### Duration

#### Credit

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$562,275

$9,804,733

$(10,290,225)

$—

$—

$76,783

76,783

$7,667

#### Total

#### Affiliated

#### Securities

#### ...
$562,275

$9,804,733

$(10,290,225)

$—

$—

$76,783

$7,667

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$49,372,645

$460,523,054

$(438,848,785)

$—

$—

$71,046,914

71,046,914

$1,458,048

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$2,574,000

$1,373,000

$(3,947,000)

$—

$—

$—

—

$5,729

#### Total

#### Affiliated

#### Securities

#### ...
$51,946,645

$461,896,054

$(442,795,785)

$—

$—

$71,046,914

$1,463,777

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$18,214,577

$76,379,781

$(65,297,891)

$—

$—

$29,296,467

29,296,467

$377,948

#### Total

#### Affiliated

#### Securities

#### ...
$18,214,577

$76,379,781

$(65,297,891)

$—

$—

$29,296,467

$377,948

#### Franklin

#### Managed

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$5,072,858

$376,699,952

$(330,904,279)

$—

$—

$50,868,531

50,868,531

$522,245

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
FT

Institutional has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by Franklin

Long

Duration

Credit

Fund

so

that

the

operating expenses

(excluding

interest

expense,

distribution

fees

and acquired

fund

fees

and

expenses and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

of

the

Fund

do

not

exceed 0.33%

and

for

Class

R6

do

not

exceed

0.30%

based

on

the

average

net

assets

of

each

class

until February

28,

2027. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Advisers has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by Franklin

Low

Duration

Total

Return

Fund

so

that

the

operating expenses

(excluding

interest

expense,

distribution

fees

and acquired

fund

fees

and

expenses and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed 0.44%

and

for

Class

R6

do

not

exceed

0.30%

based

on

the

average

net

assets

of

each

class

until February

28,

2027. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$2,731,000

$9,073,000

$(11,804,000)

$—

$—

$—

—

$6,414

#### Total

#### Affiliated

#### Securities

#### ...
$7,803,858

$385,772,952

$(342,708,279)

$—

$—

$50,868,531

$528,659

#### Franklin

#### Total

#### Return

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$49,990,332

$402,863,072

$(416,459,229)

$—

$—

$36,394,175

36,394,175

$1,097,750

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

............

$—

$2,617,000

$(2,617,000)

$—

$—

$—

—

$3,060

#### Total

#### Affiliated

#### Securities

#### ...
$49,990,332

$405,480,072

$(419,076,229)

$—

$—

$36,394,175

$1,100,810

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Advisers

has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by Franklin Low

Duration

U.S.

Government

Securities Fund

so

that

the

operating expenses

(excluding

interest

expense,

distribution

fees

and acquired

fund

fees

and

expenses and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed 0.58%

based

on

the

average

net

assets

of

each

class

until February

28,

2027. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

respective

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Managed

Income

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

does

not

exceed

0.68%

based

on

the

average

net

assets

of

each

class

until

February

28,

2027. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Advisers

has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by Franklin

Total

Return

Fund

so

that

the

operating expenses

(excluding

interest

expense,

distribution

fees

and acquired

fund

fees

and

expenses and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed 0.47%

and

for

Class

R6

do

not

exceed

0.37%

based

on

the

average

net

assets

of

each

class

until February

28,

2027. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

Franklin

Convertible

Securities

Fund,

Franklin

Equity

Income

Fund,

Franklin

Floating

Rate

Daily

Access

Fund,

Franklin

Long Duration

Credit

Fund,

Franklin

Low Duration

U.S.

Government

Securities

Fund

and

Franklin

Managed

Income

Fund

have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

February

28,

2027. h. #### Other

#### Affiliated

#### Transactions
At

April

30,

2026, Templeton

International

Inc.

owned 40.1%

of Franklin

Long

Duration

Credit

Fund's

outstanding

shares.

Investment

activities

of

this

shareholder

could

have

a

material

impact

on

the

Fund.

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

October

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

34,516,313

$

100,030,941

$

26,887,075

Long

term

.............................

548,346,478

255,775,185

139,125,494

Total

capital

loss

carryforwards

............

$582,862,791

$355,806,126

$166,012,569

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

paydown

losses,

bond

discounts

and

premiums,

derivative

financial

instruments,

corporate

actions,

equity-linked

securities

and

convertible

securities.

#### Franklin

#### Total

#### Return

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

221,549,251

Long

term

.............................

495,371,484

Total

capital

loss

carryforwards

............

$716,920,735

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
a

a

a

a

Cost

of

investments

.......................

$2,521,781,243

$3,348,815,540

$1,257,884,392

Unrealized

appreciation

.....................

$517,699,640

$1,564,995,255

$5,786,293

Unrealized

depreciation

.....................

(90,004,247)

(81,266,591)

(80,741,824)

Net

unrealized

appreciation

(depreciation)

.......

$427,695,393

$1,483,728,664

$(74,955,531)

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
a

a

a

a

Cost

of

investments

.......................

$61,328,118

$1,891,921,925

$398,653,359

Unrealized

appreciation

.....................

$1,055,123

$13,123,588

$1,490,000

Unrealized

depreciation

.....................

(978,315)

(32,734,030)

(4,336,467)

Net

unrealized

appreciation

(depreciation)

.......

$76,808

$(19,610,442)

$(2,846,467)

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
a

a

a

Cost

of

investments

.......................

$2,919,870,920

$3,593,434,565

Unrealized

appreciation

.....................

$570,204,357

$37,836,429

Unrealized

depreciation

.....................

(38,849,440)

(152,139,639)

Net

unrealized

appreciation

(depreciation)

.......

$531,354,917

$(114,303,210)

4. #### Income

#### Taxes
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities

and

in-kind

transactions)

for

the

period

ended

April

30,

2026,

were

as

follows:

6. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

April

30,

2026, certain

or

all

Funds had a

portion of their

portfolio

invested

in

high

yield

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

Certain

or

all

Funds held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

April

30,

2026,

the

aggregate

value

of

these

securities

for Franklin

Low

Duration

Total

Return

Fund

and

Franklin

Total

Return

Fund represents less

than

0.1%,

respectively,

of

each

Fund's

net

assets.

The

Funds

discontinue

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provide

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedules

of

Investments.

7. #### Concentration

#### of

#### Risk
Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as

Franklin

Convertible

Securities

Fund,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
Purchases

..............................

$161,131,557

$1,067,589,461

$166,658,737

Sales

..................................

$364,344,197

$1,066,877,611

a

$349,154,067

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Purchases

..............................

$18,745,782

$617,661,555

$70,099,063

Sales

..................................

$16,745,813

$694,091,208

$60,499,740

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Purchases

..............................

$468,279,865

$5,439,943,424

Sales

..................................

$548,343,596

$5,361,370,740

a

Sales

of

investments

excludes

in-kind

transactions

of

$89,050,450.

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Credit

risk

.....................................

62.2%

87.8%

7.6%

9.2%

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holding(s)

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the Fund's

returns

and

net

asset

value.

8. #### Restricted

#### Securities
Certain

or

all

Funds

invest

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The

Funds

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

April

30,

2026,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

9. #### Unfunded

#### Loan

#### Commitments
Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

At

April

30,

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

$

—

$

157,602

#### Total

#### Restricted

#### Securities
(Value

is

0.0%

†

of

Net

Assets)

#### ..............
$—

$157,602

†

Rounds

to

less

than

0.1%

of

net

assets.

#### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
Azuria

Water

Solutions,

Inc.

$

510,836

First

Eagle

Holdings,

Inc.

853,964

Signia

Aerospace

LLC

126,506

US

Fertility

Enterprises

LLC

486,842

$

1,978,148

7. #### Concentration

#### of

#### Risk
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

10. #### Other

#### Derivative

#### Information
At

April

30,

2026,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

1,192,395

a

Variation

margin

on

futures

contracts

$

5,016,459

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

2,273

Unrealized

depreciation

on

OTC

forward

exchange

contracts

—

Credit

contracts

............

Investments

in

securities,

at

value

—

Options

written,

at

value

8,054

Variation

margin

on

centrally

cleared

swap

contracts

1,355,686

a

Variation

margin

on

centrally

cleared

swap

contracts

242,892

a

OTC

swap

contracts

(upfront

payments)

127,113

OTC

swap

contracts

(upfront

receipts)

866,197

Unrealized

appreciation

on

OTC

swap

contracts

620,789

Unrealized

depreciation

on

OTC

swap

contracts

62,315

Total

....................

$3,298,256

$6,195,917

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

193,178

a

Variation

margin

on

futures

contracts

979,716

a

Total

....................

$193,178

$979,716

#### Franklin

#### Total

#### Return

#### Fund
Interest

rate

contracts

.......

Investments

in

securities,

at

value

1,718,894

b

Options

written,

at

value

1,738,003

Variation

margin

on

futures

contracts

3,575,159

a

Variation

margin

on

futures

contracts

3,011,147

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

3,628

Unrealized

depreciation

on

OTC

forward

exchange

contracts

49,651

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

2,343,846

a

Variation

margin

on

centrally

cleared

swap

contracts

747,116

a

OTC

swap

contracts

(upfront

payments)

390,583

OTC

swap

contracts

(upfront

receipts)

2,066,015

Unrealized

appreciation

on

OTC

swap

contracts

1,750,524

Unrealized

depreciation

on

OTC

swap

contracts

144,517

Total

....................

$9,782,634

$7,756,449

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Schedules

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statements

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

b

Purchased

option

contracts

are

included

in

investments

in

securities,

at

value

in

the

Statements

of

Assets

and

Liabilities.

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

the

period

ended

April

30,

2026

,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(986,499)

Futures

contracts

$(2,899,157)

Swap

contracts

(1,178)

Swap

contracts

—

Foreign

exchange

contracts

.....

Investments

(445,096)

a

Investments

—

Written

options

175,652

Written

options

—

Forward

exchange

contracts

Forward

exchange

contracts

2,273

Credit

contracts

...............

Investments

(102,865)

a

Investments

(28,064)

a

Written

options

180,872

Written

options

29,952

Swap

contracts

(10,823)

Swap

contracts

833,717

Total

.......................

$(1,189,732)

$(2,061,279)

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

(225,899)

Futures

contracts

(561,688)

Total

.......................

$(225,899)

$(561,688)

#### Franklin

#### Total

#### Return

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Investments

(1,872,310)

a

Investments

119,601

a

Written

options

—

Written

options

(114,117)

Futures

contracts

(1,562,328)

Futures

contracts

891,524

Swap

contracts

1,921,962

Swap

contracts

(1,200,826)

Foreign

exchange

contracts

.....

Investments

(1,595,287)

a

Investments

—

Written

options

629,562

Written

options

—

Forward

exchange

contracts

21,051

Forward

exchange

contracts

(75,754)

Credit

contracts

...............

Investments

(3,967,838)

a

Investments

1,229,293

a

Written

options

2,358,213

Written

options

(815,369)

Swap

contracts

1,039,880

Swap

contracts

234,013

Total

.......................

$(3,027,095)

$268,365

10. #### Other

#### Derivative

#### Information
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

the

period

ended

April

30,

2026

,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options,

and

the

average month

end

contract

value

for forward

exchange

contracts,

were as

follows:

At

April

30,

2026,

certain

or

all

Funds

with

significant

OTC

derivative

assets

and

liabilities

are

as

follows:

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

in

the

Statements

of

Operations.

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Futures

contracts

..........................................

$692,647,462

$113,756,165

$518,399,325

Swap

contracts

............................................

168,145,393

—

221,483,589

Forward

exchange

contracts

..................................

2,806,304

—

8,420,183

Options

..................................................

54,549,389

—

433,451,202

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
Forward

Exchange

Contracts

.............................

$

2,273

$

—

Options

Written

.......................................

—

8,054

Swap

Contracts

.......................................

747,902

928,512

Total

.............................................

$750,175

$936,566

#### Franklin

#### Total

#### Return

#### Fund
Forward

Exchange

Contracts

.............................

3,628

49,651

Options

Purchased

....................................

1,718,894

—

Options

Written

.......................................

—

1,738,003

Swap

Contracts

.......................................

2,141,107

2,210,532

Total

.............................................

$3,863,629

$3,998,186

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statements

of

Assets

and

Liabilities.

10. #### Other

#### Derivative

#### Information
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

April

30,

2026,

OTC

derivative

assets,

which

may

be

offset

against

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

At

April

30,

2026,

OTC

derivative

liabilities,

which

may

be

offset

against

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### a,b

#### Cash

#### Collateral

#### Received

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Counterparty
CITI

.....................

$

323,059

$

(323,059)

$

—

$

—

$

—

GSCO

...................

—

—

—

—

—

JPHQ

...................

427,116

—

(427,116)

—

—

Total

...................

$750,175

$(323,059)

$(427,116)

$—

$—

#### Franklin

#### Total

#### Return

#### Fund

#### Counterparty
BOFA

....................

1,167,031

(1,167,031)

—

—

—

CITI

.....................

1,387,544

(1,387,544)

—

—

—

JPHQ

...................

1,309,054

(49,651)

(1,259,403)

—

—

Total

...................

$3,863,629

$(2,604,226)

$(1,259,403)

$—

$—

#### 2
a

At

April

30,

2026,

the

Fund

received

U.S

Treasury

Bonds

and

Notes

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### Cash

#### Collateral

#### Pledged

#### a

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Counterparty
CITI

.....................

$

928,512

$

(323,059)

$

—

$

(605,453)

$

—

GSCO

...................

8,054

—

—

—

8,054

JPHQ

...................

—

—

—

—

—

Total

...................

$936,566

$(323,059)

$—

$(605,453)

$8,054

10. #### Other

#### Derivative

#### Information
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

See

Note

1(d)

regarding

derivative

financial

instruments.

See

Abbreviations

on

page

237. 11. #### Holdings

#### of

#### 5%

#### Voting

#### Securities

#### of

#### Portfolio

#### Companies
The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies'

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

April

30,

2026,

investments

in

"affiliated

companies"

were

as

follows:

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### Cash

#### Collateral

#### Pledged

#### a

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Franklin

#### Total

#### Return

#### Fund

#### Counterparty
BOFA

....................

$

1,196,977

$

(1,167,031)

$

—

$

—

$

29,946

CITI

.....................

2,751,558

(1,387,544)

—

(1,364,014)

—

JPHQ

...................

49,651

(49,651)

—

—

—

Total

...................

$3,998,186

$(2,604,226)

$—

$(1,364,014)

$29,946

a

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

#### 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

$

480,841

UTEX

Industries,

Inc.,

2/20/49

...........

—

—

—

—

—

—

b

—

—

#### Total

#### Affiliated

#### Securities
(Value

at

End

of

Period

is

—%

of

Net

Assets)

#### .
$13,563,095

$—

$—

$—

$—

$—

$480,841

a

As

of

April

30,

2026,

no

longer

an

affiliate.

b

As

of

April

30,

2026,

no

longer

held

by

the

fund.

10. #### Other

#### Derivative

#### Information
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

12. #### Upcoming

#### Reorganization
On

May

19,

2026,

the

Board

for

Franklin

Total

Return

Fund

approved

a

proposal

to

reorganize

Franklin

Total

Return

Fund

with

and

into

Franklin

Core

Plus

Bond.

Upon

completion

of

the

reorganization

on

or

about

October

2,

2026,

assets

in

Franklin

Total

Return

Fund

will

be

transferred

into

Franklin

Core

Plus

Bond

Fund.

13. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

April

30,

2026,

the

Funds

did

not

use

the

Global

Credit

Facility.

14. #### Redemption

#### In-Kind
During

the

period

ended

April

30,

2026,

Franklin

Equity

Income

Fund

realized

$62,736,902

of

net

gains

resulting

from

non-pro

rata

redemptions

in-kind

in

which

shareholders

redeemed

fund

shares

for

cash

and

selected

portfolio

securities

held

by

the

Fund,

whereby

portfolio

securities

selected

by

the

investment

manager

were

distributed

to

the

redeeming

shareholders

of

the

Fund.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gain

to

paid-in

capital.

15. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2026,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Assets:
Investments

in

Securities:

a

Convertible

Preferred

Stocks

................

$

641,536,611

$

—

$

—

$

641,536,611

Convertible

Bonds

.......................

—

2,178,652,755

—

2,178,652,755

Corporate

Bonds

........................

—

5,157,578

—

5,157,578

Short

Term

Investments

...................

124,129,692

—

—

124,129,692

Total

Investments

in

Securities

...........

$765,666,303

$2,183,810,333

$—

$2,949,476,636

#### Franklin

#### Equity

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

.........................

3,902,540,192

—

—

3,902,540,192

Equity-Linked

Securities

...................

—

448,059,215

—

448,059,215

Convertible

Preferred

Stocks

................

375,862,485

—

—

375,862,485

Short

Term

Investments

...................

106,082,312

—

—

106,082,312

Total

Investments

in

Securities

...........

$4,384,484,989

$448,059,215

$—

$4,832,544,204

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

.........................

—

—

11,646,863

11,646,863

Management

Investment

Companies

.........

12,621,097

—

—

12,621,097

Corporate

Bonds

........................

—

73,375,702

—

73,375,702

Senior

Floating

Rate

Interests

...............

—

1,006,476,810

—

1,006,476,810

Escrows

and

Litigation

Trusts

...............

—

—

—

b

—

Short

Term

Investments

...................

78,808,389

—

—

78,808,389

Total

Investments

in

Securities

...........

$91,429,486

$1,079,852,512

$11,646,863

$1,182,928,861

Other

Financial

Instruments:

Unfunded

Loan

Commitments

..............

$—

$8,198

$—

$8,198

Total

Other

Financial

Instruments

.........

$—

$8,198

$—

$8,198

–

–

–

–

#### Liabilities:
Other

Financial

Instruments:

Unfunded

Loan

Commitments

...............

$—

$948

$—

$948

Total

Other

Financial

Instruments

.........

$—

$948

$—

$948

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

55,434,019

$

—

$

55,434,019

Foreign

Government

and

Agency

Securities

....

—

2,893,996

—

2,893,996

U.S.

Government

and

Agency

Securities

.......

—

759,146

—

759,146

Municipal

Bonds

.........................

—

2,240,982

—

2,240,982

Short

Term

Investments

...................

76,783

—

—

76,783

Total

Investments

in

Securities

...........

$76,783

$61,328,143

$—

$61,404,926

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

.........................

—

—

405,690

405,690

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

20,278,393

—

20,278,393

Automobiles

..........................

—

9,288,495

—

9,288,495

15. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Corporate

Bonds:

(continued)

Banks

...............................

$

—

$

160,442,540

$

—

$

160,442,540

Beverages

...........................

—

6,853,477

—

6,853,477

Biotechnology

.........................

—

1,594,665

—

1,594,665

Broadline

Retail

.......................

—

3,020,918

—

b

3,020,918

Building

Products

......................

—

8,555,814

—

8,555,814

Capital

Markets

........................

—

33,759,113

—

33,759,113

Chemicals

...........................

—

3,370,806

—

3,370,806

Commercial

Services

&

Supplies

...........

—

1,097,164

—

1,097,164

Communications

Equipment

..............

—

3,125,967

—

3,125,967

Consumer

Finance

.....................

—

46,270,039

—

46,270,039

Consumer

Staples

Distribution

&

Retail

......

—

1,174,536

—

1,174,536

Containers

&

Packaging

.................

—

1,569,661

—

1,569,661

Diversified

REITs

......................

—

5,545,800

—

5,545,800

Diversified

Telecommunication

Services

.....

—

3,348,872

—

3,348,872

Electric

Utilities

........................

—

13,304,511

—

13,304,511

Electrical

Equipment

....................

—

2,692,529

—

2,692,529

Electronic

Equipment,

Instruments

&

Components

........................

—

1,384,073

—

1,384,073

Energy

Equipment

&

Services

.............

—

1,417,685

—

1,417,685

Entertainment

.........................

—

4,398,368

—

4,398,368

Financial

Services

......................

—

7,660,082

—

7,660,082

Food

Products

........................

—

12,759,720

—

12,759,720

Ground

Transportation

..................

—

11,743,192

—

11,743,192

Health

Care

Equipment

&

Supplies

.........

—

19,824,666

—

19,824,666

Health

Care

Providers

&

Services

..........

—

24,876,272

—

24,876,272

Health

Care

REITs

.....................

—

975,626

—

975,626

Health

Care

Technology

.................

—

3,425,139

—

3,425,139

Hotel

&

Resort

REITs

...................

—

1,182,072

—

1,182,072

Hotels,

Restaurants

&

Leisure

.............

—

13,100,440

—

13,100,440

Household

Durables

....................

—

8,800,777

—

8,800,777

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

3,960,713

—

3,960,713

Insurance

............................

—

59,166,462

—

59,166,462

Interactive

Media

&

Services

..............

—

9,617,850

—

9,617,850

Leisure

Products

.......................

—

3,970,488

—

3,970,488

Life

Sciences

Tools

&

Services

............

—

2,493,473

—

2,493,473

Machinery

............................

—

1,800,491

—

1,800,491

Media

...............................

—

5,136,747

—

5,136,747

Metals

&

Mining

.......................

—

5,417,790

—

5,417,790

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

—

600,163

—

600,163

Multi-Utilities

..........................

—

8,684,088

—

8,684,088

Oil,

Gas

&

Consumable

Fuels

.............

—

26,492,074

—

26,492,074

Paper

&

Forest

Products

.................

—

2,678,259

—

2,678,259

Passenger

Airlines

.....................

—

1,104,288

—

1,104,288

Personal

Care

Products

.................

—

7,637,386

—

7,637,386

Pharmaceuticals

.......................

—

19,089,467

—

19,089,467

Semiconductors

&

Semiconductor

Equipment

.

—

6,124,074

—

6,124,074

Software

.............................

—

9,953,751

—

9,953,751

Specialized

REITs

......................

—

15,256,694

—

15,256,694

Specialty

Retail

........................

—

9,208,971

—

9,208,971

Tobacco

.............................

—

10,357,930

—

10,357,930

Trading

Companies

&

Distributors

..........

—

6,384,386

—

6,384,386

Wireless

Telecommunication

Services

.......

—

7,412,971

—

7,412,971

15. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Corporate

Bonds:

(continued)

Senior

Floating

Rate

Interests

...............

$

—

$

42,547,699

$

—

$

42,547,699

Marketplace

Loans

.......................

—

—

2,284,551

2,284,551

Foreign

Government

and

Agency

Securities

....

—

42,705,455

—

42,705,455

U.S.

Government

and

Agency

Securities

.......

—

359,721,836

—

359,721,836

Asset-Backed

Securities

...................

—

303,642,539

—

303,642,539

Commercial

Mortgage-Backed

Securities

......

—

89,803,386

—

89,803,386

Mortgage-Backed

Securities

................

—

18,756,244

—

18,756,244

Residential

Mortgage-Backed

Securities

.......

—

139,157,070

—

139,157,070

Agency

Commercial

Mortgage-Backed

Securities

—

136,786,649

—

136,786,649

Municipal

Bonds

.........................

—

5,678,047

—

5,678,047

Escrows

and

Litigation

Trusts

...............

—

9,595

960

b

10,555

Short

Term

Investments

...................

71,046,914

—

—

71,046,914

Total

Investments

in

Securities

...........

$71,046,914

$1,798,198,448

$2,691,201

$1,871,936,563

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$2,273

$—

$2,273

Futures

Contracts

.......................

1,192,395

—

—

1,192,395

Swap

Contracts

.........................

—

1,976,475

—

1,976,475

Total

Other

Financial

Instruments

.........

$1,192,395

$1,978,748

$—

$3,171,143

–

–

–

–

#### Liabilities:
Other

Financial

Instruments:

Options

Written

..........................

$—

$8,054

$—

$8,054

Futures

Contracts

........................

5,016,459

—

—

5,016,459

Swap

Contracts

.........................

—

305,207

—

305,207

Total

Other

Financial

Instruments

.........

$5,016,459

$313,261

$—

$5,329,720

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Assets:
Investments

in

Securities:

a

U.S.

Government

and

Agency

Securities

.......

$

—

$

116,181,523

$

—

$

116,181,523

Mortgage-Backed

Securities

................

—

174,548,293

—

174,548,293

Agency

Commercial

Mortgage-Backed

Securities

—

76,567,147

—

76,567,147

Short

Term

Investments

...................

29,296,467

—

—

29,296,467

Total

Investments

in

Securities

...........

$29,296,467

$367,296,963

$—

$396,593,430

Other

Financial

Instruments:

Futures

Contracts

.......................

$193,178

$—

$—

$193,178

Total

Other

Financial

Instruments

.........

$193,178

$—

$—

$193,178

–

–

–

–

#### Liabilities:
Other

Financial

Instruments:

Futures

Contracts

........................

$979,716

$—

$—

$979,716

Total

Other

Financial

Instruments

.........

$979,716

$—

$—

$979,716

#### Franklin

#### Managed

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

.........................

$

1,390,347,938

$

—

$

—

$

1,390,347,938

Equity-Linked

Securities

...................

—

307,931,480

—

307,931,480

Convertible

Preferred

Stocks

................

112,574,700

—

—

112,574,700

Corporate

Bonds

........................

—

1,032,869,394

—

1,032,869,394

U.S.

Government

and

Agency

Securities

.......

—

121,265,609

—

121,265,609

Asset-Backed

Securities

...................

—

3,168,957

—

3,168,957

Mortgage-Backed

Securities

................

—

432,199,228

—

432,199,228

15. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Short

Term

Investments

...................

$

50,868,531

$

—

$

—

$

50,868,531

Total

Investments

in

Securities

...........

$1,553,791,169

$1,897,434,668

$—

$3,451,225,837

#### Franklin

#### Total

#### Return

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Energy

Equipment

&

Services

.............

248,322

—

—

248,322

Machinery

............................

—

—

212,912

212,912

Preferred

Stocks

.........................

2,733,270

—

—

2,733,270

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

39,149,800

—

39,149,800

Automobile

Components

.................

—

2,006,794

—

2,006,794

Automobiles

..........................

—

6,623,590

—

6,623,590

Banks

...............................

—

206,847,035

—

206,847,035

Beverages

...........................

—

1,432,205

—

1,432,205

Biotechnology

.........................

—

41,017,523

—

41,017,523

Broadline

Retail

.......................

—

7,390,468

—

b

7,390,468

Building

Products

......................

—

8,303,314

—

8,303,314

Capital

Markets

........................

—

85,258,982

—

85,258,982

Chemicals

...........................

—

6,691,390

—

6,691,390

Commercial

Services

&

Supplies

...........

—

14,045,755

—

14,045,755

Communications

Equipment

..............

—

15,322,759

—

15,322,759

Consumer

Finance

.....................

—

32,400,603

—

32,400,603

Consumer

Staples

Distribution

&

Retail

......

—

12,862,288

—

12,862,288

Containers

&

Packaging

.................

—

6,664,199

—

6,664,199

Diversified

REITs

......................

—

8,976,257

—

8,976,257

Diversified

Telecommunication

Services

.....

—

66,052,075

—

66,052,075

Electric

Utilities

........................

—

110,568,086

—

110,568,086

Electrical

Equipment

....................

—

5,107,587

—

5,107,587

Electronic

Equipment,

Instruments

&

Components

........................

—

13,686,976

—

13,686,976

Energy

Equipment

&

Services

.............

—

7,979,388

—

7,979,388

Entertainment

.........................

—

3,597,343

—

3,597,343

Financial

Services

......................

—

28,090,110

—

28,090,110

Food

Products

........................

—

35,902,212

—

35,902,212

Ground

Transportation

..................

—

9,056,917

—

9,056,917

Health

Care

Equipment

&

Supplies

.........

—

9,219,694

—

9,219,694

Health

Care

Providers

&

Services

..........

—

74,728,217

—

74,728,217

Health

Care

REITs

.....................

—

8,681,873

—

8,681,873

Health

Care

Technology

.................

—

6,502,352

—

6,502,352

Hotel

&

Resort

REITs

...................

—

6,057,748

—

6,057,748

Hotels,

Restaurants

&

Leisure

.............

—

14,301,020

—

14,301,020

Household

Durables

....................

—

9,729,617

—

9,729,617

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

21,968,989

—

21,968,989

Insurance

............................

—

69,158,762

—

69,158,762

Interactive

Media

&

Services

..............

—

3,206,655

—

3,206,655

IT

Services

...........................

—

3,564,773

—

3,564,773

Life

Sciences

Tools

&

Services

............

—

3,104,787

—

3,104,787

Machinery

............................

—

4,503,443

—

4,503,443

Media

...............................

—

25,793,422

—

25,793,422

Metals

&

Mining

.......................

—

27,694,739

—

27,694,739

Multi-Utilities

..........................

—

18,590,535

—

18,590,535

Oil,

Gas

&

Consumable

Fuels

.............

—

125,330,109

—

125,330,109

15. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Total

#### Return

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Corporate

Bonds:

(continued)

Paper

&

Forest

Products

.................

$

—

$

2,146,297

$

—

$

2,146,297

Passenger

Airlines

.....................

—

5,422,098

—

5,422,098

Personal

Care

Products

.................

—

14,030,029

—

14,030,029

Pharmaceuticals

.......................

—

41,327,374

—

41,327,374

Residential

REITs

......................

—

3,254,814

—

3,254,814

Semiconductors

&

Semiconductor

Equipment

.

—

22,694,330

—

22,694,330

Software

.............................

—

25,048,100

—

25,048,100

Specialized

REITs

......................

—

23,015,897

—

23,015,897

Technology

Hardware,

Storage

&

Peripherals

.

—

9,404,479

—

9,404,479

Textiles,

Apparel

&

Luxury

Goods

..........

—

2,256,444

—

2,256,444

Tobacco

.............................

—

16,836,039

—

16,836,039

Trading

Companies

&

Distributors

..........

—

10,777,960

—

10,777,960

Wireless

Telecommunication

Services

.......

—

24,151,167

—

24,151,167

Senior

Floating

Rate

Interests

...............

—

90,528,499

—

90,528,499

Marketplace

Loans

.......................

—

—

1,599,493

1,599,493

Foreign

Government

and

Agency

Securities

....

—

80,522,360

—

80,522,360

U.S.

Government

and

Agency

Securities

.......

—

258,150,048

—

258,150,048

Asset-Backed

Securities

...................

—

312,274,279

—

312,274,279

Commercial

Mortgage-Backed

Securities

......

—

170,352,635

—

170,352,635

Mortgage-Backed

Securities

................

—

866,419,712

—

866,419,712

Residential

Mortgage-Backed

Securities

.......

—

89,537,686

—

89,537,686

Agency

Commercial

Mortgage-Backed

Securities

—

105,771,395

—

105,771,395

Municipal

Bonds

.........................

—

51,143,689

—

51,143,689

Escrows

and

Litigation

Trusts

...............

—

15,150

2,241

b

17,391

Options

Purchased

.......................

—

1,718,894

—

1,718,894

Short

Term

Investments

...................

36,394,175

—

—

36,394,175

Total

Investments

in

Securities

...........

$39,375,767

$3,433,969,766

$1,814,646

$3,475,160,179

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$3,628

$—

$3,628

Futures

Contracts

.......................

3,575,159

—

—

3,575,159

Swap

Contracts

.........................

—

4,094,370

—

4,094,370

Total

Other

Financial

Instruments

.........

$3,575,159

$4,097,998

$—

$7,673,157

–

–

–

–

#### Liabilities:
Other

Financial

Instruments:

Options

Written

..........................

$—

$1,738,003

$—

$1,738,003

Forward

Exchange

Contracts

...............

—

49,651

—

49,651

Futures

Contracts

........................

3,011,147

—

—

3,011,147

Swap

Contracts

.........................

—

891,633

—

891,633

Total

Other

Financial

Instruments

.........

$3,011,147

$2,679,287

$—

$5,690,434

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

15. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period

.

At

April

30,

2026

,

the

reconciliation

is

as

follows:

16. #### Operating

#### Segments
Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within the

Funds'

investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

17. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

in

addition

to

those

events

previously

disclosed,

the

following

subsequent

event

requires

disclosure:

The

Board

approved

a

new

class

of

shares

for

Franklin

Long

Duration

Credit

Fund,

Advisor

Class.

The

change

will

become

effective

on

or

about

June

10,

2026. #### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Period

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Period

#### End

#### a

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Health

Care

Providers

&

Services

........

$

—

$

—

c

$

—

$

—

$

—

$

—

$

—

$

157,602

$

157,602

$

157,602

Machinery

.........

13,563,095

—

—

—

—

—

—

(2,073,834)

11,489,261

(2,073,834)

Warrants

:

Machinery

.........

—

c

—

—

c

—

—

—

—

—

—

—

Senior

Floating

Rate

Interests

:

Containers

&

Packaging

682,367

41,557

(811,914)

—

—

15,967

42,800

29,223

—

—

Escrows

and

Litigation

Trusts

:

84,123

—

c

(138,708)

—

—

—

138,708

(84,123)

—

c

—

Total

Investments

in

Securities

............

$14,329,585

$41,557

$(950,622)

$—

$—

$15,967

$181,508

$(1,971,132)

$11,646,863

$(1,916,232)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

financial

instruments

determined

to

have

no

value.

15. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Abbreviations

#### 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.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### CDX.NA.IG.

#### Series

#### number
CDX

North

America

Investment

Grade

Index

#### 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

#### 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

Franklin

Investors

Securities

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

FIST-SFSOI

06/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the
 certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and "principal
 financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity
 with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds
 alongside the required designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected,
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fist-efp25060_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fist-efp25060_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Investors Securities Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |

---

Date: June 29, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |

---

Date: June 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

Date: June 29, 2026

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Investors Securities Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: June 29, 2026

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings<br> Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Investors Securities Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

Date: June 29, 2026

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White<br> Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

Christopher Kings, Chief Executive Officer – Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer, of Franklin Investors Securities Trust (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Investors Securities Trust | Franklin Investors Securities Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |

---

Date: June 29, 2026 Date: June 29, 2026

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.